LONDON (Reuters) - A rise in oil prices to four-year highs is heaping pressure on big emerging-market crude consumers such as Turkey, India, Indonesia and South Africa that are already grappling with current account deficits, weak currencies and rising inflation.Emerging markets worldwide have been buffeted in recent months by the strong dollar, climbing U.S. interest rates and slowing growth mome...Read More
Lucia MutikaniWASHINGTON (Reuters) - U.S. industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter.The Federal Reserve said on Tuesday industrial production rose 0.3 percent last month after an unrevised 0.4 percent increase in August. Industrial output grew at a 3.3 percent annua...Read More
The Tuesday Market Minute Global stocks edge cautiously higher, but Saudi tensions, weak China data keep a lid on gains as U.S. earnings season kicks into high gearSecretary Pompeo arrives in Riyadh to meet with King Salman amid reports that Saudi Arabia may admit some responsibility for the disappearance of prominent journalist Jamal KhashoggiChina stocks fall into bear market territory ahead o...Read More
LONDON (Reuters) - Oil prices fell on Tuesday on evidence of higher U.S. oil production and increasing U.S. crude inventories, but reports of a fall in Iranian oil exports helped to limit losses.Brent crude was down 50 cents a barrel at $80.28 by 1320 GMT. U.S. light crude was 40 cents lower at $71.38.“Shale oil production continues unabated in the United States,” said Carsten Fritsch,...Read More
TOKYO (Reuters) - The number of Japanese companies affected by the U.S.-Sino trade war has jumped to a third, soaring from just 3 percent in May with firms fretting about prospects for their exports from China as well as slower Chinese demand, a Reuters poll found.The survey also showed 53 percent of firms were worried about the fallout from the escalating trade friction and that some, albeit stil...Read More
WASHINGTON (Reuters) - The U.S. government closed the 2018 fiscal year $779 billion in the red, its highest deficit in six years, as Republican-led tax cuts pinched revenues and expenses rose on a growing national debt, according to data released on Monday by the Treasury Department.New government spending also expanded the federal deficit for the 12 months through September, the first full annual...Read More
Vancouver, BC - Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) provides further analytical results from the 2018 exploration drill program at the Forrest Kerr Property. Three holes totalling 1,153 meters have been completed in the newly discovered South Boundary Zone 1.5 km south of the strong precious metal mineralization delineated at the North Boundary Zone. These holes r...Read More
TORONTO - Canada's main stock index pushed higher in late-morning trading, helped by a broad-based rally led by the key energy sector, while U.S. stock markets surged higher.The S&P/TSX composite index was up 94.71 points at 15,504.18.In New York, the Dow Jones industrial average was up 317.67 points at 25,568.22. The S&P 500 index was up 33.30 points at 2,784.09, while the Nasdaq composite was up...Read More
* China stocks end lower on lean factory gate inflation * GRAPHIC-2018 asset returns: (Adds closing prices)By Maytaal AngelLONDON, Oct 16 (Reuters) - Copper prices slid on Tuesdayamid lean factory-gate inflation data in China and naggingconcerns about global growth, trade tensions and rising U.S.interest rates.Chinese stocks fell overnight after data showed factory-gateinflation in the world's top...Read More
The Dow Jones Industrial Average (DJIA) fell some 1,500 points since hitting new highs last week.As you can see by the chart, we are well above both the 200-day and 100-day moving averages. The chart shows a double top with support around 23,700. That's another 1,500 points lower.And if that fails, we could give up 4,000 points.The MACD is still above the zero line, which means the market isn't ov...Read More
Export prices for flat steel from the Commonwealth of Independent States were weak on Tuesday October 16, reflecting the downtrend in China's export market for hot-rolled coil (HRC).Fastmarkets' weekly price assessment for CIS-origin HRC exports narrowed to $520-530 per tonne fob Black Sea on October 16, from $515-540 per tonne fob Black Sea a week earlier."Suppliers [in the CIS] have no arguments...Read More
(Reuters) - U.S. stock futures signaled a slight recovery on Tuesday, as upbeat earnings reports from Morgan Stanley and UnitedHealth among others helped ease jitters over the impact of various global issues on corporate profits.Shares of Morgan Stanley (MS.N) rose 2.1 percent premarket after reporting a 19 percent increase in quarterly profit, with strong performance in its equities trading busin...Read More
MELBOURNE/LONDON (Reuters) - The world’s biggest miner BHP nearly doubled its stake in SolGold Plc on Tuesday, vying for position with top shareholder Newcrest Mining as it eyes SolGold’s promising Cascabel copper-gold project in Ecuador.Under the deal, BHP will pay SolGold 45 million pounds ($59 million) for 100 million new shares in the company at a 28 percent premium to the stock&rs...Read More
Calidus Resources (ASX: CAI) is a gold exploration company, which controls the high-grade, near-surface, 712,000-ounce Warrawoona Gold Project, in the East Pilbara district of the Pilbara Goldfield, in Western Australia. We learned from David Reeves, Managing Director of Calidus Resources, that they currently have three rigs turning on their Warrawoona Gold Project, with the aim of extending known...Read More
Middle Island Resources Limited (ASX: MDI) is a gold exploration and aspiring development company focused on Western Australia. We learned from Rick Yeates, managing director of Middle Island Resources, that they are focused on a single project called the Sandstone gold project located about 400 km northwest of Kalgoorlie in the heart of the Western Australian goldfields. The project is 100% owned...Read More
* Asia stocks register modest gains * Spot gold may fall into $1,208-$1,217/oz range -technicals (Updates prices, adds quotes)By Vijaykumar VedalaBENGALURU, Oct 16 (Reuters) - Gold prices held steady onTuesday near last session's 2-1/2-month high as risk-averseinvestors sought refuge in the metal amid rising politicaltensions and economic uncertainty.Spot gold was little changed at $1,226.71 an ou...Read More
Flat steel import prices in the United Arab Emirates and Saudi Arabia have decreased over the past week, with demand being weak, sources told Fastmarkets on Tuesday October 16. UAE Hot-rolled coil (HRC) was offered to the UAE at $590-595 per tonne cfr from China. Russia's Severstal sold HRC at $575-580 per tonne cfr to the UAE. India was offering HRC at $600 per tonne cfr, but buyers believe the p...Read More
* Contraction in revenues putting stress on government * Moody's to release review after next week's budget (Adds treasury official's comments on ratings, analyst)By Wendell RoelfCAPE TOWN, Oct 16 (Reuters) - Falling revenues and arecession mean South Africa will struggle to finance the publicservices that form the largest part of its budget, the NationalTreasury said on Tuesday.Africa's most indu...Read More
Domestic flat and long steel prices in Argentina have remained unchanged this month amid strong currency volatility and hesitation in the market.Fastmarkets MB's monthly assessment of Argentina's domestic hot-rolled coil (HRC) price was at $725-755 per tonne ex-works on Friday October 12, stable with the assessment September.While the price of domestic cold-rolled coil (CRC) in Argentina on an ex-...Read More
* Graphic: World FX rates in 2018 By Saikat ChatterjeeLONDON, Oct 16 (Reuters) - The dollar was mired near athree-week low on Tuesday thanks to tepid U.S. data overnight,though broadly firmer U.S. Treasury yields prevented a sell-off.The data, showing U.S. retail sales barely rose inSeptember, was a rare blemish in a run of economic indicatorswhich this month pushed 10-year U.S. Treasury yields to...Read More