(Reuters) - Drugmaker Biogen Inc’s (BIIB.O) quarterly revenue missed Wall Street expectations on Tuesday as sales of its fastest-growing drug Spinraza disappointed, partly due to lower uptake in the United States, while mounting competition hurt its top earner Tecfidera.Shares of the company fell 2.6 percent to $252.50 before the bell.Biogen is banking on spinal muscular atrophy drug Spinraz...Read More
LONDON (Reuters) - Oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran.Brent crude, the global benchmark, rose to its highest level since OPEC on Nov. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for...Read More
Freeport-McMoRanInc. (NYSE: FCX) reports first-quarter net income rose to $692 million,or 47 cents per share, from $228 million, or 16 cents, in the same period ayear ago. After adjusting for net gains of $13 million, the adjusted profit was$679 million, or 46 cents. Freeport is the world’s largest publicly tradedcopper company but is also a major gold producer. First-quarter copper sales of...Read More
LONDON (Reuters) - The uncertainty being generated by U.S. trade tariffs is already hurting investment in the global economy and could do serious damage to world growth, ECB policymaker Francois Villeroy de Galhau said on Tuesday.Financial markets and economists have been spooked this year by moves from Donald Trump’s U.S. administration to ramp up tariffs on countries such as China.“W...Read More
ALMATY (Reuters) - London-listed Chaarat Gold Holdings (CGH) (CGH.L) offered on Tuesday to buy Kyrgyzstan’s largest gold mine, Kumtor, from Canada’s Centerra Gold (CG.TO) for an undisclosed cash sum, in a deal that would also involve Kyrgyz state firm Kyrgyzaltyn.Centerra and Kyrgyzstan have had a series of disputes over sharing profits from Kumtor, and Chaarat said it was offering the...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
BERLIN (Reuters) - Business morale in Germany, France and Italy - the euro zone’s three biggest economies - deteriorated in April as a stronger currency and capacity constraints limited output, signaling that growth in the currency bloc has reached its peak.The euro zone was unexpectedly one of the best performers among major economies last year. But surveys suggest that growth has steadily...Read More
(Kitco News) - Gold pricesare modestly higher in early U.S. trading Tuesday, on a mild rebound followingrecent selling pressure. There is still not much risk aversion in the marketplaceat present, which continues to limit buying interest in the safe-haven gold andsilver markets. June Comex gold futures were last up $3.70 an ounce at $1,327.70.May Comex silver was last up $0.038 at $16.625 an ounce...Read More
The price of gold has bounced but the metal“still has a lot of work to do to recoup yesterday's sharp decline,” says INTLFCStone. As of 8:44 a.m. EDT, Comex June gold was $1.70 higher to $1,325.70 anounce, while May silver had not moved much, easing just 2.2 cents to $16.565.“The stronger dollar is keeping the upside potential somewhat in check and thefact that U.S. 10-year yield...Read More
(Reuters) - United Technologies Corp’s (UTX.N) quarterly profit topped analysts’ estimate on Tuesday on higher demand for its spare parts and services from airlines, and the company raised its full-year earnings and revenue forecasts.The maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, forecast 2018 adjusted earnings per share in a range of $6...Read More
April 24 (Reuters) - Canada's main stock index looked set to open higher on Tuesday as oil prices rose above $75 per barrel to their highest since November 2014.June futures on the S&P TSX index were up 0.34 percent at 7:15 a.m. ET.Canada's benchmark stock index ended higher on Monday, with gains in the price of U.S. crude oil driving up shares of companies in the energy sector.Dow Jones Indus...Read More
GOLD (in USD) Neutral. Gold is pausing following recent decrease from 1336, heading along the 1328 range. Hourly support and resistance are given at 1318 (14/02/2018 low) and 1366 (25/01/2018 high). The technical structure suggests short-term sideways trading moves. In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1'392 (17/03/2014) is...Read More
(Reuters) - Coca-Cola Co (KO.N) beat Wall Street estimates with quarterly results on Tuesday, citing more demand for Coke Zero Sugar and new flavors under its Diet Coke brand as overall revenue topped expectations by around $300 million.Shares of the Dow component were up nearly 1 percent at $44.44 in pre market trade.The company said the launch of its popular low-calorie Diet Coke aimed at millen...Read More
LONDON (Reuters) - The euro nursed losses at a two-month low on Tuesday on growing concerns that firmer U.S. Treasury yields would reduce incremental demand for the region’s bonds and stocks at a time when hedge funds have amassed record long bets in the single currency.The U.S. 10-year Treasury yield hit its highest in more than four years at 2.998 percent US10YT=RR on Monday before backing...Read More
TORONTO (Reuters) - A driver deliberately plowed his white Ryder rental van into a lunch-hour crowd in Toronto on Monday, killing 10 people and injuring 15 along a roughly mile-long (1.6-km) stretch of sidewalk thronged with pedestrians, police said.Although the attack had the hallmarks of recent deadly vehicle assaults by Islamic State supporters in the United States and Europe, federal officials...Read More
MOSCOW (Reuters) - Moscow is “cautious” about the possibility of Washington easing its sanctions on Russia’s biggest aluminum producer Rusal, Kremlin spokesman Dmitry Peskov said on Tuesday.The United States on Monday gave Rusal’s American customers more time to comply with sanctions.“In this case I would be rather cautious, as these statements are so hypothetical. It...Read More
* M2 growth to grow 9 pct this year - MNI* M2 grew 8.2 pct last year* PBOC cut reserve requirement ratios for most banks last week (Adds context)BEIJING, April 24 (Reuters) - China will further cut the amount of cash that lenders must keep in reserves, and broad M2 money supply growth will accelerate this year, Market News International reported on Tuesday, citing a source close to the central ban...Read More
Gold was under siege on Mondayalong with silver. The big difference between the two patterns is gold failedto hold support and silver sold off to support. The trade being short gold andlong silver remains intact, with the ratio 79-1.We look at metals in two timeframes -- one being long-term investing and two the short-term trading view.Long term, as investors, we are long and like both gold and si...Read More
* LME/ShFE arb:* GRAPHIC-2018 asset returns: (Adds closing prices)By Maytaal AngelLONDON, April 24 (Reuters) - Aluminium hit its lowest innearly two weeks on Tuesday, extending declines from theprevious day after Washington gave U.S. companies more time tocomply with sanctions on Russian producer Rusal andhinted at further sanctions relief.The U.S. Treasury Department gave Americans until Oct. 23,...Read More
* Dollar index retreats from 3-month peak* Palladium resumes slide after Monday's 5 pct drop* GRAPHIC-2018 asset returns: tmsnrt.rs/2jvdmXl (Recasts; updates prices, headline; adds comment, byline, NEWYORK to dateline)By Renita D. Young and Jan HarveyNEW YORK/LONDON, April 24 (Reuters) - Gold prices gainedafter three days of losses on Tuesday as the dollar retreatedfrom an earlier three-month peak...Read More