Contrarians, who weren't surprised by gold's weakness in recent sessions, believe bullion will continue to suffer. That's because there still isn't the widespread despair and pessimism that typically precede tradable gold rallies. That despite gold's GCJ8, -0.11% disappointing performance during the stock market's recent correction; bullion is down 4% since its late January high - including anoth...Read More
NEW YORK (Reuters) - Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose and investors covered short bets ahead of a weekend in which the U.S. news program “60 Minutes” will air an interview with Saudi Arabia’s crown prince.Saudi Crown Prince Mohammed bin Salman will be on “60 Minutes” on Sunday...Read More
NEW YORK (Reuters) - Oil prices rallied on Friday afternoon ahead of a much-anticipated television interview with Saudi Arabia’s crown prince, while Wall Street rose on strong economic data as U.S. stocks tried to end a rocky week on a high note.Crude prices had been on track for a weekly loss, but spiked on Friday, putting oil in position for a gain on the week.Energy investors were looking...Read More
LONDON (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them.1/ FED A-HEADThe U.S. Federal Reserve’s first meeting with new head Jerome Powell at the helm takes place on Tuesday and Wednesday and an interest rate rise - this year’s first - is seen as a done deal.Against the backdrop of b...Read More
WASHINGTON (Reuters) - U.S. job openings jumped to a record high in January, but a persistent lag in hiring suggested that employers will probably have to raise wages to attract qualified workers.The monthly Job Openings and Labor Turnover Survey, or JOLTS, released by the Labor Department on Friday underscored labor market strength and supported expectations that the Federal Reserve could raise i...Read More
(Kitco News) - After months of speculation, the big show is almost here and for gold investors, this could be the metal’s chance to break free. That’s right, next week the only thing investors are watching is the Federal Reserve’s monetary policy meeting.And according to most analysts, there is no doubt that interest rates are moving higher. Markets see a 25-basis point hike as...Read More
(Kitco News)- Silver prices are suffering from lackluster investor demand, and one research firm is warningthat industry demand could be weaker than many are expected, especially withinthe solar sector.Ina report Thursday, Simona Gambarini, commodities economist at CapitalEconomics, said that her firm is maintaining its bearish forecast on silver,looking for the price to end the year at $15.50 an...Read More
Loop Capital upgraded the retail stock and lifted its price targetLumber Liquidators Holdings Inc (NYSE:LL) has jumped 3.3% to trade at $25.39, after Loop Capital upgraded the retail stock to "buy" from "hold," and boosted its price target to $30 from $22 -- citing expectations for continued growth in both same-store sales and market share. Options traders aren't buying the upside, though, with LL...Read More
BRUSSELS/PARIS (Reuters) - Britain, France and Germany have proposed fresh EU sanctions on Iran over its ballistic missiles and its role in Syria’s war, according to a confidential document, in a bid to persuade Washington to preserve the 2015 nuclear deal with Tehran.The joint paper, seen by Reuters, was sent to European Union capitals on Friday, said two people familiar with the matter, to...Read More
WASHINGTON (Reuters) - U.S. industrial production surged in February, boosted by strong increases in output at factories and mines, but the economic outlook for the first quarter was dimmed by a larger-than-expected plunge in homebuilding last month.The broad-based rise in production likely reflected increased investment spending in the wake of hefty corporate income tax cuts, which came into effe...Read More
Gold prices ended Friday at their lowest level in just over two weeks, generally tethered to the dollar this week yet supported by persistent global political and trade tensions given the metal's haven-asset status. However, Friday's "trading action indicates that the impact of political turmoil is fleeting and that investors' primary focus remains on the economy and monetary policy," said Colin C...Read More
Gold prices ended Friday at their lowest level in just over two weeks, generally tethered to the dollar this week yet supported by persistent global political and trade tensions given the metal's haven-asset status. However, Friday's "trading action indicates that the impact of political turmoil is fleeting and that investors' primary focus remains on the economy and monetary policy," said Colin C...Read More
Not long after Gary Cohn hit the bricks, Rex Tillerson was fired by TrumpIt was a seesaw week for U.S. stocks, as traders digested the latest inflation and economic data ahead of next week's highly anticipated Fed meeting. More notably, perhaps, stocks reacted to speculation of a global trade war and another dramatic week in Washington, D.C., with Rex Tillerson the latest White House staffer to hi...Read More
Plus, Amyris' 4Q results blew past expectationsThe Dow is maintaining a solid lead today, but is still heading for a weekly loss. Among individual names making notable moves are direct-to-consumer mattress company Purple Innovation Inc (NASDAQ:PRPL), cosmetics ingredients expert Amyris Inc (NASDAQ:AMRS), and cloud issue Zscaler Inc. (NASDAQ:ZS). Here's a quick look at what's driving shares of PRPL...Read More
In a typically trenchant research note on Friday, Ole Hansen, chief commodity strategist at Saxo, warns that the calm on gold markets is likely to be shattered soon.According to calculations by the Danish bank gold was set to experience its tightest weekly trading range in percentage terms since 2012 and in dollar terms since 2007.Subdued dollar trading and the quiet on bullion boards came against...Read More
(Reuters) - Wall Street’s main indexes rose on Friday after strong economic data boosted financial stocks and a jump in oil prices lifted shares of energy companies.JPMorgan (JPM.N) and Bank of America (BAC.N) rose nearly 1 percent, helping the S&P financial index gain .SPSY 0.55 percent.The top gainer on the S&P 500 was the energy index .SPNY, which rose 1.2 percent, helped by advan...Read More
PARIS (Reuters) - Some 110 countries have agreed to work towards forming an international consensus by 2020 on how to tax digital businesses across borders, the Organisation for Economic Cooperation and Development said on Friday.Big digital companies like Google (GOOGL.O), Apple (AAPL.O) and Amazon (AMZN.O) have for years been able to exploit current rules to legally slash their tax bills in some...Read More
BAMAKO, March 16 (Reuters) - Mali's government is negotiating with mining companies to draft a new mining code but will move to implement a new law unilaterally if no compromise is reached, the West African country's economy minister said on Friday.Many mines in Mali, Africa's third-largest gold producer, are protected from changes to the fiscal regime for 30 years, but Boubou Cisse told reporters...Read More
BRUSSELS (Reuters) - The European Commission called for industry views on Friday on a list of U.S. products it will subject to import tariffs, the first step towards measures to counter planned U.S. taxes on European steel and aluminum.The European Union wants to be exempted from U.S. duties of 25 percent on steel and 10 percent on aluminum that U.S. President Donald Trump approved last week. U.S....Read More
LONDON (Reuters) - The global economy is booming, but with growing political uncertainty and the threat of trade skirmishes after the United States imposed tariffs on steel and aluminum imports, a slowdown may not be far away.Global growth will be at its strongest in seven years in 2018, the Organisation for Economic Cooperation and Development said on Tuesday as it raised its forecast to 3.9 perc...Read More