Hugh Hewitt


Hugh Hewitt

3:00am - 5:00am

Business News

Appetite for gold is showing no signs of abating, as figures from the World Gold Council revealed record investment demand (1,064 tons) in the first half of 2016. The trend for ETFs to pile in to the precious metal sent the price of gold soaring by 25% in H1, the biggest price rise since 1980. And for the first time ever, investment, rather than jewelry, was the largest component of gold demand for two consecutive quarters. (SA)

Today marks the first anniversary of the so-called "one-off devaluation of the yuan". On this date last year, China's central bank cut its guiding rate for the national currency by around 2% against the dollar, a move that sent shockwaves through markets. The PBOC has since continued to incrementally weaken the yuan, with the currency depreciating by around 7% against the greenback over the past 12 months. (FT)

In another sign of an overheating housing market, for the first time in history, a metropolitan area median home price tops the $1mm dollar mark, as San Jose, Calif. became the first city where the median price of a home eclipsed $1 million. (Marketwatch)

Three of the biggest U.S. department store operators, Macy's, Kohl's, and Nordstroms, are expected to issue healthier second-quarter reports today compared with their dismal Q1 results. Warm weather in June and July is expected to have helped retailers sell apparel, a weak category over the past few quarters. Macy's profit is also expected to get a boost from real estate deals. (SA)

S&P 500 futures are up 6 and NASDAQ futures are up 14.  The MSCI International Index is down 1/100 of a %.

Oil is down 14 cents at $41.57 a barrel.
Gold is up $.40 at just under $1352 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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  • NE 3rd Street between NE Greenwood Avenue and NE Franklin Avenue for Citywide Pedestrian Safety Improvements, periodic lane closures with local access, 9/16/19 - 10/25/19, night work from 10 p.m. - 10 a.m.
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