Gold futures settled at a more than two-week high on Thursday, as worries surrounding the spread of the coronavirus led to weakness in the U.S. stock market and a fall in bond yields, lifting the haven appeal of the precious metal. "Appetite towards the precious metal should remain supported by growing fears over the coronavirus outbreak in China," said Lukman Otunuga, senior research analyst at FXTM. "The general uncertainty is likely to accelerate the flight to safety with gold seen testing $1568 in the short term," he said. February gold rose $8.70, or 0.6%, to settle at $1,565.40 an ounce. That was the highest most-active contract settlement since Jan. 7, according to FactSet data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
The World Health Organization said it will not declare the coronavirus outbreak in China to be a global health emergency on Thursday, after an emergency committee was divided about the scope of the illness. "Make no mistake. This is an emergency in China, but it has not yet become a global emergency," Dr Tedros Adhanom Ghebreyesus, director general of the agency, said in a statement published on Twitter. There are now 584 cases of the illness, a respiratory disease that has been compared to SARS and MERS, including 17 deaths, said the statement. Of those cases, 575 were reported in China, with other cases found in Japan, the Republic of Korea, Singapore, Thailand, the U.S. and Vietnam. "We are aware of media reports of suspected cases in other countries, but those cases are still being investigated," he said. Most of the deaths were of patients with underlying health issues such as hypertension, diabetes or cardiovascular disease that weakened their immune systems, he said. The disease is being transmitted from human to human but appears limited to people in close contact like family groups. "There is still a lot we don't know. We don't know the source of this virus, we don't understand how easily it spreads & we don't fully understand its clinical features or severity," said the statement. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
Shares of Netflix Inc. are up more than 5% in midday trading Thursday, and Stifel analyst Scott Devitt said the latest results from Comcast Corp. should be a hopeful signal for the streaming giant. "Comparing Netflix to introductory pricing and/or inferior over-the-top products as a justification for worrying about the competitive climate is missing the fact that the cable, telecom, and satellite video industry (where all the money is) is shrinking with no end in sight," wrote Devitt, who rates Netflix a buy with a $390 target price. Comcast on Thursday reported a net loss of 133,000 residential video subscribers, whereas it had only lost 19,000 in the year-earlier quarter. Comcast's stock is down 3.6% in Thursday trading, while the S&P 500 is off 0.3%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
IMAX Corp. said Thursday it supports the decision to postpone the Chinese New Year film slate in China because of the outbreak of a new coronavirus in the city of Wuhan that has sickened more than 500 people and killed 17. "The safety of Chinese audiences is our top priority," the operator of big screen cinemas said in a statement. "IMAX supports the decision to postpone the release of the Chinese New Year film slate and believes it to be the best course of action in an unfortunate situation."
The news comes as Wuhan remains in a state of lockdown as the Chinese authorities work to contain the virus, which has been compared to SARS and MERS, two other coronaviruses. Cases of the illness have been confirmed in the U.S., Japan, Thailand and Singapore and the World Health Organization is holding a meeting to decide whether to declare a global health emergency. The virus is understood to be passed from human to human. The outbreak has come on the cusp of Chinese New Year, when millions of Chinese people travel around the country to be with family. IMAX shares were down 3.6% and have fallen 10% in the last 12 months, while the S&P 500 has gained 26%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
Hilton Grand Vacations Inc. announced Thursday that it has removed single-use plastic straws from all 34 of its properties. Plastic straws are one of the top items found during beach cleanups, the company said. Hilton Grand Vacations has partnered with Clean the World to expand its recycling efforts, part of environmental commitment. Hilton Grand Vacations stock has gained 17.2% over the past year while the S&P 500 index is up 25.4% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]