SOCIAL conditions at Gemfields’ Mozambique ruby mine, Montepuez, deteriorated further over the weekend after artisanal miners damaged mine property and attacked employees. Citing the company, Reuters said the miners torched a car belonging to the mine and attacked the car’s occupants with pickaxes. Three employees and security contractor were injured in the attack, the company… Read More
Sasol’s Grobler decides to retain group’s coal assets saying mining “is a key driver” The post Sasol’s Grobler decides to retain group’s coal assets saying mining “is a key driver” appeared first on Miningmx. Source: miningmx.com
Monday witnessed significant escalation over Gaza as Palestinian Islamic Jihad sought to avenge the deaths of three commanders killed in Israeli air strikes on Gaza and Damascus the day before. Israeli media counted some 90 total rockets fired at Israel from the Gaza Strip throughout the day since the attacks began Sunday night, with the IDF… Read More
[Reuters] Asia share slide pauses, awaiting clarity on pandemic risk [Reuters] Oil bounces as investors hunt bargains; virus fears cap gains [Reuters] Markets bet Fed is pushed to cut rates in coronavirus response [Reuters] South Korea to test 200,000 members of church at centre of coronavirus outbreak [Reuters] Japan’s Abe urges telecommuting, staggered shifts to curb coronavirus [NYT] As the Start-Up… Read More
We just witnessed the third largest single day point drop in U.S. stock market history, and experts are warning that things will only get worse if this coronavirus pandemic continues to escalate. On Monday, the Dow Jones Industrial Average was down a whopping 1,031 points, and it looks like there could be more volatility on… Read More
It is the senseless things of this world that sometimes knock sense into the high and mighty whose hubris causes them to believe they cannot fall. In this case, the tiny COVID-19 virus (coronavirus) is bringing down a global house of cards long perched to fall — locks, stocks, and barrels of oil. Stock investors… Read More
(Adds that fire set on tracks in the evening) By Chris Helgren TYENDINAGA, Ontario, Feb 24 (Reuters) – Police on Monday made 10 arrests and cleared a rail blockade by an indigenous group in eastern Canada that had been stopping freight and passenger traffic for almost three weeks on one of the country’s busiest lines.… Read More
When Mario Draghi sat down for his scheduled press conference on April 4, 2012, it was a key moment and he knew it. The ECB had finished up the second of its “massive” LTRO auctions only weeks before. Draghi was still relatively new to the job, having taken over for Jean-Claude Trichet the prior November… Read More
Authored by Charles Hugh Smith via OfTwoMinds blog, The greater the excesses, speculative euphoria and moral hazard, the greater the reversal. A very convenient conviction is rising in the panicked financial netherworld that the Federal Reserve and its fellow dark lords will “save the market” from COVID-19 collapse. They won’t. I already explained why in The Fed… Read More
It’s another example of the difficulties in trying to evaluate and analyze non-economic factors. China’s virus outbreak is a nightmare for those unfortunately living through it, and Chinese officials aren’t doing themselves any favors. Trust is a sketchy enough concept. The WHO today says there is no pandemic, which, as Erik Townsend of MacroVoices points… Read More
In tonight’s video, Don takes a detailed look at today’s volatile trading session including a few different sectors, trade opportunities, and where we think the marketplace will be headed from here. Don talks about the percentage moves that happened today and how we need to stay mindful of how this effects the big picture. These… Read More
It will be a quick and simple one today. Obviously the Chinese virus situation worsened over the weekend. As Howard Marks so eloquently put it this morning on CNBC, “the market has gone from containment to contagion almost overnight.” As I wrote early last week, I had shifted to a short risk posture (TIME TO… Read More
“Ring-a-ring o’ roses / A pocket full of posies / A-tishoo! A-tishoo! / We all fall down.” Some folk attribute this old nursery rhyme to the plague in England of 1665. But it seems singularly appropriate for coronavirus or COVID-19, about which, as yet, we know little. Its origin is, allegedly, a mutation of a… Read More
This article was originally published on UPFINA. The post Just Follow The Fed Balance Sheet? appeared first on UPFINA – Pursuit of Truth in Finance & Economics. It’s easy to cherry pick time horizons, but that can negatively impact your decision-making. It’s human nature to get scared of a sharp rally and be more comfortable with… Read More
Back To Back Declines The stock market wasn’t heavily overbought heading into the recent back to back declines. But it was getting expensive as the S&P 500’s forward PE ratio was about 19. When stocks or a market are expensive, anything can take them lower. If the market starts to realize Bernie might win the… Read More
The coronavirus is just the latest in a long series of issues successfully brushed off as irrelevant because all that mattered was that stocks went up. By Wolf Richter for WOLF STREET. “Complacency” – brushing off big issues as irrelevant or nonexistent because they don’t fit into the buy-buy-buy scenario – has a way of serving up a… Read More
Below 50 Markit PMI! It was wrong in to predict that the Markit manufacturing PMI would beat estimates. This February flash reading had an across the board miss. It was correct that outside of the Boeing 737 Max delays and the coronavirus the manufacturing sector is doing well. The latter had a significant impact on… Read More
The greater the excesses, speculative euphoria and moral hazard, the greater the reversal. A very convenient conviction is rising in the panicked financial netherworld that the Federal Reserve and its fellow dark lords will “save the market” from COVID-19 collapse. They won’t. I already explained why in The Fed Has Created a Monster Bubble It Can No… Read More
[CNBC] Dow plunges nearly 1,000 points, gives up gain for the year [Reuters] Oil slumps 5% on demand concerns as coronavirus spreads [CNBC] Coronavirus live updates: WHO calls Iran and Italy cases ‘deeply concerning,’ Goldman cuts GDP forecast [Reuters] Coronavirus concerns spur odd market moves [Reuters] Sixth Italian dies from coronavirus in Europe’s worst flare-up [Bloomberg] Global Safety Rush Sends U.S.… Read More
(Reuters) – The blue-chip Dow Jones Industrial Average index briefly fell more than 1,000 points on Monday, as investors dumped riskier assets after a jump in coronavirus cases outside China fueled global growth worries. At 12:19 a.m. ET, the Dow was down 973.17 points, or 3.36%, at 28,019.24, the S&P 500 was down 108.87 points,… Read More