Gold prices settled in the red on Wednesday, pulling back after posting gains for three sessions in a row as investors eyed moves in the U.S. dollar and awaited the outcome of a bevy of potential market-moving events this week. "When looking at the political news that lies ahead, the gold market is justifiably apprehensive," said Edward Meir, an independent commodity consultant at INTL FCStone, in...Read More
Former FBI Director James Comey, in a written statement posted on the web on Wednesday, said President Donald Trump asked him to back off from a probe into former national security adviser Michael Flynn and told Comey, "I need loyalty. I expect loyalty." Comey, who will testify in person to the Senate Intelligence Committee on Thursday, will use his opening statement to recount a dinner he had wit...Read More
NEW YORK, June 7 (Reuters) - BGC Partners Inc plans to spin off its Newmark Grubb Knight Frank real estate services unit in an initial public offering before the end of the year, Chief Executive Officer Howard Lutnick said on Wednesday.BGC said in February it had confidentially submitted a draft registration statement on a proposed IPO for the unit to the U.S. Securities and Exchange Commission.Ne...Read More
BUENOS AIRES, June 7 (Reuters) - Argentina plans to sell euro bonds later this month, in addition to issuing a peso bond next week, Finance Minister Luis Caputo said on Wednesday. Caputo said in April Argentina was eying Swiss franc, yen and euro bond markets to cover remaining financing needs. "We plan to issue a bond in euros in the near term, probably at the end of June," Caputo told journalist...Read More
* Greece wants yields below 5 pct before debt market return* ECB support would boost chances considerably* Decisions will depend on outcome of Eurogroup meeting (Adds detail, background, quotes)By Lefteris Papadimas and Marc JonesATHENS/LONDON, June 7 (Reuters) - Greece will return to markets once its borrowing costs drop below 5 percent, sources told Reuters, which could happen if the European Ce...Read More
CHICAGO, June 7 (Reuters) - The Chicago Public Schools (CPS) said it tapped JPMorgan as the winning bidder for an up to $396.5 million note deal aimed at keeping the cash-strapped district afloat.The award of the notes purchase to JPMorgan Chase & Co is subject to final negotiation, according to a CPS statement on Wednesday.The Chicago Board of Education approved the debt sale last month as a way...Read More
(Kitco News) - Gold prices ended the U.S. day session modestly lower on a normal downside technical correction and some profit taking from the shorter-term traders, after hitting a seven-week high Tuesday. A big drop in crude oil prices Wednesday also weighed on the precious metals. Major news events occur Thursday, which are likely to move the metals markets. August Comex gold was last down $4.60...Read More
NEW YORK, June 7 (Reuters) - Ken Griffin, founder and chief executive of hedge fund firm Citadel LLC, said Wednesday that the run-up in the U.S. stock market was not over, but that he was concerned about the ability to address the next downturn. "I think this business cycle has further to go. I think the stock market is going to go with that, but what's worrisome is: the firepower that we have to...Read More
Contrary to the postelection consensus outlook for a stronger dollar for this year, the greenback has slumped since January-and a clue to the potential for continued weakness can be gleaned from gold prices, according to Simon Derrick, chief market strategist at BNY Mellon. In a note to clients on Wednesday, Derrick said that the recent rally by gold GCQ7, -0.39% which is threatening to break out...Read More
* Former FBI director to testify before Congress on Thursday* UK election also in focus* Oil falls over 4 pct after build-up in U.S. crude inventories* Indexes down: Dow 0.06 pct, S&P 0.14 pct, Nasdaq 0.09 pct (Updates to early afternoon)By Tanya AgrawalJune 7 (Reuters) - U.S. stocks slipped in early afternoon trading on Wednesday, weighed down by a fall in oil prices, while caution reigned ahead...Read More
By Trevor HunnicuttNEW YORK, June 7 (Reuters) - U.S.-based stock funds are staging a comeback, attracting the most cash since February during the latest week, Investment Company Institute data showed on Wednesday.The funds brought in $14 billion in cash during the week ended May 31, with the result driven by strong demand for equity exchange-traded funds, according to the trade group.Stock mutual...Read More
ZURICH, June 7 (Reuters) - Credit Suisse said on Wednesday 99.2 percent of the rights had been exercised in its recent rights offering, raising net proceeds of around 4.1 billion Swiss francs ($4.25 billion).The bank said it would have a common equity Tier 1 (CET1) ratio of 13.4 percent and a leverage ratio of 5.1 percent after the capital increase, based on first-quarter reported numbers. The rea...Read More
(Kitco News) - Kitco aficionados, it isnow time to have your say in where you think gold prices are heading in theshort-term.Will gold prices go higher, lower or remain unchanged nextweek? Kitco readers will have until 9 a.m. EDT, Friday to cast their vote. The results will be tabulated and released after noon (12PM EDT) along with the results fromour market professional survey.Readers can also se...Read More
Intro:By Fay Dress of the Soren K. GroupIt should be pointed out that China has been working on this for decades. If nothing else they are master strategists and long term thinkers. But as a returning professor from Hong Kong and sometime contributor to the SKG writers said to us recently: There are big problems over there.The Chinese lack entrepreneurship,creativity, and creative problem s...Read More
(Kitco News) - Metals consolidate ahead of Thursday's events. The British election, the ECB meeting and former FBI chief Comey's testimony all line up to create a volatile day tomorrow. Gold hit our target of $1,292 and silver managed a print at our $17.75 level. The metals could go either way from here. If Comey's testimony suggests that the President may have obstructed justice in the FBI probe...Read More
By Huw JonesLONDON, June 7 (Reuters) - Next year's stress test of top European Union banks will include tougher accounting for soured loans and a stricter exclusion of funds from asset sales which have not yet been completed, the bloc's banking watchdog said.The theoretical economic and market shocks 49 banks will face will not be published until next year, but the European Banking Authority (EBA)...Read More
June 7 (Reuters) - Online fashion retailer Boohoo.com Plc on Wednesday nudged its full-year sales forecast upwards after a doubling in first-quarter sales on the back of strong demand across all its businesses. The British company, which sells own-brand clothing, shoes and accessories online to a core market of 16-24-year-olds, said it expected group revenue for the year to Feb. 2018 to grow by 60...Read More
* STOXX 600 ends down 0.1 pct* Banks rise, Santander to buy Banco Popular* German utilities gain after court ruling* Energy stocks drop as oil prices plunge* UK election, ECB meeting in focus (Adds details, closing prices)By Kit ReesLONDON, June 7 (Reuters) - Banks and utilities supported European stocks on Wednesday, with relief that Spain's struggling Banco Popular was being rescued by Santander...Read More
(Adds quotes from central bank governor, details)By Pawel Florkiewicz and Marcin GoettigWARSAW, June 7 (Reuters) - Poland's central bank is likely to keep interest rates at record lows until the end of next year because inflation is expected to stabilise, its governor reiterated on Wednesday.Adam Glapinski told a news conference that the central bank was not concerned about the zloty's recent str...Read More
BERLIN, June 7 (Reuters) - Buyout groups Bain Capital and Cinven have lowered the minimum acceptance threshold for their takeover offer for German drugmaker Stada's shares, they said on Wednesday.The tender offer for the agreed 5.3 billion euro ($5.95 billion) deal runs through June 8 and was conditional on securing 75 percent of Stada's shares. But Bain Capital and Cinven said in a statement on W...Read More