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Gold Futures Gain in Asia As Trump Signs Bill To Fund Government For 3 Weeks

2018-01-23 02:35 GMT

Investing.com - Gold futures gained in Asia on Tuesday with a government shutdown in the US ended for at least three weeks after President Donald Trump signed a continuing funding resolution passed by Congress on Monday.

Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.32% to $1,336.10 a troy ounce.

Overnight, gold prices eased from highs as safe-haven demand fell following news that Senators may be near an agreement to end the government shutdown.

Also weighing on gold prices was a continued rise in Treasury yields as the United States 10-Year rose to a nearly three-and-half-year high amid growing investor optimism on the outlook of inflation and economic growth.

Gold is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

Sentiment for gold remains bullish, however, as data showed traders continued to increase their bullish bets on gold for the fifth week in a row.

The most recent Commitment of Traders (CoT) report showed money managers increased their speculative gross long positions in Comex gold futures by 11,258 contracts to 227,373.

Crude Oil Prices Mixed In Asia With API Estimates Ahead

2018-01-23 00:47 GMT

Investing.com - Crude oil prices were mixed in Asia on Tuesday with the government shutdown worries out of the way for at least three week and markets poised for weekly inventory figures.

On the New York Mercantile Exchange crude futures for March delivery rose 0.38% to $63.81 a barrel, while on London's Intercontinental Exchange, Brent was last quoted down 0.12% to $69.23 a barrel.

American Petroleum Institute weekly crude and refined product estimates are expected on Tuesday.

As well, the official data from the Energy Information Administration will continue "until further notice" the government agency said Monday.

Initial estimates see a 1.3 million barrels decline in weekly crude stocks; a 1.580 million barrels decline in distillate inventories; and a 2.440 million barrels build in gasoline supplies.

Overnight, crude oil prices settled higher as rising Libyan oil output was offset by ongoing optimism that major oil producers would remain committed to the deal to curb production.

Saudi Oil Minister Khalid al-Falih said he would like to see the deal between OPEC and Russia reducing exports by 1.8 million barrels per day to continue beyond the year-end expiration.

That stoked investor optimism that major oil producers would continue strong compliance with the OPEC-led deal to curb output despite the threat of a ramp up in US shale production.

Crude prices struggled to advance to session highs as reports that Libya’s As-Sarah oilfield resumed production, which is expected to add around 55,000 barrels per day (BPD) to global supplies, limited upside momentum.

Crude prices snapped a four-week winning streak last week as traders questioned whether the recent rally in oil prices was overdone amid expectations that US production would soon rise above 10 million barrels a day.

Investor fears over rising US production comes despite data showing the number of US rigs drilling for oil fell last week by 5 to 747, according energy services firm Baker Hughes.

U.S. crude production rose by 258,000 barrels per day (bpd) to 9.75 million barrels per day last week, the Energy Information Agency (EIA) reported last week.

Yen Weaker In Early Asia Ahead of Bank Of Japan Review

2018-01-22 23:27 GMT

Investing.com - The yen headed weaker against the dollar in early Asia on Tuesday as the Bank of Japan gets set to unveil its latest policy views with the language on economic recovery seen as key for the currency's fortunes.

USD/JPY changed hands at 110.92, up 0.01%, while AUD/USD traded at 0.8011, down 0.06%.

The Bank of Japan is in focus for comments on the pace of its annual ¥80 trillion in asset purchases and depth of commitment to targeting the yield curve. Governor Haruhiko Kuroda faces a communication challenge in expressing his usual confidence that inflation is headed to the central bank’s target while cooling speculation that the first step in normalizing policy is coming closer.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.38% to 90.15.

Overnight, the dollar recovered some of its losses against a basket of major currencies amid reports suggesting that the government secured enough support in the Senate to end the government shutdown.

Other currencies, however, remained firm against the greenback, curbing its rebound from lows as sterling continued its trend higher.

The euro eased from highs ahead of the European Central Bank meeting Thursday. Investor expectations for shift in the central bank's forward guidance to a more hawkish stance has eased in recent weeks.

Action Economics said it doesn’t expect major changes to the guidance as ECB president Mario Draghi is unlikely to commit to an end date for quantitative easing.

Day Ahead: Top 3 Things to Watch

2018-01-22 21:43 GMT

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow

Bank of Japan press conference

The Bank of Japan is expected to leave its 10-year yield rate and policy rate unchanged at 0% and -0.1%, respectively, when it delivers its decision Tuesday following a two-day meeting.

Following a brief bid in the yen early January after the Bank of Japan trimmed its purchases of bonds, the safe-haven currency has come under pressure against the greenback as traders scaled back expectations that the central bank was poised to announce plans to taper its loose monetary policy measures.

Markets expectations were perhaps too hawkish concerning the Bank of Japan's timeline to normalization, Action Economics said, adding that it expects BoJ chief Haruhiko Kuroda to stress the importance of a gradual approaching to unwinding the central bank's stimulus programme.

USD/JPY rose 0.23% to Y110.96.

U.S. crude oil stockpiles to show large decline?

Traders look ahead to a fresh batch of crude oil inventory data from the American Petroleum Institute due Tuesday.

The American Petroleum Institute reported crude oil stockpiles fell by about 5.12 million barrels for the week ended Jan. 12.

Crude oil futures have made bullish start to the week amid positive commentary on OPEC-led output cuts, and expectations that ongoing oil demand growth would underpin rebalancing in markets.

Netflix to inspire Nasdaq to record highs ?

Netflix Inc (NASDAQ:NFLX) reported fourth-quarter earnings of $0.41 per share on revenue of $3.286 billion, up from $0.15 per share and $2.478 billion respectively.

The company said it added 8.3 million subscribers during the quarter, well above analysts’ estimates of a range between 6.2 million and 7 million.

U.S. net subscriber additions, meanwhile, were 1.98 million, compared to expectations of 1.27 million. International subscriber net additions were 6.36 million compared to expectations of 5 million.

Forward guidance was estimated at $3.67 billion for the first quarter 2018, ahead of analysts’ estimates of $3.49 billion, while EPS is expected to rise to $0.63 per share, compared to analysts’ estimates of $0.56 per share. Despite the threat of rising competition, the company said it expects to add 1.45 million U.S. subscribers in the first quarter, and 4.90 million international subscribers.

Netflix closed more than 9% higher in after-hours trade following a close of $227.58 Monday.

Dow Jones Bags 140 Points as Senate Strikes Deal to End Shutdown

2018-01-22 21:03 GMT

Investing.com – US stocks closed at record highs as investor appetite for riskier assets resumed after the Senate reached a deal to end the government shutdown.

The Dow Jones Industrial Average closed higher at 26214. The S&P 500 closed 0.81% higher, while the Nasdaq Composite closed at 7408.03, up 0.98%.

Members of the senate voted Monday 81-18 in favour of a bill to allocate funding through Feb. 8 and start negotiations on issues related to immigration, paving the way for an end to a government shutdown.

US stocks added to gains ahead of the vote as investor expectations grew that lawmakers would reach a deal to end the government shutdown, while optimism on corporate earnings continued to lift sentiment.

Halliburton (NYSE:HAL) reported earnings that beat on both the top and bottom lines. Loop Capital Markets Managing Director Stephen Gengaro cited broad-based revenue growth and solid margins in the drilling & evaluation segment as supportive factors contributing to the earnings beat.

In corporate news, Apple closed nearly 1% lower as expectations for weaker iPhone demand continued to add downside pressure. Weakness in Apple, however, was offset by a sharp uptick Facebook (NASDAQ:FB), Google (NASDAQ:GOOGL), Netflix (NASDAQ:NFLX).

Netflix is slated to report quarterly earnings on Monday after markets close, with subscriber growth expected to garner the most investor attention. Wall Street estimates the streaming giant added 54 million US users and 61.6 million internationally.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Verizon Communications Inc (NYSE:VZ) rose 3%, Goldman Sachs Group Inc (NYSE:GS) up 2.1% and Intel Corporation (NASDAQ:INTC) up 2.1%

Nike (NYSE:NKE) down 1.3%, General Electric Company (NYSE:GE) down 1.1%, and Apple Inc (NASDAQ:AAPL) down 0.9%, were among the worst Dow performers of the session.

Europe Has Cryptocurrency Concerns, Eyes Regulation

2018-01-22 16:06 GMT

Investing.com - South Korea and China aren't the only governments looking at greater regulation of cryptocurrencies.
Though none have mentioned bans of any kind, France, Germany, Britain and the European Union are considering measures or already taking steps.
The European Union is implementing stricter rules to prevent money laundering and terrorism financing on virtual currency platforms. Its also looking into limits on cryptocurrency trading.
Britain's Treasury plans to include digital currencies under existing regulation dealing with money laundering and terrorism financing.
France is worried about tax evasion and wants to protect investors from the risks of speculation and manipulation.
Germany's individual concerns aren't as clear, but it is working with France on a joint analysis covering the risks linked to Bitcoin and regulatory proposals. The countries plan to release the analysis at the G20 meeting in March.

Natural Gas Futures Inch Higher to Start the Week

2018-01-22 15:26 GMT

Investing.com - Natural gas futures edged higher to start the week on Monday, as market players monitored winter weather forecasts to gauge demand for the fuel.

A weather system will track across the Midwest with areas of rain and snow through Jan. 27, but with only modest cooling, according to updated weather models.

Meanwhile, in the East, conditions will be warm with highs of 40s and 50s over the Great Lakes and Northeast, with 60s and 70s over the South and Southeast.

Looking further ahead, temperatures will fall to below seasonal levels across the East coast through the end of this months and into the first week of February.

Natural gas prices typically rise during the winter months as colder weather sparks indoor-heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption.

Front-month U.S. natural gas futures tacked on 1.8 cents, or around 0.6%, to $3.203 per million British thermal units (btu) by 10:45AM ET (1525GMT). It touched its best level since mid-May at $3.288 last Wednesday.

U.S. gas futures lost about 0.5% last week after data showed that domestic supplies in storage fell less than forecast.

Market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 260 and 275 billion cubic feet (bcf) in the week ended Jan. 19.

That compares with a decline of 183 bcf in the preceding week, a fall of 119 bcf a year earlier and a five-year average drop of 164 bcf.

Total natural gas in storage currently stands at 2.584 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 368 bcf, or around 12.5%, lower than levels at this time a year ago and 362 bcf, or roughly 12.3%, below the five-year average for this time of year.

Stocks- Wall Street Mixed as Investors Look Past Government Shutdown

2018-01-22 15:09 GMT

Investing.com – Wall Street was mixed on Monday as the U.S. enters its third day of a government shutdown.

The S&P 500 rose two and a half points or 0.09% to 2,812.72 as of 10:06 AM ET (15:06 GMT) while the Dow composite decreased 20 points or 0.08% to 26,050.81, and tech heavy NASDAQ Composite was up nine and a half points or 0.13% to 7,345.89.

The U.S. government shutdown was in its third day after Democrats and Republicans failed to reconcile their differences over immigration legislation and pass a spending bill on Friday.

The Senate is expected to vote on a funding bill at 12:00 PM ET (17:00 GMT) on Monday that would restore funding on a temporary basis but it is uncertain if they have enough votes to pass the measure. It’s the first time the government has shutdown since 2013, when the public sector was closed for 16 days.

Technology stocks were mixed, with Twitter Inc (NYSE:TWTR) falling 1.39% and Apple (NASDAQ:AAPL) inching down 0.47%. Airplane maker Boeing (NYSE:BA) was down 0.78% while pharmaceutical firm Celgene (NASDAQ:CELG) slumped 1.29% amid news that it was buying Juno Therapeutic (NASDAQ:JUNO) for $9 billion. Juno skyrocketed 26.96%.

Meanwhile Netflix (NASDAQ:NFLX) surged 1.75%. The streaming website is expected to release its earnings results after markets close. Oil firm Halliburton (NYSE:HAL) 3.13% after its earnings came in higher than expected and Intel (NASDAQ:INTC) rose 0.93% while payments processors Square Inc (NYSE:SQ) gained 2.07%.

In Europe stocks were mostly up. In Germany the DAX rose 32 points or 0.24% while France’s CAC 40 increased 13 points or 0.25% and in London the FTSE 100 lost six points or 0.08%. Meanwhile Spain’s IBEX 35 was up 110 points or 1.05% and the pan-European Euro Stoxx 50 jumped just over 14 points or 0.40%.

In commodities, gold futures were down 0.07% to $1,332.20 a troy ounce while crude oil futures fell 0.06% to $63.27 a barrel. The U.S dollar index, which measures the greenback against a basket of six major currencies, slumped 0.21% to 90.30.

Crude Oil Prices Edge Lower in Cautious Trade

2018-01-22 15:01 GMT

Investing.com - Crude oil prices edged lower on Monday, despite support from recent comments by Saudi officials, as traders were still assessing U.S. production levels.

The U.S. West Texas Intermediate crude March contract was down 9 cents or about 0.14% at $63.22 a barrel by 10:00 a.m. ET (14:00 GMT).

Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London lost 8 cents or about 0.12% at $68.53 a barrel.

Prices found support after Saudi Energy Minister Khalid al-Falih said on Sunday that OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires.

Falih added that this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

But gains by the commodity were capped after the International Energy Agency (IEA), in its monthly report on Friday, warned that rapidly increasing production in the U.S. would offset a raft of positive factors supporting oil prices including ongoing OPEC output cuts.

Analysts and traders have recently warned that U.S. shale oil producers could ramp up production in the coming weeks as they look to take advantage of higher prices, potentially derailing an OPEC-led effort to curb excess supply.

Elsewhere, gasoline futures eased 0.08% to $1.866 a gallon, while natural gas futures inched up 0.06% to $3.186 per million British thermal units.

Bitcoin, Cryptocurrencies Plunge Again

2018-01-22 14:05 GMT

Investing.com - The price of digital currency bitcoin along with other cryptocurrencies came under renewed selling pressure on Monday as concerns over a regulatory crackdown continued to weigh.

Bitcoin was trading at $10,514.00 by 08:55 AM ET (13:55 GMT) on the Bitfinex exchange, off an earlier high of $11,886.

Ethereum, the world’s second largest cryptocurrency by market cap, was last at $960.9 on the Bitfinex exchange, down around 13%.

Meanwhile, Ripple's XRP token was trading at $1.21 on the Poloniex exchange, 14% lower on the day.

Prices of digital currencies fell in the previous session after many of India’s largest banks suspended cryptocurrency exchange accounts in a crackdown on digital currency trading.

The State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank were reported to have closed or limiting activity on accounts tied to bitcoin trade.

Elsewhere, South Korea’s Yohnap news agency reported Sunday that the government plans to require cryptocurrency exchanges to share users' transaction data with banks as part of a clampdown on cryptocurrency trading.

Banks are expected to introduce the system, which will be a “measure of tax enforcement,” late this month or early next month, the report said, citing a single unnamed financial authority official.

Another report by Yohnap on Monday said the government will impose a tax of up to 24.2% of corporate and local income taxes from cryptocurrency exchanges this year.

Last month, the government banned the opening of new virtual accounts for cryptocurrency investors and required virtual currency traders to change their virtual accounts to real-name ones.

South Korea’s government is examining multiple options for cracking down on cryptocurrency trading, including a blanket shutdown of cryptocurrency exchanges and a closure of only the ones acting illegally.

Cryptocurrency trading in South Korea is highly speculative and digital currencies are often traded at a premium, meaning that they are priced significantly higher in the country's exchanges than elsewhere in the world.

The country is one is one of the largest markets for major coins like bitcoin and ethereum.

Gold Prices Pare Losses, Hold Steady With U.S. Politics in Focus

2018-01-22 13:39 GMT

Investing.com - Gold prices pared losses and held steady on Monday, as traders continued to evaluate the consequences of the U.S. government shutdown on Friday.

Comex gold futures were little changed at $1,332.90 a troy ounce by 08:35 a.m. ET (12:35 GMT).

The U.S. government shutdown entered a third day after the Senate failed to reach a deal Sunday night to fund government operations.

But the Senate plans to vote at 12:00 p.m. ET Monday (17:00 GMT) on a temporary spending measure that will keep the government open through February 8.

Lawmakers have been trying to reach a deal on immigration, which is viewed as crucial to breaking the deadlock.

This is the first U.S. government shutdown since 2013. That year, the government was shut down for 16 days.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.22% at 90.29, not far from Friday's three-year low of 89.96.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

Elsewhere on the Comex, silver futures added 0.14% to $17.06 a troy ounce.

India stocks higher at close of trade; Nifty 50 up 0.66%

2018-01-22 10:45 GMT

Investing.com – India stocks were higher after the close on Monday, as gains in the IT, Real Estate and Capital Goods sectors led shares higher.

At the close in NSE, the Nifty 50 rose 0.66% to hit a new all time high, while the BSE Sensex 30 index gained 0.81%.

The best performers of the session on the Nifty 50 were Tata Consultancy Services Ltd. (NS:TCS), which rose 4.42% or 130.70 points to trade at 3116.40 at the close. Meanwhile, Reliance Industries Ltd (NS:RELI) added 4.18% or 38.90 points to end at 971.50 and Indiabulls Housing Finance Ltd (NS:INBF) was up 4.62% or 60.20 points to 1355.15 in late trade.

The worst performers of the session were Hindustan Petroleum Corporation Ltd (NS:HPCL), which fell 3.32% or 13.80 points to trade at 401.80 at the close. GAIL Ltd (NS:GAIL) declined 2.42% or 11.35 points to end at 457.40 and Wipro Ltd (NS:WIPR) was down 2.05% or 6.75 points to 321.55.

The top performers on the BSE Sensex 30 were Tata Consultancy Services Ltd. (BO:TCS) which rose 5.36% to 3113.15, Reliance Industries Ltd (BO:RELI) which was up 4.50% to settle at 971.20 and AXIS Bank Ltd. (BO:AXBK) which gained 3.52% to close at 611.05.

The worst performers were Gail (India) Ltd. (BO:GAIL) which was down 2.52% to 457.10 in late trade, Wipro Ltd (BO:WIPR) which lost 2.33% to settle at 320.80 and Bharti Airtel Ltd (BO:BRTI) which was down 1.56% to 490.00 at the close.

Rising stocks outnumbered declining ones on the India National Stock Exchange by 879 to 723 and 39 ended unchanged; on the Bombay Stock Exchange, 1534 rose and 1312 declined, while 144 ended unchanged.

Shares in Tata Consultancy Services Ltd. (NS:TCS) rose to all time highs; gaining 4.42% or 130.70 to 3116.40. Shares in Reliance Industries Ltd (NS:RELI) rose to all time highs; gaining 4.18% or 38.90 to 971.50. Shares in Tata Consultancy Services Ltd. (BO:TCS) rose to all time highs; gaining 5.36% or 158.40 to 3113.15. Shares in Reliance Industries Ltd (BO:RELI) rose to 52-week highs; up 4.50% or 41.85 to 971.20. Shares in AXIS Bank Ltd. (BO:AXBK) rose to 52-week highs; rising 3.52% or 20.80 to 611.05.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 10.08% to 15.3925 a new 1-month high.

Gold Futures for February delivery was up 0.07% or 0.90 to $1334.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March fell 0.06% or 0.04 to hit $63.27 a barrel, while the March Brent oil contract fell 0.13% or 0.09 to trade at $68.52 a barrel.

USD/INR was down 0.09% to 63.785, while EUR/INR rose 0.25% to 78.2073.

The US Dollar Index Futures was down 0.31% at 90.21.

Sri Lanka stocks lower at close of trade; CSE All-Share down 0.34%

2018-01-22 10:45 GMT

Investing.com – Sri Lanka stocks were lower after the close on Monday, as losses in the Information Technology, Land&Property and Investment Trust sectors led shares lower.

At the close in Colombo, the CSE All-Share declined 0.34%.

The best performers of the session on the CSE All-Share were Union Chemicals Lanka PLC (CM:UCHE), which rose 22.47% or 89.90 points to trade at 490.00 at the close. Meanwhile, Anilana Hotels &Properties Ltd (CM:ANIL) added 10.00% or 0.100 points to end at 1.100 and Muller&Phipps PLC (CM:MULL) was up 10.00% or 0.100 points to 1.100 in late trade.

The worst performers of the session were Kelani Valley Plantations PLC (CM:KVAL), which fell 21.24% or 19.20 points to trade at 71.20 at the close. Beruwala Resorts PLC (CM:BERU) declined 14.29% or 0.100 points to end at 0.600 and Nanda Investments and Finance PLC (CM:NAND) was down 9.31% or 2.70 points to 26.30.

Falling stocks outnumbered advancing ones on the Colombo Stock Exchange by 83 to 67 and 46 ended unchanged.

Shares in Beruwala Resorts PLC (CM:BERU) fell to 5-year lows; down 14.29% or 0.100 to 0.600.

Crude oil for March delivery was down 0.06% or 0.04 to $63.27 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March fell 0.12% or 0.08 to hit $68.53 a barrel, while the February Gold Futures contract rose 0.06% or 0.80 to trade at $1333.90 a troy ounce.

GBP/LKR was up 0.51% to 214.295, while USD/LKR rose 0.10% to 154.040.

The US Dollar Index Futures was down 0.32% at 90.20.

Indonesia stocks higher at close of trade; IDX Composite Index up 0.15%

2018-01-22 10:15 GMT

Investing.com – Indonesia stocks were higher after the close on Monday, as gains in the Mining, Agriculture and Consumer Industry sectors led shares higher.

At the close in Jakarta, the IDX Composite Index rose 0.15% to hit a new all time high.

The best performers of the session on the IDX Composite Index were LCK Global Kedaton (JK:LCKM), which rose 24.79% or 150 points to trade at 755 at the close. Meanwhile, Sona Topas Tourism Industry (JK:SONA) added 21.74% or 500 points to end at 2800 and Logindo Samudramakmur Tbk (JK:LEAD) was up 17.78% or 16 points to 106 in late trade.

The worst performers of the session were Jembo Cable Company Tbk (JK:JECC), which fell 10.94% or 580 points to trade at 4720 at the close. Duta Pertiwi Nusantara Tbk (JK:DPNS) declined 8.85% or 34 points to end at 350 and Mulia Industrindo Tbk (JK:MLIA) was down 8.06% or 50 points to 570.

Rising stocks outnumbered declining ones on the Jakarta Stock Exchange by 197 to 151 and 130 ended unchanged.

Shares in LCK Global Kedaton (JK:LCKM) rose to all time highs; gaining 24.79% or 150 to 755. Shares in Sona Topas Tourism Industry (JK:SONA) rose to 52-week highs; up 21.74% or 500 to 2800.

Crude oil for March delivery was up 0.08% or 0.05 to $63.36 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March rose 0.04% or 0.03 to hit $68.64 a barrel, while the February Gold Futures contract fell 0.05% or 0.70 to trade at $1332.40 a troy ounce.

USD/IDR was up 0.19% to 13347.0, while AUD/IDR rose 0.41% to 10679.50.

The US Dollar Index Futures was down 0.27% at 90.25.

Oil Starts the Week Higher After Bullish Saudi Comments on Supply Deal

2018-01-22 08:41 GMT

Investing.com - Crude prices started the week in positive territory on Monday, pushed higher by comments from Saudi Arabia that cooperation between oil producers who are currently withholding supplies in an effort to prop up the market would continue beyond 2018.

Brent crude futures, the benchmark for oil prices outside the U.S., were at $68.86 a barrel by 3:40AM ET (0840GMT), up 25 cents, or 0.4%, from their last close.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures tacked on 21 cents to $63.52 a barrel.

OPEC and non-OPEC oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires, Saudi Arabian energy minister Khalid al-Falih said on Sunday.

Falih added that this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months.

He spoke at a news conference after a meeting of the joint ministerial committee which oversees implementation of the cuts.

Oil prices have added around 10% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

Oil prices posted their first weekly loss in five weeks last week as traders fretted over a sharp rebound in U.S. production.

The International Energy Agency (IEA), in its monthly report Friday, warned that rapidly increasing production in the United States would offset a raft of positive factors supporting oil prices including ongoing OPEC output cuts.

The IEA said it expects U.S. output levels to soon exceed 10 million barrels per day (bpd), overtaking OPEC behemoth Saudi Arabia and rivaling Russia. U.S. crude production stood at 9.75 million bpd on Jan. 12, data from the Energy Information Administration showed.

Analysts and traders have recently warned that U.S. shale oil producers could ramp up production in the coming weeks as they look to take advantage of higher prices, potentially derailing an OPEC-led effort to curb excess supply.

In other energy trading, gasoline futures inched up 0.2% to $1.872 a gallon, while heating oil was little changed at $2.058 a gallon.

Natural gas futures rallied 6.3 cents, or 2%, to $3.248 per million British thermal units.

Philippines stocks higher at close of trade; PSEi Composite up 0.39%

2018-01-22 08:35 GMT

Investing.com – Philippines stocks were higher after the close on Monday, as gains in the Services, Property and Holding Firms sectors led shares higher.

At the close in Philippines, the PSEi Composite added 0.39% to hit a new all time high.

The best performers of the session on the PSEi Composite were LT Group Inc (PS:LTG), which rose 6.52% or 1.500 points to trade at 24.500 at the close. Meanwhile, San Miguel Corp (PS:SMC) added 2.86% or 3.80 points to end at 136.80 and Ayala Corp (PS:AC) was up 1.84% or 19.00 points to 1050.00 in late trade.

The worst performers of the session were Aboitiz Equity Ventures Inc (PS:AEV), which fell 3.85% or 3.000 points to trade at 75.000 at the close. Megaworld Corp (PS:MEG) declined 2.53% or 0.130 points to end at 5.000 and Alliance Global Group Inc (PS:AGI) was down 1.85% or 0.300 points to 15.900.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 128 to 98 and 52 ended unchanged.

Shares in LT Group Inc (PS:LTG) rose to 3-years highs; rising 6.52% or 1.500 to 24.500. Shares in San Miguel Corp (PS:SMC) rose to 5-year highs; gaining 2.86% or 3.80 to 136.80.

Gold Futures for February delivery was down 0.21% or 2.80 to $1330.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March rose 0.35% or 0.22 to hit $63.53 a barrel, while the March Brent oil contract rose 0.36% or 0.25 to trade at $68.86 a barrel.

CNY/PHP was up 0.45% to 7.9556, while USD/PHP rose 0.33% to 50.900.

The US Dollar Index Futures was down 0.17% at 90.34.

Gold Edges Lower to Start the Week; U.S. Government Shutdown in Focus

2018-01-22 08:22 GMT

Investing.com - Gold prices edged lower to start the week on Monday, as investors took a relatively calm view of the partial shutdown of the U.S. federal government.

Comex gold futures were at $1,331.10 a troy ounce by 3:20AM ET (0820GMT), down around $2.00, or 0.2%, from the last session's closing price.

Meanwhile, silver futures inched down 3.6 cents, or 0.2%, to $17.00 a troy ounce.

The U.S. government shutdown entered a third day after the Senate failed to reach a deal Sunday night to fund government operations.

But the Senate plans to vote at 12:00PM ET Monday (1700GMT) on a temporary spending measure that will keep the government open through Feb. 8.

Lawmakers have been trying to reach a deal on immigration, which is viewed as crucial to breaking the deadlock.

This is the first U.S. government shutdown since 2013. That year, the government was shut down for 16 days.

The dollar's index against a basket of six other major currencies was slightly lower at 90.33, not far from the three-year trough of 89.96 set last Thursday.

U.S. Treasuries price fell, pushing up the benchmark 10-year yield to as high as 2.672%, its highest level in 3-1/2 years.

Looking to the week ahead, global financial markets will focus on the European Central Bank's meeting for further details on when the central bank plans to end its massive economic stimulus program.

Staying on the central bank front, traders will pay close attention to a monetary policy decision from the Bank of Japan after a small tweak in its bond purchases earlier this month triggered talk that it would cut back on QE.

Mounting chatter that the world's leading central banks will start tightening monetary policy has sparked a global bond market selloff this month, with yields in the U.S., Europe and Asia all spiking higher.

Meanwhile, investors will keep an eye on a preliminary reading of fourth-quarter U.S. growth to gauge if the world's largest economy is strong enough to withstand multiple rate hikes in 2018.

The majority of economists believe that the Fed will hike rates in March, followed by another hike in June, with a third move higher arriving in December, according to Investing.com’s Fed Rate Monitor Tool.

Gold is highly sensitive to rising rates, which increase the opportunity cost of holding nonyielding bullion.

Another headliner this week will be the World Economic Forum in Davos, Switzerland, taking place Tuesday-to-Friday, where U.S. President Donald Trump, German Chancellor Angela Merkel, French President Emmanuel Macron and British Prime Minister Theresa May are all expected to be in attendance.

In other metals action, palladium prices inched up 0.1% to $1,099.70 an ounce.

Sister metal platinum meanwhile added 0.1% to $1,021.00 an ounce.

March copper tacked on 0.8% to $3.214 a pound.

Aussie Slips Lower, Kiwi Holds Steady in Late Trade

2018-01-22 06:53 GMT

Investing.com - The Australian dollar slipped lower against its U.S. counterpart on Monday, while the New Zealand dollar held steady as investors were still digesting the U.S. government shutdown.

AUD/USD edged down 0.14% to 0.7987.

The greenback initially weakened following the U.S. government shutdown at midnight on Friday after Democrats and Republicans failed to agree on a last-minute deal to fund government operations.

Republican and Democratic leaders of the U.S. Senate held talks on Sunday with hopes of breaking the impasse.

The U.S. dollar has been pressured lower in recent sessions amid concerns the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.

NZD/USD was almost unchanged at 0.7276.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 90.46 by 01:50 a.m. ET (05:50 GMT), not far from Friday's three-year low of 89.96.

Asian Shares Mixed As Market Awaits US Response To Government Shutdown

2018-01-22 04:18 GMT

Investing.com - Asian markets were mixed on Monday as the markets took in stride a US government shutdown at the weekend that could end as early as Monday as the Senate moved to schedule a vote at noon to fund the government for three weeks and for time to pass complex legislation on immigration.

In Japan. the Nikkei 225 fell 0.14%. Automakers were mixed: Toyota declined 0.53% while Mitsubishi Motors tacked on 1.62%. In Australia, the S&P/ASX 200 edged up 0.04%. Shares of Commonwealth Bank fell 1.44%.

In Greater China, the Shanghai Composite rose 0.22% and the Hang Seng index fell 0.06%.

The US government shutdown on Saturday extends into the new week with all but essential services curbed and many of the regularly schedule data releases possibly delayed if the failure to provide stopgap funding continues.

The Bank of Japan starts a two-day monetary policy meeting with the decision on Tuesday expected to be closely watched for any signs the aggressive easing stance could be dialed back this year. A tweak by the Bank of Japan to its bond buying program earlier this month sparked speculation about a pullback in its monetary stimulus scheme later this year.

Investors will be focused on the outcome of monetary policy meetings by the ECB and fourth quarter growth from both the U.S., if it is released during the shutdown, and the UK. Canadian inflation data will also be in focus after last week's rate hike by the country’s central bank.

The World Economic Forum in Davos and talks on the North American Free Trade Agreement will also be closely watched for developments.

Last week, the S&P 500 rose 0.4% to close at 2,810.30, a record high, with consumer staples as the best-performing sector. The Nasdaq composite climbed 0.6% to finish at 7,336.38, also a record.

Gold Prices Inch Up In Asia As US Shutdown Weighs On Dollar Views

2018-01-22 01:04 GMT

Investing.com - Gold prices rose slightly in Asia on Monday with the market awaiting word on a possible deal for a Senate vote to end the US government shutdown that has weighed on the dollar and raised interest in greenback-denominated commodities such as the yellow metal.

Gold futures for February delivery rose 0.03% to $1,333.50 a troy ounce on the Comex division of the New York Mercantile Exchange.

The US government shutdown on Saturday extends into the new week with all but essential services curbed and many of the regularly schedule data releases possibly delayed if the failure to provide stopgap funding continues.

The Bank of Japan starts a two-day monetary policy meeting with the decision on Tuesday expected to be closely watched for any signs the aggressive easing stance could be dialed back this year. A tweak by the Bank of Japan to its bond buying program earlier this month sparked speculation about a pullback in its monetary stimulus scheme later this year.

Investors will be focused on the outcome of monetary policy meetings by the ECB and fourth quarter growth from both the U.S., if it is released during the shutdown, and the UK. Canadian inflation data will also be in focus after last week's rate hike by the country’s central bank.

The World Economic Forum in Davos and talks on the North American Free Trade Agreement will also be closely watched for developments.

Last week, gold prices rose on Friday as the dollar hovered near three year lows amid fears over the prospect of a U.S. government shutdown, but the precious metal still ended the week slightly lower.

The dollar has been pressured lower by the view that the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.

A dollar-denominated commodity, gold becomes cheaper for overseas buyers when the U.S. currency weakens.

US Crude Oil Prices Up In Asia On Saudi Remarks, US Shutdown Eyed On Data

2018-01-22 00:21 GMT

Investing.com - US crude oil prices gained on Monday with doubts about the release of weekly data on oil inventories in place because of the government shutdown, but markets upbeat after the Saudi energy minister at the weekend said come kin of cooperation will continue on production with allies after the output curb pact expires at the end of the year.

US West Texas Intermediate (WTI) crude futures for March delivery rose 0.16% to $63.41 a barrel. Meanwhile, March Brent crude futures, the benchmark for oil prices outside the US, were last quited down 0.81% to $68.75 a barrel.

OPEC and non-OPEC oil producers aim to continue production cooperation after the end of 2018 in some form, Saudi Arabian energy minister Khalid al-Falih said on Sunday.

"There is a readiness to continue cooperation beyond 2018... The mechanism hasn't been determined yet, but there is a consensus to continue," Falih said after a meeting of the joint ministerial committee which oversees implementation of the cuts. But Falih cautioned about the low-demand period ahead - a normal season of refinery turnarounds, particularly on the US Gulf Coast.

"We are entering a low demand period seasonally, and we have to let that pass and see how inventories look in the second half before we consider any alteration" to current policy, he said.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday, if released, to further weigh what the impact of recent storm activity was on supply and demand.

Last week, oil prices posted their first weekly loss in five weeks after settling lower for the second straight session on Friday, as traders fretted over a sharp rebound in U.S. production.

The International Energy Agency (IEA), in its monthly report Friday, warned that rapidly increasing production in the United States would offset a raft of positive factors supporting oil prices including ongoing OPEC output cuts.

The IEA said it expects U.S. output levels to soon exceed 10 million barrels per day (bpd), overtaking OPEC behemoth Saudi Arabia and rivaling Russia. U.S. crude production stood at 9.75 million bpd on Jan. 12, data from the Energy Information Administration showed.

Oil prices have added around 10% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

However, analysts and traders have warned that the recent rally could encourage U.S. shale oil producers to ramp up production as they look to take advantage of higher prices.

Dollar Weaker In Asia On US Shutdown, Senate Vote Expected Later In The Da

2018-01-21 23:14 GMT

Investing.com - The dollar drifted weaker in Asia on Monday as a US government shutdown weighed on the greenback ahead of an expected vote in the Senate on Monday that could provide funding for three weeks.

USD/JPY changed hands at 110.65, down 0.05%, while AUD/USD traded at 0.8003, up 0.06%.

The US government shutdown on Saturday extends into the new week with all but essential services curbed and many of the regularly schedule data releases possibly delayed if the failure to provide stopgap funding continues.

The Bank of Japan starts a two-day monetary policy meeting with the decision on Tuesday expected to be closely watched for any signs the aggressive easing stance could be dialed back this year. A tweak by the Bank of Japan to its bond buying program earlier this month sparked speculation about a pullback in its monetary stimulus scheme later this year.

Investors will be focused on the outcome of monetary policy meetings by the ECB and fourth quarter growth from both the U.S., if it is released during the shutdown, and the UK. Canadian inflation data will also be in focus after last week's rate hike by the country’s central bank.

The World Economic Forum in Davos and talks on the North American Free Trade Agreement will also be closely watched for developments.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.20% to 90.49.

Last week, the dollar edged higher late Friday but ended the week near a three-year low against a basket of the other major currencies as fears over the prospect of a U.S. government shutdown weighed.

The dollar has been pressured lower by the view that the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.

Meanwhile, sterling slid against the dollar on Friday as weak UK retail sales figures clouded the outlook for the economy.

Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.34%

2018-01-21 13:15 GMT

Investing.com – Saudi Arabia stocks were lower after the close on Sunday, as losses in the Agriculture&Food, Real Estate Development and Building&Construction sectors led shares lower.

At the close in Saudi Arabia, the Tadawul All Share declined 0.34%.

The best performers of the session on the Tadawul All Share were ACE ARABIA COOPERATIVE INSURANCE (SE:8240), which rose 6.06% or 1.42 points to trade at 24.86 at the close. Meanwhile, Saudi Arabian Cooperative Insurance (SE:8100) added 4.00% or 0.75 points to end at 19.50 and Wataniya Insurance Company (SE:8300) was up 3.24% or 0.91 points to 29.00 in late trade.

The worst performers of the session were Dar Alarkan Real Estate Development (SE:4300), which fell 6.42% or 0.66 points to trade at 9.62 at the close. National Petrochemical Company (SE:2002) declined 2.55% or 0.50 points to end at 19.10 and Savola Group (SE:2050) was down 2.23% or 0.94 points to 41.20.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 111 to 72 and 4 ended unchanged.

Crude oil for March delivery was unchanged 0.00% or 0.00 to $63.31 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March fell 0.81% or 0.56 to hit $68.75 a barrel, while the February Gold Futures contract rose 0.29% or 3.90 to trade at $1331.10 a troy ounce.

EUR/SAR was down 0.14% to 4.5833, while USD/SAR rose 0.02% to 3.7508.

The US Dollar Index Futures was up 0.20% at 90.49.

Gold / Silver / Copper Prices - Weekly Outlook: January 22 - 26

2018-01-21 11:38 GMT

Investing.com - Gold prices rose on Friday as the dollar hovered near three year lows amid fears over the prospect of a U.S. government shutdown, but the precious metal still ended the week slightly lower.

Gold futures for February delivery settled up 0.29% at $1,331.10 on the Comex division of the New York Mercantile Exchange.

For the week, the precious metal dipped 0.13%, snapping five weeks of gains after falling from Monday’s four-month highs of $1,344.90.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, edged up 0.2% to 90.49 late Friday. It touched a low of 89.96 earlier, the weakest level since December 2014.

For the week, the index was down 0.4% and it has declined 1.46% so far in 2017.

The dollar has been pressured lower by the view that the global economic recovery will outpace U.S. growth and prompt other major central banks, including the European Central Bank to begin unwinding loose monetary policy at a faster pace.

A dollar-denominated commodity, gold becomes cheaper for overseas buyers when the U.S. currency weakens.

Elsewhere in precious metals trading, silver was up 0.42% at $17.02 a troy ounce late Friday, while palladium rose 0.5% to $1,098.80.

Platinum was up 0.94% at $1,016.7, after rising as high as $1,020.7 earlier, the most since September. Platinum ended the week 1.8% higher, a sixth consecutive weekly gain.

Among base metals, copper ended Friday down 0.59% at $3.180 a pound. The industrial metal has declined since hitting almost four year highs in late December, but some analysts expect demand from China, the world’s top consumer, to support prices.

In the week ahead, investors will be focused on the outcome of monetary policy meetings by the ECB and the Bank of Japan.

Market watchers will be looking ahead to data on fourth quarter growth from both the U.S. and the UK.

The World Economic Forum in Davos and talks on the North American Free Trade Agreement will also be closely watched for developments.

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

Monday, January 22

Canada is to report on wholesale sales.

Tuesday, January 23

The BoJ is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision. The announcement is to be followed by a press conference.

The UK is to release data on public sector borrowing.

The ZEW Institute is to report on German economic sentiment.

The first day of World Economic Forum meetings are due to take place in Davos, Switzerland.

Wednesday, January 24

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

The UK is to publish its monthly jobs report.

The U.S. is to report on existing home sales.

Thursday, January 25

New Zealand is to report on consumer price inflation.

The Ifo Institute is to release data on German business climate.

The first day of World Economic Forum meetings are due to take place in Davos, Switzerland.

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

Canada is to release data on retail sales.

The U.S. is to produce reports on jobless claims and new home sales.

Friday, January 26

Financial markets in Australia will be closed for the Australia Day holiday.

The UK is to release preliminary data on fourth quarter economic growth.

Canada is to release what will be closely watched inflation data.

The U.S. is to round up the week with preliminary data on fourth quarter economic growth, as well as a report on durable goods orders.

Crude Oil Prices - Weekly Outlook: January 22 - 26

2018-01-21 11:13 GMT

Investing.com - Oil prices posted their first weekly loss in five weeks after settling lower for the second straight session on Friday, as traders fretted over a sharp rebound in U.S. production

U.S. West Texas Intermediate (WTI) crude futures for March delivery shed 58 cents, or around 0.9%, to end at $63.31 a barrel, its lowest level since Jan. 9. The U.S. benchmark reached a three-year high of $64.89 on Tuesday.

Meanwhile, March Brent crude futures, the benchmark for oil prices outside the U.S., slumped 70 cents, or roughly 1%, to settle at $68.61 a barrel by close of trade. The contract touched $70.37 on Monday, its best level since Dec. 2014.

For the week, WTI crude fell roughly 1.5%, the largest such loss since early December, while Brent was down about 1.8%, its largest weekly drop since early October, as investors weighed the impact of rising U.S. production on OPEC’s efforts to rid the market of excess supplies.

The International Energy Agency (IEA), in its monthly report Friday, warned that rapidly increasing production in the United States would offset a raft of positive factors supporting oil prices including ongoing OPEC output cuts.

The IEA said it expects U.S. output levels to soon exceed 10 million barrels per day (bpd), overtaking OPEC behemoth Saudi Arabia and rivaling Russia. U.S. crude production stood at 9.75 million bpd on Jan. 12, data from the Energy Information Administration showed.

Oil prices have added around 10% since early December, benefiting from production cut efforts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.

The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having already been extended once.

However, analysts and traders have warned that the recent rally could encourage U.S. shale oil producers to ramp up production as they look to take advantage of higher prices.

Among other energy contracts, February gasoline futures declined 1.9 cents, or 1.1%, to end at $1.863 a gallon on Friday. It still notched a weekly gain of about 0.8%.

Heating oil for February inched down 0.3 cents, or 0.2%, to $2.058 a gallon, posting a weekly loss of around 1.3%.

Meanwhile, natural gas futures edged down by 0.1% to $3.185 per million British thermal units. It lost about 0.5% for the week.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to further weigh what the impact of recent storm activity was on supply and demand.

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

Tuesday

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

Wednesday

The U.S. Energy Information Administration is to release weekly data on oil and gasoline stockpiles.

Thursday

The U.S. government will also publish a weekly report on natural gas supplies in storage.

Friday

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

Mexico stocks lower at close of trade; S&P/BMV IPC down 0.43%

2018-01-19 22:29 GMT

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

At the close in Mexico, the S&P/BMV IPC declined 0.43%.

The best performers of the session on the S&P/BMV IPC were Industrias Penoles Sab De CV (MX:PENOLES), which rose 2.27% or 9.52 points to trade at 428.61 at the close. Meanwhile, Banregio Grupo Financiero SAB De CV (MX:GFREGIOO) added 1.72% or 1.91 points to end at 112.96 and Grupo Elektra , S.A.B. De C.V. (MX:ELEKTRA) was up 1.28% or 8.48 points to 671.91 in late trade.

The worst performers of the session were Grupo LALA SA de CV (MX:LALAB), which fell 2.17% or 0.64 points to trade at 28.90 at the close. Genomma Lab Internacional SAB De CV (MX:LABB) declined 1.72% or 0.370 points to end at 21.120 and Grupo Bimbo, S.A.B. De C.V. (MX:BIMBOA) was down 1.67% or 0.750 points to 44.160.

Falling stocks outnumbered advancing ones on the Mexico Stock Exchange by 159 to 126 and 24 ended unchanged.

Gold Futures for February delivery was up 0.29% or 3.90 to $1331.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.59% or 0.38 to hit $63.57 a barrel, while the March Brent oil contract fell 0.81% or 0.56 to trade at $68.75 a barrel.

USD/MXN was up 0.15% to 18.6366, while EUR/MXN fell 0.02% to 22.7682.

The US Dollar Index Futures was up 0.20% at 90.49.

Top 5 Things That Moved Markets This Past Week

2018-01-19 22:09 GMT

Investing.com - A look at the top five things that rocked markets this past week.

Earnings Season Kicked into Full Gear

US stocks shrugged off a possible US government shutdown to close at record highs as ongoing optimism over earnings spurred investor appetite for risker assets.

Financials got the week off to a good start amid quarterly earnings report from US Bancorp (NYSE:USB), Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) that beat Wall Street estimates, while Goldman Sachs (NYSE:GS) bucked the trend, reporting its first quarterly loss since 2011.

International Business Machines (NYSE:IBM) quarterly report Thursday also garnered attention after the tech company reported quarterly revenue growth for the first time in twenty-three quarters as its move into cloud, artificial intelligence and block chain technology offset declines from its traditional software business.

The S&P 500 closed at a record high on Friday.

WTI Crude Oil Snapped 4-Week Winning Streak

The weekly streak of gains in crude oil prices came to an abrupt end this week as investors weighed the impact of rising US production on OPEC’s efforts to rid the market of excess supplies amid comments from the IEA.

The International Energy Agency (IEA), in its monthly report, warned that rising non-OPEC production would offset a raft of positive factors supporting oil prices including ongoing OPEC-led output cuts.

Crude oil futures settled at $61.44, down 58 cents.

Pound, Sterling Downed the Dollar

It was another miserable week for the dollar as it struggled to find its footing amid a surge in both the pound and sterling.

EUR/USD notched its fifth-straight weekly win, rising above four-year highs despite European Central Bank (ECB) officials’ attempts to quash investor expectations that the central bank would announce plans to unwind its massive stimulus programme at next week’s meeting.

GBP/USD rose to its highest since the June 2016 Brexit vote amid growing expectations that the Bank of England would soon have to raise rates to prevent the economy from overheating.

Gold Fought Off Pressure From Soaring US Government Bond Yields

Gold prices held above four-month highs this week despite coming under pressure from a surge in government bond yields to multi-year highs.

Yields on United States 10-Year this week rose to their highest since 2014 amid strong China economic growth data and rising expectations for faster inflation growth.

Macquarie said that risks of a reversal in gold prices are rising, as it is “harder for gold to ignore the impressive snapback in real yields” since the turn of the year.

Crypto-Market Crashed. Attempted Recovery. But Remains Under Pressure.

A sea of red swept over crypto-markets this week after a crypto-crash Tuesday through Wednesday unfolded in markets, wiping billions of dollars from the market as investors fled positions amid fears that China and Korea were planning a ban on cryptocurrency-related activity.

The total cryptocurrency market cap slumped to a low of about $478 billion at the depths of the crash on Wednesday before rebounding to about $562 billion Friday. That is markedly lower than the $829 billion total market cap peak set less than two weeks ago on Jan. 7.

As the sell-off deepened, Ripple XRP fell to a low of $0.87 on the poloniex exchange, Ethereum fell to a low of $770, Bitcoin fell to a low $9,231. The ‘big 3’ cryptocurrencies by market cap, however, have since recovered some of their losses but remain under pressure.

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.21%

2018-01-19 21:25 GMT

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

At the close in NYSE, the Dow Jones Industrial Average added 0.21%, while the S&P 500 index added 0.44%, and the NASDAQ Composite index added 0.55%.

The best performers of the session on the Dow Jones Industrial Average were Nike Inc (NYSE:NKE), which rose 4.84% or 3.10 points to trade at 67.21 at the close. Meanwhile, Goldman Sachs Group Inc (NYSE:GS) added 2.05% or 5.15 points to end at 256.12 and Home Depot Inc (NYSE:HD) was up 1.51% or 3.00 points to 201.33 in late trade.

The worst performers of the session were International Business Machines (NYSE:IBM), which fell 3.99% or 6.75 points to trade at 162.37 at the close. General Electric Company (NYSE:GE) declined 3.04% or 0.51 points to end at 16.26 and American Express Company (NYSE:AXP) was down 1.83% or 1.83 points to 98.03.

The top performers on the S&P 500 were Mattel Inc (NASDAQ:MAT) which rose 5.97% to 16.14, Hanesbrands Inc (NYSE:HBI) which was up 5.45% to settle at 23.20 and Nike Inc (NYSE:NKE) which gained 4.84% to close at 67.21.

The worst performers were International Business Machines (NYSE:IBM) which was down 3.99% to 162.37 in late trade, CBS Corporation (NYSE:CBS) which lost 3.75% to settle at 57.75 and McCormick&Company Incorporated (NYSE:MKC) which was down 3.61% to 99.19 at the close.

The top performers on the NASDAQ Composite were Forward Industries Inc (NASDAQ:FORD) which rose 137.90% to 2.950, NuCana PLC (NASDAQ:NCNA) which was up 41.55% to settle at 20.51 and New Age Beverages Corp (NASDAQ:NBEV) which gained 22.50% to close at 3.92.

The worst performers were PAVmed Inc (NASDAQ:PAVM) which was down 28.02% to 1.83 in late trade, Argos Therapeutics Inc (NASDAQ:ARGS) which lost 19.51% to settle at 2.17 and Heat Biologics Inc (NASDAQ:HTBX) which was down 15.00% to 0.340 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 2073 to 1013 and 132 ended unchanged; on the Nasdaq Stock Exchange, 1804 rose and 740 declined, while 110 ended unchanged.

Shares in Nike Inc (NYSE:NKE) rose to all time highs; up 4.84% or 3.10 to 67.21. Shares in Nike Inc (NYSE:NKE) rose to all time highs; gaining 4.84% or 3.10 to 67.21. Shares in General Electric Company (NYSE:GE) fell to 5-year lows; down 3.04% or 0.51 to 16.26. Shares in Home Depot Inc (NYSE:HD) rose to all time highs; gaining 1.51% or 3.00 to 201.33. Shares in Forward Industries Inc (NASDAQ:FORD) rose to 5-year highs; rising 137.90% or 1.710 to 2.950. Shares in PAVmed Inc (NASDAQ:PAVM) fell to all time lows; down 28.02% or 0.71 to 1.83. Shares in NuCana PLC (NASDAQ:NCNA) rose to all time highs; gaining 41.55% or 6.02 to 20.51. Shares in Heat Biologics Inc (NASDAQ:HTBX) fell to all time lows; losing 15.00% or 0.060 to 0.340.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 7.60% to 11.30.

Gold Futures for February delivery was up 0.29% or 3.90 to $1331.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.67% or 0.43 to hit $63.52 a barrel, while the March Brent oil contract fell 0.84% or 0.58 to trade at $68.73 a barrel.

EUR/USD was down 0.18% to 1.2216, while USD/JPY fell 0.23% to 110.84.

The US Dollar Index Futures was up 0.20% at 90.49.

CFTC: Crude Oil Net Longs at All-Time High; Speculators Less Bullish on Euro

2018-01-19 20:50 GMT

Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending January 16 on Friday.


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

LongShort
NetPriorChangeGrossChangeGrossChange
EUR139.5k144.7k-5.2k254.3k12.3k114.9k17.5k
GBP26.2k25.5k0.7k84.7k-0.4k58.5k-1.1k
JPY-119.4k-125.5k6.2k38.2k0.8k157.5k-5.4k
CHF-21.1k-21.9k0.8k14.2k-4.3k35.3k-5.1k
CAD17.6k17.5k0.1k61.5k2.9k43.9k2.8k
AUD10.1k5.5k4.6k50.3k-2.0k40.3k-6.6k
NZD-8.0k-11.0k3.0k17.8k0.5k25.8k-2.5k
MXN46.8k29.8k17.0k82.8k4.1k36.0k-12.9k
S&P 500122.5k77.4k45.0k556.3k37.4k433.9k-7.6k
Gold211.7k203.3k8.4k301.9k12.7k90.2k4.3k
Silver37.2k38.0k-0.8k79.9k-4.4k42.7k-3.6k
Copper61.2k62.3k-1.1k138.6k-9.4k77.4k-8.3k
RUB27.1k26.0k1.1k34.1k1.7k7.0k0.6k
Crude Oil707.8k657.6k50.2k854.1k52.6k146.3k2.4k


Brazil stocks higher at close of trade; Bovespa up 0.32%

2018-01-19 20:30 GMT

Investing.com – Brazil stocks were higher after the close on Friday, as gains in the Public Utilities, Financials and Electric Power sectors led shares higher.

At the close in Sao Paulo, the Bovespa gained 0.32% to hit a new all time high.

The best performers of the session on the Bovespa were Usinas Siderurgicas de Minas Gerais (SA:USIM5), which rose 4.57% or 0.50 points to trade at 11.43 at the close. Meanwhile, Braskem SA (SA:BRKM5) added 4.56% or 2.21 points to end at 50.71 and Viavarejo Unt (SA:VVAR11) was up 4.26% or 0.96 points to 23.48 in late trade.

The worst performers of the session were Metalurgica Gerdau SA (SA:GOAU4), which fell 3.67% or 0.25 points to trade at 6.57 at the close. Telefonica Brasil SA (SA:VIVT4) declined 2.68% or 1.36 points to end at 49.35 and Gerdau SA Pref (SA:GGBR4) was down 2.61% or 0.38 points to 14.16.

Rising stocks outnumbered declining ones on the BM&FBovespa Stock Exchange by 230 to 193 and 46 ended unchanged.

Shares in Usinas Siderurgicas de Minas Gerais (SA:USIM5) rose to 3-years highs; rising 4.57% or 0.50 to 11.43.

The CBOE Brazil Etf Volatility, which measures the implied volatility of Bovespa options, was down 1.24% to 32.67.

Gold Futures for February delivery was up 0.47% or 6.20 to $1333.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in February fell 0.63% or 0.40 to hit $63.55 a barrel, while the March US coffee C contract rose 0.12% or 0.14 to trade at $121.17 .

USD/BRL was down 0.36% to 3.1950, while EUR/BRL fell 0.43% to 3.9073.

The US Dollar Index Futures was up 0.10% at 90.40.

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