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Thread: Utrader News

  1. #21
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    CRUDE OIL PRICES RISE AS OPEC SAYS MARKET COMING INTO BALANCE

    Investing.com - Crude oil prices pushed higher on Tuesday after the Organization of the Petroleum Exporting Countries said Monday that there is “clear evidence” the market is rebalancing after years of oversupply.
    U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or around 0.38%, to $49.77 a barrel by 04:41 AM ET (08:41 GMT).
    Brent crude, the benchmark for oil prices outside the U.S., tacked on 26 cents or about 0.47% to trade at $56.05 a barrel.
    Prices remained supported after OPEC Secretary-General Mohammed Barkindo said in a speech Monday that there are clear signs that the oil market is coming into balance and that the group remains committed to its goal of reducing global stockpiles.
    OPEC has spearheaded an effort to reduce output in order to end years of overproduction that led to a massive global supply glut.
    The remarks helped oil prices to stabilize on Monday after they fell more than 2% on Friday amid concerns that Hurricane Nate would curb demand from refiners.
    Oil traders were looking ahead to monthly reports from OPEC and the International Energy Agency on Wednesday and Thursday respectively to assess global oil supply and demand levels.
    Weekly reports on U.S. stockpiles of crude and refined products, also due out on Wednesday and Thursday will be scrutinized for signs of the impact of recent storm activity on supply and demand.
    The reports come out one day later than usual due to the U.S. Columbus Day holiday on Monday.
    The market was also waiting on President Donald Trump’s decision on Thursday on whether or not to certify Iran’s compliance with the international nuclear deal. The Persian nation is an OPEC member and key Middle Eastern oil producer.
    Elsewhere on Nymex, gasoline futures rose 0.96%, to $1.5700 a gallon, while heating oil rose 0.43% to $1.7427 a gallon.
    Natural gas futures were up 0.46% to $2.864 per million British thermal units.

  2. #22
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    DOLLAR INDEX STILL ON THE DOWNSIDE IN QUIET TRADE

    Investing.com - The dollar remained lower against other major counterparts in quiet trade on Wednesday, hovering near a more than one-week low as doubts over a potential U.S. tax overhaul before the end of the year continued to weigh on the greenback.
    The greenback came under pressure as U.S. President Donald Trump's public feud with Tennessee Senator and fellow Republican Bob Corker sparked concerns over the vote of a major tax-code reform.
    Market participants were also looking ahead to the minutes of the Federal Reserve's most recent policy meeting, due to be released later in the day.
    At its September meeting, the Fed had signaled the possibility of a third rate hike t his year.
    EUR/USD added 0.21% to 1.1834, its highest since September 26, as Spanish political tensions temporarily eased.
    Catalan President Carles Puigdemont on Tuesday signed a document proclaiming the region's independence from Spain, but he also suspended the move for the coming weeks to allow for talks with the Spanish government, averting an immediate crisis.
    The Spanish government was scheduled toconvene in Madrid on Wednesday to shore up its response to the Catalan independence movement.
    Elsewhere, GBP/USD slipped 0.11% to 1.3190.
    The yen remained higher, with USD/JPY down 0.27% at 112.14, while USD/CHF eased 0.09% to 0.9740.
    The Australian and New Zealand dollars were stronger, with AUD/USD up 0.19% at 0.7792 and with NZD/USD adding 0.11% to 0.7077.
    Meanwhile, USD/CAD eased 0.09% to 1.2505.
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.11% at 92.99 by 08:20 a.m. ET (12:20 GMT), the lowest since October 2.

  3. #23
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    GOLD PRICES TRIM GAINS BUT REMAIN NEAR 2-WEEK PEAK

    Investing.com - Gold prices trimmed gains on Thursday, as a string of upbeat U.S. economic reports lent some support to a weakened dollar, although caution ahead of Friday's U.S. inflation data was expected to limit the greenback's gains.
    Comex gold futures were up $5.71 or about 0.44% at $1,294.71 a troy ounce by 09:00 a.m. ET (13:00 GMT), after rising to a two-week peak of $1,299.85 earlier in the day.
    The greenback strengthened after the U.S. Department of Labor reported on Thursday that initial jobless claims fell more than expected to 243,000 last week.
    A separate report showed that producer prices increased 0.4% in September, in line with expectations. Core producer prices, which exclude food and energy also rose 0.4%, beating expectations for a 0.2% uptick.
    The data came a day after the minutes of the Federal Reserve's September policy meeting showed that policymakers remain divided on inflation.
    Several policymakers believe additional tightening will depend on upcoming inflation data. However, most Fed members said they feel another rate increase this year 'was likely to be warranted,' the report showed.
    Market participants were now looking ahead to the highly-anticipated U.S. consumer price inflation data set to be released on Friday.
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.22% at 92.96, a two-week trough of 92.64 hit earlier in the day.
    Gold is sensitive to moves in both U.S. rates and the dollar. A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding non-yielding assets such as bullion.
    Elsewhere on the Comex, silver futures gained 0.34% to $17.19 a troy ounce.

  4. #24
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    DOLLAR SLIPS LOWER AHEAD OF U.S. INFLATION REPORT

    Investing.com - The U.S. dollar slipped lower against other major counterparts on Friday, erasing gains posted after the previous session's upbeat U.S. data, as investors remained cautious ahead of a highly-anticipated U.S. inflation report due later in the day.
    The greenback was boosted after the U.S. Department of Labor reported on Thursday that initial jobless claims fell more than expected to 243,000 last week.
    A separate report showed that producer prices increased 0.4% in September, in line with expectations. Core producer prices, which exclude food and energy also rose 0.4%, beating expectations for a 0.2% uptick.
    The data came a day after the minutes of the Federal Reserve's September policy meeting showed that policymakers remain divided on inflation.
    Several policymakers believe additional tightening will depend on upcoming inflation data. However, most Fed members said they feel another rate increase this year 'was likely to be warranted,' the report showed.
    Market participants were looking ahead to the highly-anticipated U.S. consumer price inflation data set to be released later Friday.
    EUR/USD edged up 0.10% to 1.1844, while GBP/USD added 0.09% to trade at 1.3274.
    Sterling remained under pressure after European Union chief negotiator Michel Barnier announced on Thursday that Brexit talks were at an 'impasse.'
    The euro remained mildly supported as Catalonia stopped short of formally declaring independence from Spain this week.
    However, European Central Bank President Mario Draghi reiterated in a speech on Thursday that the ECB's asset purchases would continue until officials see a sustained improvement in the outlook for inflation.
    Draghi added that interest rates would remain at current levels 'well past' the time the central bank stops buying assets.
    Elsewhere, USD/JPY edged 0.19% lower to 112.09, while USD/CHF held steady at 0.9752.
    The Australian and New Zealand dollars were stronger, with AUD/USD up 0.22% at 0.7837 and with NZD/USD adding 0.13% to trade at 0.7135 after data earlier showed that China's imports increased by 18.7% last month, beating expectations, while exports rose less than expected by 8.1%.
    China is Australia's biggest export partner and New Zealand's second biggest export partner.
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.14% at 92.81 by 02:20 a.m. ET (06:20 GMT), re-approaching the previous session's two-week trough of 92.64.

  5. #25
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    BITCOIN EASES FROM RECORD HIGHS, ETHEREUM SPIKES 14%

    Investing.com – Bitcoin rallied on Friday, hitting record highs for the second day in a row as sentiment remained bullish on the digital currency.
    On the U.S.-based Bitfinex exchange, bitcoin rose to $5671.5, up $231.5, or 4.26%, taking its market cap to $94bn.
    The rally in Bitcoin has seen it hit $5920 the highest level in its nine-year history amid a surge in investor demand on expectations that China could lift its ban on Bitcoin exchanges allowing trading to resume but with stringent measures of regulation.
    The new measures could enforce new licensing and anti-money laundering regulations on exchanges to curb the use of Bitcoin for illegal transaction.
    Also fuelling demand for the digital currency was the anticipation of a hard fork in Bitcoin creating an offshoot 'Bitcoin Gold', which would be freely distributed to current holders of Bitcoin.
    On October 25, Bitcoin Gold will split off from Bitcoin to create an ASIC-resistant cryptocurrency which seeks to move away from the current mining monopolies present in Bitcoin.
    In other cryptocurrency news, Bitcoin Cash rose 0.89%, to $313.50, while Ethereum, the second largest cryptocurrencies by market cap, lost gained 14.15% to $303.03.
    A sharp move higher in Ethereum prices follows days of subdued action as traders await the upcoming Byzantium hard fork, expected October 16.

  6. #26
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    DOLLAR UNDER PRESSURE ON INFLATION JITTERS, GBP/USD NEARS 2-WEEK HIGH

    Investing.com – The dollar fell against a basket of major currencies on Friday after inflation data undershot expectations threatening the outlook for a December rate increase.
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.14% to 92.81.
    The Labor Department said on Friday its Consumer Price Index rose 0.5% last month after advancing 0.4% in August. That missed economists forecast of a 0.6% rise.
    The slowdown in inflation lowered expectations for a December rate hike amid recent comments from Fed officials urging the central bank to hold off additional rate increases until the trend of slowing inflation subsided.
    Louis Fed President James Bullard warned on Thursday that the central bank should stop raising rates until the pace of inflation improves.
    'If you are going to have an inflation target you should defend it. If you say you are going to hit the inflation target then you should try to hit it and maintain credibility,' Bullard said in an interview with Reuters.
    Some analysts, however, were quick to downplay the softer inflation data in the wake of recent hurricanes Harvey and Irma.
    “What’s weighing on the dollar is the softer core inflation data,” said Viraj Patel, FX strategist at ING, adding that the headline data were expected to be distorted by the effect of the hurricanes that hit the U.S. in September.
    Meanwhile, retail sales rose 1.6%, their biggest gain since 2015, the Commerce Department said on Friday. Economists had expected a 1.7% increase.
    Also weighing on the dollar was a surge in the pound to a nearly two-week high following a slump in the previous session after Brexit negotiators declared talks between the UK and the European Union had reached a deadlock.
    GBP/USD rose 0.29% to $1.3302.
    EUR/USD gained 0.08% to $1.1840, while EUR/GBP lost 0.21% to £0.8901.
    USD/CAD added on 0.32% to C$1.2519, while USD/JPY fell 0.34% to Y111.90.

  7. #27
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    BITCOIN EASES FROM RECORD HIGHS, ETHEREUM SPIKES 14%

    Investing.com – Bitcoin rallied on Friday, hitting record highs for the second day in a row as sentiment remained bullish on the digital currency.
    On the U.S.-based Bitfinex exchange, bitcoin rose to $5671.5, up $231.5, or 4.26%, taking its market cap to $94bn.
    The rally in Bitcoin has seen it hit $5920 the highest level in its nine-year history amid a surge in investor demand on expectations that China could lift its ban on Bitcoin exchanges allowing trading to resume but with stringent measures of regulation.
    The new measures could enforce new licensing and anti-money laundering regulations on exchanges to curb the use of Bitcoin for illegal transaction.
    Also fuelling demand for the digital currency was the anticipation of a hard fork in Bitcoin creating an offshoot 'Bitcoin Gold', which would be freely distributed to current holders of Bitcoin.
    On October 25, Bitcoin Gold will split off from Bitcoin to create an ASIC-resistant cryptocurrency which seeks to move away from the current mining monopolies present in Bitcoin.
    In other cryptocurrency news, Bitcoin Cash rose 0.89%, to $313.50, while Ethereum, the second largest cryptocurrencies by market cap, lost gained 14.15% to $303.03.
    A sharp move higher in Ethereum prices follows days of subdued action as traders await the upcoming Byzantium hard fork, expected October 16.

  8. #28
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    U.S. STOCKS HIGHER AT CLOSE OF TRADE; DOW JONES INDUSTRIAL AVERAGE UP 0.13%

    Investing.com – U.S. stocks were higher after the close on Friday, as gains in the Basic Materials, Technology and Consumer Services sectors led shares higher.
    At the close in NYSE, the Dow Jones Industrial Average rose 0.13% to hit a new all time high, while the S&P 500 index climbed 0.09%, and the NASDAQ Composite index gained 0.22%.
    The best performers of the session on the Dow Jones Industrial Average were American Express Company (NYSE:AXP), which rose 1.36% or 1.25 points to trade at 92.86 at the close. Meanwhile, Intel Corporation (NASDAQ:INTC) added 1.22% or 0.48 points to end at 39.67 and Procter&Gamble Company (NYSE:PG) was up 0.97% or 0.89 points to 93.04 in late trade.
    The worst performers of the session were Verizon Communications Inc (NYSE:VZ), which fell 1.01% or 0.49 points to trade at 47.86 at the close. Merck&Company Inc (NYSE:MRK) declined 0.69% or 0.44 points to end at 63.39 and Goldman Sachs Group Inc (NYSE:GS) was down 0.53% or 1.27 points to 238.53.
    The top performers on the S&P 500 were HP Inc (NYSE:HPQ) which rose 6.42% to 21.71, Viacom B Inc (NASDAQ:VIAB) which was up 5.82% to settle at 26.00 and Alliance Data Systems Corporation (NYSE:ADS) which gained 4.87% to close at 230.86.
    The worst performers were Pacific Gas&Electric Co (NYSE:PCG) which was down 10.51% to 57.72 in late trade, Mallinckrodt (NYSE:MNK) which lost 4.15% to settle at 33.29 and JB Hunt Transport Services Inc (NASDAQ:JBHT) which was down 4.01% to 104.01 at the close.
    The top performers on the NASDAQ Composite were Leading Brands Inc (NASDAQ:LBIX) which rose 68.15% to 2.270, China Lending Corp (NASDAQ:CLDC) which was up 42.75% to settle at 5.14 and Net Element Inc (NASDAQ:NETE) which gained 29.56% to close at 5.2600.
    The worst performers were Antares Pharma Inc (NASDAQ:ATRS) which was down 37.80% to 2.320 in late trade, Tandem Diabetes Care Inc (NASDAQ:TNDM) which lost 36.11% to settle at 2.99 and Casi Pharma (NASDAQ:CASI) which was down 25.27% to 2.7200 at the close.
    Rising stocks outnumbered declining ones on the New York Stock Exchange by 1800 to 1265 and 143 ended unchanged; on the Nasdaq Stock Exchange, 1359 fell and 1147 advanced, while 139 ended unchanged.
    Shares in HP Inc (NYSE:HPQ) rose to 5-year highs; up 6.42% or 1.31 to 21.71. Shares in Pacific Gas&Electric Co (NYSE:PCG) fell to 52-week lows; down 10.51% or 6.78 to 57.72. Shares in Mallinckrodt (NYSE:MNK) fell to all time lows; down 4.15% or 1.44 to 33.29. Shares in American Express Company (NYSE:AXP) rose to 52-week highs; rising 1.36% or 1.25 to 92.86. Shares in Leading Brands Inc (NASDAQ:LBIX) rose to 52-week highs; up 68.15% or 0.920 to 2.270. Shares in Tandem Diabetes Care Inc (NASDAQ:TNDM) fell to all time lows; falling 36.11% or 1.69 to 2.99.
    The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 3.33% to 9.58.
    Gold Futures for December delivery was up 0.71% or 9.18 to $1305.68 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 1.54% or 0.78 to hit $51.38 a barrel, while the December Brent oil contract rose 1.64% or 0.92 to trade at $57.17 a barrel.
    EUR/USD was down 0.05% to 1.1825, while USD/JPY fell 0.37% to 111.88.
    The US Dollar Index Futures was down 0.04% at 92.90.

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