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News

Gold Investors ‘Give Up Hope’ as Biggest Short in History Builds

(Bloomberg) -- Gold is hitting new milestones of misery. Exchange-traded funds tracking the metal have bled assets for 13 consecutive weeks, the longest run in five years, investors have placed the biggest gold short on record, and bullion’s chief foe -- a strong dollar -- is extending its market grip. Gold's 9 percent tumble this year belies the turmoil in emerging markets and jitters over technology companies, the anchor of the U.S. equity bull market. “The long suffering h...
Posted on: Aug 20, 2018 15:15:58 Read More

Forex - Dollar Pushes Higher Amid Hopes for U.S. - China Trade Talks

Investing.com - The U.S. dollar pushed higher against a currency basket on Monday, buoyed by expectations for trade talks that investors hope will ease tensions between the U.S. and China. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, edged up 0.1% to 96.11 by 03:41 AM ET (07:41 AM GMT) after falling 0.5% on Friday, the largest one day decline in almost a month. Mounting tensions between the U.S. and its trading partners, al...
Posted on: Aug 20, 2018 08:40:41 Read More

Rains pile misery on India's flooded Kerala state as toll rises to 164

By Sivaram Venkitasubramanian and Gopakumar Warrier KOCHI/BENGALURU, India (Reuters) - The worst floods in a century in the Indian state of Kerala have killed 164 people and forced more than 200,000 into relief camps, officials said on Friday, with more misery expected as heavy rain pushed water levels higher. Prime Minister Narendra Modi is due to visit the southwest state later on Friday and its chief minister said he was hoping the military could step up help for the rescue effort, which is...
Posted on: Aug 17, 2018 11:43:44 Read More

European shares flat as uncertainties on trade war, Turkey remain

By Julien Ponthus LONDON (Reuters) - European shares were steady in early trade on Friday as investors were cautious about the Turkish lira's recovery as well as the latest efforts by China and the United States' to avert a trade war. While the mood was upbeat on Wall Street with gains for the main indexes, trade in Asia was more subdued, including in China where the Shanghai composite index (SSEC) falling 1.3 percent. At 0822 GMT, the pan-European STOXX 600 (STOXX) was up 0.07 percent at 381...
Posted on: Aug 17, 2018 09:09:34 Read More

Citigroup settles U.S. charges of bad controls that led it to lose millions -SEC

WASHINGTON (Reuters) - Citigroup (NYSE:C) has agreed to pay $10.5 million (£8.27 million) to settle charges related to bad loans made by its Mexican subsidiary, Banamex, between 2008 and 2014, and to trader mismarking and unauthorised proprietary trading by Citigroup Global Markets Inc. from 2013 to 2016, the Securities and Exchange Commission said on Wednesday. The SEC said the "fraudulently-induced loans" to Oceanografia that led to $475 million in losses were the result of in...
Posted on: Aug 16, 2018 15:24:20 Read More

Trade talks spur timid relief bounce in European shares

LONDON (Reuters) - European shares bounced back on Thursday after Beijing said it would hold trade talks with the U.S. in Washington later this month, spurring a recovery in investors' risk appetite on hopes of a trade war thaw. Europe's STOXX 600 (STOXX) rose 0.2 percent, clawing back some of the previous session's losses which had taken it to a six-week low as emerging markets entered bear territory. Mining stocks (SXPP) were the top gainers, rising 1.2 percent after suffering their worst da...
Posted on: Aug 16, 2018 08:14:18 Read More

Now Greek Bonds Are a Better Alternative to Italy, Says SocGen

(Bloomberg) -- Greek bonds as a safer bet? Now that’s something new. While still ranked non-investment grade by major rating companies, the Mediterranean nation’s debt may prove relatively resilient to simmering Italian political risks because it’s “very hard” to depict scenarios in which Greece could default on its borrowings, according to Societe Generale (PA:SOGN) SA. That could help the securities outperform Italian ones provided potential bouts of r...
Posted on: Aug 15, 2018 14:52:10 Read More

Asian stocks retreat as Turkey worries weigh, dollar buoyant

By Shinichi Saoshiro TOKYO (Reuters) - Asian stocks retreated on Wednesday, failing to follow Wall Street's gains, while the dollar was near a 13-month high as concerns about Turkey's financial crisis weighed on investor appetite despite the lira's move away from an all-time low. The lira <trytom=d3>--which plummeted to a record low of 7.24 to the dollar at the week's start, rattling global markets-- was slightly weaker at 6.415 after rebounding more than 8 percent overnight.</tr...
Posted on: Aug 15, 2018 07:07:16 Read More

Gold Rallies as Dollar Softens and Turkish Lira Recovers

Investing.com - Gold prices recovered from an 18-month low on Tuesday, as the U.S. dollar softened, . Comex gold futures for August delivery rose 0.47% to $1,204.50 a troy ounce as of 10:37 AM ET (14:37 GMT). Gold fell to an 18-month low on Monday, after economic turmoil in Turkey caused the Turkish lira to plunge to an all-time low of 7.1289. The lira recovered on Tuesday, breaking a 5-day losing streak after the country's central bank pledged to provide liquidity in response to a m...
Posted on: Aug 14, 2018 15:13:25 Read More

Caring or creepy? UK banks turn to alerts to keep customers loyal

By Emma Rumney LONDON (Reuters) - Britain's biggest banks are planning to send personalized spending alerts and in some cases money management advice to their mobile banking customers as they strive to shore up brand loyalty in the face of growing competition. Lloyds Banking Group (L:LLOY) and HSBC (L:HSBA) will launch a range of new alerts from this year, for instance informing clients whenever they spend on their card or when a bill is higher than usual. The move is one example of how tradi...
Posted on: Aug 14, 2018 13:14:21 Read More

Man held for terrorism after driving into UK parliament barriers

By Kylie MacLellan and Hannah McKay LONDON (Reuters) - Police arrested a man on suspicion of terrorism offences on Tuesday saying he appeared to deliberately drive into cyclists before ramming a car into security barriers outside the British parliament in what appeared to be the second attack on the building in just under 18 months. The man, in his 20s, injured three people as he drove through a group of cyclists and pedestrians before hitting a barrier outside parliament during the early morn...
Posted on: Aug 14, 2018 11:49:57 Read More

Turkish lira pulls back from record low, markets rattled

By Daren Butler and Nevzat Devranoglu ISTANBUL/ANKARA (Reuters) - Turkey's lira pulled back from a record low of 7.24 to the dollar on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown continued to rattle global markets. The currency has lost more than 40 percent against the dollar this year, largely due to worries about President Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates, and worse...
Posted on: Aug 13, 2018 16:17:20 Read More

FTSE dips as lira crisis shakes world markets

By Julien Ponthus LONDON (Reuters) - British shares dipped on Monday as the Turkish currency crisis continued to shake global markets with stock indexes declining from Asia to Europe. Turkey's lira pulled back from a record low to the dollar in morning trading after the central bank pledged to provide liquidity and cut reserve requirements for Turkish banks, but the currency's meltdown is still a major worry for emerging markets and beyond. At 0856 GMT, the FTSE 100 (FTSE) was down 0.5 percen...
Posted on: Aug 13, 2018 10:24:41 Read More

Asia shares, euro under water as Turkish lira sinks

By Wayne Cole SYDNEY (Reuters) - Asia share markets skidded and the euro hit one-year lows on Monday as a renewed rout in the Turkish lira drove demand for safe harbours, including the U.S. dollar, Swiss franc and yen. Japan's Nikkei (N225) lost 1.3 percent and MSCI's broadest index of Asia-Pacific shares outside Japan (MIAPJ0000PUS) fell 1.1 percent as bourses across the region turned red. EMini futures for the S&P 500 (ESc1) were off 0.33 percent, while 10-year Treasury yields...
Posted on: Aug 13, 2018 08:26:38 Read More

European shares retreat as trade fears, sanctions on Russia weigh

LONDON (Reuters) - European shares retreated across a number of sectors on Thursday as a new batch of corporate earnings triggered sharp price swings but failed to dispel fears about a tense geopolitical context with the China-U.S. trade tensions and new sanctions against Russia. At 0725 GMT, the pan-European STOXX 600 (STOXX) was down 0.4 percent with heavy losses in Paris and London where the CAC 40 (FCHI) and the FTSE (FTSE) both slipped 0.6 percent. The on-going corporate season also promp...
Posted on: Aug 9, 2018 09:02:18 Read More

Coca-Cola HBC sales helped by weather, World Cup

LONDON (Reuters) - Soft drink bottler Coca-Cola HBC (L:CCH) reported higher half-year revenue on Thursday, helped by warm weather across Europe and the World Cup soccer tournament. The bottler of Coca-Cola (N:KO) drinks said net revenue was 3.23 billion euros (£2.9 billion) in the first half of the year, up 6.4 percent on a currency-neutral basis. However, including currency fluctuations, revenue was up only 0.5 percent. Sales volume, or the amount of drinks sold, lifted sales by 4.6 per...
Posted on: Aug 9, 2018 06:51:05 Read More

Forex - Sterling Falls to 2018 Lows as Brexit Selloff Intensifies

Investing.com - The pound fell to the lowest levels of the year on Wednesday as the currency was pressured lower by growing fears over the prospect of Britain exiting the European Union without a trade deal in place. Against the dollar, the pound fell below the $1.29 level for the first time in a year. GBP/USD hit a low of 1.2854 and was at 1.2869 by 10:39 AM ET (14:39 GMT), off 0.53% for the day. Sterling hit a 10-month low against the euro, with EUR/GBP advancing 0.48% to 0.9...
Posted on: Aug 8, 2018 14:58:21 Read More

Forex - Dollar Slips, Sterling Wallows at 1-Year Lows

Investing.com - The dollar edged lower against a currency basket on Wednesday, sliding for a second day as trade tensions faded, while sterling wallowed near one-year lows, pressured lower by Brexit uncertainty. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, touched a low of 94.82 and was at 94.98 by 04:11 AM ET (08:11 AM GMT) after slipping 0.2% on Tuesday. The index touched the highest level in nearly a year last week, bols...
Posted on: Aug 8, 2018 09:03:44 Read More

Furniture retailer SCS says sales dented by heatwave

LONDON (Reuters) - Furniture and floorings retailer SCS Group (L:SCSS) on Wednesday reported a fall in second half sales, blaming a softer trading environment and extremely warm weather in June and July for the shortfall. An industry survey published on Tuesday had highlighted weak non-food retail sales in July, with furniture sales notably poor. The survey found consumer confidence remained fragile particularly around bigger ticket items. SCS said like-for-like order intake in its second half...
Posted on: Aug 8, 2018 07:53:16 Read More

FAANGs Are More Solo Acts Than a Tech Supergroup

(Bloomberg Opinion) -- It’s time for FAANG stocks to break up, at least in investors’ minds. Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and Google parent Alphabet (NASDAQ:GOOGL) can’t get away from one another. Every time one grabs the spotlight — as Apple did last week when it became the first U.S. company with a $1 trillion market value — it brings along the other four. They’re alternately hailed as the hot stock...
Posted on: Aug 7, 2018 14:08:58 Read More