The Apple Card is the start of Goldman’s transformation into a consumer powerhouse, CEO says

With the official launch of the Apple Card, Goldman Sachs is embarking on a multi-decade journey to becoming a leader in consumer banking just as it has been in Wall Street banking and trading, CEO David Solomon said. “Apple Card is big, but it’s also a beginning,” Solomon said Tuesday in an internal memo obtained by CNBC. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the c


With the official launch of the Apple Card, Goldman Sachs is embarking on a multi-decade journey to becoming a leader in consumer banking just as it has been in Wall Street banking and trading, CEO David Solomon said. “Apple Card is big, but it’s also a beginning,” Solomon said Tuesday in an internal memo obtained by CNBC. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the c
The Apple Card is the start of Goldman’s transformation into a consumer powerhouse, CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: yun li dawn giel, yun li, dawn giel
Keywords: news, cnbc, companies, wall, customer, goldmans, leader, typically, banking, consumer, useful, start, ceo, powerhouse, card, trading, apple, solomon, transformation


The Apple Card is the start of Goldman's transformation into a consumer powerhouse, CEO says

With the official launch of the Apple Card, Goldman Sachs is embarking on a multi-decade journey to becoming a leader in consumer banking just as it has been in Wall Street banking and trading, CEO David Solomon said.

“Apple Card is big, but it’s also a beginning,” Solomon said Tuesday in an internal memo obtained by CNBC. “In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses, with customer-centricity at the core of everything we do.”

The co-branded credit card rolled out Tuesday to all U.S. customers, featuring a cash-back policy of up to 3% as well as a titanium, laser-etched physical card.

“Apple Card makes a typically frustrating application process easy; it provides an interface with more useful information for the customer; and it places greater importance on customer privacy and security,” Solomon said.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: yun li dawn giel, yun li, dawn giel
Keywords: news, cnbc, companies, wall, customer, goldmans, leader, typically, banking, consumer, useful, start, ceo, powerhouse, card, trading, apple, solomon, transformation


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JP Morgan’s trading guru says stock rebound to continue


JP Morgan’s trading guru says stock rebound to continue Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20
Keywords: news, cnbc, companies, continue, trading, stock, guru, jp, morgans, rebound



Company: cnbc, Activity: cnbc, Date: 2019-08-20
Keywords: news, cnbc, companies, continue, trading, stock, guru, jp, morgans, rebound


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Europe stocks higher as calm returns to markets following Treasury yield inversion; FTSE fails to open

European markets moved higher on Friday morning as investors monitor Treasury yields for clues on a possible recession. The pan-European Stoxx 600 was up by 0.7% shortly after the opening bell, with every sector moving higher. London’s FTSE 100 index failed to open at the start of the European trading on Friday.The London Stock Exchange (LSE) has said it is currently investigating a potential trading services issue, according to Reuters.


European markets moved higher on Friday morning as investors monitor Treasury yields for clues on a possible recession. The pan-European Stoxx 600 was up by 0.7% shortly after the opening bell, with every sector moving higher. London’s FTSE 100 index failed to open at the start of the European trading on Friday.The London Stock Exchange (LSE) has said it is currently investigating a potential trading services issue, according to Reuters.
Europe stocks higher as calm returns to markets following Treasury yield inversion; FTSE fails to open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: silvia amaro, chloe taylor
Keywords: news, cnbc, companies, markets, stock, returns, ftse, treasury, following, open, european, stoxx, services, sector, higher, yields, stocks, shortly, start, inversion, yield, trading


Europe stocks higher as calm returns to markets following Treasury yield inversion; FTSE fails to open

European markets moved higher on Friday morning as investors monitor Treasury yields for clues on a possible recession.

The pan-European Stoxx 600 was up by 0.7% shortly after the opening bell, with every sector moving higher.

London’s FTSE 100 index failed to open at the start of the European trading on Friday.The London Stock Exchange (LSE) has said it is currently investigating a potential trading services issue, according to Reuters.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: silvia amaro, chloe taylor
Keywords: news, cnbc, companies, markets, stock, returns, ftse, treasury, following, open, european, stoxx, services, sector, higher, yields, stocks, shortly, start, inversion, yield, trading


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Here are the biggest analyst calls of the day: Merck, Intel, Dow & more

Northland said in its upgrade of the chipmaker that it thinks sentiment is nearing a “low point.” “1) Shares our trading below our PT. 2) Shares are trading at 11.5x our below consensus CY20 estimates. 5) We think value stocks likely outperform higher multiple stocks during sell offs. 6) Sentiment nearing a low point.As such upgrading to MP. “


Northland said in its upgrade of the chipmaker that it thinks sentiment is nearing a “low point.” “1) Shares our trading below our PT. 2) Shares are trading at 11.5x our below consensus CY20 estimates. 5) We think value stocks likely outperform higher multiple stocks during sell offs. 6) Sentiment nearing a low point.As such upgrading to MP. “
Here are the biggest analyst calls of the day: Merck, Intel, Dow & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: michael bloom
Keywords: news, cnbc, companies, day, intel, merck, trading, shares, analyst, dow, calls, stocks, upgrading, low, estimates, value, view, biggest, sentiment, nearing


Here are the biggest analyst calls of the day: Merck, Intel, Dow & more

Northland said in its upgrade of the chipmaker that it thinks sentiment is nearing a “low point.”

“1) Shares our trading below our PT. 2) Shares are trading at 11.5x our below consensus CY20 estimates. 3) Negative AMD server launch catalyst is in the rear view mirror. 4) INTC beat Q2 by $900M and $0.17, but only increased CY19 estimates by $500M and $0.05. 5) We think value stocks likely outperform higher multiple stocks during sell offs. 6) Sentiment nearing a low point.As such upgrading to MP. “


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: michael bloom
Keywords: news, cnbc, companies, day, intel, merck, trading, shares, analyst, dow, calls, stocks, upgrading, low, estimates, value, view, biggest, sentiment, nearing


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Asia stocks mixed as bond markets signal recession warning

Shares in Asia were mixed Thursday afternoon as the main yield curve in U.S. Treasurys inverted, triggering fears over the state of the U.S. economy. Treasury yield curve inversionInvestors watched the bond market on Thursday, after the yield on the benchmark 10-year Treasury note briefly broke below the 2-year rate overnight, an odd bond market phenomenon that has historically been a reliable indicator of economic recessions. The yield on the 30-year Treasury bond was also sent to a new record


Shares in Asia were mixed Thursday afternoon as the main yield curve in U.S. Treasurys inverted, triggering fears over the state of the U.S. economy. Treasury yield curve inversionInvestors watched the bond market on Thursday, after the yield on the benchmark 10-year Treasury note briefly broke below the 2-year rate overnight, an odd bond market phenomenon that has historically been a reliable indicator of economic recessions. The yield on the 30-year Treasury bond was also sent to a new record
Asia stocks mixed as bond markets signal recession warning Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: eustance huang
Keywords: news, cnbc, companies, signal, curve, asia, stocks, recession, warning, bond, mixed, note, inversion, trading, rate, markets, yield, index, treasury, market


Asia stocks mixed as bond markets signal recession warning

Shares in Asia were mixed Thursday afternoon as the main yield curve in U.S. Treasurys inverted, triggering fears over the state of the U.S. economy. In mainland China, stocks rose on the day following an earlier slip. The Shanghai composite gained 0.25% to 2,815.80, while the Shenzhen component added 0.48% to 9,009.68 and the Shenzhen composite advanced 0.535% to 1,517.07. Hong Kong’s Hang Seng index also rose 0.72%, as of its final hour of trading. Elsewhere, however, stocks largely saw losses. In Japan, the Nikkei 225 fell 1.21% to close at 20,405.65, while the Topix index dropped 1.04% to end its trading day at 1,483.85. Australia’s S&P/ASX 200 tumbled 2.85% to close at 6,408.10, as data on Thursday showed the jobless rate unchanged despite employment numbers in the country soaring past expectations in July. The MSCI Asia ex-Japan index shed 0.53% overall. Markets in South Korea and India were closed on Thursday for holidays.

Treasury yield curve inversion

Investors watched the bond market on Thursday, after the yield on the benchmark 10-year Treasury note briefly broke below the 2-year rate overnight, an odd bond market phenomenon that has historically been a reliable indicator of economic recessions. The yield on the 30-year Treasury bond was also sent to a new record low on Wednesday. The yield between the 10 and 2 year Treasury note hovered around the inversion mark during the afternoon of Asian trading hours, with the yield on the 10-year Treasury note last at 1.5877%, as compared to the 2-year rate at 1.5809%. The 30 year Treasury bond also touched fresh historic lows on Thursday. “We shouldn’t ignore that this historically reliable indicator of the economy is telling us a recession may be looming. But markets have changed significantly in the last decade and yield curve inversion is not the harbinger it once was,” Kerry Craig, global market strategist at J.P. Morgan Asset Management, wrote in a note. “Yield curve inversion is flashing a warning sign – investors should check their portfolios are resilient. But it’s not a reason to panic or to lean into the sell-off,” Craig said. “The market corrections can also offer fresh opportunities to pick up equities at more reasonable valuations.”

Bank shares decline

Yuan watch

The People’s Bank of China set its official midpoint reference for the yuan at 7.0268 per dollar on Thursday, weaker than analysts’ expectations. It was the sixth consecutive session where the People’s Bank of China (PBOC) fixed the midpoint at a level weaker than the psychologically important 7-yuan-per-dollar mark. The onshore Chinese yuan last traded at 7.0249 against the greenback, while its offshore counterpart changed hands at 7.0388 per dollar.

Asia-Pacific Market Indexes Chart

Currencies and oil


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: eustance huang
Keywords: news, cnbc, companies, signal, curve, asia, stocks, recession, warning, bond, mixed, note, inversion, trading, rate, markets, yield, index, treasury, market


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Dow futures are stable in overnight trading after Wednesday’s big rout

The little changed trading follows the Dow Jones Industrial Average’s worst day of the year on Wednesday amid a recession signal from the bond market. Dow futures opened down about 32 points Wednesday evening, but then climbed back to about little changed. The stock market took a huge hit in the previous session with the Dow plunging 800 points in its fourth-largest point drop ever to a two-month low. Growth of China’s industrial output slowed to 4.8% in July from a year earlier, the weakest gro


The little changed trading follows the Dow Jones Industrial Average’s worst day of the year on Wednesday amid a recession signal from the bond market. Dow futures opened down about 32 points Wednesday evening, but then climbed back to about little changed. The stock market took a huge hit in the previous session with the Dow plunging 800 points in its fourth-largest point drop ever to a two-month low. Growth of China’s industrial output slowed to 4.8% in July from a year earlier, the weakest gro
Dow futures are stable in overnight trading after Wednesday’s big rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: yun li
Keywords: news, cnbc, companies, trading, dow, big, trade, growth, points, yield, worst, futures, rout, negative, stable, wednesdaythe, stock, trump, overnight, wednesdays


Dow futures are stable in overnight trading after Wednesday's big rout

Stock futures stabilized after opening the overnight session lower. The little changed trading follows the Dow Jones Industrial Average’s worst day of the year on Wednesday amid a recession signal from the bond market.

Dow futures opened down about 32 points Wednesday evening, but then climbed back to about little changed. The stock market took a huge hit in the previous session with the Dow plunging 800 points in its fourth-largest point drop ever to a two-month low. The Dow’s 3% drop was the worst this year. The S&P 500 also fell nearly 3%.

The massive sell-off was triggered by a bond market phenomenon on Wednesday where the yield on the benchmark 10-year Treasury note briefly broke below the 2-year rate. The inversion of this key part of the yield curve has been a reliable indicator of economic recessions. As of Wednesday evening, the curve was no longer inverted.

“The 2-10 inversion is sending a massively negative signal that stocks are having a difficult time ignoring,” Adam Crisafulli, a J.P. Morgan managing director, said in a note on Wednesday.

The weak economic data around the world also fueled concerns that the global slowdown could tip the U.S. economy into a recession. Growth of China’s industrial output slowed to 4.8% in July from a year earlier, the weakest growth in 17 years. Germany also saw a negative GDP print, while the growth in euro zone also slowed at a faster pace than expected.

Investors remained on edge about the trade tensions between the U.S. and China. President Donald Trump in a tweet after the bell Wednesday linked the trade battle to the increasingly violent protests in Hong Kong, further complicating the trade issue. But he also proposed a personal meeting between him and Chinese President Xi.

This week, Trump decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list, a move to avoid any negative impact on the holiday shopping season. The announcement sent the Dow rallying more than 300 points on Tuesday. Those gains were lost in the big sell-off Wednesday.

The deferral “helps China more than us, but will be reciprocated,” Trump said Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: yun li
Keywords: news, cnbc, companies, trading, dow, big, trade, growth, points, yield, worst, futures, rout, negative, stable, wednesdaythe, stock, trump, overnight, wednesdays


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Overstock plunges for a third straight day after CEO comments on ‘Deep State’

Overstock shares plummeted more than 22% on Wednesday, marking their third consecutive day of losses since CEO Patrick Byrne made controversial comments about his role in the “Deep State.” Overstock has plunged about 36% in the three trading days since Byrne’s comments. Overstock shares had been on an upswing since Thursday, after the company reported a narrower-than-expected loss for the second quarter. Overstock’s subsidiary, tZero, planned to raise $250 million through a token sale and develo


Overstock shares plummeted more than 22% on Wednesday, marking their third consecutive day of losses since CEO Patrick Byrne made controversial comments about his role in the “Deep State.” Overstock has plunged about 36% in the three trading days since Byrne’s comments. Overstock shares had been on an upswing since Thursday, after the company reported a narrower-than-expected loss for the second quarter. Overstock’s subsidiary, tZero, planned to raise $250 million through a token sale and develo
Overstock plunges for a third straight day after CEO comments on ‘Deep State’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: annie palmer
Keywords: news, cnbc, companies, trading, straight, comments, shares, overstocks, plunges, sale, token, day, overstock, state, deep, subject, statement, ceo, situation


Overstock plunges for a third straight day after CEO comments on 'Deep State'

Overstock shares plummeted more than 22% on Wednesday, marking their third consecutive day of losses since CEO Patrick Byrne made controversial comments about his role in the “Deep State.”

Byrne released a statement Monday responding to claims in a blog post of his involvement in the federal government’s investigation into the 2016 election. In it, he referred to federal agents as “the Men in Black” and said he assisted in investigations related to the Clintons and Russian interference.

Overstock has plunged about 36% in the three trading days since Byrne’s comments. The e-commerce company is now worth less than $600 million.

“I will speak no more on the subject,” Byrne said in a statement. “Instead, having lived in places lacking Rule of Law and having witnessed the consequences of its absence, I plan on sitting back and watching the United States Department of Justice re-establish the Rule of Law in our country.”

The comments caught analysts’ attention, with D.A. Davidson’s Tom Forte citing their potential to hurt Overstock’s financials.

“Having read the articles, we see the potential for the situation to have a negative impact on Overstock’s operating results, given the controversy around the subject matter,” Forte wrote in a research note. “As such, we will continue to monitor the situation to see if it does, in fact, impact the company’s performance.”

Overstock shares had been on an upswing since Thursday, after the company reported a narrower-than-expected loss for the second quarter. An Overstock spokesperson didn’t immediately respond to a request for comment.

In addition to this week’s controversy, Overstock faces an ongoing probe by the Securities and Exchange Commission into its cryptocurrency offering. Overstock’s subsidiary, tZero, planned to raise $250 million through a token sale and develop a trading platform for digital token securities.

WATCH: Overstock.com drops after revealing SEC investigation into crytocurrency token sale


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: annie palmer
Keywords: news, cnbc, companies, trading, straight, comments, shares, overstocks, plunges, sale, token, day, overstock, state, deep, subject, statement, ceo, situation


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Asia Pacific stocks edge up as US announces some tariff delays

Stocks in Asia Pacific edged up on Wednesday as the U.S. announced a delay in the implementation of tariffs on some Chinese goods. Meanwhile, the Hang Seng index in Hong Kong was fractionally lower, as of its final hour of trading. Tensions in Hong Kong remained high after the city’s airport saw disruptions for a second day on Tuesday as a result of protests. “We are advising client(s) to cut their exposure towards Hong Kong equity markets and move towards more South Asia markets like Indonesia,


Stocks in Asia Pacific edged up on Wednesday as the U.S. announced a delay in the implementation of tariffs on some Chinese goods. Meanwhile, the Hang Seng index in Hong Kong was fractionally lower, as of its final hour of trading. Tensions in Hong Kong remained high after the city’s airport saw disruptions for a second day on Tuesday as a result of protests. “We are advising client(s) to cut their exposure towards Hong Kong equity markets and move towards more South Asia markets like Indonesia,
Asia Pacific stocks edge up as US announces some tariff delays Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: eustance huang
Keywords: news, cnbc, companies, rose, day, index, markets, pacific, way, trading, asia, edge, tariff, kong, delays, tariffs, hong, stocks, announces


Asia Pacific stocks edge up as US announces some tariff delays

Stocks in Asia Pacific edged up on Wednesday as the U.S. announced a delay in the implementation of tariffs on some Chinese goods.

Shares in mainland China rose on the day, with the Shanghai composite gaining 0.42% to 2,808.91 and the Shenzhen component adding 0.72% to 8,966.47. The Shenzhen composite also advanced 0.692% to 1,509.00.

The United States Trade Representative announced Tuesday certain products are being removed from the tariff list and will not face additional tariffs of 10%. Other tariffs will be delayed to Dec. 15 for certain goods, it said.

“A cynical view then is that the delay is purely for political timing rather than a more substantive change in the US’ approach to the US-China relationship,” Tapas Strickland, an economist at National Australia Bank, wrote in a note.

“Overall a high degree of (skepticism) should remain and an imminent deal is unlikely given Trump has foreshadowed he is going to be campaigning hard on the issue in the 2020 election,” Strickland said.

Meanwhile, the Hang Seng index in Hong Kong was fractionally lower, as of its final hour of trading. Tensions in Hong Kong remained high after the city’s airport saw disruptions for a second day on Tuesday as a result of protests.

“In the near term, Hong Kong police might take tougher action and China might be looking to resolve this issue one way or the other way, which is going to be negative for the markets,” Suresh Tantia, senior investment strategist at the Credit Suisse APAC CIO office, told CNBC’s “Street Signs” on Wednesday.

“We are advising client(s) to cut their exposure towards Hong Kong equity markets and move towards more South Asia markets like Indonesia,” Tantia said.

Elsewhere, Japan’s Nikkei 225 rose 0.98% to close at 20,655.13, while the Topix index also advanced 0.87% to end its trading day at 1,499.50.

Over in South Korea, the Kospi gained 0.65% to close at 1,938.37, Australia’s S&P/ASX 200 also rose 0.42% on the day to 6,595.90.

Overall, the MSCI Asia ex-Japan index added 0.62%.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: eustance huang
Keywords: news, cnbc, companies, rose, day, index, markets, pacific, way, trading, asia, edge, tariff, kong, delays, tariffs, hong, stocks, announces


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Gold sheds 2% on signs of US-China trade thaw

Spot gold was down 0.7% at $1,501.36 per ounce, having earlier hit its highest level since April 2013 at $1,534.31. U.S. gold futures were down 0.3% to $1,512.6 an ounce. “While this does not dramatically dim the overall positive outlook for gold, it will temper its momentum in the short term.” Meanwhile, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, jumped 0.9% to 847.77 tonnes on Monday. Among other precious metals, silver fell 0.5% to $16.97 per ounce, whi


Spot gold was down 0.7% at $1,501.36 per ounce, having earlier hit its highest level since April 2013 at $1,534.31. U.S. gold futures were down 0.3% to $1,512.6 an ounce. “While this does not dramatically dim the overall positive outlook for gold, it will temper its momentum in the short term.” Meanwhile, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, jumped 0.9% to 847.77 tonnes on Monday. Among other precious metals, silver fell 0.5% to $16.97 per ounce, whi
Gold sheds 2% on signs of US-China trade thaw Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, sides, precious, signs, trading, gold, tariffs, uschina, sheds, products, earlier, ounce, trade, weeks, thaw


Gold sheds 2% on signs of US-China trade thaw

Gold fell 2% on Tuesday, reversing course from earlier in the session when it scaled a six-year peak, after the United States said it would delay tariffs on some Chinese products and on news that both sides agreed to continue trade talks.

Spot gold was down 0.7% at $1,501.36 per ounce, having earlier hit its highest level since April 2013 at $1,534.31. U.S. gold futures were down 0.3% to $1,512.6 an ounce.

The Office of the U.S. Trade Representative said the Trump administration will delay 10% tariffs on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month.

“A thawing, perhaps reconsideration of the new proposed tariffs has drained the heat from the (gold) rally for now,” said Tai Wong, head of base and precious metals derivatives trading at BMO.

“While this does not dramatically dim the overall positive outlook for gold, it will temper its momentum in the short term.”

U.S. stocks turned positive and the dollar rose on the news, with further momentum also coming from news that both sides had agreed to conduct phone calls on trade again in two weeks.

“Gold will be trading in a defensive position until the next two weeks; there will be some buying at the dips but the explosive moves higher we’ve seen in the last two weeks is not expected with the trade talks hanging over the market,” said Bob Haberkorn, senior market strategist at RJO Futures.

Gold’s rise to over 6-year highs earlier in the day was triggered by a rout in the Argentine peso and protesters clashing with police at the Hong Kong international airport after flights were disrupted for a second day.

Market focus is now on the U.S. Federal Reserve’s annual symposium next week for clues on the future trajectory of interest rates. Traders see a 91.2% chance of a 25 basis-point rate cut by the U.S. central bank this September.

Meanwhile, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, jumped 0.9% to 847.77 tonnes on Monday.

Among other precious metals, silver fell 0.5% to $16.97 per ounce, while platinum was up 0.5% to $856.41. Palladium, meanwhile gained 2% to $1,456.20 an ounce.


Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, sides, precious, signs, trading, gold, tariffs, uschina, sheds, products, earlier, ounce, trade, weeks, thaw


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Oil rises 0.8% despite fears of a global economic downturn

Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude. However, Kuwait’s Oil Minister Khaled al-Fadhel said fears of a global economic downturn were “exaggerated” and global crude demand should pick up in the second half, helping to gradually reduce oil inventories. “We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at


Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude. However, Kuwait’s Oil Minister Khaled al-Fadhel said fears of a global economic downturn were “exaggerated” and global crude demand should pick up in the second half, helping to gradually reduce oil inventories. “We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at
Oil rises 0.8% despite fears of a global economic downturn Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12
Keywords: news, cnbc, companies, despite, energy, downturn, trading, crude, fears, rises, economic, wti, prices, trade, global, oil, demand, 08


Oil rises 0.8% despite fears of a global economic downturn

A drilling crew secures a stand of drill pipe into the mouse hole on a drilling rig near Midland, Texas February 12, 2019.

Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude.

International benchmark Brent crude futures were at $58.53 a barrel, up 0.02% from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $54.93 per barrel, up 0.8% from their last close.

Both benchmarks had fallen earlier in the day, with Brent hitting a session low of $57.88 and WTI a session low of $53.54.

“What we have noticed recently is a different perception of risk in different geographies,” said Emily Ashford, executive director of energy research at Standard Chartered.

“Often the price reactions during Asia or London trading are reversed during U.S. trading. Prices seem to be following that pattern today.”

The third quarter is fundamentally the strongest season for oil demand as drivers take to the roads for summer holidays, but the trade dispute between the United States and China has weakened demand and pressured oil prices.

U.S. President Donald Trump said on Friday he was not ready to make a deal with China and even called a September round of trade talks into question.

Germany’s Ifo economic institute said its quarterly survey of nearly 1,200 experts in more than 110 countries showed that its measures for current conditions and economic expectations have worsened in the third quarter.

However, Kuwait’s Oil Minister Khaled al-Fadhel said fears of a global economic downturn were “exaggerated” and global crude demand should pick up in the second half, helping to gradually reduce oil inventories.

OPEC members continue to cut production to drain global oil stocks, with the Saudis cutting more than their agreed quota, but analysts said more reductions were needed to support prices due to a fall in demand and non-OPEC supply growth next year.

“If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels,” Bernstein Energy said in a note on Monday.

“We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel.”

The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008.

India’s imports of crude oil have also stalled in recent months, tallying with weaker economic growth in the country.


Company: cnbc, Activity: cnbc, Date: 2019-08-12
Keywords: news, cnbc, companies, despite, energy, downturn, trading, crude, fears, rises, economic, wti, prices, trade, global, oil, demand, 08


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