* Dow tops 26,000 but Wall Street gives up gains* Dollar holds near three-year lows* Oil, copper drop after rally (Updates with European market close)By Chuck MikolajczakNEW YORK, Jan 16 (Reuters) - World stock markets edged lower on Tuesday, giving back earlier gains as Wall Street retreated from initial highs as a decline in oil and metals weighed on the energy and materials sectors. Wall Street...Read More
In the same way that the automobile was a big unknown in the days of horse-drawn carriages, cryptocurrencies are unknown in today's world of cash, gold, and credit cards. But it would be a grave mistake for government regulators to overreach and delay this innovation from reaching its potential. Bitcoin BTCUSD, +5.12% prices tumbled last week after reports that South Korea would ban cryptocur...Read More
(Kitco News) - Silver remains an overlooked asset, but in 2018 things could change, as prices are projected to rise based on recovering industrial and investor demand, according to HSBC’s latest silver outlook.“We expect silver to move moderately higher in 2018 and 2019 based on strong industrial demand and limited supply,” said James Steel, chief precious metals analyst at HSBC....Read More
(Kitco News)- Unlike for gold, it has not been a good start to the yearfor crypto currencies, especially for bitcoin, which lost significant traction asprices trade around $11,000 an ounce.Tuesday has been a particularly disappointing day forbitcoin investors, as the digital currency has dropped almost 20% during thetrading session. Kitco.com’saggregated markets show bitcoin last traded at $...Read More
(Adds Greenlight 2017 performance, Einhorn comments on tech, industrials, gold)BOSTON, Jan 16 (Reuters) - Hedge fund manager David Einhorn told investors on Tuesday that he made a "large" bet on insurer Brighthouse Financial late last year, and had made money on General Motors but lost by shorting Amazon and Tesla .Einhorn's Greenlight Capital bought into Brighthouse, MetLife's former U...Read More
(Adds Raiffeisen CEO comment, more detail)WARSAW, Jan 16 (Reuters) - Poland's financial market regulator said on Tuesday it would not approve a plan by Austrian bank Raiffeisen Bank International to set up a new bank in Poland.RBI wanted to create the new bank to take on a batch of mainly Swiss franc-denominated loans from its existing Polish bank Raiffeisen Bank Polska.RBI was due to list Raiffe...Read More
* Dollar recovers a day after hitting three-year low* Palladium slips below Monday's record high* GRAPHIC-2018 asset returns: (New throughout, updates prices, market activity and analyst comments, adds second byline and NEW YORK dateline)By Renita D. Young and Jan HarveyNEW YORK/LONDON, Jan 16 (Reuters) - Gold slipped on Tuesday from the previous day's four-month high, reflecting losses across the...Read More
U.S. stocks have been crushing it in 2018, with the major market indexes assailing new heights at a crazy clip, sending stock market inflows and Wall Street optimism skyrocketing. In fact, the Dow Jones Industrial Average (DJI) has already added more than 1,000 points in the first 10 trading sessions of the year, and is pacing for its biggest monthly percentage gain since November 2016. But can th...Read More
Gold is quiet at the start of the week as investors prefer risk-on trades.Speculators were bullish gold over Jan. 2-9, the CFTC shows.ETF investors took some profit over Jan 5-12, according to FastMarkets' estimates.The global macro backdrop is gold-positive. Brief analysis of the dollar and US real rates.I am long GLD. Introduction Welcome to my Gold Weekly. In this report, I wish to discuss mai...Read More
BRASILIA, Jan 16 (Reuters) - The Brazilian central bank has called for all vice presidents of state lender Caixa Econ??mica Federal to step down following the investigation of alleged corruption at the bank, a person with knowledge of the matter told Reuters on Tuesday.The central bank's request follows similar demands by federal prosecutors last month which the government initially ignored, sourc...Read More
(Adds detail, quotes)ZURICH, Jan 16 (Reuters) - Swiss National Bank Chairman Thomas Jordan said negative interest rates were still needed to tame the Swiss franc, which he said remained "highly valued.""Switzerland has had a strong franc for a long time and it remains highly valued," Jordan told an event in Zurich on Tuesday."That's why we have low interest rates, they sh...Read More
(Kitco News) - Gold prices ended the U.S. day session with modest gains Tuesday and scored afour-month high in overnight action. Meantime, silver prices were slightly upand hit a two-month high overnight. The precious metals markets are beingsupported by a plunging U.S. dollar index and a soaring Euro currency. February Comex gold was last up $2.40 an ounce at $1,337.40. March Comex silver was las...Read More
(Adds details on the acquisition; background on consolidation in the HFT industry)By John McCrankNEW YORK, Jan 16 (Reuters) - Hudson River Trading LLC has agreed to buy Sun Trading parent Sun Holdings LLC, it said on Tuesday, the latest takeover in a shrinking high frequency trading industry beset by low market volatility and rising costs. The deal between the two closely held firms is expected t...Read More
WASHINGTON, Jan 16 (Reuters) - The U.S. Treasury has warned U.S. investors to approach Venezuela's proposed "petro" cryptocurrency with caution, saying that it may contravene U.S. sanctions against the government of Venezuelan President Nicolas Maduro."Available information indicates that, once issued, the petro digital currency would appear to be an extension of credit to the Venez...Read More
Source: Adrian Day for Streetwise Reports 01/15/2018Money manager Adrian Day provides updates for a handful of companies in his portfolio.A day late and a dollar (in this case, a penny) short: The day after our last recommendation, Evrim Resources Corp. (EVM:TSX.V, 0.42 x 0.44) opened above our limit and has moved up dramatically ever since, trading as high as 47 cents on Jan. 12. Another resp...Read More
* Citigroup, UnitedHealth jump after Q4 results* GE slides after saying it would take $6.2 bln charge in Q4* Merck gains on positive Keytruda lung cancer data* Indexes up: Dow 0.59 pct, S&P 0.23 pct, Nasdaq 0.25 pct (Updates to early afternoon)By Sruthi ShankarJan 16 (Reuters) - The Dow Jones Industrial Average raced past the 26,000 mark for the first time on Tuesday as fourth-quarter earnings...Read More
VANCOUVER (Reuters) - Participants at a 20-nation meeting on North Korea said on Tuesday that sanctions pressure must be maintained on Pyongyang to force it to abandon its nuclear weapons program.“We must increase the costs of the regime’s behavior to the point that North Korea must come to the table for credible negotiations,” U.S. Secretary of State Rex Tillerson told the one-d...Read More
Chip stocks are trading higher with the broader stock market today, boosted by a fresh round of bullish brokerage notes for Nvidia (NVDA). Among those rallying with its sector peers is Advanced Micro Devices, Inc. (NASDAQ:AMD), last seen trading up 0.7% at $12.10. However, the shares remain stuck below two key technical levels, and if history is any guide, AMD stock could underperform this year. S...Read More
By Girish GuptaCARACAS, Jan 16 (Reuters) - Advisers to the Venezuelan government are recommending it sell $2.3 billion of its new cryptocurrency, the petro, in a private offering at a discount of up to 60 percent, according to a document reviewed by Reuters.President Nicolas Maduro is pressing ahead with an attempt to capitalize on the success of cryptocurrencies like bitcoin by creating one for V...Read More
ZURICH, Jan 16 (Reuters) - Swiss National Bank Chairman Thomas Jordan said negative interest rates were still needed to tame the Swiss franc, which he said remained "highly valued.""Switzerland has had a strong franc for a long time and it remains highly valued," Jordan told an event in Zurich on Tuesday. (Reporting by John Revill and Angelika Gruber) Disclaimer: The views exp...Read More