U.S. equity index futures were lower this morning. S&P 500 futures were down 23 points in pre-opening trade. Index futures responded to weakness in European equity indices related to the expanding Ukraine conflict. Tensions escalated last night after Russian troops took control of Europe's largest nuclear power complex located in south Ukraine. U.S. equity index futures recovered following rel...Read More
US sanctions Russia, including Alrosa and its CEO. No sanctions on doing business with Alrosa but banking system shut down. Significant supply disruptions expected to impact market. Alrosa is the largest rough producer with 2021 sales of 45.5M cts. for $4B, profits of $834M. Diamond trading robust, but sentiment weakened by economic and geopolitical uncertainty. 1 ct. RAPI +5.6% in Feb. despite co...Read More
RAPAPORT... Alrosa has voluntarily stepped down as vice chair of the Responsible Jewellery Council (RJC) in light of Russia's war in Ukraine, the standards authority announced Thursday.The diamond miner will also leave the organization's board of directors temporarily, the RJC noted. The decision was "communicated" to the board during a meeting on Thursday, it added. Alrosa declined to commen...Read More
The first in a series of webinars on the future of diamonds looks at sustainability: What is it, and why does it matter?...RAPAPORT... Sustainability has emerged as a key driver of business strategy in recent years, growing from the need to protect the planet, uplift communities and ensure that products and services make a positive contribution to society. But what is driving this interest? A...Read More
RAPAPORT... Lucapa Diamond Company has upped its total revenue forecast for the Merlin mine over the next 14 years amid the increase in rough prices.The Australian miner reevaluated its outlook based on the strong demand and low supply scenario currently playing out in the market, which has led to a 42% surge in the price of rough diamonds, it said Thursday.Revenue for the life of mine will come t...Read More
London and Shanghai Metal Exchange base metals prices, with the exception of lead, were higher again on the morning of Thursday March 3, building on the gains seen earlier in the week as the markets adjust to the loss of supplies from Russia.* Spot Brent crude oil trading at more than $118 per barrel* US Federal Reserve gave more clarity over its interest agenda, focus on inflation* Western divest...Read More
U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged at 7:30 AM EST. Investors are waiting for the U.S. fourth quarter Non-farm Productivity report to be released at 8:30 AM EST. Consensus calls for a 6.5% increase versus a 6.6% gain in the third quarter. MGM Resorts International added $0.37 to $44.10 following approval of a $2 billion share buyback program.Victor...Read More
RAPAPORT... Alrosa has highlighted concerns about the impact of the US's punitive measures after reporting its strongest annual earnings in five years.Revenue jumped 51% to RUB 326.97 billion ($2.99 billion) in 2021 as the diamond market recovered from the previous year's downturn, the Russian miner reported Wednesday. This drove net profit to RUB 91.32 billion ($834 million), almost triple 2...Read More
RAPAPORT... Australian miner Odessa Minerals has applied for two licenses to explore an alluvial deposit south of the defunct Argyle mine, believing it holds diamond "runoff" from the famed site.The Argyle South area is a 40-kilometer channel that carried diamonds from eroded Argyle kimberlite pipes through multiple drainage systems toward Lake Argyle, Odessa said last week. Previous exploration o...Read More
London Metal Exchange base metals prices and spot gold were consolidating in London on the morning of Wednesday March 2, following average gains of 2.6% across the base metals on Tuesday as the market prepared for likely supply losses from Russia.* United States 10-year treasuries rates were recently at 1.73%, down from more than 2% on Friday, as haven demand rises* Spot Brent crude oil trading at...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade. Index futures responded to President Biden's State of the Union address released last night.The Canadian Dollar was quiet at U.S.78.81 cents prior to news from the Bank of Canada at 10:00 AM EST. Consensus calls for an increase in the Bank of Canada's interest rate to major Canadian bank...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 11 points in pre-opening trade. The Canadian Dollar was virtually unchanged at US78.80 cents following release of Canada's December GDP at 8:30 AM EST. Consensus was unchanged versus a gain of 0.6% in November. Actual was unchanged . Consensus for fourth quarter real GDP was an annualized increase of 6.5% versus an an...Read More
U.S. equity index futures were lower this morning. S&P 500 futures were down 57 points in pre-opening trade. Index futures were responding to growing geopolitical concerns related to events in Ukraine.Commodity prices were higher this morning related to events in Ukraine. Gold gained $23.30 to US$1909.90 per ounce. Crude oil advanced $4.05 to $95.64 per barrelToronto Dominion Bank (TD Cdn$104....Read More
Base metals prices were little changed but mixed on the London Metal Exchange, while those on the Shanghai Futures Exchange were for the most part weaker on the morning of Friday February 25, perhaps suggesting that China is expecting to see more metal from Russia.* US equities recovered early losses on Thursday...* ...this has provided some stability to markets on Friday morning* Spot Brent crude...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade. Index futures moved higher following release of economic reports at 8:30 AM EST. Consensus for January Durable Goods Orders was an increase of 0.8%. Actual was an increase of 1.6%. Excluding transportation orders, consensus for January Durable Goods Orders was an increase of 0.4%. Actual...Read More
LME base metals prices and spot precious metals were up across the board on news of Russia's invasion of Ukraine, while base metals on the SHFE were mixed on the morning of Thursday February 24.* Nickel, aluminium, palladium and silver were up by more than 2% this morning* Spot Brent crude oil touches $100 per barrel* Western equity index futures down 2-4%Base metalsThree-month base metals prices...Read More
World equity markets are sharply lower this morning on news that Russia has invaded Ukraine. European equity indices are down 3%-5%.At 7:30 AM EST, S&P 500 futures were down 103 points, gold advanced $49.10 to $1,959.50 per ounce. Crude oil gained $6.55 to $98.65 per barrel.eBay dropped $4.20 to $50.39 after the company reported a fourth quarter loss. Fourth quarter revenues also were lower th...Read More
U.S. equity index futures were higher this morning. S&P 500 futures were up 30 points in pre-opening trade. Lowe's added $8.10 to 222.69 after reporting higher than consensus fourth quarter results.Palo Alto Networks gained $29.29 to $505.00 after reporting higher than consensus fiscal second quarter results.Caesar's World dropped $2.57 to $74.60 after reporting lower than consensus fourth qua...Read More