(Reuters) - The U.S. Federal Reserve has all but met its employment goal to move ahead with reducing its bond buying program, Fed Vice Chair Richard Clarida said on Tuesday, cementing expectations the central bank will start withdrawing its crisis-era stimulus as soon as next month."I myself believe that the 'substantial further progress' standard has more than been met with regard to our price-st...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) - First Majestic Silverannounced today that its total production in Q3 2021 reached a new record of7.3 million silver equivalent ounces (3.3 million ounces of silver and 54,525ounces of gold), a 41% incr...Read More
NEW YORK (Reuters) - Gridlock over the U.S. debt ceiling may have been temporarily resolved, but a longer-term solution has also been deferred. Last week’s truce appeased the bond market a bit, but investors are still eyeing default risks ahead of a new December deadline.WHAT IS THE DEBT CEILING NOW?After weeks of wrangling, the U.S. Senate approved the extension of the debt ceiling, the max...Read More
BERLIN, Oct 11 (Reuters) - German Chancellor Angela Merkel and French President Emmanuel Macron had phone calls on Monday with the presidents of Ukraine and Russia to discuss the conflict in Ukraine, and agreed their foreign ministers should meet, the German government said.The two West European leaders spoke first with Ukrainian President Volodymyr Zelenskiy on the implementation of the Minsk Agr...Read More
(Reuters) - Binance Smart Chain, a unit of crypto exchange Binance, said on Tuesday it had launched a $1 billion fund to help fast-track adoption of digital assets and blockchain technology.A total of $500 million from the fund will be reserved for investments to help grow decentralized computing, gaming, metaverse, virtual reality, artificial intelligence and blockchain-based financial services,...Read More
Oct 12 (Reuters) - Atlanta Federal Reserve President Raphael Bostic said progress has been made in starting to wind down the Fed's monthly asset purchases program, according to a Financial Times report."I think that the progress has been made, and the sooner we get moving on that the better," Bostic said here in an interview to the FT, adding that labor market had made sufficient gains to allow...Read More
(Kitco News) The International Monetary Fund trimmed its global growth forecast, citing rising risks from supply chain bottlenecks, price pressures, and threats from the delta variant.In its World Economic Outlook, the IMF said its 2021 global growth forecast is now at 5.9% from the previous July estimate of 6%. The forecast for 2022 remained unchanged at 4.9%."This modest headline revision, howev...Read More
WARSAW, Oct 12 (Reuters) - Amazon (AMZN.O) on Tuesday launched its Amazon Prime service offering free delivery and video streaming in Poland, sending shares in rival Polish e-commerce platform Allegro lower.Amazon's Polish site went live in March, significantly intensifying competition in Poland's booming e-commerce sector."We are very pleased with the way Polish customers accepted the Amazon.p...Read More
BRUSSELS, Oct 12 (Reuters) - Nvidia's (NVDA.O) $54 billion bid for British chip designer ARM is expected to face an extended EU antitrust investigation after concessions offered last week failed to address competition concerns, three people familiar with the matter said.An EU investigation would be the second setback for Nvidia coming two months after Britain's antitrust agency warned that the d...Read More
LAGOS, Oct 12 (Reuters) - Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove."Crypto just allows me to transact freely and within minutes we are done with our transactions," the 28-year-old told Reuters from a friend's studio in Lagos where he displays his works....Read More
LONDON, Oct 12 (Reuters) - Barclays (BARC.L) has opened a new 'campus' site in Glasgow, comprising workspace, amenities and a street food market, as it aims to lure top software engineering talent to the hub in the new world of hybrid working.The British lender has expanded its workforce in the Scottish city by 90% in the last four years and is on track to have around 5,000 staff at the new site...Read More
Oct 12 (Reuters) - Alphabet Inc's (GOOGL.O) Google will tell its cloud customers the carbon emissions of their cloud usage and open satellite imagery to them for the first time for environmental analysis, as part of a push to help companies track and cut carbon budgets.The new features were among announcements Google Cloud made Tuesday to kick off its annual customer conference, which is being h...Read More
Oct 12 (Reuters) - Blackstone (BX.N) said on Tuesday it would deploy around $1 billion in partnership with an advisory firm owned by music executive Merck Mercuriadis to buy music rights and record songs as online streaming gains popularity and becomes more lucrative.As part of the partnership, Blackstone will take an ownership stake in Hipgnosis Song Management, an adviser to the London-listed...Read More
WASHINGTON (Reuters) - U.S. job openings fell in August, but remained significantly high amid labor shortages that are crimping employment growth.Job openings, a measure of labor demand, dropped 659,000 to 10.4 million on the last day of August, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.Hiring decreased 439,000 to 6.3 million.The g...Read More
Oct 12 (Reuters) - American Airlines (AAL.O) estimated on Tuesday a smaller-than-expected adjusted loss for the third quarter and signaled improved bookings for the rest of the year, betting on increased holiday demand and a lifting of travel bans.U.S. carriers had tempered their outlooks for the September quarter as the Delta coronavirus variant slowed new bookings and drove up cancellations, b...Read More
BERLIN, Oct 12 (Reuters) - Germany is not yet prepared to recognise the Taliban as Afghanistan's government since it has not met the inclusiveness standards demanded of it, Chancellor Angela Merkel said, but she reaffirmed Berlin's promise of 600 million euros' aid.Speaking after a video conference of leaders from the G20 group of large economies and other international officials, Merkel also said...Read More
WASHINGTON (Reuters) - The International Monetary Fund takes data integrity "incredibly seriously" and has a robust system in place to ensure the credibility of its data and forecasts, but is always looking for ways to improve, chief economist Gita Gopinath said on Tuesday.Gopinath noted that the IMF board on Monday expressed full confidence in IMF Managing Director Kristalina Georgieva and the IM...Read More
Oct 12 (Reuters) - The Federal Reserve Bank of Boston has kicked off its search for a new president to replace the bank's previous top executive, who left last month, it said on Tuesday.The bank's search is being led by Christina Paxson, the chair of its board and president of Brown University, it said in a statement, and it has hired the executive search firm Spencer Stuart to assist it in recrui...Read More
WASHINGTON, Oct 12 (Reuters) - Persistent supply chain disruptions and pricing pressures are constraining the global economy's recovery from the COVID-19 pandemic, the International Monetary Fund said on Tuesday as it cut growth outlooks for the United States and other major industrial powers.In its World Economic Outlook, the IMF trimmed its 2021 global growth forecast to 5.9% from the 6.0% forec...Read More
Another day, anothermixed day in the metals. Gold and silver appear stuck as buyers don't have enough power topush them up, and the bears don'thave enough to push them down. This is known as congestion and can last for anextended period. At the same time, platinum appears to have found a bottom. Looking at gold thismorning at 5:15 am EDT, we see higher prices. At the same time, silver islower. Bot...Read More