FRANKFURT (Reuters) - The race to take over the European Central Bank's supervision arm has become a dead heat as southern European countries appear to be lining up behind an Italian candidate, four sources familiar with the process said.Ireland's Sharon Donnery was earlier seen as the favorite but Italy's Andrea Enria has garnered significant support in recent weeks, suggesting that the vote, to...Read More
LONDON (Reuters) - The boss of Japan’s Takeda Pharmaceutical (4502.T) said on Monday he was confident of securing investor backing for its $62 billion acquisition of London-listed Shire (SHP.L), despite some shareholders’ fears about the resulting debt burden.Buoyed by a strong set of quarterly results last week - helped by strong demand for its existing drugs - Chief Executive Christo...Read More
(Kitco News) - Large speculators rebuilt theirbearish positioning in gold futures during the most recent reporting week fordata compiled by the Commodity Futures Trading Commission, yet this may havebeen a temporary phenomenon, with prices since rising again amid a fall in the U.S. dollar, analysts said.During the week-long period toOct. 30 covered by the CFTC’s report, Comex December gold f...Read More
(Kitco News) - Roy Sebag the visionarybehind GoldMoney is taking aim at the jewelry sector and looking to disruptWestern views on gold with his latest venture, Mene, set to make its TSX debuton November 6. A spinoff of Goldmoney, Mene will make its TSXdebut under the symbol "MENE."The company, named after the ancientAramaic word for a unit of money,is selling what Sebag calls,"investment jewelry,"...Read More
Mr. Jeff Chisholm reportsPAN ORIENT ENERGY CORP.: INDONESIA EAST JABUNG PSC UPDATEThe quarry permit that was required in order to commence construction of Pan Orient Energy Corp.'s Anggun-1X exploration well access road has been approved and road construction has commenced. The operator now estimates the Anggun-1X exploration well will commence drilling sometime between March 15 and May 15, 2019.T...Read More
The pharma firm last week reported impressive earningsShares of Teva Pharmaceutical Industries Ltd (NYSE:TEVA) are up 1% at $22.82 in early trading, after Morgan Stanley upgraded the drug name to "overweight" from "equal weight," and hiked its price target to $27 from $20 -- representing nearly 20% upside to Friday's close of $22.59. The bull note comes just days after the company's impressive be...Read More
The Nasdaq opened lower on Monday, dragged down by a more than 2 percent fall in Apple Inc shares, while a jump in energy stocks supported the S&P 500 and the Dow Jones industrial index.The Dow Jones Industrial Average .DJI fell 9.36 points, or 0.04 percent, at the open to 25,261.47. The S&P 500 .SPX opened higher by 3.31 points, or 0.12 percent, at 2,726.37. The Nasdaq Composite .IXI...Read More
(Kitco News) - The gold market has erased moderate early losses and istrading slightly up in late-morning action Monday. The yellow metal saw somebuying interest develop as the U.S. dollar index has dropped to its sessionlow. December gold was last up $1.40 an ounce at $1,234.70. By Jim Wyckoff For Kitco NewsFollow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this...Read More
IAMGOLD is considering two mine plan scenarios at its Sumitomo Metal Mining (TYO: 5713) joint-ventured C??t?(C) gold project in northern Ontario, according to a feasibility study the company recently announced.The base case open pit mine plan outlines a US$795 million after-tax net present value (NPV) at a 5% discount rate and a 15.2% after-tax internal rate of return (IRR). The second scenario, c...Read More
(Kitco News)- Goldinvestors are keeping a low profile ahead of Tuesday's U.S. mid-term election,as the market sees little reaction to strong positive sentiment in the U.S.service sector according to the latest data from the Institute of SupplyManagement (ISM).Monday,the ISM said its Non-Manufacturing Purchasing Managers' Index showed a readingof 60.3% in October, down slightly from September's rea...Read More
Analysts are devoted to the drug stock, thoughThe shares of Clearside Biomedical Inc (NASDAQ:CLSD) are down a whopping 52.7% to trade at $2.63 this morning, after Xipere, the company's eye therapy drug, failed a late-stage study. The drugmaker will discontinue the development of the combination therapy for retinal vein blockage, but will still file a marketing application for Xipere at year's en...Read More
NEW YORK (Reuters) - A key gauge on U.S. interbank borrowing costs fell for the first time since August on Friday as trading volume rose to its highest level in over a month, implying less strain in money markets, New York Federal Reserve data released on Monday showed.The “effective,” or average, interest rate on what banks charge each other to borrow excess reserves was 2.19 percent...Read More
LONDON (Reuters) - European shares were little changed in choppy trade on Monday, as a four-day rally ran out of steam after investor nervousness over fast-rising U.S. interest rates and Washington’s trade dispute with Beijing hit Asian markets.The pan-European STOXX 600 was flat by 0936 GMT, with most country indexes also hovering around neutral.Tuesday’s U.S. mid-term elections also...Read More
LONDON, Nov 5 - The cost of building a copper or gold mine is likely to be cheaper than buying an existing one, dampening the prospect of big merger activity in the mining sector, S&P Global Market Intelligence said, citing in-house research.Data shared with Reuters support comments from major miners, including BHP and Rio Tinto , which say their strategy is to build or to "smart buy", if they can...Read More
CVX jumped last Friday on an impressive earnings reportThe shares of Chevron Corporation (NYSE:CVX) are trading up 3.3% at $118.01, after the Dow stock received a pair of bullish brokerage notes over the weekend. While Credit Suisse upgraded CVX stock to "outperform" from "neutral" -- citing "compelling" valuation -- Berenberg raised its Chevron price target to $140 from $135, representing expecte...Read More
WASHINGTON (Reuters) - Republican Donald Trump and Democrat Barack Obama made dueling election appearances on Sunday, offering sharply different views on the country’s problems but agreeing on the high stakes for voters in the final 48 hours of a tight campaign.With opinion polls showing dozens of tight U.S. congressional and gubernatorial races in Tuesday’s election, the current and f...Read More
NEW YORK (Reuters) - Buy the dollar but sell FAANGs, buy real estate and machinery, but sell the overall market. Or, do nothing at all.Investors heading into Tuesday’s U.S. congressional elections are trying to fathom how best to predict the outcome and profit from it.After two years of wielding no practical political power in Washington, the Democratic Party faces a strong chance of winning...Read More
TUNIS (Reuters) - Tunisian Prime Minister Youssef Chahed will announce a partial cabinet reshuffle this week, three sources said on Monday, as he faces mounting pressure over the government’s failure to revive the economy, including from his own party Nidaa Tunis.Chahed will make changes to at least six portfolios, including Tourism, Energy, Health and Transport, one of the sources said, whi...Read More
(Reuters) - Goldman Sachs Group Inc (GS.N) is ahead of its goal to generate $5 billion in additional annual revenue by 2020, having already achieved half that amount in the first nine months of this year, the Wall Street bank said on Monday.Goldman has made headway on plans to lend more to consumers and big businesses, and improve revenue from trading, investment banking and asset management, acco...Read More
Since breaking above $1240, gold has gone back into churning mode. The fact that gold continues to make higherlows and is holding its support levels, we expect it to break out to theupside.The next level we expect to seeis $1,275 as gold looks prepared to go into an extended rally. All signs pointto gold breaking out, which could create an extended bull market. The metals ingeneral gave held up we...Read More