The brokerage firm also slashed its FDX price targetUBS downgraded FedEx Corporation (NYSE:FDX) to "sell" from "neutral," and slashed its price target by $10 to $161 -- a nearly 15% premium to last night's close at $188.87. Analyst Thomas Wadewitz cited slowing Asian airfreight and German factory activity as signs of a "challenging environment for Fedex's International Package business," while wea...Read More
The food delivery concern announced a first-quarter earnings and revenue beat Food delivery concern Grubhub Inc (NYSE:GRUB) is soaring today, after the company posted earnings and revenue for the first quarter that exceeded analysts' estimates. The company says it's gained an edge in the oversaturated market via aggressive spending and strategic partnerships with restaurants. GRUB shares are up 9...Read More
The SPX and NDX are signaling lower starts, tooIt's a busy morning on Wall Street, with traders eyeing another round of blue-chip earnings.Intel (INTC) stock is bracing for a big drop on the chipmaker's weak outlook, and oil major Exxon Mobil (XOM) is also lower after earnings. Elsewhere, traders are digesting the the latest gross domestic product (GDP) reading, which showed the U.S. economy grew...Read More
Is it time to prepare for the next financial crisis? Something strange is going on in the financial system.And according to The Wall Street Journal, it's causing some investors- including the biggest banks in the world- to move massive amounts of money out of the banking system.What exactly is going on?Former hedge fund manager, Dr. Steve Sjuggerud, one of the most widely-followed financial anal...Read More
Bitcoin Gold rebounds 8.17% on Friday after the sudden widespread crypto selloff. BTG is the strongest daily gainer following a formidable rebound from the intraday low. The cryptocurrency market is dealing with the aftermath of the allegations facing Tether (USDT) and Bitfinex following a new filing by the New York Attorney General’s office. The two entities are accused of covering up a s...Read More
Low-grade manganese ore prices have held relatively steady since rebounding from this year's lows in January, when market participants toned down fears of oversupply in the alloy market. Normally volatile low-grade manganese ore prices have held relatively steady since rebounding from this year's lows in January, after which market participants toned down fears of oversupply in the alloy market. F...Read More
When the London Metal Exchange amended its policies related to its physical delivery network a few years ago, it overlooked one key thing. The issue centers on LME's linked load-in/load-out (LILO) rule, which operates by linking the amount of metal a warehouse loads in to the amount it is obligated to load out for warehouses that have queues of over 50 days.The rule changes were part of package of...Read More
Investing.com - Gold prices edged up on Friday after the release of a slew of U.S. economic data overnight.Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2% at $1,281.85 per ounce by 1:16 AM ET (05:16 GMT).The U.S. Department of Labor reported that initial jobless claims rose by 37,000 to a seasonally adjusted 230,000 for the week ende...Read More
With Silver prices continuing to coil, it remains touch and go as to which way it could break. But with volatility seemingly brewing around a pivotal area, when it breaks, it could be hard and fast. Ultimately, we suspect silver’s price action is fast-approaching an inflection point. As Fawad Razaqzada noted yesterday, silver has clearly stalled around an important level...Read More
Australian exploration and development Aurelia Metals (ASX:AMI) said on Friday it has begun discussions with miner and commodities trader Glencore (LON: GLEN), which it hoped would lead to the acquisition of the Swiss company's CSA copper mine."The company's high-level assessment is that CSA mine could potentially be a strategic fit for the company, consistent with our general view that further c...Read More
Markets Earnings Oil Gold Europe lower as earnings season comes into focus It’s been a slightly negative end to the week in Europe, with indices marginally in the red, while US futures are once again looking mixed as we await more earnings reports. Earnings is very much front of mind right now, with central banks around the world having adopted a far more dovish approach in anticip...Read More
Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Friday April 26, supported by a slight dip in the US dollar index below the psychological level of 98.Solid GDP figures from the US also aided buying momentum.The three-month zinc price closed at $2,768 per tonne, up by more than 1% over the afternoon, in decent volumes - almost 10,000 lots changed...Read More
Warrant traders are reporting an uptick in European zinc warrants available on the London Metal Exchange amid fresh inflows of material this month, while a strong backwardation in the metal's nearby spreads has left participants questioning what is incentivizing buying. This week, Fastmarkets was informed of business at $25-30 per tonne for 99.995% North European zinc warrants, its highest le...Read More
Lead stocks held in Shanghai Futures Exchange-approved warehouse plunged by 13.8% week on week on Friday April 26 due to rising utilization rates.Deliverable lead stocks at SHFE-approved warehouses have tumbled by 4,052 tonnes since April 19 to reach 29,329 tonnes as of this Friday.This week's sharp drop follows an increase of 232 tonnes on April 19, before which stocks had been falling. Zhejiang...Read More
Gold futures tallied back-to-back gains on Thursday, but found only modest support for the session against a backdrop of mixed trading in the U.S. stock market on the heels of the latest earnings reports and economic data. Gold for June delivery GCM9, +0.68% tacked on 30 cents, or 0.02%, to settle at $1,279.70 an ounce. The most-active contract settled at its lowest levels since about Dec. 26 on...Read More
Gold futures tallied back-to-back gains on Thursday, but found only modest support for the session against a backdrop of mixed trading in the U.S. stock market on the heels of the latest earnings reports and economic data. Gold for June delivery GCM9, +0.68% tacked on 30 cents, or 0.02%, to settle at $1,279.70 an ounce. The most-active contract settled at its lowest levels since about Dec. 26 on...Read More
Pig iron export offers from the south of Brazil went down during the week ended Friday April 26 on lower local demand and a pessimistic mood among buyers, Fastmarkets has heard.Fastmarkets' weekly price assessment for pig iron exports from the southeastern Minas Gerais region of the country was $330-340 per tonne fob on April 26, widening downward from $335-340 per tonne a week before.One cargo of...Read More
Aurubis, Europe's largest copper producer, on Friday cut its annual targets, citing factors such as a slower economy and maintenance shutdowns, sending its shares sharply lower. Aurubis now expects operating pretax earnings in its fiscal 2018/19 to decrease by more than 15% compared to the previous year. In February, Aurubis had forecast full-year operating earnings before tax to be "moderately lo...Read More
Australian exploration and development Aurelia Metals (ASX:AMI) said on Friday it has begun discussions with miner and commodities trader Glencore (LON: GLEN), which it hoped would lead to the acquisition of the Swiss company's CSA copper mine."The company's high-level assessment is that CSA mine could potentially be a strategic fit for the company, consistent with our general view that further c...Read More
Indian secondary billet prices remained flat for the second consecutive week on Friday April 26 even as finished long steel product prices continued to slide.The Indian domestic secondary billet price was assessed by Fastmarkets on Friday at 31,400-31,600 rupees ($446-449) per tonne ex-mill, unchanged since last week."Secondary billet prices are stable only because there is not enough supply," an...Read More