WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer told members of Congress this week that the United States wants to open trade talks with the European Union, United Kingdom, Japan and the Philippines, but did not give any indication of when the administration will give formal notice.Under the U.S. “fast track” trade rules - known as Trade Promotion Authority - the adm...Read More
SINGAPORE (Reuters) - Singapore Airlines Ltd (SIAL.SI) is poised for a major boost to its U.S. footprint from Thursday evening as it resumes, after five years, the world’s longest commercial flight - a near-19 hour non-stop from Singapore to New York.The route, combined with the airline’s plans to restart non-stop services to Los Angeles and add more non-stop flights to San Francisco n...Read More
The Chinese internet stock has been an underperformer on the charts this calendar yearSubscribers to Schaeffer's Weekly Options Countdown service just scored a 200% profit in four days with the Alibaba Group Holding Ltd (NYSE:BABA) weekly 10/5 167.50-strike put. Below, we're going to take a look back at why we were bearish on the Chinese internet name, and how BABA performed after we suggested...Read More
LONDON (Reuters) - A selloff in global stocks tore like a wrecking ball through emerging equities on Thursday with the key index flirting with its biggest daily tumble since the surprise Brexit vote stunned markets in June 2016.A toxic cocktail of rising U.S. Treasury yields and a strong dollar; tighter funding costs and slowing domestic growth; an escalating Sino-U.S. trade war and rising oil pri...Read More
(Kitco News) - With this overdue gold rally finally setting in and gold prices at six-week highs, analysts are anxiously eyeing the next key resistance level in hopes of seeing a sustainable move up.Following global equity sell-off and weaker-than-expected U.S. inflation data, gold finally saw the strength that was sorely missing these past six months.December Comex gold futures powered to six-wee...Read More
NEW YORK (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages jumped to a 7-1/2-year high following a dramatic sell-off in the bond market that propelled the 10-year Treasury yield to its highest level since May 2011, Freddie Mac said on Thursday.Borrowing costs on 30-year mortgages, the most widely held home loan type in the United States, averaged 4.90 percent in the week ended Oct. 1...Read More
NEW YORK (Reuters) - The dollar fell to a near two-week low on Thursday against a basket of currencies as traders pared greenback holdings on lower U.S. Treasury yields and further losses on Wall Street.A weaker-than-forecast rise in U.S. consumer prices in September also reduced bets for a faster pace of interest rate increases by the Federal Reserve, further eroding the dollar’s appeal.The...Read More
The S&P 500 is headed toward its sixth straight lossStocks are getting pummeled once more today, despite a pullback in the 10-year Treasury yield and some tame inflation data. The Dow Jones Industrial Average (DJI) is down triple digits, the S&P 500 Index (SPX) is heading toward its sixth straight loss -- extending its lengthiest losing streak since before the 2016 U.S. presidential election --...Read More
(Kitco News) - The CNN Fear & Greed Index is currently at 7 - the “Extreme Fear” category, which is anotch lower than Wednesday’s close at 8, when the Dow Jones Industrial Averageplummeted more than 800 points.The index tracks seven indicators to gauge investor sentiment inthe markets: stock price momentum, stock price strength, stock price breadth,put and call options, junk...Read More
(Reuters) - U.S. stocks dropped on Thursday, extending a sell-off from a day earlier, after the major indexes broke though some key technical levels as risk-appetite showed no signs of picking up.The benchmark S&P 500 dropped below its 200-day moving average price, while the Dow Jones Industrial Average slipped below its 100-day moving average. The Nasdaq was also trading below its 200-day mov...Read More
LONDON (Reuters) - Prime Minister Theresa May will meet some of her ministers on Thursday to discuss Brexit, hours after her parliamentary partner threatened to withdraw its support if she accepts what it calls a “draconian solution” from the European Union.Just six months before Britain is due to leave the EU, the two sides differ on their view of the talks - the bloc says a withdrawa...Read More
(Kitco News) - With Dow Jones Industrial Average plunging more than 800points on Wednesday and gold climbing more than 2% on Thursday, are investorsfinally giving up on risk assets and shifting their weight to gold? The Denver Gold Forum was a mixed bag when it came tosentiment in gold. There’s no denying, however, that the following threespeakers had the most unequivocal, bullish outlook. C...Read More
Both names will report earnings next weekIt's been a rough stretch for mining stocks, as evidenced by 4.6% month-to-date deficit for the SPDR S&P Metals & Mining ETF (XME). This pullback may have potentially created buying opportunities throughout the sector, though, with Cleveland-Cliffs Inc (NYSE:CLF) and Steel Dynamics, Inc. (NASDAQ:STLD) in particular trading near trendlines that have marked a...Read More
GOLD bull pressure eyes range top located at the 1,214.28 area. On the downside, support comes in at the 1,200.00 level where a break will turn attention to the 1,190.00 level. Further down, a cut through here will open the door for a move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure targeting the 1,170.00 level. On the upside, resistance comes in at...Read More
WASHINGTON (Reuters) - White House economic adviser Larry Kudlow said in an interview with CNBC on Thursday that the Federal Reserve remained independent and U.S. President Donald Trump is not dictating policy to the Fed.His remarks came hours after Trump criticized the Fed for raising interest rates too quickly, in his second attack against the central bank in the past 24 hours.Reporting by Lisa...Read More
WASHINGTON (Reuters) - President Donald Trump said the criminal justice system was unfair to African-Americans and he would discuss remedies on Thursday with musician Kanye West and former football player Jim Brown.The Republican president has advocated prison reform and said he was open to changes in sentencing guidelines, an issue that divides the Republican Party between “law and order&rd...Read More
(Reuters) - Lithium producer Livent Corp (LTHM.N) fell 3.6 percent in its market debut on Thursday after being priced at the lower end of its expected range, as investors worried about the recent declines in prices of lithium in China, the world’s largest consumer of the ultralight metal.Livent’s debut comes a day after the major U.S. indices fell about 3 percent each, unnerving invest...Read More
WASHINGTON (Reuters) - U.S. President Donald Trump and Chinese President Xi Jinping plan to meet at the G20 summit in Argentina in late November, the Wall Street Journal reported on Thursday, citing officials in both countries.White House economic adviser Larry Kudlow told reporters at the White House on Thursday that a meeting between the two leader at the global gathering in Buenos Aires is unde...Read More
(Kitco News) - Gold pricesare trading sharply higher and have hit nearlythree-month highs in late-morning action Thursday. Safe-haven buying interestamid very shaky world stock markets is featured today. Also, chart-based buyinginterest has kicked in after buy stop orders were triggered in the gold futuresmarket when prices pushed above key technical resistance levels. Now, the dooris opened to p...Read More
LONDON (Reuters) - OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group’s secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third-largest oil prod...Read More