Australia’s Crown Resorts stung by drop in Chinese spending, shares slide

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years. Turnover from “VIPs” — largely Chinese tourists on package holidays — fell 12 percent compared to a 16 percent rise in the year-ago period. The decline shows the far-reaching effects of a cooling in Chinese spending that has already driven exporters like Australian vitamin ma


Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years. Turnover from “VIPs” — largely Chinese tourists on package holidays — fell 12 percent compared to a 16 percent rise in the year-ago period. The decline shows the far-reaching effects of a cooling in Chinese spending that has already driven exporters like Australian vitamin ma
Australia’s Crown Resorts stung by drop in Chinese spending, shares slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott barbour, getty images
Keywords: news, cnbc, companies, stung, tourists, profit, shares, china, resorts, million, fell, slide, chinese, drop, biggest, australias, vip, crown, spending, company


Australia's Crown Resorts stung by drop in Chinese spending, shares slide

Australia’s biggest casino company Crown Resorts reported on Wednesday a sharp decline in spending by wealthy Chinese tourists at its properties, pushing its shares down in their biggest one-day fall in more than two years.

Crown, which is owned 47 percent by billionaire James Packer, also posted a weaker than expected profit for the six months to December. Turnover from “VIPs” — largely Chinese tourists on package holidays — fell 12 percent compared to a 16 percent rise in the year-ago period.

“People at the premium end have been coming to the property in the same numbers but spending less,” said Chief Financial Officer Ken Barton on an earnings call.

“We’re seeing casual restaurants doing better than premium restaurants,” he added.

The decline shows the far-reaching effects of a cooling in Chinese spending that has already driven exporters like Australian vitamin maker Blackmores to lower profit guidance and iPhone maker Apple to issue a revenue warning.

That has been against the backdrop of a China-U.S. trade war and a Sino-Australian diplomatic dispute over accusations of undue political interference.

Shares of Crown fell as much as 6.5 percent on Wednesday, their biggest daily percentage drop since October 2016 when 18 of its staff were arrested in China for breaking local laws by selling gambling trips there. The broader market was down 0.2 percent.

“As a destination for Chinese money, particularly on the discretionary side, we have been putting up a fair barrier,” said James McGlew, executive director of corporate stockbroking at Argonaut Ltd.

“There’s clearly a mood in China that Australia is a little on the nose. That has to feed through.”

Since the China arrests, Crown has pulled back from its Asia expansion plans and instead relied on high-rolling Chinese tourists at home to grow profit.

The company is counting on the VIP market to pay for a new A$2.2 billion casino on the Sydney waterfront.

But while tourist numbers are up — 1.4 million Chinese tourists visited Australia in 2018, up 13 percent — the amount they are spending is in decline, says Crown.

“The new Sydney development should help … but if VIP is weak because China is slowing further, the initial earnings contribution will be weak too once it opens,” said Nathan Bell, a portfolio manager at InvestSmart.

Gambling revenue in the Chinese island of Macau, the world’s biggest casino destination, fell in January for the first time in more than two years partly due to slowing economic growth and the effects of trade tensions.

Crown gave no outlook on Wednesday for its VIP business.

The company said normalised net profit, which removes variance in win rates, grew less than 1 percent in the half-year to A$194.1 million ($139 million). Pre-tax profit came in at A$432.5 million compared with analyst forecasts of A$450 million.

Normalised revenue fell 1.2 percent, and the company kept its interim dividend steady at 30 Australian cents.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott barbour, getty images
Keywords: news, cnbc, companies, stung, tourists, profit, shares, china, resorts, million, fell, slide, chinese, drop, biggest, australias, vip, crown, spending, company


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Australia Christmas retail sales slide in further blow to economy

Australian retail sales slumped in December, capping a lousy quarter of disappointing data in yet another blow for the economic outlook and bolstering expectations the next move in policy rates would be down. Tuesday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales fell 0.4 percent in December, the worst monthly outcome since a 0.5 percent drop in December 2017. December’s pullback, in part, reflected the impact of discount sales in November which brought spending for


Australian retail sales slumped in December, capping a lousy quarter of disappointing data in yet another blow for the economic outlook and bolstering expectations the next move in policy rates would be down. Tuesday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales fell 0.4 percent in December, the worst monthly outcome since a 0.5 percent drop in December 2017. December’s pullback, in part, reflected the impact of discount sales in November which brought spending for
Australia Christmas retail sales slide in further blow to economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: hanna lassen, getty images news, getty images
Keywords: news, cnbc, companies, blow, outlook, rate, australia, rates, christmas, spending, policy, terms, retail, slide, rba, sales, quarter, economy


Australia Christmas retail sales slide in further blow to economy

Australian retail sales slumped in December, capping a lousy quarter of disappointing data in yet another blow for the economic outlook and bolstering expectations the next move in policy rates would be down.

Tuesday’s figures from the Australian Bureau of Statistics (ABS) showed retail sales fell 0.4 percent in December, the worst monthly outcome since a 0.5 percent drop in December 2017.

That compares with expectations for a 0.1 percent decline and an upwardly revised 0.5 percent gain in November thanks to by Black Friday promotions.

Tuesday’s dismal data emboldened rate doves and sent the local dollar below crucial chart support of $0.7200. The Aussie was last fetching 0.7195, a level not seen since Jan.30.

December’s pullback, in part, reflected the impact of discount sales in November which brought spending forward. Online sales added a mere 2.2 percent in original terms in December, after solid gains of 17.8 percent and 10.5 percent in November and October respectively.

For the fourth quarter as a whole, sales were up a mere 0.1 percent in inflation-adjusted terms, and followed a very sedate 0.2 percent gain the previous quarter.

The soft quarter adds to growing evidence of a bumpy outlook for the A$1.8 trillion economy, given household spending accounts for around 57 percent of annual gross domestic product, with property prices also in a downward spiral over the past year.

Consumer spending has been under pressure from record-high household debt and sluggish wage growth, one reason some investors believe the Reserve Bank of Australia (RBA) could now consider cutting interest rates from an all-time low of 1.50 percent.

Calls from some analysts for the RBA to ease policy has intensified in recent weeks as unwelcome economic news at home and abroad are challenging policymakers’ dogged optimism on growth and their insistence the next move in interest rates will be up.

The RBA is all but certain to leave policy unchanged at its first meeting of 2019 later on Tuesday after sitting on the fence since August 2016.

Futures markets imply around a 50-50 chance of a cut by the end of the year, a remarkable turnaround from just a couple of months ago when investors were positioned for a rate hike.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: hanna lassen, getty images news, getty images
Keywords: news, cnbc, companies, blow, outlook, rate, australia, rates, christmas, spending, policy, terms, retail, slide, rba, sales, quarter, economy


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Recession odds spike to their highest in three years: CNBC survey

The chance of recession in the next 12 months spiked to its highest level in three years as market participants ratcheted up their worries about global economic weakness, Fed rate hikes, the market sell-off, trade tensions and the government shutdown. The CNBC Fed Survey, conducted last week while the government was still shut down, saw the probability of a recession in the next 12 months rise to 26 percent, the third straight increase. The probability was last higher at nearly 29 percent in Jan


The chance of recession in the next 12 months spiked to its highest level in three years as market participants ratcheted up their worries about global economic weakness, Fed rate hikes, the market sell-off, trade tensions and the government shutdown. The CNBC Fed Survey, conducted last week while the government was still shut down, saw the probability of a recession in the next 12 months rise to 26 percent, the third straight increase. The probability was last higher at nearly 29 percent in Jan
Recession odds spike to their highest in three years: CNBC survey Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: steve liesman
Keywords: news, cnbc, companies, odds, fed, highest, market, 2016, trade, slide, selloff, spike, saw, rate, recession, survey


Recession odds spike to their highest in three years: CNBC survey

The chance of recession in the next 12 months spiked to its highest level in three years as market participants ratcheted up their worries about global economic weakness, Fed rate hikes, the market sell-off, trade tensions and the government shutdown.

The CNBC Fed Survey, conducted last week while the government was still shut down, saw the probability of a recession in the next 12 months rise to 26 percent, the third straight increase. The probability was last higher at nearly 29 percent in January 2016, following another market sell-off, showing how sensitive the outlook for survey respondents can be to market gyrations.

“When you look at the slide in global growth, it is hard to think that, in a matter of time, the U.S. won’t join the slide,” Kevin Giddis, head of fixed income capital markets at Raymond James Financial, wrote in response to the survey. “This prospect has only been enhanced by a lack of a trade deal, the government shutdown, and a completely inefficient cooperation in Washington.”

Neither the 2016 spike, nor the one that saw the series hit the all-time of 36 percent in 2011, preceded a recession. But the Fed reacted both times to the deterioration in underlying conditions: it launched its third round of quantitative easing in 2012 and delayed rate hikes for a year in 2016.


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: steve liesman
Keywords: news, cnbc, companies, odds, fed, highest, market, 2016, trade, slide, selloff, spike, saw, rate, recession, survey


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Subaru halts Japan car output due to defective part, shares slide

Subaru said its sole car factory in Japan accounting for roughly 60 percent of global production had halted output a week ago after it discovered a defect in a component procured from a supplier. The Asahi said the defect was found in the power steering unit, but Subaru said that had not been confirmed. Subaru is reeling from fresh recalls in Japan due to new cases of inspection cheating. A day before the stoppage, Subaru had announced production and sales plans for this year, saying it planned


Subaru said its sole car factory in Japan accounting for roughly 60 percent of global production had halted output a week ago after it discovered a defect in a component procured from a supplier. The Asahi said the defect was found in the power steering unit, but Subaru said that had not been confirmed. Subaru is reeling from fresh recalls in Japan due to new cases of inspection cheating. A day before the stoppage, Subaru had announced production and sales plans for this year, saying it planned
Subaru halts Japan car output due to defective part, shares slide Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: hitoshi yamada nurphoto, nurphoto, getty images
Keywords: news, cnbc, companies, sales, defective, production, japan, halted, shares, subaru, car, newspaper, halts, global, defect, slide, million, output, vehicles


Subaru halts Japan car output due to defective part, shares slide

Subaru said its sole car factory in Japan accounting for roughly 60 percent of global production had halted output a week ago after it discovered a defect in a component procured from a supplier.

Shares in the Japanese automaker slid more than 4 percent in early trade on the news, which was first reported in the Asahi newspaper on Wednesday. The benchmark Nikkei average was down 0.7 percent.

Subaru, which exports the majority of its domestically made cars, said it was still in the process of identifying where the defect was, and could not say when production would resume.

Output has been halted since the night shift on Jan. 16, it said.

The Asahi said the defect was found in the power steering unit, but Subaru said that had not been confirmed. The newspaper said the impact on production so far likely exceeds 10,000 units, and that delays were starting to be seen in delivery to customers.

Subaru is reeling from fresh recalls in Japan due to new cases of inspection cheating. In November, it slashed its profit forecast by a quarter citing rising recall costs.

A day before the stoppage, Subaru had announced production and sales plans for this year, saying it planned to build 650,000 vehicles in Japan, and 1.03 million globally.

It has forecast record global sales of 1.08 million vehicles, of which 700,000 are expected to come from the profitable U.S. market.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: hitoshi yamada nurphoto, nurphoto, getty images
Keywords: news, cnbc, companies, sales, defective, production, japan, halted, shares, subaru, car, newspaper, halts, global, defect, slide, million, output, vehicles


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Alphabet CFO: Our AI is so good we can detect breast cancer with less data than ever

Major breakthroughs are now possible with less data than ever thanks to artificial intelligence, Alphabet Chief Financial Officer Ruth Porat said during a panel at the World Economic Forum in Davos, Switzerland Tuesday. Artificial intelligence “learns” patterns by ingesting typically large amounts of data and then using that information to complete a task, like sorting data into different buckets. Porat said less data is required than before to see impactful results from AI, citing a recent exam


Major breakthroughs are now possible with less data than ever thanks to artificial intelligence, Alphabet Chief Financial Officer Ruth Porat said during a panel at the World Economic Forum in Davos, Switzerland Tuesday. Artificial intelligence “learns” patterns by ingesting typically large amounts of data and then using that information to complete a task, like sorting data into different buckets. Porat said less data is required than before to see impactful results from AI, citing a recent exam
Alphabet CFO: Our AI is so good we can detect breast cancer with less data than ever Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: lauren feiner, adam galica
Keywords: news, cnbc, companies, cfo, good, detect, cancer, breast, porat, intelligence, hundreds, ai, metastatic, slide, alphabet, data, breakthrough


Alphabet CFO: Our AI is so good we can detect breast cancer with less data than ever

Major breakthroughs are now possible with less data than ever thanks to artificial intelligence, Alphabet Chief Financial Officer Ruth Porat said during a panel at the World Economic Forum in Davos, Switzerland Tuesday.

Artificial intelligence “learns” patterns by ingesting typically large amounts of data and then using that information to complete a task, like sorting data into different buckets. Porat said less data is required than before to see impactful results from AI, citing a recent example of medical breakthrough aided by Alphabet technology.

Google, which is owned by Alphabet, claimed in an October blog post it had created an AI that could “correctly distinguish a slide with metastatic cancer from a slide without cancer 99% of the time.” Google said the breakthrough could indicate that AI could play a role in repetitive diagnostic procedures, freeing up time for doctors to focus on more difficult tasks.

“We needed only hundreds of biopsies from breast cancer patients — hundreds — in order to have a breakthrough in metastatic breast cancer because of the developments in AI,” Porat said.

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Company: cnbc, Activity: cnbc, Date: 2019-01-22  Authors: lauren feiner, adam galica
Keywords: news, cnbc, companies, cfo, good, detect, cancer, breast, porat, intelligence, hundreds, ai, metastatic, slide, alphabet, data, breakthrough


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Dow is set to slide at the open as investors keep an eye on US-China trade talks

U.S. stock futures fall following new data out of China 1 Hour Ago | 00:48U.S. stock index futures were lower on Thursday morning, as market participants awaited further developments from the latest round of U.S.-China trade talks. The moves in pre-market trade come after delegations from Washington and Beijing ended three days of trade negotiations in China on Wednesday. China’s commerce ministry said Thursday the negotiations were extensive and had helped set up a foundation for further talks.


U.S. stock futures fall following new data out of China 1 Hour Ago | 00:48U.S. stock index futures were lower on Thursday morning, as market participants awaited further developments from the latest round of U.S.-China trade talks. The moves in pre-market trade come after delegations from Washington and Beijing ended three days of trade negotiations in China on Wednesday. China’s commerce ministry said Thursday the negotiations were extensive and had helped set up a foundation for further talks.
Dow is set to slide at the open as investors keep an eye on US-China trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: sam meredith
Keywords: news, cnbc, companies, talks, washington, president, investors, session, slide, trade, set, futures, eye, dow, open, uschina, stock, relatively, negotiations, published, trump


Dow is set to slide at the open as investors keep an eye on US-China trade talks

U.S. stock futures fall following new data out of China 1 Hour Ago | 00:48

U.S. stock index futures were lower on Thursday morning, as market participants awaited further developments from the latest round of U.S.-China trade talks.

At around 5:30 a.m. ET, Dow futures indicated a negative open of about 130 points. Futures on the S&P and Nasdaq were also seen relatively downbeat.

The moves in pre-market trade come after delegations from Washington and Beijing ended three days of trade negotiations in China on Wednesday.

China’s commerce ministry said Thursday the negotiations were extensive and had helped set up a foundation for further talks.

This week’s face-to-face meetings were the first to take place since U.S. President Donald Trump and Chinese President Xi Jinping agreed to a 90-day truce last month.

If both sides are unable to secure a comprehensive trade agreement by March 2, Trump has said he plans to raise tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports.

No major economic data reports are expected to be published on Thursday.

Instead, investors may turn their attention to a question and answer session with Federal Reserve Chairman Jerome Powell and Economic Club of Washington President David Rubenstein on Thursday afternoon.

The event comes after Fed minutes published Wednesday showed the U.S. central bank could “afford to be patient” with monetary policy. They also indicated that some Fed officials think a “relatively limited amount” of rate hikes may be coming.

In corporate news, Synnex are expected to release their latest quarterly earnings after the closing bell.

Major stock indexes on Wall Street closed slightly higher on Wednesday, after yet another volatile trading session.


Company: cnbc, Activity: cnbc, Date: 2019-01-10  Authors: sam meredith
Keywords: news, cnbc, companies, talks, washington, president, investors, session, slide, trade, set, futures, eye, dow, open, uschina, stock, relatively, negotiations, published, trump


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NYC housing prices slide further, may last for months: Warburg Realty

There may be another bear market under way – in New York City real estate. A new report from Warburg Realty underscores just how deep the problem is, with the real estate firm estimating prices have tumbled between 10 and 20 percent since peaking in 2015. “The news from the post-Thanksgiving period is that this price capitulation has begun driving deals,” wrote Frederick Peters, Warburg’s CEO, in the firm’s fourth quarter NYC market report. Overall, however, New York City has become a microcosm


There may be another bear market under way – in New York City real estate. A new report from Warburg Realty underscores just how deep the problem is, with the real estate firm estimating prices have tumbled between 10 and 20 percent since peaking in 2015. “The news from the post-Thanksgiving period is that this price capitulation has begun driving deals,” wrote Frederick Peters, Warburg’s CEO, in the firm’s fourth quarter NYC market report. Overall, however, New York City has become a microcosm
NYC housing prices slide further, may last for months: Warburg Realty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-30  Authors: javier e david, epics, hulton archive, getty images
Keywords: news, cnbc, companies, properties, slide, realty, york, peters, warburg, market, sellers, nyc, report, city, units, months, housing, prices


NYC housing prices slide further, may last for months: Warburg Realty

There may be another bear market under way – in New York City real estate.

For much of 2018, housing in the Big Apple has been entrenched in a buyer’s market, where prospective homeowners are able to extract lower prices from those looking to sell.

A new report from Warburg Realty underscores just how deep the problem is, with the real estate firm estimating prices have tumbled between 10 and 20 percent since peaking in 2015. Since the start of the fall season, reluctant sellers have relented and offered steeper discounts on their homes, Warburg said, adding that the market may not hit bottom for months.

“The news from the post-Thanksgiving period is that this price capitulation has begun driving deals,” wrote Frederick Peters, Warburg’s CEO, in the firm’s fourth quarter NYC market report. “In December sellers whose pricing reflected the new market realities sold their properties, especially where inventory remains limited.”

The landscape of the city’s residential market is mixed. Warburg pointed to several bright spots like Brooklyn’s brownstones and Central Park West’s ultra-high-end luxury homes as places where properties are being sold quickly and at high prices.

Overall, however, New York City has become a microcosm of a national housing market in the throes of a downturn – if not an outright correction. Home prices in Manhattan slid more than 3 percent in November versus the prior year, according to StreetEasy data, with 18 percent more homes on the market during the month than the comparable year-ago period.

“While I don’t believe the market has much further to fall, I do think it will be at least six months before it stabilizes around a new level from which expansion is possible,” Peters added.

Still, the city is building residential units at breakneck speed, raising the possibility that many of those vacancies will go unfilled in the coming months. A February report from analytics firm CoStar Group showed that New York City has more than 60,000 units under construction – the most of any U.S. city tracked by the firm.

Although CoStar data shows vacancy rates in the city have hovered between 2 percent and 4 percent, Warburg characterized the market’s ability to absorb new units as “slow,” especially among newly constructed condominiums.

As a result, “it will require several more years for the full complement of inventory in this category to enjoy full absorption,” Peters wrote.

“As we look to the months ahead, price capitulation remains key. Sellers who cannot accept the essential shift in market dynamics will likely see their properties linger on the market,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-30  Authors: javier e david, epics, hulton archive, getty images
Keywords: news, cnbc, companies, properties, slide, realty, york, peters, warburg, market, sellers, nyc, report, city, units, months, housing, prices


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Apple shares could slide 25 percent in 2019, strategist says

Still, as with robotic stocks, “this sell-off does seem to set us up for a rare buying opportunity,” Smithers said, adding that the opportunity may present itself later on in 2019 or even in 2020. That will be when Apple plans to introduce its 5G handsets, “and we should have greater clarity on the various industry concerns.” The big test for Apple will come with the rollout of 5G, Smithers and other industry watchers say. “Ultimately they (Apple) are a consumer solutions company, and the first


Still, as with robotic stocks, “this sell-off does seem to set us up for a rare buying opportunity,” Smithers said, adding that the opportunity may present itself later on in 2019 or even in 2020. That will be when Apple plans to introduce its 5G handsets, “and we should have greater clarity on the various industry concerns.” The big test for Apple will come with the rollout of 5G, Smithers and other industry watchers say. “Ultimately they (Apple) are a consumer solutions company, and the first
Apple shares could slide 25 percent in 2019, strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: natasha turak
Keywords: news, cnbc, companies, hardware, consumer, 2019, apple, strategist, handsets, smithers, viewpoint, industry, slide, 25, shares, test, 5g, opportunity


Apple shares could slide 25 percent in 2019, strategist says

“And with the Qualcomm lawsuit, smartphone exhaustion and trade worries, we could easily test those historic lows, which would mean up to 25 percent downside from here,” he said, highlighting Qualcomm’s long licensing battle with Apple where the sale of some iPhone models has been banned in some jurisdictions.

Still, as with robotic stocks, “this sell-off does seem to set us up for a rare buying opportunity,” Smithers said, adding that the opportunity may present itself later on in 2019 or even in 2020. That will be when Apple plans to introduce its 5G handsets, “and we should have greater clarity on the various industry concerns.”

The big test for Apple will come with the rollout of 5G, Smithers and other industry watchers say. 5G promises to revolutionize the internet, enabling faster connections and bringing down the time delay for devices to communicate with one another.

“Ultimately they (Apple) are a consumer solutions company, and the first step to that is the hardware. And then it’s what the hardware can do with the software,” Smithers told CNBC’s “Squawk Box Europe” on Thursday. “So as we move into the 5G era, it is the effectiveness of the handsets, of their tablets in this environment, either from an enterprise viewpoint or a consumer viewpoint that will be key.”


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: natasha turak
Keywords: news, cnbc, companies, hardware, consumer, 2019, apple, strategist, handsets, smithers, viewpoint, industry, slide, 25, shares, test, 5g, opportunity


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Japan’s Nikkei drops 5 percent after Wall Street slide deepens

Japan’s Nikkei retreated to a 20-month low on Tuesday after a slide on Wall Street deepened with a series of unnerving U.S. political developments. The Nikkei share average ended the day down 5.01 percent at 19,155.74 after brushing 19,117.96, its lowest since late April 2017. So far this year, the Shanghai stock index is down about 24 percent. Wall Street also grappled with the U.S. federal government shutdown and reports that President Donald Trump privately discussed the possibility of firing


Japan’s Nikkei retreated to a 20-month low on Tuesday after a slide on Wall Street deepened with a series of unnerving U.S. political developments. The Nikkei share average ended the day down 5.01 percent at 19,155.74 after brushing 19,117.96, its lowest since late April 2017. So far this year, the Shanghai stock index is down about 24 percent. Wall Street also grappled with the U.S. federal government shutdown and reports that President Donald Trump privately discussed the possibility of firing
Japan’s Nikkei drops 5 percent after Wall Street slide deepens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-25  Authors: reuters with cnbc
Keywords: news, cnbc, companies, financial, japans, deepens, shares, slide, market, nikkei, stocks, street, stock, drops, tokyo, wall, selloff, index


Japan's Nikkei drops 5 percent after Wall Street slide deepens

Japan’s Nikkei retreated to a 20-month low on Tuesday after a slide on Wall Street deepened with a series of unnerving U.S. political developments.

The Nikkei share average ended the day down 5.01 percent at 19,155.74 after brushing 19,117.96, its lowest since late April 2017. The day’s performance put the index well into bear market territory — off more than 20 percent since its October high.

Japan’s broader Topix closed 4.88 percent lower at 1,415.55 after touching 1,412.90, its weakest since November 2016.

In China, the Shanghai Index, which had fallen more than 2 percent by mid-day, recorded a slump of less than 1 percent. So far this year, the Shanghai stock index is down about 24 percent.

Those Asia moves followed Wall Street stocks extending their steep sell-off on Monday, with the S&P 500 down nearly 15 percent so far this month, as investors were rattled by the U.S. Treasury secretary’s convening of a crisis group and by other political developments.

Many financial markets in Asia, Europe and North America are closed on Tuesday for Christmas Day.

“Negative sentiment has replaced logic, as is often the case during a sell-off. A third of the selling is induced by panic, another third by loss-cutting and the remaining third by speculators trying to make a profit from the market rout,” said Takashi Hiroki, chief strategist at Monex Securities in Tokyo.

“The sell-off is triggered almost entirely by developments in the U.S. markets, rather than by negative factors unique to the domestic market.”

Treasury Secretary Steven Mnuchin called top U.S. bankers on Sunday amid the pullback in stocks and said he was calling a meeting of financial regulators to discuss ways to ensure “normal market operations.”

Wall Street also grappled with the U.S. federal government shutdown and reports that President Donald Trump privately discussed the possibility of firing the Federal Reserve chairman.

Japan’s blue chip shares fell across the board, with Toyota Motor Corp falling 5.25 percent, Sony Corp shedding 5.55 percent, Nintendo down 4.3 percent and Mitsubishi UFJ Financial Group losing 4 percent.

Defensive shares such as consumer staples, healthcare and utilities were unable to withstand the selling pressure.

Convenience store operator Familymart UNY Holdings dropped 4.1 percent, healthcare product maker Kao Cor declined 4.6 percent and Tokyo Electric Power Co Holdings retreated 3.4 percent.

All of the Tokyo Stock Exchange’s 33 subsectors were in the red, led by precision machinery and pharmaceuticals

—CNBC’s Everett Rosenfeld contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-12-25  Authors: reuters with cnbc
Keywords: news, cnbc, companies, financial, japans, deepens, shares, slide, market, nikkei, stocks, street, stock, drops, tokyo, wall, selloff, index


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Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC


Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October. International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel. Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday. Led by Saudi Arabia, OPEC
Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


Oil prices dip as stock markets slide, but trading tepid ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

U.S. West Texas Intermediate (WTI) crude futures were at $52.66 per barrel at 0140 GMT, down 23 cents, or 0.4 percent, from their last close.

International Brent crude oil futures were down 7 cents, or 0.1 percent, at $61.49 per barrel.

Traders said oil prices were being weighed down by weak global financial markets, which saw stock markets tumble on Thursday.

Since early October, crude oil has lost around 30 percent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

The Organisation of the Petroleum Exporting Countries (OPEC) is meeting at its headquarters in Vienna, Austria, on Thursday to decide its production policy.

Led by Saudi Arabia, OPEC’s crude oil production has risen by 4.1 percent since mid-2018, to 33.31 million barrels per day (bpd).

Oil output from the world’s biggest producers – OPEC, Russia and the United States – has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

The increase alone is equivalent to the output of major OPEC producer United Arab Emirates.

Russia, a major oil producer but not a member of OPEC, will meet with the producer cartel on Friday to discuss production levels, and it is widely expected that a supply cut will be agreed.

“Markets…believe the production cut deal will be in range of 1-1.3 million bpd,” ANZ bank said on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-12-06
Keywords: news, cnbc, companies, supply, prices, markets, million, oil, stock, production, dip, producer, meeting, tepid, slide, opec, crude, trading


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