Russian steelmaker Severstal is forming a joint venture with global tube & pipe producer Tenaris to build a oil country tubular goods (OCTG) plant in the Surgut area of West Siberia.The welded pipe plant will be "in close proximity to the main oil and gas companies," Severstal said on Tuesday February 5. The Russian steelmaker will have a 51% interest in the JV, while Tenaris will own the rem...Read More
Nymex Crude oil rose twenty percent in January (till 1st February close). The pace of rise for crude oil will be crucial for global economy. Part of the rise is attributed to short covering. If crude oil rises quickly due to Venezuela, then chances of global economy moving into recession will be very high. Global economy has not yet fully recovered from energy shocks of last year. USA and Russ...Read More
Gold is moving closer to confirming amulti-year bull market per my long-term comparison. A decisive mover higherthan the $1375 area would be confirmation of the bull.Below, is the updated long-term comparison: I have marked two fractals (patterns) 1to 5, to show how they might be similar. I have also marked the point whereinterest rates peaked (in 1981), and where they probably bottomed (in 2016)....Read More
The Nasdaq is higher despite a down day from Alphabet (GOOGL)The Dow Jones Industrial Average (DJI) is confidently higher at midday, up triple digits thanks to a fresh batch of upbeat corporate earnings.The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are firmly in the black, too, with the latter shaking off rising cost concerns from Google parent Alphabet (GOOGL). Investors are also gearin...Read More
The S&P sank in the days after last year's speechSo far it's been a solid year for U.S. stocks, with the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) just wrapping up impressive six-week win streaks. While we're now in the thick of earnings seasons, investors tonight will be focusing in on President Donald Trump's second State of the Union speech. Some traders may use the occasi...Read More
MRK stock is eyeing its best win streak in at least a yearMerck & Co, Inc. (NYSE:MRK) is trying to extend its hot streak today, trading up 1.7% early on at $78.16, setting it up for a sixth straight daily win -- its best in at least a year. Traders are responding to a note out of BofA-Merrill Lynch that named MRK stock as the firm's top pick out of the pharma sector. The analyst note predicted mor...Read More
The makeup company also upped its full-year guidanceThe shares of Estee Lauder Companies Inc (NYSE:EL) are up 11.8% at $152.21, after the cosmetics concern reported fiscal second-quarter earnings that beat analysts' expectations. The company said growing revenue in the Asia-Pacific region, as well as strong holiday sales, were catalysts for the earnings surprise. As a result, Estee Lauder lifted i...Read More
Deutsche Bank sees increasing competition from store brandsThe shares of Kraft Heinz Co (NASDAQ:KHC) are 0.4% lower to trade at $47.53 this morning, after Deutsche Bank downgraded the food concern to "hold" from "buy," while trimming its price target to $52 from $58. The analyst in coverage noted that increased efforts from store brands have taken a share of Kraft Heinz's major categories. Kraf...Read More
The State of the Union will be in focus tonightU.S. stock futures are modestly higher this morning, though the Nasdaq-100 Index (NDX) is lagging its peers amid concerns about rising costs for Google parent Alphabet (GOOGL) after last night's quarterly report. Dow Jones Industrial Average (DJI) futures are trading above fair value ahead of earnings from blue chip Walt Disney (DIS) tonight, and trad...Read More
Here are five Fastmarkets MB stories you might have missed on Tuesday February 5 that are worth another look.Honda Motor Co Ltd aims to electrify around two-thirds of the vehicles it produces by 2030, Honda managing officer Noriya Kaihara said at the 25th Mining Indaba in Cape Town, South Africa.Japan's Panasonic is considering investing in the upstream part of the battery raw materials indus...Read More
COT SPECIAL PUBLICATION SCHEDULE Reminder -- The last COT report was published on December 21, 2018. Reports going forward from that date will be published in chronological order beginning with the report previously scheduled for release on Friday, December 28, 2018 (based on data from Monday, December 24, 2018). The CFTC published the first report on Friday, February 1, 2019. After th...Read More
European distributors of flat steel products reported a 3.1% year-on-year drop in shipment volumes in 2018, Eurometal said this week. "Shipments decelerated mainly in the second half of 2018, with mounting uncertainties regarding the European automotive industry and related supplier sectors," the regional federation for steel, tube and metals distribution and trade, said on Monday February 4. ...Read More
Full Article: Trump's Brilliant Strategy to Dismember U.S. Dollar HegemonyBy: Michael HudsonThe end of America's unchallenged global economic dominance has arrived sooner than expected, thanks to the very same Neocons who gave the world the Iraq, Syria and the dirty wars in Latin America. Just as the Vietnam War drove the United States off gold by 1971, its violent regime change warfare against V...Read More
By: Dave KranzlerPrice inflation has been badly misrepresented by CPI figures and have been averaging closer to about 8% annually since gold topped in Sept 2011. Since then the purchasing power of the dollar has declined by about 43%, so that in 2011 dollars the gold price is $740. No one seems to have noticed, leaving gold extremely cheap. - Alasdair Macleod, "Ten Factors To Look For In Gold I...Read More
Something big is happening in the gold market right now, and nowhere is that more apparent than in central banks of emerging economies. Last year was a watershed in the size of official gold purchases, as banks added an incredible 651.5 tonnes (worth some $27.7 billion) to their holdings, according to the World Gold Council (WGC). Not only is this a remarkable 74 percent change from 2017, but...Read More
By: Stewart Thomson Graceland Updates1. Gold price sales offer opportunity but patience is required. I like to see a market swoon of at least $50/ounce before buying any fresh medium-term gold or related positions.2. Most amateur gold investors should wait for $100/ounce declines before buying or use very tight stop-losses to protect their capital.3. When buying, it'...Read More
By: Hubert MoolmanGold is moving closer to confirming a multi-year bull market per my long-term comparison. A decisive mover higher than the $1375 area would be confirmation of the bull.Below, is the updated long-term comparison:Click for enlarged image.I have marked two fractals (patterns) 1 to 5, to show how they might be similar. I have also marked the point where interest rates peaked (in 19...Read More
Nymex Crude oil rose twenty percent in January (till 1st February close). The pace of rise for crude oil will be crucial for global economy. Part of the rise is attributed to short covering. If crude oil rises quickly due to Venezuela, then chances of global economy moving into recession will be very high. Global economy has not yet fully recovered from energy shocks of last year. USA and Russ...Read More
Russian steelmaker Severstal is forming a joint venture with global tube & pipe producer Tenaris to build a oil country tubular goods (OCTG) plant in the Surgut area of West Siberia.The welded pipe plant will be "in close proximity to the main oil and gas companies," Severstal said on Tuesday February 5. The Russian steelmaker will have a 51% interest in the JV, while Tenaris will own the rem...Read More
European distributors of flat steel products reported a 3.1% year-on-year drop in shipment volumes in 2018, Eurometal said this week. "Shipments decelerated mainly in the second half of 2018, with mounting uncertainties regarding the European automotive industry and related supplier sectors," the regional federation for steel, tube and metals distribution and trade, said on Monday February 4. ...Read More