Adding to the highly anticipated slate of earnings reports due this week is construction and mining equipment concern Caterpillar Inc. (NYSE:CAT), with the Dow name expected to report fourth-quarter earnings ahead of the bell tomorrow. Below, we will take a look at how CAT stock has been faring on the charts, and how options traders are speculating ahead of tomorrow's report.Looking closer, Caterp...Read More
Many pundits view gold's latest rally as a flash in the pan.They forget that it's a small part of a two-year recovery effort.An improving global economy will bolster gold's longer-term prospects. Despite a strong start to the New Year, many investors - retail and institutional alike - remain unconvinced of the strength behind gold's recovery. More than a few pundits have voiced the opi...Read More
NEW YORK, Jan 24 (Reuters) - The U.S. Treasury Department on Wednesday sold $34 billion of five-year government notes at a yield of 2.434 percent, which was the highest yield at an auction of this debt maturity since April 2010, Treasury data showed.The ratio of bids to the amount of five-year Treasuries offered was 2.48, the strongest reading since September. This measure of overall auction deman...Read More
By Peter Hobson and Clara Denina LONDON, Jan 24 (Reuters) - The field of prospective bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia , has narrowed to two, three banking and industry sources said on Wednesday.The two - Goldman Sachs Group and Citi - are undertaking due diligence checks, the sources said.The sources said Japanese trading house Sumitomo and Australi...Read More
(Adds share price reaction, 2018 outlook)Jan 24 (Reuters) - British oil rig builder Lamprell sees full-year revenue slipping to the bottom of its guidance range because of stagnant oil sector investment and losses at a windfarm project, it said on Wednesday, sending its shares sharply lower.The company said that total losses on its East Anglia One (EA1) offshore windfarm project would be about $8...Read More
* LME/ShFE arb: (Updates with closing prices)By Peter HobsonLONDON, Jan 24 (Reuters) - A sharply weaker dollar helped copper to rebound on Wednesday from a one-month low despite a second day of rapidly rising inventories that suggested there is plentiful supply of the metal used in power and construction. Nickel, meanwhile, pushed through a key technical level to reach a 2-1/2 year peak and lead a...Read More
MOSCOW, Jan 24 (Reuters) - Russian gold and silver producer Polymetal said on Wednesday its fourth-quarter revenue rose 12 percent on a year earlier to $586 million due to higher gold sales.The London-listed firm, part-owned by businessman Alexander Nesis, also said there would be no special dividend for 2017 due to higher payments of the regular dividend for 2017 and active investments in its key...Read More
* Wall St mood cools after Wilbur Ross comments on China* U.S. Treasury prices tumble after Mnuchin endorses weak dollar* Dollar dented by Mnuchin comments, slips vs all major peers (Updates with midday U.S. markets activity)By Caroline ValetkevitchNEW YORK, Jan 24 (Reuters) - The U.S. dollar extended recent weakness, hitting three-year lows again, and U.S. bond prices eased on Wednesday after U.S...Read More
(Updates with ISS quotes)By Ben MartinLONDON, Jan 24 (Reuters) - Cineworld's attempt to buy U.S. rival Regal Entertainment has been dealt a blow after advisory group Institutional Shareholder Services told investors to oppose the $3.6 billion deal because it posed "significant financial and operation risks."London-listed Cineworld agreed to buy Regal last month through a reverse takeove...Read More
(Bloomberg) - Gold futures settled at the highest since August 2016, as investors got behind a rally brought on by a falling dollar. Volume soared in the futures market, with trading more than double the daily average.Gold for April delivery climbed 1.5 percent to settle at $1,361.40 an ounce at 1:37 p.m. on the Comex in New York. Holdings in exchange-traded funds backed by the metal climbed to t...Read More
(Adds background, details)By Alana WiseJan 24 (Reuters) - Shares of United Continental Holdings Inc plummeted in Wednesday morning trading, triggering a drop in shares across the sector, after it promised to increase capacity and compete head-to-head with budget carriers, stirring fears of a deepening industry price war.United shares fell 12.65 percent to $68.15 in midday trading as investors rea...Read More
LONDON, Jan 24 (Reuters) - The Presidents Club, a British charity, said on Wednesday it would shut down and hold no further fundraising events after the Financial Times reported female hostesses were groped and harassed at a men-only gala it organised last week."The trustees have decided that the Presidents Club will not host any further fundraising events. Remaining funds will be distributed...Read More
Another strong round of corporate earnings helped lift the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) to record highs this morning. While the latter two have since erased these earlier gains, the Dow is holding higher thanks to a rally in financial stocks -- with Goldman Sachs (GS) and JPMorgan Chase (JPM) some of the best performing blue chips so far. Gol...Read More
* Indexes up: Dow 0.25 pct, S&P flat, Nasdaq off 0.46 pct (Updates to early afternoon)By Sruthi ShankarJan 24 (Reuters) - U.S. stocks pared gains on Wednesday after Commerce Secretary Wilbur Ross called China's 2025 technology strategy a "direct threat" and hinted at action against Beijing, stirring fears of a tit-for-tat trade war. Speaking at the World Economic Forum in Davos, Ross...Read More
• Heavy USD selling remains supportive of the up-move. • Reviving safe-haven demand provides an additional boost. Gold continued gained bullish traction through the mid-European session and rose to its strongest level in more than 4-months. A broadly weaker US Dollar, which extended its downward spiral after the US Treasury Secretary Steven Mnuc...Read More
PARIS, Jan 24 (Reuters) - France's jobless total dipped in December by 2,700 to the lowest level in more than three years, Labour Ministry data showed on Wednesday in further evidence of a job market recovery.The number of people registered as out of work in mainland France fell to 3.451 million, down 0.1 percent over one month and 0.5 percent over one year. The decrease brought the total to its l...Read More
(Bloomberg) - For South African gold miners, it's both the best and worst of times.The metal started the year with a bang, rising 4 percent so far and trading near the highest since August 2016. But an equally impressive rally in the rand means that South Africa-focused producers are likely to miss out on the party.Because mining companies pay most of their expenses in local currency, a stronger...Read More
The numbers: Existing-home sales hit a 5.57 million seasonally adjusted annual rate in December, the National Association of Realtors said Wednesday. The consensus forecast among economists surveyed by MarketWatch was for a 5.73 million annual rate. What happened: Sales of previously owned homes tumbled in December as an ongoing inventory crunch worsened. Existing-home sales were down 3.6% for...Read More
(corrects figure to 'billion', from 'million', paragraph 2)By Loucoumane CoulibalyABIDJAN, Jan 24 (Reuters) - Ivory Coast's mining sector turnover rose by 11.5 percent in 2017, an increase achieved mainly via exports of gold, manganese and nickel, the government spokesman said on Wednesday."The mining sector announced a sales revenue of 539 billion CFA francs($1.02 billion) in 2017, compared...Read More
MILAN, Jan 24 (Reuters) - Italy's Treasury said on Wednesday it would offer 6.5 billion euros in 6-month bills at auction on January 29.6-mth BOT billsAUCTION DATE Jan. 29SETTLEMENT DATEJan. 31MATURITYJuly 31, 2018AMOUNT OFFERED 6.5 blnEXPIRING AMOUNT6.5 bln(Reporting by Milan Newsroom) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Meta...Read More