Chinese steel producers set new record in June July 15, 2019 Chinese steel mills were busy last month, hitting an all-time daily production record, new figures out today show. Output hit 87.53m tonnes of crude steel in June, data from the National Bureau of Statistics show. Read more: Greybull Capital ‘to bid for British Steel’s non-UK assets’ The figure is a small decrease in overall monthly [...]
Bitcoin continues to tumble after central banks attack Facebook’s Libra coin plans July 15, 2019 Bitcoin fell over 10 per cent over the weekend following criticism of Facebook’s proposed digital currency from powerful figures including US President Donald Trump and chair of the Federal Reserve Jay Powell. Read more: Trump dismisses bitcoin, saying cryptocurrencies aren’t money The world’s largest cryptocurrency had rebounded slightly to $10,344 shortly after 11am UK time [...]
Antofagasta share price soars as it wins $6bn in Pakistan suit July 15, 2019 Shares in Antofagasta topped the FTSE 100 this morning as the World Bank awarded it $5.8bn (£4.6bn) in damages for a blocked mining project in Pakistan. The award comes two years after the World Bank’s arbitration wing found that Pakistan had unlawfully denied Antofagasta, and its partner Barrick Gold, a mining lease for a Pakistani [...]
Three big questions corporate America must answer this week July 15, 2019 | City Talk The seond quarter earnings season kicks off this week as investor attention for a while shifts away from central banks to how well actual companies are performing. There are several big questions facing corporate America as we hit this important period. Earnings recession Earnings season is coming with fairly low expectations. Two weeks prior to earnings season [...]
Only a fifth of investors held their nerve during 2018 stock market tumble July 15, 2019 | City Talk 2018 was a tough year for investors with sharp falls in global stock markets testing the nerve of investors. New global research shows that only 18 per cent of investors said they stuck with their investment plans during the volatile three-month period at the end of 2018. The findings were part of Schroders Global Investor [...]
Ineos E&P makes profit despite £120m hit from failed deal July 14, 2019 Ineos’s oil and gas arm last year made profits of £523m even as it wrote off around £120m in a failed deal. The figures show a vast improvement from 2017’s £438m operating loss, recently released figures show. Read more: Chrysaor takes another big chunk in the North Sea with $2.7bn deal for Conoco Phillips oilfields [...]
UBS becomes first broker to upgrade Deutsche Bank after overhaul July 13, 2019 Investor caution has loomed large over Deutsche Bank since it unveiled its turnaround plans last weekend, but the troubled German lender has at least secured an upgraded rating from one broker. UBS has become the first broker to upgrade Deutsche’s stock since the radical overhaul was announced, moving its recommendation from “sell” to “neutral” in [...]
Hackers steal $32m from Tokyo cryptocurrency exchange July 12, 2019 Services have been suspended at a Tokyo cryptocurrency exchange after a further hack on virtual currency caused the loss of ¥3.5bn (£26m). Read more: Trump reveals why he is ‘not a fan’ of bitcoin Tokyo-based Remixpoint, which runs the Bipoint Japan exchange, issued an apology today saying it had confirmed the losses last night, after [...]
Sterling edges higher on UK no-deal Brexit preparations as FTSE 100 sheds gains July 11, 2019 The pound rose 0.35 per cent against the dollar as the greenback slipped again today after falling on yesterday’s comments from Federal Reserve chair Jerome Powell. Powell said “trade tensions and concerns about global growth” have weighed on the US’ economic outlook, making a rate cut more likely. Read more: Mark Carney is ‘too busy’ [...]
Euro falls as meeting minutes show ECB ready to ease rates July 11, 2019 The euro has fallen against the pound after minutes from the European Central Bank (ECB)’s last meeting showed board members were leaning towards an interest rate cut in June. Read more: Euro plunges as ECB president Mario Draghi signals more stimulus The account released today showed ECB governing council members were in “broad agreement” that [...]