Trade tensions to hit goods growth in fourth quarter as tariffs bite: WTO By Reuters



GENEVA (Reuters) – The World Trade Organization (WTO) said on Monday that growth in global goods trade is expected to remain “below trend” in the fourth quarter amid tensions and rising tariffs in key sectors.

Its latest quarterly barometer showed growth in global merchandise trade rose by 0.2 pct in the second quarter of this year against 3.5 pct in same period of 2018.

“Some components of the barometer have stabilized since the last reading in August, while others remain on a downward trajectory reflecting heightened trade tensions and rising tariffs in key sectors,” it said.

Air freight, raw materials and electronic components indices “all deteriorated further below trend”, with electronic components weakest amid tariff hikes, while automotive products and container shipping have firmed up, it said.

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Turkey’s Erdogan says interest rates to fall, inflation to hit single digits in 2020 By Reuters



ANKARA (Reuters) – Turkish President Tayyip Erdogan said on Saturday that interest rates will continue to fall, after the central bank last month cut rates to 14%, and added he expected inflation to hit single digits in 2020.

Speaking at a ceremony in Istanbul, Erdogan also said he expected the unemployment rate to fall once data for September is released, after unemployment rose slightly to 14% in the three months to September with the youth jobless rate hitting a record high.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Like FAANG Stocks, BTC Will Hit $25K Due to ‘Network Value’ By Cointelegraph


© Reuters. Tom Lee: Like FAANG Stocks, BTC Will Hit $25K Due to ‘Network Value’

Fundstrat’s Tom Lee believes (BTC) will accrue price value following a similar logic to the Silicon Valley tech titans.

During an interview for CNBC’s Street Signs Asia on show on Nov. 15, Lee argued that cryptocurrencies “are network value assets” — and share this with the world’s most successful tech stocks.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Alibaba’s Singles’ Day sales hit record $38 billion; growth slows


HANGZHOU, China (Reuters) – Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.

But sales growth for the annual shopping festival eased to 26%, the weakest since the event started in 2009, held back by a slowing e-commerce industry in China as the country’s economic expansion heads toward a historic low.

The event tmsnrt.rs/2WTFm7V, a gauge of Chinese consumer sentiment, has also become a shop window this year for Alibaba as it plans to sell $15 billion worth of shares in Hong Kong this month. The U.S.-listed firm has spent big to diversify its business yet still earns over four-fifths of revenue from e-commerce.

Alibaba turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the United States which took in $7.9 billion last year. The name is a play on the date, Nov. 11, rendered 11/11 – or Double Eleven, as the event is also known.

The event has since been replicated at home and abroad, with Singles’ Day promotions found at rivals such as China’s JD.com Inc and Pinduoduo Inc as well as South Korea’s 11thStreet and Singapore’s Qoo10.

Alibaba said on Monday its gross merchandise volume or GMV for the whole event came in at 268.4 billion yuan ($38.4 billion), up 26% from last year but below Citic Securities’ forecasts for a 20-25% expansion.

In 2018, it posted a 27% sales increase.

CELEBRITY START

The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year’s 24-hour shopping bonanza with a live performance by U.S. pop star Taylor Swift followed by live-streamed marketing of over 1,000 brands.

The firm said 84 brands including those of Apple Inc, L’Oreal SA and Fast Retailing Co Ltd’s Uniqlo each made over 100 million yuan in sales in the first hour.

Over half of merchants on its Tmall marketplace used live streaming to sell products during the event, and sales generated through the medium surpassed 10 billion yuan at 8.55 a.m. (0055 GMT), Alibaba said.

“Nearly all our brands have opted for livestreaming promotions some time this year,” says Josh Gardner, who helps overseas companies sell products on Tmall as CEO of Kung Fu Data.

A screen shows the value of goods being transacted during Alibaba Group’s Singles’ Day global shopping festival at the company’s headquarters in Hangzhou, Zhejiang province, China, November 12, 2019. REUTERS/Aly Song

“It’s more entertaining than browsing through a product detail page. Traffic from livestreaming is easy to convert into transactions, and Tmall has supported stores that run livestreaming activities with resources.”

One vendor, New Zealand-based nutritional supplement maker Clinicians, broadcast livestreams from a booth set up on Alibaba’s campus. According to Carlos Zhao, China market manager, the company has seen a 40% jump in sales after it started livestreaming in China six months ago.

“This is a product form from new Zealand, everything is in English, and so many people are selling similar products, so customers wonder, ‘Which one do I choose from?’” he told Reuters. “Having a livestreamer can help to break those barriers.”

Tmall has said it expects over 500 million users to make purchases this year, about 100 million more than last year. It has also put more emphasis this year on promotions targeting areas outside of China’s massive first- and second-tier cities.

“The younger generation is buying more, and the customer from rural areas, the customers from lower-tier cities, they are buying imported products,” Tmall General Manager Alvin Liu told reporters.

Singles’ Day is known to be a stressful time for Alibaba employees with workers sleeping at the office to keep up with orders.

This year, at Alibaba’s campus in Hangzhou, workers bustle around in red t-shirts with the slogan ‘Make 11 happen’.

Slideshow (14 Images)

Percussion echoes through halls as departments bang large drums each time a sales record is broken. Pink rice cakes – dingshenggao, or ‘victory cakes’ eaten by Yue Army soldiers during the Song Dynasty – fill the office snack bars.

This is the first time Alibaba’s Singles’ Day is being held since its flamboyant co-founder Jack Ma resigned as chairman in September to “start a new life”.

Reporting by Josh Horwitz in Hangzhou; Additional reporting by Brenda Goh in Shanghai and Cheng Leng in Beijing; Editing by Christopher Cushing, Emelia Sithole-Matarise and Himani Sarkar



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Alibaba says Singles’ Day sales hit 91.2 billion yuan in first hour


The logo of Alibaba Group is seen during Alibaba Group’s 11.11 Singles’ Day global shopping festival at the company’s headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song

SHANGHAI (Reuters) – Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles’ Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year’s early haul of 69 billion yuan.

Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world’s biggest online sales event.

Also known as “Double Eleven”, the festival’s name originates from the calendar date 11/11, with the four ones referencing being single. Alibaba saw sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday. Yet the 27% sales growth was the lowest in the event’s 10-year history, spurring a search for fresh ideas.

The $486 billion Chinese retail juggernaut kicked off this year’s 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities like Jackson Yee.

This is the first time Alibaba’s Singles’ Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman.

It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month.

Alibaba continues to dominate the online shopping industry, but not without competition.

In addition to longtime rival JD.com, it now faces competition from upstart Pinduoduo, which surged in popularity in 2017 by targeting consumers in China’s lower-tier cities.

Reporting by Josh Horwitz; Editing by Himani Sarkar and Jan Harvey



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Gold Prices Hit 3-Month Low as Trade Deal Hopes Spur Risk Assets By Investing.com


© Reuters.

Investing.com — Gold prices tumbled to a three-month low on Thursday as growing confidence in a trade rapprochement between the U.S. and China drove bond yields and risk assets higher across the board.

The Chinese Ministry of Commerce said that the two countries had agreed to roll back import tariffs on each other goods in phases as part of a preliminary truce. While that wasn’t expressly confirmed by U.S. sources on Thursday, it gels with recent reports that have cited unnamed Washington sources indicating that the Trump administration is prepared to back down on the use of its favorite trade weapon.

By 11:13 AM ET (1613 GMT), for delivery on the Comex exchange were down 1.5% at $1,470.15 a troy ounce, having earlier fallen as far as $1,468.95, their lowest since the start of August, when President Donald Trump threatened his most dramatic increase in import tariffs yet on Chinese goods.

was down 1.4% at $1,469.62.

tumbled 2.3% to $17.19 an ounce, while fell 1% to $922.45.

Precious metals were struggling to keep their attractiveness as yields on U.S. Treasury bonds also broke out of recent ranges to the upside. The yield rose 11 basis points to 1.93%, also a three-month high, while the rose to a six-week high of 1.67% as hopes of any further interest rate cuts from the Federal Reserve faded. According to Investing.com’s , the chance of a further rate cut at the Fed’s policy meeting in December has now fallen to less than 5% from over 25% a week ago.

Flow data suggest that even without the turnaround in sentiment, portfolio investors had become more leery of piling into gold-backed ETF products in October as prices reached new highs. According to data compiled by the World Gold Council, ETF holdings of gold-backed products rose by only 1.42 million ounces, or 44 tons, in October – the smallest monthly increase since May.

Over two-thirds of that increase came from European funds, in an apparent response to the European Central Bank’s latest package of easing measures. Less than one-third came from North American investors, by contrast.

The differing regional dynamics were in evidence again on Thursday as the Bank of England indicated it may have to cut interest rates again if the prolonged economic uncertainty emanating from Brexit and the U.S.-China trade dispute continues.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



IAG Buys Air Europa; Hiscox Warns of Storms Hit By Investing.com


© Reuters.

Investing.com — Here is a roundup of regulatory news releases from the London Stock Exchange on Monday, 4th November. Please refresh for updates

  • British Airways’ parent International Consolidated Airlines Group (LON:) said it had agreed to buy Spanish long-haul specialist Air Europa for 1 billion euros ($1.11 billion) in cash, saying the deal “re-establishes IAG as a leader in the highly attractive Europe to Latin America and Caribbean market.”
  • IAG (LON:) expects the deal to be earnings-accretive already in the first year after completion, which it expects in the second half of 2020
  • “Acquiring Air Europa would add a new competitive, cost effective airline to IAG (LON:), consolidating Madrid as a leading European hub and resulting in IAG achieving South Atlantic leadership, therefore generating additional financial value for our shareholders,” CEO Willie Walsh said in a statement.
  • Air Europa has a network of 69 destinations, including European routes to Latin America, the United States of America, the Caribbean and North Africa. In 2018, it generated revenue of €2.1 billion and an operating profit of €100 million. It carried 11.8 million passengers in 2018 and ended the year with a fleet of 66 aircraft.
  • Insurer Hiscox (LON:) announced a provision of $165 million to cover claims arising from Hurricane Dorian and Typhoons Faxai and Hagibis earlier this year and warned that there is still “significant” uncertainty over the final losses for the industry.

    It also warned that fees and commissions will be around $25 million lower at year-end.

    Additionally, Hiscox said it is exposed to the recent wildfires in California, but the scale of any potential loss is still unclear. The company still expects to post “a small positive reserve development” in aggregate for the year.

    Gross written premiums grew 7.3% in the first nine months of the year, a slight uptick from a rate of 7% through the first half, and Hiscox said it expects 2020 to the third straight year of improving rates in the key London market.

  • Takeaway.com (AS:) rejigged its proposed merger with Just Eat (LON:), saying that it will now proceed as a recommended offer, rather than through the court-approved scheme of arrangement previously announced.
  • The threshold for acceptances is 75% of all Just Eat shares, including at least 50% of its voting shares.
  • Just Eat said it continued to recommend the Takeaway offer over a rival all-cash bid of 710 pence per share from Prosus (AS:). Takeaway.com’s all-share offer valued the company at 731 pence per share.
  • Gaming group GVC Holdings (LON:) confirmed it has appointed Barry Gibson to succeed the controversial Lee Feldman as non-executive chairman.
  • Currently chairman of HomeServe, Gibson was formerly a Non-Executive Director of William Hill and bwin.party digital entertainment, where he was the Senior Independent Director.
  • Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

    Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



    Gold Falls as Bond Yields Hit Highs on Receding Tail Risks By Investing.com


    © Reuters.

    Investing.com – Gold prices fell on Monday as risk appetite returned to markets in the wake of positive noises from both Washington and Beijing over their planned “phase-1” trade agreement, while the European Union finally ended the risk of a disorderly Brexit at the end of the month.

    “The recent breakthrough in Brexit and, more meaningfully, the truce between the U.S. and China on trade have led to a significant reduction in tail-risk,” JPMorgan (NYSE:) analysts led by Natasha Kaneva wrote in a weekly note to clients.

    Given that Federal Reserve Chairman Jerome Powell has listed those as two of the biggest factors behind the uncertainty that has held the U.S. economy back this year, progress on those fronts should logically reduce the need for further interest rate cuts from the central bank.

    Indeed, the bond market appears to have reduced its expectations of Fed cuts substantially in response. The two-year Treasury yield is more than 25 basis points up from its low in September, immediately after President Donald Trump’s last big escalation of the trade dispute. The yield rose three basis points to 1.65% on Monday, while the and yields rose by five basis points each.

    Higher yields on other havens put downward pressure on non-interest-bearing bullion, and by 11:30 AM ET (1530 GMT), for delivery on the Comex exchange were down or 0.8% to $1,493.75 a troy ounce. fell 0.9% to $1,491.82 an ounce.

    also retreated, losing 0.3% to $17.87 an ounce, while fell 1.0% to $924.30.

    With most people in the market still betting on a rate cut, some have warned that there could be some sharp volatility if the Fed disappoints on Wednesday.

    “Let’s be very clear here, we would not be at new highs in or we would not have hit these current levels of 3,000 in the S&P were it not for complete central bank capitulation,” said Northman Trader’s chief market strategist Sven Henrich. “Four rate cuts, jawboning trade optimism, all these valuations have to be justified at the end of the day. You cannot lose one of these equations and so markets remain artificially inflated.”

    Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

    Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



    Gold Prices Fall as Trade, Brexit Hopes Hit Haven Assets By Investing.com


    © Reuters.

    Investing.com — Gold prices fell again on Friday as global risk appetite revived on hopes of at least partial fixes to the problems of Brexit and the U.S.-China trade dispute.

    By 10:38 AM ET (1438 GMT), for delivery on the Comex exchange were down 1.4% at $1,479.65 a troy ounce. was down 1.2% at $1,476.18 and were down 0.8% at $17.46 an ounce.

    Earlier Friday, reports indicated that the EU and U.K. were entering “more intense” discussions of U.K. Prime Minister Boris Johnson’s latest proposals to avoid a disorderly Brexit, the fear of which has been a major factor in driving European portfolio demand for gold this year. At the time of writing, the talks were still ongoing.

    The yield on the 10-year U.K. government bond surged 10 basis points in response to 0.69%, its highest in over three weeks.

    At the same time, U.S. bond yields were also rising in expectation of some kind of de-escalation of the trade dispute with China, helped by President Donald Trump’s talk on Twitter about “good things happening”.

    The note yield leaped to 1.72%, its highest in over two weeks, while the , which is more sensitive to short-term interest rate expectations, rose to a 10-day high of 1.59%.

    Higher yields make bonds more attractive to gold, which offers no nominal return.

    With portfolio holdings of gold close to all-time highs, the metal is vulnerable to pull-backs, at least in the short term, analysts say.

    However, Harry Tchilinguirian, head of commodity research at BNP Paribas (PA:), argued in a blog post for the World Gold Council this week that bulls can still look forward to three more rate cuts from the Federal Reserve, taking the fed funds rate down to 1.25% by June next year.

    Elsewhere, there were signs of how volatility in gold prices this year has caused some unexpected problems in the Far East, where much of the world’s physical gold demand is based.

    In an interview with Reuters, Bank of Thailand Governor Veerathai Santiprabhob urged the country’s gold traders to keep the proceeds of their gold sales overseas for longer, because the repatriafion of profits was putting too much upward pressure on the local currency.

    “There were quite huge gold flows, which added to appreciation pressure on the baht,” Veerathai said.

    Gold dealers said exports had spiked because Thais who bought gold in the past were taking advantage of a recent rise in global prices to cash out.

    Despite the recent outflows, Thailand has still imported a net $43.6 billion of gold since 2009 – although that includes imports for use in jewellery and religious items in the largely Buddhist country as well as by gold traders.

    Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

    Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.