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
FRANKFURT, Oct 20 (Reuters) - German crude oil import volumes fell 7.1% in the first eight months of 2021 year-on-year as the COVID-19 pandemic and related lockdowns hit industry, but the bill was up by a third due to higher prices, official data showed on Wednesday.Oil volumes in January through August fell to 51.9 million tonnes from 55.8 million in the same months of 2020, statistics from the B...Read More
Japanese local and export buyers have been locked in a fight for steel scrap in the week to Wednesday October 20, pushing up prices across the board, sources told Fastmarkets.Major electric arc furnace (EAF) mill Tokyo Steel on Wednesday announced it would raise its scrap buy prices by ?500-1,000 ($4.38-8.75) per tonne at some of its works starting Thursday October 21. This marks the second price...Read More
(Reuters) -Payments giant PayPal Holdings Inc is in talks to buy digital pinboard site Pinterest Inc, according to a person directly familiar with the matter.The companies have discussed a potential price of $70 per share, which would value Pinterest at around $39 billion, according to Bloomberg News. The price would represent a 26% premium to Pinterest's closing price of $55.58 on Tuesday.PayPal...Read More
Turkish steelmakers continued to pay higher prices for deep-sea ferrous scrap cargoes scheduled for shipment in December, market sources told Fastmarkets on Wednesday October 20.A steel mill in the Iskenderun region booked a Baltic Sea cargo, comprising 32,000 tonnes of an 80:20 mix of No1 and No2 heavy melting scrap at $502 per tonne and 3,000 tonnes of bonus-grade scrap at $522 per tonne cfr.Pre...Read More
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Updates prices)MILAN, Oct 20 (Reuters) - German government bond yields edged lower on Wednesday, reversing direction after rising in early trade amid some concerns about potential monetary tightening by the European Central Bank.Market expectations for future interest rates do not square with the European Central Bank's guidance for no hi...Read More
(Reuters) - Shares of Novavax Inc fell 20% after a report from Politico said the company faces significant hurdles in proving it can manufacture its experimental COVID-19 vaccine that meets regulators' quality standards, resulting in production delays.The methods Novavax used to test the purity of its vaccine have fallen short of U.S. regulators' standards, according to the Politico report, citing...Read More
Taiwan's import prices for containers of steel scrap were expected to continue to rise because of a huge premium for bulk import prices over material arriving in containers, market sources told Fastmarkets on Wednesday October 20.?EUR?Taiwanese buyers continue to book containerized cargoes?EUR?Chinese market muted by wide bid-offer gaps?EUR?China's ferrous scrap import volumes down by 49% month on...Read More
Oct 20 (Reuters) - U.S. logistics technology firm Flock Freight said on Wednesday it had reached a valuation of more than $1 billion, after raising $215 million in a funding round led by SoftBank Vision Fund 2.New and existing investors including Susquehanna Private Equity Investments, Eden Global Partners, SignalFire and Alphabet Inc's (GOOGL.O) GV also participated in the funding round, the co...Read More