China's domestic rebar prices snapped over a week of increases on Friday June 5 due to heavy rain in the country's southern region and high temperatures in the north sapping demand. Domestic Eastern China (Shanghai): 3,600-3,630 yuan ($508-512) per tonne, down by 20 yuan per tonneNorthern China (Beijing) - weekly assessment: 3,700-3,730 yuan per tonne, up by 100 yuan per tonneAdverse weather condi...Read More
By: Ira EpsteinGold is in a correction, but strong supports in the $1,600's:Read More
Prices in Southeast Asia's steel billet market climbed over the past week due to robust demand from Chinese importers.Market participants said China's appetite for imported billet returned after domestic steel prices increased in response to costlier iron ore and production cuts in the country's steelmaking hub of Tangshan.Fastmarkets' daily price assessment for steel billet, import, cfr Southeast...Read More
Import prices of steel billet in China have risen to the $400-per-tonne-cfr mark this week on steady demand amid a domestic market strengthened by restrictions imposed on blast furnaces in the country's steelmaking hub of Tangshan.Local authorities in Tangshan, in northern China's Hebei province, have instructed mills to cut their blast furnace production rates by 20-50% in June to improve air qua...Read More
Key data from the pricing sessions in Asia, Europe and the United States for the week ended Friday June 5.China The domestic market has stabilized while immediate availability of material has continued to be tight. The export market was unchanged, with an absence of trading activity....Read More
European monthly stainless steel alloy surcharges have increased significantly for June but there has been no corresponding increase in transaction prices following their fall at the end of May, Fastmarkets heard on Friday June 5.Fastmarkets' calculation for June of the stainless steel cold-rolled sheet, 2mm grade 304, alloy surcharge domestic, Europe, was ?,?1,329-1,363 ($1,497-1,535) per tonne,...Read More
Vehicle production increased in Latin America during May, when compared with the all-time lows reported in April, but continued to represent a sharp year-on-year decrease while most plants remained closed or are just starting to reopen following Covid-related halts.Mexico, Brazil and Argentina are the region's top auto producing countries, Fastmarkets understands.MexicoMexican light vehicle output...Read More
The Nasdaq hit a new record highStocks rallied to round out the week, thanks to an uplifting jobs report which shed light on the 2.5 million jobs that were added last month -- the largest gain on record. That report did much to fuel hopes of the beginning of economic recovery in the wake of the coronavirus pandemic. Of the three major indexes, the tech-heavy Nasdaq was the one most investors had...Read More
Investors weighed a mixed bag of jobs data The U.S. faced a tumultuous week as the country quickly turned its attention from U.S.-China relations to civil unrest, as protests against police brutality began in all fifty states following the death of George Floyd. The Dow Jones Industrial Average (DJI), the S&P 500 (SPX), and the Nasdaq Composite (IXIC) are all working toward a third straight w...Read More
Stitch Fix's fiscal third-quarter earnings are due out on MondayThe shares of online style service Stitch Fix Inc. (NASDAQ:SFIX) are up 1.4% at $25.50, ahead of the company's fiscal third-quarter earnings report, which is due out after the close on Monday, June 8. SFIX is pacing for a five-day win streak, though pressure at its year-to-date breakeven level is keeping this rally in check.More broad...Read More
AstraZeneca saw a rise in capacity for its COVID-19 vaccine candidateThe shares of AstraZeneca plc (NYSE:AZN) are up 0.2% at $53.99 this afternoon, amid news that the pharmaceutical company signed new agreements that will raise the global supply capacity for its COVID-19 vaccine candidate to more than 2 billion doses. A phase 2/3 trial of the drug has already began with around 10,000 volunteers,...Read More
The Dow and S&P 500 are both eyeing their biggest weekly wins since early AprilThis morning's uplifting jobs report is putting even more wind at Wall Street's back at midday. The Dow JonesIndustrial Average (DJI) is up nearly 1,000 points at last check, on track for a fifth straight win and biggest weekly win since early April. The S&P500 Index (SPX) and Nasdaq Composite (IXIC) are climbing...Read More
Gap reported a quarterly loss of nearly $1 billion after Coronavirus-related store closuresThe shares of Gap Inc. (NYSE: GPS) are trading on both sides of the aisle today, last seen at $12.14, after the retail company reported a steeper-than-expected first-quarter loss as well as revenue that came in lower-than-anticipated. The company's quarterly loss of nearly $1 billion is due to stores closi...Read More
Ciena reported an earnings and revenue beat yesterday morning and analysts are optimisticThe shares of Ciena Group (NYSE:CIEN) are up 1.7% at $54.79 at last check, following a fresh round of bull notes one day after the company's second-quarter earnings. The communications and networking name has seen no fewer than three price-target hikes this morning, the highest coming from Cowen to $73 from $6...Read More
DocuSign's (DOCU) first-quarter profits and revenue were better than Wall Street anticipatedThe shares of DocuSign Inc (NASDAQ:DOCU) are up 1% to trade at $141.52, after reporting positive results in the earnings confessional yesterday evening. The company reported fiscal first-quarter profits of 12 cents on revenue of $297.02 billion, both of which were higher than analysts' estimates. .In resp...Read More
Zumiez reported first-quarter losses and revenue that missed analysts' estimatesThe shares of Zumiez Inc (NASDAQ:ZUMZ) are off 4.1% to trade at $28 this morning, following the apparel retailer's first-quarter report. Zumiez posted losses of 84 cents per share and $137.77 million in revenue, missing analysts' estimates. The firm declined to provide a current-quarter forecast at this time, but added...Read More
Vehicle production increased in Latin America during May, when compared with the all-time lows reported in April, but continued to represent a sharp year-on-year decrease while most plants remained closed or are just starting to reopen following Covid-related halts.Mexico, Brazil and Argentina are the region's top auto producing countries, Fastmarkets understands.MexicoMexican light vehicle output...Read More
The U.S. also surprisingly added jobs last monthFutures on the Dow Jones Industrial Average (DJI) are up nearly 600 points above fair value this morning, soaring after the U.S. Labor Department's May unemployment rate came in at 13.3%, much better than the anticipated 19.5% estimate.The report also showed that 2.5 million jobs were added last month, a surprise figure considering the expected loss...Read More
European distributors of flat steel products reported a 50.8% year-on-year drop in shipment volumes in April, Eurometal said on Thursday June 4.In first four months of 2020, shipments of flat steel products by European steel service centers decreased by 18.5% year on year. Eurometal does not disclose product volumes.Fastmarkets' daily steel hot-rolled coil index, domestic, exw Northern Europe ...Read More