Sterling falls as Brexit talks between the UK’s two main parties collapse

Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn during the State Opening of Parliament on June 21, 2017 in London, United Kingdom. Hopes that the U.K.’s two largest political parties can hash out a Brexit agreement have ended. Six weeks of talks between the most senior lawmakers from the ruling Conservative Party and main opposition Labour party have ended with no deal. Corbyn added that the lack of support behind May and the likelihood that she will soon be replaced


Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn during the State Opening of Parliament on June 21, 2017 in London, United Kingdom. Hopes that the U.K.’s two largest political parties can hash out a Brexit agreement have ended. Six weeks of talks between the most senior lawmakers from the ruling Conservative Party and main opposition Labour party have ended with no deal. Corbyn added that the lack of support behind May and the likelihood that she will soon be replaced
Sterling falls as Brexit talks between the UK’s two main parties collapse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: david reid
Keywords: news, cnbc, companies, parties, collapse, votes, talks, theresa, minister, parliament, uks, falls, main, party, versus, prime, sterling, brexit, labour


Sterling falls as Brexit talks between the UK's two main parties collapse

Prime Minister Theresa May and opposition Labour Party leader Jeremy Corbyn during the State Opening of Parliament on June 21, 2017 in London, United Kingdom.

Hopes that the U.K.’s two largest political parties can hash out a Brexit agreement have ended.

Six weeks of talks between the most senior lawmakers from the ruling Conservative Party and main opposition Labour party have ended with no deal. Labour leader Jeremy Corbyn wrote in a letter to Prime Minister Theresa May on Friday that talks had “gone as far as they can go” and his party will now oppose her Brexit proposal.

Corbyn added that the lack of support behind May and the likelihood that she will soon be replaced as prime minister had undermined talks.

“The increasing weakness and instability of your government means there cannot be confidence in securing whatever might be agreed between us,” he said.

As skepticism grew over a cross-party deal, the pound has embarked on nine straight sessions of losses versus the euro, marking the longest unbroken run of losses this century. Versus the dollar it dipped to $1.2760 on Friday, marking a four-month low. This after almost reaching $1.34 as recently as March.

It is now expected that the U.K. government will put various options, known as indicative votes, to Parliament instead. The last time lawmakers in the lower house of Parliament — the House of Commons — held such a series of votes on Brexit there was no majority preference for any outcome.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: david reid
Keywords: news, cnbc, companies, parties, collapse, votes, talks, theresa, minister, parliament, uks, falls, main, party, versus, prime, sterling, brexit, labour


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Here are the biggest analyst calls of the day: Pinterest, US Steel, Mylan & more

UBS said it sees market share losses in the coming years. “We downgrade US Steel to Sell from Neutral as we estimate near-term capital investment will not reverse market share losses in the coming years. We are reducing our 2019-2021 EBITDA estimates by 31% and raising our capex estimates by 94% on average. We think the investment may only modestly reduce costs, and markets for new products may not be proven. We estimate X is pricing in EBITDA of US$94/st versus our US$82/st estimate and a US$64


UBS said it sees market share losses in the coming years. “We downgrade US Steel to Sell from Neutral as we estimate near-term capital investment will not reverse market share losses in the coming years. We are reducing our 2019-2021 EBITDA estimates by 31% and raising our capex estimates by 94% on average. We think the investment may only modestly reduce costs, and markets for new products may not be proven. We estimate X is pricing in EBITDA of US$94/st versus our US$82/st estimate and a US$64
Here are the biggest analyst calls of the day: Pinterest, US Steel, Mylan & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: michael bloom
Keywords: news, cnbc, companies, lab, losses, day, steel, calls, biggest, estimate, market, analyst, pinterest, versus, ubs, share, producers, mylan, result


Here are the biggest analyst calls of the day: Pinterest, US Steel, Mylan & more

UBS said it sees market share losses in the coming years.

“We downgrade US Steel to Sell from Neutral as we estimate near-term capital investment will not reverse market share losses in the coming years. Geospatial analysis conducted by UBS Evidence Lab shows planned capacity additions will result in 2.6% more domestic market coverage for electric arc furnace (EAF) producers versus 2.5% less for blast furnace (BOF) producers by 2022 (see UBS Evidence Lab inside: Is this the End Game?). We are reducing our 2019-2021 EBITDA estimates by 31% and raising our capex estimates by 94% on average. X is investing significantly in its asset base to remain competitive, but the result is negative free cash flow over three years (2019-2021 UBSe). We think the investment may only modestly reduce costs, and markets for new products may not be proven. We estimate X is pricing in EBITDA of US$94/st versus our US$82/st estimate and a US$64/st five-year average. “


Company: cnbc, Activity: cnbc, Date: 2019-05-08  Authors: michael bloom
Keywords: news, cnbc, companies, lab, losses, day, steel, calls, biggest, estimate, market, analyst, pinterest, versus, ubs, share, producers, mylan, result


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This is the best stock sector to hold during the slow summer months

With April coming to a close, some investors are already starting to trot out the old Wall Street adage “Sell in May and go away.” The idea is that gains are generally worse in the summer months versus the rest of the year. But if history is any guide, it’s probably best not to sell everything. Since 1990, it has been the most consistently positive sector from May through October, according to a CNBC analysis of Kensho, a machine-learning tool used by Wall Street banks and hedge funds to analyze


With April coming to a close, some investors are already starting to trot out the old Wall Street adage “Sell in May and go away.” The idea is that gains are generally worse in the summer months versus the rest of the year. But if history is any guide, it’s probably best not to sell everything. Since 1990, it has been the most consistently positive sector from May through October, according to a CNBC analysis of Kensho, a machine-learning tool used by Wall Street banks and hedge funds to analyze
This is the best stock sector to hold during the slow summer months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: cnbccom staff
Keywords: news, cnbc, companies, versus, sell, worse, stock, trot, wall, street, yearbut, sector, best, used, hold, summer, slow, months


This is the best stock sector to hold during the slow summer months

With April coming to a close, some investors are already starting to trot out the old Wall Street adage “Sell in May and go away.”

The idea is that gains are generally worse in the summer months versus the rest of the year.

But if history is any guide, it’s probably best not to sell everything.

Case in point: consumer staples.

Since 1990, it has been the most consistently positive sector from May through October, according to a CNBC analysis of Kensho, a machine-learning tool used by Wall Street banks and hedge funds to analyze trading scenarios.

Consumer staples have posted an average return of more than 4% and traded higher 79% of the time during the summer months over the past three decades.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: cnbccom staff
Keywords: news, cnbc, companies, versus, sell, worse, stock, trot, wall, street, yearbut, sector, best, used, hold, summer, slow, months


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Tesla misses big on first-quarter earnings as demand fell for its electric cars

Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1. Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year. Its shares, which closed down by about 2 percent Wednesday, were about flat after the markets closed. The company previously warned that first-quarter income wil


Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1. Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year. Its shares, which closed down by about 2 percent Wednesday, were about flat after the markets closed. The company previously warned that first-quarter income wil
Tesla misses big on first-quarter earnings as demand fell for its electric cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: lora kolodny, dawn kopecki, mike blake, james glover ii
Keywords: news, cnbc, companies, versus, fell, share, second, million, cars, reported, firstquarter, big, expected, tesla, loss, lost, quarter, electric, earnings, demand, misses


Tesla misses big on first-quarter earnings as demand fell for its electric cars

Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1.

Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year.

Here’s what Tesla reported, versus what analysts expected based on average estimates compiles by Refinitiv:

Loss per share on an adjusted basis: $2.90 versus 69 cents expected

Revenue: $4.54 billion versus $5.19 billion expected

On an unadjusted basis, Tesla lost $702.1 million, or $4.10 a share during the quarter ended March 31, compared with a loss of $709.6 million, or $4.19 a share during the same period last year.

Its shares, which closed down by about 2 percent Wednesday, were about flat after the markets closed.

The company previously warned that first-quarter income will “be negatively impacted” because of “lower than expected delivery volumes and several pricing adjustments.” Tesla said earlier this month it delivered 63,000 cars during the quarter, well below analysts’ consensus estimates of 76,000.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: lora kolodny, dawn kopecki, mike blake, james glover ii
Keywords: news, cnbc, companies, versus, fell, share, second, million, cars, reported, firstquarter, big, expected, tesla, loss, lost, quarter, electric, earnings, demand, misses


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Tesla misses big on first-quarter earnings as demand fell for its electric cars

Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1. Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year. Its shares, which closed down by about 2 percent Wednesday, were about flat after the markets closed. The company previously warned that first-quarter income wil


Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1. Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year. Its shares, which closed down by about 2 percent Wednesday, were about flat after the markets closed. The company previously warned that first-quarter income wil
Tesla misses big on first-quarter earnings as demand fell for its electric cars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: lora kolodny, dawn kopecki, mike blake, james glover ii
Keywords: news, cnbc, companies, second, shares, electric, tesla, fell, lost, million, demand, big, loss, cars, share, versus, reported, misses, quarter, earnings, firstquarter


Tesla misses big on first-quarter earnings as demand fell for its electric cars

Tesla reported a wider-than-expected loss and less revenue than anticipated during the first quarter as demand for its electric cars waned after the company lost a valuable tax credit for buyers on Jan. 1.

Executives braced investors for another loss in the second quarter before returning to profitability in the second half of the year.

Here’s what Tesla reported, versus what analysts expected based on average estimates compiles by Refinitiv:

Loss per share on an adjusted basis: $2.90 versus 69 cents expected

Revenue: $4.54 billion versus $5.19 billion expected

On an unadjusted basis, Tesla lost $702.1 million, or $4.10 a share during the quarter ended March 31, compared with a loss of $709.6 million, or $4.19 a share during the same period last year.

Its shares, which closed down by about 2 percent Wednesday, were about flat after the markets closed.

The company previously warned that first-quarter income will “be negatively impacted” because of “lower than expected delivery volumes and several pricing adjustments.” That may be one reason shares remained flat after the quarterly update– investors already anticipated some disappointments.

Tesla said earlier this month it delivered 63,000 cars during the quarter, well below analysts’ consensus estimates of 76,000.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: lora kolodny, dawn kopecki, mike blake, james glover ii
Keywords: news, cnbc, companies, second, shares, electric, tesla, fell, lost, million, demand, big, loss, cars, share, versus, reported, misses, quarter, earnings, firstquarter


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Cramer’s lightning round: I’m sticking with this gold stock pick

Align Technology: “Look, they’ve got Danaher … [and] 3M against them and you know what, Align still owns the market. Johnson & Johnson: “I think Johnson & Johnson is the earnings, the fundamentals versus — O.K., listen up — versus talc. Enlink Midstream LLC: “It’s a good midstream, but I gotta tell you something: these stocks are like wasting assets. I no longer recommend any pipeline stocks. I’m trying to save people money and I can’t if I recommend a pipeline stock.”


Align Technology: “Look, they’ve got Danaher … [and] 3M against them and you know what, Align still owns the market. Johnson & Johnson: “I think Johnson & Johnson is the earnings, the fundamentals versus — O.K., listen up — versus talc. Enlink Midstream LLC: “It’s a good midstream, but I gotta tell you something: these stocks are like wasting assets. I no longer recommend any pipeline stocks. I’m trying to save people money and I can’t if I recommend a pipeline stock.”
Cramer’s lightning round: I’m sticking with this gold stock pick Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: tyler clifford
Keywords: news, cnbc, companies, owns, pick, im, recommend, stocks, stock, lightning, versus, tell, pipeline, cramers, gold, oh, sticking, johnson, know, round


Cramer's lightning round: I'm sticking with this gold stock pick

CarGurus Inc.: “Well, I gotta tell you my viewers, including you Scott, are smarter than I am. I like Carmax, but we are going to do a deep dive on Cargurus because of exactly what you just told us. Because you teach us.”

Iamgold Corp.: “Well, you know what, I am not gold. I am Barrick Gold. I like the work of [CEO] Dr. Mark Bristow … That would be the way I go.”

Align Technology: “Look, they’ve got Danaher … [and] 3M against them and you know what, Align still owns the market. I was too negative. Align as got it going.”

Johnson & Johnson: “I think Johnson & Johnson is the earnings, the fundamentals versus — O.K., listen up — versus talc. And I happen to be a believer that JNJ will prevail. Now I know that is a minority view and it’s why JNJ keeps failing at $140, but my charitable trust owns it and we’re sticking with it.”

Electronic Arts: “You know, the gaming stocks they are just a battleground and I don’t want to be in a battleground, it’s too hard.”

Enlink Midstream LLC: “It’s a good midstream, but I gotta tell you something: these stocks are like wasting assets. I no longer recommend any pipeline stocks. I’m trying to save people money and I can’t if I recommend a pipeline stock.”

NextEra Energy Inc.: “Oh, I love a growth utility and that is one of the best. I should be recommending it more. I’m too focused on Dominion [Energy] and AEP. I should put NEE in there.”

Baidu Inc.: “Baidu’s good. Now we know that Baidu has got a very strong track record, but Alibaba is my favorite. Baidu is my second favorite.”

KKR & Co. Inc.: “Oh, I like KKR. C’mon, they’re brilliant guys. I know the distribution’s low right now, but I’m never gonna go against those guys. And yes, I was in favor of Blackstone more than those guys.”

Canopy Growth Corp.: “Canopy? I like Canopy. It just had a big spike. You buy a little and then you let it come down.”


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: tyler clifford
Keywords: news, cnbc, companies, owns, pick, im, recommend, stocks, stock, lightning, versus, tell, pipeline, cramers, gold, oh, sticking, johnson, know, round


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Japan’s big manufacturers’ morale worsens in the first quarter, Bank Of Japan’s tankan survey shows

Business confidence at big Japanese manufacturers worsened in March from three months ago, the Bank of Japan’s closely watched “tankan” survey showed on Monday, underscoring concerns that slumping exports and factory output were taking their toll on Japan’s economy. The headline index for big manufacturers’ sentiment stood at plus 12 in March, versus plus 19 registered three months ago, the quarterly tankan survey showed. It compared with the median estimate of plus 14 in a Reuters poll of econo


Business confidence at big Japanese manufacturers worsened in March from three months ago, the Bank of Japan’s closely watched “tankan” survey showed on Monday, underscoring concerns that slumping exports and factory output were taking their toll on Japan’s economy. The headline index for big manufacturers’ sentiment stood at plus 12 in March, versus plus 19 registered three months ago, the quarterly tankan survey showed. It compared with the median estimate of plus 14 in a Reuters poll of econo
Japan’s big manufacturers’ morale worsens in the first quarter, Bank Of Japan’s tankan survey shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: yuriko nakao
Keywords: news, cnbc, companies, plus, worsens, bank, sentiment, quarter, japans, showed, say, big, months, median, tankan, versus, morale, manufacturers, survey, shows


Japan's big manufacturers' morale worsens in the first quarter, Bank Of Japan's tankan survey shows

Business confidence at big Japanese manufacturers worsened in March from three months ago, the Bank of Japan’s closely watched “tankan” survey showed on Monday, underscoring concerns that slumping exports and factory output were taking their toll on Japan’s economy.

The headline index for big manufacturers’ sentiment stood at plus 12 in March, versus plus 19 registered three months ago, the quarterly tankan survey showed. It compared with the median estimate of plus 14 in a Reuters poll of economists.

The index is expected to fall further to plus 8 over the next three months.

The survey also showed that big firms plan to raise their capital spending by 1.2 percent in the financial year to March 2020, versus analysts’ median estimate of a 0.4 percent decline.

The tankan’s sentiment indexes are derived by subtracting the number of respondents who say conditions are poor from those who say they are good. A positive reading means optimists outnumber pessimists.


Company: cnbc, Activity: cnbc, Date: 2019-04-01  Authors: yuriko nakao
Keywords: news, cnbc, companies, plus, worsens, bank, sentiment, quarter, japans, showed, say, big, months, median, tankan, versus, morale, manufacturers, survey, shows


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RBS beats full-year profit expectations, warns of ‘heightened’ Brexit uncertainty

Royal Bank of Scotland has slightly beaten expectations by reporting a net income of £1.62 billion ($2.07 billion) for 2018 on Friday. Analysts were expecting a net income of £1.58 billion for the full-year, according to Reuters’ Eikon. In terms of quarterly performance, net income stood at £286 million versus £448 million in the third quarter. In the summer last year, the bank proposed its first dividend in 10 years. However, there are significant concerns over Brexit and the future of the U.K.


Royal Bank of Scotland has slightly beaten expectations by reporting a net income of £1.62 billion ($2.07 billion) for 2018 on Friday. Analysts were expecting a net income of £1.58 billion for the full-year, according to Reuters’ Eikon. In terms of quarterly performance, net income stood at £286 million versus £448 million in the third quarter. In the summer last year, the bank proposed its first dividend in 10 years. However, there are significant concerns over Brexit and the future of the U.K.
RBS beats full-year profit expectations, warns of ‘heightened’ Brexit uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: silvia amaro
Keywords: news, cnbc, companies, uk, stood, uncertainty, bank, net, beats, fullyear, heightened, expectations, billion, versus, income, dividend, million, proposed, brexit, profit, rbs, warns


RBS beats full-year profit expectations, warns of 'heightened' Brexit uncertainty

Royal Bank of Scotland has slightly beaten expectations by reporting a net income of £1.62 billion ($2.07 billion) for 2018 on Friday.

Analysts were expecting a net income of £1.58 billion for the full-year, according to Reuters’ Eikon.

In terms of quarterly performance, net income stood at £286 million versus £448 million in the third quarter.

Here are some other highlights for the full-year:

Profit stood at £3.34 billion versus £2.24 billion in 2017

Common Equity Tier 1 ratio of 16.2 percent versus 15.9 percent at the end of 2017

It proposed a full-year ordinary dividend of 3.5 pence per share

The U.K. lender has been at the center of a long legal saga with the DOJ over its selling of toxic mortgages in the U.S. in the run-up to the 2008 financial crisis. The lengthy settlement agreement process had prevented the bank from providing dividends to its shareholders. In the summer last year, the bank proposed its first dividend in 10 years.

RBS’ chief executive Ross McEwan said in a statement: “2018 was a year of strong progress on our strategy – we settled our remaining major legacy issues, paid our first dividend in ten years and delivered another full year bottom line profit.”

However, there are significant concerns over Brexit and the future of the U.K. economy.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: silvia amaro
Keywords: news, cnbc, companies, uk, stood, uncertainty, bank, net, beats, fullyear, heightened, expectations, billion, versus, income, dividend, million, proposed, brexit, profit, rbs, warns


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Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d


The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets. “The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.” Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. The strength in the d
Dollar near six-week highs as trade, growth worries ramp up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


Dollar near six-week highs as trade, growth worries ramp up

The dollar rose against most other currencies on Monday, holding near a six-week high as fresh worries about U.S.-Sino trade tensions and global growth drove appetite for safe-haven assets.

“U.S.-China talks are the big focus for the week and the dollar strength is indicative of the cautious market sentiment right now owing to its safe-haven status,” said Nick Twidale, chief operating officer at Rakuten Securities.

“The Aussie dollar and the euro are at vulnerable levels right now and further dampening in risk sentiment can lead to further downside in these currencies.”

U.S. negotiators will this week press China on longstanding demands that it reform how it treats U.S. companies’ intellectual property in order to seal a trade deal that could prevent tariffs from rising on Chinese imports.

The dollar gained 0.1 percent versus the yen to 109.82. However, traders expect moves in dollar/yen to be small on Monday as Japanese markets remain shut for a public holiday.

The dollar index, a gauge of its value versus six major peers, was marginally higher at 96.64, on track for its eighth straight day of gains.

Trade tensions between the world’s two largest economies have been a major driver of global investor sentiment over the past year. Market confidence took a hit last week when U.S. President Donald Trump said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal.

Trump has vowed to increase U.S. tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent currently if the two sides cannot reach a deal by March 2.

The euro was marginally lower versus the greenback at $1.1322 in early Asian trade while the Aussie was 0.15 percent higher at $0.7099, after a disastrous week in which it lost 2.2 percent.

The strength in the dollar has come despite the Federal Reserve taking a dovish stance at its last policy meeting in January. For now, investors are piling into the safety of the greenback due to fears of a sharp global economic slowdown.

The euro came under pressure as core European government debt yields touched their lowest in over two years. The single currency has lost 2.5 percent so far this month.

Benchmark German yields were just 10 basis points away from zero percent.

The European Commission sharply cut on Thursday its forecasts for euro zone economic growth for this year and next with the bloc’s largest economies expected to be held back by global trade tensions and domestic challenges.

Last month, the International Monetary Fund also downgraded its forecasts for global growth.

Elsewhere, sterling was down 0.1 percent at $1.2935. Traders expect the pound to remain volatile amid heightened political uncertainty over the Brexit process.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: dan kitwood, getty images
Keywords: news, cnbc, companies, trade, highs, sentiment, sixweek, near, global, versus, tensions, chinese, ramp, euro, worries, dollar, growth, yields, week


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Dollar gains as growth worry sparks flight to safety; Aussie weakens

The dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth. “The dollar is being supported by worries over global growth and external factors,” said Sim Moh Siong, currency strategist at Bank of Singapore. “Markets are waiting to see what policy measures can stabilise growth worldwide…until then, it’s hard to see the dollar weakening.” The dollar index, a g


The dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth. “The dollar is being supported by worries over global growth and external factors,” said Sim Moh Siong, currency strategist at Bank of Singapore. “Markets are waiting to see what policy measures can stabilise growth worldwide…until then, it’s hard to see the dollar weakening.” The dollar index, a g
Dollar gains as growth worry sparks flight to safety; Aussie weakens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, safety, policy, index, global, weakens, bank, worry, sparks, growth, aussie, gains, flight, versus, trade, euro, european, dollar


Dollar gains as growth worry sparks flight to safety; Aussie weakens

The dollar held near a two-week high on Friday, as demand for safe-haven assets rose on uncertainties about the path of U.S.-China trade negotiations and broader worries about slowing global growth.

Such concerns were brought to the fore on Thursday after the European Commission sharply cut its forecasts for euro zone economic growth this year and next on expectations the bloc’s largest countries will be held back by global trade tensions and domestic challenges.

Investors’ anxieties about the global economy were also compounded by comments from U.S. President Donald Trump, who said he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal.

“The dollar is being supported by worries over global growth and external factors,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“Markets are waiting to see what policy measures can stabilise growth worldwide…until then, it’s hard to see the dollar weakening.”

The dollar index, a gauge of its value versus six major peers was up by around 0.1 percent at 96.59, sitting just shy of its two-week high.

The index has gained for six straight sessions in a row. This was mainly due to a weaker euro, which has around 58 percent weightage in the index, and came despite the Federal Reserve’s dovish shift on interest rates last week.

The Aussie dollar fell 0.3 percent to $0.7076 in Asian trade as the Reserve Bank of Australia cut its growth forecasts.

The Aussie has shed 2.4 percent of its value so far this week after the central bank signalled a shift from its long-standing tightening bias earlier this week.

But some analysts see limited downside for the Aussie.

“Aussie dollar should find technical support at $0.70 versus the dollar..quite a lot of bad news is priced in already and rising iron-ore prices should also be supportive,” Bank of Singapore’s Sim added.

The euro was marginally lower at $1.1338, on track to post its fifth straight day of losses. The single currency has been stumbling due to weaker-than-expected growth data out of the euro zone and expectations that the European Central Bank will keep monetary policy accommodative this year.

Philip Wee, currency strategist at DBS, thinks it is likely the euro will depreciate below $1.10 this year on Europe’s relatively weaker growth and inflation outlook against that of the United States.

The yen was steady at 109.74. Analysts think Japanese demand for foreign bonds has supported dollar/yen. The greenback gained around 0.8 percent versus the yen over the last week.

Sterling was marginally lower at $1.2950. Traders expect the British pound to remain volatile in the near term due to the uncertainty surrounding Brexit.

The United Kingdom is currently on course to leave the European Union on March 29 without a deal unless British Prime Minister Theresa May can convince the bloc to reopen the divorce agreement she reached in November.

The greenback was 0.1 percent higher versus the Canadian dollar at C$1.3319, on track to post its largest percentage gain since mid-June. Canada is a major producer of commodities, including oil, and the loonie has been under pressure due to falling energy prices.

The Bank of Canada said in January that low oil prices and a weak housing market hurt the economy in the fourth quarter of 2018 and would continue to drag on growth in the first quarter of this year. Traders expect the central bank to keep rates steady at its next policy meeting in March.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: matt cardy, getty images
Keywords: news, cnbc, companies, safety, policy, index, global, weakens, bank, worry, sparks, growth, aussie, gains, flight, versus, trade, euro, european, dollar


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