Sterling received little direction from UK PM May's much-heralded Brexit speech,and the emergence of global trade anxieties could hold sway over the pound untilmore dramatic developments on Britain's EU divorce talks take back thespotlight. Cable entered the speech slightly elevated near 1.3800 and remainsnearby after dipping. May's comments on key elements of recent Brexit impasses,particularly N...Read More
Peru's government has hailed the successful auction of the Michiquillay copper project as a sign of a revival in mining investment in the Andean nation, but several industry participants dispute that notion.Southern Copper Corp, controlled by Grupo Mexico, last week won a public tender to develop the world-class mining project in Peru's northern region of Cajamarca with an offer of $400 million. T...Read More
** Shares of Pure Storage Inc dropped almost 11 pctearly Fri even after reporting its first qtrly profit since itsOct 2015 IPO** Data platform co's stock now down 8.3 pct at $19.97;among biggest percentage losers on the NYSE** Susquehanna cuts PSTG stock rating to "neutral" from"positive," maintains $22 PT; analyst Mehdi Hosseini cites "lackof visibility," particularl...Read More
* STOXX 600 hits 6-mth low* Steelmakers down slightly after Trump tariff planMarch 2 (Reuters) - Welcome to the home for real-time coverage of European equity marketsbrought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him onMessenger to share your thoughts on market moves: danilo.masoni.thomsonreuters.com@reuters.net THIS IS NO ENTRY POINT... YET (1610 GMT)Don't j...Read More
Base metals on the London Metal Exchange mostly closed the week in negative territory on Friday March 2, with aluminium the sole exception.The three-month aluminium price held steady throughout today's trading while the market assessed news that US President Donald Trump intends impose a 10% tariff on aluminium imports."Who knows what it will mean to for exchange prices? For sure it will affect th...Read More
(Adds details throughout on stocks and sectors; updates prices)TORONTO, March 2 (Reuters) - Canada's main stock index fellto a two-week low on Friday, weighed by declines in energy,financial and industrial shares as oil prices fell and globalinvestors worried about a trade war.* At 10:43 a.m. EST (15:43 GMT), the Toronto StockExchange's S&P/TSX composite index fell 31.4 points,or 0.2 percent,...Read More
Trading activity in the seaborne coking coal market picked up ahead of the weekend, which saw the first cargo of premium low-vol product being sold to a Chinese buyer on a fixed-price basis in at least a week.The top-tier cargo changed hands around $238 per tonne cfr China, sources told Metal Bulletin on Friday March 2. A cargo of second-tier materials was also traded at $195 per tonne fob Austral...Read More
Base metals prices on the London Metal Exchange were little changed during morning trading on Friday March 2, with the complex restricted by thin liquidity and a firmer dollar. Aluminium's benchmark cash/three-month spread swung back into contango for the first time since February 14 this morning - now at $1.75 per tonne contango from $6 per tonne backwardation at the close yesterday.The backwarda...Read More
Fears of a trade war have given new fuel to the yen's risk-aversion rally, andhigh-beta currencies with the most to lose from disruptions to cross-boardcommerce will suffer the most -- with CAD and AUD topping the list. Also gettingtrampled are GBP/JPY longs who have been underwhelmed by PM May's latest attemptto reach a workable Brexit compromise. Of course, all the JPY crosses are alsoclosely ti...Read More
Although base metals are under pressure in the short term, we have a bullish bias to our 2018 price forecasts given the supportive background of solid global economic growth and the fact that all six base metal markets look set to be in fundamental deficit this year. But each has a slightly different supply-side story and this aspect should be the main differentiator. For example, zinc's narrative...Read More
** Photocopier's shares down 2 pct at $29.95 inearly trade after activist investor Darwin Deason files newlawsuit** Investor sues XRX as company refuses to let him makenominations to its board after a deadline ** Darwin Deason, who is the 5th biggest stake holder inXRX, holds 3.4 pct of company's shares, per TR data ** On Monday, Deason said he had the right to nominatedirectors, despite missing t...Read More
** Shares of chipmaker Ambarella Inc up 10.2 pct at$50.33 on Fri after co reported Q4 results after the bell onThurs ; trading volume brisk, already 2.8 x 10-DMA** Ambarella reported $0.45 adj EPS, beating avg analystestimate of $0.37. Co rev of $70.6 mln in line with avg analystestimate of $70.3 mln. AMBA has matched or beaten rev, adj EPSestimates over last 8 qtrs (Thomson Reuters I/B/E/S)** Q4...Read More
Gold still under short-term pressure as stock market weakness weighs.Once panic mentality recedes, however, gold should bottom.Yellow metal stands to benefit from increasing fear factors.After breaking its pivotal short-term support earlier this week, gold and the leading gold ETFs showed additional weakness on Thursday as investors' concerns over President Trump's latest trade policy plans create...Read More
Precious metals and the SPDR Gold Trust security came under pressure this week alongside U.S. equities, failing as a hedge against such risk.The catalyst was fear of the Fed and a steeper monetary policy tightening trajectory, which work against both risk assets and gold today.The outlook for the GLD security will depend on the development of multiple factors, but I have a base expectation and a l...Read More
• Struggles to build on overnight recovery move. • Risk-off mood/weaker USD lending support. • Fed rate hike expectations seemed to cap gains. Gold struggled to build on overnight sharp recovery move from 2-month lows and seesawed between tepid gains/minor losses, within a narrow trading range below $1320 level. A combinat...Read More
• USD weighed down by Trump’s protectionist stance. • Risk-off mood provides an additional boost to safe-haven assets. • Fed rate hike prospects might continue to cap strong gains. Gold finally broke out of its Asian/early European session consolidation phase and spiked to fresh session tops in the last hour. A fresh...Read More
Latin AmericaGuatemala Mines a Mother Lode of TroubleA bitter fight over a silver mine points to the pitfalls of Latin America's new resource nationalism.by Mac Margolis@macmargolisMore stories by Mac MargolisRead More
Long-legged doji signals indecision/bear exhaustion. A bullish follow-through will confirm a bottom. Bad inflation and resulting risk aversion could boost demand for gold. Gold (XAU/USD) created a "long-legged" doji candle yesterday that marks a sharp rebound from the 100-day moving average (MA) support. As per textbook rules, the candlestick pattern signals indecision in the marketpla...Read More
Metal continues under pressure, still above $1300/oz. Price bottomed at $1302 on upbeat US data. Fed’s Powell speaks at Senate Banking Committee. Gold continued to move with a bearish bias and bottomed at $1302/oz after the release of the ISM Manufacturing report, the lowest level since January 2, $15 below yesterday’s close. During the last hour, it rebounded but f...Read More
• Bullish USD sentiment continues to exert downward pressure. • Traders shrug off risk-off mood/weaker US bond yields. • Powell’s second testimony eyed for fresh impetus. Gold extended its steady decline through the mid-European session and is currently placed at fresh three-week lows, around $1310 area. The US Dollar has...Read More