On Tuesday, gold climbed back towards the $1,340 an ounce level bringing gains since mid-December to nearly $100 an ounce or 8%. Large-scale speculators have been increasing their exposure to gold on derivatives markets doubling net long positions - bets that gold will be more expensive in future - in the space of three weeks to the equivalent of 20m ounces. Retail and institutional investment i...Read More
BUENOS AIRES, Jan 23 (Reuters) - Argentina's central bank cut its policy rate to 27.25 percent on Tuesday from 28 percent previously, the monetary authority said in a statement, the second straight cut since the government relaxed its inflation target.The move comes after central bank Governor Federico Sturzenegger told reporters he expected regulated prices for services like utilities and transpo...Read More
The U.S. stock market has set fresh record highs again today, amid the latest batch of corporate earnings reports. Among specific equities on the move are casino name Wynn Resorts, Limited (NASDAQ:WYNN), renewable energy installer Vivint Solar Inc (NYSE:VSLR), and chipmaker Nvidia Corporation (NASDAQ:NVDA). Here's a quick roundup of how shares of WYNN, VSLR, and NVDA are trading today.Wynn Resorts...Read More
(Adds market reaction, analyst comments, graphic)By Richard LeongNEW YORK, Jan 23 (Reuters) - Investors scrambled to buy $26 billion of U.S. two-year government notes on Tuesday, signaling some support for the bond market which has wobbled on worries about rising domestic inflation and less stimulus among overseas central banks.Expectations the Federal Reserve may raise key short-term borrowing c...Read More
* BoJ keep rates unchanged, sticks to easy policy* Central banks in focus this week* U.S. 2-year note auction attracts strong demand (Adds comment, U.S. 2-year note auction results, updates price, table)By Gertrude Chavez-DreyfussNEW YORK, Jan 23 (Reuters) - U.S. Treasury debt yields weakened on Tuesday in quiet trading, moving in tandem with Japanese government bond yields, after the Bank of Japa...Read More
(Kitco News)- Whilethere is still long-term bullish potential, the market is at risk for apullback as prices have run too far, too fast, according to the world’s largestbank.Tuesday,in a note to clients, Marcus Garvey, senior manager at ?ICBC Standard Bank,said that he is particularly concerned with gold as the market is now moving intandem with interest rates. Historically, rising interest...Read More
David Brunnstrom, Warren StrobelWASHINGTON (Reuters) - The CIA believes North Korea’s missile program is aimed at coercion, not just self-defense, and that Pyongyang’s next logical step would be to develop an arsenal of weapons and the capability to fire multiple missiles at the United States, the agency’s director Mike Pompeo said on Tuesday.Speaking at the American Enterprise I...Read More
* Musk pay based on market cap, operational milestones* CEO to receive no guaranteed compensation of any kind (Recasts; adds background on competition, capital raise, analyst comment, updates shares)By Subrat Patnaik and Alexandria SageBANGALORE/SAN FRANCISCO, Jan 23 (Reuters) - Silicon Valley billionaire Elon Musk could earn as much as $55.8 billion in Tesla Inc stock and own more than a quarter...Read More
WASHINGTON (Reuters) - The stopgap funding bill passed by the U.S. Congress to end the government shutdown will add $31.3 billion to the national debt over a decade, congressional tax analysts said on Tuesday.In another instance of the Republican-controlled Congress running up debt on the Treasury Department credit card, the Joint Committee on Taxation pointed to healthcare tax cuts included in th...Read More
Stephanie NebehayGENEVA (Reuters) - North Korea said on Tuesday it had a “powerful and reliable” nuclear deterrent to thwart any attack and accused the United States of deploying military assets nearby under the pretext of ensuring security at the Pyeongchang Winter Olympics.FILE PHOTO: North Korea's ambassador to the United Nations Han Tae Song attends an interview with Reuters at the...Read More
WASHINGTON (Reuters) - U.S. lawmakers on Tuesday sought a way forward on an immigration deal including protection for “Dreamer” immigrants and border security before federal funding runs out again next month.On Monday, the Republican-led Congress passed a measure signed into law by President Donald Trump to fund the federal government through Feb. 8 following a three-day shutdown. But...Read More
WASHINGTON, Jan 23 (Reuters) - The U.S. Senate on Tuesday voted to limit debate on the nomination of Federal Reserve Governor Jerome Powell to lead the central bank, setting the clock ticking toward a final confirming vote in the evening.The Republican-controlled Senate voted 84-12 to move toward a final vote, which it agreed to hold at 5 p.m. (2200 GMT).Powell, 64, was nominated by President Dona...Read More
BERLIN, Jan 23 (Reuters) - German arms exports dropped by nine percent to 6.24 billion euros last year, ARD television reported on Tuesday, following a pledge by the co-governing Social Democrats (SPD) to restrict weapons sales to non-allied countries.Germany is the world's third-biggest arms exporter, but weapons sales remain a domestically sensitive issue given the country's World War Two histor...Read More
CARACAS, Jan 23 (Reuters) - Venezuela's "petro" cryptocurrency will initially be offered in a pre-sale in hard currency and other cryptocurrencies, the government said on Tuesday, and not initially available in the country's collapsing bolivar currency.Leftist President Nicolas Maduro is hoping to capitalize on the success of cryptocurrencies by creating one for Venezuela as the bolivar...Read More
• US bond yields halt the bearish slide and exert some pressure. • Global risk-on trade dampens safe-haven appeal. Gold finally broke down of its Asian/European session consolidation phase and refreshed session lows in the last minute. As the NA session got underway, the precious metal surrendered all of its early gains to $1339 area, 4-day tops...Read More
Bank of America Corp (NYSE:BAC) turned in a solid earnings report last week, and the stock has finished higher nine out of the last ten sessions as a result. The financial institution could have even more left in the tank, a sentiment echoed by some financial analysts. After earlier touching a nine-year high of $32.13, BAC stock was last seen trading at $31.94, and the shares may have just flashe...Read More
SAO PAULO, Jan 23 (Reuters) - Brazilian toy retailer Ri Happy Brinquedos SA filed on Tuesday for an initial public offering on the Sao Paulo stock exchange, according to documents filed with Brazil's securities regulator. According to the filing, the company will issue new shares and shareholders such as buyout firm Carlyle Group LP , which controls Ri Happy, will also sell shares. The company sai...Read More
WASHINGTON (Reuters) - Federal Reserve Board nominee Marvin Goodfriend said on Tuesday he felt current policy was “more or less” correct and should allow the central bank to hit its inflation target in a year or so.Goodfriend, peppered by questions from Senate Banking Committee Democrats about his earlier warnings that low interest rates risked a breakout of inflation, said that he now...Read More
David Ljunggren, Anthony EspositoMONTREAL (Reuters) - U.S., Canadian and Mexican negotiators opened a key week-long round of talks to modernize NAFTA on Tuesday amid persistent concerns the Trump administration is preparing to walk away from the trade deal, a move that could roil financial markets.Time is running out for Canada and Mexico to address U.S. demands for major changes to the North Amer...Read More
BUENOS AIRES, Jan 23 (Reuters) - Argentina posted an $847 million trade deficit in December, government statistics agency Indec said on Tuesday, compared with a deficit of $1.5 billion in November and a surplus of $33 million in December 2016. For full-year 2017, Latin America's No. 3 economy posted an $8.5 billion trade deficit, compared with a $2 billion surplus in 2016. Total imports grew 19.7...Read More