Gold Holds Steady On US Stimulus Hopes

Gold prices held steady on Friday as rising Covid-19 cases in the U.S. as well as signs of progress on U.S. economic stimulus talks helped lift the allure of the safe-haven metal.

Spot gold was little changed at $1,839.26 per ounce, while U.S. gold futures were up 0.1 percent at $1,842.90.

The United States has set a new world record for the number of coronavirus cases and hospitalizations reported in a single day.

The country recorded more than 14 million confirmed infections as of Thursday with over 100,000 patients hospitalized for the first time, in a sign that the virus is spreading at an alarming rate.

California Governor Gavin Newsom announced plans for a regional stay-at-home order and warned of widespread lockdowns across the state to contain the pandemic.

The dollar eased as a bipartisan, $908 billion coronavirus aid plan gained momentum in the U.S. Congress, with conservative lawmakers expressing their support.

U.S. House speaker Nancy Pelosi and Senate Democrat leader Chuck Schumer said they “could come to an agreement” based on the $908bn (£674bn) plan devised by a bipartisan group of lawmakers.

Fired Trump Cybersecurity Official Debunks President’s Election Lies, One By One

“The Late Show” host Stephen Colbert on Thursday asked Chris Krebs, the fired former chief of U.S. cybersecurity, to fact-check President Donald Trump’s latest round of disinformation about fraud in the 2020 election.

And, one by one, Krebs debunked or clarified the false claims the president made in a widely criticized 46-minute rant on Facebook ― from votes being counted in foreign countries to being changed from Trump to President-elect Joe Biden. Trump ousted Krebs, a lifelong Republican, last month for publicly contradicting his baseless claims of mass voting irregularities.

Check out the video here:

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Genesco Q3 Results Top Estimates – Quick Facts

Genesco Inc. (GCO) reported that its third-quarter net earnings dropped to $7.47 million or $0.52 per share from $18.90 million or $1.30 per share in the same quarter last year.

Adjusted earnings from continuing operations were $12.1 million or $0.85 per share in Fiscal 2021, compared to $19.4 million or $1.33 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.14 per share for the third-quarter. Analysts’ estimates typically exclude special items.

Net sales for the third quarter decreased about 11% to $479.28 million from $537.26 million last year. The sales decrease was hurt by lower store comps reflecting decreased back-to-school sales, continued pressure at Johnston & Murphy and the impact from store closures during the quarter, partially offset by digital comp growth of 62%. Analysts expected revenues of $457.21 million for the quarter.

Total comparable sales for the third-quarter declined 9%, compared to an increase of 3% last year.

The company said it did not provide guidance at this time, due to the continued uncertainty in the overall economy driven by COVID-19.

Brent Crude’s Surge Toward $50 Is Grim for Europe’s Oil Refiners

The surge in crude prices to the brink of $50 a barrel isn’t being celebrated in every corner of the oil market: weak fuel demand in Europe means the continent’s beleaguered refineries are struggling to pass on the higher cost to buyers.

Road-fuel usage in some of Europe’s biggest economies has slowly crept higher in recent weeks, but it’s still down by about a third compared with pre-pandemic levels, high-frequency data compiled by Bloomberg show. The consequent demand loss is a blow for the continent’s refineries because surging consumption elsewhere — in particular Asia — is driving up the cost of crude.

Brent traded as high as $49.92 a barrel on Friday, up roughly 40% since the start of November, according to ICE Futures Europe. Worse still for Europe’s refineries, the differentials for physical cargoes have also been rallying, further boosting the prices they pay for crude.

The bottom line for refineries is that turning Forties and Urals crude oil into fuels in northwest Europe and the Mediterranean is loss-making across almost every main processing configuration, according to Oil Analytics Ltd., which tracks margins across the industry. Hydrocracking, which typically yields large amounts of diesel, is the only process that’s making money.

Another 712,000 Americans filed first-time jobless claims

New York (CNN Business)The US economy added 245,000 jobs in November on a seasonally adjusted basis, the Bureau of Labor Statistics reported Friday. It was 224,000 fewer than economists had expected, as the job recovery continues to slow.

The unemployment rate inched down to 6.7%, from 6.9% in October.
Eight months after Covid-19 brought the economy to a screeching halt, and following better-than-expected improvements over the summer months, the recovery is running out of steam.

The economy is still down 9.8 million jobs since February, before the crisis began.
Millions of Americans continue to struggle with joblessness through no fault of their own. The pandemic unemployment benefits introduced by the CARES Act in the spring will expire at year-end unless Congress acts fast.

This is a developing story. It will be updated.

U.S. equity funds see $6 billion weekly inflow -Lipper

(Reuters) – U.S.-based equity funds drew $6 billion in net inflows in the week ended Wednesday, according to Lipper.

U.S. taxable bond funds attracted a net $4.1 billion over the week, while money market funds shed a net $2.8 billion, Lipper data released late Thursday showed.