Financial and Economic Brief - November 14, 2017

by © Liberty Publishing, Inc.

Oil Prices May Stay Steady

Oil prices have been rising since June, increasing about 33%. British Petroleum (BP) boss Bob Dudley says that may be all for now. “I don't expect there to be a real spike in the markets barring some geopolitical event,” Dudley told CNNMoney. “…we're in the $50-$60 range until the end of the decade.” U.S. crude futures are currently trading at around $56 a barrel, and Brent crude is trading higher at $63. Oil prices have recovered since the oil crash in 2014/2015 thanks to supply curbs agreed to by OPEC members and Russia, a year ago. The deal will end in March 2018. A global economic recovery has also helped.
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Coal’s Bleak Future

Coal’s long-term prospects for growth and hiring are bleak. The industry has seen only modest gains in jobs and production this year, mostly from a temporary uptick in foreign demand. U.S. utilities are rapidly shutting coal-fired power plants down and changing to natural gas, along with wind and solar power. President Trump’s Energy Secretary, Rick Perry, is attempting to push a rule through that would subsidize power plants that store at least a 90-day supply of coal on site. U.S. coal production is on track to rise more than 8% in 2017 over the previous year, according to the Energy Information Administration. But 2018 output is expected to decline.
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Qualcomm Rejects Takeover Proposal

Qualcomm recently rejected Broadcom's $103 billion takeover proposal, noting the bid “significantly undervalues” the wireless telecommunications company. The combined company would create a global communications tech giant with about $51 billion in annual revenue and major customers such as Apple. Prior to making its bid for Qualcomm, Broadcom announced it would move its legal headquarters from Singapore to Delaware. Both companies are in the middle of other acquisitions, as well. However, Qualcomm is prepared to move forward on its own, or await a more “suitable” offer.
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News

Financial and Economic Brief - December 12, 2017

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• November Jobs Report Strong - According to the November jobs report released on Friday, employers added 228,000 jobs in November and the unemployment rate remained at 4.1%.

• Launch of Bitcoin Futures - Derivatives exchange Cboe Global Markets launched its bitcoin futures late yesterday, marking the first time investors could get access to the market via a mainstream regulated exchange.

Financial and Economic Brief - December 5, 2017

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Financial and Economic Brief - November 28, 2017

• Consumer Sentiment Rose More Than Expected - U.S. consumer sentiment saw “slight” gains in November compared to the mid-month reading, though the index remained below the decade high reached in October.

• Publisher of Time Agrees to Be Sold - The publisher of Time, People and Sports Illustrated agreed yesterday to be sold to another big magazine publisher, Meredith.

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Financial and Economic Brief - November 21, 2017

• October Home Building, One-Year High - U.S. home building jumped 13.7% in October, the highest level since October 2016, likely because communities affected by the hurricanes started replacing houses damaged by flooding.

• Marvell Bids on Cavium - Marvell Technology has bid around $6 billion for Cavium in a cash-and-stock deal that would create a chip maker to compete with industry giants.

• Wall Street Slightly…Higher - Wall Street indexes were higher on Monday morning, as gains in technology stocks offset a drop in health shares.

Financial and Economic Brief - November 14, 2017

• Oil Prices May Stay Steady - Oil prices have been rising since June, increasing about 33%. British Petroleum boss Bob Dudley says that may be all for now.

• Coal’s Bleak Future - The coal industry has seen only modest gains in jobs and production this year, mostly from a temporary uptick in foreign demand.

• Qualcomm Rejects Takeover Proposal - Qualcomm recently rejected Broadcom's $103 billion takeover proposal, noting the bid “significantly undervalues” the wireless telecommunications company.

Financial and Economic Brief - November 7, 2017

• October Jobs Report - The U.S. economy added 261,000 jobs in October and the unemployment rate was 4.1%.

• Gas Prices on the Rise - Gasoline prices have risen for most of the U.S. at a time in the year when there is usually “relief” at the pump.

• Dudley Leaving Fed - William Dudley, “among the most influential monetary policymakers throughout the financial crisis and its aftermath”, expects to retire by mid-2018, before his term officially ends in January 2019.