It was another impressive week for the U.S. stock market, as investors continue to cheer corporate earnings. The Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all recorded all-time highs and a fourth straight weekly win, even after the government shutdown carried over into Monday. Meanwhile, the White House tried to iron out its position on the weakening U.S....Read More
Gold in Brief:We've been on hiatus for some time now. The last thing we did was make a call that gold was headed to $1700. In fact, one of our writers, Vince Lanci, stated in a kitco interview with Daniela Cambone that the trade was to short BTC futures and buy gold on a dollar neutral basis. That has worked out well. So we circled back with him for some insight:SK: Did you buy Gold and short...Read More
BloombergThe U.S. economy just finished one of its strongest stretches of growth since an expansion begin in mid-2009 The numbers: Consumers and businesses powered the economy to a 2.6% rate of gross domestic product growth in the final three months of 2017. But declining inventories and a wider trade deficit kept the U.S. from hitting the 3% mark for the third quarter in a row for the first time...Read More
(Kitco News)- Despiteoverwhelming optimism as a result of global synchronized growth, some financialexperts see potential economic storm clouds gathering on the horizon, accordingto comments made during the 48 annual World Economic Forum at Davos,Switzerland.Image courtsey of the World Economic Forum / Ciaran McCrickardDuringthe final day of the global economic conference, some of the global elite...Read More
(Adds details and background)By Suleiman Al-KhalidiAMMAN, Jan 26 (Reuters) - Jordan said a decision to end subsidies on staple pitta bread that will lift its prices by between 60 and 100 percent will take effect on Saturday, the first such step in over two decades to ease the country's budget woes.The price of a kilo of white pitta bread was raised 60 percent to 0.40 dinars from 0.25 dinars and p...Read More
The U.S. stock market is set to end the week with strong gains, as Wall Street reacts to the latest batch of corporate earnings reports. Among individual names making big moves are Israel-based biotech RedHill Biopharma Ltd (NASDAQ:RDHL), Dow stock Pfizer Inc. (NYSE:PFE), and Humira parent AbbVie Inc (NYSE:ABBV). Here's a quick look at how the drug stocks are trading today.RedHill Biopharma Stock...Read More
* Q4 advance GDP expands 2.6 pct vs 3 pct forecast* Intel jumps after strong earnings, bullish forecast* Starbucks falls after weak-holiday qtr sales* Dow up 0.45 pct, S&P 500 up 0.75 pct, Nasdaq up 0.89 pct (Updates to mid-afternoon, changes byline)By Chuck MikolajczakJan 26 (Reuters) - Wall Street climbed on Friday as both the S&P 500 and Dow hit records on the latest round of strong ear...Read More
* Spot gold set for sixth weekly gain in seven weeks* Dollar resumes decline after late Thursday bounce* GRAPHIC-2018 asset returns: (New throughout, updates prices, market activity and comments; adds second byline and NEW YORK dateline)By Renita D. Young and Jan HarveyNEW YORK/LONDON, Jan 26 (Reuters) - Gold rose on Friday, climbing back toward the previous day's 17-month peak as a report of slow...Read More
(Adds details, comment)By Valentina ZaMILAN, Jan 26 (Reuters) - Veteran Italian banker and former Industry Minister Corrado Passera topped expectations by raising 600 million euros ($746 million) from investors with the aim of acquiring a small bank.Passera, chief executive of Intesa Sanpaolo from 2002 to 2011, raised the funds by launching a special purpose acquisition company (SPAC), a vehicle...Read More
Gold fell sharply on Friday, but held on to a weekly gain, on the heels of conflicting comments from the Trump administration on dollar policy. Prices began to fall in electronic trading on Thursday after CNBC reported that President Donald Trump said he wanted to see a stronger dollar and expressed optimism that the battered U.S. currency would strengthen. On Friday, February gold GCG8, -1.04%...Read More
* Q4 advance GDP estimate 2.6 pct vs est. 3 pct growth* Intel jumps after strong earnings, bullish forecast* Starbucks falls after weak-holiday qtr sales* Indexes up: Dow 0.35 pct, S&P 0.56 pct, Nasdaq 0.62 pct (Updates to early afternoon)By Sruthi ShankarJan 26 (Reuters) - The S&P and the Dow scaled new highs on Friday, driven by strong earnings from Intel and drugmaker AbbVie as well as...Read More
* Kwek's CDL is already majority owner of M&C* Shareholders had forced Kwek to raise his offer* Investors say bid undervalued M&C's properties (Updates with comment from M&C's independent directors)By Ben MartinLONDON, Jan 26 (Reuters) - An attempt by Singaporean billionaire Kwek Leng Beng to take full control of Millennium & Copthorne Hotels (M&C) in a deal valuing the busines...Read More
The shares of casino concern Wynn Resorts, Limited (NASDAQ:WYNN) are plummeting in afternoon trading, after The Wall Street Journal reported allegations of sexual misconduct by CEO Steve Wynn (subscription required). The billionaire has denied the rumors -- which include accusations that he forced employees to engage in sex acts -- blaming ex-wife Elaine Wynn, "with whom I am involved in a terribl...Read More
* Sets IPO price range at 26-30 euros/share* Says shares expected to start trading on Feb. 9* Free float to come to around 25 pct after IPO* Dermapharm IPO to be first listing in Germany in 2018 (Adds details on proceeds, banks)FRANKFURT, Jan 26 (Reuters) - German drugmaker Dermapharm said it would sell shares worth up to around 400 million euros ($497 million) in an initial public offering and li...Read More
Rearguard action in Bitcoin may be too little too late - the cryptocurrency could well see another 50% decline or more!Gold and gold stocks would probably be the best investments in a general economic collapse if it occurs.Governments are unlikely to remain on the sidelines and are likely to regulate bitcoin given its increasing use by criminals and in tax avoidance.I'm sure it won't have passed...Read More
BRASILIA, Jan 26 (Reuters) - Brazil's 2017 central government primary budget deficit came in around 30 billion reais ($9.5 billion) smaller than the official target due to rising tax revenue, a government source told Reuters on Friday.Brazil's central government - comprised of the National Treasury, the central bank and the pension system - targets a 159 billion real budget deficit for 2017, not t...Read More
ACCRA, Jan 26 (Reuters) - The Bank of Ghana said the yield on its weekly 91-day bill rose to 13.35 percent at an auction on Friday from 13.32 percent at the last such sale, on Jan 19.The bank said it had accepted all 417.92 million cedis ($92.4 million) worth of bids tendered for the bills, which will be issued on Monday.Ghana's treasury bill yields have fallen to around 13 percent in the past six...Read More
(Kitco News)- While gold prices are off their 1.5-year highs seenmid-week, the market is still holding on to strong gains and many analysts havesaid that they still see the potential for higher prices, even if there is amodest consolidation period.The gold market is looking to end the week in positiveterritory as it hovers around the critical psychological level. February goldfutures last traded a...Read More
* MSCI world stocks index extends winning streak* Dollar buckles again* U.S. stocks hit record highs early (Updates with late morning U.S. markets activity, changes byline, dateline, previous LONDON)By Caroline ValetkevitchNEW YORK, Jan 26 (Reuters) - A key world stock market index extended gains on Friday, putting it on track for its longest weekly winning streak since 1999, while Intel's results...Read More
* Pound extends gains after GDP suprises to the upside* Sterling enjoying strong start to 2018* Graphic: World FX rates in 2018 * Graphic: Trade-weighted sterling since Brexit vote (Adds new quotes, updates prices, adds details)By Tommy Wilkes and Jemima KellyLONDON, Jan 26 (Reuters) - The pound climbed further against the dollar on Friday after enjoying its best week since September and its sixth...Read More