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Markets far from merry as stock losses extend into seventh day

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LONDON (Reuters) – World stocks were set for their seventh straight day of losses on Monday, as investors nervy about the possibility of a prolonged U.S. government shutdown and a worsening global economy opted for the safety of bonds and gold.

People walk through the lobby of the London Stock Exchange in London, Britain August 25, 2015. REUTERS/Suzanne Plunkett/File photo

MSCI’s world equity index .MIWD00000PUS, which tracks shares in 47 countries, was 0.15 percent lower on the day and down almost 7 percent in the past seven sessions — its worst stretch of daily losses since January 2016. The index is also just off its lowest level since March 2017.

“There are a whole number of factors that have triggered this latest risk off climate, including the Fed’s very modest deviation from its (rate hiking) plan and the government shutdown in the United States,” said Investec economist Philip Shaw.

The U.S. Senate has been unable to break an impasse over U.S. President Donald Trump’s demand for more funds for a wall on the border with Mexico, and a senior official said the shutdown could continue until Jan. 3.

“We may get some clarity on several factors in early 2019 starting with a clearer line of sight on the prospect for a resolution in U.S.-China trade dispute, but until there are some nerves flying around,” Investec’s Shaw said.

So much so that U.S. President Donald Trump’s Treasury secretary called top U.S. bankers on Sunday amid an ongoing rout on Wall Street and made plans to convene a group of officials known as the “Plunge Protection Team.”

U.S. stocks have fallen sharply in recent weeks on concerns over slowing economic growth, with the S&P 500 index .SPX on pace for its biggest percentage decline in December since the Great Depression. The Nasdaq .IXIC has fallen nearly 22 percent from its Aug. 29 high.

European stocks followed Asian bourses lower, with a pan-European index lower half a percent on the day and a shade away from a one-year low hit on Friday.

This added to a similar move in MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, though losses were limited as many bourses were either shut or set to close early ahead of Christmas.

By 1000 GMT, Britain’s FTSE 100 .FTSE had fallen 0.5 percent, while France’s CAC .FCHI and Spain’s IBEX .IBEX had eased 0.9 and 0.5 percent respectively. Germany’s DAX and Italy’s FTSE MIB were shut for Christmas.

“Markets (are) still under pressure from last week’s more hawkish Fed update, exacerbating fears about slowing growth and more expensive refinancing following years of stimulus,” said Mike van Dulken, head of research at Accendo Markets.

GLOBAL SLOWDOWN

The political uncertainty has only added to the air of risk aversion, punishing equities to the benefit of bonds. Ten-year Treasury yields were near their lowest since August at 2.789 percent US10YT=RR, having fallen over 40 basis points in just six weeks.

The gap between two- and 10-year yields has shrunk to only 14 basis points, a flattening of the curve that has sometimes heralded economic turning points in the past.

“Many of the financial and economic indicators that turn first around business cycle peaks are now flashing red in advanced economies,” warned Simon MacAdam, global economist as Capital Economics.

“This is consistent with our view that the recent loss of momentum in the world economy will develop into a more severe slowdown in 2019.”

The flight to safe havens again boosted the Japanese yen, with the dollar near a three-month trough at 111.02 yen JPY= on Monday. It fared better against the euro, which was undermined by a run of poor European data. The single currency hovered at $1.1399 EUR=, after being as high as $1.1485 last week.

Against a basket of currencies, the dollar index was a shade softer at 96.745 .DXY.

FILE PHOTO: A security barricade is placed in front of the U.S. Capitol on the first day of a partial federal government shutdown in Washington, U.S., December 22, 2018. REUTERS/Joshua Roberts/File Photo

Gold too has regained its appeal, holding near recent six-month peak XAU= around $1,262.6300 per ounce.

Oil prices were near their lowest since the third quarter of 2017, having shed 11 percent last week. [O/R]

For Reuters Live Markets blog on European and UK stock markets open a news window on Reuters Eikon by pressing F9 and type in ‘LIVE/‘ in the search bar.

Reporting by Abhinav Ramnarayan, Additional reporting by Wayne Cole in SYDNEY and Julien Ponthus in LONDON; Editing by Toby Chopra

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Independent Consultant Beginner – 6 Should Have Pieces Of It Technology And Software

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Prima Wireless Earbuds Reviewhttps://primawirelessearbuds.net/.

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What Make Sure You Really Know Right Anyone Decide To Travel

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When traveling with children advised plan your route in advance. Do a little research and see as relevant and fun places to stop such as parks, museums or other attractions. Once you take breaks every non-chemical hours so everyone maybe even including the children probably get out and stretch their legs.

And yet their internal mechanics have improved with as of yet these people offering us much more than the mere Fm wavelengths. With their radio kit specially the newer model launched, you will get FM, AM, Internet radio, weather forecast and also TV recording.

Sony PSP – This will be the more advanced of the two in relation to Pure Pod Vibes (purepodvibes.org) specs. The PSP has a very high quality screen and can do proper sounds so may even watch free movies online on it’s. But you’ll have get the UMD movie disks and may cost replacing or additional a regular DVD. The PSP doesn’t have a a display and if you’d like to play linked games you’ll in order to be get a cable and each player need to have a copy of the sport.

Once that alarm sounds you in order to spend one hour writing down everything you just remember musing about it. You can then go back to sleep, but make particular command yourself to continue exact same way dream. Since REM state is one of the most state for dreaming, technique stretches against eachother and helps to make this more effective for lucid dreamers.

Departure time is extremely important. Leaving early am is a proficient plan. Your offspring will be tired and possibly sleep vehicle for the first part of the trip in any case.

Entertainment electronics cut in again. Modern airlines provide small TV in the back of the seat even for economy class, or Pure Pod Vibes superb hanging away from the ceiling, which are usually difficult towards your kids to ascertain if they’re not sitting within corridor outside. If you don’t have that type of luxury, a camcorder with headphones will have the desired effect. Modern camcorders have a little flat screen, so its possible to use because a mobile TV/VCR combine. For older children, a laptop with a DVD-player are able the job as so. But keep in mind to charge the batteries up to now!

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Majority of Canadian workers willing to take less pay for a workplace pension plan: survey

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A majority (70 per cent) of Canadians say they’re willing to forgo a higher salary in exchange for a workplace pension plan, according to a new survey for the Healthcare of Ontario Pension Plan by Abacus Data.

The survey, which polled more than 2,000 Canadian adults in April, signals an opportunity for employers to build back the post-coronavirus pandemic working landscape better by expanding access to good retirement plans — whether they’re defined benefit, defined contribution or group registered retirement savings plans, says Steven McCormick, senior vice-president of plan operations at the HOOPP.

According to the survey, a secure retirement remains of greater concern for Canadians than concerns about their health, debt load and job security. McCormick says this has been a consistent worry the HOOPP has seen in survey results over the past couple of years. Nearly half (48 per cent) of respondents said they’re very concerned about having enough money in retirement, while 31 per cent were highly concerned about their personal debt load and 26 per cent cited their job security. Close to half of respondents expressed high concerns for their physical (43 per cent) and mental (40 per cent) health.

In addition, the pandemic has harmed the finances of more than half (52 per cent) of Canadians’ surveyed and it’s had a particularly disproportionate affect on the finances of younger adults. Adults aged 44 and younger said they’re twice as likely (25 per cent) to have had their finances greatly harmed, compared to those over the age of 60 (12 per cent).

Generally, younger adults tend to work in roles that may have been impacted most by the pandemic, says McCormick, whether in service industries that were shut down or frontline health care that have been busy but don’t always come with access to a pension plan. “Affordability is an issue, so I think their worries increased during this time.”

And while almost half (46 per cent) of Canadians surveyed said they’ve saved more money than they would have since the onset of the pandemic, among these respondents, over half (52 per cent) didn’t put any of their savings toward their retirement. Overall, most (63 per cent) Canadians surveyed haven’t set aside or saved anything for retirement in the past year, a five-point increase since 2019.

McCormick says this may be due to uncertainty or hesitancy about whether people’s immediate needs outweigh longer-term needs. And with 55 per cent of respondents noting they were very concerned about the cost of day-to-day living, he adds that rising prices have fuelled insecurity and worries so people are creating their own emergency funds right now.

While there’s a segment of the population who’ve saved more and, for them, the pandemic has created wealth, he doesn’t see this as a common narrative in the survey data. “If you don’t have access to a workplace pension or the opportunity to have things like automatic enrolment, the uncertainty of the time may have you holding onto money,” says McCormick. “In Ontario, we’re more optimistic about the pandemic than we were maybe a month ago, but there are still people worrying about whether there’ll be a fourth wave.”

In addition, more than two-thirds (67 per cent) of respondents said a retirement crisis is looming and 65 per cent said saving for retirement is prohibitively expensive. It’s a common and shared dream for many people in looking forward to a secure retirement, says McCormick, noting for many, making that dream a reality remains elusive.

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