* LME/ShFE arb: * GRAPHIC-2018 asset returns: * Lead headline inventories jump 12 pct (Adds closing prices, Aluminium tom/next, Chile copper)By Zandi ShabalalaLONDON, Feb 28 (Reuters) - Copper prices sank to their lowest in over two weeks on Wednesday as the dollar advanced on prospects of higher interest rates and growth in China's manufacturing sector slowed in February.Benchmark copper on the L...Read More
The Dow Jones Industrial Average (DJI) was up triple digits at its intraday peak, as stock traders initially celebrated the latest gross domestic product (GDP) estimate and shook off concerns about Fed rate hikes. However, the Dow and S&P 500 Index (SPX) have since turned lower, weighed down by healthcare and energy stocks. At last check, April-dated oil futures were 1.8% lower at $61.86 per barr...Read More
Akamai Technologies, Inc. (NASDAQ:AKAM) has been hot in 2018, thanks mainly to the cloud concern's post-earnings bull gap earlier this month. Analysts were quick to chime in with price-target hikes after the results, too, which helped send AKAM stock soaring back near its Jan. 9 annual high of $69.56. And even though this recent price action just echoes the equity's longer-term uptrend, with AKAM...Read More
Neil Ritson, chief executive of Solo Oil PLC (LON:SOLO) discusses with Proactive their ?2mln share placing and plans to acquire an additional stake in the Horse Hill oil project in southern England.Solo's agreed a deal with Primorus Investments Plc to acquire a 5% stake in the HHDL vehicle which owns 65% of Horse Hill.The transaction increases Solo's holding in HHDL to 15%, giving the company an...Read More
The Samarco iron ore mine in Brazil is likely to resume operations before the end of the year or early 2019 Vale (NYSE:VALE) executives told investors on Wednesday.Samarco Mineracao - a Vale-BHP joint venture - ceased operations in November 2015 following a deadly tailings dam burst. At 30 million tonnes per year before the disaster Samarco's pelletizing operations supplied roughly one-fifth of th...Read More
Markets, including gold, react to latest Fed testimony.Gold ETF (IAU) violates pivotal immediate-term support in the process.My recommended stop-loss in IAU was consequently violated.Gold suffered a setback on Tuesday after financial markets reacted negatively to the Congressional testimony of the new Federal Reserve chief. The gold price didn't violate its Feb. 7 pivotal low discussed in the prev...Read More
* Supreme Court ruled against government in December* MCC has said will challenge government plansULAANBAATAR, Feb 28 (Reuters) - Mongolia's Constitutional Court ruled on Wednesday that Mongolian Copper Corporation (MCC) never had the right to 49 percent of one of Asia's biggest copper mines, supporting an earlier resolution by the government to buy back the stake.The ownership battle is set again...Read More
Copper futures trading on the Comex market in New York fell for the fourth straight session on Wednesday on fresh doubts about the strength of the economy in top consumer China.Copper for delivery in May slumped 1.8% to a low of $3.1295 a pound ($6,900 a tonne) in early afternoon trade, down more than 5% so far this year.Chinese manufacturing data suffered its biggest fall in five years in Februa...Read More
ABUJA, Feb 28 (Reuters) - The International Monetary Fund (IMF) projects that Nigeria will "muddle through" with its economic policies in the medium term, according to a report seen by Reuters on Wednesday.The lender warned that "comprehensive and coherent" economic policies "remain urgent and must not be delayed by approaching elections and recovering oil prices".The...Read More
* Fed chair's testimony read as striking hawkish tone* Weaker-than-expected U.S. data fails to tarnish dollar* Euro zone inflation slows, clipping euro bulls* Yen edges higher after BoJ trims super-long JGB buying (Recasts, adds comment, FX table, updates prices, changes byline, dateline; previous LONDON)By Gertrude Chavez-DreyfussNEW YORK, Feb 28 (Reuters) - The dollar rose to five-week highs on...Read More
Best Buy Co Inc (NYSE:BBY) is scheduled to report fourth-quarter earnings ahead of tomorrow's open. Retail earnings have been coming in hot this week, with shares of Macy's (M) and Etsy (ETSY) gapping higher post-earnings. Although BBY stock has a recent history of negative earnings reactions, there's plenty of skepticism priced into the outperforming retail shares -- and a rare earnings win could...Read More
Frontier Communications Corp (NASDAQ:FTR) stock is down 25.3% to trade at $6.90, after the telecom company suspended its quarterly cash dividend.In response, Jefferies downgraded FTR stock to "hold" from "buy," and took a hatchet to its price target -- cutting it by 68%, to $8 from $25 -- with the analysts stating they "see no near-term catalyst to lift [the] shares." In addition, three other bro...Read More
Editor's Note: Gold and silver has been, at best, a frustrating trade. Exclusive to Kitco News, expert trader, Todd "Bubba" Horwitz, chief market strategist and founder of 'Bubba Trading provides a strategy investors can use in a range-bound gold price environment. Sign up before March 10 for the Kitco News Weekly Rundown newsletter to receive Horwitz's exclusive report and trading strategy.(Kitco...Read More
An anonymous director reports ASCOT ANNOUNCES PRIVATE PLACEMENT FINANCINGAscot Resources Ltd. has entered into an agreement with Sprott Capital Partners and Primary Capital Inc., in connection with a marketed private placement to raise gross proceeds of $5,000,440.The offering will consist of 3,356,000 common shares of the company that will qualify as flow-through shares at a price of $1.49 per fl...Read More
An anonymous director reports ASCOT ANNOUNCES PRIVATE PLACEMENT FINANCINGAscot Resources Ltd. has entered into an agreement with Sprott Capital Partners and Primary Capital Inc., in connection with a marketed private placement to raise gross proceeds of $5,000,440.The offering will consist of 3,356,000 common shares of the company that will qualify as flow-through shares at a price of $1.49 per fl...Read More
BloombergEmployees prepare fabric for clothing at the 9B Apparel manufacturing facility in Los Angeles. The numbers: Chicago PMI slipped in February to a reading of 61.9, a six-month low, from 65.7 in January. 1)#Chicago #Business #Barometer declines 3.8 points to 61.9 in Feb from 65.7 in Jan #chicagopmi pic.twitter.com/rZVJc18YXZ— MNI Indicators (@MNIIndicators) February 28, 2018 What hap...Read More
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stock has plunged nearly 10% to trade at $16.71, after the Bausch + Lomb parent said revenue fell 10% in the fourth quarter to $2.16 billion -- just below the average analyst estimate. And while the drugmaker's adjusted earnings of 98 cents per share were one penny more than the consensus forecast, VRX gave disappointing full-year revenue guidance.VRX st...Read More
JOHANNESBURG, Feb 28 (Reuters) - South Africa's new mining minister Gwede Mantashe said on Wednesday he will finalise the latest version of an industry charter which lays out requirements for black ownership levels and other targets in the next three months.Uncertainty around the charter has deterred investment into a sector that accounts for 8 percent of gross domestic product in the world's top...Read More
JOHANNESBURG, Feb 28 (Reuters) - South Africa's new mining minister Gwede Mantashe said on Wednesday he will finalise the latest version of an industry charter which lays out requirements for black ownership levels and other targets in the next three months.Uncertainty around the charter has deterred investment into a sector that accounts for 8 percent of gross domestic product in the world's top...Read More
JOHANNESBURG, Feb 28 (Reuters) - South Africa's new mining minister Gwede Mantashe said on Wednesday he will finalise the latest version of an industry charter which lays out requirements for black ownership levels and other targets in the next three months.Uncertainty around the charter has deterred investment into a sector that accounts for 8 percent of gross domestic product in the world's top...Read More