DIRS.INFO The most relevant business & tech news

☆ TSX hits a 2-month low as dividend-paying stocks fall
▼ + stars: | 2023-08-21 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 33.52 points, or 0.2%, at 19,784.87, its lowest closing level since June 27. "Interest rates continue to climb, which is something negative for the TSX which is littered with dividend payers," said Barry Schwartz, a portfolio manager at Baskin Financial Services. Stocks paying high dividends dominate the real estate, utilities and financials sectors. Shares of Restaurant Brands International (QSR.TO) gained 0.9% after J.P.Morgan initiated coverage on the stock with an "overweight" rating.

Persons: Chris Helgren, Barry Schwartz, Stocks, Fergal Smith, Shubham Batra, Shashwat Chauhan, Shilpi Majumdar, Deepa Babington Organizations: Toronto Stock Exchange, REUTERS, Energy, Toronto Stock, TSX, Baskin Financial Services, Bank of Canada, Technology, Restaurant Brands, Thomson Locations: Toronto , Ontario, Canada, Real, Toronto, Bengaluru

LME three-month zinc hit a near three-year low of $2,215 per metric ton in May. LME zinc price stocks and spreadsSQUEEZE DRAWS OUT HIDDEN METALThe trigger for the current spate of arrivals in the LME warehouse system appears to have been a sharp contraction in short-dated time-spreads earlier this month. If so, the game is on in Singapore, which has accounted for all the recent arrivals bar 1,000 metric tons at Malaysia's Port Klang. A total 31,500 metric tons of zinc were warranted in the city in July along with 5,125 metric tons of lead and 625 metric tons of tin. In the interim, there is plenty of potential for more metal to head towards LME storage sheds.

Persons: Ilya Naymushin, Kirsten Donovan Organizations: REUTERS, London Metal Exchange, Citibank, Low, Study, Reuters, Thomson Locations: Angara, Novoangars, Russia, Singapore, Malaysia's Port Klang ., East Asia, China, Europe, Ireland

Mark Bristow, CEO of Barrick Gold Co. REUTERS/Shelley Christians/File PhotoTORONTO, Aug 8 (Reuters) - Barrick Gold Corp (ABX.TO) is open to bringing in Saudi Arabia's wealth fund as one of its partners in Pakistan's Reko Diq gold and copper mine, Barrick CEO Mark Bristow told Reuters in an interview on Tuesday. Barrick Gold owns a 50% stake in Pakistan's Reko Diq mine, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan. He said that Barrick will support PIF coming into the mine through Pakistan's 25% equity stake. Barrick and Saudi's state-owned mining company Ma'aden jointly operate a copper project in Jeddah.

Persons: Mark Bristow, Shelley Christians, Barrick, Bristow, PIF, Divya Rajagopal, Mark Porter, Conor Humphries Organizations: Barrick Gold , Reuters, Mining, REUTERS, TORONTO, Barrick Gold Corp, Pakistan's, Barrick, Minerals, Barrick Gold, Saudi Arabia's Public Investment Fund, Ma'aden, Thomson Locations: Cape Town , South Africa, Saudi, Pakistan's, Pakistan, Balochistan, Saudi Arabia, Islamabad, Saudi's, Jeddah, PIF, VALE3

☆ Beating the benchmark? How AI-driven ETFs stack up
▼ + stars: | 2023-08-02 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +2 min

Rosenbluth explained that VettaFi is seeing increased interest in actively managed ETFs that are driven by AI. The QRAFT AI-Enhanced U.S. Large Cap Momentum ETF (AMOM), for example, uses an artificial intelligence system to select large-cap stocks for its portfolio. "AMOM is significantly outperforming the iShares momentum ETF (MTUM) ," he said. The AI-driven AMOM rebalances at the end of every month and is up more than 21% this year, while the benchmark MTUM has remained relatively flat in 2023. "'[Momentum ETFs] should benefit from the information that's continually being updated in the marketplace," Rosenbluth said.

Persons: Todd Rosenbluth, CNBC's Bob Pisani, Rosenbluth Organizations: Momentum, Nvidia, Walmart, Home Depot, O'Reilly, Agriculture, Metals, AI, Equity, IBM Locations: U.S

☆ TSX starts month on weak note as China slowdown hits sentiment
▼ + stars: | 2023-08-01 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 93.71 points, or 0.5%, at 20,532.93, after posting its highest closing level in three months in the previous session. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.8% as gold and copper prices fell. Shares of Silvercrest Metals (SIL.TO) were particularly weak, plunging 21.5% after two brokerages cut their price target on the stock. The TSX notched a gain of 2.3% in July, while it has advanced 5.9% since the start of the year.

Persons: Mark Blinch, Robert McWhirter, Fergal Smith, Siddarth, Shilpi Majumdar, Cynthia Osterman Organizations: Toronto Stock Exchange, REUTERS, Metals, Toronto Stock, Selective Asset Management Inc, Canada's, Silvercrest Metals, TSX, Thomson Locations: Toronto, China, Coast, Bengaluru

☆ Saudi Arabia's Ma'aden to acquire 10% of Brazil base metals firm - statement
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 30 (Reuters) - Saudi Arabian Mining Company (1211.SE), known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets. Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion. "Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said. The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024. Reporting by Rachna Uppal; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Rachna Uppal, Angus MacSwan Organizations: Saudi Arabian Mining Company, Public Investment Fund, Vale Base Metals, Vale, Thomson Locations: DUBAI, Saudi, Manara

JPMorgan's chief global markets strategist, Marko Kolanovic, advises investors to play commodities against recession risks. Kolanovic named natural gas as his top pick within the commodities sector. Investors can look to the United States Natural Gas Fund LP (UNG) to gain exposure to the commodity; it's down about 48% year to date. The strategist forecasts U.S. natural gas prices to undergo a 25% rally in the next few months on expectations of a supply growth reversal. Backwardation is what happens when the spot price is higher than the price of the approaching futures' contracts.

Persons: Marko Kolanovic, Kolanovic, — CNBC's Michael Bloom Organizations: United States Natural Gas Fund, DB Agriculture Fund, Brent Oil Fund Locations: U.S

Data suggests recession risks remain high, but wages and U.S. and European interest rates are also still rising - so stick or twist? Here are five big calls investors are now making. Principal Global Investors chief global strategist Seema Shah said she maintained her view that government bonds would do well with recession still likely by year-end. Reuters Graphics4/ FRAGILE CHINASpluttering data, property market woes and meek economic stimulus have also busted new year bets of a Chinese mini-boom. Principal Global Investors' Shah said she still expected commodities to continue to struggle "because a combination of U.S. slowdown plus China slowdown should mean weak demand."

Persons: Bonds, Francesco Sandrini, Seema Shah, JP Morgan, Trevor Greetham, Florian Ielpo, Athanasios Vamvakidis, Morgan Stanley, Shah, Naomi Rovnick, Marc Jones, Alun John, Dhara Ranasinghe, Mark Potter Organizations: Treasury, Investors, Reuters, Global Investors, Royal London Asset Management, Lombard, Swiss, Bank of America, Fed, FX, JPMorgan, Thomson Locations: bitcoin, Europe's, British, tatters, Japan, CHINA

SummaryCompanies Dollar down 0.3%, at lowest since May 11Inflation data expected at 1230 GMTJuly 12 (Reuters) - Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Making gold cheaper for holders of other currencies, the dollar index (.DXY) fell 0.3% to its lowest level since May 11. "There has been some renewed confidence in gold prices lately, given the broad expectations for the upcoming U.S. CPI to reflect further moderation in pricing pressures," said Yeap Jun Rong, market strategist at IG. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot, Seher, Sherry Jacob, Phillips, Sohini Organizations: Treasury, CPI, IG, Reuters, Metals, Thomson Locations: Bengaluru

☆ Gold rises on softer dollar, yields ahead of U.S. inflation data
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose on Wednesday after the dollar and bond yields retreated as investors awaited U.S. inflation data that could offer more cues on the Federal Reserve's rate-hike policy path. Spot gold rose 0.4% to $1,939.43 per ounce by 0518 GMT, its highest since June 20. U.S. gold futures rose 0.4% to $1,944.90. Economists polled by Reuters expect June core inflation rate to have dropped to 5% from 5.3%, still significantly above the Fed's 2% target. In the wider base metals market, prices rose, supported by a weaker dollar, although a gloomy demand outlook loomed over the market.

Persons: Jun Rong, Barot Organizations: Pro Aurum, Treasury, CPI, IG, Reuters, Metals Focus, greenback

☆ UK FTSE 100 at three-month low as rate hike worries grip; Currys slumps
▼ + stars: | 2023-07-06 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 1.2%, hitting its lowest level since March 24. Currys (CURY.L) tumbled 13.3% to its lowest level in more than 20 years after the electricals retailer reported a 38% slump in full-year profit. The commodity-heavy UK benchmark has been underperforming its peers this year amid volatility in resource prices over an uncertain global outlook. Among individual stocks, United Utilities (UU.L) climbed 1.8% after Morgan Stanley raised the water utility firm's rating to "overweight" from "equal-weight." Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: tanked, Chris Beauchamp, Beauchamp, Morgan Stanley, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: United Utilities, P, FTSE, U.S, U.S . Federal, IG Group, HSBC, Standard Chartered, Prudential, CAB, Thomson Locations: China, U.S, U.S ., Bengaluru

The London Metal Exchange (LME) index of base metals has sunk from a January high of 4,356 to 3,704. LME metals relative performance in H1 2023RELATIVE WEAKNESSOnly one core LME metal bucked the generally weaker trend in the first half of the year. Not that you would know it from LME nickel stocks, which fell by 16,872 metric tons, or 32%, over the first six months of 2023. LME copper stocks also fell by 18,850 metric tons over the first half of the year to 69,700 metric tons, half of which is cancelled and awaiting physical load-out. Indeed, LME zinc stocks have seen heightened cancellation activity over the last couple of weeks with 20% of registered inventory now awaiting load-out.

Persons: Tin, Sweden's, Goldman Sachs, Alexander Smith Organizations: PMI, London Metal Exchange, Citi . Grid, Citi, Shanghai Futures Exchange, Reuters, Thomson Locations: China, Europe, United States, Ireland, CHINA

☆ UK's FTSE 100 edges higher on mining boost
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 0.3%July 3 (Reuters) - UK's FTSE 100 gained on Monday led by mining stocks on higher metal prices, while shares of other Chinese-exposed firms gained on rising hopes of more policy support in the world's second-largest economy. By 0715 GMT, the blue-chip FTSE 100 (.FTSE) gained 0.2%, while the more domestically-focussed FTSE 250 midcap index (.FTMC) rose 0.3%. Industrial metal miners (.FTNMX551020) advanced 1.3% as prices of base metals rose, buoyed by improved sentiment. China-exposed banks HSBC (HSBA.L) and Standard Chartered (STAN.L) rose 0.5% and 1.2%, respectively, while insurer Prudential (PRU.L) added 0.9% as hopes of more policy support grew after another weak data point and commentary from Chinese officials. Reporting by Shashwat Chauhan in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Drugmaker, Shashwat Chauhan, Rashmi Organizations: HSBC, Standard Chartered, Prudential, Drugmaker AstraZeneca, Thomson Locations: China, Bengaluru

☆ Here are Tuesday's biggest analyst calls of the day: Tesla, Apple, FedEx, Adobe, AT&T, Coinbase and more
▼ + stars: | 2023-06-06 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Bank of America upgrades McCormick to buy from underperform Bank of America said it sees an improved cost outlook for McCormick. "Our prior Underperform rating was predicated on negative revision risk to revenues and margins. Bank of America upgrades Molson Coors to neutral from underperform Bank of America said Molson is poised for share gains after the Bud controversy. Bank of America upgrades Cigna to buy from neutral Bank of America said it sees an attractive risk/reward outlook for the stock. Piper Sandler reiterates Tesla as overweight Piper said Tesla shares aren't cheap but is standing by its overweight rating.

Persons: D.A, Davidson, Goldman Sachs, it's, We're, McCormick, Molson, Bud, MoffettNathanson, JPMorgan Chase downgrades Cabot, JPMorgan Chase, Cabot, Morgan Stanley, AMCX, Piper Sandler, Tesla, Piper, Mizuho, Coinbase, … Organizations: . Deutsche Bank, Shell Deutsche Bank, Shell, Apple, Holdings, Bank of America, underperform Bank of America, Molson Coors, Bud Light, Barclays, Adobe, " Bank of America, of America, JPMorgan, FedEx, UPS, RBC, AMC Networks, UW, U.S . Securities, Exchange, SEC, Binance Locations: Washington, Americas, China

☆ Ecuador deploys soldiers against illegal mines in Amazonian areas
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

QUITO, May 8 (Reuters) - Ecuador's government is deploying soldiers and police in nine provinces to combat illegal mining, officials said on Monday, in a bid to stamp out the unlawful mines mostly targeting gold and copper deposits. The announcement came after some 1,000 security forces destroyed machinery in a raid on illegal miners in the eastern Amazonian provinces of Napo and Orellana. Earlier this year, President Guillermo Lasso declared illegal mining a threat to national security, linking the practice to organized crime, including money laundering and arms and fuel trafficking. So far this year, raids authorized by authorities on illegal mines have documented the seizure of heavy machinery and even a helicopter. The government has not given figures on the increase in illegal mining, nor the total number of hectares (acres) affected in the most affected areas, but it has described it is a growing activity.

Barrick has been building its copper business organically and said it is exploring copper drilling opportunities in countries such as Chile and Argentina. "We have always said that if you want to be relevant as a gold miner you have to be in copper business," Bristow added. Gold is often a byproduct of copper, a critical metal required for electrification and the transition to a greener economy. Teck last month withdrew its plan to split its coal and metals business after it failed to secure shareholders' approval. Bristow said Glencore's proposal made a "lot of sense" as Glencore could handle Teck's debt and had offered a clean split of Teck's business.

☆ Freeport-McMoRan signals more pain from labor shortages as profit slumps
▼ + stars: | 2023-04-21 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Freeport-McMoRan Inc's first-quarter profit more than halved as the copper miner struggled with an industry-wide talent crunch and warned that tight labor market conditions would persist in the U.S. through the year. Its shares fell 5.6% to $39 on Friday after the company also cautioned that protests in Peru remain an "ongoing risk". Copper production in the quarter fell to 965 million pounds from 1.01 billion pounds a year earlier. Demand will remain robust due to China's accelerating economic recovery and the ongoing green energy transition, CEO Richard Adkerson said. On an adjusted basis, Freeport earned 52 cents per share, compared with estimate of 45 cents, according to Refinitiv data.

China's refined copper imports and exportsIMPORT SLUMPChina imported 408,174 tonnes of copper in March, down by 19% year-on-year and the lowest monthly intake since October. The preliminary customs report aggregates arrivals of refined metal, anode, alloy and semi-manufactured products. The country also imported 1.8 million tonnes of recyclable materials, the largest amount since 2018, and a record 25.3 million tonnes of mined concentrates. National refined copper output rose by 11% year-on-year in January-February, according to the country's official statistics body. So far this year it seems to have lost its appetite for more refined copper.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ TSX notches 6-week high as investors cheer US bank earnings
▼ + stars: | 2023-04-14 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 15.42 points, or 0.1%, to 20,579.91, its highest closing level since March 3. "Good bank earnings out of the U.S. spilled over into Canada," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. Canadian banks had been pressured in recent weeks by the banking stress in the United States and Europe. The Toronto market's heavily-weighted financials sector added 0.2%, while energy was up 0.3% as oil added to recent gains. Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

ET (1413 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 26.71 points, or 0.13%, at 20,591.2. The heavily-weighted financials sector (.SPTTFS) added 0.4%, mirroring gains in big U.S. banks. "The read through to Canada is largely from the banks (in the U.S.) because the banks comprise about 20% of the weight of the Toronto Stock Exchange," said Brian Madden, chief investment officer at First Avenue Investment Counsel. "It is good news for the Canadian banks in general because they have operations in the United States, so that should bode well for their results in their US operations." Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

LONDON, April 14 (Reuters) - A year on from the nickel crisis the London Metal Exchange (LME) is still struggling to regain trading momentum. Volumes dropped sharply after the controversial decision to suspend nickel trading and cancel trades. In this subdued metals trading landscape there are currently two unlikely star performers: London lead and Shanghai tin. The Shanghai nickel contract took a big collateral hit from the LME's crisis and volumes remain depressed, down by half year-on-year in the first quarter. ShFE volumes year-on-year change in Q1 2023LEAD GETS INDEX BOOSTERThe two metallic stand-outs in terms of first-quarter trading activity were LME lead and ShFE tin.

☆ Everything you need to know as JPMorgan, Citi, Goldman Sachs, and other big banks report earnings
▼ + stars: | 2023-04-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Bank of America and Goldman Sachs come in on Tuesday, with Morgan Stanley bringing up the rear on Wednesday. For a breakdown on the specific numbers, check out Markets Insider and the fantastic 10 Things Before the Opening Bell newsletter. Big banks poured $30 billion into First Republic in the midst of the banking crisis in an effort to shore up the wider market. And what about those pesky shadow banks? Never one to miss a good opportunity, shadow lenders are looking to step up where big banks are stepping back, Bloomberg reported.

☆ JPMorgan scales down metals business - Bloomberg News
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike SegarApril 13 (Reuters) - JPMorgan Chase & Co (JPM.N) has stopped working with dozens of base metals clients and slashed bonuses of its bankers after last year's nickel crisis, Bloomberg News reported on Thursday, citing people familiar with the matter. JPMorgan's metals business has been under strict internal scrutiny due to the bank's role in the upheaval last year, when the London Metal Exchange (LME) was forced to suspend nickel trading after the metal's prices doubled. JPMorgan has cut numerous base metals clients in Asia, particularly stopping business with privately owned Chinese companies, according to the Bloomberg report. The bank is continuing to work only with a few large, long-standing clients in the region, the report added.

☆ JPMorgan has made deep cuts to metals business - Bloomberg News
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

April 13 (Reuters) - JPMorgan Chase & Co (JPM.N) has cut dozens of base metals clients and slashed bankers' bonuses after last year's nickel crisis, Bloomberg News reported on Thursday, citing people familiar with the matter. Reporting by Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Base Metals"

25 mentions found