World News

Oil Prices Ease On Trade Worries

U.S. Pending Home Sales Jump More Than Expected In September

A report released by the National Association of Realtors on Tuesday showed another significant increase in pending home sales in the U.S. in the month of September.

NAR said its pending home sales surged up by 1.5 percent 108.7 in September after spiking by 1.4 percent to a revised 107.1 August.

Economists had expected pending home sales to climb by 0.9 percent compared to the 1.6 percent jump originally reported for the previous month.

With the bigger than expected monthly increase, pending home sales in September were up by 3.9 percent compared to the same month a year ago.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

NAR chief economist Lawrence Yun noted historically low mortgage rates played a significant role in the two straight months of gains.

“Even though home prices are rising faster than income, national buying power has increased by 6% because of better interest rates,” Yun said.

He added, “Furthermore, we’ve seen increased foot traffic as more buyers are evidently eager searching to become homeowners.”

The bigger than expected jump in pending home sales reflected sharp increases in the Midwest and South, where pending sales soared by 3.1 percent and 2.6 percent, respectively.

On the other hand, pending home sales slumped by 1.3 percent in the West and edged down by 0.4 percent in the Northeast.

Masco Corp. Q3 adjusted earnings of $0.68 per share

Masco Corp. (MAS) reported earnings for its third quarter that climbed from last year.

The company’s bottom line came in at $196 million, or $0.64 per share. This compares with $181 million, or $0.55 per share, in last year’s third quarter.

Excluding items, Masco Corp. reported adjusted earnings of $196 million or $0.68 per share for the period.

The company’s revenue for the quarter rose 2.6% to $1.95 billion from $1.90 billion last year.

Masco Corp. earnings at a glance:

-Earnings (Q3): $196 Mln. vs. $188 Mln. last year.
-EPS (Q3): $0.68 vs. $0.61 last year.
-Revenue (Q3): $1.95 Bln vs. $1.90 Bln last year.

-Guidance:
Full year EPS guidance: $2.52 – $2.56

FAA to probe Airbus jets after in-flight engine shutdowns

Would more regulation solve issues like Boeing 737 MAX?

Capitalist Pig Hedge Fund’s Jonathan Hoenig, River Twice Capital president Zachary Karabell, former investment banker Carol Roth, Heritage Foundation economist Stephen Moore and FOX Business’ David Asman discuss Boeing CEO Dennis Muilenburg’s Senate hearing.

WASHINGTON (AP) — U.S. safety officials are expanding inspection requirements of engines on new Airbus A220 jets after another plane suffered an in-flight engine shutdown.

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The Federal Aviation Administration announced the latest requirements on Tuesday, expanding an order published last month to look for compressor rotor cracks on some Pratt & Whitney engines.

DELTA CEO'S PLAN TO IMPROVE AIRPORTS ACROSS THE US

The FAA action follows orders from regulators in Canada and Europe that A220s be flown at no more than 94% of full power above 29,000 feet.

There have been several reports of engine problems during flights. Most recently, a Swiss International Air Lines A220 flying from London to Geneva was forced to land in Paris. The airline briefly grounded its A220 fleet for inspections.

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The single-aisle plane was designed by Canada's Bombardier and taken over by Airbus.

Gold prices up ₹87 on weaker rupee, firm global markets

Gold prices on Wednesday rose ₹87 to ₹38,842 per 10 grams in the national capital on firm global trends and a weaker rupee, according to HDFC Securities.

On Tuesday, gold had closed at ₹38,755 per 10 gram.

“Spot gold prices for 24 karat in Delhi were quoted ₹87 up on a weaker rupee and firm trade in global markets. The spot rupee was trading almost 11 paise weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee depreciated by 11 paise to 70.95 against the US dollar in morning trade on Wednesday, as investors were cautious ahead of the US Federal Reserve’s interest rate decision.

Silver prices also gained ₹450 to ₹47,220 per kg, from ₹46,770 per kg, in the previous trade.

In the international market, gold was trading higher at USD 1,489.50 per ounce and silver at USD 17.82 an ounce.

“The international gold prices were trading higher during the day on Wednesday as traders are bracing for another rate cut from US Federal Reserve,” he added.

GZERO VIDEO: Will Trump keep his promise of 'no new wars'?

NEW YORK (GZERO MEDIA) – One of US President Donald Trump’s most consistent electoral promises, after building the wall, was “no new wars”.

He’s had opportunities to break that promise – in Venezuela, North Korea and Iran – but so far he’s kept it.

The president, however, doesn’t always see eye to eye with US National Security Adviser John Bolton.

American foreign policy expert Ian Bremmer discusses why.

This video is made available to The Straits Times under a partnership with GZERO Media, a subsidiary of the Eurasia Group.

Oil Prices Ease On Trade Worries

Oil prices fell slightly on Wednesday as trade worries overshadowed data showing a drop in U.S. crude inventories.

Benchmark Brent crude eased half a percent to $61.27 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.1 percent at $55.49 a barrel.

Hopes over a potential U.S.-China trade deal waned after reports suggested a phase one trade deal between the U.S. and China may not be signed by a summit in Chile next month.

Markets now brace for what seems almost assuredly to be a third rate cut in as many meetings of the Federal Reserve later today.

The Federal Open Market Committee announcement is scheduled for 2:00 p.m. ET, followed by a press conference with Powell at 2:30 p.m. ET.

U.S. crude inventories fell by 708,000 barrels in the week ended Oct. 25, compared with analysts’ expectations for an increase of 494,000 barrels, according to data from the industry group, the American Petroleum Institute.

The EIA’s data is due out later in the day. On the supply front, Russia’s deputy energy minister said on Tuesday it was too early to talk of deeper output cuts by OPEC and its allies.