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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Cuba to Scrap ‘Too Restrictive’ Private-Sector Activities List as Economic Pressures Grow | Investing News

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HAVANA (Reuters) – Cuba’s Communist government said late on Thursday it would scrap a list that sets out a tight definition of business activities permitted in the island nation’s fledgling private sector, a move seen boosting self-employment, small firms and start-ups.

The move follows a string of measures loosening restrictions on the private sector over the past month as the government turns to limited reforms to tackle an economic crisis in the wake of key ally Venezuela’s implosion, increased U.S. sanctions and the coronavirus pandemic.

Labor Minister Marta Elena Feito said during a televised roundtable that the pandemic had proven the list was too restrictive, citing unauthorized production of personal protective equipment by private sector workers.

Cuban economists and private sector backers welcomed the move, but said much would depend on implementation. Cubans must still apply for a license to work in the private sector, giving authorities a high degree

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More Signs Point to U.S. Economic Recovery Losing Momentum | Investing News

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(Reuters) – U.S. retail foot traffic is slackening and growth in the number of shifts worked by hourly employees has ground to a halt, a clutch of high-frequency data showed this week, offering the latest evidence the economic recovery that appeared so promising two months ago is rapidly losing momentum.

Weekly data that Reuters follows from sources ranging from the New York Federal Reserve to mobility tracking and small business payroll service providers shows that after big upticks in May and June, activity growth stalled in July as COVID-19 spread rapidly in key areas of the country across the South and Southwest. That recent flat-lining trend has persisted as August began.

Graphic – The economy in real time:

Time management firm Kronos, for instance, reported that shifts worked in the week ended Aug. 2 were essentially unchanged nationally but fell in 19 states, primarily in the Midwest. The

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As Pandemic Rages On, World Economic Recovery Looks Ever More Shaky: Reuters Poll | Investing News

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BENGALURU (Reuters) – The world economic outlook has dimmed again, with still-rising coronavirus infections and the risk of renewed lockdowns increasing the chances that any rebound will reverse course, according to Reuters polls of over 500 economists globally.

Over 17 million people have been infected worldwide by the coronavirus and more than two-thirds of a million people have died. That has forced governments to impose strict lockdown measures to curb the spread of the virus, keeping citizens at home and businesses closed and spurring recessions that aren’t over yet.

Surging cases in the United States, where related deaths have surpassed 150,000, have led several states to reimpose restrictions. Most economists, long-term investors and even Fed Chair Jerome Powell have clearly said the economic outlook depends significantly on the course of the virus.

The Fed has pledged endless stimulus to support the world’s No. 1 economy, which was a major growth

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Oil up on Strong Economic Data, U.S.-China Tensions Cap Gains | Investing News

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NEW YORK (Reuters) – Oil prices rose on Friday, lifted by some supportive economic data, but tensions between the United States and China limited gains.

Brent crude futures

rose 3 cents to settle at $43.34 a barrel. U.S. West Texas Intermediate (WTI) crude

futures rose 22 cents to settle at $41.29 a barrel.

For the week, Brent rose 0.5%, while U.S. crude rose 1.7%.

Ahead of the weekend, market participants had their eye on Tropical Storm Hanna, forecast to cross to Baffin Bay, 46 miles (74 km) south of Corpus Christi, Texas, on Saturday afternoon or evening.

So far, energy companies said there have been no evacuations of workers or shutdowns of production from offshore platforms in the northern Gulf of Mexico.

Lifting market sentiment, Euro zone business activity grew in July for the first time since the coronavirus pandemic hit, according to IHS Markit’s flash Composite Purchasing Managers’ Index

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These money and investing tips can help protect your portfolio from market shocks

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Don’t miss these top money and investing features:

These money and investing stories, popular with MarketWatch readers over the past week, offer tips on managing your portfolio smartly and effectively. Read about the Trump administration’s effort to eliminate socially responsible index funds from 401(k) and other retirement plans, how socially responsible funds can boost investment returns, why the 60/40 portfolio allocation still makes sense, and how the coronavirus is affecting Americans’ Social Security and retirement expectations.

The cyclical rotation is here, Jefferies analysts say. For real this time.

The market story of the second half of 2020 will be beaten-down cyclicals outperforming high-flying growth stocks, Jefferies equity analysts say.
The cyclical rotation is here, Jefferies analysts say. For real this time.

Workers should be able to invest their 401(k)s in companies that won’t harm the climate

A proposed rule could mean that the company that manages

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U.S. Economic Outlook Darkens, Job Recovery Risks Reversing: Reuters Poll | Investing News

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By Indradip Ghosh and Shrutee Sarkar

BENGALURU (Reuters) – The U.S. economic outlook has darkened in the past month amid renewed lockdowns in some states from surging coronavirus cases, according to economists in a Reuters poll who warned of a high risk the job recovery underway reverses by year-end.

U.S. coronavirus cases approached 4 million on Thursday, with over 2,600 new cases every hour on average, the highest rate in the world, and some state governments have reimposed restrictions aimed at curbing the spread of the virus.

That has raised concerns about the sustainability of the recent rebound in hiring and other economic data, as the world’s largest economy, which was propping up global growth before the pandemic, climbs out of a deep hole.

The July 13-22 poll showed the economy contracted 33.8% last quarter on an annualised basis but while it was expected to bounce back with 17.8% growth

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5 Resources to Discover Investing

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The onslaught of coronavirus has been ruinous to the global economy. But some are seeing this cloud of uncertainty through an opportunistic eye, including me. In light of the market’s volatility, I’ve been spending a lot more time reading up on financial trends, terminology and general teachings. Regardless of what may or may not happen, I believe now is a great time to learn more about investing. 

S&P’s Global Financial Literacy Survey found that overall financial literacy is low around the world, and that risk diversification is one of the least understood concepts, a particularly relevant topic in today’s economic climate. And this divide is unevenly distributed across gender, social class and race. I reached out to my friend Anna-Sophie Hartvigsen, the cofounder of Denmark’s Female Invest and a 2020 Forbes 30 under 30 recipient, to share some of her recommended resources to help get a balanced view of the

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BMO Harris – Personal Banking, Business Banking, Loans & Investing

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Banking products and services are subject to bank and credit approval. BMO Harris Bank N.A.
Member FDIC.

Notice to Customers

To help the government fight the funding of terrorism and money laundering activities, federal law (USA Patriot Act (Title III of Pub. L. 107 56 signed into law October 26, 2001)) requires all financial organizations to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask you to provide a copy of your driver’s license or other identifying documents. For each business or entity that opens an account, we will ask for your name, address and other information that will allow us to identify the entity. We may also ask you to provide a copy of your

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Alibaba Boosts Cloud Services, Investing $28 Billion More

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Earlier today, tech giant Alibaba announced that it is investing $28 billion in its cloud computing unit due to demand surge. The company highlighted that it’s a crucial division that will help its future growth outlook.

The company said that the money will be allocated to infrastructures and developing technology that is related to its operations. The e-commerce giant confirmed that most of the funds will focus on its operating systems, networks, servers, and even chips.

In a statement, Jeff Zhang, head of Alibaba Cloud Intelligence, discussed the impact of the pandemic on the digital landscape. Zhang said that it has stressed the overall economy but also shifted the focus to the digital economy.

The technology company is the largest cloud computing provider in mainland China. However, the company still trails behind the likes of Amazon and Microsoft in the global market shares.

The firm now pushes to extend its

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