U.S. producer prices rose in September as the price of gasoline recorded its biggest increase in more than two years amid production disruptions at oil refineries in Texas caused by Hurricane Harvey. The Labor Department said its producer price index for final demand increased 0.4 percent last month after rising 0.2 percent in August. In […]
Read moreCheck out which companies are making headlines before the bell: JPMorgan Chase – The bank reported quarterly profit of $1.76 per share, beating forecasts by 11 cents a share. Revenue also beat forecasts. JPMorgan did see weaker trading results, but its bottom line was helped by a boost in lending. Amazon.com – The online retailer […]
Read moreJamie Dimon, chairman and CEO of JPMorgan Chase, said he is no longer going to discuss bitcoin after his comments last month that the digital currency was a “fraud” caused quite the stir on Wall Street and Silicon Valley. “I wouldn’t put this high on the category of important things in the world. But I’m […]
Read moreIt could morph into a vital part of the rally — one that affects the investments at money management firms across America. Eaton Vance portfolio manager Michael Allison says tax reform could help drive stocks up by 5 percent to 10 percent more. “There is some sense of positive movement on tax reform — certainly […]
Read moreIreland’s High Court on Thursday ruled that a 850 million euro ($1 billion) data center planned by Apple in the west of Ireland may proceed, dismissing an environmental challenge made by three people. Apple announced plans to build the data center in 2015, but the project has been delayed by planning objections. A similar Apple […]
Read moreHSBC has appointed John Flint as its next chief executive the bank said on Thursday, sticking with a tradition of promoting company insiders to run the firm. Flint, who currently runs HSBC’s retail and wealth management business, will start in his new role on Feb 21 2018, taking over from current chief executive Stuart Gulliver, […]
Read moreSterling dropped 0.3 percent on the day against the dollar Thursday morning after Brexit negotiators declared talks between the U.K. and the European Union had reached a deadlock. The euro was trading at £0.9010, up by 0.5 percent, at about 12 p.m. London time (7 a.m. ET) — the U.K. currency hasn’t been at 90 […]
Read moreRichard Branson‘s Virgin Group is investing in Hyperloop One, a company developing the super-fast transport system originally dreamed up by Elon Musk. Hypleroop One will rebrand itself as Virgin Hyperloop One, and Branson will join the board, the billionaire British investor announced Thursday on CNBC. The investment amount was not immediately disclosed. Hyperloop One already […]
Read moreCurrency, United States Finance
Oil market bulls ‘missing the elephant in the room’ so don’t expect prices to hit $60 a barrel soon
Oil prices are unlikely to reach $60 per barrel anytime soon as hawkish forecasters continue to ignore the “elephant in the room”, a senior economist told CNBC Wednesday. Daniel Lacalle, chief economist and investment officer at Tressis Gestion, said: “The bulls of the oil market are missing the elephant in the room which is efficiency […]
Read moreGovernments around the world are right to step up regulatory pressure on initial coin offerings (ICOs), the CEO of blockchain firm Ripple has told CNBC. Brad Garlinghouse, whose company is the owner of the third-largest cryptocurrency by market capitalization, XRP, questioned whether new digital currencies were “solving real problems.” “There’s plenty examples of these recent […]
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