NEW YORK (Reuters) - Wall Street indexes continued their decline on Thursday as investors continued to shun risky investments, and Nasdaq looked like it could confirm a correction.By late afternoon the S&P was down another 2 percent after shedding 3 percent in the previous day's session and Nasdaq fell as much as 10.3 percent from its closing record high, reached on Aug. 29. If it closes at th...Read More
(Reuters) - Major U.S. banks, beginning on Friday, are expected to report earnings growth that exceeds that of the broader market, but that may not be enough to impress investors, who have been unimpressed by loan growth and are anticipating higher deposit rates and credit costs.Investors skepticism has been significant in 2018. The S&P 500 Banks Index .SPXBK has fallen 3.7 percent year to dat...Read More
OTTAWA (Reuters) - Canada does not hold out much hope that Washington will quickly lift tariffs that it imposed on steel and aluminum exports and is resisting a U.S. push to agree to strict quotas, two sources familiar with the matter said.The administration of U.S. President Donald Trump imposed the tariffs on Canada and Mexico in June, citing national security reasons. Although Canada and Mexico...Read More
Movements in the prices of base metals on the London Metal Exchange were mixed at the close of trading on Thursday October 11, under broad pressure from a sharp sell-off in global equity markets despite the emergence of fresh buying in the markets for lead and tin.The three-month lead price rose by 4.4% over the afternoon to recover losses made earlier in the week, reaching an intraday high of $2,...Read More
WASHINGTON (Reuters) - A stock sell-off, rising trade tension with China, slower global growth and verbal pressure from the White House are unlikely to dent the U.S. Federal Reserve’s rate hike plans in an economy performing in line with the central bank’s forecasts.A bumpy 48 hours included an 800 point drop in the Dow Jones Industrial Average and hefty declines in other stock indexes...Read More
(Updates with closing prices)By Peter HobsonLONDON, Oct 11 (Reuters) - Industrial metals prices fell onThursday, caught by a global stock market sell-off, with leadhitting its lowest in more than two years, but the market hadmostly recovered by the close of trading.Benchmark LME lead sank to its lowest sinceSeptember 2016 at $1,876 but ended the session 4.7 percenthigher at $1,999 per tonne. Alumi...Read More
NEW YORK (Reuters) - Oil prices slumped to more than two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by a bigger-than-expected U.S. crude inventories build.Brent crude LCOc1 futures fell $2.10, or 2.5 percent, to $80.99 a barrel, by 12:55 p.m. EDT (1655 GMT), after hitting a low of $80.69, its weakest since Sept. 24. The global benchmark has retrea...Read More
Codelco's Chuquicamata division will be running at reduced operating rates until mid-November following a technical fault at the Teniente copper converter last month, the company told Fastmarkets.The Teniente converter that is used in Chuquicamata for copper smelting has been closed for nearly three weeks already, a well-informed source said on Wednesday October 10. It will remain paralyzed until...Read More
VIDEO: Coral Gold Resources (TSX.V: CLH; OTCQX: CLHRF) has emerged from a Nevada-based gold exploration company into a royalty company. Barrick Gold is now drilling the Robertson property in search of the extension from the world class Pipeline and Cortez properties located along trend to the south. An open-pit heap leach resource of over 2 million ounces has been outlined, but the big upside...Read More
(Kitco News) - Gold pricesare trading sharply higher and have hit nearlythree-month highs in late-morning action Thursday. Safe-haven buying interestamid very shaky world stock markets is featured today. Also, chart-based buyinginterest has kicked in after buy stop orders were triggered in the gold futuresmarket when prices pushed above key technical resistance levels. Now, the dooris opened to p...Read More
Jack ChanPosted Oct 11, 2018GLD – on buy signal.***SLV – on buy signal.***GDX – on buy signal.***XGD.TO – on buy signal.***CEF – on buy signal.***GDXJ – on buy signal.***Speculation remains at multi decade low.Speculation remains at multi decade low.A potential bottoming pattern is now in progress.SummaryLong-term – on sell signal.Short-term – on buy...Read More
The London Metal Exchange benefitted from 2018's "economic turbulence" and the exchange should be proud of its growth in volume, LME chief executive Matthew Chamberlain said. Speaking at the LME Week annual dinner on Tuesday October 9, Chamberlain said: "For the LME, 2018 should be remembered as the year that our volumes returned to growth, and our exchange returned to confidence." He accepted tha...Read More
WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer told members of Congress this week that the United States wants to open trade talks with the European Union, United Kingdom, Japan and the Philippines, but did not give any indication of when the administration will give formal notice.Under the U.S. “fast track” trade rules - known as Trade Promotion Authority - the adm...Read More
(Kitco News) - Gold prices rose to daily highs and were firmly above the key $1,200 level following September’s inflation data, which fell short of market expectations. The U.S. Consumer Price Index rose 0.1% in September after advancing 0.2% in August, the U.S. Labor Department said on Thursday. Consensus forecasts were calling for a rise of 0.2%. In an immediate reaction to the data, gold...Read More
(Kitco News) - Although silver's freefall appears to have ended and prices are holding above their August lows, the precious metal is still struggling to find a new direction, according to one market analyst.In a report published Tuesday, Ira Epstein, director of the Ira Epstein Division of Linn & Associates, Inc., said that in this neutral price environment, he sees silver as a short-term tra...Read More
Tungsten miner Wolf Minerals' UK subsidiary has fallen into administration after failing to secure funding, the company said on Thursday October 11. The company said it had been unable to satisfactorily conclude its discussions with its key financial stakeholders. It subsequently put its Drakelands mine in Hemerdon, Devon, into administration because it is not in a position to meet its short-term...Read More
Gold Stocks? Just let investors sell their gold shares if they want to! Wise and prudent advice? Three weeks ago I was speaking to a very successful and exceptionally wealthy investor whom I have known for many years. He has made substantial profits by investing in gold and gold mining stocks-including the small cap "juniors." As well, he was and has always been a "bottom fisher" i...Read More
LONDON (Reuters) - A selloff in global stocks tore like a wrecking ball through emerging equities on Thursday with the key index flirting with its biggest daily tumble since the surprise Brexit vote stunned markets in June 2016.A toxic cocktail of rising U.S. Treasury yields and a strong dollar; tighter funding costs and slowing domestic growth; an escalating Sino-U.S. trade war and rising oil pri...Read More
Fastmarkets MB published one of its chrome ore and two ferro-chrome prices later than scheduled on October 5.As a result of a technical error, Fastmarkets' Chrome Ore South Africa UG2 concentrates index, ferro-chrome European benchmark indicator and ferro-chrome China import charge chrome index for October 5 were published on the Fastmarkets MB price book later than scheduled.Fastmarkets MB's pric...Read More
NEW YORK (Reuters) - The dollar fell to a near two-week low on Thursday against a basket of currencies as traders pared greenback holdings on lower U.S. Treasury yields and further losses on Wall Street.A weaker-than-forecast rise in U.S. consumer prices in September also reduced bets for a faster pace of interest rate increases by the Federal Reserve, further eroding the dollar’s appeal.The...Read More