By David RandallNEW YORK, Feb 7 (Reuters) - U.S. fund investors' appetite for stocks and fixed income weakened sharply last week ahead of the largest decline in the benchmark S&P 500 in more than six years, Investment Company Institute (ICI) data showed on Wednesday.Some $4.3 billion rolled into U.S.-based stock funds and exchange-traded funds in the week ended Jan. 31, a 65 percent drop from...Read More
(Corrects filing date to Wednesday, not Thursday, in 3rd paragraph.)By Nate RaymondBOSTON, Feb 7 (Reuters) - U.S. prosecutors on Wednesday brought a new charge against a former State Street Corp executive accused of participating in a scheme to defraud clients by charging them secret commissions on billions of dollars of trades.Ross McLellan, a former executive vice president at the bank, was pre...Read More
Gold prices ended at a one-month low Wednesday, down a fourth-straight session, as the dollar index and Treasury yields gained, dulling investment demand for the precious metal. April gold GCJ8, +0.19% dropped $14.90, or 1.1%, to settle at $1,314.60 an ounce. That was the lowest finish for a most-active contract since Jan. 9 and largest single-session dollar and percentage loss since Nov. 20, acco...Read More
Feb 8 (Reuters) - Stock MarketsNet ChngStock MarketsNet ChngS&P/ASX 200** 5,876.80 43.50 NZX 50**8,194.73 -47.100DJIA25,088.84176.07NIKKEI**21,645.3735.13Nasdaq7,109.062-6.82 FTSE**7,279.42 138.02S&P 500 2,705.08 9.94Hang Seng** 30,323.2 -272.22SPI 200 Fut 5,819.00 29.00 STI** 3,383.77 -22.61SSEC**3,309.58 -61.07KOSPI** 2,396.56 -56.75-------------------------------------------------------...Read More
* Spot gold may test support at $1,316/oz - technicals* Platinum hit price premium over palladium* Platinum/Palladium ratio: (Recasts throughout; updates prices, headline; adds comment, NEW YORK to dateline)By Renita D. Young and Maytaal AngelNEW YORK/LONDON, Feb 7 (Reuters) - Gold slipped on Wednesday as the U.S. dollar strengthened and global shares clawed their way off two-month lows, though bu...Read More
(Kitco News)- Gold and silver prices ended the U.S. day session solidly lower Wednesday, with goldhitting a four-week bottom and silver a six-week low. Fully bearish “outsidemarkets” were behind the selling pressure in the precious metals today, as theU.S. dollar index rallied sharply and crude oil prices were solidly lower andhit a five-week low. April Comex gold futures were last dow...Read More
Biotech stock Regeneron Pharmaceuticals Inc (NASDAQ:REGN) has been trending lower since mid-2017, shedding almost 30% in the past six months to trade at $335.60, after just yesterday hitting a three-year low of $319.50. But with the company preparing to report earnings before the open tomorrow, Feb. 8, it should be pointed out at that this technical weakness has come despite a fairly strong post-e...Read More
(Kitco News)- While the gold market has seen positive gains since thestart of the year, the metal’s time to shine won’t come until the fall when one portfoliomanager expects to see a global bond market selloff.Michael Pento, president and founder of Pento PortfolioStrategies said that he is currently underweight gold in hisdeflation/inflation portfolio, but he added that he expects t...Read More
LONDON, Feb 7 (Reuters) - Britain's markets watchdog warned banks on Wednesday it would intervene if they use concerns over customer account security as an excuse to stifle competition on the high street.The European Union introduced rules in January that would allow licensed start-ups or retailers to take payments directly from a bank account, or tap transaction history from an account in order t...Read More
The price of no asset can move up or down in a straight line, so why should mining stocks be any different? They have been declining relentlessly for almost 2 weeks, erasing more than 10% of their value. Sharp? Definitely. Unsustainable? Perhaps. When will the turnaround take place? It depends.It depends on the bullish signs and confirmations that we get. The correct question to be asking now is:...Read More
(Bloomberg) - China's growing throng of affluent consumers is driving a rebound in demand for gold rings, bracelets and necklaces as a property boom and high stock market valuations boost wealth in the largest bullion market."Things are much more positive than they were this time last year," and the jewelry market has bottomed out after three years of declines, said Nikos Kavalis, London-based di...Read More
* Central bank keeps key rate at 1.5 pct, as expected* Governor say stable rates are good for economy* Says zloty strength has not hurt exports so far (Adds quotes, details)By Pawel Florkiewicz and Marcin GoettigWARSAW, Feb 7 (Reuters) - Interest rates in Poland probably won't change until the end of 2018, central bank Governor Adam Glapinski said on Wednesday, adding that the strength of the zlot...Read More
As the U.S. stock market recovers from its worst sell-off in years, many traders have an eye out for bargain trading opportunities. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, freight specialist C.H. Robinson Worldwide Inc (NASDAQ:CHRW) has been one of the best stocks to buy after a massive S&P 500 Index (SPX) pullback. And if past is precedent, CHRW stock could be...Read More
Total mortgage application volume barely moved as interest rates rose. Mortgage applications rose 0.7 percent last week from the previous week, the Mortgage Bankers Association says. Application volume was 5 percent higher than one year ago. Diana Olick| @DianaOlick Published 13 Hours AgoUpdated8 Hours AgoCNBC.com show chapters Mortgage volume barely budges ahead of busy spring season &nb...Read More
Stocks have once again erased early losses, with all major indexes trading higher at midday. Specifically, the Dow Jones Industrial Average (DJI) was up more than 300 points at its intraday peak, with all but four of the Dow's 30 stocks higher at last check. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also managed toturn higher, as traders eye the latest round of corporate earning...Read More
By Benet KolekaTIRANA, Feb 7 (Reuters) - Albania's central bank held its benchmark interest rate at the record low of 1.25 percent on Wednesday, and its governor promised to pursue a stimulative monetary policy until October.The bank also held rates for one-day deposits at 0.25 percent and one day-lending at 2.25 percent."First, we reconfirm the intensity of monetary stimulus will not diminis...Read More
* Dollar index up as Wall Street trades higher* Euro slips on disappointment over finance minister reports* Greenback up half a percent vs Swiss franc (New throughout; updates market activity; changes byline, dateline, previously LONDON)By Stephanie KellyNEW YORK, Feb 7 (Reuters) - The U.S. dollar rose on Wednesday against most major currencies, even as gains on Wall Street dimmed the greenback's...Read More
(Kitco News)- Equity markets continue torecover from Monday’s flash crash and while volatility is back, it would take amuch bigger correction to boost gold and precious-metals prices on a safe-haventrade, according to one commodity analyst.In a telephone interview withKitco News, Martin Murenbeeld, president of Murenbeeld & Co., said thatwhile the drop in equity markets was shocking -- t...Read More
SAO PAULO, Feb 7 (Reuters) - Latin American equities markets were steady or in the black across the region on Wednesday, as traders showed cautious optimism after an equities rout on Wall Street appeared to putter out.Brazil's benchmark Bovespa index showed little change, down 0.03 percent in afternoon trade, while Chile's benchmark IPSA jumped 0.44 percent. Among major regional equities markets,...Read More
Gold and the gold ETF break key levels as the safety bid reverses.Dollar strength and lifting of the financial market panic are the culprits.The longer-term gold recovery remains intact despite short-term pressures.Almost as quickly as it began, gold's safe-haven bid was reversed on Tuesday as the broad U.S. equity market retraced an earlier decline and closed sharply higher to snap a 6-day losing...Read More