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uBanker Blog

  • Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.02%

    Investing.com – Saudi Arabia stocks were higher after the close on Sunday, as gains in the Media&Publishing, Real Estate Development and Building&Construction sectors led shares higher.

    At the close in Saudi Arabia, the Tadawul All Share added 0.02%.

    The best performers of the session on the Tadawul All Share were Tihama Advertising&Public Relations (SE:4070), which rose 9.91% or 4.48 points to trade at 49.70 at the close. Meanwhile, Saudi Research and Marketing Group (SE:4210) added 8.81% or 7.73 points to end at 95.50 and Anaam International Holding Group (SE:4061) was up 8.71% or 1.09 points to 13.60 in late trade.

    The worst performers of the session were Saudi United Cooperative Insurance (SE:8060), which fell 2.24% or 0.72 points to trade at 31.45 at the close. United Int Transportation Company (SE:4260) declined 2.13% or 0.74 points to end at 34.00 and Saudi Company for Hardware (SE:4008) was down 1.95% or 2.35 points to 118.40.

    Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 108 to 74 and 5 ended unchanged.

    Crude oil for July delivery was down 0.28% or 0.20 to $71.37 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.79% or 0.63 to hit $78.67 a barrel, while the June Gold Futures contract rose 0.18% or 2.30 to trade at $1291.70 a troy ounce.

    EUR/SAR was down 0.22% to 4.4135, while USD/SAR unchanged 0.00% to 3.7502.

    The US Dollar Index Futures was up 0.20% at 93.58.

    Read more
  • Canada stocks higher at close of trade; S&P/TSX Composite up 0.19%

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

    At the close in Toronto, the S&P/TSX Composite gained 0.19%.

    The best performers of the session on the S&P/TSX Composite were Aurora Cannabis Inc (TO:ACB), which rose 9.72% or 0.700 points to trade at 7.900 at the close. Meanwhile, Canopy Growth Corp (TO:WEED) added 8.72% or 2.890 points to end at 36.030 and Torex Gold Resources Inc (TO:TXG) was up 3.90% or 0.500 points to 13.320 in late trade.

    The worst performers of the session were Labrador Iron Ore Royalty Corp (TO:LIF), which fell 3.07% or 0.67 points to trade at 21.15 at the close. Element Fleet Management Corp (TO:EFN) declined 2.60% or 0.15 points to end at 5.82 and Trican Well Service Ltd . (TO:TCW) was down 2.31% or 0.080 points to 3.380.

    Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 664 to 419 and 124 ended unchanged.

    The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 1.07% to 11.97.

    Gold Futures for June delivery was up 0.19% or 2.40 to $1291.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.15% or 0.11 to hit $71.38 a barrel, while the July Brent oil contract fell 0.83% or 0.66 to trade at $78.64 a barrel.

    CAD/USD was down 0.60% to 0.7761, while CAD/EUR fell 0.29% to 0.6601.

    The US Dollar Index Futures was up 0.21% at 93.59.

    Read more
  • Top 5 Things That Moved Markets This Past Week

    Investing.com – Top 5 things that rocked U.S. markets this week

    1. Rising Bond Yields Make Bold Return

    Rising U.S. bond yields were the main driver of market direction on Friday as the 10-year treasury yield and 2-year treasury yield rallied sharply, prompting wild swings lower in U.S. stock markets.

    The 10-year treasury yield rose to a high of 3.128% as mostly positive data this week including two regional manufacturing surveys pointing to signs of inflation, reassuring investors the U.S. economy remains on solid footing.

    “Our forecast for the end of the year for the 10-year is 3.20%, which means this week’s trading action moved us roughly half the distance to our year-end target,” Wells Fargo said.

    Mixed earnings from a slew of retailers including Walmart Inc (NYSE:WMT), Macy’s Inc (NYSE:M) and Home Depot Inc (NYSE:HD) did little to avert a weekly loss in US stock markets.

    Macy’s was the pick of the bunch after reporting earnings that topped consensus estimates on both the top and bottom lines, while same-store sales grew for the second straight quarter.

    Escalating U.S.-China tensions also weighed on sentiment as President Trump said he doubted whether the second round of trade talks - which got underway on Thursday - would be successful.

    The Dow Jones posted a weekly loss.

    2. Crude Oil Prices Notch Third Weekly Win

    Crude oil prices notched their third week of gains in row as the prospect of a shortage in global oil supplies continued to underpin demand, prompting traders to add to their bullish bets.

    Investor expectations for a global oil supply shortage comes amid a U.S. announcement this month that it would renew sanctions on Iran – expected in two waves – on Aug 6. And Nov. 5, crippling the Islamic Republic’s energy exports.

    Data from the Energy Information Administration showing U.S. oil stockpiles fell for the second straight week also supported sentiment on oil prices.

    Crude futures settled 21 cents lower on Friday, as data showed U.S. oil rigs remained at three-year highs.

    3. Dollar Hits 5-Month High

    The dollar bounced back strongly from a weekly loss supported by a rally in U.S. bond yields and a slump in the euro.

    Mostly bullish U.S. economic data, sent bond yields soaring, renewing expectations for a faster pace of rate hikes, helping the greenback to a five-month high against its rivals.

    EUR/USD posted a sharp weekly drop as Italy's 10-year bond yield sank amid concerns about proposals laid out by a future Italian coalition government.

    The Five-Star Movement and League reached a coalition agreement to govern Italy on Friday, but outlined proposals that may hurt public finances, raising investor concerns.

    Falling European bond yields and rising U.S. yields was cited by some analysts as the main driver of euro weakness, prompting traders to pile into the greenback.

    “The fundamental driver of a rising US yield advantage relative to Bunds, coupled with concerns about government policy in Italy, look likely to remain in play,” Action Economics said.

    The dollar remained close to a five-month high against a basket of major currencies on Friday.

    4. Heavy Selling Pressure Hits Gold

    Gold prices ended the week, nursing one of their biggest weekly losses for the year, as they struggled to claw back some of the losses sustained earlier in the week, when the 10-year treasury yield cracked above 3%.

    The rise in geopolitical pressures, meanwhile, – as U.S.-China talks on trade appeared to sour and Kim Jong Un got cold feet about a meeting with the President Trump next month – failed to support safe-haven gold.

    5. Bitcoin: ‘Consensus Pump’ Fails to Show

    A fresh wave of selling hit bitcoin this week as traders expressed disappointment at the popular crypto’s failure to stage a rally following the annual Blockchain conference, consensus, which got underway earlier this week.

    Bold claims by analysts in the run to the conference had spark hopes bitcoin would be able to stage a rally, bouncing back from a slump last week following renewed regulatory concerns.

    “Bottom line: We expect bitcoin and cryptocurrencies to behave similarly to prior years and rally during Consensus,” Tom Lee of Fundstrat Global Advisors said in the run up to the conference.

    New insights into the current crypto environment from market participants attending the conference were few and far between, providing little reason for investors to pile into bitcoin.

    The turn in sentiment on cryptos this week compared to recent weeks, was characterised by a sharp retreat in the total cryptocurrency market cap, suggested that traders remained wary of backing cryptocurrencies.

    The total market cap of cryptocurrencies fell to about $376 billion, at the time of writing, from about $400 billion last week.

    Over the past seven days, Bitcoin fell 3.30% on the Bitfinex exchange, Ethereum was flat, while Ripple XRP fell 2.02% on the Poloniex exchange.

    Read more
  • CFTC Commitments of Traders: Speculators Less Bullish on Euro, Oil, Gold

    Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending May 15 on Friday.


    Speculative positioning in the CME and ICE currency, commodity, energy and index futures:

    LongShort
    NetPriorChangeGrossChangeGrossChange
    EUR115.1k120.5k-5.4k219.3k-7.3k104.2k-1.9k
    GBP5.6k9.0k-3.4k61.4k-0.8k55.7k2.5k
    JPY3.7k-5.5k9.1k64.9k13.1k61.2k4.0k
    CHF-36.4k-32.6k-3.8k25.7k0.0k62.1k3.8k
    CAD-23.7k-23.9k0.2k30.4k-2.7k54.1k-2.9k
    AUD-23.1k-16.8k-6.3k72.5k9.8k95.6k16.1k
    NZD2.0k12.5k-10.6k28.8k-0.3k26.8k10.3k
    MXN52.8k76.2k-23.4k86.3k-23.6k33.5k-0.2k
    S&P 500198.8k162.4k36.5k532.6k-1.9k333.8k-38.4k
    Gold92.4k107.4k-15.0k201.5k2.9k109.0k17.9k
    Silver0.7k-0.1k0.8k72.7k-0.1k72.0k-0.8k
    Copper36.4k33.5k2.9k107.2k0.8k70.8k-2.1k
    RUB10.9k9.4k1.5k12.3k-1.2k1.4k-2.7k
    Crude Oil644.4k679.9k-35.5k772.5k-32.3k128.1k3.2k


    Read more
  • Morocco stocks lower at close of trade; Moroccan All Shares down 0.49%

    Investing.com – Morocco stocks were lower after the close on Friday, as losses in the Construction&Building Materials, Insurance and Oil&Gas sectors led shares lower.

    At the close in Casablanca, the Moroccan All Shares declined 0.49% to hit a new 3-months low.

    The best performers of the session on the Moroccan All Shares were Centrale Danone (CS:CDA), which rose 6.00% or 42 points to trade at 749 at the close. Meanwhile, Colorado (CS:COL) added 5.95% or 5.00 points to end at 89.00 and Sothema (CS:SOT) was up 4.00% or 70 points to 1820 in late trade.

    The worst performers of the session were AFMA SA (CS:AFM), which fell 9.99% or 111 points to trade at 1000 at the close. S2M (CS:S2M) declined 8.47% or 23.60 points to end at 255.00 and SMI (CS:SMI) was down 5.90% or 194 points to 3096.

    Falling stocks outnumbered advancing ones on the Casablanca Stock Exchange by 26 to 21 and 8 ended unchanged.

    Shares in Sothema (CS:SOT) rose to all time highs; up 4.00% or 70 to 1820.

    Crude oil for June delivery was down 0.31% or 0.22 to $71.27 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.29% or 0.23 to hit $79.07 a barrel, while the June Gold Futures contract rose 0.19% or 2.50 to trade at $1291.90 a troy ounce.

    EUR/MAD was down 0.01% to 11.1270, while USD/MAD rose 0.14% to 9.4484.

    The US Dollar Index Futures was up 0.11% at 93.49.

    Read more
  • Dollar Eases From Highs as U.S. Bond Yields Retreat

    Investing.com – The dollar retreated from a fresh five-month high against a basket of major currencies as a rout of the euro eased, prompting traders to take profits on the greenback despite concerns about proposals laid out by a future Italian coalition government.

    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.09% to 93.48. The greenback earlier in the session had hit a high of 93.74, the highest in five months.

    EUR/USD fell 0.14% $1.1779 pressured by a drop in Italy's 10-year bond yield as the Five-Star Movement and League reached a coalition agreement to govern the Italy, raising fears that the country finances could come under pressure as they laid out bulky spending proposals.

    The retreat in the U.S. bond yields also prompted traders to unwind some of their bullish bets on the dollar and take profit as the 10-year yield turned negative despite some analysts suggesting the uptick in U.S. treasury yields would continue.

    “The fundamental driver of a rising US yield advantage relative to Bunds, coupled with concerns about government policy in Italy, look likely to remain in play,” Action Economics said.

    GBP/USD fell 0.23% to $1.3484, while USD/JPY fell 0.10% Y110.66.

    USD/CAD rose 0.36% to C$1.2891 as Canada inflation fell short of expectations, denting expectations the Bank of Canada would hike rates sooner rather than letter.

    Read more
  • Portugal stocks lower at close of trade; PSI 20 down 0.67%

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

    At the close in Lisbon, the PSI 20 fell 0.67%.

    The best performers of the session on the PSI 20 were EDP (LS:EDP), which rose 1.68% or 0.0570 points to trade at 3.4580 at the close. Meanwhile, Sonae (LS:YSO) added 1.13% or 0.0130 points to end at 1.1600 and Galp Energia Nom (LS:GALP) was up 0.30% or 0.0500 points to 16.9800 in late trade.

    The worst performers of the session were Banco Comercial Portugues (LS:BCP), which fell 4.16% or 0.0119 points to trade at 0.2740 at the close. Mota Engil (LS:MOTA) declined 2.34% or 0.0850 points to end at 3.5500 and Semapa (LS:SEM) was down 1.92% or 0.4000 points to 20.4000.

    Falling stocks outnumbered advancing ones on the Lisbon Stock Exchange by 21 to 12 and 5 ended unchanged.

    Brent oil for July delivery was down 0.35% or 0.28 to $79.02 a barrel. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.38% or 0.27 to hit $71.22 a barrel, while the June Gold Futures contract rose 0.18% or 2.30 to trade at $1291.70 a troy ounce.

    EUR/USD was down 0.07% to 1.1787, while EUR/GBP rose 0.16% to 0.8740.

    The US Dollar Index Futures was up 0.09% at 93.47.

    Read more
  • Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.46%

    Investing.com – Denmark stocks were lower after the close on Friday, as losses in the Personal&Household Goods, Industrials and Consumer Goods sectors led shares lower.

    At the close in Copenhagen, the OMX Copenhagen 20 lost 0.46%.

    The best performers of the session on the OMX Copenhagen 20 were Lundbeck A/S (CO:LUN), which rose 1.14% or 4.8 points to trade at 426.4 at the close. Meanwhile, Genmab (CO:GEN) added 1.04% or 13.0 points to end at 1268.0 and Oersted A/S (CO:ORSTED) was up 1.00% or 4.10 points to 415.80 in late trade.

    The worst performers of the session were AP Moeller - Maersk A/S B (CO:MAERSKb), which fell 2.31% or 214 points to trade at 9038 at the close. Pandora A/S (CO:PNDORA) declined 1.88% or 9.6 points to end at 501.0 and AP Moeller - Maersk A/S A (CO:MAERSKa) was down 1.82% or 160 points to 8635.

    Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 68 to 51 and 24 ended unchanged.

    Shares in Lundbeck A/S (CO:LUN) rose to all time highs; rising 1.14% or 4.8 to 426.4. Shares in Pandora A/S (CO:PNDORA) fell to 3-years lows; losing 1.88% or 9.6 to 501.0. Shares in Oersted A/S (CO:ORSTED) rose to all time highs; gaining 1.00% or 4.10 to 415.80.

    Crude oil for June delivery was down 0.34% or 0.24 to $71.25 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.30% or 0.24 to hit $79.06 a barrel, while the June Gold Futures contract rose 0.16% or 2.00 to trade at $1291.40 a troy ounce.

    USD/DKK was up 0.07% to 6.3190, while EUR/DKK fell 0.01% to 7.4471.

    The US Dollar Index Futures was up 0.11% at 93.49.

    Read more
  • Russia stocks higher at close of trade; MOEX Russia up 0.15%

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

    At the close in Moscow, the MOEX Russia added 0.15%.

    The best performers of the session on the MOEX Russia were United Company Rusal Plc (MCX:RUAL), which rose 10.62% or 2.590 points to trade at 26.980 at the close. Meanwhile, Inter rao ees (MCX:IRAO) added 3.63% or 0.1450 points to end at 4.1450 and Safmar Finansovye Investitsii PAO (MCX:SFIN) was up 3.63% or 27.0 points to 770.0 in late trade.

    The worst performers of the session were X5 Retail Group NV (MCX:FIVEDR), which fell 2.34% or 45.0 points to trade at 1880.0 at the close. Surgut-pref (MCX:SNGS_p) declined 2.10% or 0.695 points to end at 32.450 and PIK (MCX:PIKK) was down 1.84% or 6.00 points to 320.00.

    Falling stocks outnumbered advancing ones on the Moscow Stock Exchange by 123 to 92 and 17 ended unchanged.

    The Russian VIX, which measures the implied volatility of MOEX Russia options, was up 1.44% to 21.840.

    Gold Futures for June delivery was up 0.15% or 1.90 to $1291.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.36% or 0.26 to hit $71.23 a barrel, while the July Brent oil contract fell 0.34% or 0.27 to trade at $79.03 a barrel.

    USD/RUB was up 0.26% to 62.3380, while EUR/RUB rose 0.22% to 73.5025.

    The US Dollar Index Futures was up 0.12% at 93.50.

    Read more
  • Netherlands stocks lower at close of trade; AEX down 0.34%

    Investing.com – Netherlands stocks were lower after the close on Friday, as losses in the Telecoms, Technology and Basic Materials sectors led shares lower.

    At the close in Amsterdam, the AEX fell 0.34%.

    The best performers of the session on the AEX were Relx NV (AS:RELN), which rose 1.18% or 0.214 points to trade at 18.279 at the close. Meanwhile, ASR Nederland NV (AS:ASRNL) added 1.16% or 0.44 points to end at 38.44 and Randstad Holding NV (AS:RAND) was up 0.85% or 0.46 points to 54.30 in late trade.

    The worst performers of the session were Altice NV (AS:ATCA), which fell 3.58% or 0.32 points to trade at 8.52 at the close. ASML Holding NV (AS:ASML) declined 2.28% or 3.95 points to end at 169.20 and Koninklijke KPN NV (AS:KPN) was down 1.43% or 0.035 points to 2.420.

    Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 71 to 47 and 16 ended unchanged.

    The AEX Volatility, which measures the implied volatility of AEX options, was up 4.91% to 11.81.

    Crude oil for June delivery was down 0.34% or 0.24 to $71.25 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.33% or 0.26 to hit $79.04 a barrel, while the June Gold Futures contract rose 0.16% or 2.00 to trade at $1291.40 a troy ounce.

    EUR/USD was down 0.08% to 1.1785, while EUR/GBP rose 0.16% to 0.8740.

    The US Dollar Index Futures was up 0.11% at 93.49.

    Read more
  • France stocks lower at close of trade; CAC 40 down 0.13%

    Investing.com – France stocks were lower after the close on Friday, as losses in the Technology, Basic Materials and Consumer Services sectors led shares lower.

    At the close in Paris, the CAC 40 lost 0.13%, while the SBF 120 index declined 0.15%.

    The best performers of the session on the CAC 40 were Vinci SA (PA:SGEF), which rose 1.45% or 1.24 points to trade at 86.94 at the close. Meanwhile, Veolia Environnement VE SA (PA:VIE) added 1.37% or 0.270 points to end at 19.950 and Sodexo (PA:EXHO) was up 1.28% or 1.06 points to 83.96 in late trade.

    The worst performers of the session were STMicroelectronics NV (PA:STM), which fell 1.91% or 0.390 points to trade at 20.040 at the close. Bouygues SA (PA:BOUY) declined 1.73% or 0.71 points to end at 40.70 and Vivendi SA (PA:VIV) was down 1.64% or 0.38 points to 22.82.

    The top performers on the SBF 120 were Technicolor (PA:TCH) which rose 5.28% to 1.516, Ubisoft Entertainment (PA:UBIP) which was up 4.47% to settle at 88.340 and Groupe FNAC (PA:FNAC) which gained 3.60% to close at 96.400.

    The worst performers were Aeroports De Paris SA (PA:ADP) which was down 5.00% to 176.23 in late trade, Iliad (PA:ILD) which lost 4.57% to settle at 130.65 and Europcar Groupe SA (PA:EUCAR) which was down 3.00% to 9.38 at the close.

    Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 331 to 255 and 87 ended unchanged.

    Shares in Ubisoft Entertainment (PA:UBIP) rose to all time highs; gaining 4.47% or 3.780 to 88.340. Shares in Iliad (PA:ILD) fell to 5-year lows; losing 4.57% or 6.25 to 130.65.

    The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 10.65% to 13.13.

    Gold Futures for June delivery was up 0.17% or 2.20 to $1291.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.34% or 0.24 to hit $71.25 a barrel, while the July Brent oil contract fell 0.34% or 0.27 to trade at $79.03 a barrel.

    EUR/USD was down 0.07% to 1.1787, while EUR/GBP rose 0.17% to 0.8741.

    The US Dollar Index Futures was up 0.10% at 93.48.

    Read more
  • Germany stocks mixed at close of trade; DAX down 0.28%

    Investing.com – Germany stocks were mixed after the close on Friday, as gains in the Consumer&Cyclical, Software and Retail sectors led shares higher while losses in the Technology, Basic Resources and Transportation&Logistics sectors led shares lower.

    At the close in Frankfurt, the DAX lost 0.28%, while the MDAX index added 0.03%, and the TecDAX index climbed 0.04%.

    The best performers of the session on the DAX were Henkel&Co KGaA AG Pref (DE:HNKG_p), which rose 1.77% or 1.85 points to trade at 106.45 at the close. Meanwhile, Vonovia SE (DE:VNAn) added 0.66% or 0.26 points to end at 39.41 and E.ON SE NA (DE:EONGn) was up 0.63% or 0.059 points to 9.431 in late trade.

    The worst performers of the session were Bayerische Motoren Werke AG (DE:BMWG), which fell 4.88% or 4.550 points to trade at 88.750 at the close. Deutsche Bank AG NA O.N. (DE:DBKGn) declined 1.94% or 0.214 points to end at 10.810 and Deutsche Lufthansa AG (DE:LHAG) was down 1.83% or 0.460 points to 24.650.

    The top performers on the MDAX were Kion Group AG (DE:KGX) which rose 2.54% to 73.44, Metro AG (DE:MEOG) which was up 2.13% to settle at 9.510 and Duerr AG (DE:DUEG) which gained 2.13% to close at 96.000.

    The worst performers were K+S AG NA O.N. (DE:SDFGn) which was down 2.21% to 24.300 in late trade, Aurubis AG (DE:NAFG) which lost 1.89% to settle at 73.540 and Leoni AG (DE:LEOGn) which was down 1.83% to 55.900 at the close.

    The top performers on the TecDAX were Adva Optical Networking SE (DE:ADAG) which rose 2.75% to 6.165, Wirecard AG (DE:WDIG) which was up 2.74% to settle at 131.350 and Cancom SE O.N. (DE:COKG) which gained 1.98% to close at 92.700.

    The worst performers were Freenet AG NA (DE:FNTGn) which was down 8.13% to 24.465 in late trade, Siltronic AG (DE:WAFGn) which lost 3.35% to settle at 146.950 and SMA Solar Technology AG (DE:S92G) which was down 2.87% to 59.200 at the close.

    Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 393 to 293 and 83 ended unchanged.

    Shares in Wirecard AG (DE:WDIG) rose to all time highs; up 2.74% or 3.500 to 131.350.

    The DAX volatility index, which measures the implied volatility of DAX options, was up 2.86% to 15.86.

    Gold Futures for June delivery was up 0.12% or 1.50 to $1290.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.64% or 0.46 to hit $71.03 a barrel, while the July Brent oil contract fell 0.67% or 0.53 to trade at $78.77 a barrel.

    EUR/USD was down 0.08% to 1.1785, while EUR/GBP rose 0.18% to 0.8742.

    The US Dollar Index Futures was up 0.12% at 93.50.

    Read more
  • U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 0.10%

    Investing.com – U.K. stocks were lower after the close on Friday, as losses in the Mining, Oil Equipment Services&Distribution and Mobile Telecommunications sectors led shares lower.

    At the close in London, the Investing.com United Kingdom 100 lost 0.10%.

    The best performers of the session on the Investing.com United Kingdom 100 were Capita PLC (LON:CPI), which rose 6.53% or 8.60 points to trade at 140.40 at the close. Meanwhile, Paddy Power Betfair PLC (LON:PPB) added 2.32% or 195.00 points to end at 8600.00 and Rolls-Royce Holdings PLC (LON:RR) was up 2.10% or 17.60 points to 857.20 in late trade.

    The worst performers of the session were Glencore PLC (LON:GLEN), which fell 4.40% or 17.50 points to trade at 380.35 at the close. AstraZeneca PLC (LON:AZN) declined 1.95% or 104.00 points to end at 5241.00 and Marks and Spencer Group PLC (LON:MKS) was down 1.88% or 5.60 points to 291.70.

    Rising stocks outnumbered declining ones on the London Stock Exchange by 995 to 983 and 317 ended unchanged.

    Gold Futures for June delivery was up 0.12% or 1.50 to $1290.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June fell 0.64% or 0.46 to hit $71.03 a barrel, while the July Brent oil contract fell 0.66% or 0.52 to trade at $78.78 a barrel.

    GBP/USD was down 0.27% to 1.3480, while EUR/GBP rose 0.18% to 0.8742.

    The US Dollar Index Futures was up 0.12% at 93.50.

    Read more
  • Norway stocks higher at close of trade; Oslo OBX up 0.83%

    Investing.com – Norway stocks were higher after the close on Friday, as gains in the Pharma Biotech&Life Sciences, Consumer Durables And Apparel and Energy sectors led shares higher.

    At the close in Oslo, the Oslo OBX gained 0.83% to hit a new all time high.

    The best performers of the session on the Oslo OBX were Grieg Seafood (OL:GSFO), which rose 5.79% or 5.60 points to trade at 102.30 at the close. Meanwhile, DNO International ASA (OL:DNO) added 5.32% or 0.82 points to end at 16.23 and Aker BP ASA (OL:AKERBP) was up 4.86% or 14.80 points to 319.60 in late trade.

    The worst performers of the session were Norwegian Air Shuttle ASA (OL:NWC), which fell 7.43% or 20.10 points to trade at 252.52 at the close. Aker Solutions OL (OL:AKSOL) declined 2.02% or 1.16 points to end at 56.28 and Marine Harvest ASA (OL:MHG) was down 1.14% or 1.95 points to 168.50.

    Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 120 to 62 and 25 ended unchanged.

    Shares in Grieg Seafood (OL:GSFO) rose to all time highs; rising 5.79% or 5.60 to 102.30. Shares in Aker BP ASA (OL:AKERBP) rose to all time highs; rising 4.86% or 14.80 to 319.60.

    Crude oil for June delivery was down 0.34% or 0.24 to $71.25 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.62% or 0.49 to hit $78.81 a barrel, while the June Gold Futures contract rose 0.12% or 1.60 to trade at $1291.00 a troy ounce.

    EUR/NOK was down 0.23% to 9.5571, while USD/NOK fell 0.11% to 8.1138.

    The US Dollar Index Futures was up 0.15% at 93.53.

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  • Forex- U.S. Dollar Rallies To Five-Month High

    Investing.com - The dollar gained steam on Friday, reaching a new five-month high.

    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rallied 0.17% to 93.55 as of 10:50 AM ET (14:50 GMT).

    The dollar has surged over 1% this week, as bond yields jumped to a seven-year high. The yield on the benchmark United States 10-Year Treasury note dipped to 3.078 after hitting an overnight high of 3.126.

    The rise in bond yields, along with positive economic data and rising inflation, has boosted expectations that the Federal Reserve will increase interest rates and tighten monetary policy.

    The Fed raised rates in March and is expected to raise rates twice more, with some investors expecting a third hike.

    Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yield-seeking investors.

    The dollar fell against the safe haven yen, with USD/JPY decreasing 0.06% to 110.70 after rising earlier in the session amid inflation reports that failed to meet Japan’s 2% inflation target.

    The euro was down amid political uncertainty in Italy, with EUR/USD falling 0.23% to 1.1768, while sterling was near a one-week low, with GBP/USD down 0.32% to 1.3473.

    Meanwhile, the Canadian dollar fell as inflation rose by 2.2% in April. USD/CAD was up 0.69% to 1.2892.

    Elsewhere, the Australian dollar was lower, with AUD/USD down 0.01% to 0.7510 while NZD/USD increased 0.49% to 0.6911.

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  • Oil Prices Head for Weekly Gains Ahead of U.S. Shale Production Data

    Investing.com - Despite a dip in crude prices on Friday in midmorning trade, oil was still headed for weekly gains as market participants looked ahead to the latest gauge of U.S. shale production.

    New York-traded West Texas Intermediate crude futures fell 18 cents, or about 0.3%, to $71.31 a barrel by 10:26AM ET (14:26GMT).

    Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., slipped 5 cents, or roughly 0.5%, to $79.25 a barrel.

    U.S. crude and Brent were on track for weekly gains of around 0.9% 2.8%, respectively, as looming sanctions against oil exporter Iran, the economic crisis in Venezuela and signs of strong demand supported prices this week.

    Crude has seen upward momentum since President Donald Trump announced on May 8 that the U.S. was pulling out of the Iranian nuclear deal and re-imposing previous sanctions.

    Market participants widely expect the move to lead to tighter global oil supplies as they make it more difficult for Iran to export oil.

    Iran, which is a major Middle East oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC), resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program.

    Also increasing concerns over supply, unrest was building in Venezuela ahead of presidential elections on Sunday that nations including the U.S., European Union, Mexico, Brazil or Colombia have labeled as “illegitimate”.

    Production in Venezuela plunged to 1.5 million barrels last month, its lowest level in decades due to its ongoing economic crisis.

    On the domestic front, oil prices were also supported by bullish U.S. crude inventory data released on Wednesday by the Energy Information Administration that showed both crude and gasoline supplies fell more than expected last week.

    Inventories of U.S. crude fell by 1.404 million barrels for the week ended May 11, beating expectations for a draw of just 0.763 million barrels, while gasoline inventories fell by 3.790 million barrels, beating expectations for a fall of 1.421 million barrels.

    Later on Friday, the weekly installment of drilling activity from Baker Hughes will focus investors’ attention as it provides fresh insight into U.S. oil production and demand.

    Data last week showed the number of U.S. oil rigs rose for the sixth week in a row, pointing to a possible expansion in domestic output and fueling concerns that increased production stateside could eventually derail OPEC-led efforts to curb output and balance markets.

    In other energy trading, gasoline futures rose 0.2% to $2.2534 a gallon by 10:26AM ET (14:26GMT), while heating oil advanced 0.2% to $2.2856 a gallon.

    Lastly, natural gas futures fell 0.2% to $2.854 per million British thermal units.

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  • Who Is David Tepper, Appaloosa Management Founder?

    Investing.com - Hedge fund billionaire David Tepper is a master of the game on Wall Street. Now he wants to be a winner in professional sports.
    The founder of Appaloosa Management is reportedly set to buy the of the National Football League for a record $2.2 billion.
    Owning a football team seems like a natural step for Tepper, who played the game growing up in Pittsburgh. He got his introduction to the numbers game at the University of Pittsburgh, where he earned a BA in economics in 1980. Four years later, he graduated Carnegie Mellon University with an MBA.
    Tepper worked briefly at Republic Steel and Keystone Mutual Funds before moving to Goldman Sachs (NYSE:GS) in 1985, Starting as a credit analyst, he was soon head trader in the firm's new high-yield bond department. After just eight years at Goldman, Tepper struck out on his own, forming Appaloosa Management in 1993.
    By 2001, Tepper has made a fortune specializing in distressed bonds and other high risk investments. It was during the financial crisis in 2009, however, that Tepper made his name and his billions.
    Appaloosa made a big bet that the depressed stock prices of major banks would rebound. By the end of the year he was right and was named the top-earning hedge fund manager of 2009.
    Appaloosa now manages some $17 billion and Tepper is considered the greatest hedge fund manager of his generation.
    Worth more than $11 billion, according to Forbes, Tepper has donated more than a $100 million to his two alma maters.
    He's almost as famous for returning to his roots as he is for delivering great returns for his investors.

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  • Cryptos Fall; Coincheck looks to the U.S.

    Investing.com - Cryptocurrencies fell on Friday, with Bitcoin nearing a two-month low.

    Bitcoin was trading at $8,122.00, falling 2.03% as of 8:58 AM ET (12:58 GMT) on the Bitfinex exchange.

    Other digital coins fell, with Ethereum, the world’s second largest cryptocurrency by market cap, down 2.33% to $681.53 on the Bitfinex exchange. Ripple, the third largest virtual currency, decreased 2.98% to $0.66897 while Litecoin was at $132.64, a slump of 4.01%.

    Japanese cryptocurrency exchange Coincheck is planning to expand into the U.S., according to Bloomberg news.

    Coincheck was the center of a $532 million hack in January and was subsequently bought by financial services firm Monex in April. Monex CEO Oki Matsumoto said he expects an official license from Japan in the next month but is already looking expand to the U.S. and Europe.

    “Japan may seem like it’s one step ahead in crypto, but in terms of deciding what’s a security or a token and attracting institutional investors, the U.S. and Europe are moving ahead,” he told Bloomberg

    In regulation news, the central bank of Libya has banned the use of virtual currencies and those who use it cannot be protected by Libyan law.

    Meanwhile, Switzerland is looking into state-backed digital currency. The government has asked legislators to commision a study on a Swiss “e-franc.” While the news is promising for cryptocurrency advocates, the study still faces legislative hurdles through parliament's lower house. However the country has been open to digital currencies, having been one of the first countries to pass an intial coin offering (ICO) guideline.

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  • Cryptocurrency Market Needs Fixes To Attract Institutional Investors

    Investing.com - Institutional investors see great opportunities in the cryptocurrency market but are reluctant to invest because of key trading risk issues, according to a research firm report.
    Tabb Group says institutional players, such as hedge funds and pension funds, are holding back because of a lack of regulatory clarity, universal, reliable data and adequate market infrastructure.
    Tabb expects some of this to change soon because specialty firms are working on changes and improvements to the marketplace with institutional investors in mind.
    Trading in bitcoin futures was introduced on two conventional exchanges in late 2017, but there's been little else from Wall Street.
    Some market watchers say cryptocurrencies won't fully recover from their massive 2018 slide unless institutional investors enter the market.

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  • Canadian Annual Inflation 2.2% in April

    Investing.com - The overall rate of inflation in Canada slowed in April, Statistics Canada said on Friday.

    The consumer price index rose 2.2% last month, compared with the same month a year earlier.

    Prices rose by 0.3% from a month earlier.

    Economists had expected annual inflation to increase by 2.3% and monthly inflation to rise by 0.4%.

    Core inflation, which excludes gasoline, was up 1.5% 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.

    At the last monetary policy meeting, the BoC maintained a relatively cautious stance, dismissing the recent surge in inflation as reflecting mostly transitory factors that will fade over time.

    Markets saw only around 40% odds for a hike at the next policy decision on May 30.

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  • BAML Says Time Is Right For UK Stocks

    Investing.com - Investors looking for European exposure, should consider the UK, according to Bank of America Merrill Lynch (NYSE:BAC).
    The Wall Street firm says the FTSE 100 index is attractive because it contains a large number of companies that perform well in the later stages of economic expansions, and its dividend yield is 4.00%.
    Commodities -- oil and gas -- and basic resources make up 24% of the companies in the index, while defensives -- health care, utilities -- account for 21%.
    BAML says the weak pound is also a positive because UK multinationals derive about 70% of their revenue from overseas markets.
    Two popular exchange traded funds to play the FTSE 100 are the iShares MSCI United Kingdom ETF and the First Trust United Kingdom AlphaDEX Fund.

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  • Sri Lanka stocks higher at close of trade; CSE All-Share up 0.29%

    Investing.com – Sri Lanka stocks were higher after the close on Friday, as gains in the Chemicals&Pharmaceuticals, Healthcare and Power&Energy sectors led shares higher.

    At the close in Colombo, the CSE All-Share added 0.29%.

    The best performers of the session on the CSE All-Share were Shalimar Estates (CM:SHAL), which rose 19.52% or 292.40 points to trade at 1790.00 at the close. Meanwhile, Union Chemicals Lanka PLC (CM:UCHE) added 18.33% or 77.00 points to end at 497.00 and Hunas Falls Hotels PLC (CM:HUNA) was up 17.82% or 13.60 points to 89.90 in late trade.

    The worst performers of the session were Beruwala Resorts PLC (CM:BERU), which fell 11.11% or 0.100 points to trade at 0.800 at the close. Nuwara Eliya Hotels Co PLC (CM:NEH) declined 10.90% or 146.80 points to end at 1200.00 and Royal Palms Beach Hotels PLC (CM:RPBH) was down 7.53% or 1.40 points to 17.20.

    Rising stocks outnumbered declining ones on the Colombo Stock Exchange by 101 to 80 and 50 ended unchanged.

    Crude oil for June delivery was up 0.01% or 0.01 to $71.50 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.34% or 0.27 to hit $79.57 a barrel, while the June Gold Futures contract fell 0.26% or 3.30 to trade at $1286.10 a troy ounce.

    GBP/LKR was down 0.20% to 212.920, while USD/LKR rose 0.05% to 157.890.

    The US Dollar Index Futures was up 0.11% at 93.49.

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  • Stocks- U.S. Futures Rise Amid Trade Talks with China

    Investing.com – U.S. futures pointed to a higher opening bell on Friday, as trade talks between the U.S. and China take center stage.

    The S&P 500 futures was up six points or 0.22% to 2,718.75 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 80 points or 0.32% to 24,784.0. Meanwhile tech heavy Nasdaq 100 futures rose 17 points or 0.25% to 6,923.00.

    Trade talks between the U.S. and China are in focus as officials meet in Washington to find a way to end their trade dispute. U.S. officials said Thursday China agreed to purchase up to $200 billion of American goods, but Chinese officials denied the agreement had been made.

    The two countries have been in a tit-for-tat over trade tariffs in recent months.

    Rising Treasury yields also remain in the back of investors’ minds, with the benchmark United States 10-Year yield dipping 0.04% to 3.108 after reaching a seven-year session high of 3.126. As bond yields rise, prices fall.

    The increase in bond yields, combined with strengthening inflation, have increased expectations that the Federal Reserve will tighten monetary policy.

    Toy company Mattel (NASDAQ:MAT) was among the top gainers in pre-market trading, rising 4.25% while Advanced Micro Devices Inc (NASDAQ:AMD) rose 1.48% and Nokia (HE:NOKIA) Corp ADR (NYSE:NOK) (HE:NOKIA) Corp increased 0.81%.

    Elsewhere Baidu Inc (NASDAQ:BIDU) slipped 6.14% while Applied Materials (NASDAQ:AMAT) was down 5.49%.

    On the central banking front, both Fed governor Lael Brainard and Dallas Fed chief Robert Kaplan will be making separate appearances at 9:15AM ET (13:15 GMT).

    In Europe stocks were mixed. Germany’s DAX fell two points or 0.02% while in France the CAC 40 increased four points or 0.08% and in London, the FTSE 100 was down 13 points or 0.18%. Meanwhile the pan-European Euro Stoxx 50 gained one point or 0.03% while Spain’s IBEX 35 slumped 35 points or 0.35%.

    In commodities, gold futures fell 0.28% to $1,285.80a troy ounce while crude oil futures increased 0.10% to $71.58 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.13% to 93.50.

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  • Indonesia stocks lower at close of trade; IDX Composite Index down 0.56%

    Investing.com – Indonesia stocks were lower after the close on Friday, as losses in the Miscellaneous Industry, Property and Manufacturing sectors led shares lower.

    At the close in Jakarta, the IDX Composite Index fell 0.56%.

    The best performers of the session on the IDX Composite Index were Dian Swastatika Sentosa Tbk (JK:DSSA), which rose 19.96% or 2375.00 points to trade at 14275.00 at the close. Meanwhile, Malacca Trust Wuwungan Insurance PT (JK:MTWI) added 18.69% or 20 points to end at 127 and Emdeki Utama Tbk PT (JK:MDKI) was up 11.35% or 42 points to 412 in late trade.

    The worst performers of the session were Forza Land Indonesia Tbk PT (JK:FORZ), which fell 24.77% or 110 points to trade at 334 at the close. Kokoh Inti Arebama Tbk (JK:KOIN) declined 20.69% or 60 points to end at 230 and Nipress Tbk (JK:NIPS) was down 11.63% or 50 points to 380.

    Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 235 to 148 and 119 ended unchanged.

    Shares in Dian Swastatika Sentosa Tbk (JK:DSSA) rose to 3-years highs; rising 19.96% or 2375.00 to 14275.00. Shares in Forza Land Indonesia Tbk PT (JK:FORZ) fell to 52-week lows; down 24.77% or 110 to 334. Shares in Kokoh Inti Arebama Tbk (JK:KOIN) fell to 52-week lows; down 20.69% or 60 to 230.

    Crude oil for June delivery was up 0.14% or 0.10 to $71.59 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.48% or 0.38 to hit $79.68 a barrel, while the June Gold Futures contract fell 0.26% or 3.40 to trade at $1286.00 a troy ounce.

    USD/IDR was up 0.54% to 14162.3, while AUD/IDR rose 0.02% to 10553.50.

    The US Dollar Index Futures was up 0.12% at 93.50.

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  • Forex- U.S. Dollar Struggles For Direction

    Investing.com - The dollar struggled for direction on Friday, but still remained near a five-month high, after reaching an overnight high of 93.46.

    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, inched down 0.01% to 93.38 as of 5:14 AM ET (9:14 GMT).

    The dollar surged over 1% this week, as bond yields jumped to a seven-year high. The yield on the benchmark United States 10-Year Treasury note dipped to 3.104 after hitting an overnight high of 3.126.

    The rise in bond yields, along with positive economic data and rising inflation, has boosted expectations that the Federal Reserve will increase interest rates and tighten monetary policy.

    The Fed raised rates in March and is expected to raise rates twice more, with some investors expecting a third hike.

    Expectations of higher interest rates tend to boost the dollar by making the currency more attractive to yield-seeking investors.

    The dollar rose against the safe haven yen, with USD/JPY increasing 0.18% to 110.96 after Japan reported inflation data that failed to meet its 2% inflation target.

    The euro was up slightly, with EUR/USD rising 0.08% to 1.1803, while sterling was lower, with GBP/USD down 0.11% to 1.3500.

    Elsewhere, the Australian dollar was higher, with AUD/USD up 0.01% to 0.7512 while NZD/USD increased 0.38% to 0.6904.

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  • Japan stocks higher at close of trade; Nikkei 225 up 0.40%

    Investing.com – Japan stocks were higher after the close on Friday, as gains in the Fishery, Rubber and Glass sectors led shares higher.

    At the close in Tokyo, the Nikkei 225 added 0.40%.

    The best performers of the session on the Nikkei 225 were Chiyoda Corp. (T:6366), which rose 4.46% or 46.0 points to trade at 1077.0 at the close. Meanwhile, Taiyo Yuden Co., Ltd. (T:6976) added 4.14% or 100.0 points to end at 2517.0 and NKSJ Holdings, Inc. (T:8630) was up 3.91% or 186.0 points to 4939.0 in late trade.

    The worst performers of the session were The Japan Steel Works, Ltd. (T:5631), which fell 5.23% or 195.0 points to trade at 3535.0 at the close. Takara Holdings Inc. (T:2531) declined 4.64% or 67.0 points to end at 1376.0 and Dainippon Screen Mfg. Co., Ltd. (T:7735) was down 3.32% or 330.0 points to 9610.0.

    Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 1972 to 1383 and 211 ended unchanged.

    Shares in Taiyo Yuden Co., Ltd. (T:6976) rose to 5-year highs; up 4.14% or 100.0 to 2517.0. Shares in NKSJ Holdings, Inc. (T:8630) rose to all time highs; gaining 3.91% or 186.0 to 4939.0.

    The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 4.61% to 14.50.

    Crude oil for June delivery was up 0.25% or 0.18 to $71.67 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.52% or 0.41 to hit $79.71 a barrel, while the June Gold Futures contract fell 0.11% or 1.40 to trade at $1288.00 a troy ounce.

    USD/JPY was up 0.17% to 110.96, while EUR/JPY rose 0.28% to 131.01.

    The US Dollar Index Futures was down 0.02% at 93.37.

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  • Philippines stocks lower at close of trade; PSEi Composite down 0.28%

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

    At the close in Philippines, the PSEi Composite declined 0.28%.

    The best performers of the session on the PSEi Composite were PLDT Inc (PS:TEL), which rose 3.03% or 41.00 points to trade at 1395.00 at the close. Meanwhile, GT Capital Holdings Inc (PS:GTCAP) added 2.89% or 29.00 points to end at 1032.00 and SM Prime Holdings Inc (PS:SMPH) was up 1.50% or 0.550 points to 37.300 in late trade.

    The worst performers of the session were Globe Telecom Inc (PS:GLO), which fell 4.21% or 72.00 points to trade at 1638.00 at the close. Metro Pacific Investments Corp (PS:MPI) declined 3.92% or 0.200 points to end at 4.900 and Megaworld Corp (PS:MEG) was down 2.79% or 0.130 points to 4.530.

    Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 115 to 86 and 52 ended unchanged.

    Gold Futures for June delivery was down 0.11% or 1.40 to $1288.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June rose 0.25% or 0.18 to hit $71.67 a barrel, while the July Brent oil contract rose 0.54% or 0.43 to trade at $79.73 a barrel.

    CNY/PHP was down 0.89% to 8.2063, while USD/PHP rose 0.01% to 52.318.

    The US Dollar Index Futures was down 0.02% at 93.37.

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  • Oil Prices Firm Amid Bullish Factors, Holding Solid Weekly Gain

    Investing.com - Crude prices firmed on Friday as looming sanctions against Iran, the continuing economic crisis in Venezuela and strong demand continued to support prices.
    New York-traded West Texas Intermediate crude futures gained 15 cents, or about 0.2%, to $71.64 a barrel by 4:21AM ET (8:21GMT).

    Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded up 42 cents, or roughly 0.5%, to $79.72 a barrel.

    Both barrels hit their highest price since 2014 on Thursday, while Brent managed to briefly surpass the $80, only to pare gains by settlement. While making another move higher on Friday, U.S. crude and Brent were on track for weekly gains of around 1.3% and 3.2%, respectively.

    Crude has seen upward momentum since President Donald Trump announced on May 8 that the U.S. was pulling out of the Iranian nuclear deal and re-imposing sanctions.

    Market participants widely expect the move to lead to tighter global oil supplies as they make it more difficult for Iran to export oil.

    Iran, which is a major Middle East oil producer and member of the Organization of the Petroleum Exporting Countries (OPEC), resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear program.

    Also increasing concerns over supply, unrest was building in Venezuela ahead of presidential elections on Sunday that nations including the U.S., European Union, Mexico, Brazil or Colombia have labeled as “illegitimate”.

    Production in Venezuela plunged to 1.5 million barrels last month, its lowest level in decades due to its ongoing economic crisis.

    On the domestic front, oil prices were also supported by bullish U.S. crude inventory data showing both crude and gasoline supplies fell more than expected last week, according to the Energy Information Administration (EIA) on Wednesday.

    Inventories of U.S. crude fell by 1.404 million barrels for the week ended May 11, beating expectations for a draw of just 0.763 million barrels, while gasoline inventories fell by 3.790 million barrels, beating expectations for a fall of 1.421 million barrels.

    Later on Friday, the weekly installment of drilling activity from Baker Hughes will provide investors with fresh insight into U.S. oil production and demand.

    Data last week showed the number of U.S. oil rigs rose for the sixth week in a row, pointing to a possible expansion in domestic output and fueling concerns that increased production stateside could eventually derail OPEC-led efforts to curb output and balance markets.

    In other energy trading, gasoline futures rose 0.1% to $2.2520 a gallon by 4:22AM ET (8:22GMT), while heating oil advanced 0.3% to $2.2886 a gallon.

    Meanwhile, natural gas futures fell 0.4% to $2.848 per million British thermal units ahead of weekly inventories.

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  • China stocks higher at close of trade; Shanghai Composite up 1.23%

    Investing.com – China stocks were higher after the close on Friday, as gains in the Oil Equipment Services&Distribution, Life Insurance and Financials sectors led shares higher.

    At the close in Shanghai, the Shanghai Composite gained 1.23% to hit a new 1-month high, while the SZSE Component index gained 0.35%.

    The best performers of the session on the Shanghai Composite were Offshore Oil Engineering Co Ltd (SS:600583), which rose 10.08% or 0.610 points to trade at 6.660 at the close. Meanwhile, Xinjiang Dushanzi TianLi High&NewTech Co Ltd PRC (SS:600339) added 10.02% or 0.480 points to end at 5.270 and Anhui Province Natural Gas Development Co Ltd (SS:603689) was up 10.01% or 1.19 points to 13.08 in late trade.

    The worst performers of the session were Aurora Optoelectronics Co Ltd (SS:600666), which fell 9.56% or 0.650 points to trade at 6.150 at the close. Xin Jiang Ready Health Industry Co Ltd (SS:600090) declined 9.44% or 0.830 points to end at 7.960 and Qian Jiang Water Resources Development Co Ltd (SS:600283) was down 7.58% or 1.110 points to 13.530.

    The top performers on the SZSE Component were Yantai Jereh Oilfield Services Group Co Ltd (SZ:002353) which rose 9.98% to 19.61, Cofco Biochemical Anhui Co Ltd (SZ:000930) which was up 7.06% to settle at 12.29 and Shanxi Xishan Coal and Electricity Power Co Ltd (SZ:000983) which gained 6.79% to close at 8.49.

    The worst performers were Henan Billions Chemicals Co Ltd (SZ:002601) which was down 10.02% to 16.08 in late trade, Shandong Qixing Iron Tower Co Ltd (SZ:002359) which lost 9.98% to settle at 19.58 and Inner Mongolia Xingye Mining Co Ltd (SZ:000426) which was down 9.67% to 7.85 at the close.

    Rising stocks outnumbered declining ones on the Shanghai Stock Exchange by 920 to 397 and 62 ended unchanged.

    Shares in Yantai Jereh Oilfield Services Group Co Ltd (SZ:002353) rose to 52-week highs; up 9.98% or 1.78 to 19.61. Shares in Shandong Qixing Iron Tower Co Ltd (SZ:002359) fell to 52-week lows; falling 9.98% or 2.17 to 19.58.

    The CBOE China Etf Volatility, which measures the implied volatility of Shanghai Composite options, was unchanged 0.00% to 21.03.

    Gold Futures for June delivery was down 0.02% or 0.30 to $1289.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June rose 0.21% or 0.15 to hit $71.64 a barrel, while the July Brent oil contract rose 0.34% or 0.27 to trade at $79.57 a barrel.

    USD/CNY was up 0.06% to 6.3707, while EUR/CNY rose 0.25% to 7.5283.

    The US Dollar Index Futures was down 0.10% at 93.30.

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  • Taiwan stocks lower at close of trade; Taiwan Weighted down 0.03%

    Investing.com – Taiwan stocks were lower after the close on Friday, as losses in the , Hotels and Oil, Gas&Electricity sectors led shares lower.

    At the close in Taiwan, the Taiwan Weighted fell 0.03%.

    The best performers of the session on the Taiwan Weighted were Taiwan Prosperity Chemical Corp (TW:4725), which rose 9.95% or 2.75 points to trade at 30.40 at the close. Meanwhile, Young Optics Inc (TW:3504) added 9.91% or 7.80 points to end at 86.50 and Hiyes International Co Ltd (TW:2348) was up 9.91% or 4.50 points to 49.90 in late trade.

    The worst performers of the session were Jenn Feng New Energy Co Ltd (TW:1538), which fell 9.88% or 0.48 points to trade at 4.38 at the close. Pan Jit International Inc (TW:2481) declined 9.08% or 5.20 points to end at 52.10 and Paiho Shih Holdings Corp (TW:8404) was down 5.15% or 2.50 points to 46.00.

    Rising stocks outnumbered declining ones on the Taiwan Stock Exchange by 401 to 388 and 125 ended unchanged.

    Shares in Jenn Feng New Energy Co Ltd (TW:1538) fell to 52-week lows; down 9.88% or 0.48 to 4.38. Shares in Young Optics Inc (TW:3504) rose to 3-years highs; up 9.91% or 7.80 to 86.50.

    Crude oil for June delivery was up 0.21% or 0.15 to $71.64 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.32% or 0.25 to hit $79.55 a barrel, while the June Gold Futures contract fell 0.08% or 1.00 to trade at $1288.40 a troy ounce.

    USD/TWD was down 0.08% to 29.921, while TWD/CNY rose 0.14% to 0.2131.

    The US Dollar Index Futures was down 0.04% at 93.35.

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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.