Turkey produced 16.994 million tonnes of crude steel in January-June 2019, down 10.14% on the 18.912 million tonnes produced in the first six months of 2018.According to the Turkish Steel Producers Association (T???oeD), the fall in output was largely due to the negative sentiment that has been dominating Turkey's domestic steel market since August 2018 when the country's lira lost significan...Read More
The blue chip announced earnings and revenue that came in ahead of estimates Industrial technology concern 3M Co (NYSE:MMM) is eyeing its fourth consecutive win today, brought on by impressive second-quarter earnings and revenue. Specifically, 3M announced adjusted quarterly profit of $2.20 per share, beating analysts' consensus $2.05 estimate, and revenue that topped expectations at $8.17 billion...Read More
Southwest Airlines stock has managed to move higher this yearEarnings season continues this morning as traders digest a quarterly beat out of Southwest Airlines Co (NYSE:LUV). Specifically, Southwest managed a slight profit despite the global grounding of the Boeing 737 Max planes, while also dishing out a better-than-expected quarterly earnings. Softening the Boeing blow was the company's strong...Read More
Under Armour stock is up 55% this yearThe shares of Under Armour Inc (NYSE:UAA) are up 0.5% to trade at $27.51 today, after Telsey Advisory Group upped its price target on the athletic apparel name to $25 from $22. Now, Under Armour stock is heading toward its third straight win. The shares have carved out a channel of higher highs and lows all year, with recent pullbacks finding support at their...Read More
Our advanced Fibonacci price modelingsystem is suggesting that the current Silver rally may be nearing a point wherethe price will pause and retrace a bit before advancing further. The incredible breakout rally over the pastfew weeks in Silver was a real surprise for many investors. The sleepy shiny metal that everyone thoughtwas dormant broke well above the $15.50 level on huge volume...Read More
German steelmaker ThyssenKrupp approved investment funds to build a 230,000 tonne per year chromium coating line for packaging steel at its Rasselstein site in Andernach, western Germany, it said late in the week ending on July 19.The new coating line will be a replacement for the current line, following a change in European Union (EU) regulations, with production capacity remaining approximately...Read More
3M and Facebook both announced impressive quarterly earningsDow Jones Industrial Average (DJI) futures are clinging to slim gains, following yesterday's wild trading -- which included a loss for the Dow and record highs for the Nasdaq and S&P. On the earnings front, Dow component 3M (MMM) unveiled earnings and revenue that topped analysts' estimates, while FAANG name Facebook (FB) also announced w...Read More
The brokerage firm targeted 20% upside for the video game stockBofA-Merrill Lynch upgraded Activision Blizzard, Inc. (NASDAQ:ATVI) stock to "buy" from "neutral," and boosted its price target to $56 from $54 -- a nearly 20% premium to last night's close at $46.86. The brokerage firm said ATVI stock is on the "verge of inflection," and noted its bullish outlook is for the "longer-duration investor."...Read More
Yesterday we wrote about Draghi, so today Powell is our hero. Only one week separates us from the pivotal FOMC meeting. What should gold investors expect?First Fed Cut Since 2008In a week, the Fed may deliver its first interest rate cut since 2008. Given the market odds, the move is practically a foregone conclusion. Futures traders assign a 100-percent probability of a cut. The bone of contention...Read More
Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turkish steel back to 25%, rebar shipments from that country are unlikely to make a splash in the US market, given declining domestic prices and ongoing geopolitical tensions, Fastmarkets understands. When the decision to cut the previously doubled tariffs in half was announced in late May, sources anticip...Read More
The three-month price of nickel on the London Metal Exchange continued its descent at the close of trading on Thursday July 25, falling by some 3.4% to close just above the $14,000 per tonne threshold, while lead futures climbed by 1.5% to breach nearby resistance levels.Three-month nickel futures closed at $14,075 per tonne in the afternoon, tumbling from an intraday high of $14,545 per tonne des...Read More
Turkish steel producers stayed out of the deep-sea scrap market on Thursday July 25 and are expected to remain absent until the end of the week, sources told Fastmarkets.Market participants reported "silence" in the market since a steel mill in the Marmara region of Turkey, bought a mixed cargo from the United States...Read More
Last week was a good week for gold.As of last week's close, GLD's five-year cumulative return of 6.4% has edged out the 4.1% gain earned by GDX.GDX has the capacity to make a 32% jump in the months ahead.A mining stock ETF with the best potential. No doubt about it. Last week was a good week for gold. Well, gold stocks really. The VanEck Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) was u...Read More
The CIS export billet market has softened through the past week amid a lack of interest among customers in the major outlet regions, Fastmarkets heard on Thursday July 25.Fastmarkets' daily steel billet index, export, fob Black Sea, CIS, was $415 per tonne on July 25, down by $2 per tonne day on day.Offers of CIS-origin billet from mills and traders were heard around $415-425 per tonne fob Black S...Read More
Stefan Gleason, Money MetalsHow low will they go?With the Federal Reserve all but certain to cut interest rates multiple times in the months ahead, central bankers are engaged in a race to the bottom.As negative interest rates expand in Japan and across Europe, as long-term bond yields in the U.S. plummet, and as President Donald Trump continues to talk tough on trade, the Fed has little choice...Read More
* Download MP3RecapIn Part II of the discussion with the founder of Corona Capital Management John Scurci, continues with his perspective on the financial markets. This is not a time for financial complacency notes, amid mountains of national debt on a global basis and central banking intervention on an epic scale. The scope and scale of the impending financial deluge will be incomparable...Read More
Add to stock market bulls' wall of worry a drop in West Coast home prices for the first time in seven years. This is part of a larger trend that saw U.S. home sales down 2.2% compared to a year ago. That's the 16th straight month of annual sales declines, even as mortgage rates have fallen since last October from 4.95% to 3.75%. Some observers profess to be mystified, since the economy appears t...Read More
Here are five Fastmarkets MB stories you might have missed on Thursday July 25 that are worth another look.The United States' non-ferrous scrap export market was mixed through May, with year-to-date shipments of aluminium scrap rising while those of copper scrap fell versus the same period last year. Even after US President Donald Trump reduced the Section 232 tariff applied to US imports of Turki...Read More
Each asset class performs better than others only for a duration.It is timely to denominate all our financial assets in gold instead of currencies.Many reasons behind gold's ascent since last August are strengthening.Miners enjoy improved profitability because of rising gold prices.Hypothesis: Data processing can transform the complex data set to a format in charts that are easier to view and unde...Read More
The dream of building a new world-class copper-gold mine in Pakistan in an area bordering Afghanistan and Iran has been dashed, for now at least. The saga of Tethyan Copper Co's (TCC) efforts to develop the Reko Diq mine found resolution last week with an International Centre for Settlement of Investment Disputes (ICSID) ruling in favor of TCC following a dispute that has rumbled on for years.TCC,...Read More