The mood in the European hot-rolled coil market was upbeat on Wednesday November 3 despite limited trading activity, sources told Fastmarkets.Bullish sentiment was supported by a recovery in domestic demand caused by restocking activity. Further support came from news of an agreement between the United States and the EU to replace Section 232 tariffs on steel and aluminium, imposed on the bloc's 2...Read More
Have you ever heard of the Methane Pioneer?Don't feel bad if you haven't; you're not alone. In fact, I would argue that few people could tell us what it was and even fewer could explain its unique place in history. The Methane Pioneer was a ship that started out as the Marline Hitch way back in July 1945. Only about 215 vessels of this type were built in the years following World War II. It was u...Read More
The price of steel hollow sections in Europe moved down on Wednesday November 3, with the market seeking the floor after recent price drops, sources have told Fastmarkets.Fastmarkets' price assessment for steel sections (medium) domestic, delivered Northern Europe was ?,?1,150- 1,250 ($1,333-1,449) per tonne on Wednesday, down from ?,?1,230-1,275 per tonne one week previous.Market sources hav...Read More
WASHINGTON, Nov 3 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday published new staff guidance that may make it harder for corporations to keep shareholder proposals on matters like workforce diversity or climate from being voted on at annual meetings.The new bulletins replace Trump-era guidance that gave companies more room to toss proposals on hot-button social issues, chang...Read More
Nov 3 (Reuters) - London's FTSE 100 slipped on Wednesday as losses in heavyweight oil stocks and the stronger pound weighed, while traders held back on uncertainty around a potential UK rate hike.The commodity-heavy FTSE 100 index (.FTSE) ended 0.4% lower, recording its worst session in nearly two-weeks, dragged by weakness in oil majors Royal Dutch Shell (RDSa.L) and BP (BP.L).UK's energy su...Read More
The price of steel H-beams in Europe was largely unchanged on Wednesday November 3, with mills hoping for better demand during the month, sources have told Fastmarkets.Fastmarkets' weekly price assessment for steel beams, domestic, delivered Northern Europe, was ?,?1,010-1,030 ($1,171-1,194) per tonne on Wednesday, unchanged since October 20.One distributor said that the only demand was to meet ur...Read More
Nov 3 (Reuters) - Online brokerage Robinhood Markets Inc (HOOD.O) said on Wednesday it would allow companies issuing shares through its IPO Access platform to set aside some stock for members of the public with ties to the issuers.Directed Share Programs (DSPs), which Robinhood refers to as its "friends and family" offering, allows employees, customers, vendors, or others who have a relationship...Read More
Steel rebar prices widened upward in Northern Europe in the week ended November 3 despite limited trading, sources told Fastmarkets.Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, delivered Northern Europe was ?,?800-840 ($928-951) per tonne on November 3, widening up by ?,?20 per tonne from ?,?800-820 per tonne seven days earlier.Buyers in the region were la...Read More
(Reuters) - Cathie Wood's Ark Invest on Wednesday capitalized on a sharp drop in Zillow Group Inc's stock price to scoop up shares of the online real-estate firm, as analysts expressed shock over its move to exit the business of buying and selling homes due to unpredictable prices.Zillow's announcement on Tuesday that it was withdrawing from flipping homes came three years after introducing the Zi...Read More
Prices for Japanese bulk shredded scrap have tumbled over the last week amid a drop in intake from a major Japanese blast furnace (BF)-based mill and discounted sales to South Korea.In late September, sources told Fastmarkets that shredded demand at BF-based mills had benefitted greatly from the tight supply of Shindachi prime scrap, but a reduction in shredded purchase volumes in recent weeks has...Read More
* German 30-year bond yields fall to 2-month low* Money markets par back ECB rate-hike bets* Market inflation expectations retreat further (Updates rates)LONDON, Nov 3 (Reuters) - Battered euro zone bond markets fought back on Wednesday, with sovereign borrowing costs down sharply for a second straight session as investors scaled back their most aggressive bets for interest rates hikes in the comi...Read More
NEW YORK, Nov 3 (Reuters) - Oil prices fell on Wednesday, after U.S. crude stocks rose more than expected in the most recent week, even as gasoline inventories hit a four-year low in the world's largest oil consumer.Brent crude futures were down $2.53, or 3%, at $82.16 a barrel at 11:19 a.m. EDT (1519 GMT). U.S. West Texas Intermediate (WTI) crude futures tumbled $2.97, or 3.5%, to $80.95 a barrel...Read More
Nov 3 (Reuters) - A company backed by Blackstone Group (BX.N) and led by former Walt Disney Co (DIS.N) executives Kevin Mayer and Tom Staggs is nearing a deal to buy Moonbug Entertainment for roughly $3 billion, three people familiar with the matter said.The deal for the media house behind children's entertainment show "CoComelon" could be announced as soon as this week, the sources said on We...Read More
Iron ore prices went up on Wednesday November 3 with support from the demand in low-grade fines, sources said.Fastmarkets iron ore indices62% Fe fines, cfr Qingdao: $100.10 per tonne, up by $4.33 per tonne62% Fe low-alumina fines, cfr Qingdao: $101.70 per tonne, up by $5.03 per tonne58% Fe fines high-grade premium, cfr Qingdao: $76.15 per tonne, up by $8.45 per tonne65% Fe Brazil-origin...Read More
Nov 3 (Reuters) - Deere & Co (DE.N) workers were set to continue their three-week-old strike on Wednesday after they voted to reject a second contract reached between the U.S. tractor maker and the United Auto Workers (UAW) union that bumped up wages and bonuses.Shares of Deere were down 2.6% in early trade.The strike will continue after 55% of the workers voted down the agreement, UAW had said...Read More
LONDON, Nov 3 (Reuters) - Tesla cars from Wednesday will be available to Uber (UBER.N) drivers in London looking to buy or lease a green vehicle as part of an incentive scheme to boost electric car use, the ride-hailing app said.Since Uber introduced a clean air fee, which adds 3 pence (4 cents) to every mile of a passenger trip in London, more than 135 million pounds has been collected for driv...Read More
WASHINGTON, Nov 3 (Reuters) - U.S. Trade Representative Katherine Tai said on Wednesday that protecting consumers' rights and privacy must be a top priority in digital trade policy, and that technology companies have responsibilities in shaping the economy."It is not hyperbole to say that these companies have the power to affect the lives of people and the direction of our civilization's developme...Read More
Turkish steel producers have continued their deep-sea scrap purchases at fairly stable prices, market participants told Fastmarkets on Wednesday November 3.A steel mill in the Marmara region booked a Baltic Sea cargo of HMS 1&2 (80:20) at $490 per tonne cfr - although the volume was not clear at the time of...Read More
Nov 3 (Reuters) - Discovery Inc (DISCA.O) beat Wall Street expectations for third-quarter revenue on Wednesday, driven by higher advertising and distribution revenue as the company looks ahead to its proposed merger with AT&T Inc's (T.N) WarnerMedia unit.Revenue rose about 23% to $3.15 billion in the quarter ended Sept. 30, slightly above an estimate of $3.14 billion, according to Refinitiv da...Read More
Export prices for steel billet and slab from Iran have decreased in the latest deals during the week ended Wednesday November 3.The country's semi-finished steel product export market was slow last week because of decreasing prices in China.Some 40,000 tonnes of slab was sold to Southeast Asian buyers...Read More