Business

Gold down on apparent U.S.-Iran tensions easing

Published

5 years ago

January 8, 2020

(Kitco News) – Gold and silver prices are lower and nearer their daily lows in midday U.S. futures trading Wednesday, after both metals spiked higher overnight following an Iranian missile strike near U.S. troops in Iraq. February gold futures hit a nearly seven-year high of $1,613.30 overnight, while silver scored a more-than-three-month high of $18.895. February gold futures were last down $12.70 an ounce at 1,561.70. March Comex silver prices were last down $0.168 at $18.225 an ounce.

Global markets that were open Tuesday evening U.S. time were rocked when Iran launched at least a dozen missiles at military bases in Iraq where U.S. troops were stationed. Iran immediately claimed responsibility for the attacks, which it called “hard revenge” for the U.S. killing of its leading military general last week. There were no U.S. casualties. President Trump tweeted “all is well” and said in a speech Wednesday that Iran is “standing down.” It appears Iran did not want to kill Americans which would then likely see a massive U.S. retaliation. Military analysts believe Iran’s missiles are accurate enough to have inflicted more loss of human life, if that’s what Iran’s leaders wanted.

As the gold market sold off amid Trump’s speech Wednesday, U.S. stock indexes rallied to session highs and the indexes are now back near their record highs and equity bulls again have upside momentum. Crude oil prices sold off on the U.S.-Iran stand-down and following a bearish weekly U.S. stockpiles report. Crude oil prices spiked to a nine-month high of $65.65, basis Nymex crude oil futures, overnight, but are presently trading sharply down, at around $60.00.

In other news Wednesday, the U.S. ADP national employment report for December came in stronger than expected, at up 220,000 jobs versus expectations for a rise of 150,000. The ADP report is a precursor to the more important jobs report from the Labor Department that is due out Friday morning.

Technically, February gold prices were nearer the session low at midday after spiking to a nearly seven-year high of $1,616.30 overnight. Today’s price action scored a big and bearish “outside day” down on the daily bar chart, including filling an upside price gap on the daily bar chart. Today’s price action produced a bearish buying “exhaustion tail,” whereby the bulls have run out of gas and which suggests a near-term market top is in place. The bulls do still have the firm overall near-term technical advantage amid a seven-week-old price uptrend in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,590.90. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,530.00. First resistance is seen at $1,575.00 and then at $1,580.00. First support is seen at today’s low of $1,553.90 and then at 1,550.00. Wyckoff’s Market Rating: 7.0

March silver futures prices were nearer the session low at midday today after spiking to a 3.5-month high overnight. Today’s price action hints that the bulls have run out of gas and are exhausted. The silver bulls still have the overall near-term technical advantage amid a four-week-old price uptrend in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.50. First resistance is seen at $18.55 and then at today’s high of $18.895. Next support is seen at $18.00 and then at last week’s low of $17.83. Wyckoff’s Market Rating: 6.5.

March N.Y. copper closed up 65 points at 279.95 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. However, a four-month-old uptrend on the daily bar chart is in jeopardy. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 290.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 270.00 cents. First resistance is seen at today’s high of 281.20 cents and 283.50 cents. First support is seen at last week’s low of 275.95 cents and then at 273.00 cents. Wyckoff’s Market Rating: 6.5.

Source link

Business

TC Energy cuts cost estimate for Southeast Gateway pipeline project in Mexico

Published

22 hours ago

November 7, 2024

Anne Joseph

CALGARY – TC Energy Corp. has lowered the estimated cost of its Southeast Gateway pipeline project in Mexico.

It says it now expects the project to cost between US$3.9 billion and US$4.1 billion compared with its original estimate of US$4.5 billion.

The change came as the company reported a third-quarter profit attributable to common shareholders of C$1.46 billion or $1.40 per share compared with a loss of C$197 million or 19 cents per share in the same quarter last year.

Revenue for the quarter ended Sept. 30 totalled C$4.08 billion, up from C$3.94 billion in the third quarter of 2023.

TC Energy says its comparable earnings for its latest quarter amounted to C$1.03 per share compared with C$1.00 per share a year earlier.

The average analyst estimate had been for a profit of 95 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:TRP)

Source link

Business

BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

Published

22 hours ago

November 7, 2024

Anne Joseph

BCE Inc. reported a loss in its latest quarter as it recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

The company says its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30 compared with a profit of $640 million or 70 cents per share a year earlier.

On an adjusted basis, BCE says it earned 75 cents per share in its latest quarter compared with an adjusted profit of 81 cents per share in the same quarter last year.

“Bell’s results for the third quarter demonstrate that we are disciplined in our pursuit of profitable growth in an intensely competitive environment,” BCE chief executive Mirko Bibic said in a statement.

“Our focus this quarter, and throughout 2024, has been to attract higher-margin subscribers and reduce costs to help offset short-term revenue impacts from sustained competitive pricing pressures, slow economic growth and a media advertising market that is in transition.”

Operating revenue for the quarter totalled $5.97 billion, down from $6.08 billion in its third quarter of 2023.

BCE also said it now expects its revenue for 2024 to fall about 1.5 per cent compared with earlier guidance for an increase of zero to four per cent.

The company says the change comes as it faces lower-than-anticipated wireless product revenue and sustained pressure on wireless prices.

BCE added 33,111 net postpaid mobile phone subscribers, down 76.8 per cent from the same period last year, which was the company’s second-best performance on the metric since 2010.

It says the drop was driven by higher customer churn — a measure of subscribers who cancelled their service — amid greater competitive activity and promotional offer intensity. BCE’s monthly churn rate for the category was 1.28 per cent, up from 1.1 per cent during its previous third quarter.

The company also saw 11.6 per cent fewer gross subscriber activations “due to more targeted promotional offers and mobile device discounting compared to last year.”

Bell’s wireless mobile phone average revenue per user was $58.26, down 3.4 per cent from $60.28 in the third quarter of the prior year.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:BCE)

Source link

Business

Canada Goose reports Q2 revenue down from year ago, trims full-year guidance

Published

22 hours ago

November 7, 2024

Anne Joseph

TORONTO – Canada Goose Holdings Inc. trimmed its financial guidance as it reported its second-quarter revenue fell compared with a year ago.

The luxury clothing company says revenue for the quarter ended Sept. 29 totalled $267.8 million, down from $281.1 million in the same quarter last year.

Net income attributable to shareholders amounted to $5.4 million or six cents per diluted share, up from $3.9 million or four cents per diluted share a year earlier.

On an adjusted basis, Canada Goose says it earned five cents per diluted share in its latest quarter compared with an adjusted profit of 16 cents per diluted share a year earlier.

In its outlook, Canada Goose says it now expects total revenue for its full financial year to show a low-single-digit percentage decrease to low-single-digit percentage increase compared with earlier guidance for a low-single-digit increase.

It also says it now expects its adjusted net income per diluted share to show a mid-single-digit percentage increase compared with earlier guidance for a percentage increase in the mid-teens.

This report by The Canadian Press was first published Nov. 7, 2024.

Companies in this story: (TSX:GOOS)

Source link