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Oil falls on jitters over US-China trade talks progress

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Oil prices fell on Monday on renewed caution over the prospects of a trade deal between the United States and China, with investors shrugging off comments over the weekend by US President Donald Trump that talks were going well.

Brent crude was down 39 cents, or 0.6per cent , at $62.12 by 0117 GMT. The contract rose 1.3per cent last week.

US crude was 35 cents, or 0.6per cent , lower at $56.89 a barrel, having risen 1.9per cent last week.

Trump said on Saturday that trade talks with China were moving along “very nicely,” but the United States would only make a deal with Beijing if it was the right one for America.

The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

Trump also said there had been incorrect reporting about US willingness to lift tariffs as part of a “phase one” agreement, news of which had boosted markets.

Any agreement on rolling back tariffs “would boost risk sentiment but not necessarily provide (an) immediate economic fillip,” said Stephen Innes chief Asia market strategist at AxiTrader.

Underlining the impact of the trade war, data over the weekend showed that China’s producer prices fell the most in more than three years in October, as the manufacturing sector weakened, hit by the dispute and declining demand.

In the United States, energy companies last week reduced the number of oil rigs operating for a third week in a row. Drillers cut seven rigs in the week to November 8, bringing the total count down to 684, the lowest since April 2017, Baker Hughes said.

Money managers boosted their net long US crude futures and options positions in the week to November 5 by 22,512 contracts to 138,389, the US Commodity Futures Trading Commission (CFTC) said.





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Asia Tonight: Business news in brief Nov 20

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Business Briefs on Asia Tonight, Nov 20:
— Malaysia’s October Consumer Price Index (CPI) up 1.1%
— Emirates has ordered 30 Boeing 787s and reduced 777X order to 126 jets

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Target is the retail trade of 2019, with the stock up nearly 90%

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Target CEO Brian Cornell appears on CNBC after ringing the opening bell at the New York Stock Exchange on the morning of November 28, 2014 in New York City.

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Target is far and away the best performing retail stock of 2019.

After reporting third-quarter results on Wednesday that crushed Wall Street’s expectation, Target shares rose 12% from its previous close of $110.85. Target’s shares are up nearly 90% this year, topping even the strong performances of TJX Companies and Walmart, and is this year’s sixth-best performing stock on the S&P 500 index.

«We thought the market was already pricing in more of TGT’s progress, but today’s results (esp. margin expansion) came in well above even the most bullish expectations,» Goldman Sachs wrote in a note to investors.

Target also raised its profit outlook for the full year, ahead of the all-important holiday shopping season, while cutting the cost of handling online orders.

«Overall, we believe Target’s strategic transformation initiatives—price investment in everyday items, differentiating merchandising with new private brands, remodeling stores, and investing in digital and delivery, including Shipt—are resonating with consumers,» Telsey Advisory Group wrote in a note to investors.

Options trader Pete Najarian believes Target’s stock will climb even higher, saying on CNBC’s «Halftime Report» that he expects more strong revenue from the company’s investment in private label products.

«When you look at what’s going on with Target – whether it’s in the grocery space or the rest of the store, and there’s five different segments to their store in terms of revenue streams – they have private label everywhere and that is something that will be huge for them. That just helps and is something that’s going to kick in for Target in the future as well,» Najarian said.

– CNBC’s Michael Bloom and Lauren Thomas contributed to this report.



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ভারতের উইকেট হবে পেস বান্ধব ।Sports news today। khelar khobor today।bangladesh cricket news

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ভারতের উইকেট হবে পেস বান্ধব ।Sports news today। khelar khobor today।bangladesh cricket news

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