China's crude stainless steel capacity is expected to increase by 7.5 million tonnes per year to 44-45 million tpy by 2020, although there is some pessimism about mills' utilization rates, according to Zhang Zhifang, chairman of Chinese producer Taiyuan Iron & Steel. Production capacity of cold-rolled stainless steel in particular will increase in the short term, Zhang pointed out during his prese...Read More

(Reuters) - General Electric Co said on Tuesday it will spin off its healthcare business and divest its stake in oil-services firm Baker Hughes, effectively breaking up the 126-year-old conglomerate which was once the most valuable U.S. corporation and a global symbol of American business power.The slimmed-down company will focus on jet engines, power plants and renewable energy, which GE hopes wi...Read More

FRANKFURT (Reuters) - The past appreciation of the euro may still weigh on inflation for several more quarters, but this effect could be masked by the increased pricing power of firms, the European Central Bank said in a research article on Wednesday.The ECB has been stimulating the economy for years to rekindle inflation but the euro’s surge in the past year - partly reversed in recent week...Read More

LONDON, June 27 (Reuters) - Goldman Sachs’ investment management division is recommending clients buy both sterling and oil, the CIO of its strategy group said on Wednesday.“We see some upside to oil prices,” said Sharmin Mossavar-Rahmani, CIO of the group which provides investment services to high-net worth individuals, families and institutional investors.She was also upbeat on...Read More

LONDON (Reuters) - A 2 percent slide in Chinese equities on Wednesday and a fresh weakening in the yuan highlighted mounting stress on the world’s number two economy from trade tensions with the United States, while global stocks slipped to approach two-month lows.Equity futures signaled a weaker opening for Wall Street, with S&P e-minis down 0.4 percent ESc1 following sharp losses in As...Read More

ANKARA (Reuters) - Removing Iranian oil from the global market by November as called for by the United States is impossible, an Iranian oil official told the semi-official Tasnim news agency on Wednesday.“Iran exports a total of 2.5 million barrels per day of crude and condensate and eliminating it easily and in a period of a few months is impossible,” the official said.The U.S. State...Read More

* German SPD leader “waiting to see” on new election* Political uncertainty bolsters Bunds* Euro zone bond yields broadly lower* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr* Germany's Bund yield this year: reut.rs/2N0uhwx (Updates throughout)By Dhara RanasingheLONDON, June 27 (Reuters) - Germany’s government bond yields fell towards recent one-month lows on Wednesda...Read More

BEIJING (Reuters) - China is committed to peace and won’t cause “chaos” in the world, but cannot give up even an inch of territory that the country’s ancestors have left behind, Chinese President Xi Jinping told U.S. Defense Secretary Jim Mattis on Wednesday.Mattis, a former Marine general, has been highly critical of China’s muscular military moves in the disputed So...Read More

Prices for domestic hollow steel sections narrowed in Northern Europe this week as mills prepared to push up prices, sources told Metal Bulletin on Wednesday June 27.Metal Bulletin's price assessment for commodity-size, grade-S235 square hollow sections made and delivered in Northern Europe narrowed by ?,?5 per tonne to ?,?640-650 ($747-759) per tonne delivered on Wednesday June 27, from ?,?6...Read More

Oil remained red-hot for its highest close in nearly four yearsThe Dow finished the day down more than 150 points, erasing an early triple-digit lead brought on by the Trump administration's plan for foreign tech investments. In addition, energy stocks gave the index an early lift, as oil prices surged to their highest close since 2014, thanks to a steep weekly drop in U.S. crude supplies. The Dow...Read More

Short interest accounts for more than 19% of CHK's total available floatStocks have reversed lower this afternoon, despite an early rally with oil. Three stocks makingnoteworthy moves are e-commerce name Shopify Inc (NYSE:SHOP), oil and gas concern Chesapeake Energy Corporation (NYSE:CHK), and satellite service provider Intelsat SA (NYSE:I). Below, we will take a closer look at howshares of SHO...Read More

VIX is on track for its biggest monthly gain since FebruaryVolatility has ramped up in the U.S. stock market recently, as concerns over a possible trade war with the U.S. and China resurfaced. The Cboe Volatility Index (VIX) -- commonly referred to as the market's "fear gauge" -- has surged nearly 59% since its early June lows, last seen at 17.87, and is pacing for its biggest monthly gain since F...Read More

The shares are also finding support from their 200-day moving averagesLooking across Wall Street, two steel stocks options traders may want to consider are United States Steel Corporation (NYSE:X) and Nucor Corporation (NYSE:NUE). Below, we will take a closer look at X and NUE, how the pair have been faring on the charts, and why now may be a good time to bet on the steel stocks' next leg higher,...Read More

The Dow is up more than 150 points todayThe Dow Jones Industrial Average (DJI) is trading deep into positive triple-digit territory, as investors react to the Trump administration's plan for foreign tech investments. Broad gains out of the energy sector are helping boost the S&P 500 Index (SPX), too. The strength in energycomes amid a sharp rise in oil prices, with August-dated crude futures up $2...Read More

Oppenheimer upgraded General Electric stock after yesterday's portfolio shiftGeneral Electric Company (NYSE:GE) is trading in positive territory today, up 3.7% at $14.25, after Oppenheimer raised its rating on the stock to "perform" from "underperform." The brokerage firm waxed optimistic on yesterday's news that GE will spinoff its healthcare unit and dissolve its stake in oil name Baker Hughes (...Read More

Relief over weaker-than-expected restrictions on Chinese investments are also a boonShares of Apple Inc. (NASDAQ:AAPL) are up 1.2% at $186.70 in early trading, after Barclays hiked its price target on the FAANG stock to $175 from $161 last night, saying the company stands to benefit from a weaker U.S. dollar, as well as carrier promotions in both the U.S. and China. The bull note came just ahead...Read More

Traders originally feared a major clampdown on foreign investment in U.S. techFutures on the Dow Jones Industrial Average (DJI) are pointing to a positive open, as investors express relief over a less restrictive plan for Chinese investment in U.S. tech than originally feared. Rather than a sweeping ban, Treasury Secretary Steven Mnuchin told CNBC today that the Trump administration will rely on t...Read More

 CloseGain/LossGold $1251.80-$7.10Silver$16.05-$0.25XAU79.93-0.69%HUI170.45-1.43%GDM607.67-0.74%JSE Gold1032.87+8.41USD95.34+0.63Euro115.56-0.91Yen90.79-0.16Oil$72.76+$2.2310-Year2.828%-0.052T-Bond145.21875+0.96875Dow24117.59-0.68%Nasdaq7445.08-1.54%S&P2699.63-0.86%  The Metals: Gold edged up to $1259.90 at about 8AM EST, but it then drifted back lower into the close and en...Read More

- London house prices down 1.9 per cent in Q2 (yoy)- London house prices still 50% above 2007 bubble peak (see chart)- Brexit and weak consumer confidence to blame say experts- Little sign that U.K. property "weakness" is likely to change- London property bubble appears to be burstingFrom Bloomberg:U.K. house-price growth has slowed to the weakest pace in five years, while London values are...Read More

Domestic prices for mesh-quality wire rod produced and delivered in both Northern and Southern Europe remained largely unchanged over the past week, sources said on Wednesday June 27.Metal Bulletin's weekly domestic price assessment for mesh-quality wire rod in Northern Europe widened downwards by ?,?5 per tonne on Wednesday at ?,?530-545 ($619-636) per tonne delivered, compared with ?,?535-5...Read More