* Aussie stocks post biggest intraday gain in 7 months* New Zealand shares drop to more than 2-month low By Ambar WarrickFeb 7 (Reuters) - Australian shares recouped recent losses on Wednesday, tracking an overnight resurgence in Wall Street as markets at large rebounded from a string of heavy selloffs. U.S. stocks rebounded 2 percent on Tuesday, but are still expected to show increased volatilit...Read More
Richard Cowan, Steve HollandWASHINGTON (Reuters) - U.S. President Donald Trump said on Tuesday he would “love” to see another government shutdown as Republicans and Democrats in Congress worked to reach a budget deal that would prevent federal agencies from having to close their doors this week.As lawmakers in Congress closed in on a bipartisan budget deal that could end months of budg...Read More
Richard LeongNEW YORK (Reuters) - Monday’s rout on Wall Street frayed investors’ nerves, but it is not enough to knock the Federal Reserve off course from its intended path to further raise interest rates in 2018 as the economy continues to hum along, analysts say.The worldwide market sell-off in equities wiped out $4 trillion in value from record peaks eight days ago, raising concerns...Read More
The roller coaster ride that is U.S. equities continues at full steam, with extreme price swings resulting in a 1100-point range in the Dow Jones Industrial Average. U.S. equities opened lower and the Dow Jones Industrial Average traded lower during the first part of the trading session. The Dow traded to a new low of 23,778 before finding tentative support and moving sharply off of those lows. Wi...Read More
Gold unable to capitalise on stock market corrections. DXY better bid and stealing the show, hurting Gold bulls that are trapped. Gold prices have declined further as the US session continues to favour the greenback as US yeilds continue to climb. Spot gold is currently at 1327.67 with a low of 1326.01 from a high of 1346.29. Gold is going to be an interesting commodity to monitor this...Read More
WASHINGTON, Feb 6 (Reuters) - The U.S. House of Representatives on Tuesday cleared a stop-gap funding bill for debate and a vote on passage later in the day as Congress maneuvered to avoid government agency shutdowns when existing money expires at midnight on Thursday.By a vote of 236-188, the House approved rules for debating the fifth temporary spending bill for the fiscal year that beganOct. 1....Read More
(Kitco News) - Gold prices hit session lows late Tuesday afternoon as U.S. stocks bounced back up in what analysts described as a very volatile trading environment.The Dow Jones Industrial Average, which tumbled 1,600 points in the previous session, closed with a 567-points gain — the biggest intraday rise in almost a year. And S&P 500 Index rose 85.80 points, rising the most in a year,...Read More
(Updates prices, adds comment)By Gertrude Chavez-DreyfussNEW YORK, Feb 6 (Reuters) - Bitcoin rallied from three-month lows below $6,000 in choppy trading on Tuesday, but worries lingered about a global regulatory clampdown and moves by banks to ban buying bitcoin with credit cards.On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920, its lowest since mid-November, before recovering to ab...Read More
(Adds that bank missed estimates, details of provisions, dividend, CEO quote)Feb 7 (Reuters) - Commonwealth Bank of Australia, the country's biggest mortgage lender, posted a decline in first-half cash-profit from continued operations on Wednesday, missing expectations, as it took a provision for regulatory and compliance costs.The bank's profit for the six months ended Dec. 31 slipped 2 percent...Read More
(Updates with close of market, changes headline)By Noel RandewichSAN FRANCISCO, Feb 6 (Reuters) - Deep losses in Wall Street stocks and recent optimism about profit growth have left the benchmark U.S. S&P 500 index trading at its lowest price-to-earnings multiple in over a year.While some traders warn that a "buy the dip" mentality may be coming to an end after a nine-year stock ral...Read More
TORONTO, Feb 6 (Reuters) - Canada's main stock index closed higher on Tuesday, reversing earlier falls as it followed a similar turnaround on Wall Street and benefited from gains among energy and industrial stocks. At 4:25 p.m. (2125 GMT), the Toronto Stock Exchange's S&P/TSX composite index rose 29.12 points, or 0.19 percent, to 15,363.93.The largest percentage gainer was cannabis company Can...Read More
(Adds details on profit, sales results)Feb 6 (Reuters) - Chipotle Mexican Grill Inc on Tuesday reported a slightly better-than-expected rise in sales at established restaurants, boosted by menu price increases, as it works to regain customer trust after food safety lapses in 2015.Sales at Chipotle restaurants open at least 13 months were up 0.9 percent for the fourth quarter. Analysts, on average...Read More
By Deena BeasleyFeb 6 (Reuters) - Gilead Sciences Inc on Tuesday said fourth-quarter sales of its flagship hepatitis C drugs fell by more than half amid increased competition and forecast a further slowdown next year, sending its shares lower after the closing bell.For full-year 2018, the biotechnology company forecast product sales of $20 billion to $21 billion, down from $25.7 billion last year....Read More
Stock volatility was the story again today on Wall Street, with the Dow trading in a more than 1,100-point range. The VIX also saw whipsaw action, briefly topping the 50 handle for the first time since August 2015, as leveraged volatility ETNs -- which many believe exacerbated the stock market sell-off -- remained in focus. Buyers returnedin a big way in the final hour of trading, however, helping...Read More
Feb 7 (Reuters) - Australian shares are expected to recover on Wednesday after the central bank struck an upbeat tone about the country's economy on Tuesday, outlining a steady path ahead even as global equities plunged.The Reserve Bank of Australia's optimism was underpinned by solid economic data in recent weeks, topped by strong fourth-quarter retail sales figures which implied stronger househo...Read More
WASHINGTON, Feb 6 (Reuters) - Federal Reserve Chairman Jerome Powell will testify on the central bank's semiannual report on monetary policy and the economy on Feb. 28 before the House of Representatives' Financial Services Committee, the panel announced on Tuesday.The hearing with Powell, who took office on Monday, will be held at 10 a.m. (1500 GMT), the committee said. (Reporting by Tim Ahmann;...Read More
(Kitco News)- The case for holding broad commodities and gold just gotstronger as U.S. equity markets could struggle following Monday’s flash crash,according to one commodity expert. In a telephone interview with Kitco News, Will Rhind, CEOof GraniteShares, said that commodities have held up well as investorscontinued to digest Monday’s market correction, which saw the biggest one...Read More
Feb 6 (Reuters) - Akamai Technologies Inc reported a 7.7 percent rise in quarterly revenue on Tuesday as the company benefited from higher demand for its cloud security services.However, the company's net income fell to $19.1 million, or 11 cents per share, in the fourth quarter ended Dec. 31, from $91.6 million, or 52 cents per share, a year earlier. The fourth quarter was impacted by a $52 milli...Read More
NEW YORK, Feb 6 (Reuters) - BlackRock Inc's Investment Institute said on Tuesday that the swoon in stock markets is "contained" and that it sees an opportunity to take on more risk, particularly in emerging market equities.A real change in markets would require a deterioration in the economy, the group said in a note. Instead, the recent pullback "appeared to stem from investor jitt...Read More
By Noel RandewichSAN FRANCISCO, Feb 6 (Reuters) - Deep losses on Wall Street coupled with recent optimism about profit growth has left the S&P 500 trading at its lowest price-to-earnings multiple in over a year.While some traders warn that a "buy the dip" mentality may be coming to an end after a nine-year stock rally, strategists who remain bullish on U.S. stocks say economic growth...Read More