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  • Australia stocks lower at close of trade; S&P/ASX 200 down 0.87%

    Investing.com – Australia stocks were lower after the close on Monday, as losses in the Healthcare, A-REITs and Consumer Discretionary sectors led shares lower.

    At the close in Sydney, the S&P/ASX 200 fell 0.87%.

    The best performers of the session on the S&P/ASX 200 were Lynas Corporation Ltd (AX:LYC), which rose 6.44% or 0.130 points to trade at 2.150 at the close. Meanwhile, Afterpay Touch Group Ltd (AX:APT) added 4.14% or 0.595 points to end at 14.975 and Mayne Pharma Group Ltd (AX:MYX) was up 2.60% or 0.023 points to 0.887 in late trade.

    The worst performers of the session were Nufarm Ltd (AX:NUF), which fell 11.89% or 1.000 points to trade at 7.410 at the close. Ioof Holdings Ltd (AX:IFL) declined 4.89% or 0.460 points to end at 8.950 and Bellamys Australia Ltd (AX:BAL) was down 3.73% or 0.445 points to 11.495.

    Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 694 to 539 and 343 ended unchanged.

    Shares in Nufarm Ltd (AX:NUF) fell to 52-week lows; down 11.89% or 1.000 to 7.410. Shares in Afterpay Touch Group Ltd (AX:APT) rose to all time highs; gaining 4.14% or 0.595 to 14.975.

    The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 9.70% to 13.138.

    Gold Futures for August delivery was down 0.03% or 0.40 to $1230.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.26% or 0.18 to hit $68.08 a barrel, while the September Brent oil contract fell 0.18% or 0.13 to trade at $72.94 a barrel.

    AUD/USD was up 0.05% to 0.7423, while AUD/JPY fell 0.37% to 82.39.

    The US Dollar Index Futures was down 0.12% at 94.14.

    Read more
  • Gold Prices Edge Up as Dollar Softens Following Trump’s Remarks

    Investing.com – Gold prices edged up on Monday on a softer dollar. Meanwhile, U.S. President Donald Trump’s criticism on the Fed and global monetary policy over the weekend also helped push the yellow metal’s prices higher.

    Gold Futures for August delivery on the Comex division of the New York Mercantile Exchangeis gained 0.11% to a trading price of $1,232.4 each troy ounce at 1:39AM ET (05:39 GMT). 

    Trump on Friday reinforced his criticism of the Federal Reserve's policy on raising interest rates, saying it takes away from the United States' 'big competitive edge' and could hurt the U.S. economy.

    He also accused the European Union and China of manipulating their currencies.  

    "China, the European Union and others have been manipulating their currencies and interest rates lower," Trump said in a tweet over the weekend. That, coupled with U.S. interest rate hikes, was weakening U.S.’s economy as the dollar strengthened, Trump claimed. 

    His comments on currency came after he told CNBC in an interview that he was prepared to impose tariffs on all Chinese goods to the U.S.  

    "I'm ready to go to 500," said Trump, referring to the $505.5 billion in goods from China the U.S. imported in 2017. 

    The U.S. and China exchanged new tariffs on $34 billion worth of goods on each other earlier this month. The Trump administration has also announced a list of proposed duties on $200 billion in Chinese imports, although those tariffs have not yet kicked in. 

    Gold is usually seen as an alternative investment in times of political and economic uncertainty.

    Meanwhile, the dollar slipped on Monday following events over the weekend.

    The U.S. Dollar Index, which tracks the greenback against a basket of currencies, traded at $94.06 at 1:05AM ET (05:05 GMT), down 0.2% from the previous session.  

    A weaker greenback makes dollar-priced gold cheaper for buyers using other currencies.

    Read more
  • Bitcoin Rises as South Korea Sets Up New Cryptocurrency Division

    Investing.com- Bitcoin rose on Monday, trading above the $7,600 mark as South Korea continued to adopt a cauitous yet positive approrach to the cryptocurrency industry.

    Bitcoin was trading at $7,640.6 by 12:31AM ET (04:31 GMT) on the Bitfinex exchange, up 3.0% in the last 24 hours.   

    Ethereum, the world’s second largest cryptocurrency by market cap, climbed 1.3% to $468.02 on the Bitifinex exchange.     

    Ripple’s XRP token traded 1.3% higher to $0.45863 on the Poloniex exchange.     

    Litecoin on the other hand also gained 2.3%.

    South Korea’s Financial Services Commission (FSC) announced in a press release that it is setting up a Financial Innovation Bureasu as part of a organizational reshuffle.

    The organization, which is expected to have a lifespan of two years, would be tasked with responding to “new developments and challenges such as cryptocurrencies,” the FSC said in the statement.

    Its responsibility would reach beyond just virtual coins, with oversight on policy initiatives relating to FinTech and big data also being announced.

    Analysts believed the South Korean government has changed its position regarding cryptocurrencies in recent months, and that the country now considers cryptocurrency exchanges as actual legal entities, instead of just “communication vendors”.

    In other news, JP Morgan released a report that listed multiple key areas central banks need to understand in order to adopt cryptocurrencies.

    The report discussed how the anoymity nature of the cryptocurrency industry presented a real threat to banks.

    Increased volatility in regards to regulations and technology are also major issues, the investment bank said in the report, adding that they believe that crypto does not function within the old definitions of money. JPMorgan (NYSE:JPM) further pointed out that in order for virtual currencies to be deemed ‘real money’, they needs to become a unit of account, a medium of exchange and a storage of value.

    Read more
  • Asian Stocks Slip; Nikkei Underperforms as Yen Strengthens After Trump’s Comments

    Investing.com – Asian stocks slipped in morning trade on Monday, while Japan’s Nikkei 225 underperformed its regional peers with a stronger yen being cited as the catalyst for the selling in equities.

    On Friday, U.S. President Donald Trump accused the European Union and China of manipulating their currencies.

    "China, the European Union and others have been manipulating their currencies and interest rates lower," Trump said in a tweet over the weekend. That, coupled with U.S. interest rate hikes, was weakening U.S.’s economy as the dollar strengthened, Trump claimed.

    His comments on currency came after he told CNBC in an interview that he was prepared to impose tariffs on all Chinese goods to the U.S.

    "I'm ready to go to 500," said Trump, referring to the $505.5 billion in goods from China the U.S. imported in 2017.

    The U.S. and China exchanged new tariffs on $34 billion worth of goods on each other earlier this month. The Trump administration has also announced a list of proposed duties on $200 billion in Chinese imports, although those tariffs have not yet kicked in.

    In Asia, Japanese stocks were under pressure by strength in the yen as the dollar weakened following events over the weekend. The Nikkei 225 was down 1.2% by 9:55PM ET (01:55 GMT).

    China’s Shanghai Composite and the Shenzhen Component both slipped 0.1%, while Hong Kong’s Hang Seng Index also fell 0.2%.

    South Korea’s KOSPI traded 0.7%. Index heavyweight Samsung Electronics (KS:005930) declined almost 2%, although the losses were partially offset by gains in automakers.

    Down under, Australia’s S&P/ASX 200 was down 0.8%.

    Looking ahead, Australia CPI and South Korea’s GDP are both due later this week.

    Read more
  • Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.20%

    Investing.com – Saudi Arabia stocks were higher after the close on Sunday, as gains in the Real Estate Development, Cement and Industrial Investment sectors led shares higher.

    At the close in Saudi Arabia, the Tadawul All Share gained 0.20%.

    The best performers of the session on the Tadawul All Share were Sahara (SE:2260), which rose 4.66% or 0.86 points to trade at 19.30 at the close. Meanwhile, United Electronics Company (SE:4003) added 4.32% or 2.50 points to end at 60.40 and Tabuk Cement Co. (SE:3090) was up 3.67% or 0.50 points to 14.12 in late trade.

    The worst performers of the session were Anaam International Holding Group (SE:4061), which fell 2.07% or 0.24 points to trade at 11.34 at the close. Alujain Corporation (SE:2170) declined 1.85% or 0.60 points to end at 31.90 and Salama Cooperative Insurance Co (SE:8050) was down 1.84% or 0.42 points to 22.38.

    Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 89 to 73 and 20 ended unchanged.

    Crude oil for September delivery was down 0.16% or 0.11 to $68.13 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.56% or 0.41 to hit $72.99 a barrel, while the August Gold Futures contract rose 0.65% or 7.90 to trade at $1231.90 a troy ounce.

    EUR/SAR was up 0.68% to 4.3955, while USD/SAR rose 0.01% to 3.7500.

    The US Dollar Index Futures was down 0.77% at 94.25.

    Read more
  • Crude Oil Prices - Weekly Outlook: July 23 - 27

    Investing.com - Worries over increased global supply are likely to weigh on oil in the week ahead, after prices logged their third straight weekly loss amid emerging evidence of oversupply, despite Saudi Arabia's pledge to hold off flooding the market with crude.

    Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement Thursday that the kingdom expects crude exports to fall by about 100,000 barrels per day (bpd) in August as it limits excess production.

    He added that concerns the oil cartel and its allies could oversupply the market with more output are “without basis."

    Those comments came after OPEC figures released earlier this month showed Saudi output in June rose to levels not seen since 2016. The world's top oil exporter and OPEC's biggest producer pledged last month it would raise output to make up for lost supplies out of Libya, Venezuela and Iran.

    Fresh weekly data on U.S. commercial crude inventories on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise will capture the market's attention.

    U.S. oil production reached 11 million bpd for the first time last week. The country has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.

    However, the U.S. rig count, an early indicator of future output, fell by 5 to 858 last week, according to oilfield services firm Baker Hughes. The rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June.

    The rig count is still up 94 from a year ago, when there were 764 rigs.

    U.S. benchmark oil, September West Texas Intermediate WTI crude, settled at $68.26 a barrel on the New York Mercantile Exchange by close of trade on Friday.

    It lost around 0.8% for the week, marking its third straight weekly loss.

    Elsewhere, September Brent crude, the global benchmark, finished the week at $73.07 a barrel on the ICE Futures Europe exchange.

    Brent suffered a weekly loss of 3%, also its third-weekly fall in a row.

    Fears that an escalating trade spat between Washington and Beijing could hit demand, particularly if Chinese growth is affected, also weighed.

    Oil prices are down 8% so far this month amid growing indications of higher production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries (OPEC) as well as Russia and the United States.

    Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.

    Tuesday, July 24

    The American Petroleum Institute is to publish its weekly report on U.S. oil supplies.

    Wednesday, July 25

    The U.S. Energy Information Administration will release its weekly report on oil stockpiles.

    Friday, July 27

    Baker Hughes will release weekly data on the U.S. oil rig count.

    Read more
  • Gold / Silver / Copper Prices - Weekly Outlook: July 23 - 27

    Investing.com - Metals traders will remain focused on the dollar this week after comments by U.S. President Donald Trump on interest rates stalled a rally in the greenback on Friday, offering some relief to gold, which recovered from one-year lows.

    Investors will also be looking ahead to Friday’s U.S. GDP report to see how the economy performed in the second quarter. The data is expected to show that growth rebounded in the three months to June, boosted by an increase in consumer spending.

    Investors will also be monitoring developments in the intensifying global trade conflict.

    Gold prices rose on Friday, paring back some of their weekly loss after Trump launched an attack on the Federal Reserve late Thursday, claiming that their plans to raise U.S. interest rates risked undermining his efforts at strengthening the economy.

    Gold futures for August delivery settled up 0.65% at $1,231.90 on the Comex division of the New York Mercantile Exchange. Prices had hit a one-year low of $1,222.22 on Thursday. For the week, prices ended down 0.81% and they have fallen 5.7% for the year so far.

    Trump ratcheted up his criticism of the Fed on Friday, taking to Twitter to claim that tighter monetary policy was penalizing the U.S. by contributing to a stronger dollar.

    He also accused China and the European Union of currency and interest-rate manipulation that he claims has put the U.S. at a disadvantage.

    In addition, Trump indicated that he is prepared to slap tariffs on all Chinese imports to the U.S., worth around $500 billion per year, escalating a trade conflict between Washington and Beijing.

    Gold prices have failed to garner much support despite growing risk aversion over trade tensions, suggesting the yellow metal is losing its safe haven status.

    The dollar fell across the board on Friday, snapping a rally that had seen it hit one-year highs in the previous session.

    The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.77% at 94.25 in late trade.

    It was the largest one-day percentage decline in three weeks, and was enough to turn the dollar index lower for the week and for the month. For the week, the index was down 0.29% and it is down 0.11% for the month to date.

    A weaker U.S. currency makes gold and other dollar-denominated commodities less expensive for foreign investors.

    Elsewhere in precious metals trading, silver settled up 0.99% at $15.55 a troy ounce, for a weekly loss of 1.58%.

    Platinum settled at $828.90, 2.8% higher for the day, to end the week with a loss of 0.34%.

    Among base metals, copper for July delivery ended at $2.751, up 2.06% for the day, trimming its losses for the week to 0.87%.

    Ahead of the coming week, Investing.com has compiled a list of significant events likely to affect the markets.

    Monday, July 23

    The U.S. is to release data on existing home sales.

    Tuesday, July 24

    The euro zone is to release data on manufacturing and service sector activity.

    Wednesday, July 25

    New Zealand is to release trade data.

    Australia is to produce data on consumer price inflation.

    The Ifo Institute is to report on German business climate.

    The U.S. is to release data on new home sales.

    Thursday, July 26

    The ECB is to announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.

    The U.S. is to release reports on durable goods orders and initial jobless claims.

    Friday, July 27

    The U.S. is to round up the week with preliminary data on second quarter growth and a revised look at consumer sentiment.

    Read more
  • Economic Calendar - Top 5 Things To Watch This Week: Trade, Earnings, GDP

    Investing.com - Market focus in the week ahead will be largely attuned to the next potential steps of the brewing trade war between the United States and its major trading partners, most notably China and the European Union.

    Trade-war fears have been simmering for months, keeping market gains in check with investors jittery over the prospects of further escalation in tensions having an impact on global economic growth.

    The coming week also marks the busiest one of the second-quarter earnings season on Wall Street, with many of the big-name U.S. technology stocks, such as Google parent Alphabet, Facebook and Amazon, set to report in the days ahead.

    There is also important second-quarter U.S. growth data this week, which is expected to show the economy expanded at its fastest pace in four years in the April-June period.

    Meanwhile, on the central bank front, markets are keeping an eye on the European Central Bank's monetary policy meeting for further guidance on when the central bank plans to raise interest rates.

    Ahead of the coming week, Investing.com has compiled a list of the five biggest events on the economic calendar that are most likely to affect the markets.

    1. U.S.-China Trade Tensions

    Escalating trade rhetoric will keep investors on their toes as they watch further developments amid an ongoing trade dispute between the U.S. and China.

    President Donald Trump warned on Friday that he was ready to impose tariffs on all $500 billion of goods the U.S. imports from China, remarks that threatened to escalate a trade clash with the Asian giant.

    The world's two largest economies appeared increasingly headed toward open trade conflict after several rounds of negotiations failed to resolve U.S. complaints over Chinese industrial policies, lack of market access in China and a $375 billion U.S. trade deficit.

    Washington has already imposed tariffs on $34 billion of Chinese goods, with another $200 billion being looked at. In return, Beijing levied taxes on the same value of U.S. products.

    Additionally, Treasury Secretary Steven Mnuchin said Friday that the U.S. is monitoring the recent weakness in China's yuan, and will review whether the currency has been manipulated.

    Mnuchin's comments raised the specter of designating China as a currency manipulator for the first time since the early days of the Trump administration in 2017.

    The yuan has lost 7.5% of its value against the dollar since the end of the first quarter, prompting speculation that Chinese policymakers are allowing their currency to weaken in order to offset the impact of U.S. trade tariffs, by making their exports more competitive.

    2. Trump-Juncker Meeting

    European Commission President Jean-Claude Juncker is due meet U.S. President Donald Trump in Washington on Wednesday to discuss strained trade relations between the European Union and the United States.

    The meeting comes after the U.S. imposed tariffs on EU steel and aluminum and amid Trump's repeated threats to extend those measures to European cars.

    Trump's top economic adviser, Larry Kudlow, said last week he expected Juncker to come with a "significant" trade offer.

    However, EU officials have sought to lower expectations about what Juncker can achieve and downplayed suggestions that he will arrive with a novel plan to restore good relations.

    The bloc previously offered to open its markets wider to U.S. imports, including cars, as part of a reciprocal but limited trade deal, but Washington rebuffed the proposal.

    3. Google, Facebook, Amazon Highlight Busy Week Of Earnings

    There are about 170 S&P 500 companies and 11 Dow members reporting earnings in what will be the busiest week of the second-quarter earnings season.

    Most of the focus will be on the FANG group of stocks. Google parent Alphabet (NASDAQ:GOOGL) reports after Monday's closing bell, followed by Facebook (NASDAQ:FB) after the bell on Wednesday, and Amazon (NASDAQ:AMZN), which reports Thursday after the markets close.

    Some of other high-profile tech names reporting this week are Twitter (NYSE:TWTR), Intel (NASDAQ:INTC), Spotify (NYSE:SPOT), Advanced Micro Devices (NASDAQ:AMD), PayPal (NASDAQ:PYPL) and Qualcomm (NASDAQ:QCOM).

    Among non-tech names, Boeing (NYSE:BA), McDonald’s (NYSE:MCD), 3M (NYSE:MMM), United Technologies (NYSE:UTX), Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Verizon (NYSE:VZ), AT&T (NYSE:T), Comcast (NASDAQ:CMCSA), Coca-Cola (NYSE:KO), UPS (NYSE:UPS), General Motors (NYSE:GM), Visa (NYSE:V), Mastercard (NYSE:MA), Ford (NYSE:F), and Starbucks (NASDAQ:SBUX) are also on the docket for this week.

    So far, 87 S&P 500 companies have released their latest quarterly results, of which 83% have beat consensus estimates, according to FactSet.

    4. U.S. Advanced Second Quarter GDP

    Investors will keep an eye on a preliminary reading of second-quarter U.S. growth due at 8:30AM ET Friday for further clues on when and how fast the Federal reserve will raise interest rates.

    The report is expected to show the economy expanded at an annual rate of 4.1% in the April-June period, nearly double the first quarter's output. That would be the highest since the third quarter of 2014.

    Besides the GDP report, this week's rather light economic calendar also features data on existing home sales and durable goods orders.

    Fed Chairman Jerome Powell gave an upbeat assessment of the U.S. economy during congressional testimony last week, reaffirming expectations for two additional rate hikes by the central bank this year.

    However, Trump launched a rare attack on the U.S. central bank late last week, claiming that their plans to raise interest rates risked undermining his efforts at strengthening the economy.

    He also lamented the strength of the U.S. dollar in posts on Twitter and accused China and the EU of currency and interest-rate manipulation that he claims has put the U.S. at a disadvantage.

    5. European Central Bank Policy Meeting

    The European Central Bank is all but certain to keep interest rates at their current record low levels at the conclusion of its monetary policy meeting at 1145GMT (7:45AM ET) on Thursday.

    President Mario Draghi will hold a closely-watched press conference 45 minutes after the rate announcement as investors seek further clues on when the central bank plans to start hiking borrowing costs.

    At its previous meeting in June, the ECB pledged to keep interest rates at current levels until "at least through the summer" of 2019.

    Some ECB policymakers apparently still want a June 2019 rate rise, while others see trade tensions as a reason to stay loose for longer.

    According to a Reuters poll of economists taken July 10-18, the ECB will raise rates in the third quarter next year, before President Mario Draghi's term ends in October 2019.

    This week's calendar also features flash July PMI surveys on manufacturing and service sector activity, which should give some indication of how the region's economy is coping with global trade conflicts, Italian politics and messy Brexit negotiations.

    Stay up-to-date on all of this week's economic events by visiting: http://www.investing.com/economic-calendar/

    Read more
  • Mexico stocks higher at close of trade; S&P/BMV IPC up 0.33%

    Investing.com – Mexico stocks were higher after the close on Friday, as gains in the Consumer Goods&Services, Financial Services and Consumer Staples sectors led shares higher.

    At the close in Mexico, the S&P/BMV IPC added 0.33%.

    The best performers of the session on the S&P/BMV IPC were VOLARIS A (MX:VOLARA), which rose 9.26% or 1.06 points to trade at 12.51 at the close. Meanwhile, Alsea , S.A.B. De C.V. (MX:ALSEA) added 2.76% or 1.820 points to end at 67.650 and Grupo Bimbo, S.A.B. De C.V. (MX:BIMBOA) was up 2.73% or 1.060 points to 39.900 in late trade.

    The worst performers of the session were Kimberly - Clark De Mexico A (MX:KIMBERA), which fell 2.45% or 0.850 points to trade at 33.860 at the close. Grupo LALA SA de CV (MX:LALAB) declined 2.18% or 0.45 points to end at 20.15 and Grupo Televisa SAB Unit (MX:TLVACPO) was down 1.38% or 1.07 points to 76.32.

    Rising stocks outnumbered declining ones on the Mexico Stock Exchange by 168 to 100 and 13 ended unchanged.

    Gold Futures for August delivery was up 0.60% or 7.30 to $1231.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.23% or 0.16 to hit $68.08 a barrel, while the September Brent oil contract rose 0.62% or 0.45 to trade at $73.03 a barrel.

    USD/MXN was down 0.11% to 19.0324, while EUR/MXN rose 0.56% to 22.3069.

    The US Dollar Index Futures was down 0.80% at 94.22.

    Read more
  • Stocks - Dow Extends Weekly Winning Streak Despite Trade-War Jitters

    Investing.com – Wall Street notched a third-straight weekly win despite closing flat Friday, as concerns about an escalating U.S.-China trade war offset optimism over solid quarterly earnings.

    The Dow Jones Industrial Average fell about 0.03%. The S&P 500 fell 0.09%, while the Nasdaq Composite fell about 0.07%.

    U.S.-China trade war tensions returned to the fold after President Donald Trump said he was "ready" to slap $500 billion worth of tariffs on Chinese goods imported to the United States.

    Fears over an escalating trade war between the U.S. and China were exacerbated as Trump took to Twitter, criticizing China, and other countries for "manipulating their currencies and interest rates lower."

    Trump's rebuke of China came as the Far-East nation lowered its overnight its 7-day Treasury rate by 103 basis points, pushing the yuan to its lowest level in a year. Some cited the move as a countermeasure against U.S. tariffs.

    That dampened the upbeat start to the session, which followed quarterly earnings results from Microsoft, Honeywell and General Electric that beat consensus estimates on both the top and bottom lines.

    Microsoft (NASDAQ:MSFT) and Honeywell (NYSE:HON) stocks rose sharply, helping to steady the broader market. But GE's (NYSE:GE) cut of its free cash flow forecast for the year overshadowed its earnings and revenue beat, pressuring the stock more than 4% lower.

    Financials also underpinned the broader market as a string of mostly better-than-expected results from major Wall Street banks kept demand elevated.

    Morgan Stanley, Bank of America and Goldman Sachs reported above-consensus earnings this week, adding to a bullish report from JPMorgan last week.

    Energy, however, weighed on sentiment as energy stocks shrugged off the a rise in U.S. oil prices Friday.

    On the New York Mercantile Exchange crude futures for September delivery rose $1.30 to settle at $70.46 a barrel. That, however, failed to prevent oil prices slipping to a second-straight weekly loss amid a slump earlier in the week.

    On the currency front, the US Dollar Index Futures had its worst day in a month, supporting upside in the equities, as President Donald Trump slammed the Federal Reserve's monetary policy measures, arguing that higher interest rates were denting the United States' "big competitive edge."

    Top Gainers and Losers on Wall Street Today:

    Microsoft (NASDAQ:MSFT), JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) were among the top Dow gainers for the session.

    IBM (NYSE:IBM), Caterpillar (NYSE:CAT) and Cisco Systems (NASDAQ:CSCO) were among the worst Dow performers of the session.

    Read more
  • U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.03%

    Investing.com – U.S. stocks were lower after the close on Friday, as losses in the Utilities, Consumer Services and Telecoms sectors led shares lower.

    At the close in NYSE, the Dow Jones Industrial Average declined 0.03%, while the S&P 500 index declined 0.09%, and the NASDAQ Composite index lost 0.07%.

    The best performers of the session on the Dow Jones Industrial Average were Microsoft Corporation (NASDAQ:MSFT), which rose 1.79% or 1.87 points to trade at 106.27 at the close. Meanwhile, JPMorgan Chase&Co (NYSE:JPM) added 1.26% or 1.39 points to end at 111.28 and Goldman Sachs Group Inc (NYSE:GS) was up 0.90% or 2.06 points to 231.69 in late trade.

    The worst performers of the session were International Business Machines (NYSE:IBM), which fell 1.94% or 2.89 points to trade at 146.35 at the close. Caterpillar Inc (NYSE:CAT) declined 1.86% or 2.60 points to end at 136.82 and Cisco Systems Inc (NASDAQ:CSCO) was down 0.92% or 0.39 points to 42.01.

    The top performers on the S&P 500 were Cintas Corporation (NASDAQ:CTAS) which rose 5.11% to 203.57, Philip Morris International Inc (NYSE:PM) which was up 4.22% to settle at 84.31 and VF Corporation (NYSE:VFC) which gained 4.15% to close at 92.94.

    The worst performers were State Street Corporation (NYSE:STT) which was down 7.41% to 85.87 in late trade, Skyworks Solutions Inc (NASDAQ:SWKS) which lost 5.36% to settle at 96.99 and Alaska Air Group Inc (NYSE:ALK) which was down 4.95% to 60.63 at the close.

    The top performers on the NASDAQ Composite were Rewalk Robotics Ltd (NASDAQ:RWLK) which rose 73.64% to 1.25, Aralez Pharmaceuticals Inc (NASDAQ:ARLZ) which was up 25.46% to settle at 0.31 and SAExploration Holdings Inc (NASDAQ:SAEX) which gained 19.41% to close at 2.030.

    The worst performers were Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) which was down 24.09% to 7.91 in late trade, FTD Companies Inc (NASDAQ:FTD) which lost 19.47% to settle at 3.64 and Diversified Restaurant Holdings Inc (NASDAQ:SAUC) which was down 16.53% to 1.010 at the close.

    Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1608 to 1415 and 139 ended unchanged; on the Nasdaq Stock Exchange, 1347 fell and 1195 advanced, while 129 ended unchanged.

    Shares in Cintas Corporation (NASDAQ:CTAS) rose to all time highs; up 5.11% or 9.89 to 203.57. Shares in State Street Corporation (NYSE:STT) fell to 52-week lows; falling 7.41% or 6.87 to 85.87. Shares in VF Corporation (NYSE:VFC) rose to all time highs; up 4.15% or 3.70 to 92.94. Shares in Microsoft Corporation (NASDAQ:MSFT) rose to all time highs; rising 1.79% or 1.87 to 106.27. Shares in Diversified Restaurant Holdings Inc (NASDAQ:SAUC) fell to 52-week lows; falling 16.53% or 0.200 to 1.010.

    The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 0.31% to 12.83.

    Gold Futures for August delivery was up 0.56% or 6.90 to $1230.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.18% or 0.12 to hit $68.12 a barrel, while the September Brent oil contract rose 0.68% or 0.49 to trade at $73.07 a barrel.

    EUR/USD was up 0.69% to 1.1723, while USD/JPY fell 0.86% to 111.49.

    The US Dollar Index Futures was down 0.80% at 94.22.

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  • Metal Prices Up as Dollar Dashes Lower

    Investing.com – Metal prices were higher Friday as the dollar moved sharply lower after President Donald Trump said higher interest rates and the strength of the greenback were hampering economic growth.

    Gold futures for August delivery on the Comex division of the New York Mercantile Exchange rose by $8.10, or 0.66%, to $1,232.30 a troy ounce from a session low of $1.215.50.

    Trump took to Twitter to express concerns about a strong U.S. dollar, which he said was “taking away our [United States] big competitive edge.” As well as the Fed's approach to monetary policy, other central banks were also targeted by Trump as he claimed they were “manipulating their currencies and interest rates lower.”

    That came a day after the president said he was "not happy" about interest-rate increases during an interview with CNBC Thursday, prompting traders to trim their upside bets on the greenback, lending support to the yellow metal.

    Trump's headline-grabbing comments about interest rates had little impact on rate-hike expectations as the odds for a fourth rate hike in December rose to 56.2% from 55.2%, according to Investing.com's Fed Rate Monitor Tool.

    The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.82% to 94.20. The dollar inex had traded as high as 95.44 on Thursday prior to Trump's comments, but turned slightly negative for the week amid Friday's plunge.

    Gold is sensitive to moves lower in both bond yields and the U.S. dollar. A weaker dollar makes gold cheaper for holders of foreign currency raising demand, while a fall in U.S. bond yields limits the opportunity cost of holding non-yielding assets such as bullion.

    The weaker dollar overshadowed renewed focus on U.S.-China trade-war tensions after the president said he was "ready" to slap $500 billion worth of tariffs on Chinese goods imported to the U.S.

    Copper prices rose 2.10% to $2.75, while zinc prices fell 2.76% to 2,549.00.

    Aluminium prices fell 2.11% to 2,045.50, while Nickel futures rose 0.80% to 13,532.00.

    Silver futures 0.93% to $15.55 a troy ounce, while platinum futures rose 2.89% to $829.60

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  • Stocks - Industrials Active as GE, Caterpillar Sink, Honeywell Climbs

    Investing.com - Industrials stocks were caught in a tug-of-war in active trading Friday as investors digested President Donald Trump’s latest threats on trade with China and big-name earnings.

    The S&P Industrial Sector index was up about 0.15% in early-afternoon trading.

    General Electric (NYSE:GE) was among the biggest big-name losers, falling about 4.7% as of 12:55 PM ET (16:55 GMT). The former Dow component reported a quarterly profit that fell less than expected, pushing the stock higher initially before the bell.

    But GE stock tumbled as the conglomerate predicted it would make $1 billion less in free cash flow for the year.

    That weakness was countered by Honeywell (NYSE:HON), which rose about 3.7% at 12:55 PM ET (16:55 GMT). Strong sales of aircraft parts and services allowed the company to lift its 2018 earnings forecast.

    But companies with large exposure to China sank lower after the president said in an interview on CNBC that he is ready to impose tariffs on $500 billion worth of Chinese goods to the U.S. if China does not back down on its trade policies.

    Construction and farm equipment makers sank on the renewed trade-war worries. Caterpillar (NYSE:CAT) fell around 1% at 12:55 PM ET (16:55 GMT) and Deere (NYSE:DE) lost 1.6%.

    Meanwhile, Lockheed Martin (NYSE:LMT) showed continued strength following a strong showing at the Farnborough Air Show, which included a handshake deal with the Pentagon on the F-35 warplane.

    The stock gained about 0.8% at 12:55 PM ET (16:55 GMT).

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  • Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.83%

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

    At the close in Copenhagen, the OMX Copenhagen 20 rose 0.83% to hit a new 1-month high.

    The best performers of the session on the OMX Copenhagen 20 were Vestas Wind Systems A/S (CO:VWS), which rose 4.46% or 17.9 points to trade at 419.0 at the close. Meanwhile, Lundbeck A/S (CO:LUN) added 4.24% or 19.0 points to end at 467.0 and Coloplast A/S (CO:COLOb) was up 2.30% or 15.4 points to 683.8 in late trade.

    The worst performers of the session were Danske Bank A/S (CO:DANSKE), which fell 0.63% or 1.1 points to trade at 180.8 at the close. Jyske Bank A/S (CO:JYSK) declined 0.32% or 1.1 points to end at 348.1 and Novozymes A/S B (CO:NZYMb) was down 0.24% or 0.8 points to 333.1.

    Rising stocks outnumbered declining ones on the Copenhagen Stock Exchange by 64 to 59 and 16 ended unchanged.

    Shares in Coloplast A/S (CO:COLOb) rose to 5-year highs; rising 2.30% or 15.4 to 683.8.

    Crude oil for September delivery was down 0.03% or 0.02 to $68.22 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.28% or 0.20 to hit $72.78 a barrel, while the August Gold Futures contract rose 0.42% or 5.20 to trade at $1229.20 a troy ounce.

    USD/DKK was down 0.53% to 6.3672, while EUR/DKK fell 0.01% to 7.4511.

    The US Dollar Index Futures was down 0.60% at 94.41.

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  • Italy stocks lower at close of trade; Investing.com Italy 40 down 0.30%

    Investing.com – Italy stocks were lower after the close on Friday, as losses in the Chemicals, Industrials and Financials sectors led shares lower.

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

    The best performers of the session on the Investing.com Italy 40 were Recordati (MI:RECI), which rose 3.90% or 1.17 points to trade at 31.20 at the close. Meanwhile, Davide Campari Milano SpA (MI:CPRI) added 1.46% or 0.11 points to end at 7.64 and Snam (MI:SRG) was up 0.93% or 0.034 points to 3.692 in late trade.

    The worst performers of the session were Buzzi Unicem (MI:BZU), which fell 3.57% or 0.71 points to trade at 19.20 at the close. Ferrari NV (MI:RACE) declined 2.40% or 2.95 points to end at 119.80 and Fiat Chrysler Automobiles NV (MI:FCHA) was down 2.31% or 0.388 points to 16.416.

    Falling stocks outnumbered advancing ones on the Milan Stock Exchange by 222 to 120 and 39 ended unchanged.

    Shares in Davide Campari Milano SpA (MI:CPRI) rose to all time highs; up 1.46% or 0.11 to 7.64.

    Crude oil for September delivery was up 0.04% or 0.03 to $68.27 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.36% or 0.26 to hit $72.84 a barrel, while the August Gold Futures contract rose 0.43% or 5.30 to trade at $1229.30 a troy ounce.

    EUR/USD was up 0.51% to 1.1702, while EUR/GBP fell 0.21% to 0.8927.

    The US Dollar Index Futures was down 0.60% at 94.41.

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  • U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 0.08%

    Investing.com – U.K. stocks were lower after the close on Friday, as losses in the Forestry&Paper, Construction&Materials and Automobiles&Parts sectors led shares lower.

    At the close in London, the Investing.com United Kingdom 100 fell 0.08%.

    The best performers of the session on the Investing.com United Kingdom 100 were Hikma Pharmaceuticals PLC (LON:HIK), which rose 4.30% or 66.50 points to trade at 1614.50 at the close. Meanwhile, British American Tobacco PLC (LON:BATS) added 2.54% or 98.00 points to end at 3960.00 and Mediclinic International PLC (LON:MDCM) was up 1.81% or 9.40 points to 528.60 in late trade.

    The worst performers of the session were Provident Financial PLC (LON:PFG), which fell 1.69% or 10.60 points to trade at 615.20 at the close. EasyJet PLC (LON:EZJ) declined 1.64% or 27.00 points to end at 1615.00 and Glencore PLC (LON:GLEN) was down 1.61% or 5.10 points to 311.65.

    Falling stocks outnumbered advancing ones on the London Stock Exchange by 972 to 910 and 382 ended unchanged.

    Shares in Hikma Pharmaceuticals PLC (LON:HIK) rose to 52-week highs; rising 4.30% or 66.50 to 1614.50.

    Gold Futures for August delivery was up 0.42% or 5.10 to $1229.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.31% or 0.21 to hit $68.03 a barrel, while the September Brent oil contract rose 0.12% or 0.09 to trade at $72.67 a barrel.

    GBP/USD was up 0.77% to 1.3114, while EUR/GBP fell 0.20% to 0.8928.

    The US Dollar Index Futures was down 0.63% at 94.38.

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  • Greece stocks lower at close of trade; Athens General Composite down 1.60%

    Investing.com – Greece stocks were lower after the close on Friday, as losses in the Telecoms, Banking and Travel sectors led shares lower.

    At the close in Athens, the Athens General Composite fell 1.60%.

    The best performers of the session on the Athens General Composite were Iktinos Hellas (AT:IKTr), which rose 8.70% or 0.4400 points to trade at 5.5000 at the close. Meanwhile, European Reliance General Insurance Co SA (AT:EREr) added 3.15% or 0.110 points to end at 3.600 and Thrace Plastic (AT:THRr) was up 2.20% or 0.050 points to 2.320 in late trade.

    The worst performers of the session were Selonda Aquaculture SA (AT:SELr), which fell 7.56% or 0.0090 points to trade at 0.1100 at the close. Karatzi (AT:KRTr) declined 7.33% or 0.550 points to end at 7.100 and Loulis Mills (AT:LOUr) was down 5.45% or 0.12 points to 2.22.

    Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 62 to 42 and 11 ended unchanged.

    Shares in Iktinos Hellas (AT:IKTr) rose to all time highs; gaining 8.70% or 0.4400 to 5.5000.

    Gold Futures for August delivery was up 0.42% or 5.10 to $1229.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.19% or 0.13 to hit $68.11 a barrel, while the September Brent oil contract rose 0.74% or 0.54 to trade at $73.12 a barrel.

    EUR/USD was up 0.58% to 1.1711, while EUR/GBP fell 0.15% to 0.8933.

    The US Dollar Index Futures was down 0.67% at 94.34.

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  • Oil Prices on Track for Sharp Weekly Decline Ahead of U.S. Shale Data

    Investing.com - Oil prices remained on track for sharp weekly declines in midmorning trade on Friday, despite hopes that Saudi Arabia was determined not to flood markets with exports, as traders looked ahead to the latest weekly data on U.S. production.

    New York-traded West Texas Intermediate crude futures fell 39 cents, or 0.57% to $67.85 a barrel by 10:15 AM ET (14:15 GMT), as U.S. crude was unable to hold on to gains seen overnight.

    Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 19 cents, or 0.26%, to $72.77, far from an intraday high of $73.47.

    Saudi Arabia’s OPEC governor Adeeb Al Aama said that exports in July from the cartel’s top producer would be roughly in line with the 7.2 million barrels per day that were exported in June, according to a Dow Jones report.

    He further noted that the kingdom plans to cut exports by roughly 100,000 barrels per day in August as it works to ensure it does not push oil into the market beyond customers' needs, avoiding worries that oversupply would curtail prices.

    Al Aama indicated that concerns that Saudi Arabia, OPEC’s largest producer and the cartel’s de facto leader, and its partners would oversupply markets are “without basis,” providing some support to the current bearish trend in black gold.

    U.S. crude and Brent were on track for weekly losses of 3.8% and 2.8%, respectively, with both barrels down roughly 8% for the month of July.

    OPEC and non-OPEC countries led by Russia had agreed to decrease their curbs on output in order to compensate for shortfalls seen in other producers. But Libya recently reopened its ports, exporting oil again and adding to worries that production increases would lead to a supply glut.

    Trade war concerns have also pummeled oil prices as investors worried that a negative impact on the global economy could debilitate demand.

    U.S. production will also be in focus later Friday when Baker Hughes releases its weekly report on drilling activity. The U.S. oil rig count remained unchanged at 863 last week, as drillers appeared to hold output steady given the decline in prices.

    In other energy trading, gasoline futures rose 0.66% $2.0606 a gallon by 10:17 AM ET (14:17 GMT), while heating oil advanced 0.32% to $2.0968 a gallon.

    Natural gas futures edged down 0.11% to $2.766 per million British thermal units.

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  • Bitcoin Inches Forward; CFPB Encourages Crypto

    Investing.com - Bitcoin was slightly higher on Friday as a U.S. regulator set up a sandbox to encourage cryptocurrency and blockchain innovation.

    Bitcoin was trading at $7,474.80, inching up 0.60% on the Bitfinex exchange, as of 9:16 AM ET (14:16 GMT), not far from its session high of $7,503.30.

    The U.S Consumer Financial Protection Bureau wants to help companies create cryptocurrency and blockchain products. The consumer protection agency launched a regulatory sandbox to help firms explore innovated products, the Wall Street Journal reported.

    The sandbox is usually set up by regulators to help companies who want to launch new products and is generally established by regulators to let smaller firms create and test products in a space monitored by regulators.

    “You can make a strong argument...that new technology actually offers new and innovative ways to protect consumers,” said Mike Mulvaney, acting chief of the CFPB. “You are moving light years beyond the complaint hotline to where you can really see things happening in real time.”

    Cryptocurrencies overall were lower. The coin market cap of total market capitalization inched down to $284 billion at the time of writing compared to $291 billion on Thursday.

    Ethereum fell 3.85% to $464.38 on the Bitfinex exchange. Ripple, the third-largest virtual currency, decreased 7.04% to $0.45862, while Litecoin was at $85.209, down 3.57%.

    Meanwhile Federal Reserve Chairman Jerome Powell told Congress on Wednesday there are significant risks to alternative currencies.

    “Cryptocurrencies are great if you’re trying to hide money or if you’re trying to launder money. It doesn’t really have any intrinsic value, so I think there are investor or consumer protection issues as well,” he told the House Financial Services Committee.

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  • Stocks - Microsoft, GE, Honeywell Gain in Pre-market, Skechers crashes

    Investing.com - Stocks in focus in pre-market trade Friday:

    • Microsoft (NASDAQ:MSFT) stock jumped 3.46% by 8:20 AM ET (12:20 GMT) after the firm reported second-quarter earnings that beat consensus thanks to cloud services revenue.

    General Electric (NYSE:GE) stock gained 0.80% after the conglomerate managed to beat consensus expectations despite a 28% drop in profit.

    • Honeywell International (NYSE:HON) stock rose 2.75% as strong sales of aircraft parts and services allowed the company to lift its 2018 earnings forecast.

    • Skechers USA (NYSE:SKX) stock tanked 26.47% as second-quarter earnings per share came well under expectations and the company forecasts third-quarter EPS of $0.50 to $0.55, compared to the Factset consensus of $0.67.

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  • Canadian Annual Inflation 2.5% in June

    Investing.com - The overall rate of inflation in Canada picked up in June, Statistics Canada said on Friday.

    The consumer price index rose 2.5% last month, compared with the same month a year earlier.

    Prices rose by 0.1% from a month earlier.

    Economists had expected annual inflation to increase by 2.4% and monthly inflation to stay at 0.1%.

    Core inflation, which excludes gasoline, was up 1.3% from a year earlier and rose by 0.1% from the previous month.

    The Bank of Canada aims to keep inflation at 2%, the midpoint of a target range of 1% to 3% over the medium term.

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  • India stocks higher at close of trade; Nifty 50 up 0.48%

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

    At the close in NSE, the Nifty 50 rose 0.48%, while the BSE Sensex 30 index gained 0.40%.

    The best performers of the session on the Nifty 50 were Bajaj Finance Ltd (NS:BJFN), which rose 8.01% or 201.75 points to trade at 2721.35 at the close. Meanwhile, Bajaj Finserv Ltd (NS:BJFS) added 5.77% or 363.20 points to end at 6663.95 and Sun Pharmaceutical Industries Ltd. (NS:SUN) was up 2.87% or 15.65 points to 560.10 in late trade.

    The worst performers of the session were Bajaj Auto Ltd (NS:BAJA), which fell 9.42% or 293.40 points to trade at 2839.60 at the close. Hindustan Petroleum Corporation Ltd (NS:HPCL) declined 2.95% or 8.40 points to end at 275.40 and Indian Oil Corporation Ltd (NS:IOC) was down 2.90% or 4.80 points to 161.05.

    The top performers on the BSE Sensex 30 were Sun Pharmaceutical Industries Ltd. (BO:SUN) which rose 2.72% to 559.90, Infosys Ltd (BO:INFY) which was up 2.42% to settle at 1348.35 and Reliance Industries Ltd (BO:RELI) which gained 2.23% to close at 1128.55.

    The worst performers were Bajaj Auto Ltd (BO:BAJA) which was down 8.73% to 2841.10 in late trade, Vedanta Ltd (BO:VDAN) which lost 2.74% to settle at 202.60 and Hero MotoCorp Ltd (BO:HROM) which was down 2.22% to 3382.00 at the close.

    Falling stocks outnumbered advancing ones on the India National Stock Exchange by 860 to 727 and 55 ended unchanged; on the Bombay Stock Exchange, 1373 fell and 1109 advanced, while 124 ended unchanged.

    Shares in Bajaj Finance Ltd (NS:BJFN) rose to all time highs; gaining 8.01% or 201.75 to 2721.35. Shares in Bajaj Finserv Ltd (NS:BJFS) rose to all time highs; gaining 5.77% or 363.20 to 6663.95. Shares in Vedanta Ltd (BO:VDAN) fell to 52-week lows; falling 2.74% or 5.70 to 202.60. Shares in Reliance Industries Ltd (BO:RELI) rose to all time highs; rising 2.23% or 24.65 to 1128.55. Shares in Hero MotoCorp Ltd (BO:HROM) fell to 52-week lows; falling 2.22% or 76.90 to 3382.00.

    The India VIX, which measures the implied volatility of Nifty 50 options, was down 0.42% to 13.5350.

    Gold Futures for August delivery was down 0.04% or 0.50 to $1223.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.32% or 0.22 to hit $68.02 a barrel, while the September Brent oil contract fell 0.18% or 0.13 to trade at $72.45 a barrel.

    USD/INR was unchanged 0.00% to 68.945, while EUR/INR fell 0.04% to 80.3180.

    The US Dollar Index Futures was down 0.08% at 94.90.

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  • Two New Players Enter Japanese Crypto Trading Market

    Investing.com - Two new Japanese cryptocurrency exchanges are up and running.
    Bitbox, launched by messaging app Line, offers crypto-to-crypto trading in 28 currencies, including Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
    The platform supports trading in 15 languages, and is open to investors around the globe, except in the U.S. and Japan, where Line is still trying to clear regulatory hurdles.
    VCTRADE, launched by financial services firm SBI Holdings, offers yen-based trading in three currencies--Ripple, Bitcoin and Bitcoin Cash.
    Trading is open only to investors in Japan.
    Japan made Bitcoin legal tender in 2017, triggering a surge of investor interest in cryptocurrencies.
    Some 3.5 million people traded cryptocurrencies on Japan's 17 exchanges in the first quarter of this year, according to a government report.

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  • Philippines stocks higher at close of trade; PSEi Composite up 0.16%

    Investing.com – Philippines stocks were higher after the close on Friday, as gains in the Property, Mining&Oil and Banking&Financials sectors led shares higher.

    At the close in Philippines, the PSEi Composite added 0.16%.

    The best performers of the session on the PSEi Composite were GT Capital Holdings Inc (PS:GTCAP), which rose 2.26% or 21.00 points to trade at 950.00 at the close. Meanwhile, Aboitiz Power Corp (PS:AP) added 2.06% or 0.75 points to end at 37.15 and JG Summit Holdings Inc (PS:JGS) was up 1.89% or 1.000 points to 54.000 in late trade.

    The worst performers of the session were Aboitiz Equity Ventures Inc (PS:AEV), which fell 3.79% or 2.000 points to trade at 50.800 at the close. Metro Pacific Investments Corp (PS:MPI) declined 3.15% or 0.140 points to end at 4.300 and Security Bank Corp (PS:SECB) was down 2.36% or 5.00 points to 206.60.

    Rising stocks outnumbered declining ones on the Philippines Stock Exchange by 96 to 90 and 51 ended unchanged.

    Shares in Aboitiz Equity Ventures Inc (PS:AEV) fell to 3-years lows; losing 3.79% or 2.000 to 50.800. Shares in Metro Pacific Investments Corp (PS:MPI) fell to 3-years lows; falling 3.15% or 0.140 to 4.300.

    Gold Futures for August delivery was down 0.02% or 0.30 to $1223.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 0.29% or 0.20 to hit $68.44 a barrel, while the September Brent oil contract rose 0.90% or 0.65 to trade at $73.23 a barrel.

    CNY/PHP was down 0.36% to 7.8834, while USD/PHP fell 0.17% to 53.489.

    The US Dollar Index Futures was down 0.09% at 94.89.

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  • Gold Inches Down After Trump Comments

    Investing.com - Metal prices were higher but gold inched down amid comments from U.S. President Donald Trump, who criticized the Federal Reserve for increasing interest rates.

    Comex gold futures for August delivery inched down 0.04% to $1,223.50 a troy ounce as of 4:32 AM ET (8:32 GMT).

    Trump said in an interview on CNBC that he does not approve of how the Fed is approaching monetary policy. The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year.

    “I’m not thrilled,” Trump said. “Because we go up and every time you go up they want to raise rates again. I don't really — I am not happy about it. But at the same time I’m letting them do what they feel is best.”

    Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise.

    The dollar and stock market fell after Trump’s comments, with Treasury yields also declining.

    The lower dollar weighed on the precious metal. Gold normally falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar.

    The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.08% to 94.90.

    Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

    Meanwhile trade tensions continue, with the European Union expected to retaliate against the U.S. with more tariffs after America imposed tariffs on steel and aluminum in June. Tariffs on around $3.8 billion of U.S. goods have already been imposed by Europe.

    Other metals were higher on the Comex, with silver futures rising 0.15% to $15.425 a troy ounce. Among other precious metals, Platinum Futures increased 1.33% to $817.00 while Palladium Futures jumped 2.26% to $885.80 an ounce. Copper futures gained 1.54% to $2.737 a pound.

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  • Taiwan stocks higher at close of trade; Taiwan Weighted up 0.89%

    Investing.com – Taiwan stocks were higher after the close on Friday, as gains in the Semiconductor, Optoelectronic and Electronics sectors led shares higher.

    At the close in Taiwan, the Taiwan Weighted rose 0.89%.

    The best performers of the session on the Taiwan Weighted were Young Optics Inc (TW:3504), which rose 10.00% or 11.00 points to trade at 121.00 at the close. Meanwhile, Calin Technology Co Ltd (TW:4976) added 9.96% or 5.30 points to end at 58.50 and Hotel Holiday Garden (TW:2702) was up 9.85% or 2.55 points to 28.45 in late trade.

    The worst performers of the session were JSL Construction&Development Co Ltd (TW:2540), which fell 10.00% or 2.90 points to trade at 26.10 at the close. Walsin Technology Corp (TW:2492) declined 9.95% or 38.00 points to end at 344.00 and King Core Electronics Inc (TW:6155) was down 9.85% or 4.05 points to 37.05.

    Falling stocks outnumbered advancing ones on the Taiwan Stock Exchange by 490 to 297 and 127 ended unchanged.

    Shares in Hotel Holiday Garden (TW:2702) rose to all time highs; gaining 9.85% or 2.55 to 28.45.

    Crude oil for September delivery was up 0.15% or 0.10 to $68.34 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.43% or 0.31 to hit $72.89 a barrel, while the August Gold Futures contract fell 0.08% or 1.00 to trade at $1223.00 a troy ounce.

    USD/TWD was down 0.00% to 30.682, while TWD/CNY rose 0.05% to 0.2215.

    The US Dollar Index Futures was down 0.11% at 94.88.

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  • Oil Prices Edge Higher as Saudi Arabia Expects Exports to fall in August

    Investing.com – Oil prices edged higher on Friday as comments that Saudi Arabia’s exports would fall in August renewed expectations for a global shortage in crude supplies.

    Crude Oil WTI Futures for September delivery gained 0.2% to $68.28 per barrel at 1:22AM ET (1:22 GMT), while Brent Oil Futures for September delivery also climbed 0.17% to $72.70 for one barrel.  

    Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to fall by about 100,000 barrels per day in August as it limits excess production.

    Oil prices were also boosted on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels, through Tuesday, traders said, citing energy information provider Genscape.

    Despite today’s gains, oil prices were set to drop for the week amid trade conflict between the U.S. and China, the world’s two biggest oil users.

    "Risk sentiment is wobbling, which I believe is attributed to PBOC pushing the yuan complex lower via the fix," said Stephen Innes, head of trading APAC at OANDA brokerage

    "Markets are now nervous, not only about a trade war, but also a currency war."

    The Chinese yuan slumped further on Friday after the China’s central bank weakened its daily reference rate by the most since June 2016.

    The USD/CNY pair traded sharply lower and tumbled to a one-year low after The People’s Bank of China (PBOC) weakened the fixing by 0.9% to 6.7671 per dollar on Friday.

    Investors are concerned with the PBOC’s seeming comfort with the yuan’s slide. On July 3, Chinese central bankers pledged to keep their currency stable and to not use it as a weapon in the trade conflict with the U.S. That effort helped the yuan reverse some of its plunge earlier this month.

    Traders remained concerned that lower oil demand in the U.S. and China caused by an economic slowdown from their trade war would have significant impacts on the market.

    The U.S. accounted for 20.2% of global oil demand in 2017 while China consumed 13% of the world's oil last year.

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like). Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32. The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham. There are many variations of passages of Lorem Ipsum available, but the majority have suffered alteration in some form, by injected humour, or randomised words which don't look even slightly believable. If you are going to use a passage of Lorem Ipsum, you need to be sure there isn't anything embarrassing hidden in the middle of text. All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dictionary of over 200 Latin words, combined with a handful of model sentence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from repetition, injected humour, or non-characteristic words etc.