(Recasts, adds Draghi comments)BRUSSELS, Oct 22 (Reuters) - Italy has urged the European Union to start work immediately on a plan to create a joint storage system for strategic gas reserves, Prime Minister Mario Draghi said on Friday.Speaking to reporters after an EU summit, Draghi said Brussels needed to draw up an inventory of gas reserves that are available today across the bloc.“On ener...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) - Ferrochrome producer MerafeResources (JSE: MRF) reported today that its attributable 9M 2021 production fromthe Glencore Merafe Chrome Venture surged by 64% to 276 ktonnes compared to thesame period a...Read More
(Recasts with president's comments, consultancy note, details)MEXICO CITY, Oct 22 (Reuters) - Mexican inflation rose slightly during the first two weeks of October, official data showed on Friday, an uptick the president attributed to a global fall in production as well as the U.S. economy "heating up," which has spurred demand.President Andres Manuel Lopez Obrador told reporters he expected highe...Read More
Oct 22 (Reuters) - The U.S. federal budget deficit shrank in September to $62 billion from $125 billion in the year-earlier period and was the smallest budget gap since January 2020. (Reporting by Dan Burns Editing by Paul Simao) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accurac...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) - West Africa - focused goldminer Hummingbird Resources (AIM: HUM) announced today that it poured 22,102 ozof gold at its Yanfolila gold mine in Mali in Q3 2021, a decrease of 11%compared to 24,722 oz po...Read More
HONG KONG/SHANGHAI, Oct 22 (Reuters) - China Evergrande Group (3333.HK) appeared to have averted default with a last-minute bond coupon payment, a source said on Friday, buying it another week to wrestle with a debt crisis looming over the world's second-biggest economy.The property developer also announced plans to give future priority to its electric vehicles business over real estate.Facing a...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) - Therising inflation threat is creating some significant bullish sentiment in thegold market, even as Federal Reserve Chair Jerome Powell tries to talk downthose growing concernsEarlyFriday, gold prices...Read More
BRASILIA, Oct 22 (Reuters) - Brazil's President Jair Bolsonaro is expected to attend next week's summit of the Group of 20 leading economies in Rome, the chief of staff of the foreign minister said on Friday at a news conference.Doubts over his attendance arose due to economic turbulence his government is facing. Brazil's currency and stocks extended losses on Friday following an exodus of senior...Read More
LONDON, Oct 22 (Reuters) - The Group of Seven wealthy nations agreed on principles to govern cross-border data use and digital trade, Britain said in what was described as a breakthrough that could liberalise hundreds of billions of dollars of international commerce.Trade ministers from the G7 reached agreement at a meeting in London on Friday.The deal sets out a middle ground between highly regul...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) - Orocobre (ASX:ORE, TSX:ORL) todayannounced another record quarter at Mt Cattlin with 67,931 dry metric tonnes(dmt) of spodumene concentrate produced in September quarter, up 7%quarter-on-quarter.Import...Read More
LONDON, Oct 22 (Reuters) - Writing about the Bank of England may be more an art than a science, but that hasn't stopped two of the central bank's more enterprising researchers from corralling financial journalists into their economic models.In a paper published on Friday that aims to improve the central bank's communication with the public, the researchers start with a bold assumption about journa...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) -Federal Reserve Chair Jerome Powell has thrown a bucket of cold water on gold's Friday rally as prices fall back below $1,800 an ounce.After a relatively quiet week, rising inflation pressures helped pu...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) - MMG announced today that inQ3 2021, its copper production was 91,202 tonnes, 11% lower than in Q3 2020(102,469 tonnes), due to a prolonged community road blockade at Las Bambas andlower ore grades at K...Read More
(Reuters) - Federal Reserve Chair Jerome Powell said on Friday that the U.S. central bank is "on track" to begin reducing its purchases of assets, and noted that he expects inflation to abate next year as pressures from COVID fade."Supply constraints and elevated inflation are likely to last longer than previously expected and well into next year, and the same is true for pressure on wages," Powel...Read More
(Reuters) - San Francisco Federal Reserve Bank President Mary Daly said on Friday that recent "eye-popping" inflation readings are driven by supply chain breakdowns and will subside as COVID does, and the Fed"s decision not to raise rates in response is the right one."Just because we are standing pat, being patient, is not the same as being asleep," Daly said. Raising rates now would not solve the...Read More
(Reuters) -Shares of the blank-check acquisition company that plans to publicly list former U.S. President Donald Trump's new social media company soared again on Friday but trading was halted multiple times due to volatility, with small-time investors talking up the stock on social media.Digital World Acquisition Corp's shares were last up $162.7% 162.7% at $119.52 after earlier hitting a high of...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) - Harmony Gold Mining todayreported that two employees were fatally injured in the earlyhours of Thursday morning, following a seismic event resulting in a fall ofground at its Kusasalethu mine, near Car...Read More
NEW YORK (Reuters) -Global stock indexes were mostly flat to higher on Friday, with financial shares providing some support to the S&P 500 index in early trading, while the U.S. dollar slipped against a basket of currencies.MSCI's broadest gauge of global shares and the S&P 500 both were on track for a third straight week of gains.Investors also digested news that China Evergrande Group appeared t...Read More
Oct 22 (Reuters) - The U.S. budget deficit totaled $2.772 trillion during fiscal 2021, below the prior year's record shortfall but still reflecting a second straight year of massive spending to support households and businesses through the coronavirus pandemic, the Treasury Department said on Friday.The United States posted a deficit of $3.132 trillion in fiscal 2020, when the federal government f...Read More
JOHANNESBURG, Oct 22 (Reuters) - South Africa will tell rich countries at climate talks next week to honour promises to help poorer nations go green and massively boost available funds, the environment minister said on Friday, while announcing talks to help end its own reliance on coal.Addressing journalists on the position of Africa's most industrialised economy at the COP26 talks in Glasgow from...Read More