Gold Futures Settle Modestly Higher
Gold futures closed higher on Thursday, recovering from early weakness, amid expectations the lower interest regime will continue to push up bullion prices.
The Federal Reserve had said on Wednesday that interest rates will remain near-zero levels through 2023.
The dollar’s rise amid a surge in U.S. Treasury yields limited gold’s upside. The dollar index rose to 91.90, gaining more than 0.5%.
The yield on U.S. Treasury Notes rose after the Fed lifted expectations for GDP growth and inflation. The yield on the benchmark ten-year note has jumped above 1.7% to reach its highest levels since last January, while the thirty-year bond yield has shot up to its highest levels since last summer.
Gold futures for April ended higher by $5.40 or about 0.35% at $1,732.50 an ounce, after having surged to $1,754.80 an ounce overnight amid reaction to the Federal Reserve’s comments that the bank is unlikely to hike rates in the foreseeable future.
Silver futures for May ended higher by $0.293 at $26.351 an ounce, while Copper futures for May settled at $4.1080 per pound, down $0.0110 from the previous close.
In U.S. economic news, the Labor Department said initial jobless claims climbed to 770,000 in the week ended March 13th, an increase of 45,000 from the previous week’s revised level of 725,000. Economists had expected jobless claims to edge down to 700,000 from the 712,000 originally reported for the previous week.
A separate report released by the Philadelphia Federal Reserve showed its reading on regional manufacturing activity spiked to a nearly 50-year high in March.
Nicola Sturgeon 'misled Scottish Parliament over Alex Salmond investigation'
European Economics Preview: Bank Of England Monetary Policy Announcement Due
The monetary policy announcement is due from the Bank of England on Thursday, headlining a busy day for the European economic news.
The central bank is expected to keep its interest rate unchanged at 0.10 percent and to maintain the size of quantitative easing at GBP 895 billion. The announcement is due at 7.00 am ET.
Other major economic reports due for the day are as follows
At 3.30 am ET, the Federal Statistical Office is scheduled to release Swiss producer prices for February. Prices had decreased 2.1 percent on year in January.
At 4.30 am ET, Italy’s Istat publishes foreign trade data for January. Also, industrial production and producer prices are due from Poland. Poland’s industrial output is forecast to grow 3.9 percent annually and producer prices to gain 1.3 percent on year in February.
In the meantime, Norges Bank announces its interest rate decision.
At 6.00 am ET, Eurostat publishes foreign trade data. The trade surplus is expected to fall to EUR 25.3 billion in January from EUR 29.2 billion in December.
At 7.00 am ET, Turkey’s central bank announces its interest rate decision. The bank is expected to raise its one-week repo rate to 18.00 percent from 17.00 percent.
Nike Inc Profit Rises In Q3
Nike Inc (NKE) revealed earnings for its third quarter that climbed from the same period last year.
The company’s bottom line came in at $1.45 billion, or $0.90 per share. This compares with $0.85 billion, or $0.53 per share, in last year’s third quarter.
Analysts had expected the company to earn $0.76 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 2.6% to $10.36 billion from $10.10 billion last year.
Nike Inc earnings at a glance:
-Earnings (Q3): $1.45 Bln. vs. $0.85 Bln. last year.
-EPS (Q3): $0.90 vs. $0.53 last year.
-Analysts Estimate: $0.76
-Revenue (Q3): $10.36 Bln vs. $10.10 Bln last year.
Hartford receives acquisition proposal from Chubb
(Reuters) – Property and casualty insurer Hartford Financial Services Group Inc said on Thursday it has received an unsolicited, non-binding takeover proposal from insurer Chubb Ltd.
Hartford said its board was considering the proposal and that it was being advised by financial and legal advisers on it.
Drew Brees on preparing for first Super Bowl (2017)
(CNN)The NFL is giving Amazon Prime Video exclusive rights to Thursday Night Football — part of its new 11-year deal with various networks.
The new deal includes Amazon, CBS, ESPN/ABC, Fox and NBC, and goes into effect for the 2023 season.
The Amazon partnership underscores the league’s dive into streaming.
This story is developing.
Five things we’ve learned now that NFL free agency has officially begun
The NFL's new league year is only 24 hours old, but we've already learned a fair amount since free agency officially began at 4 p.m. ET Wednesday (though it feels like it effectively started the moment J.J. Watt broke up with the Houston Texans last month).
Still, there's been plenty to glean in the past day (read: weeks) as all 32 teams retool for the 2021 season. And though it will probably be at least another week until we see the bigger picture – and more than a month before the draft fully shapes the offseason – here are five things that have already become apparent:
Marlins Park no longer has fish tanks behind home plate
Perhaps the last remaining tie that the Miami Marlins have to the Jeffrey Loria era has vanished.
The millionaire art dealer and then-team owner incorporated some of his unusual design ideas into the construction of Marlins Park, which opened in 2012. Among them, the widely panned "home run sculpture" in left-center field and a pair of fish tanks behind home plate.
After Loria sold the team to a group fronted by Bruce Sherman and CEO Derek Jeter, the Marlins have changed the team's colors and uniforms, done away with the sculpture and now, have removed the fish tanks.
A photo tweeted Thursday by local TV reporter Mike Cugno provided proof.
No more fish tanks at Marlins Park anymore 🥺🐟🐠🐡 pic.twitter.com/BKgGqYgYPH
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The fish tanks were on either side of home plate, near the on-deck circles. One tank held more than 600 gallons of water, the other held more than 450, and they were protected by glass that was supposedly bulletproof.