STOCKHOLM, Feb 16 (Reuters) - Swedish banking group Nordea's lowered its estimate on Friday of the cost savings from moving its headquarters to Finland from Sweden.Nordea, the Nordic region's biggest bank and one of the biggest in Europe, decided last year to move its headquarters to Finland after Sweden announced plans for a bank tax and because it wanted a level playing field with rivals supervi...Read More
U.S. equities are trying fortheir sixth consecutive up day, cutting the panic losses in half. This rally isabout a phony as one can be, with the fear of missing out driving this markethigher. The debt is mounting, as is the U.S. dollar manipulation, which islending support to some of the commodities, especially gold.Overnight gold attempted to breakout above the recent highs but failed. Gold is on...Read More
(Kitco News) -Yamana Gold Inc. (TSX:YRI; NYSE: AUY) late Thursday reported a net loss for the fourth quarter, dueto a large impairment charge, and listed guidance calling for higher goldoutput over the next three years.The company posted afourth-quarter net loss from continuing operations, attributable toshareholders, of $191 million, or 20 cents per share. This compares to a lossof $367.6 million...Read More
(Kitco News)- While off this highs, gold prices are holding near last month's 1.5-month highs; the market is ignoring stronger-than-expected housing construction data.Friday, the Commerce Department said housing starts increased 9.7% to a seasonally adjusted annual rate of 1.326 million units, up from December's starts of 1.19 million units. Economists were expecting new home construction to remai...Read More
OTTAWA, Feb 16 (Reuters) - Foreign investment in Canadian securities slipped slightly in December after five strong months but international demand over the year was high enough to set an annual record, Statistics Canada said on Friday.Non-resident investors sold a net C$1.97 billion ($1.58 billion) in Canadian securities after acquiring C$19.20 billion in November. For 2017 as a whole, foreigners...Read More
(Adds details of release, background)OTTAWA, Feb 16 (Reuters) - Canadian factory sales slipped in December after recording a huge jump in November, pulled down by weakness in petroleum and coal products as well as food manufacturing, Statistics Canada said on Friday.Analysts in a Reuters poll had forecast a 0.2 percent gain. Statscan revised November's gain to 3.8 percent, the biggest advance sin...Read More
NEW YORK, Feb 16 (Reuters) - U.S. Treasury yields rose from their lows on Friday after data showed stronger-than-expected housing starts and import prices, suggesting that inflation was on the rise and the economy on a stable growth path.The reports backed a growing belief that the Federal Reserve could hike interest rates at a faster-than-expected pace this year.Data showed on Friday that housing...Read More
• A broadly weaker USD continues aiding sentiment. • Further benefits from growing demand as a hedge against inflation. Gold continued gaining positive traction for the fifth consecutive session on Friday and moved within striking distance of multi-month tops, set in January. Despite stronger incoming US economic data, the US Dollar langui...Read More
JOHANNESBURG, Feb 16 (Reuters) - Nearly 6,000 workers at Clicks Group will share a 1.26 billion rand ($108 million) windfall from a share ownership scheme launched seven years ago as part of the South African retailer's efforts to meet quotas on black ownership.On Friday, employees from cashiers and pharmacists tomanagers at the drug store chain sold 7.6 million shares at 166 rand each -- locking...Read More
(Repeats to additional subscribers)* Dollar index on track for worst weekly fall since May* Breakdown in correlation between dollar and Treasury yields* Japanese govt reappoints Kuroda as BOJ governor as expected* Graphic: World FX rates in 2018 By Jemima KellyLONDON, Feb 16 (Reuters) - The dollar limped up from a three-year low against a basket of currencies on Friday and was headed for its bigg...Read More
* Dollar index on track for worst weekly fall since May* Breakdown in correlation between dollar and Treasury yields* Japanese govt reappoints Kuroda as BOJ governor as expected* Graphic: World FX rates in 2018 By Jemima KellyLONDON, Feb 16 (Reuters) - The dollar limped up from a three-year low against a basket of currencies on Friday and was headed for its biggest weekly loss in nine months, as n...Read More
LONDON, Feb 16 (Reuters) - A London court judge, Stephen Phillips, said on Friday he would allow parties involved in the case related to Russia's Norilsk Nickel (Nornickel) to delay the injunction hearing until the week beginning March 5.Russian businessman Vladimir Potanin offered to buy a stake in Nornickel from Roman Abramovich. Rusal , which also owns a stake in Nornickel and is controlled by...Read More
(Kitco News) - Gold looks a little tired here after moving to our firstpivot target of $1,357. With the start of the Chinese Lunar New Year, volumeswill drop dramatically and traders will want to watch the dollar, particularlyagainst the euro, where overnight the rate broke up through 1.25 euro/dollarbut has subsequently settled back below the figure. Prefer to take profits onthe recent run and re...Read More
* Retail sales inch up 0.1 pct month/month in January* Surge in gym wear spending cancelled out by falling food sales* Weakest 3 months for retail sales since April 2017 (Adds reaction)By Andy Bruce and David MillikenLONDON, Feb 16 (Reuters) - British shoppers' New Year resolutions to get fit proved less healthy for retailers last month, as sales rose much less than expected and a longer-term back...Read More
(Kitco News) - Goldpricesare modestly up and have hit a three-week high in early U.S. tradingFriday. Gold prices have gained over $40.00 an ounce this week, with bullspoised to push prices still higher next week. April Comex gold futures werelast up $3.80 an ounce at $1,359.10. March Comex silver was last down $0.006 at$16.79 an ounce.Globalstock markets were mostly higher overnight. U.S. stock in...Read More
Editor's Note: Welcome to Kitco's new Bitcoin Daily Technical Alert. Every trading day veteran Kitco technical analyst Jim Wyckoff will provide you with a concise and easy-to-understand near-term technical brief on Bitcoin. Importantly, Jim will glean the short-term charts and technical studies, and then alert you to the signals he sees regarding upcoming potential bigger price moves or price tren...Read More
* Graphic: World FX rates in 2018 * World shares snap 2-wk losing streak* Dollar hits lowest since 2014* VIX hovers below 20* Oil nears one-week high By Ritvik CarvalhoLONDON, Feb 16 (Reuters) - World shares were set for their best week of gains in six years on Friday after two consecutive weeks in the red, shrugging off a rise in global borrowing costs while the dollar hit its lowest since 2014....Read More
* Liberal billionaire strongly backs EU, eurozone* Meeting with ECB's Coeure rattles some lawmakers* Germany opposed to common budget By Francesco CanepaFRANKFURT, Feb 16 (Reuters) - Billionaire investor and activist George Soros has met a European Central Bank director to argue for closer euro zone integration, prompting criticism from some EU lawmakers who fear he is exerting undue influence on...Read More
STOCKHOLM, Feb 16 (Reuters) - One of the Swedish central bank's most hawkish rate-setters, Deputy Governor Martin Floden, has had his mandate extended for another six years, the Riksbank's General Council said on Friday.Economics professor Floden joined the six-member board in 2013 and his mandate is now extended until May 21, 2024."Martin Floden has contributed a high level of competence wit...Read More
Gold has recovered smartly, after falling to a recent low of around USD1240/oz in early December 2017, following the interest rate rise by the US Federal Reserve, explains the analysis team at NAB. Key Quotes “US dollar weakness and doubts around alternatives (such as crytocurrencies) are generally supportive of gold, and we expect it to remain in the USD1300/oz range. NAB forecasts th...Read More