(Reuters) - San Francisco Federal Reserve Bank President Mary Daly said on Friday that recent "eye-popping" inflation readings are driven by supply chain breakdowns and will subside as COVID does, and the Fed"s decision not to raise rates in response is the right one."Just because we are standing pat, being patient, is not the same as being asleep," Daly said. Raising rates now would not solve the...Read More
(Reuters) -Shares of the blank-check acquisition company that plans to publicly list former U.S. President Donald Trump's new social media company soared again on Friday but trading was halted multiple times due to volatility, with small-time investors talking up the stock on social media.Digital World Acquisition Corp's shares were last up $162.7% 162.7% at $119.52 after earlier hitting a high of...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) - Harmony Gold Mining todayreported that two employees were fatally injured in the earlyhours of Thursday morning, following a seismic event resulting in a fall ofground at its Kusasalethu mine, near Car...Read More
NEW YORK (Reuters) -Global stock indexes were mostly flat to higher on Friday, with financial shares providing some support to the S&P 500 index in early trading, while the U.S. dollar slipped against a basket of currencies.MSCI's broadest gauge of global shares and the S&P 500 both were on track for a third straight week of gains.Investors also digested news that China Evergrande Group appeared t...Read More
Oct 22 (Reuters) - The U.S. budget deficit totaled $2.772 trillion during fiscal 2021, below the prior year's record shortfall but still reflecting a second straight year of massive spending to support households and businesses through the coronavirus pandemic, the Treasury Department said on Friday.The United States posted a deficit of $3.132 trillion in fiscal 2020, when the federal government f...Read More
JOHANNESBURG, Oct 22 (Reuters) - South Africa will tell rich countries at climate talks next week to honour promises to help poorer nations go green and massively boost available funds, the environment minister said on Friday, while announcing talks to help end its own reliance on coal.Addressing journalists on the position of Africa's most industrialised economy at the COP26 talks in Glasgow from...Read More
* C.bank lifts key rate by 75 bps to 7.5%* Rouble jumps to near 16-month high vs dollar on rate hike* Rouble hits 69.8150 vs dollar, touches 81.2825 vs euro* Higher rates make rouble assets more attractive, says c.bank (Updates prices, adds c.bank comment, bullets)MOSCOW, Oct 22 (Reuters) - The Russian rouble jumped past 70 versus the U.S. dollar for the first time in almost 16 months on Friday af...Read More
Oct 22 (Reuters) - Investors ramped up purchases in U.S. equity funds in the week to Oct. 20, as investors eyed better than expected third-quarter earnings from U.S. companies.Investors bought a net $4.78 billion in U.S. equity funds in the week, marking the largest weekly net purchase since mid-September, Lipper data showed.Refinitiv data shows 77% of U.S. companies have so far topped their conse...Read More
WASHINGTON, Oct 22 (Reuters) - U.S. business activity increased solidly in October, suggesting economic growth picked up at the start of the fourth quarter as COVID-19 infections subsided, though labor and raw material shortages held back manufacturing.Data firm IHS Markit said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rebounded to a...Read More
LONDON (Reuters) - The U.S. dollar edged lower on Friday and is set for a second consecutive week of decline as news that heavily indebted property firm China Evergrande Group had averted a default buoyed appetite for risky assets.With markets nearly discounting the prospects of a first U.S. rate hike by next July in recent days, the dollar has become more sensitive to risk sentiment. Yields on be...Read More
(Adds detail, context)NEW DELHI, Oct 22 (Reuters) - Indian fintech firm Paytm has received approval from the capital markets regulator for its $2.2 billion stock market listing that is likely to be India's biggest ever IPO, a source familiar with the matter told Reuters on Friday.Paytm was planning its initial public offering for around the end of October, Reuters previously reported.The company,...Read More
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! (Kitco News) -The gold market is holding on to gains above $1,800 an ounce following mixed data on the health of the U.S. manufacturing and service sectors.Friday, IHS Markit said its flash U.S. manufacturing Purchas...Read More
BEIJING, Oct 22 (Reuters) - Tencent's (0700.HK)WeChat has fixed a glitch that allowed some of its content to be searchable by external search engines, the owner of China's most popular messaging app said on Friday, raising questions over regulators' latest attempt to crackdown on the internet sector.Some of WeChat's content, including articles on its public accounts page, was briefly searchable i...Read More
Oct 21 (Reuters) - Tesla Inc (TSLA.O) wants to shift to a less expensive battery for its electric vehicles but first needs to figure out how to overcome political tensions to get a Chinese partner to build the iron-based batteries near its U.S. factories.The world's two biggest economies have yet to resolve disputes over tariffs, intellectual property rights and Chinese incursions into Taiwan's...Read More
Oct 22 (Reuters) - Honeywell International Inc (HON.O) on Friday cut its full-year sales forecast, as global supply chain disruptions cause a shortage of parts and components for the U.S. industrial conglomerate.Closed ports due to a resurgence of COVID-19 cases in Asia, aggravated by the fast-spreading Delta variant, and labor shortages have strained global supply chains as well as led to a sur...Read More
WASHINGTON, Oct 22 (Reuters) - A U.S. regulator handed a record reward of almost $200 million in a whistleblower case, with sources familiar with the matter identifying the recipient as a former Deutsche Bank employee.The U.S. Commodity Futures Trading Commission (CFTC) announced the award on Thursday, without disclosing details about the whistleblower or the case. It said the award was for "nearl...Read More
Despitelong-term interest rates continuing to move upwards, the precious metal’ssector has been steadily finding buyers since late September. Previously,rising bond yields acted as a factor for selling both gold and silver, payingno dividends or coupons. I believe the main reason for the recent dis-connectis investors viewing inflationdifferently sincethe end of September.Never-endingsupply...Read More
Oct 22 (Reuters) - Top oilfield firm Schlumberger NV (SLB.N) reported a rise in third-quarter adjusted income on Friday, buoyed by higher demand for its services and equipment, as producers capitalize on a rebound in crude prices.Global oil prices have climbed nearly 64% since the start of 2021 to over $85 a barrel on the back of a vaccine-fueled demand recovery. The worldwide rig count was 1,44...Read More
BERLIN, Oct 22 (Reuters) - A key measure of coronavirus infections in Germany rose sharply over the past week, figures showed on Friday, raising the prospect of tougher restrictions as winter approaches.The seven-day incidence rate of cases - which has been used to decide COVID-19 curbs - jumped more than 26 points in a week, the Robert Koch Institute responsible for disease control said.The rise...Read More
LONDON, Oct 22 (Reuters) - Britain's Queen Elizabeth, 95, will spend Friday resting and undertaking light duties after she spent a night in hospital for the first time in years for what Buckingham Palace termed "preliminary investigations".The world's oldest and longest-reigning monarch stayed in hospital overnight on Wednesday but returned to her Windsor Castle home to the west of London the foll...Read More