The Fed did it again, cutting rates another 25 basis points. Jim believes they're cutting to head off poor economic news. If the news doesn't come, then Jim believes they won't cut at the next meeting. The Fed has some wiggle room. Perhaps it's a move to keep the dollar from going higher to help exports. Reasonableness is no longer a factor in any discussions or actions about the economy. Maybe th...Read More
Erik Townsend and Patrick Ceresna welcome David Rosenberg to MacroVoices. They discuss the latest FOMC statement, recent dislocation in value & growth, outlook on the bond market and more.Read More
Decoupling theory is silly. The US will not decouple.Either the Eurozone and Chinese economies pick up, or the US slides with them.Continue...Read More
The S&P500 just experienced its first period of back-to-back declines since 2016, a phenomenon typical of earnings recessions.Continue...Read More
The repo market is doing something it hasn't done since just before the 2007 housing market crash. The Fed is back to effectively buying U.S. Treasuries from banks on an indefinite basisContinue...Read More
Chinese ferro-silicon smelters held their offer prices, which earlier this month hit a 27-month low, last week in expectation of renewed demand from consumers in the steel sector ahead of a national holiday next week, while in Europe steelmakers seemed in no rush to replenish their ferro-alloys feedstocks. China ferro-silicon market stable ahead of new tenders due before a public holiday next wee...Read More
The market for low carbon ferro-chrome (0.10% C) in Europe rose on Friday September 20, indicating that prices had bottomed-out at a historic low level, with demand remaining subdued. Rise in low- and high-carbon alloy prices in Europe Spot alloy prices firm in China on higher Tisco tender price Imported alloy price in China steady Imported chrome ore prices stable US alloys fall amid weak demand....Read More
Stainless steel prices in Europe were stable this week amid expectations of dramatically increased alloy surcharges for October, sources told Fastmarkets on Friday September 20.October alloy surcharges will be based on nickel prices between August 21 and September 20. During this time, the average price for nickel, 3-months, London Metal Exchange Daily Official, was $17,178 per tonne, up by $2,183...Read More
Key points from the miner's company update at the Denver Gold Forum are summarized in a CIBC report. Pretium's Brucejack MineIn a Sept. 17 research note, CIBC analyst Anita Soni reported the highlights from the presentation by Pretium Resources Inc. (PVG:TSX; PVG:NYSE) President and CEO Joseph Ovsenek's at the recent 2019 Denver Gold Forum.She also indicated that CIBC raised its target price on P...Read More
Assays and resource forecasts pertaining to this silver project in Bolivia are discussed in a ROTH Capital Partners report. Drilling at Silver SandIn an Aug. 29 research note, Joe Reagor reported that ROTH Capital Partners increased its estimate of New Pacific Metals Corp.'s (NUAG:TSX.V; NUPMF:OTCQX) initial Silver Sand project resource in Bolivia and, consequently, raised its target price on the...Read More
U.S. manufacturing data helped push the Dow into the blackThe Dow finished on a modestly high note today, closingin the black after trading on both sides of the aisle earlier in the day. The blue-chip index spent the morningin the red, down triple digits at its session lows amid global growth concerns stemming from weak data out of Europe. But the Dow ultimately drifted higher, propped up by upbea...Read More
Turkey produced 22.55 million tonnes of crude steel in January-August 2019, down by 10.46% from 25.19 million tonnes in the corresponding eight-month period of last year, the Turkish Steel Producers Association (T???oeD) said last week.The drop in output was largely attributed to subdued end-user demand and weakening export markets for Turkish steel.The European Commission (EC) imposed definitive...Read More
Catalyst Pharmaceuticals and Plus Therapeutics are both trading toward the bottom of the Nasdaq Stocks have been trading on both sides of breakeven today as disappointing economic data out of Europe stoked fears of a slowing global economy. Three stocks in particular making moves today are healthcare names Catalyst Pharmaceuticals Inc (NASDAQ:CPRX), Plus Therapeutics Inc (NASDAQ:PSTV), and Polarty...Read More
The U.K. travel firm declared bankruptcy earlier todayCarnival Corp (NYSE:CCL) is trading lower today, as travel stocks swoon on news of U.K. tour company Thomas Cook's collapse. CCL shares are down 1.9% to trade at $47.30 -- pacing for a fourth straight drop, and retreating from a historically bearish trendline -- and put traders are driving a busier-than-usual session in the stock's options pits...Read More
Guggenheim said Truly and White Claw dominate the hard seltzer marketBoston Beer Company Inc (NYSE:SAM) is trading up 3.7% today at $358.16, thanks to a bullish analyst update. Guggenheim boosted its price target on the security to $462 from $449, saying they expect the company's Truly hard seltzer sales to grow 160% in 2019 and another 85% in 2020, estimates the brokerage firm view as conservativ...Read More
Despite a volatile year, Amazon stock has added 32% over the past nine monthsOnline powerhouse Amazon.com, Inc. (NASDAQ:AMZN) is sinking in afternoon trading, last seen down 0.8% at $1,779.59. However, the stock's recent pullback may be a buy signal for AMZN traders, as data from Schaeffer's Senior Quantitative Analyst Rocky White suggests the FAANG leader may be ready for its next surge higher....Read More
Snap has accused Facebook of undermining business practices, according to reportsFacebook Inc (NASDAQ:FB) was slammed earlier, after a Wall Street Journal report (subscription required) said rival Snap (SNAP) came out with a list of ways in which the social media giant attempted to sabotage it. According to those familiar with the matter, Snap's dossier, titled Project Voldemort, highlights under...Read More
Yield curve inversions have historicallybeen great for silver prices. Currently we are experiencing such a phenomena,and again it is evidence of conditions that are conducive to some impressivesilver rallies.Below, is a long-term chart showing thespread between the 10-year Treasure Note Yield and the 3-month Treasury Bill Rate. I have chosen these two to show data for along-term analysis. The...Read More
Nike has a mixed history of earnings reactionsEarly bird Nike Inc (NYSE:NKE) will get a jump-start on this fall's earnings season this week, set to report its fiscal first-quarter earnings tomorrow after the close, Sept. 24. Ahead of the event, NKE options traders have come out of the woodwork in larger-than-normal numbers, with some eyeing a post-earnings pullback from the apparel giant.Less tha...Read More
The Dow was down more than 100 points in early tradingThe Dow Jones Industrial Average (DJI) was down more than 100 points earlier, as disappointing eurozone and German factory data fanned fears of a slowing global economy. The blue-chip index has since erased these earlier losses, after IHS Markit's flash purchasing managers index (PMI) for U.S. manufacturing arrived at a better-than-expected 51...Read More