STOCKHOLM, Feb 27 (Reuters) - The Swedish crown fell against the euro to the weakest level in 8 years on Tuesday, after new data confirmed market worries that the central bank might have to delay its first rate hike since 2011.Swedish consumer confidence fell in February from the month before, signalling slower inflation and making it harder for the Riksbank to start raising rates from the record-...Read More
* Forint eases, Hungarian central bank maintains loose policy* Hungarian government bonds track core market yields higher (Recasts with Hungarian central bank statement, Fed Chair comments)By Sandor Peto and Marcin GoclowskiBUDAPEST, Feb 27 (Reuters) - The forint hit a new low for 2018 against the euro on Tuesday after the Hungarian central bank (NBH) kept interest rates at record lows as expected...Read More
Platinum group metals were the hardest hit on generally weak precious metals markets Tuesday after a German court ruled that cities in Europe's largest economy and world's fourth largest automaker have the right to ban diesel cars.The price of platinum were back in triple digit territory on New York futures markets on Wednesday falling 2% to a low of $983 an ounce. Palladium was also weaker at $1,...Read More
ACCRA, Feb 27 (Reuters) - Ghana will certify the value of gold exports as part of efforts to tighten controls on the sector to ensure the state receives the revenues it is due, the vice president said on Tuesday.Ghana, Africa's second largest gold miner after South Africa, earned $5.78 billion from exports of the metal last year, up 17.6 percent on 2016, central bank data showed.Vice-President Mah...Read More
Feb 27 (Reuters) - U.S. short-term interest-rate futures dropped on Tuesday after Federal Reserve Chairman Jerome Powell told a congressional committee that recent data has strengthened his confidence that inflation is headed up toward the central bank's 2-percent target. After Powell said fiscal policy is more "stimulative," the economy is "strengthening" and that the latest...Read More
After buying Kate Spade back in October, Coach changed its name to Tapestry Inc (NYSE:TPR), and since then the stock has been on fire. In fact, TPR shares just touched a four-year high of $51.64 today -- likely enjoying a halo lift from Macy's (M) -- meaning they've now rallied over 33% since their early October lows. Maybe more importantly, the equity has cleared the $48 level, the site of a 2014...Read More
RIGA, Feb 27 (Reuters) - Latvia's ABLV Bank, which the European Central Bank (ECB) has ordered wound up, said on Tuesday it had enough assets to cover its liabilities in full under a voluntary liquidation plan.The ECB said at the weekend that privately held ABLV is likely unable to pay its debts or other liabilities as they fall due. "We believe our bank will be able to settle with all of our...Read More
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.(Kitco...Read More
Source: Streetwise Reports 02/27/2018With the price of gold staying firmly above $1,300/oz, Brien Lundin, editor of Gold Newsletter, discusses the state of the market and several top picks in an unlikely location.Tuvatu Project MapBrien Lundin, the well-respected editor of Gold Newsletter, is an industry veteran with over 30 years of experience. He began his career working with the visionary J...Read More
Shares of eBay Inc (NASDAQ:EBAY) have been on a tear, recently gapping above a trendline connecting higher highs since early 2017. This level coincides with the shares' rising 20-day moving average, which has acted as support since early December. Considering all this, the stock looks poised to add to its 15% year-to-date gain. Despite EBAY's technical strength, short sellers have continued to tar...Read More
LONDON, Feb 27 (Reuters) - Assets invested in leveraged and inverse exchange-traded funds (ETFs) and products (ETPs) hit a record $87.3 billion at the end of January, research and consultancy firm ETFGI said. Investors have blamed such complex trading instruments for exacerbating the vicious sell-off in global equity markets at the beginning of February.ETFs track baskets of stocks and have become...Read More
* Powell sticks to path of gradual rate hikes* Macy's jumps after reporting upbeat Q4 same-store sales* Comcast offers to buy Sky for $31 bln * Dow up 0.08 pct, S&P up 0.08 pct, Nasdaq down 0.01 pct(Updates to open)By Sruthi ShankarFeb 27 (Reuters) - U.S. stocks were little changed on Tuesday, with losses in media stocks weighing on major indexes, while investors braced for Federal Reserve Cha...Read More
* Graphic: World FX rates in 2018 * Graphic: Trade-weighted sterling since Brexit vote (Rewrites, adds quotes, updates prices)LONDON, Feb (Reuters) - Sterling fell on Tuesday, reversing earlier gains, after Federal Reserve chief Jerome Powell's comments that the central bank would stick to gradual rate rises boosted the dollar.With expectations of a May rate hike by the Bank of England mostly pric...Read More
Fitbit Inc (NYSE:FIT) stock is getting pummeled today, down 12% to trade at $4.89 -- and just off a new record low of $4.67 -- after the wearable tech maker reported fourth-quarter earnings and revenue short of expectations. The company also issued a disappointing forecast for the current quarter. In response, three brokerage firms issued price-target cuts, including to $5 from $6 at Morgan Stanl...Read More
Cincinnati-based retail chain Macy's Inc (NYSE:M) is soaring after the company reported stronger-than-expected fourth-quarter earnings early this morning. The results were helped by impressive same-store sales growth and a revamped loyalty program, and in reaction, the stock has gapped 11.9% higher to trade at $30.72 at last check -- territory not seen since last March.More broadly, M has gained m...Read More
* Focus now on Powell's in-person testimony* Traders brace for German, Italian political developments (Updates throughout to U.S. market open, changes dateline; previous LONDON)By Saqib Iqbal AhmedNEW YORK, Feb 27 (Reuters) - The dollar added to gains against a basket of major currencies on Tuesday after Federal Reserve Chairman Jerome Powell told U.S. lawmakers the central bank would stick with g...Read More
Clovis Oncology Inc (NASDAQ:CLVS) last night reported an adjusted fourth-quarter loss of $1.27 per share on $17 million in revenue, with the latter number falling short of analysts' consensus estimate for $20.1 million in revenue. Wall Street was quick to chime in, too, with CLVS stock receiving price-target cuts from Barclays (to $85), BofA-Merrill Lynch (to $89), Stifel (to $110), and SunTrust R...Read More
Bloomberg News/LandovFlyers listing homes for sale are displayed at a realty office in Berkeley, Calif. The numbers: The S&P/Case-Shiller national index rose a seasonally adjusted 0.7% in the three-month period ending in December, and was up 6.4% compared to a year before. The 20-city index rose a seasonally adjusted 0.6% for the month, and 6.3% for the year. The Econoday consensus foreca...Read More
Stock futures are sluggish this morning, with the Dow Jones Industrial Average (DJIA) poised for a potential breather following yesterday's 400-point surge. In prepared remarks ahead of a question-and-answer session before Congress, new Fed Chair Jerome Powell said, "Despite the recent volatility, financial conditions remain accommodative" for gradual rate hikes. Elsewhere, durable goods orders fe...Read More
Chipotle Mexican Grill, Inc. (NYSE:CMG) got a much-needed boost two weeks back when the company announced Taco Bell vet Brian Niccol as its new CEO. Baird certainly likes the hire, this morning upgrading Chipotle stock to "outperform" and boosting its price target to $400 from $315. The brokerage firm said Niccol is an "extremely talented leader" and touted his work at Yum! Brands (YUM) and Procte...Read More