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  • Stocks - Wall Street Slumps as Trade War Fears Escalate

    Investing.com – Wall Street slumped on Thursday as fears that the U.S.-China trade war will have profound and long-term consequences for growth spooked investors.

    The S&P 500 fell 35 points or 1.2% by 9:44 AM ET (13:44 GMT), while the Dow lost 346 points or 1.3% and tech-heavy Nasdaq composite was down 114 points or 1.5%. The Nasdaq has under-performed all week on fears that the tech sector will be hurt more than most as the U.S. tries to stop China attaining world leadership in technologies such as 5G.

    China told Washington overnight to correct its "wrong actions" in order for trade talks to continue. The comments were in response to the U.S. blacklisting Chinese tech giant Huawei last week, a development that has led companies to drop its smartphones from their 5G offerings. That's on top of various governments signalling it will restrict Huawei's involvement in the rollout of 5G spectrum networks. The White House is looking at the possibility of blocking more Chinese companies from the American market, something that could trigger more equity sell-offs.

    "It has moved into a broader trade war. Initially, it was about tariffs and retaliation, now you're talking about banning companies and it's not looking good in the near-term," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.

    "If you look at the U.S. economy a lot of the growth in earnings comes from what's happening overseas. Now we see that's not been helpful and as the domestic economy slows more than expected, that also could have a negative impact."

    Technology stocks were again among the hardest hit, with Qualcomm (NASDAQ:QCOM) down 2.9%, Micron (NASDAQ:MU) falling 3.7% and Apple (NASDAQ:AAPL) slipping 1.6%.

    Tesla (NASDAQ:TSLA) declined 1.4% after analysts warned that the electric car company is likely to miss its 2019 delivery target, partly because of the risk it will be hit by Chinese countermeasures on trade.

    Boeing (NYSE:BA) fell 2.5% ahead of a Federal Aviation Authority meeting with international regulators to discuss the continued grounding of the airplane makers 737 Max. The agency has warned that the model could be grounded beyond October.

    In commodities, gold futures rose 0.5% to $1,280.35 a troy ounce, while crude oil slumped 4% to $58.91, its lowest level in two months. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.4% to 98.222.

    -Reuters contributed to this report.

    Read more
  • NVIDIA Falls 3%

    Investing.com - NVIDIA (NASDAQ:NVDA) fell by 3.21% to trade at $147.38 by 09:37 (13:37 GMT) on Thursday on the NASDAQ exchange.

    The volume of NVIDIA shares traded since the start of the session was 981.31K. NVIDIA has traded in a range of $147.31 to $149.69 on the day.

    The stock has traded at $163.7100 at its highest and $147.3400 at its lowest during the past seven days.

    Read more
  • Oil Prices Hit 2-Month Low as Stockpiles Play to Trade War Fears

    Investing.com -- Crude oil prices fell sharply to their lowest since March on Thursday, as another surprisingly strong increase in U.S. stockpiles last week eased market fears about short-term supply risks, and let worries about the U.S. China trade war and its impact on longer-term demand to reassert themselves.

    At 9:45 AM ET (1345 GMT), U.S. WTI crude futures were down over $2 a barrel, or 4.2%, at $58.84, breaching the $60 level for the first time since March 28. The international benchmark Brent blend traded down 3.5% at $68.52 a barrel.

    The slide had already started late on Wednesday after the U.S. government revealed that crude inventories had risen by 4.74 million barrels, rather than the 600,000 barrel decline that had been expected. Stocks of gasoline and other distillates also rose, counter to expectations.

    The rout continued as more harsh rhetoric from China on trade, coupled with weaker-than-expected business surveys in Germany revived fears for the health of the global economy. The International Monetary Fund then rammed home the point with a blog arguing that "the latest escalation (of the U.S.-China trade war) could significantly dent business and financial market sentiment, disrupt global supply chains, and jeopardize the projected recovery in global growth in 2019."

    The Fund added that "Consumers in the US and China are unequivocally the losers," facing higher prices across the board for imported goods.

    Earlier, Reuters had reported that Asian refiners may cut production in response to refining margins falling to their lowest level in 16 years. That comes on the back of anecdotal reports of increased Chinese gasoline exports in recent weeks, something that speaks to a shortfall in demand at home.

    Gasoline futures meanwhile fell 3.0% to $1.9303, their lowest since early April.

    Natgas futures, by contrast, edged up 0.6% to $2.56 per million British thermal units.

    Read more
  • Medtronic Earnings, Revenue Beat in Q4

    Investing.com - Medtronic (NYSE:MDT) reported fourth quarter earnings that beat analysts' expectations on Thursday and revenue that topped forecasts.

    The firm reported earnings per share of $1.54 on revenue of $8.15B. Analysts polled by Investing.com expected EPS of $1.46 on revenue of $8.11B. That compared to EPS of $1.42 on revenue of $8.14B in the same period a year earlier. The company had reported EPS of $1.29 on revenue of $7.55B in the previous quarter.

    Medtronic follows other major Healthcare sector earnings this month


    On April 30, Pfizer reported first quarter EPS of $0.85 on revenue of $13.12B, compared to forecasts of EPS of $0.75 on revenue of $12.99B.

    Novartis ADR earnings beat analysts' expectations on April 24, with first quarter EPS of $1.21 on revenue of $11.11B. Investing.com analysts expected EPS of $1.11 on revenue of $11.09B

    Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

    Read more
  • Stocks- U.S. Futures Slump as Trade War Impact Spreads to Europe

    Investing.com - U.S. futures fell sharply on Thursday amid continuing trade war rhetoric, while more disappointing data from Europe showed that the impact of the trade conflict is spreading.

    Business survey sentiment dampened in the European Union, while Japanese electronics Panasonic said it would limit its ties with Huawei after the Chinese tech giant was blacklisted by the U.S. government last week.

    The U.S. government could also block other Chinese companies from purchasing American goods, which investors fear will continue to escalate the situation.

    Dow futures fell 227 points or 0.8% by 6:41 AM ET (10:41 GMT), while tech-heavy Nasdaq 100 futures slumped 94 points or 1.3% and S&P 500 futures was down 26 points or 0.9%.

    Meanwhile, minutes from the Federal Reserve’s May 1 meeting - which took place before the U.S. extended and raised import tariffs on Chinese goods - indicate that the central bank is comfortable with keeping rates steady for a while.

    Boeing (NYSE:BA) is likely to be in focus, as the Federal Aviation Authority meets with 30 other international air regulators to discuss the 737 MAX grounding. The FAA has said that it has not decided on a timeline for when the 737 Max would be able to take flight again. Europe’s air safety agency has already said it won’t let the jet de-ground without independent checks.

    Snap Inc (NYSE:SNAP) slumped 4.9% in premarket trade, while Tesla (NASDAQ:TSLA) fell 3.9% and Apple (NASDAQ:AAPL) was down 2.1%. Semiconductor companies continued to falter on trade uncertainty, with Intel (NASDAQ:INTC) falling 1.7% and Micron (NASDAQ:MU) down 2.4%.

    Avon Products (NYSE:AVP) was among the biggest gainers, rising 15.5% after Brazil’s Nautra confirmed it was buying out the cosmetic company.

    On the economic front, jobless claims are out at 8:30 AM ET (12:30 GMT), while flash readings of manufacturing and services PMI figures for May also come out at the same time.

    In commodities, crude oil fell 1.7% to $60.40 a barrel amid a sharp rise in U.S. stockpiles. Gold futures inched up 0.2% to $1,276.35 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.2% to 98.067.

    Read more
  • Ethereum Falls 10% In Selloff

    Investing.com - Ethereum was trading at $232.31 by 05:14 (09:14 GMT) on the Investing.com Index on Thursday, down 10.04% on the day. It was the largest one-day percentage loss since February 24.

    The move downwards pushed Ethereum's market cap down to $24.96B, or 10.63% of the total cryptocurrency market cap. At its highest, Ethereum's market cap was $135.58B.

    Ethereum had traded in a range of $232.29 to $245.29 in the previous twenty-four hours.

    Over the past seven days, Ethereum has seen a drop in value, as it lost 8.94%. The volume of Ethereum traded in the twenty-four hours to time of writing was $10.18B or 13.12% of the total volume of all cryptocurrencies. It has traded in a range of $224.6189 to $267.7968 in the past 7 days.

    At its current price, Ethereum is still down 83.68% from its all-time high of $1,423.20 set on January 13, 2018.

    Elsewhere in cryptocurrency trading

    Bitcoin was last at $7,499.2 on the Investing.com Index, down 5.39% on the day.

    XRP was trading at $0.36458 on the Investing.com Index, a loss of 9.07%.

    Bitcoin's market cap was last at $134.12B or 57.10% of the total cryptocurrency market cap, while XRP's market cap totaled $15.50B or 6.60% of the total cryptocurrency market value.

    Read more
  • StockBeat: Time for the Euro Zone to Call on Guardiola

    By Geoffrey Smith

    Investing.com -- Europe’s stock markets are in headlong retreat again on Tuesday on the back of business surveys that further stoked fears that the continent will be caught up in a worsening trade war between the U.S. and China.

    The ‘flash’ reading for IHS Markit’s Eurozone purchasing managers index for manufacturing in May fell to 47.7 from 47.9 in April, disappointing hopes of an increase. The index had fallen for eight straight months before turning up fractionally in April, fostering hopes that the worst of the slowdown was over.

    The Eurozone services PMI also indicated that growth slowed in May, although statistical quirks led to the composite PMI actually rising to 51.6 from 51.5 in April.

    By 4.30 AM ET (0830 GMT), the benchmark STOXX Europe 600 was down 3.4 points, or 0.9% at 375.80. The German Dax and the French CAC 40 were both down 1.6%, despite the French PMI rising more strongly than expected. The U.K. FTSE 100 was down 1.1%.

    “The German manufacturing malaise is now increasingly being reflected in job losses in the sector,” said Nordea analyst Jan van Gerich via Twitter. “Services employment is still clearly in growth territory, but for how long remains to be seen.”

    Howard Archer, chief economic advisor to EY’s ITEM Club, noted that business activity was at its weakest since November 2013, with both manufacturing and services across the currency bloc “running close to stagnation”.

    The weakness in the euro zone’s engine room was corroborated by another drop in Germany’s ifo Business Climate index, which also fell for the eighth time in nine months.

    “The German economy is losing more steam,” ifo said. “Companies are less satisfied with their current situation. The faint optimism for the coming months, seen in March, has again evaporated.”

    Evidently, there is only one solution for the European economy, and that is to put Pep Guardiola in charge of it.

    The Spanish soccer coach, who has just burnished his already stellar reputation by winning all three of England’s domestic club competitions with Manchester City in the 2018/9 season, is reportedly on the verge of a move to Italy’s Juventus (MI:JUVE). The club’s shares have risen 8% since the news first broke on Wednesday.

    Read more
  • Comic: Trump’s Latest Move To Blacklist Huawei Fuel Fears Of U.S.-China Tech War

    Investing.com - Global financial markets were on the backfoot on Thursday, as investors feared that the ongoing U.S.-China trade war was quickly turning into a technology cold war between the world's two largest economies.

    The U.S. stuck Chinese tech giant Huawei on a trade blacklist last week, effectively banning U.S. firms from doing business with the world's largest telecom network gear maker, in a major escalation in the U.S-China trade conflict.

    The U.S. has accused Huawei of activities contrary to national security, a charge Huawei denies.

    In yet another sign of a deepening divide between the world's two largest economies, the Trump administration is reportedly considering slapping a similar ban on China's Hikvision, one of the world's largest surveillance companies.

    Fears of another blacklisting added to speculation that U.S. President Donald Trump is looking beyond completing a trade deal with China to a potentially bigger battle aimed at curbing Beijing's technology ambitions.

    To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics

    -- Reuters contributed to this report

    Read more
  • Japan stocks lower at close of trade; Nikkei 225 down 0.62%

    Investing.com – Japan stocks were lower after the close on Thursday, as losses in the Railway&Bus, Marine Transport and Transport sectors led shares lower.

    At the close in Tokyo, the Nikkei 225 fell 0.62%.

    The best performers of the session on the Nikkei 225 were Maruha Nichiro Corp (T:1333), which rose 3.82% or 130.0 points to trade at 3535.0 at the close. Meanwhile, Asahi Group Holdings, Ltd. (T:2502) added 2.62% or 127.0 points to end at 4980.0 and Kirin Holdings Co., Ltd. (T:2503) was up 2.51% or 57.0 points to 2330.5 in late trade.

    The worst performers of the session were TDK Corp (T:6762), which fell 6.52% or 520.0 points to trade at 7450.0 at the close. Dainippon Screen Mfg. Co., Ltd. (T:7735) declined 5.68% or 245.0 points to end at 4065.0 and Softbank Group Corp. (T:9984) was down 5.35% or 570.0 points to 10085.0.

    Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2164 to 1313 and 236 ended unchanged.

    Shares in Dainippon Screen Mfg. Co., Ltd. (T:7735) fell to 3-years lows; losing 5.68% or 245.0 to 4065.0.

    The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 1.05% to 18.37.

    Crude oil for July delivery was down 0.65% or 0.40 to $61.02 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.77% or 0.55 to hit $70.44 a barrel, while the June Gold Futures contract rose 0.00% or 0.05 to trade at $1274.25 a troy ounce.

    USD/JPY was down 0.10% to 110.22, while EUR/JPY fell 0.19% to 122.81.

    The US Dollar Index Futures was up 0.19% at 98.070.

    Read more
  • Gold Prices Little Changed After “Patient” Fed Minutes

    Investing.com - Gold prices were little changed on Thursday in Asia following the release of the minutes from last month’s Federal Reserve monetary policy meeting.

    Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were at $1,273.45 per ounce at 1:49 AM ET (05:49 GMT), down 0.06%.

    Federal Reserve policymakers said their patient approach to monetary policy action could continue for "some time" amid concerns over the sluggish pace of inflation, according to the minutes released Wednesday.

    “In light of global economic and financial developments as well as muted inflation pressures, participants generally agreed that a patient approach to determining future adjustments to the target range for the federal funds rate remained appropriate,” the minutes said. “Participants noted that even if global economic and financial conditions continued to improve, a patient approach would likely remain warranted.”

    Despite concerns over the muted pace of inflation of 1.6%, according to the most recent reading, the Fed expects core PCE price inflation to move up in the near term, but nevertheless to run just below its 2% target over medium term.

    Prices of the yellow metal stayed little changed as the minutes held no surprises overall.

    Traders’ focus is likely on the Sino-U.S. trade war now, analysts said, noting that the U.S. dollar seemed to be driven higher amid the trade conflict and that could put pressure on the gold prices.

    Trade tension between the two sides intensified further this week after the U.S. announced new sanction on Chinese telecom giant Huawei.

    Reports on Thursday said Washington is urging South Korea to drive Huawei products out of the country, citing security concerns.

    The U.S. administration is also considering sanctions on Chinese video surveillance firm Hikvision, Reuters reported citing a person briefed on the matter.

    Read more
  • Oil Price Fall on U.S. Crude Inventory Build

    Investing.com - Oil prices fell on Thursday in Asia as reports showed a surprise build in U.S. crude inventories last week.

    U.S. Crude Oil WTI Futures were down 0.6% to $61.03 by 1:18 AM ET (05:18 GMT). International Brent Oil Futures dropped 0.7% to $70.48.

    Crude prices fell as much as 3% on Wednesday after data from the U.S. Energy Information Administration (EIA) showed that crude inventories rose by 4.7 million barrels last week, versus expectations for a decline of nearly 600,000 barrels.

    Just a week ago, crude inventories had risen by 5.4 million barrels.

    Gasoline and distillate inventories also rose last week, the EIA data showed, suggesting that demand from consumers was also weak.

    "Rising inventories and a slowdown with refined product demand could suggest we could see further pressure (on prices)," said Edward Moya, senior analyst at futures brokerage OANDA, in a Reuters report.

    Analysts said losses in oil prices were limited by ongoing tension between the U.S. and Iran, as well as supply cuts led by the Organization of the Petroleum Exporting Countries since the beginning of the year.

    Developments related to the Sino-U.S. trade dispute are also closely monitored. Hopes of a trade deal between the U.S. and China happening in the near future diminished after U.S. Treasury Secretary Steven Mnuchin told CNBC in an interview that a trip to Beijing to resume trade negotiations has not been scheduled yet.

    Meanwhile, the South China Morning Post reported that recent restrictions imposed on Huawei have led China to rethink its economic relationship with the U.S.

    Read more
  • Crypto Drops; Russia to Adopt Regulations Soon

    Investing.com - Prices of major cryptocurrencies dropped on Thursday morning in Asia after Bitcoin lost steam.

    Bitcoin lost 3.35% to $7,655.3 by 12:11 PM ET (03:11 AM GMT). The coin went on a downward trajectory after hitting $7,692.3 overnight. On May 16, it reached a 10-month high at $8,287.2.

    Ethereum dropped 5.01% to $242.82, XRP slipped 6.83% to $0.37262 and Litecoin shed 3.75% to $87.364.

    The total market cap amounted to $239.5 billion, down from $250 billion the day before.

    In a pair of separate developments, Russia moved a step closer to adopting crypto-related legislation while a court in Israel took the position that Bitcoin is an asset and not a currency.

    Olga Skorobogatova, first deputy governor of the Russian central bank, said the bill “On Digital Financial Assets” will be adopted in the coming months as it is at a “sufficiently high degree of preparedness”.

    In February, Russian President Vladimir Putin placed a direct order to adopt regulations for the crypto industry and enforce them by this July.

    While the Russian authorities want things to move ahead fast, they had to delay the second reading of the bill because of an order from the Financial Action Task Force on Money Laundering (FATF). The Chairman of the Russian Parliament’s Committee on Financial Market revealed yesterday.

    The FATF and Russia are divided on the legislation of major industry terms such as “Cryptocurrencies” and “Bitcoin”. The FAFT would like so but Russia’s central bank is reportedly avoiding so.

    In separate news, Israeli court ruled that Bitcoin is an asset but not a currency. It means that crypto investors will be subject to capital gains tax for their profits made from selling cryptocurrency.

    The Israel Tax Authority argued that currencies must have some physical manifestation under the country’s laws, hence Bitcoin should not be deemed as a currency.

    Read more
  • Pound Falls Amid Brexit Concerns; U.S. Dollar Inches Up After Fed Minutes

    Investing.com - The British pound fell on Thursday in Asia amid Brexit concerns, while the U.S. dollar inched up after the release of minutes from the last meeting of the U.S. Federal Reserve.

    The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged up 0.1% to 97.982 by 11:46 PM ET (03:46 GMT).

    Minutes of the Federal Open Market Committee’s April 30-May 1 meeting suggested that there is no strong case to move rates in either direction and that the Fed’s patient approach to rate-change would be appropriate “for some time.”

    “Members observed that a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time,” according to the minutes, which noted that the intensified Sino-U.S. trade war could keep rates on hold for even longer.

    The FOMC at the meeting left its benchmark policy rate unchanged in a 2.25% to 2.5% target range as expected.

    Markets expect that the Fed will cut interest rates by the end of the year amid concerns over inflation running persistently below its 2% target.

    On the economic outlook, “many participants suggested that their own concerns from earlier in the year about downside risks from slowing global economic growth and the deterioration in financial conditions or similar concerns expressed by their business contacts had abated,” according to the minutes.

    The GBP/USD pair fell 0.1% to 1.2647 after reports that U.K. Prime Minister Theresa May could resign as soon as today amid Brexit chaos caused a sell-off of the pound.

    May proposed a revised version of the Withdrawal Agreement Bill to Parliament on Wednesday, but her cabinet and backbench lawmakers have reportedly revolted at the new version and other reports suggested that members of parliament could put pressure on her to resign as soon as today.

    Andrea Leadsom, a high profile Cabinet minister, resigned today and said she no longer believed the government’s approach.

    "I do not believe that we will be a truly sovereign United Kingdom through the deal that is now proposed,” Leadsom wrote in her letter to May. "I have always maintained that a second referendum would be dangerously divisive and I do not support the government willingly facilitating such a concession."

    The USD/CNY pair gained 0.1% to 6.9144. The Chinese currency received some support this week after the People’s Bank of China recent daily fixing for the yuan were at a stronger-than-expected level for a fourth straight day.

    Read more
  • Ctrip.Com Earnings, Revenue Beat in Q1

    Investing.com - Ctrip.Com (NASDAQ:CTRP) reported first quarter earnings that beat analysts' expectations on Wednesday and revenue that topped forecasts.

    The firm reported earnings per share of € 2.93 on revenue of € 8.16B. Analysts polled by Investing.com expected EPS of € 1.64 on revenue of € 8.07B. That compared to EPS of € 0.53 on revenue of € 6.73B in the same period a year earlier. The company had reported EPS of € 0.9 on revenue of € 7.56B in the previous quarter.

    Ctrip.Com follows other major Services sector earnings this month


    On April 25, Amazon.com reported first quarter EPS of $7.09 on revenue of $59.7B, compared to forecasts of EPS of $4.7 on revenue of $59.7B.

    Alibaba ADR earnings beat analyst's expectations on May 15, with fourth quarter EPS of $8.57 on revenue of $93.5B. Investing.com analysts expected EPS of $6.56 on revenue of $91.54B

    Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

    Read more
  • L Brands Earnings, Revenue Beat in Q1

    Investing.com - L Brands (NYSE:LB) reported first quarter earnings that beat analysts' expectations on Wednesday and revenue that topped forecasts.

    The firm reported earnings per share of $0.14 on revenue of $2.63B. Analysts polled by Investing.com expected EPS of $0 on revenue of $2.56B. That compared to EPS of $0.17 on revenue of $2.63B in the same period a year earlier. The company had reported EPS of $2.14 on revenue of $4.85B in the previous quarter.

    L Brands follows other major Services sector earnings this month


    On April 25, Amazon.com reported first quarter EPS of $7.09 on revenue of $59.7B, compared to forecasts of EPS of $4.7 on revenue of $59.7B.

    Alibaba ADR earnings beat analysts' expectations on May 15, with fourth quarter EPS of $8.57 on revenue of $93.5B. Investing.com analysts expected EPS of $6.56 on revenue of $91.54B

    Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

    Read more
  • Cardano Falls 10% In Rout

    Investing.com - Cardano was trading at $0.077079 by 18:07 (22:07 GMT) on the Investing.com Index on Wednesday, down 10.07% on the day. It was the largest one-day percentage loss since February 24.

    The move downwards pushed Cardano's market cap down to $2.02586B, or 0.85% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.

    Cardano had traded in a range of $0.077068 to $0.085290 in the previous twenty-four hours.

    Over the past seven days, Cardano has seen a drop in value, as it lost 15.71%. The volume of Cardano traded in the twenty-four hours to time of writing was $121.29469M or 0.17% of the total volume of all cryptocurrencies. It has traded in a range of $0.0758 to $0.1006 in the past 7 days.

    At its current price, Cardano is still down 94.29% from its all-time high of $1.35 set on January 4, 2018.

    Elsewhere in cryptocurrency trading

    Bitcoin was last at $7,591.7 on the Investing.com Index, down 4.84% on the day.

    Ethereum was trading at $242.84 on the Investing.com Index, a loss of 5.82%.

    Bitcoin's market cap was last at $136.01774B or 56.80% of the total cryptocurrency market cap, while Ethereum's market cap totaled $25.86253B or 10.80% of the total cryptocurrency market value.

    Read more
  • Canada stocks lower at close of trade; S&P/TSX Composite down 0.60%

    Investing.com – Canada stocks were lower after the close on Wednesday, as losses in the Energy, Materials and Financials sectors led shares lower.

    At the close in Toronto, the S&P/TSX Composite lost 0.60%.

    The best performers of the session on the S&P/TSX Composite were Cronos Group Inc (TO:CRON), which rose 3.44% or 0.7200 points to trade at 21.6300 at the close. Meanwhile, Premium Brands Holdings Corporation (TO:PBH) added 3.03% or 2.57 points to end at 87.37 and Enghouse Systems Ltd (TO:ENGH) was up 2.59% or 0.88 points to 34.86 in late trade.

    The worst performers of the session were First Quantum Minerals Ltd . (TO:FM), which fell 10.64% or 1.17 points to trade at 9.83 at the close. Peyto Exploration&Development Corp (TO:PEY) declined 7.91% or 0.45 points to end at 5.24 and New Gold Inc (TO:NGD) was down 6.67% or 0.060 points to 0.840.

    Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 700 to 367 and 109 ended unchanged.

    Shares in Peyto Exploration&Development Corp (TO:PEY) fell to 5-year lows; falling 7.91% or 0.45 to 5.24. Shares in New Gold Inc (TO:NGD) fell to 5-year lows; losing 6.67% or 0.060 to 0.840.

    The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 0.80% to 13.72.

    Gold Futures for June delivery was down 0.02% or 0.25 to $1272.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 2.85% or 1.80 to hit $61.33 a barrel, while the July Brent oil contract rose 0.04% or 0.03 to trade at $70.86 a barrel.

    CAD/USD was down 0.03% to 0.7441, while CAD/EUR fell 0.01% to 0.6674.

    The US Dollar Index Futures was up 0.07% at 97.960.

    Read more
  • Stocks - S&P Ends off Lows as Dovish Fed Minutes Ease U.S.-China Trade Jitters

    Investing.com - U.S. stocks closed down but finished off their lows Wednesday as renewed trade jitters were offset by dovish minutes from the Federal Reserve.

    The S&P 500 lost 0.28%, the Dow Jones Industrial Average fell 0.39%, while the Nasdaq Composite slid 0.45%.

    Federal Reserve policymakers said their patient approach to monetary policy action could continue for "some time," even if the global economy improves, according to minutes of the Fed’s last meeting released today. That helped offset renewed trade jitters amid reports that Washington is set to impose restrictions on other major Chinese tech companies.

    Chip stocks led the declines in the broader tech sector on reports the White House is considering banning as many as five Chinese companies, including video surveillance equipment Hikvision, as part of a move to curb Beijing's access to U.S. intellectual property, Bloomberg reported, citing people familiar with the matter.

    Qualcomm (NASDAQ:QCOM) fell 10.9%, as it was also hit with an adverse antitrust ruling. Intel (NASDAQ:INTC), Nvidia (NASDAQ:NVDA) and Micron (NASDAQ:MU) also closed in the red as the Philadelphia Semiconductor Index fell 2.1%.

    The White House move comes a day after the U.S. Commerce Department granted a 90-day license for U.S. mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks.

    U.S. Treasury Secretary Steven Mnuchin underscored the fraught U.S.-China relations, confirming in a CNBC interview that the U.S. has no plans to go to Beijing to resume trade negotiations.

    China had invited the U.S. trade team to Beijing in a bid to iron out trade differences after the nations had failed to reach a consensus in talks in Washington earlier this month.

    On the earnings front, Lowe’s Companies (NYSE:LOW) slumped more than 13% after reporting mixed first-quarter earnings as it missed expectations from Investing.com on the bottom line. Shares of Nordstrom (NYSE:JWN) also suffered a 9.25% drubbing after it missed first-quarter earnings estimates and cut its guidance for the year. But Target (NYSE:TGT) ended 7.8% higher as the retailer delivered a beat on the top and bottom lines.

    Falling energy stocks also slumped, dragging the broader market lower, on the back of a slump in oil prices following an unexpected build in weekly U.S. crude supplies.

    Top S&P 500 Gainers and Losers Today:

    Target (NYSE:TGT), Regeneron Pharmaceuticals (NASDAQ:REGN) and Advance Auto Parts Inc (NYSE:AAP) were among the top S&P 500 gainers for the session.

    Lowe’s (NYSE:LOW), Qualcomm (NASDAQ:QCOM) and Nordstrom (NYSE:JWN) were among the worst S&P 500 performers of the session.

    Read more
  • Bitcoin Struggles to Breach $8,000 Amid Lack of Positive Catalysts

    Investing.com - Bitcoin's struggles to move meaningfully above $8,000 continued Wednesday amid a lack of positive catalysts for bulls to rally behind.

    Bitcoin fell 1.25% to $7,896.5, down from a high of $8,094.2.

    The battle for the $8,000 handle continued, with crypto bears successfully defending the price level so far, as traders had little impetus to pile into the popular crypto.

    But the somewhat sideways-to-lower trading action over the past two days has done little to stop some suggesting that the popular crypto is poised for a move higher given the volatility in markets and decreased mining activity.

    "After a disturbing pullback to $6,200, Bitcoin back (greater than) $8,000 further cementing positive trend intact," analyst Tom Lee of Fundstrat said in a recent note.

    Other cryptos also trended lower, with XRP/USD down 2.26% to $0.3900, ETH/USD down 1.18% to $244.60 and LTC/USD off 2% to $89.14.

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  • Sweden stocks lower at close of trade; OMX Stockholm 30 down 0.45%

    Investing.com – Sweden stocks were lower after the close on Wednesday, as losses in the Consumer Services, Financials and Oil&Gas sectors led shares lower.

    At the close in Stockholm, the OMX Stockholm 30 fell 0.45%.

    The best performers of the session on the OMX Stockholm 30 were Telefonaktiebolaget LM Ericsson Class B (ST:ERICb), which rose 3.71% or 3.46 points to trade at 96.74 at the close. Meanwhile, Getinge AB ser. B (ST:GETIb) added 0.87% or 1.1 points to end at 133.9 and ASSA ABLOY AB ser. B (ST:ASSAb) was up 0.80% or 1.6 points to 196.5 in late trade.

    The worst performers of the session were Swedbank AB ser A (ST:SWEDa), which fell 2.47% or 3.5 points to trade at 139.9 at the close. Svenska Handelsbanken AB A (ST:SHBa) declined 2.18% or 2.20 points to end at 98.80 and Autoliv Inc . SDB (ST:ALIVsdb) was down 1.92% or 12.4 points to 634.6.

    Falling stocks outnumbered advancing ones on the Stockholm Stock Exchange by 327 to 285 and 68 ended unchanged.

    Shares in Telefonaktiebolaget LM Ericsson Class B (ST:ERICb) rose to 3-years highs; gaining 3.71% or 3.46 to 96.74.

    Crude oil for July delivery was down 2.55% or 1.61 to $61.52 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 1.59% or 1.15 to hit $71.03 a barrel, while the June Gold Futures contract rose 0.05% or 0.65 to trade at $1273.85 a troy ounce.

    EUR/SEK was down 0.17% to 10.7442, while USD/SEK fell 0.17% to 9.6296.

    The US Dollar Index Futures was down 0.00% at 97.893.

    Read more
  • Netherlands stocks lower at close of trade; AEX down 0.03%

    Investing.com – Netherlands stocks were lower after the close on Wednesday, as losses in the Consumer Services, Consumer Goods and Software&Computer Services sectors led shares lower.

    At the close in Amsterdam, the AEX lost 0.03%.

    The best performers of the session on the AEX were Galapagos NV (AS:GLPG), which rose 1.91% or 2.000 points to trade at 106.600 at the close. Meanwhile, Relx PLC (AS:REL) added 1.65% or 0.340 points to end at 20.910 and Adyen NV (AS:ADYEN) was up 1.21% or 8.46 points to 708.46 in late trade.

    The worst performers of the session were ArcelorMittal SA (AS:MT), which fell 1.94% or 0.290 points to trade at 14.662 at the close. ING Groep NV (AS:INGA) declined 1.57% or 0.158 points to end at 9.898 and Aegon NV (AS:AEGN) was down 1.50% or 0.064 points to 4.203.

    Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 65 to 53 and 21 ended unchanged.

    Shares in Relx PLC (AS:REL) rose to 5-year highs; rising 1.65% or 0.340 to 20.910.

    The AEX Volatility, which measures the implied volatility of AEX options, was down 1.68% to 13.60.

    Crude oil for July delivery was down 2.72% or 1.72 to $61.41 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 1.70% or 1.23 to hit $70.95 a barrel, while the June Gold Futures contract rose 0.07% or 0.85 to trade at $1274.05 a troy ounce.

    EUR/USD was up 0.01% to 1.1159, while EUR/GBP rose 0.24% to 0.8801.

    The US Dollar Index Futures was down 0.01% at 97.887.

    Read more
  • U.K. stocks higher at close of trade; Investing.com United Kingdom 100 up 0.04%

    Investing.com – U.K. stocks were higher after the close on Wednesday, as gains in the Forestry&Paper, General Industrial and Software&Computer Services sectors led shares higher.

    At the close in London, the Investing.com United Kingdom 100 gained 0.04%.

    The best performers of the session on the Investing.com United Kingdom 100 were Royal Mail PLC (LON:RMG), which rose 5.01% or 10.60 points to trade at 222.00 at the close. Meanwhile, Hikma Pharmaceuticals PLC (LON:HIK) added 3.10% or 52.50 points to end at 1743.50 and Coca Cola HBC AG (LON:CCH) was up 3.07% or 85.0 points to 2854.0 in late trade.

    The worst performers of the session were Marks and Spencer Group PLC (LON:MKS), which fell 9.37% or 25.40 points to trade at 245.80 at the close. Babcock International Group PLC (LON:BAB) declined 9.31% or 47.20 points to end at 460.00 and EasyJet PLC (LON:EZJ) was down 5.83% or 57.40 points to 927.20.

    Falling stocks outnumbered advancing ones on the London Stock Exchange by 1163 to 1015 and 195 ended unchanged.

    Shares in Babcock International Group PLC (LON:BAB) fell to 5-year lows; falling 9.31% or 47.20 to 460.00. Shares in EasyJet PLC (LON:EZJ) fell to 52-week lows; losing 5.83% or 57.40 to 927.20.

    Gold Futures for June delivery was up 0.09% or 1.15 to $1274.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 3.18% or 2.01 to hit $61.12 a barrel, while the July Brent oil contract fell 2.20% or 1.59 to trade at $70.59 a barrel.

    GBP/USD was down 0.22% to 1.2677, while EUR/GBP rose 0.24% to 0.8801.

    The US Dollar Index Futures was up 0.01% at 97.903.

    Read more
  • Russia stocks higher at close of trade; MOEX Russia up 0.85%

    Investing.com – Russia stocks were higher after the close on Wednesday, as gains in the Oil&Gas, Mining and Telecoms sectors led shares higher.

    At the close in Moscow, the MOEX Russia gained 0.85% to hit a new all time high.

    The best performers of the session on the MOEX Russia were Tatneft OAO Pref (MCX:TATN_p), which rose 4.53% or 26.00 points to trade at 600.00 at the close. Meanwhile, NOVATEK (MCX:NVTK) added 4.18% or 52.00 points to end at 1297.00 and AFK Sistema (MCX:AFKS) was up 2.00% or 0.176 points to 8.962 in late trade.

    The worst performers of the session were Rosseti ao (MCX:RSTI), which fell 2.10% or 0.0262 points to trade at 1.2238 at the close. SG mechel (MCX:MTLR) declined 1.70% or 1.15 points to end at 66.53 and Trubnaya Metallurgicheskaya Kompaniya OAO (MCX:TRMK) was down 1.30% or 0.78 points to 59.12.

    Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 135 to 103 and 8 ended unchanged.

    Shares in NOVATEK (MCX:NVTK) rose to all time highs; gaining 4.18% or 52.00 to 1297.00.

    The Russian VIX, which measures the implied volatility of MOEX Russia options, was up 2.52% to 19.930.

    Gold Futures for June delivery was up 0.11% or 1.45 to $1274.65 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 3.07% or 1.94 to hit $61.19 a barrel, while the July Brent oil contract fell 2.09% or 1.51 to trade at $70.67 a barrel.

    USD/RUB was down 0.08% to 64.3695, while EUR/RUB fell 0.15% to 71.8050.

    The US Dollar Index Futures was up 0.01% at 97.903.

    Read more
  • Turkey stocks lower at close of trade; BIST 100 down 1.92%

    Investing.com – Turkey stocks were lower after the close on Wednesday, as losses in the Technology, Leasing&Factoring and Transport sectors led shares lower.

    At the close in Istanbul, the BIST 100 declined 1.92% to hit a new 52-week low.

    The best performers of the session on the BIST 100 were Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS (IS:FLAP), which rose 10.69% or 0.280 points to trade at 2.900 at the close. Meanwhile, Fenerbahce Futbol AS (IS:FENER) added 3.68% or 0.25 points to end at 7.04 and Vestel Elektronik Sanayi ve Ticaret AS (IS:VESTL) was up 2.08% or 0.180 points to 8.850 in late trade.

    The worst performers of the session were Eczacibasi Yatirim Holding Ortakligi AS (IS:ECZYT), which fell 13.00% or 0.88 points to trade at 5.89 at the close. Kerevitas Gida Sanayi ve Ticaret AS (IS:KERVT) declined 7.43% or 0.13 points to end at 1.62 and ICBC Turkey Bank AS (IS:ICBCT) was down 6.55% or 0.190 points to 2.710.

    Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 320 to 60 and 27 ended unchanged.

    Shares in Eczacibasi Yatirim Holding Ortakligi AS (IS:ECZYT) fell to 52-week lows; down 13.00% or 0.88 to 5.89. Shares in ICBC Turkey Bank AS (IS:ICBCT) fell to 52-week lows; losing 6.55% or 0.190 to 2.710.

    Gold Futures for June delivery was up 0.23% or 2.95 to $1276.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 2.76% or 1.74 to hit $61.39 a barrel, while the July Brent oil contract fell 1.97% or 1.42 to trade at $70.76 a barrel.

    USD/TRY was up 1.02% to 6.1131, while EUR/TRY rose 1.02% to 6.8215.

    The US Dollar Index Futures was down 0.01% at 97.882.

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  • Luckin Coffee Sinks Midday, Falls Below IPO Price

    Investing.com - The Starbucks of China might not be so popular among investors after all.

    Luckin Coffee (NASDAQ:LK) was down 6.7% in midday trade Wednesday, falling below its initial public offering price less than a week after it debuted.

    Shares fell below $17, where the stock priced. Shares opened on the first day of trading at $25, but have struggled since.

    The Chinese-based company began operations in October 2017 and has 2,370 stores in 28 cities across the country. It uses technology to standardize its operations, including AI and a mobile app.

    Still, like most startups, it has yet to make a profit.

    Luckin Coffee made $125.3 million in revenue in the year ended Dec. 31, 2018, but reported a net loss of $241.3 million.

    Elsewhere in the sector, Dunkin Brands (NASDAQ:DNKN) inched down 0.2%, while Starbucks (NASDAQ:SBUX) dipped 0.3%.

    Read more
  • Pound Falls After Reports of Pressure on May to Resign

    Investing.com - Sterling slumped on Wednesday after reports that U.K. Prime Minister Theresa May could resign as soon as today amid Brexit chaos caused a sell-off of the pound.

    GBP/USD fell 0.5% to 1.2637 as of 10:22 AM ET (14:22 GMT), a low not seen since January. The pound also fell to a four-month low against the euro, with EUR/GBP jumping 0.6% to 0.8833.

    May proposed a revised version of the Withdrawal Agreement Bill to Parliament on Wednesday. The bill will be officially published on Friday and includes the option of a second referendum on Brexit. Her cabinet and backbench lawmakers have revolted at the new version, which threatens to leave the U.K. as a "rule-taker" from the EU on labor and environmental issues, as well as crimping its future trade policy.

    As she loses support from her Cabinet for the deal, other reports have surfaced that members of parliament could put pressure on her to resign as soon as today, by changing the party's internal rules to allow another challenge to her leadership.

    Meanwhile, the U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was unchanged at 97.877 as fears of an escalating trade war between the U.S. and China resurfaced.

    The U.S. is looking to blacklist more Chinese companies, just days after it eased restrictions on Chinese tech giant Huawei. Investors are concerned that banning Chinese companies from buying American products could have negative consequences across the broader technology sector.

    The U.S. is looking at similar restrictions on other companies, including Chinese video surveillance company Hikvision, according to Bloomberg and the New York Times.

    The greenback was down against the safe haven Japaese yen, with USD/JPY falling 0.1% to 110.36. EUR/USD rose 0.1% to 1.1164 and USD/CAD dipped 0.1% to 1.3392.

    Read more
  • Stocks - Wall Street Falls as Trade War Fears Rise

    Investing.com – Wall Street fell on Wednesday as fears grew over possible trade war escalation between the U.S. and China after reports that Washington could blacklist more Chinese companies.

    The S&P 500 fell 9 points or 0.3% by 9:44 AM ET (13:44 GMT), while the Dow lost 90 points or 0.4% and tech-heavy Nasdaq composite was down 22 points or 0.3%.

    The news comes after the U.S. eased restrictions on Chinese tech giant Huawei in response to concerns that banning the company from buying American products could have negative consequences across the broader technology sector.

    The U.S. is looking at similar restrictions on other companies, including Chinese video surveillance company Hikvision, according to Bloomberg and the New York Times.

    Investors are worried such a move could lead to more retaliation from China.

    "What investors are looking at is the fact that this could be another retaliation," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "The negotiations have been more of a tit-for-tat than actual conversation."

    Qualcomm (NASDAQ:QCOM) was among the hardest hit after the opening bell, slumping 9.6% after a federal judge ruled its cellphone practices violated antitrust laws.

    Tesla (NASDAQ:TSLA) fell 1.4%, while Intel (NASDAQ:INTC) fell 0.8% and Micron (NASDAQ:MU) slipped 1.1%.

    Elsewhere, Facebook (NASDAQ:FB) rose 0.4%, while Coca-Cola (NYSE:KO) gained 0.7% and Netflix (NASDAQ:NFLX) was up 2.9%.

    Retailers were in focus after mixed earnings. Lowe’s (NYSE:LOW) was down 9.9% after slashing its yearly forecast, while Target (NYSE:TGT) rose 7.4% after first-quarter figures burnished by extremely strong online sales growth.

    The Federal Reserve will release minutes from its May 1 meeting at 2:00 PM ET (19:00 GMT).

    In commodities, gold futures rose 0.1% to $1,274.75 a troy ounce, while crude oil slumped 1% to $62.48. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 97.873.

    -Reuters contributed to this report.

    Read more
  • Netflix Rises 3%

    Investing.com - Netflix (NASDAQ:NFLX) rose by 3.02% to trade at $364.87 by 09:36 (13:36 GMT) on Wednesday on the NASDAQ exchange.

    The volume of Netflix shares traded since the start of the session was 864.35K. Netflix has traded in a range of $357.46 to $365.27 on the day.

    The stock has traded at $365.2100 at its highest and $341.3900 at its lowest during the past seven days.

    Read more
  • Stocks - Qualcomm, Lowe’s Slump Premarket; Target, Avon Soar

    Investing.com - Stocks in focus in premarket trading on Wednesday:

    • Qualcomm (NASDAQ:QCOM) stock fell 11.3% by 8:15 AM ET (12:15 GMT) after a federal judge ruled that the company had violated antitrust law.

    • Lowe’s (NYSE:LOW) stock was down 8% after it was the latest retailer to report a disappointing first quarter. The company also cut its outlook for the year.

    Target (NYSE:TGT) stock gained 7.1% after it reported a rise in comparable-store sales, helped by the development of its stores as hubs for delivery of goods ordered online. Its online sales rose 42%, with same-day delivery services contributing more than half of that growth.

    • Nordstrom (NYSE:JWN) stock declined 10.7% after posting disappointing sales figures after the close on Tuesday.

    • Amazon.com (NASDAQ:AMZN) stock inched down 0.6% as investors prepare to vote to halt sales of facial recognition technology to police and governments, a move the board of directors is recommending shareholders vote against.

    Avon Products (NYSE:AVP) stock surged 17.2% on expectations that the cosmetic brand will announce its sale to Brazil’s Natura Cosmeticos later in the day.

    • Urban Outfitters (NASDAQ:URBN) rose 6.3% after beating forecasts on strong sales at both its Urban Outfitters and Anthropologie chains.

    Read more
  • Lowe’s Earnings Miss, Revenue Beats In Q1

    Investing.com - Lowe’s (NYSE:LOW) reported first quarter earnings that missed analysts' expectations on Wednesday and revenue that topped forecasts.

    The firm reported earnings per share of $1.22 on revenue of $17.74B. Analysts polled by Investing.com anticipated EPS of $1.33 on revenue of $17.65B. That compared to EPS of $1.19 on revenue of $17.36B in the same period a year earlier. The company had reported EPS of $0.8 on revenue of $15.65B in the previous quarter.

    Lowe’s follows other major Services sector earnings this month


    On April 25, Amazon.com reported first quarter EPS of $7.09 on revenue of $59.7B, compared to forecasts of EPS of $4.7 on revenue of $59.7B.

    Alibaba ADR earnings beat analysts' expectations on May 15, with fourth quarter EPS of $8.57 on revenue of $93.5B. Investing.com analysts expected EPS of $6.56 on revenue of $91.54B

    Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

    Read more
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