Gold slips 1% as equities, US Treasury yields rise

Gold shed 1% on Monday as a recovery in share markets and rising U.S. Treasury yields reduced some of the metal’s safe-haven appeal, prompting investors to book profits. “However, gold is holding above the $1,500 level and key support level around $1,480 – $1,485 area. But with bond yields moving up a notch, there isn’t much room for gold buyers.” Benchmark U.S. Treasury yields gained on Monday, moving further away from record lows after the closely-watched U.S. yield curve between two- and 10-y


Gold shed 1% on Monday as a recovery in share markets and rising U.S. Treasury yields reduced some of the metal’s safe-haven appeal, prompting investors to book profits. “However, gold is holding above the $1,500 level and key support level around $1,480 – $1,485 area. But with bond yields moving up a notch, there isn’t much room for gold buyers.” Benchmark U.S. Treasury yields gained on Monday, moving further away from record lows after the closely-watched U.S. yield curve between two- and 10-y
Gold slips 1% as equities, US Treasury yields rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19
Keywords: news, cnbc, companies, slips, yields, symposium, markets, investors, trump, gold, rise, equities, week, weekend, holding, treasury


Gold slips 1% as equities, US Treasury yields rise

Gold shed 1% on Monday as a recovery in share markets and rising U.S. Treasury yields reduced some of the metal’s safe-haven appeal, prompting investors to book profits.

Spot gold was down 1.06% at $1,497.85 per ounce. U.S. gold futures slipped 1% to $1,508.1.

“The rally in bond markets seems to have paused at least for now and we’ve seen some additional gains in stocks over the weekend, so a bit of a more optimistic start to the week is helping to attract profit taking in gold,” Saxo Bank commodity strategist Ole Hansen said.

“However, gold is holding above the $1,500 level and key support level around $1,480 – $1,485 area. But with bond yields moving up a notch, there isn’t much room for gold buyers.”

Benchmark U.S. Treasury yields gained on Monday, moving further away from record lows after the closely-watched U.S. yield curve between two- and 10-year bonds inverted for the first time since 2007 on Wednesday.

Equity markets around the world rose, with European markets rising for the second session, as investors cheered signs of moves by Germany and China to counter slowing growth.

Over the weekend, U.S. President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying they saw little risk of recession. Trump also said he was “not ready to make a (trade) deal yet” with China.

Markets are awaiting the U.S. Federal Reserve’s Jackson Hole symposium this week for greater clarity on the future path of interest rates. Traders saw an 83.7% chance of a 25 basis-point cut in September.

“Given the policy uncertainties that may or may not unfold later in the week from Jackson Hole symposium, gold could consolidate with a downward bias before eventually resuming its upward momentum,” Stephen Innes, managing partner, VM Markets said in a note.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.

However, the dollar index was up 0.1%, hovering near a two-week high hit in the previous session.

Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.1% to 843.41 tonnes on Friday from Thursday.

Hedge funds and money managers trimmed their bullish stance in COMEX gold and cut net long positions in silver contracts in the week to Aug. 13, the U.S.

Commodity Futures Trading Commission (CFTC) said on Friday.

Elsewhere, silver dipped 1% to $16.91 per ounce.

Platinum fell 0.4% to $840.75 an ounce, while palladium gained 0.5% to $1,455.16.


Company: cnbc, Activity: cnbc, Date: 2019-08-19
Keywords: news, cnbc, companies, slips, yields, symposium, markets, investors, trump, gold, rise, equities, week, weekend, holding, treasury


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Dow drops 390 points and slips back below 26,000 as bond yields decline

Stocks fell on Monday as bond yields resumed their August downturn, raising concerns about the state of the economy. The spread between 2-year and 10-year Treasury yields narrowed to only 6 basis points on Monday, near its lowest level since 2007. Dow Jones Industrial Average fell 391 points, or 1.49%, to 25,896.44, while the S&P 500 dropped 36.21 points, or 1.24%, to 2,882.44 and the Nasdaq Composite is down 1.2% to 7,863.41. Also hurting stocks were the intensified Hong Kong protests, which so


Stocks fell on Monday as bond yields resumed their August downturn, raising concerns about the state of the economy. The spread between 2-year and 10-year Treasury yields narrowed to only 6 basis points on Monday, near its lowest level since 2007. Dow Jones Industrial Average fell 391 points, or 1.49%, to 25,896.44, while the S&P 500 dropped 36.21 points, or 1.24%, to 2,882.44 and the Nasdaq Composite is down 1.2% to 7,863.41. Also hurting stocks were the intensified Hong Kong protests, which so
Dow drops 390 points and slips back below 26,000 as bond yields decline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: yun li
Keywords: news, cnbc, companies, 390, dow, yields, level, protests, bond, week, 26000, drops, points, china, fell, trade, kong, slips, stocks, decline, sp


Dow drops 390 points and slips back below 26,000 as bond yields decline

Stocks fell on Monday as bond yields resumed their August downturn, raising concerns about the state of the economy.

The benchmark 10-year Treasury yield, which fell to its lowest since 2016 last week, dipped to 1.63%. The spread between 2-year and 10-year Treasury yields narrowed to only 6 basis points on Monday, near its lowest level since 2007.

Dow Jones Industrial Average fell 391 points, or 1.49%, to 25,896.44, while the S&P 500 dropped 36.21 points, or 1.24%, to 2,882.44 and the Nasdaq Composite is down 1.2% to 7,863.41. It was the second down day in a row for the market, which had staged a remarkable recovery last week until the selling returned again on Friday.

“The bear is alive and kicking,” Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, said in a note on Monday. “We think the failed breakout last week for the S&P 500 confirms we are still mired in a cyclical bear market.”

Bank stocks declined as interest rates dived. Bank of America and Goldman Sachs both dropped more than 2%, while J.P. Morgan slid 1.87%. The SPDR S&P Bank ETF is down 2.1% on Monday.

Also hurting stocks were the intensified Hong Kong protests, which soured investor sentiment already aggravated by the trade dispute between Washington and Beijing. Hong Kong International Airport cancelled all departures for the remainder of the day, citing serious disruptions due to intensifying protests.

Trade bellwether Caterpillar fell 2.2% and Boeing declined more than 1%. Retailers, who are targeted in the latest round of China tariffs, are under pressure as Office Depot tanked 5.6% while Nordstrom slipped 2.35%.

Adding to the geopolitical risks were the Argentina’s election results which took markets by surprise as the country’s center-right leader, President Mauricio Macri, performed poorly in primary elections. The outcome triggered a sell-off in peso and Argentina’s stocks, which are down 30%.

Major U.S. stock averages suffered their worst days of the year on Aug. 5 after China allowed its currency to drop against the dollar below a key level unseen since 2008. Still, the Dow recovered to only finish last week lower by less than 1%.

“These are not necessarily familiar risks, but this is not new and different,” said Kate Warne, investment strategist at Edward Jones. The fact that markets didn’t have a bigger decline “should be reassuring that investors are not seeing this as a see change; they are seeing it as one more episode in what we all expect to be a long-running set of tensions both between the U.S. and China and the rest of the world.”

The intensified tensions caused Goldman Sachs to lower its fourth-quarter growth forecast by 20 basis points to 1.8% as the firm no longer expects a trade deal before the 2020 election.

Bank of America on Monday raised chance of a recession to 1-in-3 in the next 12 months as the firm believes many economic indicators are “flashing yellow.”

The People’s Bank of China on Monday set its daily midpoint for yuan trading at 7.0211 per dollar, the third consecutive session below the psychological level of 7 per dollar. A weaker currency makes a country’s exports cheaper and President Donald Trump’s administration has consistently complained that a cheaper yuan would give China a trade advantage.

Trump said Friday that the U.S. would continue to hold trade talks with Beijing, but that Washington was not prepared to make a deal for now.

The Hong Kong protests have gained steam with about 600 people arrested in total since the unrest began. Steve Eisman, the investor of “Big Short” fame, said last week the protests are his biggest worry with the global economy, calling them a possible “black swan.”

— CNBC’s Sam Meredith, Saheli Roy Choudhury and Matt Clinch contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: yun li
Keywords: news, cnbc, companies, 390, dow, yields, level, protests, bond, week, 26000, drops, points, china, fell, trade, kong, slips, stocks, decline, sp


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S&P 500 slips from record to close out big week for Wall Street

The S&P 500 fell slightly on Friday after reaching a fresh record high earlier in the day as Wall Street concluded a strong week of gains. The S&P 500 posted a record close in the previous session. The Dow and S&P 500 both rose more than 2% for the week, while the Nasdaq climbed 3%. With this week’s gains, the S&P 500 is 17.7% for the year and was on track to post its best first half since 1997. This led investors to price in a 100% probability of a rate cut next month and bolstered equity price


The S&P 500 fell slightly on Friday after reaching a fresh record high earlier in the day as Wall Street concluded a strong week of gains. The S&P 500 posted a record close in the previous session. The Dow and S&P 500 both rose more than 2% for the week, while the Nasdaq climbed 3%. With this week’s gains, the S&P 500 is 17.7% for the year and was on track to post its best first half since 1997. This led investors to price in a 100% probability of a rate cut next month and bolstered equity price
S&P 500 slips from record to close out big week for Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: fred imbert
Keywords: news, cnbc, companies, record, big, slips, close, gains, session, 500, sp, week, wall, street, day, shares, trade, dow, stocks


S&P 500 slips from record to close out big week for Wall Street

The S&P 500 fell slightly on Friday after reaching a fresh record high earlier in the day as Wall Street concluded a strong week of gains.

The broad index ended the day down 0.1% at 2,950.46 after hitting an intraday all-time high of 2,964.15. The S&P 500 posted a record close in the previous session. The Dow Jones Industrial Average closed 34.04 points lower at 26,719.13 while the Nasdaq Composite lost 0.2% to end the day at 8,031.71.

The major stock indexes jumped to their session highs after Dow Jones reported that Vice President Mike Pence would postpone a China policy address amid “positive signs” on trade. But stocks pared most of those gains after the Commerce Department barred five additional Chinese companies from buying U.S. components without approval.

Chip stocks fell on the department’s decision. Micron Technology shares closed 2.6% lower while Advanced Micro Devices lost 3%. Xilinx shares also dropped more than 2%.

Despite Friday’s choppy trading action, stocks posted weekly gains as investors cheered the prospects of the Federal Reserve cutting interest rates as soon as July. The Dow and S&P 500 both rose more than 2% for the week, while the Nasdaq climbed 3%. With this week’s gains, the S&P 500 is 17.7% for the year and was on track to post its best first half since 1997.

The Fed said Wednesday it is ready to keep the current economic expansion going as trade tensions and weaker data dampen the U.S. economic outlook. The central bank also dropped the word “patient” from its monetary policy statement, which was released Wednesday.

This led investors to price in a 100% probability of a rate cut next month and bolstered equity prices this week.


Company: cnbc, Activity: cnbc, Date: 2019-06-21  Authors: fred imbert
Keywords: news, cnbc, companies, record, big, slips, close, gains, session, 500, sp, week, wall, street, day, shares, trade, dow, stocks


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Sterling slips as Bank of England cuts second-quarter growth to zero

The Bank of England held interest rates steady on Thursday amid the possibility of a no-deal Brexit still hanging over the U.K. The central bank also cut its growth forecast for Britain’s economy to zero in the second quarter of 2019, highlighting global trade risks and growing fears of a damaging no-deal Brexit. Sterling extended its losses against the euro in reaction to the news, falling 0.4% to 89.09 pence, while also falling from 1.2723 to 1.2694 against the dollar. U.K. 10-year gilt yields


The Bank of England held interest rates steady on Thursday amid the possibility of a no-deal Brexit still hanging over the U.K. The central bank also cut its growth forecast for Britain’s economy to zero in the second quarter of 2019, highlighting global trade risks and growing fears of a damaging no-deal Brexit. Sterling extended its losses against the euro in reaction to the news, falling 0.4% to 89.09 pence, while also falling from 1.2723 to 1.2694 against the dollar. U.K. 10-year gilt yields
Sterling slips as Bank of England cuts second-quarter growth to zero Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: elliot smith
Keywords: news, cnbc, companies, sterling, growth, voted, higher, slips, falling, central, cuts, extended, secondquarter, bank, zero, rates, england, yields, nodeal


Sterling slips as Bank of England cuts second-quarter growth to zero

The Bank of England held interest rates steady on Thursday amid the possibility of a no-deal Brexit still hanging over the U.K.

The central bank also cut its growth forecast for Britain’s economy to zero in the second quarter of 2019, highlighting global trade risks and growing fears of a damaging no-deal Brexit.

Sterling extended its losses against the euro in reaction to the news, falling 0.4% to 89.09 pence, while also falling from 1.2723 to 1.2694 against the dollar.

BOE officials had previously talked of the need for higher borrowing costs in the not-too-distant future, but Governor Mark Carney announced that the central bank’s Monetary Policy Committee (MPC) had voted unanimously to hold rates at 0.75%.

U.K. 10-year gilt yields fell to a day’s low of 0.809% following the decision. The FTSE 100 extended gains, trading 0.5% higher during the afternoon session.


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: elliot smith
Keywords: news, cnbc, companies, sterling, growth, voted, higher, slips, falling, central, cuts, extended, secondquarter, bank, zero, rates, england, yields, nodeal


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Dollar slips as weak data boosts US rate cut bets

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status. The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic growth was under way. Escalating trade tensions and weak data have fuelled rate cut expectations from the Fed. Mon


The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status. The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic growth was under way. Escalating trade tensions and weak data have fuelled rate cut expectations from the Fed. Mon
Dollar slips as weak data boosts US rate cut bets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24
Keywords: news, cnbc, companies, slips, rate, twoyear, overnight, cut, yen, trade, dollar, hit, weak, data, boosts, bets, euro


Dollar slips as weak data boosts US rate cut bets

The dollar edged away from two-year highs on Friday after weak U.S. manufacturing activity data sparked worries that the trade conflict with China may hurt the world’s largest economy and affect the currency’s safe-haven status.

Against a basket of six major currencies, the dollar was down 0.2% at 97.686 in early European trade and 0.7% off a two-year high of 98.371 hit the previous session.

The fall followed overnight data showing manufacturing activity hit its lowest level in almost a decade in May, suggesting a sharp slowdown in U.S. economic growth was under way.

Up to now, the bulk of the pain from the trade war has been felt in Asia, with economies from Singapore to Thailand all posting poor numbers.

“Lot of people for good reasons thought trade wars may be U.S. dollar-positive and other countries cannot retaliate,” said Commerzbank FX strategist Ulrich Leuchtmann.

“But in reality, it’s more difficult. This very disappointing PMI data and other factors like the Huawei story are all creating stress for the U.S. economy and derailing sentiment.”

President Donald Trump said on Thursday that U.S. complaints against Huawei Technologies Co Ltd might be resolved within the framework of a U.S.-China trade deal, while at the same time calling the Chinese telecommunications giant “very dangerous”.

Escalating trade tensions and weak data have fuelled rate cut expectations from the Fed. Money markets broadly expect one rate cut by October followed by another by January 2020.

The dollar weakness helped sterling recover slightly from a 4-1/2 month low while the euro briefly inched above $1.12 to hit a one-week high.

Against the yen, the dollar edged down to 109.50 yen, extending losses overnight, when it gave up two-thirds of a percent, its steepest drop in a single session in two months.

The euro might have also been helped by the Dutch part of the EU parliamentary elections, in which an exit poll showed the Labour party of European Commissioner Frans Timmermans won a surprise victory over a Eurosceptic challenger who had been topping opinion surveys.

The euro has been pinned lower in recent weeks by the prospect of Eurosceptic parties across the continent performing well in the elections.


Company: cnbc, Activity: cnbc, Date: 2019-05-24
Keywords: news, cnbc, companies, slips, rate, twoyear, overnight, cut, yen, trade, dollar, hit, weak, data, boosts, bets, euro


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Gold slips to over two-week low as stronger dollar, stocks weigh

Spot gold slipped 0.4% to $1,272.55 per ounce, having touched its lowest since May 3 at $1,268.97 earlier in the session. “One big reason is that the U.S. dollar remains pretty strong. “Also, we have little bit of risk appetite on the stock futures, so less of a reason to go into gold as a hedge,” he added. Gold is usually used as a safe store of value during times of uncertainty, however, investors are preferring the dollar as they did last year during the U.S.-China trade spat. Meanwhile, equi


Spot gold slipped 0.4% to $1,272.55 per ounce, having touched its lowest since May 3 at $1,268.97 earlier in the session. “One big reason is that the U.S. dollar remains pretty strong. “Also, we have little bit of risk appetite on the stock futures, so less of a reason to go into gold as a hedge,” he added. Gold is usually used as a safe store of value during times of uncertainty, however, investors are preferring the dollar as they did last year during the U.S.-China trade spat. Meanwhile, equi
Gold slips to over two-week low as stronger dollar, stocks weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, stronger, low, dollar, investors, appetite, recent, stocks, twoweek, trade, uschina, gold, policy, pointing, slips, reason, weigh


Gold slips to over two-week low as stronger dollar, stocks weigh

Gold prices dropped to a more than two-week low on Tuesday, as investors opted for the dollar and improved appetite for riskier assets dented the appeal of bullion, while markets awaited the release of minutes from the U.S. Federal Reserve.

Spot gold slipped 0.4% to $1,272.55 per ounce, having touched its lowest since May 3 at $1,268.97 earlier in the session.

U.S. gold futures settled $4.10 lower at $1,273.20.

“One big reason is that the U.S. dollar remains pretty strong. What we are seeing, in a strange way, money is flowing towards the dollar as a safe-haven,” said Bart Melek, head of commodity strategies at TD Securities in Toronto.

“Also, we have little bit of risk appetite on the stock futures, so less of a reason to go into gold as a hedge,” he added.

The dollar index climbed to its highest in nearly a month, supported by higher U.S. yields and as fears of the economic fallout from the U.S.-China trade row prompted investors to choose the safety of the U.S. unit over bullion.

Gold is usually used as a safe store of value during times of uncertainty, however, investors are preferring the dollar as they did last year during the U.S.-China trade spat.

Meanwhile, equity markets around the world gained momentum after the United States temporarily relaxed curbs on China’s Huawei Technologies, easing concerns over a further escalation in the U.S.-China trade war.

Investors now await Fed minutes due on Wednesday, which is expected to provide insights into the May 1 central bank meeting in which policymakers decided to keep interest rates steady and signaled little appetite to adjust them any time soon.

“Not much is expected to happen on the policy side. I think they might talk about potential downside risks from trade tensions but does not expect any significant and credible statements pointing to a rate cut this year,” Melek said.

On Monday, Fed Chair Jerome Powell said that it was premature to ascertain the impact of trade and tariffs on the trajectory of monetary policy, instead pointing recent economic data pointed towards a healthy supply side.

“From a technical point of view, a first positive signal (for gold) would be a recovery to $1,290, while a fall below the recent low of $1,266 could open space for a further decline,” said ActivTrades analyst Carlo Alberto De Casa.

Among other precious metals, silver eased 0.1% to $14.44 an ounce.

Platinum rose 0.3% to $813.90 an ounce and palladium was mostly unchanged at $1,328.70.


Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, stronger, low, dollar, investors, appetite, recent, stocks, twoweek, trade, uschina, gold, policy, pointing, slips, reason, weigh


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Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili


Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria. Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibili
Gold slips from 1-month peak on Sino-US trade talk hopes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15
Keywords: news, cnbc, companies, remain, fung, ounce, dollar, prices, surrounding, trade, tariffs, sinous, gold, slips, 1month, talk, talks, peak, hopes


Gold slips from 1-month peak on Sino-US trade talk hopes

Gold bars at the Austrian Gold and Silver Separating Plant in Vienna, Austria.

Gold prices steadied on Wednesday, having retreated from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar.

Spot gold was steady at $1,296.49 an ounce by 0808 GMT.

U.S. gold futures edged 0.1% higher to $1,297.20 an ounce.

“Gold is restrained as people are still interested in the dollar. The $1,300 level also looks like a good resistance,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

The dollar held firm in early Asian trading, having been supported on Tuesday by U.S. President Donald Trump downplaying the recent escalation in his trade war with China as “a little squabble” and insisting that talks between the two countries had not collapsed.

A stronger dollar makes gold more expensive for holders of non-U.S. currency.

Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries on Wednesday, while still not completely discounting the possibilities of a protracted spat.

“The (gold) market is holding because some people bought gold especially after the Chinese government also raised tariffs on U.S. goods,” Fung said, adding that the metal is expected to remain range-bound between $1,280 and $1,310 an ounce.

The biggest trigger for gold, which had been mostly range-bound for the past week, came on Monday after China announced that it would impose retaliatory tariffs on a range of U.S. goods.

There was some profit-taking in the previous session after prices jumped about $20 on Monday and above the key $1,300 level, analysts and traders said.

“The ongoing Sino-U.S. trade dispute has illustrated cooling conditions as both parties expressed willingness to resolve existing trade differences,” Phillip Futures analysts wrote in a note.

“Gold prices though easing up on bullish gains will remain supported as investors remain cautious on lingering U.S.-China trade worries in the near term.”

Market participants now keenly eye economic data from Europe that will provide further cues on the strength of the global economy.

Among other precious metals, silver rose 0.2% to $14.81 an ounce, while platinum fell 0.2% to $853.75.

Palladium fell 0.7% to $1,326.25 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-05-15
Keywords: news, cnbc, companies, remain, fung, ounce, dollar, prices, surrounding, trade, tariffs, sinous, gold, slips, 1month, talk, talks, peak, hopes


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Oil slips 31 cents, settling at $63.60, as US crude stocks climb to highest since Sept 2017

Crude futures bounced slightly along with the stock market after the Federal Reserve left interest rates unchanged, citing a lack of inflation pressure, but struggled to hold gains. U.S. crude futures settled 31 cents lower at $63.60 per barrel. Brent crude oil futures were down 2 cents at $72.04 per barrel around 2:10 p.m. “There have been wild cards aplenty for the oil markets. Oil markets have already tightened this year due to supply cuts led by OPEC as well as the sanctions on Venezuela and


Crude futures bounced slightly along with the stock market after the Federal Reserve left interest rates unchanged, citing a lack of inflation pressure, but struggled to hold gains. U.S. crude futures settled 31 cents lower at $63.60 per barrel. Brent crude oil futures were down 2 cents at $72.04 per barrel around 2:10 p.m. “There have been wild cards aplenty for the oil markets. Oil markets have already tightened this year due to supply cuts led by OPEC as well as the sanctions on Venezuela and
Oil slips 31 cents, settling at $63.60, as US crude stocks climb to highest since Sept 2017 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01
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Oil slips 31 cents, settling at $63.60, as US crude stocks climb to highest since Sept 2017

Oil operations in the Permian Basin near Midland, Texas Nick Oxford | Reuters

Oil prices fell on Wednesday after U.S. crude inventories in the United States soared more than expected to their highest since September 2017 as production hit a record high. The declines were somewhat tempered by the intensifying crisis in Venezuela and Washington’s stopping Iranian oil sanction waivers as of May 1, with the fall in the global Brent benchmark more muted. Crude futures bounced slightly along with the stock market after the Federal Reserve left interest rates unchanged, citing a lack of inflation pressure, but struggled to hold gains.

U.S. crude futures settled 31 cents lower at $63.60 per barrel. Brent crude oil futures were down 2 cents at $72.04 per barrel around 2:10 p.m. ET (1810 GMT). U.S. crude inventories climbed last week 9.9 million barrels to 470.6 million barrels as imports grew to their highest since January and refining rates dropped below 90 percent of total capacity, the Energy Information Administration said. The build far outstripped analysts’ expectations of an increase of just 1.5 million barrels. “A drop in refining activity and a rise in imports has helped propel crude inventories to another large build,” said Matt Smith, director of commodity research at ClipperData. “The vast majority of the build was on the U.S. Gulf Coast – with refinery runs ticking lower and waterborne imports on the rise.” Markets also watched for developments in Venezuela, where opposition leader Juan Guaido called for a May 1 uprising against President Nicolas Maduro. Many observers feared the rallying cry could lead to escalating violence and further disruptions to crude supply, though the OPEC-member nation’s oil-producing regions are far afield of the capital of Caracas. The unrest adds to a range of fluid geopolitical factors which have roiled the oil market in recent months. Oil prices have risen over 30% so far this year, and in April, Brent increased about 6.5% and WTI rose 6.3%, their fourth consecutive month of gains. “There have been wild cards aplenty for the oil markets. The seemingly perennial U.S.-China trade spat, the extent of Venezuela’s supply woes and the Iran factor are just some,” PVM Oil Associates strategist Stephen Brennock said. Oil markets have already tightened this year due to supply cuts led by OPEC as well as the sanctions on Venezuela and Iran. Washington is set to revoke waivers for select countries to import Iranian oil on Wednesday and says it aims to drive down Iran’s crude exports to zero.


Company: cnbc, Activity: cnbc, Date: 2019-05-01
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IBM stock slips after revenue shortfall

Previously, IBM had a streak of 22 consecutive quarters of annualized revenue declines that ended in 2017. IBM’s Global Technology Services segment, the biggest segment in the new reporting structure, produced revenue of $6.88 billion, down 7 percent year over year. IBM also reported $417 million in “other” revenue, a way to report revenue from the businesses that IBM is divesting. In 2018 half of IBM revenue came from its strategic imperatives. IBM did say its annual exit revenue run rate for c


Previously, IBM had a streak of 22 consecutive quarters of annualized revenue declines that ended in 2017. IBM’s Global Technology Services segment, the biggest segment in the new reporting structure, produced revenue of $6.88 billion, down 7 percent year over year. IBM also reported $417 million in “other” revenue, a way to report revenue from the businesses that IBM is divesting. In 2018 half of IBM revenue came from its strategic imperatives. IBM did say its annual exit revenue run rate for c
IBM stock slips after revenue shortfall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: jordan novet, janhvi bhojwani
Keywords: news, cnbc, companies, share, shortfall, ibm, slips, analysts, stock, cloud, technology, services, billion, segment, revenue, quarter


IBM stock slips after revenue shortfall

Shares of IBM fell as much as 4 percent on Tuesday after the company said it generated less revenue than analysts had expected in the first quarter.

Here are the major numbers:

Earnings: $2.25 per share, excluding certain items, vs. $2.22 per share as expected by analysts, according to Refinitiv.

$2.25 per share, excluding certain items, vs. $2.22 per share as expected by analysts, according to Refinitiv. Revenue: $18.18 billion, vs. $18.46 billion as expected by analysts, according to Refinitiv.

IBM’s revenue was down almost 5% from the year-ago quarter, according to a statement. This marks the third consecutive quarter of declining revenue year over year. Previously, IBM had a streak of 22 consecutive quarters of annualized revenue declines that ended in 2017.

IBM reiterated its guidance of at least $13.90 in earnings per share, excluding certain items, for all of 2019. Analysts had been looking for $13.91 in earnings per share, excluding certain items, for the full year, according to Refinitiv.

In the first quarter IBM said it had sold its mortgage-servicing business to Mr. Cooper Group, and it said that later that this year it would wind down its business of providing working capital to certain kinds of information-technology companies.

IBM has changed its reporting structure for the first-quarter earnings report. The company no longer has a Technology Services & Cloud Platforms segment. Now it has Cloud & Cognitive Software and Global Technology Services business segments. The company’s consolidated results are unchanged.

IBM’s Global Technology Services segment, the biggest segment in the new reporting structure, produced revenue of $6.88 billion, down 7 percent year over year. It includes infrastructure and cloud services, along with technology support services.

The Cloud & Cognitive Software segment — which contains cognitive applications, cloud and data platforms and transaction processing platforms — came out to $5.04 billion in revenue, down 1.5 percent.

The Global Business Services business segment had $4.12 billion in revenue, which was basically flat. Systems revenue was $1.33 billion, down 11 percent.

The company said that Systems growth was “offset by the impact of the IBM Z product cycle dynamics.” In the first quarter of 2018, IBM reported revenue growth in part thanks to companies upgrading to new mainframe technology, and Tuesday’s results don’t compare as well to that. Revenue from Z hardware, one portion of Systems, was down 38 percent.

Global Financing, at $406 billion, was roughly flat. IBM also reported $417 million in “other” revenue, a way to report revenue from the businesses that IBM is divesting.

IBM did not disclose how much of its total revenue from the quarter comes from strategic imperatives, which are areas the company has looked to for growth: analytics, cloud, mobile and security. In 2018 half of IBM revenue came from its strategic imperatives. IBM did say its annual exit revenue run rate for cloud delivered as a service was $11.7 billion, up 10 percent.

IBM’s acquisition of Red Hat for $34 billion is expected to close in the second half of this year. “IBM is winning new, even cloud-native, customers before RHT,” Nomura Instinet analysts led by Jeffrey Kvaal wrote in a note distributed to clients on April 9. “OpenShift [a Red Hat product] should help IBM win new customers and new workloads as enterprises begin to usher mission-critical applications from on-premise to public or private clouds.”

IBM stock is up almost 28 percent since the beginning of 2019.

Executives will discuss the results with analysts at 5 p.m. Eastern time.

This is breaking news. Please check back for updates.

WATCH: IBM Ceo Ginni Rometty: Hybrid cloud is a trillion-dollar market, and we’ll be number one


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: jordan novet, janhvi bhojwani
Keywords: news, cnbc, companies, share, shortfall, ibm, slips, analysts, stock, cloud, technology, services, billion, segment, revenue, quarter


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BP CEO Dudley’s 2018 pay slips to $14.7 million

BP Chief Executive Bob Dudley’s pay package slipped to $14.7 million last year from $15.1 million in 2017, even though the oil and gas company’s profits doubled to a five-year high. The 63-year old, who took the helm shortly after the 2010 deadly Deepwater Horizon spill in the Gulf of Mexico, has overseen a large expansion in the company’s production in recent years. Dudley’s wages and those of other executives in the sector have nevertheless come under growing scrutiny from investors, particula


BP Chief Executive Bob Dudley’s pay package slipped to $14.7 million last year from $15.1 million in 2017, even though the oil and gas company’s profits doubled to a five-year high. The 63-year old, who took the helm shortly after the 2010 deadly Deepwater Horizon spill in the Gulf of Mexico, has overseen a large expansion in the company’s production in recent years. Dudley’s wages and those of other executives in the sector have nevertheless come under growing scrutiny from investors, particula
BP CEO Dudley’s 2018 pay slips to $14.7 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: giulio napolitano, bloomberg, getty images
Keywords: news, cnbc, companies, oil, annual, 2017, 151, 2018, ceo, slips, package, 147, bps, dudleys, pay, yearsdudleys, million, bp, companys


BP CEO Dudley's 2018 pay slips to $14.7 million

BP Chief Executive Bob Dudley’s pay package slipped to $14.7 million last year from $15.1 million in 2017, even though the oil and gas company’s profits doubled to a five-year high.

The 63-year old, who took the helm shortly after the 2010 deadly Deepwater Horizon spill in the Gulf of Mexico, has overseen a large expansion in the company’s production in recent years.

Dudley’s wages and those of other executives in the sector have nevertheless come under growing scrutiny from investors, particularly following the 2014 collapse in oil prices.

His 2017 remuneration was revised up to $15.1 million from the previously reported $13.4 million due to changes in the value of BP’s shares over the period.

The drop in the 2018 package was the result of a reduced annual bonus and pension, which was partly offset by a rise in BP’s share price, the company said in its 2018 annual report.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: giulio napolitano, bloomberg, getty images
Keywords: news, cnbc, companies, oil, annual, 2017, 151, 2018, ceo, slips, package, 147, bps, dudleys, pay, yearsdudleys, million, bp, companys


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