A new report by BMI Research states that a possible victory by frontrunner presidential candidate Andr?(C)s Manuel L??pez Obrador poses "minimal downside risks to an otherwise strong outlook" for Mexico's mining industry.According to the market research firm, the populist candidate's policy goals would indeed represent a major shift from the current administration and that is why they have stoked...Read More
* 4th-quarter U.S. economic growth revised down * Booking Holdings, TJX gain after earnings* Celgene falls after FDA rejects filing for MS drug * Indexes down: Dow 1.5 pct, S&P 1.1 pct, Nasdaq 0.8 pct(Adds details on U.S. stocks' monthly decline)By Caroline ValetkevitchNEW YORK, Feb 28 (Reuters) - U.S. stocks sold off late to end sharply lower on Wednesday, dragged down by continued worries ov...Read More
NEW YORK, Feb 28 (Reuters) - Investment manager LJM Partners Ltd on Wednesday said it plans to shut down by the end of April following losses during the market's recent bout of volatility, according to a letter sent to investors.LJM will not resume trading and will return all remaining funds to investors, according to the letter reviewed by Reuters. (Reporting by Trevor Hunnicutt; Editing by Lisa...Read More
(Updates prices)SAO PAULO, Feb 28 (Reuters) - Mexican equities fell sharply again on Wednesday, capping their worst month in 6-1/2 years, as a mediocre corporate results season wrapped up amid uneasy negotiations to save the North American Free Trade Agreement.Markets also continued to be spooked following a relatively hawkish speech by the newly appointed head of the Federal Reserve Jerome Powell...Read More
(Adds details on quarterly revenue, eanrings forecast)NEW YORK, Feb 28 (Reuters) - Mylan NV said on Wednesday its fourth-quarter earnings fell due to declining revenue from its EpiPen emergency allergy injector and weak U.S. prices for generic drugs.The drugmaker reported net income of $244.3 million, or 46 cents a share, in the quarter, down from $417.5 million, or 78 cents a share, last year. E...Read More
By Trevor HunnicuttNEW YORK, Feb 28 (Reuters) - U.S. fund investors are sending a message that things are different after the market tumble, putting more cash into international stocks but showing less tolerance for bonds, Investment Company Institute (ICI) data showed on Wednesday.During the week ended Feb. 21, world stock funds pulled in $7.4 billion while their domestic counterparts posted with...Read More
The Oyu Tolgoi copper and gold mine in Mongolia's southern Gobi Desert will lift force majeure effective March 1 and majority owner Turquoise Hill Resources Ltd said on Wednesday that it expected to make up any sales-related effect over the next few quarters.Force majeure was declared Jan. 17 after protests by Chinese coal haulers disrupted deliveries by blockading roads near the Chinese-Mongolian...Read More
GFG Resources (TSX-V:GFG) announced today that it has completed the acquisition of Rapier Gold.In a press release, the company explained that the buy-out was an integral part of its plans to consolidate a piece of land west of the gold mining district of Timmins, Ontario. With this addition, GFG now controls 565 square kilometres of gold assets in the eastern Canadian province.The consolidated lan...Read More
(Adds stocks, details, updates prices to close)Feb 28 (Reuters) - Canada's main stock index slumped on Wednesday, pulled lower by energy shares that fell alongside the price of oil and as Valeant Pharmaceuticals tumbled after the company gave a weaker-than-expected revenue forecast.* The sell-off on the Toronto market accelerated into the closing bell, following Wall Street lower and making for i...Read More
March 1 (Reuters) - Stock MarketsNet ChngStock MarketsNet ChngS&P/ASX 200** 6,016-40.9 NZX 50**8,353.090-20.730DJIA**25,029.20-380.83 NIKKEI**22,068.24-321.62Nasdaq**7,273.009-57.345 FTSE**7,231.91 -50.54S&P 500** 2,713.83 -30.45Hang Seng** 30,844.72-423.94SPI 200 Fut 5,962-39.00STI** 3,517.94 -22.45SSEC**3,259.4959 -32.57KOSPI** 2,427.36 -28.78---------------------------------------------...Read More
The stock market experienced another late-day decline, dragging the major indexes into negative territory. The Dow, S&P 500 Index, and Nasdaq got off to strong starts fueled by tech and retail stocks, while investors also reacted to this morning's fourth-quarter GDP update. But a sharp drop in oil prices resulted in major weakness from the energy sector, and the selling pressure only intensified i...Read More
BUENOS AIRES, Feb 28 (Reuters) - Argentina sold 58.3 billion pesos ($2.9 billion) in local law bonds, split between 30 billion pesos in bonds maturing in 2020 and 28.3 billion pesos in bonds maturing in 2023, the finance ministry said in a statement on Wednesday.The government received 68 billion pesos in orders for the 2020 bonds and 29 billion pesos in orders for the 2023 bonds, the ministry sai...Read More
Sweden's billionaire Lundin family is looking to spend as much as $3 billion on a new industrial-metal asset as prices rally, before turning its attention to scouring for a new gold project.Lundin Mining Corp. is on the prowl for a long-life zinc, nickel or copper asset and would shell out $1 billion to $3 billion, Lukas Lundin said in an interview Wednesday from the BMO Global Metals & Mining Con...Read More
Gold undermined by a higher US dollar index. Powell optimism about higher US inflation may be positive for Gold. Gold is now trading around $1318 in the New York session, almost unchanged (-0.05%) on a higher USD, amid concerns of higher US inflation and raising interest rates. After Tuesday’s Powell optimism, the USD drifted lower on early Wednesday Asian sessio...Read More
March 1 (Reuters) - Australian shares are expected to extend losses and open lower on Thursday following a decline in energy prices that hit U.S. stocks.The local share price index futures fell 45 points, or 0.8 percent, to 5,956, a 60-point discount to the underlying S&P/ASX 200 index close. The benchmark finished the previous session down 0.7 percent.New Zealand's benchmark S&P/NZX 50 in...Read More
(Adds central bank governor's comments)By Sheky EspejoMEXICO CITY, Feb 28 (Reuters) - Mexico's central bank kept its economic growth projections for this year and next unchanged in a report released on Wednesday, but flagged risks to the inflation outlook and vowed to act in an "opportune and firm" way to keep price expectations anchored.In its quarterly report, the Banco de Mexico said...Read More
* Fed chair's testimony read as striking hawkish tone* Weaker-than-expected U.S. data fails to tarnish dollar* Euro zone inflation slows, clipping euro bulls* Yen edges higher after BoJ trims super-long JGB buying (Adds comment, updates prices in text, table)By Gertrude Chavez-DreyfussNEW YORK, Feb 28 (Reuters) - The dollar rose to five-week highs on Wednesday, bolstered by an upbeat assessment of...Read More
Ann Saphir(Reuters) - A day after Federal Reserve Chair Jerome Powell told Congress a strengthening economy boosts his confidence that inflation and wages are on the rise, one of his colleagues argued for waiting on interest-rate hikes until those increases are obvious.“I want wage growth to continue to build, I want to see inflation move toward our 2-percent target, I want to see more evide...Read More
Howard Schneider, Lindsay DunsmuirWASHINGTON (Reuters) - Financial markets barely batted an eye on Tuesday when Jerome Powell’s first public statement as Federal Reserve chief saw daylight, interpreting it as a steady-handed commitment to the U.S. central bank’s policy of gradual interest rate increases.The calm evaporated about a couple of hours later, at 10:42 a.m. EST (1542 GMT), wh...Read More
U.S. stocks have traded on both sides of the aisle today, with markets last seen lower as oil prices slump. Not all the day's action is to the downside, though, with Dow stock United Technologies Corporation (NYSE:UTX), global nutrition company Herbalife Ltd. (NYSE:HLF), and Taser parent Axon Enterprise Inc (NASDAQ:AAXN) all trading higher. Here's a closer look at what shares of UTX, HLF, and AAX...Read More