As Gerald Celente had forecast in his podcast on 16 October, there would be a sharp correction in gold, possibly going down some $500 per ounce when it was trading in the $4,350 per ounce range.
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KERING REPORTS THIRD CONSECUTIVE DROP IN QUARTERLY REVENUE
Kering, the luxury conglomerate that owns Balenciaga, Brioni, and St. Laurent, among others, reported a 10-percent decline in third-quarter revenue to $3.96 billion year on year, marking its third losing quarter in a row.
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HEDGE FUNDS DIVE INTO HONG KONG’S IPO MARKET
Hong Kong’s Hang Seng stock exchange has been rife with initial public offerings this year and Millennium Management, Qube Research & Technologies, and Oaktree Capital Management are among the Western hedge funds that arrived early at the party.
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CANADIAN BUSINESSES, CONSUMERS BRACE FOR A RECESSION
A third of Canadian businesses are preparing for a recession, according to a new survey by the Bank of Canada (BoC). A separate poll of the country’s households found two-thirds expect a recession during the next 12 months.
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CHINA MAKES MORE FOREIGN LOANS IN RENMINBI CURRENCY
Continuing its campaign to expand the role of its currency in global finance, over the past five years Beijing has sharply increased the number of loans it has made in its own renminbi currency.
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U.S. CATTLE RANCHERS HAVE A BEEF WITH DONALD TRUMP
U.S. beef prices are setting records due to shrinking beef herds amid steady consumer demand.
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U.S. EXISTING HOME SALES EDGED HIGHER IN SEPTEMBER
In September, sales of existing U.S. homes rose 1.5 percent from August to 4.06 million units, the most since February, the National Association of Realtors reported.
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EUROPEAN RATINGS AGENCY DOWNGRADES U.S. CREDIT
Scope, a major European rating agency, reduced the U.S.’s creditworthiness by one notch last week, pointing to the continued deterioration in fiscal conditions and a growing inability to govern.
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INFLATION ROSE AGAIN IN SEPTEMBER BUT LESS THAN EXPECTED
Last month, the U.S. Consumer Price Index rose to 3 percent after ending August at 2.7 percent. Stock markets were buoyed by the news that the number squeaked in below analysts’ consensus forecast of 3.1 percent in a Wall Street Journal survey.
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HEALTH INSURANCE REACHES $27,000 FOR FAMILY PLAN
The average cost of a family plan health insurance policy will jump 6 percent to about $27,000 in 2026, according to a survey of employers by the nonprofit KFF health research group, marking the third consecutive year in which the price has spiked.