Prices for imported steel billet in Egypt decreased in the week ended Thursday March 12 but demand remained soft, sources have told Fastmarkets.Some Egyptian rebar producers increased their prices on February 26.Egyptian rebar producers were still offering rebar at E ?9,600-10,100 ($610-641) per tonne ex-works including 14% VAT,...Read More
Genesis Metals Corp. reported it has launched phase 1 of its 8,000m diamond drilling program at its Chevrier gold project in central Quebec. Stock photoIn a news release, gold exploration company Genesis Metals Corp. (GIS:TSX.V; GGISF:OTC) announced that "it has commenced phase 1 of a staged 2020 diamond drilling program its Chevrier Gold project in the eastern Abitibi Greenstone Belt of Central...Read More
Steel billet prices in Turkey have gone down over the past week on falling steel prices and weak demand, sources said on Thursday March 12.The suppliers in the Commonwealth of Independent States (CIS) region have lowered their offers for billet to $400-405 per tonne cfr, from the $405-410 per tonne of last week.But customers in Turkey were only bidding $390 per tonne cfr for CIS billet, according...Read More
Oil and gold are plummeting as wellAnother day, another disaster on Wall Street. The Dow fell by 2,352 points, it's largest one-day plunge since 1987. The S&P 500 and Nasdaq joined the Dow in bear market territory, with all three benchmarks finishing 9% lower or more. After another circuit breaker this morning, stocks pared some losses around midday after the Fed announced an increase temporary li...Read More
Here are five Fastmarkets stories you might have missed on Thursday March 12 that are worth another look.Two more steel producers in Italy have stopped operations following the recent nationwide extension of the country's coronavirus-related quarantine area, and more stoppages were expected, sources told Fastmarkets on March 12.Ball Corporation is to acquire Tubex Industria E Comercio de Embalagen...Read More
Former company CEO Hubert Joly announced his resignation as Executive Chairman todayThe shares of Best Buy Co Inc (NYSE:BBY) are having a rocky day on the charts, now down 13.1% at $56.82, lower on the heels of the company's Executive Chairman, Hubert Joly's, resignation. Joly, who formerly served as the company's CEO, will not stand for re-election at the June 11 shareholder meeting, and J. Patri...Read More
FedEx, General Mills, and Lennar all step into the earnings confessionalNext week will be an important one on Wall Street, especially in the wake of the coronavirus outbreak reaching pandemic status. In addition to any possible measures to combat COVID-19, the Fed will hold its two-day meeting beginning on Tuesday, and culminate in remarks from Fed Chair Jerome Powell Wednesday afternoon. On top o...Read More
Ulta Beauty will post its fourth-quarter earnings after the close tonight Ulta Beauty Inc (NASDAQ:ULTA) has been no stranger to the broadmarket selloff. The stock hit a four-year low of $190.83 earlier today, and is now down 6.30% to trade at $206.77, right ahead of its fourth-quarter earnings report, due out after the close this evening. Despite this dip, there's still plenty of bullish sentiment...Read More
Stainless steel prices in China have plunged over the past week on growing inventory levels, although market participants were optimistic that domestic demand showed signs of improvement."It's likely that Chinese prices are close to bottoming out because most companies have already resumed operations," a trader in northern China said.The lack of significant declines in raw material costs could als...Read More
Broadcom is expected to reveal its fourth-quarter report after the close tonightChip stocks have not been immune to the broad market sell-off that has sent the Dow into bear market territory earlier today. That puts the companies' earnings reports in the crosshairs, and options traders are responding in kind. For example, Apple supplier Broadcom Inc (NASDAQ:AVGO) will report fourth-quarter earnin...Read More
The S&P 500 Index also followed Dow into bear-market territoryAs coronavirus fears spread within the U.S. and the Trump Administration struggles to provide a tangible fiscal response, the Cboe Market Volatility Index (VIX) jumped to higher than 69.26, its highest mark since the 2008 market crash. Trading paused with yet another "circuit breaker" as well, after U.S. President Donald Trump initiated...Read More
President Trump's temporary ban on travel from Europe is spooking investors this morning Today marks the second time this week that the major exchanges were stopped, after stock futures reach a "limit down" loss of over 5% before the open. Dow Jones Industrial Average (DJI) futures, once again, are pointing toward a loss of over 1,000 just one day after ending its longest bull market on record,...Read More
CME Group closed its Chicago trading floor due to concerns over the spread of the coronavirus CME Group Inc (NASDAQ:CME) is down 7.16% to trade at $180.74 this morning on news that the exchange operator is planning on closing its Chicago trading floor on Friday evening, due to the spread of coronavirus, with a reopening date dependent upon further news of the pandemic. The market will remain ava...Read More
By: Ira EpsteinGold 18 week moving average near $1,542, trying to hold the lows here but now need to see what the market does..Read More
Dave KranzlerMake no mistake, the financial system is collapsing under one giant margin call being issued to banks and hedge funds. How big? No one knows. The Fed obviously was preparing for something when it commenced its money printing in September. But it had no idea of the scale of the underlying systemic problems. Coronavirus is not the cause of what's unfolding in the markets - it mere...Read More
Today, after another devastating day in the markets we are going to stand back and take a "big picture" view of what is going on.This is not some ordinary run-of-the mill bearmarket that is starting here - it is the beginning of a devastating collapse that is necessary to clear the system of all the accumulated dross that has built over many years. A "reset" is an apt word to describe it.The rot...Read More
By: Ira EpsteinGold breaking below the 18-DMA with support coming in below at..Read More
On Sunday, Italy registered a huge jump in new casesof the COVID-19, the stock market plunged,while the oil market crashed. Tuesday morning, and Italy is on lockdown. Meanwhile,gold jumped above $1,700. What’s next for the yellow metal? Gold Jumps Above $1,700Last week, I wrote that: from thefundamental point of view, the environment of fear, ultra low interest rates,weak equity markets...Read More
Gold is testing itsprevious 2020 highs, but silver plunged anyway, which created a very specialsituation. Namely, the goldto silver ratio just jumped to the 100 level.This may not seem like abig deal, because ultimately people buy metals, not their ratio, but itactually is a huge deal. This ratio is observed by investors and traders alike,as it tends to peak at the market extremes. Moving to the 1...Read More
Boeing stock is plummeting on its first downgrade from JPM in yearsAs the airline sector continues to reel in the face of the spreading coronavirus, Boeing Co (NYSE:BA) is no exception. BA was last seen trading down at 14.1% at $162.36, earlier touching a nearly three-year bottom of $155.55. Boeing announced it would be halting hiring and restricting overtime and work-related travel, while also re...Read More