Gold retreats from 2-week peak as investors lock in profits

Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits. Spot gold was down 0.4% at $1,420.60 per ounce, as of 0736 GMT, after hitting its highest since July 3 at $1,428.40. U.S. gold futures edged 0.1% lower to $1,421.60 an ounce. Among other precious metals, silver was up 0.1% at $15.99 per ounce, after hitting its highest since Feb. 20 at $16.12. Platinum rose 0.6% to $848.11 an ounce and palladium ga


Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits. Spot gold was down 0.4% at $1,420.60 per ounce, as of 0736 GMT, after hitting its highest since July 3 at $1,428.40. U.S. gold futures edged 0.1% lower to $1,421.60 an ounce. Among other precious metals, silver was up 0.1% at $15.99 per ounce, after hitting its highest since Feb. 20 at $16.12. Platinum rose 0.6% to $848.11 an ounce and palladium ga
Gold retreats from 2-week peak as investors lock in profits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18
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Gold retreats from 2-week peak as investors lock in profits

Gold prices pulled back from a two-week high to trade lower on Thursday, as some investors took advantage of the last session’s gain to book profits.

Spot gold was down 0.4% at $1,420.60 per ounce, as of 0736 GMT, after hitting its highest since July 3 at $1,428.40. It rose nearly 1.5% in the previous session as the dollar slipped after weaker-than-expected U.S. housing data increased prospects for an interest rate cut by the Federal Reserve.

U.S. gold futures edged 0.1% lower to $1,421.60 an ounce.

“A slightly weaker dollar and a clear preference from investors over the last 24 hours drove safe-haven assets higher,” said Michael McCarthy, chief market strategist, CMC Markets.

“From gold’s point of view, it approached a key resistance level around $1,430, and having failed to push through it, it looks like short-term trading investors are taking advantage of gains.”

The dollar index was down 0.2% against a basket of major currencies on Thursday. It climbed to a one-week peak in the previous session on robust U.S. retail sales, but nudged lower as Treasury yields fell in the wake of weak U.S. housing market data and concerns about the unresolved U.S.-China trade conflict.

Meanwhile, the Fed is widely expected to lower interest rates by 25 basis points at its policy meeting at the end of the month, with some in the market even betting on a 50 basis point cut.

The Fed reported on Wednesday that the U.S. economy continued growing at a “modest” rate in recent weeks, with consumers continuing to spend and a “generally positive” outlook overall even in the face of disruptions caused by the U.S. trade policy.

Earlier in the week, U.S. President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods.

“Bullion is likely to see strong support after the Fed’s Beige Book emphasised policymakers’ concern on negative impact of trade uncertainty,” Edward Moya, a senior market analyst at OANDA, said in a note.

Indicative of sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.48% to 803.18 tonnes on Wednesday from 799.37 tonnes on Tuesday.

Among other precious metals, silver was up 0.1% at $15.99 per ounce, after hitting its highest since Feb. 20 at $16.12. The metal was on track for a fifth consecutive session of gains.

Platinum rose 0.6% to $848.11 an ounce and palladium gained 0.1% to $1,538.95.


Company: cnbc, Activity: cnbc, Date: 2019-07-18
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A booming manufacturing report just poked another hole in the Fed’s case for a rate cut

Philadelphia area manufacturing rebounded sharply in July, just as the Federal Reserve is expected to cut interest rates to boost economic activity. The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year. The index measures the difference between companies saying they are expanding activity against those expecting to reduce. Nearly every indicator within the index rose sharply: Employment


Philadelphia area manufacturing rebounded sharply in July, just as the Federal Reserve is expected to cut interest rates to boost economic activity. The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year. The index measures the difference between companies saying they are expanding activity against those expecting to reduce. Nearly every indicator within the index rose sharply: Employment
A booming manufacturing report just poked another hole in the Fed’s case for a rate cut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jeff cox
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A booming manufacturing report just poked another hole in the Fed's case for a rate cut

Philadelphia area manufacturing rebounded sharply in July, just as the Federal Reserve is expected to cut interest rates to boost economic activity.

The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year. The index measures the difference between companies saying they are expanding activity against those expecting to reduce.

Nearly every indicator within the index rose sharply: Employment doubled to 30, its highest reading since October 2017, while the average work week more than tripled to 23, its best in 14 months. Shipments jumped to 24.9 from 16.6 in June while new orders surged to 18.9 from 8.3. Prices paid, a key measure of inflationary pressures, also rose to 16.1 from 12.9.

Only unfilled orders and delivery times fell, the latter fractionally from 15.6 to 15.

In this month’s special question, manufacturers were asked to characterize underlying demand. Some 56.1% reported increases, while just 31.6% saw a decrease.

Fed officials have strongly indicated they will cut their benchmark interest rate at this month’s policy meeting, pointing to worries over a global slowdown that could infect the U.S. along with inflation that has run well short of the central bank’s 2% target and persistent tariff concerns.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jeff cox
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Stocks making the biggest moves midday: Netflix, Philip Morris, United Rentals & more

Check out the companies making headlines midday Thursday:Netflix — Netflix shares plunged more than 11% after the video streaming company reported disappointing international user growth. IBM — IBM rose nearly 4% after the company reported better-than-expected earnings as its cloud business grew more than forecast. Analysts polled by Refinitiv expected a profit of $3.07. EBay — Shares of the e-commerce company rose 2.1% after reporting better-than-expected results as eBay attracts more users. Th


Check out the companies making headlines midday Thursday:Netflix — Netflix shares plunged more than 11% after the video streaming company reported disappointing international user growth. IBM — IBM rose nearly 4% after the company reported better-than-expected earnings as its cloud business grew more than forecast. Analysts polled by Refinitiv expected a profit of $3.07. EBay — Shares of the e-commerce company rose 2.1% after reporting better-than-expected results as eBay attracts more users. Th
Stocks making the biggest moves midday: Netflix, Philip Morris, United Rentals & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
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Stocks making the biggest moves midday: Netflix, Philip Morris, United Rentals & more

Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, May 31, 2019.

Check out the companies making headlines midday Thursday:

Netflix — Netflix shares plunged more than 11% after the video streaming company reported disappointing international user growth. Netflix said it added 2.83 million international paying users, well below a FactSet estimate of 4.81 million. The company also posted a surprising loss of U.S. users.

IBM — IBM rose nearly 4% after the company reported better-than-expected earnings as its cloud business grew more than forecast. The company posted earnings per share of $3.17. Analysts polled by Refinitiv expected a profit of $3.07.

Philip Morris International — Phillip Morris rose 9% after the tobacco company’s second-quarter earnings beat estimates. Philip Morris reported adjusted earnings per share of $1.46 on revenues of $7.7 billion. Analysts polled by Refinitiv had expected earnings per share of $1.32 on revenues of $7.37 billion. Philip Morris said the strong quarter was driven by sales from it heated-tobacco line. The company also increased its full-year adjusted earnings forecast.

Danaher — Danaher ticked up 1.5% after the medical equipment and devices company’s second-quarter results beat estimates. Danaher reported adjusted earnings per share of $1.19 on revenues of $5.16 billion. Analysts had expected earnings per share of $1.16 on revenues of $5.09 billion, according to Refinitiv. Thomas Joyce Jr., the company’s president and CEO, said “recent investments in innovation and commercial initiatives” contributed to the strong results.

EBay — Shares of the e-commerce company rose 2.1% after reporting better-than-expected results as eBay attracts more users. EBay reported earnings per share of 68 cents on revenue of $2.69 billion. Analysts polled by Refinitiv expected a profit of 62 cents a share on sales of $2.68 billion.

Qualcomm — Qualcomm shares dropped 1.7% after the Barclays downgraded it to equal weight from overweight, citing issues related to Huawei. It said it sees “a downside to estimates” for Qualcomm and “can’t fully discount the potential for a worst case scenario that includes a failed appeal/change to license rates.”

Advanced Micro Devices — An analyst at Mizuho downgraded AMD to neutral from buy, citing a high valuation relative to its peers after a monster rally of more than 80% in 2019. The stock traded down 2.8%.

Union Pacific — Union Pacific rose 4.2% after beating Wall Street earnings expectations for the second quarter. The railroad company reported $2.22 in earnings per share, topping analyst expectations of $2.14 per share, according to Refinitiv. Union Pacific improved its operating ratio year on year, reporting 59.6% on the profitability measure, 3.4 points better than the same quarter in 2018.

United Rentals — The equipment rentals company slid 6.5% after the company cut the high end of its revenue guidance for the year. United Rentals expects full-year revenue to range between $9.15 billion and $9.45 billion. The company previously expected full-year sales to range between $9.15 billion and $9.55 billion. “Our updates to guidance reflect a slightly slower than expected pace for the BlueLine integration, as well as historically bad weather in several key regions this past quarter,” CEO Michael Flannery said.

Taiwan Semiconductor — Taiwan Semiconductor’s shares rose 2% after it announced a 21.9% sales increase in June and a 3.3% year over year revenue increase in its quarterly report. The company’s profits have been declining, with a fall of 31.6% in the first quarter — its steepest fall in seven years, but this quarter’s sales were only 7.6% less than the same period last year, a sign that its sales difficulties may be easing.

—CNBC’s Elizabeth Myong, Mallika Mitra, Jesse Pound and Marc Rod contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, stocks, moves, quarter, netflix, rentals, making, share, billion, midday, philip, morris, earnings, refinitiv, company, biggest, united, rose, reported, expected, sales


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Stocks slip from record highs after Trump says ‘long way to go’ on trade talks with China

Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S. The Dow Jones Industrial Average slipped 23.53 points, or 0.1%, to 27,335.63, ending a four-day winning streak. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak. They also come as the U.S. corporate earnings season kicks into full gear. “Looking at this earnings season, the key question is: Will trade uncertainty cause businesses to pull


Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S. The Dow Jones Industrial Average slipped 23.53 points, or 0.1%, to 27,335.63, ending a four-day winning streak. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak. They also come as the U.S. corporate earnings season kicks into full gear. “Looking at this earnings season, the key question is: Will trade uncertainty cause businesses to pull
Stocks slip from record highs after Trump says ‘long way to go’ on trade talks with China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: fred imbert
Keywords: news, cnbc, companies, earnings, season, tariffs, stocks, worth, streak, slip, rose, record, trade, long, china, winning, fell, way, highs, talks, trump


Stocks slip from record highs after Trump says 'long way to go' on trade talks with China

Stocks fell from record highs on Tuesday after President Donald Trump cast doubt on the trade progress between China and the U.S.

The Dow Jones Industrial Average slipped 23.53 points, or 0.1%, to 27,335.63, ending a four-day winning streak. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak. The Nasdaq Composite fell 0.4% to 8,222.80. The averages had notched all-time closing highs in the previous session.

Trump said the two countries have a “long way to go” on trade, adding the U.S. can slap tariffs on an additional $325 billion worth of Chinese goods “if we want.”

Trump’s comments come after China and the U.S. agreed not to ratchet up trade tensions in an effort to restart negotiations. China and the U.S. have slapped tariffs on billions of dollars worth of each other’s imports since last year. The ongoing trade war has sparked fear of slower economic growth around the world. They also come as the U.S. corporate earnings season kicks into full gear.

“Looking at this earnings season, the key question is: Will trade uncertainty cause businesses to pullback on spending and investment enough so that it begins to weigh on earnings?” said Tom Essaye, founder of the Sevens Report, in a note. “If there is evidence that businesses beyond China-focused industrials also are starting to become more conservative, then that will be a big negative for future earnings.”

Goldman Sachs reported better-than-expected results, driven by the company’s investment banking and trading divisions. Goldman shares rose 1.9%.

J.P. Morgan Chase ‘s results also topped estimates and its stock rose 1.1%. Johnson & Johnson, however, fell 1.6% despite reporting a 42% profit surge in the previous quarter.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: fred imbert
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European stocks close higher as investors monitor earnings; Burberry shares jump 14%

The pan-European Stoxx 600 was up 0.3% at the end of the session, with construction and material stocks, up 1.65%, leading the gains. Sterling slipped to around $1.24 as fears of a no-deal Brexit rose following comments from potential Conservative Party leader, Boris Johnson. Stateside, corporate figures will also be on traders’ minds with J.P. Morgan, Wells Fargo and Johnson & Johnson all set to report. Citigroup kicked off the earnings season on Wall Street Monday, reporting better-than-expect


The pan-European Stoxx 600 was up 0.3% at the end of the session, with construction and material stocks, up 1.65%, leading the gains. Sterling slipped to around $1.24 as fears of a no-deal Brexit rose following comments from potential Conservative Party leader, Boris Johnson. Stateside, corporate figures will also be on traders’ minds with J.P. Morgan, Wells Fargo and Johnson & Johnson all set to report. Citigroup kicked off the earnings season on Wall Street Monday, reporting better-than-expect
European stocks close higher as investors monitor earnings; Burberry shares jump 14% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: elliot smith ryan browne, elliot smith, ryan browne
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European stocks close higher as investors monitor earnings; Burberry shares jump 14%

The pan-European Stoxx 600 was up 0.3% at the end of the session, with construction and material stocks, up 1.65%, leading the gains.

Sterling slipped to around $1.24 as fears of a no-deal Brexit rose following comments from potential Conservative Party leader, Boris Johnson. The dollar also strengthened after better-than-expected U.S. retail sales data.

Market players are largely focused on upcoming results from major companies Tuesday. In Europe, Burberry shares soared more than 14% to top the Stoxx 600 after the British luxury brand reported a pick-up in first-quarter sales driven by new designs from creative chief Riccardo Tisci.

Shares of Swedish power tools giant Husqvarna dropped 5% to the bottom of the European blue chip index after its CEO said its full-year 2019 operating margin would be at the lower end of the previous guidance range due to weak sales early in the second quarter.

Fiat Chrysler stock was down 3% at the closing bell after it was initiated at a “sell” rating by Goldman Sachs.

Stateside, corporate figures will also be on traders’ minds with J.P. Morgan, Wells Fargo and Johnson & Johnson all set to report.

Citigroup kicked off the earnings season on Wall Street Monday, reporting better-than-expected profit and revenue numbers for the second quarter.

Shares of Ryanair were up by 2.6% on Tuesday, despite the airline halving its 2020 passenger growth outlook on the back of delayed deliveries of Boeing’s 737 Max jet.

Meanwhile, trade continues to be an area of focus for the market. President Donald Trump said Monday that U.S. tariffs were having a “major effect” on China, following the release of data that showed China’s economy growing at its slowest pace in 27 years.

Elsewhere, in terms of data, the euro zone’s balance of trade for May came in at a surplus of 23 billion euros ($25.85 billion). Seasonally adjusted exports rose by 1.4% while imports were down 1%. The figures provide fresh indication that the currency area’s economy is holding steady amid global trade tensions.

July’s economic sentiment figures for Germany came in at -24.5 versus -22.3 expectations, compounding the economic uncertainty shrouding Europe’s largest economy.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: elliot smith ryan browne, elliot smith, ryan browne
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Gold inches down as mixed Chinese data boosts equities

Spot gold edged lower on Monday as global stock markets gained with investors focussing on some upbeat economic readings from mixed Chinese economic data, while a firm dollar further weighed on bullion. U.S. gold futures rose 0.1% to $1,413.60. World shares rose towards an 18-month high following the data, denting appetite for gold. Meanwhile, the dollar was slightly higher against key rivals, in thin summer trading, making gold more expensive for holders of other currencies. Investors await oth


Spot gold edged lower on Monday as global stock markets gained with investors focussing on some upbeat economic readings from mixed Chinese economic data, while a firm dollar further weighed on bullion. U.S. gold futures rose 0.1% to $1,413.60. World shares rose towards an 18-month high following the data, denting appetite for gold. Meanwhile, the dollar was slightly higher against key rivals, in thin summer trading, making gold more expensive for holders of other currencies. Investors await oth
Gold inches down as mixed Chinese data boosts equities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15
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Gold inches down as mixed Chinese data boosts equities

Spot gold edged lower on Monday as global stock markets gained with investors focussing on some upbeat economic readings from mixed Chinese economic data, while a firm dollar further weighed on bullion.

Spot gold fell about 0.26% to $1,411.8 per ounce. U.S. gold futures rose 0.1% to $1,413.60.

China’s second-quarter annual GDP growth fell to a 27-year low of 6.2%, as expected, but its quarterly growth reading of 1.6% beat forecasts. June reports on industrial production, retail sales and urban investment were above expectations.

“The equity market is looking at the data positively and there is some risk appetite here,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.

World shares rose towards an 18-month high following the data, denting appetite for gold. Meanwhile, the dollar was slightly higher against key rivals, in thin summer trading, making gold more expensive for holders of other currencies.

“The gold market is reacting more to bad data than good. The U.S. dollar seems to have found some support which may be weighing on gold,” said Tai Wong, head of base and precious metals derivatives trading at BMO.

Investors await other data this week, such as U.S. retail sales and industrial production, for clues about the health of the world’s largest economy.

The U.S. Federal Reserve releases its “Beige Book” on Wednesday, which markets will watch for comments on how trade tensions have affected the business outlook.

The yellow metal gained 1.1% last week on the back of expectations of an interest rate cut by the U.S. central bank, which also weighed on the dollar.

The outlook for gold remains positive, analysts said, with the metal likely to stay supported on expectations of a Fed rate cut and concerns of a global growth slowdown.

“Gold price action has been pretty choppy, but I could see us traversing $1,380-$1,440 from now until the Fed meeting in end-July, perhaps even more than once,” BMO’s Wong said.

Spot gold looks neutral in a narrow range of $1,404-$1,421 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.

Spot palladium rose 1% to $1,560.93 per ounce. Silver added 0.3% to $15.26, after touching a near two-week high of $15.36 earlier this session.

Platinum gained 1.9% to $843.29 per ounce. Earlier in the session it rose to $844.92, its highest in two weeks.


Company: cnbc, Activity: cnbc, Date: 2019-07-15
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China’s stocks rise as data shows lowest quarterly growth in 27 years

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34. Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48. overall, the MSCI Asia ex-Japan index rose 0.28%.


Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34. Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48. overall, the MSCI Asia ex-Japan index rose 0.28%.
China’s stocks rise as data shows lowest quarterly growth in 27 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: eustance huang
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China's stocks rise as data shows lowest quarterly growth in 27 years

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years.

The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34.

Hong Kong’s Hang Seng index added 0.22%, as of its final hour of trading, with the city still stuck in turmoil surrounding a controversial extradition bill. Meanwhile, the Budweiser initial public offering in Hong Kong, which was set to be the world’s biggest listing of 2019, was canceled by parent company Anheuser-Busch InBev.

Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48.

Over in Australia, the S&P/ASX 200 declined 0.65% to close at 6,653.00 as most sectors slipped. Shares of wealth manager AMP plunged 15.81% after the company said it was “highly unlikely to proceed ” with the sale of its life insurance and wealth protection business.

overall, the MSCI Asia ex-Japan index rose 0.28%.

Markets in Japan were closed on Monday for a holiday.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: eustance huang
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Treasury yields continue comeback on the week after another report shows rising inflation

The yield on 10-year Treasury note hit a one-month high on Friday, on pace to post its biggest weekly gain since April after recent data showed hotter-than-expected inflation. The rate on the benchmark Treasury note, which moves inversely to price, rose to 2.1310%, the highest since June 11. “Another core inflation surprise… PPI drives in-range down trade,” Ian Lyngen, head of U.S. rates strategy at BMO, said in a note. The inflation number is “marginally bearish for the Treasury market and as


The yield on 10-year Treasury note hit a one-month high on Friday, on pace to post its biggest weekly gain since April after recent data showed hotter-than-expected inflation. The rate on the benchmark Treasury note, which moves inversely to price, rose to 2.1310%, the highest since June 11. “Another core inflation surprise… PPI drives in-range down trade,” Ian Lyngen, head of U.S. rates strategy at BMO, said in a note. The inflation number is “marginally bearish for the Treasury market and as
Treasury yields continue comeback on the week after another report shows rising inflation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yun li
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Treasury yields continue comeback on the week after another report shows rising inflation

The yield on 10-year Treasury note hit a one-month high on Friday, on pace to post its biggest weekly gain since April after recent data showed hotter-than-expected inflation.

The rate on the benchmark Treasury note, which moves inversely to price, rose to 2.1310%, the highest since June 11. The yield on the 30-year Treasury bond was also higher at around 2.6535%.

The U.S. consumer price index — a widely followed measure of inflation — rose more than expected last month, with the core CPI posting its biggest gain in one and a half years.

The Labor Department said on Friday its producer price index for final demand edged up 0.1% last month after a similar gain in May. Economists polled by Reuters had forecast the PPI unchanged in June.

“Another core inflation surprise… PPI drives in-range down trade,” Ian Lyngen, head of U.S. rates strategy at BMO, said in a note. The inflation number is “marginally bearish for the Treasury market and as yields come off this morning’s lows.”

The yield on the benchmark 10-year note had fallen below 2% this month on expectations global central banks would respond to a slowing global economy with more monetary stimulus. The rate started coming back after a blowout June jobs report boosted the confidence on the U.S. economy.

Wall Street rallied to a record high on Thursday, after testimony by Federal Reserve Chair Jerome Powell this week that signaled easier monetary policy could be implemented later this month.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: yun li
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Gold holds firm above $1,400 as markets look past robust US data

Spot gold rose 0.9% to $1,415.53 per ounce. U.S. gold futures rose 0.4% to settle at $1412.20 per ounce. “If gold closes below $1,400 level on a Friday, (it) could be a blow to the bulls. Fed policymakers are scheduled to meet on July 30-31, where investors will look for further cues on monetary policy easing. A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates


Spot gold rose 0.9% to $1,415.53 per ounce. U.S. gold futures rose 0.4% to settle at $1412.20 per ounce. “If gold closes below $1,400 level on a Friday, (it) could be a blow to the bulls. Fed policymakers are scheduled to meet on July 30-31, where investors will look for further cues on monetary policy easing. A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates
Gold holds firm above $1,400 as markets look past robust US data Cached Page below :
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Gold holds firm above $1,400 as markets look past robust US data

Gold prices rose on Friday as investors shrugged off concerns that stronger-than-expected consumer inflation in the United States could influence the U.S. central bank’s decision on aggressive monetary policy easing.

Spot gold rose 0.9% to $1,415.53 per ounce. U.S. gold futures rose 0.4% to settle at $1412.20 per ounce.

“Inflation data came out a little bit hotter than expected. It seems every day that the probability of rate cut versus keeping rates unchanged is flip-flap. There are uncertainties around that,” said Phillip Streible, senior commodities strategist at RJO Futures.

“If gold closes below $1,400 level on a Friday, (it) could be a blow to the bulls. I see a resistance level of $1,441 if there is enough demand for gold.”

The core U.S. consumer price index, excluding food and energy, rose 0.3% in June, data showed on Thursday, the largest increase since January 2018. The U.S. Federal Reserve had last month downgraded its inflation projection for the year to 1.5% from the 1.8% projected in March.

Bullion rates were quick to slump following the data, shedding nearly 1% in the latter part of its session, with the dollar erasing some losses.

However, the stronger-than-expected reading failed to shake convictions that the Fed will start cutting interest rates at a policy meeting later this month, with money markets still indicating one rate cut at the end of July and a cumulative 64 basis points in cuts by the end of 2019.

Against a basket of currencies, the dollar was lower for a third straight day, down 0.1%.

Market attention will be focused on comments by Chicago Fed President Charles Evans later in the session and New York Fed President John Williams on Monday, which will provide a chance to gauge how dovish the U.S. central bank will be.

Fed policymakers are scheduled to meet on July 30-31, where investors will look for further cues on monetary policy easing.

In the physical market, gold buying stalled in top Asian hubs this week as consumers sold back bullion to cash in on the steep price rally.

A recent import duty hike further dented waning interest in an Indian market hit by a surge in local rates


Company: cnbc, Activity: cnbc, Date: 2019-07-12
Keywords: news, cnbc, companies, session, rates, data, holds, gold, 1400, past, rate, fed, look, rose, strongerthanexpected, policy, price, robust, firm, markets


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Stocks making the biggest moves midday: Fastenal, Weight Watchers, Snap and more

The Minnesota-based company said they raised prices to offset the cost of tariffs but the prices hikes were not enough to counter overall inflation. Weight Watchers— Shares of Weight Watchers rose 8.3% after J.P. Morgan upgraded the stock neutral from underweight and hiked its price target to $22 from $17. The firm said the first half of the year stabilization for the weight loss company should pave they way for second-half improvement. Shares of CVS Health rose 4%, UnitedHealth rose 5.5% and Ci


The Minnesota-based company said they raised prices to offset the cost of tariffs but the prices hikes were not enough to counter overall inflation. Weight Watchers— Shares of Weight Watchers rose 8.3% after J.P. Morgan upgraded the stock neutral from underweight and hiked its price target to $22 from $17. The firm said the first half of the year stabilization for the weight loss company should pave they way for second-half improvement. Shares of CVS Health rose 4%, UnitedHealth rose 5.5% and Ci
Stocks making the biggest moves midday: Fastenal, Weight Watchers, Snap and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, shares, snap, raised, company, price, making, biggest, fastenal, watchers, moves, rose, prices, paper, neutral, health, weight, stocks, stock, midday


Stocks making the biggest moves midday: Fastenal, Weight Watchers, Snap and more

Snapchat co-founders Bobby Murphy and Evan Spiegel at the New York Stock Exchange (NYSE), March 2, 2017 in New York City.

Check out the companies making headlines in midday trading:

Fastenal— Shares of Fastenal fell 2.85% after the industrial supplies company posted disappointing quarterly results, mainly attributed to the trade war between the U.S. and China. The Minnesota-based company said they raised prices to offset the cost of tariffs but the prices hikes were not enough to counter overall inflation.

Weight Watchers— Shares of Weight Watchers rose 8.3% after J.P. Morgan upgraded the stock neutral from underweight and hiked its price target to $22 from $17. The firm said the first half of the year stabilization for the weight loss company should pave they way for second-half improvement.

CVS Health, UnitedHealth, Cigna— Shares of health insurers jumped after Trump Administration said it has withdrawn its proposal to eliminate rebates from government drug plans, which was a big step in the president’s effort lower prescription drug prices. Shares of CVS Health rose 4%, UnitedHealth rose 5.5% and Cigna soared 9% on the news.

Delta Air Lines— Shares of Delta rose 1% after the airline raised its profit forecast for the year as travel demand continues to grow. Delta reported second-quarter earnings of $2.35 per share, higher than the $2.28 Refinitiv estimate. Revenue came in roughly in line with estimates for the quarter at $12.5 billion.

Snap— Shares of Snap, the parent company of Snapchat, rose 2% after Bank of America Merrill Lynch raised its price target to $17 from $12, citing “improving user trends” and expectations of increased growth. The increase brought the stock to a new 52-week high on Thursday.

Take-Two Interactive— Shares of Take-Two Interactive, the maker of popular video game franchises Grand Theft Auto and Red Dead Redemption, fell 0.5% after Wall Street firm Jefferies downgraded the stock to hold from buy, citing a “soft spot” between game releases.

International Paper— Shares of International Paper fell 1.4% after Citi downgraded the paper company to neutral from buy. Citi cited risk of “further price erosion” and negative earnings revisions. The firm said it prefers packaging companies to paper companies.

Allstate— Shares of Allstate ticked down 1% after Credit Suisse downgraded the insurance company to underperform from neutral, citing weather conditions and heightened price competition weighing on core home and auto margins.

— CNBC’s Marc Rod and Mallika Mitra contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, shares, snap, raised, company, price, making, biggest, fastenal, watchers, moves, rose, prices, paper, neutral, health, weight, stocks, stock, midday


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