NEW YORK, Oct 20 (Reuters) - Oil prices edged higher on Wednesday, rebounding from early losses after U.S. crude stockpiles unexpectedly fell and inventories at the nation's largest storage site hit their lowest level in three years.Brent crude futures rose 26 cents, or 0.3%, to $85.35 a barrel as of 10:48 a.m. EDT (1448 GMT), lingering close to multi-year highs.November U.S. West Texas Intermedia...Read More

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Gold and silver prices higherand near their daily highs in early U.S. trading Wednesday. Worries about risinginflation are prompting buying interest in the hard asset metals. Also, thetechnical postu...Read More

Share this article VANCOUVER - Erdene Resource Development Corp. [ERD-TSX; ERDCF-OTC; Mongolia] reported assay results from four holes in the South Ulaan gold discovery expansion drill program in Mongolia. Today's results confirm thick sequences of high-grade gold mineralization continue west of the initial discovery.Drilling expands mineralization at South Ulaan to the west, with multiple thick...Read More

Here are five Fastmarkets stories you might have missed on Wednesday October 20 that are worth another look.Workers at steelmaker ArcelorMittal's plant in Ghent, Belgium, might go on strike from Thursday next week in a dispute over salaries, Fastmarkets heard on October 20.Trafigura has been drawing...Read More

LONDON (Reuters) - Bitcoin hovered just below its record highs on Wednesday and the first U.S. bitcoin futures-based exchange-traded fund (ETF) looked set to open firmer after surging on its debut on Tuesday.The world's leading cryptocurrency was at $64,257 at 1236 GMT, modestly higher on the day and within a short jump of the all-time high of $64,895.22 it hit on April 14 this year.It reached as...Read More

Most investors only dream about a day like May 6, 2020.For a small group of biotech investors, it was the single most profitable day of their lives. You see, a few months prior to that date, a small company by the name of MacroGenics had submitted its Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA). This wasn't some off-the-shelf generic aspirin, mind you. The...Read More

Domestic prices for hot-rolled coil in northern Europe and Italy continued to slide on Wednesday October 20 due to reduced automotive demand and higher availability of material, sources told Fastmarkets.A bearish mood in the market made buyers cautious about making new purchases, sources said, although demand has started to pick up due to distributor restocking for the first quarter of next year....Read More

(Reuters) - U.S. online holiday spending is expected to grow at its slowest pace in at least eight years, as product shortages, higher prices and lingering pandemic-related uncertainties threaten to put a strain on the shopping season.Adobe Analytics forecast an average 10% growth or $207 billion in online sales in November and December, compared with a record 33% jump in 2020 when people chose to...Read More

Russian steel mills increased their prices for November deliveries of hot-rolled (HR) and cold-rolled (CR) steel sheet in the country's Central District around Moscow on Monday October 18, despite buying interest being cooler with the end of the construction season, Fastmarkets has heard.The good demand and active purchasing by stockists at the end of September, for October deliveries, were now sl...Read More

OTTAWA, Oct 20 (Reuters) - Canada's annual inflation rate accelerated to an 18-year-high in September, driven by rising transportation, shelter and food prices, data showed on Wednesday, putting the focus on the Bank of Canada ahead of a rate decision next week.Inflation increased to 4.4% in September, beating the average analyst estimate of 4.3%, to reach its fastest clip since February 2003, Sta...Read More

(Reuters) - Nasdaq Inc on Wednesday reported a third-quarter profit that topped Wall Street estimates, helped by strong demand for its investment-related products and a jump in the number of initial public offerings.While the transatlantic exchange operator is best known for its bourses, Nasdaq has tried to push into the anti-money laundering software sector and reposition itself as a leading fina...Read More

Domestic and imported steel reinforcing bar prices in the United States were sideways on Wednesday October 20, but sources noted growing uncertainty around what the rest of the quarter may look like.Fastmarkets' assessment for steel reinforcing bar (rebar), fob mill US was $49.25 per hundredweight ($985 per short ton) on October 20, unchanged since August 11 at its highest since late 2008. Notably...Read More

(The opinions expressed here are those of the author, a columnist for Reuters.)ORLANDO, Fla., Oct 20 (Reuters) - "Inflation expectations" are probably two of the most important and scrutinized words in financial market and central bank circles, playing, as they do, a pivotal role in determining monetary policy decisions.Unfortunately, they may also be two of the most meaningless.Two papers publish...Read More

(Reuters) -PayPal Holdings Inc has offered to buy digital pinboard site Pinterest Inc for $45 billion, people familiar with the matter said on Wednesday, a combination that could herald more tie-ups between financial technology and social media companies in e-ecommerce.The deal talks come as internet shoppers increasingly buy items they see on social media, often following "influencers" on platfor...Read More

HAVANA (Reuters) - Cuba has reached a deal with the Paris Club of creditor nations to postpone an annual debt payment due in November until next year, according to diplomats from five of the governments involved, the latest sign the Communist-run country is suffering a grave foreign exchange crisis.The historic 2015 Paris Club agreement with Havana forgave $8.5 billion of $11.1 billion in sovereig...Read More

Wire rod prices in the United States rose by $40 per short ton ($2.00 per cwt) in October, to hit record highs for domestic and imported low-carbon wire rod, high-carbon wire rod and cold-heading quality wire rod.Fastmarkets' monthly assessment for steel wire rod (low carbon) industrial quality, fob mill US was $59.50-62.50 per hundredweight ($1,190-1.250 per short ton) on Tuesday October 19, up 3...Read More

(Adds background)TORONTO, Oct 20 (Reuters) - Chris Hohn's hedge fund firm TCI Fund Management rose over 17% in the first nine months of year, a source close to the firm told Reuters on Wednesday, as the activist investor benefited from its stake in Canadian National Railway Co.TCI, which owns a 5% stake in CN, has been agitating for change at Canada's biggest rail road operator since August after...Read More

MADRID (Reuters) -Axel Weber, the chairman of UBS, made it clear in September 2018 to his Santander counterpart, Ana Botin, that the bank would not stump up Andrea Orcel's deferred pay if he quit to join the Spanish rival, Weber told a court on Wednesday, showing the pivotal role he played in a high-stakes dispute.Orcel, who was UBS's top investment banker at the time, is suing Santander for compe...Read More

Steel rebar producers in Egypt increased their prices by around E ?400-600 ($25-38) per tonne with effect from Wednesday October 20, Fastmarkets has heard.The country's biggest producer, Ezz Steel, was now offering rebar at E ?15,000 ($952) per tonne ex-works including 14% VAT, rising from the previous E ?14,600 per tonne. The price was previously unchanged since May 17.Rebar producers in Egypt...Read More

LONDON (Reuters) - The world faces "very prolonged" disruptions to shipping cargo flows, an executive at leading ports operator ICTSI said, as logistical headaches such as truck shortages weigh on backed-up supply chains and rebounding trade drives up volume.Major bottlenecks have formed across the globe in recent months due to a surge in demand for retail goods from people stuck at home under pan...Read More