(Adds analyst's comment)By Alexis Akwagyiram and Chijioke OhuochaLAGOS, Feb 9 (Reuters) - Britain's export finance agency will add the naira to its list of "pre-approved currencies", allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.The naira will become one of three West African currencies that UK Export Finance has pre-approve...Read More
Gold is still stymied by dollar strength and other factors.Gold mining stock weakness has been a major obstacle for gold.Gold's relative strength (vs. equities) is encouraging, however. In what has been a choppy week of trading, the gold price finally benefited from some safety buying on Thursday. April gold futures rose 0.3 percent to $1,322 on Feb. 8 as global equity markets continued to sho...Read More
ACCRA, Feb 9 (Reuters) - The Bank of Ghana said the yield on its weekly 91-day bill rose to 13.36 percent at an auction on Friday from 13.32 percent at the last such sale, on Feb. 2.The bank said it had accepted all 415.4 million cedis ($93.5 million) worth of bids tendered for the paper, which will be issued on Monday.Ghana's treasury bill yields have fallen to around 13 percent in the past six m...Read More
FRANKFURT, Feb 9 (Reuters) - BMW is close to signing a 10-year supply contract for lithium and cobalt, the company's procurement chief told Germany's Frankfurter Allgemeine Zeitung, amid an industry-wide scramble for raw materials needed for electric car batteries."The aim is to secure the supply all the way down to the level of the mine, for 10 years. The contracts are ready to be signed,&qu...Read More
It's another wild day of trading for U.S. stocks, as recent volatility persists. The Dow Jones Industrial Average (DJI) has traded in a range of more than 500 points on both sides of breakeven, but was last seen modestly lower. After plunging into correction territory yesterday, the index is now pacing for its worst week since October 2008, during the heart of the financial crisis. The S&P 500 Ind...Read More
(Kitco News)- The gold market is ending its secondconsecutive week in negative territory and many investors are asking: Whathappened?Gold’s losses come as equitymarkets fell sharply into corrective territory, with the past week seeing the Dow Jones Industrial Average shedding more than 1,000 points in two sessions.In total, the Dow, last trading at 23,784 points is down more than 6% sincelas...Read More
* Stocks selloff lends some support to bonds* But sentiment still weak on central bank worries* Euro zone periphery govt bond yields (Updates prices, adds in Greece and BOJ)By Dhara Ranasinghe and Sujata RaoLONDON, Feb 9 (Reuters) - Core euro zone bond yields edged down on Friday as renewed selling in world stocks lent some support to safe-haven debt markets, which themselves have been bruised as...Read More
LONDON, Feb 9 (Reuters) - Curbing the ability of asset managers located in Britain to run funds based in the European Union after Brexit would go against global norms and could fragment markets, Bank of England Deputy Governor Jon Cunliffe said on Friday.The bloc has published guidance on how UK-based asset managers could continue to run funds in the bloc after Britain leaves the EU in March 2019....Read More
* Euro on course for worst week since November 2016* Dollar backs off four-month lows vs yen as safe-haven bids fade* Strategists expect dollar weakness to resume despite rally* Currency market volatility rises less than stocks, bonds (Updates market action, changes dateline, previous LONDON)By Richard Leong and Kate DuguidNEW YORK, Feb 9 (Reuters) - The dollar rose on Friday, putting it on track...Read More
* Nvidia jumps after upbeat results, forecast* Expedia slips on disappointing 2018 guidance* Yields on 10-yr U.S. notes end week little changed* Dow down 0.14 pct, S&P and Nasdaq up less than 0.1 pct (Changes comment, updates prices, adds details)By Sruthi ShankarFeb 9 (Reuters) - U.S. stocks indexes were little changed in volatile trading on Friday, after jumping more than 1 percent at the op...Read More
By Kristen HaunssNEW YORK, Feb 9 (Reuters) - A US court ruled on Friday that Collateralised Loan Obligation (CLO) funds should be exempt from the Dodd-Frank financial reform legislation requirement that managers hold some of their fund.The ruling will allow CLOs to save money as they will no longer have to buy some of their fund in order to meet regulators' 'skin in the game' requirements. The US...Read More
(Kitco News) - WallStreet and Main Street continue to have opposing viewpoints on the short-termprice direction of gold, although the difference has narrowed, based on theweekly Kitco News gold survey. Wall Street Bullish Bearish Neutral VSMain Street Bullish Bearish Neutral Forthe second Friday in a row, the largest Wall Street bloc of voters called forgold to fall over the n...Read More
(Adds further comments from Orban, background)(.)BUDAPEST, Feb 9 (Reuters) - Hungary will soon sign a 15-year deal to import almost half the natural gas it needs each year from Romania, considerably reducing its reliance on Russia, Prime Minister Viktor Orban said on Friday.Orban told a news conference that three Hungarian companies had won a tender in Romania for the gas. He did not name the com...Read More
(Adds details throughout on stocks and sectors; updates prices)TORONTO, Feb 9 (Reuters) - Canada's main stock index fell to a five-month low on Friday, led lower by financial and materials shares as commodity prices fell and domestic data showed the economy lost the most jobs in nine years.* The 88,000-job decrease fell well short of economists' forecasts for a gain of 10,000 and was the biggest...Read More
Feb 9 (Reuters) - U.S. stocks turned higher in choppy trading on Friday after the Nasdaq Composite Index hit an over two-month low, as investors continued to grapple with elevated volatility.At 11:12 a.m. ET, the Dow Jones Industrial Average was up 54.47 points, or 0.23 percent, at 23,914.93, the S&P 500 was up 10.88 points, or 0.42 percent, at 2,591.88 and the Nasdaq Composite was up 30.94 po...Read More
Expedia Inc (NASDAQ:EXPE) stock is struggling today, down 16.8% to trade at $102.39 -- fresh off an annual low of $102.06 and on track for its worst day since July 2013. The freefall comes after the company reported fourth-quarter earnings and revenue below analyst forecasts. Expedia also gave a disappointing 2018 forecast -- citing marketing costs that would outpace revenue growth -- and several...Read More
(Adds details from report, background, market reaction)WASHINGTON, Feb 9 (Reuters) - U.S. wholesale inventories rose more than initially estimated in December, helped by a sturdy rise in auto stocks.The Commerce Department said on Friday that wholesale inventories rose 0.4 percent after a revised 0.6 percent rise in November. The department reported last month that wholesale inventories rose 0.2...Read More
Casino stocks Wynn Resorts, Ltd (NASDAQ:WYNN) and Penn National Gaming, Inc (NASDAQ:PENN) were targeted by analysts this morning, with both securities trading lower, at last check.Below, we will take a look at today's analyst notes, and how WYNN and PENN stocks have been faring on the charts of late.Analyst: Take Profits on WYNNWynn Resorts stock gapped lower in late January, backing down from thr...Read More
(Updates rand, bonds, stocks levels)JOHANNESBURG, Feb 9 (Reuters) - South Africa's rand firmed on Friday, recouping losses from the previous session as investors continued to bet on the ruling African National Congress (ANC) unseating scandal-plagued President Jacob Zuma in the next few days.At 1532 GMT, the rand was 0.74 percent firmer at 12.0700 per dollar, having slipped to a three-week trough...Read More
LAGOS, Feb 9 (Reuters) - Britain's export finance agency will add the naira to its list of "pre-approved currencies", allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency.The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade wit...Read More