As the record bull market stretches on, and as the coronavirus outbreak incites fears of a potential slowdown in global growth, gold could be a way for investors to hedge risks to the downside, Citi said Wednesday. The firm believes market jitters will prompt investors to pile into the so-called safe haven asset, pushing gold prices to $2,000 per ounce in the next 12 to 24 months. “Gold should perform as a convex macro asset market hedge, resilient during ongoing risk market rallies but a better

10:48 am: Tesla overtakes highest price forecast on the StreetShares of Tesla rose more than 8% on Wednesday to $930, surpassing Piper Sandler’s $928 per share price target, which is the highest price forcast of any Wall Street firm. Tesla’s stock is getting close to its all-time high, touched on February 4, of $968.99 per share. —Imbert, Francolla10 am: Trio of speculative stocks spikingShares of speculative stocks Tesla, Virgin Galactic and Plug Power each spiked in early Wednesday trading. As

The Abu Dhabi Government is turning to the private sector for the next phase of its multi-year, 50 billion dirham ($13.6 billion) economic stimulus plan known as Ghadan 21. “It’s important to bring in the private sector,” Mohammed Al Shorafa, chairman of the Abu Dhabi Department of Economic Development, told CNBC’s “Capital Connection” in an exclusive interview on Wednesday. Abu Dhabi, the capital of the United Arab Emirates, said it will seek to procure approximately 10 billion dirhams worth of

The solar industry in the U.S. employed 249,983 people in 2019, a 2.3% increase compared to the previous year, according to The Solar Foundation’s “National Solar Jobs Census.” In a statement Wednesday, The Solar Foundation, a nonprofit organization, said that jobs in the industry had grown by 167% since the publication of the first census for 2010. Overall, solar jobs grew in 31 states last year. The Solar Foundation said its census was based on a survey of “solar establishments” carried out be

Angel Gurria, secretary-general of the OECD Jose, addresses the media at the organization’s headquarters in Paris, France on Nov. 21, 2018. The volume of corporate debt hit an all-time high of $13.5 trillion at the end of 2019, but the overall quality of bonds fell below levels seen before the global financial crisis, according to a new OECD report. As a result, non-financial companies globally borrowed around $2.1 trillion in the form of corporate bonds in 2019. This may render the non-financia

He said, however, that the “good news” is that the EU now understands that the next tussle will be over industrial data. The European Commission, the EU’s executive branch, opened a 12-week period of discussion on Wednesday aimed at better understanding how to protect EU citizens from what it describes as the negative impacts of A.I. BRUSSELS – The European Union is looking at ways to regulate artificial intelligence (AI) as it ramps up its oversight of large technology firms. The EU is seen as

Iranians walk past electoral posters and fliers during the last day of election campaign in Tehran on February 19, 2020. – Iran’s electoral watchdog defended its decision to disqualify thousands of candidates for a crucial parliamentary election in two days, as a lacklustre campaign neared its end. ATTA KENARE | AFP via Getty ImagesIran is holding its parliamentary elections Friday, and one thing seems all but certain: It will be a major victory for the country’s conservative hardliners. “These

Its global impact would be amplified through more substantial supply chain disruptions and a more persistent drop in investor confidence, especially if the epidemic spreads beyond China.” —Higgins-Dunn9:01 am: Virus hits small business owners who import products from ChinaAs coronavirus spreads around the world, small business owners who import from China are on edge. CNBC spoke with Kyle Kirshner, who has been doing business in China for several years. — Feuer7:30 am: Adidas reports 85% drop in

Virgin Galactic’s rally began two months ago but trading in the speculative space company has recently accelerated in a way that tops even the momentum behind Tesla. Shares of Virgin Galactic rose as much as 12% in premarket trading Wednesday from its previous close of $30.30, which was its highest ever finish. Daily trading volume in Virgin Galactic has been pushing higher for the past week. Before Tuesday, an average day of trading saw 12 million Virgin Galactic shares change hands. CNBC’s Jim

Burger King announced Wednesday it is removing artificial colors, flavors and preservatives from its signature Whopper sandwich in the United States. The Restaurant Brands International chain plans to highlight the change with a global advertising campaign that shows a photo of a moldy Whopper, supposedly 28 days old, with text that reads “the beauty of no artificial preservatives.” The campaign comes as consumers demand more transparency about the ingredients in their food. In 2018, McDonald’s

Optimistic there’s time for a post-Brexit trade agreement to be made, JLR CEO saysJaguar Land Rover CEO Ralf Speth discusses the company’s supply chain challenges and trade negotiations between the U.K. and the EU.

Shoppers make their way down Oxford StreetBritish inflation unexpectedly struck a six-month high in January, pushed up by higher petrol prices and a smaller-than-usual drop in airfares, official data showed on Wednesday. Fuel prices were up 4.7% compared with a year earlier, marking the biggest rise since November 2018, the ONS said. A measure of core inflation, which excludes energy, fuel, alcohol and tobacco, rose to 1.6% from 1.4% in December. Manufacturers increased the prices they charged b

Marcelo Claure, CEO of Sprint Corporation (NYSE: S) and John Legere, President and CEO of T-Mobile USA (Nasdaq: TMUS) visit the New York Stock Exchange to speak to media about their announced merger. The merger between T-Mobile US and Sprint is within reach, the head of T-Mobile’s main owner Deutsche Telekom said on Wednesday, vowing to go on the offensive to close a valuation gap with U.S. market leaders AT&T and Verizon. That compares with $274 billion for AT&T and $242 billion for Verizon, he

China has revoked the press credentials of three journalists of the Wall Street Journal after the newspaper declined to apologize for a column that called China the “real sick man of Asia”, the foreign ministry said on Wednesday. Geng did not identify the journalists whose credentials were being revoked. Reuters could not immediately reach the Wall Street Journal for comment. The action comes after the United States said on Tuesday it would begin treating five major Chinese state-run media entit

Miguel Candela | SOPA Images | LightRocket via Getty ImagesGerman sportswear firm Adidas warned business activity in China has fallen dramatically in recent weeks, citing a material negative impact from the coronavirus outbreak. The outbreak has prompted Adidas, which attributes roughly one-third of its sales to Asia, to close a “significant” number of stores in China. Adidas has said it will provide more details about the financial impact of the coronavirus when it releases full-year results on

(CNBC) On today’s economic calendar, the government is out with January figures for both housing starts and producer prices at 8:30 a.m. Nike (NKE) CEO John Donahoe shuffled the company’s executive ranks, with e-commerce chief Heidi O’Neill becoming president of the athletic footwear and apparel maker’s consumer business, and chief financial officer Andy Campion switching to chief operating officer. The company plans to inspect all undelivered aircraft and added that this issue will not impact t

An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. James Gerrish, portfolio manager at Sydney-based Shaw and Partners, attributed the gold rally to strategic portfolio hedging rather than a direct response to the virus. Advancing to $1,700 this yearIn a note Wednesday, Citi upgraded its six-to-12 month price target for gold to $1,700/oz and upgraded its 2020 base case average gold price forecast from $1,575 to $1,6

Wall Street points toward higher openU.S. stock index futures were higher Wednesday morning, as market focus remains largely attuned to the potential economic fallout of the coronavirus outbreak. CNBC’s Frank Holland reports.

Ngangom Bala Devi’s journey began in a small village in India, but the talented soccer player has broken down barriers to become the country’s first fully professional female player. The soccer player told CNBC via email that she started out by joining in boys’ matches. She initially played for her state team but in 2005, at around age 15, played her first match for India’s national women’s team. Bala Devi was the captain of the national team for five years and the top goal scorer, netting 52 go

U.S. Attorney General William Barr and U.S. President Donald Trump attend a signing ceremony for an executive order in the Oval Office of the White House on November 26, 2019 in Washington, DC. U.S. Attorney General William Barr is considering resigning over President Donald Trump’s tweets about Justice Department investigations, a source familiar with the situation told Reuters, while the department said he was not leaving. “The Attorney General has no plans to resign,” Justice Department spoke