Getty ImagesAmerican manufacturers are pumping out the goods as the economy begins its 10th year of expansion. Industrial production fell in May largely because of a fire that disrupted truck assembly lines, but it's up strongly over the past year. The numbers: Industrial production fell in May for the first time in four months, but the drop-off was largely the result of a major fire at an au...Read More
The numbers: The Empire State manufacturing survey rose 4.9 points in June to a reading of 25, the highest since October, the New York Fed said Friday. Any reading of the diffusion index above zero indicates improving conditions. Economists polled by Econoday expected a reading of 19.1. What happened: There were solid gains for both new orders and shipments, and the employment index jumped 10.3...Read More
(Bloomberg) - After a year of back and forth, the owners of the Samarco iron-ore mine are close to signing a definitive settlement with Brazilian prosecutors that will clear the way for restart preparations and debt talks to begin, people briefed on the matter said. Bonds jumped.Joint venture partners Vale SA and BHP Billiton Ltd. have already secured four court extensions to negotiate the settle...Read More
LONDON (Reuters) - Oil prices fell on Friday ahead of an OPEC meeting in Vienna next week as two of the world’s biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Benchmark Brent crude oil LCOc1 fell by $1.07 a barrel to a low of $74.87 before recovering to $75.12, down 82 cents, by 1328 GMT. U.S. light crude CLc1 was 360 cents lower at $66.53.Both co...Read More
Analysts chimed in after Finisar's mixed quarterly resultsFinisar Corporation (NASDAQ:FNSR) reported its first-quarter financial results last night. While revenue arrived in line with estimates, the fiber optic name's adjusted earnings came in below the consensus forecast. The results have sparked mixed reaction from the brokerage bunch. While D.A. Davidson issued a price-target hike to $26 from $...Read More
(Kitco News) - Gold pricesare sharply down and have sunk to a nearly six-month lowin late-morning action Friday. A slumping raw commodity sector in the face of apotential worldwide trade war among major global economies has hit rawcommodity prices hard today. The Trump administration has today slapped newimport tariffs on Chinese goods coming into the U.S. The gold market on thisday has decided to...Read More
(Kitco News) - Gold prices are sharply down and have sunk to a nearly six-month low in late-morning action Friday. A slumping raw commodity sector in the face of a potential worldwide trade war among major global economies has hit raw commodity prices hard today. The Trump administration has today slapped new import tariffs on Chinese goods coming into the U.S. The gold market on this day has deci...Read More
BEIJING (Reuters) - China plans to impose tariff measures of similar size and intensity in its bid to fight back against the United States, as the world’s two largest economies engage in a bitter trade dispute.The comments by the country’s commerce ministry came within minutes of U.S. President Donald Trump’s announcement that the United States would adopt a 25 percent tariff on...Read More
The Apple supplier is laying off employees to offset M&A costs Shares of Broadcom Inc (NASDAQ:AVGO) are slightly higher in early trading, after the company announced the layoff of over 1,100 workers, to offset costs associated with its $5.5 billion November purchase of tech concern Brocade. What's more, AVGO stock scored a new"buy" rating and $300 price target -- in uncharted territory -- from B...Read More
WASHINGTON, (Reuters) - U.S. industrial production fell slightly in May amid a sharp drop in manufacturing output, the Federal Reserve said on Friday.Overall industrial output fell 0.1 percent last month after an upwardly revised 0.9 percent increase in April.Economists polled by Reuters had forecast industrial production rising 0.2 percent. The U.S. central bank's measure of the industrial sector...Read More
(Reuters) - Wells Fargo & Co said on Friday a district court in California approved a $142 million class-action settlement to compensate customers who were affected by a sales scandal related to the opening of phony bank accounts.The scandal came to light in September 2016 when the bank agreed to pay $185 million in penalties to settle charges by authorities including the U.S. Consumer Financi...Read More
(Kitco News)- The gold market is seeing renewed selling pressure Fridaymorning even as equity markets open sharply down. The Dow Jones Industrial Average opened the session down morethan 100 points or 0.5% on the day, last trading at 25,013 points. At the same time,the S&P 500 Index opened the day down 11 points or 0.4%, last trading at2,771 points. According to George Gero, managing dire...Read More
(Kitco News) - The gold market is seeing renewed selling pressure Friday morning even as equity markets open sharply down. The Dow Jones Industrial Average opened the session down more than 100 points or 0.5% on the day, last trading at 25,013 points. At the same time, the S&P 500 Index opened the day down 11 points or 0.4%, last trading at 2,771 points. According to George Gero, managing...Read More
(Kitco News) - Gold priceshave hit daily lows and three-week lows in late-morningaction Friday. The yellow metal is being pressured by losses across much of theraw commodity sector, after the Trump administration levied more tariffs onChina, with the promise to slap more trade sanctions on China if Chinaretaliates. The recent surge in the U.S. dollar index is also an underlyingnegative for the pre...Read More
Stock markets finished lower Thursday as traders responded to a surprisingly hawkish turn by the world’s three major central banks over the past 24 hours. Today, the Dow Jones Industrial Average looks to open sharply lower as Trump’s trade war with China manifests a $100 billion round of tariffs on Chinese goods.There’s a lot to digest.The Federal Reserve raised interes...Read More
(Reuters) - Wall Street was set to open sharply lower on Friday after the United States announced tariffs on $50 billion worth of Chinese goods, spurring a promise of immediate and equivalent retaliation from Beijing.President Donald Trump said in a statement that a 25 percent tariff would be imposed on an initial list of strategically important imports from China from July 6 and vowed further mea...Read More
Both names have been in a channel of higher highs and lows recentlyShares of bluebird bio Inc (NASDAQ:BLUE) are up 0.5% in electronic trading, after the company reported positive early stage trial data for its LentiGlobin gene therapy in patients with sickle cell disease and thalassemia -- two blood disorders. Bluebird said it expects to submit a marketing application in the European Union (EU) la...Read More
Barrick Gold may look cheap after its underperformance, but Morgan Stanley prefers Newmont Mining.Read full newsRead More
June 15 (Reuters) - Futures pointed to a lower opening for Canada’s main stock index on Friday as oil prices fell after Saudi Arabia and Russia hinted that two of the world’s biggest producers would increase output.Ahead of an OPEC meeting in Vienna on June 22-23, Russian Energy Minister Alexander Novak said on Thursday after talks with Saudi Energy Minister Khalid al-Falih in Moscow t...Read More
Today marks the second quadruple witching Friday of 2018Futures on the Dow Jones Industrial Average (DJI) are trading 159 points below fair value this morning, after President Donald Trump announced tariffs of 25% on up to $50 billion in Chinese goods "that contain industrially significant technologies." Trump also said the U.S. is prepared to impose even more tariffs if China retaliates, as Beiji...Read More