Gertrude Chavez-DreyfussNEW YORK (Reuters) - Bitcoin recovered 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.Investors swooped in after a steep fall. On the Luxembourg-based Bitstamp exchange, bitcoin hit $5,920, its lowest since mid-November, before recovering to...Read More
Semiconductor stock Analog Devices, Inc. (NASDAQ:ADI) has suffered a major pullback since touching a 17-year high of $98.38, with the shares trading near $87 at last check. However, the equity is now bouncing from the 200-day moving average, which not only contained its August pullback, but is also located near the $84 mark, a spot that once served as technical resistance that could now be serving...Read More
* Federal regulation may be needed to rationalize rules* Regulators say they need more resources* Hearing follows sharp drop in bitcoin price this year (Adds information on enforcement, Giancarlo quote)By Michelle Price and Pete SchroederWASHINGTON, Feb 6 (Reuters) - U.S. regulators may ask Congress to pass legislation to improve oversight of virtual currencies like bitcoin amid concerns about the...Read More
Gold prices finished lower on Tuesday, failing to find support from the recent plunge in the U.S. stock market as equities tried to bounce back and the dollar held relatively steady. April gold GCJ8, +0.30% fell $7, or 0.5%, to $1,329.50 an ounce, after a modest decline Monday. Prices had earlier climbed to as high as $1,349.30. Read: Gold investment demand down 23% in 2017: report "Gold isn't g...Read More
(Kitco News)- Monday’sbiggest one-day price drop in the Dow Jones should be a way up call forinvestors that they need to start taking risk management more seriously,according to one asset manager.In atelephone interview with Kitco News, Axel Merk, chief investment officer ofMerk Investments, said that he doesn’t think the unprecedented drop in equitiesMonday, coupled with a rise in vol...Read More
Feb 7 (Reuters) - Stock MarketsNet ChngStock MarketsNet ChngS&P/ASX 200** 5,833.30 -192.90 NZX 50**8,241.83 -173.46DJIA24,376.6930.94 NIKKEI**21,610.24-1,071.84Nasdaq7,005.41237.89 FTSE**7,141.4-193.58S&P 500 2,647.92 -1.02 Hang Seng** 30,595.42-1,649.80SPI 200 Fut 5,822.00 58.00 STI** 3,406.38 -76.55SSEC**3,369.71 -117.79 KOSPI** 2,453.31 -38.44--------------------------------------------...Read More
Feb 6 (Reuters) - Detroit will tap up to $55 million in surplus cash to retire some of the debt the city issued in 2014 as part of its exit from bankruptcy, under a plan approved on Tuesday by the city council. With debt service on outstanding bonds expected to substantially increase in 2025 with the commencement ofprincipal payments on various bonds, the city is taking steps to lower costs by all...Read More
The push toward tighter regulation and transparency in the virtual currency market continued Tuesday during a two-hour Senate hearing. J. Christopher Giancarlo, chairman of the Commodity Futures Trading Commission, and Jay Clayton, from the Securities and Exchange Commission, testified on Capitol Hill, addressing concerns from senators on both sides of the aisle. Both officials, appointed by Pres...Read More
U.S. stocks plummeted again yesterday, with the Dow shattering records with its steepest one-day point loss ever. What's more, the S&P 500 Index (SPX) dropped more than 4%, marking the second back-to-back loss of more than 1%. The last time the index suffered two such losses within a month of touching a record high was January 2015, according to data from Schaeffer's Senior Quantitative Analyst Ro...Read More
(Releads, adds RBS denial, details, business group response)By Emma Rumney and Lawrence WhiteLONDON, Feb 6 (Reuters) - Royal Bank of Scotland on Tuesday denied a British lawmaker's allegation that its executives misled a parliamentary committee over the extent to which the bank mistreated small businesses during and after the financial crisis.The chief executive and chairman of state-owned RBS we...Read More
NEW YORK, Feb 6 (Reuters) - The U.S. Treasury Department on Tuesday sold $26 billion of three-year government notes at a yield of 2.280 percent, which was the highest yield for the maturity at an auction since May 2007, Treasury data showed.The size of the latest three-year Treasury note auction , the first leg of this week's quarterly refunding, was $2 billion more than the prior three-year aucti...Read More
(New throughout, adds details of IPO, Argentine economic context)BUENOS AIRES, Feb 6 (Reuters) - Argentine biotechnology firm Bioceres SA on Tuesday extended by one day the offer period on its initial public offering in the U.S. market, as Wall Street shares edged higher after sharp recent losses but other global stock markets slid further.The company did not explain in a letter to the local stoc...Read More
* LME/ShFE arb: (Updates with closing prices)By Peter HobsonLONDON, Feb 6 (Reuters) - Prices of industrial metals fell on Tuesday as global stock markets plunged for a fourth day, prompting investors to cut exposure to riskier assets and strengthening the dollar. Global shares have lost $4 trillion in value from record highs in late January, while the dollar, seen as a safer asset, has risen from...Read More
NEW YORK, Feb 6 (Reuters) - Billionaire activist investor Carl Icahn warned on Tuesday that investors have exposure to "way too many derivatives" and called the stock market's nosedive just "rumblings of an earthquake.""The market is really not a place for the average person to be playing around with derivatives," Icahn said on CNBC. (Reporting by Jennifer Ablan; Edit...Read More
It's been a wild ride for U.S. stocks today. Following its worst session ever, the Dow Jones Industrial Average (DJI) was down almost 570 points at its intraday low, but has since swung to a modest gain. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have also been volatile, but were last seen pacing for a fourth straight down day. Meanwhile, the CBOE Volatility Index (VIX) -- or the stoc...Read More
LONDON, Feb 6 (Reuters) - Emerging equities have held up slightly better than their developed counterparts in a broad shake-out that began on Wall Street and has reverberated around the globe, though none have escaped the downdraft.Global equities have been in freefall since data on Feb. 2 showed the biggest U.S. wage growth since 2009, fuelling expectations of faster rate hikes to combat inflatio...Read More
(Adds quotes)WARSAW, Feb 6 (Reuters) - Poland's economy could suffer if it sees a reduction in European Union funds after 2021, Fitch Ratings lead analyst on Poland said on Tuesday.Arnaud Louis also told reporters that increased tensions between the EU and Poland on a range of issues including Warsaw's overhaul of its judiciary had so far not had much impact on investment."Rising intra-EU te...Read More
WASHINGTON, Feb 6 (Reuters) - U.S. Securities and Exchange Commission Chairman Jay Clayton said on Tuesday he "can't really say" what caused the dramatic drop in stock prices during recent trading sessions, but that all signs indicate financial markets are functioning normally.Testifying before Congress, Clayton said from a functional perspective, markets appeared healthy on Monday when...Read More
While equities bounce here there and everywhere, rates FX and precious metals stay fairly zen.The popular short-vol ETN - XIV - will be liquidated on Feb 21.We take a look at the VIX Term structure & S&P Organic Vol.Market Intro CNBC: 10:50 AM EST For all the churning in equities (SPY, DIA, QQQ, IWM), movement in FX (UUP), rates (TLT, IEF, AGG) and PM (GLD, SLV) has been quite staid. Th...Read More
In light of stock market panic, would a dollar rally hinder gold?History shows that both gold and dollar can rally together.Gold's relative strength (vs. equities) is the key variable, however.For the first time in several months, gold is showing an increase in its relative strength versus the equity market. For reasons that have become abundantly clear, the metal's attraction as a financial s...Read More