Turkish steel mills have continued their deep-sea scrap imports with recovering prices on Thursday November 4, market participants told Fastmarkets.A steel mill in the Marmara region booked a US cargo comprising 20,000 tonnes of HMS 1&2 (80:20) at $500 per tonne, 7,000 tonnes of shredded and 3,000 tonnes of bonus at $520 per tonne cfr. Another steel mill in the same region booked a cargo from the...Read More
OTTAWA, Nov 4 (Reuters) - Ontario, Canada's most populous province, on Thursday projected a smaller budget deficit for the current fiscal year as stronger-than-expected economic growth helped boost tax revenues, a fiscal update showed.The province forecast a budget deficit of C$21.5 billion ($17.3 billion) for the 2021-2022 fiscal year, compared to the C$32.4 billion deficit forecast in an update...Read More
LONDON, Nov 4 (Reuters) - German government bond yields dropped to their lowest levels in a month on Thursday after the Bank of England kept its interest rates on hold, surprising markets that had priced in a 15 basis-point rate hike.Following the U.S. Federal Reserve's announcement overnight that it would taper its bond purchases, the BoE confounded those expecting it to become one of the first m...Read More
LISBON, Nov 3 (Reuters) - The tech sector needs to compromise with regulators and take governments and people's concerns seriously, Microsoft (MSFT.O) president Brad Smith said in an interview on Wednesday."Tech is going to have to lean in...with real concrete ideas...even make concessions, so that we can all compromise and build a common platform that better protects people than ... the interne...Read More
The steel rebar and billet market in Egypt was slow during the week ending Thursday November 4, although some market participants expected rebar prices to increase because of increasing natural gas costs, sources told Fastmarkets.Local rebar producers increased their prices E ?15,000 ($952) per tonne ex-works including 14% VAT on October 20.However, the natural gas price increased to $5....Read More
SHANGHAI, Nov 4 (Reuters) - China's Lenovo Group (0992.HK), the world's biggest maker of personal computers, said that a global chip shortage would persist into the first half of next year as it reported a 65% rise in second-quarter profit on Thursday.The company said it was able to outgrow the market by securing more supply of components than its peers, but acknowledged that a dearth of chips wa...Read More
Turkish billet prices feel in the week ended November 4 in line with lower imported scrap costs and poor demand, market participants told Fastmarkets.Suppliers in the Commonwealth of Independent States (CIS) have lowered their offers to $700-705 per tonne cfr, compared with $725-730 per tonne last week.However, the buyers bid only $660-670 per tonne for CIS-origin billet. A steel mill in the Isken...Read More
Nov 4 (Reuters) - London's FTSE 100 rallied on Thursday as the pound plunged following the Bank of England's decision to defy markets by leaving rates unchanged, while heavyweight energy stocks tracked crude prices higher.The pound weakened 1.33% after BoE's decision, boosting the FTSE 100 index and dollar earning companies. read moreThe export-oriented FTSE 100 index (.FTSE), which was flat bef...Read More
WASHINGTON, Nov 4 (Reuters) - Jared Kushner’s global investment firm, Affinity Partners, plans to add two senior partners and is seeking to raise several billion dollars as it begins to ramp up its activities, a person familiar with the plan said on Thursday.Kushner, who was a top adviser to former President Donald Trump but has stepped away from politics for the time being, is expected to b...Read More
Although precious metals are still relatively under-owned and unloved, retail investors have been pouring into the metals markets since early last year.Lots of newer investors have high hopes about where prices are headed in the near term. Even seasoned metals investors are optimistic about the current set-up for higher prices.The difference is that seasoned investors also know they may not get wh...Read More
NEW YORK, Nov 4 (Reuters) - Preparatory discussions on a possible IMF financing program for Lebanon have started, the International Monetary Fund said on Thursday."Preparatory technical discussions have started," said IMF spokesman Gerry Rice in a scheduled press conference."Clearly, strong policies and reforms are needed to address the really unprecedented economic and social crisis facing Lebano...Read More
As a new month begins, the downtrendin the GDX and GDXJ should resume. When will a new buying opportunity finallypresent itself?Let’s compare the behavior of the GDX ETFand the GDXJ ETF. Regarding the former, the GDX ETF reversed sharply afterreaching its 200-day moving average and a confluence of bearish indicatorssignaled a similar outcome. For context, I wrote on Oct. 25:Smallbreakout mir...Read More
Nov 4 (Reuters) - Online broker TradeStation Group said on Thursday it would go public through a merger with a blank-check firm in a deal that values the combined company at about $1.43 billion.The company intends to use the funds raised to increase its marketing spend in a bid to acquire customers and hire employees to lead the research and development of new products.TradeStation is a financial...Read More
BRASILIA, Nov 4 (Reuters) - Brazil is set to hold its largest-ever cellular auction on Thursday, with local units of America Movil, Telefonica and Telecom Italia vying with a dozen other firms for broadcast spectrum dedicated to fifth-generation (5G) wireless technology.Telecoms regulator Anatel, which will start unsealing bids at 10 a.m. local time (1300 GMT), expects to get commitments from the...Read More
After sitting on the sidelines for much of last year, central bank appetite for gold has resumed, in part due to inflationary pressures globally along with disruptions in the energy market.Russia recently reached a milestone record for its gold reserves, now ranking fifth in the world for the size of its holdings.Russia now holds well over 20% of its reserves in gold! This represents nearly 2,300...Read More
(Updates after flows to Germany resume)LONDON, Nov 4 (Reuters) - Gas flows from Russia to Germany via the Yamal pipeline started up again on Thursday afternoon, data from the pipeline's German operator showed, sending European gas prices lower.Russian gas has not flowed to Germany via the pipeline since Saturday. Instead, supplies were being sent from Germany to Poland in a reversal that has sent...Read More
TOKYO, Nov 4 (Reuters) - Nintendo Co Ltd (7974.T) on Thursday cut its full year Switch sales forecast by 6% and said it is struggling to meet demand in the key year-end shopping season as chip shortages disrupt production of the hit device.While many companies have warned of the risks posed by the global semiconductor shortage, most have stopped short of cutting targets. Toyota Motor Corp (7203...Read More
Nov 4 (Reuters) - Alphabet Inc's (GOOGL.O) Google has invested $1 billion in CME Group (CME.O) and has struck a separate deal to move the exchange operator's trading systems to the cloud, the companies said on Thursday.Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kit...Read More
Nov 4 (Reuters) - Tesla Inc (TSLA.O) and Hertz Global Holdings Inc (HTZZ.PK) are working out how quickly the rental car company can receive deliveries from its large order of Tesla's electric cars, the Wall Street Journal reported on Thursday, citing people familiar with the matter.Tesla and Hertz did not immediately respond to Reuters' requests for comment.Last week, Hertz said it placed an...Read More
Nov 4 (Reuters) - Metro Bank (MTRO.L) said it has received a takeover approach from U.S. private equity firm Carlyle (CG.O), sending its battered shares by as much as 31% higher, in a sign of growing interest in Britain's mid-sized banks.Metro Bank, which had a market capitalisation of 178 million pounds ($242 million) at Wednesday's closing price, said it was engaging with Carlyle.But it added...Read More