By Lewis Krauskopf and April JoynerNEW YORK, Feb 14 (Reuters) - So, were the stock market's fears about inflation ... inflated?U.S. stocks gained on Wednesday, shrugging off an initial sharp dip in premarket trading immediately after the release of U.S. government data that showed consumer prices rose more than expected in January. The Labor Department said its Consumer Price Index increased 0.5 p...Read More
U.S. retail sales unexpectedly fell in January, recording their biggest drop in nearly a year. Households cut back on purchases of motor vehicles and building materials. Published 11 Hours AgoUpdated10 Hours AgoReuters Lucas Jackson | ReutersA shopper looks at items on sale inside of a JC Penney store in New York.U.S. retail sales unexpectedly fell in January, recording their biggest drop in...Read More
* Dollar falls as stocks rebound from CPI news* U.S. core CPI posts largest gain in a year* Retail sales post largest decline in 11 months (Updates news, table, quotes and prices)By Kate DuguidNEW YORK, Feb 14 (Reuters) - The U.S. dollar fell on Wednesday, as equity markets rebounded quickly following a stronger-than-expected inflation data report.The announcement that the U.S. core Consumer Price...Read More
Feb 15 (Reuters) - Stock MarketsNet ChngStock MarketsNet ChngS&P/ASX 200** 5,841.20 -14.70NZX 50**8,058.80 -63.420DJIA24,767.63127.18NIKKEI**21,154.17-90.51Nasdaq7,107.94194.43 FTSE**7,213.97 45.96S&P 500 2,687.47 24.53 Hang Seng** 30,515.6 676.07SPI 200 Fut 5,828.00 38.00 STI** 3,402.86 -12.21SSEC**3,199.4757014.51700KOSPI** 2,421.83 26.64--------------------------------------------------...Read More
(Adds quote on possibility of litigation over volatility notes)By John O'Donnell and Jennifer HughesFRANKFURT/HONG KONG, Feb 14 (Reuters) - A U.S. investigation into whether Credit Suisse hired referrals from government agencies in Asia in exchange for business poses another reputational hurdle for CEO Tidjane Thiam as the Swiss bank enters the final stretch of a three-year turnaround plan.Credit...Read More
Source: BloombergGold on Wednesday enjoyed its best trading day since June 24, 2016 when financial markets were shocked by Britain voting to leave the European Union.The most active gold futures contract on the Comex market in New York touched a high of $1,358.60 an ounce in midday trade, up more than 2% or nearly $30 an ounce compared to Tuesday's settlement after inflation data in the US came in...Read More
Bank stocks are widely higher today, as a hotter-than-expected inflation report fuels speculation about accelerated rate hikes from the Fed. However, if recent history is any indicator, several financial stocks could dip in the short term, including Bank of America Corp (NYSE:BAC) and Citigroup Inc (NYSE:C).BAC Stock Tends to Slip After Presidents DayBank of America stock was last seen 1.2% higher...Read More
Shares of Qorvo Inc (NASDAQ:QRVO) gapped more than 16% high on Feb. 1, after reports of an iPhone supply deal sparked a round of bullish analyst attention. QRVO stock topped out at at two-year high of $85.24 that day, but quickly pulled back to the $74-$75 region, home to its late-January highs. And while the equity has since been trading above support at its 10-day moving average, short-term loss...Read More
* European shares bounce back* STOXX 600 hits 4-day high* German growth seen extending into 2018* Strong earnings provide support (Recasts, adds details, closing prices)By Danilo Masoni and Julien PonthusMILAN, Feb 14 (Reuters) - European shares rose on Wednesday, quickly recovering from losses sparked by stronger-than-expected U.S. inflation data, as solid company and economic updates kept invest...Read More
(Adds auction result)LAGOS, Feb 14 (Reuters) - Nigeria has raised 176 billion naira ($576 million) worth of treasury bills at an auction on Wednesday, traders said.The central bank offered 6 billion naira of three-month paper, 30 billion naira of six-month bills and 140 billion naira of one-year notes. The bank issues treasury bills twice a month to help the government to finance its budget defic...Read More
By Benet KolekaTIRANA, Feb 14 (Reuters) - Albania's central bank said on Wednesday it wants to reduce the use of the euro in its financial system by 10 percent over the next three to five years to make the country's own monetary policy more effective.Governor Gent Sejko said now was a good time to act, and cited the problems faced in Poland and Hungary, where families and businesses borrowed heavi...Read More
(Adds forecasts for coal, copper, zinc and bitumen output, CEO comment on outlook, stock price)By Susan TaylorTORONTO, Feb 14 (Reuters) - Teck Resources Ltd , the world's second-biggest exporter of steelmaking coal, said on Wednesday that growing global steel production is expected to boost demand for its coal in 2018, though coal trade competition will also likely rise.Vancouver-based Teck, whic...Read More
By John O'Donnell and Jennifer HughesFRANKFURT/HONG KONG, Feb 14 (Reuters) - A U.S. investigation into whether Credit Suisse hired referrals from government agencies in Asia in exchange for business poses another reputational hurdle for CEO Tidjane Thiam as the Swiss bank enters the final stretch of a three-year turnaround plan.Credit Suisse said on Wednesday that it was in contact with the U.S. D...Read More
The U.S. stock market was swimming in red ink at the start of the session, ashotter-than-expected inflation data sparked concerns of more aggressive rate hikes by the Fed. In addition, traders digested weaker-than-anticipated January retail sales. After being down 150 points at its intraday low, though, the Dow Jones Industrial Average (DJI) has erased most of its losses -- and briefly explored po...Read More
(Kitco News)- Renewed safe-haven demand on theback of a weaker U.S. dollar has helped boost gold’s technical momentum andsome analysts see the potential for higher prices in the near-term.According to some analysts,gold's newfound momentum has helped the gold market break bearish technicalas the price action was forming a short-term head and shoulders pattern.Officially the pattern isn&rsquo...Read More
Kevin Wilson offers ideas to prevent the next crisis, and solutions to the crisis after ignoring reforms that might stave it off.Roger Nusbaum offers an autopsy of the sophisticated strategies that just blew up.Axel Merk evaluates U.S. equity market charts.The abject failure of authorities to correct the problems that caused the previous financial crisis are among the reasons many commentators exp...Read More
Ahead of the opening bell this Thursday, Feb. 15, Israel-based CyberArk Software Ltd (NASDAQ:CYBR) is slated to report its fourth-quarter earnings. Options traders are banking on CYBR to make a massive move on the charts in the wake of its quarterly results -- currently, the equity's options are pricing in a 13.8% post-report move, according to Trade-Alert, nearly doubling CYBR's average one-day p...Read More
NEW YORK, Feb 14 (Reuters) - Long-dated bonds "represent a significant risk" and are not providing adequate compensation to investors, BlackRock Inc's chief investment officer of global fixed income Rick Rieder said on Wednesday.Rieder said in a statement there is a "strong case" for owning short-term U.S. bonds instead as inflation picks up and said that the U.S. Federal Reser...Read More
(Adds details on Chipotle's median price target relative to stock, updates shares)By SangameswaranSFeb 14 (Reuters) - Chipotle Mexican Grill Inc shares jumped as much as 16 percent on Wednesday, as analysts called its recruitment of Taco Bell chief executive Brian Niccol a potentially transformational moment after two years of brand-crushing food-safety scandals.However, they cautioned that Nicco...Read More
NEW YORK, Feb 14 (Reuters) - J.P. Morgan said on Wednesday it dialed back its outlook on U.S. economic growth in the first quarter to 2.5 percent from 3.0 percent as "ugly" data on domestic retail sales in January offset a "scorching" consumer price report. "Today's inflation reading should probably cement in place the Fed's intent to hike rates at the March FOMC meeting,&...Read More