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☆ China's economy is facing a nightmarish Year of the Dragon
▼ + stars: | 2024-01-30 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

With the Year of the Dragon less than two weeks away, China's economy wobbled again on Monday. Fragile growthIn late 2022, China's Communist Party finally called time on its harsh zero-COVID measures — but the economy hasn't enjoyed the post-lockdown rebound many forecasters had predicted. DeflationFalling prices are another source of China's economic woes. AdvertisementNone of that speaks to a dedication to the free market — so China will likely keep struggling to attract more foreign investment in 2024. The sell-off reflects investor concern about the economy's overall health, as well as Chinese tech companies falling behind their US rivals in the development of AI.

Persons: wobbled, Linda Chan, Evergrande, Liquidators, hasn't, they'll, Li Qiang, John Kerry, Janet Yellen, Elon Musk, Xi Organizations: Hong, Business, China's Communist Party, World Bank, Tesla, Communist Party, Bain, Co, Big Tech, CSI Locations: Hong Kong, Evergrande, Beijing, China, Japan, Shanghai

☆ Dollar steady in cautious start to busy data, Fed week
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on December 15, 2023. The dollar started the week on a steady footing as investors took stock of U.S. economic data ahead of the Federal Reserve policy meeting this week, while escalating geopolitical tensions in the Middle East kept risk sentiment in check. But since then, strong economic data and pushback from central bankers have prompted traders to adjust expectations. Beyond the Fed, investors will also watch for a slew of economic data including a U.S. payrolls report that will help gauge the strength of labor market. Elsewhere, the Australian dollar rose 0.21% to $0.659, while the New Zealand dollar gained 0.18% to$0.610.

Persons: Marc Chandler, Chandler, Jerome Powell, Paul Mackel, Sterling, Joe Biden, bitcoin Organizations: Federal Reserve, Fed, Federal, HSBC, Bank of England, U.S, New Zealand Locations: Buenos Aires, Argentina, U.S, Bannockburn, Jordan, Syrian, Iran, Israel

☆ Analysis: How Orban’s ties to Putin are putting European aid to Ukraine at risk
▼ + stars: | 2024-01-28 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

CNN —From the start of Vladimir Putin’s invasion of Ukraine, Hungary has been the weakest link in the West’s response. That’s why there’s so much attention on a meeting on Monday between the foreign ministers of Hungary and Ukraine. Hungary has frustrated European and US-led efforts to support Ukraine for the best part of two years. But time and again, they have blocked important action to support Ukraine and strengthen the Western alliance,” a German foreign affairs official told CNN. But that is what the vast majority of European officials think we are likely to see in the coming months.

Persons: Vladimir Putin’s, Viktor Orban, Orban, Vladimir Putin, Jens Stoltenberg, Francois Mori, Orban tantrums, Sean Gallup, hasn’t, ”, Putin, John Thys, – Organizations: CNN, EU, Hungarian, Ukraine, NATO, Getty, Russia, Kremlin, Putin Locations: Ukraine, Hungary, Russia, Brussels, Europe, Hungarian, AFP, brinksmanship, Finland, Sweden, Turkish, Hungary’s, Budapest, Moscow, Scandinavia, Balkans

Brian Chaney says he asked for a supervisor during his arrest in Keego Harbor, Michigan, and Police Officer Richard Lindquist told him that another officer present was in charge. The problem: That second officer was not a supervisor or even a member of the Keego Harbor Police Department. Lindquist no longer works for the Keego Harbor police and the AP was unable to reach him. “People hold police in high esteem,” said Robinson, who spent 13 years as a Detroit police officer. “Basically, I think police officers lie because they can,” Feldman said.

Persons: Brian Chaney, Richard Lindquist, Lindquist, he’s, John Fitzgerald, ”, James Craven, Cato, Gallup, ” Craven, that’s, Enrique Tarrio, Breonna Taylor, Chaney, “, “ I’m, ” Lindquist, George Floyd, Fitzgerald, —, Fitzgerald —, Leonard Mungo, David A, Robinson, ” Robinson, Robert Feldman, ” Feldman, Jennifer Farrar, ___ Corey Williams Organizations: DETROIT, Keego Harbor Police Department, Harbor Police, Criminal, D.C, Boys, Police, Supreme, New York State, Associated Press, AP, Keego, University of Massachusetts Amherst, Associated Locations: Detroit, Keego Harbor , Michigan, Chaney's, Washington, Portland , Oregon, Black, Louisville , Kentucky, U.S, Illinois, Colorado, Oregon, Keego Harbor, Minneapolis, New York

☆ Thursday's GDP report expected to show the U.S. economy at a crossroads
▼ + stars: | 2024-01-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

As the Commerce Department's report hits Thursday morning, Wall Street's attention almost immediately will turn to what the signs are for growth going into 2024. The report likely will "represent a sharp deceleration" from the previous period, Bank of America economist Shruti Mishra said in a client note. "Incoming data continue to point to a resilient, but cooling, U.S. economy, led by consumer spending on the back of a tight labor market, higher than expected holiday spending, and moderately strong balance sheets." In addition, the bank expects a slowdown in inventory restocking to shave close to a full percentage point off the headline number. Looking forward, Bank of America forecasts the first quarter of 2024 to show growth of just 1%.

Persons: Shruti Mishra, BofA Organizations: Street, Commerce, Bank of America, Incoming Locations: U.S

☆ Beware these possible earnings blow-ups this reporting season, according to Wolfe Research
▼ + stars: | 2024-01-24 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

With fourth quarter earnings season in full swing, Wolfe Research released a list of potential stocks that are best left alone. The companies fall into the bottom 20% of their sector earnings quality and are likely to underperform in 2024, according to Wolfe. The company's average earnings quality score for the trailing four quarters came in at 5. Its average earnings quality score for the trailing four quarters amounted to 25. The payments platform earned an earnings quality score of 10 and an average score in the trailing four quarters of 30.

Persons: Wolfe, Chris Senyek, Tesla, Elon Musk, Chewy, Goldman Sachs, Trevor Young, Morgan Stanley, BTIG, Oppenheimer, Dominick Gabriele, — CNBC's Michael Bloom Organizations: Wolfe Research, Tesla, Argos Holdings, Barclays, PayPal, Paypal, Mizuho Locations: F2H24

☆ A six-day train strike is the last thing the German economy needs
▼ + stars: | 2024-01-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Germany is bracing for widespread disruption to rail services after train drivers embarked on a record six-day strike Wednesday, which will further strain crucial supply chains and deal a new blow to the sputtering economy. The state-owned rail operator said the action would cause “massive disruptions” to long-distance, regional and city commuter services until Monday. That was a major drag on the economy overall, with gross domestic product falling 0.3% in 2023, likely the weakest performance among Europe’s big countries. The strike represents “a major logistical challenge” for the chemical and pharmaceutical sector, the German Chemicals Industry Association told CNN. Germany’s supply chains are already struggling because of attacks on ships in the Red Sea.

Persons: Joerg Kraemer, “, ”, Anja, GDL, Claus Weselsky, Tesla, Michael Groemling, Chris Stern Organizations: London CNN —, Germany’s, Deutsche Bahn, Freight, Deutsche Bahn’s, German Chemicals Industry Association, CNN, German Association of, Automotive Industry, Tuesday Deutsche Bahn, Cologne Institute, Economic Research Locations: London CNN — Germany, Germany, Germany’s, “, Red, Berlin

U.S. District Judge Colleen McMahon on Friday granted James Cromitie, 58, compassionate release from prison six months after she ordered the release of his three co-defendants, known as the Newburgh Four, for similar reasons. The four men from the small river city 60 miles (97 kilometers) north of New York City were convicted of terrorism charges in 2010. The New York-based judge ordered Cromitie’s sentence to be reduced to time served plus 90 days. Critics have accused federal agents of entrapping a group men who were down on their luck after doing prison time. Political Cartoons View All 253 ImagesIn a scathing ruling, McMahon wrote that the FBI invented the conspiracy and identified the targets.

Persons: Colleen McMahon, James Cromitie, Cromitie, Critics, McMahon, “, ’, Shaheed Hussain, ”, ” Hussain, Hussain, Nauman Hussain, Kerry Lawrence, “ I’m, ” Lawrence, McMahon didn’t Organizations: National Guard, Newburgh, Prosecutors, Air National Guard, Bronx ., FBI, U.S Locations: York, U.S, New York City, New York, Newburgh, Bronx, Albany , New York, Schoharie , New York

☆ As S&P 500 flirts with a new record, three indicators point to a pullback
▼ + stars: | 2024-01-19 | by ( David Keller | ) www.cnbc.com time to read: +4 min

After reaching the 4,700 level in mid-December, the S & P 500 has essentially been rangebound between 4,700 and 4,800. While the S & P 500 has remained rangebound, the NYSE advance-decline line (second panel) has already broken to a new swing low. The next panel shows the percentage of S & P 500 members that are trading above their 50-day moving average. Finally, we have the S & P 500 Bullish Percent Index, which reveals the percentage of S & P 500 members that are currently showing a bullish signal on their point & figure charts. I'd need to see a breakdown below S & P 500 4,450 before I'd begin to really question that thesis.

Persons: We've, I'd, David Keller Organizations: NYSE, Nasdaq, David Keller https

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said. Last month's sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR's chief economist. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.

Persons: Freddie Mac, ”, Lawrence Yun Organizations: ANGELES, The National Association of Realtors, NAR, Federal Reserve, Treasury Locations: U.S

☆ The housing market in 2023 saw its worst year of sales in 29 years
▼ + stars: | 2024-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Read previewThe housing market is coming off its weakest year of home sales since 1995, according to data out Friday from the National Association of Realtors. For the full 12 months, total existing home sales hit 4.09 million units, and sales were lower across all regions in the US year-over-year. Related stories"The latest month's sales look to be the bottom before inevitably turning higher in the new year," NAR economist Lawrence Yun said. AdvertisementTotal existing home sales, year-over-year. "Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun said.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: homeownership

☆ ‘Sick man of Europe?’ Germany says it just needs a coffee
▼ + stars: | 2024-01-19 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Germany’s finance minister has shrugged off suggestions his country has once again become the “sick man” of Europe. Long the engine of growth in Europe, Germany’s economy shrank last year by 0.3%, likely the weakest performance among the region’s big countries. “I know what some of you are thinking: Germany probably is a sick man. Germany is not a sick man… Germany is a tired man after a short night,” Christian Lindner said at the annual World Economic Forum in Davos, Switzerland. The country became known as the “sick man of Europe” in the late 1990s as its economy faltered and unemployment soared.

Persons: It’s, ”, “, ” Christian Lindner, ” Lindner, ” Daniel Kral Organizations: London CNN —, Economic, Oxford Economics, Germany’s Federal, Office Locations: Europe, Germany, Davos, Switzerland, Germany’s, Ukraine, Moscow, Berlin, Russia, Red

☆ Opinion: Why New Hampshire isn’t Haley’s only shot to be the GOP candidate
▼ + stars: | 2024-01-18 | by ( Opinion Frida Ghitis | ) edition.cnn.com time to read: +9 min

She is a weekly opinion contributor to CNN, a contributing columnist to The Washington Post and a columnist for World Politics Review. Nikki Haley is facing what seems to be her do-or-die moment going into the New Hampshire primary on Tuesday. Is there any way that Haley can win the nomination without plunging her sword into any of Trump’s gigantic vulnerabilities? But there’s another way Haley can emerge victorious. The odds now strongly favor Trump’s nomination.

Persons: Frida Ghitis, Nikki Haley, Donald Trump, Frida Ghitis Tanya Malott “, ”, Ron DeSantis, Haley, Bill Barr, Trump, Xi Jinping, Jake Tapper, hasn’t, –, Trump’s, John Prideaux, it’s, she’s Organizations: CNN, Washington Post, Politics, Republican, South Carolina Gov, New, Iowa, Florida Gov, Trump, GOP, UN, NATO, Biden, Economist Locations: New Hampshire, Iowa, Granite, South Carolina, America

☆ Corporate debt defaults soared 80% in 2023 and could be high again this year, S&P says
▼ + stars: | 2024-01-16 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Corporate debt defaults soared last year and could be a problem again in 2024 as cash-strapped companies deal with the burden of high interest rates, S&P Global Ratings reported Tuesday. The number of companies that failed to make required payments on their debt totaled 153 for 2023, up from 85 the year before, an increase of 80%. Much of the total came from low-rated companies that had negative cash flows, high debt burdens and weak liquidity, S&P said. S&P said there could be hard times ahead for corporate America, which, according to the Federal Reserve, is carrying a $13.7 trillion debt load. Some economists worry that a "corporate debt cliff" could become a more serious problem as a large share of maturing debt that initially was financed at very low rates comes due in the next few years.

Persons: — Organizations: America, Federal Reserve, CNBC PRO Locations: U.S

☆ 2 US Bradley fighting vehicles take out Russia's top T-90 battle tank on Ukraine battlefield, video shows
▼ + stars: | 2024-01-13 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +3 min

Read previewA video shows two US-made Bradley infantry fighting vehicles taking out one of Russia's main battle tanks. Bradley IFV of the 47th Brigade of Ukraine engages in a battle with Russian T-90M, Avdiivka front. At the end of the video it’s visible that tank most likely received significant damage as the crew cannot… pic.twitter.com/uutTexfXf5 — Special Kherson Cat 🐈🇺🇦 (@bayraktar_1love) January 12, 2024The Russian tank fires first at the fighting vehicles, and misses. AdvertisementThe two Bradley fighting vehicles spray the tank with 25mm one-pound shells. The Bradley vehicles were likely being operated by Ukraine's 47th Brigade , as it is the only brigade fighting with the US-supplied vehicles, according to Forbes.

Persons: —, Bradley IFV, Bradley, …, 🐈🇺 Organizations: Service, Bradley, Business, 47th Brigade Locations: Russian, Stepove, Avdiivka, Ukraine, Kherson

☆ Iowa’s most important poll has set the expectations for the GOP caucuses
▼ + stars: | 2024-01-13 | by ( Harry Enten | ) edition.cnn.com time to read: +6 min

The final poll from Iowa’s premier pollster, Ann Selzer, has Trump at 48% followed by former South Carolina Gov. If the final outcome Monday night mirrors the poll, Trump will have won the highest Iowa GOP caucus vote share for a non-incumbent ever. A Haley win in the first primary race in the nation would indicate that Trump is not invincible. He did more than 5 points better than where his final Iowa poll had him. (His 28-point margin over Bradley was the same as the final poll found, as both Bradley and Gore won some undecided voters.)

Persons: Donald Trump, Ann Selzer, Nikki Haley, Ron DeSantis, Trump, –, They’re, Haley, Chris Christie –, George W, Bush, didn’t, Steve Forbes, John McCain, Patrick Buchanan, Bob Dole, Buchanan, McCain, Gary Hart, Walter Mondale, Hart, Haley isn’t, DeSantis, Al Gore, Gore, Bill Bradley, Bradley, Trump . Gore, Dole Organizations: CNN, Trump, South Carolina Gov, Florida Gov, Iowa GOP, Granite State, New, New Jersey Gov, University of New, Dole, Democratic, Republican, Trump . Locations: Iowa, New Hampshire, Granite, New Jersey, University of New Hampshire, Hampshire, Granite State, Trump, South Carolina, Florida

☆ Trump has laid the groundwork for a US Supreme Court challenge in his NY civil fraud case: experts
▼ + stars: | 2024-01-13 | by ( Laura Italiano | ) www.businessinsider.com time to read: +11 min

On their way to the US Supreme Court, Trump's lawyers would first need to exhaust their New York state appellate options. AdvertisementNew York Supreme Court Justice Arthur Engoron presided over closing arguments in the Trump civil fraud trial. Shannon Stapleton/ReutersThrowing the case to the US Supreme Court could, at the least, delay the imposition of penalties, Scholl said. It's unlikely the US Supreme Court would throw out New York's executive law in its entirety, he predicted. But the court could quite possibly pare back, at least in Trump's case, its most severe penalties.

Persons: —, Donald Trump, Letitia James's, Trump, Shannon Stapleton, SCOTUS, Marc Frazier Scholl, Trump's, Scholl, Lewis Baach Kaufmann Middlemiss, Jane Rosenberg, it's, James, Arthur Engoron, pare, Letitia James, Christopher Kise, Donald Trump's, Kise, Alina Habba, Clifford Robert . Pool, Adam S, Kaufmann, There's, President Trump Organizations: Service, York, New York, Trump, Business, Court, Reuters, Manhattan, Attorney's, New, Appeals, Trump Organization, US, Fifth Locations: Manhattan, New York, York, Florida

☆ China skeptic Lai Ching-te wins Taiwan's presidential election
▼ + stars: | 2024-01-13 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

Taiwan's President-elect Lai Ching-te (left) gestures beside his running mate Hsiao Bi-khim during a rally outside the headquarters of the Democratic Progressive Party (DPP) in Taipei on January 13, 2024, after winning the presidential election. The outcome of the presidential election on Saturday riled Beijing, which has repeatedly labeled Lai as a "stubborn worker for Taiwan independence" and a dangerous separatist. Annabelle Chih | Getty Images News | Getty ImagesDPP's Lai — Taiwan's current vice-president — won more than 40% of the popular vote in Taiwan's eighth presidential election. DPP is the first party to win the presidential office three times in row since direct presidential elections were introduced in 1996. This year, 71.9% of all eligible voters cast their ballots for the presidential election, according to preliminary data from Taiwan's Central Election Commission.

Persons: Lai Ching, Hsiao Bi, Yasuyoshi Chiba, Lai, Tsai Ing, Tsai, Annabelle Chih, DPP's Lai, Taiwan's, —, Beijing's, Hou, Ko Wen, Chen Binhua, Chen, Xi Jinping, Antony Blinken, Ko, Wei, Ting Yen Organizations: Democratic Progressive Party, AFP, Getty, TAIPEI, Saturday, Beijing, Chinese Communist Party, DPP, KMT, Chinese Communist Party officials, Democratic Progressive, Kuomintang, Taiwan People's Party, Taiwan's, Taiwan Affairs Office, State Council, CNBC, Franklin, Marshall College, Taiwan's DPP Locations: Taipei, Taiwan, China, U.S, Taiwan Strait, Beijing, Taiwan —, Republic of China, Xinhua, United States

☆ China’s double whammy: Exports fell for the first time in 7 years, as domestic demand dips
▼ + stars: | 2024-01-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Exports for the year as a whole fell for the first time since 2016 as global demand for Chinese-made goods (other than cars) slowed, according to customs data released on Friday. Exports measured in US dollar terms stood at $3.38 trillion in 2023, down by 4.6% compared to the year before. The last time China registered a decline in overseas shipments was in 2016, when exports fell 7.7%. “Sluggish external demand has hit China’s exports.”He expects China will continue to face “difficulties” on export markets as global demand is likely to remain weak and “protectionism and unilateralism” hinder growth, he added. The United States remained China’s largest single-country trading partner in 2023, accounting for 11.2% of total trade.

Persons: ” Lyu, ” Goldman Sachs, Price, won’t, ” Organizations: Hong Kong CNN, National Bureau of Statistics, Imports, Administration of Customs, Bloomberg, Getty, PPI, Capital Economics, AFP, ASEAN, European Union Locations: China, Hong Kong, Beijing, Russia, United States, Washington, Taicang Port, China's, Jiangsu, Southeast Asia, That’s, “, Japan

☆ Avoid these possible earnings blowups as reporting season begins, Wolfe Research says
▼ + stars: | 2024-01-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

There are some names this upcoming earnings season investors may want to steer clear from, according to Wolfe Research. As the season gets started, Wolfe Research advised clients to stay away from companies with a low earnings quality score. "We expect low quality stocks to underperform again starting in 2024," chief investment strategist Chris Senyek wrote Wednesday. The firm has a basket of low earnings quality names that can help investors "avoid potential blow-ups in the portfolio." C3.ai also made Wolfe's list with an earnings quality rating of 1.

Persons: underperform, Chris Senyek, Tesla, Elon Musk, Levi Strauss, — CNBC's Michael Bloom Organizations: Wolfe Research, JPMorgan Chase, Bank of America, Citigroup, FactSet, Hasbro

☆ Tuberville finally caves and lifts hold on the vast majority of military promotions
▼ + stars: | 2023-12-05 | by ( Madison Hall | ) www.businessinsider.com time to read: +4 min

Republican Sen. Tommy Tuberville announced an end to his hold on hundreds of military promotions. Republicans, Democrats, and military leaders alike have each said he's damaged military readiness. AdvertisementRepublican Sen. Tommy Tuberville announced on Tuesday that he'll lift his hold on promotions for the vast majority of the hundreds of service members. After months of service members getting blocked from receiving promotions, the secretaries of the Navy, Army, and Air Force each spoke out in September against Tuberville. AdvertisementAt the end of November, Tuberville signaled his willingness to end his block except for "woke" service members.

Persons: Sen, Tommy Tuberville, —, Republican Sen, Tuberville, We've, Roe, Wade, he's, we've, Carlos Del Toro, Tuberville's, Chuck Schumer, it's Organizations: Pentagon, Republicans, Democrats, Service, Republican, Republicans aren't, Department of Defense, Navy, Army, Air Force, Tuberville, Tuberville's Republican Locations: Alabama

LAUNCESTON, Australia, Dec 4 (Reuters) - The two main spot prices for iron ore diverged last week, with Singapore-traded contracts gaining but China's domestic futures posting a decline. The exchange said on Nov. 30 that it will continue to strengthen its supervision of iron ore futures to maintain what it termed the safe and stable operation of the market. But despite the travails of the property sector, China's iron ore imports have been relatively robust so far in 2023. In the same week last year iron ore stockpiles were 137.5 million metric tons and were 155.4 million in the same week on 2021. History suggests that the authorities can cool iron ore prices, but only for a relatively short period, especially if the market conditions are supportive for stronger prices.

Persons: Sonali Paul Organizations: Singapore Exchange, Dalian Commodity Exchange, National Development, Reform, it's, Reuters, Thomson Locations: LAUNCESTON, Australia, Singapore, Beijing, Dalian

☆ Wall St Week Ahead Tax-loss selling, 'Santa rally' could sway U.S. stocks after November melt-up
▼ + stars: | 2023-12-02 | by ( David Randall | ) www.reuters.com time to read: +5 min

The key catalyst for stocks will likely continue to be the expected trajectory of the Federal Reserve's monetary policy. In September, historically the weakest month for stocks, the S&P 500 fell nearly 5%. The S&P 500 gained nearly 9% gain in November, historically a strong month for the index. Overall, December has been the second-best month for the S&P 500, with the index up an average of 1.54% for the month since 1945, according to CFRA. Many other names have languished: The equal-weighted S&P 500, whose performance is not skewed by big tech and growth stocks, is up around 6% in 2023.

Persons: Mike Segar, Santa Claus, Stocks, We've, Sam Stovall, Claus, Kraft Heinz, BofA, Sameer Samana, Dow, Michael Hartnett, David Randall, Ira Iosebashvili, Richard Chang Organizations: New York Stock Exchange, REUTERS, Federal, Research, Investors, LPL, BofA Global Research, PayPal Holdings, CVS Health, Kraft, Wells, Investment Institute, Nvidia, Dow Jones, Coinbase Global, Innovation, Thomson Locations: Manhattan, New York City , New York, U.S, Santa, New York

☆ Gold set for 3rd weekly gain as cooler data cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices were set to mark a third straight weekly rise on Friday, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve's Chair Powell later in the day. Spot gold rose 0.2% at $2,039.42 per ounce by 0427 GMT, after marking an over $60 rise in November — its second straight monthly rise. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favor gains for gold between November and December," City Index's Simpson added.

Persons: Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal Organizations: Aurum, Traders, U.S Locations: U.S, InProved

☆ Gold eyes 3rd weekly gain as lower inflation cements Fed cut bets
▼ + stars: | 2023-12-01 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.

Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

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