Gold rises as falling markets burnish appeal

Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong. Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates. Gold speculators extended their ne


Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong. Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates. Gold speculators extended their ne
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Gold rises as falling markets burnish appeal

Gold prices rose on Monday as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates.

Spot gold was up 0.4 percent at $1,222.0 an ounce at 0417 GMT, and not far off last week’s two-month high of $1,226.70.

U.S. gold futures were up 0.2 percent at $1,225.60 an ounce.

“Gold is closely following the stock market. When stock markets are not stable, there is some safe haven buying,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong.

“There are many uncertainties ahead for equities including the ongoing trade war, upcoming mid-term elections in the U.S., along with an expected interest rate hike in December … We will have to see how gold reacts to these.”

Asian shares slipped on Monday, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 1 percent.

“Gold is more appealing after the stock market crash. It has regained some of its safe haven lure,” said Brian Lan, managing director at Singapore dealer GoldSilver Central.

A sell-off in equities last week, helped gold break above the narrow trading range of the past 1-1/2 months, with the metal jumping as much as 2.5 percent on Thursday, its biggest one-day percentage gain in more than two years.

“Gold remains supported by escalating geopolitical tensions… Adding to the mix is the thought the FOMC may consider pausing their widely expected rate hike in December if global equity markets continue to falter,” said Stephen Innes, APAC trading head at OANDA in Singapore.

“An abrupt shift in Fed policy will likely lead to a lack of confidence in the world’s most important central bank and could destabilize markets further.”

The Fed hiked rates last month for the third time this year and is expected to raise them again in December.

Gold remains down by more than 10 percent from its April peak, pressured by a strong dollar as the U.S.-China trade war unfolds and higher U.S. interest rates.

China faced “tremendous uncertainties” due to the impact of tariffs and trade frictions, China central bank governor Yi Gang said on Sunday.

Gold speculators extended their net short position on Comex gold contracts by 29,881 contracts to 103,009 contracts in the week to Oct. 9, data showed.

Spot gold may edge up to $1,235 per ounce, as suggested by a Fibonacci ratio analysis, according to Reuters technical analyst Wang Tao.

Meanwhile, holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.76 percent to 744.64 tonnes on Friday.

In other precious metals, palladium rose 0.5 percent to $1,071.10. Silver was up 0.6 percent at $14.63 and platinum gained 0.5 percent to $840.50.


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Dow futures point to more than 300-point jump, regaining some of this week’s steep losses

Futures climbed as tech shares rose sharply in the premarket. On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March. Sentiment was also lifted


Futures climbed as tech shares rose sharply in the premarket. On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March. Sentiment was also lifted
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Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: fred imbert, alexandra gibbs, michael nagle, bloomberg, getty images
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Dow futures point to more than 300-point jump, regaining some of this week's steep losses

Futures climbed as tech shares rose sharply in the premarket. Amazon and Apple both rose more than 2 percent, while Netflix surged more than 3.5 percent. Facebook, meanwhile, gained 1.5 percent and Twitter jumped 2.6 percent.

The move higher on U.S. stock futures follows an uptick in global equities. In Europe, the German Dax gained half a percent while France’s CAC 40 climbed 0.7 percent. Asian equities also rose, with the Shanghai Composite surging 0.9 percent and Japan’s Nikkei 225 gaining 0.5 percent.

On Thursday, Wall Street closed sharply down, with the Dow falling over 540 points, bringing its two-day losses to more than 1,300 points. Sentiment was rocked around the globe in recent sessions, as investors grew nervous over the rise in interest rates and high valuations in tech shares.

President Donald Trump has recently criticized the U.S. Federal Reserve for the decline in stock markets, saying Wednesday that he wasn’t happy with how the central bank continued to raise interest rates.

“The problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous,” Trump said during a telephone interview on Wednesday with Fox News. Trump went onto blame the Fed for the stock market decline on Thursday, but added that while he was disappointed, he wouldn’t remove Jay Powell as Fed chair.

Stocks have also fallen this week as tech — the biggest S&P 500 sector by market cap weight — has lost nearly 6.8 percent through Thursday’s close. These losses have sent the major indexes down more than 5 percent, on pace for their biggest weekly declines since March.

Sentiment was also lifted by stronger-than-expected third-quarter results from J.P. Morgan Chase, which sent the company’s stock up by more than 1 percent.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: fred imbert, alexandra gibbs, michael nagle, bloomberg, getty images
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Tech shares come roaring back in trading Friday, led by Netflix and Amazon

Tech stocks were led by Netflix and Amazon, up 5.8 percent and 4 percent, respectively, while chipmakers AMD and Nvidia both rose more than 4 percent. Netflix and Microsoft were boosted by upgrades from Wall Street analysts who said the sell-off had gone far enough. The past two days saw Amazon, Netflix and Alphabet all in correction territory after taking big hits this week. A correction on Wall Street is defined as down more than 10 percent from its high. Although shares of Amazon trade at $1,


Tech stocks were led by Netflix and Amazon, up 5.8 percent and 4 percent, respectively, while chipmakers AMD and Nvidia both rose more than 4 percent. Netflix and Microsoft were boosted by upgrades from Wall Street analysts who said the sell-off had gone far enough. The past two days saw Amazon, Netflix and Alphabet all in correction territory after taking big hits this week. A correction on Wall Street is defined as down more than 10 percent from its high. Although shares of Amazon trade at $1,
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Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: michael sheetz
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Tech shares come roaring back in trading Friday, led by Netflix and Amazon

What happened? What should you do? 7:45 PM ET Thu, 11 Oct 2018 | 05:25

Technology stocks moved sharply higher Friday, after a two-day slaughter saw the technology-heavy Nasdaq Composite Index fall briefly into correction territory, down 10 percent from its recent highs.

Technology Select SPDR Fund, which tracks the S&P 500 technology sector, rose 3 percent in trading. Tech stocks were led by Netflix and Amazon, up 5.8 percent and 4 percent, respectively, while chipmakers AMD and Nvidia both rose more than 4 percent. Microsoft, Apple, Alphabet and Twitter shares were rose 2 percent or more.

The Dow Jones Industrial Average rose more than 270 points in a rebound Friday.

Netflix and Microsoft were boosted by upgrades from Wall Street analysts who said the sell-off had gone far enough. Amazon was one of the stocks CNBC’s Jim Cramer said he was adding as part of his broader view that a market turnaround was due on Friday.

Tech stocks got clobbered during a sell-off across stock markets this week, amid concerns over rising interest rates, escalating trade tensions and tighter monetary policy. The past two days saw Amazon, Netflix and Alphabet all in correction territory after taking big hits this week.

On Thursday, the Nasdaq became the first major U.S. stock market benchmark to dip into a correction, falling as low as 7,274 in intraday trading — a drop over 10 percent from the most recent 52-week trading high of 8,133.30. A correction on Wall Street is defined as down more than 10 percent from its high.

Amazon is one of the top names to buy in this environment, according to Cramer. Although shares of Amazon trade at $1,776 a share, Cramer said he doesn’t know “when you buy Amazon other than when it’s down big and people are really scared.”


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: michael sheetz
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US import prices increase 0.5% on a jump in fuel costs

U.S. import prices jumped faster than expected in September amid resurgent energy prices but prices excluding fuels were unchanged. The Labor Department said on Friday import prices rose 0.5 percent last month. Import prices were previously reported to have fallen 0.6 percent in August. Economists polled by Reuters had forecast import prices rising 0.2 percent in September. In the 12 months through September, import prices rose 3.5 percent after a 3.8 percent increase in the 12 months through Au


U.S. import prices jumped faster than expected in September amid resurgent energy prices but prices excluding fuels were unchanged. The Labor Department said on Friday import prices rose 0.5 percent last month. Import prices were previously reported to have fallen 0.6 percent in August. Economists polled by Reuters had forecast import prices rising 0.2 percent in September. In the 12 months through September, import prices rose 3.5 percent after a 3.8 percent increase in the 12 months through Au
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US import prices increase 0.5% on a jump in fuel costs

U.S. import prices jumped faster than expected in September amid resurgent energy prices but prices excluding fuels were unchanged.

The Labor Department said on Friday import prices rose 0.5 percent last month. That was the largest increase since May and followed a revised 0.4 percent decrease in August.

Import prices were previously reported to have fallen 0.6 percent in August. Economists polled by Reuters had forecast import prices rising 0.2 percent in September.

In the 12 months through September, import prices rose 3.5 percent after a 3.8 percent increase in the 12 months through August.

Last month, prices for imported fuels and lubricants rose 3.8 percent, the largest increase since May, after falling 2.2 percent in August. Food prices advanced 2 percent in September after rising 0.3 percent in the prior month.

Excluding fuels and food, import prices fell 0.1 percent last month after slipping 0.2 percent in August.

The so-called core import prices rose 1 percent in the 12 months through August. The weakness in core import prices likely reflects ongoing dollar strength. The dollar has gained more than six percent this year against the currencies of the United States’ main trade partners.

Dollar strength is expected to offset some of an anticipated increase in prices as the Trump administration presses ahead with tariffs on nearly all Chinese imports.

U.S. President Donald Trump imposed tariffs on nearly $200 billion of Chinese imports last month and then threatened more levies if China retaliated. China then hit back with tariffs on about $60 billion of U.S. imports.

On Thursday, Trump warned there was much more he could do that would hurt China’s economy.

The report also showed export prices were unchanged in September after declining 0.2 percent in August. Prices for agricultural products fell 1.4 percent last month.

Export prices rose 2.7 percent on a year-on-year basis in September after rising 3.5 percent in August.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: getty images
Keywords: news, cnbc, companies, fuels, rising, increase, fuel, trump, jump, tariffs, 05, rose, month, months, prices, import, costs


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Gold nudges down as strong US data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. “Rising interest rates is not good news for gold. Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “cor


Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses. The marginal decline came even as Wall Street suffered its worst drubbing in eight months. “Rising interest rates is not good news for gold. Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “cor
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Gold nudges down as strong US data boosts rate rise view

Gold prices inched down on Thursday as robust U.S. data potentially bolstered the chances of multiple U.S. interest rate hikes over the next year, but a weaker dollar curbed losses.

The marginal decline came even as Wall Street suffered its worst drubbing in eight months.

Spot gold was down 0.2 percent at $1,192.58 an ounce at 0430 GMT.

U.S. gold futures edged up 0.2 percent to $1,195.90 an ounce.

“Rising interest rates is not good news for gold. People are preferring U.S. Treasury bonds as they are more attractive in the current environment over gold, despite the sell-off in equities,” said Ronald Leung, chief dealer, Lee Cheong Gold Dealers, Hong Kong.

Data on U.S. producer prices, which rose in September after declining the previous month, and a revision to wholesale inventory estimates for August, added to a hawkish outlook on interest rates.

“The Fed is expected to raise interest rates in December but we are not sure about the future hikes as we have to see how the trade war will affect the U.S. economy. The upcoming mid-term elections in U.S. will also be very crucial,” Leung said.

The Fed can likely stop raising U.S. interest rates once they reach about 3 percent, as long as inflation remains around 2 percent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday.

Asian share markets, meanwhile, sank on Thursday following steep falls on Wall Street. U.S. President Donald Trump said Wednesday’s stock market sell-off was a long-awaited “correction,” and the Federal Reserve, which has been raising U.S. interest rates, had gone “crazy”.

“The sentiment that we have seen this morning with the Wall Street and Asian markets tanking is a chance for gold prices to reintroduce as a safe haven again, especially at this time of poor risk appetite,” OCBC analyst Barnabas Gan said.

“That is something investors will be looking at very closely if the dollar falls further.”

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.3 percent.

Spot gold may break a resistance at $1,195 per ounce and edge up to the next resistance at $1,200, as it has temporarily bottomed around a support at $1,182, according to Reuters technical analyst Wang Tao.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 1.21 percent to 738.99 tonnes on Wednesday, for its first gains since July.

Meanwhile, spot silver was flat at $14.26 an ounce and palladium was little changed at $1,067.24. Platinum slipped 0.9 percent to $811.49 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
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Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
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Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


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US producer prices rebound in September

U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations. A rise in services prices offset a slight drop in prices for goods. In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected. A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, the largest increase since January. In the 12 months through Septemb


U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations. A rise in services prices offset a slight drop in prices for goods. In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected. A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, the largest increase since January. In the 12 months through Septemb
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US producer prices rebound in September

U.S. producer prices increased 0.2 percent in September, reversing an unexpected decline in August and in line with expectations.

A rise in services prices offset a slight drop in prices for goods. Final demand prices had fallen 0.1 percent in August. In the 12 months through September, the producer price index rose 2.6 percent, slightly less than expected.

Economists polled by Reuters had forecast the PPI increasing 0.2 percent in September and advancing 2.8 percent year-on-year.

A key gauge of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, the largest increase since January. The so-called core PPI had risen 0.1 percent in August.

In the 12 months through September, the core PPI rose 2.9 percent, the same as the month before.


Company: cnbc, Activity: cnbc, Date: 2018-10-10
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DOJ approval of CVS $69 billion merger with Aetna expected soon

Shares of CVS Health and Aetna edged higher Wednesday as the companies come closer to winning regulatory approval for their $69 billion merger. Shares of Aetna were up 1 percent in morning trading, while CVS rose nearly 1 percent. WellCare shares rose fractionally in morning trading. CVS, the nation’s largest drugstore chain, announced in December that it would buy Aetna for about $69 billion in cash and stock. CVS also has one of largest pharmacy benefits managers through CVS Caremark and a maj


Shares of CVS Health and Aetna edged higher Wednesday as the companies come closer to winning regulatory approval for their $69 billion merger. Shares of Aetna were up 1 percent in morning trading, while CVS rose nearly 1 percent. WellCare shares rose fractionally in morning trading. CVS, the nation’s largest drugstore chain, announced in December that it would buy Aetna for about $69 billion in cash and stock. CVS also has one of largest pharmacy benefits managers through CVS Caremark and a maj
DOJ approval of CVS $69 billion merger with Aetna expected soon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: bertha coombs, richard drew
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DOJ approval of CVS $69 billion merger with Aetna expected soon

Shares of CVS Health and Aetna edged higher Wednesday as the companies come closer to winning regulatory approval for their $69 billion merger.

The Justice Department is expected to approve the deal as early as Wednesday, according to people briefed on the matter. Shares of Aetna were up 1 percent in morning trading, while CVS rose nearly 1 percent.

The announcement is imminent, these people said.

The companies cleared their path to approval when Aetna announced Sept. 27 that it reached an agreement to sell its Medicare Part D drug plan business to WellCare Health Plans for an undisclosed amount. Regulators were reportedly concerned about the overlap between CVS’ and Aetna’s Medicare Part D plans. WellCare shares rose fractionally in morning trading.

CVS, the nation’s largest drugstore chain, announced in December that it would buy Aetna for about $69 billion in cash and stock. The deal combines CVS’ pharmacies with Aetna’s insurance business, blurring traditionally distinct lines in hopes of lowering costs. CVS also has one of largest pharmacy benefits managers through CVS Caremark and a major Medicare Part D plan sponsor through its SilverScript unit.


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: bertha coombs, richard drew
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Euro, sterling rise on hopes for Brexit deal

The euro and sterling rose on Wednesday, underpinned by optimism for a Brexit deal, while the dollar lost ground against a basket of currencies even as U.S. bond yields hovered at multiyear peaks. The euro rose 0.3 percent to $1.15270 and held steady at 129.750 yen. Some traders remain skeptical about a final Brexit deal. Perez was referring to the U.K. Labour Party whose spokesman on Wednesday downplayed a news report that some party members would back a Brexit deal that Prime Minister Theresa


The euro and sterling rose on Wednesday, underpinned by optimism for a Brexit deal, while the dollar lost ground against a basket of currencies even as U.S. bond yields hovered at multiyear peaks. The euro rose 0.3 percent to $1.15270 and held steady at 129.750 yen. Some traders remain skeptical about a final Brexit deal. Perez was referring to the U.K. Labour Party whose spokesman on Wednesday downplayed a news report that some party members would back a Brexit deal that Prime Minister Theresa
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Euro, sterling rise on hopes for Brexit deal

The euro and sterling rose on Wednesday, underpinned by optimism for a Brexit deal, while the dollar lost ground against a basket of currencies even as U.S. bond yields hovered at multiyear peaks.

The common currency’s gains were limited by worries about the sustainability of Italy’s public finances, though Italian Economy Minister Giovanni Tria reiterated on Wednesday that the government would do everything in its power to regain the confidence of financial markets.

“There is more optimism that they will find some agreement between Britain and (the) European Union before Brexit,” said Steve Englander, global head of G10 FX research at Standard Chartered Bank in New York.

This week, Brexit negotiators have hinted at progress toward terms for Britain to leave the economic bloc in March, which gave investors hope for an orderly departure. Still, caution persists due to scant details.

On Wednesday, EU’s Brexit negotiator, Michel Barnier, said the two parties have agreed on much of the withdrawal agreement ahead of a summit of all the bloc’s 28 national leaders next week.

The pound reached a two-week high at $1.3216 Wednesday and held a gain of 0.4 percent on the day. It hit its strongest level against the euro since June 15 at 87.23 pence. The euro rose 0.3 percent to $1.15270 and held steady at 129.750 yen. Some traders remain skeptical about a final Brexit deal.

“We see a lot of volatility, so the good news may be a temporary thing because the EU has been quick to reject most proposals even if it has the backing of Labour,” said Juan Perez, senior currency trader with Tempus, Inc. in Washington.

Perez was referring to the U.K. Labour Party whose spokesman on Wednesday downplayed a news report that some party members would back a Brexit deal that Prime Minister Theresa May supports. The bounce in the two currencies offset the effects of an increase in U.S. Treasury yields, putting pressure on the dollar.

Benchmark 10-year yields retreated from a seven-year high of 3.261 percent set on Tuesday, even as investors and dealers pared their bond holdings to make space for $36 billion 3-year and $23 billion 10-year note supply sold on Wednesday.

U.S. yields have increased on rising government debt supply and worries about higher inflation, which may push the Federal Reserve to raise short-term rates more quickly.

The ICE dollar index, which tracks the greenback against six major currencies, fell 0.1 percent on the day to 95.54. It hit a seven-week high on Tuesday at 96.155.


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Gold rises after weakest job report this year

Gold prices rose on Friday following a monthly U.S. employment report falling to its lowest level in a year. Spot gold rose 0.3 percent at $1,202.40 an ounce. It had gained 0.6 percent so far for the week, on track to mark its biggest weekly gain in six. U.S. gold futures were up 0.3 percent at $1,205.70 an ounce. “We expect that a topping out of U.S. real yields will begin to put a floor under gold prices starting in 2019,” said Sabrin Chowdhury, commodities analyst at Fitch Solutions.


Gold prices rose on Friday following a monthly U.S. employment report falling to its lowest level in a year. Spot gold rose 0.3 percent at $1,202.40 an ounce. It had gained 0.6 percent so far for the week, on track to mark its biggest weekly gain in six. U.S. gold futures were up 0.3 percent at $1,205.70 an ounce. “We expect that a topping out of U.S. real yields will begin to put a floor under gold prices starting in 2019,” said Sabrin Chowdhury, commodities analyst at Fitch Solutions.
Gold rises after weakest job report this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-05
Keywords: news, cnbc, companies, rising, rises, gold, prices, investors, report, dollar, markets, weakest, weekly, job, yields, rose, gain


Gold rises after weakest job report this year

Gold prices rose on Friday following a monthly U.S. employment report falling to its lowest level in a year.

Spot gold rose 0.3 percent at $1,202.40 an ounce. It had gained 0.6 percent so far for the week, on track to mark its biggest weekly gain in six. U.S. gold futures were up 0.3 percent at $1,205.70 an ounce.

Nonfarm payrolls rose just 134,000, well below Refinitiv estimates of 185,000 and the worst performance since September 2017 when a labor strike weighed on the numbers. The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest since December 1969 and one-tenth of a percentage point below expectations.

August’s initial count was revised up dramatically, from 201,000 to 270,000, while July’s numbers came up as well, from 147,000 to 165,000. The revisions bring the three-month average growth to 190,000 while the 12-month average gain is 201,000.

Despite the weekly gain, gold prices have fallen more than 12 percent from a peak in April largely due to strength in the dollar, which has benefited from a vibrant U.S. economy, rising U.S. interest rates and fears of a global trade war.

“The fear is that the rising dollar is going to cause a huge rout in the emerging markets and investors want to hedge that risk,” Think Markets UK chief markets analyst Naeem Aslam said.

Meanwhile, world markets steadied, as a four-year high in oil prices and the biggest weekly jump in Treasury yields since February left investors wondering where to go next.

Higher U.S. interest rates draw investors to the dollar, boosting its value and making assets priced in the U.S. unit, such as gold, more expensive for holders of other currencies.

Rising U.S. government bond yields typically weigh on precious metals, as they make Treasuries attractive to investors seeking assets that earn a return as opposed to gold, which earns nothing and costs money to store and insure.

“We expect that a topping out of U.S. real yields will begin to put a floor under gold prices starting in 2019,” said Sabrin Chowdhury, commodities analyst at Fitch Solutions.

“Upward pressure on real yields will fade in the second half of 2019 and into 2020 due to slowing U.S. economic growth and rising inflation.”

Among other precious metals, spot silver rose 0.6 percent to $14.64. Palladium fell 0.1 percent at $1,056.20, while platinum rose 0.3 percent at $820.50 an ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-05
Keywords: news, cnbc, companies, rising, rises, gold, prices, investors, report, dollar, markets, weakest, weekly, job, yields, rose, gain


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