LONDON (Reuters) - Britain’s financial watchdog faced sharp criticism on Wednesday from former small business owners who say they have been mistreated by big banks.Responding to questions from the influential Treasury Committee, the ex-business owners said the Financial Conduct Authority (FCA) was ill-suited to handle serious complaints against the lenders it regulates.The questioning center...Read More
Robin Emmott, Alissa de CarbonnelBRUSSELS (Reuters) - In 1996, when the United States tried to penalize foreign companies trading with Cuba, the European Union forced Washington to back down by threatening retaliatory sanctions.Two decades later, the European Union is being driven to threaten such measures again, over Iran, and this time may follow through after U.S. President Donald Trump withdre...Read More
U.S. wholesale trade continued its 2018 growth streak in March. Reuters analysts expected a slightly higher increase in March from the prior month. The Census Bureau's measure of wholesale inventories saw significant gains in January and February. Kevin Breuninger| @KevinWilliamB Published 11 Hours AgoUpdated11 Hours AgoCNBC.com Hudiemm | Getty ImagesA measure of U.S. wholesale trade continued i...Read More
LONDON/ZURICH/LOS ANGELES (Reuters) - Nestle’s (NESN.S) $7 billion licensing deal for Starbucks’ (SBUX.O) retail business gives it a much-needed boost in its battle against JAB, the privately owned investment firm stirring up the coffee industry with a string of deals. JAB, the family office of Europe’s billionaire Reimann clan, has built up the world’s second-largest coffe...Read More
DUBLIN (Reuters) - It is too soon to say whether the euro zone is being impacted by a slowdown in global demand or just a decrease in the amount of slack in the European economy, European Central Bank Governing Council member Philip Lane said on Wednesday.The Governing Council needs more data to make a call on this, he added.Investors have been wondering whether weaker growth and inflation in the...Read More
Sijia JiangHONG KONG (Reuters) - ZTE Corp’s (0763.HK) (000063.SZ) main business operations have ceased due to a ban imposed by the U.S. government, but China’s second biggest telecom equipment maker is trying to have the ban modified or reversed, it said on Wednesday.ZTE was hit by a ban last month from Washington, forbidding U.S. firms from supplying it with components and technology...Read More
(Reuters) - U.S stocks advanced on Wednesday as a surge in oil prices boosted energy stocks following President Donald Trump’s decision to withdraw the United States from a nuclear deal with Iran.Oil hit its highest level in 3-1/2 years as investors worried that Trump’s decision would increase risks of conflict in the Middle East and curtail oil supplies in a tight market.The energy in...Read More
(Kitco News) - Before slowing down, Iran’s gold demand will see a surge in the short-term in response to U.S. President Donald Trump’s decision to pull out of the Iran nuclear deal, according to one Metals Focus analyst.“What’s going to happen initially, people will try to convert whatever they have into dollars or gold or whatever is of value that’s not going to depr...Read More
(Kitco News) - Gold and silver prices were near steady levels in early-afternoon U.S. tradingWednesday. Gold market bulls are fighting to hold the yellow metal abovecritical chart support at $1,300.00, and they have been successful so far,which has stabilized the market for the time being. June Comex gold futureswere last down $0.50 an ounce at $1,313.20. July Comex silver was last up $0.073at $16...Read More
WASHINGTON (Reuters) - A breakaway group of Republicans in the U.S. House of Representatives plans on Wednesday to defy their leaders and join with Democrats in an attempt to force action on legislation that would protect young, illegal immigrants from deportation.The rare move could trigger a House debate next month on four bills to replace the Deferred Action for Childhood Arrivals (DACA) progra...Read More
WASHINGTON (Reuters) - The U.S. Treasury Department's watchdog is probing whether private banking information linked to a consulting company run by President Donald Trump's lawyer Michael Cohen was leaked, the Washington Post reported on Wednesday, citing a spokesman to the department's inspector general.The investigation comes a day after an attorney for porn star Stormy Daniels detailed various...Read More
OTTAWA (Reuters) - Canada’s most populous province looks set to elect as premier in June a plain-spoken Progressive Conservative often compared to U.S. President Donald Trump, setting the stage for a fight on many fronts with Liberal Prime Minister Justin Trudeau.Doug Ford, the bombastic brother of Toronto’s late, crack-smoking mayor, Rob Ford, enjoyed a strong lead in opinion polls ah...Read More
U.S. producer prices barely rose in April after strong gains in the first quarter. Inflation was contained by a moderation in the cost of both goods and services. The data could ease fears that inflation pressures were rapidly building up. Published 12 Hours AgoUpdated10 Hours AgoReuters show chapters April’s producer price index rises 12 Hours Ago |00:59 U.S. producer p...Read More
Oil stocks are on the rise after the U.S. withdrew from the Iran nuclear dealIn the wake of President Donald Trump's decision to pull the U.S. out of the Iran nuclear deal, oil prices have skyrocketed. At last check, June-dated crude was up 2.9% at $71.07 per barrel. Oil stocks are enjoying the bounce, including Anadarko Petroleum Corporation (NYSE:APC) and Callon Petroleum Company (NYSE:CPE),...Read More
• A modest USD profit-taking slide prompts short-covering from an important support. • Weaker equities underpin safe-haven demand and provide an additional boost. • US PPI eyed for some trading impetus ahead of Thursday’s more relevant CPI print. Gold once again managed to bounce off the very important 200-day SMA and has...Read More
Energy stocks CVX and XOM are some of the Dow's bet performersStocks are cautiously higher at midday, with oil prices on the mend following the U.S. decision to withdraw from the Iran nuclear deal. June crude futures have soared 2.7% to $70.90 per barrel, at last check, and energy stocks are lifting the S&P 500 Index (SPX). Likewise, oil giants Chevron (CVX) and Exxon Mobil (XOM) are near the top...Read More
Nvidia will report earnings after the close tomorrowGraphics processing units maker Nvidia Corporation (NASDAQ:NVDA) is scheduled to report first-quarter earnings after tomorrow's close. The stock has been in a long-term uptrend, and earlier topped out at a record high. Given NVDA's history of positive earnings reactions, the security could be in store for even more upside tomorrow, with the optio...Read More
MEXICO CITY (Reuters) - Mexico’s economy minister Ildefonso Guajardo said “all the issues” are on the table as talks between the United States, Canada and Mexico to rework the North American Free Trade Agreement (NAFTA) continued on Wednesday.Canadian Foreign Minister Chrystia Freeland, U.S. Trade Representative Robert Lighthizer and Guajardo are in Washington pushing to hammer o...Read More
Gold is the most emotional asset class.What exactly does the Midas Touch Gold model entail?The model has been neutral since February.Ascending triangle should take gold towards $1,500.Silver might celebrate a strong comeback. Final pullback before the summer rally has started We have been very patient over the last couple of months regarding gold. Now it looks as our main scenario with a pullback...Read More
WASHINGTON (Reuters) - The United States will continue working with its allies to ensure Iran does not acquire a nuclear weapon, U.S. Defense Secretary Jim Mattis said on Wednesday, a day after President Donald Trump withdrew from an international nuclear deal with Tehran.“We will continue to work alongside our allies and partners to ensure that Iran can never acquire a nuclear weapon, and w...Read More