China’s November export, import growth shrinks, showing weak demand

China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much. Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools. The customs data showed that annual growth for exports to all


China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much. Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools. The customs data showed that annual growth for exports to all
China’s November export, import growth shrinks, showing weak demand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: photographer, collection, getty images
Keywords: news, cnbc, companies, showing, rose, shrinks, data, shipments, customs, import, exports, earlier, demand, chinas, weak, growth, export, showed


China's November export, import growth shrinks, showing weak demand

China reported far weaker than expected November exports and imports, showing slower global and domestic demand and raising the possibility authorities will take more measures to keep the country’s growth rate from slipping too much.

November exports only rose 5.4 percent from a year earlier, Chinese customs data showed on Saturday, the weakest performance since a 3 percent contraction in March, and well short of the 10 percent forecast in a Reuters poll.

Analysts say the export data showed that the “front-loading” impact as firms rushed out shipments to beat planned U.S. tariff hikes faded, and that export growth is likely to slow further as demand cools.

The customs data showed that annual growth for exports to all of China’s major partners slowed significantly. Exports to the United States rose 9.8 percent in November from a year earlier, compared with 13.2 percent in October.

To the European Union, shipments increased 6.0 percent, compared with 14.6 percent in October. Exports to South Korea fell from a year earlier, while in October they rose 7.7 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-08  Authors: photographer, collection, getty images
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Asian stocks take a breather after days of declines

The hard-hit mainland Chinese markets ended the trading day mostly unchanged, with both the Shanghai composite and the Shenzhen composite largely flat at around 2,605.89 and about 1,350.70, respectively. Shares of Softbank, which saw significant declines in the previous trading day, extended losses as it fell 2.09 percent on the day. The ASX 200 in Australia rose 0.42 percent to close at 5,681.50, with almost sectors in positive territory. That was a rebound from Thursday, when the index saw dec


The hard-hit mainland Chinese markets ended the trading day mostly unchanged, with both the Shanghai composite and the Shenzhen composite largely flat at around 2,605.89 and about 1,350.70, respectively. Shares of Softbank, which saw significant declines in the previous trading day, extended losses as it fell 2.09 percent on the day. The ASX 200 in Australia rose 0.42 percent to close at 5,681.50, with almost sectors in positive territory. That was a rebound from Thursday, when the index saw dec
Asian stocks take a breather after days of declines Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: eustance huang
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Asian stocks take a breather after days of declines

Shares in Asia were mostly higher on Friday on the back of a report suggesting the U.S. Federal Reserve could consider a slower tempo of increasing interest rates than had been previously expected.

The hard-hit mainland Chinese markets ended the trading day mostly unchanged, with both the Shanghai composite and the Shenzhen composite largely flat at around 2,605.89 and about 1,350.70, respectively.

Meanwhile, the Hang Seng index in Hong Kong traded down by around 0.1 percent as of its final hour of trade.

Japan’s Nikkei 225 rose 0.82 percent to close at 21,678.68 while the Topix index gained 0.61 percent to finish the trading week at 1,620.45.

Shares of Softbank, which saw significant declines in the previous trading day, extended losses as it fell 2.09 percent on the day. The company had earlier announced that there was no change in its earnings and dividend forecasts after a mobile service outage on Thursday.

Over in South Korea, the Kospi gained 0.34 percent to close at 2,075.76, with shares of chipmaker SK Hynix rising 1.21 percent.

The ASX 200 in Australia rose 0.42 percent to close at 5,681.50, with almost sectors in positive territory. That was a rebound from Thursday, when the index saw declines amid a broader sell-off across the Asia Pacific region.

Shares of Australia’s so-called Big Four banks saw gains on the day. Australia and New Zealand Banking Group rose 0.16 percent, Commonwealth Bank of Australia gained 1.00 percent while Westpac advanced 0.23 percent and National Australia Bank climbed up by 0.25 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: eustance huang
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Job growth falls short of expectations in November: 155,000 payrolls created vs 198,000 estimate

Job growth slowed in November amid fears that economic growth is losing steam. Nonfarm payrolls increased by 155,000 for the month while the unemployment rate again held at 3.7 percent, its lowest since 1969, the Labor Department reported Friday. Economists surveyed by Dow Jones had been expecting payroll growth of 198,000 and the jobless rate to hold steady. A separate gauge that includes discouraged workers and those holding part-time jobs for economic reasons, sometimes called the real unempl


Job growth slowed in November amid fears that economic growth is losing steam. Nonfarm payrolls increased by 155,000 for the month while the unemployment rate again held at 3.7 percent, its lowest since 1969, the Labor Department reported Friday. Economists surveyed by Dow Jones had been expecting payroll growth of 198,000 and the jobless rate to hold steady. A separate gauge that includes discouraged workers and those holding part-time jobs for economic reasons, sometimes called the real unempl
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Job growth falls short of expectations in November: 155,000 payrolls created vs 198,000 estimate

Job growth slowed in November amid fears that economic growth is losing steam.

Nonfarm payrolls increased by 155,000 for the month while the unemployment rate again held at 3.7 percent, its lowest since 1969, the Labor Department reported Friday. Economists surveyed by Dow Jones had been expecting payroll growth of 198,000 and the jobless rate to hold steady.

Average hourly earnings, a closely watched sign of whether inflation pressures are building, again rose at a 3.1 percent pace from a year ago. The monthly earnings gain of 0.2 percent fell short of estimates for a 0.3 percent increase. The average work week edged lower by 0.1 hours to 34.4 hours.

Stock futures turned positive following the weak report as traders bet it may mean the Federal Reserve is less aggressive next year on rate hikes.

A separate gauge that includes discouraged workers and those holding part-time jobs for economic reasons, sometimes called the real unemployment rate, rose from 7.4 percent to 7.6 percent.

The unemployment rate for African-Americans fell 0.3 percent to 5.9 percent, tied for its lowest on record.

WATCH: Why you may not be feeling a boost in wages


Company: cnbc, Activity: cnbc, Date: 2018-12-07  Authors: jeff cox
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Gold gains as dollar sags on cautious Fed remarks

Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes. “The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore. “A weaker dollar helps other local currencies such


Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes. “The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore. “A weaker dollar helps other local currencies such
Gold gains as dollar sags on cautious Fed remarks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, ounce, dollar, trade, gains, rose, weaker, remarks, prices, interest, cautious, shares, sags, rates, gold, fed


Gold gains as dollar sags on cautious Fed remarks

Gold prices firmed on Thursday as the dollar faltered following dovish comments from U.S. Federal Reserve Chair Jerome Powell, calming investor concerns over the pace of rate hikes.

Spot gold was up 0.3 percent at $1,224.13 per ounce at 0410 GMT. Prices climbed about 0.6 percent on Wednesday, their biggest one-day percentage gain since Nov. 16.

U.S. gold futures were little changed at $1,223.2 per ounce.

“The dovish Fed stance was relatively constructive from pure dollar trade perspective and it could edge off the dollar and continue to do so until the year end, which is quite significant for gold prices,” said Stephen Innes, APAC trading head at OANDA in Singapore.

The dollar slipped from a two-week high on Wednesday after Powell said interest rates are just below neutral, raising expectations that the U.S. central bank is closer to the end of its rate hike cycle.

“A weaker dollar helps other local currencies such as China and India get back in the game, which could add to gold’s lustre,” Innes added.

A weaker greenback makes the dollar-denominated gold cheaper for other non-U.S. buyers.

However, gains in gold were being limited by increased interest in riskier assets, analysts said.

A robust Wall Street buoyed Asian shares on Thursday. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent.

Investors expect more clues on the Fed’s monetary tightening path from the minutes of the U.S. central bank’s Nov. 7-8 meeting, due later on Thursday. The Fed has raised rates three times this year.

Higher U.S. interest rates tend to boost the dollar, and also increase the opportunity cost of holding gold, which does not pay interest.

Markets also focused on the G20 summit in Buenos Aires this weekend, where U.S. President Donald Trump and his Chinese counterpart, Xi Jinping are scheduled to discuss trade matters.

Gold prices lost to dollar this year as the investors preferred the safe-haven currency as the U.S.-China trade war unfolded and U.S. interest rates rose.

Among other precious metals spot silver inched lower to $14.31 per ounce.

Palladium dipped 0.5 percent to $1,177.95 per ounce, having hit a record high of $1,186.3 in the previous session.

Platinum rose 0.4 percent to $824.00 per ounce after falling to a seven-week low of $809.50 on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, ounce, dollar, trade, gains, rose, weaker, remarks, prices, interest, cautious, shares, sags, rates, gold, fed


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Oil strengthens ahead of G20 meeting, but supply rise caps gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains. U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. Both markets rose more than 1 percent


Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains. U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. Both markets rose more than 1 percent
Oil strengthens ahead of G20 meeting, but supply rise caps gains Cached Page below :
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Oil strengthens ahead of G20 meeting, but supply rise caps gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains.

U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. The market ended the previous session down 2.5 percent at $50.29 a barrel, after hitting the lowest since early October last year.

International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel.

Both markets rose more than 1 percent in early Asian trade.

“We have seen huge increases in supply and the demand picture is in question. However, we might see some movement on global trade issues at the G20 meeting which starts on Friday,” said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.

“I think we are seeing some positioning ahead of those potential demand-positive events.”

Investors in commodity markets are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world’s biggest economies, on Nov. 30 and Dec. 1, with the U.S.-China trade war at the top of the agenda.

U.S. President Donald Trump is open to a trade deal with China but is also prepared to hike tariffs on imports from the country if there is no breakthrough on longstanding trade issues during a dinner on Saturday with Chinese leader Xi Jinping, White House economic adviser Larry Kudlow said on Tuesday.

Xi said China will widen market access for foreign investors and step up protection of intellectual property rights.

Meanwhile, rising supplies are keeping a lid on prices.

U.S. crude inventories for the week to Nov. 23 added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.

“WTI oil is now trading right around the $50 per barrel level, a price last seen well over a year ago, as the current oversupply situation has now manifested itself in 10 consecutive weekly increases in U.S. oil inventories,” said William O’Loughlin, Investment Analyst at Australia’s Rivkin Securities.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Vienna, Austria on Dec. 6 to discuss a new round of production cuts of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates told Reuters earlier this month.


Company: cnbc, Activity: cnbc, Date: 2018-11-29
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Europe rallies after Fed chair signals rates are nearing neutral; Britvic shares up 6%

Basic resources led the gains, up by more than 2 percent as investors wait for a G-20 summit due to start Friday. President Donald Trump and China President Xi Jinping are due to meet on the sidelines in an attempt to improve their trade relations. But the biggest driver of the stock market on Thursday was a highly-anticipated speech from the chair of the Federal Reserve. The expectation that the Fed is likely to raise rates to a lower level than previously expected is a positive for shares. In


Basic resources led the gains, up by more than 2 percent as investors wait for a G-20 summit due to start Friday. President Donald Trump and China President Xi Jinping are due to meet on the sidelines in an attempt to improve their trade relations. But the biggest driver of the stock market on Thursday was a highly-anticipated speech from the chair of the Federal Reserve. The expectation that the Fed is likely to raise rates to a lower level than previously expected is a positive for shares. In
Europe rallies after Fed chair signals rates are nearing neutral; Britvic shares up 6% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: silvia amaro, alexandra gibbs
Keywords: news, cnbc, companies, rate, president, rallies, interest, stocks, fed, chair, powell, neutral, europe, nearing, rose, shares, britvic, signals, uk, level, rates


Europe rallies after Fed chair signals rates are nearing neutral; Britvic shares up 6%

The pan-European Stoxx 600 index rose 0.6 percent with nearly every sector in the black. Basic resources led the gains, up by more than 2 percent as investors wait for a G-20 summit due to start Friday. President Donald Trump and China President Xi Jinping are due to meet on the sidelines in an attempt to improve their trade relations.

But the biggest driver of the stock market on Thursday was a highly-anticipated speech from the chair of the Federal Reserve. Speaking in New York on Wednesday, Jerome Powell said that he deems the Fed’s benchmark interest rate to be close to a neutral level; which marks a step away from comments made in recent months.

Back in October, Powell stated that the U.S. was a “long way” from hitting neutral, when it came to interest rates — which indicated to markets at the time that more rate hikes were on the horizon. Following Powell’s comments on Wednesday, Wall Street saw stocks leap with the Dow seeing its biggest rally in eight months, closing up over 600 points up and supported Asian trading too. The expectation that the Fed is likely to raise rates to a lower level than previously expected is a positive for shares.

Sticking with central banking news, the Bank of England claimed that a “disorderly” departure from the European Union, would put the U.K. economy under severe pressure and could be more painful for the U.K. than the global financial crisis was.

In individual stocks news, Britvic shares rose more than 6 percent after it said its sugarless drinks had boosted sales.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: silvia amaro, alexandra gibbs
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US weekly jobless claims rise to 6-month high

The number of Americans filing applications for jobless benefits increased to a six-month high last week, which could raise concerns that the labor market could be slowing. Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended Nov. 24, the highest level since the mid-May, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims falling to 220,000 in the latest week. The claims report also showed the number of


The number of Americans filing applications for jobless benefits increased to a six-month high last week, which could raise concerns that the labor market could be slowing. Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended Nov. 24, the highest level since the mid-May, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims falling to 220,000 in the latest week. The claims report also showed the number of
US weekly jobless claims rise to 6-month high Cached Page below :
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US weekly jobless claims rise to 6-month high

The number of Americans filing applications for jobless benefits increased to a six-month high last week, which could raise concerns that the labor market could be slowing.

Initial claims for state unemployment benefits rose 10,000 to a seasonally adjusted 234,000 for the week ended Nov. 24, the highest level since the mid-May, the Labor Department said on Thursday. Claims have now risen for three straight weeks.

Economists polled by Reuters had forecast claims falling to 220,000 in the latest week.

The claims data included Thanksgiving Day on Thursday. Claims tend to be volatile around holidays. The Labor Department said no states were estimated last week.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, rose 4,750 to 223,250 last week.

The claims report also showed the number of people receiving benefits after an initial week of aid increased 50,000 to 1.71 million for the week ended Nov. 17. The four-week moving average of the so-called continuing claims rose 19,750 to 1.68 million.


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Asia trades higher after remarks by Fed’s Powell gave US stocks a boost

Japan’s Nikkei 225 rose 0.76 percent in morning trade while the Topix index added 0.75 percent. Greater China markets also rose: The Shanghai composite was up 0.49 percent in early trade while the Shenzhen composite added 0.56 percent. The energy subindex was up 0.5 percent, materials was higher by 1.14 percent and the heavily weighed financial sector added 0.76 percent. Stock market reaction in the U.S. was spurred by remarks from Federal Reserve Chairman Jerome Powell. During the meeting, Trum


Japan’s Nikkei 225 rose 0.76 percent in morning trade while the Topix index added 0.75 percent. Greater China markets also rose: The Shanghai composite was up 0.49 percent in early trade while the Shenzhen composite added 0.56 percent. The energy subindex was up 0.5 percent, materials was higher by 1.14 percent and the heavily weighed financial sector added 0.76 percent. Stock market reaction in the U.S. was spurred by remarks from Federal Reserve Chairman Jerome Powell. During the meeting, Trum
Asia trades higher after remarks by Fed’s Powell gave US stocks a boost Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: saheli roy choudhury
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Asia trades higher after remarks by Fed's Powell gave US stocks a boost

Asia markets traded higher on Thursday morning ahead of a crucial meeting between President Donald Trump and Chinese leader Xi Jinping, which many are hoping would help ease trade tensions between the U.S. and China.

Japan’s Nikkei 225 rose 0.76 percent in morning trade while the Topix index added 0.75 percent. South Korea’s Kospi rose 0.82 percent.

Greater China markets also rose: The Shanghai composite was up 0.49 percent in early trade while the Shenzhen composite added 0.56 percent. Hong Kong’s Hang Seng index gained 0.59 percent.

In Australia, the ASX 200 added 0.57 percent, with advances in most sectors. The energy subindex was up 0.5 percent, materials was higher by 1.14 percent and the heavily weighed financial sector added 0.76 percent.

The session in Asia follows a major rally on Wall Street, where the Dow Jones industrial average jumped more than 600 points.

Stock market reaction in the U.S. was spurred by remarks from Federal Reserve Chairman Jerome Powell. He said Wednesday that he considers the central bank’s benchmark interest rate to be near a neutral level, an important distinction from remarks he made less than two months ago.

“Considering that there’s been no interest rate hikes since September, these comments tell us one of two things, which is that the Fed has finally figured out where the neutral rate is or they believe that a pause in tightening has become necessary,” Kathy Lien, managing director of foreign-exchange strategy at BK Asset Management, wrote in an evening note on Wednesday.

“Chances are it’s the latter because economic data has been weakening, stocks have been falling and lower oil and gas prices restrict rather than encourage inflation,” she said.

Powell’s comments pushed the U.S. dollar lower against a basket of its peers, with the dollar index trading at 96.838 Thursday morning, down from levels above 97.200 overnight.

Lien also pointed out that it was important to realize while Powell’s remarks “could be a game changer” for the dollar, external factors that are driving other currencies lower have not changed.

Still, worries and uncertainties remain, according to other market watchers.

“Market sentiment had been a little more positive before Powell’s speech, but trade uncertainty continues to weigh,” Jack Chambers from ANZ Research wrote in a morning note. “Investors will be looking for progress at the Trump-Xi meeting this weekend, after it was reported that President Trump is weighing up more tariffs.”

Top White House economic advisor Larry Kudlow said earlier this week that the Trump administration has restarted talks with the Chinese government “at all levels” ahead of the high-stakes meeting between both presidents at the G-20 summit in Argentina.

During the meeting, Trump is set to focus on issues including alleged Chinese theft of intellectual property, ownership of American companies in China and tariffs and non-tariff barriers.

In the broader currency market, the yen traded at 113.51 to the dollar while the Australian dollar was around $0.7298, jumping from levels below $0.7250.


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: saheli roy choudhury
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Dow set to climb more than 100 points ahead of Fed Chair Powell’s speech

Fed Chair Jerome Powell is expected to speak at the Economic Club of New York. During the event, Powell is slated to talk about the Fed’s framework for monitoring financial stability. Investors are eagerly awaiting the speech as stocks have fallen in part because of fears the central bank may be tightening monetary policy too quickly. Futures also rose as beaten-down technology stocks rose in the premarket. Wednesday’s moves come after equities closed higher in the previous session, as concerns


Fed Chair Jerome Powell is expected to speak at the Economic Club of New York. During the event, Powell is slated to talk about the Fed’s framework for monitoring financial stability. Investors are eagerly awaiting the speech as stocks have fallen in part because of fears the central bank may be tightening monetary policy too quickly. Futures also rose as beaten-down technology stocks rose in the premarket. Wednesday’s moves come after equities closed higher in the previous session, as concerns
Dow set to climb more than 100 points ahead of Fed Chair Powell’s speech Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: fred imbert, alexandra gibbs, michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, points, speech, told, ahead, expected, president, trump, powells, rose, summit, dow, levels, climb, stocks, set, 100, fed, powell, chair, feds


Dow set to climb more than 100 points ahead of Fed Chair Powell's speech

Fed Chair Jerome Powell is expected to speak at the Economic Club of New York. During the event, Powell is slated to talk about the Fed’s framework for monitoring financial stability. Investors are eagerly awaiting the speech as stocks have fallen in part because of fears the central bank may be tightening monetary policy too quickly.

Ahead of the event, Trump told the Washington Post that he wasn’t “even a little bit happy” with his appointment of Powell as the Fed’s Chair, adding that he thought the central bank’s recent actions were “way off-base”.

Futures also rose as beaten-down technology stocks rose in the premarket. Amazon, Apple and Netflix all rose about 1 percent before the bell, while Alphabet gained half a percent.

Wednesday’s moves come after equities closed higher in the previous session, as concerns surrounding trade showed signs of easing. The subject itself has been of key importance this week as an important G-20 summit nears, at which both President Donald Trump and China’s Xi Jinping will be present.

On Monday, President Donald Trump told the Wall Street Journal that it was “highly unlikely” that the States would delay from increasing tariff levels to 25 percent on $200 billion of Chinese goods, which put some markets under pressure. The next day however, White House economic advisor Larry Kudlow appeared to alleviate concerns, stating that the Trump administration had resumed discussions “at all levels” with China’s government. At the summit, the two leaders are expected to have dinner together.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: fred imbert, alexandra gibbs, michael nagle, bloomberg, getty images
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Tiffany’s stock plunges as weaker Chinese tourism puts a dent in sales

Tiffany’s stock sank 9.6 percent Wednesday after the jeweler released disappointing third-quarter sales that were hurt by weaker spending from Chinese tourists in the U.S. and Hong Kong. Same-store sales also fell short, with the company reporting an increase of 3 percent while Wall Street expected 5.3 percent. Europe and Japan both reported weak same-store sales. The United States, however, was a bright spot for the retailer, which saw a 5 percent increase in same-store sales in the region. “On


Tiffany’s stock sank 9.6 percent Wednesday after the jeweler released disappointing third-quarter sales that were hurt by weaker spending from Chinese tourists in the U.S. and Hong Kong. Same-store sales also fell short, with the company reporting an increase of 3 percent while Wall Street expected 5.3 percent. Europe and Japan both reported weak same-store sales. The United States, however, was a bright spot for the retailer, which saw a 5 percent increase in same-store sales in the region. “On
Tiffany’s stock plunges as weaker Chinese tourism puts a dent in sales Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: amelia lucas, mark kauzlarich, bloomberg, getty images
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Tiffany's stock plunges as weaker Chinese tourism puts a dent in sales

Tiffany’s stock sank 9.6 percent Wednesday after the jeweler released disappointing third-quarter sales that were hurt by weaker spending from Chinese tourists in the U.S. and Hong Kong.

The luxury retailer’s earnings were in line with estimates, but revenue of $1.01 billion was shy of the $1.05 billion estimate from analysts surveyed by Refinitiv.

Same-store sales also fell short, with the company reporting an increase of 3 percent while Wall Street expected 5.3 percent. Europe and Japan both reported weak same-store sales. Europe saw a decline of 3 percent for the quarter, while Japan’s rose by only 1 percent.

Net income fell to $94.9 million, or 77 cents per share, from $100.2 million, or 80 cents per share, a year ago. The results matched Wall Street estimates.

Its full year outlook remains unchanged, with Tiffany estimating it will earn $4.65 to $4.80 per share.

The United States, however, was a bright spot for the retailer, which saw a 5 percent increase in same-store sales in the region.

“On the sales side, we remain satisfied by Tiffany’s growth — especially within the American market where sales rose by 5%,” Neil Saunders, managing director of GlobalData Retailer, said in an email. “Some of this is related to the strength of the economy, with the increased affluence and confidence of middle and higher income consumers helping to boost spending on jewelry.”

Saunders also attributed strength in the U.S. market to Tiffany’s efforts to revamp its brand to appeal to younger consumers with marketing campaigns and new product lines.


Company: cnbc, Activity: cnbc, Date: 2018-11-28  Authors: amelia lucas, mark kauzlarich, bloomberg, getty images
Keywords: news, cnbc, companies, samestore, chinese, sales, dent, spending, strength, tiffanys, tourism, stock, wall, street, weaker, puts, saw, rose, share, plunges


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