NEW YORK (Reuters) - The euro recovered from one-week lows against the U.S. dollar on Friday as investors took profits on bets against the currency, after it was burdened this week by concerns about Italy’s spending proposals and Britain’s plans to exit the European Union.The single currency had dropped after the European Commission on Thursday sent Rome a letter calling a draft budge...Read More
• A subdued USD price action helps regain positive traction for the second straight session. • A fresh wave of global risk-aversion trade further underpins the safe-haven demand. • Gains remain capped below 2-1/2 month tops amid firming Fed rate hike expectations. Gold quickly reversed an early European session dip to $1223 area...Read More
NAIROBI, Oct 19 (Reuters) - Kenya plans to set up a gold refinery to help small scale miners in the west of the country, the Petroleum and Mining Ministry said on Friday, and the government is seeking consultants to advise on its construction.Kenya has proven deposits of titanium, gold and coal but its mining sector is a relatively small contributor to national output. However, revenues are expect...Read More
F shares just hit another low Ford Motor Company (NYSE:F) is trading down 1.4% at $8.40, earlier hitting a nearly nine-year low of $8.19, after Morgan Stanley downgraded the automaker to "equal weight" from "overweight" and dropped its price target to $10 from $14. The brokerage firm cited uncertainty around the company's restructuring process and suggested the stock's dividend was at risk. This...Read More
LONDON, Oct 19 (Reuters) - The cost of insuring exposure to Italy's banks jumped on Friday, after the country's government bond market sold off sharply as the European Union slammed Rome's draft budget. Five-year credit default swaps in UniCredit rose to 204 basis points, from a closing price of 194 bps on Thursaday and was the highest since Dec 2016. CDS in Intesa Sanpaolo widened eight bps to 21...Read More
WASHINGTON (Reuters) - U.S. home sales fell in September by the most in over two years as the housing market continued to struggle despite strength across the broader economy.The National Association of Realtors said on Friday that existing home sales dropped 3.4 percent to a seasonally adjusted annual rate of 5.15 million units last month.Home sales have now fallen for six straight months. A dear...Read More
PARIS (Reuters) - While France has experienced political turbulence and disappointing economic data in recent months, beneath the surface are signs of deeper change that suggest President Emmanuel Macron’s reform drive is starting to bear fruit.For much of this year, the 40-year-old president and former investment banker has had to endure less-than-thrilling news on the economic front, with...Read More
Get ready for an influx of pot stock profits.On October 17th, marijuana will be 100% legal in Canada.That's sparking a new wave of IPOs. And shares could surge 501% - 1,364% in the coming weeks - just like the recent weed stock IPOs.One investor's research has uncovered a secret way to access red hot IPO shares.Click here right now for details on this urgent trading situation.Canada is the first c...Read More
Harmony GoldMining Co. Ltd. (NYSE: HMY) reports that an employee died after falling from aheight while working in the shaft bottom at its Kusasalethu mine nearCarletonville on Friday. An investigation into the accident is under way.“Management expresses their deepest condolences to the deceased employee’sfamily, friends and colleagues,” Harmony says. By Allen Sykora For Kitco New...Read More
A key festival brought little activity to the physical gold market in India this week as purchases remained significantly lower than normal with domestic prices jumping to the highest in more than two years.Demand in India, the second biggest gold consumer after China, usually strengthens towards the end of the year during the traditional wedding season and major festivals including Diwali and Dus...Read More
(Kitco News)- Goldprices continue to hold on to modest gains, following weaker-than existing homesales data, from the National Association of Realtors (NAR).Existinghome sales were slightly down, showing a seasonally adjusted and annualizedrate of 5.15 million in September. Economists were expecting to see asales rate of 5.29 million units.Goldprices were largely unchanged after the data was relea...Read More
(Reuters) - Procter & Gamble Co (PG.N) reported first-quarter profit that beat estimates and sales that unexpectedly rose on Friday, thanks to robust demand for its beauty and cleaning products, helping it stave off rivalry from cheaper store-branded products.Organic sales, which exclude revenue from newly acquired units, enjoyed growth of 4 percent, the best in five years.Sales surged 5 perce...Read More
FRANKFURT (Reuters) - The European Central Bank’s policy meeting will be relegated to a sideshow next week as the wrangle over Italy’s budget takes the main stage.The Italian government is looking to boost spending in the hope of engineering faster economic growth.But its resolve to breach European Union fiscal rules will be put to the test as it faces a rebuke from the Commission, dow...Read More
Streaming stock ROKU also got an upgradeWalt Disney Co (NYSE:DIS) is trading up 1.4% this morning at $117.75 and earlier hit a three-year high of $118.13 after a bull note out of Barclays. The firm upgraded the blue chip to "overweight" from "equal weight" and boosted its price target to $130 from $105, representing all-time-high territory and a 12% premium to last night's close at $116.18. Barcla...Read More
When gold’slatest Commitment of Traders (CoT) report was released last Friday, we learnedspeculators boosted their net-short position in bullion futures and options tothe largest level since at least 2006 in the week ended Oct. 9th.During the previous session on October 11th, gold posted the biggestdaily rise since the Brexit vote as a surge in safe- haven demand saw managedmoney speculators...Read More
FRANKFURT (Reuters) - European politicians have called for action to tackle dividend stripping after Reuters and other media revealed how large banks were involved in trading schemes that cost taxpayers billions of euros.In Germany’s biggest post-war fraud investigation, prosecutors in Cologne are investigating banks involved in the trades, which secured illicit double tax rebates on dividen...Read More
The online payment concern is paring some of its October lossesShares of PayPal Holdings Inc (NASDAQ:PYPL) are soaring in early trading, last seen up 8.6% at $84.17, after the company last night reported an impressive third-quarter profit beat. The firm also highlighted a record in net new active accounts and encouraging engagement metrics, and said Venmo payments grew 78%. In response, the stock...Read More
The retail stock is on track to carve out a new annual low this morningThe shares of eBay Inc (NASDAQ:EBAY) are 5.8% lower ahead of the bell, after Stifel downgraded the retail stock to "hold" from "buy," while slashing its price target to $35 from $43. The analyst in coverage cited weakening gross merchandise volume (GMV) trends, which were highlighted in PayPal's (PYPL) quarterly report last nig...Read More
Despite yesterday's decline, stocks could close the week in positive territoryStocks are signaling a comeback after another big sell-off yesterday. Dow Jones Industrial Average (DJIA) futures are trading nearly 100 points above fair value, getting help from well-received earnings out of blue chips American Express (AXP) and Procter & Gamble (PG). Futures are also higher for the S&P 500 Index (SPX)...Read More
LONDON (Reuters) - Oil prices rose on Friday on signs of surging demand in China, the world’s second-biggest oil consumer, although the market was heading for a second week of losses on rising U.S. inventories and concern that trade wars were curbing economic activity.Benchmark Brent crude oil LCOc1 was up 70 cents a barrel at $79.99 by 1100 GMT. U.S. light crude CLc1 was 40 cents higher at...Read More