NEW YORK (Reuters) - The euro and sterling rose on Wednesday as traders monitor the latest developments between the European Union and Britain on the latter’s departure from the economic bloc, and the EU and Italy on the resubmission of the latter’s 2019 budget.Hopes the U.K. parliament would approve a draft accord for Brexit have bolstered the two currencies, while the euro has been b...Read More
Back in 2104 oil was falling and hundreds of billions of dollars of energy junk bonds and leveraged loans looked to be at risk. Wolf Street had this to say at the time:Oil and Gas Bloodbath Spreads to Junk Bonds, Leveraged Loans. Defaults NextThe price of oil has plunged nearly 40% since June to $65.63, and junk bonds in the US energy sector are getting hammered, after a phenomenal boom that peake...Read More
LONDON (Reuters) - Tax enforcement agencies from the United States and four other countries are leading a crackdown on “professional enablers” of international tax fraud, the U.S. Internal Revenue Service head of criminal investigations said on Wednesday.The IRS, via an alliance with Britain, Australia, Canada and the Netherlands set up earlier this year, is pursuing individuals and fi...Read More
(Kitco News) - Gold pricesare near unchanged and hovering just above $1,200.00 in early U.S. trading Wednesday.The silver market is slightly down and dipped to a nearly three-year lowovernight. Both metals showed minimal price reactions to just-released U.S.inflation data. December gold futures were last up $0.70 an ounce at $1,202.10.December Comex silver was last down $0.017 at $13.96 an ounce....Read More
Manganese alloy smelters are under pressure to scale back production due to the smaller margins achieved on suppressed alloy prices, Ferroglobe chief executive officer Pedro Larrea said during Fastmarkets' International Ferro-alloys Conference in Lisbon.Ferroglobe has cut some production at its manganese alloy furnaces, because the company has faced difficulties in generating profits due to the st...Read More
Manganese alloy smelters are under pressure to scale back production due to the smaller margins achieved on suppressed alloy prices, Ferroglobe chief executive officer Pedro Larrea said during Fastmarkets' International Ferro-alloys Conference in Lisbon.Ferroglobe has cut some production at its manganese alloy furnaces, because the company has faced difficulties in generating profits due to the st...Read More
Based the last few days' headlines you'd never know the world is in year 10 of a pretty good expansion. Check this out:Not terrified of a recession? These stocks hint you should be Cyclical commodities continue to weaken, gold moves in relation Italian banks on verge of new crisis on ?,?400 million hole at Banca Carige China rate-cut chatter becomes louder as growth risks gather "iPhone story is...Read More
The first deals for special high-grade zinc supply in 2019 in Europe point to a decline in annual zinc premiums compared with this year's levels, but Nyrstar's financial troubles are complicating negotiations and raising concerns that supply may turn out to be tighter than anticipated."Not much has been done yet, but [the premium] seems to be lower than last year by at least $10-15 per t...Read More
* China retail sales growth slows, industrial output rises * Nickel touches fresh 11-month low * GRAPHIC-2018 asset returns: (Updates with closing prices, Lead and zinc balance)By Zandi ShabalalaLONDON, Nov 14 (Reuters) - Base metals held steady onWednesday as weak retail sales data from top consumer China tookthe shine off upbeat industrial output and investment figures inthe country.Benchmark co...Read More
OTTAWA (Reuters) - The overall perceived risk to the Canadian financial system has increased slightly over the last six months but confidence in its resilience remains high, the Bank of Canada said on Wednesday.A six-monthly central bank survey of risk management professionals showed that 44 percent felt the chances of a high-impact event had grown slightly while 50 percent saw no change.Compared...Read More
MILAN (Reuters) - Oil prices bounced from multi-month lows on Wednesday but stocks fell as disappointing data heightened worries over slowing global growth, while the pound wavered as Prime Minister Theresa May faced the hard task of selling her Brexit deal.European shares hit a two-week low after data showed the German economy contracted for the first time since 2015, tracking similar losses in A...Read More
Manganese ore prices are overheated compared with production costs and manganese alloy prices, making them prone to a decline next year, panelists said at Fastmarkets' 34th International Ferro-alloys conference in Lisbon this week. Manganese ore prices have trended higher since May this year. Fastmarkets MB's 44% manganese ore index was last calculated at $7.13 per dry metric tonne unit dmtu,...Read More
An overview of the minor metals markets and the reasons for any price moves.Read More
(Kitco News) - Brexit is making headlines again and the uncertainty on whether or not negotiations between UK and EU officials will lead to an agreement has kept the European economy on edge.However, according to one key European official, regardless of the outcome, the continent needs to focus on maintaining its “Union,” which he says has continued to benefit the continent and its cit...Read More
CloseGain/LossGold $1211.90+$10.20Silver$14.15+$0.16XAU63.53+2.74%HUI143.45+3.61%GDM522.86+1.78%JSE Gold1080.74-2.00USD96.92-0.27Euro113.20+0.31Yen88.15+0.29Oil$56.25+$0.5610-Year3.122%-0.018T-Bond138.96875+0.375Dow25080.50-0.81%Nasdaq7136.39-0.90%S&P2701.58-0.76% The Metals: Gold traded mostly higher in Asia before it dropped back to $1197.80 in London, but it then shot back up in New Yor...Read More
Crude oil can rise anytime. Momentum can reverse on value-based buying. I am satisfied with the gold price performance yesterday. It did not nosedive. If gold and silver do not fall today, then there will be short covering and a rise. Any reconciliation between China-USA on the trade war issue will be bullish for copper and industrial metals. Right now everything is mere speculation. Next week...Read More
The Turkish steel mills continued their silence in the deep-sea scrap markets for another day on Wednesday November 14, because of a softening rebar market and increasing scrap supply in Europe, Fastmarkets was told.After booking two cargoes from the United States late last week, Turkish mills paused their purchases. Meanwhile, rebar prices have shown a downturn with news of recent sales at $506-5...Read More
DUBAI/LONDON (Reuters) - OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction.Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting...Read More
(Reuters) - U.S. stocks were higher on Wednesday, after consumer prices in October rose as expected, adding little pressure on the Federal Reserve to raise interest rates swiftly, while a rebound in oil prices lifted energy stocks.Shares of Exxon Mobil Corp (XOM.N) rose 0.5 percent and Chevron Corp (CVX.N) gained 1.6 percent as oil prices recovered on growing prospect of an output cut by OPEC and...Read More
The Wednesday Market Minute Global stocks retreat as of the world's biggest economies shrink in the wake of world trade disputes and oil prices extend their longest losing streak on record.Brent oil has fallen more than 25% since its early October peak, and four-year high, as ramping U.S. production and waivers allowing for the sale of Iranian crude have hammered global prices.Japan and Ger...Read More