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24.08.2019

AutoNation Former CEO Liebert To Receive Severance Compensation Of $3.75 Mln

WASHINGTON (dpa-AFX) - AutoNation, Inc. (AN) disclosed in a regulatory filing that on August 21, 2019, it has entered into a separation agreement with its former chief executive Carl Liebert. Last month, the company named Cheryl Miller as its chief executive replacing Carl Liebert.Liebert will be receiving severance compensation equal to $3.75 million, less applicable taxes and withholdings, payable over 18 months. In addition, AutoNation agreed to pay to Liebert a pro-rated annual bonus for 2019, payable at the same time bonuses are paid to the other executive officers.The company will also reimburse Liebert for certain relocation expenses. Liebert will be treated as 'retirement' eligible with respect to the award of 217,834 restricted stock units granted to him on March 11, 2019.As a result of this separation, AutoNation expects to incur severance and other related expenses in the third quarter of 2019 of $10 million to $11 million after-tax. These expenses will be reflected in selling, general, and administrative expenses and are expected to adversely impact earnings per share from continuing operations for the third quarter by $0.11 to $0.12.AN closed Friday's trading session at $46.38.Copyright RTT News/dpa-AFX
23.08.2019

Hasbro: Peppa Pig, Meet My Little Pony

LONDON (dpa-AFX) - Toymaker Hasbro Inc. agreed to acquire Peppa Pig owner Entertainment One Ltd. or eOne in an all-cash transaction of about 3.3 billion pounds or $4 billion.The deal would add eOne's preschool brands, Peppa Pig and PJ Masks, to Hasbro's brand portfolio, along with additional brands in development, including newly introduced Ricky Zoom. Top eOne executives will join the Hasbro team.Hasbro, which owns My Little Pony, Transformers, Nerf, Twister and the Power Rangers franchise, among others, expects that eOne's highly profitable and merchandisable preschool brands would be a strategic growth opportunity in the Infant and Preschool category.In fiscal 2019, eOne had reported that Peppa Pig continued its strong performance in markets around the world, generating multiple revenues outside its licensing and merchandising businesses. In China, the company's revenues increased by 50% driven predominately by Peppa Pig.Hasbro expects the deal to add to its earnings in the first year following the transaction, expected to close during the fourth quarter of 2019.eOne's Canadian TV and film operations will continue as a distinct Canadian-controlled business within the combined business.Brian Goldner, Hasbro chairman and chief executive officer, said, 'The acquisition of eOne adds beloved story-led global family brands that deliver strong operating returns to Hasbro's portfolio and provides a pipeline of new brand creation driven by family-oriented storytelling, which will now include Hasbro's IP.'Copyright RTT News/dpa-AFX
23.08.2019

Tesla To Buy Batteries From LG Chem For China Factory : Report

SEOUL (dpa-AFX) - Tesla Inc. (TSLA) agreed to buy batteries from South Korea's LG Chem for electric vehicles manufactured in China, Bloomberg reported citing people familiar with the matter.The batteries made by LG Chem will be used initially in Model 3 cars manufactured in the plant near Shanghai, the report said.The batteries will also be used in Model Ys manufactured there once the compact crossover car is released, the report said.Copyright RTT News/dpa-AFX
23.08.2019

ALXN & Takeover Rumors, AMGN's JASMINE Blooms, CLSD Sees The Writing On The Wall

THOUSAND OAKS (dpa-AFX) - Today's Daily Dose brings you news about takeover rumors surrounding Alexion Pharma; positive results of Amgen/Allergan's JASMINE study; and an update on Clearside Biomedical's New Drug Application for XIPERE.Read on.Alexion Pharmaceuticals Inc. (ALXN) is not new to takeover rumors. This developer of rare disease drug Soliris has been in acquisition crosshairs since 2016 - with Roche, Pfizer, Novartis and Amgen been reported as the potential buyers. The rumors swirl again as Intereconomia.com on Thursday said that 'the acquisition of Alexion by Amgen could take place in the next few days, and that the price per share would be around $200', citing people familiar with the matter.In the second quarter ended June 30, 2019, Alexion reported revenue of $1.20 billion compared to $1.04 billion in the year-ago quarter. Soliris contributed $980.8 million to the recent second-quarter revenue compared to $898.2 million in the second quarter of 2018. On a non-GAAP basis, the EPS for the second quarter of 2019 was $2.64 compared to $2.07 in the second quarter of 2018.ALXN closed Thursday's trading at $123.49, up 7.53%. In after-hours, the stock gained another 4.87% to $129.50.Amgen (AMGN) and Allergan plc.'s (AGN) phase III study evaluating the efficacy and safety of ABP 798, a biosimilar candidate to Rituximab, compared to Rituximab in patients with CD20-positive B-cell non-Hodgkin's lymphoma has yielded positive results. In the study, dubbed JASMINE, the overall response rate (ORR) by week 28, was within the prespecified margin for ABP 798 compared to Rituximab, showing clinical equivalence. The safety and immunogenicity profile of ABP 798 was comparable to Rituximab.Roche and Biogen's Rituximab, sold under the name Rituxan, in the U.S., lost its patent protection in the United States in 2016. In Europe, the drug is sold under the name MabThera. The European patents covering the drug expired in 2013.Rituximab is approved in many regions for the treatment of adult patients with non-Hodgkin's lymphoma, chronic lymphocytic leukemia, moderate-to-severe rheumatoid arthritis, pemphigus vulgaris, granulomatosis with polyangiitis and microscopic polyangiitis.Celltrion's Truxima and Sandoz's Rixathon are the two Rituximab biosimilars currently marketed in the EU. The first Rituximab biosimilar to be approved in the U.S. is Celltrion and Teva's Truxima, approved last November. Pfizer's Ruxience, the second biosimilar to Roche's Rituximab, was approved as recently as July 2019.AMGN closed Thursday's trading at $203.42, down 0.25%.Shares of Clearside Biomedical Inc. (CLSD) took a hit on Thursday, following an update on the Company's New Drug Application for XIPERE, which is under FDA review.XIPERE, formerly known as CLS-TA, is a proprietary suspension of the corticosteroid triamcinolone acetonide formulated for administration to the back of the eye for the treatment of macular edema associated with uveitis.The FDA is slated to announce its decision related to XIPERE approval only on October 19, 2019. However, now the FDA's Office of Pharmaceutical Quality has asked Clearside to provide stability data for the triamcinolone acetonide suspension produced utilizing an enhanced manufacturing process implemented by the Company. Against this backdrop, Clearside expects XIPERE to be denied approval by the FDA. The Company plans to re-submit the XIPERE NDA in the first quarter of 2020 with the requested stability data.CLSD closed Thursday's trading at $0.77, down 38.21%.Shares of Retrophin Inc. (RTRX) slumped more than 20% on Thursday, following disappointing results from its phase III study of Fosmetpantotenate in patients with pantothenate kinase-associated neurodegeneration.The study, dubbed FORT, did not achieve its primary or secondary endpoints.Pantothenate kinase-associated neurodegeneration, or PKAN, is a rare, genetic and life-threatening neurological disorder. People suffering from PKAN may experience movement disorders such as dystonia (sustained muscle contraction leading to abnormal posture), rigidity, dysphagia (problems swallowing), and twisting and writhing, as well as visual impairment. PKAN is estimated to affect up to 5,000 people worldwide.Another clinical program of the Company to watch out for is Sparsentan, which is under two pivotal phase III studies - one in patients with focal segmental glomerulosclerosis, dubbed DUPLEX, and the other in patients with IgA nephropathy, dubbed PROTECT.Top-line efficacy data from the DUPLEX study is expected in the first half of 2021, and that from the PROTECT study is anticipated in the first half of 2022.RTRX closed Thursday's trading at $13.56, down 22.07%. In after-hours, the stock was up 1.77% at $13.80.Copyright RTT News/dpa-AFX
23.08.2019

Computacenter H1 Pre-tax Profit Down, Revenue Climbs; Outlook In Line With View

LONDON (dpa-AFX) - Computacenter plc (CCC.L), a provider of IT infrastructure and services, reported Friday that its first-half profit before tax dropped 2.3 percent to 50.8 million pounds from last year's 52.0 million pounds.Earnings per share, however, grew 5.1 percent to 33.2 pence from 31.6 pence last year.Adjusted profit before tax was 53.5 million pounds, compared to 52.1 million pounds a year ago. Adjusted earnings per share were 34.5 pence, compared to 32.7 pence last year.Revenue for the period climbed 20.8 percent to 2.43 billion pounds from 2.01 billion pounds in the prior year.Further, the company announced an interim dividend of 10.1 pence per share, higher than last year's 8.7 pence per share. The dividend will be paid on October 11, and the record date is September 13.Looking ahead, Mike Norris, Chief Executive, said, 'The Board's outlook remains in line with its expectations.. Whilst the performance of the first half of 2018 presented a very difficult challenge to beat, the opposite is true of the second half. The Board expects that the full year 2019 profit growth, in monetary value, will be the best in the company's history.'Copyright RTT News/dpa-AFX
23.08.2019

Hasbro To Buy Entertainment One In $4.0 Bln Deal

LONDON (dpa-AFX) - Hasbro Inc. (HAS) agreed to buy Entertainment One Ltd. (ETO.L) in an all-cash transaction valued at about 3.3 billion pounds or $4.0 billion, the companies said.As per the terms of the deal, eOne shareholders will receive 5.60 pounds in cash for each share. It represented a 31% premium to eOne's 30-day volume weighted average price as of August 22, 2019.The transaction is expected to close during the fourth quarter of 2019.Hasbro expects the deal to be accretive to adjusted earnings per share in the first year following the transaction.Hasbro expects to finance the transaction with the proceeds of debt financing and about $1.0 billion to $1.25 billion in cash from equity financing.Copyright RTT News/dpa-AFX
23.08.2019

GSK Reports Positive Headline Results From DREAMM-2 Study

LONDON (dpa-AFX) - GlaxoSmithKline plc (GSK, GSK.L) reported positive headline results from the DREAMM-2 study of two doses of belantamab mafodotin for multiple myeloma. The study met its primary objective and demonstrated a clinically meaningful overall response rate. Belantamab mafodotin is not approved for use anywhere in the world.Hal Barron, Chief Scientific Officer and President R&D, GSK said: 'We are on track to file belantamab mafodotin later this year and continue to investigate how it could help even more patients with this disease.'Copyright RTT News/dpa-AFX
22.08.2019

HP CEO Dion Weisler Steps Down, Enriquie Lores To Succeed

PALO ALTO (dpa-AFX) - HP Inc. (HPQ) Thursday said its CEO Dion Weisler is leaving the company to attend a family health matter. The company has appointed Enrique Lores, currently President of HP's Imaging, Printing and Solutions business, to succeed Weisler, effective November 1. Weisler will work with Lores to ensure a seamless transition and will remain at the company through January 2020. Following this, Weisler will continue to serve on HP's board of directors until the next annual meeting of stockholders.'Serving as CEO of HP is the highlight of my career, and I want to thank the entire HP team for the support they have shown me. I'm incredibly proud of what we have achieved and equally confident in where we are heading as a company,' said Weisler. Lores has been working with HP's board on a 'comprehensive global review of the company's strategy and business operations' over the past year, according to a statement. 'Thirty years ago, I was drawn to HP by the company's unique ability to bring out the best of humanity through the power of technology,' said Lores. 'The opportunities ahead are vast and the need for us to keep reinventing is more important than ever. I continue to be inspired by our customers, partners and employees, who are turning bold ideas into meaningful innovations. This is where we will set our sights for the future.'Copyright RTT News/dpa-AFX
22.08.2019

VMware Agrees To Acquire Buy Carbon Black, Pivotal Software

WASHINGTON (dpa-AFX) - VMware Inc. (VMW) Thursday announced two separate acquisitions of software firms totaling about $5 billion. Vmware agreed to buy Carbon Black in an all cash transaction for $26 a share, or for about $2.1 billion in enterprise value. VMware also inked deal to acquire Pivotal Software Inc. for $11.71 share, or for a total enterprise value of $2.7 billion.Carbon Black is a provider of cloud security with more than 5,600 customers and 500 partners globally. The company's innovative cloud-native security platform leverages big data and behavioral analytics to provide comprehensive endpoint protection against even the most advanced cyberattacks.'The security industry is broken and ineffective with too many fragmented solutions and no cohesive platform architecture. By bringing Carbon Black into the VMware family, we are now taking a huge step forward in security and delivering an enterprise-grade platform to administer and protect workloads, applications and networks,' said Pat Gelsinger, CEO, Vmware.'The time is ideal to join forces with VMware, an industry leader who shares our commitment to open source community contributions and our focus on adding developer value on top of Kubernetes,' said Rob Mee, CEO, Pivotal. VMware expects both the deals to close in the second half of its fiscal year 2020.Copyright RTT News/dpa-AFX
22.08.2019

Gap Inc. Reveals Decline In Q2 Profit

SAN FRANCISCO (dpa-AFX) - Gap Inc. (GPS) reported a profit for second quarter that fell from last year.The company's bottom line totaled $168 million, or $0.44 per share. This compares with $297 million, or $0.76 per share, in last year's second quarter.Analysts had expected the company to earn $0.53 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.The company's revenue for the quarter fell 2.0% to $4.01 billion from $4.09 billion last year.Gap Inc. earnings at a glance:-Earnings (Q2): $168 Mln. vs. $297 Mln. last year.-EPS (Q2): $0.44 vs. $0.76 last year.-Analysts Estimate: $0.53-Revenue (Q2): $4.01 Bln vs. $4.09 Bln last year. -Guidance:Full year EPS guidance: $2.05 to $2.15Copyright RTT News/dpa-AFX
23.08.2019

U.S. Stocks Plummet As Trump Orders U.S. Companies To Find Alternative To China

WASHINGTON (dpa-AFX) - Stocks succumbed to substantial selling pressure over the course of the trading day on Friday after seeing considerable volatility early in the session. The major averages all moved sharply lower after ending the previous session mixed.The major averages climbed off their worst levels going into the close but still posted steep losses. The Dow tumbled 623.34 points or 2.4 percent to 25,628.90, the Nasdaq plummeted 239.62 points or 3 percent to 7,751.77 and the S&P 500 plunged 75.84 points or 2.6 percent to 2,847.11.With the significant decrease on the day, the major averages moved notably lower for the week. The Nasdaq slumped by 1.8 percent, the S&P 500 slid by 1.4 percent and the Dow fell by 1 percent.The sell-off on Wall Street came amid renewed U.S.-China trade concerns after a series of threatening tweets from President Donald Trump.Trump claimed the U.S. does not need China and would be 'far better off without them' and subsequently ordered American companies to 'immediately start looking for an alternative to China.''The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP,' Trump tweeted.The tweets from Trump came after the Chinese Finance Ministry announced plans to impose new tariffs on $75 billion worth of U.S. imports.The new levies include 5 percent tariffs on U.S. soybeans and crude oil imports, which are scheduled to take effect on September 1st.The move by China was in response to Trump's plan to impose a 10 percent tariff on $300 billion worth of Chinese imports.Trump's tweets offset a positive reaction to Federal Reserve Chairman Jerome Powell's highly anticipated speech at the Jackson Hole Economic Policy Symposium.Powell reiterated during his prepared remarks that the central bank will 'act as appropriate' to sustain the U.S. economic expansion.'We are carefully watching developments as we assess their implications for the U.S. outlook and the path of monetary policy,' Powell added.Paul Ashworth, Chief U.S. Economist at Capital Economics, said Powell's comment sounds 'analogous to the 'closely monitor' language the Fed last used in the May FOMC statement to indicate a rate cut was coming soon.' 'In contrast, in the July statement the FOMC only pledged to 'continue to monitor' the incoming data which, coupled with Powell's post-meeting press conference, gave the impression that the Fed wasn't in a rush to cut rates again,' Ashworth said.Ashworth subsequently believes that Powell's closely watched speech appears to open the door to another rate cut at the Fed's September meeting.Meanwhile, Trump seemed less impressed by the Fed Chairman's remarks, going so far as to question if Powell is a 'bigger enemy' than Chinese President Xi Jinping.'As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly,' Trump tweeted.He added, 'We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the U.S. will do great.'While Powell is a Trump appointee, the president has repeatedly lashed out at the Fed for failing to heed his calls for dramatically lower interest rates.Sector NewsMost of the major sectors showed substantial moves to the downside on the day, reflecting the broad based nature of the sell-off.Energy stocks showed a particularly steep drop, as the price of crude oil for October delivery tumbled $1.18 to $54.17 a barrel amid concerns about the outlook for global energy demand.Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plummeted by 5.3 percent, while the NYSE Arca Natural Gas Index and the NYSE Arca Oil Index plunged by 4.2 percent and 3.4 percent, respectively.Substantial weakness was also visible among semiconductor stocks, as reflected by the 4.4 percent nosedive by the Philadelphia Semiconductor Index. Transportation, computer hardware, networking, and banking stocks also saw considerable weakness, while gold stocks were among the only groups to buck the downtrend amid a sharp increase by the price of the precious metal.With gold for December delivery spiking $29.10 to $1,537.60 an ounce, the NYSE Arca Gold Bugs Index surged up by 4.6 percent. Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index rose by 0.4 percent, while China's Shanghai Composite Index climbed by 0.5 percent.Meanwhile, European stocks saw substantial volatility before closing sharply lower. While the U.K.'s FTSE 100 Index fell by 0.5 percent, the French CAC 40 Index and the German DAX Index slumped by 1.1 percent and 1.2 percent, respectively.In the bond market, treasuries showed a significant move to the upside in reaction to Trump's tweets. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, tumbled by 8.2 basis points to 1.528 percent.Looking AheadAny further developments on the trade front may impact trading next week along with reports on durable goods orders, consumer confidence, and personal income and spending.Copyright RTT News/dpa-AFX
23.08.2019

Swiss Market Ends Notably Lower As Trade Tensions Escalate

BRUSSELS (dpa-AFX) - Swiss stocks failed to hold early gains and ended notably lower on Friday as an escalation in U.S.-China trade tensions dragged the market down into negative territory in afternoon trades.The benchmark SMI, which advanced to 9,882.25 in early afternoon trades, gaining nearly 80 points in the process, eventually ended the day with a loss of 60.52 points, or 0.62%, at 9,744.98, slightly off the day's low of 9,735.29.Alcon declined 3.2% and LafargeHolcim ended down 2.2%. Adecco, Sika, Richemont and Credit Suisse shed 1 to 1.1%, while ABB, Swatch Group and UBS Group lost nearly 1% each.Zurich Insurance, SGS, Swisscom, Swiss Re and Novartis also ended weak.In the midcap space, AMS declined nearly 4%. VAT Group ended 1.85% down, while GAM Holding, Julius Baer, Georg Fischer and Straumann Holding lost 1 to 1.4%. PSP Swiss Property and Dorma Kaba Holding both ended higher by about 1.15%.On the trade front, the Chinese government today announced tariff hikes on $75 billion of U.S. products. China's Finance Ministry said that import duties on U.S.-made autos and auto parts will also be increased.U.S. President Donald Trump claimed the U.S. does not need China and would be 'far better off without them' and subsequently ordered American companies to 'immediately start looking for an alternative to China.''The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP,' Trump tweeted.The president also indicated that he would respond to the newly announced Chinese tariffs on U.S. imports this afternoon.The major European markets closed notably lower today. The U.K.'s FTSE 100 declined 0.47%, while Germany's DAX and France's CAC 40 shed 1.15% and 1.14%, respectively. The pan European Stoxx 600 ended down 0.78%.Copyright RTT News/dpa-AFX
23.08.2019

European Markets End Lower On Trade War Jitters

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European markets tumbled on Friday after showing some strength early on in the session, as an escalation in U.S.-China trade tensions and U.S. President Donald Trump's dig at the Federal Reserve Chairman Jerome Powell rendered the mood bearish as the day progressed.After Powell reiterated at the Jackson Hole Economic Policy Symposium that the Fed will act 'as appropriate' to sustain economic expansion and said the global growth outlook has been deteriorating since the middle of last year, Trump remarked whether the 'biggest enemy' of America was Powell or Chinese President Xi Jinping.Earlier, the Chinese government announced tariff hikes on $75 billion of U.S. products. China's Finance Ministry said that import duties on U.S.-made autos and auto parts will also be increased.The pan European Stoxx 600 ended down 0.78%. The U.K.'s FTSE 100 declined 0.47%, while Germany's DAX and France's CAC 40 shed 1.15% and 1.14%, respectively. Switzerland's SMI declined 0.62%.Among other markets in Europe, Austria, Belgium, Finland, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain and Sweden ended lower.Czech Republic, Turkey and Iceland closed higher, while Denmark and Ukraine ended flat.In Germany, BMW, Dalmier, Infineon, Covestro, Linde, Continental, Deutsche Bank, BASF, Bayer, Allianz, Volkswagen, Adidas and Allianz shed 1 to 3.2%.Wirecard bucked the trend and ended notably higher, riding on an announcemnt from the company that it has signed an agreement with SunExpress, a joint venture between Lufthansa and Turkish Airlines, to handle credit card payments in local travel agencies.In the French market, STMicroElectronics declined 4.7%. Technip shed 3.3%. ArcelorMittal, BNP Paribas, Total, Peugeot, Credit Agricole, Vinci, Carrefour and Michelin ended lower by 1.6 to 2.2%.In the UK market, NMC Health shares declined 6%. Marks & Spencer shed 2.7%, while Fresnillo, SSE, Berkeley, CRH, Barratt Developments, Severn Trent, United Utilities and Whitbread gained 1 to 3%.U.S. President Trump claimed the U.S. does not need China and would be 'far better off without them' and subsequently ordered American companies to 'immediately start looking for an alternative to China.''The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP,' Trump tweeted.The president also indicated that he would respond to the newly announced Chinese tariffs on U.S. imports this afternoon.Copyright RTT News/dpa-AFX
23.08.2019

Trump Tweets About China Spark Sell-Off On Wall Street

WASHINGTON (dpa-AFX) - After recovering from an early move to the downside, stocks have pulled back sharply over the course of the trading session on Friday. The major averages have tumbled to new lows for the session after briefly turning positive. In recent trading, the major averages have seen further downside. The Dow is currently down 442.12 points or 1.7 percent at 25,810.12, the Nasdaq is down 177.32 points or 2.2 percent at 7,814.07 and the S&P 500 is down 53.22 points or 1.8 percent at 2,869.73.The sell-off on Wall Street comes amid renewed U.S.-China trade concerns after a series of threatening tweets from President Donald Trump.Trump claimed the U.S. does not need China and would be 'far better off without them' and subsequently ordered American companies to 'immediately start looking for an alternative to China.''The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP,' Trump tweeted.The president also indicated that he would respond to the newly announced Chinese tariffs on U.S. imports this afternoon.The news of the Chinese tariffs contributed to the early weakness on Wall Street, as the Chinese Finance Ministry announced plans to impose new tariffs on $75 billion worth of U.S. imports.The new levies include 5 percent tariffs on U.S. soybeans and crude oil imports, which are scheduled to take effect on September 1st.The move by China comes in response to Trump's plan to impose a 10 percent tariff on $300 billion worth of Chinese imports.Selling pressure waned shortly after the start of trading, however, with traders reacting positively to Federal Reserve Chairman Jerome Powell's highly anticipated speech at the Jackson Hole Economic Policy Symposium.Powell reiterated during his prepared remarks that the central bank will 'act as appropriate' to sustain the U.S. economic expansion.'We are carefully watching developments as we assess their implications for the U.S. outlook and the path of monetary policy,' Powell added.Paul Ashworth, Chief U.S. Economist at Capital Economics, said Powell's comment sounds 'analogous to the 'closely monitor' language the Fed last used in the May FOMC statement to indicate a rate cut was coming soon.' 'In contrast, in the July statement the FOMC only pledged to 'continue to monitor' the incoming data which, coupled with Powell's post-meeting press conference, gave the impression that the Fed wasn't in a rush to cut rates again,' Ashworth said.Ashworth subsequently believes that Powell's closely watched speech appears to open the door to another rate cut at the Fed's September meeting.Meanwhile, Trump seemed less impressed by the Fed Chairman's remarks, going so far as to question if Powell is a 'bigger enemy' than Chinese President Xi Jinping.'As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly,' Trump tweeted.He added, 'We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the U.S. will do great.'While Powell is a Trump appointee, the president has repeatedly lashed out at the Fed for failing to heed his calls for dramatically lower interest rates.Sector NewsReflecting the broad based nature of the sell-off, most of the major sectors are showing substantial moves to the downside on the day. Semiconductor stocks have shown a particularly steep drop, dragging the Philadelphia Semiconductor Index down by 3.9 percent. Considerable weakness is also visible among energy stocks, which have come under pressure as the price of crude oil for October delivery is plunging $1.70 to $53.65 a barrel.Computer hardware, transportation, and chemical stocks are also seeing significant weakness, while gold stocks are bucking the downtrend amid a sharp increase by the price of the precious metal.With gold for December delivery spiking $28.20 to $1,536.70 an ounce, the NYSE Arca Gold Bugs Index has surged up by 4.2 percent.Other MarketsIn overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index rose by 0.4 percent, while China's Shanghai Composite Index climbed by 0.5 percent.Meanwhile, European stocks saw substantial volatility before closing sharply lower. While the U.K.'s FTSE 100 Index fell by 0.5 percent, the French CAC 40 Index and the German DAX Index slumped by 1.1 percent and 1.2 percent, respectively.In the bond market, treasuries have shown a significant move to the upside in reaction to Trump's tweets. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 8.3 basis points at 1.527 percent.Copyright RTT News/dpa-AFX
23.08.2019

U.S. Stocks Recovering From Early Weakness On Powell Comments

WASHINGTON (dpa-AFX) - After coming under pressure early in the session, stocks have regained some ground over the course of morning trading on Friday. The major averages have climbed well off their worst levels, with the Dow briefly peeking above the unchanged line.However, the major averages are currently all in negative territory. The Dow is down 55.54 points or 0.2 percent at 26,196.70, the Nasdaq is down 29.11 points or 0.4 percent at 7,962.28 and the S&P 500 is down 8.58 points or 0.3 percent at 2,914.37.The early weakness on Wall Street came after the Chinese Finance Ministry announced plans to impose new tariffs on $75 billion worth of U.S. imports.The new levies include 5 percent tariffs on U.S. soybeans and crude oil imports, which are scheduled to take effect on September 1st.The move by China comes in response to President Donald Trump's plan to impose a 10 percent tariff on $300 billion worth of Chinese imports.China blamed the U.S. for the continuous escalation of U.S.-China trade frictions, accusing the U.S. of seriously threatening the multilateral trading system and the principle of free trade.Selling pressure waned shortly after the start of trading, however, with traders reacting positively to Federal Reserve Chairman Jerome Powell's highly anticipated speech at the Jackson Hole Economic Policy Symposium.Powell reiterated during his prepared remarks that the central bank will 'act as appropriate' to sustain the U.S. economic expansion.'We are carefully watching developments as we assess their implications for the U.S. outlook and the path of monetary policy,' Powell said.Powell noted that the three weeks since the Fed's July meeting have been 'eventful,' citing the announcement of new tariffs on Chinese imports, further evidence of a global slowdown, the growing possibility of a hard Brexit, and rising tensions in Hong KongEnergy stocks have shown a notable move to the downside in morning trading, moving lower along with the price of crude oil. Crude for October delivery is slumping $1.08 to $54.27 a barrel.Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index is down by 1.8 percent and the Philadelphia Oil Service Index is down by 1.1 percent.Significant weakness is also visible among computer hardware stocks, which are pulling back sharply after jumping in the previous session. The NYSE Arca Computer Hardware Index is down by 1.2 percent after advancing by 1.5 percent on Thursday.HP Inc. (HPQ) is under pressure after the PC and printer maker said President and CEO Dion Wisler is stepping down due to a family health matter.On the other hand, gold stocks have moved sharply higher amid an increase by the price of the precious metal, with the NYSE Arca Gold Bugs Index surging up by 2.2 percent.In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index rose by 0.4 percent, while China's Shanghai Composite Index climbed by 0.5 percent.Meanwhile, European have seen considerable volatility and are currently modestly higher. While the U.K.'s FTSE 100 Index is up by 0.5 percent, the French CAC 40 Index and the German DAX Index are both up by 0.2 percent.In the bond market, treasuries have moved higher over the course of morning trading. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.9 basis points at 1.581 percent.Copyright RTT News/dpa-AFX
23.08.2019

U.S. Stocks May Come Under Pressure On China's Retaliatory Tariffs

WASHINGTON (dpa-AFX) - With China announcing retaliatory tariffs against the U.S., stocks are likely to come under pressure in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 104 points.The downward momentum on Wall Street comes after the Chinese Finance Ministry announced plans to impose new tariffs on $75 billion worth of U.S. imports.The new levies include 5 percent tariffs on U.S. soybeans and crude oil imports, which are scheduled to take effect on September 1st.The move by China comes in response to President Donald Trump's plan to impose a 10 percent tariff on $300 billion worth of Chinese imports.China blamed the U.S. for the continuous escalation of U.S.-China trade frictions, accusing the U.S. of seriously threatening the multilateral trading system and the principle of free trade.Shortly after the start of trading, the spotlight is likely to shift to Federal Reserve Chairman Jerome Powell, who is due to speak at the Jackson Hole Economic Policy Symposium.Powell's remarks about the challenges for monetary policy will be closely watched for clues about the outlook for interest rates.However, Powell could simply reiterate the sentiments expressed in the minutes of the latest Fed meeting, which only further muddied the monetary policy outlook.The Commerce Department is also due to release its report on new home sales in the month of July. New home sales are expected to come in nearly unchanged in July after soaring by 7.0 percent in June.After failing to sustain an early move to the upside, stocks showed a lack of direction over the course of the trading session on Thursday. The major averages spent the day bouncing back and forth across the unchanged line before closing mixed.The major averages moved to the downside going into the close, although the Dow still ended the day up 49.51 points or 0.2 percent at 26,252.24. Meanwhile, the S&P 500 edged down 1.48 points or 0.1 percent to 2,922.95 and the Nasdaq fell 28.82 points or 0.4 percent to 7,991.39.In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Friday. Japan's Nikkei 225 Index rose by 0.4 percent, while China's Shanghai Composite Index climbed by 0.5 percent.Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.'s FTSE 100 Index has edged down by 0.1 percent, the French CAC 40 Index is down by 0.6 percent and the German DAX Index is down by 0.7 percent.In commodities trading, crude oil futures are plunging $1.66 to $53.69 a barrel after falling $0.33 to $55.35 a barrel on Thursday. Meanwhile, after sliding $7.20 to $1,508.50 an ounce in the previous session, gold futures are climbing $4.70 to $1,513.20 an ounce. On the currency front, the U.S. dollar is trading at 106.54 yen versus the 106.44 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1062 compared to yesterday's $1.1080.Copyright RTT News/dpa-AFX
23.08.2019

Futures Suggests Wall Street To Open Lower

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Investors are eagerly waiting for the speech by Fed Chairman Jerome Powell. Commerce Department's report on new home sales in July is the important economic announcement for the day. Asian shares finished higher, while European shares finished positive. As of 8.05 am ET, the Dow futures were losing 121 points, the S&P 500 futures were down 14.25 points and the Nasdaq 100 futures were declining 53.00 points.U.S. stocks closed lower on Thursday. The Dow still ended the day up 49.51 points or 0.2 percent at 26,252.24. Meanwhile, the S&P 500 edged down 1.48 points or 0.1 percent to 2,922.95 and the Nasdaq fell 28.82 points or 0.4 percent to 7,991.39.On the economic front, U.S. Commerce and Housing and Urban Development's New Home Sales for July will be published at 10.00 am ET. The consensus is for a decline of 645K, compared to 646K in the prior month. Federal Reserve Chairman Jerome Powell will speak at the Jackson Hole Economic Policy Symposium: Challenges for Monetary Policy event in Jackson Hole, Wyoming at 10.00 am ET. Baker-Hughes Rig Count for the week will be published at 1.00 pm ET. In the prior week, the North American Rig Count was 1077 and U.S. rig count was 935. Asian stocks ended Friday's session on a higher note. Chinese stocks edged higher. The benchmark Shanghai Composite index edged up 13.99 points, or 0.49 percent, to 2,897.43, and added 2.6 percent for the week to post its best weekly gain since late June. Hong Kong's Hang Seng index rose half a percent to 26,179.33 even as activists in Hong Kong prepared to lock hands across the city.Japanese shares gained ground. The Nikkei average climbed 82.90 points or 0.40 percent to 20,710.91 while the broader Topix index closed 0.28 percent higher at 1,502.25.Australian markets rose modestly. The benchmark S&P/ASX 200 index edged up 21.30 points or 0.33 percent to 6,523.10 while the broader All Ordinaries index ended up 0.32 percent at 6,614.30.European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is adding 25.99 points or 0.48 percent. The German DAX is gaining points or 1.56 percent, the U.K. FTSE 100 Index is gaining 57.40 points or 0.99 percent. The Swiss Market Index is up 36.09 points or 0.40 percent.The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.29 percent.Copyright RTT News/dpa-AFX
23.08.2019

European Shares Inch Higher Ahead Of Powell's Speech

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks were moving higher on Friday as concerns over Italy eased and the Trump administration said it is still planning for a round of in-person talks between U.S. and Chinese officials in September.After Italy's president gave the country's main political parties four more days to negotiate the formation of an alternative government, Matteo Salvini, leader of Italy's hard-right League party, said he is open to reopening negotiations with Five-Star Movement (MS5) - but without controls from Brussels.The focus now shifts to Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day as investors look for additional clues on future policy easing.Despite concerns about a looming recession, Fed officials remain divided over whether the economy needs more rate cuts.The pan European Stoxx 600 was up 0.6 percent at 376.34 after losing 0.4 percent in the previous session. The German DAX was up 0.55 percent, France's CAC 40 index was rising half a percent and the U.K.'s FTSE 100 was gaining 0.7 percent. Danish IT company SimCorp A/S climbed 4.3 percent after upgrading its financial forecast for 2019. German lender Deutsche Bank rose half a percent after it agreed to pay $16 million to the U.S. Securities and Exchange Commission to settle charges that it violated the Foreign Corrupt Practices Act.Rival Commerzbank was up over 1 percent on reports it is planning to cut further 1,800 to 2,500 jobs.Wirecard, a provider of electronic payment and risk management applications, rallied 2.7 percent. The company said it has signed an agreement with SunExpress, a joint venture between Lufthansa and Turkish Airlines, to handle credit card payments in local travel agencies.Building materials group CRH rallied 2.2 percent in London. The company has entered into arrangements with Societe Generale to repurchase ordinary shares on CRH's behalf for a maximum consideration of 350 million euros.GlaxoSmithKline gained 1 percent as it reported positive headline results from the DREAMM-2 study of two doses of belantamab mafodotin for multiple myeloma. Entertainment One shares jumped as much as 32 percent as Hasbro Inc. agreed to buy the mass media and entertainment company in an all-cash transaction valued at about 3.3 billion pounds or $4.0 billion.Copyright RTT News/dpa-AFX
23.08.2019

FTSE 100 Edges Higher As Pound Retreats From Three-week High

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks rose notably on Friday as the pound retreated from a three-week high hit the previous day in reaction to German Chancellor Angela Merkel's comments on possible Brexit resolution. The focus now shifts to Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day as investors look for additional clues on future policy easing.Despite concerns about a looming recession, Fed officials remain divided over whether the economy needs more rate cuts.The benchmark FTSE 100 was up 50 points or 0.71 percent at 7,178 after tumbling 1.1 percent on Thursday. Building materials group CRH rallied 2.2 percent. The company has entered into arrangements with Societe Generale to repurchase ordinary shares on CRH's behalf for a maximum consideration of 350 million euros.GlaxoSmithKline gained 1 percent as it reported positive headline results from the DREAMM-2 study of two doses of belantamab mafodotin for multiple myeloma. Entertainment One shares jumped as much as 32 percent as Hasbro Inc. agreed to buy the mass media and entertainment company in an all-cash transaction valued at about 3.3 billion pounds or $4.0 billion.Copyright RTT News/dpa-AFX
23.08.2019

CAC 40 Rises Ahead Of Powell's Speech

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - French stocks rebounded on Friday after the Trump administration said it is still planning for a round of in-person talks between U.S. and Chinese officials in September.Concerns over Italy also eased somewhat after Matteo Salvini, leader of Italy's hard-right League party, said he is open to reopening negotiations with Five-Star Movement (MS5) - but without controls from Brussels.The focus now shifts to Fed Chairman Powell's speech at the Jackson Hole seminar due later in the day as investors look for additional clues on future policy easing.Despite concerns about a looming recession, Fed officials remain divided over whether the economy needs more rate cuts.The benchmark CAC 40 was up 32 points, or 0.59 percent, at 5,420 after declining 0.9 percent on Thursday.Copyright RTT News/dpa-AFX
23.08.2019

U.S. New Home Sales Pull Back Sharply From Upwardly Revised Level

WASHINGTON (dpa-AFX) - Following a much bigger than previously estimated spike in U.S. new home sales in the previous month, the Commerce Department released a report on Friday showing a steep drop in new home sales in the month of July.The report said new home sales plunged by 12.8 percent to an annual rate of 635,000 in July after soaring by 20.9 percent to a sharply upwardly revised rate of 728,000 in June.Economists had expected new home sales to come in virtually unchanged from the 646,000 originally reported for the previous month.Despite the monthly decrease, the Commerce Department noted new home sales in July were up by 4.3 percent compared to a rate of 609,000 in the same month a year ago.The upwardly revised rate of new home sales in June represented a nearly eleven-year high, with sales at their highest level since hitting 778,000 in July of 2008.The pullback in new home sales came as sales plummeted by 16.1 percent in the South, 14.2 percent in the West and 11.1 percent in the Midwest.On the other hand, the report said new home sales in the Northeast surged up by 50.0 percent to an annual rate of 39,000.The Commerce Department also said the median sales price of new houses sold in July was $312,800, up 2.2 percent from $306,000 in June but down 4.5 percent from $327,500 in the July of 2018.The estimate of new houses for sale at the end of July was 337,000, representing 6.4 months of supply at the current sales rate.On Wednesday, the National Association of Realtors released a separate report showing a notable rebound in existing home sales in the month of July.NAR said existing home sales jumped by 2.5 percent to an annual rate of 5.42 million in July after slumping by 1.3 percent to a revised rate of 5.29 million in June.Economists had expected existing home sales to surge up by 2.3 percent to a rate of 5.39 million from the 5.27 million originally reported for the previous month.Copyright RTT News/dpa-AFX
23.08.2019

Belgium Business Confidence Weakens Further

BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Belgium's business confidence deteriorated further in August, driven by the weakening sentiment in manufacturing and business-related services sectors, survey results from the National Bank of Belgium showed on Friday. The business confidence index dropped to -5.8 from -5 in July. Economists had forecast a score of -6. The loss of confidence was evident in all branches of activity, the bank said. A sharp downward revision of demand forecasts and a more pessimistic appraisal of stock levels, due to seasonal factors, caused the confidence index in manufacturing to fall to -9.6 from -9.1.Services firms reported a deterioration of prospects for their own activity, as well as for general market demand, leading to a drop in the sentiment index to 3 from 4.5. The confidence index in construction eased to 2.2 from 2.6, mainly due to a contraction of order books and reduced use of equipment. In the trade sector, a considerable deterioration of demand forecasts and expectations for placing orders with suppliers led to a fall in morale. The relevant index dropped to -7.8 from -4.4.Copyright RTT News/dpa-AFX
23.08.2019

Taiwan Industrial Production Rises Unexpectedly

TAIPEI (dpa-AFX) - Taiwan's industrial production grew unexpectedly in July, figures from the Ministry of Economic Affairs showed on Friday. Industrial production rose 3.03 percent year-on-year in July, after a 0.49 percent fall in June. Economists had expected a 0.6 percent decrease. Manufacturing output gained 3.07 percent annually in July, after a 0.75 percent decline in the preceding month. Electricity and gas supply rose 3.07 percent in July, while output in mining and quarrying declined 7.13 percent. On a month-on-month basis, industrial production grew 1.92 percent in July, following a 0.67 percent rise in the previous month.Copyright RTT News/dpa-AFX
23.08.2019

Dollar Loses Ground Against Major Currencies

WASHINGTON (dpa-AFX) - The U.S. dollar exhibited weakness against most major currencies on Friday after the Federal Reserve Chairman Jerome Powell reiterated that the central bank will 'act appropriate' to support economic expansion.The dollar index declined to a low of 97.59 a little past mid afternoon and was last seen hovering around 97.70, down nearly 0.5% from previous close.Against the euro, the dollar was down 0.5% at 1.1140, off the session's low of 1.1155. The Pound Sterling was up 0.18% at $1.2275, and against the Yen, it was down nearly 1% at 105.44.Against the loonie, the dollar was down marginally at 1.3297. Against the Aussie, it shed about 0.12% at 0.6749. The greenback's decline against Swiss franc was significantly pronounced with the pair trading at 0.9752, down as much as 0.85% from previous close.U.S. President Donald Trump's tweet, criticizing the Fed and its Chief Powell raised fears the government could intervene in currency markets.During his speech at the Jackson Hole Economic Policy Symposium today, Powell said the bank will 'act as appropriate' to sustain the U.S. economic expansion.Powell described the three weeks since the Fed decided to lower interest rates by 25 basis points at its July meeting as 'eventful.'The Fed Chief cited President Donald Trump's announcement of new tariffs on Chinese imports as well as further signs of a global economic slowdown, notably in Germany and China.Powell also pointed to several geopolitical events, including the growing possibility of a hard Brexit, rising tensions in Hong Kong, and the dissolution of the Italian government.As a result of the subsequent uncertainty, Powell said the Fed is 'carefully watching developments as we assess their implications for the U.S. outlook and the path of monetary policy.'Trump, seemingly unimpressed by Powell's remarks, tweeted whether the 'biggest enemy' of America was Powell or Chinese President Xi Jinping.'As usual, the Fed did NOTHING! It is incredible that they can 'speak' without knowing or asking what I am doing, which will be announced shortly,' Trump tweeted.He added, 'We have a very strong dollar and a very weak Fed. I will work 'brilliantly' with both, and the U.S. will do great.'Meanwhile, data released by the Commerce Department Friday said new home sales plunged by 12.8% to an annual rate of 635,000 in July after soaring by 20.9% to a sharply upwardly revised rate of 728,000 in June.Economists had expected new home sales to come in virtually unchanged from the 646,000 originally reported for the previous month.Copyright RTT News/dpa-AFX
23.08.2019

U.S. Dollar Pulls Back As Powell Vows To Act As Appropriate

CANBERA (dpa-AFX) - The U.S. dollar gave up its early gains against its key counterparts in the New York session on Friday, after Federal Reserve Chair Jerome Powell reiterated that the central bank would act as appropriate to sustain the economic expansion.Speaking at annual Economic Policy Symposium in Jackson Hole, Powell said that the economy is close to Fed goals of maximum employment and price stability.'Our challenge now is to do what monetary policy can do to sustain the expansion so that the benefits of the strong jobs market extend to more of those still left behind, and so that inflation is centered firmly around 2 percent,' he said.'We are examining the monetary policy tools we have used both in calm times and in crisis, and we are asking whether we should expand our toolkit,' he added.The currency has been trading higher against its major counterparts in the previous session.The greenback retreated to 0.9830 against the franc, from a 3-week high of 0.9877 it touched at 6:45 am ET. At yesterday's trading close, the pair was quoted at 0.9837. Next key support for the greenback is seen around the 0.96 area.After rising to an 8-day high of 106.73 against the yen at 7:45 am ET, the greenback reversed direction and eased off to 106.34. The pair had closed Thursday's deals at 106.43. The greenback is seen finding support around the 104.00 level. Data from the Ministry of Internal Affairs and Communications showed that Japan inflation rose 0.5 percent on year in July.That was shy of forecasts for an annual increase of 0.6 percent and down from 0.7 percent in June.The greenback, having risen to a new 3-week high of 1.1052 against the euro at 6:45 am ET, changed direction and was trading at 1.1074. The pair was worth 1.1079 when it closed deals on Thursday. The greenback is poised to find support around the 1.12 level. The greenback was a tad weaker at 1.2234 versus the pound, down from yesterday's trading session close of 1.2250. Should the greenback drops further, it may face support around the 1.24 level. The greenback declined to 1.3293 against the loonie, from a 3-day high of 1.3339 seen at 8:00 am ET. The greenback was trading at 1.3303 against the loonie at yesterday's close. Further downtrend is likely to take the greenback to a support around the 1.30 level. The greenback pulled back to 0.6396 against the kiwi and 0.6761 against the aussie, from its early high of 0.6363 and a 9-day high of 0.6736, respectively. The greenback was worth 0.6757 per aussie and 0.6365 per kiwi at Thursday's New York session close. The currency is likely to find support around 0.66 against the kiwi and 0.69 against the aussie.Copyright RTT News/dpa-AFX
23.08.2019

Dollar Ticks Down Following U.S. New Home Sales

BRUSSELS (dpa-AFX) - After the release of U.S. new home sales for July at 10:00 am ET Friday, the greenback inched down against its major counterparts.The greenback was trading at 106.50 against the yen, 0.9840 against the franc, 1.2237 against the pound and 1.1077 against the euro around 10:03 am ET.Copyright RTT News/dpa-AFX
23.08.2019

Australian Dollar Falls As China Announce Retaliatory Tariffs

CANBERA (dpa-AFX) - The Australian dollar declined against its major counterparts in the European session on Friday, as investor sentiment deteriorated after China announced plans to take countermeasures against the Trump administration in response to planned tariff hike by the U.S.Bejing announced that it would impose tariffs on $75 billion of U.S. goods including cars.The duties that would affect 5,078 products will range from 5 percent to 10 percent.The tariffs would come into effect in two separate batches, on September 1 and December 15.China's retaliatory action came despite the US decision to delay tariffs on some Chinese goods to December.The aussie declined to 9-day lows of 0.6736 against the greenback and 0.8973 against the loonie, from its early highs of 0.6764 and 0.9007, respectively. If the aussie slides further, 0.63 and 0.87 are possibly seen as its next support levels against the greenback and loonie, respectively. The aussie reversed from its early highs of 72.11 against the yen and 1.6358 against the euro, falling to 8-day lows of 71.70 and 1.6428, respectively. The currency is likely to find support around 69.5 against the yen and 1.68 against the euro.The aussie fell back to 1.0572 against the kiwi, not far from an early 2-day low of 1.0568. The aussie is seen finding support around the 1.04 level.Figures from Statistics New Zealand showed that New Zealand retail sales grew at a slower rate in the second quarter.The total volume of retail sales rose by a seasonally adjusted 0.2 percent sequentially in the second quarter, which was slower than 0.7 percent increase in the previous quarter. Economists had forecasts for a rise of 0.3 percent. Looking ahead, U.S. new home sales for July are due shortly.At 10:00 am ET, Fed Chair Jerome Powell will deliver a speech titled 'Challenges for Monetary Policy' at the Jackson Hole Economic Policy Symposium in Wyoming.Copyright RTT News/dpa-AFX
23.08.2019

Loonie Rises Following Canada Retail Sales

CANBERA (dpa-AFX) - After the release of Canada retail sales for June at 8:30 am ET Friday, the loonie rose against its major counterparts.The loonie was trading at 79.85 against the yen, 0.8985 against the aussie, 1.3324 against the greenback and 1.4742 against the euro around 8:32 am ET.Copyright RTT News/dpa-AFX
23.08.2019

Loonie Mixed Ahead Of Canada Retail Sales

CANBERA (dpa-AFX) - Statistics Canada is set to release Canada retail sales for June at 8:30 am ET Friday.Ahead of the data, the loonie traded mixed against its major counterparts. While the loonie rose against the aussie, it fell against the greenback, the euro and the yen.The loonie was worth 79.89 against the yen, 0.8990 against the aussie, 1.3327 against the greenback and 1.4749 against the euro as of 8:25 am ET.Copyright RTT News/dpa-AFX
23.08.2019

U.S. Dollar Higher Ahead Of Powell's Speech

CANBERA (dpa-AFX) - The U.S. dollar strengthened against its major counterparts in early European deals on Friday, as investors await Fed Chairman Jerome Powell's speech at the Jackson Hole Symposium later today for additional clues about the outlook for interest rates.Powell will address on topic 'Challenges of Monetary Policy' at 10 am ET.Traders keenly await whether Powell's remarks would confirm their expectation of the quarter percentage-point rate cut next month.The Federal Open Market Committee's July meeting minutes released on Wednesday showed that most officials observed the July rate cut as a mid-cycle adjustment and not the start of an easing cycle.Powell's speech comes amid intense pressure from President Donald Trump to deliver aggressive rate cuts to help support the economy.Investors also await new home sales due later in the day.The Group of Seven (G-7) annual summit begins on Saturday in France and it will likely end without a joint communique for the first time in its 44-year history due to deepening rifts between the heads of state.The currency has been trading higher against its major counterparts in the Asian session.The greenback appreciated to a 3-week high of 0.9873 against the franc, from a low of 0.9833 hit at 6:30 pm ET. The next possible resistance for the greenback is seen around the 1.00 level.The greenback climbed to a 3-day high of 106.67 against the yen, compared to 106.43 hit late New York Thursday. If the greenback rises further, 109.00 is likely seen as its next resistance level. Data from the Ministry of Internal Affairs and Communications showed that Japan inflation rose 0.5 percent on year in July.That was shy of forecasts for an annual increase of 0.6 percent and down from 0.7 percent in June.Reversing from a low of 1.2261 seen at 5:30 pm ET, the greenback edged higher to 1.2195 against the pound. The greenback is seen finding resistance around the 1.19 level.The greenback bounced off to 0.6378 against the kiwi, coming off from a low of 0.6396 it touched at 10:30 pm ET. On the upside, 0.62 is likely seen as the next resistance level for the greenback.Figures from Statistics New Zealand showed that New Zealand retail sales grew at a slower rate in the second quarter.The total volume of retail sales rose by a seasonally adjusted 0.2 percent sequentially in the second quarter, which was slower than 0.7 percent increase in the previous quarter. Economists had forecasts for a rise of 0.3 percent.The greenback spiked higher to a new 3-week high of 1.1056 versus the euro, from Thursday's closing value of 1.1079. The greenback is likely to face resistance around the 1.09 level. On the flip side, the greenback retreated slightly to 1.3310 against the loonie, from a 3-day high of 1.3327 hit at 1:25 am ET. Next key support for the greenback is seen around the 1.30 area.The greenback held steady against the aussie, after having eased from an 8-day high of 0.6745 reached in the Asian session. At yesterday's close, the pair was worth 0.6757.Looking ahead, Canada retail sales for June and U.S. new home sales for July are due in the New York session.At 10:00 am ET, Fed Chair Jerome Powell will deliver a speech titled 'Challenges for Monetary Policy' at the Jackson Hole Economic Policy Symposium in Wyoming.Copyright RTT News/dpa-AFX
22.08.2019

Dollar Stays Weak As Traders Look For Direction

WASHINGTON (dpa-AFX) - Save for a brief while early in the day, the U.S. dollar stayed weak on Thursday as traders looked ahead for clues about stimulus or interest rate cuts from the Federal Reserve at the symposium in Jackson Hole, Wyoming on Friday.With the minutes of the Federal Reserve's late July meeting, which was released on Wednesday, failing to provide any clear hint about future interest rate cuts, the focus has now shifted to the upcoming speech of Fed chief Jerome Powell in Jackson Hole.The dollar index dropped to a low of 98.08 around mid morning, and despite recovering to 98.20 later on, was still down in negative territory, trailing its previous close by about 0.1%.Against the euro, the dollar was down marginally at 1.1084, after having recovered from a low of 1.1114. Against British Pound Sterling, the dollar weakened to 1.2254, losing more than 1%, with the British currency rallying sharply against most major rivals after German Chancellor Angela Merkel remarked that she has not set a 30-day deadline for the U.K. to find a solution to the Irish 'backstop.'The sterling was also supported by comments from French President Emmanuel Macron, who said the Withdrawal Agreement can be amended to allow the UK to leave the European Union with a deal. The comments by Macron have added to the view that there is a willingness by the EU to talk to the UK on the matter of the Brexit deal that could ultimately prevent a 'no deal' Brexit occurring on October 31.Against the Yen, the dollar was down 0.18% at 106.43 yen, after moving between 106.26 and 106.65 in the session.Among other currencies, the Aussie was down more than 0.3% against the greenback with the pair trading at 0.6757.The loonie was down marginally at $1.3300, while the USD-CHF pair was up 0.18% at 0.9837.In economic news, data released by the Labor Department said first-time claims for U.S. unemployment benefits fell by much more than expected in the week ended August 17, dropping by 12,000 to 209,000.Economists had expected jobless claims to dip to 216,000 from the 220,000 originally reported for the previous week.A separate report released by the Conference Board showed its reading on leading U.S. economic indicators rose by a much more than anticipated 0.5% in the month of July. The index edged down by 0.1% in both May and June.Traders also looked ahead to the Group of Seven summit this weekend for clues on what additional steps policymakers may take to boost growth.Copyright RTT News/dpa-AFX
22.08.2019

Pound Strengthens On Merkel's Comments On Brexit Deal

BRUSSELS (dpa-AFX) - The pound strengthened against its major counterparts in the New York session on Thursday, after German Chancellor Angela Merkel remarked that she has not set a 30-day deadline for the U.K. to find a solution to the Irish 'backstop.'Merkel clarified that yesterday's comments were meant to hint that what can be achieved in three or two years can also be found in 30 days.'Better said, one must say that one can also achieve it by October 31,' she said at a speech in the Hague.On Wednesday, Merkel suggested British Prime Minister Boris Johnson to come up with alternative plans for the Irish border within 30 days. Her comments were misinterpreted as a deadline to Johnson to find a solution to the Irish border issue.The Distributive Trades Survey from the Confederation of British Industry showed that British retailers reported the sharpest decline in sales volumes and orders since 2008.About 10 percent of respondents reported that sales volumes were up on a year ago in August, while 58 percent said they were down, giving a balance of -49 percent. A net 10 percent expects sales volumes to fall at a slower pace next month.The pound advanced to more than 3-week highs of 0.9028 against the euro and 1.2273 against the greenback, from its early low of 0.9158 and a 2-day low of 1.2108, respectively. The next possible resistance for the pound is seen around 0.87 against the euro and 1.27 against the greenback.The pound climbed to 3-week highs of 1.2065 against the franc and 130.70 against the yen, from its early low of 1.1886 and a 2-day low of 128.76, respectively. If the pound rises further, 1.26 and 136.5 are likely seen as its next resistance levels against the franc and the yen, respectively.Copyright RTT News/dpa-AFX
22.08.2019

Euro Little Changed After Eurozone Consumer Sentiment Index

BRUSSELS (dpa-AFX) - Following the release of Eurozone flash consumer sentiment index for August at 10:00 am ET Thursday, the euro changed little against its major counterparts.The euro was trading at 118.01 against the yen, 1.0904 against the franc, 0.9053 against the pound and 1.1093 against the greenback around 10:03 am ET.Copyright RTT News/dpa-AFX

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