On Sunday, the Federal Reserve cut interest rates andrestarted quantitative easing to stimulate economy hit by the pandemic ofCOVID-19. That’s already its second move prior to this Wednesday’s FOMC. Whatdoes it imply for gold? It’s Serious, Really.Winter is not coming. Winter ishere already. The situation does not look too good. Although the epidemic seemson the way out in China...Read More
Target stock fell after it announced reduced store hours Target Corp (NYSE:TGT) announced it will reduce store hours across the U.S. in response to the coronavirus outbreak. In addition to the reduced hours, the retail giant will reserve the first hour of operation each Wednesday for "vulnerable guests," which primarily consists of older adults and those health concerns. In response, TGT shares ar...Read More
Dow futures are eyeing a steep early morning dropFutures on the Dow Jones Industrial Average (DJI) are headed toward an open deep in the red, with the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) following closely behind. Talks of the varying U.S. stimulus packages to aid the economy during the COVID-19 crisis also has Wall Street on edge, triggering a "limit down" halt in the indexes before...Read More
Taking a look at how stocks and commodities have reacted during past bear markets A couple weeks ago, I wrote about a 10% correction for the S&P 500 Index (SPX). Now we've graduated to a 20% pullback, often referred to as bear market territory. This week, I'll go over prior bear markets to see how this one compares and hopefully it will give us insight into what to expect going forward.From High t...Read More
Sales of passenger cars in the EU dropped by 7.41% year on year in February 2020, the second consecutive monthly decline.New car sales in Europe totalled 957,052 vehicles in February 2020, down from 1,033,608 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Wednesday March 18."This...Read More
Automotive manufacturers in Europe have announced temporary production shutdowns at sites throughout the continent, because of the problems being created by the measures taken by governments to restrict the spread of the 2019-nCoV coronavirus outbreak.The latest suspensions followed a raft of announcements made at the beginning of this week.Rolls-RoyceUK-based Rolls-Royce Motor Cars will suspend p...Read More
More European steel producers have announced production cuts and equipment stoppages because of the measures being taken to combat the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on Wednesday March 18.The outbreak continues to hamper steel output in Europe with more producers announcing either stoppages or production slowdowns this week, sources said.The largest European steel produce...Read More
Sales of passenger cars in the EU dropped by 7.41% year on year in February 2020, the second consecutive monthly decline.New car sales in Europe totalled 957,052 vehicles in February 2020, down from 1,033,608 units sold in the corresponding month of 2019, the European Automotive Manufacturers Association (ACEA) said on Wednesday March 18."This...Read More
Craig HemkeLate last week, after weeks of holding its own and providing some stability through the worsening coronavirus crisis, the price of COMEX Digital Gold was smashed in a manner not seen since April of 2013. Was this just a natural market reaction? Hardly.The past month has seen truly historic moves in the global equity and fixed income markets. The U.S. stock market has fallen sharply, b...Read More
Richard (Rick) Mills, Ahead of the herdStock markets rebounded on Tuesday, after the White House announced further measures to help Americans and companies hurt by the coronavirus pandemic.The Trump Administration is reportedly considering sending checks to Americans so they have cash to spend during the outbreak.The Dow, S&P 500 and the Nasdaq finishing about 6% higher was a welcome respite fro...Read More
Stefan Gleason, Money MetalsThe last few days have been like nothing most of us have ever experienced - or are likely to experience again in our lifetimes.Panic has spread from the streets of Wuhan to the grocery stores of America's heartland, from nursing homes to the Federal Reserve Board, from the stock market to the gold and silver markets.Like other asset classes, the precious metals space...Read More
By: Ira EpsteinGold is trendless, it is looking what to do next. Gold has downside bias with resistances around $1550 and $1615:Read More
China will raise the export rebate to 13% from 10% for a large number of steel products from March 20, according to a notice released by the Ministry of Finance late on Tuesday March 17. The rate increase concerns major steel products such as hot-rolled coil, wire rod, cold-rolled strip, hot-dipped galvanized strip and stainless steel strip.Mixed outlook on export offersSome market participants ex...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 18 that are worth another look.More European steel producers have announced production cuts and equipment stoppages because of the measures being taken to combat the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on March 18.The novel coronavirus (2019-nCoV) pandemic is starting to hit mine supply o...Read More
A summary of London Metal Exchange warrant premiums from across the globe for the week to Wednesday March 18.Please click...Read More
An overview of the minor metals markets and the reasons behind the latest price moves.Read More
More European steel producers have announced production cuts and equipment stoppages because of the measures being taken to combat the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on Wednesday March 18.The outbreak continues to hamper steel output in Europe with more producers announcing either stoppages or production slowdowns this week, sources said.The largest European steel produce...Read More
Here are five Fastmarkets stories you might have missed on Wednesday March 18 that are worth another look.More European steel producers have announced production cuts and equipment stoppages because of the measures being taken to combat the 2019-nCoV coronavirus pandemic, sources told Fastmarkets on March 18.The novel coronavirus (2019-nCoV) pandemic is starting to hit mine supply o...Read More
Chris Walton has joined Italian bank Unicredit to build out the company's metals financing book, Fastmarkets understands.Walton, who previously was director of base metals physical trading at ICBC Standard Bank, arrives...Read More
The novel coronavirus (2019-nCoV) pandemic is starting to hit mine supply of metals after months of affecting refined demand, sources told Fastmarkets.Across South America, the world's largest copper-producing continent, countries including both Peru and Chile have closed borders to contain the outbreak, Fastmarkets understands.While mine disruptions are yet to be reported in Chile, the world's to...Read More