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POPULAR NEWS
Gold Finishes Higher After Cooler-Than-Expected Retail-Sales Report

Gold prices ended higher on Wednesday as investors watched global political news surrounding trade and Brexit, and reacted to a weaker-than-expected reading of U.S. retail sales, which spurred some haven buying. Moves for the precious metal came as Brexit and the "usual worries persist" on Turkey, the Middle East, U.S. politics and the global economic outlook, as well as on uncertainty tied to the continued tariff talks with China, said George Gero, managing director, at RBC Wealth...

Hong Kong stocks closed higher (Review)

Hong Kong shares closed higher on Wednesday, in line with a rally across Asia and after shrugging off a mid-morning drop when the city's leader was forced to briefly abandon a policy speech owing to heckling by opposition lawmakers.The Hang Seng Index added 0.61 percent, or 160.35 points, to 26,664.28. The benchmark Shanghai Composite Index dropped 0.41 percent, or 12.34 points, to 2,978.71, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.38...

Gold Scores a Bounce After Cooler-Than-Expected Retail Sales Report

Gold prices were climbing on Wednesday as investors watched global political news surrounding trade, Brexit and reacted to a weaker-than-expected reading of U.S. retail sales, which spurred some haven buying. A report of the retail sales fell 0.3% last month, the government said Thursday, ending a streak of six straight strong gains that helped to fuel economic growth in the middle of the year, as most stores posted lower receipts, signaling that a widely expected slowdown in consumer...

Wall Street Slips as Weak Economic Data Offsets Earnings Strength

Wall Street lost ground on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports. Technology shares, led by Microsoft Inc, weighed heaviest, pulling all three major U.S. stock averages into the red. U.S. retail sales contracted in September for the first time in seven months, according to the Commerce Department, in a sign that cracks might be spreading from...

Gold edges higher as Brexit uncertainty spurs safe-haven bid

Gold prices edged higher on Wednesday after shedding nearly 1% in the previous session, as it remained unclear if Britain could avoid postponing its departure from the EU beyond Oct. 31. Spot gold was up 0.2% at $1,484.49 per ounce as of 01:30 GMT. U.S. gold futures were 0.3% higher at $1,488.10 per ounce. Last-ditch talks between Britain and the European Union to get a Brexit deal ahead of a summit of the bloc's leaders this week went on past midnight to Wednesday, but it was still unclear...

BOE Says Brexit Uncertainty Skews Forecasts, Keeps Rate on Hold
Thursday, 1 August 2019 18:26 WIB | FISCAL & MONETARY |BOE

The Bank of England said it™s less confident than usual about the outlook for the economy because of Brexit and offered little new insight into the impact of no deal.

The comments are the first from the bank since Boris Johnson became prime minster on a mission to leave the European Union on Oct. 31 with or without new trading arrangements in place. If there™s no deal, the BOE merely noted again that the pound will fall, inflation will accelerate and growth will slow.

In its new forecasts Thursday, it specifically excluded the possibility of no deal. It assumes a smooth Brexit and reiterated that interest rates will need to gradually rise to bring inflation to target.

While that means Governor Mark Carney avoids a political headache, it will disappoint others who are looking for more clues as to how the BOE might respond to no deal.

That communications problem has dogged the governor for some time. To account for the market currently pricing in a rate cut because of the greater chance of a bumpy departure from the EU, it gave some stylized forecasts based on higher pound and interest rates. They show much slower inflation than the central scenario.

œThe increased uncertainty about the nature of EU withdrawal meant that the economy could follow a wide range of paths over coming years, the BOE said. œThe appropriate path of monetary policy would depend on the balance of the effects of Brexit on demand, supply and exchange rate.

The bank™s rate-setting committee voted unanimously to hold the key rate at 0.75% and to keep asset purchases unchanged.

As Brexit keeps the BOE in wait-and-see mode, the world™s biggest central banks are turning dovish as global growth cools and trade tensions persist. The Federal Reserve on Wednesday delivered a quarter-point cut and suggested there™s more to come. The European Central Bank is looking at adding more stimulus as early as September.

Investors expect the next BOE move to be a cut rather than a hike.

Acknowledging the weaker global backdrop, the BOE lowered its forecast for economic growth this year, sees slower export growth and weak business investment persisting into 2020.

In the stylized forecasts, one quarter-point rate hike over the next three years brings inflation below the 2% target.

That compares with a central forecast, based on the market™s expectation of a quarter-point cut, for inflation to pick up to 2.4%. The forecast also sees excess demand at a whopping 1.75%.

In normal circumstances, that would imply that the BOE should be raising rates soon. But given the uncertainty around Brexit, all nine policy makers deemed the current stance appropriate.

Source : Bloomberg

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POPULAR NEWS
Gold Finishes Higher After Cooler-Than-Expected Retail-Sales Report

Gold prices ended higher on Wednesday as investors watched global political news surrounding trade and Brexit, and reacted to a weaker-than-expected reading of U.S. retail sales, which spurred some haven buying. Moves for the precious metal came as Brexit and the "usual worries persist" on Turkey, the Middle East, U.S. politics and the global economic outlook, as well as on uncertainty tied to the continued tariff talks with China, said George Gero, managing director, at RBC Wealth...

Hong Kong stocks closed higher (Review)

Hong Kong shares closed higher on Wednesday, in line with a rally across Asia and after shrugging off a mid-morning drop when the city's leader was forced to briefly abandon a policy speech owing to heckling by opposition lawmakers.The Hang Seng Index added 0.61 percent, or 160.35 points, to 26,664.28. The benchmark Shanghai Composite Index dropped 0.41 percent, or 12.34 points, to 2,978.71, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, eased 0.38...

Gold Scores a Bounce After Cooler-Than-Expected Retail Sales Report

Gold prices were climbing on Wednesday as investors watched global political news surrounding trade, Brexit and reacted to a weaker-than-expected reading of U.S. retail sales, which spurred some haven buying. A report of the retail sales fell 0.3% last month, the government said Thursday, ending a streak of six straight strong gains that helped to fuel economic growth in the middle of the year, as most stores posted lower receipts, signaling that a widely expected slowdown in consumer...

Wall Street Slips as Weak Economic Data Offsets Earnings Strength

Wall Street lost ground on Wednesday as weak U.S. economic data and simmering geopolitical tensions spooked buyers away from the equities market, despite a string of generally positive third-quarter earnings reports. Technology shares, led by Microsoft Inc, weighed heaviest, pulling all three major U.S. stock averages into the red. U.S. retail sales contracted in September for the first time in seven months, according to the Commerce Department, in a sign that cracks might be spreading from...

Gold edges higher as Brexit uncertainty spurs safe-haven bid

Gold prices edged higher on Wednesday after shedding nearly 1% in the previous session, as it remained unclear if Britain could avoid postponing its departure from the EU beyond Oct. 31. Spot gold was up 0.2% at $1,484.49 per ounce as of 01:30 GMT. U.S. gold futures were 0.3% higher at $1,488.10 per ounce. Last-ditch talks between Britain and the European Union to get a Brexit deal ahead of a summit of the bloc's leaders this week went on past midnight to Wednesday, but it was still unclear...

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