Short-sellers are back targetting Canadian housing this earnings season. Mortgage and consumer lender Equitable Group (EQB) has jumped into the top 10 list of the most shorted stocks in Canada (as a % of float). As of the April 30th IIROC short report, EQB was sitting at the number seven spot. However, as short-sellers have increased their positions, likely as a bet against Canadian housing, our...Read More
Demand for flat steel in Turkey failed to improve in April, with most prices moving downward and with demand unlikely to improve significantly this month, market participants told Fastmarkets on Wednesday May 8.Local producers have filled their order books until late June, they added.The price decreases in April were because of the weak demand in both the local and export markets.Mayoral elections...Read More
China's hot-rolled coil prices weakened on Wednesday May 8 amid persistently thin trading.DomesticEastern China (Shanghai): 4,060-4,070 yuan ($599-601) per tonne, down 10-20 yuan per tonneNorthern China (Tianjin): 3,920-3,950 yuan per tonne, widening downward by 20 yuan per tonneMarket participants said mills lowered their offers during the day in response to recent days' sluggish buying.But this...Read More
* Strikes expected in major U.S. cities * Uber due to IPO on Friday(Adds details from San Francisco)By Kate Holton and Jane Lanhee LeeLONDON/SAN FRANCISCO, May 8 (Reuters) - Uber drivers inLondon and major U.S. cities held a series of strikes onWednesday to protest the disparity between gig-economyconditions and the sums that investors are likely to make inFriday's blockbuster stock market debut.P...Read More
Lack of demand and trading activity combined this week to put new pressure on CIS long steel export prices.The situation was aggravated by increased competition with Turkish suppliers trying to overcome difficulties related to protectionism in Europe and the United States and a weakening domestic economy. "We are about to finalize a rebar sale at $460 per tonne fob Black Sea," a Ukr...Read More
Import volumes of flat and long steel products into Brazil moved in opposite directions in April, according to figures released recently by the country's economy ministry.Imports of flat steel products fell by 25.70% year-on-year in April, to 97,534 tonnes, compared with 131,265 tonnes in April 2018.The decrease was mainly due to reduced imports of heavy plate, partially offset by higher volumes o...Read More
Dave KranzlerThe National Association of Realtors (NAR - existing home sales reports) and the Census Bureau (new home sales reports) report monthly sales on a "seasonally adjusted annualized rate" basis (SAAR). Notwithstanding the reliability - or lack thereof - of the "seasonal adjustments," it would seem absurd to report monthly home sales on an annualized rate basis.To the extent the NAR and...Read More
Stewart Thomson, Graceland Updates 1. There has been an uptick in market risk over the past couple of weeks, and that's being reflected in dollar-yen and dollar-gold. 2. Please click here now. Double-click to enlarge this dollar versus yen chart.3. The 109.50 area on this chart is quite important for gold investors. If the dollar falls under that price zone, gold is likely...Read More
Steve St. Angelo, SRSrocco Report The global economy would be in serious trouble if it weren't for the rapid growth of U.S. shale oil production. Since the 2008 financial crisis, U.S. shale oil production has increased by more than 6 million barrels per day. Without these additional barrels of oil, the massive money printing and asset purchases by the central banks would not have been as su...Read More
Prices for mesh-quality wire rod in Europe were stable this week amid limited market activity, sources told Fastmarkets on Wednesday May 8.Fastmarkets' assessment of the domestic mesh-quality wire rod price in Southern Europe was ?,?525-550 ($588-616) per tonne on May 8, unchanged for the past three weeks.The price has stayed within the range of ?,?525-560 per tonne since July 4 last year. But des...Read More
This week's 900-point selloff is technically very similar to the 1000-pointer that occurred between February 25 and March 11. Both exceeded two prior lows on the daily chart, generating bearish 'impulse legs' in the process. Now, even if the Dow should recover much or most of it in the days ahead, it would not change the troubling fact that two diving feints occurred within such a short time spa...Read More
Stock bump should be very bullish for gold. I write once again that short covering and subsequent long position building will be there if gold manages to trade over $1292. If gold rises till Monday close, then I am very confident of a $1310 and $1330. Rise and fall both will be big. Silver will lag gold but will rise if supported by gold. Two big crude oil consuming nations India and China hav...Read More
The Turkish steel mills went quiet in the deep-sea scrap markets on Wednesday May 8 due to low demand for finished steel and the country's worsening political situation, sources told Fastmarkets.The most recent cargo booking in the deep-sea trade was on May 7. A steel mill in the Iskenderun region booked a US cargo, comprising 23,000 tonnes of HMS 1&2 (80:20) at $300 per tonne and 5,000 tonnes of...Read More
Danielle DiMartino Booth spent nine years as an advisor to Richard W. Fisher at the Federal Reserve Bank of Dallas. Danielle left the Fed in 2015 to found Money Strong, LLC, an economic consulting firm and launched a weekly economic newsletter She is the author of Fed Up: An Insider's Take on Why the Federal Reserve is Bad for America. DiMartino Booth began her career in New York at Donaldson, Luf...Read More
Gregory Mannarino started his financial career working for the securities and trading arm of the now defunct Bear Stearns before the dot-com bubble. He is an active trader of the capital markets and has published several books pertaining to finance, global economics, and equity trading; His most recent book is titled Ultimate Guide To Money and The Markets (free ebook). Gregory currently hosts a b...Read More
"Japan has no growth. There is no growth in Germany. There is no growth in Italy. We have an earnings recession here in the United States. So, what you have engendered here is most likely a protracted period of stagflation, which is going to lead to an epic and massive crash in asset prices. That's what you have at your feet, so be careful."Michael Pento is a specialist in Austrian economics and i...Read More
Much remains to be uncovered in this plot. But this much is certain-there is an extensive documentary record, including TOP SECRET Continue...Read More
Visit myaccount.google.com and log in if you haven't already.Choose "Data & Personalization" on the left-side panel.Select the arrow next to "Web & App Activity."Choose "Manage Activity."Select "Choose to delete automatically."Select either 18 months or three months.Continue...Read More
President Trump shocked markets yesterday when he announced that a new, heavy round of tariffs on Chinese goods will take effect this Friday. Complacent markets had assumed that a Continue...Read More