NEW YORK (Reuters) - Rising costs for companies are worrying investors already concerned about a step down in U.S. corporate profit growth next year as Wall Street’s focus turns away from 2018’s tax-fueled earnings boost. *Investors are on edge after a recent sharp pullback in U.S. equities, including the biggest daily drop in the Dow and S&P 500 since Feb. 8 on Wednesday. A spike...Read More
Oct 11 (Reuters) - Blackstone Group is nearing a deal to buy British live events complex NEC Group, and has agreed to pay just over 800 million pounds ($1.06 billion) for the business, Sky News reported on Thursday.Blackstone could strike a deal for the Birmingham-based complex as soon as Friday, Sky News reported.Blackstone and NEC Group did not immediately respond to requests for comment.$1 = 0....Read More
Domestic prices for cold-rolled coil (CRC) were largely unchanged over the past week in Northern Europe as buyers delayed signing new deals until the future direction of prices becomes clearer, sources told Fastmarkets MB.Meanwhile, prices in Southern Europe declined due to competitive import offers and slow trading, according to market participants. Northern EuropeFastmarkets MB's weekly assessme...Read More
LONDON/BRUSSELS (Reuters) - British and EU negotiators making headway on the Irish border hope for a Brexit deal breakthrough on Monday, diplomats said, though the British prime minister’s Northern Ireland ally has stoked uncertainty by warning it could vote against her.Under pressure from all sides, Theresa May told journalists at Downing Street reception that talks on the key issue of the...Read More
WASHINGTON (Reuters) - The head of the U.S. Securities and Exchange Commission said on Thursday the agency was in no rush to change quarterly reporting requirements for large public companies, two months after President Donald Trump ordered his agency to study the matter.“I don’t think quarterly reporting is going to change for our top names anytime soon,” said Chairman Jay Clayt...Read More
ATHENS (Reuters) - Greece still seeks reparations for its victims of World War Two and repayment for a loan it was forced to make to its Nazi occupiers, President Prokopis Pavlopoulos told his visiting German counterpart on Thursday.Pavlopoulos, who met Frank-Walter Steinmeier in Athens, said that such demands fell under the framework of “resistance against those who want to return to a nigh...Read More
MUMBAI, Oct 11 (Reuters) - India said on Thursday it is raising import tariffs on several electronic items and communication devices, in a bid to rein in imports and contain the slide in the rupee.This is the second time in two weeks that the government has moved to raise import tariffs, as it aims to curtail the import of goods that it deems as “non-essential” items.It was not immedia...Read More
SINGAPORE (Reuters) - Singapore Airlines Ltd (SIAL.SI) is poised for a major boost to its U.S. footprint from Thursday evening as it resumes, after five years, the world’s longest commercial flight - a near-19 hour non-stop from Singapore to New York.The route, combined with the airline’s plans to restart non-stop services to Los Angeles and add more non-stop flights to San Francisco n...Read More
NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages jumped to a 7-1/2-year high following a dramatic sell-off in the bond market that propelled the 10-year Treasury yield to its highest level since May 2011, Freddie Mac said on Thursday.Borrowing costs on 30-year mortgages, the most widely held home loan type in the United States, averaged 4.90 percent in the week ended Oct. 1...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
LONDON (Reuters) - Prime Minister Theresa May will meet some of her ministers on Thursday to discuss Brexit, hours after her parliamentary partner threatened to withdraw its support if she accepts what it calls a “draconian solution” from the European Union.Just six months before Britain is due to leave the EU, the two sides differ on their view of the talks - the bloc says a withdrawa...Read More
WASHINGTON (Reuters) - President Donald Trump said the criminal justice system was unfair to African-Americans and he would discuss remedies on Thursday with musician Kanye West and former football player Jim Brown.The Republican president has advocated prison reform and said he was open to changes in sentencing guidelines, an issue that divides the Republican Party between “law and order&rd...Read More
(Reuters) - Lithium producer Livent Corp (LTHM.N) fell 3.6 percent in its market debut on Thursday after being priced at the lower end of its expected range, as investors worried about the recent declines in prices of lithium in China, the world’s largest consumer of the ultralight metal.Livent’s debut comes a day after the major U.S. indices fell about 3 percent each, unnerving invest...Read More
The latest news and price moves to start the Asian day on Friday October 12.Base metal prices on the London Metal Exchange were mostly higher at the close of trading on Thursday October 11, although the complex remains 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. Read more in our...Read More
MILAN (Reuters) - Italy paid its highest borrowing rate in five years in a bond auction on Thursday after its new populist government alarmed investors by tripling the budget deficit target for next year.Some investors fear Rome is sowing the seeds of a future debt crisis by pushing ahead with costly electoral promises such as a lower retirement age and a basic income for the poor. Italy holds the...Read More
LONDON (Reuters) - Former British Prime Minister Tony Blair said there was a 50-50 chance of getting another Brexit referendum as Prime Minister Theresa May will be unlikely to secure a majority for any divorce deal in parliament.“Whatever Brexit is on offer today is going to result in significant economic harm,” Blair, who served as prime minister from 1997 to 2007, told Reuters.&ldqu...Read More
Turkish long steel export markets continued to struggle with poor demand and increasing production costs over the past week, sources said on Thursday October 11.Starting with the lira crisis in Turkey, the annual inflation rate rose to 24.52% in September, up from 17.9% in August, with energy prices in the country having increased by around 50% so far this year. In addition, the tight supply and s...Read More
(Reuters) - Sears Holdings Corp (SHLD.O) has started to miss payments to vendors, adding to concerns about its future after sources said the U.S. department store operator was preparing to file for bankruptcy in the coming days.Three vendors told Reuters that Sears has missed scheduled payments in the last couple of weeks.It was not immediately clear how widespread the vendor problems were and how...Read More
The Turkish domestic rebar and wire rod markets have remained soft over the past week because of the low levels of demand, sources said on Thursday October 11.Fastmarkets' weekly price assessment for domestic rebar in Turkey was TRY3,600-3,700 ($592-608) per tonne ex-works on Thursday, widening downward from last week's TRY3,650-3,700 per tonne, including 18% VAT.The country's domestic long steel...Read More
(Reuters) - Delta Air Lines (DAL.N) reported a third-quarter profit that beat analysts’ estimates on Thursday as strong demand for air travel and tight control over costs helped the airline battle rising fuel expenses.With oil prices hovering near their four-year highs, Delta and its peers such as American Airlines Group Inc (AAL.O) and Southwest Airlines Co (LUV.N), are facing a surge in fu...Read More