Hedge funds cut bullish commodity bets to a six-month low as mounting concern that slowing economic growth will erode demand drove prices toward the first fourth-quarter retreat since the global recession.
With its 92-year-old football stadium starting to crumble, the University of Washington began contemplating a renovation half a dozen years ago. One financing idea -- getting $150 million from Seattle-area taxpayers -- ran afoul of state Representative Ross Hunter. The state was reducing college funding, and tuition was surging.
While wheat as much as doubled this year and cotton surged, the benchmark index for commodities is signaling neither inflation nor deflation, spurring investors to bet the best returns next quarter will be in precious metals.
Hedge funds increased wagers on rising commodity prices to the most in two months and the rally in raw materials accelerated as the Federal Reserve pledged to keep borrowing costs low for three more years.
Most U.S. stocks fell, with a late- day rebound failing to extend yesterday’s rally in the Standard & Poor’s 500 Index, after housing starts dropped and FedEx Corp. ’s profit forecast trailed estimates.
Speculators slashed wagers on higher agricultural prices by the most in eight weeks, missing out on this year’s biggest rally as parched fields from South America to Europe curbed expectations for record harvests.