NEW YORK (Reuters) - Sears Holdings Corp (SHLDQ.PK) is finalizing a deal with financial firm Great American Capital Partners and other lenders for $350 million in bankruptcy financing that would keep the retailer open through the holiday season while it attempts to reorganize, people familiar with the matter said on Wednesday.The deal increases an existing financing package from banks to give Sear...Read More
NEW YORK (Reuters) - Blue Apron Holdings Inc (APRN.N) said on Wednesday it would sacrifice overall revenue growth and cut marketing expenses in 2019, sending shares into volatile decline.The forecast comes a day after the meal-kit delivery company reported a steep decline in net revenue for the third quarter, down 28.4 percent at $150.6 million, missing average analyst forecast of $160.3 million,...Read More
Domestic prices for hot-rolled coil (HRC) are down over the past week in Southern Europe, sources told Fastmarkets on Wednesday November 14.The decrease was the result of slow trading and competitive import offers from Turkey, market participants said.Southern EuropeFastmarkets' domestic price assessment for HRC in Southern Europe was ?,?480-525 ($540-591) per tonne ex-works on November 14, down f...Read More
HONG KONG (Reuters) - Tencent (0700.HK) beat third-quarter profit forecasts on Wednesday but gave no update on a regulatory block in China, the world’s largest gaming market, that has damaged its core business.China has imposed tougher rules on the gaming industry, including a halt to new game approvals as part of a regulatory overhaul and calls to tackle addiction among young people.Tencent...Read More
American insiders in the Financials sector sniff change is in the air. Our sector indicator has hit 150% this week which means there are 1.5 stocks in the sector with key insider buying for every one stock with key selling. At this point, the indicator appears to be peaking. An indicator peak implies peak insider buying which often happens around the establishment of significant market support le...Read More
The gap between export offers and bids for hot-rolled coil in China narrowed on Wednesday November 14, raising expectations of the Chinese product finding favor among overseas buyers again.DomesticEastern China (Shanghai): 3,800-3,810 yuan ($546-547) per tonne, narrowing downward 10 yuan per tonneNorthern China (Tianjin): 3,840-3,850 yuan per tonne, up 10-20 yuan per tonneDomestic prices were larg...Read More
WASHINGTON (Reuters) - The lawmaker expected to head the powerful House Oversight Committee in the new U.S. Congress says one of his first priorities will be investigating why President Donald Trump’s administration decided to ask about citizenship on the 2020 census questionnaire.Democratic Representative Elijah Cummings told Reuters he had not yet prioritized all the issues his committee w...Read More
ADDIEVILLE, Ill.(Reuters) - Clouds crowded the Illinois sky as Nick Harre walked away from his combine at the peak of harvest to join four fellow farmers in greeting some unlikely visitors.Inside a nearby seed barn, they made their pitch to eight Sri Lankan government officials: Please buy our soybeans.The wooing of such a tiny market underscores the depth of U.S. farmers’ problems after los...Read More
China's ferrous futures rose across the board during morning trading on Wednesday November 14, following the release of data showing higher-than-expected industrial output in October.Futures closing prices - morning session Shanghai Futures Exchange January rebar: 3,926 yuan ($564) per tonne, up 57 yuan per tonneJanuary hot-rolled coil: 3,617 yuan per tonne, up 34 yuan per tonneDalian Commodity Ex...Read More
FRANKFURT (Reuters) - Volkswagen (VOWG_p.DE) will convert three German factories to build electric cars, as Europe’s largest automaker by sales starts mass producing zero-emission vehicles in a major strategy shift following its emissions cheating scandal.The German company said on Wednesday its plant in Emden, which currently builds the VW Passat, would build electric cars from 2022 onwards...Read More
The latest news and price moves to start the Asian day on Thursday November 15.Base metal prices on the London Metal Exchange were predominantly higher at the close of trading on Wednesday November 14, boosted by a steady rebound in global benchmark crude oil futures and a marginal retreat in the United States' dollar index. Read more in our live futures report.Here are how prices looked at the cl...Read More
European prices for mesh-quality wire rod rose across the Northern and Southern parts of the continent on Wednesday November 14, with the volume available in the EU's import quota continuing to go down.Fastmarkets' weekly domestic price assessments for mesh-quality wire rod in both Southern and Northern Europe narrowed upward to ?,?540-560 ($608-630) per tonne delivered on Wednesday, from ?,?535-5...Read More
(Reuters) - Shares of utility PG&E Corp (PCG.N) fell 18 percent on Wednesday after the company warned of liquidity concerns if its equipment was found responsible for starting the Camp wildfire currently raging in California.The company said liabilities related to the wildfires could exceed its recently renewed insurance cover, adding to the severe financial pressure it is already facing.The u...Read More
The price for rebar produced and delivered in Southern Europe pushed slowly upward again on Wednesday November 14, with sellers offering higher prices due to high costs but consumers so far unwilling to commit to large-volume deals.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe narrowed upward to ?,?530-535 ($597-602) per tonne delivered on Wednesday, from ?,?520-535 pe...Read More
BERLIN (Reuters) - The European Union will respond with countermeasures if the United States imposes tariffs on its cars, the bloc’s trade commissioner told Germany’s Die Zeit weekly on Wednesday.“Then we will hit back, we can very quickly put together a long list of countermeasures that conform to World Trade Organisation rules,” Cecilia Malmstrom told the paper, adding th...Read More
The Turkish steel mills continued their silence in the deep-sea scrap markets for another day on Wednesday November 14, because of a softening rebar market and increasing scrap supply in Europe, Fastmarkets was told.After booking two cargoes from the United States late last week, Turkish mills paused their purchases. Meanwhile, rebar prices have shown a downturn with news of recent sales at $506-5...Read More
LONDON (Reuters) - Oil rose on Wednesday, recouping some of the previous session’s slide, on the growing prospect of OPEC and allied producers cutting output at a meeting next month to prop up the market.Prices rallied toward $67 earlier in the session after Reuters reported OPEC and its partners are discussing a proposal to cut output by up to 1.4 million barrels per day (bpd), a larger fig...Read More
DUBAI/LONDON (Reuters) - OPEC and its partners are discussing a proposal to cut oil output by up to 1.4 million barrels per day (bpd) for 2019, three sources familiar with the issue said, a larger reduction than previously thought to avert a price-sapping oversupply.Worried by a drop in oil prices due to record supply from Saudi Arabia, Russia and the United States, the Organization of the Petrole...Read More
Iron ore prices were mixed on Wednesday November 14 with supply tightness and higher premiums reported for December-arrival Pilbara Blend fines.MB 62% Fe Iron Ore Index: $75.91 per tonne cfr Qingdao, up $0.18 per tonne.MB 62% Fe Pilbara Blend Fines Index: $75.71 per tonne cfr Qingdao, up $0.18 per tonne.MB 62% Fe Iron Ore Index-Low Alumina: $78.25 per tonne cfr Qingdao, up $0.53 per tonne.MB 58% F...Read More
Vietnam, a major consumer of scrap in Asia, has purchased at least 30,000 tonnes of Japanese H2 materials this week.Deals involving at least two bulk shipments bound for southern Vietnam were heard concluded around $329-330 per tonne cfr Vietnam.This suggests that fob Japan prices have fallen further from last week's level of ?34,700-35,000 ($305-307) per tonne after a tender held by the Kanto Te...Read More