By Carlo Martuscelli Rio Tinto PLC (RIO.LN) said Wednesday that it has received a binding offer from investment company Liberty House to acquire its aluminum smelter in France for $500 million. The Anglo-American multinational said it will launch a consultation process with its employees and other stakeholders in response to the binding offer. It expects the sale to complete in the second quarter...Read More
WELLINGTON, Jan 11 (Reuters) - Job advertisements in New Zealand slipped 0.3 percent for the second month in a row in December, a survey by ANZ Bank showed on Thursday.The result suggested that the country's robust demand for labour, driven by a strong economy and skill shortages, had peaked."The number of job ads being placed is very high, and both data and anecdote suggest the labour market...Read More
Good morning from Metal Bulletin's office in Singapore, as we bring you the latest news and pricing stories on Wednesday January 10.Base metals prices on the Shanghai Futures Exchange were mostly lower during Asian morning trading on Wednesday following mixed consumer price index and producer price index readings from China earlier in the day. Nickel and tin prices bucked the general weakness, how...Read More
TIDMRIO RNS Number : 5078B Rio Tinto PLC 10 January 2018 Rio Tinto receives a binding offer for Aluminium Dunkerque 10 January 2018 Rio Tinto has received a binding offer from Liberty House to acquire Rio Tinto's Aluminium Dunkerque smelter in northern France for $500 million, subject to final adjustments. In accordance with French law, Rio Tinto will launch a consultation process with employees,...Read More
NEW YORK, Jan 10 (Reuters) - Wall Street's major stock indexes ended lower on Wednesday after a choppy trading session as investors worried that China would slow U.S. government bond purchases and that U.S. President Donald Trump would end a key U.S. trade agreement.The Dow Jones Industrial Average fell 16.67 points, or 0.07 percent, to 25,369.13, the S&P 500 lost 3.06 points, or 0.11 percent,...Read More
Canada's Pancontinental Gold Corporation (TSXV: PUC), a company whose focus is on the Jefferson gold project in South Carolina, wants to expand its presence in the market for key battery metals.The Toronto-based firm announced today that it has entered into an option agreement with 2522962 Ontario Incorporated to acquire a 100% interest in the Montcalm West Nickel-Copper-Cobalt Project, located 65...Read More
ALL TIMES IN EST/GMT -------------------------------------------------------0830/1330: The Labor Dept. issues weekly Jobless Claims; issues Producer Price Index for December.0830/1330: The USDA releases weekly Export Sales.1000/1500: Freddie Mac issues weekly U.S. mortgage rates.1030/1530: EIA issues weekly U.S. underground natural gas stocks.1100/1600: The Treasury Dept. makes weekly announcement...Read More
(Recasts first paragraph, adds comment)NEW YORK, Jan 10 (Reuters) - Strong demand at a $20 billion U.S. 10-year government note sale on Wednesday stabilized a bond market that was rattled by a Bloomberg report that said China may pare or stop buying Treasuries because it sees them as unattractive amid rising U.S.-China trade tension.China is the biggest foreigner holder of U.S. government debt, to...Read More
BUENOS AIRES, Jan 10 (Reuters) - Argentina refinanced $1 billion in expiring Treasury notes after receiving orders worth $2.9 billion, the finance ministry said in a statement on Wednesday.The ministry said the sale was split between $500 million in 196-day notes expiring in July, which received $1.9 billion in orders, and $500 million in 364-day notes expiring next January, which received $976 mi...Read More
SHANGHAI, Jan 10 (SMM) – Nonferrous metals were mixed today with SHFE nickel up over 1% and tin up 0.67%. While aluminium edged up slightly, SHFE lead and zinc were down 0.51% and 0.69% respectively. Ferrous metals weakened this afternoon even though rebar and hot-rolled coil were still up at closure. Coke and coking coal saw drops of 3% and 2% respectively, while iron ore edged down s...Read More
By Devidutta Tripathy and Abhirup RoyMUMBAI, Jan 11 (Reuters) - India's capital market regulator late on Wednesday barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India's biggest corporate scandal.Ramalinga Raju, founder and former chairman of the erstwhile s...Read More
(Adds share move, analysts comment)By Rachit VatsJan 10 (Reuters) - U.S. airline stocks rose after American Airlines Group Inc on Wednesday became the second major airline this week to forecast higher unit revenue for the fourth quarter.Analysts said forecasts for the key performance metric from American Airlines, the No.1 U.S. airline, and smaller rival United Airlines confirm fares are trending...Read More
MEXICO CITY, Jan 10 (Reuters) - Mexico's currency weakened against the dollar on Wednesday and stocks extended losses after a Reuters report said Canada increasingly believes that U.S. President Donald Trump will soon announce his intention to withdraw from the NAFTA trade treaty.Two government sources told Reuters they expected Trump to make his move at about the same time that negotiators from t...Read More
MILAN/LONDON/NEW YORK, Jan 10 (Reuters) - Food giant Nestle plans to pick a buyer for its U.S. chocolate business by the end of this week, three sources close to the matter said on Wednesday, in a deal expected to top $2.5 billion.Italy's Ferrero is seen as a front-runner, according to several other sources, who said that the maker of the Nutella spread was keen to boost its presence in the U.S. m...Read More
(Corrects seventh graph to show market reaction after auction)* China may slow or halt U.S. bond purchases -report* Ten-year yields highest since March* Treasury sells 10-year notes at highest yield since August By Karen Brettell and Kate DuguidNEW YORK, Jan 10 (Reuters) - U.S. Treasury yields jumped to 10-month highs on Wednesday after Bloomberg News reported that Chinese officials have recommen...Read More
China’s producer price index (PPI) in December rose 4.9% from the same month a year ago, higher than the expectation at 4.8%. The growth in December, however, was lower than the 5.8% seen in November.The country’s consumer price index (CPI), on the other hand, rose 1.8% in December, below the expectation at 1.9%. But this is higher than the growth in November at 1.7%. T...Read More
After a year focused on re-establishing stability, the London Metal Exchange has started 2018 with its attention on driving more liquidity to the bourse by launching the Introducing Broker membership category and broadening its contract portfolio, says senior metals market consultant Martin Hayes. Twelve months ago, it was fair to say that the LME was facing a period of uncertainty - it had lost i...Read More
By Trevor HunnicuttNEW YORK, Jan 10 (Reuters) - Investors are slimming down equity stakes bloated by a nearly decade-long bull market, withdrawing $22 billion from U.S. domestic stock funds in a single week, Investment Company Institute (ICI) data showed on Wednesday.The withdrawal, during the holiday-shortened week ended Jan. 3, marked the largest weekly retreat from the U.S.-based domestic stock...Read More
SHANGHAI, Jan 10 (SMM)? 1/4 ?Copper: There is still room for downward movement for copper prices and we see LME copper likely to trade towards the $7,000/mt level. We expect the LME contract to trade at $7,070-7,130/mt today and the SHFE contract at 54,400-54,900 yuan/mt. Spot premiums are to rise to 30-80 yuan/mt today.Zinc: LME zinc began to slip after touching $3,400/mt and we expect it to trad...Read More