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  • Energy&Precious Metals - Weekly Review and Calendar Ahead

    By Barani Krishnan

    Investing.com - The Memorial Day weekend is here, bringing the crude market to its most anticipated demand period of the year.

    But will that be enough to save the day for oil bulls?

    Last week was testimony of the multiple countervailing themes at work in oil, as the market experienced its worst weekly loss for the year. Just a week ago, crude futures set 2019 highs on tensions ratcheting up in the Gulf amid Saudi allegations of Iranian sabotage of its oil infrastructure and a U.S. military buildup in the region in anticipation of a Tehran attack. But all that high-charging sentiment vanished within a week, after the Trump administration upped the ante in its trade war with China, raising fears about a global recession and slump in oil demand.

    Gold also enters a new phase of uncertainty on its role as safe-haven, after the U.S. dollar made a return as a preferred hedge against the U.S.-Sino trade war. The greenback’s supremacy to the pound has also made it a better alternative than gold for investors seeking a hedge to Brexit. This was particularly visible after British Prime Minister Theresa May announced her decision to resign on Friday, raising fresh questions about Britain’s divorce from the EU.

    Energy Review

    Few in the oil trade would have imagined losing their shirts because of a cellphone company. Yet, that’s essentially what U.S. President Donald Trump’s conflict with China comes down to. Trump's move to put Chinese mobile giant Huawei at the center of his protracted trade and intellectual property battle with Beijing sent tremors across macro markets fearing more of such action that could undermine global business.

    Oil prices were already tottering by Wednesday after an unexpected 5 million-barrel build in U.S. crude stockpiles for a second week in a row. Crude inventories usually draw down at this time of year as refineries ramp up gasoline making to ensure more than enough fuel for Americans hitting the road for Memorial Day. But refiners have been slow in taking up crude this year, with profit margins for making gas, jet and other transportation fuels down 25% from a year ago.

    Oil bulls had always counted on U.S. refineries to deliver the demand required for keeping crude prices strong in the run-up to summer. That seasonal trend hasn’t come through this year as refining plants ended up doing longer-than-expected maintenance and processing less crude than anticipated, becoming a new source of frustration to oil bulls already reeling from stubbornly highly U.S. crude production.

    And last week’s data showed not only an inventory rise in crude but also products. Total gasoline inventories increased by 3.7 million barrels against forecasts for a drop of nearly 816,000. Distillate stockpiles, which include diesel and other transportation fuels, rose by 800,000 barrels last week versus expectations for a drop of 48,000 barrels.

    With physical demand for oil already in question, Trump’s actions against Huawei rattled the financial side of the game, creating a perfect storm for oil bulls.
    WTI fell 6% on Thursday alone, crashing below its $60 per barrel support of the past month while Brent slumped 5% to below its $70-per-barrel perch. It was the worst trading day for crude since the beginning of the year and OPEC production cuts that started in December.

    Oil did recover somewhat on Friday on buying from bottom-fishers looking for bargains ahead of the anticipated pick up in gasoline demand for Memorial Day. But that didn’t save the week for oil longs as WTI posted a net weekly loss of nearly 7% while Brent slid about 5%. Oil is still up substantially for the year, with the U.S. benchmark crude up 29% and its U.K. peer ahead by almost 28%. How well those gains hold up will be decided by this week’s data from the American Automobile Association on Memorial Day road traffic estimates, and whether crude stockpiles drew down or rose for another week.

    Energy Calendar Ahead

    Tuesday, May 28
    American Petroleum Institute weekly report on oil stockpiles.

    Wednesday, May 29
    The EIA weekly report on oil stockpiles.

    Thursday, May 30
    EIA weekly natural gas report

    Friday, May 31
    Baker Hughes weekly rig count.

    Precious Metals Review

    Theresa May's decision to step down from Britain's premiership pushed both U.S. gold futures and the dollar lower on Friday as investors cut back on safe-havens as the tenure of one Brexit's most controversial actors came to a close.
    Bullion and gold futures had earlier jumped nearly 1% on Thursday, their biggest spring in nearly two weeks, as investors fleeing risk on fears of a heightened U.S.-China trade war embraced the yellow metal while dumping everything else from equities to oil.

    Gold's direction in the coming week would be decided by May's replacement, and whether the candidate will continue pushing for Brexit, which would further weaken the pound then and boost the yellow metal.

    Spot gold, reflective of trades in bullion, last traded at $1,284.87 per ounce, up 0.1% on the day.

    Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled down $1.80, or 0.1%, at $1,283.60 per ounce.

    The Dollar Index, which measures the greenback against a basket of six currencies, fell 0.3% to 97.44.

    "If a pro-Brexit Tory leader is elected, such as Boris Johnson, then this could lead to further declines for sterling," said Fawad Razaqzada, analyst at FOREX.com. "But essentially it will be a wait-and-see situation in the very short-term outlook and the pound could see short-lived spikes here and there."

    Precious Metals Calendar Ahead

    Monday, May 27
    South Korean Consumer Confidence
    Japan Corporate Services Price Index

    Tuesday, May 28
    Japan Core CPI (YoY)
    German Import Price Index (MoM) (Apr)
    EU Business and Consumer Survey (May)
    U.S. House Price Index (YoY) (Mar)

    Wednesday, May 29
    French GDP (QoQ) (Q1)
    U.S. Redbook (YoY)

    Thursday, May 30
    U.S. GDP (QoQ) (Q1)
    U.S. Goods Trade Balance (Apr)
    U.S. Initial Jobless Claims
    U.S. Wholesale Inventories (MoM) (Apr)
    U.S. FOMC Member Clarida Speaks
    Japan Unemployment Rate (Apr)
    Japan Industrial Production (MoM) (Apr)

    Friday, May 31
    German Retail Sales (YoY) (Apr)
    Britain BoE Consumer Credit (Apr)
    German CPI (YoY) (May)
    U.S. Core PCE Price Index (YoY) (Apr)

    Read more
  • Advance Auto Parts Earnings Miss, Revenue Beats In Q2

    Investing.com - Advance Auto Parts reported second quarter earnings that missed analysts' expectations on Monday and revenue that topped forecasts.

    The firm reported earnings per share of $1.98 on revenue of $2.95B. Analysts polled by Investing.com forecast EPS of $2.23 on revenue of $2.37B. That compared to EPS of $1.97 on revenue of $2.33B in the same period a year earlier. The company had reported EPS of $2.46 on revenue of $2.95B in the previous quarter.

    Advance Auto Parts follows other major Services sector earnings this month


    On May 15, Alibaba ADR reported fourth quarter EPS of $8.57 on revenue of $93.5B, compared to forecasts of EPS of $6.56 on revenue of $91.54B.

    Walmart earnings beat analysts' expectations on May 16, with first quarter EPS of $1.13 on revenue of $123.9B. Investing.com analysts expected EPS of $1.02 on revenue of $125.28B

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

    Read more
  • U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.37%

    Investing.com – U.S. stocks were higher after the close on Friday, as gains in the Financials, Telecoms and Basic Materials sectors led shares higher.

    At the close in NYSE, the Dow Jones Industrial Average gained 0.37%, while the S&P 500 index added 0.14%, and the NASDAQ Composite index climbed 0.11%.

    The best performers of the session on the Dow Jones Industrial Average were Boeing Co (NYSE:BA), which rose 1.24% or 4.35 points to trade at 354.90 at the close. Meanwhile, Dow Inc (NYSE:DOW) added 1.01% or 0.49 points to end at 49.20 and JPMorgan Chase&Co (NYSE:JPM) was up 0.98% or 1.07 points to 109.71 in late trade.

    The worst performers of the session were McDonald’s Corporation (NYSE:MCD), which fell 0.60% or 1.20 points to trade at 197.77 at the close. Nike Inc (NYSE:NKE) declined 0.58% or 0.48 points to end at 82.16 and Coca-Cola Company (NYSE:KO) was down 0.48% or 0.24 points to 49.61.

    The top performers on the S&P 500 were Total System Services Inc (NYSE:TSS) which rose 13.88% to 113.45, Intuit Inc (NASDAQ:INTU) which was up 6.70% to settle at 257.48 and CenturyLink Inc (NYSE:CTL) which gained 4.66% to close at 10.11.

    The worst performers were Foot Locker Inc (NYSE:FL) which was down 15.96% to 44.40 in late trade, Autodesk Inc (NASDAQ:ADSK) which lost 4.91% to settle at 161.22 and Baker Hughes A Ge Company LLC (NYSE:BHGE) which was down 3.69% to 22.21 at the close.

    The top performers on the NASDAQ Composite were Revolution Lighting Technologies (NASDAQ:RVLT) which rose 53.26% to 0.2800, OUTLOOK THERAPEUTICS INC (NASDAQ:OTLK) which was up 42.35% to settle at 2.79 and ESSA Pharma Inc (NASDAQ:EPIX) which gained 26.83% to close at 2.600.

    The worst performers were Urban Tea Inc (NASDAQ:MYT) which was down 52.52% to 1.1300 in late trade, Legacy Reserves Inc (NASDAQ:LGCY) which lost 35.58% to settle at 0.15 and Immuron Ltd ADR (NASDAQ:IMRN) which was down 27.24% to 3.66 at the close.

    Rising stocks outnumbered declining ones on the New York Stock Exchange by 1985 to 972 and 122 ended unchanged; on the Nasdaq Stock Exchange, 1690 rose and 941 declined, while 97 ended unchanged.

    Shares in Total System Services Inc (NYSE:TSS) rose to all time highs; rising 13.88% or 13.83 to 113.45. Shares in Foot Locker Inc (NYSE:FL) fell to 52-week lows; down 15.96% or 8.43 to 44.40. Shares in Legacy Reserves Inc (NASDAQ:LGCY) fell to all time lows; falling 35.58% or 0.08 to 0.15. Shares in Immuron Ltd ADR (NASDAQ:IMRN) fell to all time lows; losing 27.24% or 1.37 to 3.66.

    The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 6.32% to 15.85.

    Gold Futures for June delivery was down 0.09% or 1.10 to $1284.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 1.88% or 1.09 to hit $59.00 a barrel, while the July Brent oil contract rose 2.15% or 1.46 to trade at $69.22 a barrel.

    EUR/USD was up 0.27% to 1.1211, while USD/JPY fell 0.26% to 109.31.

    The US Dollar Index Futures was down 0.26% at 97.465.

    Read more
  • Canada stocks higher at close of trade; S&P/TSX Composite up 0.40%

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

    At the close in Toronto, the S&P/TSX Composite added 0.40%.

    The best performers of the session on the S&P/TSX Composite were Aphria Inc (TSX:APHA), which rose 14.56% or 1.255 points to trade at 9.875 at the close. Meanwhile, Canfor Corporation (TSX:CFP) added 5.07% or 0.47 points to end at 9.74 and New Gold Inc (TSX:NGD) was up 4.65% or 0.040 points to 0.900 in late trade.

    The worst performers of the session were Uni-Select Inc. (TSX:UNS), which fell 4.31% or 0.56 points to trade at 12.42 at the close. Turquoise Hill Resources Ltd. (TSX:TRQ) declined 3.77% or 0.060 points to end at 1.530 and Eldorado Gold Corp (TSX:ELD) was down 3.47% or 0.15 points to 4.17.

    Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 522 to 505 and 145 ended unchanged.

    Shares in Turquoise Hill Resources Ltd. (TSX:TRQ) fell to 5-year lows; losing 3.77% or 0.060 to 1.530.

    The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 3.75% to 14.13.

    Gold Futures for June delivery was down 0.09% or 1.10 to $1284.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 1.88% or 1.09 to hit $59.00 a barrel, while the July Brent oil contract rose 2.15% or 1.46 to trade at $69.22 a barrel.

    CAD/USD was up 0.28% to 0.7441, while CAD/EUR rose 0.02% to 0.6638.

    The US Dollar Index Futures was down 0.26% at 97.465.

    Read more
  • Gold Cools After Theresa May Resignation, Looks to Pound for Clues

    By Barani Krishnan

    Investing.com - U.K. Prime Minister Theresa May finally resigned, pushing both U.S. gold futures and the dollar down on Friday as investors cut back on safe havens as the tenure of one Brexit's most controversial actors came to a close.

    Bullion also slipped with gold futures in early trading before rebounding late in the day, as eurozone investors regained some of their risk appetite after May announced her June 7 departure following three years on the job.

    Spot gold, reflective of trades in bullion, traded at $1,284.55 per ounce by 3:14 PM ET (19:14 GMT), up $1.10, or 1%, on the day.

    Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled down $1.80, or 0.1%, at $1,283.60 per ounce.

    The dollar index, which measures the greenback against a basket of six currencies, settled down 0.25% to 97.477.

    Both bullion and gold futures jumped nearly 1% on Thursday, their biggest rise in nearly two weeks as investors fleeing risk on fears of a heightened U.S.-China trade war embraced the yellow metal while dumping everything else from equities to oil.

    Gold's direction in the coming week could be decided by May's replacement and whether the candidate will increase the chances of a no-deal Brexit, which would further weaken the pound and boost the yellow metal.

    "(E)ssentially it will be a wait-and-see situation in the very short-term outlook and the pound could see short-lived spikes here and there," said Fawad Razaqzada, analyst at FOREX.com.

    Elsewhere in metals, palladium rose, holding on to its mantle as the world's costliest traded metal.

    Spot palladium jumped $25.61, or 2%, to $1,336.75 an ounce.

    Trades in other Comex metals as of 3:14 PM ET (19:14 GMT):

    Palladium futures up $21.85, or 1.7%, at $1,329.65 per ounce.

    Platinum futures up $5.10, or 0.6%, at $804.60 per ounce.

    Silver futures down 7 cents, or 0.5%, at $14.55 per ounce.

    Copper futures up 2 cents, or 0.7%, at $2.70 per pound.

    Read more
  • Bitcoin Bulls Make Another Attempt to Wrestle $8,000 Level From Bears

    Investing.com - Bitcoin attempted to mount a rally above the $8,000 level on Friday, amid rising expectations that bitcoin watchers are set to ramp up purchases of the popular currency ahead of a cut in overall supply.

    Bitcoin rose 4.00% to $8,081, up from a low of $7,700. Over the last year, the popular crypto has made several attempts to breach the $8,000 level in a meaningful way but, until Friday, has come out short. Bitcoin had peaked at nearly $20,000 in December 2017, then slumped.

    Its latest attempt to rally above the key level comes as traders expect bitcoin miners, responsible for maintaining the bitcoin network, to hoard popular crypto ahead of the next halvening, which will see the amount that bitcoin miners receive halve to 6.25 BTC from the current 12.5 BTC, reducing the total supply in the market.

    For the uninitiated, bitcoin miners are users who help maintain the system by validating transactions stored in blocks on the network.

    But there are some who warn that the halvening, which occurs every few years, is becoming less relevant.

    By the very nature of halving the number of new tokens issued every few years, “on an absolute basis, each halvening is becoming increasingly less relevant," said Kyle Samani, co-founder of crypto hedge fund Multicoin Capital Management.

    Still, the overarching message from the crypto community is one of optimism amid signs that participation from institutional investors is beginning to gather pace.

    “You’re starting to get that long waited for institutional adoption. Fidelity is rolling out institutional custody. They’re getting customers," said Brian Kelly, crypto analyst and CEO of hedge fund BKCM in New York.

    The optimism in bitcoin has triggered fresh fund flows into other cryptocurrencies, boosting the total crypto market cap rising to $252 billion from $235 billion a day earlier.

    XRP/USD rose 3.86% to $0.38776, ETH/USD was up 3.63% to $252.35 and LTC/USD added 14.89% to $101.26.

    Read more
  • Sweden stocks higher at close of trade; OMX Stockholm 30 up 0.66%

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

    At the close in Stockholm, the OMX Stockholm 30 rose 0.66%.

    The best performers of the session on the OMX Stockholm 30 were Autoliv Inc . SDB (ST:ALIVsdb), which rose 2.71% or 16.6 points to trade at 629.2 at the close. Meanwhile, SSAB AB ser. A (ST:SSABa) added 1.76% or 0.54 points to end at 31.27 and H&M Hennes&Mauritz AB B (ST:HMb) was up 1.65% or 2.4 points to 150.5 in late trade.

    The worst performers of the session were ABB Ltd (ST:ABB), which fell 0.47% or 0.8 points to trade at 179.3 at the close. Alfa Laval AB (ST:ALFA) declined 0.39% or 0.8 points to end at 203.9 and Electrolux, AB ser. B (ST:ELUXb) was down 0.28% or 0.6 points to 216.2.

    Rising stocks outnumbered declining ones on the Stockholm Stock Exchange by 378 to 243 and 69 ended unchanged.

    Crude oil for July delivery was up 0.95% or 0.55 to $58.46 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 1.09% or 0.74 to hit $68.50 a barrel, while the June Gold Futures contract fell 0.14% or 1.75 to trade at $1283.65 a troy ounce.

    EUR/SEK was down 0.54% to 10.6913, while USD/SEK fell 0.78% to 9.5395.

    The US Dollar Index Futures was down 0.27% at 97.458.

    Read more
  • Germany stocks higher at close of trade; DAX up 0.49%

    Investing.com – Germany stocks were higher after the close on Friday, as gains in the Basic Resources, Insurance and Industrials sectors led shares higher.

    At the close in Frankfurt, the DAX added 0.49%, while the MDAX index climbed 0.16%, and the TecDAX index climbed 0.12%.

    The best performers of the session on the DAX were Deutsche Boerse AG (DE:DB1Gn), which rose 1.74% or 2.150 points to trade at 125.500 at the close. Meanwhile, Muench. Rueckvers. VNA O.N. (DE:MUVGn) added 1.72% or 3.70 points to end at 219.20 and Siemens AG Class N (DE:SIEGn) was up 1.47% or 1.52 points to 105.22 in late trade.

    The worst performers of the session were Thyssenkrupp AG O.N. (DE:TKAG), which fell 1.93% or 0.235 points to trade at 11.950 at the close. Infineon Technologies AG NA O.N. (DE:IFXGn) declined 1.42% or 0.236 points to end at 16.382 and Deutsche Bank AG NA O.N. (DE:DBKGn) was down 1.39% or 0.090 points to 6.367.

    The top performers on the MDAX were Osram Licht AG (DE:OSRn) which rose 3.53% to 28.43, Aurubis AG (DE:NAFG) which was up 3.00% to settle at 40.470 and Bechtle AG (DE:BC8G) which gained 2.45% to close at 108.600.

    The worst performers were CTS Eventim AG (DE:EVDG) which was down 5.36% to 43.120 in late trade, Lanxess AG (DE:LXSG) which lost 2.54% to settle at 46.790 and Brenntag AG (DE:BNRGn) which was down 2.19% to 43.320 at the close.

    The top performers on the TecDAX were SMA Solar Technology AG (DE:S92G) which rose 18.95% to 22.660, Isra Vision O.N. (DE:ISRG) which was up 6.23% to settle at 32.42 and RIB Software AG Na (DE:RIB) which gained 3.02% to close at 16.010.

    The worst performers were SLM Solutions Group AG (DE:AM3D) which was down 3.07% to 8.22 in late trade, Drillisch AG (DE:DRIG) which lost 2.19% to settle at 27.640 and Pfeiffer Vacuum Technology O.N. (DE:PV) which was down 2.12% to 129.50 at the close.

    Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 382 to 298 and 94 ended unchanged.

    Shares in Deutsche Boerse AG (DE:DB1Gn) rose to 5-year highs; up 1.74% or 2.150 to 125.500. Shares in Deutsche Bank AG NA O.N. (DE:DBKGn) fell to 5-year lows; losing 1.39% or 0.090 to 6.367. Shares in Bechtle AG (DE:BC8G) rose to all time highs; rising 2.45% or 2.600 to 108.600. Shares in Drillisch AG (DE:DRIG) fell to 3-years lows; falling 2.19% or 0.620 to 27.640.

    The DAX volatility index, which measures the implied volatility of DAX options, was down 5.18% to 17.22.

    Gold Futures for June delivery was down 0.10% or 1.25 to $1284.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.98% or 0.57 to hit $58.48 a barrel, while the July Brent oil contract rose 0.96% or 0.65 to trade at $68.41 a barrel.

    EUR/USD was up 0.25% to 1.1208, while EUR/GBP fell 0.26% to 0.8809.

    The US Dollar Index Futures was down 0.29% at 97.442.

    Read more
  • Norway stocks higher at close of trade; Oslo OBX up 0.85%

    Investing.com – Norway stocks were higher after the close on Friday, as gains in the Utilities, Healthcare Equipment&Services and Real Estate sectors led shares higher.

    At the close in Oslo, the Oslo OBX gained 0.85%.

    The best performers of the session on the Oslo OBX were P/f Bakkafrost (OL:BAKKA), which rose 4.22% or 19.60 points to trade at 484.60 at the close. Meanwhile, Grieg Seafood (OL:GSFO) added 4.02% or 4.80 points to end at 124.30 and Nel ASA (OL:NEL) was up 3.48% or 0.300 points to 8.910 in late trade.

    The worst performers of the session were Golden Ocean Group Ltd (OL:GOGLT), which fell 3.73% or 1.70 points to trade at 43.84 at the close. Leroy Seafood Group ASA (OL:LSG) declined 1.26% or 0.78 points to end at 61.24 and Norsk Hydro ASA (OL:NHY) was down 0.89% or 0.29 points to 32.76.

    Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 128 to 73 and 32 ended unchanged.

    Shares in Nel ASA (OL:NEL) rose to 5-year highs; up 3.48% or 0.300 to 8.910.

    Crude oil for July delivery was up 0.64% or 0.37 to $58.28 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.72% or 0.49 to hit $68.25 a barrel, while the June Gold Futures contract fell 0.11% or 1.35 to trade at $1284.05 a troy ounce.

    EUR/NOK was down 0.50% to 9.7415, while USD/NOK fell 0.73% to 8.6927.

    The US Dollar Index Futures was down 0.27% at 97.458.

    Read more
  • France stocks higher at close of trade; CAC 40 up 0.67%

    Investing.com – France stocks were higher after the close on Friday, as gains in the Gas&Water, General Financial and Foods&Drugs sectors led shares higher.

    At the close in Paris, the CAC 40 added 0.67%, while the SBF 120 index gained 0.66%.

    The best performers of the session on the CAC 40 were Worldline SA (PA:WLN), which rose 2.79% or 1.400 points to trade at 51.500 at the close. Meanwhile, Schneider Electric SE (PA:SCHN) added 2.78% or 2.00 points to end at 73.90 and Safran SA (PA:SAF) was up 2.14% or 2.55 points to 121.90 in late trade.

    The worst performers of the session were Credit Agricole SA (PA:CAGR), which fell 4.59% or 0.490 points to trade at 10.185 at the close. Kering SA (PA:PRTP) declined 1.73% or 8.50 points to end at 482.70 and Carrefour SA (PA:CARR) was down 1.07% or 0.18 points to 16.68.

    The top performers on the SBF 120 were Casino Guichard Perrachon SA (PA:CASP) which rose 7.48% to 30.03, Eramet SA (PA:ERMT) which was up 3.97% to settle at 51.88 and Genfit (PA:GNFT) which gained 3.43% to close at 21.720.

    The worst performers were Credit Agricole SA (PA:CAGR) which was down 4.59% to 10.185 in late trade, Amundi SA (PA:AMUN) which lost 3.85% to settle at 57.45 and Rexel (PA:RXL) which was down 3.84% to 10.01 at the close.

    Rising stocks outnumbered declining ones on the Paris Stock Exchange by 353 to 205 and 79 ended unchanged.

    The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 6.76% to 16.20.

    Gold Futures for June delivery was down 0.11% or 1.45 to $1283.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.62% or 0.36 to hit $58.27 a barrel, while the July Brent oil contract rose 0.72% or 0.49 to trade at $68.25 a barrel.

    EUR/USD was up 0.22% to 1.1205, while EUR/GBP fell 0.22% to 0.8813.

    The US Dollar Index Futures was down 0.26% at 97.472.

    Read more
  • Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.33%

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

    At the close in Copenhagen, the OMX Copenhagen 20 added 0.33%.

    The best performers of the session on the OMX Copenhagen 20 were Danske Bank A/S (CSE:DANSKE), which rose 2.04% or 2.2 points to trade at 112.8 at the close. Meanwhile, Genmab (CSE:GEN) added 2.00% or 24.0 points to end at 1223.5 and ISS A/S (CSE:ISS) was up 1.78% or 3.70 points to 212.00 in late trade.

    The worst performers of the session were Ambu A/S (CSE:AMBUb), which fell 6.80% or 7.8 points to trade at 107.5 at the close. AP Moeller - Maersk A/S B (CSE:MAERSKb) declined 2.57% or 190 points to end at 7200 and Pandora A/S (CSE:PNDORA) was down 1.15% or 2.9 points to 248.8.

    Rising stocks outnumbered declining ones on the Copenhagen Stock Exchange by 72 to 51 and 24 ended unchanged.

    Shares in Ambu A/S (CSE:AMBUb) fell to 52-week lows; losing 6.80% or 7.8 to 107.5. Shares in Genmab (CSE:GEN) rose to 52-week highs; up 2.00% or 24.0 to 1223.5. Shares in AP Moeller - Maersk A/S B (CSE:MAERSKb) fell to 5-year lows; falling 2.57% or 190 to 7200.

    Crude oil for July delivery was up 0.36% or 0.21 to $58.12 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.38% or 0.26 to hit $68.02 a barrel, while the June Gold Futures contract fell 0.14% or 1.75 to trade at $1283.65 a troy ounce.

    USD/DKK was down 0.18% to 6.6665, while EUR/DKK rose 0.02% to 7.4683.

    The US Dollar Index Futures was down 0.23% at 97.502.

    Read more
  • Turkey stocks higher at close of trade; BIST 100 up 1.74%

    Investing.com – Turkey stocks were higher after the close on Friday, as gains in the Banking, Leasing&Factoring and Financials sectors led shares higher.

    At the close in Istanbul, the BIST 100 gained 1.74%.

    The best performers of the session on the BIST 100 were SASA Polyester Sanayi AS (IS:SASA), which rose 15.41% or 0.800 points to trade at 5.990 at the close. Meanwhile, Metro Ticari ve Mali Yatirimlar Holding AS (IS:METRO) added 9.52% or 0.080 points to end at 0.920 and Coca-Cola Icecek AS (IS:CCOLA) was up 6.81% or 1.72 points to 26.96 in late trade.

    The worst performers of the session were Flap Kongre Toplanti Hizmetleri Otomotiv ve Turizm AS (IS:FLAP), which fell 1.82% or 0.050 points to trade at 2.700 at the close. BIM Birlesik Magazalar AS (IS:BIMAS) declined 1.74% or 1.30 points to end at 73.50 and Soda Sanayi AS (IS:SODA) was down 0.81% or 0.060 points to 7.360.

    Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 299 to 61 and 46 ended unchanged.

    Gold Futures for June delivery was down 0.18% or 2.25 to $1283.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.19% or 0.11 to hit $58.02 a barrel, while the July Brent oil contract rose 0.38% or 0.26 to trade at $68.02 a barrel.

    USD/TRY was down 0.16% to 6.0857, while EUR/TRY rose 0.01% to 6.8151.

    The US Dollar Index Futures was down 0.20% at 97.528.

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  • Lions Gate Entertainment Whimpers Midday After Earnings

    Investing.com - Lions Gate Entertainment (NYSE:LGFa) slid midday Friday after its latest numbers failed to impress investors.

    The company reported a fall in revenue for the quarter to $914 million compared to $949.5 million expected.

    Even annual growth from its cable channel Starz failed to make much of a roar.

    Starz had 24.7 million total domestic subscribers, up 1.2 million from the prior quarter year over year, according to Briefing.com.

    "We've completed a very active and productive fiscal 2019 in which we set in place all the elements for strong growth and continued value creation in the year ahead," Lionsgate CEO Jon Feltheimer said in a statement. "We've refilled our film and television content pipelines, refocused on extracting maximum value from our franchise properties and are capitalizing on an extraordinary opportunity to continue Starz's global expansion and cement its stature as one of the leading international pure play subscription video-on-demand services."

    Lions Gate fell 8.5% in midday trade, while Netflix (NASDAQ:NFLX) rose 0.9% and Walt Disney (NYSE:DIS) inched down 0.1%.

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  • Stocks - Wall Street Optimism Returns After Trump Tones Down Trade Rhetoric

    Investing.com - Wall Street was higher Friday as investors were cautiously optimistic after U.S. President Donald Trump toned down his stance against Chinese tech giant Huawei.

    The S&P 500 rose 14 points, or 0.5%, by 9:48 AM ET (13:48 GMT), while the Dow gained 149 points, or 0.6%, and the tech-heavy Nasdaq composite was up 56 points, or 0.7%.

    Trump told reporters that if a trade deal was made with China, Huawei - which he still referred to as "very dangerous" - could be included in some form. The news eased fears among investors of a tech cold war between Washington and Beijing.

    Trump will meet his Chinese counterpart Xi Jinping at the G20 meeting next month in Japan.

    "We've had a turbulent week. Investors are stepping back at these levels, assessing opportunities entering the long weekend," said Andre Bakhos, managing director at New Vines Capital.

    Amazon.com (NASDAQ:AMZN) rose 1.3% after Piper Jaffray said the e-commerce giant could be worth $3,000 a share in two years, while Facebook (NASDAQ:FB) gained 1.4% and Tesla (NASDAQ:TSLA) inched up 0.3%.

    Total System Services (NYSE:TSS) surged 11.4% after reports that it is in merger talks with Global Payments (NYSE:GPN).

    Elsewhere, Foot Locker (NYSE:FL) fell 17% after its comparable sales failed to grow as much as analysts expected in the first quarter.

    In commodities, gold futures fell 0.4% to $1,280.80 a troy ounce, while crude oil jumped 0.8% to $58.41. The U.S. dollar index, which measures the greenback against a basket of six major currencies, slipped 0.1% to 97.620.

    -- Reuters contributed to this report.

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  • Stocks - Foot Locker Slumps Premarket; Amazon, Boeing Rise

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

    Foot Locker (NYSE:FL) stock slumped 8.7% by 8:15 AM ET (12:15 GMT) after comparable sales failed to grow as much as analysts expected in the first quarter.

    • Amazon.com (NASDAQ:AMZN) stock was up 0.7% after analyst firm Piper Jaffray said the e-commerce giant could be worth $3,000 a share in two years due to strong growth in cloud services and advertising.

    • Facebook (NASDAQ:FB) stock rose 0.4% after the social media giant said it removed 3.4 billion fake accounts in the last six months before they were able to become active users. The company estimates that 5% of its 2.4 billion monthly active users are fake accounts, up from an estimated 3% to 4% in the previous six-month report.

    • Total System Services (NYSE:TSS) stock gained 6.4% after Bloomberg reported that the company is in merger talks with Global Payments (NYSE:GPN).

    • Splunk (NASDAQ:SPLK) stock dipped 1.3% despite the software services company beating first-quarter estimates. The company is still operating at a loss.

    • Boeing (NYSE:BA) stock was up 1% on a Reuters report saying the Federal Aviation Administration expects the airplane maker's grounded 737 Max jet to be approved for service as soon as late June.

    • Constellation Brands (NYSE:STZ) stock fell 0.8% after it was downgraded to “equal-weight” from “overweight” at Morgan Stanley (NYSE:MS) after a long bull run, due to a likely slowdown in growth and stagnation in margins

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  • Stocks- U.S. Futures Rally After Trump Tones Down Huawei Rhetoric

    Investing.com - U.S. futures pointed to a higher opening on Wall Street on Friday after U.S. President Donald Trump toned down his attacks on Huawei.

    Trump told reporters that if a trade deal was made with China, Huawei - which he still referred to as "very dangerous" - could be included in some form. The news eased fears among investors of a tech cold war between Washington and Beijing.

    Dow futures rose 165 points or 0.7% by 6:52 AM ET (10:52 GMT), while tech-heavy Nasdaq 100 futures gained 42 points or 0.6% and S&P 500 futures was up 18 points or 0.6%.

    Facebook (NASDAQ:FB) rose 0.8% after it said it removed 3.4 billion fake accounts, while Tesla (NASDAQ:TSLA) gained 3.2% and Qualcomm (NASDAQ:QCOM) inched up 0.1%, after losing 16% so far this week.

    Amazon.com (NASDAQ:AMZN) was up 0.9% as it tried to lure Prime members to its one-day shipping service with warehouse reductions of up to 75%.

    Elsewhere, Autodesk (NASDAQ:ADSK). fell 7.9%, while Foot Locker (NYSE:FL) fell as much as 10% after missing on first-quarter earnings, while software services company Splunk (NASDAQ:SPLK) fell 2.2% even after it posted better-than-expected results.

    The economic calendar is sparse, with durable goods orders out at 8:30 AM ET (12:30 GMT).

    In commodities, crude oil bounced 1.1% to $58.57 a barrel after losing 6% on Thursday, while gold futures fell 0.3% to $1,280.85 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 97.650.

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  • Top 5 Things to Know in The Market on Friday

    Investing.com -- These are the top 5 things you need to know in financial markets on Friday, May 24.

    1. Trade war becomes currency war

    The U.S. issued a veiled warning to China not to devalue its currency as a way of offsetting the damage to its exporters from U.S. tariffs.

    The Commerce Department published late Thursday a notice of “proposed rule-making” that would let the administration punish countries that “act to undervalue their currency relative to the dollar, resulting in a subsidy to their exports.”

    The CNY/USD has stabilized in the last couple of sessions after sliding to a succession of new lows for 2019 as the trade war has ramped up. It closed at 6.9009 to the dollar on Thursday in mainland trading, while the offshore yuan traded at 6.9184.

    2. Markets price in Fed rate cut

    All benchmark Treasury bonds out to 10 years in maturity are now trading below the Fed Funds target rate of 2.25%-2.50%. The {{|10-year benchmark}} is yielding 2.33%, having dipped below 2.3% for the first time since October 2017 on Thursday.

    By contrast, the three-month T-bill, which is closely tied to the Fed’s official interest rates, is at 2.38%

    3. Wall Street Set to Rebound at Open

    Stocks are set to rebound from Thursday’s losses at the opening Friday, after President Donald Trump dialled back his rhetoric against Huawei somewhat.

    At 5:45 AM ET, the S&P 500 futures contract was up 15 points, the Dow futures contract was up 133 points, while the tech-heavy Nasdaq 100 contract was up 38 points. For all three, that’s a gain of 0.5%, which is a little less than half of what they lost in Thursday’s rout.

    Both the International Monetary Fund and the New York Federal Reserve warned Thursday that the spiralling trade war represented a threat to growth and living standards, with the Fed survey indicating that the latest round of tariff hikes would leave the average household $831 a year worse off.

    4. Oil's dead-cat bounce

    Crude oil prices have also stabilized after their worst day of the year to date.

    U.S. crude futures were up 1.2% at $58.69 a barrel, while the international Brent blend was up by the same amount at $68.56.

    That’s only a modest recovery from a 6% decline yesterday, which drove prices to their lowest level since mid-March.

    The sell-off comes only weeks before OPEC, Russia and others are scheduled to take a decision on whether or not to extend the current agreement on output restraint when its expires at the end of June.

    5. May makes way; harder Brexit now likely

    British Prime Minister Theresa May confirmed she will stand down on June 7 after three years of trying and failing to deliver Brexit.

    The British pound rose over half a cent on the news, but is still below $1.2700, capped by the awareness that the next Conservative Party leader is likely to be from the more aggressive Brexiteer wing of the party. The pound has generally weakened whenever the likelihood of a ‘hard Brexit’ has risen.

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  • Dollar Down as Weak Data Fuel Rate Cut Hopes

    Investing.com -- The U.S. dollar was trading broadly lower early Friday in Europe, amid rising expectations that the Federal Reserve will have to cut interest rates to support the U.S. economy to offset the damage from a widening trade war with China.

    U.S. manufacturing activity slowed to its weakest in five years in May while new home sales fell 6.9% in April, an ominously weak start the spring selling season. The data came on the back of similarly weak business surveys in Japan and Europe, and a warning from the International Monetary Fund about the dangers of the escalating trade war between the world’s two largest economies.

    "Markets are pricing in a rate cut as damage from the trade tension is thought to be larger than imagined, though the Fed hasn\'t talked about it at all," said Yukio Ishizuki, senior currency strategist at Daiwa Securities, told Reuters.

    The yuan was stable overnight, soothing fears – for now - that China will allow it to fall in order to absorb some of the shock to its economy from higher and broader U.S. import tariffs.

    The tone was marginally improved by comments from President Trump on telecoms giant Huawei, saying that it was “possible that Huawei could be included as part of a trade deal,” despite its being “very dangerous, from a security standpoint.”

    At 03:00 AM ET (0700 GMT), the euro and British pound were both rebounding against the dollar, leaving the single currency on course to end the week with a gain of nearly 0.5% against it. Sterling, however, is still set for a weekly loss, owing to rise in political volatility in the U.K.

    Prime Minister Theresa May is expected to announce a date for her resignation later Friday after a meeting with her party’s lawmakers. The indications are that she will remain in office long enough to receive President Donald Trump, who is scheduled to visit the U.K. between June 3-5.

    The dollar index, which measures the greenback against a basket of six major currencies, was 97.627, having traded above 98 for most of Thursday.

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  • Gold Prices Slip as Traders Await More Trade News

    Investing.com - Gold prices slipped on Friday in Asia as traders awaited more trade news.

    Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2% at $1,283.25 per ounce by 1:20 AM ET (05:20 GMT).

    While an intensifying trade dispute between the U.S. and China have sent most risk assets down this month, the safe-haven gold has not been able to benefit as much as traders hoped as markets have seemingly preferred the U.S. dollar amid the trade war. Gold is now down nearly 5% since touching a 10-month peak in February at $1,346.73.

    The U.S. dollar index, which usually moves in directions opposite to gold, was near a one-month high on Thursday but retreated as weak domestic data increased expectations for an interest-rate cut this year.

    Sales of new U.S. homes fell from near an 11.5 year high in April as prices rebounded and manufacturing activity hit its lowest level in almost a decade in May, data showed.

    Gold prices recorded the largest percentage gain in a week on Thursday, but analysts said it might have trouble hitting the psychologically important $1,300 level.

    "Gold has found a very good support around $1,270. There was some short covering after the (weak U.S.) data that pushed prices up. However, the upside could be limited as $1,290 is acting as a strong resistance," said Peter Fung, head of dealing at Wing Fung Precious Metals, in a Reuters report.

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  • Asian Stocks Set for Third Week of Losses Amid Trade War Worries

    Investing.com - Asian stocks were mixed in morning trade on Friday and are set for a third week of losses as traders digest the latest headlines on the Sino-U.S. trade war.

    China’s Shanghai Composite edged up 0.2% by 10:30 PM ET (02:30 GMT), while the Shenzhen Component slipped 0.4%.

    Hong Kong’s Hang Seng Index gained 0.2%.

    Japan’s Nikkei 225 was down 0.7%. Core consumer prices, an inflation gauge closely watched, rose 0.9% in April from a year earlier, in line with expectations and accelerating slightly from March’s 0.8% gain, government data showed on Friday.

    South Korea’s KOSPI declined by 0.9%. Down under, Australia’s ASX 200 fell 0.7%.

    The Sino-U.S. trade war remained in the headlines as U.S. President Donald Trump said Chinese telecom giant Huawei could be part of a trade pact with the country.

    “It’s possible that Huawei even would be included in some kind of a trade deal,” Trump told reporters at the White House, without providing details. “Huawei is something that’s very dangerous. You look at what they’ve done from a security standpoint, from a military standpoint, it’s very dangerous.”

    Huawei was put on a U.S. blacklist earlier this month. Citing people familiar with the matter, Bloomberg said the U.S. had held off the ban but decided to take action after the negotiations with China hit an impasse.

    Meanwhile, Chinese officials blamed the U.S. for wrecking trade talks and that they must alter their “wrong practices” before negotiations could resume.

    No further trade talks are scheduled at this point, but Trump has said he will meet his Chinese part Xi Jinping at next month’s G-20 summit in Japan.

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  • Autodesk Earnings inline, Revenue Misses In Q1

    Investing.com - Autodesk (NASDAQ:ADSK) reported first quarter earnings that matched analysts' expectations on Thursday and revenue that fell short of forecasts.

    The firm reported earnings per share of $0.45 on revenue of $735.5M. Analysts polled by Investing.com anticipated EPS of $0.45 on revenue of $740.52M. That compared to EPS of $0.06 on revenue of $559.9M in the same period a year earlier. The company had reported EPS of $0.46 on revenue of $737.3M (NYSE:MMM) in the previous quarter.

    Autodesk follows other major Technology sector earnings this month


    On May 8, EchoStar reported first quarter EPS of $0.08 on revenue of $531.08M, compared to forecasts of EPS of $0.1 on revenue of $528.1M.

    Microsoft earnings beat analysts' expectations on April 24, with third quarter EPS of $1.14 on revenue of $30.57B. Investing.com analysts expected EPS of $1 on revenue of $29.88B

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

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  • Ross Stores Earnings Beat, Revenue Inline In Q1

    Investing.com - Ross Stores (NASDAQ:ROST) reported first quarter earnings that beat analysts' expectations on Thursday and revenue that was inline with forecasts.

    The firm reported earnings per share of $1.13 on revenue of $3.79B. Analysts polled by Investing.com expected EPS of $1.12 on revenue of $3.79B. That compared to EPS of $1.11 on revenue of $3.59B in the same period a year earlier. The company had reported EPS of $1.2 on revenue of $4.11B in the previous quarter.

    Ross Stores shares lost 3.29% to trade at $91.40 in after-hours trade following the report.

    Ross Stores follows other major Services sector earnings this month


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

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

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

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  • U.S. stocks lower at close of trade; Dow Jones Industrial Average down 1.11%

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

    At the close in NYSE, the Dow Jones Industrial Average declined 1.11%, while the S&P 500 index declined 1.19%, and the NASDAQ Composite index declined 1.58%.

    The best performers of the session on the Dow Jones Industrial Average were Home Depot Inc (NYSE:HD), which rose 1.64% or 3.09 points to trade at 192.00 at the close. Meanwhile, Intel Corporation (NASDAQ:INTC) added 1.20% or 0.53 points to end at 44.53 and Johnson&Johnson (NYSE:JNJ) was up 0.74% or 1.03 points to 139.79 in late trade.

    The worst performers of the session were United Technologies Corporation (NYSE:UTX), which fell 3.66% or 4.96 points to trade at 130.45 at the close. Dow Inc (NYSE:DOW) declined 2.99% or 1.50 points to end at 48.71 and International Business Machines (NYSE:IBM) was down 2.90% or 3.96 points to 132.39.

    The top performers on the S&P 500 were L Brands Inc (NYSE:LB) which rose 12.84% to 24.26, Medtronic PLC (NYSE:MDT) which was up 3.24% to settle at 91.64 and Target Corporation (NYSE:TGT) which gained 2.37% to close at 79.40.

    The worst performers were NetApp Inc (NASDAQ:NTAP) which was down 8.11% to 61.66 in late trade, Hess Corporation (NYSE:HES) which lost 7.93% to settle at 59.01 and Devon Energy Corporation (NYSE:DVN) which was down 7.30% to 27.17 at the close.

    The top performers on the NASDAQ Composite were Urban Tea Inc (NASDAQ:MYT) which rose 30.77% to 2.3800, Trans World Entertainment Corp (NASDAQ:TWMC) which was up 21.36% to settle at 0.401 and ContraVir Pharmaceuticals Inc (NASDAQ:CTRV) which gained 16.96% to close at 0.1310.

    The worst performers were Obalon Therapeutics Inc (NASDAQ:OBLN) which was down 47.69% to 0.68 in late trade, Organovo Holdings Inc (NASDAQ:ONVO) which lost 39.46% to settle at 0.545 and Proteon Therapeutics Inc (NASDAQ:PRTO) which was down 33.27% to 0.42 at the close.

    Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2321 to 659 and 94 ended unchanged; on the Nasdaq Stock Exchange, 2117 fell and 539 advanced, while 94 ended unchanged.

    Shares in Organovo Holdings Inc (NASDAQ:ONVO) fell to all time lows; falling 39.46% or 0.355 to 0.545.

    The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 14.71% to 16.92.

    Gold Futures for June delivery was up 0.69% or 8.75 to $1282.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 5.29% or 3.25 to hit $58.17 a barrel, while the July Brent oil contract unchanged 0.00% or 0.00 to trade at $67.94 a barrel.

    EUR/USD was up 0.05% to 1.1185, while USD/JPY rose 0.00% to 109.59.

    The US Dollar Index Futures was down 0.15% at 97.730.

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  • Mastercard Falls 3%

    Investing.com - Mastercard (NYSE:MA) fell by 3.01% to trade at $249.16 by 15:43 (19:43 GMT) on Thursday on the NYSE exchange.

    The volume of Mastercard shares traded since the start of the session was 3.49M. Mastercard has traded in a range of $249.17 to $255.70 on the day.

    The stock has traded at $258.8200 at its highest and $244.2100 at its lowest during the past seven days.

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  • Medtronic Rises 3%

    Investing.com - Medtronic (NYSE:MDT) rose by 3.01% to trade at $91.42 by 15:11 (19:11 GMT) on Thursday on the NYSE exchange.

    The volume of Medtronic shares traded since the start of the session was 9.35M. Medtronic has traded in a range of $90.12 to $91.47 on the day.

    The stock has traded at $91.4600 at its highest and $86.7600 at its lowest during the past seven days.

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  • Oil Settles Down 6% in Worst Trading Day of 2019

    By Barani Krishnan

    Investing.com - Oil prices plunged nearly 6% Thursday in this year's worst drop and the worst fall since the start of OPEC production cuts in December. The escalating U.S.-China trade war and huge crude pileups from weak refiner demand combined to roil the market.

    West Texas Intermediate futures, the benchmark for U.S. crude, fell below key $60 per barrel support, settling down $3.51 , or 5.7%, at $57.91 per barrel.

    London Brent futures, the global benchmark for oil, lost its $70-per-barrel perch, falling $3.54, or 5%, to $67.45 by 2:48 PM ET (18:48 GMT).

    "Ugly macro, ugly price action," said Scott Shelton, energy futures broker at ICAP (LON:NXGN) in Durham, N.C.

    "Market is bidless as WTI is through the 200-day moving average, and Brent is through the 50-Day," Shelton said.

    Wall Street's three key stock indexes fell by more than 1% each as investors fled from risk on fears that the trade war will have profound and long-term consequences for growth.

    Oil markets have been teetering since the start of the week after U.S. President Donald Trump moved to block popular Chinese cellphone maker and technology giant Huawei from the U.S. market as an extension of the tariffs he had been piling on China.

    The selloff accelerated on Wednesday after data from the U.S. Energy Information Administration showed a surprise crude oil build of about 5 million barrels, on the average, for a second running week. The inventory spike came on the back of muted U.S. refinery runs, despite Monday's Memorial Day holiday, which marks the unofficial start to peak summer driving activity in the U.S., being just days away.

    As the one community that could typically be counted on to deliver the demand and strong prices typical for oil in the run-up to summer, American refineries have been uncharacteristically weak in their support of crude prices this year. Doing longer-than-expected plant maintenance and processing less crude than anticipated week after week, refinery owners have become a new source of frustration to oil bulls already reeling from stubbornly highly U.S. crude production.

    Aside from the surge in crude inventories, the EIA said total motor gasoline stockpiles also increased by 3.7 million barrels during the week ended May 17, against forecasts for a drop of nearly 816,000.

    Distillate fuel inventories rose by 800,000 barrels last week versus expectations for a drop of 48,000 barrels.

    Analysts said the main reason for this year's weak U.S. refinery runs was the softer crack, or profit margins, for gasoline and other fuels this year compared to a year ago. As of Wednesday, the gasoline crack stood at around $21 per barrel versus around $28 seen just before summer 2018.
    If the pace of refining in the U.S. wasn't bad enough, Asia’s oil refiners were also considering reducing output after margins slumped to their lowest level of the season since 2003, Reuters reported.

    Despite Thursday's bloodbath in oil, crude prices are still up substantially for the year, with WTI still showing a year-to-date gain of 27%. Brent is up 25% for the year.

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  • Bank of America Falls 3%

    Investing.com - Bank of America (NYSE:BAC) fell by 3.05% to trade at $27.62 by 14:12 (18:12 GMT) on Thursday on the NYSE exchange.

    The volume of Bank of America shares traded since the start of the session was 33.18M. Bank of America has traded in a range of $27.62 to $28.20 on the day.

    The stock has traded at $28.8300 at its highest and $27.6200 at its lowest during the past seven days.

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  • United Technologies Falls 4%

    Investing.com - United Technologies (NYSE:UTX) fell by 4.02% to trade at $130.00 by 13:55 (17:55 GMT) on Thursday on the NYSE exchange.

    The volume of United Technologies shares traded since the start of the session was 3.58M. United Technologies has traded in a range of $129.79 to $133.82 on the day.

    The stock has traded at $136.2900 at its highest and $129.9300 at its lowest during the past seven days.

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  • Germany stocks lower at close of trade; DAX down 1.78%

    Investing.com – Germany stocks were lower after the close on Thursday, as losses in the Basic Resources, Technology and Industrials sectors led shares lower.

    At the close in Frankfurt, the DAX lost 1.78%, while the MDAX index declined 1.81%, and the TecDAX index fell 2.46%.

    The best performers of the session on the DAX were Vonovia SE (DE:VNAn), which rose 0.91% or 0.43 points to trade at 47.59 at the close. Meanwhile, Beiersdorf AG O.N. (DE:BEIG) added 0.84% or 0.850 points to end at 102.050 and Deutsche Telekom AG Na (DE:DTEGn) was down 0.29% or 0.044 points to 15.046 in late trade.

    The worst performers of the session were Daimler AG NA O.N. (DE:DAIGn), which fell 6.75% or 3.430 points to trade at 47.400 at the close. Covestro AG (DE:1COV) declined 5.13% or 2.220 points to end at 41.080 and Thyssenkrupp AG O.N. (DE:TKAG) was down 4.80% or 0.615 points to 12.185.

    The top performers on the MDAX were CTS Eventim AG (DE:EVDG) which rose 1.24% to 45.560, Deutsche Wohnen AG (DE:DWNG) which was up 0.40% to settle at 42.760 and Tag Immobilien AG (DE:TEGG) which gained 0.10% to close at 20.740.

    The worst performers were Aareal Bank AG (DE:ARLG) which was down 9.14% to 26.440 in late trade, Uniper SE (DE:UN01) which lost 6.23% to settle at 24.700 and Kion Group AG (DE:KGX) which was down 5.03% to 52.08 at the close.

    The top performers on the TecDAX were SMA Solar Technology AG (DE:S92G) which rose 0.42% to 19.050, Deutsche Telekom AG Na (DE:DTEGn) which was down 0.29% to settle at 15.046 and Qiagen NV (DE:QIA) which lost 0.29% to close at 34.540.

    The worst performers were RIB Software AG Na (DE:RIB) which was down 5.36% to 15.540 in late trade, Pfeiffer Vacuum Technology O.N. (DE:PV) which lost 4.89% to settle at 132.30 and S&T AG (DE:SANT1) which was down 4.88% to 19.67 at the close.

    Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 566 to 136 and 71 ended unchanged.

    Shares in Covestro AG (DE:1COV) fell to 52-week lows; down 5.13% or 2.220 to 41.080.

    The DAX volatility index, which measures the implied volatility of DAX options, was up 13.78% to 18.16.

    Gold Futures for June delivery was up 0.95% or 12.05 to $1286.25 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 6.51% or 4.00 to hit $57.42 a barrel, while the July Brent oil contract fell 5.51% or 3.91 to trade at $67.08 a barrel.

    EUR/USD was up 0.29% to 1.1184, while EUR/GBP rose 0.20% to 0.8824.

    The US Dollar Index Futures was down 0.21% at 97.672.

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  • Chevron Falls 3%

    Investing.com - Chevron (NYSE:CVX) fell by 3.07% to trade at $116.88 by 13:13 (17:13 GMT) on Thursday on the NYSE exchange.

    The volume of Chevron shares traded since the start of the session was 5.78M. Chevron has traded in a range of $116.86 to $118.81 on the day.

    The stock has traded at $122.4900 at its highest and $116.8300 at its lowest during the past seven days.

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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.