MUMBAI, Aug 12 (Reuters) - Indian Prime Minister Narendra Modi said he would be re-elected with an even bigger majority in parliament in 2019, dismissing opposition attempts to rouse opinion against his government for failing to deliver on promises of swift economic development and more jobs for young people.Modi told the Times of India in an interview published on Sunday that his Bharatiya Janata...Read More
Investing.com - The broadly stronger dollar looks likely to remain a significant headwind for gold this week as the precious metal’s inverse relationship to a firmer dollar continues to outweigh safe haven demand for bullion.With another fairly light week ahead on the economic calendar, investors will continue to monitor developments on trade and Turkey. Wednesday’s U.S retail sales re...Read More
Titan Mining Corporation (TSX: TI) is a Canadian-based mining company which produces zinc concentrate at its 100%-owned Empire State Mine ("ESM") in St. Lawrence County, New York State. ESM includes a suite of seven historic zinc mines. One of these - ESM #4 mine - has recently restarted production and, with both near-mine and regional exploration activities underway, this historic mining district...Read More
The mega-cap stocks that dominate the US markets are just finishing another monster earnings season. It wasn't just profits that soared under Republicans' big corporate tax cuts, but sales surged too. That's no mean feat for massive mature companies, but sustained growth at this torrid pace is impossible. So peak-earnings fears continue to mount while valuations shoot even higher into dangerous bu...Read More
Gold, base metals downCapital marketsBefore getting to the good news, which has only crept out after the event, it's worth considering a soberer assessment of the conference because it is an important scene-setter for the mining ...Read More
Copper bears could get caught wrong-footed as a strike looms at the world's biggest mine.In the U.S., hedge funds' bearish bets outnumber bullish wagers by the most since 2016, latest government data show. The top brokers on the Shanghai Futures Exchange boosted their net-short position by more than half. Sentiment has turned increasingly negative even as BHP Billiton Ltd. and workers at its Escon...Read More
Copper is not only a hot commodity right now. It was very much so in the c. 3rd millennium BC.Two new studies published in the Journal of Archaeological Science unveil where ancient Egyptians got the red metal from.According to one the studies, led by Frederik Rademakers of KU Leuven in Belgium, there was predominant reliance on relatively local ore from the Eastern Desert and the Sinai Peninsula....Read More
Aug 11 (Reuters) -For other diaries, please see:Top Economic EventsM/DIARYEmerging Markets Economic Events EMRG/DIARYGovernment Debt AuctionsD/DIARYPolitical and General NewsPOL/DIARYU.S. Federal ReserveFED/DIARYToday in WashingtonWASH/DIARY ----------------------------------------------------------- This Diary is filed daily. -----------------------------------------------------------MONDAY, AUGU...Read More
Aug 11 (Reuters) - Tata Motors Ltd TAMO.NS says:* GLOBAL WHOLESALES FOR JAGUAR LAND ROVER WERE 35,007 VEHICLES Further company coverage: TAMO.NS(Mumbai Newsroom)Read More
(Adds close of U.S. markets)* Turkish lira plunges to record low* ECB worried about European bank exposure to Turkey -FT* Bank shares fall on exposure concerns* Euro falls to lowest since July 2017* Yen climbs, bond yields fallBy Herbert Lash and Ritvik CarvalhoNEW YORK/LONDON, Aug 10 (Reuters) - A plunge in the Turkish lira rocked global equities and emerging markets on Friday and fear of further...Read More
* SBI posts $707 mln Q1 loss, third straight qtr of losses* Bad loans ease from three months earlier (Recasts with Chairman's comment)By Devidutta Tripathy and Chris ThomasNEW DELHI/BENGALURU, Aug 10 (Reuters) - State Bank of India SBI.NS is confident of returning to profitability from the December quarter onwards as the impact of bad loans eases, its chairman said after the nation's top lender...Read More
* Iran sanctions expected to squeeze oil supplies* U.S. gasoline demand seen slowing in autumn* Trade war boosts dollar, hits energy demand outlook* U.S. drillers add most rigs since May -Baker Hughes (Adds CFTC data, recasts fourth and fifth paragraph)By Jessica Resnick-AultNEW YORK, Aug 10 (Reuters) - Crude oil prices rose more than 1.0 percent on Friday as U.S. sanctions against Iran looked set...Read More
MUMBAI, Aug 10 (Reuters) - The Reserve Bank of India likely intervened in the foreign exchange market to support the rupee on Friday, after most emerging market currencies fell sharply on heightened global tensions, dealers said.The rupee INR=D2 fell to as low as 69.03 to the dollar, its lowest since July 24, before trimming some of its losses to trade at 68.95."It looks like RBI might have interv...Read More
* FTSE 100 down 1 pct* Turkish currency crisis and Russian rouble slide weigh* Russian gold miner Evraz down 8.8 pct* Miners fall as metals slide on stronger dollar* FTSE 100 and sterling correlation weakens: https://reut.rs/2OkPhOi (Updates prices, adds details)By Helen ReidLONDON, Aug 10 (Reuters) - Anxiety over emerging market assets sent Britain's FTSE 100 down on Friday as a currency crisis...Read More
Investing.com - Gold prices traded higher on Friday as investors flocked to safe-haven assets while U.S. President Donald Trump announced the implementation of higher tariffs on Turkey.At 11:32 AM ET (15:32 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $1.55, or 0.13%, to $1,213.93 a troy ounce.“I have just authorized a doubling of ta...Read More
(Refiles to fix embedded graphic)* FTSE 100 down 0.7 pct* Turkey currency crisis, Russian rouble slide weigh* Russian gold miner Evraz down 6.6 pct* Miners fall as copper slides on stronger dollar* FTSE 100 and sterling correlation weakens: https://reut.rs/2OkPhOiBy Helen ReidLONDON, Aug 10 (Reuters) - Anxiety over emerging market assets sent Britain's FTSE 100 tumbling on Friday as a currency c...Read More
Aug 10 (Reuters) - Aluminium producer Hindalco Industries Ltd HALC.NS posted a 43 percent jump in first-quarter profit on Friday, but missed analysts' estimates.Profit was 4.14 billion rupees ($60.07 million) in the three months through June 30, compared with 2.90 billion rupees a year earlier, the company said in a statement https://www.nseindia.com/corporate/NSERESULTS_10082018140537.zip.Analy...Read More
SANTIAGO, Aug 10 (Reuters) - Four of the five labor unions representing workers at the El Teniente copper mine in Chile have accepted the latest contract offer from state mining company Codelco, union leaders told Reuters."The contract was approved by an ample margin after the company improved its offer," said Guillermo Lemaitre, president of the main labor union involved in the negotia...Read More
Chile's owned Codelco, the world's No.1 copper producer, has approved a scaled-back version of an ambitious, but necessary plan to convert its open pit Chuquicamata mine into an underground operation.Century-old Chuquicamata, the company's second largest copper operation by size, is running out of profitable ore and has to switch to an underground mine. This will allow Codelco keep production rate...Read More
Barrick Gold Corp. Executive Chairman John Thornton says the Canadian miner is looking at its copper assets "very seriously" to see if it makes sense to form a copper company with one or two partners, most likely from China."The question for us on copper is, 'Can you take the copper assets, combine them with another party, or even two parties and build a first-tier global copper company over time?...Read More