Tech tumble hits Asian stocks, bitcoin steadies

Asian shares fell on Thursday, weighed down by a plunge in high-flying tech shares on fears that a long boom in micro-chips may have peaked, while virtual currency bitcoin steadied after a roller-coaster ride in the previous session. The digital currency’s 10-fold increase in price this year has stoked worries of a bubble and potential crash that could rattle conventional financial markets. Bitcoin (BTC=BTSP) rose nearly 3 percent to around $10,100 during Asian trading on Thursday. On Wednesday, it surged

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Pound Advances Amid Brexit Optimism

The pound strengthened against its major counterparts in pre-European deals on Wednesday, following media reports that Britain and the EU have edged closer towards a deal on Brexit divorce bill, enabling to begin talks on an interim trade deal. The U.K. has offered to pay more than ?50 billion, although the final amount will be dependent on how each side calculates the figure from an “agreed methodology”. Settling the Brexit bill is a crucial condition for moving talks on to

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France’s Q3 GDP Growth Matches Estimate

France’s economic growth matched the initial estimate in the third quarter, the second estimate from the statistical office Insee showed Wednesday. Gross domestic product grew 0.5 percent sequentially, in line with the estimate released on October 31, but slightly slower than the 0.6 percent expansion posted in the second quarter. The expenditure-side breakdown of GDP showed that growth in household consumption expenditure doubled to 0.6 percent from 0.3 percent. Gross fixed capital formation climbed 0.9 percent, following a 1.1 percent

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EU Raises Eurozone Growth Forecast

improving labor market conditions and strong global growth. In the Autumn Forecast, released Thursday, the EU said the currency bloc will grow 2.2 percent this year instead of prior projection of 1.7 percent. The agency noted that the EU economy continues to glide forward on the wings of favorable financing conditions made possible by accommodative monetary policies, with additional thrust from improving labor market conditions and stronger global growth and trade. However, citing slowing employment growth, lower increases in real

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palladium hit a new high, the highest since February 2001.

Gold prices rose on Thursday after hitting a three-week high in the previous session as the dollar fell, while palladium hit a new high, the highest since February 2001. By 0844 GMT, spot gold prices rose 0.2 percent to $ 1283.91 an ounce. Gold rose 0.4 percent on Wednesday, touching its highest level since October 20 at $ 1287.13 an ounce. Gold futures for December delivery rose 0.1 percent to $ 1284.90 an ounce. The dollar fell 0.1 percent against

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Betcoin is recovering from Monday’s sharp losses

The digital currency retraced its balance on Tuesday, after a big drop of 6% on Monday, triggered by profit taking after the currency reached its highest level in recent days. On the US stock exchange, Bitcoin traded at $ 7,139.30 at 5:32 am Eastern time. Bitcoin recorded its highest level in its 9-year history on Sunday at $ 7,595, before retreating significantly thereafter. The digital currency had opened the year close to the level of $ 1,000, and at current

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Australian stocks rose at the end of today’s session; the ASX 200 rose 0.03%

Stocks in Australia closed higher Wednesday, with indicators pointing higher, with gains in real estate , financial and public equity funds . At the close of trading in Sydney, the ASX 200 closed up 0.03%. Among the leading stocks in the ASX 200 today was AXIX FXL , which rose 5.26% or 0.080 points and closed at 1.600. On the other hand, Blackmores Ltd (AX: BKL ) rose 3.88% or 6.30 points and closed at 168.83, while Costa Group Holdings

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U.S. urges Saudis to be fair, open in handling graft prosecutions

The U.S. State Department said on Tuesday it was urging Saudi Arabia to be “fair and transparent” in its handling of any prosecutions stemming from a sweeping corruption probe that has resulted in the arrests of dozens of top Saudi officials. State Department spokeswoman Heather Nauert said the United States had no advance knowledge of the corruption crackdown that unfolded over the weekend and resulted in the detention of members of the royal family, ministers and investors, including prominent billionaire

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World stocks break 500 barrier, oil camps at 2-1/2 yr high

The global rally in stocks showed no sign of slowing on Tuesday, as upbeat investors pushed the most widely-tracked index of world stocks up for a ninth straight day and sailing past the 500 point barrier. The latest leg of the run came as Japan’s Nikkei hit its best level since 1992 , Germany’s DAX scored a record high and the rest of Europe gained as a 2-1/2 year high in oil prices lifted resources stocks again. . All three

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China’s Exports Expand Less Than Forecast

China’s exports grew at a slower-than-expected pace in October, while imports surged on domestic demand, official data showed Wednesday. In dollar terms, exports climbed 6.9 percent year-over-year in October, data from the General Administration of Customs revealed. Shipments were forecast to climb 7.1 percent after rising 8.1 percent in September. Meanwhile, imports surged 17.2 percent in October from a year ago, faster than the expected growth of 17.0 percent. Consequently, the trade surplus totaled $38.2 billion in October versus the

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Stocks Fall To Lowest Level In Two Months Amid Pension Reform Fears

Brazilian benchmark stock market index Ibovespa fell 2.55% to 72,414.88 points Tuesday and closed at the lowest level in almost two months after the government admitted that it might face obstacles to garner support for the pension system reform in Congress. The pension system reform is one of the pillars of Brazil’s fiscal adjustment, and a Congressional veto to the proposal would probably unlock a new downgrade to the sovereign rating since public expenditure would rise more rapidly than expected.

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ARGENTINA: Merval Rises 0.55% On ADRs And Reforms

Merval, the main index of the Buenos Aires Stock Exchange, closed up 0.55% at 28,133.18 points Tuesday due to the good performance of the Argentinean ADRs on Wall Street in Monday’s session – when the local market remained closed on a holiday. The Merval was also boosted by the labor and tax reforms that the Argentinean government intends to implement. According to Adrian Mayoral, an analyst at Mayoral Burs?til, the good performance of the ADRs, added to a tour by

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Brent oil near 2-year highs as OPEC’s compliance with cuts improves

OPEC compliance to its pledged cuts at 92% in October SINGAPORE – Brent crude oil prices were near two-year highs on Wednesday as OPEC has significantly improved compliance with its pledged supply cuts and Russia is also seen keeping to the deal. Brent futures, the international benchmark for oil prices, were at $61.16 per barrel at 0045 GMT, up 22 cents, or 0.36 percent, since their last close and near the $61.41 a barrel two-year high from intraday trading on

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OPEC oil output falls in October led by drop in Iraqi exports

OPEC output falls by 80,000 bpd to 32.78mln bpd LONDON – OPEC oil output fell this month by 80,000 barrels per day (bpd), a Reuters survey found, as exports from northern Iraq dropped and other producers maintained adherence to a supply cut deal. OPEC’s adherence to its pledged supply curbs rose to 92 percent from September’s 86 percent, the survey found, as top exporter Saudi Arabia continued to pump below its OPEC target and output in Venezuela, in economic depression,

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Strong ADP Private Payrolls Boost U.S. Dollar

The U.S. dollar strengthened against its most major counterparts in the European session on Wednesday, as ADP private payroll employment grew more than forecast in October and investors awaited the Federal Reserve’s decision to see whether it is edging closer to a possible rate hike next month. Data from payroll processor ADP showed a bigger-than-expected increase in private sector employment in the month of October, following a notable slowdown in job growth in the previous month. ADP said private sector

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The dollar is trading near a week low against the yen

The dollar traded near a one-week low against the yen on Tuesday as investors remained cautious after investigators investigating the Russian intervention in the US election accused the former campaign manager of President Donald Trump. The USD / JPY traded at 113.07 at 04:39 Eastern time after dropping to a low of 112.96 overnight. The dollar was under pressure to sell after federal investigators accused former Trump campaign manager Paul Manavort of money laundering. Special adviser Robert Mueller also investigates

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Gold prices are stable and focus on central bank meetings

Gold prices remained flat on Tuesday after the Bank of Japan kept its monetary policy unchanged as investors shifted to other central bank meetings and economic events this week. Trading in gold markets remained cautious ahead of a Federal Reserve meeting starting on Tuesday and ahead of the likely release of the next US central bank chairman on Thursday and US jobs data due on Friday. Political unrest in the Catalonia region is also the focus of interest next to

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IMF supports Saudi Arabia’s plan to establish a $ 500 billion commercial zone

The International Monetary Fund (IMF) has backed an ambitious Saudi plan to create a $ 500 billion commercial and industrial zone across Jordan and Egypt, saying the project would benefit the entire region. “We need to balance the huge cost of the region and other economic projects,” said Jihad Azour, director of the Middle East department at the IMF. “We are trying to reduce the huge budget deficit caused by lower oil prices on the other side. Azour said in

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Treasuries Show Moderate Move To The Upside

After ending the previous session roughly flat, treasuries moved to the upside over the course of the trading day on Friday. Bond prices moved higher in morning trading and remained in positive territory for the remainder of the session.The yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.4 basis points to 2.428 percent. The strength among treasuries came amid reports that President Donald Trump is leaning toward nominating Federal Reserve Governor Jerome Powell as

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US dollar down despite positive US data

The dollar fell against a basket of currencies on Wednesday and struggled to gain further gains linked to speculation that the next Fed Chairman will steer monetary policy in a direction that tends to tighten monetary tightening. A decline in US bond yields, with two-year Treasury yields falling from the highest level in nearly nine years, fueled some sales in the dollar. Analysts said sales to the US dollar for profit took place even in the wake of surprisingly strong

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Bitcoine is losing 60% after the new release of the gold-based version of Pitcone Gold

The digitized digital currency encoded during today’s trading to close to about 5370 dollars, and then returned to compensate some losses to the price to 5500 approximately, and the decline was strong last week by 60% due to the currency under pressure led to another split to become With three copies. The new version has been named Gold Configuration. The main currency has been split into the former Cash configuration . Developers who use mining have complex mathematical solutions using

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Ibovespa Rises In Volatile Day By Vote Of Complaint Against Temer

Ibovespa, the benchmark stock index in Brazil, closed up 0.42% Wednesday at 76,671.13 points, rising after the House of Representatives reached the quorum required to vote on a second criminal complaint against the President Michel Temer. Doubts on whether there was a quorum were keeping the Ibovespa down, in addition to the market fears that the vote would be tight and could hamper a pension reform widely expected by market players. Earlier, news of Temer’s hospitalization for urological obstruction also

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South Korea GDP Climbs 1.4% In Q3

South Korea’s gross domestic product expanded a seasonally adjusted 1.4 percent on quarter in the third quarter of 2017, the Bank of Korea said on Thursday. That beat forecasts for a gain of 0.9 percent, and was up from 0.6 percent in the three months prior. Real gross domestic income gained 1.6 percent on quarter. On the expenditure side, the increase in government consumption and construction investment expanded, while exports turned positive. Private consumption expanded 0.7 percent on quarter as

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Australia Export Prices Decline 3.0% In Q3

Export prices in Australia skidded 3.0 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Thursday. That beat forecasts for a decline of 4.0 percent following the 5.7 percent drop in the three months prior. The fall was driven by lower prices received for coal, coke and briquettes (-7.4 percent), metalliferous ores and metal scrap (-1.5 percent) and gas, natural and manufactured (-4.0 percent). On a yearly basis, the export price index spiked

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Egypt; US delegation confer on achievements of economic reform program

Minister of Investment Sahar Nasr conferred on Monday with a US delegation led by Assistant US Secretary of State Richard Albert. The meeting was attended by US Charge d’affaires Thomas Goldberger and US Agency for International Development (USAID) Deputy Mission Director Rebecca Latorraca. The head of the US delegation asserted his country’s backing for Egypt in its march to achieve economic progress, highlighting the positive sides of Egyptian-American relations in the various fields, citing the dlrs 121.6 million-worth agreements signed

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Tesla moves closer to deal to build cars in China

Electric car maker Tesla Inc said on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year. China levies a 25 percent duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the world’s largest automaker. Those are problems for Tesla, which wants to expand its presence in China’s growing

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Crude Oil Stays Near $52

Crude oil futures inched higher Monday despite moves by Iraq to mitigate the supply disruptions brought on by the Kurdish conflict. West Texas Intermediate crude for December delivery on the New York Mercantile Exchange rose 6 cents to close at $51.91 a barrel. Oil has been steady above $50 lately, thanks in part to OPEC’s suppl quota plan which may be extended through 2018. In economic news, UK firms reported slower growth in factory orders in October, the Industrial Trends

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BRAZIL: Economists Raise 2017 Inflation Forecast To 3.06% From 3.00%

The median forecast for Brazil’s consumer price inflation in 2017 was raised for the third consecutive week, to 3.06% from 3.00% seven days ago, according to economists surveyed by the central bank. For 2018, the median forecast was kept unchanged at 4.02% for the second week in a row. For the next 12 months, meanwhile, estimates for the annual inflation was raised to, 4.01%, from 4.00%. Brazil annual inflation is currently at the bottom of the central bank’s target range,

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ARGENTINA: Ruling Coalition Wins Election, Expands Presence In Congress

The ruling coalition Cambiemos won the legislative elections held Sunday in Argentina, with 40 percent of support nationwide, defeating Unidad Ciudadana, from former president Cristina Kirchner, which consolidated its image as the main opposition bloc. Cambiemos won in the five larger electoral districts of Argentina and expanded its presence in the Argentinean Congress. In the Buenos Aires province, where the race was particularly tight due to a technical tie in the primaries, both Esteban Bullrich from Cambiemos, and Kirchner were

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ARGENTINA Merval Rises 2.35% Amid Optimism With Elections

Merval, the main index of the Buenos Aires Stock Exchange, rose 2.35% Thursday, closing at 26,804.55 points, recovering from recent losses amid investor optimism for a possible triumph of the national government in Sunday’s legislative elections. On the side of the indicators, the head of the Central Bank, Federico Sturzenegger, acknowledged that the efforts to contain price pressures in Argentina failed to bring inflation to the levels desired by the monetary authorities. Mirgor stocks rose the most today after reporting

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Ibovespa Falls 0.4% On Lower Growth In China

Ibovespa, the benchmark stock index in Brazil, closed down 0.4% Thursday at 76,283.16 points, tracking the path of emerging markets after China reported that its Gross Domestic Product (GDP) grew 6.9% in the third quarter, at a slower pace than the expected by investors. The Chinese figures negatively impacted on commodities prices. But contrary to the more than 3% fall in iron ore, Vale’s shares rose 2.26%, limiting Ibovespa’s deceleration, after reported its production data for the third quarter, which

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Saudi needs Aramco billions as recession slows austerity drive

Saudi Arabia’s plans to sell state assets – including a stake in energy giant Saudi Aramco – are becoming even more important to its finances as a recession slows Riyadh’s effort to close a budget deficit caused by low oil prices. Last December, Riyadh released a plan to abolish the deficit by 2020, cutting it from $79 billion or 12.3 percent of gross domestic product in 2016 via steps such as domestic energy price hikes and tax rises. The plan

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Euro Climbs Despite Catalonia Crisis

The euro strengthened against its major rivals in the European session on Thursday, despite political uncertainty in Spain after the Spanish government threatened to take control over Catalonia, as the region’s leader Carles Puigdemont refused to abandon a push for independence. Spanish government is set to convene a special Cabinet meeting on Saturday to trigger process to take control of Catalonia’s powers. The government said the cabinet session would activate Article 155 of Spain’s 1978 Constitution, which allows it to

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Australia Jobless Rate Falls To 5.5% In September

The unemployment rate in Australia was a seasonally adjusted 5.5 percent in September, the Australian Bureau of Statistics said on Thursday. That beat forecasts for 5.6 percent, which would have been unchanged from the August reading. The Australian economy added 19,800 jobs to 12,290,200 in September, beating forecasts for an addition of 15,000 jobs following the addition of 54,200 jobs in the previous month. The participation rate came in at 65.2 percent, in line with forecasts and unchanged from the

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Canadian Dollar Climbs On Higher Oil Prices

The Canadian dollar advanced against its most major counterparts in the European session on Wednesday, as oil prices rose following an industry data showing a drop in U.S. inventories last week and on worries that tensions in the Middle East could disrupt crude output. Crude for December delivery rose $0.19 to $52.30 per barrel. Data from the American Petroleum Institute showed late Tuesday that U.S. crude inventories fell by 7.1 million barrels to 461.4 million barrels in the week ending

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Egypt’s economy will grow 4.4 percent in the fiscal year that began in July

Egypt’s economy will grow 4.4 percent in the fiscal year that began in July, well below government estimates of 5 to 5.25 percent, a Reuters poll showed on Tuesday. The rate is also lower than the 4.5 percent expected by the International Monetary Fund (IMF), which signed a $ 12 billion loan deal with Egypt in November last year in a bid to help the country revive its economy. The growth of the Egyptian economy has slowed since the 2011

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Delay In Pension Reform May Halt Rate Cuts By The Central Bank

The delays faced by the pension reform bill in Brazil’s Congress should restrain the central bank’s monetary policy committee ability to cut the benchmark interest rate or even halt that effort if legislators wait until 2019 to vote on the legislation. Market players in Brazil are worried about how the delay in congressional approval of the pension reform would reverberate in monetary policy decisions in the face of uncertainties related to next year’s presidential election. They claim that if Congress

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Merval Falls 1.91%, Tracking ADRs

Merval, the main index of the Buenos Aires Stock Exchange, tumbled 1.91% Tuesday, closing at 26,622.40 points in the first trading session of the week after a holiday in Argentina. Local papers tracked the losses posted Monday by the ADRs of Argentinean companies traded on Wall Street in the days previous to an election in which the market takes for granted the triumph of the President Mauricio Macri political group. The main candidates are in the final stretch of their

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Pound Weakens After Carney’s Warning Over No-deal Brexit

The pound declined against its major rivals in the European session on Tuesday, erasing early gains, as the Bank of England Governor Mark Carney attributed the surge in inflation to the depreciation of sterling since the Brexit vote, while warning that a failure to reach a Brexit deal with the European Union would pose risks to the Europe and not the U.K. alone. “Inflation rising potentially above the 3 percent level in coming months is something that we have anticipated,”

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Australian stocks rose at the end of today’s session; the ASX 200 rose 0.73%

Stocks in Australia closed higher Tuesday, with indicators pointing higher, with gains in metals , mining and finance . At the end of trading in Sydney, the ASX 200 recorded a rise of 0.73%, reaching its highest level in three months. Among the leading stocks in the ASX 200 today was Vocus Group Ltd which rose 10.25% or 0.250 points and closed at 2,690. On the other hand, GOD Holdings Ltd continued its rise at 8.28% or 0.890 points and

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Australian Economy Continues To Expand As Expected

Members of the Reserve Bank of Australia said that the country’s economy was growing in line with expectations, minutes from the bank’s October 3 meeting revealed on Tuesday. Price pressure remained broadly subdued, the minutes said, thanks in part to a strengthening Australian dollar and a softening greenback. At the meeting, the bank kept its benchmark lending rate unchanged at the record low 1.50 percent, as expected. The interest rate has been at this level since September 2016. The bank

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Dollar Climbing After Reversing Early Losses

The dollar got off to a weak start to the new trading week, but has since recovered and is now up slightly against all of its major rivals. Economic data was on the light side this morning, but the one U.S. report that investors received came in better than anticipated. A report released by the Federal Reserve Bank of New York on Monday said manufacturing firms in New York reported that business activity continued to expand strongly in the month

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Egypt set to fire up IPOs next year

Egypt’s stock market is shaping up to be the Middle East’s hot spot for initial public offerings next year. At least six companies plan IPOs by the end of 2018, following two sales since January, according to data compiled by Bloomberg. That is a marked increase on the average of three in the past three years as foreign investors fretted that a severe dollar shortage would trap their money. Between 2011 and 2014, there were no IPOs at all as

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Russia ready for oil prices to reach $40 pb

Russia ready for oil prices to fall to the level of $40 per barrel, according to Russian finance minister Anton Siluanov. The minister told CNBC in a recent TV interview that his ministry has accounted for oil at $40 per barrel (pb) in its budget. It is worth noting that oil prices rose by more than 4% last week, with Brent crude trading above the level of $57, and Nymex exceeding $51 per barrel. However, the Russian minister said that

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Gold starts the Week Above $1300

Gold futures rallied Friday despite speculation the Federal Reserve will maintain its projection for four interest rate hikes by the end of next year. “That’s achievable if we continue to run good quality (data),” outgoing Fed Vice President Stanley Fischer said. “With the global economy coming up for the first time and having faster growth in the global economy than we expected, there’s a good chance of that.” Dec. gold settled at $1,304.60/oz, up $8.10, or 0.6%. Gold was up

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Stocks Rise And Ibovespa Reaches New Record Level

Data showing a double-digit increase in China’s imports in September boosted commodity prices and led the Brazilian stock market index Ibovespa to climb 0.41% Friday to 76,977.68 – a new record closing level. Vale’s shares, an index heavyweight, rose 6%, boosted by higher iron ore prices. “China’s trade balance surprised and came in very strong. Iron ore prices were up 4%. Also, data regarding iron ore consumption in September showed that China is increasing its inventories for the winter. That

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Asian stocks at decade highs on higher oil

The stocks on the Asian bourses extended its last week’s bullish streak and refreshed fresh 10-year highs, taking the positive lead from its Wall Street counterpart. Meanwhile, strengthening oil prices amid ongoing Iraq tensions continue to boost the energy and resource stocks on the indices. Escalating tensions between the Iraqi government and Kurdish forces threatened supply. Japan’s Nikkei 225 climbed for a ninth straight day and went on to hit fresh 21-year highs at 21,354, as the Yen returns to

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Gold futures rose during the Asian session

Gold futures rose during the Asian session on Thursday. According to COMEX of the New York Mercantile Exchange, gold futures traded in December at USD1297.26 per ounce at the time of writing, rising 0.65%. It was pre-traded on a session high of USD1297.82 an ounce. Gold may find support points at USD1277.70 and resistance at USD1297.82. The Dollar Index, which tracks the performance of the greenback against a basket of six other major currencies, fell 0.12% to trade at USD92.68.

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Crude oil futures rose during the Asian session

Crude oil futures rose during the Asian session on Thursday. According to the New York Mercantile Exchange, crude oil futures for November were trading at USD51.05 a barrel at the time of writing, rising 0.49%. It was pre-traded at a session high of USD51.13 per barrel. Crude Oil may find support points at USD49.13 and resistance at USD51.42. The Dollar Index, which tracks the performance of the greenback against a basket of six other major currencies, fell 0.13% to trade

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Australia Home Loans +1.0% In August; Investment Lending +4.3%

Australia Home Loans +1.0% In August; Investment Lending +4.3% The total number of home loans in Australia was up a seasonally adjusted 1.0 percent on month in August, the Australian Bureau of Statistics said on Thursday – coming in at 57,161. That beat forecasts for a gain of 0.5 percent following the downwardly revised 2.8 percent increase in July (originally 2.9 percent). Investment lending advanced 4.3 percent to A$12.633 billion after sliding 3.7 percent in the previous month. The value

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Malaysia Industrial Production Growth Improves Unexpectedly

Malaysia’s industrial production growth accelerated unexpectedly in August, data from the Department of Statistics showed Thursday. Industrial production advanced 6.8 percent year-over-year in August, faster than the 6.1 percent rise in July. Meanwhile, economists had expected the growth to slow to 5.8 percent. Among sectors, manufacturing production grew the most by 7.3 percent, followed by mining and quarrying output with 5.3 percent rise. Another report from the statistical office showed that manufacturing sales logged a strong annual growth of 16.5

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Dollar Continues to Decline against Other Currencies

The dollar continued to fall broadly against its other major counterparts on Wednesday as doubts about a possible review of US taxes before the end of the year could affect the dollar. The dollar has come under selling pressure as US President Donald Trump has raised concerns about voting on a major tax reform. Market participants are awaiting the minutes of the Fed meeting to be released later in the day. At its meeting in September, the Federal Reserve had

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Gold gains on weaker dollar

Gold rose for a fourth day on Wednesday, after hitting a near two-week high in the previous session, supported by weakness in the U.S. dollar. Spot gold was up 0.2 percent at $1,290.56 an ounce by 0053 GMT. It touched its highest level since Sept. 27 in the previous session. U.S. gold futures for December delivery were nearly unchanged at $1,293 per ounce. The dollar wobbled against its peers on Wednesday and edged further away from a 10-week high scaled

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Oil Rallies As OPEC Pressures U.S. On Supplies

Crude oil futures rose Tuesday, touching monthly highs as the dollar weakened versus major rivals. Nov. WTI oil climbed $1.34, or 2.7%, to settle at $51.08/bbl. Prices rallied after the head of OPEC urged the U.S. to help re-balance the global oil market by cutting supplies. “We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle,”

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Ibovespa Renews Record On Expectation Over Pension Reform Approval

Ibovespa, the benchmark stock index in Brazil, rose 1.54% Tuesday, closing at 76,897.21 points and setting a fresh record closing level (breaking 76,762.91 points from last Tuesday). The surge was driven by market players bets that the Brazilian Congress will approve a more lenient pension reform after the discussions on the second criminal complaint against the President Michel Temer. “There were reports that the representatives were working to approve a pension reform with three points, softer than the original one,

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Merval Rises 1.24% To Break Above 27,000 Points

Merval, the main index of the Buenos Aires Stock Exchange, rose 1.24%, closing at 27,100.30 points, returning to the 27,000-point level after the International Monetary Fund (INF) has raised Argentina’s growth forecasts. “After two consecutive sessions falling, the Merval rebounded and already accumulated a 3.8% increase so far in October,” said Viviana Bonifati, an analyst at Intervalores. For 2017, according to the IMF, the Argentinean GDP growth estimate was raised to 2.5, from 2.4% in the previous report. For the

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Saudi women drivers targeted as new market

Ride-sharing apps, carmakers, and driving schools are targeting their newest market – Saudi Arabian women – wasting no time after the kingdom lifted its ban on women drivers last month. Ride-hailing service, Uber, told the Thomson Reuters Foundation on Monday it was aiming to recruit female training drivers for Saudi women who want to work for Uber by the end of the year. The company will open its first ever “female partner support centre” to be on hand to support

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Saudi Arabia cuts crude oil allocation for Nov by 560,000 bpd

Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day, an oil ministry spokesman said on Monday, as the top oil exporter makes good on its pledge to help rein in a global supply glut. The cut, from customer requests for Saudi crude, is in line with the kingdom’s commitment to an OPEC-led supply reduction under which Riyadh is required to slash 486,000 bpd. “Despite very strong demand from international waterborne customers at more than 7.711

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Euro Rise Against Majors

The euro strengthened against other major currencies in the Asian session on Tuesday. The euro rose to a 6-day high of 1.1782 against the U.S. dollar and a 4-day high of 132.71 against the yen, from yesterday’s closing quotes of 1.1739 and 132.27, respectively. Against the pound and the Swiss franc, the euro advanced to 0.8949 and 1.1517 from yesterday’s closing quotes of 0.8933 and 1.1502, respectively. Against the New Zealand and the Canadian dollars, the euro climbed to nearly

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The main index of the Buenos Aires Stock Exchange, fell 0.11%

Merval, the main index of the Buenos Aires Stock Exchange, fell 0.11%, closing at 26,765.98 points Monday in a volatile trading session while market players wait for a profit-taking movement after the historical levels hit in the last two weeks. Eduardo Fern?ndez, an analyst at Rava Burs?til, said that the leading shares fell “as if wanting to take a break after the strong gains accumulated in the last 30 days.” According to him, this movement occurs because “investors do not

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Ibovespa Falls With Political Tension, Vale And Steelmakers

Ibovespa, the benchmark stock index in Brazil, fell 0.43%, closing at 75,726.80 points Monday in a day of reduced trading volume due to a holiday in the United States. In the local scene, Ibovespa’s performance was affected by doubts on the loyalty of Rodrigo Maia, the House of Representatives’ speaker, to the Brazilian President, Michel Temer. Market players now have doubts that Maia would again shield Temer after a new criminal complaint was addressed to the Congress. “It is becoming

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France GDP To Grow 0.5% In Q3

The French economy is forecast to grow as previously projected in the third quarter, according to survey data from Bank of France. Gross domestic product is expected to climb 0.5 percent again in the third quarter, in line with the third estimate, released on September 11. The manufacturing sentiment index held steady at 104 in September. The score was forecast to rise to 105. According to business leaders, industrial production grew moderately in September. They expect production to accelerate in

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Fed must hike rates in face of hot US labor market: Rosengren

The Federal Reserve must respond to “very tight” U.S. labor markets by gradually raising interest rates or risk halting the economic recovery, a hawkish Fed official said on Saturday. In prepared remarks that largely restated his views, Boston Fed President Eric Rosengren said he expects the labor market to improve further after U.S. unemployment dropped to 4.2 percent last month, its lowest level since 2001. “Prudent risk management would argue for the continued gradual removal of monetary policy accommodation in

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Saudis reconsidering speed of austerity plan as economy slumps

Saudi Arabia has told the International Monetary Fund that it is reconsidering the speed at which it imposes austerity steps to avoid slowing the economy too much and boosting unemployment, the IMF said on Thursday. “The authorities indicated that they were considering the appropriate pace of fiscal adjustment given the weak growth,” the fund said in a report on its annual economic consultations with the kingdom. Riyadh has been cutting spending while raising taxes and fees to curb a huge

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Demand for physical gold in India improved slightly this week

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Shares , have fallen 13.6 tons so far last week, their first weekly outflow in nine weeks and the largest since late July. Demand for physical gold in India improved slightly this week because of a correction in local prices, but restrictions on the industry and increased smuggling took the sheen off the bullion market. Gold bounced up from a two-month low on Friday, on concerns stoked by a Russian

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Oil fell on Friday, snapping weeks of gains amid renewed concern

Oil fell on Friday, snapping weeks of gains amid renewed concern as investors watched the possibility of cutting or cutting the supply line from the Gulf of Mexico, where Tropical Storm Net is affecting the entire region. The Office of Safety and Environmental Enforcement estimated that production of around 1.2 million barrels per day of crude oil production was closed by operators before the storm, which was expected to become a typhoon on Sunday. The US Gulf has about 17%

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Ibovespa Closes Week Down Due To External Scenario And Adjustments.

After hitting a record closing level on Tuesday, reaching 76,762.91 points in a 3.23% rise, the Ibovespa fell 0.73% on Friday to 76,054.71 points. The external scenario was the prevailing factor behind the downturn in the benchmark stock index in Brazil. September data on employment and income were released in the United States. The American economy closed 33,000 jobs last month, according to the U.S. Labor Department data, while the market expected it to create 90,000 jobs. “As the dollar

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The dollar slipped against other major currencies on Friday

The dollar slipped against a basket of other major currencies on Friday amid fresh concerns over tensions with North Korea, shrugging off previous gains after the US jobs report for September showed wage growth higher than expected. The dollar index , which measures the value of the greenback versus a basket of six major currencies, fell 0.16% to trade at 93.62 late on Friday, after hitting a two-month high of 94.10 earlier in the session. The dollar fell after Friday

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Britain is in the worst economic period since leaving Europe

Britain has fallen from the top of the list of the Group of Seven industrialized nations, down the list since the vote on its exit from the European Union, in June 2016. Official data showed further slowdown in growth compared to most expectations in the past. Britain’s exit from the EU has eroded confidence in the country’s political and economic prospects. It was the only country within the Group of Seven (G7), which saw a drop in growth this year.

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Saudi Arabia will remain committed to oil production cuts

Saudi Energy Minister Khalid al-Falih said on Thursday his country would continue to commit to oil production cuts and would urge other crude producers to abide by the supply cut agreement. He added during a panel discussion at a conference on energy in Moscow that Russia contributed more than what is required in production cuts. Energy ministers from OPEC and other oil-producing countries made clear during a meeting in Moscow they were ready to extend a global deal to cut

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US Dollar await Fed officials’ speeches

The greenback gained against other major currencies on Thursday as the US services data continued to support the previous session as investors awaited many of the Fed’s speeches scheduled for later in the day. The dollar continued to support after the Institute of Supply Management reported on Wednesday that US service activity expanded at a faster pace in 12 years in September. The data came shortly after the Payroll Administration report, which said non-farm jobs in the US private sector

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Oil held steady with expectations of extended production cuts

Oil prices held steady on Thursday on speculation that Saudi Arabia and Russia would agree to extend oil production cuts, although record US exports and a resumption of supplies from the Libyan oilfield have had a knock on markets. Brent crude futures were trading at $ 56.22 a barrel, up 1 cent from the last settlement price. Russian President Vladimir Putin said on Wednesday there was a possibility to extend an agreement by the Organization of the Petroleum Exporting Countries

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Gold stable in quiet trading ahead of US jobs data

Gold held steady in a limited range on Thursday as the dollar rallied on support from strong US service growth as markets watched the US nonfarm payrolls report on Friday. Spot gold settled at $ 1278.16 an ounce. Gold futures for delivery in December were little changed to settle at $ 1276.90 an ounce. The dollar, which rallied against a basket of currencies, maintained its strength on Thursday after data on Wednesday showed US service sector growth accelerated in September,

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Abu Dhabi makes a comeback to bond market with $10bln issue

Abu Dhabi’s $10 billion (Dh36.73 billion) dollar bonds were oversubscribed three times, having received bids of $30 billion and tighter pricing, sources familiar with the deal said on Tuesday, riding high on robust liquidity post the successful $12.5 billion bond issue in Saudi Arabia last week. Abu Dhabi, which enjoys the strongest credit rating in the region, came to the bond market after a gap of 16 months to exploit the pent-up demand from yield hungry investors ahead of an

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U.S. Dollar Falls Against Majors

The U.S. dollar weakened against other major currencies in the Asian session on Wednesday. The U.S. dollar fell to 2-day lows of 1.1779 against the euro, 112.48 against the yen and 0.9709 against the Swiss franc, from yesterday’s closing quotes of 1.1744, 112.84 and 0.9736, respectively. Againstr the Canadian dollar, the greenback dropped to a 5-day low of 1.2457 from yesterday’s closing value of 1.2485. The greenback edged down to 1.3273 agianst the pound, from yesterday’s closing value of 1.3236.

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NZ Dollar and Australian Dollar Advanced Against Majors

The New Zealand dollar strengthened against other major currencies in the Asian session on Wednesday. The NZ dollar rose to a 2-day high of 0.7205 against the U.S. dollar, from yesterday’s closing value of 0.7157. Against the euro and the yen, the kiwi advanced to 1.6347 and 81.13 from yetserday’s closing quotes of 1.6401 and 80.77, respectively. The kiwi edged up to 1.0919 against the Australian dollar, from an early 8-day low of 1.0957. If the kiwi extends its uptrend,

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Dollar Index Tumbles But gains support

The dollar trimmed gains against other major currencies on Tuesday, but remained close to a one-and-a-half month high amid growing expectations for a December interest rate hike and a US tax reform plan before the end of the year. The dollar remained supported by the release of manufacturing data, which helped boost the Federal Reserve’s rate hike in December. The US dollar was also supported in the last session by growing hopes for US tax reform after the Trump administration

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Kuwait puts 21 billion dinars in average annual government spending

The Kuwaiti government is seeking to set a ceiling for financial spending by an average of 21 billion dinars annually over the next three fiscal years, according to a Bloomberg report published by Kuwait’s Al-Akhbar newspaper. (The dollar equals 0.30 dinars). A senior Kuwaiti official said the planned budget for the spending cap would be included in the proposed budget for the current fiscal year, which began last April. The total expenditure during the current fiscal year was estimated at

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Asian shares rose on Tuesday

Asian shares rose on Tuesday, tracking record closes on Wall Street and upbeat economic data that lifted U.S. Treasury yields and the dollar, although weaker oil prices took their toll on some market segments.MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.4 percent higher, clawing back losses from earlier in the Asian day. In the Middle East, most stock markets made small gains on Monday with Egypt hitting yet another all-time high, while the Saudi Arabian index edged down.

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Oil prices fall for a second day on oversupply concerns

Oil fell edged lower on Tuesday, declining for a second day and sapping more strength from a third-quarter rally, amid signs that a global glut in crude may not be clearing as quickly as bulls had hoped. U.S. crude was down 15 cents, or 0.3 percent, at $50.43 a barrel by 0941 GMT, after closing down $1.09 or 2.1 percent in the previous session. The U.S. benchmark posted a third quarter gain of around 12 percent, its strongest quarterly gain

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UAE to reduce oil production by 139,000 barrels per day in November.

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has announced that the Abu Dhabi National Oil Company, ADNOC, will lower its production of oil in November, reflecting the country’s commitment to reduce its share of production by 139,000 barrels per day, which was decided by the Organisation of the Petroleum Exporting Countries, OPEC. In his statement, Al Mazrouei added that they will reduce production in November, as announced by ADNOC, including a reduction in its contract to produce

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Gold slips to 7-week low as U.S. 10-year yields rise

Gold fell to its lowest in nearly seven weeks on Monday as rising U.S. Treasury yields pushed the dollar higher while concern over violence during Catalonia’s independence vote at the weekend weighed on the euro. “The recent sell-off is mostly related to a stirring of the reflation trade following the announcement by the Trump administration of the long-awaited tax reform proposal,” Mitsubishi analyst Jonathan Butler said. Spot gold was down 0.4 percent at $1,273.78 per ounce by 1:46 p.m. EDT

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Dollar Rise On Strong Economic Data

The dollar gained ground against all of its major rivals Monday. A pair of stronger than expected economic reports has provided a boost to investor sentiment at the start of the new trading week. Traders will also be looking forward to the release of the all important U.S. jobs report at the end of the week. Activity in the U.S. manufacturing sector unexpectedly grew at a faster rate in the month of September, according to a report released by the

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Saudi stock index falls on FSTE’s six-month delay of Riyadh upgrade

The Saudi stock index fell almost 1 percent in early trade on Sunday following news that index compiler FTSE had decided to delay including Riyadh in its secondary emerging market index. In its annual country classification review on Friday, FTSE praised Riyadh’s market reforms but said it would need more time to evaluate their practical impact. It will therefore assess Saudi Arabia again next March: “It is anticipated that Saudi Arabia will meet the requirements for inclusion as a Secondary

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UK manufacturing PMI shows a bigger than expected drop in September

The manufacturing sector activity in the UK economy stalled its recovery momentum and decelerated slightly in the month of September, missing the consensus forecasts, the latest data from Markit revealed on Monday. The manufacturing Purchasing Managers’ Index (PMI) in the UK arrived at 55.9 points in September, as compared to a previous 56.7 (revised down from 56.9) reading. Markets had predicted the PMI to tick lower to 56.4 Further solid growth of output, new orders and employment Input price inflation

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Oil prices fell after a strong rise in the third quarter

Oil prices fell on Monday in early Asian trading after a gain of 20 percent in the third quarter after a survey showed a slight increase in OPEC production in September. US crude fell two years to $ 51.65 a barrel at 0057 GMT. US benchmark crude on Friday posted its biggest quarterly gain since the second quarter in 2016 and the longest weekly gain since January. Brent crude for December delivery dipped six cents to $ 56.73 a barrel.

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Qatar growth sinks as oil sector stalls

Qatar’s economic growth slowed in the second quarter to its lowest rate since the global financial crisis because of a sagging oil sector, while sanctions by other Arab states inflicted minor damage, official data showed on Sunday. Gross domestic product, adjusted for inflation, expanded just 0.6 percent from a year earlier in the April-June period, the slowest growth since the 2009-2010 crisis. GDP grew 0.5 percent from the previous quarter. The main reason for the slowdown was the mining and

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