Oil is continuing its deep dive this afternoonAfter trading was halted for 15 minutes this morning to prevent a further plunge, the Dow Jones Industrial Average (DJI), the S&P 500 Index (SPX), and Nasdaq Composite (IXIC) are all down between 6% and 7% at midday, with the Dow falling over 2,000 points at its worst. Saudi Arabia cutting official crude selling prices for April and its subsequent pri...Read More

I promised you on Friday that I would take an in-depth look at the energy complex in the Weekend Report. If there is one sector to define the possible deflationary event we’ve been discussing for the last several months or so oil is probably the most important commodity of all. Eventually we’ll know the cause in no uncertain terms, but the charts have been suggesting for a long time no...Read More

U.S. health officials are warning Americans to avoid cruise ships as the coronavirus outbreak worsens It's no secret the cruise line sector has taken a hit in recent weeks, with a slew of reports trickling in regarding coronavirus-related quarantines and cancellations. Two stocks hit particularly hard are Carnival Corp (NYSE:CCL) and Royal Caribbean Cruises Ltd (NYSE:RCL), and this weekend's warni...Read More

Amazon was hit again by a COVID-19 fear waveAmazon Inc. (NASDAQ:AMZN) is down 7.1% to trade at $1,767.03, despite a positive premarket outlook this morning. The premarket rise came after news that AMZN will announce a new business line selling the technology behind its automated checkout to other retailers. Amazon's cashier-less venture, Amazon Go, is estimated by Loup Ventures to grow to $50 bill...Read More

Here are five Fastmarkets stories you might have missed on Monday March 9 that are worth another look.Market sources have been puzzled by the gradual upward trend in China's steel prices after the novel coronavirus (2019-nCoV) broke out in a big way after the Lunar New Year holiday.Soci?(C)t?(C) le Nickel (SLN) resumed operations and ore shipments at its Thio mine in New Caledonia on March 9, a sp...Read More

Twitter stocks dipped after it flagged one of Trump's retweetsShares of Twitter Inc (NYSE:TWTR) are down 6.2%, last seen at $31.40. Twitter made headlines last week on rumors CEO, Jack Dorsey was being pressured to leave due to his divided attention between Twitter and Square (SQ). Now, the social media giant is back in the news after applying its new "manipulated media" label for the first time...Read More

Steve St. Angelo, SRSrocco Report (MARCH 8, 2020 Late PM US EST)It begins... the world is finally waking up to the massive economic and financial threat of this global contagion. As reported by Zerohedge, the Middle East markets opened today to a bloodbath as many of the region's stock indexes fell more than 5%, with Kuwait suspending trading after it's market fell 10%. According to the ar...Read More

RambusI promised you on Friday that I would take an in-depth look at the energy complex in the Weekend Report. If there is one sector to define the possible deflationary event we've been discussing for the last several months or so oil is probably the most important commodity of all. Eventually we'll know the cause in no uncertain terms, but the charts have been suggesting for a long time now th...Read More

News that OPEC's Friday talks with Russia collapsed is sparking a massive price war, sending old futures plummetingStocks are dramatically selling off in pre-market trading, with all three indexes looking to open with losses of 4.5% or more. Dow Jones Industrial Average (DJI) futures are erasing last weeks modest win, off over 1,200 points. For the last few weeks this selloff has been tied to anx...Read More

Europe's high-carbon ferro-chrome market fell in the week ended Friday March 6 after concern over the economic outlook hit buying appetite. Fastmarkets' ferro-chrome high carbon 6-8.5% C, basis 60-70% Cr, max 1.5% Si, delivered Europe price narrowed downward by 3-5 cents per lb or 4.3% to $0.82-0.95 per lb on Friday March 6. "We have seen a drop in sentiment," a producer, who reported concern...Read More

Domestic prices for hot-rolled coil in Northern Europe have gone unchanged day on day while buyers remained watchful of the market, sources told Fastmarkets on Monday March 9.Fastmarkets' daily steel hot-rolled coil index, domestic, ex-works Northern Europe, was ?,?484.62 ($547.13) per tonne on Monday, down by ?,?0.02 per tonne from ?,?484.64 per tonne on March 6.The index was calculated based on...Read More

Chinese steel company Hebei Jingye Group has completed its acquisition of British Steel, the company said on Monday March 9, but the deal does not include the French operations at Hayange.The deal, which is believed to have cost ?50 million ($55.51 million), brings to an end a nine-month search for a new owner of the UK's second-largest steelmaker.Assets included in the deal include British Steel...Read More

Here are five Fastmarkets stories you might have missed on Monday March 9 that are worth another look.Market sources have been puzzled by the gradual upward trend in China's steel prices after the novel coronavirus (2019-nCoV) broke out in a big way after the Lunar New Year holiday.Soci?(C)t?(C) le Nickel (SLN) resumed operations and ore shipments at its Thio mine in New Caledonia on March 9, a sp...Read More

Published on March-8-2020: Dear Friend of GATA and Gold:Northman Trader's clear-eyed founder, market analyst, and longtime skeptic, Sven Henrich, writes tonight that the astounding volatility in the financial markets is "screaming" at governments and central banks: "Intervene now!":https://northmantrader.com/2020/03/08/vix-shock/Unlike most analysts allowed to appear on mainstream financial new...Read More

I appeared to occupy a unique place on the lunatic fringe when, many years ago, I started writing about the prospect of a short squeeze on the dollar. When I bounced this idea off a half-dozen finance professors, each had the same response: "Huh?" Their incredulity notwithstanding, it has always seemed a given to me that it would take a catastrophic deflation to wipe out debts, both public and...Read More

Steve St. Angelo, SRSrocco Report (MARCH 8, 2020 Late PM US EST)It begins... the world is finally waking up to the massive economic and financial threat of this global contagion. As reported by Zerohedge, the Middle East markets opened today to a bloodbath as many of the region's stock indexes fell more than 5%, with Kuwait suspending trading after it's market fell 10%. According to the ar...Read More

RambusI promised you on Friday that I would take an in-depth look at the energy complex in the Weekend Report. If there is one sector to define the possible deflationary event we've been discussing for the last several months or so oil is probably the most important commodity of all. Eventually we'll know the cause in no uncertain terms, but the charts have been suggesting for a long time now th...Read More

If global financial markets had been operating under a pervading sense of uncertainty due to the impact of the novel coronavirus (2019-nCoV), they now appear to be veering on panic.Oil prices have suffered their biggest one-day collapse since the 1991 Gulf War following Saudi Arabia's declaration of a price war on Russia through a shock move to hike oil production. S&P Dow Jones Indices was forced...Read More

The novel coronavirus (2019-nCoV) is set to accelerate what the trade wars started: the diversification of global supply chains. Both events have demonstrated just how interconnected the global economy is and have provided a wake-up call to businesses worldwide that it might be time to reduce their reliance on China as the workshop of the world. Of course, that's easier said than done. China is th...Read More

Market sources have been puzzled by the gradual upward trend in China's steel prices after the novel coronavirus (2019-nCoV) broke out in a big way after the Lunar New Year holiday. Spot prices gained further momentum in the first few days of March, even though the number of infections in China has continued rising, and steel inventories have surged.Fastmarkets' price assessment for stee...Read More