With bankruptcy proceedings underway, Fred's layoffs will now follow. According to a Sept. 13 WARN (Worker Adjustment and Retraining Notification) notice filed with the State of Tennessee Department of Labor and Workforce Development, Fred's plans to lay off 90 people in Shelby County this November.
A surge in crude prices in the wake of attacks on Saudi Arabia's oil facilities drew muted reaction from Latin American currencies on Monday, while gains in oil producers supported Colombia's stock markets. Oil prices surged nearly 20% at one point on Monday after the attack in Saudi Arabia, the world's biggest oil exporter, halved the kingdom's production. But prices came off their peaks after President Donald Trump authorized the use of the U.S. emergency stockpile to ensure stable supply, helping the dollar climb against a basket of major currencies.
An intensifying Middle East conflict is threatening to throw the world's energy market into disarray after weekend drone attacks destroyed parts of Saudi Aramco's Abqaiq plant — one of the world's largest processors of oil — and a separate nearby oil field. On Saturday, the drone attacks, directed at Saudi Arabian oil facilities that account for nearly 10 million barrels of crude-oil production, resulted in massive plumes of black smoke emanating from the oil field, and a shutdown that could lead to about 50% of its production being at least temporarily thrown offline. Prominent crude-oil strategist Phil Flynn at Price Futures Group told MarketWatch on Sunday that the drone strike was a “big deal” that could result in a major spike in crude-oil prices, because of the potential disruption to global supplies.
The US dollar gapped lower against the Japanese yen as traders raced for caution and safety in the aftermath of those drone attacks. However, we have since spent the rest of the day trying to fill that gap so it looks as if the markets may be trying to calm down. USD/JPY Video 17.09.19 With that being the case, the trade is probably going to set up as soon as that gap is filled.
Crude oil prices soared following an attack on Saudi Arabia's output over the weekend, resulting in the largest disruption of oil supplies ever. Oil giants rallied, and shale stocks popped. It will reportedly take longer for Saudi Aramco to restore production at its Abqaiq processing plant following a drone attack over the weekend.
The Euro broke down a bit during the trading session on Monday as traders raced toward safety after the drone attacks in Saudi Arabia. Beyond that, we were also in a downtrend to begin with and had formed a shooting star on Friday so quite frankly this move was probably already set up. Beyond that, with Germany heading into a recession and Italy already there, it makes quite a bit of sense that the US dollar continues to strengthen against the Euro.
Gold rallied Monday after a strike against Saudi Arabian oil facilities raised the possibility of retaliatory U.S. military action in the Middle East. Investors are seeking haven assets at the start of a week that will also see critical policy decisions from central banks including the Federal Reserve. Gold futures jumped as much as 1.3% as investors gauged the ramifications from the assault against the world's top oil exporter, and palladium hit a fresh record.
Joanne Lim, algorithmic and portfolio trader at Bernstein, discusses her outlook for Chinese stocks. She speaks on “Bloomberg Markets: China Open.
Shares of Uber (UBER) and Lyft (LYFT) started the week in the green after a bullish call from HSBC. “We believe both Lyft and Uber will have to address inefficient cost structures and focus on profitable growth. Higher prices, lower subsidies and slower growth in bookings will likely be the new normal, but these changes should help reduce losses over the next several years,” wrote HSBC analyst Masha Kahn.
Attacks on two sites at the heart of Saudi Arabia's oil industry shut down more than 5% of global supply, sent oil prices as much as 20% higher and prompted the United States to blame Iran despite Tehran's denials. Yemen's Iran-aligned Houthi group, which is battling a Saudi-led coalition in Yemen, claimed responsibility for the attacks on Saturday on sites run by state-owned Saudi Aramco. U.S. Secretary of State Mike Pompeo ruled out Yemeni involvement and accused Iran of leading the attacks.
Historically, about 70% of the time, just investing a lump sum at one time yielded a better result than dollar-cost averaging over a 12-month period. For DCA to pay off, the market must decline, by enough and for long enough, to get a lower average per share price than a lump sum initial purchase would produce. The longer the time frame, the better the odds the market will not do this and DCA will produce an inferior result.
After getting engaged I found out about her debt, bad FICO score excess parking tickets, etc. I educated and worked with her, and she eventually climbed out of it. Life is good, except she has new debt.
Millennials are famous for their skinny jeans and avocado toast. But they've had pretty good luck picking some top stocks this year, too. Eight of the most widely held stocks by millennial-aged investors (born early 80s to early 2000s) are up 50% or more this year.
General Motors said its offer to United Auto Workers "builds a stronger future for all," but the roughly 50,000 members on strike want more after walking out on Sunday night. "We presented a strong offer that improves wages, benefits and grows U.S. jobs in substantive ways and it is disappointing that the UAW leadership has chosen to strike at midnight tonight," GM said in a statement Sunday. Talks between the union and GM were tense from the start, largely because GM plans to close four U.S. factories, including the one on the Detroit border with the enclave of Hamtramck, and Lordstown, Ohio.
One of the biggest retirement mistakes you can make is not realizing what you don't know. I regularly hear from people in or near retirement who misunderstand how Social Security works, dramatically underestimate life expectancies or fail to plan for big expenses, such as long-term care or taxes. These aren't folks looking for advice.
Trading in the global foreign-exchange market spiked to a record level at $6.6 trillion, according to the Bank for International Settlements. Bloomberg's Anooja Debnath reports on "Balance of Power."
Ms. Weeks still owes more than $140,000 on her student loans despite making monthly payments over the past decade. Home prices in Seattle have soared as the economy has boomed. In 1989, the median home price there was $77,300, or $163,773 in today's dollars, according to the National Association of Realtors.
On Friday, Azer initiated coverage on five U.S. cannabis companies that she deemed noteworthy as she reiterated her call for total U.S. cannabis sales to hit $80 billion by 2030. Relative to their Canadian cannabis peers, Azer notes that the operating paradigm for U.S. multi-state cannabis companies is more nuanced given tax differences and restrictions in scientific research. However, “brand development in the U.S. is much easier, given regulatory nuances, which favors the U.S. operators who emphasize a traditional CPG model that relies more on high-margin finished goods, as opposed to specialty retail,” she wrote in a note published Friday.
Oil prices spiked the most on record Monday after a weekend attack on Saudi Arabia's oil facilities wiped out more than 5% of the global oil supply. Crude oil prices initially surged as much as 18%, but retreated after President Trump said he authorized the use of oil from the United States' emergency oil supply, called the Strategic Petroleum Reserve, “if needed.” Brent crude (BZ=F) reached a session high of $71.95 a barrel at the opening, while U.S. crude futures (CL=F) surged to a session high of $63.34 a barrel. The price spikes have some folks asking, is $100 oil back on the table?
The attacks on Saudi Arabia that have sent crude-oil prices surging are certainly the story for financial markets on Monday. Analysts at U.K. investment adviser AJ Bell calculated that the last eight times that the year-over-year price for oil was over 100%, there was either a global recession or economic slowdown six times. It's worth pointing out that even with the big 10% rally in crude-oil prices, Brent crude prices (UK:BRN00) , trading around $65 a barrel, are still below year-earlier levels.
NEW YORK/HOUSTON, Sept 16 (Reuters) - U.S. crude export demand at the Gulf Coast surged on Monday, traders said, as the window to export crude profitably to Asia and Europe was thrown open after attacks on Saudi Arabia's oil facilities took out 5% of global oil supplies. The attack knocked out about half of Saudi Arabia's oil production and damaged the world's biggest crude processing plant. The attacks sparked the biggest jump in oil prices in 30 years, with Brent outpacing gains in U.S. crude futures.
Millennial home buyers are going to some troubling lengths to foot the bill for their first homes, according to a new survey. Millennials are more likely than their older counterparts to fund their down payment and closing costs by dipping into retirement savings (13%, versus 8% of Generation Xers and 7% of baby boomers), saving money by moving in with family or friends (14%, versus 5% of Gen Xers and 2% of boomers) or selling personal items (12%, versus 5% of Gen Xers and 2% of boomers), a recent Bankrate survey of 2,582 U.S. adults found. They're trying to exhaust all their options, and they're certainly doing that at higher levels than the other generations.
Oil prices are surging amid production disruptions in Saudi Arabia. That could affect a host of different stocks in the energy space, according to Goldman Sachs strategists. In a note to clients, Goldman says the companies with “the greatest 4Q19 potential operating cash flow percentage uplift” from rising oil prices include names like Hess (HES), Occidental Petroleum (OXY), Cimarex Energy (XEC) and Apache (APA), among others.
One of the key U.S. borrowing markets saw a massive surge Monday, a sign the Federal Reserve is having trouble controlling short-term interest rates. Amid the settlement of Treasury coupon auctions and the influx of quarterly corporate tax payments, the rate on overnight repurchase agreements soared by as much as 248 basis points to 4.75%, the highest level since December, according to ICAP pricing. It came back down to 2.50%, still up 23 basis points for the day.
Market prices currently imply a 90% chance the Federal Reserve will reduce short-term interest rates by a quarter-point to a range of 1.75%-2.0% when policy makers meet this week. Such a move would be consistent with the Fed's “midcycle adjustment” that began in July. The interesting question, therefore, is not what the Fed will do to rates when its two-day policy meeting concludes Wednesday, but what it will indicate it wants to do over the next few years.