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Showing posts from March, 2019

Week Ahead (April 1 to April 5, 2019) | Key data could end or defend recession fears as stocks notch best quarter in a decade

Patti Domm 7-9 minutes Pedestrians walk past the New York Stock Exchange before the closing bell in New York. Bryan R. Smith | AFP | Getty Images Stocks head into the second quarter propelled by the best quarter in nearly a decade as the long tepid IPO market starts to simmer again. But the markets also face a reality check in the week ahead with some key data that could help clarify whether the economy is losing steam or just stumbling through a soft patch. The key release is Friday’s March jobs report, with economists expecting 170,000 new nonfarm payrolls, after February’s deeply disappointing 20,000 jobs, according to Refinitiv. There is also important manufacturing data from China over the weekend and the U.S. on Monday. Lyft Inc’s big IPO Friday on the back of Levi Strauss the week earlier has boosted some optimism for a year of new offerings that some analysts say could rival or surpass the more than $100 billion record of ne

Breaking News | Kellogg nears deal to sell Keebler and Famous Amos business to Nutella owner Ferrero

Lauren Hirsch 3 minutes A box of Kellogg's Famous Amos brand cookies is arranged for a photograph in Tiskilwa, Illinois. Daniel Acker | Bloomberg | Getty Images Kellogg is nearing a deal to sell its Keebler, Famous Amos and fruit snacks businesses to Nutella-owner Ferrero for between $1 billion and $1.5 billion, people familiar with the situation tell CNBC. An announcement could come as soon as Monday, the people said, requesting anonymity because the information is confidential. The deal is the latest in a string of acquisitions for Ferrero. The company, founded in Italy as a family business in 1946, has been on an acquisition spree over the past two years to build its presence in the U.S. Other deals include its purchase of of Nestle's U.S. candy business for $2.8 billion and Ferrara Candy Company for $1 billion. Ferrero beat out lead contender Hostess Brands for the Kellogg cookie assets, the people said. The owner of Twinkies and Ho-Hos had been look

World News | Erdogan faces test to keep cities as Turkey votes

Read more: Recep Tayyip Erdogan faces test in Turkey's local elections How many are taking part? Voting was underway at 200,000 polling stations to elect: Mayors for 30 large cities, 51 provincial capitals and 922 districts, and Tens of thousands of neighborhood or village administrators. More than 57 million voters are eligible to cast ballots. Read more:  Turkish court dismisses case against DW contributor Pelin Unker City control: Following a 2017 referendum which transferred central political powers to the presidency, control of Turkey's main cities is effectively the only center of power outside direct presidential command. Referendum on Erdogan's rule: The Turkish capital, Ankara, and Erdogan's home city, Istanbul, are symbolically very important. Opinion polls have suggested Erdogan could lose control of both. "Whoever wins Istanbul, wins Turkey," said Erdogan, whose political career began when he became the city's mayor in 1994.

World News | Israel reopens Gaza crossings after rocket strike

2-3 minutes Israel has reopened its two crossings with the Gaza Strip after closing them for nearly a week. They were closed after militants fired a rare long-distance rocket from the Palestinian enclave. Israel on Sunday reopened the Erez and Kerem Shalom crossings with the Gaza Strip after keeping them closed since a rocket fired by Palestinian militants hit a home near Tel Aviv six days earlier. The strike wounded seven Israelis and led to a serious flare-up in violence during which Israel carried out several retaliatory attacks in the Gaza Strip on targets associated with Hamas, the Islamist group that controls the Palestinian enclave. The reopening of the crossings came just hours after more rockets were launched from the Gaza Strip into Israel overnight. Israeli tanks fired at Hamas military posts in response. No casualties were reported on either side. Read more:   Trump's Golan recognition: A dangerous precedent? Protests anniversary A day earlier, four Pa

Gerald Celente Video | White House Follows Celente's Trend Alert on Next Fed Move - Originally published on March 29, 2019.

FX | Currencies | Weak US economic data and risk-on move threaten to end three-day dollar rally

Weizhen Tan 3 minutes An employee of a bank counts US dollar notes. Kham | Reuters The dollar index on Friday was flat as investor appetite for risk hurt safe-haven currencies and after U.S. inflation data came in weaker than expected, adding to the conviction that the country’s economy is losing momentum. With many currencies on the defensive, the dollar had this week weathered a decline in benchmark Treasury yields to a 15-month low. But the buck was pulled lower on Friday morning by the twin forces of weak data and a global risk-on move. U.S. consumer spending rebounded less than expected in January amid muted price pressures, as measured by the Personal Consumption Expenditure index (PCE), the Federal Reserve’s preferred measure of inflation, according to the Commerce Department, which also reported that incomes rose modestly in February. Consumer spending accounts for more than two-thirds of American economic activity. With growt

Bond Yields Report on March 29, 2019 | US Treasury yields higher following weeklong decline

Silvia Amaro 2 minutes U.S. government debt yields  rose on Friday as traders monitor US-China trade talks. At around 1:26 a.m. ET, the yield on the benchmark 10-year Treasury note , which moves inversely to price, was higher at around 2.414 percent, while the yield on the 30-year Treasury bond was also higher at 2.82 percent. The yield on the 3-month Treasury bill held at 2.408 percent. The U.S. and China resumed their trade talks this week – seen as a positive sign for many investors, as they believe that a deal could be imminent. “The talks will conclude. They have to,” Max Baucus, former U.S. ambassador to China, told CNBC’s Martin Soong at the Boao Forum for Asia. U.S. Markets Overview: Treasurys chart TICKER COMPANY YIELD CHANGE %CHANGE US 3-MO U.S. 3 Month Treasury 2.405 -0.032 0.00 US 1-YR U.S. 1 Year Treasury 2.403 0.007 0.00 US 2-YR U.S. 2 Year Treasury 2.264 0.034 0.00 US 5-YR U.S. 5 Year Treasury 2.233 0.03 0.00 US 10-Y

Wall Street Closing Report on March 29, 2019 | S&P 500 notches best start to a year since 1998, Dow rises more than 200 points on trade optimism

Fred Imbert 5-7 minutes Stocks rose on Friday amid renewed optimism on the progress of trade talks between Washington and Beijing as Wall Street concluded a stellar quarter. The Dow Jones Industrial Average traded 200 points higher as Boeing, UnitedHealth and Caterpillar outperformed. The S&P 500 advanced 0.7 percent, led by the industrials and health care sectors. The Nasdaq Composite also climbed 0.8 percent. CarMax was the best-performing stock in the S&P 500, rallying 10.2 percent on strong earnings. Sentiment was also lifted by Lyft, as the ride-sharing company surged more than 12 percent in its first day of trading. U.S. officials said China had made proposals on a range of issues that go further than it has before — including on forced technology transfer. Treasury Secretary Steven Mnuchin also said on Friday he had a “productive working dinner” with Chinese trade officials the previous night in Beijing, as both sides restar

Crude Oil Price Report | Oil set for biggest quarterly rise since 2009 amid OPEC cuts, US sanctions

Tom DiChristopher 3-4 minutes A worker walks through an oil production facility owned by Parsley Energy in the Permian Basin near Midland, Texas, August 23, 2018. Nick Oxford | Reuters  Oil prices rose on Friday amid the ongoing OPEC -led supply cuts and U.S. sanctions against Iran and Venezuela , putting crude markets on track for their biggest quarterly rise since 2009. The rebound comes after a swift and punishing collapse in oil prices during the final quarter of 2018. U.S. West Texas Intermediate  crude futures were up 79 cents, or 1.3 percent, at $60.09 per barrel around 12:40 p.m. ET (1640 GMT). WTI earlier touched $60.73, its highest level since Nov. 12. WTI futures were set to rise for a fourth straight week and were on track to rise 32 percent in the first three months of the year. International benchmark  Brent crude futures rose 57 cents to $68.39 per barrel, after hitting a 2019 high at $68.89. Brent futures were set

Metals Price Report | Gold faces worst month since August; palladium eyes biggest weekly dip in 3 years

Jeff Daniels 3 minutes Gold steadied on Friday, on track for its biggest monthly fall since August as a stronger dollar and equities pressured the market, while palladium pared sharp losses from the previous three sessions. Palladium was on track to end the quarter about 9 percent higher, having surged to an all-time high last week on a sustained supply crunch. Bullion was also set for its second straight quarterly rise, helped mainly by a dovish U.S. Federal Reserve and concerns about the global economy. Spot gold rose 0.5 percent to $1,297.36 per ounce. It declined on Thursday by about 1.5 percent, the most in more than seven months and breaking below key support around $1,300. Gold was also headed for a second consecutive monthly fall, losing about 1.5 percent. U.S. gold futures were up 0.6 percent on the day, at $1,302.60 an ounce. “We may have had some physical buyers coming in the market. The price fall was fairly steep and when pr

Europe Markets Closing Report | Europe stocks close higher after Brexit deal is rejected again

Ryan Browne 2-3 minutes European shares closed off session highs higher on Friday after British Prime Minister Theresa May lost another crucial Brexit vote in the U.K. Parliament. European Markets: FTSE, GDAXI, FCHI, IBEX TICKER COMPANY NAME PRICE CHANGE %CHANGE VOLUME FTSE FTSE 100 FTSE 7279.19 44.86 0.62 818877947 DAX DAX DAX 11526.04 97.88 0.86 92088054 CAC CAC CAC 5350.53 53.99 1.02 81491309 The pan-European Stoxx 600 index closed provisionally 0.56 percent higher on the last trading session of the month. For the week, the index of European blue chip stocks finished 0.78 percent higher. May’s draft proposal to leave the EU, which has been signed off by EU officials in Brussels, was beaten by 344 votes to 286, a margin of 58 votes . Friday’s vote was considered slightly different as it only covered the “withdrawal deal” — a near 600-page treaty that agreed citizen’s rights after Brexit, a £39 billion ($51 billion) divorce deal

Press Release | The Securities and Exchange Commission and the UK Financial Conduct Authority Sign Updated Supervisory Cooperation Arrangements

3-4 minutes The Securities and Exchange Commission and the United Kingdom (UK) Financial Conduct Authority (FCA) have today reaffirmed their commitment to continue close cooperation and information sharing in the event of the UK’s withdrawal from the European Union (EU). As evidence of their long-standing partnership, SEC Chairman Jay Clayton met with FCA CEO Andrew Bailey and signed two updated Memoranda of Understanding (MOUs) to ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders.  At the meeting in London, Chairman Clayton and Andrew Bailey also discussed risks posed by jurisdictional share trading obligations, which could increase market fragmentation and impose unnecessary costs on investors. SEC Chairman Jay Clayton said, “The SEC and the FCA have a long history of effective cooperation on supervisory and other matters.  The

Keiser Report Video | Dead Unicorns ( E1363) - Originally Published on March 28, 2019.

Brexit live updates | Parliament again rejects Theresa May’s Brexit deal on day Britain was supposed to ‘take back control’

By Karla Adam  6-8 minutes Karla Adam London correspondent covering the United Kingdom March 29 at 10:42 AM BREAKING NEWS: March 29 was to be the day Britain left the European Union. Instead, the House of Commons voted against a partial version of the deal negotiated between the British prime minister and the E.U. Britain has until April 12 to propose a new way forward or crash out of the bloc without a deal. This is a developing story and will be updated. LONDON — Happy Brexit Day! Not! Yet? Ever?  Instead, Prime Minister Theresa May will offer a stripped-down version of her twice-defeated Brexit deal to Parliament, in another “last ditch” and “cliff edge” attempt to exit from the European Union. Painful to watch? Totally. So everyone is tuning in. The vote in the House of Commons comes on the day Britain was due to “take back control” and depart the continental trading bloc. Bo

New Home Sales | New-home sales rise in February to 11-month high, but earlier figures are revised lower

Andrea Riquier 4-5 minutes Bloomberg News/Landov Workers install roof trusses on a home under construction. The numbers: New-home sales ran at a seasonally adjusted annual 667,000 pace in February, the Commerce Department said Friday . That was 4.9% higher than January’s rate, but just 0.6% above year-ago levels. What happened: The pace of sales of newly-constructed

Bulletin | Consumer sentiment improves for second straight month

Greg Robb 4 minutes By Senior economics reporter Bloomberg Shoppers carry bags on Market Street in San Francisco

U.S. Net International Investment Position, Fourth Quarter and Year 2018.

12-15 minutes Fourth Quarter 2018 The U.S. net international investment position decreased to −$9,717.1 billion (preliminary) at the end of the fourth quarter of 2018 from −$9,634.8 billion (revised) at the end of the third quarter, according to statistics released by the Bureau of Economic Analysis (BEA). The $82.4 billion decrease reflected a $1,695.4 billion decrease in U.S. assets and a $1,613.0 billion decrease in U.S. liabilities (table 1). The $82.4 billion decrease in the net investment position also reflected net financial transactions of −$199.2 billion and net other changes in position, such as price and exchange-rate changes, of $116.8 billion (table A). The net investment position decreased 0.9 percent in the fourth quarter, compared with a decrease of 8.9 percent in the third quarter and an average quarterly decrease of 4.7 percent from the first qu

Wealth | U.S. government weighs social-media snooping to detect Social...

Mark Miller 7-9 minutes CHICAGO (Reuters) - Getting followed on social media could soon gain a new meaning for workers applying for Social Security disability benefits. The Trump administration is working on a plan to let the Social Security Administration (SSA) check up on claimants on Facebook and Twitter in order to root out fraud and abuse in the disability program. FILE PHOTO: A sign is seen on the entrance to a Social Security office in New York City, U.S., July 16, 2018. REUTERS/Brendan McDermid/File Photo It is the latest move in a push by critics of Social Security Disability Insurance (SSDI) to crack down on alleged fraud and abuse. Conservatives have long argued that cheating is rampant in the program, and in recent years convinced Congress to fund expanded efforts by the SSA on anti-fraud efforts. The idea of social media surveillance is getting a push from the conservative Heritage Foundation. Such monitoring alre