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Author Topic: Gold hits six-week high as traders look for Santa Rally – business live  (Read 145 times)


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Gold hits six-week high as traders look for Santa Rally – business live

Rolling coverage of the latest economic and financial news, on the final trading day before ChristmasLatest: UK stocks close at new peakEurope’s Stoxx 600 hits record highIntroduction: Gold rallies in pre-Christmas tradingAnalyst: Gold could keep rallying in 2020Trade war jitters haven’t gone away 6.16pm GMT Boom! America’s Nasdaq index has closed at a new all-time high, as the 2019 bull market continues its run.The market avoided a repeat of last year's Christmas Eve meltdown, with stocks closing flat or close to flat. The Nasdaq edged higher to a new record for its 9th consecutive record closed. .:https://t.co/KtbpveF0JL pic.twitter.com/fBAGUKRjYj 4.49pm GMT Wall Street is looking rather subdued, as traders get their final orders in before Christmas. 4.42pm GMT Uber’s shares have risen 1.3% following news of Travis Kalanick’s departure from its board.Wedbush analyst Dan Ives reckons it will help CEO Dara Khosrowshahi to lift Uber’s fortunes, after posting hefty losses this year.“Given the pace of his insider sales and other initiatives he has on the horizon, it makes sense for Uber and Kalanick to go their separate ways at this time as it would be a distraction in our opinion if he remained in the Board room going forward.“Many investors will be glad to see this dark chapter in the rear view mirror as the overhang from the lockup has been a lingering cloud over the Uber name over the past few months. 4.38pm GMT Some late news from Uber: Travis Kalanick, co-founder of the ride-sharing company, is quitting its board and sold all shares.Announcing Kalanick’s departure, Uber says he will leave the board on departure from the board will be effective on 31 December 31 (a week today). “At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits.”  Related: Uber's scandals, blunders and PR disasters: the full list  2.54pm GMT A quick update: Wall Street opened higher, as the recent stock rally continued to push shares up.But it then faltered, as traders worried about tensions with North Korea.“We’ll find out what the surprise is and we’ll deal with it very successfully. We’ll see what happens.”Futures reacting to these Trump comments on North Korea:#DOW 28541 -0.04%#SPX 3224 0.00%#NASDAQ 8698 +0.04%#RUSSELL 1674 -0.07%#FANG 3117 -0.28% pic.twitter.com/cUYZNaO5mw 1.48pm GMT Time for a quick recap, as City traders dash home for Christmas (or possibly to the shops for a last-minute gift).The traditional Santa Rally has lifted stocks across Europe today, on the final session before the Christmas holidays. 1.34pm GMT The prospect of a Phase One trade deal between the US and China may have lifted markets this year....but there’s less optimism that a fuller deal will emerge soon.As Vishnu Varathan of Mizuho Bank told clients:“There are few reasons to believe that optimism about a broader or ‘Phase 2’ could emerge in the near term.” 1.20pm GMT Fox Business’s Maria Bartiromo points out that trillions of dollars have been added to stock values this year:Global stock markets are up $17Trln this year. @MorningsMaria @FoxBusiness 1.19pm GMT Britain’s FTSE 250 index has surged by 25% this year, while the bigger FTSE 100 has gained 13%.That puts the FTSE 250 among the best-performing indices, while the 100 is one of the laggards.At the top of the tree is the Nasdaq 100 and at the bottom is Spain’s Ibex and UK’s FTSE 100 among major global indices.Stocks have rallied across the board in 2019, even if there were turbulences along the way as investors worried over Brexit and the damaging trade war between the US and China, among other things. But as optimism grew that the world’s largest economies were agreeing to a phase one trade deal, stocks pushed higher – especially in the US. Tepid economic growth in Europe kept the gains in check for indices in this continent. 1.10pm GMT The FTSE 100 had a more muted day. It gained just 8 points, to finish at a five-month high of 7632.Lloyds Banking Group ended the day as the top rise, up nearly 2%, with distribution firm Bunzl (1.6%) and chemicals firm Croda (+1.5%) close behind. 1.07pm GMT The UK stock market is now closed until Friday, giving investors a break from trading.But while trading floors will be quiet, the Internet will be fizzling as UK shoppers look for bargains. Related: Online Christmas Day spending expected to exceed £1bn  1.01pm GMT Shipping firm Clarkson led the FTSE 250 rally, finishing 3.5% higher.Housebuilder Redrow gained 2.8%, amid hopes that the housing market might pick up next year 12.46pm GMT Boom! Britain’s FTSE 250 has closed at an all-time high, as traders down tools for Christmas.The index of medium-sized companies, including many domestic stocks, has closed 137 points higher at 21,981 points.  12.35pm GMT Britain’s FTSE 250 also enjoyed a late surge, and was at record levels as it entered the closing auction..... 12.28pm GMT Here’s Edward Moya of trading firm OANDA on the Santa Rally:Markets officially entered holiday as trading volumes remain very thin and as Wall Street prepares to take the rest of the week off. The Santa rally starts today and if it delivers its typical holiday rally, could produce a 1.3% gain over the next seven trading days.This Christmas Eve will not mimic last year, when we saw US stocks collapse with the S&P 500 falling into bear market territory. This holiday period should be rather calm as trade updates appear very constructive as we near the finalization of the phase-one trade deal next month. The reason we won’t see a repeat of last year is because there are no fears of any of the major central banks tightening policy anytime soon.  12.26pm GMT As if by magic, European stock markets are rallying.The Stoxx 600 index of Europe’s largest companies is now up 0.2%, and just hit a new all-time high. 11.54am GMT Russia’s stock market is one of the better performers today. 11.44am GMT Santa is also giving the Madrid stock market the cold shoulder today.Spain’s IBEX 35 index has dipped by 22 points, or 0.2%, to 9,637 -- one of the few European markets actually open today. France’s CAC is very slightly higher. 11.34am GMT With an hour’s trading to go, the FTSE 100 is just hanging onto a five-month high.It’s up 6 points at 7630. Distribution firm Bunzl is now the top riser, up 1,7%, with Ocado close behind (now up 1.6%). 11.18am GMT Sterling isn’t feeling much Christmas cheer today.The pound is hovering at at three-week low against the US dollar today, at $1.293, as traders fear more Brexit turmoil in 2020.Many investors supported Sterling in the immediate aftermath of the election, driving it beyond $1.35, in the hope that a comfortable conservative majority would allow for a more constructive stance from Boris Johnson, in relation to the negotiation of a trade deal with the EU and of course the extension of the transition period.However, the current prevailing market sentiment points at fears, that ultimately, come December 31st 2020, we may still be facing the scenario of an abrupt exit from the EU, without a trade deal; this is why the Pound is declining, as a new sense of reality slowly sinks in.Sterling traded near a four-week low versus the euro and a three-week trough against the dollar on growing doubts over how Britain will navigate the transition period for its exit from the European Union. 10.28am GMT China’s stock market had a good day, with the CSI 300 index closing 0.7% higher.Stocks rallied after vice-premier Li Keqiang suggested China’s key interest rates could be cut to stimulate the economy. Beijing’s plan to cut tariffs on 850 products next month also cheered traders. 9.51am GMT Like King Wenceslas trudging through the snow, the FTSE 250 index is marching slowly higher today.The index of medium-size listed companies is up 30 points, or 0.13% at 21,872 today, close to last week’s record high. 9.31am GMT The jump in the gold price shows that investors are trying to preserve capital in case of turbulence next year, says Marios Hadjikyriacos, investment analyst at XM.He writes:Some headlines overnight that North Korea is thinking about developing new weapons may have helped the move, but the real catalyst is likely that portfolio managers are increasing their defensive exposure.After such a strong year, when almost every single asset class was up double digits, this is probably a prudent time to ‘play some defense’ and hedge your risk heading into 2020, especially with gold prices trading at a minor discount relative to recent months. 9.24am GMT Online grocery business Ocado is the top riser in London this morning, up 2.5%.Our customers’ love for great food and drink this Christmas is unlike anything we’ve seen before. 9.09am GMT The Santa Rally is a long-established City tradition. The idea is that stocks typically rise during the final few trading days of December, and the start of the New Year. 8.49am GMT Fawad Razaqzada, market analyst at Forex.com, reckons gold and silver prices could both keep rallying in 2020.He suspects precious metal prices are ‘breaking out’ of their previous trading range. Partly that’s thanks to central banks - whose loose monetary policy has driven asset prices up. But increased demand, perhaps from China, is another factor. 8.35am GMT Gold has actually enjoyed its best year since 2010.Bullion is up 17% since the start of this year, from $1,265/ounce on January 1 to $1,451 today.“The fact that investors are still holding a decent chunk of gold gives you a good feeling as to how they are literally hedging their bets,” said Altaf Kassam, head of investment strategy for State Street STT 0.28% Global Advisors in Europe, the Middle East and Africa. “Gold is definitely not looking like a bad place to store some value or have a hedge.”Gold prices have kept climbing in recent weeks even though improving economic data and President Trump’s provisional trade deal with China have pushed U.S. stocks to a series of all-time highs. 8.14am GMT Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.We are still not 100% clear if the ‘phase one’ deal will go through or not, it has not been signed yet. We then pivot to ‘phase two’....that suggests you need some gold, because we don’t know what the next phase is all about, how contentious of a deal that is going to be.The ever evolving trade story has been great for President Trump’s 2020 re-election campaign. The achievement of securing phase one of the deal sent US stock markets to record highs, and collecting tariffs has been a nice boost to the governments’ coffers. Farmers in the US can look forward to see demand for their goods increase next year as China has committed to ramp up purchases.The trade story is far from over so Mr Trump can continue the battle next year, and as long as it doesn’t impact US growth, it should play well with voters. The unemployment rate in the US recently fell to a fifty year low, average earnings are conformably above the CPI rate, and the growth achieved in the third-quarter exceeded the second-quarter so the Donald is going into 2020 with a strong score card.  Continue reading...

Source: .:https://www.theguardian.com/business/live/2019/dec/24/gold-high-markets-ftse-traders-santa-rally-trade-war-business-live


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Reply #1 on: January 03, 2020, 06:05:22 PM

Billionaire Businessman, Omar Abdulla ‘set to arrive,’ in Los


(10 January 2020) Billionaire Businessman, Mr. Omar Abdulla is set to arrive

in Los Angeles this afternoon, after meeting with executives in

Miami for the un-bundling of Instagram SA and Facebook SA on their share sheets.

“These companies are now causing major losses for The Omar Abdulla Group, and our

aim is to sell these shares back to the holding company, with the purchase of new found

applications including Tik Tok SA and Likee SA.’ groomed a spokesperson for Footprints



Abdulla who invested over three years ago in these shares says that the

market is now saturated after Facebook had purchased Instagram and WhatsApp.

“After Facebook had purchased these companies, we knew it was just a matter of

time, before we see Instagram, Facebook and WhatsApp fall.’ looped a South African


Acting Ceo of Instagram SA, Mz. Mishka Dawood who spoke to The Laudium Daily, cooled

that The Omar Abdulla Group was one of South Africa’s fastest growing companies, and

sees the company investing into more secure investments including the insurance and

finance industries.

“If you were to Google the companies breaking headlines they would probably be your

Albarakha Bank, Naspers, Prime Media and Footprints Filmworks.’

1:01 Now playing
Footprints Filmworks. The Omar Abdulla Group
Omar Abdulla

However, the icy cold Los Angeles weather has not been too friendly for Mr. Abdulla as

him and his wife, had to make bitter decisions regarding the release of Instagram SA and

Facebook SA.

“These social media companies just want to take control of the market by introducing

new strict policies including hiding likes and creating fake robotic software that will eventually kill

the algorithm of the media.’ kissed a Brits resident.


Concluding his remarks to The Los Angeles Times, Abdulla pooled that he was excited to have that

extra free time and money to invest into shares that will grow beyond market dividends.


The Omar Abdulla Group “Shells,’

Instagram SA and Facebook SA,

‘Eyeing,’ new market shares…??

 by Azizah Ebrahim
0:57 Now playing

The Omar Abdulla Group.
The Omar Abdulla Group. Footprints Filmworks.
 Omar Abdulla
(6 January 2020) The New Year has just begun and billionaire companies including investment company The Omar Abdulla Group will now be shying away from social media companies including Instagram SA and Facebook SA, the companies that The Omar Abdulla Group owns.


“We see a more lucrative return in the production of film-making including distribution on cinema levels and other formats. The company sees distribution through DVD format still a lucrative option with large investments being ‘pulled out,’ the social media companies.’


Abdulla, who became the f i r s t billionaire in South Africa at age 35, now sees opportunities in the insurance and finance sectors.


‘We are working on getting certain license agreements so that we may allow lucrative trading on our platforms. The other companies that we own including Bitcoin SA and Forex SA, see opportunities with new president elect, Mr. Cyril Ramaphosa.’ added a spokesperson.


Image result for footprints filmworks


Other people to spoke to City News cooled that Mr. Omar Abdulla is well-known for making fast returns for investors and should consider running for President of SA, in coming years.


“He has the leadership and management qualities for running as South African president, and together with his personality attributes, his personal skills and knowledge about the presidency, he should be an interesting match for future candidates.”


Top advertisers for The Omar Abdulla Group for 2019 include Ajmer Butcheries, Footprints Filmworks, Footprints SA Investments, Forex SA, Bitcoin SA, Prestige Motors, Superb Olivetti, D’lish, Akhalwayas, Pick ‘n Pay, Sedgars, Outsurance, Future Fin, Laudium Sun, Lenasia Times, Radio 702, Ster-Kinekor, CII Radio,  Nu Metro, Zizi’s Creations,  Sunday Sun, Amla Accountants and Kcarrim.


“These advertisers have stood by Abdulla’s side and are planning to re-new their contracts with the group.’ leaped a financial wizard.


Whilst many businesses in South Africa expect Abdulla’s investment on relative companies in South Africa and internationally, he has stood tall on investing big, and knowing when to withdraw from the markets.


Abdulla who started at the tender age of 18, investing into small to medium companies sees media as a good investment, finance and business as good investments and other ‘new companies,’ as the future of South Africa.


“Invest your time and wealth into the right companies to extend market share growth.’ he seeped.


Concluding his remarks to CNN, Abdulla says that the future investment of his company will be to unbundle Instagram SA and Facebook SA, and replace these companies with more stable returns.


“We feel the market has been saturated with social media investment, and will now focus on longer term social engines including Youtube SA and Google SA.’


“The market is just too Newbie trader on the Newbie traderer search engines and we believe that we can earn much more on more mature social networks and investments, as these are where the customers are.’ he concluded.


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