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Saudi Arabia stocks lower at close of trade; Tadawul All Share down 1.27%

अक्तूबर 23, 2017, 01:15

Investing.com – Saudi Arabia stocks were lower after the close on Monday, as losses in the Telecoms&IT, Media&Publishing and Agriculture&Food sectors led shares lower.

At the close in Saudi Arabia, the Tadawul All Share lost 1.27% to hit a new 3-months low.

The best performers of the session on the Tadawul All Share were Al-Rajhi Cooperative Insurance (SE:8230), which rose 2.61% or 1.54 points to trade at 60.50 at the close. Meanwhile, Dallah Healthcare Holding Company (SE:4004) added 2.29% or 2.24 points to end at 100.00 and The Company for Coop. Insurance (SE:8010) was up 1.46% or 1.37 points to 95.00 in late trade.

The worst performers of the session were Etihad Etisalat Co (SE:7020), which fell 7.35% or 1.12 points to trade at 14.12 at the close. Southern Province Cement Co. (SE:3050) declined 5.54% or 2.41 points to end at 41.10 and Nama Chemicals Co. (SE:2210) was down 4.46% or 0.78 points to 16.70.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 141 to 27 and 11 ended unchanged.

Shares in Etihad Etisalat Co (SE:7020) fell to all time lows; falling 7.35% or 1.12 to 14.12. Shares in Southern Province Cement Co. (SE:3050) fell to 5-year lows; falling 5.54% or 2.41 to 41.10.

Crude oil for December delivery was up 0.54% or 0.28 to $52.12 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.07% or 0.04 to hit $57.79 a barrel, while the December Gold Futures contract fell 0.48% or 6.11 to trade at $1274.39 a troy ounce.

EUR/SAR was down 0.35% to 4.4024, while USD/SAR fell 0.01% to 3.7503.

The US Dollar Index Futures was up 0.32% at 93.87.

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Natural Gas Futures Rally to Start the Week

अक्तूबर 23, 2017, 12:50

Investing.com - U.S. natural gas futures started the week on an upbeat note on Monday, as traders reacted to forecasts showing a return to colder weather after a warm spell in the eastern U.S.

Cooler temperatures will return during the second half of this week across the east-central U.S. through the weekend after trending warmer last week.

Looking further ahead, weather systems with cooler than normal temperatures will linger across the northern and eastern U.S. through the first week of November.

Bullish speculators are betting that the cold weather will increase early-winter demand for the heating fuel.

U.S. natural gas futures jumped 8.3 cents, or around 2.9%, to $2.998 per million British thermal units by 8:50AM ET (1250GMT).

Futures lost about 2.8% last week as a bearish weather outlook led to a dip in heating demand.

Gas futures often reach a seasonal low in October, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks.

The heating season from November through March is the peak demand period for U.S. gas consumption.

Market participants looked ahead to this week's storage data due on Thursday, which is expected to show a build in a range between 62 and 72 billion cubic feet (bcf) in the week ended October 20.

That compares with a gain of 51 bcf in the preceding week, a build of 73 bcf a year earlier and a five-year average rise of 75 bcf.

Total natural gas in storage currently stands at 3.646 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 179 bcf, or around 4.9%, lower than levels at this time a year ago and 35 bcf, or roughly 1%, below the five-year average for this time of year.

Analysts estimated the amount of gas in storage would end the April-October injection season at 3.8 tcf due primarily to higher liquefied natural gas shipments abroad. That would fall short of the year-earlier record of 4.0 tcf and the five-year average of 3.9 tcf.

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Canadian Wholesale Sales Edge Forward

अक्तूबर 23, 2017, 12:33

Investing.com - Canadian wholesale sales inched forward in August, official data showed on Monday.

In a report, Statistics Canada said that Canadian wholesale sales increased to a seasonally adjusted 0.5%, from 1.7% in the preceding month whose figure was revised up from 1.5%.

Analysts had expected Canadian wholesale sales, a leading indicator of consumer spending, to rise 0.6%.

After the report, USD/CAD was trading flat at 1.2643.

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Crude Oil Prices Gain Further Ground on Kurdistan Tension, Drop in U.S. Production

अक्तूबर 23, 2017, 11:40

Investing.com – Oil prices extended last week’s gains on Monday as traders in Wall Street returned to their desks and traders priced in bullish factors such as ongoing tensions in Iraq and another downturn in U.S. shale production.

The U.S. West Texas Intermediate crude December contract gained 28 cents, or 0.54%, to $52.12 a barrel by 7:36AM ET (11:36GMT).

Elsewhere, Brent oil for December delivery on the ICE Futures Exchange in London rose 7 cents, or 0.12%, to $57.82 a barrel.

Political tensions in the Kurdistan region continued to disrupt crude supplies with oil exports from Iraq's Kurdistan towards the Turkish port of Ceyhan reportedly flowing at average rates of between 200,000 and 250,000 barrels per day (bpd) versus the usual flows of 600,000 bpd.

The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces.

Meanwhile, in the U.S., investors mulled over data showing oil drilling activity fell for a third week in a row, extending a two-month drilling decline.

Oilfield services firm Baker Hughes said late Friday that its weekly count of oil rigs operating in the U.S. fell by seven to 736, the lowest level since June.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

In a speech last Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades.

The original deal, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, was to cut production by 1.8 million barrels a day for six months. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Analysts have warned that OPEC needs to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to rebalance the market.

The cartel's next meeting is set for November 30 in Vienna.

Russian President Vladimir Putin said in Moscow earlier this month that November was too early to make a decision, but, at the same time, added that he doesn't rule out an extension to the end of 2018.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

Elsewhere on NYMEX, gasoline futures for November delivery advanced 0.12% at $1.6862 a gallon by 7:39AM ET (11:39GMT), while November heating oil gained 0.39% to $1.8122 a gallon.

Natural gas futures for November delivery traded up 2.30% to $2.982 per million British thermal units.

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United Arab Emirates stocks mixed at close of trade; DFM General down 0.70%

अक्तूबर 23, 2017, 11:15

Investing.com – United Arab Emirates stocks were mixed after the close on Monday, as gains in the Transport, Consumer Staples and Insurance sectors led shares higher while losses in the Real Estate&Construction, Finance&Investment and Telecoms sectors led shares lower.

At the close in Dubai, the DFM General fell 0.70%, while the ADX General index gained 0.01%.

The best performers of the session on the DFM General were Takaful Emarat PSC (DU:TKFE), which rose 4.21% or 0.080 points to trade at 1.980 at the close. Meanwhile, Marka Pjse (DU:MARKA) added 2.94% or 0.02 points to end at 0.70 and Drake&Scull International PJSC (DU:DSI) was up 2.49% or 0.050 points to 2.060 in late trade.

The worst performers of the session were Emaar Properties PJSC (DU:EMAR), which fell 2.33% or 0.200 points to trade at 8.370 at the close. Deyaar Development PJSC (DU:DEYR) declined 2.26% or 0.012 points to end at 0.520 and Union Properties PJSC (DU:UPRO) was down 1.96% or 0.018 points to 0.901.

The top performers on the ADX General were Rak Ceramics (AD:RKCE) which rose 4.15% to 2.510, Al Khazna Ins (AD:AKIC) which was up 3.33% to settle at 0.310 and International Holding Company PJSC (AD:IHC) which gained 2.10% to close at 1.46.

The worst performers were Al Khaleej Investment Co PJSC (AD:KICO) which was down 9.92% to 3.45 in late trade, Ad Shipbldg Co (AD:ADSB) which lost 9.78% to settle at 2.030 and Abd Nat Takafu (AD:TKFL) which was down 9.18% to 4.55 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 21 to 13 and 6 ended unchanged; on the Abu Dhabi, 18 fell and 6 advanced, while 9 ended unchanged.

Shares in Ad Shipbldg Co (AD:ADSB) fell to 52-week lows; losing 9.78% or 0.220 to 2.030.

Crude oil for December delivery was up 0.48% or 0.25 to $52.09 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.02% or 0.01 to hit $57.76 a barrel, while the December Gold Futures contract fell 0.23% or 2.89 to trade at $1277.61 a troy ounce.

USD/AED was up 0.01% to 3.6731, while EUR/AED fell 0.30% to 4.3136.

The US Dollar Index Futures was up 0.28% at 93.83.

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Sri Lanka stocks lower at close of trade; CSE All-Share down 0.03%

अक्तूबर 23, 2017, 10:45

Investing.com – Sri Lanka stocks were lower after the close on Monday, as losses in the Palm Oil, Information Technology and Trading sectors led shares lower.

At the close in Colombo, the CSE All-Share fell 0.03%.

The best performers of the session on the CSE All-Share were Mercantile Shipping Company PLC (CM:MSL), which rose 16.47% or 9.90 points to trade at 70.00 at the close. Meanwhile, Sathosa Motors PLC (CM:SMOT) added 15.23% or 45.70 points to end at 345.70 and Nation Lanka Finance PLC (CM:CSF) was up 14.29% or 0.200 points to 1.600 in late trade.

The worst performers of the session were Multi Finance PLC (CM:MULT), which fell 13.25% or 2.20 points to trade at 14.40 at the close. AIA Insurance Lanka PLC (CM:AVIV) declined 10.83% or 37.80 points to end at 311.20 and Lanka Ashok Leyland PLC (CM:ASHO) was down 10.11% or 124.90 points to 1110.00.

Rising stocks outnumbered declining ones on the Colombo Stock Exchange by 95 to 84 and 63 ended unchanged.

Crude oil for December delivery was up 0.08% or 0.04 to $51.88 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.23% or 0.13 to hit $57.62 a barrel, while the December Gold Futures contract fell 0.26% or 3.39 to trade at $1277.11 a troy ounce.

GBP/LKR was down 0.06% to 202.410, while USD/LKR rose 0.01% to 153.710.

The US Dollar Index Futures was up 0.28% at 93.83.

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Stocks- Wall Street Looks to Higher Open Ahead of Earnings

अक्तूबर 23, 2017, 10:46

Investing.com – U.S. futures edged forward on Monday as investors look ahead to another batch of earnings.

The S&P 500 futures rose just over two points or 0.09% as of 6:47 AM ET (11:47 AM GMT) while Dow futures jumped 25 points or 0.11% Tech heavy Nasdaq 100 futures increased 12 points or 0.20%.

Luxury car maker Tesla (NASDAQ:TSLA) was among the biggest gainers in pre-market trading, increasing 1.83% after news that it had received permission from the Chinese government to open a factory in Shanghai. Other top movers included biotechnology firm Agenus Inc (NASDAQ:AGEN), which surged 16.62% and Chinese social media platform Renren Inc (NYSE:RENN), which rose 6.58%.

Meanwhile car company Fiat Chrysler Automobiles NV (NYSE:FCAU) slumped 1.67% and Deutsche Bank AG (DE:DBKGn) NA O.N. (NYSE:DB) fell 1.24% amid reports that workers at the retail arm of the bank, Postbank, could go on strike amid wage disputes. Conglomerate General Electric (NYSE:GE) also fell 0.46% in trading before the opening bell.

Investors will be watching another round of major earnings, with oil firm Halliburton (NYSE:HAL), manufacturing firm Arconic Inc (NYSE:ARNC), toy company Hasbro (NASDAQ:HAS), paper firm Kimberly-Clark (NYSE:KMB), technology company Seagate Technology (NASDAQ:STX) and financial firm State Street Corporation (NYSE:STT) all expected to release their financial results on Monday, among others.

In economic news, the Chicago Fed's National Activity Index for September is set to come out at 8:30 AM ET (1:30 PM ET).

European stocks increased slightly amid continuing Spanish political uncertainty. The central government has moved to impose direct rule over the Catalonia region, sparking concern over Spain’s future. Spain’s IBEX 35 fell 29 points or 0.31% and Germany’s DAX jumped 59 points or 0.45% while in France the CAC 40 was up 29 points or 0.54%. In London, the FTSE 100 increased 11 points or 0.15% Meanwhile the pan-European Euro Stoxx 50 rallied 18 points or 0.51%.

In commodities, gold futures fell 0.30% to $1,246.72 a troy ounce while crude oil futures decreased 0.14% to $51.91 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, jumped 0.29% to 93.84.

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India stocks higher at close of trade; Nifty 50 up 0.38%

अक्तूबर 23, 2017, 10:45

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

At the close in NSE, the Nifty 50 gained 0.38%, while the BSE Sensex 30 index gained 0.36%.

The best performers of the session on the Nifty 50 were Bharti Airtel Ltd. (NS:BRTI), which rose 4.98% or 23.60 points to trade at 497.35 at the close. Meanwhile, UltraTech Cement Ltd (NS:ULTC) added 4.23% or 170.70 points to end at 4205.05 and Reliance Industries Ltd (NS:RELI) was up 3.32% or 30.20 points to 940.10 in late trade.

The worst performers of the session were Cipla Ltd. (NS:CIPL), which fell 2.45% or 14.90 points to trade at 592.90 at the close. Bharti Infratel Ltd (NS:BHRI) declined 2.44% or 11.25 points to end at 449.00 and AXIS Bank Ltd (NS:AXBK) was down 2.25% or 10.35 points to 449.95.

The top performers on the BSE Sensex 30 were Bharti Airtel Ltd (BO:BRTI) which rose 4.99% to 497.50, Reliance Industries Ltd (BO:RELI) which was up 3.05% to settle at 938.10 and ICICI Bank Ltd (BO:ICBK) which gained 1.82% to close at 262.55.

The worst performers were Cipla Ltd. (BO:CIPL) which was down 2.38% to 593.70 in late trade, AXIS Bank Ltd. (BO:AXBK) which lost 2.27% to settle at 449.90 and Housing Development Finance Corporation Ltd (BO:HDFC) which was down 1.52% to 1720.90 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 822 to 763 and 13 ended unchanged; on the Bombay Stock Exchange, 1383 fell and 1253 advanced, while 115 ended unchanged.

Shares in Bharti Airtel Ltd. (NS:BRTI) rose to 5-year highs; gaining 4.98% or 23.60 to 497.35. Shares in Reliance Industries Ltd (NS:RELI) rose to all time highs; gaining 3.32% or 30.20 to 940.10. Shares in Bharti Airtel Ltd (BO:BRTI) rose to 5-year highs; gaining 4.99% or 23.65 to 497.50.

The India VIX, which measures the implied volatility of Nifty 50 options, was down 0.56% to 12.3250.

Gold Futures for December delivery was down 0.27% or 3.50 to $1277.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.08% or 0.04 to hit $51.88 a barrel, while the December Brent oil contract fell 0.21% or 0.12 to trade at $57.63 a barrel.

USD/INR was down 0.18% to 65.000, while EUR/INR fell 0.33% to 76.3598.

The US Dollar Index Futures was up 0.29% at 93.84.

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Indonesia stocks higher at close of trade; IDX Composite Index up 0.35%

अक्तूबर 23, 2017, 10:15

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

At the close in Jakarta, the IDX Composite Index gained 0.35%.

The best performers of the session on the IDX Composite Index were Energi Mega Persada Tbk (JK:ENRG), which rose 34.21% or 26 points to trade at 102 at the close. Meanwhile, Kapuas Prima Coal Tbk PT (JK:ZINC) added 24.35% or 140 points to end at 715 and Rimo International Lestari Tbk PT (JK:RIMO) was up 23.99% or 119.000 points to 615.000 in late trade.

The worst performers of the session were Malacca Trust Wuwungan Insurance PT (JK:MTWI), which fell 24.82% or 170 points to trade at 515 at the close. Hotel Mandarine Regency Tbk PT (JK:HOME) declined 20.56% or 44 points to end at 170 and Panasia Indo Resources Tbk (JK:HDTX) was down 20.00% or 78 points to 312.

Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 183 to 155 and 126 ended unchanged.

Shares in Kapuas Prima Coal Tbk PT (JK:ZINC) rose to all time highs; rising 24.35% or 140 to 715. Shares in Hotel Mandarine Regency Tbk PT (JK:HOME) fell to 3-years lows; falling 20.56% or 44 to 170. Shares in Rimo International Lestari Tbk PT (JK:RIMO) rose to all time highs; up 23.99% or 119.000 to 615.000. Shares in Panasia Indo Resources Tbk (JK:HDTX) fell to 3-years lows; losing 20.00% or 78 to 312.

Crude oil for December delivery was up 0.06% or 0.03 to $51.87 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.23% or 0.13 to hit $57.62 a barrel, while the December Gold Futures contract fell 0.28% or 3.54 to trade at $1276.96 a troy ounce.

USD/IDR was up 0.11% to 13538.5, while AUD/IDR rose 939.37% to 10614.00.

The US Dollar Index Futures was up 0.29% at 93.84.

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Top 5 Things to Know in the Market on Monday

अक्तूबर 23, 2017, 10:04

Investing.com - Here are the top five things you need to know in financial markets on Monday, October 23:

1. Nikkei logs record winning streak on Abe victory

Japan’s Nikkei 225 closed higher for a 15th straight day on Monday, marking its longest winning streak on record, after the Prime Minister Shinzo Abe’s ruling coalition maintained its super majority, paving the path for a continuation of ultra-easy policies.

European shares showed mixed trade on Monday with Spanish stocks leading losses as the ongoing political crisis with Catalonia kept investors on edge. The benchmark Euro Stoxx 50 was still up around 0.2%, though London’s FTSE 100 struggled near the unchanged mark as a profit warning from British car dealership Pendragon Plc (LON:PDG) made traders nervous over the state of the UK economy as the country continues negotiations over its departure from the European Union.

U.S. futures pointed to a slightly higher open on Monday as Wall Street ended last week near record highs and market participants braced for a busy week for earnings. No less than 186 S&P firms report quarterly results this week. At 5:58AM ET (9:58GMT), the blue-chip Dow futures gained 25 points, or 0.11%, S&P 500 futures edged forward 2 points, or 0.09%, while the Nasdaq 100 futures traded up 11 points, or 0.18%.

2. Trump keeps Yellen among 3 top candidates for Fed chair

U.S. President Donald Trump confirmed late Friday that Janet Yellen remains in the running as one of the candidates for the Federal Reserve chair position while also naming Stanford University economist John Taylor and Fed governor Jerome Powell among the lead candidates.

Trump told Fox Business Network that most people were focusing on Taylor and Powell, but noted that “I also met with Janet Yellen, who I like a lot, I really like her a lot.”

“So I have three people that I’m looking at, and there are a couple of others,” he said, adding that his decision will come shortly.

Trump is widely expected to make a formal announcement before he heads to Asia on November 3.

3. Dollar hits 3-month high vs. yen

The dollar touched a three-month high against the yen on Monday as traders speculated that Prime Minister Shinzo Abe’s sweeping victory would cement the continuation of loose economic policies.

The greenback hit 114.10 yen after the results, its strongest level since July 11, though USD/JPY had pared gains and was last up around 0.4% at 113.93 by 6:01AM ET (10:01GMT).

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.31% at 93.86 by 6:01AM ET (10:01GMT).

4. Oil wavers despite bullish backdrop

Oil prices underwent volatility on Monday despite continuing supply concerns in the Middle East and signs of a slowdown in U.S. shale production.

Traders were focused on the fact that fighting between Iraqi government forces and Kurdish groups continued to weigh on oil flows.

Late Friday, Baker Hughes’ showed that active rigs in the U.S. fell by seven to 736 in the week to Oct. 20, the lowest level since June and a third straight week of declines.
U.S. crude oil futures inched up 0.06% to $51.87 at 6:02AM ET (10:02GMT), while Brent oil traded down 0.28% to $57.59.

Note: The contract for crude oil WTI rolled over on Sunday to December delivery.

5. Europe watches Spanish political tension ahead of ECB

Europe kept an eye on political developments between Spain and Catalonia on Monday as Madrid moved to remove the region’s autonomy.

The triggering of the so-called Article 155, a constitutional provision that allows the government to take direct control of a region if it is in breach of the law, came soon after Catalonia leader Carles Puigdemont suspended a declaration of independence and asked for talks with Madrid.

Investors continued to show caution with regard to not only Spanish equities, but also the euro which was down nearly 0.4% against the dollar on Monday.

That’s ahead of a key meeting by the European Central Bank on Thursday where president Mario Draghi could announce a tapering of the euro zone’s bond-buying program.

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Stocks- IBEX 35 Down Amid Continuing Spanish Turmoil

अक्तूबर 23, 2017, 09:24

Investing.com – European stocks edged forward on Monday, as Spain continued to take a hit from the ongoing political turmoil between the governments of Madrid and Catalonia.

Spain’s IBEX 35 fell 0.32% as of 4:44 AM ET (9:44 AM GMT) as the central government moves to removed Catalonia autonomy. The triggering of Article 155, a constitutional provision that allows the government to take direct control of a region if it is in breach of the law, came soon after Catalonia leader Carles Puigdemont suspended a declaration of independence and asked for talks with Madrid.

Bank stocks were among the hardest hit in Spain, with BBVA (MC:BBVA) down 1.26%, B. Sabadell (MC:SABE) falling 1.17%, Santander (MC:SAN) inching down 0.61% and Caixabank SA (MC:CABK) decreasing 0.91%.

Meanwhile mining firm ArcelorMittal SA (MC:MTS)increased 1.35% after UBS set a €30.00 price target on the company’s shares. IT firms Indra Sistemas SA (OTC:ISMAY) and Amadeus IT (MC:AMA) both jumped, rising 1.29% and 0.71%, respectively.

In Germany, the DAX was up 0.35%, with car dealer Volkswagen (DE:VOWG_p) rising 1.07%. Chemical firm Linde AG O.N. (DE:LING) surged 1.67% while automation company Siemens AG Class N (DE:SIEGn) jumped 1.02%.

Among the worst performers were banks Deutsche Bank AG NA O.N. (DE:DBKGn), which decreased 0.80% as workers at the retail arm of the bank, Postbank, threatened to go on strike amid wage disputes. Commerzbank (DE:CBKG) dipped 0.13% while media firm Prosiebensat 1 Media AG (DE:PSMGn) was down 0.84%.

In London the FTSE 100 inched forward 0.10% with engineering firm GKN (LON:GKN) jumping 3.20% and communication services company BT Group (LON:BT) increasing 1.18%.

Financial firm Provident Financial (LON:PFG) fell 2.25%. Meanwhile HSBC Holdings PLC (LON:HSBA) was down 0.71% and Standard Chartered (LON:STAN) decreased 1.23% as the two are being investigated by UK regulators that the two firms may have facilitated money laundering due to ties with the powerful South African Gupta family.

Meanwhile on the London Stock Exchange, car dealer Pendragon Plc (LON:PDG) slumped 16.38% after it issued a profit warning amid waning consumer confidence in the UK.

In France the CAC 40 was up 0.36% with oil and gas firm TechnipFMC PLC (PA:FTI) rising 1.34% and luxury designer LVMH Moet Hennessy Louis Vuitton SE (PA:LVMH) increasing 0.97%. Among the hardest hit was retailer Carrefour (PA:CARR), which fell 0.81%.

The pan-European Euro Stoxx 50 rose 0.31% while in commodities, gold futures fell to $1,277.11 a troy ounce while crude oil futures were up to $51.97 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was at 93.77.

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Economic Calendar: Top Things to Watch This Week

अक्तूबर 23, 2017, 08:38

Investing.com - The ECB is expected to update markets on the future of its stimulus program at its upcoming meeting on Thursday
An advance reading of US Q3 growth on Friday is expected to show that the economy grew 2.6% down from 3.1% in Q2.
Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and Intel (NASDAQ:INTC) are to report earnings this week, along with Boeing (NYSE:BA), Ford, Chipotle and McDonald’s among others.
Preliminary data on UK Q3 GDP will be closely watched as the BoE prepares to hike rates for the first time in almost a decade.
The BoC is expected to make no changes at its policy meeting on Wednesday, but could leave the door open for December.

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Japan stocks higher at close of trade; Nikkei 225 up 1.11%

अक्तूबर 23, 2017, 08:35

Investing.com – Japan stocks were higher after the close on Monday, as gains in the Manufacturing, Textile and Transportation Equipment sectors led shares higher.

At the close in Tokyo, the Nikkei 225 added 1.11%.

The best performers of the session on the Nikkei 225 were Sumitomo Chemical Co., Ltd. (T:4005), which rose 6.44% or 45.5 points to trade at 751.5 at the close. Meanwhile, SUMCO Corp. (T:3436) added 4.59% or 95.0 points to end at 2164.0 and Oji Holdings Corp. (T:3861) was up 4.18% or 25.0 points to 623.0 in late trade.

The worst performers of the session were DeNA Co Ltd (T:2432), which fell 1.21% or 30.0 points to trade at 2455.0 at the close. Dentsu Inc. (T:4324) declined 1.17% or 60.0 points to end at 5050.0 and Seven&i Holdings Co., Ltd. (T:3382) was down 1.17% or 55.0 points to 4646.0.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2608 to 702 and 197 ended unchanged.

Shares in Sumitomo Chemical Co., Ltd. (T:4005) rose to 52-week highs; rising 6.44% or 45.5 to 751.5. Shares in SUMCO Corp. (T:3436) rose to 52-week highs; gaining 4.59% or 95.0 to 2164.0. Shares in Oji Holdings Corp. (T:3861) rose to 52-week highs; up 4.18% or 25.0 to 623.0.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 5.73% to 16.05.

Crude oil for December delivery was up 0.54% or 0.28 to $52.12 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.02% or 0.01 to hit $57.76 a barrel, while the December Gold Futures contract fell 0.29% or 3.76 to trade at $1276.74 a troy ounce.

USD/JPY was up 0.26% to 113.82, while EUR/JPY fell 0.03% to 133.69.

The US Dollar Index Futures was up 0.26% at 93.81.

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Philippines stocks lower at close of trade; PSEi Composite down 0.86%

अक्तूबर 23, 2017, 08:35

Investing.com – Philippines stocks were lower after the close on Monday, as losses in the Holding Firms, Banking&Financials and Mining&Oil sectors led shares lower.

At the close in Philippines, the PSEi Composite declined 0.86%.

The best performers of the session on the PSEi Composite were Universal Robina Corp (PS:URC), which rose 2.19% or 3.00 points to trade at 140.00 at the close. Meanwhile, First Gen Corp (PS:FGEN) added 2.01% or 0.34 points to end at 17.22 and Ayala Land Inc (PS:ALI) was up 1.74% or 0.750 points to 43.900 in late trade.

The worst performers of the session were Ayala Corp (PS:AC), which fell 4.95% or 53.00 points to trade at 1017.00 at the close. Metropolitan Bank and Trust Co (PS:MBT) declined 3.29% or 3.05 points to end at 89.70 and SM Investments Corp (PS:SM) was down 3.01% or 29.50 points to 950.00.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 110 to 90 and 38 ended unchanged.

Gold Futures for December delivery was down 0.29% or 3.74 to $1276.76 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.54% or 0.28 to hit $52.12 a barrel, while the December Brent oil contract fell 0.02% or 0.01 to trade at $57.74 a barrel.

CNY/PHP was down 0.24% to 7.7624, while USD/PHP rose 0.03% to 51.525.

The US Dollar Index Futures was up 0.26% at 93.81.

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Gold Prices Hit 2-Week Low as Dollar Gains

अक्तूबर 23, 2017, 08:24

Investing.com - Gold prices hit a more-than-two week low on Monday as dollar strength continued to put pressure on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $2.94, or about 0.2%, to $1.277.56 a troy ounce by 4:16AM ET (8:16GMT).

That was just off an intraday low of $1,275.58 touched earlier in the session, its lowest level since October 6.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.19% at 93.75 by 4:17AM ET (8:17GMT).

Gold is sensitive to a stronger dollar as the gains in the greenback made the precious metal more expensive for holders of foreign currency.

The dollar has found support as hopes for U.S. tax reforms were boosted last week after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The greenback ended last week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, which in turn to add pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Elsewhere in metals trading, silver dropped 0.50% at $16.993 a troy ounce.

Platinum fell 0.62% at $921.05 a troy ounce, while palladium lost 0.44% to $965.60 a troy ounce as both metals hit one-week lows overnight.

To the upside, copper rose 0.24% to $3.173 a pound after Chinese authorities reaffirmed that the country's economy was on track to achieve the official growth target even as its housing market slows.

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China stocks higher at close of trade; Shanghai Composite up 0.11%

अक्तूबर 23, 2017, 07:35

Investing.com – China stocks were higher after the close on Monday, as gains in the Telecoms, Mobile and Life Insurance sectors led shares higher.

At the close in Shanghai, the Shanghai Composite added 0.11%, while the SZSE Component index climbed 0.60%.

The best performers of the session on the Shanghai Composite were Jiangsu Phoenix Property Investment Co Ltd (SS:600716), which rose 10.09% or 0.540 points to trade at 5.890 at the close. Meanwhile, CTS International Logistics Corp Ltd (SS:603128) added 10.04% or 1.090 points to end at 11.950 and Shanghai Material Trading Co Ltd A (SS:600822) was up 10.01% or 1.270 points to 13.960 in late trade.

The worst performers of the session were Shanghai Jielong Industry Group Corp Ltd (SS:600836), which fell 7.08% or 0.510 points to trade at 6.690 at the close. Zhengzhou Yutong Bus Co Ltd (SS:600066) declined 5.49% or 1.40 points to end at 24.08 and Zhejiang Three Stars New Materials Co Ltd (SS:603578) was down 4.96% or 2.07 points to 39.63.

The top performers on the SZSE Component were Holitech Technology Co Ltd (SZ:002217) which rose 10.04% to 11.950, Beijing New Building Materials Public Ltd Co (SZ:000786) which was up 10.01% to settle at 24.07 and Livzon Pharmaceutical Group Inc (SZ:000513) which gained 8.27% to close at 64.40.

The worst performers were Csg Smart Science&Technology Co Ltd (SZ:300222) which was down 5.26% to 25.58 in late trade, Faw Car Co Ltd (SZ:000800) which lost 4.95% to settle at 12.66 and Shanxi Baiyuan Trousers Chain Management Co Ltd (SZ:002640) which was down 4.28% to 21.92 at the close.

Rising stocks outnumbered declining ones on the Shanghai Stock Exchange by 814 to 448 and 74 ended unchanged.

Shares in Holitech Technology Co Ltd (SZ:002217) rose to 52-week highs; rising 10.04% or 1.090 to 11.950. Shares in Beijing New Building Materials Public Ltd Co (SZ:000786) rose to all time highs; up 10.01% or 2.19 to 24.07. Shares in Livzon Pharmaceutical Group Inc (SZ:000513) rose to 52-week highs; up 8.27% or 4.92 to 64.40.

The CBOE China Etf Volatility, which measures the implied volatility of Shanghai Composite options, was down 1.65% to 17.33.

Gold Futures for December delivery was down 0.31% or 4.02 to $1276.48 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.62% or 0.32 to hit $52.16 a barrel, while the December Brent oil contract rose 0.26% or 0.15 to trade at $57.90 a barrel.

USD/CNY was up 0.24% to 6.6358, while EUR/CNY fell 0.01% to 7.7983.

The US Dollar Index Futures was up 0.19% at 93.75.

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Taiwan stocks higher at close of trade; Taiwan Weighted up 0.06%

अक्तूबर 23, 2017, 06:45

Investing.com – Taiwan stocks were higher after the close on Monday, as gains in the Paper&Pulp, Trading&Consumer Goods and Transport sectors led shares higher.

At the close in Taiwan, the Taiwan Weighted rose 0.06%.

The best performers of the session on the Taiwan Weighted were Evermore Chemical Industry Co Ltd (TW:1735), which rose 9.94% or 1.55 points to trade at 17.15 at the close. Meanwhile, Career Technology MFG Co Ltd (TW:6153) added 9.89% or 3.15 points to end at 35.00 and Leadtek Research Inc (TW:2465) was up 9.73% or 1.60 points to 18.05 in late trade.

The worst performers of the session were Airtac International Group (TW:1590), which fell 4.66% or 22.00 points to trade at 450.00 at the close. Genius Electronic Optical Co Ltd (TW:3406) declined 4.30% or 16.00 points to end at 356.00 and Shiny Chemical Industrial Co Ltd (TW:1773) was down 4.14% or 3.40 points to 78.80.

Rising stocks outnumbered declining ones on the Taiwan Stock Exchange by 389 to 373 and 114 ended unchanged.

Shares in Evermore Chemical Industry Co Ltd (TW:1735) rose to 5-year highs; up 9.94% or 1.55 to 17.15. Shares in Career Technology MFG Co Ltd (TW:6153) rose to 52-week highs; up 9.89% or 3.15 to 35.00. Shares in Leadtek Research Inc (TW:2465) rose to 5-year highs; rising 9.73% or 1.60 to 18.05.

Crude oil for December delivery was up 0.29% or 0.15 to $51.99 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.16% or 0.09 to hit $57.84 a barrel, while the December Gold Futures contract fell 0.22% or 2.85 to trade at $1277.65 a troy ounce.

USD/TWD was up 0.09% to 30.262, while TWD/CNY rose 0.05% to 0.2185.

The US Dollar Index Futures was up 0.07% at 93.64.

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Australia stocks lower at close of trade; S&P/ASX 200 down 0.22%

अक्तूबर 23, 2017, 06:00

Investing.com – Australia stocks were lower after the close on Monday, as losses in the A-REITs, Utilities and Gold sectors led shares lower.

At the close in Sydney, the S&P/ASX 200 fell 0.22%.

The best performers of the session on the S&P/ASX 200 were Fairfax Media Ltd (AX:FXJ), which rose 3.32% or 0.035 points to trade at 1.090 at the close. Meanwhile, Tassal Group Ltd (AX:TGR) added 2.69% or 0.110 points to end at 4.200 and Macquarie Atlas Roads Group (AX:MQA) was up 2.62% or 0.150 points to 5.870 in late trade.

The worst performers of the session were Western Areas Ltd (AX:WSA), which fell 4.93% or 0.150 points to trade at 2.890 at the close. HT&E Ltd (AX:HT1) declined 3.81% or 0.070 points to end at 1.765 and Reliance Worldwide Corporation (Aust) Pty Ltd (AX:RWC) was down 3.69% or 0.140 points to 3.650.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 631 to 542 and 346 ended unchanged.

Shares in HT&E Ltd (AX:HT1) fell to 52-week lows; losing 3.81% or 0.070 to 1.765.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 0.37% to 11.330.

Gold Futures for December delivery was down 0.19% or 2.38 to $1278.12 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December rose 0.41% or 0.21 to hit $52.05 a barrel, while the December Brent oil contract rose 0.16% or 0.09 to trade at $57.84 a barrel.

AUD/USD was up 0.19% to 0.7834, while AUD/JPY rose 0.38% to 89.07.

The US Dollar Index Futures was unchanged 0.00% at 93.57.

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Asian Shares Mixed With Nikkei 225 Up Sharply On Abe Win

अक्तूबर 23, 2017, 04:47

Investing.com - Asian shares were mixed on Monday with Tokyo up sharply as Prime Minister Shinzo Abe's coalition returned to power with a super majority, setting the benchmark index up for its 15th straight daily gain.

The Nikkei 225 jumped 1.23%, while in Greater China, the Shanghai Composite inched up 0.02% and the Hang Seng fell 0.67%.

Last week, U.S. stocks rounded off a bullish week closing in record territory on Friday on signs of progress on tax reform expected to boost U.S. economic growth.

The Dow Jones Industrial Average closed higher at 23,328.63. The S&P 500 closed 0.51% higher while the Nasdaq Composite closed at 6629.05, up 0.36%.

The rally in U.S. stocks showed little sign of coming to end as investors continued to favour riskier assets amid renewed hopes of tax reform after the Senate approved the Republican-backed budget, paving the way for Republican leaders to move ahead with their tax reform plans.

The Republican-led Senate approved a $4 trillion budget measure Thursday by a 51-49 vote. Passing a budget unlocks reconciliation, a legislative tool allowing the GOP to pass a tax bill with a simple 51-vote majority in the Senate.

Renewed optimism added to bullish sentiment on equities as traders continued to bet that corporates would outperform earnings expectations. General Electric , however, released earnings that missed Wall Street estimates on both the top and the bottom line.

After an initial 6% decline, shares of General Electric Company (NYSE:NYSE:GE) recovered to close 1% higher as investors looked ahead to November when the company is expected to provide more details on its turnaround plan.

On the economic data front, investors cheered data showing existing home sales rose 0.7% to a seasonally adjusted annual rate of 5.39 million units last month, according to a report from the National Association of Realtors.

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Gold Prices Down In Asia on Monday As Dollar Gains

अक्तूबर 23, 2017, 03:13

Investing.com - Gold prices fell in Asia on Monday as the dollar showed strong gains after Japan's Premier Shinzo Abe resoundingly won re-election, signalling continued easy policy.

Gold futures for December delivery fell 0.24% to $1,277.39 a troy ounce on the Comex division of the New York Mercantile Exchange.

Overnight, gold prices fell on Friday, pressured lower by the stronger U.S. dollar which was boosted after President Donald Trump's plans to overhaul the tax code cleared a critical hurdle.

The dollar rose on Friday, making gold more expensive for holders of other currencies, after Senate Republicans approved a budget measure that will allow them to pursue tax cuts without support from the Democratic Party.

The index ended the week up 0.69%, its fifth weekly increase in six weeks. Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Elsewhere in precious metals trading, silver was down 1.21% at $17.04 a troy ounce late Friday, bringing its weekly decline to 2.22%, while platinum settled at $926.00.

Among base metals, copper pared early gains and closed at $3.169 a pound. The industrial metal was still up 1.03% for the week after Monday’s rally to three-year highs on the back of upbeat Chinese economic data.

The country accounts for almost half the world’s copper consumption.

In the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program.

Markets will keep an eye on a preliminary reading of third-quarter U.S. growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Federal Reserve’s view on monetary policy.

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Crude Oil Gains In Asia On Momentum From Drop In U.S. Rig Count

अक्तूबर 23, 2017, 03:07

Investing.com - Crude prices gained in Asia on Monday as rig count figures out of the U.S. aided sentiment on the supply outlook.

U.S. West Texas Intermediate (WTI) crude futures rose 0.42% to $52.06 a barrel. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., gained 0.28% to $57.91 a barrel.

Last week, oil prices settled higher in see-saw trade on Friday, as political tensions in the Kurdistan region continued to disrupt crude supplies.

Oil exports from Iraq's Kurdistan towards the Turkish port of Ceyhan were flowing at average rates of 216,000 barrels per day versus the usual flows of 600,000 bpd, a shipping source said.

The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces.

Meanwhile, in the U.S., investors mulled over data showing oil drilling activity fell for a third week in a row, extending a two-month drilling decline.

Oilfield services firm Baker Hughes said Friday that its weekly count of oil rigs operating in the United States fell by seven to 736, the lowest level since June.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

In a speech Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades.

Despite the bullish signals, analysts warned that OPEC needs to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to rebalance the market.

The original deal, struck nearly a year ago between OPEC and 10 other non-OPEC countries led by Russia, was to cut production by 1.8 million barrels a day for six months. The agreement was extended in May of this year for a period of nine months until March 2018 in a bid to reduce global oil inventories and support oil prices.

The cartel's next meeting is set for November 30 in Vienna.

In the week ahead, market participants will eye fresh weekly information on U.S. stockpiles of crude and refined products on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer.

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Dollar Holds Gains On Poll Win By Japan's Abe, China House Prices Noted

अक्तूबर 23, 2017, 01:48

Investing.com - The dollar held gains in Asia on Monday as results showed the coalition led by Japan's Prime Minister Shinzo Abe won a super majority in Sunday's polls, suggesting increased divergence in monetary policy with the U.S.

The election showed that Abe's coalition was on track for 312 seats in the lower house of parliament, more than the 310 needed for a super majority and making it likely that more fiscal stimulus and easy monetary policy would be in store.

USD/JPY changed hands at 113.88, up 0.31%, while AUD/USD traded at 0.7813, down 0.08%. House prices from China showed a 6.3% gain in September, a slower pace than the 8.3% gain reported in August.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.14% to 93.70.

Last week, the dollar rose against a basket of the other major currencies on Friday as hopes for U.S. tax reforms were boosted after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

President Donald Trump's tax reform plans cleared a critical hurdle on Thursday after Senate Republicans adopted a budget for the next fiscal year and included a procedure that Republicans plan to use to rewrite the tax code without support from the Democratic Party.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Sterling was broadly higher amid hopes for a breakthrough in Brexit negotiations after British Prime Minister Theresa May met with European Union leaders in Brussels.

The New Zealand dollar dropped almost 1% on Friday and NZD/USD ended the week down 2.75% after a surprise election outcome.

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PBOC Sets Yuan Parity At 6.6205 Against Dollar

अक्तूबर 23, 2017, 01:19

Investing.com - The People's Bank of China set the yuan parity rate against the dollar at 6.6205 on Monday, compared to the previous close of 6.6195.

The China Foreign Exchange Trade System sets the weighted average of prices given by market makers. The highest and lowest offers are excluded from the calculation. The central bank allows the dollar/yuan rate to move no more than 2% above or below the central parity rate.

Market watchers see a yuan level of 7 against the dollar, USD/CNY, as a key touchstone for sentiment in the near term.

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Dollar Gains As Abe Coalition Wins Super Majority

अक्तूबर 22, 2017, 10:53

Investing.com - The dollar posted fresh gains against the yen in Asia on Monday as results showed the coalition led by Japan's Prime Minister Shinzo Abe won a super majority in Sunday's polls.

The election showed that Abe's coalition was on track for 312 seats in the lower house of parliament, more than the 310 needed for a super majority and making it likely that more fiscal stimulus and easy monetary policy would be in store.

USD/JPY changed hands at 113.83, up 0.26%, while AUD/USD traded at 0.7813, down 0.08%. House prices from China are due later in the day for September with an 8.3% gain reported in August.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.61% to 93.57.

Last week, the dollar rose against a basket of the other major currencies on Friday as hopes for U.S. tax reforms were boosted after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

President Donald Trump's tax reform plans cleared a critical hurdle on Thursday after Senate Republicans adopted a budget for the next fiscal year and included a procedure that Republicans plan to use to rewrite the tax code without support from the Democratic Party.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Sterling was broadly higher amid hopes for a breakthrough in Brexit negotiations after British Prime Minister Theresa May met with European Union leaders in Brussels.

The New Zealand dollar dropped almost 1% on Friday and NZD/USD ended the week down 2.75% after a surprise election outcome spar

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Dollar Up Against Yen In Early Asia, China House Prices Due

अक्तूबर 22, 2017, 09:38

Investing.com - The dollar was quoted up against the yen in early Asia on Monday in a light regional data day.

USD/JPY changed hands at 113,85, up 0.28%, while AUD/USD traded at 0.7813, down 0.08%. House prices from China are due later in the day for September with an 8.3% gain reported in August.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.61% to 93.57.

Last week, the dollar rose against a basket of the other major currencies on Friday as hopes for U.S. tax reforms were boosted after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

President Donald Trump\'s tax reform plans cleared a critical hurdle on Thursday after Senate Republicans adopted a budget for the next fiscal year and included a procedure that Republicans plan to use to rewrite the tax code without support from the Democratic Party.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the \"Trumpflation\" trade.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Sterling was broadly higher amid hopes for a breakthrough in Brexit negotiations after British Prime Minister Theresa May met with European Union leaders in Brussels.

The New Zealand dollar dropped almost 1% on Friday and NZD/USD ended the week down 2.75% after a surprise election outcome sparked concerns that the new government could pursue policies that would weaken the currency.

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Israel stocks higher at close of trade; TA 35 up 0.69%

अक्तूबर 22, 2017, 02:00

Investing.com – Israel stocks were higher after the close on Sunday, as gains in the Biomed, Technology and Insurance sectors led shares higher.

At the close in Tel Aviv, the TA 35 added 0.69%.

The best performers of the session on the TA 35 were OPKO Health Inc (TA:OPK), which rose 4.51% or 104 points to trade at 2410 at the close. Meanwhile, Teva Pharmaceutical Industries Ltd (TA:TEVA) added 2.48% or 126 points to end at 5210 and Paz Oil (TA:PZOL) was up 2.23% or 1280 points to 58620 in late trade.

The worst performers of the session were ICL Israel Chemicals Ltd (TA:ICL), which fell 0.82% or 12 points to trade at 1453 at the close. Perrigo (TA:PRGO) declined 0.65% or 200 points to end at 30360 and Strauss Group (TA:STRS) was down 0.60% or 42 points to 6901.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 263 to 124 and 20 ended unchanged.

Crude oil for December delivery was unchanged 0.00% or 0.00 to $51.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 1.17% or 0.67 to hit $57.90 a barrel, while the December Gold Futures contract fell 0.59% or 7.58 to trade at $1282.42 a troy ounce.

USD/ILS was up 0.01% to 3.4916, while EUR/ILS fell 0.62% to 4.1130.

The US Dollar Index Futures was up 0.61% at 93.57.

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Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.52%

अक्तूबर 22, 2017, 01:15

Investing.com – Saudi Arabia stocks were lower after the close on Sunday, as losses in the Insurance, Hotels&Tourism and Multi Investment sectors led shares lower.

At the close in Saudi Arabia, the Tadawul All Share lost 0.52%.

The best performers of the session on the Tadawul All Share were ACE ARABIA COOPERATIVE INSURANCE (SE:8240), which rose 9.88% or 2.58 points to trade at 28.70 at the close. Meanwhile, Dar Alarkan Real Estate Development (SE:4300) added 4.34% or 0.30 points to end at 7.21 and Saudi Arabian Amiantit Co. (SE:2160) was up 3.77% or 0.25 points to 6.88 in late trade.

The worst performers of the session were Salama Cooperative Insurance Co (SE:8050), which fell 3.89% or 1.01 points to trade at 24.96 at the close. The Company for Coop. Insurance (SE:8010) declined 3.54% or 3.44 points to end at 93.60 and Tabuk Cement Co. (SE:3090) was down 2.29% or 0.24 points to 10.26.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 119 to 50 and 8 ended unchanged.

Shares in Dar Alarkan Real Estate Development (SE:4300) rose to 52-week highs; up 4.34% or 0.30 to 7.21.

Crude oil for December delivery was unchanged 0.00% or 0.00 to $51.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 1.17% or 0.67 to hit $57.90 a barrel, while the December Gold Futures contract fell 0.59% or 7.58 to trade at $1282.42 a troy ounce.

EUR/SAR was down 0.63% to 4.4179, while USD/SAR rose 0.01% to 3.7506.

The US Dollar Index Futures was up 0.61% at 93.57.

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United Arab Emirates stocks lower at close of trade; DFM General down 0.79%

अक्तूबर 22, 2017, 11:15

Investing.com – United Arab Emirates stocks were lower after the close on Sunday, as losses in the Transport, Consumer Staples and Real Estate&Construction sectors led shares lower.

At the close in Dubai, the DFM General fell 0.79%, while the ADX General index lost 0.16%.

The best performers of the session on the DFM General were Dubai National Insurance (DU:DNIN), which rose 4.65% or 0.140 points to trade at 3.150 at the close. Meanwhile, National Central Cooling Co. (DU:TABR) added 1.43% or 0.030 points to end at 2.130 and Marka Pjse (DU:MARKA) was up 1.19% or 0.01 points to 0.68 in late trade.

The worst performers of the session were Commercial Bank of Dubai P.S.C. (DU:CBD), which fell 2.50% or 0.100 points to trade at 3.900 at the close. Gulf Navigation Holding PJSC (DU:GNAV) declined 2.10% or 0.030 points to end at 1.400 and Emaar Properties PJSC (DU:EMAR) was down 2.06% or 0.180 points to 8.570.

The top performers on the ADX General were Union Cement (AD:UCC) which rose 10.32% to 1.390, Abu Dhabi National for Building Materials Co PJSC (AD:BILD) which was up 4.26% to settle at 0.490 and Methaq (AD:METH) which gained 2.38% to close at 0.860.

The worst performers were Invest Bank AD (AD:INVB) which was down 8.33% to 2.200 in late trade, Ad Shipbldg Co (AD:ADSB) which lost 5.06% to settle at 2.250 and Rak Cement Co (AD:RKCC) which was down 3.95% to 0.730 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 20 to 12 and 8 ended unchanged; on the Abu Dhabi, 9 fell and 8 advanced, while 7 ended unchanged.

Shares in Dubai National Insurance (DU:DNIN) rose to 52-week highs; gaining 4.65% or 0.140 to 3.150. Shares in Commercial Bank of Dubai P.S.C. (DU:CBD) fell to 3-years lows; down 2.50% or 0.100 to 3.900. Shares in Union Cement (AD:UCC) rose to 52-week highs; rising 10.32% or 0.130 to 1.390.

Crude oil for December delivery was unchanged 0.00% or 0.00 to $51.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 1.17% or 0.67 to hit $57.90 a barrel, while the December Gold Futures contract fell 0.59% or 7.58 to trade at $1282.42 a troy ounce.

USD/AED was unchanged 0.00% to 3.6729, while EUR/AED fell 0.63% to 4.3267.

The US Dollar Index Futures was up 0.61% at 93.57.

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Gold / Silver / Copper Prices - Weekly Outlook: October 23 - 27

अक्तूबर 22, 2017, 10:56

Investing.com - Gold prices fell on Friday, pressured lower by the stronger U.S. dollar which was boosted after President Donald Trump's plans to overhaul the tax code cleared a critical hurdle.

Gold futures for December delivery settled down 0.59% at $1,282.42 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was down 1.86%, which means it has fallen in five of the past six weeks.

The dollar rose on Friday, making gold more expensive for holders of other currencies, after Senate Republicans approved a budget measure that will allow them to pursue tax cuts without support from the Democratic Party.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.61% at 93.57 in late trade. It was its largest one day gain since October 2.

The index ended the week up 0.69%, its fifth weekly increase in six weeks.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

Elsewhere in precious metals trading, silver was down 1.21% at $17.04 a troy ounce late Friday, bringing its weekly decline to 2.22%, while platinum settled at $926.00.

Among base metals, copper pared early gains and closed at $3.169 a pound. The industrial metal was still up 1.03% for the week after Monday’s rally to three-year highs on the back of upbeat Chinese economic data. The country accounts for almost half the world’s copper consumption.

In the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program.

Markets will keep an eye on a preliminary reading of third-quarter U.S. growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Federal Reserve’s view on monetary policy.

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

Monday, October 23

Canada is to release data on wholesale sales.

Tuesday, October 24

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

Wednesday, October 25

Australia is to release data on inflation.

The Ifo Institute is to report on German business climate.

The UK is to release a preliminary estimate of third quarter growth.

The U.S. is to release reports on durable goods orders and new home sales.

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

Thursday, October 26

New Zealand is to publish trade data.

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

The U.S. is to report on initial jobless claims and pending home sales.

Friday, October 27

Japan is to release its latest inflation figures.

The U.S. is to round up the week with preliminary data on third quarter growth.

Read More
Weekly Outlook: October 23 - 27

अक्तूबर 22, 2017, 10:26

Investing.com - The dollar rose against a basket of the other major currencies on Friday as hopes for U.S. tax reforms were boosted after the Senate approved a budget measure that will allow Republicans to pursue tax cuts without Democratic support.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.61% at 93.57 in late trade. It was its largest one day gain since October 2.

The index ended the week up 0.69%, its fifth weekly increase in six weeks.

President Donald Trump's tax reform plans cleared a critical hurdle on Thursday after Senate Republicans adopted a budget for the next fiscal year and included a procedure that Republicans plan to use to rewrite the tax code without support from the Democratic Party.

Investors expect a fiscal boost to push up inflation, adding pressure on the U.S. Federal Reserve to raise interest rates, known as the "Trumpflation" trade.

But Republicans have yet to produce a tax reform bill amid divisions over what cuts to make and how to pay for them and analysts have warned that the White House still faces a long battle to push through its agenda.

The dollar was at three-month highs against the safe haven yen, with USD/JPY up 0.88% at 113.52 in late trade.

The greenback rose to five-month highs against the traditional safe haven Swiss franc, with USD/CHF climbing 0.81% to 0.9842.

The euro was lower against the stronger dollar, with EUR/USD sliding 0.57% to 1.1784.

Sterling was broadly higher amid hopes for a breakthrough in Brexit negotiations after British Prime Minister Theresa May met with European Union leaders in Brussels.

GBP/USD was up 0.21% to 1.3185 in late trade.

The pound was also higher against the euro, with EUR/GBP shedding 0.83% to trade at 0.8931.

The New Zealand dollar dropped almost 1% on Friday and NZD/USD ended the week down 2.75% after a surprise election outcome sparked concerns that the new government could pursue policies that would weaken the currency.

In the week ahead, investors will be watching the European Central Bank meeting for further details on plans to scale back its massive stimulus program.

Markets will keep an eye on a preliminary reading of third-quarter U.S. growth to further assess the impact of recent hurricanes on economic activity and how it could affect the Federal Reserve’s view on monetary policy.

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

Monday, October 23

Canada is to release data on wholesale sales.

Tuesday, October 24

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

Wednesday, October 25

Australia is to release data on inflation.

The Ifo Institute is to report on German business climate.

The UK is to release a preliminary estimate of third quarter growth.

The U.S. is to release reports on durable goods orders and new home sales.

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

Thursday, October 26

New Zealand is to publish trade data.

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

The U.S. is to report on initial jobless claims and pending home sales.

Friday, October 27

Japan is to release its latest inflation figures.

The U.S. is to round up the week with preliminary data on third quarter growth.

Read More