Comex copper prices were slightly higher in morning trading on Wednesday October 17 with a rising dollar preventing any significant gain.The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 0.60 cents to $2.7855 per lb. "We are seeing very quiet conditions in metals so far this week; yesterday ended in a mixed...Read More
WASHINGTON (Reuters) - A U.S. regulatory council announced on Wednesday it had removed the systemically risky label from Prudential Financial (PRU.N), freeing the insurance company from more rigorous oversight by the Federal Reserve.The decision by the Financial Stability Oversight Council could cut regulatory costs at Prudential, which no longer will have to meet enhanced capital and liquidity st...Read More
Slowly but surely, the opioid epidemic has been breaching media headlines.It's a simple observation that I lightly remarked on early this morning to myself."This is bigger than you can possibly imagine," came the reply from behind me. I hadn't even realized I had said it out loud, but my colleague Jeff Siegel had once again hit the nail on the head.I'll confess that at first, I didn't fully unders...Read More
WASHINGTON, (Reuters) - U.S. homebuilding dropped more than expected in September as construction activity in the South fell by the most in nearly three years, likely held down by Hurricane Florence.Housing starts fell 5.3 percent to a seasonally adjusted annual rate of 1.201 million units last month, the Commerce Department said on Wednesday. Data for August was revised down to show starts rising...Read More
KEMET Corporation (NYSE: KEM) offers its customers the broadest selection of capacitor technologies in the industry, along with an expanding range of electromechanical devices, electromagnetic compatibility solutions and supercapacitors. KEMET's vision is to be the preferred supplier of electronic component solutions, demanding the highest standards of quality, delivery and service. We learned fro...Read More
The Wednesday Market Minute Global stocks extended gains Wednesday, driven by stronger-than-expected U.S. earnings and the biggest single-day rally on Wall Street in more than six months.U.S. earnings season is expected to add $400 billion to the collective bottom line of S&P 500 companies, with year-on-year gains of 21.5%, more than twice the rate of European earnings growth.Netflix surges...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.“My biggest threat is the Fed,” he said, according to excerpts released before the interview with “Trish Regan Primetime”...Read More
Chinese cobalt sulfate trade log including business, bids and offers reported to Fastmarkets.Unless otherwise stated, all prices are yuan per tonne on an ex-works basis. In addition, cobalt sulfate, Co 20.5% min, China ex-works, adjustment to low-grade cobalt low-end price at Co 20.5% basis, $/Ib is showed in the bracket, at $ per lb basis. Fastmarkets MB prices Click here for Fastmarkets MB'...Read More
ANKARA (Reuters) - Turkey hopes to enter the Saudi consul’s residence in Istanbul on Wednesday in connection with the disappearance of Saudi journalist Jamal Khashoggi, Turkey’s foreign minister said after meeting U.S. Secretary of State Mike Pompeo.Turkish officials have said they believe the journalist was murdered and his body removed, an allegation the Saudis have strongly denied....Read More
WASHINGTON (Reuters) - U.S. Secretary of State Mike Pompeo, in a meeting with Turkish President Recep Tayyip Erdogan in Ankara on Wednesday, again offered U.S. assistance in Turkey’s investigation into the disappearance of Saudi journalist Jamal Khashoggi, the U.S. State Department said.“The Secretary also expressed the United States’ concern over Jamal Khashoggi’s disappe...Read More
LONDON (Reuters) - Britain’s parliament must provide unequivocal approval for any Brexit deal the government reaches with the European Union, or risk creating uncertainty for businesses and citizens, Brexit minister Dominic Raab said.His comments referred to the vote on whatever divorce deal Prime Minister Theresa May is able to reach with the EU in the coming weeks. The vote is likely to be...Read More
NEW YORK (Reuters) - U.S. drugmaker Pfizer Inc (PFE.N) plans to reduce its global headcount by around 2 percent through voluntary retirements and layoffs this year and early next year, as it looks to streamline its corporate structure and eliminate some managerial roles and responsibilities.Pfizer has around 90,000 employees worldwide.Pfizer spokeswoman Sally Beatty said the job cuts were “a...Read More
The market for hot-rolled (HR) and cold-rolled (CR) steel sheet in Russia's Central Federal District around Moscow has softened further this week, reflecting the pessimistic mood on exports, sources have told Fastmarkets.Fastmarkets' weekly price assessment for Russia-origin 4mm HR sheet was 42,970-43,000 roubles ($656-657) per tonne cpt Moscow on Tuesday October 16, including 18% VAT. This was do...Read More
(Reuters) - A U.S. Treasury Department official has been criminally charged with leaking confidential documents relating to former Trump campaign chairman Paul Manafort, the Russian embassy and others, to a reporter from digital media company BuzzFeed, Manhattan federal prosecutors announced Wednesday.Natalie May Edwards was arrested on Tuesday and charged with unlawfully disclosing suspicious act...Read More
China's domestic hot-rolled coil prices remained flat on Wednesday October 17, though the export index dropped amid weak demand. DomesticEastern China (Shanghai): 4,230-4,250 yuan ($612-614) per tonne, unchangedNorthern China (Tianjin): 4,120-4,130 yuan per tonne, unchangedEnd users continued to consume HRC at a steady rate and appeared to have no plans to stock up on materials, a trader in Shangh...Read More
(Reuters) - Several public funds with holdings in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman.The proposal, originally bought to the table by hedge fund Trillium Asset Management, is now backed by state treasurers from Illinois, Rhode Island and Pennsylvania. New York City Comptroller Scott Stringer also joined the shareholder proposal....Read More
China's ferrous futures rose during morning trading on Wednesday October 17, with the rebar contract leading the uptrend.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 4,192 yuan ($605.75) per tonne, up 55 yuan per tonneJanuary hot rolled coil: 3,979 yuan per tonne, up 42 yuan per tonneDalian Commodity Exchange January iron ore: 513.50 yuan per tonne, up 4.50 yua...Read More
WASHINGTON (Reuters) - The U.S. economy sits atop of the World Economic Forum’s annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, the Swiss body said on Tuesday.In its closely-watched annual Global Competitiveness Report, the WEF said the U.S. is the country closest to the “frontier of comp...Read More
(Reuters) - Banks, including underwriters of SoftBank Group’s (9984.T) initial public offering of its mobile unit, are finalizing terms for a $9 billion loan to its Vision Fund, Bloomberg reported on Wednesday, citing people familiar with the matter.Reuters reported earlier this month that SoftBank had picked up five investment banks, including units of Nomura Holdings Inc (8604.T) and Goldm...Read More
Turkey's Tosyali Holding is to invest in the construction of a rebar and wire rod mill in Senegal, in western Africa.Tosyali signed a Memorandum of Understanding (MoU) with Senegal's ministry of mines and geology during the second Turkey-Africa Economic & Business Forum in Istanbul on Wednesday October 10.Once a location is decided, Tosyali will lay the foundations for the plant by the end of 2018...Read More