China's domestic rebar prices remained on a downward trajectory on Thursday November 8 due to continued soft demand. Domestic Eastern China (Shanghai): 4,480-4,520 yuan ($647-653) per tonne, down 20-30 yuan per tonneNorthern China (Beijing): 4,350-4,400 yuan per tonne, down 20-30 yuan per tonneFutures dropped steadily in morning trade, leading to weak buying interest in the spot market. Selle...Read More
NEW YORK (Reuters) - For years, U.S. military veterans were more likely than other Americans to be self employed. But that trend has reversed over the last generation and on Thursday a report by the Federal Reserve suggested one reason is that they are less likely to get the financing they need.The report’s authors said the data for the first time provided “substantial evidence”...Read More
The European molybdenum markets have dropped this week amid quiet business while dealers prepared for more active trading at the Fastmarkets MB ferro-alloys conference in Lisbon, Portugal this weekend, sources said.Fastmarkets MB assessed the price of European drummed molybdic oxide, in-warehouse Rotterdam, at $11.80-12.00 per lb on Wednesday November 7, down from $12.00-12.15 per lb on Friday las...Read More
(Reuters) - High-profile U.S. electoral races in Georgia, Florida and Arizona remained unresolved on Thursday, two days after the vote, with the prospect of legal challenges, recounts and ballot reviews setting the stage for possible weeks of uncertainty.In Georgia, where Republican Brian Kemp declared victory in the governor’s contest on Wednesday on a narrow lead, campaign officials for De...Read More
Asian stainless steel participants are increasingly looking to Taiwan and Indonesia as the region's new price-setters, while Chinese exporters struggle to catch up in the heated price war, participants told Fastmarkets MB.Competition among suppliers in the region has intensified in recent months amid lackluster demand, growing pessimism and the increased availability of cheap substrate triggered b...Read More
China's ferrous futures fell during morning trading on Thursday November 8 after prices in most of physical markets weakened a day earlier.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,913 yuan ($565) per tonne, down 38 yuan per tonne January hot-rolled coil: 3,657 yuan per tonne, down 41 yuan per tonne Dalian Commodity Exchange January iron ore: 512 yuan per...Read More
LONDON (Reuters) - Media reports suggesting that Britain could seal a divorce deal with the European Union in the next few days should be taken “with a very large pinch of salt”, a senior UK government source told the Press Association on Thursday.Both sides have indicated that they are nearing a deal in recent days but a government source told Reuters earlier on Thursday that Prime Mi...Read More
Ignoring select Vanguard funds can help investors make 226% more than the average Vanguard investor.With more than 180 funds to choose from, most every Vanguard investor needs advice on which funds are best for them to own. Trouble is...Vanguard tells investors to buy funds no one should own, while hiding some of their strongest funds.Wealthy investors are some of the most demanding people out the...Read More
KROKOS, Greece (Reuters) - Every autumn, Zisis Kyrou is more often found plucking flowers in northern Greece’s purple saffron fields than in his office as a civil engineer.Saffron - the spice so expensive it’s called “red gold” - has brought jobs and money to a region better known for coal mines and unemployment. A year ago, its producers began exporting to the United State...Read More
Oil prices fell for a ninth straight dayAfter Wednesday's post-midterms rally, U.S. stocks took a breather today. The Federal Open Market Committee (FOMC) surprised no one by standing pat on interest rates, and said it "expects further gradual increases" to rates. Energy stocks, in particular, took a beating, as oil prices fell into bear market territory -- down 20% from their October high -- and...Read More
WASHINGTON (Reuters) - The United States on Thursday imposed sanctions on two Ukrainians, one Russian and nine entities in Ukraine and Russia, partly for actions related to Moscow's annexation of Crimea, the U.S. Treasury said.One of the entities sanctioned - the Limited Liability Company Southern Project - was linked to Bank Rossiya and Russian businessman Yuri Kovulchuk, the Treasury said in a s...Read More
Fed Chair Jerome Powell will speak on WednesdayFollowing a hectic run of Election Day results and a Fed meeting, the economic calendar next week doesn't take much of a breather. There is plenty on tap to whet investors' appetites, including more remarks from Fed Chair Jerome Powell, additional speeches from Fed presidents, and a full earnings slate. Several notables are poised to step into the ear...Read More
The shares of the Amazon rival hit a record high earlierThe U.S. stock market has made a decisive turn lower after the Fed reiterated its plan for gradual rate hikes in today's policy statement, but cautioned over slowing business investment. Among individual names making big moves are online retailer Etsy Inc (NASDAQ:ETSY), gene therapy specialist Voyager Therapeutics Inc (NASDAQ:VYGR), and telec...Read More
Technical analyst Clive Maund charts silver and explains why he believes the metal's prospects are changing. Silver continues to be a singularly neglected and unloved investment, and has been for years now, but as we will proceed to see, this is not a situation that is likely to continue for much longer. On its 10-year chart we can see that silver has basically been moving sideways marking out a l...Read More
The SPX just did something we haven't seen in two yearsThe S&P 500 Index (SPX) jumped back above its 200-day moving average on Wednesday, after spending more than two weeks below this closely watched trendline. It marked the index's longest stretch below the moving average since the first quarter of 2016. However, what really piqued our interest was last week's SPX surge while trading beneath the...Read More
WASHINGTON (Reuters) - The U.S. Senate Commerce Committee said on Thursday that a hearing planned for Nov. 14 on reports of engine fires involving Hyundai Motor Co (005380.KS) and Kia Motors Corp (000270.KS) vehicles was on hold, but could be rescheduled for a future date.Last month, the committee invited the U.S. chief executives of the two Korean automakers after safety advocates raised concerns...Read More
CloseGain/LossGold $1223.90-$2.40Silver$14.43-$0.13XAU65.39-0.30%HUI145.76-0.07%GDM536.92-0.35%JSE Gold1121.61+7.77USD96.68+0.56Euro113.61-0.81Yen87.97+0.70Oil$60.67-$1.0010-Year3.240%+0.018T-Bond137.25-0.125Dow26191.22+0.04%Nasdaq7530.88-0.53%S&P2806.83-0.25% The Metals: Gold dropped $6.10 to $1220.20 at about 8:45AM EST before it popped up to $1226.90 shortly after the...Read More
In today's update we look at yet another 'Punch and Judy' American election farce which once again ignored the 'Elephant in the room' - the inevitable U.S. $121.7 trillion debt crisis and the coming global $250 trillion debt crisis.We briefly look at the outcome of the elections, how markets have reacted in the short term and more importantly the long term outlook for markets and the dollarWe ex...Read More
(Reuters) - Wells Fargo & Co (WFC.N) plans to combine its ultra-high-net-worth business and its private bank under one leader, Bloomberg reported on Thursday, citing an internal memo bloom.bg/2Pmb9h5.The combined unit will be run by someone yet to be named who will report to Jon Weiss, head of wealth and investment management, Bloomberg reported.Wells Fargo was not immediately available for c...Read More
SBLK is oversold amid this recent pullbackAt last check, Star Bulk Carriers Corp. (NASDAQ:SBLK) was up 2.2% to trade at $10.69. The shipping stock had a rough October along with the rest of the broader equities market, but amid SBLK's recent struggles, one analyst suggests the stock could be on sale at current levels. More specifically, Deutsche Bank earlier today reiterated its "buy" rating and...Read More