Oil holds steady near multi-week lows on demand worries

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MELBOURNE (Reuters) – Oil prices were little changed in early trade on Thursday, sitting near multi-week lows hit overnight on worries about fuel demand due to a patchy U.S. economic recovery. U.S. West Texas Intermediate (WTI) crude (CLc1) futures inched up 3 cents, or 0.1%, to $41.54 a barrel at 0115 GMT, while Brent crude (LCOc1) futures slipped 7 cents, or 0.2%, to $44.36 a barrel. Both benchmark contracts…

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Economists, including 7 Nobel winners, urge Senate to reject Judy Shelton’s Fed nomination

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By  Mike Murphy 9 Economists and former Fed officials argue Trump nominee is unfit, too partisan Email icon Facebook icon Twitter icon Linkedin icon Flipboard icon Print icon Resize icon More than 100 economists, including at least seven Nobel winners, have signed an open letter urging the Senate to reject Federal Reserve nominee Judy Shelton, calling her views “extreme and ill-considered.” Shelton was nominated for the Fed’s seven-member board…

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Asian shares set to rise on broader U.S. rally, dollar gains

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By Alwyn Scott NEW YORK (Reuters) – Asian equities were set to open higher on Thursday after stronger U.S. economic data and the prospect of additional U.S. stimulus prompted sharp, and broader, gains on Wall Street, while the dollar extended its upward move. Investors in Asia await readings on services activity in China and Japan, which are expected to show continued expansion in China, and possibly a move out…

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Dollar supported before Fed meeting, Brexit delay in focus

By Stanley White TOKYO (Reuters) – The dollar traded near the highest in more than two months versus the yen on Monday ahead of a U.S. Federal Reserve meeting this week where policymakers are expected to cut interest rates but emphasize their reluctance to ease policy further. Sterling edged lower versus the dollar and the euro, with an agreement expected later on Monday to delay Britain’s divorce from the…

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Argentines Pull Dollar Deposits From Banks Before Election

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(Bloomberg) — Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Pocket Cast or iTunes. “How much?” That was the greeting that bank tellers gave to clients at one teller window on Friday morning in downtown Buenos Aires. In the last day that Argentines had to pull dollar deposits or buy greenbacks with their devalued pesos, lines were visible outside several branches…

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Forex – Sterling Falls as Brexit Extension Uncertain

Investing.com – The pound was lower on Friday as confusion over whether or not the U.K. will leave the European Union next week continued, as the EU failed to reach an agreement on a Brexit extension. The U.K. had asked the EU for an extension. U.K. lawmakers voted in principle for a Brexit deal on Tuesday but pushed against Prime Minister Boris Johnson’s timetable for passing a Brexit deal…

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Market Expert: China’s Thirst for Government Bonds Wont Last

Price Action Scalping

Bond investors in China have a seemingly unquenchable thirst for government bonds, but the latest sell-off might appear that the well for sovereign debt has run dry. However, one market expert feels this is an opportune time to buy into Chinese debt for their attractive valuations. Per a Bloomberg report, the “yield on benchmark 10-year sovereign debt is up 20 basis points since a three-year low on Sept. 6, ranking…

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Japan factory activity shrinks at quickest pace since 2016 in October: flash PMI

TOKYO (Reuters) – Japanese factory activity shrank at the fastest pace in over three years in October, largely hurt by slumping new orders and output, in yet another sign of broadening economic cracks in the face of slowing global demand and trade frictions.FILE PHOTO: A man walks past a factory at the Keihin industrial zone in Kawasaki, south of Tokyo, Japan, August 18, 2016. REUTERS/Kim Kyung-Hoon The weak reading…

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Billionaire investor Jeffrey Vinik closes hedge fund less than a year after its relaunch

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Jeffrey Vinik, the billionaire investor who relaunched his hedge fund earlier this year, is cutting his comeback tour short. “It has been much harder to raise money over the last several months than I anticipated,” Vinik said in a letter dated Wednesday to investors. The Wall Street Journal first reported the news. CNBC later confirmed it. “The climate for raising long-short equity hedge fund assets has been far more difficult than…

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