MOSCOW/LONDON (Reuters) - As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude.Russia paired with the Organization of the Petroleum Exporting Countries last year in cutting oil output jointly by 1.8 million barrels per day (bpd), a deal they say has largely rebalanced the market and one that has he...Read More
(Kitco News)- The dollar is emerging as the dominant driver of goldprices, according to the World Gold Council.In the short and medium term, gold’s prices can be explainedby both the U.S. dollar and interest rates, but according to a recent report bythe WCG, the dollar will overtake rates to explain the direction of the yellowmetal.“The correlation between gold and US rates is waning a...Read More
(Reuters) - Goldman Sachs Group Inc on Monday named company veteran John Mallory to lead its private wealth management business in the Americas.The business is part of the Wall Street bank's investment management division, which oversees about $1.5 trillion for clients.Mallory previously led Goldman's investment management division in the Western United States and has spent more than 20 years at t...Read More
The shares hit an eight-year low earlierThe broader stock market has erased its modest lead ahead of this week's onslaught of corporate earnings reports. Among individual stocks to watch are aluminum giant Alcoa Corp (NYSE:AA), Bowflex parent Nautilus, Inc. (NYSE:NLS), and homegoods retailer Pier 1 Imports Inc (NYSE:PIR), which are all seeing wild price action. Here's a quick look at moving shares...Read More
(Reuters) - Wall Street’s three major indexes struggled for direction on Monday as Treasury yields inched up to levels that have spooked investors in recent months.The yield on 10-year U.S. Treasury notes US10YT=RR hit a four-year high of 2.998 percent, edging closer to the 3-percent level, amid worries about the growing supply of government debt and accelerating inflation as oil and commodi...Read More
LONDON (Reuters) - Leading shareholders in British listed infrastructure funds are doubling down on their investments, betting the political worries that sent valuations to decade-lows are overdone.The funds, which mainly invest in building and maintaining UK assets like schools and hospitals, have boomed in recent years as successive governments supported private finance initiatives (PFI) aimed a...Read More
The Dow component will be part of tomorrow's big earnings slateTravelers Companies Inc (NYSE:TRV) is scheduled to report earnings before the open tomorrow, April 24, and the stock has been testing a key level on the charts ahead of the event. Specifically, TRV shares have pulled back to the $135-$137 area. The $135 price point equals a roughly 10% decline from the equity's Feb. 2 record high of $1...Read More
April 23 (Reuters) - Barrick Gold Corp reported a slightly better than expected increase in first-quarter adjusted profit on Monday and said it was done selling assets to cut debt and would instead use funds from any future sales to boost growth or pay dividends.The world's biggest gold producer by production said its focus would increasingly be on growth from its own projects and operations in Ne...Read More
Gold futures on Monday settled lower for a third session in a row, touching the lowest level in nearly five weeks, as the commodity has been buffeted by a strengthening dollar and gains in the benchmark Treasury note. June gold GCM8, +0.17% was down $14.30, or 1.1%, to $1,324 an ounce, marking its lowest finish since March 21 and its worst daily drop since April 12, according to FactSet data. The...Read More
Gold futures on Monday settled lower for a third session in a row, touching the lowest level in nearly five weeks, as the commodity has been buffeted by a strengthening dollar and gains in the benchmark Treasury note. June gold GCM8, -0.19% was down $14.30, or 1.1%, to $1,324 an ounce, marking its lowest finish since March 21 and its worst daily drop since April 12, according to FactSet data. The...Read More
Story by Jeff DesjardinsIs the commodity supercycle coming back from the dead?For now, such a claim could perhaps be considered both bold and premature - but there does seem to be some compelling evidence that is mounting to back it up.The asset quiltAccording to the most recent "Asset Quilt of Total Returns" put together by Bank of America Merrill Lynch, commodities are the top returning asset cl...Read More
General Electric stock broke out last week, while Apple shares tankedGeneral Electric Company (NYSE:GE) stock was among the best of the Dow Jones Industrial Average (DJI) last week, punctuated by the conglomerate's stronger-than-expected earnings report on Friday. On the flip side, Apple Inc. (NASDAQ:AAPL) stock was among the worst blue chips last week, amid concerns about the iPhone and ebbing sm...Read More
WASHINGTON/TORONTO (Reuters) - Western allies stepped up pressure on U.S. President Donald Trump on Monday to keep alive an international nuclear deal with Iran, with French President Emmanuel Macron due to urge him in person not to tear up the 2015 agreement.Trump has said that unless European allies fix what he has called its “terrible flaws” by May 12, he will restore U.S. economic...Read More
NEW YORK (Reuters) - Hedge fund managers at the high-profile 2018 Sohn Investment Conference in New York pitched stock ideas on Monday ranging from online food ordering to homebuilders that should benefit from the growing clout of the millennial generation.John Khoury, founder and managing partner of $2.7 billion hedge fund Long Pond Capital, revealed a long position in U.S. homebuilder D.R. Horto...Read More
Immediate-term buy signal intact, but gold needs to rally this week.Failing to make a new monthly high will violate cardinal trading rule.Dollar strength is also an immediate-term concern for gold.Gold suffered a setback on Friday as the U.S. dollar experienced its biggest rally of the month to date. With the gold price struggling to stay above its benchmark 15-day trend line, we'll examine gold's...Read More
Gold miners should start to outperform gold shortly.An intermediate or daily low is close.We will use GDX or GDXJ as our vehicle to scale into a long play.The precious metals mining complex (GDX) and silver (SLV) may be illustrating that a bottom is near in this asset class. The long-term technicals from both an overlay and momentum perspective in both silver and the miners remain pretty oversold....Read More
WASHINGTON/BOSTON (Reuters) - Wells Fargo & Co’s (WFC.N) disclosure of how its chief executive’s pay compares to the rest of its workforce has drawn criticism from some company employees ahead of the scandal-plagued bank’s annual shareholder meeting.More than a dozen employees made posts criticizing pay details the bank released in March, according to comments on an internal...Read More
HOUSTON (Reuters) - Offshore rig operator Borr Drilling (BDRILL.OL) cut 66 jobs in Texas at the end of March, according to a state regulatory notice, as the company prepared to close on its purchase of Paragon Offshore.The filing with the Texas Workforce Commission did not provide a reason for the layoffs.A Borr representative was not immediately available for comment.Borr, based in Oslo, Norway,...Read More
LONDON (Reuters) - Britain’s upper house of parliament handed the government its third defeat over Brexit in less than a week on Monday, voting down plans not to retain EU rights in national law before Britain leaves the bloc.The defeat is one of several Prime Minister Theresa May’s Conservative government is expected to suffer in the House of Lords as parliament debates legislation wh...Read More
WASHINGTON (Reuters) - U.S. Supreme Court justices on Monday appeared divided over a challenge to the constitutionality of the Securities and Exchange Commission’s selection of in-house judges to enforce investor protection laws in a case involving a former radio host and investment adviser backed by the Trump administration.The court heard arguments in an appeal by Raymond Lucia, who was gi...Read More