October 23, 2017, 06:31

Crude Oil Prices Settle Higher as Iraq's Oil Exports Slip

Investing.com – Crude oil prices settled higher on Monday as signs of tightening in U.S. drilling activity lifted sentiment while ongoing political tensions in the Iraq continued to disrupt crude supplies.

On the New York Mercantile Exchange crude futures for December delivery rose 6 cents to settle at $51.90 a barrel, while on London's Intercontinental Exchange, Brent lost 40 cents to trade at $57.35 a barrel.

Crude oil prices ended the session on the front foot as traders cheered news suggesting oil exports from Northern Iraq dropped sharply amid ongoing political unrest in Northern Iraq.

As of Sunday, oil exports from Iraq's Kurdistan via the Turkish Mediterranean port of Ceyhan continued to come under pressure, flowing at sharply reduced rates between 200,000 and 250,000 barrels per day, Reuters reported, citing two shipping sources.

The uptick in political tensions in Northern Iraq follows conflict between Iraqi and Kurdish forces last week, as Kurdish forces retreated from Northern parts of Iraq, ceding control of two major oilfields.

That added to positive sentiment on oil prices amid signs of a drop in U.S. drilling activity. Baker Hughes on Friday said the number of active U.S. oil rigs declined for a third straight week.

“Fundamentals continue to favor the bulls right now, as the relentless rise in U.S. production has finally stalled as OPEC optimism has risen, and demand outlooks have improved,” wrote Tom Essaye, editor of The Sevens Report, on Monday.

Analysts at Commerzbank, however, warned that drilling activity could pick up pace “in the coming months”, and expected prices of both Brent and Crude Oil to “correct" in the short term.

Expectations of an increase in output has failed, however, to weigh on sentiment as data showed traders increased their bullish bets on crude oil futures last week.

Net bullish bets on Crude Oil rose to 429,500, according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

October 23, 2017, 05:15

Nigeria stocks lower at close of trade; NSE 30 down 0.58%

Investing.com – Nigeria stocks were lower after the close on Monday, as losses in the Insurance, Banking and Food, Beverages&Tobacco sectors led shares lower.

At the close in Lagos, the NSE 30 lost 0.58%.

The best performers of the session on the NSE 30 were Uacn Prop (LAGOS:UACN), which rose 4.84% or 0.78 points to trade at 16.89 at the close. Meanwhile, Fidelitybk (LAGOS:FIDELIT) added 4.17% or 0.060 points to end at 1.500 and Access Bank (LAGOS:ACCESS) was up 3.16% or 0.30 points to 9.80 in late trade.

The worst performers of the session were Wapco (LAGOS:WAPCO), which fell 9.75% or 5.46 points to trade at 50.55 at the close. Diamond Bank (LAGOS:DIAMONB) declined 4.55% or 0.050 points to end at 1.050 and Total Nig (LAGOS:TOTAL) was down 4.49% or 11.00 points to 234.00.

Falling stocks outnumbered advancing ones on the Lagos by 42 to 27 and 22 ended unchanged.

Shares in Fidelitybk (LAGOS:FIDELIT) rose to 52-week highs; rising 4.17% or 0.060 to 1.500.

Crude oil for December delivery was up 0.08% or 0.04 to $51.88 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.57% or 0.33 to hit $57.42 a barrel, while the December Gold Futures contract rose 0.14% or 1.77 to trade at $1282.27 a troy ounce.

EUR/NGN was down 0.53% to 422.810, while USD/NGN rose 0.28% to 360.000.

The US Dollar Index Futures was up 0.21% at 93.77.

October 23, 2017, 05:05

Morocco stocks higher at close of trade; Moroccan All Shares up 0.11%

Investing.com – Morocco stocks were higher after the close on Monday, as gains in the Invest Companies&Other Finance, Real Estate and Insurance sectors led shares higher.

At the close in Casablanca, the Moroccan All Shares rose 0.11%.

The best performers of the session on the Moroccan All Shares were Eqdom (CS:EQDM), which rose 5.98% or 62 points to trade at 1098 at the close. Meanwhile, Stokvis Nord Afrique (CS:SNA) added 5.01% or 1.03 points to end at 21.60 and Stroc Industrie (CS:STR) was up 4.90% or 2.55 points to 54.60 in late trade.

The worst performers of the session were Zellidja S.A (CS:ZELI), which fell 5.98% or 11.95 points to trade at 188.05 at the close. Managem (CS:MNG) declined 2.46% or 41 points to end at 1628 and Fenie Brossette (CS:FBR) was down 1.99% or 3.10 points to 153.00.

Rising stocks outnumbered declining ones on the Casablanca Stock Exchange by 22 to 13 and 11 ended unchanged.

Crude oil for December delivery was up 0.06% or 0.03 to $51.87 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.61% or 0.35 to hit $57.40 a barrel, while the December Gold Futures contract rose 0.19% or 2.38 to trade at $1282.88 a troy ounce.

EUR/MAD was down 0.11% to 11.0960, while USD/MAD rose 0.10% to 9.4406.

The US Dollar Index Futures was up 0.19% at 93.75.

October 23, 2017, 04:45

Portugal stocks lower at close of trade; PSI 20 down 0.29%

Investing.com – Portugal stocks were lower after the close on Monday, as losses in the Financials, Telecoms and Consumer Services sectors led shares lower.

At the close in Lisbon, the PSI 20 fell 0.29%.

The best performers of the session on the PSI 20 were Mota Engil (LS:MOTA), which rose 1.09% or 0.0360 points to trade at 3.3360 at the close. Meanwhile, EDP Renovaveis (LS:EDPR) added 0.81% or 0.0570 points to end at 7.0600 and Ibersol SGPS (LS:IBS) was up 0.71% or 0.085 points to 12.080 in late trade.

The worst performers of the session were Banco Comercial Portugues (LS:BCP), which fell 1.62% or 0.0042 points to trade at 0.2550 at the close. Galp Energia Nom (LS:GALP) declined 1.14% or 0.1800 points to end at 15.5600 and Nos SGPS SA (LS:NOS) was down 0.74% or 0.0390 points to 5.2240.

Falling stocks outnumbered advancing ones on the Lisbon Stock Exchange by 20 to 12 and 7 ended unchanged.

Brent oil for December delivery was down 0.29% or 0.17 to $57.58 a barrel. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.35% or 0.18 to hit $52.02 a barrel, while the December Gold Futures contract rose 0.20% or 2.51 to trade at $1283.01 a troy ounce.

EUR/USD was down 0.26% to 1.1753, while EUR/GBP fell 0.30% to 0.8905.

The US Dollar Index Futures was up 0.17% at 93.73.

October 23, 2017, 04:35

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.08%

Investing.com – Denmark stocks were higher after the close on Monday, as gains in the Software&Computer Services, Technology and Personal&Household Goods sectors led shares higher.

At the close in Copenhagen, the OMX Copenhagen 20 rose 0.08%.

The best performers of the session on the OMX Copenhagen 20 were Lundbeck A/S (CO:LUN), which rose 2.10% or 8.0 points to trade at 389.0 at the close. Meanwhile, FLSmidth&Co. (CO:FLS) added 1.61% or 6.8 points to end at 428.9 and DSV (CO:DSV) was up 1.32% or 6.0 points to 461.3 in late trade.

The worst performers of the session were Nordea Bank AB (CO:NDA), which fell 1.53% or 1.30 points to trade at 83.90 at the close. AP Moeller - Maersk A/S B (CO:MAERSKb) declined 0.68% or 80 points to end at 11680 and Chr. Hansen Holding A/S (CO:CHRH) was down 0.64% or 3.5 points to 541.0.

Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 69 to 56 and 13 ended unchanged.

Crude oil for December delivery was up 0.08% or 0.04 to $51.88 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.52% or 0.30 to hit $57.45 a barrel, while the December Gold Futures contract rose 0.21% or 2.69 to trade at $1283.19 a troy ounce.

USD/DKK was up 0.26% to 6.3325, while EUR/DKK rose 0.00% to 7.4437.

The US Dollar Index Futures was up 0.16% at 93.72.

October 23, 2017, 04:35

France stocks higher at close of trade; CAC 40 up 0.27%

Investing.com – France stocks were higher after the close on Monday, as gains in the Utilities, Technology and Basic Materials sectors led shares higher.

At the close in Paris, the CAC 40 rose 0.27% to hit a new 3-months high, while the SBF 120 index gained 0.19%.

The best performers of the session on the CAC 40 were STMicroelectronics (PA:STM), which rose 4.33% or 0.730 points to trade at 17.605 at the close. Meanwhile, Engie SA (PA:ENGIE) added 2.09% or 0.30 points to end at 14.62 and ArcelorMittal SA (AS:MT) was up 2.01% or 0.505 points to 25.680 in late trade.

The worst performers of the session were Vivendi SA (PA:VIV), which fell 1.61% or 0.34 points to trade at 20.48 at the close. Vinci SA (PA:SGEF) declined 0.76% or 0.62 points to end at 80.46 and Societe Generale (PA:SOGN) was down 0.75% or 0.36 points to 48.26.

The top performers on the SBF 120 were STMicroelectronics (PA:STM) which rose 4.33% to 17.605, Maisons du Monde SAS (PA:MDM) which was up 3.13% to settle at 37.900 and Engie SA (PA:ENGIE) which gained 2.09% to close at 14.62.

The worst performers were DBV Technologies (PA:DBV) which was down 45.45% to 44.760 in late trade, Genfit (PA:GNFT) which lost 3.69% to settle at 21.170 and Innate Pharma (PA:IPH) which was down 2.38% to 9.840 at the close.

Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 353 to 257 and 84 ended unchanged.

Shares in STMicroelectronics (PA:STM) rose to 5-year highs; up 4.33% or 0.730 to 17.605. Shares in STMicroelectronics (PA:STM) rose to 5-year highs; up 4.33% or 0.730 to 17.605. Shares in DBV Technologies (PA:DBV) fell to 52-week lows; falling 45.45% or 37.290 to 44.760. Shares in Innate Pharma (PA:IPH) fell to 52-week lows; falling 2.38% or 0.240 to 9.840.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 1.32% to 11.98.

Gold Futures for December delivery was up 0.20% or 2.60 to $1283.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.08% or 0.04 to hit $51.88 a barrel, while the December Brent oil contract fell 0.48% or 0.28 to trade at $57.47 a barrel.

EUR/USD was down 0.25% to 1.1755, while EUR/GBP fell 0.28% to 0.8907.

The US Dollar Index Futures was up 0.16% at 93.72.

October 23, 2017, 04:30

Finland stocks higher at close of trade; OMX Helsinki 25 up 0.82%

Investing.com – Finland stocks were higher after the close on Monday, as gains in the Basic Materials, Utilities and Oil&Gas sectors led shares higher.

At the close in Helsinki, the OMX Helsinki 25 gained 0.82% to hit a new 3-months high.

The best performers of the session on the OMX Helsinki 25 were Stora Enso Oyj R (HE:STERV), which rose 2.62% or 0.330 points to trade at 12.910 at the close. Meanwhile, Tieto Oyj (HE:TIE1V) added 2.53% or 0.68 points to end at 27.54 and UPM-Kymmene Oyj (HE:UPM) was up 2.13% or 0.52 points to 24.99 in late trade.

The worst performers of the session were Telia Company AB (HE:TELIA1), which fell 3.94% or 0.160 points to trade at 3.900 at the close. Metso Oyj (HE:METSO) declined 1.61% or 0.50 points to end at 30.61 and Nordea Bank AB FDR (HE:NDA1V) was down 1.49% or 0.170 points to 11.270.

Rising stocks outnumbered declining ones on the Helsinki Stock Exchange by 76 to 68 and 14 ended unchanged.

Shares in Stora Enso Oyj R (HE:STERV) rose to 5-year highs; rising 2.62% or 0.330 to 12.910.

Brent oil for December delivery was down 0.52% or 0.30 to $57.45 a barrel. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.06% or 0.03 to hit $51.87 a barrel, while the December Gold Futures contract rose 0.21% or 2.63 to trade at $1283.13 a troy ounce.

EUR/USD was down 0.25% to 1.1755, while EUR/GBP fell 0.28% to 0.8907.

The US Dollar Index Futures was up 0.16% at 93.72.

October 23, 2017, 04:35

Netherlands stocks higher at close of trade; AEX up 0.24%

Investing.com – Netherlands stocks were higher after the close on Monday, as gains in the Technology, Healthcare and Basic Materials sectors led shares higher.

At the close in Amsterdam, the AEX rose 0.24%.

The best performers of the session on the AEX were ASML Holding NV (AS:ASML), which rose 2.22% or 3.30 points to trade at 151.80 at the close. Meanwhile, ArcelorMittal SA (AS:MT) added 2.01% or 0.505 points to end at 25.680 and Koninklijke KPN NV (AS:KPN) was up 1.82% or 0.054 points to 3.015 in late trade.

The worst performers of the session were Koninklijke Boskalis Westminster NV (AS:BOSN), which fell 2.32% or 0.72 points to trade at 30.17 at the close. ABN AMRO Group NV (AS:ABNd) declined 1.24% or 0.33 points to end at 26.34 and Gemalto (AS:GTO) was down 1.17% or 0.38 points to 32.24.

Rising stocks outnumbered declining ones on the Amsterdam Stock Exchange by 64 to 61 and 9 ended unchanged.

Shares in ASML Holding NV (AS:ASML) rose to all time highs; gaining 2.22% or 3.30 to 151.80.

The AEX Volatility, which measures the implied volatility of AEX options, was up 3.03% to 10.85.

Crude oil for December delivery was up 0.06% or 0.03 to $51.87 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.52% or 0.30 to hit $57.45 a barrel, while the December Gold Futures contract rose 0.20% or 2.55 to trade at $1283.05 a troy ounce.

EUR/USD was down 0.25% to 1.1755, while EUR/GBP fell 0.28% to 0.8907.

The US Dollar Index Futures was up 0.16% at 93.72.

October 23, 2017, 04:20

Belgium stocks higher at close of trade; BEL 20 up 0.17%

Investing.com – Belgium stocks were higher after the close on Monday, as gains in the Utilities, Technology and Basic Materials sectors led shares higher.

At the close in Brussels, the BEL 20 added 0.17% to hit a new 5-year high.

The best performers of the session on the BEL 20 were Engie SA (PA:ENGIE), which rose 2.09% or 0.30 points to trade at 14.62 at the close. Meanwhile, NV Bekaert SA (BR:BEKB) added 1.11% or 0.45 points to end at 40.53 and Solvay SA (BR:SOLB) was up 0.40% or 0.50 points to 125.40 in late trade.

The worst performers of the session were Ontex Group (BR:ONTEX), which fell 3.14% or 0.94 points to trade at 29.12 at the close. Telenet Group (BR:TNET) declined 0.73% or 0.43 points to end at 58.17 and ING Groep NV (AS:INGA) was down 0.60% or 0.095 points to 15.755.

Falling stocks outnumbered advancing ones on the Brussels Stock Exchange by 71 to 40 and 8 ended unchanged.

Gold Futures for December delivery was up 0.21% or 2.69 to $1283.19 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 0.08% or 0.04 to hit $51.80 a barrel, while the December Brent oil contract fell 0.69% or 0.40 to trade at $57.35 a barrel.

EUR/USD was down 0.23% to 1.1757, while EUR/GBP fell 0.27% to 0.8908.

The US Dollar Index Futures was up 0.16% at 93.72.

October 23, 2017, 04:10

Poland stocks higher at close of trade; WIG30 up 0.18%

Investing.com – Poland stocks were higher after the close on Monday, as gains in the Oil&Gas, Information Technology and Food sectors led shares higher.

At the close in Warsaw, the WIG30 rose 0.18%.

The best performers of the session on the WIG30 were LPP SA (WA:LPPP), which rose 4.20% or 322.45 points to trade at 7992.45 at the close. Meanwhile, Kernel Holding SA (WA:KER) added 2.71% or 1.31 points to end at 49.60 and Asseco Poland SA (WA:ACPP) was up 2.56% or 1.16 points to 46.50 in late trade.

The worst performers of the session were Globe Trade Centre SA (WA:GTCP), which fell 3.74% or 0.35 points to trade at 9.02 at the close. Kruk SA (WA:KRU) declined 3.15% or 8.50 points to end at 261.50 and Grupa Azoty SA (WA:ATTP) was down 3.09% or 2.31 points to 72.43.

Falling stocks outnumbered advancing ones on the Warsaw Stock Exchange by 306 to 196 and 177 ended unchanged.

Crude oil for December delivery was down 0.06% or 0.03 to $51.81 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.61% or 0.35 to hit $57.40 a barrel, while the December Gold Futures contract rose 0.12% or 1.52 to trade at $1282.02 a troy ounce.

EUR/PLN was down 0.30% to 4.2226, while USD/PLN fell 0.08% to 3.5909.

The US Dollar Index Futures was up 0.14% at 93.70.

October 23, 2017, 04:05

Turkey stocks lower at close of trade; BIST 100 down 1.09%

Investing.com – Turkey stocks were lower after the close on Monday, as losses in the Banking, Financials and Metal Products&Machinery sectors led shares lower.

At the close in Istanbul, the BIST 100 fell 1.09%.

The best performers of the session on the BIST 100 were Banvit Bandirma Vitaminli Yem Sanayi AS (IS:BANVT), which rose 4.43% or 1.060 points to trade at 25.000 at the close. Meanwhile, Yatas Yatak ve Yorgan Sanayi Ticaret AS (IS:YATAS) added 4.41% or 0.940 points to end at 22.260 and Aselsan Elektronik Sanayi ve Ticaret AS (IS:ASELS) was up 3.97% or 1.18 points to 30.94 in late trade.

The worst performers of the session were Arcelik AS (IS:ARCLK), which fell 6.68% or 1.56 points to trade at 21.80 at the close. Galatasaray Sportif Sinai ve Ticari Yatirimlar AS (IS:GSRAY) declined 4.89% or 0.43 points to end at 8.37 and Global Yatirim Holding AS (IS:GLYHO) was down 4.31% or 0.150 points to 3.330.

Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 238 to 128 and 38 ended unchanged.

Shares in Yatas Yatak ve Yorgan Sanayi Ticaret AS (IS:YATAS) rose to all time highs; rising 4.41% or 0.940 to 22.260. Shares in Aselsan Elektronik Sanayi ve Ticaret AS (IS:ASELS) rose to all time highs; rising 3.97% or 1.18 to 30.94.

Gold Futures for December delivery was up 0.10% or 1.25 to $1281.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.06% or 0.03 to hit $51.87 a barrel, while the December Brent oil contract fell 0.47% or 0.27 to trade at $57.48 a barrel.

USD/TRY was up 1.11% to 3.7114, while EUR/TRY rose 0.90% to 4.3663.

The US Dollar Index Futures was up 0.13% at 93.69.

October 23, 2017, 03:15

Greece stocks lower at close of trade; Athens General Composite down 1.96%

Investing.com – Greece stocks were lower after the close on Monday, as losses in the Banking, Utilities and Basic Resources sectors led shares lower.

At the close in Athens, the Athens General Composite declined 1.96% to hit a new 3-months low.

The best performers of the session on the Athens General Composite were Revoil Petrol (AT:REVr), which rose 9.55% or 0.042 points to trade at 0.482 at the close. Meanwhile, AS Company SA (AT:ASCr) added 3.25% or 0.050 points to end at 1.600 and Elton S.A. (AT:ELNr) was up 0.75% or 0.010 points to 1.340 in late trade.

The worst performers of the session were Eurobank Ergasias SA (AT:EURBr), which fell 5.80% or 0.040 points to trade at 0.650 at the close. Attica Bank SA (AT:BOAr) declined 5.45% or 0.003 points to end at 0.052 and Alpha Bank SA (AT:ACBr) was down 5.36% or 0.090 points to 1.590.

Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 85 to 20 and 10 ended unchanged.

Shares in AS Company SA (AT:ASCr) rose to 5-year highs; up 3.25% or 0.050 to 1.600.

Gold Futures for December delivery was down 0.33% or 4.23 to $1276.27 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.35% or 0.18 to hit $52.02 a barrel, while the December Brent oil contract fell 0.09% or 0.05 to trade at $57.70 a barrel.

EUR/USD was down 0.31% to 1.1748, while EUR/GBP fell 0.24% to 0.8911.

The US Dollar Index Futures was up 0.22% at 93.78.

October 23, 2017, 02:47

Stocks- Wall Street Opens at Record High As Earnings Pick Up

Investing.com – Wall Street opened higher on Monday morning amid a flurry of earnings results as global stocks continue to rally.

The S&P 500 rose just over half a point or 0.03% as of 10:45 AM ET (3:45 PM GMT) while the Dow composite jumped 31 points or 0.14% . Tech heavy NASDAQ Composite was down 12 points or 0.18% after hitting a record high of 6,633.65 just before the morning bell.

Climate control solution provider Lennox International Inc (NYSE:LII) was among the top movers after the morning bell, increasing 6.71% after its financial results beat analyst expectations. Technology firm Seagate Technology (NASDAQ:STX) jumped 9.07% after it released its third-quarter results while telecommunications firm T-Mobile US Inc (NASDAQ:TMUS) rose 1.82% after it reported gaining 1.3 million new customers in the third quarter.

Meanwhile financial institution State Street Corporation (NYSE:STT) fell 3.35% despite its third quarter profits rising 24%. Other low-performing stocks included conglomerate General Electric (NYSE:GE), which slumped 4.53% as investors continue to shy away after its earnings release on Friday was lower than expected. Toy company Hasbro (NASDAQ:HAS) was down 8.16% after it warned that the bankruptcy of its largest customer, Toys R Us, will hurt holiday sales.

In other news, Prime Minister Shinzo Abe won Japan’s election by a landslide, causing Japanese stocks to hit their highest level since 1996. Meanwhile in Spain, Catalonia leaders have refused to take orders from Madrid if the central government asserts control over the region.

Stocks in Europe increased despite the political turmoil. In Germany the DAX rose 20 points or 0.16% while France’s CAC 40 increased 25 points or 0.47% and in London the FTSE 100 inched forward four points or 0.05% while the pan-European Euro Stoxx jumped 11 points or 0.31%. Spain’s IBEX 35 dragged down 42 points or 0.42%.

In commodities, gold futures fell 0.39% to $1,275.48 a troy ounce while crude oil futures rose 0.37% to $52.03 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, increased 0.18% to 93.74.

October 23, 2017, 02:40

Tesla’s Production Delays…Again

Investing.com - Several weeks ago, Tesla (NASDAQ:TSLA) CEO Elon Musk said that the Model 3 sedan was “deep in production hell.” That clearly seems to be the case.
Tesla has more than 400,000 orders for the Model 3 sedan, but so far, only 220 cars have been delivered, a far cry from the 1,500 Model 3 vehicles Tesla said they would deliver in the third quarter. As a result, JP Morgan slashed their delivery forecast on Friday for Tesla Model 3’s in the next quarter by 50%, from 30,000 to 15,000 vehicles.
Interestingly, just as Tesla would want to ramp up production, they reportedly fired hundreds of workers. Many of the jobs were in sales and administration, but the layoffs also hit the factory floor.
Tesla’s Model 3 was hailed as the first mass-market electric vehicle. But big manufacturing delays would take away the company’s first-to-market advantage. There are also concerns that the production bottleneck could be tied to Tesla underestimating production costs.
Such sentiments were echoed by Ryan Brinkman, an automotive equity research analyst at JP Morgan, who wrote in a note to clients that “if the vehicle proves structurally more expensive to manufacture…Tesla may need to increase the price of the vehicle to consumers, with negative implications for demand.”
It’s probably too early to panic, but keep a close eye on Tesla when they report Q3 earnings on November 1st.

October 23, 2017, 12:50

Natural Gas Futures Rally to Start the Week

Investing.com - U.S. natural gas futures started the week on an upbeat note on Monday, as traders reacted to forecasts showing a return to colder weather after a warm spell in the eastern U.S.

Cooler temperatures will return during the second half of this week across the east-central U.S. through the weekend after trending warmer last week.

Looking further ahead, weather systems with cooler than normal temperatures will linger across the northern and eastern U.S. through the first week of November.

Bullish speculators are betting that the cold weather will increase early-winter demand for the heating fuel.

U.S. natural gas futures jumped 8.3 cents, or around 2.9%, to $2.998 per million British thermal units by 8:50AM ET (1250GMT).

Futures lost about 2.8% last week as a bearish weather outlook led to a dip in heating demand.

Gas futures often reach a seasonal low in October, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks.

The heating season from November through March is the peak demand period for U.S. gas consumption.

Market participants looked ahead to this week's storage data due on Thursday, which is expected to show a build in a range between 62 and 72 billion cubic feet (bcf) in the week ended October 20.

That compares with a gain of 51 bcf in the preceding week, a build of 73 bcf a year earlier and a five-year average rise of 75 bcf.

Total natural gas in storage currently stands at 3.646 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 179 bcf, or around 4.9%, lower than levels at this time a year ago and 35 bcf, or roughly 1%, below the five-year average for this time of year.

Analysts estimated the amount of gas in storage would end the April-October injection season at 3.8 tcf due primarily to higher liquefied natural gas shipments abroad. That would fall short of the year-earlier record of 4.0 tcf and the five-year average of 3.9 tcf.

October 23, 2017, 12:33

Canadian Wholesale Sales Edge Forward

Investing.com - Canadian wholesale sales inched forward in August, official data showed on Monday.

In a report, Statistics Canada said that Canadian wholesale sales increased to a seasonally adjusted 0.5%, from 1.7% in the preceding month whose figure was revised up from 1.5%.

Analysts had expected Canadian wholesale sales, a leading indicator of consumer spending, to rise 0.6%.

After the report, USD/CAD was trading flat at 1.2643.

October 23, 2017, 11:40

Crude Oil Prices Gain Further Ground on Kurdistan Tension, Drop in U.S. Production

Investing.com – Oil prices extended last week’s gains on Monday as traders in Wall Street returned to their desks and traders priced in bullish factors such as ongoing tensions in Iraq and another downturn in U.S. shale production.

The U.S. West Texas Intermediate crude December contract gained 28 cents, or 0.54%, to $52.12 a barrel by 7:36AM ET (11:36GMT).

Elsewhere, Brent oil for December delivery on the ICE Futures Exchange in London rose 7 cents, or 0.12%, to $57.82 a barrel.

Political tensions in the Kurdistan region continued to disrupt crude supplies with oil exports from Iraq's Kurdistan towards the Turkish port of Ceyhan reportedly flowing at average rates of between 200,000 and 250,000 barrels per day (bpd) versus the usual flows of 600,000 bpd.

The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces.

Meanwhile, in the U.S., investors mulled over data showing oil drilling activity fell for a third week in a row, extending a two-month drilling decline.

Oilfield services firm Baker Hughes said late Friday that its weekly count of oil rigs operating in the U.S. fell by seven to 736, the lowest level since June.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

In a speech last Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades.

The original deal, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, was to cut production by 1.8 million barrels a day for six months. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Analysts have warned that OPEC needs to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to rebalance the market.

The cartel's next meeting is set for November 30 in Vienna.

Russian President Vladimir Putin said in Moscow earlier this month that November was too early to make a decision, but, at the same time, added that he doesn't rule out an extension to the end of 2018.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Elsewhere on NYMEX, gasoline futures for November delivery advanced 0.12% at $1.6862 a gallon by 7:39AM ET (11:39GMT), while November heating oil gained 0.39% to $1.8122 a gallon.

Natural gas futures for November delivery traded up 2.30% to $2.982 per million British thermal units.

October 23, 2017, 11:15

United Arab Emirates stocks mixed at close of trade; DFM General down 0.70%

Investing.com – United Arab Emirates stocks were mixed after the close on Monday, as gains in the Transport, Consumer Staples and Insurance sectors led shares higher while losses in the Real Estate&Construction, Finance&Investment and Telecoms sectors led shares lower.

At the close in Dubai, the DFM General fell 0.70%, while the ADX General index gained 0.01%.

The best performers of the session on the DFM General were Takaful Emarat PSC (DU:TKFE), which rose 4.21% or 0.080 points to trade at 1.980 at the close. Meanwhile, Marka Pjse (DU:MARKA) added 2.94% or 0.02 points to end at 0.70 and Drake&Scull International PJSC (DU:DSI) was up 2.49% or 0.050 points to 2.060 in late trade.

The worst performers of the session were Emaar Properties PJSC (DU:EMAR), which fell 2.33% or 0.200 points to trade at 8.370 at the close. Deyaar Development PJSC (DU:DEYR) declined 2.26% or 0.012 points to end at 0.520 and Union Properties PJSC (DU:UPRO) was down 1.96% or 0.018 points to 0.901.

The top performers on the ADX General were Rak Ceramics (AD:RKCE) which rose 4.15% to 2.510, Al Khazna Ins (AD:AKIC) which was up 3.33% to settle at 0.310 and International Holding Company PJSC (AD:IHC) which gained 2.10% to close at 1.46.

The worst performers were Al Khaleej Investment Co PJSC (AD:KICO) which was down 9.92% to 3.45 in late trade, Ad Shipbldg Co (AD:ADSB) which lost 9.78% to settle at 2.030 and Abd Nat Takafu (AD:TKFL) which was down 9.18% to 4.55 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 21 to 13 and 6 ended unchanged; on the Abu Dhabi, 18 fell and 6 advanced, while 9 ended unchanged.

Shares in Ad Shipbldg Co (AD:ADSB) fell to 52-week lows; losing 9.78% or 0.220 to 2.030.

Crude oil for December delivery was up 0.48% or 0.25 to $52.09 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.02% or 0.01 to hit $57.76 a barrel, while the December Gold Futures contract fell 0.23% or 2.89 to trade at $1277.61 a troy ounce.

USD/AED was up 0.01% to 3.6731, while EUR/AED fell 0.30% to 4.3136.

The US Dollar Index Futures was up 0.28% at 93.83.

October 23, 2017, 10:46

Stocks- Wall Street Looks to Higher Open Ahead of Earnings

Investing.com – U.S. futures edged forward on Monday as investors look ahead to another batch of earnings.

The S&P 500 futures rose just over two points or 0.09% as of 6:47 AM ET (11:47 AM GMT) while Dow futures jumped 25 points or 0.11% Tech heavy Nasdaq 100 futures increased 12 points or 0.20%.

Luxury car maker Tesla (NASDAQ:TSLA) was among the biggest gainers in pre-market trading, increasing 1.83% after news that it had received permission from the Chinese government to open a factory in Shanghai. Other top movers included biotechnology firm Agenus Inc (NASDAQ:AGEN), which surged 16.62% and Chinese social media platform Renren Inc (NYSE:RENN), which rose 6.58%.

Meanwhile car company Fiat Chrysler Automobiles NV (NYSE:FCAU) slumped 1.67% and Deutsche Bank AG (DE:DBKGn) NA O.N. (NYSE:DB) fell 1.24% amid reports that workers at the retail arm of the bank, Postbank, could go on strike amid wage disputes. Conglomerate General Electric (NYSE:GE) also fell 0.46% in trading before the opening bell.

Investors will be watching another round of major earnings, with oil firm Halliburton (NYSE:HAL), manufacturing firm Arconic Inc (NYSE:ARNC), toy company Hasbro (NASDAQ:HAS), paper firm Kimberly-Clark (NYSE:KMB), technology company Seagate Technology (NASDAQ:STX) and financial firm State Street Corporation (NYSE:STT) all expected to release their financial results on Monday, among others.

In economic news, the Chicago Fed's National Activity Index for September is set to come out at 8:30 AM ET (1:30 PM ET).

European stocks increased slightly amid continuing Spanish political uncertainty. The central government has moved to impose direct rule over the Catalonia region, sparking concern over Spain’s future. Spain’s IBEX 35 fell 29 points or 0.31% and Germany’s DAX jumped 59 points or 0.45% while in France the CAC 40 was up 29 points or 0.54%. In London, the FTSE 100 increased 11 points or 0.15% Meanwhile the pan-European Euro Stoxx 50 rallied 18 points or 0.51%.

In commodities, gold futures fell 0.30% to $1,246.72 a troy ounce while crude oil futures decreased 0.14% to $51.91 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, jumped 0.29% to 93.84.

October 23, 2017, 10:45

India stocks higher at close of trade; Nifty 50 up 0.38%

Investing.com – India stocks were higher after the close on Monday, as gains in the Technology, Real Estate and IT sectors led shares higher.

At the close in NSE, the Nifty 50 gained 0.38%, while the BSE Sensex 30 index gained 0.36%.

The best performers of the session on the Nifty 50 were Bharti Airtel Ltd. (NS:BRTI), which rose 4.98% or 23.60 points to trade at 497.35 at the close. Meanwhile, UltraTech Cement Ltd (NS:ULTC) added 4.23% or 170.70 points to end at 4205.05 and Reliance Industries Ltd (NS:RELI) was up 3.32% or 30.20 points to 940.10 in late trade.

The worst performers of the session were Cipla Ltd. (NS:CIPL), which fell 2.45% or 14.90 points to trade at 592.90 at the close. Bharti Infratel Ltd (NS:BHRI) declined 2.44% or 11.25 points to end at 449.00 and AXIS Bank Ltd (NS:AXBK) was down 2.25% or 10.35 points to 449.95.

The top performers on the BSE Sensex 30 were Bharti Airtel Ltd (BO:BRTI) which rose 4.99% to 497.50, Reliance Industries Ltd (BO:RELI) which was up 3.05% to settle at 938.10 and ICICI Bank Ltd (BO:ICBK) which gained 1.82% to close at 262.55.

The worst performers were Cipla Ltd. (BO:CIPL) which was down 2.38% to 593.70 in late trade, AXIS Bank Ltd. (BO:AXBK) which lost 2.27% to settle at 449.90 and Housing Development Finance Corporation Ltd (BO:HDFC) which was down 1.52% to 1720.90 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 822 to 763 and 13 ended unchanged; on the Bombay Stock Exchange, 1383 fell and 1253 advanced, while 115 ended unchanged.

Shares in Bharti Airtel Ltd. (NS:BRTI) rose to 5-year highs; gaining 4.98% or 23.60 to 497.35. Shares in Reliance Industries Ltd (NS:RELI) rose to all time highs; gaining 3.32% or 30.20 to 940.10. Shares in Bharti Airtel Ltd (BO:BRTI) rose to 5-year highs; gaining 4.99% or 23.65 to 497.50.

The India VIX, which measures the implied volatility of Nifty 50 options, was down 0.56% to 12.3250.

Gold Futures for December delivery was down 0.27% or 3.50 to $1277.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.08% or 0.04 to hit $51.88 a barrel, while the December Brent oil contract fell 0.21% or 0.12 to trade at $57.63 a barrel.

USD/INR was down 0.18% to 65.000, while EUR/INR fell 0.33% to 76.3598.

The US Dollar Index Futures was up 0.29% at 93.84.

October 23, 2017, 10:15

Indonesia stocks higher at close of trade; IDX Composite Index up 0.35%

Investing.com – Indonesia stocks were higher after the close on Monday, as gains in the Mining, Basic Industry and Manufacturing sectors led shares higher.

At the close in Jakarta, the IDX Composite Index gained 0.35%.

The best performers of the session on the IDX Composite Index were Energi Mega Persada Tbk (JK:ENRG), which rose 34.21% or 26 points to trade at 102 at the close. Meanwhile, Kapuas Prima Coal Tbk PT (JK:ZINC) added 24.35% or 140 points to end at 715 and Rimo International Lestari Tbk PT (JK:RIMO) was up 23.99% or 119.000 points to 615.000 in late trade.

The worst performers of the session were Malacca Trust Wuwungan Insurance PT (JK:MTWI), which fell 24.82% or 170 points to trade at 515 at the close. Hotel Mandarine Regency Tbk PT (JK:HOME) declined 20.56% or 44 points to end at 170 and Panasia Indo Resources Tbk (JK:HDTX) was down 20.00% or 78 points to 312.

Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 183 to 155 and 126 ended unchanged.

Shares in Kapuas Prima Coal Tbk PT (JK:ZINC) rose to all time highs; rising 24.35% or 140 to 715. Shares in Hotel Mandarine Regency Tbk PT (JK:HOME) fell to 3-years lows; falling 20.56% or 44 to 170. Shares in Rimo International Lestari Tbk PT (JK:RIMO) rose to all time highs; up 23.99% or 119.000 to 615.000. Shares in Panasia Indo Resources Tbk (JK:HDTX) fell to 3-years lows; losing 20.00% or 78 to 312.

Crude oil for December delivery was up 0.06% or 0.03 to $51.87 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.23% or 0.13 to hit $57.62 a barrel, while the December Gold Futures contract fell 0.28% or 3.54 to trade at $1276.96 a troy ounce.

USD/IDR was up 0.11% to 13538.5, while AUD/IDR rose 939.37% to 10614.00.

The US Dollar Index Futures was up 0.29% at 93.84.

October 23, 2017, 09:24

Stocks- IBEX 35 Down Amid Continuing Spanish Turmoil

Investing.com – European stocks edged forward on Monday, as Spain continued to take a hit from the ongoing political turmoil between the governments of Madrid and Catalonia.

Spain’s IBEX 35 fell 0.32% as of 4:44 AM ET (9:44 AM GMT) as the central government moves to removed Catalonia autonomy. The triggering of Article 155, a constitutional provision that allows the government to take direct control of a region if it is in breach of the law, came soon after Catalonia leader Carles Puigdemont suspended a declaration of independence and asked for talks with Madrid.

Bank stocks were among the hardest hit in Spain, with BBVA (MC:BBVA) down 1.26%, B. Sabadell (MC:SABE) falling 1.17%, Santander (MC:SAN) inching down 0.61% and Caixabank SA (MC:CABK) decreasing 0.91%.

Meanwhile mining firm ArcelorMittal SA (MC:MTS)increased 1.35% after UBS set a €30.00 price target on the company’s shares. IT firms Indra Sistemas SA (OTC:ISMAY) and Amadeus IT (MC:AMA) both jumped, rising 1.29% and 0.71%, respectively.

In Germany, the DAX was up 0.35%, with car dealer Volkswagen (DE:VOWG_p) rising 1.07%. Chemical firm Linde AG O.N. (DE:LING) surged 1.67% while automation company Siemens AG Class N (DE:SIEGn) jumped 1.02%.

Among the worst performers were banks Deutsche Bank AG NA O.N. (DE:DBKGn), which decreased 0.80% as workers at the retail arm of the bank, Postbank, threatened to go on strike amid wage disputes. Commerzbank (DE:CBKG) dipped 0.13% while media firm Prosiebensat 1 Media AG (DE:PSMGn) was down 0.84%.

In London the FTSE 100 inched forward 0.10% with engineering firm GKN (LON:GKN) jumping 3.20% and communication services company BT Group (LON:BT) increasing 1.18%.

Financial firm Provident Financial (LON:PFG) fell 2.25%. Meanwhile HSBC Holdings PLC (LON:HSBA) was down 0.71% and Standard Chartered (LON:STAN) decreased 1.23% as the two are being investigated by UK regulators that the two firms may have facilitated money laundering due to ties with the powerful South African Gupta family.

Meanwhile on the London Stock Exchange, car dealer Pendragon Plc (LON:PDG) slumped 16.38% after it issued a profit warning amid waning consumer confidence in the UK.

In France the CAC 40 was up 0.36% with oil and gas firm TechnipFMC PLC (PA:FTI) rising 1.34% and luxury designer LVMH Moet Hennessy Louis Vuitton SE (PA:LVMH) increasing 0.97%. Among the hardest hit was retailer Carrefour (PA:CARR), which fell 0.81%.

The pan-European Euro Stoxx 50 rose 0.31% while in commodities, gold futures fell to $1,277.11 a troy ounce while crude oil futures were up to $51.97 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was at 93.77.

October 23, 2017, 08:38

Economic Calendar: Top Things to Watch This Week

Investing.com - The ECB is expected to update markets on the future of its stimulus program at its upcoming meeting on Thursday
An advance reading of US Q3 growth on Friday is expected to show that the economy grew 2.6% down from 3.1% in Q2.
Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Intel (NASDAQ:INTC) are to report earnings this week, along with Boeing (NYSE:BA), Ford, Chipotle and McDonald’s among others.
Preliminary data on UK Q3 GDP will be closely watched as the BoE prepares to hike rates for the first time in almost a decade.
The BoC is expected to make no changes at its policy meeting on Wednesday, but could leave the door open for December.

October 23, 2017, 08:35

Philippines stocks lower at close of trade; PSEi Composite down 0.86%

Investing.com – Philippines stocks were lower after the close on Monday, as losses in the Holding Firms, Banking&Financials and Mining&Oil sectors led shares lower.

At the close in Philippines, the PSEi Composite declined 0.86%.

The best performers of the session on the PSEi Composite were Universal Robina Corp (PS:URC), which rose 2.19% or 3.00 points to trade at 140.00 at the close. Meanwhile, First Gen Corp (PS:FGEN) added 2.01% or 0.34 points to end at 17.22 and Ayala Land Inc (PS:ALI) was up 1.74% or 0.750 points to 43.900 in late trade.

The worst performers of the session were Ayala Corp (PS:AC), which fell 4.95% or 53.00 points to trade at 1017.00 at the close. Metropolitan Bank and Trust Co (PS:MBT) declined 3.29% or 3.05 points to end at 89.70 and SM Investments Corp (PS:SM) was down 3.01% or 29.50 points to 950.00.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 110 to 90 and 38 ended unchanged.

Gold Futures for December delivery was down 0.29% or 3.74 to $1276.76 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.54% or 0.28 to hit $52.12 a barrel, while the December Brent oil contract fell 0.02% or 0.01 to trade at $57.74 a barrel.

CNY/PHP was down 0.24% to 7.7624, while USD/PHP rose 0.03% to 51.525.

The US Dollar Index Futures was up 0.26% at 93.81.

October 23, 2017, 08:24

Gold Prices Hit 2-Week Low as Dollar Gains

Investing.com - Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 a troy ounce by 4:16AM ET (8:16GMT).

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75 by 4:17AM ET (8:17GMT).

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

October 23, 2017, 06:45

Taiwan stocks higher at close of trade; Taiwan Weighted up 0.06%

Investing.com – Taiwan stocks were higher after the close on Monday, as gains in the Paper&Pulp, Trading&Consumer Goods and Transport sectors led shares higher.

At the close in Taiwan, the Taiwan Weighted rose 0.06%.

The best performers of the session on the Taiwan Weighted were Evermore Chemical Industry Co Ltd (TW:1735), which rose 9.94% or 1.55 points to trade at 17.15 at the close. Meanwhile, Career Technology MFG Co Ltd (TW:6153) added 9.89% or 3.15 points to end at 35.00 and Leadtek Research Inc (TW:2465) was up 9.73% or 1.60 points to 18.05 in late trade.

The worst performers of the session were Airtac International Group (TW:1590), which fell 4.66% or 22.00 points to trade at 450.00 at the close. Genius Electronic Optical Co Ltd (TW:3406) declined 4.30% or 16.00 points to end at 356.00 and Shiny Chemical Industrial Co Ltd (TW:1773) was down 4.14% or 3.40 points to 78.80.

Rising stocks outnumbered declining ones on the Taiwan Stock Exchange by 389 to 373 and 114 ended unchanged.

Shares in Evermore Chemical Industry Co Ltd (TW:1735) rose to 5-year highs; up 9.94% or 1.55 to 17.15. Shares in Career Technology MFG Co Ltd (TW:6153) rose to 52-week highs; up 9.89% or 3.15 to 35.00. Shares in Leadtek Research Inc (TW:2465) rose to 5-year highs; rising 9.73% or 1.60 to 18.05.

Crude oil for December delivery was up 0.29% or 0.15 to $51.99 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.16% or 0.09 to hit $57.84 a barrel, while the December Gold Futures contract fell 0.22% or 2.85 to trade at $1277.65 a troy ounce.

USD/TWD was up 0.09% to 30.262, while TWD/CNY rose 0.05% to 0.2185.

The US Dollar Index Futures was up 0.07% at 93.64.

October 23, 2017, 03:07

Crude Oil Gains In Asia On Momentum From Drop In U.S. Rig Count

Investing.com - Crude prices gained in Asia on Monday as rig count figures out of the U.S. aided sentiment on the supply outlook.

U.S. West Texas Intermediate (WTI) crude futures rose 0.42% to $52.06 a barrel. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., gained 0.28% to $57.91 a barrel.

Last week, oil prices settled higher in see-saw trade on Friday, as political tensions in the Kurdistan region continued to disrupt crude supplies.

Oil exports from Iraq's Kurdistan towards the Turkish port of Ceyhan were flowing at average rates of 216,000 barrels per day versus the usual flows of 600,000 bpd, a shipping source said.

The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces.

Meanwhile, in the U.S., investors mulled over data showing oil drilling activity fell for a third week in a row, extending a two-month drilling decline.

Oilfield services firm Baker Hughes said Friday that its weekly count of oil rigs operating in the United States fell by seven to 736, the lowest level since June.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

In a speech Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades.

Despite the bullish signals, analysts warned that OPEC needs to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to rebalance the market.

The original deal, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, was to cut production by 1.8 million barrels a day for six months. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

The cartel's next meeting is set for November 30 in Vienna.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

October 23, 2017, 01:19

PBOC Sets Yuan Parity At 6.6205 Against Dollar

Investing.com - The People's Bank of China set the yuan parity rate against the dollar at 6.6205 on Monday, compared to the previous close of 6.6195.

The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.

Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near term.

October 22, 2017, 09:38

Dollar Up Against Yen In Early Asia, China House Prices Due

Investing.com - The dollar was quoted up against the yen in early Asia on Monday in a light regional data day.

USD/JPY changed hands at 113,85, up 0.28%, while AUD/USD traded at 0.7813, down 0.08%. House prices from China are due later in the day for September with an 8.3% gain reported in August.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.61% to 93.57.

Last week, the dollar rose against a basket of the other major currencies on Friday as hopes for U.S. tax reforms were boosted after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

President Donald Trump\'s tax reform plans cleared a critical hurdle on Thursday after Senate Republicans adopted a budget for the next fiscal year and included a procedure that Republicans plan to use to rewrite the tax code without support from the Democratic Party.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the \"Trumpflation\" trade.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Sterling was broadly higher amid hopes for a breakthrough in Brexit negotiations after British Prime Minister Theresa May met with European Union leaders in Brussels.

The New Zealand dollar dropped almost 1% on Friday and NZD/USD ended the week down 2.75% after a surprise election outcome sparked concerns that the new government could pursue policies that would weaken the currency.

October 22, 2017, 02:00

Israel stocks higher at close of trade; TA 35 up 0.69%

Investing.com – Israel stocks were higher after the close on Sunday, as gains in the Biomed, Technology and Insurance sectors led shares higher.

At the close in Tel Aviv, the TA 35 added 0.69%.

The best performers of the session on the TA 35 were OPKO Health Inc (TA:OPK), which rose 4.51% or 104 points to trade at 2410 at the close. Meanwhile, Teva Pharmaceutical Industries Ltd (TA:TEVA) added 2.48% or 126 points to end at 5210 and Paz Oil (TA:PZOL) was up 2.23% or 1280 points to 58620 in late trade.

The worst performers of the session were ICL Israel Chemicals Ltd (TA:ICL), which fell 0.82% or 12 points to trade at 1453 at the close. Perrigo (TA:PRGO) declined 0.65% or 200 points to end at 30360 and Strauss Group (TA:STRS) was down 0.60% or 42 points to 6901.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 263 to 124 and 20 ended unchanged.

Crude oil for December delivery was unchanged 0.00% or 0.00 to $51.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 1.17% or 0.67 to hit $57.90 a barrel, while the December Gold Futures contract fell 0.59% or 7.58 to trade at $1282.42 a troy ounce.

USD/ILS was up 0.01% to 3.4916, while EUR/ILS fell 0.62% to 4.1130.

The US Dollar Index Futures was up 0.61% at 93.57.