* 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
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