Brazilian slab export prices were almost unchanged during the week ended Friday November 16 because of low activity, but producers and traders expected a recovery in the next few months because of planned stoppages and growth in demand.Fastmarkets' assessment of the Brazilian slab export price was $505-515 per tonne fob in Brazil on November 16, widening downward from $510-515 per tonne fob the we...Read More
TOKYO (Reuters) - The United States ambassador to Japan defended his country’s trade policies on Friday, saying they were not protectionist and were aimed at creating a more level playing field for American companies.“The United States is the most open major economy in the world,” Ambassador William Hagerty told reporters at the Japan National Press Club.“Japan and other co...Read More
LONDON (Reuters) - Brexit will be foremost in investors’ minds in the coming week, though a smattering of data will offer further indications as to how much global economic growth, bogged down by politics and trade wars, is slowing.British Prime Minister Theresa May is fighting for her political life after the draft divorce deal she agreed with the European Union provoked an exodus of senior...Read More
Domestic Indian prices for steel billet fell this week by at least 400 rupees ($6) per tonne, with demand for semi-finished products remaining weak on account of subdued sales of finished products such as rebar.Indian domestic secondary billets, mainly produced by the induction process, ended the week priced at 33,000-33,200 rupees ($459-462) per tonne ex-mill on Friday November 16. This was down...Read More
BRUSSELS (Reuters) - Euro zone inflation rose in October at its fastest pace in nearly six years, driven by energy prices, the European Union statistics agency said on Friday, confirming its earlier estimate.The core inflation measure which excludes energy and food was revised down.Eurostat said that consumer prices in the 19 countries sharing the euro rose 2.2 percent year-on-year in October afte...Read More
The import price for steel billet in Southeast Asia fell on Friday November 16 after suppliers offered cheaper cargoes, while negative sentiment intensified on China's possible return to the export market.Fastmarkets' daily price assessment for billet imported into Southeast Asia was $495-502 per tonne cfr Manila on Friday, widening downward by $5 per tonne from $500-502 per tonne cfr the previous...Read More
WHITE PLAINS, N.Y. (Reuters) - Sears Holdings Corp (SHLDQ.PK) won U.S. bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business.The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers...Read More
(Reuters) - T-Mobile US Inc’s TMUS.N Chief Financial Officer said there is a possibility that its $26 billion acquisition deal of Sprint Corp (S.N) will close as early as the first quarter of 2019.T-Mobile, majority owned by Deutsche Telekom AG (DTEGn.DE), agreed in April to buy wireless carrier Sprint and the deal was initially expected to close in the first half of 2019.The Federal Communi...Read More
TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Friday he will order his cabinet to compile a second extra budget for the current fiscal year after returning to Japan.Abe made the remark at a news conference in Darwin, Australia, which was televised by public broadcaster NHK.Reporting by Tetsushi Kajimoto and Kiyoshi Takenaka; Editing by Nick Macfie Disclaimer: The views expressed in...Read More
LONDON, Nov 16 (Reuters) - Senior Eurosceptic ministerMichael Gove said on Friday he had confidence in Prime MinisterTheresa May and was focussed on working for a good deal forBritain as it leaves the European Union.Two of his cabinet colleagues quit over May's Brexit plans,leading to speculation that Gove might follow them.Asked if he had confidence in May, Gove said "I absolutelydo."&q...Read More
LONDON, Nov 16 (Reuters) - Senior Eurosceptic ministersMichael Gove, Liam Fox, Chris Grayling, Penny Mordaunt andAndrea Leadsom have agreed to stay in British Prime MinisterTheresa May's government, the Sunday Times reported on Friday.Two senior ministers quit May's cabinet on Thursday over herdraft withdrawal agreement, throwing her premiership into chaos."Gove, Fox, Grayling, Mordaunt and L...Read More
The European stainless steel market was stable this week, but with prices remaining depressed because of competition among sellers, Fastmarkets heard on Friday November 16.Imported material continued to arrive from Asia and combined with domestic materials to give consumers a glut of purchasing options.But although it remains a buyers' market, prices have not moved any lower...Read More
JOHANNESBURG, Nov 16 (Reuters) - South Africa's rand wassteady against the U.S. dollar in early trade on Friday, in linewith a rise in bonds, with turmoil around Britain's exit fromthe European Union boosting investor appetite for emergingmarket assets.At 0707 GMT, the rand traded at 14.1800 per dollar,0.04 percent firmer, having closed in New York at 14.1850. * The currency is expected to trade i...Read More
Fastmarkets MB presents the key things we learned when the ferro-alloys community gathered for a busy week of meetings and contract negotiations in Lisbon at the 34th International Ferro-alloys Conference on November 11-13. The global vanadium deficit will continue: Ferro-vanadium and vanadium pentoxide prices sit at or near historic highs due to significant global supply concerns, and market part...Read More
SHANGHAI, Nov 16 (Reuters) - Heavy corporate dollar demanddragged the Chinese yuan lower against the greenback on Friday,but it was still on course for a winning week on news thatWashington and Beijing were talking again about resolving theirbitter trade dispute.But while market sentiment has improved on the reports, theyuan's gains were capped by caution over whether either side wasnow more willi...Read More
Oil finished flat but logged another weekly lossThe Dow traded in a range of over 360 points today, eventually closing higher, as trade comments from President Donald Trump tipped the scales in the bulls' favor. Trump said he is optimistic that the U.S. and China will eventually broker a trade deal, with the two expected to meet at the G-20 Summit later this month. However, while the Dow and S&P e...Read More
Benjamin Franklin once said, "An ounce of prevention is worth a pound of cure." Those words could not be anymore true than they are today. Claim a free guide now.Since the year 2000, 555 banks have FAILED and closed their door forever. That averages out to 30 banks a year closing their doors. They were small enough to not qualify for a government bail-out, but now no bank will fail.Instead, many f...Read More
(Adds details, foreign investment relaxation)By Gayatri SuroyoJAKARTA, Nov 16 (Reuters) - Indonesia's government istightening requirements to force companies to repatriate revenuefrom the export of natural resources, a minister said on Friday,as authorities seek to support a fragile rupiah currency.Special accounts will be created for exporters to depositexport revenue at local banks to allow for...Read More
Plus, an FDA nod has SGEN shares higherIt's been another volatile session for stocks today, with the Dow swinging higher in afternoon trading. Among individual names making notable moves today are Google parent Alphabet Inc (NASDAQ:GOOGL), healthcare issue Acadia Healthcare Company Inc (NASDAQ:ACHC), and drugmaker Seattle Genetics, Inc. (NASDAQ:SGEN). Here's a quick roundup of what's moving the sh...Read More
* Spot gold may edge up to $1,223/oz - Technicals * Palladium up over 3 pct for the week so far (Adds comment, updates prices)By Eileen SorengBENGALURU, Nov 16 (Reuters) - Gold prices rose on Friday,having hit a one-week high earlier in the session, as investorssought safe-haven assets amid fears of a chaotic departure forBritain from the European Union.UK Prime Minister Theresa May's draft Brexit...Read More