Dollar gains, stocks ebb after jobs data halts rally

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NEW YORK (Reuters) – The dollar bounced off two-year lows and a gauge of global equity markets halted its march toward a record high on Friday, as better-than-expected U.S. jobs growth in July was tempered by the wrangles in Washington over a new stimulus bill.

Big rallies in gold and the euro were also snapped.

The U.S. Labor Department’s data showed slowing employment growth in July amid a surge in COVID-19 cases, highlighting the need for the White House and Congress to agree on an aid package.

Gold slid 2%, after hitting a record high earlier in the week, the euro fell from highs against the dollar last seen in May 2018 and U.S. Treasury yields rose, halting a downward move that had the benchmark 10-year note poised to fall below 0.5%.

The sell-off was due to profit-taking after the record peaks this week in gold and the tech-driven Nasdaq,

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China to deepen financial reform, no matter how global situation changes: China’s Central Bank

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Photo taken on March 13, 2018 shows the headquarters of the People’s Bank of China. Photo: Xinhua

No matter how the international situation changes, the most important thing for China is to do its own thing and unswervingly deepen the reform of the financial industry and open up to the outside world, Yi Gang, governor of the People’s Bank of China said on Sunday.

Yi said priority tasks include implementing the first phase China-US economic and trade agreement, and carry out financial reforms and opening-up measures announced in recent years, such as the removal of foreign equity restrictions in the fields of securities, fund management, futures, personal insurance, and investment quota restrictions for qualified foreign investors. 

China will also approve American Express, MasterCard, Fitch and other institutions to enter the Chinese market, said Yi.

China will continue to promote the full implementation of the pre-entry national treatment plus negative list

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Sustainable Supply Chain Finance Market Current Trends, Segmentation, Key Players and Analysis 2026

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The MarketWatch News Department was not involved in the creation of this content.

Aug 09, 2020 (AmericaNewsHour) —
Kenneth Research has published a detailed report on Sustainable Supply Chain Finance Market which has been categorized by market size, growth indicators and encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2019-2026.

Request To Download Sample of This Strategic Report: https://www.kennethresearch.com/sample-request-10307101

The report covers the forecast and analysis of the Sustainable Supply Chain Finance Market on a global and regional level. The study provides historical data from 2015 to 2019 along with a forecast from 2019-2026 based on revenue (USD Million). In 2018, the worldwide

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Florida consumers more pessimistic as economic recovery slows

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John Hielscher
 
| Sarasota Herald-Tribune

Florida consumers, whose spending drives the state economy, lost confidence again in their financial situations as the coronavirus pandemic continues to cause economic damage.

After showing rising confidence for two months, consumers were more pessimistic in July while the pace of the economic recovery slowed, according to the University of Florida’s Consumer Sentiment Index.

The index dropped 2 points from a revised 82.5 in June, although that was not as steep as the 5.6-point dive in consumer sentiment nationwide.

Four of the five components that comprise the Florida measure were down over the month.

“Floridians are more pessimistic in July, anticipating a longer economic recovery,” said Hector H. Sandoval, director of the Economic Analysis Program at UF’s Bureau of Economic and Business Research. “Most of the pessimism comes from the overall expectations about the outlook of U.S. economic conditions in the short- and long-run.

“With

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ROSEN, NATIONALLY REGARDED INVESTOR COUNSEL, Reminds Co-Diagnostics, Inc. Investors of Important August 17 Deadline in Securities Class Action

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NEW YORK, Aug. 7, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Co-Diagnostics, Inc. (NASDAQ: CODX) between February 25, 2020 and May 15, 2020, inclusive (the “Class Period”), of the important August 17, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Co-Diagnostics investors under the federal securities laws.

Rosen Law Firm, P.A. Logo
Rosen Law Firm, P.A. Logo

To join the Co-Diagnostics class action, go to http://www.rosenlegal.com/cases-register-1876.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY

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Malaysia’s ex-finance minister charged again in graft case | AP International

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PENANG, Malaysia (AP) — Malaysia’s former finance minister pleaded not guilty Monday to a second corruption charge related to a $1.5 billion undersea tunnel project and slammed the case as a trumped-up charge by the new government.

Lim Guan Eng, 59, was first charged Friday with soliciting 10% of potential profits in 2011 as a bribe for the project planned in northern Penang state. On Monday, he was accused of abusing his power as Penang chief minister to obtain 3.3 million ringgit ($786,182) as inducement to help a local company secure the construction contract.

The project was approved during Lim’s tenure as Penang chief minister from 2008-2018, before he became Malaysia’s finance minister.

Lim, who was part of a reformist government ousted in March, said anti-graft officials had never questioned him on the 3.3 million ringgit he allegedly received nor was there any evidence he had the money. He also

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Gold Accelerates Higher on Fragile Economic Recovery Hopes | Investing News

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(Reuters) – Gold extended its record-breaking run on Thursday, driven by expectations of more monetary response as surging virus cases continue to pummel the U.S. economy.

Spot gold

hit an all-time high of $2,069.21 per ounce and was up 1% at $2,059.45 at 11:02 am EDT (1502 GMT). U.S. gold futures

also rose 1%, to $2,069.40.
=>

“There are mixed signals that the economy is recovering and some of the signs of recovery are relatively superficial as they show aggregate figures and not how medium and small enterprises continue to suffer,” said Jeffrey Christian, managing partner of CPM Group.

“We have a very long way to go before we see a proper economic recovery.”

Data showed U.S. jobless claims fell last week, but a staggering 31.3 million people were receiving unemployment checks in mid-July, as new infections battered the economy.

Gold has rallied more than 35% this year as it

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Trending Market News Friday: Biogen, Mortgage Rates

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Stocks were showing a bit of volatility Friday with the Dow threatening to break into the green several times during the session before turning definitively south as the trading day went on. 

The Nasdaq was less volatile, dropping consistently and declining 1.8% on the day while the S&P 500 fell 0.5%. 

U.S. Household Debt Falls Most in 7 Years

American consumer debt fell for the first time in six years, the Federal Reserve Bank of New York said, falling 0.2% to about $34 billion. 

The decline in the second quarter was the first since 2014 and the drop is the largest since 2013 as credit card balances alone fell by $76 billion in the quarter, the steepest decline in the history of the data. 

Biogen Jumps as FDA Accepts Alzheimer’s Treatment Application

Shares of drugmaker Biogen  (BIIB) – Get Report jumped more than 8% Friday after the Food

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Harmon Brothers Disrupt the Historically Dry Finance World With Sardonic Office Takeover Guy

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As the U.S. continues to struggle with Covid-19, some Americans have used these uncertain times as an opportunity to scale their financial portfolio. Per a Fidelity Investments Market Sentiment Study released in May, 15% of Americans have been investing more into the stock market during the pandemic.
But what about the everyday Americans who want to start building their portfolios, but don’t know where to start? In comes investment system and weekly tech stock newsletter Profits Unlimited, edited by a team of advisers led by Paul Mampilly, a 30-year Wall Street veteran.
While the concept sounds intriguing, investment ads aren’t known for being exciting. Harmon Brothers, the Utah-based social media ad agency behind viral commercial blockbuster hits for Chatbooks, FiberFix, Poo-Pourri, Purple and Squatty Potty, aims to put the fun in finances with their campaign for Profits Unlimited.
“Office Takeover” stars Corey Landis, who balances sardonic quips about making regrettable

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The previous all time high of $1920.94 will be in focus

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  • Gold is trading nearly 4% lower on Tuesday despite USD weakness. 
  • The gold bugs will be looking at technical support zones and the previous all-time high is next.

Gold 4-hour chart

Gold seems to be losing some of it shine this week. Now the bulls will be looking for support zones and some of the long term holders could have been profit-taking after the record-breaking rally. Now the new all-time high stands at USD 2075.14 per troy ounce. If there is to be another turn higher then that will surely be the target.

Looking closer at the chart, the black horizontal support line at USD 1920.94 per troy ounce is the next support. This was also the previous all-time high from September 2011. Below that, there is also a red upward sloping trendline, it has only had two touches as of yet but it could be significant in the future. 

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