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1 Article
Source: Common Domain

A fear markets are overvalued is holding back investors, says BMO strategist

Today 06:04 GMT

Onto our call of the day from BMO Wealth Management’s chief investment strategist Yung-Yu Ma, who cautions that an over-hyped fear surrounding stock markets may be holding investors back.

Traditionally, how this works is if the S&P 500 is yielding is less than that of safer-haven bonds, stocks might look overvalued. He bases his view chiefly on a comparison of S&P 500 earnings yield, a popular metric that gauges expected stock returns, versus the yield on the 10-year Treasury note.

1 Article
Source: Reuters

3M to cut 2,000 jobs globally, lowers 2019 profit outlook

Today 06:04 GMT

(Reuters) - U.S. manufacturing conglomerate 3M Co on Thursday said it would lay off 2,000 workers globally as it reported a widely lower-than-expected quarterly profit and cut its 2019 earnings forecast due to worsening performance in key markets.

The company said the job cuts would result in an estimated annual pre-tax savings range of $225 million to $250 million, with $100 million in the remainder of 2019, the company said in a statement here.

1 Article
Source: Common Domain

Stock market gains altitude as tech shines, but 3M drags down the Dow

Today 06:05 GMT

U.S. stocks were mostly higher Thursday on the back of positive tech-sector results highlighted by Facebook Inc. and Microsoft Corp., but the Dow bucked the trend to head south after disappointing 3M Co. earnings.

“Over the last week not much has changed: the market continues to rally—little by little—taking a cue from positive market happenings and ignoring the negative headlines.” Facebook Inc. FB, +6.14% shares gained 6.2% after the social-media company reported revenue and profit that topped Wall Street estimates.

3 Articles
Source: Common Domain

Man credited with calling the 2008 crisis says the next 20 years in the stock market will ‘break a lot of hearts’

Today 06:05 GMT

Jeremy Grantham, an investor credited with predicting the 2000 and 2008 downturns, told CNBC on Thursday that investors should get inured to lackluster returns in the stock market for the next two decades, after a century of handsome gains.

“In the last 100 years, we’re used to delivering perhaps 6%,” but the U.S. market will be delivering real returns of about 2% or 3% on average over next 20 years, the value investor and co-founder of Boston-based asset manager GMO told CNBC in a rare interview.

1 Article
Source: Common Domain

Walmart Stock Is Slipping After a Deal for U.K. Grocer Sainsbury Got Blocked

Today 04:15 GMT

In the spring of last year, amid a wave of news on mergers and acquisitions, Walmart announced plans to combine its U.K. grocery unit, Asda, with supermarket chain Sainsbury, creating a new company.

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1 Article
Source: Common Domain

CMO Today: OpenAP Adds Buying; Netflix After 'The Office'; Juul’s New CMO; Esports Fashion Rises

Today 02:25 GMT

Eager to turn the page on last week’s defection by a founding member-turned-budding competitor, the alliance of TV networks called OpenAP says its platform will let ad buyers actually buy ads in time for the fall season.

Now NBCUniversal is launching its own streaming service, and has begun internal discussions about removing “The Office” from Netflix when the contract expires in 2021, The Journal reports.

1 Article
Source: Common Domain

How a flight to safety amid a weakening global economy could complicate central-bank policy

Thursday 21:51 GMT

Sweden’s Riskbank joined a chorus of central banks, including Bank of Japan and the Bank of Canada in recent days, downgrading the likelihood of normalizing crisis-era monetary policies, amid mounting concerns about contracting international growth.

The research company said a pickup in risk-related trading will dictate moves in foreign-exchange markets. “We don’t think that monetary policy will continue to be the primary driver of these currencies this year,” analysts at Capital Economics said on Thursday discussing the recent moves in the Swedish krona, USDSEK, +1.0238%  the Canadian dollar USDCAD, -0.0593%  and the Japanese yen.

1 Article
Source: Reuters

Corporate profits and U.S. economy chug along, defying recession fears

Today 06:04 GMT

After months of handwringing about the possible crash-landing of the housing market, investors awaiting quarterly earnings from No. 3 U.S. homebuilder PulteGroup Inc this week were ready for the worst.

In mid-March, Wall Street analysts were fretting about an imminent profits recession, and some economists worried an economic recession might follow in its wake. Profits at S&P 500 companies, seen declining for the first time in three years just a month ago, now appear on course for another quarter of growth as first-quarter results pour in, according to I/B/E/S data from Refinitiv.

1 Article
Source: Common Domain

California Home Featured in ‘La La Land’ Headed to the Market

Today 06:04 GMT

The six-bedroom home on Estrondo Drive has a stellar filmography, having been featured in the Oscar-winning movie “La La Land, ” plus TV shows including “NCIS LA,” “Modern Family” and “Ballers.” It’ll also appear in “The Laundromat,” with Meryl Streep and Gary Oldman, set to be released later this year, according to listing agents Tomer Fridman, Dana Olmes and Jeffrey Biebuyck of Compass.

A contemporary glass-covered home in the Los Angeles neighborhood of Encino that has hosted scores of film and TV crews is hitting the market Thursday for $6.45 million, Mansion Global has learned.

1 Article
Source: Common Domain

Why stock-market investors aren’t suffering ‘FOMO’ despite return to all-time highs

Today 06:04 GMT

The SocGen analysts argued that another two months of strong market performance may be needed “to reach a point where ‘lots of money on the sidelines’ is desperate to get back in for fear of missing out.”

See: Stock market at ‘risk of a melt-up, not a meltdown,’ warns BlackRock’s Larry Fink. A melt-up is a phenomenon in which an asset rallies sharply as investors stampede into the market, driven by a fear of missing out on a rally rather than underlying fundamentals.

1 Article
Source: Reuters

Ford more confident of stronger 2019 despite 'volatile environment'

Today 06:05 GMT

Ford Motor Co on Thursday posted a better-than-expected first-quarter largely due to strong pickup truck sales in its core U.S. market and said it was more confident in its forecast 2019 would bring better results than last year.

Chief Financial Officer Bob Shanks told reporters at company headquarters in suburban Detroit that Ford has more confidence its 2019 results will be better than last year’s, but said it is in a “volatile environment with very strong competition.”

1 Article
Source: Common Domain

Asian markets mixed as Wall Street retreats from record highs

Thursday 12:40 GMT

Asian shares were mixed Thursday after U.S. stocks closed lower, giving back some of its gains a day after the S&P 500 and Nasdaq hit record highs.

In Hong Kong, real-estate companies continued to rise, with Sun Hung Kai Properties 0016, +2.18%   and Country Garden 2007, +1.59%   advancing, while Geely Automobile 0175, -1.90%   and oil producer CNOOC 0883, -1.22%   fell. Chip maker SK Hynix 000660, +3.57%   gained in South Korea as it posted a 69% drop in first-quarter profit, but forecast chip demand to improve later this year.

1 Article
Source: Common Domain

Trump says stocks have hit records ‘close to or over a 100 times’ since he took office — but he may be understating it

Thursday 19:06 GMT

President Donald Trump on Wednesday said the stock market has delivered all-time highs around 100 times since he took office — a reference to records hit by the S&P 500 and the Nasdaq Composite Index a day earlier.

Trump has repeatedly blamed the monthslong drought without a record on aggressive policies by the Federal Reserve, led by Chairman Jerome Powell. Earlier this month, POTUS said “I would say in terms of quantitative tightening, it should actually now be quantitative easing...

1 Article
Source: Common Domain

Gold ends higher as the U.S. stock market pauses its rally

Thursday 12:40 GMT

Gold futures ended higher on Wednesday, rebounding from their lowest levels of the year, as a rally in stocks that took two of the three main U.S. equity indexes to records cooled, providing support for the haven metal.

The recent bout of weakness in gold has made some assets pegged to the precious asset appear more attractive, one market technician said. But on a longer time frame, nothing has changed as gold has been pinned in a trading range between roughly $1,150 and $1,350 since 2016.”

1 Article
Source: Common Domain

Dollar makes fresh multimonth high; Aussie weakens on benign inflation

Thursday 05:10 GMT

The ICE Dollar Index, DXY, +0.38%  which measures the dollar against a basket of six currencies, was at 97.827, up 0.1% on the day.

The Aussie dragged the neighboring New Zealand dollar NZDUSD, -0.9315%  lower, with the kiwi trading at $0.6596 versus the dollar, down 0.9%. Elsewhere, the Canadian dollar fell by 0.7% after the central bank, as expected, left interest rates unchanged but cut its outlook for growth.


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