WASHINGTON (Reuters) - White House Economic Adviser Larry Kudlow told reporters on Tuesday the next phase of U.S. tax reform will not happen during the final months of 2018, the “lame duck” period when Republicans will still control Congress.A follow-up to Republicans’ 2017 tax overhaul could be passed in the new session of Congress starting in January, Kudlow said, even though D...Read More
BEIJING (Reuters) - The failure of the countries attending a major Asia-Pacific summit to agree on a communique resulted from certain countries “excusing” protectionism, a top Chinese diplomat said, in a veiled criticism of Washington that further sours China-U.S. ties ahead of a meeting of the G20 nationsIn Washington, a White House official rejected the Chinese line as “complet...Read More
London's gold market owned up to the biggest secret in bullion: it's not as big as some thought and, for last week at least, smaller than New York's.An average of $36.9 billion of gold and $5.2 billion of silver changed hands each day in the city's over-the-counter market, including metal for delivery in Zurich, according to figures released for the first time on Tuesday by the London Bullion Mark...Read More
AMZN stock dropped more than 6% at the openThe U.S. stock market is spiraling for a second straight day amid weakness in the tech and retail sectors. Drilling down on individual names, in-flight internet provider Gogo Inc (NASDAQ:GOGO) and U.K.-based medical device maker LivaNova PLC (NASDAQ:LIVN) are sinking, while FAANG stock Amazon.com, Inc. (NASDAQ:AMZN) has swung higher. Here's a quick look a...Read More
WASHINGTON (Reuters) - The U.S. banking sector reported $62 billion in profits in the third quarter, up 29.3 percent from the same period a year ago, according to quarterly data from the Federal Deposit Insurance Corporation.The regulator said in a statement that profits were boosted by a lower effective tax rate and higher operating revenues.Reporting by Katanga Johnson Disclaimer: The views exp...Read More
A storm is comingin the equities markets and the first sign of a equity rain cloud is the deathcross that is hanging over the Russell 2000. This occurs when the 50-day movingaverage (DMA) crosses below the 200 DMA to the downside (see chart below). Ibelieve a break in the equities could be the catalyst that pushes gold through $1246/ozand powers it up to the 200 DMA at $1276/oz. Now recently sever...Read More
Eli Lilly gapped higher this month on regulatory buzzThe shares of pharmaceutical firm Eli Lilly and Co (NYSE:LLY) gapped higher in mid-November on news the company submitted a new drug application for its migraine treatment to the Food and Drug Administration (FDA). This pop brought the shares back above the $111 level, which is 50% above the stock's 2018 closing low of $74.21 from Feb. 8. Plus,...Read More
Powell is apparently between a rock and a hard place. Inflation surged, while the global economy slowed down. What will he do? And how will gold react?Inflation jumps in OctoberThe consumer price index climbed 0.3 percent last month, after rising 0.1 percent in September, according to the U.S. Bureau of Labor Statistics. It was the biggest rise since January, and it was mainly caused by an impress...Read More
What the ominous-sounding indicator really means for stocksThere's been a lot of media attention lately on "death crosses" -- when a longer-term moving average crosses above a shorter-term trendline. Typically, Wall Street considers the 50-day and 200-day moving averages for this ominous-sounding technical indicator, thought to be a predictor of bearish price action. However, below we break down w...Read More
WASHINGTON (Reuters) - U.S. homebuilding rose in October amid a rebound in multi-family housing projects, but construction of single-family homes fell for a second straight month, suggesting the housing market remained mired in weakness as mortgage rates march higher.Other details of the report published by the Commerce Department on Tuesday were also soft. Building permits declined last month and...Read More
LONDON (Reuters) - Companies began triggering plans to keep operating if Britain leaves the European Union without an agreement, a “no deal” scenario the Bank of England said could plunge the economy into a crisis not seen since the 1970s.With less than five months before Britain leaves the bloc, Prime Minister Theresa May is struggling to persuade parliament to back a draft divorce de...Read More
FRANKFURT (Reuters) - The European Central Bank must complete a clean-up of the euro zone’s banking sector if it is to survive the next financial crisis, the ECB’s incoming top watchdog Andrea Enria said on Tuesday.Enria is set to head the ECB’s Single Supervisory Mechanism, which oversees the euro zone’s 118 top lenders, many of which are still reeling from the last recess...Read More
(Kitco News) - Gold andsilver prices are modestly lower in early-afternoon U.S. trading Tuesday,pressured by bearish outside markets that include another sharp drop in crudeoil prices and a rally in the U.S. dollar index. However, there’s anotheroutside market force that’s limiting the downside in the safe-haven metals: amajor sell-off in the U.S. stock market recently that has now...Read More
Options traders with short time frames had been targeting XRT puts even before todayOutside of tech, almost no sector is feeling the brunt of the stock market sell-off more than retail stocks, headlined by Target's (TGT) post-earnings slide. As such, the SPDR S&P Retail ETF (XRT) is seeing increased attention, with the exchange-traded fund (ETF) last seen trading down 1.8% at $44.67, falling furth...Read More
WASHINGTON (Reuters) - The United States has imposed sanctions on six people and three entities for their involvement in oil shipments to Syria, the U.S. Treasury Department said on Tuesday.The individuals listed in a statement by the Treasury included two Iranians, a Russian, a Syrian, an Iraqi and a Lebanese. Two of the entities listed are based in Russia and one in Iran.Reporting by Lisa Lamber...Read More
FBP has already gained 75% this year, but could keep climbingThe shares of First Bancorp (NYSE:FBP) are 2.2% lower at $8.97 in midday trading, under pressure amid the broad market sell-off today. The shares of FBP have maintained positive momentum all calendar year, and if history is any indicator, the stock could be ready to resume its long-term uptrend.On the charts, FBP boasts a year-to-date l...Read More
BRUSSELS (Reuters) - The European Union on Tuesday provisionally agreed on rules for a far-reaching system to coordinate scrutiny of foreign investments into Europe, notably from China, to end what a negotiator called “European naivety”.Negotiators for the European Parliament and the EU’s 28 member states struck a deal to protect strategic technologies and infrastructure, such as...Read More
(Kitco News)- Silver has seen little love frominvestors this year, but according to one market analyst, disdain for theprecious metal has reached its peak and prices are due for a bounce.Mike McGlone, senior commoditystrategist at Bloomberg Intelligence, said in a report Tuesday that sentimentin silver is currently at levels that have often marked significant bottoms.Prices continue to hover near...Read More
Retail and tech stocks are driving today's downsideThe Dow Jones Industrial Average (DJI) picked up right where it left off on Monday, down 400 points at last check -- bringing its week-to-date loss beyond 3%. All 30 Dow stocks are trading in negative territory, led by another sharp sell-off for Apple (AAPL). These tech sector headwinds are being exacerbated by a round of disappointing retail earn...Read More
Urban Outfitters stock is bucking the broader retail trendShares of Urban Outfitters, Inc. (NASDAQ:URBN) are higher today, bucking the broader retail trend into the red, after the companystepped into the earnings confessional last night. URBN's third-quarter earnings and revenue surpassed analysts' expectations across the board, with the stock now on pace to snap a seven-day losing streak, up 4% a...Read More