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uBanker Blog

  • Stocks - Dow Plunges to Second Weekly Loss as Dour December Continues

    Investing.com – The Dow closed lower for the second-straight week on Friday, as fears over slowing global growth triggered a steep selloff across stocks on Wall Street.

    The Dow Jones Industrial Average fell 2.02%, and is down 1.2% for the week. The S&P 500 dropped 1.91%, while the Nasdaq Composite lost 2.26%.

    A sea of red washed over Wall Street, as weak industrial output and retail sales from China and subdued eurozone growth data flagged concerns about global growth, prompting traders to abandon stocks.

    The selloff was led by health care on the back of slump in the shares of Johnson & Johnson (NYSE:JNJ).

    Johnson & Johnson fell more than 10% after Reuters reported the company knew for decades that its talcum baby powder contained asbestos, something the company denied.

    Apple (NASDAQ:AAPL), meanwhile, weighed on tech as analysts continued to warn about weaker iPhone sales, sending its share price more than 3% lower.

    TF International Securities analyst Ming-Chi Kuo cut his estimate for first quarter 2019 by 20% to a range of 38 million to 42 million units.

    Ahead of the Federal Reserve meeting next week, investors continued to abandon bank stocks, pressuring financials, which have fallen about 10% so far this month.

    Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) were down on the day.

    The corporate earnings front offered little solace for investors as Costco's (NASDAQ:COST) mixed results were punished, adding to concerns that retailers are set for a tough holiday period.

    Analysts at RBC Capital Markets downplayed the results, citing store traffic growth that remained "healthy."

    Autos, however, managed to weather the selloff storm somewhat after China said it will temporarily reduce tariffs on imports of American-made cars.

    The Chinese Finance Ministry said in a statement that it will cut tariffs on car imports from the United States to 15% from 40% for three months starting Jan. 1.

    General Motors (NYSE:GM) and Ford (NYSE:F) closed roughly flat for the day.

    Strong retail sales data, meanwhile, were largely cast aside in the midst of the selloff, even as analysts said the data pointed to strong consumer spending and underlying strength in the broader economy.

    "The strength of this number will surely force Q4 growth estimates higher. As for us, we went into this number looking for Q4 consumption of 3.2% and we will now take that to 3.5%. That takes Q4 GDP to 3.1% from 2.9%," RBC said in a note to clients.

    Top S&P 500 Gainers and Losers Today:

    Scana Corporation (NYSE:SCG), up 6.3%, Sealed Air (NYSE:SEE), up 4.8%, and Public Storage (NYSE:PSA), up 2.29%, were among the top S&P 500 gainers for the session

    Johnson & Johnson (NYSE:JNJ), down 10%, Costco (NASDAQ:COST), down 8.6%, and Universal Health Services (NYSE:UHS), down 8.2%, were among the worst S&P 500 performers of the session.

    Read more
  • U.S. stocks lower at close of trade; Dow Jones Industrial Average down 2.02%

    Investing.com – U.S. stocks were lower after the close on Friday, as losses in the Healthcare, Oil&Gas and Technology sectors led shares lower.

    At the close in NYSE, the Dow Jones Industrial Average fell 2.02% to hit a new 6-months low, while the S&P 500 index fell 1.91%, and the NASDAQ Composite index fell 2.26%.

    The best performers of the session on the Dow Jones Industrial Average were Caterpillar Inc (NYSE:CAT), which rose 0.69% or 0.87 points to trade at 126.77 at the close. Meanwhile, Procter&Gamble Company (NYSE:PG) added 0.16% or 0.15 points to end at 96.64 and Verizon Communications Inc (NYSE:VZ) was down 0.02% or 0.01 points to 57.08 in late trade.

    The worst performers of the session were Johnson&Johnson (NYSE:JNJ), which fell 10.04% or 14.84 points to trade at 133.00 at the close. Walgreens Boots Alliance Inc (NASDAQ:WBA) declined 4.35% or 3.58 points to end at 78.74 and Cisco Systems Inc (NASDAQ:CSCO) was down 3.48% or 1.65 points to 45.82.

    The top performers on the S&P 500 were Scana Corporation (NYSE:SCG) which rose 6.30% to 50.98, Sealed Air Corporation (NYSE:SEE) which was up 4.75% to settle at 33.94 and Public Storage (NYSE:PSA) which gained 2.22% to close at 203.47.

    The worst performers were Johnson&Johnson (NYSE:JNJ) which was down 10.04% to 133.00 in late trade, Chesapeake Energy Corporation (NYSE:CHK) which lost 9.69% to settle at 2.330 and Costco Wholesale Corporation (NASDAQ:COST) which was down 8.59% to 207.06 at the close.

    The top performers on the NASDAQ Composite were Cancer Genetics Inc (NASDAQ:CGIX) which rose 50.00% to 0.555, Alliqua BioMedical Inc (NASDAQ:ALQA) which was up 26.29% to settle at 2.690 and Marin Software Inc (NASDAQ:MRIN) which gained 18.29% to close at 3.040.

    The worst performers were Idera Pharmaceuticals Inc (NASDAQ:IDRA) which was down 39.70% to 3.980 in late trade, Synergy Pharmaceuticals Inc (NASDAQ:SGYP) which lost 38.56% to settle at 0.080 and Advaxis Inc (NASDAQ:ADXS) which was down 36.82% to 0.24 at the close.

    Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2378 to 685 and 91 ended unchanged; on the Nasdaq Stock Exchange, 1999 fell and 642 advanced, while 77 ended unchanged.

    Shares in Scana Corporation (NYSE:SCG) rose to 52-week highs; up 6.30% or 3.02 to 50.98. Shares in Chesapeake Energy Corporation (NYSE:CHK) fell to 52-week lows; losing 9.69% or 0.250 to 2.330. Shares in Procter&Gamble Company (NYSE:PG) rose to all time highs; up 0.16% or 0.15 to 96.64. Shares in Idera Pharmaceuticals Inc (NASDAQ:IDRA) fell to 52-week lows; falling 39.70% or 2.620 to 3.980. Shares in Synergy Pharmaceuticals Inc (NASDAQ:SGYP) fell to all time lows; down 38.56% or 0.050 to 0.080. Shares in Advaxis Inc (NASDAQ:ADXS) fell to all time lows; falling 36.82% or 0.14 to 0.24.

    The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 4.75% to 21.63.

    Gold Futures for February delivery was down 0.43% or 5.40 to $1242.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.62% or 1.38 to hit $51.20 a barrel, while the February Brent oil contract fell 1.92% or 1.18 to trade at $60.27 a barrel.

    EUR/USD was down 0.50% to 1.1304, while USD/JPY fell 0.20% to 113.39.

    The US Dollar Index Futures was up 0.41% at 97.455.

    Read more
  • Brazil stocks lower at close of trade; Bovespa down 0.44%

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

    At the close in Sao Paulo, the Bovespa declined 0.44%.

    The best performers of the session on the Bovespa were Gol Linhas Aereas Inteligentes SA Pref (SA:GOLL4), which rose 7.50% or 1.65 points to trade at 23.65 at the close. Meanwhile, Estacio Participacoes SA (SA:ESTC3) added 2.18% or 0.53 points to end at 24.85 and Cielo SA (SA:CIEL3) was up 1.94% or 0.18 points to 9.44 in late trade.

    The worst performers of the session were Via Varejo SA (SA:VVAR3), which fell 7.45% or 0.35 points to trade at 4.35 at the close. Usinas Siderurgicas de Minas Gerais (SA:USIM5) declined 2.80% or 0.27 points to end at 9.38 and Centrais Eletricas Brasileiras SA (SA:ELET6) was down 2.50% or 0.73 points to 28.50.

    Rising stocks outnumbered declining ones on the BM&FBovespa Stock Exchange by 227 to 206 and 38 ended unchanged.

    The CBOE Brazil Etf Volatility, which measures the implied volatility of Bovespa options, was up 1.66% to 33.08.

    Gold Futures for February delivery was down 0.46% or 5.80 to $1241.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.83% or 1.49 to hit $51.09 a barrel, while the March US coffee C contract fell 1.78% or 1.85 to trade at $102.25 .

    USD/BRL was up 0.63% to 3.9159, while EUR/BRL rose 0.18% to 4.4275.

    The US Dollar Index Futures was up 0.40% at 97.440.

    Read more
  • Colombia stocks lower at close of trade; COLCAP down 0.91%

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

    At the close in Colombia, the COLCAP fell 0.91% to hit a new 52-week low.

    The best performers of the session on the COLCAP were Banco De Bogota SA (CN:BBO), which rose 1.71% or 960.0 points to trade at 57000.0 at the close. Meanwhile, Almacenes Exito SA (CN:IMI) added 0.16% or 20.0 points to end at 12220.0 and Grupo Nutresa SA (CN:NCH) was up 0.09% or 20.0 points to 23520.0 in late trade.

    The worst performers of the session were Cementos Argos Pf (CN:CCB_p), which fell 7.80% or 460.0 points to trade at 5440.0 at the close. Avianca Holdings Pf (CN:AVT_p) declined 4.21% or 80.0 points to end at 1820.0 and Etb (CN:ETB) was down 2.51% or 7.0 points to 272.0.

    Falling stocks outnumbered advancing ones on the Colombia Stock Exchange by 20 to 4 and 3 ended unchanged.

    Shares in Cementos Argos Pf (CN:CCB_p) fell to all time lows; down 7.80% or 460.0 to 5440.0. Shares in Avianca Holdings Pf (CN:AVT_p) fell to 52-week lows; losing 4.21% or 80.0 to 1820.0.

    US coffee C for March delivery was down 1.78% or 1.85 to $102.25 . Elsewhere in commodities trading, US cocoa for delivery in March fell 0.84% or 19.00 to hit $2231.00 , while the February Gold Futures contract fell 0.43% or 5.40 to trade at $1242.00 a troy ounce.

    USD/COP was up 0.56% to 3197.80, while BRL/COP fell 0.04% to 816.62.

    The US Dollar Index Futures was up 0.38% at 97.428.

    Read more
  • Amazon.com Falls 3%

    Investing.com - Amazon.com (NASDAQ:AMZN) fell by 3.07% to trade at $1,607.41 by 14:39 (19:39 GMT) on Friday on the NASDAQ exchange.

    The volume of Amazon.com shares traded since the start of the session was 3.83M. Amazon.com has traded in a range of $1,606.07 to $1,642.57 on the day.

    The stock has traded at $1,718.9301 at its highest and $1,590.8700 at its lowest during the past seven days.

    Read more
  • Dollar Set for Weekly Gain on Strong Retail Sales

    Investing.com - The U.S. dollar was on track for weekly gain against its rivals Friday, as strong retail sales data affirmed the U.S. economy remains on a solid footing.

    The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.43% to 97.78.

    The Commerce Department said on Wednesday that retail sales rose 0.2% last month, topping economists’ forecast for a 0.1% rise. The retail sales control group -- which has a larger impact on U.S. GDP -- rose 0.9%, above expectations for a 0.4% gain.

    The strong retail sales print suggested consumer spending remained robust, pointing to signs of solid economic growth for the final quarter.

    "The strength of this number will surely force Q4 growth estimates higher. As for us, we went into this number looking for Q4 consumption of 3.2% and we will now take that to 3.5%. That takes Q4 GDP to 3.1% from 2.9%," RBC said in a note to clients.

    The greenback was also supported by a slump in the pound to a 20-month low amid fears UK Prime Minister Theresa May's failure to win key concessions from the European Union to support her Brexit deal could stifle economic growth.

    GBP/USD fell 0.44% to $1.2580, but remain above its session low $1.2530.

    EUR/USD fell 0.50% to $1.1304 after Eurozone PMI data fell short of estimates.

    USD/CAD, meanwhile, rose 0.17% to C$1.3377.

    USD/JPY fell 0.28% to Y113.31 as demand for safe-haven yen improved following a rout on Wall Street amid concerns over slowing global growth.

    -- Reuters contributed to this report.

    Read more
  • MarketPulse: Retailers See Red as Costco Crumbles on Earnings Miss

    Investing.com - Costco and Shopify fell sharply, keeping retailers on the back foot even as data showed U.S. consumers didn't hold back on spending last month.

    Costco Wholesale (NASDAQ:COST) reported mixed results for its fiscal first quarter. Sales beat, but earnings fell short of expectations, which sent the retailer's shares spiralling more than 8%.

    But RBC Capital Markets recommending buying the stock on pullback, citing "healthy" growth in store traffic.

    Costco has been ramping up spending to compete against rivals like Amazon’s Whole Foods and Walmart’s Sam’s Club., pressuring gross margins, which fell about 50 basis points to 10.75% during the quarter.

    “The company said fulfillment costs are also pressuring core gross margin, and we believe price investments continue to be a headwind,” Stifel said in a note.

    E-commerce platform Shopify (NYSE:SHOP) tapped the equity market to raise cash to fund its growth strategies, offering 2.6 million Class A subordinate voting shares. Its shares fell more than 9%.

    The duo's sharp losses offset data showing overall retail sales rose 0.2% in November, topping forecasts, according to the Commerce Department.

    The SPDR S&P Retail ETF (NYSE:XRT) was down 0.44% on the day and is off about 18% in the last three months.

    Read more
  • Portugal stocks lower at close of trade; PSI 20 down 0.41%

    Investing.com – Portugal stocks were lower after the close on Friday, as losses in the Consumer Goods, Industrials and Basic Materials sectors led shares lower.

    At the close in Lisbon, the PSI 20 declined 0.41%.

    The best performers of the session on the PSI 20 were Ibersol SGPS (LS:IBS), which rose 0.74% or 0.060 points to trade at 8.180 at the close. Meanwhile, Sonae Capital (LS:SONAC) added 0.67% or 0.0060 points to end at 0.8960 and CTT Correios de Portugal SA (LS:CTT) was up 0.50% or 0.0160 points to 3.1980 in late trade.

    The worst performers of the session were Pharol SGPS SA (LS:PHRA), which fell 2.63% or 0.0050 points to trade at 0.1848 at the close. Semapa (LS:SEM) declined 2.10% or 0.2800 points to end at 13.0400 and Sonae SGPS SA (LS:YSO) was down 1.98% or 0.0165 points to 0.8160.

    Falling stocks outnumbered advancing ones on the Lisbon Stock Exchange by 15 to 14 and 5 ended unchanged.

    Brent oil for February delivery was down 1.94% or 1.19 to $60.26 a barrel. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.70% or 1.42 to hit $51.16 a barrel, while the February Gold Futures contract fell 0.28% or 3.45 to trade at $1243.95 a troy ounce.

    EUR/USD was down 0.51% to 1.1303, while EUR/GBP rose 0.20% to 0.8991.

    The US Dollar Index Futures was up 0.41% at 97.453.

    Read more
  • Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.17%

    Investing.com – Denmark stocks were higher after the close on Friday, as gains in the Healthcare, Financials and Consumer Services sectors led shares higher.

    At the close in Copenhagen, the OMX Copenhagen 20 rose 0.17% to hit a new 1-month high.

    The best performers of the session on the OMX Copenhagen 20 were Ambu A/S (CO:AMBUb), which rose 2.53% or 3.9 points to trade at 158.2 at the close. Meanwhile, Novo Nordisk A/S Class B (CO:NOVOb) added 1.66% or 5.0 points to end at 310.0 and Lundbeck A/S (CO:LUN) was up 1.02% or 2.9 points to 286.5 in late trade.

    The worst performers of the session were Novozymes A/S B (CO:NZYMb), which fell 1.97% or 5.9 points to trade at 294.0 at the close. Pandora A/S (CO:PNDORA) declined 1.89% or 5.7 points to end at 295.7 and Oersted A/S (CO:ORSTED) was down 1.85% or 8.50 points to 450.10.

    Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 80 to 39 and 19 ended unchanged.

    Shares in Pandora A/S (CO:PNDORA) fell to 3-years lows; losing 1.89% or 5.7 to 295.7.

    Crude oil for January delivery was down 2.70% or 1.42 to $51.16 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 1.99% or 1.22 to hit $60.23 a barrel, while the February Gold Futures contract fell 0.30% or 3.80 to trade at $1243.60 a troy ounce.

    USD/DKK was up 0.52% to 6.6044, while EUR/DKK rose 0.02% to 7.4657.

    The US Dollar Index Futures was up 0.41% at 97.453.

    Read more
  • France stocks lower at close of trade; CAC 40 down 0.88%

    Investing.com – France stocks were lower after the close on Friday, as losses in the Healthcare, Technology and Industrials sectors led shares lower.

    At the close in Paris, the CAC 40 lost 0.88%, while the SBF 120 index declined 0.89%.

    The best performers of the session on the CAC 40 were Engie SA (PA:ENGIE), which rose 1.02% or 0.13 points to trade at 12.90 at the close. Meanwhile, Publicis Groupe SA (PA:PUBP) added 0.64% or 0.32 points to end at 49.98 and Total SA (PA:TOTF) was up 0.33% or 0.16 points to 49.10 in late trade.

    The worst performers of the session were Valeo SA (PA:VLOF), which fell 4.15% or 1.04 points to trade at 24.02 at the close. Dassault Systemes (PA:DAST) declined 4.11% or 4.50 points to end at 105.10 and Schneider Electric SE (PA:SCHN) was down 2.93% or 1.84 points to 61.00.

    The top performers on the SBF 120 were Elior Group (PA:ELIOR) which rose 5.30% to 12.71, GTT (PA:GTT) which was up 3.77% to settle at 70.15 and Electricite de France SA (PA:EDF) which gained 2.01% to close at 14.24.

    The worst performers were Plastic Omnium (PA:PLOF) which was down 7.04% to 19.16 in late trade, Eurofins Scientific (PA:EUFI) which lost 4.73% to settle at 330.00 and Elis Services SA (PA:ELIS) which was down 4.45% to 13.95 at the close.

    Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 413 to 166 and 91 ended unchanged.

    Shares in GTT (PA:GTT) rose to all time highs; gaining 3.77% or 2.55 to 70.15. Shares in Elis Services SA (PA:ELIS) fell to 52-week lows; falling 4.45% or 0.65 to 13.95.

    The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 0.90% to 18.87.

    Gold Futures for February delivery was down 0.30% or 3.80 to $1243.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.74% or 1.44 to hit $51.14 a barrel, while the February Brent oil contract fell 1.99% or 1.22 to trade at $60.23 a barrel.

    EUR/USD was down 0.50% to 1.1304, while EUR/GBP rose 0.21% to 0.8992.

    The US Dollar Index Futures was up 0.41% at 97.453.

    Read more
  • Finland stocks higher at close of trade; OMX Helsinki 25 up 0.10%

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

    At the close in Helsinki, the OMX Helsinki 25 added 0.10%.

    The best performers of the session on the OMX Helsinki 25 were Fortum Oyj (HE:FORTUM), which rose 3.04% or 0.60 points to trade at 20.31 at the close. Meanwhile, Metsa Board Oyj B (HE:METSB) added 2.45% or 0.130 points to end at 5.430 and Telia Company AB (HE:TELIA1) was up 1.76% or 0.073 points to 4.226 in late trade.

    The worst performers of the session were Cargotec Oyj (HE:CGCBV), which fell 8.31% or 2.58 points to trade at 28.48 at the close. Konecranes ABP (HE:KCRA) declined 3.91% or 1.11 points to end at 27.31 and Outotec Oyj (HE:OTE1V) was down 3.25% or 0.104 points to 3.097.

    Falling stocks outnumbered advancing ones on the Helsinki Stock Exchange by 86 to 72 and 13 ended unchanged.

    Shares in Cargotec Oyj (HE:CGCBV) fell to 52-week lows; falling 8.31% or 2.58 to 28.48.

    Brent oil for February delivery was down 2.13% or 1.31 to $60.14 a barrel. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.85% or 1.50 to hit $51.08 a barrel, while the February Gold Futures contract fell 0.32% or 4.00 to trade at $1243.40 a troy ounce.

    EUR/USD was down 0.51% to 1.1303, while EUR/GBP rose 0.19% to 0.8990.

    The US Dollar Index Futures was up 0.41% at 97.455.

    Read more
  • Germany stocks lower at close of trade; DAX down 0.54%

    Investing.com – Germany stocks were lower after the close on Friday, as losses in the Consumer&Cyclical, Technology and Industrials sectors led shares lower.

    At the close in Frankfurt, the DAX fell 0.54%, while the MDAX index fell 0.89%, and the TecDAX index fell 1.08%.

    The best performers of the session on the DAX were Fresenius SE&Co KGAA O.N. (DE:FREG), which rose 1.55% or 0.640 points to trade at 42.010 at the close. Meanwhile, Heidelbergcement AG O.N. (DE:HEIG) added 0.41% or 0.220 points to end at 54.400 and Allianz SE VNA O.N. (DE:ALVG) was up 0.36% or 0.64 points to 176.84 in late trade.

    The worst performers of the session were Continental AG O.N. (DE:CONG), which fell 2.35% or 2.95 points to trade at 122.65 at the close. Adidas AG (DE:ADSGN) declined 2.25% or 4.50 points to end at 195.50 and Fresenius Medical Care KGAA ST (DE:FMEG) was down 2.12% or 1.300 points to 60.160.

    The top performers on the MDAX were Scout24 AG (DE:G24n) which rose 13.57% to 41.000, Axel Springer SE (DE:SPRGn) which was up 2.89% to settle at 50.950 and Aroundtown Property Holdings PLC (DE:AT1) which gained 1.84% to close at 7.485.

    The worst performers were Norma Group AG NA O.N. (DE:NOEJ) which was down 7.75% to 44.520 in late trade, GEA Group AG (DE:G1AG) which lost 6.86% to settle at 21.030 and Duerr AG (DE:DUEG) which was down 3.95% to 30.620 at the close.

    The top performers on the TecDAX were Steinhoff International Holdings NV (DE:SNHG) which rose 7.89% to 0.12, Shop Apotheke Europe NV (DE:SAEG) which was up 2.95% to settle at 38.400 and JOST Werke AG (DE:JSTG) which gained 2.67% to close at 26.9500.

    The worst performers were Isra Vision O.N. (DE:ISRG) which was down 17.72% to 24.85 in late trade, Dr. Hoenle AG O.N. (DE:HNLG) which lost 12.75% to settle at 44.500 and Aixtron SE NA O.N. (DE:AIXGn) which was down 7.36% to 8.3340 at the close.

    Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 463 to 245 and 72 ended unchanged.

    Shares in Fresenius Medical Care KGAA ST (DE:FMEG) fell to 3-years lows; falling 2.12% or 1.300 to 60.160. Shares in GEA Group AG (DE:G1AG) fell to 5-year lows; down 6.86% or 1.550 to 21.030. Shares in Isra Vision O.N. (DE:ISRG) fell to 5-year lows; down 17.72% or 5.35 to 24.85. Shares in Dr. Hoenle AG O.N. (DE:HNLG) fell to 52-week lows; falling 12.75% or 6.500 to 44.500.

    The DAX volatility index, which measures the implied volatility of DAX options, was up 1.00% to 20.29.

    Gold Futures for February delivery was down 0.29% or 3.60 to $1243.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.70% or 1.42 to hit $51.16 a barrel, while the February Brent oil contract fell 1.97% or 1.21 to trade at $60.24 a barrel.

    EUR/USD was down 0.52% to 1.1302, while EUR/GBP rose 0.19% to 0.8990.

    The US Dollar Index Futures was up 0.43% at 97.470.

    Read more
  • Norway stocks lower at close of trade; Oslo OBX down 0.90%

    Investing.com – Norway stocks were lower after the close on Friday, as losses in the Pharma Biotech&Life Sciences, Food, Beverages&Tobacco and Commercial Service And Supplies sectors led shares lower.

    At the close in Oslo, the Oslo OBX lost 0.90%.

    The best performers of the session on the Oslo OBX were REC Silicon ASA (OL:REC), which rose 2.66% or 0.02 points to trade at 0.64 at the close. Meanwhile, Telenor ASA (OL:TEL) added 1.58% or 2.6 points to end at 170.1 and Schibsted ASA A (OL:SBSTA) was up 0.98% or 2.9 points to 299.5 in late trade.

    The worst performers of the session were Grieg Seafood (OL:GSFO), which fell 7.73% or 8.50 points to trade at 101.40 at the close. Petroleum Geo - Services ASA (OL:PGS) declined 5.25% or 0.76 points to end at 13.72 and SalMar ASA (OL:SALM) was down 3.91% or 18.20 points to 446.80.

    Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 120 to 69 and 17 ended unchanged.

    Shares in Petroleum Geo - Services ASA (OL:PGS) fell to 52-week lows; losing 5.25% or 0.76 to 13.72.

    Crude oil for January delivery was down 2.80% or 1.47 to $51.11 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 2.10% or 1.29 to hit $60.16 a barrel, while the February Gold Futures contract fell 0.33% or 4.10 to trade at $1243.30 a troy ounce.

    EUR/NOK was up 0.25% to 9.7462, while USD/NOK rose 0.78% to 8.6236.

    The US Dollar Index Futures was up 0.42% at 97.465.

    Read more
  • Morocco stocks lower at close of trade; Moroccan All Shares down 0.83%

    Investing.com – Morocco stocks were lower after the close on Friday, as losses in the Utilities, Forestry&Paper and Real Estate sectors led shares lower.

    At the close in Casablanca, the Moroccan All Shares fell 0.83%.

    The best performers of the session on the Moroccan All Shares were Stokvis Nord Afrique (CS:SNA), which rose 8.93% or 1.25 points to trade at 15.25 at the close. Meanwhile, Saham Assurance (CS:SAH) added 3.70% or 50 points to end at 1400 and Jet Contractors (CS:JET) was up 3.14% or 10.05 points to 330.05 in late trade.

    The worst performers of the session were Residences Dar Saada SA (CS:RDS), which fell 8.90% or 9.09 points to trade at 93.01 at the close. Stroc Industrie (CS:STR) declined 8.65% or 2.30 points to end at 24.30 and Auto Hall (CS:AUTO) was down 6.88% or 5.50 points to 74.50.

    Falling stocks outnumbered advancing ones on the Casablanca Stock Exchange by 26 to 16 and 6 ended unchanged.

    Crude oil for January delivery was down 2.83% or 1.49 to $51.09 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 2.13% or 1.31 to hit $60.14 a barrel, while the February Gold Futures contract fell 0.31% or 3.90 to trade at $1243.50 a troy ounce.

    EUR/MAD was up 0.06% to 10.8570, while USD/MAD rose 0.66% to 9.6127.

    The US Dollar Index Futures was up 0.42% at 97.465.

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  • PepsiCo Falls 3%

    Investing.com - PepsiCo (NASDAQ:PEP) fell by 3.07% to trade at $114.72 by 11:53 (16:53 GMT) on Friday on the NASDAQ exchange.

    The volume of PepsiCo shares traded since the start of the session was 2.21M. PepsiCo has traded in a range of $114.64 to $117.55 on the day.

    The stock has traded at $118.8800 at its highest and $114.1000 at its lowest during the past seven days.

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  • Russia stocks lower at close of trade; MOEX Russia down 0.54%

    Investing.com – Russia stocks were lower after the close on Friday, as losses in the Power, Mining and Oil&Gas sectors led shares lower.

    At the close in Moscow, the MOEX Russia lost 0.54%.

    The best performers of the session on the MOEX Russia were NPK OVK PAO (MCX:UWGN), which rose 3.47% or 12.6 points to trade at 375.6 at the close. Meanwhile, Safmar Finansovye Investitsii PAO (MCX:SFIN) added 2.03% or 11.8 points to end at 592.8 and MegaFon OAO (MCX:MFON) was up 1.59% or 9.80 points to 626.80 in late trade.

    The worst performers of the session were Sberbank Rossii PAO (MCX:SBER), which fell 2.24% or 4.24 points to trade at 184.93 at the close. NK RussNeft PAO (MCX:RNFT) declined 2.22% or 11.6 points to end at 512.0 and RusHydro JSC (MCX:HYDR) was down 1.76% or 0.0088 points to 0.4910.

    Falling stocks outnumbered advancing ones on the Moscow Stock Exchange by 145 to 78 and 10 ended unchanged.

    Shares in RusHydro JSC (MCX:HYDR) fell to 3-years lows; losing 1.76% or 0.0088 to 0.4910.

    The Russian VIX, which measures the implied volatility of MOEX Russia options, was up 3.36% to 26.790.

    Gold Futures for February delivery was down 0.35% or 4.40 to $1243.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 2.45% or 1.29 to hit $51.29 a barrel, while the February Brent oil contract fell 1.92% or 1.18 to trade at $60.27 a barrel.

    USD/RUB was up 0.77% to 66.7418, while EUR/RUB rose 0.17% to 75.3669.

    The US Dollar Index Futures was up 0.48% at 97.523.

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  • Greece stocks lower at close of trade; Athens General Composite down 0.50%

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

    At the close in Athens, the Athens General Composite lost 0.50%.

    The best performers of the session on the Athens General Composite were Elastron SA (AT:ELSRr), which rose 3.51% or 0.0400 points to trade at 1.1800 at the close. Meanwhile, Selonda Aquaculture SA (AT:SELr) added 3.50% or 0.0014 points to end at 0.0414 and Attica Bank SA (AT:BOAr) was up 2.28% or 0.003 points to 0.126 in late trade.

    The worst performers of the session were Piraeus Bank SA (AT:BOPr), which fell 4.67% or 0.043 points to trade at 0.877 at the close. Intralot (AT:INLr) declined 4.39% or 0.021 points to end at 0.469 and Marfin Invest (AT:MRFr) was down 3.33% or 0.003 points to 0.072.

    Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 58 to 28 and 23 ended unchanged.

    Gold Futures for February delivery was down 0.38% or 4.70 to $1242.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 1.69% or 0.89 to hit $51.69 a barrel, while the February Brent oil contract fell 1.17% or 0.72 to trade at $60.73 a barrel.

    EUR/USD was down 0.56% to 1.1297, while EUR/GBP rose 0.19% to 0.8990.

    The US Dollar Index Futures was up 0.45% at 97.495.

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  • J&J Asbestos Report Pulls Health Care Stocks Down Midday

    Investing.com - Health care stocks were struggling in midday trading on a Reuters report that Johnson & Johnson (NYSE:JNJ) knew for decades that talcum baby powder contained asbestos pushed that major sector component lower.

    The consumer goods and medical company slumped about 7%, wiping off $24 billion from its market capitalization, after Reuters reported that it knew about the presence of asbestos as early as 1971 and hired ghostwriters to redraft studies of its baby powder.

    "Simply put, the Reuters story is an absurd conspiracy theory, in that it apparently has spanned over 40 years, orchestrated among generations of global regulators, the world’s foremost scientists and universities, leading independent labs, and J&J employees themselves,” the company said in a statement.

    The company faces around 6,000 lawsuits that allege its talc products cause ovarian cancer.

    The S&P 500 Health Care index fell about 1%.

    Other health care companies were also down, with Universal Health Services (NYSE:UHS) falling 4.8%, Humana (NYSE:HUM) dipping 2.9% and Cigna (NYSE:CI) decreasing 2.5%.

    Walgreens Boots Alliance (NASDAQ:WBA) was also lower, falling 3.7% after Goldman Sachs (NYSE:GS) downgraded the stock, Reuters reported.

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  • Oil Prices Fall as Weak Chinese Data, Profit-Taking Weigh

    Investing.com - Oil prices fell on Friday as signs of slowing growth in China dampened hopes for demand and investors opted to take profits after a surge a day earlier.

    New York-traded West Texas Intermediate crude futures fell 96 cents, or 1.83%, at $51.62 a barrel by 10:53 AM ET (15:53 GMT).

    Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 79 cents, or 1.29%, to $60.66.

    China’s worse-than-expected retail sales saw their weakest growth in 15 years, while industrial output in the Asian giant rose the least amount in nearly three years, casting further doubt over demand from the world’s second-largest economy.

    Friday’s decline in oil prices erased some of the nearly-3% gains a day earlier after updated forecasts from the International Energy Agency (IEA), which said it expects a supply deficit in the second quarter of 2019 if OPEC and its allies move forward with plans to reduce output starting in January.

    Worries of a global supply glut will remain in the spotlight on Friday as investors keep an eye on a measure of future U.S. output with Baker Hughes’ weekly data out at 1:00 PM (18:00 GMT).

    The U.S. rig count dropped by 10 to 877 last week, while the Energy Information Administration reported Wednesday that U.S. oil production had fallen from a record high of 11.7 million barrels per day to 11.6 million, easing concerns over escalating production.

    The IEA warned Thursday, however, that U.S. shale's influence over global crude markets would only get stronger.

    In other energy trading, gasoline futures slumped 2.31% to $1.4464 a gallon by 10:58 AM ET (15:58 GMT), while heating oil dropped 0.87% to $1.8601 a gallon.

    Lastly, natural gas futures traded down 5.63% to $3.892 per million British thermal units.

    Read more
  • Stellar Falls 10% In Bearish Trade

    Investing.com - Stellar was trading at $0.10089 by 10:55 (15:55 GMT) on the Investing.com Index on Friday, down 10.13% on the day. It was the largest one-day percentage loss since December 6.

    The move downwards pushed Stellar's market cap down to $1.96264B, or 1.89% of the total cryptocurrency market cap. At its highest, Stellar's market cap was $12.12000B.

    Stellar had traded in a range of $0.10089 to $0.10503 in the previous twenty-four hours.

    Over the past seven days, Stellar has seen a drop in value, as it lost 8.75%. The volume of Stellar traded in the twenty-four hours to time of writing was $67.01478M or 0.56% of the total volume of all cryptocurrencies. It has traded in a range of $0.1009 to $0.1252 in the past 7 days.

    At its current price, Stellar is still down 89.03% from its all-time high of $0.92 set on January 3.

    Elsewhere in cryptocurrency trading

    Bitcoin was last at $3,286.5 on the Investing.com Index, down 4.57% on the day.

    XRP was trading at $0.29283 on the Investing.com Index, a loss of 4.44%.

    Bitcoin's market cap was last at $57.29260B or 55.08% of the total cryptocurrency market cap, while XRP's market cap totaled $11.98464B or 11.52% of the total cryptocurrency market value.

    Read more
  • Gold Inches Down as Traders Turn to U.S. Dollar

    Investing.com - Gold prices continued to fall on Friday, as demand for the U.S. dollar rose after upbeat retail sales alleviated fears of a slowing economy.

    Comex gold futures for February delivery slumped 0.6% to $1,239.50 a troy ounce as of 10:36 AM ET (15:36 GMT).

    The price of bullion was pushed lower by a stronger greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.55% to 97.59.

    The precious metal usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

    The dollar rose after retail sales in November came in higher than expected. Core retail sales, which exclude automobiles, gasoline, building materials and food services, rose 0.2% in November, after a 1% increase in the previous month.

    Meanwhile, investors turned their focus to the Federal Reserve meeting next week.

    The Fed is expected to increase rates by 25 basis points at its next meeting on Wednesday, its fourth rate hike this year. Chances of a hike are priced in at 79.2%, according to Investing.com’s Fed Rate Monitor Tool.

    Dollar gains are likely to be short lived however, as the central bank is expected to slow down its pace of rate hikes in 2019.

    Other metals were lower on the Comex, with silver futures falling 1.6% to $14.605 a troy ounce. Among other precious metals, platinum futures decreased 1.3% to $786.70, while palladium futures dipped 2.2% to $1,164.45 an ounce. Copper futures were down 0.7% to $2.746 a pound.

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  • U.S. Dollar Rises After Retail Sales

    Investing.com - The U.S. dollar was higher on Friday after better-than-expected retail sales and amid expectations that the Federal Reserve will raise rates next week.

    The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.56% to 97.60 as of 10:02 AM ET (15:02 GMT).

    Retail sales accelerated in November, with core retail sales up 0.2%, alleviating fears of a slowing U.S. economy.

    Meanwhile, investors are focused on an upcoming meeting of the U.S. central bank, which is expected to increase rates, with a 79.2% chance priced in, according to Investing.com’s Fed Rate Monitor Tool.

    Still, investors remain uncertain of the number of rate hikes in 2019, after dovish comments from Fed officials, who say interest rates are nearing neutral, whereby they neither stimulate or hinder the economy.

    The dollar was flat against the safe-heaven Japanese yen, with USD/JPY inching up 0.01% to 113.63.

    Meanwhile the pound was lower as Brexit woes continued. UK Prime Minister Theresa May is in Brussels seeking clarity on a backstop agreement in the Brexit draft after surviving a vote of no confidence earlier this week. A vote on the draft agreement is expected in January. GBP/USD slumped 0.7% to 1.2547.

    The euro was pushed down by the stronger dollar, with EUR/USD falling 0.6% to 1.1285.

    Elsewhere, NZD/USD slumped 0.9% to 0.6793 while AUD/USD was down 0.9% to 0.7161. The Canadian dollar decreased with USD/CAD up 0.2% to 1.3386.

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  • Cisco Falls 3%

    Investing.com - Cisco (NASDAQ:CSCO) fell by 3.04% to trade at $46.02 by 09:51 (14:51 GMT) on Friday on the NASDAQ exchange.

    The volume of Cisco shares traded since the start of the session was 2.77M. Cisco has traded in a range of $45.99 to $46.50 on the day.

    The stock has traded at $48.4800 at its highest and $45.8100 at its lowest during the past seven days.

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  • U.S. Business Activity Falls to 19-Month Low in December – Markit

    Investing.com - U.S. private sector activity showed its weakest pace of expansion in 19 months, according to survey data released on Friday.

    The preliminary reading of the IHS Markit composite purchasing managers’ index, which measures the combined output of both the manufacturing and service sectors, fell to 53.6 this month from 54.7 in November. That was its lowest level since May 2017.

    The services purchasing managers’ index came in at 53.4 this month.

    Economists had forecast the index remain unchanged at 54.7.

    The manufacturing PMI dropped to 53.9 in December, compared to 55.3 a month earlier.

    Analysts had expected a reading of 55.1.

    A reading above 50.0 on the index indicates industry expansion, below indicates contraction.

    “The flash PMIs bring signs of the U.S. economy ending 2018 on a softer note. With business activity expanding at the slowest rate for one and a half years, the surveys indicate that the pace of economic growth has faded to 2.0% in December, albeit closer to 2.5% for the fourth quarter as a whole,” IHS Markit chief economist Chris Williamson commented.

    “The surveys reveal greater caution in relation to spending amid uncertainty about the economic outlook, linked in part to growing geopolitical concerns and trade wars(…) Price pressures have meanwhile cooled as lower oil prices feed through, yet rising tariffs remain a concern for many companies, keeping input cost inflation above the survey’s long-run average,” he added.

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  • J&J Falls 4%

    Investing.com - J&J fell by 3.78% to trade at $142.24 by 09:35 (14:35 GMT) on Friday on the NYSE exchange.

    The volume of J&J shares traded since the start of the session was 990.81K. J&J has traded in a range of $142.18 to $145.11 on the day.

    The stock has traded at $148.5800 at its highest and $142.1600 at its lowest during the past seven days.

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  • Stocks - Wall Street Falls on Global Growth Concerns

    Investing.com – Wall Street dipped on Friday as investors remained wary of signs of slowing economic growth around the globe.

    The S&P 500 fell 27 points or 1% as of 9:30 AM ET (14:30 GMT), while the Dow decreased 189 points, or 0.7%, and the tech-heavy Nasdaq Composite slipped 88 points, or 1.2%.

    Retail sales in China posted their weakest growth in 15 years, increasing worry about the world’s second largest economy as the country is impacted by trade disputes with the U.S. In Japan, the Bank of Japan’s Tankan survey released overnight showed companies expect conditions to worsen in the next three months.

    Investors were also keeping an eye on trade war developments, as China said it would suspend additional tariffs on U.S.-made vehicles starting Jan. 1, as it moves to make progress on trade talks with the U.S.

    Technology stocks were down, with Apple (NASDAQ:AAPL) falling 1.8%, Facebook (NASDAQ:FB) down 1.3% and Tesla (NASDAQ:TSLA) inching down 0.4%.

    Visa (NYSE:V) dipped 1.5%, while Goldman Sachs (NYSE:GS) slipped 0.3% and JPMorgan (NYSE:JPM) decreased 0.6%.

    Starbucks (NASDAQ:SBUX) slumped 4% after the company said same-store sales would remain steady despite a partnership with UberEats and Costco (NASDAQ:COST) fell 5% after it reported a decline in gross margins.

    Elsewhere, Bank of America (NYSE:BAC) inched up 0.2%, while semiconductor company Advanced Micro Devices (NASDAQ:AMD) rose 0.2%.

    In commodities, gold futures fell 0.8% to $1,237.50 a troy ounce and crude oil decreased 0.5% to $52.30 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.6% to 97.67.

    -- Reuters contributed to this report.

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  • U.S. Retail Sales Rise by 0.2% in November

    Investing.com - U.S. retail sales rose 0.2% in November the Commerce Department said on Friday.

    This was compared to a revised 1.1% in the previous month. Economists had forecast a reading of 0.1%.

    Core retail sales, which exclude automobiles, gasoline, building materials and food services, rose 0.2% in November, after a 1.0% increase in the previous month.

    The consensus forecast was for a reading of 0.2%.

    Core retail sales correspond most closely with the consumer spending component of gross domestic product.

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  • Stocks - Starbucks, Costco Slump in Premarket; Apple, Merck, Adobe Fall

    Investing.com - Stocks in focus in premarket trade Friday:

    • Starbucks (NASDAQ:SBUX) stock fell 3.75% by 8:04 AM ET (13:04 GMT) as the company forecast that same-store sales would remain steady despite its partnership with UberEats in the U.S. and nearly doubling its stores in China.

    • Costco (NASDAQ:COST) stock slumped 3.75% after the company announced a decline in gross margins for its fiscal first quarter.

    • Adobe (NASDAQ:ADBE) stock slid 1.96% after reporting mixed quarterly earnings and providing earnings guidance for the current quarter that missed analysts’ estimates.

    • Apple (NASDAQ:AAPL) stock fell 1.23% as the company announced that it would push software updates in China in an attempt to avoid alleged infringement of Qualcomm (NASDAQ:QCOM) patents.

    • Merck & Company (NYSE:MRK) stock lost 1.66% as the company said it would acquire Antelliq Group for €2.1 billion ($2.37 billion).

    • Tesla (NASDAQ:TSLA) stock fell 0.74% as its head of digital product, Parag Vaish, resigned to take another job.

    • Ford Motor (NYSE:F) stock was little change despite the fact that the company reported that sales in China fell 55% in November.

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  • Stocks - U.S. Futures Fall Amid Fears of Slowing Global Growth

    Investing.com – U.S. futures slumped on Friday, as investors worry about slowing economic growth in China and elsewhere.

    The S&P 500 futures fell 22 points or 0.86% to 2,622.62 as of 6:40 AM ET (11:40 GMT) while Dow futures slumped 210 points, or 0.85%, to 24,361. Meanwhile tech heavy Nasdaq 100 futures decreased 70 points, or 1%, to 6,682.

    Retail sales in China posted their weakest growth in 15 years, increasing worry about the world’s second largest economy as the country is impacted by trade disputes with the U.S. In Japan, the Bank of Japan’s Tankan survey released overnight showed companies expect conditions to worsen in the next three months.

    Meanwhile data from the euro zone revealed the weakest business activity in the private sector in just over four years, highlighting the slowing growth in the region.

    General Electric (NYSE:GE) was among the top gainers in premarket trading, rising 1.5%.

    Elsewhere, Costco (NASDAQ:COST) fell 3% after reporting disappointing quarterly earnings and revenue. Starbucks (NASDAQ:SBUX) dipped 3.4% after it announced a partnership with Uber Eats at 2,000 of its stores in the U.S.

    Tesla (NASDAQ:TSLA) decreased 0.7%, while semiconductor company Micron (NASDAQ:MU) slumped 2.9% and Facebook (NASDAQ:FB) was down 1.7%. Boeing (NYSE:BA) inched down 2% and Cisco (NASDAQ:CSCO) slipped 1.8%.

    In economic news, retail sales comes out at 8:30 AM ET (13:30 GMT), with industrial production at 9:15 AM ET (14:15 GMT) and IHS Markit PMI data at 9:45 AM ET (14:45 GMT).

    In other commodities, gold futures fell 0.3% to $1,242.70 a troy ounce while crude oil futures decreased 0.3% to $52.41 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, rose 0.4% to 97.52.

    Read more
  • Top 5 Things to Know in the Market on Friday

    Investing.com - Here are the top five things you need to know in financial markets on Friday, Dec. 14:

    1. Attention turns to deluge of U.S. data

    Among the downpour of U.S. economic data due on Friday, investors will focus on retail sales for November, due at 8:30 AM ET (13:30 GMT) on Friday, as they look for further signs on the strength of the American consumer.

    The consensus forecast is that the report will show retail sales rose 0.1% last month, after a 0.8% increase in October. Excluding the automobile sector, sales are expected to increase 0.2%.

    Rising retail sales over time correlate with stronger economic growth, while weaker sales signal a declining economy. Consumer spending accounts for as much as 70% of U.S. economic growth.

    Also on the economic calendar, traders await industrial production for November at 9:15 AM ET (14:15 GMT) and preliminary purchasing managers’ indices for the manufacturing and services sectors in December from IHS Markit at 9:45 AM ET (14:45 GMT).

    2. Weak growth figures from China, Europe add to investor malaise

    While waiting for the U.S. data, economic indicators elsewhere spooked investors in overnight trade on Friday.

    China’s worse-than-expected retail sales saw their weakest growth in 15 years, while industrial output rose the least in nearly three years, casting further doubt over demand in the world’s second largest economy.

    Japanese business confidence and plans for capital expenditures managed to hold steady in December, but the Bank of Japan’s Tankan survey released overnight showed companies expect conditions to worsen in the next three months.

    Over in Europe, data from the euro zone revealed the weakest business activity in the private sector in just over four years, highlighting the slowing growth in the region.

    The Bundesbank also warned Friday that growth in Germany, the motor of the euro area economy, will slow in the coming years, coming on the back of remarks made by European Central Bank president Mario Draghi on Thursday that risks to the economic outlook for the region were tilting to the downside.

    3. Global stocks tumble over economic concerns

    After a mixed close on Wall Street on Thursday, the weak Chinese data sent Asian stocks into a tailspin. China’s Shanghai Composite closed with losses of 1.5%, while Japan’s Nikkei 225 slumped 2.1%.

    The downbeat mood spread to Europe where the region’s own weak data only added pessimism to the selloff. With all of the major European indices in the red, the pan-European Stoxx 600 fell 0.98% by 5:38 AM ET (10:38 GMT).

    U.S. stock futures pointed to a lower open on Friday as investors shared in the worries over the global economy. At 5:40 AM ET (10:40 GMT), the blue-chip Dow futures fell 221 points, or 0.90%,S&P 500 futures lost 23 points, or 0.88%, while the Nasdaq 100 futures traded down 71 points, or 1.06%.

    4. Risk of U.S. recession jumps to highest level since financial crisis

    Amid worries over the global economy, the risk of a recession in the U.S. during the next two years jumped to 40%, according to a recent Reuters survey.

    That was compared to the 35% seen when the poll was conducted in November and was the highest level since January 2008, just months before the beginning of the financial crisis that led to the Great Recession.

    As market attention shifts to the Federal Reserve’s monetary policy decision next week, economists have been ratcheting down expectations that the central bank will be able to continue the current pace of rate hikes next year.

    While markets widely anticipate that the Fed will hike rates by a quarter point at next week’s meeting, they are pricing in just one further increase in 2019.

    5. Oil dips after boost from supply deficit hopes

    Oil prices headed lower on Friday as investors took profit after a nearly 3% surge in the prior session. Thursday’s boost was thanks to updated forecasts from the International Energy Agency (IEA) which said it expects a supply deficit in the second quarter of 2019 if OPEC and its allies move forward with plans to reduce output starting in January.

    U.S. crude oil futures lost 20 cents, or 0.38%, to $52.38 by 5:41 AM ET (10:41 GMT), while Brent oil traded down 29 cents, or 0.47%, to $61.16.

    Read more: 3 Key Developments That Will Move Oil Markets In Early 2019 -Ellen R. Wald

    Concerns of oversupply will remain in the spotlight on Friday as investors keep an eye on a measure of future output stateside with Baker Hughes’ weekly data out at 1:00 PM (18:00 GMT).

    The U.S. rig count dropped by 10 to 877 last week while the Energy Information Administration reported Wednesday that U.S. oil production had fallen from a record high of 11.7 million barrels per day to 11.6 million, easing concerns over escalating production.

    However, in its monthly report released Thursday, the IEA warned however that U.S. shale's influence over global crude markets would only get stronger.

    Read more
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