Euro zone banks jump, Italian yields fall on report ECB discussing new cheap bank loans

Euro zone bank shares jumped and Italian government bond yields fell on Wednesday after Bloomberg reported the European Central Bank is holding discussions on the design of new ultra-cheap bank loans. The loans known more formally as Targeted Long-Term Refinancing Operations (TLTROs) are expected to boost troubled euro zone lenders. The euro zone banks index rose to a day’s high, up 0.2 percent. Italian government bond yields also briefly extended falls as investors cheered the report. The euro


Euro zone bank shares jumped and Italian government bond yields fell on Wednesday after Bloomberg reported the European Central Bank is holding discussions on the design of new ultra-cheap bank loans. The loans known more formally as Targeted Long-Term Refinancing Operations (TLTROs) are expected to boost troubled euro zone lenders. The euro zone banks index rose to a day’s high, up 0.2 percent. Italian government bond yields also briefly extended falls as investors cheered the report. The euro
Euro zone banks jump, Italian yields fall on report ECB discussing new cheap bank loans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06
Keywords: news, cnbc, companies, fell, bond, italian, yield, euro, ultracheap, loansthe, twoweek, jump, loans, fall, ecb, bank, zone, report, yields, discussing


Euro zone banks jump, Italian yields fall on report ECB discussing new cheap bank loans

Euro zone bank shares jumped and Italian government bond yields fell on Wednesday after Bloomberg reported the European Central Bank is holding discussions on the design of new ultra-cheap bank loans.

The ECB meets on Thursday amid speculation that it is getting ready for a fresh round of stimulus via cheap bank loans.

The loans known more formally as Targeted Long-Term Refinancing Operations (TLTROs) are expected to boost troubled euro zone lenders. The euro zone banks index rose to a day’s high, up 0.2 percent.

Italian government bond yields also briefly extended falls as investors cheered the report. Italy’s 10-year government bond yield touched its lowest level in just over a month at 2.661 percent and was last down 4 basis points on the day.

The euro fell to a two-week low at around $1.12855.


Company: cnbc, Activity: cnbc, Date: 2019-03-06
Keywords: news, cnbc, companies, fell, bond, italian, yield, euro, ultracheap, loansthe, twoweek, jump, loans, fall, ecb, bank, zone, report, yields, discussing


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Pound tries to find footing amid Brexit uncertainty, dollar awaits Fed

The pound tried to find its footing on Wednesday after sliding on fresh concerns about the possibility of a “no-deal” Brexit, while the dollar eased ahead of the Federal Reserve’s policy decision. Last week, the pound hit $1.3218, its highest since mid-October, on hopes that London might avoid a no-deal departure from the European Union. Any escalation in the U.S.-China trade war would trigger a sharper downturn in the global economy, according to the Reuters poll last week. China’s yuan extende


The pound tried to find its footing on Wednesday after sliding on fresh concerns about the possibility of a “no-deal” Brexit, while the dollar eased ahead of the Federal Reserve’s policy decision. Last week, the pound hit $1.3218, its highest since mid-October, on hopes that London might avoid a no-deal departure from the European Union. Any escalation in the U.S.-China trade war would trigger a sharper downturn in the global economy, according to the Reuters poll last week. China’s yuan extende
Pound tries to find footing amid Brexit uncertainty, dollar awaits Fed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, uschina, policy, fed, brexit, amid, trade, yuan, washington, twoweek, week, pound, footing, uncertainty, dollar, awaits, tries


Pound tries to find footing amid Brexit uncertainty, dollar awaits Fed

The pound tried to find its footing on Wednesday after sliding on fresh concerns about the possibility of a “no-deal” Brexit, while the dollar eased ahead of the Federal Reserve’s policy decision.

Sterling staggered up 0.2 percent to $1.3091 after suffering a loss of 0.7 percent overnight as lawmakers rejected a proposal to give parliament a path to prevent a potentially chaotic hard exit. Britain is due to leave the EU on March 29.

Last week, the pound hit $1.3218, its highest since mid-October, on hopes that London might avoid a no-deal departure from the European Union.

“It is difficult to tell what’s next for the pound. But the March 29 Brexit deadline will likely be extended, and the focal point is on when and how such an extension is decided upon,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

“For now, the focus shifts back to key events with more consequences for the dollar, such as the FOMC (Federal Open Market Committee) meeting, U.S.-China trade talks and the U.S. jobs report,” Ishizuki said.

Later on Wednesday the Fed will end a two-day policy meeting at which it is expected to leave interest rates unchanged, after raising them four times last year.

Markets are closely awaiting the Fed’s policy outlook after recent comments from officials signalled a slower pace of rate increases this year amid mounting uncertainties over the health of the U.S. and global economies and shaky financial markets.

Traders are pricing in only a slight chance of one rate increase for 2019 as a whole, though most economists polled by Reuters last week still expect two, in the second and fourth quarters.

“The Fed is widely expected to stand pat on policy. But the dollar could face pressure if the Fed opts to highlight negative effects of the U.S. government shutdown in its statements,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities.

Markets were also focused on U.S.-Sino trade talks in Washington on Wednesday and Thursday, while the closely-watched U.S. jobs report will be released on Friday.

Any escalation in the U.S.-China trade war would trigger a sharper downturn in the global economy, according to the Reuters poll last week.

While China has offered to buy more U.S. products, sources say the two sides remain far apart on key structural issues, and Washington has threatened to hike tariffs if no solid progress is made before an early March deadline.

Against the pound the euro was slightly lower at 87.41 pence having surged 0.8 percent on Tuesday.

The single currency was steady at $1.1435 after brushing a two-week high of $1.1450 overnight.

The dollar index against a basket of six major currencies dipped 0.1 percent to 95.732 following a slip to a two-week low of 95.620 overnight after U.S. Treasury yields declined ahead of the Fed’s policy statement.

The greenback edged down 0.1 percent to 109.29 yen, handing back the previous day’s modest gains.

The Australian dollar was up 0.5 percent at $0.7192 , lifted after the country’s consumer prices beat expectations last quarter.

Australia’s consumer price index (CPI) rose 0.5 percent in September-December, surpassing forecasts for a 0.4 percent increase.

A further sharp rise in iron ore prices also boosted the Aussie.

China’s yuan extended its gains and advanced to 6.7135 per dollar in onshore trade, its strongest mid-July 2018.

The yuan has gained more than 2 percent versus the dollar so far in January, helped by optimism over U.S.-China trade negotiations and a dovish-sounding Fed which has curtailed the U.S. currency’s strength.


Company: cnbc, Activity: cnbc, Date: 2019-01-30  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, uschina, policy, fed, brexit, amid, trade, yuan, washington, twoweek, week, pound, footing, uncertainty, dollar, awaits, tries


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Dollar firm near two-week high, risk appetite unfazed by weak China GDP

The dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a near three-decade low. Along with a decline in Treasury yields earlier in the month which had accompanied the retreat in equities, the dollar index had slipped to a three-month low near 95.00 on Jan. 10. “Whether the current ‘risk on’ supporting the dollar can continue will likely depend on how U.S. corpo


The dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a near three-decade low. Along with a decline in Treasury yields earlier in the month which had accompanied the retreat in equities, the dollar index had slipped to a three-month low near 95.00 on Jan. 10. “Whether the current ‘risk on’ supporting the dollar can continue will likely depend on how U.S. corpo
Dollar firm near two-week high, risk appetite unfazed by weak China GDP Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, weak, near, twoweek, low, gdp, risk, dollar, markets, unfazed, steady, jan, china, trade, economy, firm, pound, high


Dollar firm near two-week high, risk appetite unfazed by weak China GDP

The dollar held steady near a two-week high against a basket of currencies on Monday, as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a near three-decade low.

The dollar index, which measures its strength against a group of six major currencies, was steady at 96.308 after climbing to 96.394 percent on Friday, its strongest since Jan. 4.

Hopes for a thaw in U.S.-China trade tensions, a more dovish-sounding Federal Reserve and optimism that Britain could avoid a “No-Deal” Brexit are some of the factors that have fanned the return in investor risk appetite, which went into a deep freeze in December as global equity markets tumbled.

Along with a decline in Treasury yields earlier in the month which had accompanied the retreat in equities, the dollar index had slipped to a three-month low near 95.00 on Jan. 10.

“The dollar index is clearly on a recovery track. The currency was stuck in a downtrend at the start of January but is now being bought back against its peers such as the yen, euro, pound and the Aussie,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

“Whether the current ‘risk on’ supporting the dollar can continue will likely depend on how U.S. corporate earnings turn out. The United States and China falling out again over trade issues and volatile U.S. politics still remain the main potential risk factors.”

The U.S.-China trade friction has already put pressure on China’s economy, with the latest data showing the world’s second-biggest economy slowing further in the last quarter of 2018. Markets appeared to take the outcome, largely in line with expectations, in their stride.

The dollar was down 0.1 percent at 109.64 yen, taking a pause after climbing to a three-week high of 109.895 on Friday. The greenback had gained more than 1 percent against its Japanese peer last week.

The euro nudged up 0.15 percent to $1.1376 but remained in close reach of a two-week low of $1.1353 brushed on Friday.

The pound was 0.1 percent lower at $1.2860.

Sterling had climbed to a two-month peak of $1.3001 on Thursday on growing confidence that Britain can avoid leaving the European Union without a deal, but faced profit-taking on Friday.

“The pound is at current levels based on assumption that a no deal Brexit has been avoided. But even an exit with a deal will likely leave some damage on the economy, so it is difficult to see the pound make much further headway from here,” said Koji Fukaya, president at FPG Securities in Tokyo.

British Prime Minister Theresa May will on Monday put forward a motion on her proposed next steps. Over the following week, lawmakers will be able to propose alternatives. They will debate these plans on Jan. 29, and voting on them should indicate whether any could get majority support.

The Australian dollar was steady at $0.7166 after ending Friday on a loss of 0.3 percent.

The Aussie was largely unfazed by China’s growth numbers though analysts agree that any sharp drop in demand from its biggest trading partner would put a dent in local assets.

Australia’s close trading links with the world’s second-biggest economy means its currency is often regarded as a proxy to China-related trades.

The 10-year Treasury note yield rose to a three-week high of 2.799 percent on Friday, continuing its rise from a one-year low of 2.543 percent plumbed early in January.

The U.S. financial markets will be closed on Monday for Martin Luther King Jr. Day.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, weak, near, twoweek, low, gdp, risk, dollar, markets, unfazed, steady, jan, china, trade, economy, firm, pound, high


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Netflix, Amazon among biggest winners in monster comeback from the Christmas Eve low

Stocks have bounced hard off the Christmas Eve lows and many of the worst performers are the stars of the two-week period since then, including General Electric, Netflix and many energy names. “It was a dash for trash as the new year has come into play,” said Todd Sohn, technical analyst at Strategas Research. Stocks continued to rally Tuesday morning in the ninth session since the Christmas Eve shakeout. Amazon was u[ 1 percent, adding to its already 21 percent gain in the post-Christmas period


Stocks have bounced hard off the Christmas Eve lows and many of the worst performers are the stars of the two-week period since then, including General Electric, Netflix and many energy names. “It was a dash for trash as the new year has come into play,” said Todd Sohn, technical analyst at Strategas Research. Stocks continued to rally Tuesday morning in the ninth session since the Christmas Eve shakeout. Amazon was u[ 1 percent, adding to its already 21 percent gain in the post-Christmas period
Netflix, Amazon among biggest winners in monster comeback from the Christmas Eve low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: patti domm, gina francolla, drew angerer, getty images news, getty images
Keywords: news, cnbc, companies, biggest, amazon, netflix, low, comeback, christmas, stocks, higher, worst, watching, market, twoweek, monster, winners, eve, period


Netflix, Amazon among biggest winners in monster comeback from the Christmas Eve low

Stocks have bounced hard off the Christmas Eve lows and many of the worst performers are the stars of the two-week period since then, including General Electric, Netflix and many energy names.

“It was a dash for trash as the new year has come into play,” said Todd Sohn, technical analyst at Strategas Research.

Stocks continued to rally Tuesday morning in the ninth session since the Christmas Eve shakeout. Amazon was u[ 1 percent, adding to its already 21 percent gain in the post-Christmas period. The stock’s gains in fact have pushed its market capitalization sharply higher to nearly $800 billion, and on Monday, it surpassed Microsoft as the largest public company.

Investors are watching the action to see if new market leadership will emerge and whether the market is showing signs of having found a bottom. However, they say it will take time to tell, and there’s still a lot of doubt as to whether the move higher is a sign of recovery, or simply a bear market rally.

WATCH: How Netflix stock has made long-term investors rich


Company: cnbc, Activity: cnbc, Date: 2019-01-07  Authors: patti domm, gina francolla, drew angerer, getty images news, getty images
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Former Trump campaign adviser Papadopoulos loses bid to delay prison term, must surrender on Monday

A judge has rejected an effort by former Trump campaign foreign policy adviser George Papadopoulos to delay his two-week prison term and says Papadopoulos must surrender Monday as scheduled. Papadopoulos sought the delay until an appeals court rules in a separate case challenging the constitutionality of special counsel Robert Mueller’s appointment. But in an order Sunday, U.S. District Court Judge Randy Moss said Papadopoulos’ arguments failed to justify a delay. Papadopoulos pleaded guilty las


A judge has rejected an effort by former Trump campaign foreign policy adviser George Papadopoulos to delay his two-week prison term and says Papadopoulos must surrender Monday as scheduled. Papadopoulos sought the delay until an appeals court rules in a separate case challenging the constitutionality of special counsel Robert Mueller’s appointment. But in an order Sunday, U.S. District Court Judge Randy Moss said Papadopoulos’ arguments failed to justify a delay. Papadopoulos pleaded guilty las
Former Trump campaign adviser Papadopoulos loses bid to delay prison term, must surrender on Monday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-25  Authors: yuri gripas
Keywords: news, cnbc, companies, campaign, adviser, judge, court, term, loses, delay, twoweek, prison, trump, youtube, case, papadopoulos, bid, surrender


Former Trump campaign adviser Papadopoulos loses bid to delay prison term, must surrender on Monday

A judge has rejected an effort by former Trump campaign foreign policy adviser George Papadopoulos to delay his two-week prison term and says Papadopoulos must surrender Monday as scheduled.

Papadopoulos sought the delay until an appeals court rules in a separate case challenging the constitutionality of special counsel Robert Mueller’s appointment.

But in an order Sunday, U.S. District Court Judge Randy Moss said Papadopoulos’ arguments failed to justify a delay.

Papadopoulos pleaded guilty last year to lying to federal agents about his interactions with Russian intermediaries during the 2016 presidential campaign. He also forfeited most of his rights to contest his conviction.

His lawyer argued that the appellate case could constitute new evidence that could allow him to mount a challenge.

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Company: cnbc, Activity: cnbc, Date: 2018-11-25  Authors: yuri gripas
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Gold inches lower on firmer dollar; investors await Fed rate call

Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion. But for now, we think the Fed will continue with the monetary policy tightening,” said Benjamin Lu, a commodities analyst with Phillip Futures. Spot gold was down 0.2 percent at $1,223.70 per ounce, as of 0410 GMT, while U.S. gold futures fell 0.3 percent to $1,224.7 per ounce. Palladium fell 0.3 percent to $1,130.60 per ounce, after touching a two-week high of $1,139.50


Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion. But for now, we think the Fed will continue with the monetary policy tightening,” said Benjamin Lu, a commodities analyst with Phillip Futures. Spot gold was down 0.2 percent at $1,223.70 per ounce, as of 0410 GMT, while U.S. gold futures fell 0.3 percent to $1,224.7 per ounce. Palladium fell 0.3 percent to $1,130.60 per ounce, after touching a two-week high of $1,139.50
Gold inches lower on firmer dollar; investors await Fed rate call Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-08
Keywords: news, cnbc, companies, dollar, rates, policy, fell, gold, inches, ounce, fed, await, rate, 02, twoweek, previous, investors, lower, firmer


Gold inches lower on firmer dollar; investors await Fed rate call

Gold prices inched lower on Thursday on the back of a stronger dollar as investors digested the U.S. midterm election results and turned their focus to the Federal Reserve’s monetary policy decision due later in the day.

The Fed is not expected to raise interest rates until its next gathering in December, however market participants are waiting to see whether it offers clues about possible rate increases in December and in 2019.

Higher U.S. interest rates tend to boost the dollar and also push up bond yields, reducing the appeal of non-yielding bullion.

“Gold has found support around $1,223. If we see good news from the Fed, we may see a bounce. But for now, we think the Fed will continue with the monetary policy tightening,” said Benjamin Lu, a commodities analyst with Phillip Futures.

Spot gold was down 0.2 percent at $1,223.70 per ounce, as of 0410 GMT, while U.S. gold futures fell 0.3 percent to $1,224.7 per ounce.

The dollar index, which measures the greenback against a basket of six major currencies, traded in a narrow range and was last up 0.2 percent, having touched a more than two-week low in the previous session.

“I suspect gold will ping pong along with the U.S. dollar as traders begin to re-evaluate the current state of the USD,” Stephen Innes, APAC trading head at OANDA in Singapore, said in a note.

Meanwhile, Asian stocks rose to a one-month peak following a post-election rally on Wall Street.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.19 percent to 755.23 tonnes on Wednesday, marking the fourth straight session on declines.

Spot gold still targets $1,211, said Reuters technical analyst Wang Tao.

In other precious metals, silver was down 0.2 percent at $14.54 per ounce.

Palladium fell 0.3 percent to $1,130.60 per ounce, after touching a two-week high of $1,139.50 an ounce in the previous session.

Platinum was 0.7 percent lower at $866.85 an ounce, after hitting its highest since June 25 at $877.50 an ounce on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-11-08
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Gold hits over two-week low; set to end six-month losing streak

Gold prices fell to a more than two-week low on Wednesday as Asian stocks gained and the dollar touched multi-month highs on upbeat U.S. economic data. The yellow metal, however, remained on track to end a six-month losing streak, the longest since a period that finished in early 1997. A stronger dollar and a recovery in equities are putting pressure on gold today, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. A stronger dollar makes dollar-denominated bullion more exp


Gold prices fell to a more than two-week low on Wednesday as Asian stocks gained and the dollar touched multi-month highs on upbeat U.S. economic data. The yellow metal, however, remained on track to end a six-month losing streak, the longest since a period that finished in early 1997. A stronger dollar and a recovery in equities are putting pressure on gold today, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. A stronger dollar makes dollar-denominated bullion more exp
Gold hits over two-week low; set to end six-month losing streak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-31
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Gold hits over two-week low; set to end six-month losing streak

Gold prices fell to a more than two-week low on Wednesday as Asian stocks gained and the dollar touched multi-month highs on upbeat U.S. economic data.

The yellow metal, however, remained on track to end a six-month losing streak, the longest since a period that finished in early 1997.

Spot gold was 0.4 percent lower at $1,217.26 an ounce at 0419 GMT, having touched its lowest since Oct. 12 at $1,215.35 earlier in the session. It has risen about 2.4 percent so far in October, the biggest monthly gain since January.

U.S. gold futures fell 0.5 percent to $1,219.3 an ounce.

A stronger dollar and a recovery in equities are putting pressure on gold today, said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.

“The market would now be focusing on the upcoming U.S. non-farm payroll data due on Friday and the U.S. mid-term elections next week for a direction,” Leung added.

The midterm elections, on Nov. 6, will determine whether the Republican or Democratic party controls the U.S. Congress.

In the wider markets, Asian stocks pulled away from 20-month lows on Wednesday, thanks to a rebound on Wall Street, although investors remained cautious.

The dollar hovered near 16-month highs versus a basket of major rivals after gaining overnight as traders bet on the relative outperformance of the U.S. economy and continued rate increases by the Federal Reserve.

“If the dollar continues to march higher, especially against its emerging markets peers, this will put some pressure on gold,” said Hussein Sayed, Chief Market Strategist at FXTM.

“As long as inflation doesn’t become a real threat or equities plunge much further from current levels, many investors will prefer yielding instruments than investing in gold, and that’s what the dollar is providing.”

Gold prices have slipped about 11 percent from their April peak as investors turned to the dollar as a safe-haven as the trade war unfolded against a backdrop of higher U.S. interest rates.

A stronger dollar makes dollar-denominated bullion more expensive for users f other currencies while higher interest rates reduce the attraction of non-yielding gold.

Spot gold may break a support at $1,217 per ounce and fall to the next support at $1,208, as suggested by a retracement analysis, said Reuters technical analyst Wang Tao.

Among other precious metals silver was down 0.4 percent at $14.40 per ounce after touching more than two-week low of $14.31.

Platinum rose 0.1 percent to $833.10 per ounce, while palladium climbed 0.4 percent to $1,076.99 per ounce.


Company: cnbc, Activity: cnbc, Date: 2018-10-31
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Oil prices sink as US crude stockpiles rise by 6.5 million barrels

Oil prices extended losses on Wednesday after U.S. inventory data showed a much larger than expected rise in U.S. crude stockpiles. U.S. commercial crude stockpiles rose by 6.5 million barrels in the week to Oct. 12, the U.S. Energy Information Administration reported. A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, EIA said. Brent crude was down $1.77, or 2.2 p


Oil prices extended losses on Wednesday after U.S. inventory data showed a much larger than expected rise in U.S. crude stockpiles. U.S. commercial crude stockpiles rose by 6.5 million barrels in the week to Oct. 12, the U.S. Energy Information Administration reported. A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, EIA said. Brent crude was down $1.77, or 2.2 p
Oil prices sink as US crude stockpiles rise by 6.5 million barrels Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17
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Oil prices sink as US crude stockpiles rise by 6.5 million barrels

Oil prices extended losses on Wednesday after U.S. inventory data showed a much larger than expected rise in U.S. crude stockpiles.

U.S. commercial crude stockpiles rose by 6.5 million barrels in the week to Oct. 12, the U.S. Energy Information Administration reported. A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, EIA said.

Brent crude was down $1.77, or 2.2 percent, at $79.64 a barrel by 10:41 a.m. ET (1441 GMT), after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low last week as equity markets dropped, is trading around $6 below a four-year high of $86.74 reached on Oct. 3.


Company: cnbc, Activity: cnbc, Date: 2018-10-17
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Gold inches down as greenback firms against the yuan

Gold inched down on Tuesday from a two-week high hit in the previous session, as the dollar firmed against yuan, making the precious metal expensive for buyers in the world’s biggest consumer China. China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday, sparking a demand for dollars. Spot gold fell 0.2 percent to $1,209.04 an ounce at 0358 GMT, after hitting its highest since Aug. 13 at $1,212.38 on Monday. U.S. gold futures were down 0.1 per


Gold inched down on Tuesday from a two-week high hit in the previous session, as the dollar firmed against yuan, making the precious metal expensive for buyers in the world’s biggest consumer China. China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday, sparking a demand for dollars. Spot gold fell 0.2 percent to $1,209.04 an ounce at 0358 GMT, after hitting its highest since Aug. 13 at $1,212.38 on Monday. U.S. gold futures were down 0.1 per
Gold inches down as greenback firms against the yuan Cached Page below :
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Gold inches down as greenback firms against the yuan

Gold inched down on Tuesday from a two-week high hit in the previous session, as the dollar firmed against yuan, making the precious metal expensive for buyers in the world’s biggest consumer China.

China’s central bank raised its daily guidance rate for the yuan by the most in nearly 15 months on Tuesday, sparking a demand for dollars.

Spot gold fell 0.2 percent to $1,209.04 an ounce at 0358 GMT, after hitting its highest since Aug. 13 at $1,212.38 on Monday.

U.S. gold futures were down 0.1 percent at $1,215.40 an ounce.

“The downtrend on the dollar has reversed, with markets probably concerned over the (currency) fixing in China. The market is still a little bit nervous overall when it comes to buying into the weaker U.S. dollar narrative,” said Stephen Innes, Asia-Pacific trading head at OANDA in Singapore.

The dollar index inched up 0.1 percent against a basket of six major currencies on Tuesday, after falling to a more than three-week low.

Gold has lost its appeal as a safe-haven asset, having fallen over 7 percent so far this year, amid international trade disputes and the Turkish currency crisis, with investors increasingly turning to the U.S. dollar instead.

The yellow metal, however, has recovered after touching 1-1/2-year lows on Aug. 16 at $1,159.60 as the dollar’s run slowed after President Donald Trump criticized the U.S. Federal Reserve for raising interest rates at a time when the government was trying to stimulate the economy.

“We need a complete flip around momentum in the U.S. dollar for gold to push above $1,230 and move to $1,260. Unless the Fed takes the December rate hike off the table, gold does not have a chance to get near any of those supportive levels,” Innes said.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

Spot gold may rise to $1,224 an ounce, as it has broken a resistance at $1,209 per ounce, according to Reuters technical analyst Wang Tao.

Spot silver was down 0.3 percent at $14.81, after hitting its highest since Aug. 15 at $14.92 on Monday.

Platinum was up 0.4 percent at $802.74, after touching a two-week high at $807.60.

Palladium fell 0.1 percent to $947.75. At $950.25, prices matched 1-1/2-month highs hit on Monday.


Company: cnbc, Activity: cnbc, Date: 2018-08-28
Keywords: news, cnbc, companies, yuan, 01, firms, dollar, touching, twoweek, greenback, ounce, gold, aug, inches, rate, rates


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Dollar remains on defensive as US-China trade talks are in focus

The single currency then rebounded as the United States and China agreed to hold low-level trade talks, calming market nerves and reducing demand for the safe-haven dollar. The U.S.-China trade talks are expected to begin later on Wednesday in Washington. “Market expectations may have exceeded the likely outcome from the trade talks, especially equities, which have gained significantly,” Ishikawa at IG Securities said. In focus was how the euro would react to the U.S.-China trade talks. The poun


The single currency then rebounded as the United States and China agreed to hold low-level trade talks, calming market nerves and reducing demand for the safe-haven dollar. The U.S.-China trade talks are expected to begin later on Wednesday in Washington. “Market expectations may have exceeded the likely outcome from the trade talks, especially equities, which have gained significantly,” Ishikawa at IG Securities said. In focus was how the euro would react to the U.S.-China trade talks. The poun
Dollar remains on defensive as US-China trade talks are in focus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-22
Keywords: news, cnbc, companies, overnight, uschina, turkeys, focus, twoweek, euro, remains, policy, talks, high, defensive, dollar, trade


Dollar remains on defensive as US-China trade talks are in focus

The dollar remained on the defensive on Wednesday, as U.S. President Donald Trump’s comments on monetary policy continued to weigh on the greenback and as the markets awaited U.S.-China trade talks and Federal Reserve minutes for directional cues.

Noticeable gainers against the dollar included the euro, which rose roughly 0.8 percent overnight, brushing a 12-day peak of $1.1601. In Asian trade, it was up 0.05 percent at $1.1577 from its New York close.

The dollar index against a basket of six major currencies was down 0.1 percent at 95.186 after losing 0.7 percent the previous day. It fell to 95.070 on Tuesday, its lowest since Aug. 9.

Trump told Reuters in an interview on Monday that he was “not thrilled” at the Fed’s rate hikes, sparking the dollar’s latest downturn.

Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo, said the euro “was already regrouping from its recent rout and Trump’s comments gave extra incentive for short positions to be covered in the market.”

A week ago, the euro had stooped to a 13-1/2 month low of $1.1301, hit by concerns that Turkey’s financial turmoil -exemplified by the lira’s plunge to a record low – could hurt European banks.

The single currency then rebounded as the United States and China agreed to hold low-level trade talks, calming market nerves and reducing demand for the safe-haven dollar. A pullback by Turkey’s lira from all-time lows has also brought relief.

The U.S.-China trade talks are expected to begin later on Wednesday in Washington.

“Market expectations may have exceeded the likely outcome from the trade talks, especially equities, which have gained significantly,” Ishikawa at IG Securities said. “The talks could end with little fanfare as they will not be conducted at a high level.”

The benchmark S&P 500 touched a record high on Tuesday and equaled its longest-ever bull-market run, buoyed by strong earnings reports in the consumer sector and relative calm in the U.S.-China trade dispute.

In focus was how the euro would react to the U.S.-China trade talks.

“The euro has recovered above the $1.15 threshold, and it could serve as a gauge of global risk sentiment going forward,” said Makoto Noji, chief currency strategist at SMBC Nikko Securities.

The market was also awaiting minutes of the Fed’s July 31-Aug. 1 policy meeting, due at 1800 GMT. Investors will study them to see whether policymakers discussed issues such as trade policy and the shape of the U.S. yield curve, which has come close to inverting.

The pound was steady at $1.2903 and in close reach of the two-week high of $1.2924 scaled the previous day.

Sterling surged 0.8 percent on Tuesday after Britain’s chief Brexit negotiator, Dominic Raab, said the country is still confident it can reach an exit deal with the European Union in October.

The Australian dollar dipped 0.25 percent to $0.7350 after advancing 0.4 percent overnight on the back of the dollar’s broad weakness.

The dollar was effectively flat at 110.30 yen. It had weakened to 109.775 overnight, its lowest since late June.

The New Zealand dollar climbed to a two-week peak of $0.6772 after strong domestic second quarter retail sales data suggested the gross domestic product would overshoot the central bank’s forecast.

Onshore Chinese yuan was a touch stronger at 6.842 per dollar and headed for its fifth straight session of gains.


Company: cnbc, Activity: cnbc, Date: 2018-08-22
Keywords: news, cnbc, companies, overnight, uschina, turkeys, focus, twoweek, euro, remains, policy, talks, high, defensive, dollar, trade


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