Oct 20 (Reuters) - Futures for Canada's main stock index edged higher on Wednesday, boosted by stronger gold prices, while investors awaited inflation data later in the day for cues on the domestic economy.December futures on the SP/TSX index were up 0.1% at 7:00 a.m. ET.Spot gold gained 0.5% buoyed by a softer dollar, while oil prices dropped after the Chinese government stepped up efforts to tam...Read More
ISTANBUL (Reuters) - President Tayyip Erdogan has wheeled a trolley around one of the new grocery stores he hopes will bring Turkey's "exorbitant" prices under control, but his unorthodox effort to combat inflation is failing to impress shoppers and retailers.Accompanied by his wife and daughter, Erdogan went shopping near his Istanbul home earlier this month, telling assembled media that the expa...Read More
NEW YORK (Reuters) - Cboe Global Markets said on Wednesday it was buying Eris Digital Holdings (ErisX), a spot and derivatives exchange for digital assets, as the exchange operator seeks to become a major player in the cryptocurrency industry.ErisX, which also runs a regulated clearing house, will be renamed Cboe Digital.Terms of the deal were not disclosed. It is expected to close in the first ha...Read More
(Reuters) -Biogen Inc raised its full-year profit and revenue forecasts on Wednesday, while reporting a big miss on quarterly sales of its Alzheimer's disease drug as its use stalls amid uncertainty of insurer coverage.The forecast assumes minimal revenue from the treatment, Aduhelm, this year, the company said, with a ramp-up expected once there is clarity on reimbursement from Medicare, the U.S....Read More
Oct 20 (Reuters) - The Bill & Melinda Gates Foundation said on Wednesday it would spend up to $120 million to kick-start development of generic versions of Merck & Co's (MRK.N) oral COVID-19 treatment to help ensure lower-income countries have equal access to the drug.The aim is to reduce the gap between when wealthy countries have access to the antiviral medicine, molnupiravir, and when the res...Read More
* Credit Suisse fined over corrupt Mozambique loans* Swiss regulator said spying more widespread than thought* Scandals reignite Swiss push for banking reformZURICH/FRANKFURT, Oct 20 (Reuters) - Credit Suisse misled authorities over spying on its staff and lied to investors about a corrupt loan to Mozambique, regulators said, painting a bleak picture of the cultural decay at the global bank.The he...Read More
LONDON (Reuters) -Nearly half of the 100 biggest companies listed on Britain's FTSE Index have no net-zero target at all and just 23 have a scientifically approved plan, according to ESG investment research and asset manager Arabesque.Britain wants to reduce greenhouse gas emissions from the economy to net-zero by 2050 while Prime Minister Boris Johnson has expressed enthusiasm for leading a green...Read More
LONDON (Reuters) - Britain looks set to become the first big economy to undergo a two-pronged withdrawal of COVID-19 stimulus as finance minister Rishi Sunak sets out tighter budget plans next week and the Bank of England prepares to raise interest rates.The British economy has rebounded more quickly than expected this year after suffering a nearly 10% crash in 2020.But many analysts think the rec...Read More
FRANKFURT (Reuters) - Bundesbank chief Jens Weidmann, who on Wednesday announced his decision to stand down more than five years early, led a decade-long fight inside the European Central Bank against the easy-money policies espoused by successive ECB presidents.Back in 2012, the German central bank chief was the lone dissenter when the ECB unveiled plans to help countries in distress after the gl...Read More
BEIJING (Reuters) -China's new home prices stalled for the first time since February 2020 in September, as the chill in the property market intensified amid tightening credit due to an ongoing crackdown on speculative investment.The average new home price in 70 major Chinese cities was unchanged in September month-on-month, compared with 0.2% growth in August, according to Reuters calculations bas...Read More
ROME (Reuters) - Italy plans to set aside at least 8 billion euros for tax cuts ($9.33 billion) in its 2022 budget and to spend another 1 billion to reduce household energy bills, two political sources said.To help boost the country's chronically weak economic growth, the government wants to reduce the so-called tax wedge, the difference between the salary an employer pays and what a worker takes...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) - Gold and silver prices higherand near their daily highs in early U.S. trading Wednesday. Worries about risinginflation are prompting buying interest in the hard asset metals. Also, thetechnical postu...Read More
MOSCOW, Oct 20 (Reuters) - Russian metals tycoon OlegDeripaska attacked U.S. "stupidity" in a mocking social mediapost on Wednesday after FBI agents raided Washington and NewYork properties linked to his family. Washington imposed sanctions on Deripaska, 53, and otherinfluential Russians in 2018 because of their ties to PresidentVladimir Putin after alleged Russian interference in the 20...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) - Bitcoin-U.S. dollarare weakerin early U.S. trading Wednesday, on a normal pause following strong gains thisweek that have pushed prices to a six-month high and within striking distanceof a new record h...Read More
(Kitco News) - Current valuations for the majorcryptos, including Bitcoin, are "miraculous" and prices should bemuch lower, said Clem Chambers of InvestorsHub.com.Chambers told David Lin, anchor forKitco News, that there are several other tokens to look at, and in particular,the DeFi space overall has more long-term potential.For Chambers' suggestions onalternative investments, watch the video ab...Read More
BERLIN, Oct 20 (Reuters) - Volkswagen hasproduced just 300,000 cars at its main Wolfsburg plant so farthis year, a company source with knowledge of the matter said,the lowest figure since 1958 and far behind its average outputbefore the pandemic. The plant, which makes cars from the Golf, Tiguan, and Seatbrands among others, produced an average of 780,000 vehicles peryear in the past decade and th...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) - Inflation data in Europe has flatlined slightly and this couldkeep some of the pressure at bay for the ECB and BoE. Many analysts havestarted to pice in rate hikes for the BoE as Bank's governor, Andre...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 world's second-biggest miner (Russia) is set to have a boost to its gold trading exchange after it was announced that Moscow and London will unite. The deal means that Russian producers of the...Read More
Bob Moriarty ArchivesOct 20, 2021If you ever find yourself staring too hard at the trees, you might want to step back just a bit and take a look at the forest you may have totally missed.You can only make money by buying low and selling high. Most investors want to do the opposite. So while they are either engrossed in staring at the trees or are focused on their belly buttons, you need to do the...Read More
Kitco News, Released on 10/20/21A monetary system collapse is coming, and the trigger will be raging inflation, said Lawrence Lepard, Equity Management Associates managing partner."We've reached peak debt and peak money printing as a solution to our problems. The growth of the money supply has almost gone vertical", Lepard told Michelle Makori, editor-in-chief of Kitco News. "And this is how infla...Read More