Here Are 3 Hot Things to Know About Stocks Right Now Stocks rallied Wednesday to close near their highs of the day after Democrats won back control of the House of Representatives for the first time since since 2010.Twilio Inc. (TWLO) jumped 36% after the cloud communications company topped third-quarter earnings forecasts and raised its sales guidance.Michael Kors Holdings Ltd....Read More
Consumer attitudes toward both buying and selling homes dropped, with the former falling the most of all the six survey components, a sizable 5 percentage points. It tied its second lowest reading in the survey's history.Fewer consumers now expect home prices to rise, echoing other surveys that have shown a drop in the number of people who think owning a home is currently a good investment.Fewer c...Read More
Total mortgage application volume fell 4 percent last week from the previous week.Volume was 16 percent lower than a year ago.Rising interest rates are now weakening affordability further.Diana Olick| @DianaOlickPublished 13 Hours AgoUpdated10 Hours AgoCNBC.com Scott Mlyn | CNBC A man enters a Bank of America branch in New York.Rising interest rates are now clearly taking their toll on potentia...Read More
(Kitco News) - Australia’s weak currency is the key behind the country’s gold mining success, which is seeing new exploration and low debt levels, according to RBC Capital Markets.“The Australia gold mining sector is very healthy; we have strong margins and low to no levels of debt in the sector. There’s plenty of exploration upside, which can deliver some additional discov...Read More
Tuesday's U.S. elections tookplace and the results were as expected; the House turned blue and Republicans addeda couple of seats in the Senate. Gold had a very active night as well with abig rally on fear, sell-off on relief and now a rally towards the overnighthighs on relief.How do these results affect theprice of gold? The simple answer is they don't. Asset classes may react to thenews, but th...Read More
Sarah N. LynchWASHINGTON (Reuters) - U.S. Attorney General Jeff Sessions was fired on Wednesday after unrelenting criticism from President Donald Trump over his recusal from an investigation into Russia’s role in the 2016 presidential race.Sessions’ departure was widely expected to come soon after Tuesday’s congressional elections in which Republicans retained their majority in t...Read More
John Edmonds, 36, pleaded guilty to one count of commodities fraud and one count of conspiracy to commit wire fraud, price manipulation and spoofing.Edmonds, a 13-year J.P. Morgan veteran, said that he learned how to manipulate prices from more senior traders and that his supervisors at the firm knew of his actions.Hugh Son | Dan ManganPublished3:30PM ET Tue,6 Nov 2018Updated9 Hours AgoCNBC.com...Read More
TahoeResources Inc. (TSX: THO, NYSE: TAHO) lists a third-quarter loss as resultscontinue to be hurt by suspension of operations at the giant Escobal silvermine in Guatemala. The Supreme Courtshut down the mine last year over a dispute on whether the Ministry of Energyand Mines properly consulted surrounding indigenous communities on the project.Tahoe’s July-September net loss was $190 mill...Read More
(Kitco News) - First Majestic SilverCorp. (NYSE: AG; TSX: FR) posted record production in the second quarter,although the company ended with an adjusted loss as silver prices fell, thecompany said Wednesday.Net earnings were $5.9 million, or 3 centsper share, compared to a loss of $1.3 million, or a penny, in the same quarterof 2017. The increase was primarily due to a $15.5 million increase in de...Read More
Gold may well benefit two ways from U.S. midterm elections,says Commerzbank. Democrats won control of the House of Representatives,although Republicans maintained the Senate. This presumably will put an end anyfurther tax cuts, “which means in the longer term that the Fed will need to implementfewer rate hikes, which per se will have a negative impact on the U.S. dollar,”Commerzbank sa...Read More
(Kitco News) - Gold andsilver prices are moderately higher in early U.S. trading Tuesday, boosted by asharp drop in the U.S. dollar index today. December gold futures were last up $7.10an ounce at $1,233.40. December Comex silver was last up $0.175 at $14.675 anounce. Tuesday’sU.S. mid-term elections turned out as many had expected and saw the Republicansmaintain control of the Senate but t...Read More
OTTAWA (Reuters) - Canada has no particular concerns over the fate of a new continental trade deal after U.S. elections that gave Democrats control of the House of Representatives, a senior official said on Wednesday.Some U.S. commentators are already predicting the U.S.-Mexico-Canada (USMCA) pact - agreed in late September - could face problems when the new House convenes in January, given skepti...Read More
WASHINGTON (Reuters) - “Expand the battlefield.”The Democrats’ mantra for seizing control of the U.S. House of Representatives took shape within weeks of President Donald Trump’s stunning 2016 White House victory.Democratic strategists wanted to go beyond the traditional strategy of flipping Republican seats in swing districts. Now, they would also compete in more conservat...Read More
(Reuters) - U.S. stocks rose strongly on Wednesday as investors piled into technology and healthcare sectors after midterm elections led to a divided Congress as expected and fueled bets that tighter regulations would be harder to push through.Democrats won control of the House of Representatives on Tuesday, while President Donald Trump’s Republicans expanded their majority in the Senate, po...Read More
WASHINGTON (Reuters) - President Donald Trump on Wednesday portrayed the midterm election results as “an incredible day” for his Republicans despite a Democratic takeover of the U.S. House of Representatives that will lead to greater restraints on his administration.At a White House news conference, Trump argued that Republicans beat historical odds in Tuesday’s elections, saying...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday said he hopes he can work with Congress to get enough money to build his long-promised border wall but that he would not necessarily force a government shutdown over the issue.“We need the money to build the wall, the whole wall, not pieces of it,” Trump told reporters at a news conference at the White House following Tues...Read More
Global nickel premiums were largely unchanged over the past week due to limited spot market activity, with market participants working to conclude long-term contract negotiations, Fastmarkets heard on Wednesday November 7. Chinese nickel premiums stable amid open import windowEuropean premiums stable with focus on long-term contractsUS premiums flat in subdued spot market. Chinese nickel premium s...Read More
The tin premium in Europe softened from its highest level since January 2017 due to a market shift to longer-term supply solutions despite remaining elevated on Indonesian supply concerns, while both US and Chinese premiums held ground on steady spot business and sufficient supply. European premiums ease while market finds supply solutions US participants look to 2019 contracts China'...Read More
(Updates with closing prices, recasts)By Peter HobsonLONDON, Nov 7 (Reuters) - Zinc prices on Wednesday fell to aseven-week low on expectations that a supply crunch will ease.Benchmark zinc on the London Metal Exchange (LME)closed down 1.8 percent at $2,455 a tonne after touching $2,445,the lowest since Sept. 21."Smelter margins in China are picking up and the expectationis that production is...Read More
Fasmarkets' fob Australia alumina index declined for the eighth trading day in a row on Wednesday October 7, falling back to levels not seen since before Hydro declared force majeure at the Alunorte refinery in Brazil in April. The benchmark daily fob Australia alumina index was calculated at $428.75 per tonne on Wednesday, down from $430 per tonne on Tuesday and 8.98% lower week on week from...Read More