WASHINGTON (Reuters) - U.S. Treasury Secretary Steve Mnuchin said on Friday that U.S. officials including himself are in regular communication with China as a tariff dispute escalates between the two countries.“We are willing to negotiate. We are in communication with them regularly,” Mnuchin said in an interview with CNBC. “I am in communications.”“On the one hand, w...Read More
MOSCOW (Reuters) - The United States imposed sanctions on Friday against Russian businessmen, companies and government officials.Below are the names of the most prominent businessmen targeted along with their main assets/connections and extracts from the U.S. Treasury statement.DESIGNATED RUSSIAN OLIGARCHSOLEG DERIPASKA, main owner of En+, co-owner of Rusal and Norilsk NickelDeripaska is ranked by...Read More
The Dow, S&P, and Nasdaq are headed toward weekly lossesTrade and tech dominated headlines this week, so much so that Friday's big March jobs miss was just a blip on Wall Street's radar. Volatility ramped up, too, as Washington and Beijing exchanged tariff jabs, sending stocks with exposure to China -- including automakers, food processors, and fertilizer firms -- on a roller-coaster ride. More br...Read More
The US Non-Farm Payroll numbers disappointed to the downside. Gold bulls have found support at the $1,320 level, and the next crucial resistance is seen at $1,345. Gold is trading at around $1,331 up 0.37% on Friday as the US Non-Farm Payroll (NFP) in March came in below expectations at 103K versus 193K forecast by analysts. The Average Hourly Earnings matched analysts'...Read More
CHICAGO (Reuters) - The Federal Reserve will likely need to keep raising U.S. interest rates to keep inflation under control, Fed Chairman Jerome Powell said in a speech on the economic outlook that did not address the economic risks of rising trade tensions.In his first speech on the economic outlook since assuming the helm at the U.S. central bank on February 5, Powell said on Friday the labor m...Read More
(Reuters) - The Dow Jones Industrial Average fell more than 450 points and the other main indexes slipped on Friday after U.S. President Donald Trump’s latest tariff threat on Chinese imports revived fears of a trade war between the two countries.Trump on Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a &l...Read More
WASHINGTON/NEW YORK (Reuters) - Rival lenders privately congratulated the top U.S. consumer watchdog on its $100 million settlement with Wells Fargo over the bank’s phony accounts scandal, according to internal documents published by the Consumer Financial Protection Bureau this week.On Sept. 8, 2016, the CFPB and two other regulators announced they had reached settlements totaling $190 mill...Read More
Just when it looked like the fear factor was over it comes roaring back.Latest escalation of tariff dispute could benefit gold's immediate trend.Next 1-2 trading sessions are likely "make-or-break" for gold.Just when it looked like the choppiness in the gold market might subside things got turbulent again for the yellow metal. The back-and-forth action in the gold price has mirrored...Read More
The rallying brick-and-mortar retail stocks sport attractively priced optionsWhile President Trump has been taking swipes at e-commerce titan Amazon (AMZN) lately, a handful of brick-and-mortar retailers have emerged on our radar. Ross Stores, Inc. (NASDAQ:ROST) and TJX Companies Inc (NYSE:TJX) shares tend to outperform in the second quarter, while Five Below Inc (NASDAQ:FIVE) could enjoy a short...Read More
(Kitco News)- Unless there is asignificant breakdown in equities or the U.S. dollar, gold investors can expectto see further grind in the marketplace, according to one commodity analyst.Although gold prices could testthe top end of their range, around $1,350 an ounce, as the market finds supportfrom disappointing labor market data and escalation of trade war rhetoricbetween the U.S. and China, ana...Read More
OVERLAND PARK, Kansas (Reuters) - U.S. Senator for Kansas Jerry Moran said he assumes the Trump Administration would try to use U.S. farm bill legislation, which helps farmers withstand economic slumps, to shield the sector in a growing U.S.-China trade dispute.Moran, speaking on the sidelines at a commodity conference in Kansas on Friday, said he would support help for farmers, even though taxpay...Read More
(Reuters) - A civil rights group and some consumer groups said on Friday they would file a complaint with the U.S. Federal Trade Commission (FTC) alleging that Facebook Inc's use of facial recognition techniques threaten users' privacy.The social media company has come under fire after it was disclosed that political consulting firm Cambridge Analytica, which worked for Donald Trump's presidential...Read More
"We will immediately fight back with a major response," a Ministry of Commerce representative said during a Chinese-language briefing with reporters Friday in Beijing. "We have no other choice." "We feel America is very arrogant. They have taken a wrong action. The result is that they will hurt themselves. If they release the list of $100 billion tariffs, China is prepared. And will not hesitate,...Read More
Nonfarm payrolls rose by 103,000 in March, well below economist expectations of 193,000, according to the Bureau of Labor Statistics. However, markets reacted little to the news as February's number was revised higher and the longer-term trend of strong growth looked intact. Inflation also was of little worry as average hourly earnings rose at a 2.7 percent annualized pace. Jeff Cox| @JeffCoxCNBC...Read More
(Reuters) - U.S. stocks tumbled on Friday on fears of an escalating trade war between the United States and China after President Donald Trump threatened to slap $100 billion more in tariffs and Beijing warned it would fight back “at any cost.”In light of China’s “unfair retaliation” against earlier U.S. trade actions, Trump upped the ante by ordering U.S. officials t...Read More
ROME (Reuters) - Italy’s three main rightist parties said on Friday they will go together to see the president in government talks next week, showing a united front in the face of moves to divide them in coalition negotiations.Following last month’s inconclusive election, President Sergio Mattarella wrapped up an initial round of consultations on Thursday and promised to meet party lea...Read More
China vowed to 'hit back forcefully' against additional U.S. tariffsU.S. stocks continue to fall due to growing fears of a trade war with China, sinking the Dow Jones Industrial Average (DJI) more than 350 points. Not only did President Trump propose an additional $100 billion in tariffs on Chinese imports, but Beijing has already promised to "hit back forcefully." This news has Caterpillar (CAT)...Read More
Silver has been dead money over the past year or so, relentlessly grinding sideways to lower. That weak price action has naturally left this classic alternative investment deeply out of favor. Silver is extremely undervalued relative to gold, while speculators' silver-futures positions are extraordinarily bearish. All this has created the perfect breeding ground to birth a major new silver b...Read More
TORONTO/VANCOUVER (Reuters) - Canada’s Nemaska Lithium Inc (NMX.TO) is in talks with U.S. private equity firm Orion Mine Finance Group on a lithium streaming deal, a type of specialized mining finance, according to people familiar with the transaction.Separately, Nemaska said Thursday Japan’s SoftBank Group Corp (9984.T) will buy a stake of up to 9.9 percent in the company and invest u...Read More
LONDON (Reuters) - Following are five big themes likely to dominate the thinking of investors and traders in the coming week, and the Reuters stories related to them.1/THE POWER OF EARNINGSThe earnings season that kicks off in earnest next week will be the first to reflect President Donald Trump’s tax cuts, and pundits have been falling over themselves to up their forecasts. Earnings growth...Read More