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22.11.2019

Alexion : Japan Okays Soliris For Prevention Of Relapse In Patients With NMOSD

WASHINGTON (dpa-AFX) - Alexion Pharmaceuticals Inc. (ALXN) said that Japan's Ministry of Health, Labour and Welfare has approved the extension of the current marketing authorization of SOLIRIS (eculizumab) to include the prevention of relapse in patients with anti-aquaporin-4 (AQP4) antibody-positive neuromyelitis optica spectrum disorder or NMOSD, including neuromyelitis optica.NMOSD is a rare, devastating, complement-mediated disorder of the central nervous system characterized by relapses, also referred to as attacks. Each attack can result in stepwise accumulation of disability, including blindness and paralysis and sometimes premature death.SOLIRIS was approved for the treatment of NMOSD in adult patients who are anti-AQP4 antibody-positive by the U.S. Food and Drug Administration (FDA) in June 2019 and by the European Commission in August 2019.SOLIRIS received Orphan Drug Designation for the treatment of NMOSD in the U.S., EU and Japan.Copyright RTT News/dpa-AFX
22.11.2019

Varian Updates GAAP Results For Q4 & FY19

WASHINGTON (dpa-AFX) - Varian (VAR) updated its previously reported GAAP preliminary financial results for fourth quarter and fiscal 2019. The projected financial performance of the company's recently acquired Endocare and Alicon businesses was better than previously expected, resulting in an increase in the fair value of the contingent consideration payable under earnout obligations to the sellers. The fair value increase has no impact on the previously reported non-GAAP financial results.The increase in fair value related to the Endocare and Alicon businesses has resulted in an $18.6 million increase in acquisition-related expenses in the fourth quarter of fiscal 2019 and an $18.6 million increase in accrued liabilities as of the end of the fourth quarter of fiscal 2019.Copyright RTT News/dpa-AFX
22.11.2019

Public Service Enterprise Appoints Ralph LaRossa As COO

WASHINGTON (dpa-AFX) - Public Service Enterprise Group Inc. (PEG) or PSEG said that it has appointed Ralph LaRossa as chief operating officer. LaRossa also will continue in his role as president and COO of PSEG Power, the company's merchant generation business.LaRossa was elected president and COO of PSEG Power in June 2017. Previously, he served as president and COO of Public Service Electric & Gas since October 2006.The company noted that it appointed Dave Daly as president and COO of PSEG Utilities and Clean Energy Ventures, with oversight of the company's utility operations, as well as development of its clean energy and renewable generation businesses. Daly also will continue as president of PSE&G, the company's regulated utility, and chairman of the board of PSEG Long Island.Kim Hanemann has been named senior vice president and COO of PSE&G. Hanemann will continue to oversee PSE&G's electric operations and will assume responsibility for gas operations, customer operations and asset management.The company noted that Sheila Rostiac, senior vice president and chief human resources officer, will take on an additional role of chief diversity officer, merging the company's diversity and inclusion efforts within the Human Resources organization. Carlotta Chan has been promoted to vice president - Investor Relations. Daun Forester has been promoted to vice president - Trading & Origination / ISO Operations.Copyright RTT News/dpa-AFX
22.11.2019

AutoNation Names Joseph Lower CFO

WASHINGTON (dpa-AFX) - AutoNation, Inc. (AN) announced the appointment of Joseph Lower as Executive Vice President and Chief Financial Officer, effective January 13, 2020. Most recently, Lower served as Executive Vice President and Chief Financial Officer of Office Depot, Inc.Joe Lower said, 'It has been a tremendous career experience working at Office Depot and I am proud of the progress we have made toward achieving our strategic goals. Office Depot is well positioned with a strong balance sheet to continue along its transformation and create shareholder value.'Office Depot, Inc. (ODP) stated that it has initiated a search for a new chief financial officer.Copyright RTT News/dpa-AFX
22.11.2019

DISH Network Begins Rights Offering To Raise Proceeds Of About $1 Bln

MERIDIAN (dpa-AFX) - DISH Network Corp. (DISH) said that it has commenced its rights offering to raise proceeds of about $1 billion.The company plans to use proceeds from the rights offering for general corporate purposes, including investments in the wireless business.As per the terms of the rights offering, DISH is commencing distribution of transferable subscription rights pro rata to holders of record of DISH's Class A and B common stock, and outstanding convertible notes as of the record date. DISH noted that it will distribute one subscription right for each 18.475 shares of DISH's eligible securities that a holder held on the record date. Subscription rights will be rounded down to the nearest whole number and, no fractional subscription rights will be issued. Each subscription right will entitle the holder to acquire one newly-issued share of DISH's Class A common stock at a subscription price of $33.52 per share of Class A common stock.Copyright RTT News/dpa-AFX
22.11.2019

Alnylam Expects To Exceed 2020 Goals With Four Marketed Products

WASHINGTON (dpa-AFX) - Alnylam Pharmaceuticals Inc. (ALNY) said it expects to exceed its 2020 goals with four marketed products, 14 organic clinical stage programs, including 6 in late-stage development, across 4 strategic therapeutic areas, by end of 2020.The company also announced that it has initiated HELIOS-B, a global Phase 3 placebo-controlled mortality and cardiovascular hospitalization trial with investigational vutrisiran in patients with ATTR amyloidosis with cardiomyopathy.Alnylam also plans to support the Medicines company's continued efforts with respect to the ORION Phase 3 studies of inclisiran, an investigational RNAi therapeutic targeting PCSK9 in development for the treatment of hypercholesterolemia.Alnylam also plans to support Sanofi's continued efforts in advancing fitusiran, an investigational RNAi therapeutic in development for the treatment of hemophilia.Alnylam announced the selection of the initial seven programs in the Regeneron collaboration, including ALN-APP - an investigational RNAi therapeutic targeting amyloid precursor protein (APP) for hereditary cerebral amyloid angiopathy (hCAA) and early onset familial Alzheimer's disease (EOFAD) - and ALN-HTT - an investigational RNAi therapeutic for the treatment of Huntington's disease.Copyright RTT News/dpa-AFX
22.11.2019

J.M. Smucker Lowers FY20 Outlook

WASHINGTON (dpa-AFX) - While reporting its financial results for the second quarter on Friday, J. M. Smucker Co. (SJM) lowered its outlook for fiscal 2020 adjusted earnings, net sales growth and comparable sales growth.The company noted that the revised outlook includes the impact of the second-quarter sales results and greater than anticipated softness in the back half of the fiscal year, primarily for certain brands within the U.S. Retail Pet Foods segment.For fiscal 2020, J. M. Smucker now projects adjusted earnings in a range of $8.10 to $8.30 per share on a 3 percent decrease in net sales. Earlier, the company expected adjusted earnings of $8.35 to $8.55 per share on net sales in a range between a decline of 1 percent and flat.The net sales outlook includes the loss of $105.9 million of sales in the first four months of fiscal 2019 related to the divested U.S. baking business and $25.4 million of incremental non-comparable sales for Ainsworth.On a comparable basis, full-year net sales are now expected by the company to be down 2 percent, compared to the prior forecast for net sales to range from flat to up 1 percent.On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.27 per share for the year on a sales decrease of 1.7 percent to $7.71 billion. Analysts' estimates typically exclude special items.Copyright RTT News/dpa-AFX
22.11.2019

AECOM Announces Governance Agreement With Starboard; CEO Michael Burke To Retire

WASHINGTON (dpa-AFX) - AECOM (ACM) announced it has entered a governance agreement with Starboard Value LP, an investment firm and shareholder of the company, which provides for the appointment of three new independent directors recommended by Starboard. The size of the Board is expanding to 11 members initially. Under the agreement, Starboard Managing Member Peter Feld will join the AECOM Board. In connection with the agreement, AECOM shareholder Engine Capital has committed to vote its shares in support of all of AECOM's director nominees at the 2020 annual meeting.Michael Burke, AECOM Chairman and CEO, has notified the Board that he intends to retire. The Board will initiate a CEO succession process. Following the appointment of a new CEO, the roles of Chairman and CEO will be separated.Copyright RTT News/dpa-AFX
22.11.2019

The J. M. Smucker Company Q2 adjusted earnings Beat Estimates

WASHINGTON (dpa-AFX) - The J. M. Smucker Company (SJM) released earnings for its second quarter that increased from last year.The company's earnings totaled $211.2 million, or $1.85 per share. This compares with $188.5 million, or $1.66 per share, in last year's second quarter.Excluding items, The J. M. Smucker Company reported adjusted earnings of $257.5 million or $2.26 per share for the period. Analysts had expected the company to earn $2.13 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter fell 3.0% to $1.96 billion from $2.02 billion last year.The J. M. Smucker Company earnings at a glance:-Earnings (Q2): $257.5 Mln. vs. $246.5 Mln. last year.-EPS (Q2): $2.26 vs. $2.17 last year.-Analysts Estimate: $2.13 -Revenue (Q2): $1.96 Bln vs. $2.02 Bln last year. -Guidance:Full year EPS guidance: $8.10 - $8.30Copyright RTT News/dpa-AFX
22.11.2019

Tesla Unveils Cybertruck

WASHINGTON (dpa-AFX) - Luxury electric car maker Tesla has launched its much awaited new electric pickup Cybertruck. Tesla CEO Elon Musk unveiled the vehicle in front of invited guests at the Tesla Design Center in California. Cybertruck, which is designed to have the utility of a truck and the performance of a sports car, is made of cold-rolled stainless steel.The company offers the vehicle in three variants. A single motor Rear-Wheel Drive will cost $39,900, and will have a towing capacity of 7,500 pounds and more than 250 miles of range. Further, Dual Motor All-Wheel Drive or AWD is priced at $49,900, will have a towing capacity of more than 10,000 pounds, with more than 300 miles of range. The third version Tri Motor AWD is priced at $69,900 and will have a towing capacity of 14,000 pounds and battery range of more than 500 miles.Tesla said customers can book the vehicle with a $100 deposit, fully refundable. They will be able to complete configuration as production nears in late 2021. Tri Motor AWD production is expected to begin in late 2022.The vehicles can be charged at home, at Destination Charging locations, and with Tesla's network of more than 14,000 Superchargers.Musk tweeted that 'Tesla Cybertruck (pressurized edition) will be official truck of Mars'. Its design was influenced partly by 'Lotus Esprit S1' from the James Bond movie 'The Spy Who Loved Me'.Tesla's Cybertruck was in development for some years. Musk earlier had described the pickup model as futuristic-like cyberpunk with crazy features, and that it would outperform Ford F-150, the top selling pickup truck in America at present.Ford is planning an electric F-150 truck, while General Motors would bring an electric pickup truck to market in 2021. Further, Rivian is expected to begin the production of its electric R1T pickup truck in the second half of 2020.Copyright RTT News/dpa-AFX
22.11.2019

U.S. Stocks Close Modestly Higher On The Day But Lower For The Week

WASHINGTON (dpa-AFX) - After moving mostly lower over the past few sessions, stocks turned in a lackluster performance during trading on Friday. The major averages showed a lack of direction but managed to end the session modestly higher. The Dow 109.33 points or 0.4 percent to 27,875.62, the Nasdaq edged up 13.67 points or 0.2 percent to 8,519.88 and the S&P 500 inched up 6.75 points or 0.2 percent to 3,110.29.Despite the gains on the day, the major averages all moved lower for the week. The Dow fell by 0.5 percent, while the Nasdaq and the S&P 500 dipped by 0.2 percent and 0.3 percent, respectively.The choppy trading on the day came as traders seemed reluctant to make significant moves amid lingering uncertainty about a U.S.-China trade deal.Recent reports have suggested the signing of a phase one trade deal could be delayed until next year as U.S. and Chinese officials struggle to reach agreement on core issues.The next round of U.S. tariffs on Chinese goods is set to take effect on December 15th, potentially complicating efforts to reach an agreement.In remarks at Bloomberg's New Economy Forum in Beijing, Chinese President Xi Jinping said China wants to work toward a phase one agreement on the basis of mutual respect and equality but will fight back if necessary.Xi met with former U.S. Secretary of State Henry Kissinger at the forum, reportedly describing U.S.-China relations as being at a critical juncture'China and the United States should step up communication on strategic concerns to avoid misjudgment and enhance mutual understanding,' Xi told Kissinger, according to China's state-run Xinhua News Agency.Meanwhile, President Donald Trump said in an interview on Fox News this morning that a trade agreement with China is 'very close' and that the two economic superpowers have a 'very good chance to make a deal.'Traders largely shrugged off a report from the University of Michigan showing a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November.The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.Sector NewsSteel stocks moved sharply higher over the course of the trading session, driving the NYSE Arca Steel Index up by 2.1 percent.Significant strength also emerged among natural gas stocks, as reflected by the 1.5 percent gain posted by the NYSE Arca Natural Gas Index.The strength in the natural gas sector came amid a substantial increase by the price of the commodity, as natural gas for December delivery jumped $0.098 or 3.8 percent to $2.665 per million BTUs.Banking and transportation stocks also moved to the upside on the day, while notable weakness among computer hardware stocks led to a 1.5 percent drop by the NYSE Arca Computer Hardware Index.Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday, although Chinese stocks bucked the uptrend. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged up by 1.2 percent, the French CAC 40 Index and the German DAX Index both edged up by 0.2 percent.In the bond market, treasuries pulled back near the unchanged line after seeing initial strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 1.774 percent.Looking AheadNext week's trading may be somewhat subdued due to the Thanksgiving Day holiday on Thursday, although traders are likely to keep an eye on reports on new home sales, consumer confidence, durable goods orders, and personal income and spending.Copyright RTT News/dpa-AFX
22.11.2019

Swiss Market Settles Modestly Higher

BRUSSELS (dpa-AFX) - The Switzerland stock market ended modestly higher on Friday as investors reacted positively to comments about a potential phase one U.S.-China trade deal from Chinese President Xi Jinping and the U.S. President Donald Trump.The benchmark SMI ended up 31.09 points, or 0.3%, at 10,369.44, around 50 points off the day's high of 10,419.76.On Thursday, the SMI ended down 47.39 points, or 0.46%, at 10,338.35, snapping a four-day winning streak. UBS Group shares gained nearly 2%. Credit Suisse advanced 1.4% and Givaudan advanced 1.2%, while Swatch Group and Adecco both ended higher by about 1.05%.Richemont ende nearly 1% up. Sika, Zurich Insurance Group, Geberit, ABB and SGS gained 0.5 to 0.85%.Roche edged down by about 0.28%. The company has extended the deadline again for its tender offer for Spark Therapeutics, saying the U.S. and British anti-trust authorities needed more time to review the deal. The offer, which was originally due to expire on Nov. 25, has now been extended to December 10.Among Swiss Mid Price Components, Lindt & Sp gained 1.5%. Temenos Group, Dorma Kaba Holding, AMS, VAT Group and Sonova ended higher by 0.8 to 1.2%.Aryzta shares declined 2% after the compay said its first-quarter revenue was down 2.1% to 843.9 million euros, from 933.94 million.Most of the markets across Europe ended higher as trade deal hopes outweighed weak economic data and concerns over the political unrest in Hong Kong. The pan European Stoxx 600 ended up 0.44%. Among the major indices in Europe, the U.K.'s FTSE 100 gained 1.22%, while Germany's DAX and France's CAC 40 both closed higher by 0.2%.Copyright RTT News/dpa-AFX
22.11.2019

Swiss Market Settles Modestly Lower

BRUSSELS (dpa-AFX) - The Switzerland stock market ended modestly higher on Friday as investors reacted positively to comments about a potential phase one U.S.-China trade deal from Chinese President Xi Jinping and the U.S. President Donald Trump.The benchmark SMI ended up 31.09 points, or 0.3%, at 10,369.44, around 50 points off the day's high of 10,419.76.On Thursday, the SMI ended down 47.39 points, or 0.46%, at 10,338.35, snapping a four-day winning streak. UBS Group shares gained nearly 2%. Credit Suisse advanced 1.4% and Givaudan advanced 1.2%, while Swatch Group and Adecco both ended higher by about 1.05%.Richemont ende nearly 1% up. Sika, Zurich Insurance Group, Geberit, ABB and SGS gained 0.5 to 0.85%.Roche edged down by about 0.28%. The company has extended the deadline again for its tender offer for Spark Therapeutics, saying the U.S. and British anti-trust authorities needed more time to review the deal. The offer, which was originally due to expire on Nov. 25, has now been extended to December 10.Among Swiss Mid Price Components, Lindt & Sp gained 1.5%. Temenos Group, Dorma Kaba Holding, AMS, VAT Group and Sonova ended higher by 0.8 to 1.2%.Aryzta shares declined 2% after the compay said its first-quarter revenue was down 2.1% to 843.9 million euros, from 933.94 million.Most of the markets across Europe ended higher as trade deal hopes outweighed weak economic data and concerns over the political unrest in Hong Kong. The pan European Stoxx 600 ended up 0.44%. Among the major indices in Europe, the U.K.'s FTSE 100 gained 1.22%, while Germany's DAX and France's CAC 40 both closed higher by 0.2%.Copyright RTT News/dpa-AFX
22.11.2019

European Markets Close Higher On Mild Optimism About Trade Deal

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets ended mostly higher on Friday as investors reacted positively to comments from U.S. President Donald Trump and Chinese Premier Xi Jinping about a trade deal between the two countries.Concerns about a likely delay in a trade agreement, the ongoing political unrest in Hong Kong and some disappointing euro area economic data did weigh a bit on sentiment, but the mood was by and large positive.The pan European Stoxx 600 ended up 0.44%. Among the major indices in Europe, the U.K.'s FTSE 100 gained 1.22%, while Germany's DAX and France's CAC 40 both closed higher by 0.2%. Switzerland's SMI ended up 0.3%.Among other markets in Europe, Austria, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Netherlands, Norway, Poland, Spain and Sweden closed on a firm note. Belgium, Finland, Portugal and Russia edged up marginally. Italy, Turkey and Ukraine ended slightly weak.In the U.K. market, Centrica, Glencore, Vodafone Group, Carnival, Tui, Taylor Wimpey, Hargreaves Lansdown, Marks & Spencer, Intercontinental, Rolls-Royce Holdings, Coca Cola, BHP Group, Admiral Group, Anglo American, Rio Tinto, Antofagasta, Prudential and Barrat Developments gained 2 to 4%.Lloyds Bank, RBS and HSBC also ended sharply higher. Fresnillo declined more than 6% and Johnson Matthey shed 4.7%. In Germany, Daimler, Infineon, Fresenius and Covestro gained 1 to 2%.In the French market, ArcelorMittal gained more than 6.5%. Atos, Societe Generale, STMicroElectronics and Renault also ended on a firm note.In economic news, flash data from IHS Markit showed the euro area private sector remained close to stagnant for a third consecutive month in November.The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The reading signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.The German economy avoided a technical recession in the third quarter, as initially estimated, driven by spending and construction investment, latest data from Destatis showed.Separately, a closely watched survey revealed a moderate contraction in the German private sector as the drag from manufacturing eased in November.Gross domestic product grew 0.1% sequentially, following second quarter's 0.2% contraction. The rate came in line with the initial estimate published on November 14.On a yearly basis, the unadjusted GDP advanced 1% in the third quarter, offsetting the 0.1% decline in the preceding period.France private sector logged strong growth in November, flash survey data from IHS Markit showed. The composite output index rose slightly to 52.7 in November from 52.6 in October, but below the forecast of 52.8.The services Purchasing Managers' Index held steady at 52.9 in November. The score was expected to rise to 53.0.The factory PMI advanced to 51.6 from 50.7 a month ago and stayed above expectations of 50.9. The sector registered its fastest increase in output since June.The U.K. services purchasing managers index fell to a 40-month low in November while the manufacturing PMI slipped to a two-month low.Meanwhile, the European Central Bank's ultra-loose monetary policy is supporting the euro area economy and will continue to do so to ensure inflation returns to its target, the new ECB President Christine Lagarde said today.The ECB's accommodative policy stance has been a key driver of domestic demand during the recovery, and that stance remains in place,' Lagarde said in a speech at the Frankfurt European Banking Congress.On the trade front, the U.S. President said in an interview on Fox News this morning that a trade agreement with China is 'very close' and that the two economic superpowers have a 'very good chance to make a deal.'According to a report in South China Morning Post, Chinese President Xi Jinping said the country is working for an agreement on the basis of 'mutual respect and equality' for phase one agreement.However, he said China will not shy away from retaliation if necessary.Jinping made these comments while speaking to delegates and journalists at the Bloomberg New Economy Forum in Beijing.Copyright RTT News/dpa-AFX
22.11.2019

U.S. Stocks Continue To Lack Direction In Mid-Day Trading

WASHINGTON (dpa-AFX) - After failing to sustain an early move to the downside, stocks have shown a lack of direction over the course of the trading session on Friday. The major averages have spent the day bouncing back and forth across the unchanged line.Currently, the major averages are posting modest gains. The Dow is up 75.25 points or 0.3 percent at 27,841.54, the Nasdaq is up 1.22 points or less than 0.1 percent at 8,507.43 and the S&P 500 is up 3.47 points or 0.1 percent at 3,107.01.The early strength on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the recent pullback, although buying interest remained subdued amid lingering uncertainty about a U.S.-China trade deal.Recent reports have suggested the signing of a phase one trade deal could be delayed until next year as U.S. and Chinese officials struggle to reach agreement on core issues.The next round of U.S. tariffs on Chinese goods is set to take effect on December 15th, potentially complicating efforts to reach an agreement.In remarks at Bloomberg's New Economy Forum in Beijing, Chinese President Xi Jinping said China wants to work toward a phase one agreement on the basis of mutual respect and equality but will fight back if necessary.Xi met with former U.S. Secretary of State Henry Kissinger at the forum, reportedly describing U.S.-China relations as being at a critical juncture'China and the United States should step up communication on strategic concerns to avoid misjudgment and enhance mutual understanding,' Xi told Kissinger, according to China's state-run Xinhua News Agency.Meanwhile, President Donald Trump said in an interview on Fox News this morning that a trade agreement with China is 'very close' and that the two economic superpowers have a 'very good chance to make a deal.'Traders have largely shrugged off a report from the University of Michigan showing a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November.The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.Sector NewsMost of the major sectors continue to show only modest moves in mid-day trading, contributing to the lackluster performance by the broader markets.Steel stocks continue to see considerable strength, however, with the NYSE Arca Steel Index surging up by 2.2 percent.Significant strength has also emerged among natural gas stocks, as reflected by the 1.4 percent gain being posted by the NYSE Arca Natural Gas Index.On the other hand, computer hardware stocks have shown a notable move to the downside, dragging the NYSE Arca Computer Hardware Index down by 1.6 percent.Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday, although Chinese stocks bucked the uptrend. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.The major European markets also moved to the upside on the day. While the U.K.'s FTSE 100 Index surged up by 1.2 percent, the French CAC 40 Index and the German DAX Index both edged up by 0.2 percent.In the bond market, treasuries have pulled back near the unchanged line after seeing initial strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.765 percent.Copyright RTT News/dpa-AFX
22.11.2019

U.S. Stocks Give Back Ground After Early Move To The Upside

WASHINGTON (dpa-AFX) - Stocks moved to the upside early in the trading session on Friday but have given back some ground over the course of the morning. The major averages have pulled back off their highs of the session, with the Nasdaq and the S&P 500 slipping into negative territory.Currently, the major averages are turning in a mixed performance. While the Dow is up 31.67 points or 0.1 percent at 27,797.96, the Nasdaq is down 16.60 points or 0.2 percent at 8,489.61 and the S&P 500 is down 0.54 points or less than a tenth of a percent at 3,103.00.The early strength on Wall Street came as traders looked to pick up stocks at somewhat reduced levels following the recent pullback, although buying interest remained subdued amid lingering uncertainty about a U.S.-China trade deal.Recent reports have suggested the signing of a phase one trade deal could be delayed until next year as U.S. and Chinese officials struggle to reach agreement on core issues.The next round of U.S. tariffs on Chinese goods is set to take effect on December 15th, potentially complicating efforts to reach an agreement.In remarks at Bloomberg's New Economy Forum in Beijing, Chinese President Xi Jinping said China wants to work toward a phase one agreement on the basis of mutual respect and equality but will fight back if necessary.Xi met with former U.S. Secretary of State Henry Kissinger at the forum, reportedly describing U.S.-China relations as being at a critical juncture'China and the United States should step up communication on strategic concerns to avoid misjudgment and enhance mutual understanding,' Xi told Kissinger, according to China's state-run Xinhua News Agency.Meanwhile, President Donald Trump said in an interview on Fox News this morning that a trade agreement with China is 'very close' and that the two economic superpowers have a 'very good chance to make a deal.'Traders have largely shrugged off a report from the University of Michigan showing a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November.The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.Most of the major sectors are showing only modest moves on the day, contributing to the lackluster performance by the broader markets.Steel stocks have moved sharply higher over the course of the morning, however, with the NYSE Arca Steel Index surging up by 2.3 percent.On the other hand, significant weakness has emerged among computer hardware stocks, as reflected by the 1.7 percent slump by the NYSE Arca Computer Hardware Index.In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Friday, although Chinese stocks bucked the uptrend. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index climbed by 0.5 percent.The major European markets have also moved to the upside on the day. While the U.K.'s FTSE 100 Index has surged up by 1.4 percent, the French CAC 40 Index and the German DAX Index are both up by 0.3 percent.In the bond market, treasuries have pulled back near the unchanged line after seeing initial strength. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by less than a basis point at 1.764 percent.Copyright RTT News/dpa-AFX
22.11.2019

U.S. Stocks May Move Back To The Upside In Early Trading

WASHINGTON (dpa-AFX) - After moving mostly lower over the past few sessions, stocks may regain some ground in early trading on Friday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 62 points.Traders may look to pick up stocks at somewhat reduced levels following the recent pullback, although buying interest is likely to be relatively subdued amid lingering uncertainty about a U.S.-China trade deal.Recent reports have suggested the signing of a phase one trade deal could be delayed until next year as U.S. and Chinese officials struggle to reach agreement on core issues.The next round of U.S. tariffs on Chinese goods is set to take effect on December 15th, potentially complicating efforts to reach an agreement.In remarks at Bloomberg's New Economy Forum in Beijing, Chinese President Xi Jinping said China wants to work toward a phase one agreement on the basis of mutual respect and equality but will fight back if necessary.Xi met with former U.S. Secretary of State Henry Kissinger at the forum, reportedly describing U.S.-China relations as being at a critical juncture'China and the United States should step up communication on strategic concerns to avoid misjudgment and enhance mutual understanding,' Xi told Kissinger, according to China's state-run Xinhua News Agency.Meanwhile, President Donald Trump said in an interview on Fox News this morning that a trade agreement with China is 'very close' and that the two economic superpowers have a 'very good chance to make a deal.'Shortly after the start of trading, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of November. The consumer sentiment index for November is expected to unrevised from the preliminary reading of 95.7, which was up from 95.5 in October.After moving to the downside early in the session, stocks fluctuated over the course of the trading day on Thursday but largely maintained a negative bias. The major averages eventually ended the day modestly lower, adding to the losses posted on Wednesday.The major averages finished the session in negative territory but off their worst levels of the day. The Dow slipped 54.80 points or 0.2 percent to 27,766.29, the Nasdaq dipped 20.52 points or 0.2 percent to 8,506.21 and the S&P 500 edged down 4.92 points or 0.2 percent to 3,103.54.Copyright RTT News/dpa-AFX
22.11.2019

Wall Street Might Open Positive

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Initial cues from the U.S. Futures Index clearly point to a positive open for Wall Street. PMI Flash Index and Fed Manufacturing Index are the major economic announcements on Friday. Asian shares closed mixed, while European shares are trading higher. As of 7.40 am ET, the Dow futures were progressing 45.00 points, the S&P 500 futures were adding 5.00 points and the Nasdaq 100 futures were up 21.50 points.The U.S. major averages finished Thursday's session in negative territory. The Dow slipped 54.80 points or 0.2 percent to 27,766.29, the Nasdaq dipped 20.52 points or 0.2 percent to 8,506.21 and the S&P 500 edged down 4.92 points or 0.2 percent to 3,103.54.On the economic front, the Flash Composite Purchasing Managers' Index or PMI for November will be published at 9.45 am ET. The consensus is for 51.2, unchanged from the prior month. Kansas City Fed Manufacturing Index for November will be released at 11.00 am ET. In the prior month, the level was down 3 in the previous month.The Baker-Hughes Rig Count for the week will issued at 1.00 pm ET. In the prior week, the North American Rig Count was 940 , while U.S. Rig Count was at 806. The University of Michigan's Consumer Sentiment for November will be released at 10.00 am ET. The consensus is for 95.7, unchanged from October. Asian stocks finished mixed Friday. Chinese stocks fell. The benchmark Shanghai Composite index closed down 18.35 points, or 0.63 percent, at 2,885.29. Hong Kong's Hang Seng index edged up 0.48 percent to 26,595.08.Japanese shares closed higher. The Nikkei average rose 74.30 points, or 0.32 percent, to 23,112.88 while the broader Topix index closed 0.12 percent higher at 1,691.34. Exporters finished mostly higher as the yen edged lower against the dollar.Australian markets rebounded. The benchmark S&P/ASX 200 index rose 36.90 points, or 0.55 percent, to 6,709.80 while the broader All Ordinaries index ended up 38.80 points, or 0.57 percent, at 6,816.50.European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 20.06 points or 0.34 percent. The German DAX is progressing 25.05 points or 0.19 percent, the U.K. FTSE 100 Index is up 88.10 points or 1.22 percent. The Swiss Market Index is gaining 60.23 points or 0.58 percent.The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.31 percent.Copyright RTT News/dpa-AFX
22.11.2019

European Shares Hold Steady After Recent Losses

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks steadied on Friday after a bout of selling earlier this week on concerns that U.S. legislation on Hong Kong could increase tensions between the United States and Beijing. China said both sides still maintain communication channels, helping ease worries over the possible delay of a preliminary trade deal.Separately, a report from the Wall Street Journal said China's chief trade negotiator has invited his American counterparts to Beijing for a new round of face-to-face talks.The pan European Stoxx 600 was up 0.3 percent at 403.40 after declining for four days in a row. The German DAX was marginally higher and France's CAC 40 index was up 0.1 percent while the U.K.'s FTSE 100 was up more than 1 percent. Aryzta shares tumbled 5 percent. The Swiss-Irish baker said its organic revenue fell 2.5 percent during the first quarter of its financial year.Vonovia was edging higher. The German residential property company said that it currently controls 72.3 percent of the votes in Hembla.Mining giant Anglo American advanced 1.6 percent, Antofagasta rallied 1.7 percent and Glencore gained 2.5 percent on U.S.-China trade deal hopes. British property website operator Rightmove gained over 1 percent after announcing the appointment of Andrew Fisher as non-executive Chairman, effective 1 January 2020.Hochschild Mining fell over 2 percent. The company said it remains firmly on track to meet the company's 2019 output guidance of 457,000 gold equivalent ounces or 37.0 million silver equivalent ounces.On the data front, investors shrugged off flash data from IHS Markit showing that the euro area private sector remained close to stagnant for a third consecutive month in November.The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The reading signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.The U.K. services purchasing managers index fell to a 40-month low in November while the manufacturing PMI slipped to a two-month low.Meanwhile, the European Central Bank's ultra-loose monetary policy is supporting the euro area economy and will continue to do so to ensure inflation returns to its target, the new ECB President Christine Lagarde said today. The ECB's accommodative policy stance has been a key driver of domestic demand during the recovery, and that stance remains in place,' Lagarde said in a speech at the Frankfurt European Banking Congress.Copyright RTT News/dpa-AFX
22.11.2019

FTSE 100 Rebounds On US-China Trade Optimism

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks bounced back from two sessions of losses on Friday after the Wall Street Journal said China's chief trade negotiator has invited his American counterparts to Beijing for a new round of face-to-face talks, helping revive investor hopes for a trade deal. Investors shrugged off weak survey data suggesting that the U.K. services purchasing managers index fell to a 40-month low in November. The manufacturing PMI meanwhile slipped to a two-month low.The benchmark FTSE 100 was up 61 points, or 0.84 percent, at 7,297 after declining 0.3 percent the previous day. Mining giant Anglo American advanced 1.6 percent, Antofagasta rallied 1.7 percent and Glencore gained 2.5 percent after China said both sides still maintain communication channels to reach a preliminary deal. Property company Land Securities Group edged up slightly after announcing the appointment of Mark Allan as its next Chief Executive Officer.Similarly, property website operator Rightmove gained over 1 percent after announcing the appointment of Andrew Fisher as non-executive Chairman, effective 1 January 2020. Hochschild Mining fell over 2 percent. The company said it remains firmly on track to meet the company's 2019 output guidance of 457,000 gold equivalent ounces or 37.0 million silver equivalent ounces.Copyright RTT News/dpa-AFX
22.11.2019

U.S. Consumer Sentiment Improves Much More Than Previously Estimated In November

WASHINGTON (dpa-AFX) - With consumers more optimistic about the future than previously estimated, the University of Michigan released a report on Friday showing a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November.The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.The stronger than previously estimated improvement in consumer sentiment came as the index of consumer expectations for November was upwardly revised to 87.3 from 85.9. The index came in at 84.2 in October.The current economic conditions index was also upwardly revised to 111.6 from 110.9 but is still down from 113.2 in the previous month. Surveys of Consumers chief economist, Richard Curtin noted the level of optimism seen over the past three years is second only to the period from January 1998 to December 2000. 'Although impeachment proceedings occurred in both time periods, the current period is distinctive for the much sharper partisan divisions in the economic expectations among consumers as well as the wide gap in optimism between consumers and business firms,' Curtin said.'One side anticipates a recession, while the other side expects an uninterrupted expansion in the year ahead,' he added. 'To be sure, there is ample reason for both optimism as well as pessimism, but not the extreme differences voiced by these groups.'Curtin predicted personal spending will be energized by consumers' record favorable evaluations of their personal financial situations but noted there are significant risks from potential negative shocks, associated with tariffs, impeachment, the presidential election, global growth, and geopolitical events. 'It has been differences in how these risks have been assessed that underlie the partisan differences among consumers and the gap in sentiment between the business and consumer sectors,' Curtin said.With regard to the inflation outlook, one-year inflation expectations were unchanged from the previous month at 2.5 percent, but five-year inflation expectations rose to 2.5 percent in November from 2.3 percent in October.Copyright RTT News/dpa-AFX
22.11.2019

ECB's Lagarde Seeks New Policy Mix

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Eurozone needs a new European policy mix that focuses on boosting public investment to create a sustainable future, and a review of the European Central Bank's monetary policy will start soon, the new ECB President Christine Lagarde said Friday. 'Investment is a particularly important part of the response to today's challenges, because it is both today's demand and tomorrow's supply,' Lagarde said in a speech at the Frankfurt European Banking Congress.'While investment needs are of course country-specific, there is today a cross-cutting case for investment in a common future that is more productive, more digital and greener.'In her first major speech as ECB Chief, Lagarde pointed out that new investment needs are emerging.The central bank's accommodative policy stance has been a key driver of domestic demand during the recovery, and that stance remains in place, Lagarde said.'As laid out in the ECB's forward guidance, monetary policy will continue to support the economy and respond to future risks in line with our price stability mandate,' she added. The ECB will continuously monitor the side effects of its policies, the ECB Chief said.The former IMF Managing Director also said that the ECB monetary policy is set to 'undergo a strategic review' that will begin 'in the near future.'She will chair her first rate-setting session of the Governing Council on December 12.'It is clear that monetary policy could achieve its goal faster and with fewer side effects if other policies were supporting growth alongside it,' Lagarde said.The ECB Chief, who is also a former French finance minister, was referring mainly to euro area fiscal policy. In his final policy speech, her predecessor Mario Draghi had also sought support from fiscal policy to boost Eurozone growth. Lagarde listed two main challenges to Eurozone growth, going forward. The first is the changing nature of world trade that remains marred by trade wars and geopolitical uncertainties.The second challenge is the long-term slowdown in growth in advanced economies and the below-average growth of domestic demand in the euro area.'These twin external and domestic challenges call on us to consider - as Europeans - how we should respond to the new environment,' Lagarde said.'The answer lies in converting the world's second largest economy into one that is open to the world but confident in itself - an economy that makes full use of Europe's potential to unleash higher rates of domestic demand and long-term growth.'Copyright RTT News/dpa-AFX
22.11.2019

German Economy Skirts Recession As Estimated

BERLIN (dpa-AFX) - The German economy avoided a technical recession in the third quarter, as initially estimated, driven by spending and construction investment, latest data from Destatis showed Friday.Separately, a closely watched survey revealed a moderate contraction in the German private sector as the drag from manufacturing eased in November. Gross domestic product grew 0.1 percent sequentially, following second quarter's 0.2 percent contraction. The rate came in line with the initial estimate published on November 14.Another contraction in the third quarter would have seen the biggest euro area economy slipping into a technical recession that is defined as two consecutive quarters of GDP decline.On a yearly basis, the unadjusted GDP advanced 1 percent in the third quarter, offsetting the 0.1 percent decline in the preceding period.Calendar-adjusted GDP growth accelerated to 0.5 percent from 0.3 percent in the second quarter. This was the fastest growth in a year. Both annual growth figures matched the provisional estimate.The expenditure-side breakdown showed that household final consumption expenditure gained 0.4 percent and government final consumption expenditure climbed 0.8 percent from the prior quarter.Overall gross fixed capital formation was down 0.1 percent. Fixed capital formation in construction was markedly up by 1.2 percent on the previous quarter, while investment in machinery and equipment was down 2.6 percent.Development of foreign trade made a positive contribution to economic growth. Exports grew 1 percent, while imports rose only 0.1 percent.Counting on only consumption and construction to offset the industrial downturn and on a possible rebound in global trade to cover the structural changes and disruption facing several key sectors of the entire economy might be a risky gamble, Carsten Brzeski, an ING economist said. The economy will continue to flirt with stagnation or even recession, Brzeski noted.Although Germany's private sector continued to shrink in November the pace of fall moderated from October, according to flash survey results from IHS Markit. The composite output index rose to 49.2 in November from 48.9 in the previous month. A score below 50 indicates contraction and the reading was slightly below forecast of 49.3. The factory Purchasing Managers' Index rose to a five-month high of 43.8 from 42.1 in October. The rate of decline in factory output slowed for the second month.Meanwhile, growth of services business activity remained subdued. Services output grew at the weakest pace since September 2016. The services PMI fell to a 38-month low of 51.3 from 51.6 in the previous month. The expected score was 52.0.Beneath the subdued headline numbers the data show another slight convergence between the more domestically-focused service sector and export-led manufacturing, Phil Smith, principal economist at IHS Markit, said.Copyright RTT News/dpa-AFX
22.11.2019

Eurozone Private Sector Logs Subdued Growth

BRUSSELS (dpa-AFX) - Euro area private sector grew at a much slower pace in November, indicating spillover effects from manufacturing to the services activity, flash data from IHS Markit showed Friday. The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The expected reading was 50.9.Although a score above 50 indicates expansion, it signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.The services Purchasing Managers' Index dropped to 51.5 from 52.2 in the previous month. Economists had forecast a score of 52.4.Meanwhile, the manufacturing PMI rose to 46.6 from 45.9 a month ago. The score was forecast to drop to 46.4. 'The Eurozone economy remained becalmed for a third successive month in November, with the lacklustre PMI indicative of GDP growing at a quarterly rate of just 0.1 percent, down from 0.2 percent in the third quarter,' Chris Williamson, chief business economist at IHS Markit, said. New orders fell for the third straight month. The survey showed signs of the steep ongoing manufacturing decline spreading further to services. Employment growth slipped to the lowest for almost five years as firms took an increasingly cautious approach to hiring. Price pressures also cooled, running at the lowest for over three years.The survey revealed that Germany and France saw some signs of improvement, while the rest of the euro area saw output fall, albeit only marginally. Nonetheless, France continued to outpace Germany. Germany's private sector shrank at a moderate pace compared to October. The composite output index rose to 49.2 in November from 48.9 in the previous month. The reading was slightly below forecast of 49.3. Manufacturing remained the main area of weakness in November. The factory PMI advanced to a five-month high of 43.8 from 42.1 in October. The services PMI fell to a 38-month low of 51.3 from 51.6 in the previous month. The expected score was 52.0. Services output grew at the weakest pace since September 2016. Elsewhere, France private sector logged strong growth in November. The composite output index rose slightly to 52.7 from 52.6 in October, but below the forecast of 52.8. The survey showed that the current run of expansion extended to eight months and was driven by gains across both the manufacturing and service sectors.The services PMI held steady at 52.9 in November. The score was expected to rise to 53.0.At the same time, the factory PMI advanced to 51.6 from 50.7 a month ago and stayed above expectations of 50.9. The sector registered its fastest increase in output since June.Overall, while there is some encouragement in today's data releases for the German industry, these are offset by signs that the services sector is now struggling too, Andrew Kenningham, an economist at Capital Economics, said.And none of this changes the fact that Germany is still flirting with recession and the Eurozone economy as a whole is very anaemic, the economist added.Copyright RTT News/dpa-AFX
22.11.2019

UK Private Sector Contracts Most Since Mid-2016

LONDON (dpa-AFX) - The UK private sector contracted at the fastest pace in more than two years in November, as a lack of clarity over Brexit and uncertainty from the forthcoming election weighed on activity, flash survey data from IHS Markit showed Friday. The headline IHS Markit/Chartered Institute of Procurement & Supply composite output index fell to a 40-month low of 48.5 in November from the neutral mark of 50.0 in October. The overall reduction reflected moderate falls in both manufacturing and service sector output. The services Purchasing Managers' Index dropped unexpectedly to 48.6 from 50.0 in the previous month. The reading was forecast to rise slightly to 50.1.The manufacturing PMI fell to 48.3 from 49.6 a month ago. The expected level was 48.8. Chris Williamson, chief business economist at IHS Markit, said, 'With an upcoming general election adding to Brexit-related uncertainty about the outlook, it's no surprise to see UK businesses reporting falling output and orders in November.'The decline signaled by the flash PMI follows stagnation in October and adds to what has been the survey's worst spell since the recession of 2008-9, Williamson added.The services sector has been the stalwart of growth over the last year, but this may be a sign that the weakness in the rest of the economy is starting to creep into the economy's largest sector, Thomas Pugh, an economist at Capital Economics, said.In the manufacturing sector, customer overstocking ahead of the now-postponed Brexit deadline, on October 31, acted as a headwind to production volumes in November. New orders, at the composite level, dropped for the fourth straight month in November, which was the fastest since July 2016. Softer demand led to the sharpest reduction in backlogs of work for over seven years in November. Companies reduced staffing numbers for the third straight month.On the price front, data revealed a moderation in the rate of input cost inflation to its weakest for almost three-and-a-half years.Copyright RTT News/dpa-AFX
22.11.2019

Latvia Producer Prices Fall In October

BRUSSELS (dpa-AFX) - Latvia producer prices declined in October, led by a sharp fall in prices for the export market, figures from the Central Statistical Bureau showed on Friday. Producer prices decreased 0.2 percent year-on-year following a 0.5 percent increase in September. Domestic market producer prices rose 1.7 percent after a 1.8 percent increase, while prices for the products for export market decreased 1.9 percent following a 0.7 percent slump. On a month-on-month basis, producer prices decreased 0.6 percent in October after a 0.3 percent fall.Copyright RTT News/dpa-AFX
22.11.2019

Eurozone Private Sector Remains Close To Stagnation

BRUSSELS (dpa-AFX) - The euro area private sector remained close to stagnant for a third consecutive month in November, flash data from IHS Markit showed Friday. The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. A score above 50 indicates expansion. The score was forecast to rise to 50.9. The reading signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.The services Purchasing Managers' Index dropped to 51.5 from 52.2 in the previous month. Economists had forecast a score of 52.4.At the same time, the manufacturing PMI rose to 46.6 from 45.9 a month ago. The score was forecast to rise to 46.4. 'The eurozone economy remained becalmed for a third successive month in November, with the lacklustre PMI indicative of GDP growing at a quarterly rate of just 0.1%, down from 0.2% in the third quarter,' Chris Williamson, chief business economist at IHS Markit said.Copyright RTT News/dpa-AFX
22.11.2019

ECB's Lagarde Says Monetary Policy To Continue Support Eurozone Economy

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The European Central Bank's ultra-loose monetary policy is supporting the euro area economy and will continue to do so to ensure inflation returns to its target, the new ECB President Christine Lagarde said Friday.The ECB's accommodative policy stance has been a key driver of domestic demand during the recovery, and that stance remains in place,' Lagarde said in a speech at the Frankfurt European Banking Congress. 'As laid out in the ECB's forward guidance, monetary policy will continue to support the economy and respond to future risks in line with our price stability mandate,' she added.The ECB will continuously monitor the side effects of its policies, the ECB Chief said.'But it is clear that monetary policy could achieve its goal faster and with fewer side effects if other policies were supporting growth alongside it,' Lagarde said.Stressing on the need to strengthen the domestic economy, Lagarde said productivity must be raised to boost business investment.Copyright RTT News/dpa-AFX
22.11.2019

Germany Private Sector Contracts At Slower Pace In November

BERLIN (dpa-AFX) - Germany's private sector continues to shrink in November but the pace of fall moderated from October, flash survey results from IHS Markit showed Friday. The composite output index rose to 49.2 in November from 48.9 in the previous month. A score below 50 indicates contraction and the reading was slightly below forecast of 49.3. Manufacturing remained the main area of weakness in November. The factory Purchasing Managers' Index rose to a five-month high of 43.8 from 42.1 in October. Meanwhile, growth of services business activity remained subdued. Services output grew at the weakest pace since September 2016. The services PMI fell to a 38-month low of 51.3 from 51.6 in the previous month. The expected score was 52.0.Beneath the subdued headline numbers the data show another slight convergence between the more domestically-focussed service sector and export-led manufacturing, Phil Smith, principal economist at IHS Markit said.Copyright RTT News/dpa-AFX
22.11.2019

France Private Sector Logs Strong Growth In November

PARIS (dpa-AFX) - France private sector logged strong growth in November, flash survey data from IHS Markit showed Friday.The composite output index rose slightly to 52.7 in November from 52.6 in October, but below the forecast of 52.8. The survey showed that the current run of expansion extended to eight months and was driven by gains across both the manufacturing and service sectors.The services Purchasing Managers' Index held steady at 52.9 in November. The score was expected to rise to 53.0.The factory PMI advanced to 51.6 from 50.7 a month ago and stayed above expectations of 50.9. The sector registered its fastest increase in output since June.Copyright RTT News/dpa-AFX
22.11.2019

Dollar Gains Against Most Major Currencies

WASHINGTON (dpa-AFX) - After early weakness, the U.S. dollar gained in strength on Friday, riding on some fairly strong economic data.A report from the University of Michigan showed a much bigger than expected upward revision to its reading on U.S. consumer sentiment in the month of November as consumers were more optimistic about the future than previously estimated.The report said the consumer sentiment index for November was upwardly revised to 96.8 from the preliminary reading of 95.7. The revised reading is well above the final October reading of 95.5.The IHS Markit US Composite PMI rose to a four-month high of 51.9 in November 2019 from 50.9 in the previous month, a preliminary estimate showed. Stronger manufacturing and services sector activity contributed to the growth.The IHS Markit US Manufacturing PMI rose to 52.2 in November 2019 from 51.3 in the previous month, while the Services PMI rose to 51.6 in November 2019 from 50.6 in the previous month.The dollar index rose to 98.31 and was last seen at 98.26, up 0.27% from previous close.Against the Euro, the dollar strengthened to 1.1022 from Thursday's 1.1060.Euro area private sector grew at a much slower pace in November, indicating spillover effects from manufacturing to the services activity, flash data from IHS Markit showed Friday.The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The expected reading was 50.9.Although a score above 50 indicates expansion, it signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.The services Purchasing Managers' Index dropped to 51.5 from 52.2 in the previous month. Economists had forecast a score of 52.4.Meanwhile, the manufacturing PMI rose to 46.6 from 45.9 a month ago. The score was forecast to drop to 46.4.The pound sterling was down fairly sharply against the greenback, falling to $1.2835, from $1.2910 on Thursday.The Japanese Yen was little changed at 108.60 a dollar, after moving between 108.47 and 108.72.The Aussie was down slightly at 0.6786. Against Swiss franc, the dollar was trading at 0.9971, up 0.4% from previous close.The loonie edged up after Canadian retail sales data came in line with expectations, but retreated later. The USD-CAD pair was last seen at 1.3299, with the dollar gaining about 0.1%.Data from the Statistics Canada showed that retail sales fell 0.1% on a seasonally adjusted monthly basis after a revised 0.1% rise in August. The rate matched economist estimates.Core retail sales excluding motor vehicle and parts dealers rose 0.2% from August, when it fell a revised 0.1%. The reading was forecast to fall by 0.3%.Copyright RTT News/dpa-AFX
22.11.2019

Canadian Dollar Advances After In Line Retail Sales Data

CANBERA (dpa-AFX) - The Canadian dollar strengthened against its major counterparts in the European session on Friday, after a data showed that the nation's retail sales data met forecasts for the month of September.Data from the Statistics Canada showed that retail sales fell 0.1 percent on a seasonally adjusted monthly basis after a revised 0.1 percent rise in August. The rate matched economist estimates.Core retail sales excluding motor vehicle and parts dealers rose 0.2 percent from August, when it fell a revised 0.1 percent. The reading was forecast to fall by 0.3 percent.Investors became optimistic about U.S.-China trade deal following reports about an invitation from Beijing to top U.S. officials for a fresh round of discussions.According to a report in South China Morning Post, Chinese President Xi Jinping said the country is working for an agreement on the basis of 'mutual respect and equality' for phase one agreement. The loonie climbed to 3-day highs of 1.4652 against the euro and 1.3255 against the greenback, from its early lows of 1.4711 and 1.3291, respectively. The loonie is seen finding resistance around 1.44 against the euro and 1.30 against the greenback.Reversing from early lows of 81.63 against the yen and 0.9028 against the aussie, the loonie strengthened to 3-day highs of 81.93 and 0.9003, respectively. The loonie is likely to find resistance around 83.5 against the yen and 0.88 against the aussie.Looking ahead, University of Michigan's consumer sentiment index for November will be featured in the New York session.Copyright RTT News/dpa-AFX
22.11.2019

Loonie Rises After Canada Retail Sales

CANBERA (dpa-AFX) - Following the release of Canada retail sales for September at 8:30 am ET Friday, the loonie advanced against its major counterparts.The loonie was trading at 1.4655 against the euro, 81.89 against the yen, 0.9005 against the aussie and 1.3259 against the greenback around 8:32 am ET.Copyright RTT News/dpa-AFX
22.11.2019

Loonie Mixed Ahead Of Canada Retail Sales

CANBERA (dpa-AFX) - Canada retail sales for September are due from Statistics Canada at 8:30 am ET Friday. Ahead of the data, the loonie traded mixed against its major counterparts. While the loonie rose back against the aussie, it held steady against the rest of major counterparts.The loonie was worth 1.4680 against the euro, 81.72 against the yen, 0.9016 against the aussie and 1.3280 against the greenback at 8:25 am ET.Copyright RTT News/dpa-AFX
22.11.2019

Pound Slides As UK Private Sector Shrinks To Over 2-yr Low

BRUSSELS (dpa-AFX) - The pound drifted lower against its key counterparts in the European session on Friday, after a data showed that the UK private sector contracted at the fastest pace in more than two years in November.Flash survey data from IHS Markit showed that the headline composite output index fell to a 40-month low of 48.5 in November from the neutral mark of 50.0 in October.The services Purchasing Managers' Index dropped unexpectedly to 48.6 from 50.0 in the previous month. The reading was forecast to rise slightly to 50.1.The manufacturing PMI fell to 48.3 from 49.6 a month ago. The expected level was 48.8. European stocks steadied amid concerns that U.S. legislation on Hong Kong could increase tensions between the United States and Beijing.China said both sides still maintain communication channels, helping ease worries over the possible delay of a preliminary trade deal.The currency was trading higher against its major counterparts in the Asian session, except the euro.The pound declined to a weekly low of 1.2863 against the dollar, after rising to 1.2928 at 3:30 am ET. Should the pound falls further, 1.27 is likely seen as its next support level.Having climbed to 140.50 against the yen at 3:30 am ET, the pound reversed direction and weakened to a 2-day low of 139.62. The pound is seen locating support around the 136.5 region. Survey data from IHS Markit showed that Japan's private sector continued to contract in November but moved closer to stagnation.The Jibun Bank flash composite output index rose to 49.9 in November from 49.1 in October. A score below 50 indicates contraction in the sector.The pound depreciated to a 2-day low of 1.2785 against the franc, following an advance to 1.2852 at 3:00 am ET. The next likely support for the pound is seen around the 1.25 region.The pound fell to a 10-day low of 0.8595 against the euro, from a high of 0.8561 it touched at 8:15 pm ET. On the downside, 0.88 is likely seen as the next support level for the pound.Flash data from IHS Markit showed that the euro area private sector remained close to stagnant for a third consecutive month in November.The composite output index fell unexpectedly to 50.3 in November from 50.6 in October. The score was forecast to rise to 50.9.Looking ahead, Canada retail sales for September and University of Michigan's consumer sentiment index for November will be featured in the New York session.Copyright RTT News/dpa-AFX
22.11.2019

Euro Falls As Eurozone Private Activity Nears Stagnation

CANBERA (dpa-AFX) - The euro trimmed its early gains against its major counterparts in early European deals on Friday, as a data showing Eurozone business activity remaining close to stagnation offset positive factory PMI from Germany.Flash data from IHS Markit showed that the euro area composite output index fell unexpectedly to 50.3 in November from 50.6 in October. A score above 50 indicates expansion. The score was forecast to rise to 50.9.The reading signaled the second slowest growth across manufacturing and services since the current upturn began in July 2013.The services Purchasing Managers' Index dropped to 51.5 from 52.2 in the previous month. Economists had forecast a score of 52.4.At the same time, the manufacturing PMI rose to 46.6 from 45.9 a month ago. The score was forecast to rise to 46.4.Separate data showed that German factory Purchasing Managers' Index rose to a five-month high of 43.8 from 42.1 in October.The composite output index rose to 49.2 in November from 48.9 in the previous month. A score below 50 indicates contraction and the reading was slightly below forecast of 49.3.Speaking at the Frankfurt European Banking Congress, President Christine Lagarde said that the European Central Bank's ultra-loose monetary policy is supporting the euro area economy and will continue to do so to ensure inflation returns to its target.The ECB's accommodative policy stance has been a key driver of domestic demand during the recovery, and that stance remains in place.The currency showed mixed trading against its major counterparts in the Asian session. While it rose against the yen and the franc, it was steady against the pound and the greenback.The euro depreciated to a weekly low of 1.1047 against the greenback, from a high of 1.1087 seen at 3:30 am ET. The next likely support for the euro is seen around the 1.08 level.Reversing from a high of 120.49 hit at 3:30 am ET, the euro fell to a 2-day low of 119.93 against the yen. The euro is seen finding support around the 118.00 region.Survey data from IHS Markit showed that Japan's private sector continued to contract in November but moved closer to stagnation.The Jibun Bank flash composite output index rose to 49.9 in November from 49.1 in October. A score below 50 indicates contraction in the sector.The euro pulled back to 1.0980 against the franc, from a fresh 2-week high of 1.1010 it touched at 3:30 am ET. On the downside, 1.08 is possibly seen as the next support level for the euro.The euro declined to an 8-day low of 1.7206 against the kiwi, 3-day low of 1.4671 against the loonie and a 2-day low of 1.6259 against the aussie, off its early highs of 1.7286, 1.4711 and 1.6316, respectively. If the euro slides further, it may find support around 1.70 against the kiwi, 1.44 against the loonie and 1.60 against the aussie.On the flip side, the euro firmed to a 10-day high of 0.8595 against the pound from yesterday's closing value of 0.8566. Next key resistance for the euro is seen around the 0.88 level.Looking ahead, Canada retail sales for September and University of Michigan's consumer sentiment index for November will be featured in the New York session.Copyright RTT News/dpa-AFX
22.11.2019

Pound Drops Further Following U.K. PMI Data

BRUSSELS (dpa-AFX) - After the release of UK Markit/CIPS flash PMI survey data at 4.30 am ET Friday, the pound fell further against its major counterparts.The pound was trading at 1.2879 against the greenback, 139.79 against the yen, 0.8581 against the euro and 1.2798 against the franc around 4:35 am ET.Copyright RTT News/dpa-AFX
22.11.2019

Pound Falls Ahead Of U.K. PMI Data

BRUSSELS (dpa-AFX) - At 4.30 am ET Friday, UK Markit/CIPS flash PMI survey data is due. The manufacturing PMI is expected to fall to 48.8 in November and the services index to rise to 50.1.The pound declined against its major counterparts ahead of the data.The pound was worth 1.2896 against the greenback, 140.00 against the yen, 0.8572 against the euro and 1.2818 against the franc at 4:25 am ET.Copyright RTT News/dpa-AFX
22.11.2019

Euro Ticks Down After Eurozone PMI Data

BRUSSELS (dpa-AFX) - Following the release of euro area flash PMI survey results at 4.00 am ET Friday, the euro ticked down against its major counterparts.The euro was trading at 1.1060 against the greenback, 120.06 against the yen, 0.8568 against the pound and 1.0998 against the franc around 4:05 am ET.Copyright RTT News/dpa-AFX
22.11.2019

Euro Advances Ahead Of Eurozone PMI Data

BRUSSELS (dpa-AFX) - At 4.00 am ET Friday, IHS Markit publishes euro area flash PMI survey results. Economists expect the PMI to rise to 50.9 in November from 50.6 in October.The euro rose against its major counterparts ahead of the data.The euro was worth 1.1073 against the greenback, 120.26 against the yen, 0.8572 against the pound and 1.1005 against the franc at 3:55 am ET.Copyright RTT News/dpa-AFX

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