Merger and acquisitions in the precious metals sector are gaining momentum following Barrick's recently announced $6.1 billion-deal to acquire Randgold Resources.Shortly after, Canada's Americas Silver (TSX:USA) announced it was buying Pershing Gold (Nasdaq:PGLC) for $50.78 million in an all-stock deal."This transaction aligns with our stated initiative of building a profitable and low-cost precio...Read More
Market participants have hailed Singapore Exchange's (SGX) decision to launch a high-grade iron ore derivative, basis Fastmarkets' daily 65% Fe iron ore price, saying it will serve the burgeoning need for better price risk management tools.The contract is targeted for launch in December, subject to regulatory approval, the exchange announced on Thursday October 11."The SGX's introduction of 65% fu...Read More
ATHENS (Reuters) - Greece's jobless rate eased to 19 percent in July from 19.1 percent in the previous month, falling to its lowest level since August 2011, data from the country's statistics service ELSTAT showed on Thursday.Seasonally adjusted data showed the number of unemployed at 897,861 people, with younger persons aged up to 24 bearing the brunt of being out of work.Among younger persons ag...Read More
BERLIN, Oct 11 (Reuters) - The trade dispute between theUnited States and China is having an impact on global andtherefore euro zone growth, German Economy Minister PeterAltmaier said on Thursday.Speaking at a news conference to present the government'sdownwardly revised growth forecasts, Altmaier said that Berlinand its European allies wanted to safeguard the rules-based freetrade order by reform...Read More
(Bloomberg) - Equities are plummeting, President Donald Trump says the Federal Reserve's gone 'loco' and the trade war's heating up, yet traditional havens in times of trouble such as gold are not getting any love.The biggest selloff in equities since February rolled through Asia and into Europe on Thursday, triggering steep losses in benchmark share indexes, but gold has barely stirred, while ot...Read More
Canada's Leagold Mining (TSX:LMC) has had to temporarily shut down its Riacho dos Machados (RDM) mine in Brazil as a result of continued drought conditions in the country's Minas Gerais State.The Vancouver-based miner said it planned to resume operations in early December, with the commissioning of the grid powerline project.RDM was closed in August last year and restarted, on an intermittent basi...Read More
Canada's Barrick Gold Corp, which recently announced a $6.1 billion deal to acquire Randgold Resources Ltd, affirmed its 2018 gold and copper production forecast on Wednesday, reflecting improvements in operations.Citing preliminary data, Barrick said its 2018 effective tax rate was expected at about 48 to 50 percent, up from a previous forecast of 44 to 46 percent, because of lower-than-expected...Read More
JOHANNESBURG, Oct 11 (Reuters) - The South African randfirmed against the dollar on Thursday after the greenback wasjolted by the worst fall in U.S. stocks in nearly eight months. * The rand was 0.71 percent stronger at 14.6750 perdollar at 0650 GMT, having closed in New York at 14.7800. * The rand is expected to trade between 14.6000 and 14.9000to thedollar on Thursday, NKC African Economics wrot...Read More
Turkish steel billet prices have gone down over the past week in line with the poor demand in the country's domestic and export markets, sources said on Thursday October 11.The suppliers in the Commonwealth of Independent States have lowered their offers to as low as $460 per tonne fob due to increases in supply. This would be equivalent to a price around $475 per tonne cfr Turkey."So many traders...Read More
(Adds more quotes, background)By Francesco Canepa and Jan StrupczewskiNUSA DUA, Indonesia, Oct 11 (Reuters) - There is noimmediate danger of Italy losing market access or beingdowngraded below investment grade because the Italian economyhas underlying strengths, the head of the euro zone bailout fundESM Klaus Regling said on Thursday.In a panel discussion at an event at the InternationalMonetary F...Read More
Imported steel billet and rebar prices in Egypt decreased in the week to Thursday October 11, with demand in the country remaining weak.Fastmarkets' weekly price assessment for steel billet imported into Egypt was $490-495 per tonne cfr on Thursday, falling from $495-500 per tonne cfr.CIS-origin...Read More
Import prices for steel billet in Southeast Asia edged down on Thursday October 11 from the previous day, pressured by the region's sustained weakness in buying interest.Fastmarkets' daily assessment of the import price for billet in Southeast Asia was $510-515 per tonne cfr Manila on Thursday, narrowing down by $5 per tonne from $510-520 per tonne cfr on Wednesday.The assessment range had fallen...Read More
China's ferrous futures increased in the morning trading session on Thursday October 11.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,026 yuan ($581) per tonne, up 54 yuan per tonneJanuary hot-rolled coil: 3,884yuan per tonne, up 37 yuan per tonneDalian Commodity Exchange January iron ore: 513 yuan per tonne, up 7 yuan per tonneJanuary coking coal: 1,364 yuan...Read More
Could this be 9 times more valuable than Google, Facebook, and Amazon combined?It's a gadget you could conceal in the palm of your hand. A gadget that could easily pass through airport security. A gadget that could be mass produced quickly.And a gadget that holds the technology set to blow the lid off a breakthrough $15 trillion tech revolution...Of course, this gadget could stand to make a lot of...Read More
Import prices for stainless steel in East Asia remained relatively steady over the past week amid sluggish trading as a result of China's National Day holiday, while participants observed Chinese offers edging up and Taiwanese offers on a downtrend.Fastmarkets MB's assessment of import prices for benchmark 304 stainless 2mm trimmed cold-rolled coil was $2,100-2,160 per tonne cif East Asian ports f...Read More
One company could be positioning itself to take over the cloud market.Both cloud computing and blockchain technology has changed the way modern society operates.Today the global public cloud market is nearing a colossal $200 billion and is growing at a 22% annual rate.Did you ever think in 2006 that Amazon Web Services would be the beast that it is today? The cloud computing division of Amazon is...Read More
Volatile session ends in heavy losses for major equity benchmarksU.S. stocks swung between minor gains and massive losses in today's wildly volatile session. Traders were temporarily relieved by this morning's tame reading on consumer inflation -- but sentiment remained skittish after Wednesday's steep sell-off, particularly as President Donald Trump continued to criticize the Fed's policy-tighten...Read More
- Gold gains 2.5% as stock markets fall globally- EuroStoxx -2%, FTSE -1.9%, Nikkei -4%, Shanghai -5.3%- Gold, silver outperform all assets in stock market rout- Trump accuses Fed of going "crazy" by continuing to raise rates- Huge spike in VIX and volatility on deepening concerns of market correction or crash1 Day Relative Performance (Finviz)Gold has gained 2.5% today on safe-haven demand as...Read More
American Express, Johnson & Johnson, and P&G will also report The Fed's September meeting minutes will be released next week, with Wall Street expected to search for clues to the pace of future rate hikes. Traders will also digest monthly retail sales and housing data. Meanwhile, earnings season kicks into gear, with several big names reporting, including Dow members American Express Company (NYSE...Read More
Traders shouldn't sweat the downturn, if history is any indicatorStocks on Wednesday suffered their worst day in months -- or years, in the case of the tech-rich Nasdaq Composite. The S&P 500 Index (SPX) endured its steepest one-day percentage loss since February, giving up 3.3%. Meanwhile, the S&P 500 ETF Trust (SPY) 14-day Relative Strength Index (RSI) fell below 25 -- into oversold territory. H...Read More