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October Proves to Be Rare Good Month for Both Gold and Dollar

(Bloomberg) -- Normally, investors wanting to guess which way gold is headed look to the dollar. When the greenback goes up, the precious metal almost always goes down. Few assets have a stronger inverse correlation to the Bloomberg Dollar Spot Index, with gold favored as a hedge against the world’s reserve currency. But that’s not what happened in October, a month when both assets gained ground for the first time in 20 months. The change has been driven by last month’s rout...
Posted on: Nov 1, 2018 15:34:50 Read More

Babcock to close small English shipyard as orders dry up

EDINBURGH (Reuters) - British engineering and defence firm Babcock International(L:BAB) said it was closing its Appledore shipyard in Devon, a "difficult" decision after orders ran out. The southwest England yard had completed an Irish Navy order for an offshore patrol vessel in the last few weeks but did not carry out orders from Babcock's main client, Britain's Ministry of Defence. It had not had any new work for some time, a source familiar with the situation said. The cost of closing ...
Posted on: Nov 1, 2018 12:41:17 Read More

FTSE hits three-week high after torrid October

LONDON (Reuters) - UK shares jumped to a three-week high on Wednesday as upbeat results from Standard Chartered (L:STAN) and Smurfit Kappa (I:SKG) provided some respite from a ghoulish October that put the market on track for its worst month since August 2015. The blue-chip FTSE 100 (FTSE) was up 1.3 percent at 1002 GMT, with energy and financials providing the biggest lift as results eased investor worries about slowing corporate earnings and Brexit. "This rebound could we...
Posted on: Oct 31, 2018 13:21:42 Read More

Asia stocks rise after grim October, set for worst month since 2011

By Shinichi Saoshiro and Andrew Galbraith TOKYO/SHANGHAI (Reuters) - Asian stocks were set to end the month up from 20-month lows on Wednesday amid pledges by China to support its domestic markets, but sentiment was fragile after equity markets bled trillions of dollars in a grim October. A confluence of factors from Sino-U.S. trade tensions to worries about U.S. corporate earnings to the end of easy money in development economies have spurred volatility in financial markets in the past few we...
Posted on: Oct 31, 2018 08:42:02 Read More

UK companies in distress up almost 20 percent on year in third quarter

LONDON (Reuters) - The number of companies registering as insolvent in England and Wales rose by 19.3 percent year-on-year during the third quarter on an underlying basis, official data showed on Tuesday. This was the biggest increase since the second quarter of 2009, during the depths of the financial crisis, and was driven by an increase in creditors' voluntary liquidations.   However, the number of individuals registering as insolvent fell by 2.5 percent compared with a year ago, the ...
Posted on: Oct 30, 2018 13:16:38 Read More

Sterling at ten-week low as Brexit unease overshadows budget

LONDON (Reuters) - Sterling languished at a ten-week low on Tuesday as concern about Britain's departure from the EU led investors to largely ignore hopes of an end to austerity raised by Britain's finance minister Philip Hammond. The pound has weakened 4 percent since September as traders fret over lack of progress in divorce talks over issues including the Irish border five months before Britain exits the European Union. After a decade of cuts to public services, Hammond's budget on Monday o...
Posted on: Oct 30, 2018 10:50:12 Read More

Forex - U.S. Dollar Steady After Inflation Data

Investing.com - The dollar remained near a 10-week high on Monday as the Federal Reserve’s preferred inflation measure rose, increasing chances of a rate increase. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.27% to 96.62 as of 11:14 AM ET (15:14 GMT). The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index, rose 0.2% in September. The data bolsters expectations ...
Posted on: Oct 29, 2018 15:53:41 Read More

Sterling stuck near two-month lows before budget speech

LONDON (Reuters) - The pound inched down to just above two-month lows on Monday as traders prepared for the British finance minister's annual budget speech later in the day. Philip Hammond will use his speech to urge his divided Conservative Party to back the government's plan for a Brexit deal, or put at risk a long-awaited easing of austerity. After a decade of cuts to public services, Hammond is expected to offer a glimpse of higher spending. But he will also make clear that more spending w...
Posted on: Oct 29, 2018 13:02:58 Read More

Forex - U.S. Dollar Steady Ahead of GDP Data

Investing.com - The dollar was down slightly but remained near a 10-week high on Friday as investors waited for quarterly economic data. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, inched down 0.06% 96.40 by 4:55 AM ET (8:55 GMT). Investors are waiting for third quarter U.S. gross domestic product data at 8:30 AM ET (12:30 GMT) to see if the economy has progressed enough for the Federal Reserve to continue raisin...
Posted on: Oct 26, 2018 12:31:47 Read More

Heathrow Airport fined £1.6 million by competition watchdog

(Reuters) - Britain's competition watchdog imposed a 1.6 million pound fine on Heathrow Airport on Thursday after finding that the airport and the owner of Heathrow T5 Hotel Limited had infringed competition law. Heathrow Airport and Arora Holdings, parent of Heathrow T5 Hotel, had admitted to limiting competition for parking prices and infringing competition law in September, the Competition and Markets Authority said https://www.gov.uk/cma-cases/conduct-in-the-transport-sector-facilities-at-a...
Posted on: Oct 25, 2018 14:46:31 Read More

Gold Prices Pull Back From 3-Month Highs As Dollar Moves Higher

Investing.com - Gold prices slipped from three-month highs on Wednesday as weakness in the euro and sterling pushed the dollar to nine-week highs. At 9:09 AM ET (13:09 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange fell $1.20, or 0.10%, to $1,232.20 a troy ounce, backing away from $1,237.80 reached on Tuesday amid simmering geopolitical tensions. Meanwhile, the U.S. dollar index, which measures the greenback’s strength ag...
Posted on: Oct 24, 2018 15:31:54 Read More

Forex - Pound Falls as DUP to Back Eurosceptic's Backstop Amendment

Investing.com - The pound dropped on Monday following reports that Northern Ireland's Democratic Unionist Party (DUP) will back an amendment proposed by a group of pro-Brexit MPs from within Theresa May’s ruling Conservative party. Junior Brexit minister Steve Baker is proposing the amendment to block the European Union’s backstop plan. The amendment would effectively make the EU’s Irish border backstop proposal illegal. The pound fell below the $1.30 handle shortly after the...
Posted on: Oct 22, 2018 15:16:58 Read More

Italy relief, China stimulus hopes lift global stocks

By Karin Strohecker LONDON (Reuters) - European shares gained on Monday amid relief over Italy's budget, following rallies in Asia after China promised to provide stimulus to stabilise its economy and offset the impact of U.S. tariffs. Promises of tax cuts and coordinated official statements of support for stock markets in the world's second-largest economy saw Chinese shares stage their biggest one-day surge in three years. Shanghai blue chips (CSI300) jumped around 4.5 percent, adding to Fri...
Posted on: Oct 22, 2018 12:23:04 Read More

Intu Properties says considering bid from billionaire John Whittaker's consortium

(Reuters) - Retail property developer Intu Properties (L:INTUP) confirmed on Friday it was considering a 215 pence per share preliminary takeover offer from a consortium formed by British billionaire John Whittaker and Saudi Arabian and Canadian investors. The consortium formed by Whittaker, Saudi Arabia's Olayan and Canadian property investor Brookfield Asset Management (TO:BAMa) has been granted access to company documents to conduct due diligence with a view to making a f...
Posted on: Oct 19, 2018 07:14:42 Read More

Oil Set for Weekly Loss on Flight From Risk as Stockpiles Grow

(Bloomberg) -- Oil is poised for the biggest weekly decline since May as the turmoil in U.S. equities spur investors to shun risk assets at a time when American crude inventories are rising. Futures in New York were little changed, heading for a weekly drop of over 4 percent. The S&P 500 Index of equities is set for the worst week in more than six months on concerns over rising interest rates and the U.S.-China trade war. Everything from crude to zinc was hit by the sell-off, whil...
Posted on: Oct 12, 2018 10:00:59 Read More

Thales makes concessions to soothe EU's Gemalto deal worries

By Sudip Kar-Gupta and Foo Yun Chee PARIS/BRUSSELS (Reuters) - Thales (PA:TCFP) has offered concessions to address European Union antitrust concerns over the French aerospace and defence firm's 4.8-billion-euro ($5.6 billion) bid for chipmaker Gemalto (AS:GTO). In July, the European Commission began a full-scale investigation into the deal, which Thales hopes will make it a top player in digital security, saying that it could push up prices and reduce choices for customers....
Posted on: Oct 11, 2018 15:07:08 Read More

Top Oil Traders Say Iran Sanctions Hit Harder Than Expected

(Bloomberg) -- Sanctions on Iranian oil exports are hitting much harder than most people predicted as the administration of U.S. President Donald Trump takes a tough line on enforcement, said executives from the world’s largest energy traders. Perhaps 2 million barrels a day of Iranian crude could eventually be lost to the global market, said Jeremy Weir, chief executive officer of Trafigura Group Pte. While other traders including Vitol Group of Cos. and Gunvor Group saw the impact close...
Posted on: Oct 10, 2018 15:12:10 Read More

Перспективы рубля: три важных события среды

Investing.com – Российскую национальную валюту ожидает насыщенная среда с точки зрения новостного фона. Как ожидает старший аналитик "Альпари" Роман Ткачук, происходящие 10 октября события будут иметь важное значение для динамики курса рубля в среднесрочной перспективе. Во-п...
Posted on: Oct 10, 2018 12:59:37 Read More

Hurricane Michael set to punish Florida's Gulf coast

By Devika Krishna Kumar TALLAHASSEE, Fla. (Reuters) - Powerful Hurricane Michael was hours away from smashing into Florida's northwestern shore with a wall of water and roof-shredding winds on Wednesday and authorities told residents along the coast they had run out of time to evacuate and should hunker down. A very dangerous Category 4 storm on five-step Saffir-Simpson scale, Michael had strengthened as it moved north over the Gulf of Mexico and by 8 a.m. ET (1200 GMT) was carrying top winds ...
Posted on: Oct 10, 2018 12:58:47 Read More

Forex - Euro Hits 7-Week Lows as Italy Worries, Strong Dollar Weigh

Investing.com - The euro extended early losses on Tuesday, falling to fresh seven-week lows as concerns over Italy’s fiscal outlook and a broadly stronger dollar weighed. EUR/USD was down 0.41% to 1.1444 by 07:16 AM ET (11:16 AM GMT), the weakest level since August 20. The single currency was pressured lower amid an ongoing row between Italy’s populist government and the European Commission over the country’s budget plans. Brussels and Rome have been at odds over the co...
Posted on: Oct 9, 2018 12:56:00 Read More