LONDON (Reuters) - The Bank of England heads into its most unpredictable interest rate decision in years this week, leaving investors and analysts on edge about the chance of its first hike since the pandemic struck the world economy.Inflation in Britain looks set to rise to 5% - more than double the BoE's 2% target - despite a slowdown in the economy's recovery from last year's slump, and BoE Gov...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Novo Resources (TSX: NVO) announcedMonday that a routine crusher maintenance shut at its Nullagine gold project'sGolden Eagle processing facility has discovered greater wear than anticipatedon its pitm...Read More
Nov 1 (Reuters) - Bank of America Corp is planning to file an application to set up a securities firm in China as part of its strategy to expand into the country's burgeoning financial services market, Bloomberg News reported here on Monday, citing people familiar with the matter.Bank of America is expected to seek regulatory approval early next year, the report added, and is also planning to su...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold pricesare holding decent gains in midday U.S. dealings Monday. Support comes from a weakerU.S. dollar index, firmer crude oil prices and falling U.S. government bondyields on this first trading d...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Today, IAMGOLD (TSX: IMG)(NYSE: IAG) reported that the two individuals who were unaccounted forfollowing the security incident in Burkina Faso reported on October 29, 2021,have been safely located."The...Read More
WASHINGTON, Nov 1 (Reuters) - U.S. construction spending unexpectedly fell in September amid declines in outlays on both private and public projects.The Commerce Department said on Monday that construction spending dropped 0.5% after edging up 0.1% in August. Economists polled by Reuters had forecast construction spending gaining 0.4%.Construction spending increased 7.8% on a year-on-year basis in...Read More
(Recasts, adds details, updates prices)Nov 1 (Reuters) - Euro zone bond yields extended their surge on Monday as money markets largely held onto their rate hike bets from the European Central Bank next year.At the ECB's policy meeting last week, president Christine Lagarde disappointed expectations of a firm pushback against the recent pricing of two ECB rate hikes next year that are at odds with...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Golden Star Resources (TSX:GSC) (NYSE: GSS) announced today that Chifeng Jilong Gold Mining has agreed toacquire all of the issued and outstanding common shares of Golden Star by wayof a statutory plan...Read More
(Adds comment, updates prices)* Higher inflation data tests Fed's transitory inflation view* Gold stuck in range-bound trade, Fed in focus - analyst* Platinum, palladium jump 3%Nov 1 (Reuters) - Gold prices ticked up on Monday, as the dollar eased, ahead of a U.S. Federal Reserve meeting where the focus is on the central bank's plan for tapering its pandemic stimulus measures.Spot gold was up 0.3%...Read More
DUBLIN, Nov 1 (Reuters) - U.S. Treasury Secretary Janet Yellen on Monday said Ireland will remain one of the best places in the world for multinational companies to invest in, even after Dublin gave up its prized 12.5% corporate tax rate as part of a global overhaul.Yellen led the charge towards achieving a global minimum corporate tax rate of 15% - endorsed by the leaders of the world's 20 bigges...Read More
Gold, Silver, andPlatinum continue to trade in a malaise. All three remain stuck in a range andshow all the makings of a large move. For now, we assume that move to be up.However, we can expect eventually, either the bears or the bulls will takecharge.Consolidation is a warbetween the bulls and the bears. Bulls buy them until the bears fight back andsell. This rotation can last for an extended per...Read More
Nov 1 (Reuters) - Canada's main stock index rose on Monday, aided by an over 1% jump in energy stocks on the back of higher crude prices, while upbeat results by Cargojet Inc further lifted prospects of strong corporate earnings.At 9:32 a.m. ET (13:32 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 109.11 points, or 0.52%, at 21,146.18.Reporting by Amal S in Bengaluru; Editing by...Read More
(Kitco News) It's been "a mad world" out there with record-high equities, real estate and more. But the long-awaited surge in gold and silver is coming in the next six months, said Mike Larson, senior analyst at Weiss Ratings."If you're in a world where many assets are over-valued, where real estate is extremely highly valued, stocks are extremely highly valued, and so on. What hasn't run up and r...Read More
WASHINGTON (Reuters) - A U.S. Treasury Department-led panel is set on Monday to release a hotly-awaited report on stablecoins, a fast-growing type of digital coin pegged to traditional currencies, according to an administration official with knowledge of the matter.The report by the President’s Working Group on Financial Markets will explore the risks and opportunities offered by stablecoins...Read More
(Kitco News) Gold prices ticked to daily highs as the headline manufacturing index from the Institute for Supply Management retreated in October but came in above expectations.The ISM manufacturing index was at 60.8% last month, beating the consensus forecast of 60.5%. But the monthly figure marked a 0.3 percentage-point decline from September's reading of 61.1%."This figure indicates expansion in...Read More
BEIJING, Nov 1 (Reuters) - China's search engine giant Baidu said on Monday that it named Luo Rong, former chief financial officer (CFO) of tutoring firm TAL Education Group, (TAL.N) as its new CFO.Baidu's former CFO Herman Yu was appointed as the company's chief strategy officer, the Beijing-based company said in August.Reporting by Yingzhi Yang and Brenda Goh, Editing by Louise Heavens Discla...Read More
DUBLIN, Nov 1 (Reuters) - U.S. Treasury Secretary Janet Yellen said she expected U.S. tech giants to broadly support the reallocation of taxing rights agreed to by nearly 140 countries as part of a broader deal on global taxes, saying the impact on U.S. companies should be minor.Yellen told Reuters on Sunday the support of the big global players should help foster bipartisan support among U.S. law...Read More
LONDON, Nov 1 (Reuters) - Britain gave France 48 hours on Monday to back down in a fishing row that threatens to spiral into a wider trade dispute between two of Europe's biggest economies or face tortuous legal action under the Brexit trade deal.Post-Brexit bickering over fish culminated last Wednesday in the French seizure of a British scallop dredger, the Cornelis Gert Jan, in French waters...Read More
BEIJING/HONG KONG, Nov 1 (Reuters) - China's Ganfeng Lithium Co Ltd (002460.SZ) and its unit GFL International Co Ltd have signed a contract to supply battery-grade lithium products to U.S. electric vehicle (EV) maker Tesla Inc (TSLA.O).Ganfeng, the world's top lithium company by market capitalisation, has already supplied battery-grade lithium to EV producers including Tesla.The new contract w...Read More
TOKYO, Nov 1 (Reuters) - The dollar traded near a 2 1/2-week high to major peers on Monday as quickening inflation in the United States boosted the case for earlier Federal Reserve interest rate hikes.It approached a 1 1/2-week top to the yen after the safe-haven Japanese currency weakened as a strong showing for the ruling party in weekend elections reduced political uncertainty.The dollar index...Read More