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Showing posts from September, 2019

Politics: House Democrats subpoena Trump lawyer Rudy Giuliani in impeachment probe

Jacob Pramuk 4-5 minutes - Source: CNBC (FILES) In this file photo Lawyer of the US president Rudy Giuliani looks on before the US president announces his Supreme Court nominee in the East Room of the White House on July 9, 2018 in Washington, DC. Saul Loeb | AFP | Getty Images The House Intelligence Committee has subpoenaed President Donald Trump’s personal attorney Rudy Giuliani for documents as part of its impeachment inquiry into the president. In a letter to Giuliani dated Monday , the heads of three House committees asked for information related to the president and his lawyer’s efforts to get Ukraine’s government to investigate the Biden family. Three Democratic-led panels — the Intelligence, Oversight and Foreign Affairs committees — are demanding that Giuliani produce all text messages, phone records and other communications related to the “scheme” he is accused of perpetrating “in order to determine the full exte

EU - FX | Currencies: Euro drops to 28 month low on growth concerns

3-4 minutes - Source: CNBC A customer pays with cash at a Best Buy store in Texas, United States, on November 26, 2010. Aaron M. Sprecher | Bloomberg | Getty Images The euro fell to its lowest in two-and-a-half years against the U.S. dollar on Monday as concerns about euro zone growth weighed on the single currency, while the greenback benefited from seasonal demand and uncertainty arising from the U . S . -China trade war. German annual inflation unexpectedly slowed for the third consecutive month in September, data showed on Monday. The German CPI print this morning was a little bit on the disappointing side, said Bipan Rai, North American head of FX strategy at CIBC Capital Markets in Toronto. Germany’s leading economic institutes have also revised down their growth forecast for Europe’s biggest economy for this year, two sources with knowledge of their decision told Reuters on Monday. The revisions, which feed into the governmen

Bonds | Treasury Yields Report: Treasury yields little changed amid renewed US-China trade tensions

Thomas Franck 2-3 minutes - Source: CNBC U.S. government debt held steady on Monday as investors monitored U.S. trade tensions with China and an impeachment inquiry into President Donald Trump. The yield on the benchmark 10-year Treasury note , which moves inversely to price, was just higher at 1.673%. The yield on the 30-year Treasury bond was up at 2.11%. Traders are monitoring news that the White House is looking at limiting U.S. investment in China – a move that could hurt their trade negotiations. Multiple news outlets, including CNBC, on Friday reported that the White House is in the early stages of weighing . Such measures could include a block of all American investment in the country, a person familiar with the talks told CNBC. White House trade advisor Peter Navarro told CNBC on Monday that such reports were “fake news” and scolded Bloomberg News, which first reported that the investment limitations were under conside

Enforcement Action Release | SEC filed charges in Federal Court in Denver against and individual and six companies: Mark Ray, et al. (Release No. LR-24627; Sep. 30, 2019)

4-5 minutes - Source: SEC Litigation Release No. 24627 / September 30, 2019 Securities and Exchange Commission v. Mark Ray, et al., No. 1:19- cv -2789 (D. Colo .), filed September 30, 2019. The Securities and Exchange Commission today filed charges in federal court in Denver against an individual and six companies he controls for perpetrating a multimillion-dollar fraudulent "cattle-flipping" investment scheme. The SEC also charged two individuals for aiding and abetting their scheme. The Commission's complaint alleges that Mark Ray, a Denver resident, was the mastermind of the scheme, which promised investors extremely high rates of return on investment contracts and promissory notes. These investments were for the purported purchase and immediate resale of large numbers of cattle. The complaint alleges that Ray similarly solicited investments in his state-licensed mari

Energy | Oil | Oil Price Report: Oil down on trade war jitters and Chinese data

3-4 minutes - Source: CNBC The oil tanker ‘Devon’ prepares to transfer crude oil from Kharg Island oil terminal to India in the Persian Gulf, Iran, on March 23, 2018. Ali Mohammadi | Bloomberg | Getty Images Oil slipped on Monday as China’s economic outlook remained weak even as manufacturing data improved, with the continuing trade war with the United States weighing on demand growth for the world’s largest crude importer. Brent crude futures were down $1.08, or 1.7%, at $60.83 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell by $1.13, or 2%, to $54.78. China’s official Purchasing Managers’ Index (PMI) rose to 49.8 in September, slightly better than expected and advancing from 49.5 in August. However, it remained below the 50-point mark that separates expansion from contraction on a monthly basis, data from the National Bureau of Statistics showed. China warned on Monday of instability in international markets fr

Futures & Commodities | Gold | Gold Price Report: Platinum, gold slide as dollar soars; palladium eases off record

3-4 minutes - Source: CNBC A worker holds a gold bullion on January 13, 2015 at Istanbul Gold Refinery in Istanbul, Turkey. Ozan Kose | AFP | Getty Images Platinum plunged more than 5% and gold shed 2% on Monday, leading a sharp decline across precious metals driven by a soaring dollar, with deficit -hit palladium too giving up some gains from a record rally that saw it breach $1,700. Silver slid more than 3% to its lowest in more than a month. Spot palladium eased 0.8% to $1,668.33 an ounce, having earlier touched a record high of $1,700.71. The metal has risen more than 9% this month. “There is strong fabrication demand but a good part of this is speculative demand from investors who expect prices to rise and also people who are getting out of gold, silver and platinum because those prices are falling, some of them are shifting into palladium,” said Jeffrey Christian, managing partner of CPM Group. “There’s a lot of concern that

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Apple, Bed Bath & Beyond, Blackstone & more

Fred Imbert 2-3 minutes - Source: CNBC Check out the companies making headlines before the bell Monday: Apple — An analyst at J.P. Morgan raised his price target on Apple to $265 per share from $243 , implying a 21% gain from Friday’s close of $218.82. The analyst anticipates stronger iPhone sales and expects “investor sentiment on AAPL shares to improve materially given the firm’s ability to drive upward revision to volume expectations.” Bed Bath & Beyond — Bed Bath & Beyond shares climbed more than 4% after an analyst at Wedbush upgraded the retailer to “outperform” from “neutral.” The analyst says he sees a “good chance of stabilization” in the company’s earnings over the next two years. AB InBev — The beer giant’s Asia unit rose in its Hong Kong debut overnight, gaining more than 4%. Budweiser APAC CEO Jan Craps said : “We are focused on growth, growth is what we set out to do ... Asia, of course, is the largest beer m

Market News: What to Expect in the Markets This Week

By Caleb Silver 4-5 minutes - Source: Investopedia What to Expect This Week: The third quarter of 2019 comes to a close on Monday (where did the year go?). Earnings season will kick off in a couple of weeks, except for a few companies that report off-cycle, such as Pepsi ( PEP ), Constellation Brands ( STZ ), and Bed Bath and Beyond ( BBY ), which all report next week. They all have their fingers on the pulse of the global consumer, so their forecasts will be important to listen to. The theme of the second quarter earnings was the impact of the trade war and global uncertainty balanced by the strength of the U.S. consumer . We'll see if that narrative holds up, and more importantly, if companies are taking down forecasts going into the final quarter of the year. Late Sunday, a reading of private manufacturing in China came in better than expected. The Caixin/Markit Purchasing Managers Index posted its best reading in 19 m

Consumer Spending

1 minute - Source: BEA August 2019: 0.1 percent July 2019: 0.5 percent June 2019: 0.3 percent May 2019: 0.4 percent Consumer spending, or personal consumption expenditures (PCE), is the value of the goods and services purchased by, or on the behalf of, U.S. residents . At the national level, BEA publishes annual, quarterly, and monthly estimates of consumer spending. Current Release Release Information Current Release:  September 27, 2019 Next Release:  October 31, 2019

US Politics: U.S. House impeachment inquiry to intensify; Trump remains defiant

David Morgan 4-5 minutes - Source: Reuters WASHINGTON (Reuters) - The House of Representatives impeachment inquiry into President Donald Trump over his request that a foreign power investigate a domestic political rival is set to intensify this week with testimony due from witnesses concerning allegations made by a whistleblower within the U.S. intelligence community. FILE PHOTO: U.S. President Donald Trump spaeks to reporters after arriving aboard Air Force One at Joint Base Andrews, Maryland, U.S. September 26, 2019. REUTERS/Jonathan Ernst/File Photo The whistleblower’s complaint cited a July 25 telephone call in which Trump asked Ukrainian President Volodymyr Zelenskiy to investigate Joe Biden, one of the leading Democratic candidates seeking to challenge him in 2020, and his son Hunter, who sat on the board of a Ukrainian gas company. Democrats have accused Trump of pressuring a vulnerable U.S. ally to get dirt on a pol

U.S.Market | Futures Indicator: US futures point to a higher open on Wall Street

Elliot Smith 2 minutes - Source: CNBC U.S. stock index futures were trading higher on Monday morning. At around 4:00 a.m. ET, Dow futures climbed 88 points, indicating a positive open of almost 90 points. Futures on the S&P 500 and Nasdaq were also slightly higher. Wall Street ended lower last week on reports that the White House is considering limiting U.S. investment into China , including a possible delisting of Chinese companies from U.S. stock exchanges, in a further aggravation of the ongoing trade dispute between the world’s two largest economies. Chinese state media called the potential restrictions “the latest attempt at decoupling” and warned of “significant repercussions for the Chinese and U.S. economies , as well as their companies, in the future.” U.S. and China trade delegations are due to meet on October 10, CNBC has reported, citing three sources. U.S. House Intelligence Committee Chairman Adam Schiff said on Sunday t

World Politics: Australia's relationship with China in a 'terrible' state after Morrison's US visit, Labor says

Sarah Martin 5-7 minutes - Source: The Guardian Labor’s shadow defence minister, Richard Marles, says Australia’s relationship with China is in a “terrible” state following Scott Morrison’s visit to the United States. Speaking fresh from a visit to Beijing, Marles said that Morrison’s “megaphone diplomacy” alongside Donald Trump about China’s status as a developing country had inflamed tensions. “What we saw this week was the prime minister in the United States in the context of there being trade tensions between the US and China, and from there, taking pot shots against our largest trading partner,” Marles said. “The context in which he has engaged in this megaphone diplomacy is absolutely the issue, and it’s not the way in which this issue should be dealt with in a respectful way.” Following calls from Morrison and Trump for China’s status to be upgraded from a developing country, as defined under World Trade Organisation r

Politics: Democrats count on Schiff to deliver focused impeachment inquiry of Trump

Rachael Bade 10-12 minutes - Source: The Washington Post The confrontation served as a reminder of how the Democrats, through years of speeches, lawsuits and subpoenas — even after taking the House majority this year — have thus far failed to figure out how to hold a norm-busting president and his lieutenants in check. It also laid the groundwork for a critical shift in the Democrats’ strategy that has emerged in recent days in the wake of the revelation about Trump’s interactions with Ukraine’s president and Trump’s alleged abuse of power in asking a foreign government to provide dirt on a political rival. The confluence of two otherwise coincidental events — the embarrassing Lewandowski hearing followed in quick succession by the explosion of the Ukraine story — handed Pelosi an opening to sideline Judiciary Committee Chairman Jerrold Nadler (D-N . Y.) in favor of the more widely trusted head of the Intelligence Committee, Rep. Adam B. Schiff (Calif.), a

Keiser Report Video: Keiser Report 1442

Gerald Celente Video: Markets Will Crash, Should Impeachment Tensions Sharply Spike

EU - FX | Currencies: Euro pinned at more than two-year lows; sterling drops

3 minutes - Source: CNBC A cashier, left, returns cash to a customer at a Vineyard Vines store in Illinois, the United States, on  November 23, 2017. Daniel Acker | Bloomberg | Getty Images The euro held at its lowest level in more than two years on Friday as quarter-end rebalancing flows boosted demand for the dollar, with investors unfazed by the latest political news out of the United States. The euro fell 0.1% lower to $1.0904, its lowest level since May 2017. Against a basket of its rivals, the greenback pushed 0.1% higher to 99.27, its highest level in more than three weeks. “Some corporate demand in the last few days seems to be boosting the dollar but our models show there should be net selling later in the day due to  rebalancing flows,” said Manuel Oliveri, a currency strategist at Credit Agricole in London. Sterling was the other big loser in early London trading after Bank of England policymaker Michae

Bonds | Treasury Yields Report: Treasury yields rise as impeachment and trade remain in focus

Elliot Smith 2-3 minutes - Source: CNBC U.S. government debt prices  fell on Friday, sending yields higher, with investors monitoring an ongoing impeachment inquiry against President Donald Trump while looking ahead to a resumption of trade talks between the U.S. and China on October 10. TICKER COMPANY YIELD CHANGE %CHANGE US 3-MO U.S. 3 Month Treasury 1.805 -0.023 0.00 US 1-YR U.S. 1 Year Treasury 1.771 -0.01 0.00 US 2-YR U.S. 2 Year Treasury 1.638 -0.016 0.00 US 5-YR U.S. 5 Year Treasury 1.565 -0.008 0.00 US 10-YR U.S. 10 Year Treasury 1.687 0.002 0.00 US 30-YR U.S. 30 Year Treasury 2.131 0.003 0.00 At around 7:25 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at 1.7026%. The yield on the 30-year Treasury bond was up at 2.1538%. A whistleblower report released on Thursday alleged that President Trump not only abused his office in encouraging Ukrainian interference

Energy | Oil | Oil Price Report: Oil falls after Iran claims US offered to remove sanctions, Trump denies

Yun Li 3 minutes - Source: CNBC Iranian President Hassan Rouhani makes a speech during a ceremony in Tehran, Iran on January 10, 2019. Anadolu Agency | Anadolu Agency | Getty Images Oil slid after Iranian President Hassan Rouhani claimed Friday that the U.S. offered to remove all sanctions on Iran in exchange for negotiations. President Donald Trump and the State Department later denied those claims, causing oil to rebound from the lows. WTI crude futures were last down by 0.9% to $55.91 after falling as low as $54.79. Brent crude futures dropped 1.4% to $61.89. “The German chancellor, the prime minister of England (Britain) and the president of France were in New York and all insisted that this meeting take place. And America says that it will lift the sanctions,” Rouhani said on his official website, according to Reuters. “It was up for debate what sanctions will be lifted and they (the United States) had said clearly

Futures $ Commodities | Gold | Gold Price Report: Gold set for weekly loss as US data, dollar weigh

3-4 minutes - Source CNBC Canadian maple leafs sit on the faces of one ounce gold coins in London, the United Kingdom, on July 15, 2014. Chris Ratcliffe | Bloomberg | Getty Images Gold prices fell on Friday and was on track for its third weekly fall for the month, restrained as a slew of U.S. economic data beat expectations and the dollar held near multi-week highs against major currencies. Spot gold  fell 0.4% to $1,499.22 per ounce at 0744 GMT, declining 1% for the week after a near 2% gain last week. U.S. gold futures  were down 0.6% lower at $1,506.01 per ounce. “A bunch of U.S. economic data came way above the forecasts, like the new home sales data and that along with a strong dollar is weighing on gold right now,” said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. The National Association of Realtors’ pending home sales index rose 1.6% to a reading of 107.3 for A

DealBook: SoftBank Bet Big on Disruptive Companies. Many Have Not Paid Off.

By Peter Eavis and Michael J. de la Merced 9-11 minutes - Source: NYT Image Masayoshi Son’s early bet on the Chinese technology giant Alibaba made him rich and cemented his reputation as a farsighted investor . CreditCreditRyan Pfluger/August Sept. 26, 2019 Updated 4:31 p.m. ET Anyone who has taken an Uber, sent a Slack message or enjoyed a free beer at a WeWork owes a little something to Masayoshi Son. Through his Japanese conglomerate SoftBank and a $100 billion investment fund, Mr. Son plowed huge sums into these and other companies that aim to change how people work, travel and live. His investments enabled the young companies to throw caution to the wind and run up big losses as they expanded at a breakneck pace in recent years. Even in the start-up world, where idealism is abundant and losses are a badge of honor, Mr. Son’s approach and ambition stood out. His early bet on the Chinese technology giant Alibaba ea