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uBanker Blog

  • Crude Oil Prices Settle Higher as Traders Eye Progress on U.S.-China Talks

    Investing.com - WTI crude oil prices settled higher Monday on optimism for improved U.S.-China relations ahead of trade talks this week and expectations U.S. sanctions on Iran would reduce global crude supplies.

    On the New York Mercantile Exchange, crude futures for September delivery rose 52 cents settle at $66.43 a barrel, while on London's Intercontinental Exchange, Brent rose 0.47% to trade at $72.17 barrel.

    Low-level talks between China and U.S. slated for this week have eased investor concerns that an escalating trade war between the two would stifle global growth, slowing demand for oil.

    The talks are reportedly part of plan to set the stage for an end to the trade war in November, when President Trump and Chinese counterpart Xi Jinping are slated to meet.

    Still, investors have reason for a cautious outlook on trade. The US is expected on Thursday to impose 25% tariffs on an additional $16 billion in Chinese imports. And Beijing has threatened to retaliate with 25% tariffs as well.

    Gains in oil prices were limited, however, as crude supplies reportedly rose at a domestic delivery hub at Cushing, Okla.

    Information provider Genscape reportedly said U.S. crude inventories at Cushing increased in the week, according to traders. Stockpiles at the hub rose by 0.519 million barrels as of Friday, August 17.

    The upbeat start to the week for oil prices comes as investors continue to bet on U.S. sanctions against Iran -- slated for November and expected to hit the country's energy infrastructure -- reducing the country's exports, exacerbating the shortage in global supplies.

    After pulling the United States out of the Iran nuclear agreement in May, Trump paved the way for sanctions against Iran to snap back into place. The first set of sanctions came into effect last month.

    Read more
  • Metals Prices Continue Recovery as Gold Shines Amid Dollar Weakness

    Investing.com - Metals prices continued to recover, led by a rise in the Chinese yuan on reports the U.S. and China were looking to resolve their tit-for-tat trade war as soon as November.

    Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $10.40, or 0.88%, to $1,194.60 troy ounce.

    The bright start to the week for gold prices comes as a rising CNY/USD pointed to signs of optimism for positive progress on "low-level" trade talks between the United States and China due this week. The talks could pave the way for both countries to end the trade war as early as November, when President Trump is slated to meet with Chinese counterpart Xi.

    "The fact that the Chinese yuan has stopped depreciating and has been on the up again for the last three days appears to be playing a role [in supporting metal prices]," Commerzbank (DE:CBKG) said.

    Also lending support to gold prices was a retreat in the greenback from session highs as reports surfaced Monday that Trump criticized Fed chairman Jerome Powell for ongoing increases in interest rates. Trump over the weekend reportedly said that he expected Jerome Powell to be a cheap-money Fed chairman.

    The Federal Reserve has projected four hikes for this year, with the third rate hike expected as soon as September.

    The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.17% to 95.84.

    Dollar-denominated assets such as gold are sensitive to moves in the dollar. A fall in the dollar makes gold cheaper for holders of foreign currency and raises demand.

    Signs of optimism for improved U.S.-China relations boosted copper prices, which fell into bear-market territory last week, and sent platinum prices sharply higher.

    Copper prices rose 1.45% to $2.67, while zinc prices fell 0.07% at 2,378.50.

    Aluminium prices rose 1.22% to 2,058.50, while nickel futures rose 0.35% to 13,600.00.

    Silver futures rose 0.33% to $14.68 a troy ounce, while platinum futures rose 1.97% to $792.60.

    Read more
  • Dollar Down as Euro Finds Footing Despite Italy, Turkey Concerns

    Investing.com - The dollar was unchanged against its rivals Monday after the euro pared losses as the bloc marked the end of Greece's bailout program, but concerns about Italy's public finances kept gains in check.

    The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.14% to 95.86. The dollar had traded as high as 96.31 before retreating.

    The euro pared losses Monday, sending the dollar lower, as investors mulled over the health of the eurozone economy as optimism over the end of Greece’s eight-year bailout on Monday was weighed against concerns about Italy's rising debt.

    Italy's new populist government has promised to deliver a big spending plan, but market participants are sceptical as to how the country will be able to finance those plans. These concerns were characterized by a sharp rise in Italian bonds yields intraday, increasing the country's cost of raising money by issuing sovereign bonds.

    EUR/USD rose 0.19% to $1.1460.

    Sentiment on the euro remains challenged, however, as concerns of a plummeting Turkish lira persisted after Turkey's debt was downgraded deeper into junk territory on Friday.

    Turmoil in Turkey could gather pace this week as the U.S. is set to roll out further sanctions against the country on Wednesday over its unwillingness to release an American pastor.

    The yen, meanwhile, also pressured the greenback after pairing losses.

    USD/JPY fell 0.17% to Y110.32 after rising to an intraday high of Y110.69.

    GBP/USD rose 0.25% to $1.2783 as the pair seeks to clawback some heavy losses suffered last week which followed Brexit-related concerns. The pound posted its sixth-straight weekly loss on Friday.

    USD/CAD rose 0.01% to 1.3063 as rising oil prices lent support to the loonie, limiting gains in the pair.

    Read more
  • Portugal stocks higher at close of trade; PSI 20 up 0.32%

    Investing.com – Portugal stocks were higher after the close on Monday, as gains in the Financials, Consumer Services and Consumer Goods sectors led shares higher.

    At the close in Lisbon, the PSI 20 rose 0.32%.

    The best performers of the session on the PSI 20 were F.Rama (LS:RAMA), which rose 1.98% or 0.200 points to trade at 10.300 at the close. Meanwhile, Sonae SGPS SA (LS:YSO) added 1.85% or 0.0175 points to end at 0.9630 and CTT Correios de Portugal SA (LS:CTT) was up 1.48% or 0.0480 points to 3.2840 in late trade.

    The worst performers of the session were Pharol SGPS SA (LS:PHRA), which fell 2.05% or 0.0045 points to trade at 0.2155 at the close. Altri SGPS (LS:ALSS) declined 0.84% or 0.0700 points to end at 8.2800 and Semapa (LS:SEM) was down 0.65% or 0.1200 points to 18.3000.

    Rising stocks outnumbered declining ones on the Lisbon Stock Exchange by 23 to 12 and 4 ended unchanged.

    Brent oil for October delivery was up 0.71% or 0.51 to $72.34 a barrel. Elsewhere in commodities trading, Crude oil for delivery in October rose 0.40% or 0.26 to hit $65.47 a barrel, while the December Gold Futures contract rose 0.98% or 11.60 to trade at $1195.80 a troy ounce.

    EUR/USD was up 0.17% to 1.1459, while EUR/GBP fell 0.08% to 0.8964.

    The US Dollar Index Futures was down 0.15% at 95.86.

    Read more
  • Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.79%

    Investing.com – Denmark stocks were higher after the close on Monday, as gains in the Oil&Gas, Personal&Household Goods and Real Estate sectors led shares higher.

    At the close in Copenhagen, the OMX Copenhagen 20 rose 0.79%.

    The best performers of the session on the OMX Copenhagen 20 were ISS A/S (CO:ISS), which rose 3.77% or 8.10 points to trade at 223.10 at the close. Meanwhile, AP Moeller - Maersk A/S B (CO:MAERSKb) added 2.87% or 252 points to end at 9046 and Pandora A/S (CO:PNDORA) was up 2.79% or 10.4 points to 382.9 in late trade.

    The worst performers of the session were GN Store Nord (CO:GN), which fell 2.82% or 8.9 points to trade at 306.4 at the close. Lundbeck A/S (CO:LUN) declined 0.74% or 2.8 points to end at 377.3 and Genmab (CO:GEN) was down 0.67% or 7.0 points to 1045.5.

    Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 59 to 55 and 23 ended unchanged.

    Crude oil for October delivery was up 0.35% or 0.23 to $65.44 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.71% or 0.51 to hit $72.34 a barrel, while the December Gold Futures contract rose 1.00% or 11.90 to trade at $1196.10 a troy ounce.

    USD/DKK was down 0.18% to 6.5082, while EUR/DKK rose 0.01% to 7.4583.

    The US Dollar Index Futures was down 0.16% at 95.85.

    Read more
  • France stocks higher at close of trade; CAC 40 up 0.65%

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

    At the close in Paris, the CAC 40 added 0.65%, while the SBF 120 index climbed 0.71%.

    The best performers of the session on the CAC 40 were ArcelorMittal SA (AS:MT), which rose 2.52% or 0.630 points to trade at 25.635 at the close. Meanwhile, Valeo SA (PA:VLOF) added 2.32% or 0.91 points to end at 40.18 and Vivendi SA (PA:VIV) was up 2.20% or 0.47 points to 21.87 in late trade.

    The worst performers of the session were Publicis Groupe SA (PA:PUBP), which fell 0.71% or 0.40 points to trade at 55.66 at the close. Sodexo (PA:EXHO) declined 0.45% or 0.42 points to end at 92.40 and Veolia Environnement VE SA (PA:VIE) was down 0.17% or 0.030 points to 18.050.

    The top performers on the SBF 120 were Eramet (PA:ERMT) which rose 5.71% to 75.85, DBV Technologies (PA:DBV) which was up 5.09% to settle at 33.840 and Ubisoft Entertainment (PA:UBIP) which gained 3.82% to close at 91.360.

    The worst performers were SCOR SE (PA:SCOR) which was down 1.88% to 35.01 in late trade, Nexity (PA:NEXI) which lost 0.86% to settle at 51.90 and Maisons du Monde SAS (PA:MDM) which was down 0.83% to 23.800 at the close.

    Rising stocks outnumbered declining ones on the Paris Stock Exchange by 380 to 185 and 105 ended unchanged.

    The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 9.42% to 13.69.

    Gold Futures for December delivery was up 1.00% or 11.90 to $1196.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October rose 0.40% or 0.26 to hit $65.47 a barrel, while the October Brent oil contract rose 0.74% or 0.53 to trade at $72.36 a barrel.

    EUR/USD was up 0.17% to 1.1459, while EUR/GBP fell 0.07% to 0.8965.

    The US Dollar Index Futures was down 0.15% at 95.86.

    Read more
  • Italy stocks higher at close of trade; Investing.com Italy 40 up 0.30%

    Investing.com – Italy stocks were higher after the close on Monday, as gains in the Chemicals, Healthcare and Oil&Gas sectors led shares higher.

    At the close in Milan, the Investing.com Italy 40 added 0.30%.

    The best performers of the session on the Investing.com Italy 40 were Fiat Chrysler Automobiles NV (MI:FCHA), which rose 3.21% or 0.440 points to trade at 14.150 at the close. Meanwhile, Davide Campari Milano SpA (MI:CPRI) added 2.84% or 0.21 points to end at 7.79 and Moncler SpA (MI:MONC) was up 2.36% or 0.88 points to 38.18 in late trade.

    The worst performers of the session were Atlantia (MI:ATL), which fell 4.68% or 0.91 points to trade at 18.43 at the close. Saipem SpA (MI:SPMI) declined 2.70% or 0.1190 points to end at 4.2870 and A2A (MI:A2) was down 1.91% or 0.030 points to 1.563.

    Rising stocks outnumbered declining ones on the Milan Stock Exchange by 180 to 162 and 34 ended unchanged.

    Shares in Davide Campari Milano SpA (MI:CPRI) rose to all time highs; gaining 2.84% or 0.21 to 7.79.

    Crude oil for October delivery was up 0.40% or 0.26 to $65.47 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.74% or 0.53 to hit $72.36 a barrel, while the December Gold Futures contract rose 1.00% or 11.80 to trade at $1196.00 a troy ounce.

    EUR/USD was up 0.18% to 1.1460, while EUR/GBP fell 0.06% to 0.8966.

    The US Dollar Index Futures was down 0.16% at 95.85.

    Read more
  • Finland stocks higher at close of trade; OMX Helsinki 25 up 1.09%

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

    At the close in Helsinki, the OMX Helsinki 25 gained 1.09%.

    The best performers of the session on the OMX Helsinki 25 were Orion Oyj B (HE:ORNBV), which rose 2.68% or 0.81 points to trade at 31.04 at the close. Meanwhile, Stora Enso Oyj R (HE:STERV) added 2.54% or 0.360 points to end at 14.525 and Metsa Board Oyj B (HE:METSB) was up 1.96% or 0.155 points to 8.075 in late trade.

    The worst performers of the session were DNA Oyj (HE:DNAO), which fell 1.50% or 0.2700 points to trade at 17.7600 at the close. Outotec Oyj (HE:OTE1V) declined 1.12% or 0.072 points to end at 6.346 and Telia Company AB (HE:TELIA1) was down 0.32% or 0.013 points to 4.014.

    Rising stocks outnumbered declining ones on the Helsinki Stock Exchange by 83 to 62 and 14 ended unchanged.

    Brent oil for October delivery was up 0.63% or 0.45 to $72.28 a barrel. Elsewhere in commodities trading, Crude oil for delivery in October rose 0.28% or 0.18 to hit $65.39 a barrel, while the December Gold Futures contract rose 1.01% or 12.00 to trade at $1196.20 a troy ounce.

    EUR/USD was up 0.20% to 1.1462, while EUR/GBP fell 0.06% to 0.8966.

    The US Dollar Index Futures was down 0.17% at 95.84.

    Read more
  • Belgium stocks higher at close of trade; BEL 20 up 0.64%

    Investing.com – Belgium stocks were higher after the close on Monday, as gains in the Telecoms, Consumer Services and Healthcare sectors led shares higher.

    At the close in Brussels, the BEL 20 added 0.64%.

    The best performers of the session on the BEL 20 were bpost NV (BR:BPOST), which rose 2.62% or 0.35 points to trade at 13.69 at the close. Meanwhile, Telenet Group (BR:TNET) added 1.89% or 0.84 points to end at 45.40 and Ackermans&Van Haaren NV (BR:ACKB) was up 1.41% or 2.20 points to 158.00 in late trade.

    The worst performers of the session were ING Groep NV (AS:INGA), which fell 0.19% or 0.022 points to trade at 11.672 at the close. Anheuser Busch Inbev SA NV (BR:ABI) added 0.08% or 0.07 points to end at 87.04 and Ageas (BR:AGES) was up 0.16% or 0.070 points to 44.630.

    Rising stocks outnumbered declining ones on the Brussels Stock Exchange by 85 to 32 and 18 ended unchanged.

    Shares in ING Groep NV (AS:INGA) fell to 52-week lows; losing 0.19% or 0.022 to 11.672. Shares in Ackermans&Van Haaren NV (BR:ACKB) rose to all time highs; up 1.41% or 2.20 to 158.00.

    Gold Futures for December delivery was up 0.94% or 11.10 to $1195.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October rose 0.32% or 0.21 to hit $65.42 a barrel, while the October Brent oil contract rose 0.64% or 0.46 to trade at $72.29 a barrel.

    EUR/USD was up 0.15% to 1.1456, while EUR/GBP fell 0.07% to 0.8965.

    The US Dollar Index Futures was down 0.13% at 95.88.

    Read more
  • U.K. stocks higher at close of trade; Investing.com United Kingdom 100 up 0.41%

    Investing.com – U.K. stocks were higher after the close on Monday, as gains in the Industrial Metals&Mining, Forestry&Paper and Industrial Engineering sectors led shares higher.

    At the close in London, the Investing.com United Kingdom 100 rose 0.41%.

    The best performers of the session on the Investing.com United Kingdom 100 were Hikma Pharmaceuticals PLC (LON:HIK), which rose 4.67% or 85.00 points to trade at 1903.00 at the close. Meanwhile, Paddy Power Betfair PLC (LON:PPB) added 2.23% or 155.00 points to end at 7110.00 and EasyJet PLC (LON:EZJ) was up 2.06% or 32.50 points to 1607.00 in late trade.

    The worst performers of the session were Sage Group PLC (LON:SGE), which fell 7.00% or 46.60 points to trade at 619.20 at the close. Kingfisher PLC (LON:KGF) declined 1.13% or 3.10 points to end at 270.20 and The Berkeley Group Holdings plc (LON:BKGH) was down 1.10% or 41.00 points to 3696.00.

    Rising stocks outnumbered declining ones on the London Stock Exchange by 1289 to 690 and 339 ended unchanged.

    Shares in Hikma Pharmaceuticals PLC (LON:HIK) rose to 52-week highs; gaining 4.67% or 85.00 to 1903.00. Shares in Kingfisher PLC (LON:KGF) fell to 5-year lows; losing 1.13% or 3.10 to 270.20.

    Gold Futures for December delivery was up 0.89% or 10.50 to $1194.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October rose 0.26% or 0.17 to hit $65.38 a barrel, while the October Brent oil contract rose 0.58% or 0.42 to trade at $72.25 a barrel.

    GBP/USD was up 0.17% to 1.2773, while EUR/GBP fell 0.04% to 0.8967.

    The US Dollar Index Futures was down 0.09% at 95.91.

    Read more
  • Poland stocks higher at close of trade; WIG30 up 0.65%

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

    At the close in Warsaw, the WIG30 rose 0.65%.

    The best performers of the session on the WIG30 were Play Communications SA (WA:PLY), which rose 3.98% or 0.80 points to trade at 20.90 at the close. Meanwhile, CD Projekt SA (WA:CDR) added 3.35% or 6.80 points to end at 210.00 and Polski Koncern Naftowy ORLEN SA (WA:PKN) was up 1.91% or 1.83 points to 97.61 in late trade.

    The worst performers of the session were PGE Polska Grupa Energetyczna SA (WA:PGE), which fell 4.13% or 0.37 points to trade at 8.59 at the close. Dino Polska SA (WA:DNP) declined 2.96% or 3.00 points to end at 98.20 and Energa SA (WA:ENGP) was down 1.95% or 0.17 points to 8.53.

    Falling stocks outnumbered advancing ones on the Warsaw Stock Exchange by 264 to 199 and 176 ended unchanged.

    Shares in PGE Polska Grupa Energetyczna SA (WA:PGE) fell to all time lows; falling 4.13% or 0.37 to 8.59.

    Crude oil for October delivery was up 0.32% or 0.21 to $65.42 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.56% or 0.40 to hit $72.23 a barrel, while the December Gold Futures contract rose 0.82% or 9.70 to trade at $1193.90 a troy ounce.

    EUR/PLN was up 0.35% to 4.3082, while USD/PLN rose 0.25% to 3.7631.

    The US Dollar Index Futures was down 0.06% at 95.94.

    Read more
  • Sweden stocks higher at close of trade; OMX Stockholm 30 up 0.51%

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

    At the close in Stockholm, the OMX Stockholm 30 added 0.51%.

    The best performers of the session on the OMX Stockholm 30 were Autoliv Inc . SDB (ST:ALIVsdb), which rose 1.90% or 16.0 points to trade at 859.0 at the close. Meanwhile, Svenska Cellulosa SCA AB B (ST:SCAb) added 1.39% or 1.4 points to end at 98.9 and AstraZeneca PLC (ST:AZN) was up 1.12% or 7.9 points to 710.9 in late trade.

    The worst performers of the session were H&M Hennes&Mauritz AB B (ST:HMb), which fell 1.19% or 1.5 points to trade at 127.6 at the close. Telia Company AB (ST:TELIA) declined 0.33% or 0.14 points to end at 42.12 and Getinge AB ser. B (ST:GETIb) was down 0.28% or 0.3 points to 98.0.

    Rising stocks outnumbered declining ones on the Stockholm Stock Exchange by 367 to 265 and 47 ended unchanged.

    Crude oil for October delivery was up 0.26% or 0.17 to $65.38 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.56% or 0.40 to hit $72.23 a barrel, while the December Gold Futures contract rose 0.81% or 9.60 to trade at $1193.80 a troy ounce.

    EUR/SEK was up 0.23% to 10.4993, while USD/SEK rose 0.17% to 9.1717.

    The US Dollar Index Futures was down 0.05% at 95.95.

    Read more
  • Norway stocks higher at close of trade; Oslo OBX up 1.55%

    Investing.com – Norway stocks were higher after the close on Monday, as gains in the Insurance, Healthcare Equipment&Services and Commercial Service And Supplies sectors led shares higher.

    At the close in Oslo, the Oslo OBX gained 1.55%.

    The best performers of the session on the Oslo OBX were Gjensidige Forsikring ASA (OL:GJFS), which rose 4.10% or 5.5 points to trade at 139.7 at the close. Meanwhile, Norwegian Air Shuttle ASA (OL:NWC) added 4.06% or 10.10 points to end at 259.10 and Golden Ocean Group Ltd (OL:GOGLT) was up 3.47% or 2.65 points to 79.10 in late trade.

    The worst performers of the session were Petroleum Geo - Services ASA (OL:PGS), which fell 0.25% or 0.09 points to trade at 35.95 at the close. DNO International ASA (OL:DNO) declined 0.17% or 0.03 points to end at 17.27 and REC Silicon ASA (OL:REC) was 0.00% or 0.00 points to 0.76.

    Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 121 to 53 and 32 ended unchanged.

    Shares in Golden Ocean Group Ltd (OL:GOGLT) rose to all time highs; gaining 3.47% or 2.65 to 79.10.

    Crude oil for October delivery was up 0.26% or 0.17 to $65.38 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.56% or 0.40 to hit $72.23 a barrel, while the December Gold Futures contract rose 0.81% or 9.60 to trade at $1193.80 a troy ounce.

    EUR/NOK was up 0.26% to 9.6927, while USD/NOK rose 0.17% to 8.4672.

    The US Dollar Index Futures was down 0.05% at 95.95.

    Read more
  • Stocks - Cannabis Stocks Jump Higher Midday; Beverage Stocks Also Up

    Investing.com - Cannabis stocks were rising in midday trading, with the sector continuing to gain momentum after a major investment announcement in Canopy Growth last week.

    Canopy Growth (NYSE:CGC) stock rose about 7% at 11:25 AM ET (15:25 GMT).

    The stock has been on a tear since beverage company Constellation Brands (NYSE:STZ), which owns Corona beer and Svedka vodka, said it would invest a further $4 billion in Canopy, Canada’s top cannabis producer.

    Constellation invested about $200 million in the company last year.

    That strength lifted other major stocks in the sector.

    Aurora Cannabis (OTC:ACBFF) rose about 9% and Tilray (NASDAQ:TLRY) gained about 8%.

    The beverage sector was also active after PepsiCo (NASDAQ:PEP) announced it would buy SodaStream (NASDAQ:SODA) for $144 per share, a deal valued at $3.2 billion.

    Shares of SodaStream surged about 10% and PepsiCo gained about 0.1%.

    Coca-Cola (NYSE:KO) was up about 0.25%, while Keurig Dr Pepper (NYSE:KDP) was off about 1%. And Monster Beverage (NASDAQ:MNST) was flat.

    Read more
  • Gold Prices Recover After Largest Weekly Decline in Over a Year

    Investing.com - Gold prices traded higher on Monday, recovering some lost territory after suffering its largest weekly decline in more than year, as traders waited for references from the Federal Reserve later this week.

    At 10:41 AM ET (14:41 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained $8.70, or 0.72%, to $1,192.90 a troy ounce.

    Gold futures ended last week down 2.86%, the largest weekly decline since early May 2017, after hitting $1,176.20 last Thursday, the lowest level since early January 2017.

    Gold prices are down around 10.8% so far this year, pressured lower by the stronger dollar and rising interest rates.

    Market participants will be paying close attention to any signals from the Fed this week on the future path of monetary policy.

    On Wednesday, investors will get the chance to parse through the minutes of the Federal Reserve’s August meeting, when it left interest rates unchanged and indicated that it remains on track for additional rate hikes this year.

    On Friday, Jerome Powell is to make his first appearance as Fed chairman at the annual economic symposium in Jackson Hole.

    Investors will be on the lookout for any tweaks to the Fed’s outlook on inflation, the economy and trade war fears.

    Markets are currently expecting the next rate hike to occur in September, with odds of an additional increase in December hovering around 63%.

    In other metals trading, silver futures rose 0.20% at $14.660 a troy ounce by 10:42 AM ET (14:42 GMT).

    Palladium futures traded up 2.15% to $896.70 an ounce, while sister metal platinum advanced 1.92% at $792.20.

    In base metals, copper gained 1.18% to $2.660 a pound.

    Read more
  • Oil Higher as China Plans to Continue Trade with Iran

    Investing.com - U.S. crude oil prices were steady on Monday, as expected falls in supply over Iran sanctions were weighed against concerns over the global economy.

    West Texas Crude oil futures inched up 0.54% to $65.56 a barrel as of 10:32 AM ET (14:32 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.24% to $72.72.

    Oil prices have been driven higher in the past few months as demand for oil outsripped supply, but cooled in recent weeks amid trade tensions.

    Trade worries eased as U.S. and Chinese officials are expected to talk in Washington on Wednesday and Thursday, shortly before new U.S. charges on Chinese goods take effect.

    Upcoming U.S. sanctions against Iran also supported prices. The financial sanctions against Iran were introduced this month by the U.S. government and will target the petroleum sector of Iran in November..

    On Monday, Iran asked the EU to speed up efforts to save the 2015 nuclear deal between Tehran and major powers that U.S. President Donald Trump pulled out of.

    Most EU companies have stopped business with Iran over worry of U.S. sanctions. China, however, said it wanted to continue buying large volumes of Iranian oil despite U.S. pressure.

    Meanwhile, the oil rig count in the U.S. was unchanged last week, according to oil services company Baker Hughes, as weaker oil prices stalled the pace of U.S. production growth.

    In other energy trading, Gasoline RBOB Futures rose 1.65% at $2.0117 a gallon, while heating oil was up 0.81% to $2.1152 a gallon. Natural gas futures inched up 0.10% to $2.949 per million British thermal units.

    Read more
  • Stocks - Dow Opens Higher on Trade Talk Relief

    Investing.com - Wall Street was mostly higher on Monday as reported trade talks between the U.S. and China provided some relief to investors.

    The S&P 500 rose 5 points, or 0.18%, to 2,855.18 as of 9:43 AM ET (13:43 GMT), while the Dow increased 93 points, or 0.36%, to 25,763.0 and the tech-heavy Nasdaq Composite lost 1 point, or 0.02% ,to 7,814.66.

    American and Chinese officials are expected to talk in Washington on Wednesday and Thursday, shortly before new U.S. tariffs on Chinese goods take effect. News of the meeting eased investors concern over an escalating trade war between the two biggest economies in the world.

    Meanwhile, investors are keeping an eye on developments in Turkey and movements of the Turkish lira. The lira continued to fall after the country’s credit rating was cut further into junk territory on Friday and following reports of shots being fired at the U.S. embassy in Ankara.

    PepsiCo (NASDAQ:PEP) was up 0.32% after news that it is buying drink-machine maker SodaStream (NASDAQ:SODA) for $3.2 billion. SodaStream surged 9.67%, while Boeing (NYSE:BA) increased 0.88% and Chinese e-commerce giant Alibaba (NYSE:BABA) gained 1.61%.

    Elsewhere Tesla (NASDAQ:TSLA) slumped 3.82% after its price target was slashed by JP Morgan, while Facebook (NASDAQ:FB) dipped 0.46% and Netflix (NASDAQ:NFLX) fell 1.14%.

    In Europe, stocks were up. Germany’s DAX rose 143 points, or 1.17%, while in France the CAC 40 increased 41 points, or 0.77%, and in London, the FTSE 100 was up 32 points, or 0.43%. Meanwhile, the pan-European Euro Stoxx 50 gained 27 points, or 0.81%, while Spain’s IBEX 35 surged 46 points, or 0.49%.

    In commodities, gold futures rose 0.79% to $1,193.50 a troy ounce, while crude oil futures increased 0.20% to $65.34 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.02% to 96.02.

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  • United Arab Emirates stocks higher at close of trade; DFM General up 0.44%

    Investing.com – United Arab Emirates stocks were higher after the close on Monday, as gains in the Consumer Staples, Banking and Insurance sectors led shares higher.

    At the close in Dubai, the DFM General rose 0.44%, while the ADX General index unchanged 0.00%.

    The best performers of the session on the DFM General were AJMAN BANK PJSC (DU:AJBNK), which rose 3.30% or 0.030 points to trade at 0.940 at the close. Meanwhile, DXB Entertainments (P.J.S.C.) (DU:DXBE) added 2.34% or 0.008 points to end at 0.350 and Emirates NBD PJSC (DU:ENBD) was up 2.25% or 0.200 points to 9.100 in late trade.

    The worst performers of the session were Amanat Holdings PJSC (DU:AMANT), which fell 8.62% or 0.100 points to trade at 1.060 at the close. Emirate Integrated Telecom Co PJSC (DU:DU) declined 1.36% or 0.070 points to end at 5.060 and Amlak Finance PJSC (DU:AMLK) was down 1.21% or 0.008 points to 0.654.

    The top performers on the ADX General were Sharjah Group Co (AD:SG) which unchanged 0.00% to 1.30, Finance House (AD:FH) which was unchanged 0.00% to settle at 1.680 and Emirates Ins C (AD:EIC) which unchanged 0.00% to close at 7.20.

    The worst performers were Sharjah Group Co (AD:SG) which was unchanged 0.00% to 1.30 in late trade, Finance House (AD:FH) which unchanged 0.00% to settle at 1.680 and Emirates Ins C (AD:EIC) which was unchanged 0.00% to 7.20 at the close.

    Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 0 to 0; on the Abu Dhabi, 0 fell and 0 advanced.

    Shares in Amanat Holdings PJSC (DU:AMANT) fell to 52-week lows; down 8.62% or 0.100 to 1.060. Shares in Amlak Finance PJSC (DU:AMLK) fell to all time lows; down 1.21% or 0.008 to 0.654.

    Crude oil for October delivery was up 0.02% or 0.01 to $65.22 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.46% or 0.33 to hit $72.16 a barrel, while the December Gold Futures contract rose 0.87% or 10.30 to trade at $1194.50 a troy ounce.

    USD/AED was unchanged 0.00% to 3.6732, while EUR/AED fell 0.22% to 4.1935.

    The US Dollar Index Futures was up 0.14% at 96.13.

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  • Sri Lanka stocks lower at close of trade; CSE All-Share down 0.11%

    Investing.com – Sri Lanka stocks were lower after the close on Monday, as losses in the Information Technology, Telecoms and Plantations sectors led shares lower.

    At the close in Colombo, the CSE All-Share declined 0.11% to hit a new 1-month low.

    The best performers of the session on the CSE All-Share were Adam Investments Ltd (CM:ADAM), which rose 50.00% or 0.100 points to trade at 0.300 at the close. Meanwhile, Tess Agro PLC (CM:TESS) added 20.00% or 0.100 points to end at 0.600 and Colombo City Holdings PLC (CM:PHAR) was up 19.97% or 134.00 points to 805.00 in late trade.

    The worst performers of the session were Amana Takaful Life Ltd (CM:ANTK), which fell 23.30% or 2.40 points to trade at 7.90 at the close. PCH Holdings PLC (CM:PCHH) declined 20.00% or 0.100 points to end at 0.400 and Horana Plantations PLC (CM:HOPL) was down 13.00% or 2.60 points to 17.40.

    Falling stocks outnumbered advancing ones on the Colombo Stock Exchange by 90 to 73 and 42 ended unchanged.

    Shares in Horana Plantations PLC (CM:HOPL) fell to 52-week lows; falling 13.00% or 2.60 to 17.40.

    Crude oil for October delivery was down 0.28% or 0.18 to $65.03 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.19% or 0.14 to hit $71.97 a barrel, while the December Gold Futures contract rose 0.81% or 9.60 to trade at $1193.80 a troy ounce.

    GBP/LKR was up 0.06% to 204.435, while USD/LKR rose 0.03% to 160.510.

    The US Dollar Index Futures was up 0.23% at 96.22.

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  • Turkish Lira Falls 1% after Ratings Downgrades

    Investing.com - The Turkish lira weakened on Monday after the country’s credit rating was cut further into junk territory on Friday and following reports of shots being fired at the U.S. embassy in Ankara.

    USD/TRY was up 1.38% to 6.1007 by 06:25 AM ET (10:25 AM GMT). The lira has recovered from the record low levels of around 7.2 per dollar that it reached just over a week ago but is still down around 23% for the month to date.

    Both Standard & Poor’s and Moody’s downgraded Turkey’s sovereign credit rating on Friday amid a currency crisis in the country.

    S&P cited “extreme lira volatility” while Moody’s warned of “further weakening of Turkey’s public institutions and the related reduction in the predictability of Turkish policymaking.”

    Market watchers were also keeping an eye on developments after shots were fired at the U.S. embassy in Turkey’s capital on Monday, causing no casualties.

    Deteriorating relations between the U.S. and Ankara and worries about Turkish President Tayyip Erdogan's increasing control over monetary policy and the economy have seen the lira tumble more than 40% this year.

    The drop in the lira has roiled financial markets amid fears over companies’ exposure to the Turkish currency and economy.

    Sentiment toward Turkey stabilized somewhat following action by the country’s authorities last week to make it more difficult for foreign investors to bet against the lira, along with a renewed vow from Turkey’s finance chief not to employ capital controls.

    Turkey’s financial markets are to close early for a half-day holiday on Monday and will remain for holidays for the rest of the week.

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  • Alibaba Health to Acquire 14% Stake in Chinese Pharmaceutical Company for $61.3M

    Investing.com – Hong Kong-listed information and content service provider Alibaba Health Information Technology Ltd (HK:0241) is set to acquire 14.52% shares of Guizhou Ensure Chain Pharmacy Company Limited for CNY421.8 million ($61.3 million), according to a statement on Friday.

    Under the agreement, Ali Health will also contribute CNY404.3 million ($58.7 million) to capital of Guizhou Ensure Chain. Following the transaction, Ali Health will hold approximately 25% of stakes of the target company, which owns over 1,000 pharmacies in China.

    Alibaba Health also signed a deal with U.S.-based Merck & Company Inc (NYSE:MRK). in June to develop patient-centric digital services in China.

    In May, Alibaba Group Holdings Ltd (NYSE:BABA), Ali Health’s parent company, injected part of its online pharmacy business into the company in a deal valued at HK$10.6 billion (1.4 billion). Following the deal, Alibaba received newly issued shares in Ali Health which took its stake in the firm to 56.2% from the previous 48.1%.

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  • Saudi Arabia stocks lower at close of trade; Tadawul All Share unchanged

    Investing.com – Saudi Arabia stocks were lower after the close on Sunday, as in the sectors led shares .

    At the close in Saudi Arabia, the Tadawul All Share unchanged 0.00%.

    The best performers of the session on the Tadawul All Share were Al Baha Investment and Development Company SJSC (SE:4130), which rose 1.16% or 0.18 points to trade at 15.64 at the close. Meanwhile, Al Mashaar REIT (SE:4337) unchanged 0.00% or 0.00 points to end at 7.63 and The Mediterranean&Gulf Insurance Co (SE:8030) was unchanged 0.00% or 0.00 points to 20.90 in late trade.

    The worst performers of the session were Al Mashaar REIT (SE:4337), which unchanged 0.00% or 0.00 points to trade at 7.63 at the close. Malath Cooperative Insurance Co (SE:8020) unchanged 0.00% or 0.00 points to end at 13.88 and The Mediterranean&Gulf Insurance Co (SE:8030) was 0.00% or 0.00 points to 20.90.

    Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 0 to 0.

    Crude oil for October delivery was unchanged 0.00% or 0.00 to $65.21 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.52% or 0.37 to hit $71.80 a barrel, while the December Gold Futures contract rose 0.66% or 7.80 to trade at $1191.80 a troy ounce.

    EUR/SAR was up 0.51% to 4.2888, while USD/SAR fell 0.03% to 3.7494.

    The US Dollar Index Futures was down 0.50% at 96.00.

    Read more
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