DUBAI/LONDON (Reuters) - OPEC and its partners are discussing a proposal to cut oil output by 1.4 million barrels per day (bpd), three sources familiar with the issue said, although Russia may not be on board for such a large reduction.Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting...Read More
HONG KONG (Reuters) - Tencent (0700.HK) beat third-quarter profit forecasts on Wednesday but gave no update on a regulatory block in China, the world’s largest gaming market, that has damaged its core business.China has imposed tougher rules on the gaming industry, including a halt to new game approvals as part of a regulatory overhaul and calls to tackle addiction among young people.Tencent...Read More
WASHINGTON (Reuters) - The lawmaker expected to head the powerful House Oversight Committee in the new U.S. Congress says one of his first priorities will be investigating why President Donald Trump’s administration decided to ask about citizenship on the 2020 census questionnaire.Democratic Representative Elijah Cummings told Reuters he had not yet prioritized all the issues his committee w...Read More
(Reuters) - U.S. stocks were higher on Wednesday, after consumer prices in October rose as expected, adding little pressure on the Federal Reserve to raise interest rates swiftly, while a rebound in oil prices lifted energy stocks.Shares of Exxon Mobil Corp (XOM.N) rose 0.5 percent and Chevron Corp (CVX.N) gained 1.6 percent as oil prices recovered on growing prospect of an output cut by OPEC and...Read More
ADDIEVILLE, Ill.(Reuters) - Clouds crowded the Illinois sky as Nick Harre walked away from his combine at the peak of harvest to join four fellow farmers in greeting some unlikely visitors.Inside a nearby seed barn, they made their pitch to eight Sri Lankan government officials: Please buy our soybeans.The wooing of such a tiny market underscores the depth of U.S. farmers’ problems after los...Read More
Kellogg updated investors on its turnaround plans yesterdayCereal maker Kellogg Company (NYSE:K) is moving lower in early trading, as analysts react to the company's underwhelming plans for aturnaround, which were announced yesterday at its investor conference. Among the specifics, Kellogg is selling its Keebler bakery brands and cookie business, and said it'll continue to be active in M&A. In re...Read More
AAPL is lower after Guggenheim downgraded the FAANG stockThe shares of Apple Inc. (NASDAQ:AAPL) initially ticked higher out of the gate on broad-market tailwinds, but was last seen down 0.4% to trade at $191.45. The FAANG stock was downgraded to "neutral" from "buy" at Guggenheim, which also removed its $245 price target on the equity. This is the second brokerage firm in as many days to predict...Read More
(Kitco News)- Negative sentiment continues to build around tech giantApple (Nasdaq: AAPL), and some analysts have warned that slower iPhone sales could havebroader implications on global growth that could benefit safe-haven assets like gold.In a report Tuesday, Hussein Sayed, chief market strategistat FXTM, said the little smartphone had a significant impact on U.S. grossdomestic product growth an...Read More
FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) will convert three German factories to build electric cars, as Europe’s largest automaker by sales starts mass producing zero-emission vehicles in a major strategy shift following its emissions cheating scandal.The German company said on Wednesday its plant in Emden, which currently builds the VW Passat, would build electric cars from 2022 onwards...Read More
Not even gold's second straight quarterly decline was enough to shake billionaire hedge-fund manager Ray Dalio's confidence in gold.Dalio recommends gold as hedge against rising political risk.Dalio's Bridgewater Associates maintained its holdings in SPDR Gold Shares, the largest bullion-backed ETF, at 3.9 million shares, and its stake in iShares Gold Trust, the second-largest, at 11.3 million sha...Read More
Both retailers raised their full-year forecasts ahead of the holiday seasonMacy's Inc (NYSE:M) reported stronger-than-expected adjusted third-quarter earnings of 27 cents per share on in-line revenue of $5.4 billion. Macy's also said same-store sales grew at a faster-than-anticipated 3.3%, and the department store chain boosted its full-year profit forecast ahead of the holiday season.In reaction,...Read More
Fred Imbert| @foimbertPublished 15 Hours AgoUpdated38 Mins AgoCNBC.com show chapters Need de-escalation with US-China before the market will calm, says Merrill Lynch's Hyzy 11 Hours Ago |05:08 Stocks fell on Wednesday as shares of Apple rolled over and dipped briefly into a bear market before recovering. A decline in bank shares also pressured the broader market.The S&...Read More
Are greater risks stacking up for investors in 2019? In Europe, where Italy is locking horns with the EU and a Brexit deal hangs in the balance, mega-economy Germany has just produced the worst growth in nearly six years. Even if Wall Street can successfully shake off noise from the Old Country, a fresh threat from falling oil prices, along with worries over trade and a Fed misstep may cast long...Read More
LONDON (Reuters) - Global insurance regulators will suspend designating globally systemically important insurers, who are required to hold extra capital, in a victory for companies such as American International Group (AIG.N) and Prudential (PRU.L).The International Association of Insurance Supervisors (IAIS) said it wants to replace the list of “too big to fail” insurers, last publish...Read More
Mr. Dan Stuart of Juggernaut reports JUGGERNAUT REPORTS EXPANSION OF THE DISCOVERY ZONE AT DSM GOLDCREST PROPERTY; CHIP SAMPLES UP TO 56.1 GRAMS PER TONNE GOLD (1.64 OZ/T AU) OVER 1 METER Juggernaut Exploration Ltd. and Goliath Resources Ltd. havereleased channel, chip and grab sample assay results of up to 56.1 grams per tonne gold (1.64 ounces per ton gold) over one meter from the Cadillac trend...Read More
Shares of Tilray and Canopy Growth are in the red after earningsWall Street today is reacting to quarterly results from Canadian marijuana firms Tilray Inc (NASDAQ:TLRY) and Canopy Growth Corp (NYSE:CGC). Both stocks are set for sharp declines at the open, after the companies each posted larger-than-expected losses for the third quarter. Also in focus is cannabinoid therapeutics expert GW Pharmace...Read More
An anonymous director reportsTRIMETALS MINING INC. FILES THIRD QUARTER 2018 FINANCIAL STATEMENTS, MD&A AND ARBITRATION UPDATETrimetals Mining Inc. has released its condensed interim consolidated financial statements for the three and nine months ended Sept. 30, 2018, and the related management's discussion and analysis of financial position and results of operations. In this press release, all...Read More
(Reuters) - Shares of utility PG&E Corp (PCG.N) fell 18 percent on Wednesday after the company warned of liquidity concerns if its equipment was found responsible for starting the Camp wildfire currently raging in California.The company said liabilities related to the wildfires could exceed its recently renewed insurance cover, adding to the severe financial pressure it is already facing.The u...Read More
Oil futures are on track to snap their 12-day skidFutures on the Dow Jones Industrial Average (DJI) are pointing to a strong open, vaulting higher after the consumer price index (CPI) rose 0.3% in October, on par with analyst expectations. The core CPI rose at an annual rate of 2.1%, compared to last month's 2.2% growth. Even plummeting oil pricesappear ready to rebound. At last check, December-d...Read More
WASHINGTON (Reuters) - U.S. consumer prices increased by the most in nine months in October amid gains in the cost of gasoline and rents, pointing to steadily rising inflation that likely will keep the Federal Reserve on track to raise interest rates again next month.The Labor Department said on Wednesday its Consumer Price Index rose 0.3 percent last month after edging up 0.1 percent in September...Read More