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[fxasker-blog]

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[extreme-investor-network]

Bitcoin and Ether Tumble. A Successful ‘Merge’ Can’t Outweigh Macro Pressures.

BitcoinBTCUSD –0.79% , EtherETHEUR –3.45% , and other cryptocurrencies tumbled as traders “sold the news” after the successful completion of a long-awaited upgrade to the Ethereum blockchain network. Macro factors were adding more downward pressure on digital asset prices. The price of Bitcoin has fallen 3% over the past 24 hours to $19,750. The largest digital asset plunged through the psychologically important $20,000 level, which has for months held up as a price point at which traders have been willing to buy. The price of EtherETHUSD –3.45%  —the native token of the Ethereum blockchain network—shed 10% to $1,475. The hotly anticipated upgrade to Ethereum, known as “The Merge,” was successfully completed early Thursday, which initially gave digital asset markets a lift. The upgrade is designed to slash the blockchain network’s carbon footprint and usher in new ways for investors to earn a steady yield on their holdings—both of which are expected to boost long-term prices. But that wasn’t the case in the short-term. “Crypto traders are often used to ‘sell the event’ reactions in the cryptoverse and this Merge proved to be another example of just that,” said Edward Moya, an analyst at broker Oanda. “Ethereum is down significantly and volatility should remain elevated into the weekend.” The macro environment wasn’t helping matters. While Bitcoin and its peers should theoretically trade independently of mainstream finance, tokens have shown themselves to be similarly vulnerable to macro pressures and swings in investor sentiment as other risk-sensitive assets, like stocks. The latest crypto selloff began Thursday and continued into Friday in tandem with declines seen in the stock market, with the Dow Jones Industrial Average and S&P 500 both sliding lower amid renewed fears around inflation and the prospect of recession. “It was another synchronised selloff,” said Jim Reid, a strategist at Deutsche Bank. “Investors moved to price in yet more rate hikes from central banks, raising market fears about a hard landing ahead.” A hard landing refers to a scenario in which central banks are able to get inflation under control, but not without avoiding a recession. Facing the highest inflation in 40 years, the Federal Reserve has aggressively tightened financial conditions this year, including delivering the largest interest-rate hikes in decades. This hawkish shift has knocked both stocks and cryptos this year. A souring of investor sentiment came in the wake of inflation data this week that showed rising prices remain salient—paving the way for even tighter monetary policy from the Fed, which meets next week to decide its next move. Abysmal quarterly earnings from FedEx (ticker: FDX), which is seen as a bellwether for the global economy, have further raised the fears of investors about a worldwide economic slowdown. All this has not boded well for cryptos. Despite hype around the Merge, Bitcoin has seen its worst three-day stretch since a dramatic mid-June selloff knocked it down from $30,000, and Ether is in the midst of its longest losing streak in a month. Beyond Bitcoin and Ether, altcoins—or smaller cryptos—were similarly weak. Solana dropped 5% and Cardano was 3% lower. Memecoins fared much the same, with DogecoinDOGEUSD –0.04%  and Shiba InuSHIBUSD –2.03%  each down 2%. Original Article Here: Read the full article

[covid19worldnews]

Stock markets see big gains Monday on promising COVID-19 vaccine data from Pfizer | CBC News

Stock markets rocketed higher Monday after Pfizer said early data shows its coronavirus vaccine is effective and investors breathed a sigh of relief after days of U.S. presidential limbo ended with Democrat Joe Biden declared the president-elect.

Traders on the Frankfurt stock exchange raise a glass on the last trading day of 2018 in this file photo. Investors also had reason to cheer on Monday, after promising Phase 3 results of a COVID-19 vaccine candidate from Pfizer. (Ralph Orlowski/Reuters)

Stock markets soared on Monday after German pharmaceutical giant Pfizer said early data suggests its COVID-19 vaccine seems safe and effective, raising hopes that the world economy is now one step closer to getting back to normal.

Markets were already sharply higher on the U.S. election result when Pfizer said that data shows vaccine shots may be 90 per cent effective at preventing COVID-19, indicating the company is on track this month to file an emergency use application with U.S. regulators.

The vaccine candidate, known as BNT162, “has emerged as a front-runner in the tight race, and the latest data were encouraging, though logistical and supply chain challenges remain,” said Cinney Zhang, a pharmaceutical industry analyst with Bloomberg Intelligence. 

Pfizer’s shares gained 15 per cent. Its vaccine partner BioNTech did even better, up 25 per cent.

The companies said in a release early Monday morning that out of roughly 44,000 people in the Phase 3 trial, only 94 have contracted the virus, and there are no serious side effects reported so far. This “raises the hope that the patient demographics will be broad enough for an early approval,” Zhang said.

Any economic recovery depends on checking the pandemic, and investors pounced upon the news. Pfizer’s data is only preliminary and does not mean a vaccine is imminent. Getting the vaccine to billions of people will be a massive undertaking, even if it is approved.

But even the potential of an effective vaccine on the horizon was all investors needed to shake off some of their doom and gloom.

“Investors may be seeing this as a potentially game-changing announcement as stocks in some of the sectors that had been particularly hammered by COVID have been soaring, including United Airlines (up 19.5 per cent), Royal Caribbean Cruises (up 21.1 per cent ) and MGM Resorts (up 17.2 per cent ),” said Colin Cieszynski, chief market strategist with SIA Wealth Management in Toronto.

“Moderate overnight gains in the markets have morphed into explosive gains this morning.”

The Dow Jones Industrial Average opened more than 1,500 points higher, or 4.2 per cent. In Toronto, the S&P/TSX Composite Index was up more than 400 points, or almost three per cent.

Interestingly, the one sector that was lower was technology, as big tech company stocks that have done very well in the pandemic gave back some of their gains. Netlfix was down six per cent, Amazon was down by about three per cent, and video conferencing software company Zoom was down by 16 per cent, on speculation that booming demand for the company’s services may soon drop from its current level.

In Europe, France’s CAC 40 jumped 5.6 per cent to 5,239, while Germany’s DAX surged 5.1 per cent to 13,112. Britain’s FTSE 100 gained four per cent to 6,145.

U.S. election outcome also helped

Markets were already buoyant about the result of the U.S. elections, which saw Democrat Joe Biden win the presidency.

“This means less uncertainty, less turmoil in terms of foreign relations, and reversal of some futile policies which were put by the Trump administration,” Naeem Aslam, chief market analyst at Ava Trade, said in a commentary.

Many analysts expect trade tensions to de-escalate under a Biden presidency. Still, not all trade tensions are expected to vanish even if Biden rolls back some of the tariffs imposed by President Donald Trump on U.S. trading partners, especially China, in the past several years.

Donald Trump’s apparent loss of the White House, while Republicans maintain control of the Senate, also had investors breathing a sigh of relief. (Evan Vucci/The Associated Press)

The European Union pressed ahead Monday with plans to impose tariffs and other penalties on up to $4 billion US worth of U.S. goods and services over illegal American support for plane maker Boeing. That followed a World Trade Organization ruling in the U.S.’s favour over EU support for Airbus.

In Asian trading, Japan’s Nikkei 225 surged 2.1 per cent to finish at 24,839.84. Australia’s S&P/ASX 200 added 1.8 per cent to 6,298.80. South Korea’s Kospi advanced 1.3 per cent to 2,447.20. Hong Kong’s Hang Seng rose 1.2 per cent to 26,016.17, while the Shanghai Composite gained 1.9 per cent to 3,373.73.

For now, investors seem inclined to shrug off Trump’s refusal to concede and threats of legal action. With Republicans expected to retain their grip on a majority in the Senate, they are betting on continuity in tax, regulatory and other policies, analysts said.

Oil price gains $3

“Trump not conceding a loss is near-term noise looking to wrong-foot Biden at the start of his presidency, while Republicans in a position to not concede ground on legislation may continue to frustrate Biden’s agenda,” Mizuho Bank said in a commentary.

If Republicans remain in charge of the Senate, chances for a big package of economic aid are weaker, and the Federal Reserve will likely need to step up with more support, said Jeffrey Halley of Oanda.

“More easing is almost certainly on the way at December’s FOMC meeting,” Halley said, referring to the Fed’s policy-making committee. “Looser monetary policy equals higher asset prices in a zero per cent interest rate world.”

Despite rising infections and deaths from the pandemic, economies have continued to recover from the shocks of earlier shutdowns to combat outbreaks.

Biden has vowed to move decisively to try to counter the worsening coronavirus pandemic, which has sapped economic growth, trade and travel, as the U.S. and Europe face a troubling rise in infections. Even if the strictest lockdowns don’t return in the United States, the worsening pandemic may dampen consumption and erase profits.

In energy trading, U.S. benchmark crude gained more than 10 per cent, or $3.16, to $40.30 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose $3.08 to $42.53 a barrel.

https://www.covid19snews.com/2020/11/09/stock-markets-see-big-gains-monday-on-promising-covid-19-vaccine-data-from-pfizer-cbc-news/

[techcrunchappcom]

New Post has been published on https://techcrunchapp.com/stocks-drop-sharply-as-tech-sector-stumbles-apple-down-7-1/

Stocks drop sharply as tech sector stumbles; Apple down 7.1%

Stocks drop sharply as tech sector stumbles; Apple down 7.1%

NEW YORK (AP) — Technology stocks took a steep tumble on Wall Street Thursday, giving back some of their spectacular gains over the past several months and dragging the rest of the market down with them.

The S&P 500 was down 3.5% as of 2:45 p.m. Eastern time, on track for its biggest drop since June, and the tech-heavy Nasdaq fell 4.8%.

Both indexes had set their latest record highs a day earlier, and the Nasdaq is still up nearly 28% for the year. The S&P 500 had been up nine of the last 10 trading days and posted its fifth straight monthly gain in August.

Big Tech companies have made outsize gains in recent months as investors bet that they would continue posting huge profits even with many coronavirus restrictions still in place as people spend even more time online with their devices. Market watchers have questioning recently whether those gains were overdone.

”There’s really very little to justify (these big stocks’ upward move) other than euphoria,” said Mark Hackett, chief of investment research at Nationwide.

Hackett noted the market has “embedded very optimistic assumptions” about the virus’s impact on the economy, as well as on prospects for Congress and the White House coming up with another economic relief package.

The Dow Jones Industrial Average fell 803 points, or 2.8%, to 28.301.

Technology stocks, which account for a significant chunk of the U.S. stock market’s value these days, fell broadly. Apple dropped 7.1%, Amazon lost 5.5% and Facebook gave back 5.1%.

Semiconductor stocks also fell sharply. Nvidia, Qorvo and Advanced Micro Devices fell 8% or more. Even with Thursday’s drop Nvidia is still the biggest gainer in the S&P 500 so far this year.

The stocks that were doing better than the rest of the market were companies whose stocks have been beaten down this year: travel companies and airlines. Carnival Corp was up 6%, Norwegian Cruise Lines was up 5% and Royal Caribbean was up 3%.

Investors were also taking into account the latest economic figures.

The government reported that the number of Americans who applied for unemployment benefits fell last week to 881,000, slightly better than what economists had expected. But that said, companies are still letting workers go at numbers well above those seen in the Great Recession, meaning the jobs picture remains still extremely bleak despite recent improvements.

A gauge of the services sector also came in slightly worse than economists were looking for.

The stock market has rallied this spring and summer after plunging in March as investors realized the economic toll the coronavirus pandemic was going to cause. Most of the rally has been on strong performances from tech stocks, but also a hope that the worst of the pandemic is in the past, despite rising infections in schools and the possibility of a second surge of infections in the fall. Huge amounts of support from the Federal Reserve and Congress have also helped bolster the economy.

Novavax, which is developing a coronavirus vaccine, was up 3% as investors placed bets that a vaccine could come as early as November.

Investors will be paying close attention Friday when the Labor Department releases its August job report. Economists surveyed by FactSet forecast that the U.S. economy created 1.4 million jobs in August, but that would be down from 1.74 million jobs in July. Tens of millions of Americans remain unemployed however, as seen by this week’s unemployment benefits numbers.

A report by payroll processor ADP, widely watched as a forerunner of government employment data due out Friday, showed the private sector added 428,000 jobs in August, less than half the 1 million expected by forecasters.

If tomorrow’s jobs numbers do not deliver, it’s unlikely the stock market will rally much higher from here, analysts said.

Analysts said that could be a warning sign the job market is cooling after some U.S. states reimposed anti-virus controls and the expiration of supplemental unemployment benefits cut into consumer spending.

“Bullish stock market sentiment seems to be nearing a tentative peak as the labor market recovery stalls,” analyst Edward Moya of Oanda wrote in a report.

U.S. crude oil for October delivery fell was down 0.3% to $41.41 a barrel. Brent crude, the international benchmark, fell 0.8% to $44.07 per barrel.

KEN SWEET and DAMIAN TROISE AP Business Writers

[joshuajacksonlyblog]

This Stock Market Analyst Explains Why Bitcoin Will Keep Growing

Bitcoin fell $1,500 in just three minutes in an overnight price crash Monday. But the dip has not deviated the world’s leading cryptocurrency from extending its uptrend. A top stock market analyst noted that risky assets would keep growing in value as long as there is a stimulus. Bitcoin has yet another Black Swan event on Tuesday as its price crashed by $1,500 in just three minutes. XBTUSD crashed $1,500 overnight | Source: TradingView.com, BitMEX Observed noted that a misbalancing in the Bitcoin futures’ funding rate caused the crash. That represents a fee that bullish contract holders have to pay to bearish contract holders every eight hours – or vice versa. Before the crash, the derivative market on BitMEX was majority long, which means most of the traders expected the bitcoin price to rally further into the week. That allowed the funding rate to hit new weekly highs at 0.19 percent. On a typical day, it hovers near 0.01 percent. Nevertheless, when the price started moving southward, it liquidated about $120 million of long contracts – causing a “Long Squeeze.” So it seems, overleveraged positions elaborated a small price dip into a bigger one, crashing bitcoin from near $10,100 to as low as $8,600. Bullish Fundamentals Intact Despite the dip, Bitcoin is maintaining its overall yearly gains above strong support levels. So it seems, the crypto market, which is used to surprising wild move, would likely ignore the $1,500 price crash in the context of more relevant macro developments. For instance, the U.S. stock market was as bizarre as Bitcoin on Tuesday. The benchmark S&P 500 rose higher even though investors assessed the civil unrest across the U.S. and tensions with China. A top stock market analyst noted that most of the short-term negative fundamentals do not matter. Edward Moya of Oanda told WSJ that risky markets have support from the Federal Reserve’s open-ended stimulus program. At the same time, Bitcoin’s erratic yet growing positive correlation with risky equities also makes it eligible to keep a similar upside sentiment. “There’s just so much stimulus, it’s propping up the market. The stock market is now no longer a true reflection of the economy, and you’re going to see that remain the case for several years.” Stifel (NYSE: SF) also said in an investor note on Wednesday that the S&P 500 could rally another 8 percent to 3,250 by August 30. The Wall Street firm noted that bottoming economic data, valuation growth, and optimistic technical outlook will offset risks associated with lower earnings. “We believe the S&P 500 crossing the 50 and 200-day moving average on May 26 – May 27 signals a price of 3250 by August 30. Following a recession bear market, [crossing the moving averages] has historically signaled a price gain of 8% over the next 3 months on average,” the note read. Bitcoin Bitcoin painted a similar technical structure on its daily chart on May 20 amid its recovery rally. The cryptocurrency, like the S&P 500, had bottomed in March 2020, crashing erratically by more than 60 percent in just 24 hours. Nevertheless, it negated its losses entirely after rising by up to 161.25 percent, leading many observers to see its growing positive correlation with the S&P 500. BTCUSD SPX Correlation | Source: TradingView.com The connection between the two markets showed signs of decoupling in May 2020. But it resumed back against the backdrop of the rising Sino-U.S. geopolitical tensions over Beijing’s push for tighter security laws in Hong Kong. Bitcoin and S&P 500 erased part of their recent gains last Friday in tandem. The losses surfaced as investors anticipated a new cold war between the U.S. and China. The sentiment, in turn, weighed on the intraday risk-on sentiment. Conflicts Despite its optimistic predictions for the S&P 500, Stifel mentioned a few risks that could spoil its rally. The firm noted that the growing number of virus infections could put a brake on the U.S. benchmark’s upside moves. Meanwhile, it asserted the number of virus-attributed deaths would go down to zero by the end of next month. The real risk, Stifel, could come from political and media reactions to the virus. ‘It may have unpredictable economic effects,’ the firm said. Meanwhile, Bitcoin will have its own-risks to battle. The cryptocurrency, now among the most profitable post-March asset, remained vulnerable to price manipulation at unregulated crypto derivatives exchanges. On a technical front, it has also failed to move above a long-term resistance trendline. BTCUSD is trading 150 percent higher from its mid-March lows | Source: TradingView.com But market analysts remain optimistic without even referring to the S&P 500. One notable trader said that the “trendline” will become weaker after each retest. “General rule of thumb – the more times a trendline resistance gets tested the weaker it becomes,” he explained. “Whoever artificially suppressing $10k to hold this “resistance meme” is repeating the mistake of 2018 “$6k support” holder.” That puts Bitcoin’s upside target near $10,500, its year-to-date high. from Cryptocracken Tumblr https://ift.tt/2XUYzXx via IFTTT

[extreme-investor-network]

Bitcoin dropped below $20,000 to the lowest level since mid-July as investors dump risk assets

Bitcoin dropped below $20,000 on Monday as investors dumped risk assets after the Federal Reserve affirmed its commitment to an aggressive tightening path. The world’s largest digital currency tumbled 5% from Friday’s close to hitting a low of $19,526 overnight, a level unseen since July 13, according to Coin Metrics data. Other major digital tokens also sold off, with ether falling to $1,423, its lowest level in a month. The sharp decline in cryptocurrencies coincided with a big sell-off in U.S. stocks, triggered by Fed Chairman Jerome Powell’s a stern commitment to halting inflation at Jackson Hole. The Dow Jones Industrial Average shed 1,000 points Friday after Powell said he expects the central bank to continue raising interest rates in a way that will cause “some pain” to the U.S. economy. Futures pointed to more losses on Monday. “Bitcoin weakened after Fed Chair Powell didn’t blink with his reiteration that the Fed will tighten policy to bring down inflation,” said Edward Moya, senior market analyst at Oanda. “Risky assets are struggling as Powell’s fight against inflation will remain aggressive even as it will trigger an economic slowdown.” Bitcoin declined more than 3% last week for its third negative week in four. The cryptocurrency is down over 50% this year and remains 70% off of its all-time high price of $68,990.90 hit in November. The crypto market has been plagued by a number of issues including the collapse of algorithmic stablecoin terraUSD, which sparked a chain of events that led to the bankruptcy of lending platform Celsius and hedge fund Three Arrows Capital. Original Article Here: Read the full article

[clairedmaddox]

How Long Should I Paper Trade?

This is a question that I got from one of my subscribers, so I'll answer it here. Paper trading is a good exercise for beginners, but you don't want to be stuck doing it for too long…or stop before you're ready. So let's take a look at how to find the right length of time to paper trade.

Traders should paper trade until they can meet or exceed their monthly percentage return goal, averaged over a 4 month period. For example, if a trader has the goal to make 2% per month, then the trader should make at least 8% profit, over a period of 4 consecutive months. Traders that are using a longer-term swing or position trading strategy should consider paper trading for 6 months to a year because there will be much fewer trades. 

Now let's take a closer look at what paper trading is, how get started, and how to set goals.

What is Paper Trading?

Paper trading is when a trader takes simulated trades, with the goal of learning how to become a consistently profitable trader.

Before computers were widely used, traders would write down their simulated trades on paper, thus giving it the name “paper trading.”

Now many brokers in the stock, options, futures and Forex markets offer online paper trading accounts. They are also known as demo accounts.

These accounts allow traders to execute trades as if they were trading with real money. The website keeps track of the trades and the trader can see the profit/loss from each trade.

This makes it easy to test strategies and learn the mechanics of placing trades, without risking real money.

Set a Paper Trading Goal

The first step in effective paper trading is to set a goal. If you don't have a goal, you won't know when you should stop paper trading. 

Some traders say that you shouldn't have a goal, because that will affect your trading psychology.

I disagree.

Not having a trading goal is like saying a Formula 1 driver shouldn't have a target lap time.

…or a competitive weightlifter shouldn't measure how much they are lifting.

You need to have a target.

Yes, it's true that you won't hit that exact target all of the time, and you shouldn't get too wrapped up in hitting that target every month.

But you should have a good idea of the average return of your trading strategy. 

So the next question becomes: What should your first goal be?

There are many legitimate ways to answer that question, but I feel that you should start small and build from there.

Pick a small number like 1% a month, 3% a quarter or 12% a year.

If you can average 1% a month consistently, you can probably make more by adding more trading strategies, timeframes or markets. If you can't hit that small number however, then it's impossible to every earn more.

Define Your Strategy

Next, write down your exact trading strategy and prove that it has an edge.

You can prove this by jumping right into paper trading with play money, but a better way is to backtest it to see how it would have worked in the past.

I've created a simple trading plan worksheet here. Print that worksheet, fill it out, and you'll have a complete trading plan.

You can also use a simple Google Doc, Evernote…or whatever works best for you.

The key is to write it down and follow the rules every time you take a trade. Keep your trading plan next to your computer, or open it on your computer before trading. 

Once you have a trading plan, now it's time to open a paper trading account.

How to Open a Forex Paper Trading Account

In order to open a paper trading account in Forex, simply go to the website of the broker that you'll be trading real money with, and open a demo account.

When you visit a broker's website, there should be a link to open a demo account.

Follow the instructions on how to setup the trading platform and start paper trading. The process of opening an account usually only takes a few minutes.

From there, it will take some time to setup the trading software. Brokers will use trading software like MetaTrader, TradingView, or have their own proprietary platform.

This will also give you the opportunity to master the trading software and test out the broker's customer service team.

Most brokers will allow you to adjust the amount of money in your demo account, so you can trade with numbers that are realistic to your situation. If you want to have a demo account that doesn't expire, consider using Oanda.

To see a list of Forex brokers that I recommend starting a demo account with, go here.

How to Open a Stock Paper Trading Account

There are different paper trading platforms for stock trading available, but a good one to start with is Thinkorswim by TD Ameritrade. They offer a paperMoney account that will allow you to demo trade stocks.

I've found the Thinkorswim platform easy to use, and it's great for both new and experienced traders.

Is Paper Trading Accurate?

It depends on which market you're paper trading. 

In my opinion, Forex is the best market to paper trade. Almost all brokers offer a demo account, where you can simulate live market conditions. 

Since Forex is so liquid, a demo account is a very good approximation of how you will do in a real-money account. So I consider Forex the most accurate market to paper trade in.

Paper trading in other markets like stocks, options and futures, can be less realistic because certain stocks or contract months can have low liquidity. When there's low liquidity, you are much more likely to see slippage in a live account, or not be able to get your trades executed at all.

Therefore, paper trading in stocks, options and futures can be less accurate. But you should still do it because it's a great tool for learning how to trade. 

How Do I Know When I'm Ready For Live Trading?

Once you can hit your paper trading target, now it's time to make a decision if you want to jump into real-money trading or not. Only you can make the call on when you should start risking real money.

One thing to consider is your personality type.

There are 2 ends of the personality spectrum to consider before stepping up to live trading:

Are you someone who tends to be very impatient? If yes, then you should probably paper trade for a couple extra months to be sure that you are ready.

Are you someone who tends to over-think things and always wants to get “more information?” If yes, then you should probably jump into a small live account as soon as you can hit your target average monthly return over 4 months. Otherwise, it can be easy to get stuck in the cycle of trying to learn more.

If you're in the middle of the spectrum, then be honest with yourself and ask if you're truly ready to start risking real money.

These are only general guidelines, based on what I've seen over my 13+ years of trading experience, and talking to traders from all over the world.

Do what you feel is right for you. 

Conclusion

The amount of paper trading time that's required to master a trading strategy will vary greatly by trader.

We all have very unique personalities and there's no one-size-fits-all formula for how long you should paper trade. 

However, if you follow the guidelines above, you will get to a point when you will know that you're ready to stop paper trading, and start trading real money.

When you feel like you're ready to risk real money, start with a small account. There may be unforeseen psychological challenges that you may have to get used to.

Also read my Forward Testing Guide for more tips on how to do effective paper trading.

Finally, believe in yourself and that you will know when the time is right for you to stop paper trading. Take control of your personal power and don't give it away to someone else by blindly following what they tell you. 

Let your data and common sense show you the way. 

The post How Long Should I Paper Trade? appeared first on Trading Heroes.

How Long Should I Paper Trade? published first on your-t1-blog-url

[sabrinasu1998]

The US dollar dropped with United States supplies, and also United States oil struck a brand-new high

 Burundi oil struck the US$ 82 mark, and U.S. crude oil struck its highest closing price since 2014. The weakness of the US dollar supplied some support for gold. OPEC and also its allies have chosen to keep the existing agreement to progressively enhance crude oil production every month.

 Asset closing, COMEX December spot gold futures closed 0.5%, at 1767.60 US dollars per ounce. WTI November crude oil futures closed up 1.74 United States dollars, or 2.29%, to 77.62 United States dollars per barrel; Brent December petroleum futures closed up 1.98 US dollars, or 2.50%, to 81.26 US bucks per barrel.

 United States supplies shut: the S&P 500 index dropped 1.3% to 4300.46 factors; the Dow Jones Industrial Average dropped 0.9% to 34002.92 points; the Nasdaq Composite Index fell 2.1% to 14255.48 factors; the Nasdaq 100 index dropped 2.2 %, reported 14472.12 factors; Russell 2000 index dropped 1.1%, reported 2217.47 factors.

List of major international markets

 The U.S. stock market fell on Monday, and also technology stocks plunged once more as a result of the threat of constantly high inflation. The S&P 500 Index fell 1.3%, breaking below the 100-day relocating average; the Nasdaq 100 Index dropped 2.2%, and also the Dow Jones Industrial Average fell 0.9%. High-growth modern technology supplies led the decrease, including technology Amazon, Facebook Inc., vaccine manufacturer stock rates additionally fell due to Merck's statement of an effective Covid-19 drug; power stocks adhered to the rise in oil prices.

 Deutsche Bank strategist Jim Reid said in a record that we are facing an energy situation, supply chain problems, rising inflation, signs of slowing down economic growth, and a lot of conversation about stagflation.

 As capitalist fears are heating up, global markets have likewise looked to run the risk of hostility. At the same time, financiers are getting ready for the Fed to start minimizing stimulation as very early as following month. High rising cost of living rates and also climbing U.S. Treasury yields have made high-growth stocks much less attractive to investors; the risks to other innovation business' profits might likewise increase.

 Brian Price, head of financial investment monitoring at Commonwealth Financial Network, claimed that technology stocks are more than likely to be struck one of the most, since climbing rate of interest suggest that future earnings price cut rates will certainly boost. As long as rising cost of living assumptions stay at a high level, I anticipate this fad to proceed.

 Rare-earth elements and crude oil

 The price of gold rose to a high in greater than a week on Monday. A weak U.S. buck and threat aversion in the stock market improved need for gold. The buck index dropped 0.3%, making gold more economical for holders of various other money.

 OANDA analyst Craig Erlam stated that we see even more danger aversion out there, and also gold appears to take advantage of it. We additionally commonly see that the US dollar does well under these circumstances, causing a drag on gold, however today's scenario is just the opposite. Probably capitalists are a little worried concerning central banks taking out stimulation plans at such an unsure economic time.

 Investors are now awaiting the September U.S. non-farm pay-rolls report to be released on Friday. The report is expected to reveal continued renovation in the labor market, which might impact the Fed's timetable for reducing economic support.

 U.S. crude oil once increased more than 3%, hitting a record high of $78.38 per barrel in the past seven years. OPEC+, which was created by the Organization of the Petroleum Exporting Countries (OPEC) and Russia's oil-producing allies, validated that it will certainly stick to the existing manufacturing policy as a result of a rebound popular. Some nations require enhanced manufacturing.

 OPEC+'s choice to remain to gradually boost crude oil production has actually risen oil prices and intensified inflationary pressures. Customer nations are worried that inflationary pressures will derail the economic recuperation from the epidemic. John Kilduff, a companion at Again Capital LLC, claimed that provided the demand scenario as well as the results of the OPEC conference, the total view of the petroleum market is favorable.

 According to data from the International Energy Agency (IEA), a power watchdog, demand for coal and gas exceeded its pre-coronavirus highs, adhered to by oil. Three-quarters of the worldwide power need is still satisfied by fossil fuels, and non-nuclear renewable energy make up less than one-fifth.

 The boost in crude oil prices has likewise been driven by a higher rise in gas prices. The soaring rate of natural gas has prompted individuals to count on fuel oil as well as other petroleum items to create power as well as fulfill other commercial needs.

 Forex

 The U.S. dollar fell versus G-10 currencies across the board on Monday, U.S. Treasury yields increased, crude oil prices skyrocketed, and also the securities market deteriorated. After OPEC+ stated that it would maintain a strategy to gradually increase production, the norwegian krone and the canadian buck were sustained.

 The US dollar index dropped 0.27% to 93.80. The marketplace evaluated the dangers of economic growth, power shortages, the Fed's plan path, as well as the hazard of ongoing high inflation. The 10-year U.S. Treasury yield increased by 2 basis points to 1.48%; United States President Biden alerted that the government faces the risk of damaging the debt ceiling in 2 weeks.

 Bank of America claimed it was best to acquire the dollar on dips; analyst Ben Randol anticipates the buck to reclaim its upward pattern and also maintain the forecast that the euro will get to 1.15 versus the buck in the 4th quarter. Randol claimed that the medium-term stress on production capacity in the United States has overshadowed the impact of energy-related pressures in various other areas, making the equilibrium of rising cost of living danger and also its effect on the end result of financial plan a web positive for the buck.

 Information released earlier revealed that the growth of brand-new orders for produced products in the United States increased in August, showing that the manufacturing industry continued to be solid, but due to shortages of basic materials and also labor, financial growth showed up to have actually slowed in the 3rd quarter. The United States buck got virtually no assistance from this data.

 In recent weeks, speculators in the foreign exchange market have come to be progressively favorable on the U.S. dollar. The once a week setting information released last Friday showed that the U.S. buck net long setting climbed to the highest degree considering that March 2020.

 The euro climbed 0.22% to 1.1621 against the dollar; the buck fell 0.11% to 110.93 versus the yen; the Swiss franc led the surge of G-10 currencies; the buck dropped 0.9% to 0.9230 Swiss francs against the Swiss franc; the euro fell to 1 month versus the Swiss franc Low factor.

 The pound rose 0.47% to 1.3610 against the dollar, proceeding its rebound after hitting a nine-month low last week. Shaun Osborne, primary fx strategist at Scotiabank, said, "We believe that the pound is still unsteady, as the UK might still deal with power and also food scarcities in the fourth quarter, paired with solid United States data this week, the extra pound may Retest the $1.34 location and also regain the September decline."

 Oil-related money rose as New York crude oil futures rose to their highest level given that 2014; the U.S. dollar fell 0.7% versus the Canadian buck to 1.2558 Canadian dollars, the most affordable degree because September 7, accompanied by a series of speculation and also cross-platform Canadian dollar acquiring. The indicated volatility of the United States buck versus the Canadian buck dropped almost across the board, besides the one-month period, which covers the October 27th meeting of the Bank of Canada. The United States buck dropped 1% versus the Norwegian krone to 8.5459 kronor, the most affordable point since July.

 In regards to various other money pairs, the Australian dollar rose 0.32% to 0.7281 versus the United States buck; the New Zealand dollar rose 0.30% to 0.6969 against the US dollar.

 The weak point of the US buck offered some assistance for gold. We additionally usually see that the US buck carries out well under these circumstances, triggering a drag on gold, but today's scenario is just the contrary. Oil-related currencies increased as New York crude oil futures increased to their greatest degree because 2014; the U.S. buck fell 0.7% against the Canadian dollar to 1.2558 Canadian bucks, the lowest level given that September 7, accompanied by a series of supposition and cross-platform Canadian dollar acquiring. The indicated volatility of the United States buck against the Canadian buck dropped practically throughout the board, other than for the one-month period, which covers the October 27th conference of the Bank of Canada. The United States buck dropped 1% against the Norwegian krone to 8.5459 kronor, the lowest point because July.

[ainvestops]

oil prices: Oil to stay below $40 in 2020 on virus shock, Opec+ deal collapse: Poll

Oil prices will stay below $40 a barrel this year, as measures aimed at halting the rapid global spread of the coronavirus cripple demand and the collapse of an OPEC+ deal adds to a mounting supply glut, a Reuters poll showed on Tuesday.

The survey of 40 analysts forecast Brent crude prices would average $38.76 a barrel in 2020, 36 per cent lower than the $60.63 forecast in a survey in February.

The 2020 outlook for West Texas Intermediate crude was slashed to $35.29 a barrel from last month’s forecast for $55.75.

Both Brent and WTI crude prices are now trading in the low $20s. Global benchmark Brent slumped nearly 70 per cent from January highs as global virus-led lockdowns hammered demand and a Saudi-Russian price war flooded the market.

“The floor has dropped out of the oil market, and we do not expect it to return until the fourth quarter,” Economist Intelligence Unit analyst Cailin Birch said.

Oil prices, which had already been weak, took a steeper dive in March when a deal on supply curbs between the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, fell apart.

Analysts expect global demand to contract by between 0.7 million and 5.0 million barrels per day (bpd) in 2020, potentially eclipsing the fall in 2009 during the financial crisis.

“Mobility restrictions to help contain the spread of the virus are largely to blame for the plunge in demand,” UBS analyst Giovanni Staunovo said, adding that flight restrictions in Europe and the US were major blows to jet fuel demand and ���tapering” traffic would hit diesel and gasoline consumption.

The slump in gasoline and jet fuel demand has crippled refining margins across Asia, Europe and the United States causing refiners worldwide to slow output.

“We will see a new round of negotiations between Saudi Arabia and Russia in the future. There is no alternative to supply cuts by OPEC+ in this situation,” said LBBW analyst Frank Schallenberger.

Saudi Arabia has struggled to sell additional crude to refiners due to surging freight rates amid low demand.

But Edward Moya, a senior market analyst at broker OANDA, said “a revival of production cuts by OPEC+ seems very unlikely. OPEC will take a wait-and-see approach and hope the second half of the year will see a strong rebound in demand.”

US production could fall by 0.5 million to 3 million bpd this year, the poll showed.

“US supply will drop sharply as weaker shale players will drop out. They don’t seem to be properly hedged for prices this low,” said David Ölzant, an analyst at Raiffeisen.

Plummeting prices have left only a handful of producers who can turn a profit from their newest wells, Reuters analysis of data provided by consultancy Rystad Energy showed.

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oil prices: Oil to stay below $40 in 2020 on virus shock, Opec+ deal collapse: Poll

Oil prices will stay below $40 a barrel this year, as measures aimed at halting the rapid global spread of the coronavirus cripple demand and the collapse of an OPEC+ deal adds to a mounting supply glut, a Reuters poll showed on Tuesday.

The survey of 40 analysts forecast Brent crude prices would average $38.76 a barrel in 2020, 36 per cent lower than the $60.63 forecast in a survey in February.

The 2020 outlook for West Texas Intermediate crude was slashed to $35.29 a barrel from last month’s forecast for $55.75.

Both Brent and WTI crude prices are now trading in the low $20s. Global benchmark Brent slumped nearly 70 per cent from January highs as global virus-led lockdowns hammered demand and a Saudi-Russian price war flooded the market.

“The floor has dropped out of the oil market, and we do not expect it to return until the fourth quarter,” Economist Intelligence Unit analyst Cailin Birch said.

Oil prices, which had already been weak, took a steeper dive in March when a deal on supply curbs between the Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, fell apart.

Analysts expect global demand to contract by between 0.7 million and 5.0 million barrels per day (bpd) in 2020, potentially eclipsing the fall in 2009 during the financial crisis.

“Mobility restrictions to help contain the spread of the virus are largely to blame for the plunge in demand,” UBS analyst Giovanni Staunovo said, adding that flight restrictions in Europe and the US were major blows to jet fuel demand and “tapering” traffic would hit diesel and gasoline consumption.

The slump in gasoline and jet fuel demand has crippled refining margins across Asia, Europe and the United States causing refiners worldwide to slow output.

“We will see a new round of negotiations between Saudi Arabia and Russia in the future. There is no alternative to supply cuts by OPEC+ in this situation,” said LBBW analyst Frank Schallenberger.

Saudi Arabia has struggled to sell additional crude to refiners due to surging freight rates amid low demand.

But Edward Moya, a senior market analyst at broker OANDA, said “a revival of production cuts by OPEC+ seems very unlikely. OPEC will take a wait-and-see approach and hope the second half of the year will see a strong rebound in demand.”

US production could fall by 0.5 million to 3 million bpd this year, the poll showed.

“US supply will drop sharply as weaker shale players will drop out. They don’t seem to be properly hedged for prices this low,” said David Ölzant, an analyst at Raiffeisen.

Plummeting prices have left only a handful of producers who can turn a profit from their newest wells, Reuters analysis of data provided by consultancy Rystad Energy showed.

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Stocks moved higher in morning trading on Wall Street Monday after the U.S. and China agreed to a 90-day truce in their escalating trade dispute.

Technology companies led the rally, which followed gains in overseas markets as investors welcomed news of the temporary stand-down, which was agreed to over dinner between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 summit over the weekend.

The long-running dispute between the world’s two largest economies has rattled investors for months, stoking traders’ fears that it could begin dragging down corporate profits and weighing on global economic growth.

The development helped extend a swift turnaround for the market, which notched its biggest weekly gain in nearly seven years last week after Fed Chairman Jerome Powell indicated the central bank might consider a pause in rate hikes next year while it gauges the impact of its credit tightening program.

Technology stocks, industrial companies and banks accounted for much of the market’s gains Monday, offsetting losses in household goods makers and utilities. Energy stocks also rose as U.S. crude oil prices rose sharply.

The S&P 500 index climbed 22 points, or 0.8 percent, to 2,782 as of 11:25 a.m. Eastern Time. The benchmark index vaulted a 4.9 percent gain last week. The Dow Jones Industrial Average jumped 214 points, or 0.8 percent, to 25,752. The average was up as much as 441 points earlier.

The Nasdaq composite rose 96 points, or 1.3 percent, to 7,426. The Russell 2000 index of smaller-company stocks picked up 3 points, or 0.2 percent, to 1,536.

Markets in Europe also climbed. Germany’s DAX gained 1.9 percent, while France’s CAC 40 rose 1 percent. Britain’s FTSE 100 added 1.2 percent.

After a steep decline in October, stocks steadied in early November. But the selling picked up again as investors abandoned high-flying technology stocks amid concerns over the U.S.-China trade tussle and slowing global economic growth and bailed on energy stocks as the price of oil plummeted.

Presidents Trump and Xi of China met at the G-20 summit over the weekend and agreed to a cease-fire, lasting for at least 90 days, to allow time to smooth out a dispute over Chinese technology policies that the U.S. and other trading partners consider predatory.

Trump agreed to hold off on plans to raise tariffs on $200 billion in Chinese goods, which were supposed to kick in on Jan. 1. In return, Xi agreed to buy a “very substantial amount” of agricultural, energy and industrial products from the U.S. to reduce its large trade deficit with China, the White House said.

The U.S. had announced tariffs on $250 billion in Chinese imports this year, with the tax rate on many products set to rise Jan. 1, while China put new taxes on $110 billion in U.S. goods.

While the truce has the potential to steady markets through the end of the year, the countries still need to hammer out a lasting trade deal.

“Three months is not a very long time to achieve this so there are naturally plenty of sceptics out there but this is a rare piece of good news in a conflict that has yet to produce any,” said Craig Erlam, senior market analyst at OANDA.

The trade truce was one of several factors helping push oil prices higher Monday. Crude prices also jumped on news that Qatar will withdraw from OPEC in January. The move, which marks the first time a Mideast nation has exited the cartel since its founding in 1960, came ahead of an OPEC meeting on Thursday.

In addition, the government of the Canadian province of Alberta announced a large cut in oil production Monday.

“We expect OPEC to follow suit and agree to a production cut in Vienna this coming Thursday,” analysts with Goldman Sachs wrote in a published note Monday.

Benchmark U.S. crude was up 3.2 percent to $52.55 per barrel in New York. Brent crude, the international standard, rose 3 percent to $61.21 per barrel in London.

Oil prices had been falling in recent weeks as supplies built up, partly because the U.S. agreed to hold off on sanctions for countries that import oil from Iran. Traders have also been worried that a slowdown in global economic growth will reduce demand for fuels.

Monday’s pickup in oil prices gave energy stocks a boost. Devon Energy climbed 5.2 percent to $28.43.

Gains in technology companies helped drive the market higher. Chipmaker Advanced Micro Devices jumped 7.9 percent to $22.99.

Auto manufacturers also rose after Trump said on Twitter late Sunday that Beijing agreed to cut import duties on U.S. autos. There was no Chinese confirmation of the move, which would have little impact on trade because most American vehicles sold in China are made there.

Ford Motor rose 3.1 percent to $9.70, while General Motors added 2.2 percent to $38.77. Tesla gained 2.9 percent to $360.68.

Bond prices rose. The yield on the 10-year Treasury note fell to 3 percent from 3.01 percent late Friday.

The dollar fell to 113.58 yen from 113.61 yen late Friday. The euro strengthened to $1.1353 from $1.1309.

Major indexes in Asia finished higher. Hong Kong’s Hang Seng surged 2.6 percent, while Japan’s Nikkei 225 index climbed 1 percent. The Kospi in South Korea jumped 1.7 percent. The S&P ASX/200 in Australia added 1.8 percent. Shares rallied in Taiwan and throughout Southeast Asia.

By ALEX VEIGA – Dec 3. 2018 – 11:52 PM EDT

Stocks Climb After US-China Trade Truce; Oil Price Surges Stocks moved higher in morning trading on Wall Street Monday after the U.S. and China agreed to a 90-day truce in their escalating trade dispute.

[todaynewsstories]

Receding trade fears propel stocks to six-month peak

NEW YORK (Reuters) – The U.S. dollar rebounded and world shares hit a more than six-month high on Friday after China’s moves to boost domestic consumption bolstered a rally driven by investor bets the latest U.S.-Sino trade salvoes were unlikely to dent global growth.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 21, 2018. REUTERS/Brendan McDermid

The U.S. benchmark S&P 500 stock index and the Dow industrials scaled record peaks for a second session, though the Nasdaq turned lower soon after the market opened.

MSCI’s gauge of stocks across the globe gained 0.39 percent to hit six-month highs.

Sterling tumbled and pushed the dollar up after British Prime Minister Theresa May said Brexit talks had hit an impasse and that the European Union must offer an alternative plan after the bloc’s leaders rejected her plans.

The pound fell 1.36 percent, and was on course for its biggest daily loss since June 2017.

FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London, Britain. Aug 23, 2018. REUTERS/Peter Nicholls/File Photo

“Sterling bears are out in full force. They’ve pushed the pound quite aggressively down this morning,” said Dean Popplewell, a chief currency strategist at Oanda in Toronto.

The dollar rebounded from early lows but was still set for its biggest weekly drop since February as the equity market rally and rising bond yields fueled a rush to buy riskier assets. The dollar index rose 0.26 percent to 94.159 against a basket of major currencies.

A rally in Chinese markets helped lift MSCI’s broadest index of Asia-Pacific shares outside Japan 1.32 percent, partly on expectations that Beijing will pump more money into its economy to weather the trade war.

Miners and banks drove Britain’s top share index up 1.6 percent, while Germany’s DAX, home to some of the continent’s biggest exporters, rose 0.53 percent.

U.S. capital markets are exuberant, with stock valuations high at 21 times trailing earnings and struggling economies around the world a risk for U.S. stocks, said Michael Geraghty, equity strategist at Cornerstone Capital Group in New York.

“There’s really been no bad news to cause this market to take a breather for weeks,” Geraghty said. “The risk for U.S. equity markets is what’s going on overseas.”

A man walks past an electronic stock quotation board outside a brokerage in Tokyo, Japan, February 9, 2018. REUTERS/Toru Hanai

The Dow Jones Industrial Average rose 48.39 points, or 0.18 percent, to 26,705.37. he S&P 500 gained 2.73 points, or 0.09 percent, to 2,933.48 and the Nasdaq Composite dropped 21.76 points, or 0.27 percent, to 8,006.47.

Shares of Boeing and 3M, among U.S. companies most exposed to a trade war, were higher. However, semiconductor makers declined after top chipmaker Micron said U.S. tariffs on Chinese goods would weigh on results for as much as a year.

U.S. long-dated Treasury yields slipped, in tandem with those in Europe, as Brexit talks stalled between Britain and the European Union.

U.S. 2-year yields, however, remained unaffected as they hit a fresh 10-year high in the run-up to an expected rate increase at next week’s Federal Reserve monetary policy meeting.

Benchmark 10-year notes last rose 3/32 in price to yield 3.0683 percent.

Oil prices rose ahead of a meeting of the Organization of Petroleum Exporting Countries and other large crude exporters on Sunday that will focus on production increases as U.S. sanctions restrict exports from Iran.

Brent crude oil rose 2 cents at $78.72 a barrel. U.S. light crude gained 21 cents at $70.53.

Reporting by Herbert Lash; Editing by Bernadette Baum

Our Standards:The Thomson Reuters Trust Principles.

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[party-hard-or-die]

Tech shares bask in Apple glow despite Fed trepidation

LONDON (Reuters) – Forecast-beating results from the world’s biggest company, Apple, lifted tech shares on Wednesday, putting Wall Street on track for a firmer session despite some trepidation over a Fed meeting later in the day.

Investors look at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China April 16, 2018. REUTERS/Stringer

Expectations the U.S. Federal Reserve will signal more policy tightening ahead kept investors wary of big market moves, especially after currency markets were roiled this week by the dollar’s surge to 3 1/2-month highs against a basket of currencies.

But the dollar edged back down after Tuesday’s 0.7 percent rise, allowing world stocks to rise after two days of losses, especially following Apple’s 4 percent after-market gains.

The world’s biggest company by market capitalization beat profit and revenue expectations in the first quarter, thanks to robust iPhone sales, and it announced a $100 billion share buyback.

Germany-listed Apple shares jumped 5.7 percent and the New York-listed stock was 3.6 percent higher in pre-market trade.

“The headline news from Apple on iPhone sales has been taken well and there’s a relief bounce today across Apple supply chain names which had been hit in recent weeks,” said Neil Campling, co-head of the global thematic group at Mirabaud Securities.

The results lifted Europe’s tech index 1.2 percent to a six-week high, led by an 8 percent surge in shares in AMS, provider of the facial recognition technology used in iPhones.

Chipmakers STMicroelectronics, Infineon, BE Semiconductor and ASML also gained 1.1 to 3.8 percent, enjoying the positive mood on the sector.

U.S. equity futures signaled the S&P500 would open 0.2 percent higher. Futures for the Nasdaq tech benchmark were half a percent higher.

Tech gains were less marked in Asia, where markets in Japan, South Korea, Taiwan and Hong Kong all closed weaker. Campling said the Apple results had raised some “red flags”, including high inventory levels and a lower average selling price for its handsets.

“It’s a strange thing to do, to increase inventory so sharply. There will be more questions about ‘where do we go from here’,” he said.

That uncertainty about future profits, alongside the possibility of higher U.S. interest rates, is weighing on other sectors too, even though S&P500 companies posted 10 percent earnings growth in the first quarter, according to Thomson Reuters.

Oil and metals prices near multi-year highs are a major concern, leaving market players wondering if “perhaps this is as good as it’s going to get,” said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.

FED

U.S. 10-year yields hovered just below recent four-year highs above 3 percent. German yields, dragged to six-week highs by the U.S. bond selloff, stood just below those levels.

The Fed is likely to announce at 1800 GMT that it is holding interest rates steady. But it will probably encourage expectations of a rate increase in June.

Those expectations were strengthened after a survey on Tuesday suggested inflationary pressures were building.

A hawkish-sounding Fed could further boost the dollar, which has roared higher in recent weeks erasing its year-to-date losses versus a basket of currencies. The gains came amid signs the Fed will be the only major central bank to raise rates in the coming months.

“It is this concern around inflation and the robustness of the U.S. economy that is likely to dominate when the Fed concludes its meeting,” said Michael Hewson, chief market analyst at CMC Markets in London.

    “It will offer policymakers a decent opportunity to critique the health of the U.S. economy.”

In contrast to the United States, rate rise expectations elsewhere have receded after disappointing economic data.

Expectations of a Bank of England rate rise this month have virtually been priced out. The European Central Bank and central banks in Japan, Switzerland and Sweden have all hinted that policy tightening remains some way off.

Fresh data confirmed that expectation for the euro zone, showing first-quarter growth at 0.4 percent, below the 0.7 percent quarterly increases seen in the past three quarters.

HSBC analysts said the data showed the euro zone was experiencing “a slowdown not a slump” but they added that with inflation staying weak, “there is every reason for the ECB to maintain a dovish stance for the time being”.

The euro was flat, staying just off 3 1/2-year lows hit to the dollar on Tuesday.

Reporting by Sujata Rao; additional reporting by Masayuki Kitano in Singapore, Helen Reid and Dhara Ranasinghe in London; Editing by Larry King

The post Tech shares bask in Apple glow despite Fed trepidation appeared first on World The News.

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[dragnews]

Tech shares bask in Apple glow despite Fed trepidation

LONDON (Reuters) – Forecast-beating results from the world’s biggest company, Apple, lifted tech shares on Wednesday, putting Wall Street on track for a firmer session despite some trepidation over a Fed meeting later in the day.

Investors look at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China April 16, 2018. REUTERS/Stringer

Expectations the U.S. Federal Reserve will signal more policy tightening ahead kept investors wary of big market moves, especially after currency markets were roiled this week by the dollar’s surge to 3 1/2-month highs against a basket of currencies.

But the dollar edged back down after Tuesday’s 0.7 percent rise, allowing world stocks to rise after two days of losses, especially following Apple’s 4 percent after-market gains.

The world’s biggest company by market capitalization beat profit and revenue expectations in the first quarter, thanks to robust iPhone sales, and it announced a $100 billion share buyback.

Germany-listed Apple shares jumped 5.7 percent and the New York-listed stock was 3.6 percent higher in pre-market trade.

“The headline news from Apple on iPhone sales has been taken well and there’s a relief bounce today across Apple supply chain names which had been hit in recent weeks,” said Neil Campling, co-head of the global thematic group at Mirabaud Securities.

The results lifted Europe’s tech index 1.2 percent to a six-week high, led by an 8 percent surge in shares in AMS, provider of the facial recognition technology used in iPhones.

Chipmakers STMicroelectronics, Infineon, BE Semiconductor and ASML also gained 1.1 to 3.8 percent, enjoying the positive mood on the sector.

U.S. equity futures signaled the S&P500 would open 0.2 percent higher. Futures for the Nasdaq tech benchmark were half a percent higher.

Tech gains were less marked in Asia, where markets in Japan, South Korea, Taiwan and Hong Kong all closed weaker. Campling said the Apple results had raised some “red flags”, including high inventory levels and a lower average selling price for its handsets.

“It’s a strange thing to do, to increase inventory so sharply. There will be more questions about ‘where do we go from here’,” he said.

That uncertainty about future profits, alongside the possibility of higher U.S. interest rates, is weighing on other sectors too, even though S&P500 companies posted 10 percent earnings growth in the first quarter, according to Thomson Reuters.

Oil and metals prices near multi-year highs are a major concern, leaving market players wondering if “perhaps this is as good as it’s going to get,” said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.

FED

U.S. 10-year yields hovered just below recent four-year highs above 3 percent. German yields, dragged to six-week highs by the U.S. bond selloff, stood just below those levels.

The Fed is likely to announce at 1800 GMT that it is holding interest rates steady. But it will probably encourage expectations of a rate increase in June.

Those expectations were strengthened after a survey on Tuesday suggested inflationary pressures were building.

A hawkish-sounding Fed could further boost the dollar, which has roared higher in recent weeks erasing its year-to-date losses versus a basket of currencies. The gains came amid signs the Fed will be the only major central bank to raise rates in the coming months.

“It is this concern around inflation and the robustness of the U.S. economy that is likely to dominate when the Fed concludes its meeting,” said Michael Hewson, chief market analyst at CMC Markets in London.

    “It will offer policymakers a decent opportunity to critique the health of the U.S. economy.”

In contrast to the United States, rate rise expectations elsewhere have receded after disappointing economic data.

Expectations of a Bank of England rate rise this month have virtually been priced out. The European Central Bank and central banks in Japan, Switzerland and Sweden have all hinted that policy tightening remains some way off.

Fresh data confirmed that expectation for the euro zone, showing first-quarter growth at 0.4 percent, below the 0.7 percent quarterly increases seen in the past three quarters.

HSBC analysts said the data showed the euro zone was experiencing “a slowdown not a slump” but they added that with inflation staying weak, “there is every reason for the ECB to maintain a dovish stance for the time being”.

The euro was flat, staying just off 3 1/2-year lows hit to the dollar on Tuesday.

Reporting by Sujata Rao; additional reporting by Masayuki Kitano in Singapore, Helen Reid and Dhara Ranasinghe in London; Editing by Larry King

The post Tech shares bask in Apple glow despite Fed trepidation appeared first on World The News.

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[newestbalance]

Tech shares bask in Apple glow despite Fed trepidation

LONDON (Reuters) – Forecast-beating results from the world’s biggest company, Apple, lifted tech shares on Wednesday, putting Wall Street on track for a firmer session despite some trepidation over a Fed meeting later in the day.

Investors look at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China April 16, 2018. REUTERS/Stringer

Expectations the U.S. Federal Reserve will signal more policy tightening ahead kept investors wary of big market moves, especially after currency markets were roiled this week by the dollar’s surge to 3 1/2-month highs against a basket of currencies.

But the dollar edged back down after Tuesday’s 0.7 percent rise, allowing world stocks to rise after two days of losses, especially following Apple’s 4 percent after-market gains.

The world’s biggest company by market capitalization beat profit and revenue expectations in the first quarter, thanks to robust iPhone sales, and it announced a $100 billion share buyback.

Germany-listed Apple shares jumped 5.7 percent and the New York-listed stock was 3.6 percent higher in pre-market trade.

“The headline news from Apple on iPhone sales has been taken well and there’s a relief bounce today across Apple supply chain names which had been hit in recent weeks,” said Neil Campling, co-head of the global thematic group at Mirabaud Securities.

The results lifted Europe’s tech index 1.2 percent to a six-week high, led by an 8 percent surge in shares in AMS, provider of the facial recognition technology used in iPhones.

Chipmakers STMicroelectronics, Infineon, BE Semiconductor and ASML also gained 1.1 to 3.8 percent, enjoying the positive mood on the sector.

U.S. equity futures signaled the S&P500 would open 0.2 percent higher. Futures for the Nasdaq tech benchmark were half a percent higher.

Tech gains were less marked in Asia, where markets in Japan, South Korea, Taiwan and Hong Kong all closed weaker. Campling said the Apple results had raised some “red flags”, including high inventory levels and a lower average selling price for its handsets.

“It’s a strange thing to do, to increase inventory so sharply. There will be more questions about ‘where do we go from here’,” he said.

That uncertainty about future profits, alongside the possibility of higher U.S. interest rates, is weighing on other sectors too, even though S&P500 companies posted 10 percent earnings growth in the first quarter, according to Thomson Reuters.

Oil and metals prices near multi-year highs are a major concern, leaving market players wondering if “perhaps this is as good as it’s going to get,” said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.

FED

U.S. 10-year yields hovered just below recent four-year highs above 3 percent. German yields, dragged to six-week highs by the U.S. bond selloff, stood just below those levels.

The Fed is likely to announce at 1800 GMT that it is holding interest rates steady. But it will probably encourage expectations of a rate increase in June.

Those expectations were strengthened after a survey on Tuesday suggested inflationary pressures were building.

A hawkish-sounding Fed could further boost the dollar, which has roared higher in recent weeks erasing its year-to-date losses versus a basket of currencies. The gains came amid signs the Fed will be the only major central bank to raise rates in the coming months.

“It is this concern around inflation and the robustness of the U.S. economy that is likely to dominate when the Fed concludes its meeting,” said Michael Hewson, chief market analyst at CMC Markets in London.

    “It will offer policymakers a decent opportunity to critique the health of the U.S. economy.”

In contrast to the United States, rate rise expectations elsewhere have receded after disappointing economic data.

Expectations of a Bank of England rate rise this month have virtually been priced out. The European Central Bank and central banks in Japan, Switzerland and Sweden have all hinted that policy tightening remains some way off.

Fresh data confirmed that expectation for the euro zone, showing first-quarter growth at 0.4 percent, below the 0.7 percent quarterly increases seen in the past three quarters.

HSBC analysts said the data showed the euro zone was experiencing “a slowdown not a slump” but they added that with inflation staying weak, “there is every reason for the ECB to maintain a dovish stance for the time being”.

The euro was flat, staying just off 3 1/2-year lows hit to the dollar on Tuesday.

Reporting by Sujata Rao; additional reporting by Masayuki Kitano in Singapore, Helen Reid and Dhara Ranasinghe in London; Editing by Larry King

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Dollar near three-and-a-half-month peak, bolstered by rising U.S. bond yields

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Dollar near three-and-a-half-month peak, bolstered by rising U.S. bond yields

© Reuters. FILE PHOTO: Light is cast on U.S. one-hundred dollar bill next to Japanese 10,000 yen note

By Masayuki Kitano

SINGAPORE (Reuters) – The dollar traded near a 3-1/2-month high against a basket of currencies on Thursday, bolstered by higher U.S. Treasury yields, led by the 10-year benchmark breaching the 3 percent threshold this week for the first time in four years.

The 10-year U.S. Treasury yield () set a fresh four-year high of 3.035 percent on Wednesday, driven by worries about the growing supply of government debt and inflationary pressures from rising oil prices.

A rise to levels beyond 3.041 percent would take the U.S. benchmark 10-year yield to its highest since July 2011. The recent jump in U.S. bond yields has caused U.S.-Japan and U.S.-German yield differentials to widen further in the dollar’s favor, leaving the yen and the euro lower.

“Unless there is a very unlikely massive meltdown in U.S. equity markets, it is doubtful the Fed will waver on a June rate hike,” Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore wrote in a note.

“With equity market sentiment holding firm in the face of rising bond yields, the almighty dollar could move through G-10 currency markets like a wrecking ball,” Innes added.

The dollar’s index against a basket of six major currencies was at 91.136 (), having risen to a high of 91.261 on Wednesday, its strongest since Jan. 12.

Wall Street limped into positive territory on Wednesday on optimism over a spate of upbeat earnings, although that was nearly offset by jitters over rising U.S. bond yields and corporate costs.

The euro rose 0.2 percent to $1.2179 () but was still within sight of a near two-month low of $1.2160 set on Wednesday.

The near-term focus is on the European Central Bank’s rates review due later on Thursday.

The ECB is set to keep policy unchanged on Thursday, playing down worries over recent softness in the euro zone economy and leaving the door open to ending its lavish bond purchase scheme by the close of the year.

YEN’S APRIL WOES

Against the yen, the dollar set a 2-1/2-month high of 109.49 yen but later eased to 109.30 yen , down 0.1 percent.

The dollar may soon test some key technical levels near 110 yen, said Teppei Ino, analyst for MUFG Bank in Singapore.

One key level for the dollar is 109.65 yen, a 50 percent retracement of its November to March decline, and another is its 200-day moving average near 110.27 yen, Ino said.

So far in April, the dollar has gained 2.8 percent against the yen, putting it on track for its biggest monthly gain since November 2016.

The yen’s recent weakness has probably been driven in part by Japanese investors increasing their exposure to foreign currencies at the start of Japan’s new financial year, said Sim Moh Siong, FX strategist for Bank of Singapore.

Still, the yen may see its near-term losses limited at around 110 per dollar, Sim said.

The Japanese currency likely holds attraction for overseas investors looking to diversify their currency allocations, given that the yen’s real effective exchange rate — its trade-weighted and inflation adjusted exchange rate — still appears relatively cheap on a longer-term basis, Sim said.

“Yen will be valuable as a diversifier,” he added.

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