LONDON (Reuters) - Global insurance regulators will suspend designating globally systemically important insurers, who are required to hold extra capital, in a victory for companies such as American International Group (AIG.N) and Prudential (PRU.L).The International Association of Insurance Supervisors (IAIS) said it wants to replace the list of “too big to fail” insurers, last publish...Read More
A series of Chinese policies aimed at restricting imports of copper scrap is not expected to significantly alter the supply/demand balance in the world's largest copper consuming country, industry executives said during a panel discussion at Asia Copper Week in Shanghai. "Despite the restriction of category-7 copper scrap imports this year, we have seen limited impact on the industry this year," Q...Read More
WASHINGTON (Reuters) - U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month.The Labor Department said on Wednesday its Consumer Price Index rose 0.3 percent last month after edging up 0.1 percent in September...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
Vietnam, a major consumer of scrap in Asia, has purchased at least 30,000 tonnes of Japanese H2 materials this week.Deals involving at least two bulk shipments bound for southern Vietnam were heard concluded around $329-330 per tonne cfr Vietnam.This suggests that fob Japan prices have fallen further from last week's level of ?34,700-35,000 ($305-307) per tonne after a tender held by the Kanto Te...Read More
Escobal Mine in Guatemala. Source: Tahoe Resources Inc.Pan American Silver Corp. [PAAS-TSX, NASDAQ] said Wednesday November 14 that it has agreed to acquire Tahoe Resources Inc. [THO-TSX, NYSE] in a US$1 billion transaction that will create the world's largest premier silver mining company.Under the agreement, shareholders of Tahoe can elect to receive US$3.40 in cash or 0.2403 Pan American commo...Read More
Image: Denis Costille/Shutterstock.com(Kitco News) - France wants to play a bigger role in the international bullion market by capturing part of London’s global gold trade following Brexit, according to British news reports.In the most recent step to up its game, the Bank of France announced a partnership with the U.S. banking group JPMorgan that will offer a range of new gold bullion servic...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
* Silver matches its lowest since Jan. 21, 2016 * GRAPHIC-Gold/silver ratio:* SPDR Gold Trust holdings fell on Tuesday (Updates prices)By Sumita LayekNov 14 (Reuters) - Gold prices fell on Wednesday as thedollar held near a multi-month high buoyed by interest frominvestors seeking cover from sliding stocks and by prospects forhigher U.S. interest rates.Spot gold was down 0.1 percent at $1,201.08 p...Read More
Comex copper prices moved higher on Wednesday November 14 despite a stronger dollar due to growing optimism that a bilateral trade agreement between the United States and China could be reached in the next few months. The copper price for December settlement on the Comex division of the New York Mercantile Exchange gained 1.25 cents to $2.6995 per lb. Markets have seen chaotic price movement in th...Read More
LONDON (Reuters) - Prime Minister Theresa May will try to convince senior ministers on Wednesday to accept a draft European Union divorce deal that opponents say threatens both her government and the unity of the United Kingdom.The weakest British leader in a generation, she has to try to get the deal approved by parliament before exiting the bloc on March 29, 2019.Brexit campaigners in May’...Read More
* Euro stuck below $1.13 on Italian jitters, growth worries * Dollar pulls back from 16-month high on profit taking * Sterling traders brace for Brexit cabinet meeting* Swedish crown knocked lower by inflation data * Graphic: World FX rates in 2018 (Adds details, updates prices)By Tommy WilkesLONDON, Nov 14 (Reuters) - The euro struggled below $1.13 onWednesday as Italy stuck to its deficit target...Read More
SHANGHAI, Nov 14 (Reuters) - The outlook for copper demandin the mid to long term remains healthy despite current tradefriction between China and the United States as a renewableenergy revolution will require vast amounts of the metal,industry executives said on Wednesday.Delegates at the Asia Copper Conference in Shanghai notedrecent Chinese indicators showed the real impact on demand forcopper-i...Read More
(Adds details, quotes, base metals output)BEIJING, Nov 14 (Reuters) - China's primary aluminium outputfell for a third straight month in October, according toofficial data released on Wednesday, as low aluminium pricesprompted smelters to cut production even beforegovernment-mandated winter restrictions kick in.The world's top aluminium maker produced 2.72 million tonnesof the metal last month, ac...Read More
Three-month base metals prices on the London Metal Exchange were broadly weaker on the morning of Wednesday November 14, with the three-month copper price down by 0.1% at $6,040 per tonne. This after Tuesday's energetic start that saw the red metal reach $6,181 per tonne at one point. Three-month nickel, lead and zinc were down by 0.2%, 0.3% and 1% respectively on the LME this morning, while three...Read More
Optimism continued to grow among copper market participants in the United States over the outlook for the domestic copper cathode premium following a key industry meeting this past week, with many attendees predicting a higher premium for next year.Elsewhere, Shanghai copper premiums continued to soften while the Chinese market contends with a closed import arbitrage window, while a backwardation...Read More
Fred Imbert| @foimbertPublished 15 Hours AgoUpdated38 Mins AgoCNBC.com show chapters Need de-escalation with US-China before the market will calm, says Merrill Lynch's Hyzy 11 Hours Ago |05:08 Stocks fell on Wednesday as shares of Apple rolled over and dipped briefly into a bear market before recovering. A decline in bank shares also pressured the broader market.The S&...Read More
VANCOUVER - Pan American Silver Corp. has signed a deal to acquire Tahoe Resources Inc. in a stock-and-cash deal it valued at more than US$1 billion.Under the friendly agreement, Tahoe shareholders will receive US$3.40 in cash or 0.2403 Pan American shares for each Tahoe share. The maximum cash available under the offer is US$275 million and there are 56 million Pan American shares available.Taho...Read More
LONDON (Reuters) - British Prime Minister Theresa May won the backing of her senior ministers for a draft European Union divorce deal on Wednesday, freeing her to tackle the much more perilous struggle of getting parliament to approve the agreement.More than two years after the United Kingdom voted to leave the EU in a referendum, May told reporters outside her Downing Street residence that she ha...Read More
BARCELONA (Reuters) - Telecom networks equipment maker Ericsson (ERICb.ST) said on Wednesday security concerns about its Chinese rivals and wider trade tensions had not translated into more orders for the Swedish firm’s products.Chief Executive Borje Ekholm also said his firm was investing in new technology for 5G networks to help boost its market share, particularly in China.“There is...Read More