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CNBC Utilities Page Wires

  • WASHINGTON, July 16- Federal Reserve Chairman Jerome Powell takes his upbeat view of the U.S. economy to Capitol Hill on Tuesday, with markets and many of Powell's colleagues expecting two more interest rate increases this year amid a continued economic expansion. The appearances have ranged from testy to civil under prior chairs, but Powell, appointed by...

  • NEW YORK, July 16- Oil prices dropped about 5 percent on Monday, putting pressure on energy shares and keeping global stock markets in check, although financial shares rallied after upbeat news from Bank of America and Deutsche Bank. Wall Street's main indexes were little changed following strong weeks as investors geared up for a big week of corporate earnings...

  • WASHINGTON— Federal Reserve releases industrial production for June, 9:15 a.m.. WASHINGTON— National Association of Home Builders releases housing market index for July, 10 a.m.. WASHINGTON— Treasury releases international money flows data for May, 4 p.m..

  • Pinduoduo, owned by Walnut Street Group, plans to sell about 85.6 million American Depositary Shares in its initial public offering at a price range of $16 to $19 each, according to its filing, which was uploaded to the exchange website on Monday. The company is the latest in a series of Chinese tech groups flocking to list in New York or Hong Kong, seeking to...

  • LONDON, July 16- Prime Minister Theresa May bowed to pressure from Brexit supporters in her party on Monday, accepting changes to her plans for leaving the European Union in an attempt to salvage her over-arching strategy. May has vowed to stick to her plan to negotiate the closest possible trade ties with the EU, saying her strategy was the only one that could meet...

  • July 16- The narrowing gap between yields on long-term and short-term Treasury bonds has helped convince at least one U.S. central banker the Federal Reserve should stop raising interest rates until and unless inflation or growth picks up. Minneapolis Federal Reserve Bank President Neel Kashkari, who does not vote this year on Fed policy but takes part in the...

  • NEW YORK/ LONDON, July 16- Gold steadied on Monday as weak physical demand in top-consuming regions and the expectation of higher U.S. interest rates weigh, despite the bullion-priced U.S. dollar losing steam. $1.50, or 0.1 percent, at $1,239.70 per ounce. However, low physical demand in top gold-consuming countries China and India and the continued expectation of...

  • WASHINGTON, July 16- A draft Federal Communications Commission order seen by Reuters on Monday said that Sinclair Broadcast Group Inc's application for approval to purchase Tribune Media Co may "involve deception. The order said that "Sinclair's actions here potentially involve deception" and noted possible "misconduct. FCC Chairman Ajit Pai said on Monday...

  • FARNBOROUGH, England, July 16- Pratt& Whitney's Chief Executive Greg Hayes said on Monday his company will be able to overcome supply chain problems to ramp up engine production next year as planemakers' orders swell. Europe's Airbus SE has said it is aiming for output of 60 narrowbodies a month in 2019 with surge capacity of 63 a month. Speaking at a roundtable on...

  • FARNBOROUGH, July 16- The U.S. State Department is negotiating a potential deal to sell Turkey the Raytheon Co Patriot missile defense system as an alternative to the Russian-made S-400 system Turkey has agreed to purchase, an official said on Monday. Assistant Secretary of Defense Kevin Fahey, the Pentagon's most senior official weapons buyer at the show, told...

  • WASHINGTON, July 16- U.S. retail sales rose solidly in June as households boosted purchases of automobiles and a range of other goods, cementing expectations for robust economic growth in the second quarter. "This puts the economy in a very, very good position as it starts its 10th year of forward movement in July," said Chris Rupkey, chief economist at MUFG in New York. "

  • NEW YORK, July 16- Oil prices slumped about $3 on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers. Falling prices offset gains late last week caused by supply outages in Libya, a labor dispute in Norway and unrest in Iraq. Russia and other oil producers could raise...

  • WASHINGTON, July 16- Escalating and sustained trade conflicts following U.S. tariff actions threaten to derail economic recovery and depress medium-term growth prospects, the International Monetary Fund warned on Monday. That translates to nearly $500 billion in lost annual output based on IMF projections, the equivalent of subtracting an economy the...

  • CHICAGO, July 16- U.S. soybean futures jumped on Monday after dropping to their lowest prices in a decade earlier in the session, as the U.S.- China trade dispute weighed on agricultural markets. The trade dispute has pressured prices recently because soybeans are the most valuable U.S. agricultural export to China, the world's top buyer of the oilseed.

  • LONDON, July 16- Copper eased along with most other metals in London on Monday after data showed that China's economy expanded at a slower pace in the second quarter, pointing to weaker demand. Julius Baer commodity analyst Carsten Menke said the Chinese GDP data pointed to overall stability in the economy but revealed some weakness in the "old economy" or...

  • LONDON, July 16- Copper eased along with most other metals in London on Monday after data showed that China's economy expanded at a slower pace in the second quarter, pointing to weaker demand. Julius Baer commodity analyst Carsten Menke said the Chinese GDP data pointed to overall stability in the economy but revealed some weakness in the "old economy" or...

  • LONDON, July 16- Benchmark northwest European gasoline refining margins rose sharply on Monday after crude prices fell by more than 4 percent and trading activity rose. *Elsewhere, 26,000 tonnes of Eurobob gasoline traded in a range of $678- $707 a tonne fob Amsterdam- Rotterdam, compared with $691- $692 on Friday. *The August swap stood at $682 a tonne at the close,...

  • The bank's shares were up 2.4 percent to $29.24 in morning trading. During his near-decade long tenure, Chief Executive Brian Moynihan has focused on making the bank's sprawling operations more efficient. The corporate tax cuts have helped boost Bank of America's bottom line along with its Wall Street peers, while Federal Reserve interest rate hikes have...

  • LONDON/ MILAN, July 16- European shares fell on Monday, led lower by commodity stocks as an upbeat update from Deutsche Bank and expectations of a strong earnings season kept a lid on losses. Basic resources and autos were also lower as data from key commodity consumer China showed economic growth slowed in the second quarter amid growing worries over a trade war...

  • FARNBOROUGH, England, July 16- Qatar Airways chief executive said the airline was adapting to a regional blockade that has prevented it flying some routes, and that those restrictions would not necessarily push it into the red for the current financial year. "There is a possibility that we will post also a loss in our current financial year, but it's only a...