U.S. jobs gained by 224,000 in the latest employment report, topping forecasts. This however puts pressure on the Fed NOT to cut interest ratesContinue...Read More
The media ran headlines right up to the day of President Trump's July 4 speech predicting only a "tiny crowd" would show up.Continue...Read More
What I find most interesting about the latest bout of exuberance is the fact that priced in gold, stocks remain far below last fall's peak.Continue...Read More
Billet import prices in Southeast Asia nudged upward in the week ended Friday July 5 after producers raised their asking prices in response to a rebound in the ferrous scrap market.Trading activity in the region remained quiet during the rainy season in the Philippines, however.The price of ferrous scrap in the bellwether Turkish market surged because steel mills in the country needed to procure f...Read More
European prices for stainless steel flat products slipped this week on lower monthly alloy surcharges for July and soft demand, sources told Fastmarkets on Friday July 5.Alloy surcharges for July were announced at lower levels last week by European mills, primarily reflecting lower nickel prices.These surcharge decreases were implemented into stainless steel prices this week, although some distrib...Read More
The terms and benefits of the deal are discussed in a BMO Capital Markets report.In a July 2 research note, BMO Capital Markets analyst Brian Quast reported that B2Gold Corp. (BTG:NYSE; BTO:TSX; B2G:NSX) agreed to sell its Nicaraguan assets to Calibre Mining for $100 million and a roughly 31% equity interest in Calibre. Closing of the deal is slated for October 2019. The two gold mines being sold...Read More
Stainless steel prices in Europe were likely to remain under pressure due to a longer-than-usual summer slowdown and the renewal of the region's safeguarding quota allocations, while in the United States the determining factor was likely to be the level of alloy surcharges.Meanwhile, the resumption of trade talks between the US and China was likely to boost market activity in Asia.EuropeParticipan...Read More
Amazon said its minority investment in Deliveroo would be beneficial for all partiesShares of online powerhouse Amazon.com, Inc. (NASDAQ:AMZN) are down 0.5% at $1,928.63. Pressuring the stock is news a British competition regulator sent an initial enforcement order to Amazon, requiring it to pause its minority investment in U.K.-based mobile delivery service Deliveroo on concerns the two companie...Read More
The Dow and S&P spent the whole day in negative territoryThe Dow was down more than 230 points at its session low after this morning's impressive payrolls report lessened expectations for a half-point rate cut at the Fed meeting in late July -- though markets are still pricing in near-unanimous projections for a 25 basis point cut. The blue-chip index pared these losses significantly by the close,...Read More
Stocks got an early boost from U.S.-China trade tailwindsIt was a solid week for stocks, with the Fourth of July holiday offering an abbreviated start to the new month. The Dow, S&P 500, and Nasdaq used early-week trade truce momentum to nab weekly wins, surging to record-high closes on Wednesday before the holiday break on Thursday. Trade tensions remain a major market catalyst; even after the U....Read More
"Apex Legends" concerns could be weighing on EA sharesStocks are in the red today in a quiet post-holiday session. Two names making notable moves are video game producer Electronic Arts Inc. (NASDAQ:EA) and clinical-stage cancer therapeutics specialist Tyme Technologies Inc (NASDAQ:TYME). Below we'll take a quick look at how the shares of EA and TYME are trading. More Headwinds Hit EA StockEA stoc...Read More
Brazilian vehicle production increased by 2.8% year on year in the first half of 2019 but the pace of growth lost steam from the first five months of the year, data from national car manufacturers association Anfavea showed on Thursday July 4.Output totaled 1.47 million units in the January-June period compared with 1.43 million units a year earlier. In the first five months of 2019, volumes had r...Read More
FCX is also testing its 50-day moving averageMining concern Freeport-McMoRan Inc (NYSE:FCX) is edging lower today, along with other sector peers, as copper prices come under pressure. The equity is down 0.2% at $11.28, and earlier slipped beneath the $11 region, which it has been testing in recent weeks. Looking more broadly, the equity has been attempting a bounce off its two-year low of $9.47 fr...Read More
Shorts have been ramping up coverage on ZENSoftware service Zendesk Inc (NYSE:ZEN) is down 1% at $90.86 this afternoon, a rare occurrence for the long-term outperformer. Below, we will take a look at recent data from Schaeffer's Senior Quantitative Analyst Rocky White, which suggests Zendesk stock may be ready for a fresh surge higher. Specifically, the equity has climbed the charts since its mi...Read More
The firm tapped AU and HMY stocks as two of its top gold picksGold futures are trading lower today as the U.S. dollar strengthens following this morning's jobs report, putting the August-dated contract on track to snap its two-week win streak. However, the commodity tagged a five-year peak on Wednesday, and the recent run up in gold has boosted several mining stocks, including AngloGold Ashanti Li...Read More
Gold's incredible strength this summer is very unusual, as early summers are the weakest times of the year seasonally for gold, silver, and their miners' stocks. With traders' attention diverted to vacations and summer fun, interest in and demand for precious metals normally wane. So this entire sector tends to suffer a seasonal lull, along with the general markets. This June's bull-mark...Read More
By: Ira EpsteinGold is overbought, near resistance area again:Read More
Precious metals expert Michael Ballanger discusses the mettle necessary to trade precious metals at this time. "Mettle"—the ability to cope with difficulties or to face a demanding situation in a spirited and resilient way.Given the performance of my beloved Gold and Gold Miners in the past month, could there have ever been a more fitting word describing our sector than in the word "mettle"?...Read More
The Dow was more than 200 points at its session lowsOn a quiet day of trading on Wall Street, the Dow Jones Industrial Average (DJI) is under pressure -- down triple digits, at last check -- after a better-than-expected jobs report eased expectations for a 50 basis point interest rate cut at the Fed's July meeting. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are deep in the red, too, as s...Read More
Slow demand will remain as the main challenge for European hot-rolled coil producers and will keep adding pressure to domestic coil prices in the third quarter of 2019, market sources told Fastmarkets this week. Slow demand will remain as the main challenge for European hot-rolled coil producers and will keep adding pressure to domestic coil prices in the third quarter of 2019, market sources told...Read More