Today, the former director of the FBI, James Comey, released a written transcript of the prepared opening statement he will make tomorrow in his testimony to the Senate Committee on Intelligence. This seven-page document details the former director's contact with President Trump, going over his interactions meeting by meeting, phone call by phone call.His opening statement contains a detailed acco...Read More
June 8 (Reuters) - Australian shares are set to open slightly lower on Thursday, as commodities come under pressure from falling oil and gold pricesGold prices fell from near seven-month highs on a stronger dollar, while an unexpected increase in U.S. inventories of crude and gasoline contributed to an existing global glut, pushing down prices.The local share price index futures fell 0.2 percent,...Read More
(Updates with final prices, details from Mexico)By Bruno FederowskiSAO PAULO, June 7 (Reuters) - Brazil's stock index and currency on Wednesday advanced after a planned reform of labor regulations cleared a hurdle in Congress, but uncertainty over the outcome of an electoral court trial that could oust President Michel Temer limited gains.Temer's proposal to loosen labor laws won approval from the...Read More
(Adds strategist quotes, background details on energy and updates prices)* TSX closes down 92.42 points, or 0.6 percent, at 15,372.14* Eight of the index's 10 main groups end lower* Energy falls to an 11-month low, down 3.4 percent By Fergal SmithTORONTO, June 7 (Reuters) - Canada's main stock index fell on Wednesday as a sharp drop in oil prices put pressure on energy shares, which slumped to a...Read More
(James Saft is a Reuters columnist. The opinions expressed are his own)By James SaftJune 7 (Reuters) - The problem with Modern Portfolio Theory, the basis for most diversified investment approaches, is that the often irrational human investor in charge is a major point of failure.In other words, nice theory but shame about the monkey who is running it.Modern Portfolio Theory, originated by Harry...Read More
Associated Press Four events are sending investors out of stocks and into the safety of gold, bonds and the Japanese yen. How do I know this? I am looking at money flows. The market reaction to Brexit and the Trump election is more than ample proof that investors do not come out ahead just by analyzing events and making predictions based on the prevailing wisdom. As an example, the prevailing wi...Read More
The head of the U.S. Missile Defense Agency, Vice Admiral James Syring, said on Wednesday that technological advances demonstrated by North Korea in its ballistic missile program in the past six months had caused him "great concern."Syring told a hearing of the U.S. House Armed Services Committee that it was incumbent on his agency to assume that North Korea today could "range" the United States w...Read More
Suspected Boko Haram fighters attacked the city of Maiduguri in northeast Nigeria on Wednesday, the Islamist militant group's most serious assault on the regional capital in a year and a half.The raid comes six months President Muhammadu Buhari said Boko Haram had "technically" been defeated by a military campaign that had pushed many jihadists deep into the remote Sambisa forest, near the border...Read More
LIMA, June 7 (Reuters) - Fiscal stimulus from Peru's government would do more to spur a much-needed boost in credit demand than would a cut in interest rates, Julio Velarde, head of the country's central bank said.On the eve of a monetary policy meeting on Thursday, Velarde said he is considering several variables as policymakers look toreverse a deceleration of investment and economic growth."It'...Read More
* Dollar index steady, near 7-month low* Sterling up on eve of UK election* Graphic: FX rates in 2017 (Updates prices, market activity and comments to U.S. afternoon trading)By Saqib Iqbal AhmedNEW YORK, June 7 (Reuters) - The euro weakened against the greenback on Wednesday in choppy trading ahead of Thursday's European Central Bank policy announcement and the UK general election.The common curre...Read More
NEW YORK, June 7 (Reuters) - U.S. stocks edged up on Wednesday despite a sharp decline in energy shares after written testimony from former FBI director James Comey did not include any big surprise about an investigation into Russian meddling with last year's U.S. presidential election.Investors were concerned that any additional revelation could dampen already flagging momentum for President Dona...Read More
ALL TIMES IN EDT/GMT -------------------------------------------------0830/1230: The Labor Department issues weekly Jobless Claims.0830/1230: The USDA releases weekly Export Sales.1000/1400: Freddie Mac issues weekly U.S. mortgage rates.1000/1400: The Commerce Department issues Quarterly Services Survey for the first quarter of 2017.1030/1430: EIA issues weekly U.S. underground natural gas stocks....Read More
* Comey testimony says Trump asked him to downplay Flynn probe* U.S. 10-year yield hits session highs after Comey remarks* Focus on UK election, ECB meeting (Adds Comey remarks, analyst comment, updates prices)By Gertrude Chavez-DreyfussNEW YORK, June 7 (Reuters) - U.S. Treasury debt prices dropped on Wednesday, after comments from former FBI director James Comey on the bureau's investigation into...Read More
By William Schomberg and Georgina Prodhan | LONDONBritish Prime Minister Theresa May's Conservative Party is on course to win Thursday's national election comfortably, an opinion poll suggested on Wednesday, the first of several last-minute surveys ahead of polling day.Polling firm ICM, which has tended to give the Conservatives bigger leads than most other polling firms, said May's lead increased...Read More
By Hilary Russ | NEW YORKU.S. stocks and Treasury yields rose on Wednesday after the release of written testimony from ex-FBI chief James Comey, with investors looking ahead to his U.S. Senate appearance on Thursday, the same day as a British parliamentary vote and a European Central Bank meeting.A smoothly-executed rescue of Spain's Banco Popular lifted bank stocks in Europe, while oil prices suf...Read More
By William Maclean and Tom Finn | DUBAI/DOHAU.S. President Donald Trump offered on Wednesday to help resolve a worsening diplomatic crisis between Qatar and other Arab powers as the United Arab Emirates invoked the possibility of an economic embargo on Doha over its alleged support of terrorism.In his second intervention in the row in as many days, Trump urged action against terrorism in a call wi...Read More
WASHINGTON, June 7 (Reuters) - The U.S. Federal Reserve on Wednesday gave extensions of up to five years to Deutsche Bank , SVB Financial Group , and UBS Group on complying with part of the Volcker Rule that deals with illiquid funds.The central bank said the three need more time to divest legacy illiquid funds in order to comply with the rule's limits on their stakes in private equity and hedge f...Read More
By Andrew Torchia | DUBAIStandard & Poor's downgraded Qatar's debt on Wednesday as the riyal currency fell to an 11-year low amid signs that portfolio investment funds were flowing out of the country because of Doha's diplomatic rift with other Arab states.S&P cut its long-term rating of Qatar by one notch to AA- from AA and put the rating on CreditWatch with negative implications, meaning there w...Read More
(Kitco News) - The gold market saw additional selling pressure inlate-afternoon trading Wednesday, following the release of prepared remarksfrom former FBI director James Comey, for his testimony to the U.S. Congress onThursday. Comey's prepared testimony text contained no damningcomments on President Donald Trump, regarding Comey or any FBI investigation.Still, there are other big news events Thu...Read More
Summaryvia the Soren K. Group and MarketslantThe Yen is showing signs of being too strong vs the USD and a reversal is looking likelyGold and the Yen have a strong positive correlation to each other when itcomes to their performance vs the USDIf the Yen reverses, itwill put a damper on Gold's rallyA pullback in Gold is not unhealthyThe longer term chart still has Gold on a path to $1370 and $1...Read More