Disneyland fights to reopen despite pushback from governor

Gold Edges Higher On Stimulus Hopes

Gold edged higher on Thursday and the dollar weakened as grim U.S. economic data released overnight and surging Covid-19 cases worldwide boosted the chances for further stimulus.

Spot gold rose 0.4 percent to $1,814.12 per ounce, while U.S. gold futures were up 0.3 percent at $1,811.75.

The dollar held steady near its lowest level in more than two years as investors reacted to a slew of data showing the first back-to-back rise in weekly U.S. jobless claims since July, an uptick in durable goods orders and a widening trade deficit.

Downward pressure on the U.S. dollar has been reinforced by the release of the latest FOMC minutes which signaled that the U.S. central bank is likely to strengthen its QE program at the next FOMC meeting in December.

According to the minutes, many Fed members favored enhanced bond-buying guidance fairly soon, but didn’t see a need for immediate adjustments.

Earlier today, Sweden’s central bank surprised markets with a bigger-than-expected expansion of its asset purchase program.

U.S. markets are closed today for Thanksgiving. With the Covid-19 pandemic ravaging the country, Biden urged Americans to avoid large family gatherings and to wear protective masks and maintain social distancing.

Sweden's Prince Carl Philip and wife test positive for coronavirus

STOCKHOLM (Reuters) – Sweden’s Prince Carl Philip and his wife Princess Sofia have tested positive for COVID-19, the Swedish royal court said on Thursday.

The two are feeling well under the circumstances, the court said in a statement, adding that King Karl XIV Gustaf, Queen Silvia, the prince’s older sister Crown Princess Victoria and her husband Prince Daniel would be tested during the day.

Carl Philip is fourth in the line of succession to the Swedish throne.

Oil Prices Fall On Profit Taking

The oil price rally stalled on Thursday despite data showing an unexpected fall in U.S. crude stockpiles last week.

Benchmark Brent crude fell 2.1 percent to $47.52 a barrel, after having risen about 1.6 percent on Wednesday. West Texas Intermediate crude futures were down 1.7 percent at $44.94.

It appears that traders are booking profits after recent strong gains on the back of optimism over Joe Biden’s victory in the U.S. presidential race and progress toward Covid-19 vaccines.

Data released by the Energy Information Administration (EIA) showed crude inventories in the U.S. dropped by 754,000 barrels last week, as against expectations for an increase of about 127,000 barrels.

The EIA data also showed that inventories at Cushing, Oklahoma, declined by 1.7 million barrels last week.

On the flip side, energy services firm Baker Hughes Co said in its closely followed report on Wednesday that U.S. energy firms added oil and natural gas rigs this week, boosting the oil count for the fourth month in a row.

Increased production from Libya is another headache for oil bulls. According to the National Oil Corporation (NOC) in the North African state, the Total oil company from France plans to increase its investment in Libya’s oil industry.

The NOC said it has discussed with Total raising Libya’s production to “the highest levels”.

U.S. Personal Income Drops In October, But Personal Spending Rises

The Commerce Department released a report on Wednesday showing a decrease in U.S. personal income in the month of October.

The report said personal income fell by 0.7 percent in October after climbing by a downwardly revised 0.7 percent in September.

Economists had expected personal income to come in unchanged compared to the 0.9 percent increase originally reported for the previous month.

Disposable personal income, or personal income less personal current taxes, also slid by 0.8 percent in October after rising by 0.7 percent in September.

Meanwhile, the report said personal spending rose by 0.5 percent in October after jumping by a revised 1.2 percent in September.

Economists had expected spending to increase by 0.4 percent compared to the 1.4 percent spike originally reported for the previous month.

Excluding price changes, personal spending still rose by 0.5 percent in October following a 1.1 percent increase in September.

With income falling and spending climbing, personal saving as a percentage of disposable income dropped to 13.6 percent from 14.6 percent.

Washington Post Editorial Board Tears Into Donald Trump: ‘A Total Disgrace’

The Washington Post editorial board slammed President Donald Trump for “leaving the White House just as he entered it: a total disgrace.”

The newspaper’s board tore into Trump in its latest column published Wednesday for pardoning Michael Flynn, his former national security adviser who pleaded guilty to lying during the Russia investigation, “in what we can only hope will be his last official degradation of his office.”

The board, a frequent critic of the outgoing president, said that “at least for a couple more months” in Trump’s America “guilty is innocent; lies are truth; traitors are patriots.”

But the question “is not whether Mr. Trump has degraded the presidency,” it continued. “The question is how much long-term damage he has done.”

“Will future presidents now feel free to use the pardon power — or the other vast powers of office — with such nakedly crooked motives?” the board asked in conclusion. “How many will calculate that they can make corruption appear to be patriotism as long as enough of the country wants to believe the lies they tell?” 

Read the full editorial here.

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Disneyland fights to reopen despite pushback from governor

London (CNN Business)Walt Disney Co. is laying off 32,000 employees, about 4,000 more than previously announced, as the coronavirus pandemic continues to hammer its parks and resorts business.

The company said in a US Securities and Exchange Commission filing on Wednesday that the job cuts will happen in the first half of its fiscal year, which began in October.
The pandemic has slammed Disney (DIS)‘s parks business, and forced it to suspend cruise ship sailings and delay major film releases.

    All 12 of its parks in North America, Asia and Europe were closed between March and May. While Disney has since reopened theme parks in Shanghai and Florida, its flagship park in California will remain shut at least until the end of 2020. Disneyland Paris was forced to close again late last month when France imposed a second nationwide lockdown.
    Disney swung to a loss of $2.8 billion for the year to September 30, marking a sharp reversal from the previous year, when the company posted a $10.4 billion profit.

    —This is a developing story and will be updated.