It's a volatile day on Wall Street The Dow Jones Industrial Average (DJI) has spent time on both sides of breakeven today, but was last seen lower, following comments made by Commerce Secretary Wilbur Rossregarding U.S.-China trade relations. In addition, traders remain anxious about the government shutdown, with Senate votes on a pair of bills expected to fail. Elsewhere, comments from European...Read More
Appetite growing for the precious metal, not just from investors but also central banks, which have been net buyers since 2010.The number of ounces in major gold discoveries has been falling for years, and exploration budgets are still far below the 2012 peak.CIBC raised its gold price forecast this year to $1,350 an ounce, up from $1,300. The bank is also looking for $1,400 an ounce in 2020. Bill...Read More
Since middle December 2018, Detour Gold is run by new management.A few days ago the new management team released production guidance for 2019.At first sight this guidance looks pretty gloomy but, in my opinion, the bigger picture is not that bad.For example, I think that an all-in sustaining cost of production planned for 2019 is a bit overestimated.I share the investors' optimism pushing Deto...Read More
The Dow stock has pulled back to a trendline with bearish implicationsBlue chip construction concern Caterpillar Inc. (NYSE:CAT) is as trade-sensitive as they come, and the stock could be volatile next week during high-level U.S.-China trade talks-- especially following this morning's discouraging comments from Commerce Secretary Wilbur Ross. Putting added pressure on CAT is its fourth-quarter...Read More
This stunning research revealed by the former hedge-fund who predicted the last NASDAQ crash could have some Americans thinking twice before hoarding cash.Something strange is going on in the financial system.And according to The Wall Street Journal, it's causing some investors- including the biggest banks in the world- to move massive amounts of money out of the banking system.What exactly is go...Read More
Indonesia, the world's top exporter of palm oil, has issued new rules requiring exporters of natural resources to receive earnings in the local banking industry, among new measures Jakarta announced last year to support the then falling rupiah.The rupiah hit its weakest since the 1998 Asian financial crisis in October 2018 due to capital outflows linked to rising U.S. interest rates, the U.S.-Chin...Read More
PANW is already up more than 10% year-to-datePalo Alto Networks Inc (NYSE:PANW) has gotten off to a great start to 2019, and that strength is continuing today thanks to another round of bullish analyst attention. Wedbush upgraded the cybersecurity stock to "outperform" from "neutral" and boosted its price target to $265 from $225, saying conversations with those close to the company have allayed f...Read More
The company issued disappointing full-year guidanceThe shares of McCormick & Company (NYSE:MKC) are down nearly 12% at $121.25 in early trading, after the company reported fourth-quarter earnings below analysts' expectations, and issued weaker-than-expected full-year guidance. The stock is now the lowest it's been since August, and is pacing for its biggest one-day loss ever. MKC stock touched an...Read More
After nine months of intermittent production due to illegal strikes and social unrest, Barrick Gold's Tongon mine in Ivory Coast returned to normal in the last quarter of 2018, achieved its revised production target of 230,000 ounces for the year, down from 288,680 ounces in 2017.Operations at the mine, which the Canadian gold giant acquired after the merger with Randgold, had to be halted a few...Read More
Political uncertainty means there's no time like the present when it comes to commodities trading, according to Goldman Sachs Group Inc.Traders are less willing to buy and sell long-dated futures because of increasing risks associated with trade wars and other geopolitical fissures springing up around the globe, Jeff Currie, head of commodities research at Goldman, said in an interview on Bloomber...Read More
Australia and New Zealand Banking Group Ltd (ANZ), whose gold bullion business is one of Asia's largest, said on Thursday it was closing its precious metals vault in Singapore.The move follows the bank's sale last year of its stake in an exchange-traded fund backed by physical gold and sources say it is part of a scaling back of ANZ's precious metals business.While ANZ is trimming, increasing regu...Read More
Investors are proving a fairly patient lot these days, considering the big questions marks around the global economy and the U.S. government itself. Comments from top White House economic adviser Kevin Hassett a day earlier about "zero" growth for the U.S. if the shutdown doesn't end soon, are still the subject of some chatter for Wednesday. The day for Wall Street is looking positive so far, but...Read More
Investors are proving a fairly patient lot these days, considering the big questions marks around the global economy and the U.S. government itself. Comments from top White House economic adviser Kevin Hassett a day earlier about "zero" growth for the U.S. if the shutdown doesn't end soon, are still the subject of some chatter for Wednesday. The day for Wall Street is looking positive so far, but...Read More
The similarities are eerie, and Republicans could be facing a crisis.He's a successful businessman who never held public office before winning the Presidency...He's coming into power after an electoral college landslide...And he did it by beating an out-of-touch New Yorker opponent.Once in office, he launches a vast trade war, promising to stand up for America's heartland, with 890 increased tarif...Read More
BMY gapped lower to a five-year bottom at the start of 2019 The shares of Bristol-Myers Squibb Co (NYSE:BMY) are down 3% in electronic trading, after the pharma name pulled the U.S application for its combo lung cancer treatment of Opdivo and Yervoy. This comes as the company has struggled to keep up with sector peer Merck (MRK) and its rival cancer drug Keytruda. What's more, the news is oversh...Read More
The chipmaker's fiscal 3Q results beat estimatesThe shares of Xilinx, Inc. (NASDAQ:XLNX) are set to soar 9.4% out of the gate-- and could take aim at its June 2000 record high of $98.31 -- after the chipmaker reported fiscal third-quarter adjusted earnings of 92 cents per share on $800 million in revenue -- more than analysts were expecting. Plus, the San Jose-based company said it expects current...Read More
Dow component Intel will be in the earnings spotlight post-closeDow Jones Industrial Average (DJI) futures are indicating a lower open this morning, as traders prepare for a huge day of earnings. While no blue-chip numbers are set to come through untilIntel (INTC) reports after the close, there are still plenty of other quarterly updates to digest this morning. Adding to the busy backdrop are fres...Read More
• A modest USD uptick/stability in equity markets prompts some fresh selling. • Dovish Fed expectations/partial US govt. shutdown might limit further downside. Gold struggled to build on the overnight attempted rebound and remained under some selling pressure for the second consecutive session. The precious metal failed to capitalize on the early upti...Read More
Freeport-McMoRan Inc.'s FCX, -13.08% profit fell in the fourth quarter as revenue fell and interest expenses rose. The company reported earnings of $140 million, down from $1.04 billion the comparable quarter a year ago. Earnings were nine cents a share, down from 71 cents a share. Analysts polled by Refinitiv were expecting earnings of 22 cents a share. Adjusted earnings were 11 cents a share, do...Read More
(adds UK reaction)BRUSSELS, Jan 24 (Reuters) - The European Commission said onThursday it was suing Britain over tax exemptions the countrygrants to some commodity markets, waivers that Brusselsconsiders in breach of European Union rules.Under EU rules, countries need EU authorisation not tocharge sales tax on products and services. In 1977, Britainobtained a waiver to charge a zero rate value-add...Read More