World News

Gold prices rule flat after two-day rally on custom duty hike

Iran must be persuaded to stick to nuclear deal – Germany

BERLIN, July 8 (Reuters) – Iran must be persuaded to stick to its commitments set by the 2015 nuclear deal, a spokesman for the German Foreign Ministry said on Monday, after Tehran announced it would boost its uranium enrichment above a cap set by the accord.

“The ball is clearly in Iran’s court. We want to preserve the deal,” the spokesman told a regular government news conference.

US Treasury yields fall after strong jobs report

U.S. government debt prices rose on Monday as investors continued to digest stronger-than-expected jobs data.

The yield on the benchmark 10-year Treasury note fell to 2.0268%, while the yield on the 30-year Treasury bond dipped to 2.5318%. Bond yields move inversely to prices.

Investor focus was largely attuned to the latest nonfarm payrolls report out of the U.S., which showed the economy added 224,000 jobs in June. That was way above an expected 165,000 increase.

The solid report tempered expectations that the Federal Reserve will cut interest rates at its next policy meeting later this month. The Fed said at its last meeting that it would"act as appropriate" to maintain the current U.S. economic expansion, which is the longest in history.

In terms of data, consumer credit figures are due at 3 p.m. ET. Meanwhile, the Treasury will auction $36 billion in 3-month bills and $36 billion in 6-month bills on Monday.

Rosenblatt downgrades Apple, sees 'fundamental deterioration'

  • Rosenblatt maintained its $150 price target on Apple.
  • "After strong service revenue growth over the last 4 to 6 quarters and the launch of Apple Music and news, we believe service revenue growth will also decelerate," Rosenblatt said.

Rosenblatt Securities downgraded Apple to"sell" from "neutral" on Monday and said it thinks there is "less reward" for owning the stock.

The firm said that while it didn't think Apple stock was a short,"we believe Apple will face fundamental deterioration over the next 6 to 12 months," analyst Jun Zhang said in a note to clients. Rosenblatt did, however, maintain its 12-month $150 price target.

"Adding to our 'sell' thesis, we believe new iPhone sales will be disappointing, iPad sales growth will slow in the second half of 2019, other product sales growth, such as the HomePod, AirPod, and iWatch, may not be meaningful to support total revenue growth," they said.

Shares of the tech giant are down 1.75% to $200.90 in early trading. The company expects to report third-quarter earnings on July 30 after the closing bell. Apple's chief design officer, Sir Jony Ive, also recently announced he was leaving the company.

Turkey's AK Party to propose changes in cenbank legal reserves levels

ISTANBUL, July 8 (Reuters) – Turkish President Tayyip Erdogan’s AK Party is proposing changes in the central bank’s legal reserves and contingency reserves ratios, party official Mehmet Mus said on Monday, to bring the level in line with trade law.

Speaking to reporters, Mus also said the proposed amendment to the law will authorise the central bank to determine required reserves in terms of assets. (Reporting by Behiye Selin Taner Writing by Ezgi Erkoyun Editing by Daren Butler)

Outgoing Greek premier Tsipras hands over power to conservatives

ATHENS, July 8 (Reuters) – Outgoing Greek Prime Minister Alexis Tsipras on Monday handed over power to his successor Kyrikos Mitsotakis who swept to a landslide victory in snap elections with a pledge to boost investments, cut taxes and create jobs.

Mitsotakis, who will likely face an uphill battle squaring his promises with fiscal targets agreed with lenders, was sworn in as the country’s new premier earlier on Monday. (Reporting by Foo Yun Chee; editing by George Georgiopoulos)

Man found dead in Brit hotel so decomposed he was identified by tattoos

He also suffered from diabetes.

Dr Hitchcock said: “Patients with diabetes type 2 are at risk of sudden death, this may well have brought about his death, though I cannot confirm.”

The inquest heard no drugs or alcohol could be detected due to the condition of the body.

Gold prices rule flat after two-day rally on custom duty hike

Gold prices at ₹35,470 per 10 gram after rising for two days after the Budget; silver ready gained by ₹148 to ₹38,948 per kg

Gold prices were flat on Monday at ₹35,470 per 10 gram in the bullion market here after rising for two consecutive days after the Budget announcement of the imposition of higher custom duty. In the Union Budget for 2019-20, the government proposed to increase custom duty on gold and other precious metals to 12.5% from the current 10%.

According to the All India Sarafa Association, gold of 99.9% and 99.5% purity traded flat at ₹35,470 per 10 gram and ₹35,300 per 10 gram, respectively, in the national capital. Sovereign gold held steady at ₹27,300 per eight gram. On Saturday, gold had surged by ₹670 to ₹34,470 per 10 gram after rising by ₹590 on Budget day.

Globally, gold was trading higher at $1,403.59 an ounce in New York, while silver was up at $15.05 per ounce.

Meanwhile, silver ready gained by ₹148 to ₹38,948 per kg, while weekly-based delivery zoomed from ₹808 to ₹38,093 per kg. On Saturday, silver rose by ₹300 to ₹38,800. Silver coins were in good demand and traded higher by ₹1,000 at ₹81,000 for buying and ₹82,000 for selling of 100 pieces, respectively.