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  • Oil Rises to Three Year High on Talks of Saudi Arabia Wanting Higher Prices

    April 19, 2018, 02:29

    Investing.com - Oil prices rose to their highest level in over three and a half years on Thursday after news that Saudi Arabian officials want the price of oil to rise.

    Crude oil futures rose 1.07% to $69.20 a barrel by 10:28 AM ET (14:28 GMT), its highest level since November 2014 and a session high.

    Brent crude futures, the benchmark for oil prices outside the U.S., was up 1.42% to $74.52a barrel.

    Saudi Arabia officials would like the price of oil to continue rising to $80 or even $100, Reuters reported on Wednesday. The news signals that the de-facto leader will not seek any changes on the Organization of the Petroleum Exporting Countries’ and Russia deal to cut production.

    OPEC has been cutting crude output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018.The group meets on Friday and, while its efforts to end a global supply glut have been successful, Saudi Arabia is pushing for the cuts to extend into 2019.

    Prices were also supported by data that showed crude stockpiles have declined in the U.S.

    The U.S. Energy Information Administration said in its weekly report on Wednesday that crude oil inventories fell by 1.071 million barrels in the week ended April 13. Market analysts' had expected a crude-stock decline of 500,000 barrels, while the American Petroleum Institute late Tuesday reported a decline of 1.047 million.

    The data is welcome news to investors, who had feared a rise in U.S. shale would offset efforts by OPEC and Russia to curb production and end a global supply glut.

    In other energy trading, Gasoline RBOB Futures increased 0.66% at $2.0887 a gallon, while heating oil rose 1.41% to $2.1206 a gallon. Natural gas futures fell 2.04% to $2.683 per million British thermal units.

    Read More
  • Gold Prices Move Lower as 10-year Treasury Yield Tops 2.9%

    April 19, 2018, 02:24

    Investing.com - Gold prices moved lower on Thursday, as the dollar wallowed around the unchanged mark and yields on U.S. Treasuries rose.

    Comex gold futures fell $2.60, or around 0.2%, at $1,350.90 a troy ounce by 10:23AM ET (14:23GMT), while the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.04% to 89.31.

    The yield on the 10-year Treasury topped 2.9% on Thursday, a day after the yield on the 2-year hit its highest level since September 2008.

    The move lower in gold, which does not pay interest, may be due to its inability to compete with yield-bearing fixed income.

    Economic data released on Thursday gave a mixed reading, as weekly jobless claims dipped less than expected. Still, the U.S. economy is still considered to be at or near full employment with the jobless rate at a 17-year low of 4.1%.

    On the positive side, the Philly Fed manufacturing index unexpectedly increased as firms continued to be optimistic about the outlook for manufacturing activity.

    Earlier on Thursday, Federal Reserve governor Lael Brainard delivered a speech suggesting that it was too early to relax bank regulation due to rising asset prices and leverage. Although Brainard mostly steered clear of monetary policy, she suggested that inflation was well-anchored by some signs of imbalances.

    Fed governor Randal Quarles delivered his semi-annual testimony on bank regulation to the Senate on Thursday, in a repeat of the comments delivered to the House on Tuesday. No comments were made on monetary policy.

    Cleveland Fed president Loretta Mester could offer some more relevant clues to the future path of interest rates when she delivers remarks on the outlook and monetary policy at a conference scheduled for 6:45PM ET (22:45GMT) .

    Traders are currently pricing in around a 100% chance of the next rate hike in June, according to Investing.com’s Fed Rate Monitor Tool. Odds of a third rate hike by December was seen at about 90%.

    Read More
  • Stocks- Wall Street Lower as Bond Yields Rise

    April 19, 2018, 01:45

    Investing.com – Wall Street was lower on Thursday as mixed economic data and rising bond yields weighed.

    The S&P 500 was down over 11 points or 0.44% to 2,696.67 as of 9:43 AM ET (13:43 GMT) while the Dow composite decreased 60 points or 0.24% to 24,687.69 and tech heavy NASDAQ Composite fell nearly 34 points or 0.47% to 7,260.72.

    U.S. bond yields crept back up on Thursday, which caused investor concern. The yield on the 10-year U.S. Treasury rose 1.36% to 2.906.

    Prices fall as bond yields rise. A spike in U.S. Treasury bond yields in February led to a steep decline in equity markets as investors grew concencered that rising inflation could lead to an increase in interest rate hikes by the Federal Reserve.

    In economic news, the number of people who filed for unemployment assistance in the U.S. last week fell less than expected, by 1,000 to 232,000. A separate report showed that the Philadelphia Fed's manufacturing index unexpectedly rose in April, to a reading of 23.2 from 22.3 in March.

    Technology stocks were among the biggest losers after the morning bell. Apple (NASDAQ:AAPL) fell 1.66% while Netflix (NASDAQ:NFLX) was down 1.61% and Intel (NASDAQ:INTC) decreased 2.03%. Procter & Gamble Company (NYSE:PG) dipped 3.40% after news that it was planning to acquire Merck’s consumer health business for $3.4 billion.

    Elsewhere American Express (NYSE:AXP) surged 6.36% after its earnings came in higher than expected while General Electric (NYSE:GE) was up 1.91% and Bank of America (NYSE:BAC) rose 1.46%.

    In Europe stocks were mixed. Germany’s DAX fell 23 points or 0.19% while in France the CAC 40 increased five points or 0.10% and in London, the FTSE 100 was up four points or 0.07%. Meanwhile the pan-European Euro Stoxx 50 lost five points or 0.15% while Spain’s IBEX 35 inched up six points or 0.07%.

    In commodities, gold futures fell 0.30% to $1,339.40 a troy ounce while crude oil futures increased 0.64% to $68.91 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.02% to 89.33.

    Read More
  • Bitcoin Rises; Crypto Funds Report Losses in Q1

    April 19, 2018, 01:00

    Investing.com - Bitcoin and other virtual coins were higher on Thursday, while cryptocurrency hedge funds reported massive losses in the first quarter of 2018.

    Bitcoin was trading at $8,250.5, rising 1.77% as of 9:00 AM ET (1:00GMT) on the Bitfinex exchange.

    While Bitcoin was higher, it was still far from its peak of $20,000 in December. Hedge funds that jumped on the crypto craze have reported massive losses as the virtual currencies have fallen in price and popularity.

    Data provider Hedge Fund Research said its index tracking performance of fund managers investing in digital currencies posted double-digit losses in the first quarter of the year.

    The HFR Blockchain Composite Index slumped 46%, while the HFR Cryptocurrency Index lost 45.34% during the same period. Meanwhile, BarclayHedge’s Cryptocurrency Traders Index fell 43.1% year-to-date.

    “Folks have their opinions, but no one really knows if it’s a bubble or a correction,” Sol Waksman, founder and president of BarclayHedge said in a press release.

    In other news, Citigroup (NYSE:C) is looking for bitcoin experts to join its anti-money laundering group. According to an ad on LinkedIn (NYSE:LNKD), the financial services giant is looking for a vice president and senior vice president to explore the risks associated with money laundering in cryptocurrency markets.

    The company previously banned its clients from using its credit cards for cryptocurrency related purchases. Bitcoin and other virtual currencies are often associated with money laundering because the service can often be used anonymously.

    Other virtual currencies were higher, with rival Ethereum, the world’s second largest cryptocurrency by market cap, rising 4.89% to $543.36 on the Bitfinex exchange. Ripple, the third largest virtual currency, increased 4.62% to $0.72219 while Litecoin was at $141.24, an increase of 2.87%.

    Read More
  • U.S. Jobless Claims Fall by 1,000 in Latest Week

    April 19, 2018, 12:32

    Investing.com - The number of people who filed for unemployment assistance in the U.S. last week fell less than expected, according to official data released on Thursday.

    The number of individuals filing for initial jobless benefits decreased by 1,000 to 232,000 the Labor Department said.

    Analysts had expected claims to fall to 230,000 last week.

    Figures for the prior week were unchanged at 233,000.

    The four-week moving average rose by 1,250 to 231,250 last week. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

    Continuing jobless claims, which measures the number of people still receiving benefits after an initial week of aid, came in at 1,863,000 in the previous week. Continuing claims are reported with a one week lag.

    Read More
  • Philly Fed Index Unexpectedly Rises in April

    April 19, 2018, 12:31

    Investing.com - The Philadelphia Fed's manufacturing index unexpectedly rose in April, to a reading of 23.2 from 22.3 in March, the Philly Fed reported on Thursday.

    The consensus forecast had been for a reading of 20.8.

    Any reading above zero indicates improving conditions, below indicates worsening conditions.

    With regard to future activity in the sector, new orders fell to 18.4 in April, compared to last month's reading of 35.7.

    However, the employment index advanced to 27.1 in April, compared to a prior reading of 25.6, indicating a faster pace of hiring.

    The prices paid index rose to 56.40 this month, from the 42.60.

    “Responses to the April Manufacturing Business Outlook Survey suggest continued growth for the region’s manufacturing sector,” the Philadelphia Fed noted in the release, pointing out that the indexes for general activity, new orders, shipments, and employment all indicated continued expansion this month.

    “In responses to special questions, over half of the firms indicated plans to increase capital spending this year,” the report said.

    “Looking ahead six months, the firms continued to be optimistic about the outlook for manufacturing activity,” the survey concluded.

    Read More
  • United Arab Emirates stocks mixed at close of trade; DFM General down 0.18%

    April 19, 2018, 11:15

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

    At the close in Dubai, the DFM General declined 0.18%, while the ADX General index climbed 0.52%.

    The best performers of the session on the DFM General were Marka Pjse (DU:MARKA), which rose 3.45% or 0.01 points to trade at 0.33 at the close. Meanwhile, Emaar Development PJSC (DU:EMAARDEV) added 2.04% or 0.110 points to end at 5.510 and Dubai Investments PJSC (DU:DINV) was up 1.94% or 0.040 points to 2.100 in late trade.

    The worst performers of the session were Dubai Islamic Bank (DU:DISB), which fell 1.98% or 0.110 points to trade at 5.440 at the close. Arabtec Holding PJSC (DU:ARTC) declined 1.83% or 0.040 points to end at 2.140 and DXB Entertainments (P.J.S.C.) (DU:DXBE) was down 1.81% or 0.008 points to 0.435.

    The top performers on the ADX General were Nat Bk Qaiwain (AD:NBQ) which rose 10.07% to 2.95, Abu Dhabi National for Building Materials Co PJSC (AD:BILD) which was up 8.00% to settle at 0.540 and Invest Bank AD (AD:INVB) which gained 4.00% to close at 2.340.

    The worst performers were Union Insurance Co PSC (AD:UNIN) which was down 7.33% to 1.39 in late trade, International Holding Company PJSC (AD:IHC) which lost 4.17% to settle at 1.38 and Gulf Cement Co (AD:GCEM) which was down 3.70% to 1.0400 at the close.

    Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 17 to 12 and 7 ended unchanged; on the Abu Dhabi, 11 fell and 11 advanced, while 10 ended unchanged.

    Shares in Arabtec Holding PJSC (DU:ARTC) fell to 3-years lows; losing 1.83% or 0.040 to 2.140. Shares in International Holding Company PJSC (AD:IHC) fell to 52-week lows; falling 4.17% or 0.06 to 1.38.

    Crude oil for May delivery was up 0.89% or 0.61 to $69.08 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 1.02% or 0.75 to hit $74.23 a barrel, while the June Gold Futures contract fell 0.24% or 3.20 to trade at $1350.30 a troy ounce.

    USD/AED was down 0.01% to 3.6729, while EUR/AED fell 0.08% to 4.5423.

    The US Dollar Index Futures was up 0.04% at 89.39.

    Read More
  • Sri Lanka stocks lower at close of trade; CSE All-Share down 0.36%

    April 19, 2018, 10:45

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

    At the close in Colombo, the CSE All-Share lost 0.36%.

    The best performers of the session on the CSE All-Share were PCH Holdings PLC (CM:PCHH), which rose 20.00% or 0.100 points to trade at 0.600 at the close. Meanwhile, Amana Takaful PLC (CM:ATL) added 12.50% or 0.100 points to end at 0.900 and Beruwala Resorts PLC (CM:BERU) was up 12.50% or 0.100 points to 0.900 in late trade.

    The worst performers of the session were SMB Leasing PLC (CM:SEMB), which fell 16.67% or 0.1000 points to trade at 0.5000 at the close. Kelsey Developments PLC (CM:KDL) declined 14.57% or 5.80 points to end at 34.00 and Serendib Land PLC (CM:SLND) was down 12.26% or 181.70 points to 1300.00.

    Rising stocks outnumbered declining ones on the Colombo Stock Exchange by 97 to 76 and 46 ended unchanged.

    Shares in PCH Holdings PLC (CM:PCHH) rose to all time lows; gaining 20.00% or 0.100 to 0.600.

    Crude oil for May delivery was up 0.45% or 0.31 to $68.78 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.60% or 0.44 to hit $73.92 a barrel, while the June Gold Futures contract fell 0.24% or 3.20 to trade at $1350.30 a troy ounce.

    GBP/LKR was down 0.33% to 221.745, while USD/LKR fell 0.10% to 156.240.

    The US Dollar Index Futures was up 0.03% at 89.38.

    Read More
  • India stocks higher at close of trade; Nifty 50 up 0.37%

    April 19, 2018, 10:45

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

    At the close in NSE, the Nifty 50 gained 0.37% to hit a new 1-month high, while the BSE Sensex 30 index added 0.28%.

    The best performers of the session on the Nifty 50 were Hindalco Industries Ltd. (NS:HALC), which rose 8.81% or 21.40 points to trade at 264.75 at the close. Meanwhile, Vedanta Ltd (NS:VDAN) added 6.65% or 19.35 points to end at 311.70 and Tata Steel Ltd (NS:TISC) was up 3.29% or 19.80 points to 621.95 in late trade.

    The worst performers of the session were Bharat Petroleum Corp. Ltd. (NS:BPCL), which fell 7.11% or 28.80 points to trade at 376.55 at the close. Hindustan Petroleum Corporation Ltd (NS:HPCL) declined 5.62% or 17.95 points to end at 301.50 and Indian Oil Corporation Ltd (NS:IOC) was down 4.09% or 6.75 points to 157.95.

    The top performers on the BSE Sensex 30 were Tata Steel Ltd (BO:TISC) which rose 3.17% to 620.55, Yes Bank Ltd (BO:YESB) which was up 2.83% to settle at 318.00 and Bharti Airtel Ltd (BO:BRTI) which gained 2.64% to close at 394.95.

    The worst performers were AXIS Bank Ltd. (BO:AXBK) which was down 0.91% to 514.00 in late trade, Coal India Ltd (BO:COAL) which lost 0.77% to settle at 282.85 and Kotak Mahindra Bank Ltd. (BO:KTKM) which was down 0.69% to 1150.00 at the close.

    Rising stocks outnumbered declining ones on the India National Stock Exchange by 883 to 706 and 52 ended unchanged; on the Bombay Stock Exchange, 1323 rose and 1262 declined, while 156 ended unchanged.

    Shares in Bharat Petroleum Corp. Ltd. (NS:BPCL) fell to 52-week lows; losing 7.11% or 28.80 to 376.55. Shares in Hindustan Petroleum Corporation Ltd (NS:HPCL) fell to 52-week lows; losing 5.62% or 17.95 to 301.50. Shares in Indian Oil Corporation Ltd (NS:IOC) fell to 52-week lows; falling 4.09% or 6.75 to 157.95.

    The India VIX, which measures the implied volatility of Nifty 50 options, was down 2.57% to 13.7475 a new 3-months low.

    Gold Futures for June delivery was down 0.23% or 3.10 to $1350.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 0.45% or 0.31 to hit $68.78 a barrel, while the June Brent oil contract rose 0.60% or 0.44 to trade at $73.92 a barrel.

    USD/INR was up 0.02% to 65.755, while EUR/INR rose 0.02% to 81.3328.

    The US Dollar Index Futures was up 0.02% at 89.37.

    Read More
  • Indonesia stocks higher at close of trade; IDX Composite Index up 0.57%

    April 19, 2018, 10:15

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

    At the close in Jakarta, the IDX Composite Index rose 0.57%.

    The best performers of the session on the IDX Composite Index were Bank Ina Perdana Tbk (JK:BINA), which rose 25.00% or 155 points to trade at 775 at the close. Meanwhile, Indah Prakasa Sentosa PT Tbk (JK:INPS) unchanged 0.00% or 0 points to end at 2430 and Tifa Finance Tbk (JK:TIFA) was up 24.30% or 52 points to 266 in late trade.

    The worst performers of the session were Radana Bhaskara Finance Tbk (JK:HDFA), which fell 23.36% or 50 points to trade at 164 at the close. Fks Multi Agro Tbk (JK:FISH) declined 14.29% or 300 points to end at 1800 and Destinasi Tirta Nusantara Tbk (JK:PDES) was down 13.46% or 175 points to 1125.

    Rising stocks outnumbered declining ones on the Jakarta Stock Exchange by 208 to 145 and 130 ended unchanged.

    Shares in Indah Prakasa Sentosa PT Tbk (JK:INPS) unchanged to all time highs; unchanged 0.00% or 0 to 2430. Shares in Fks Multi Agro Tbk (JK:FISH) fell to 52-week lows; falling 14.29% or 300 to 1800. Shares in Tifa Finance Tbk (JK:TIFA) rose to 3-years highs; up 24.30% or 52 to 266.

    Crude oil for May delivery was up 0.54% or 0.37 to $68.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.63% or 0.46 to hit $73.94 a barrel, while the June Gold Futures contract fell 0.27% or 3.70 to trade at $1349.80 a troy ounce.

    USD/IDR was up 0.16% to 13788.2, while AUD/IDR rose 0.04% to 10738.00.

    The US Dollar Index Futures was up 0.08% at 89.42.

    Read More
  • Top 5 Things to Know in the Market on Thursday

    April 19, 2018, 09:56

    Investing.com - Here are the top five things you need to know in financial markets on Thursday, April 19:

    1. Metals surge on sanction worries

    Nickel was on a tear on Thursday, soaring 4%, on fears that U.S. sanctions on major Russian aluminum producer Rusal may be broadened and could hit key Russian nickel supplier Nornickel.

    Worries over over tighter global supply for a commodity already in deficit have seen nickel jump 20% just this week, while aluminum, also up around 2% on Thursday, has racked up gains of more than 30% so far this month.

    2. Oil hits 3½-year high ahead of OPEC meeting

    Amid the broad surge in commodities seen Thursday, oil prices also hit their highest level since late 2014 while traders looked ahead to the outcome of the joint Organization of Petroleum Exporting Countries (OPEC) and non-OPEC ministerial monitoring committee meeting slated for later this week.

    The committee may discuss new inventory targets that extend their output cuts beyond this year as they aim to eliminate a glut.

    The gathering will play out against a backdrop of falling stockpiles and geopolitical tensions that have lifted prices.

    U.S. crude oil futures rose 0.82% to $69.03 at 5:52AM ET (9:52GMT), while Brent oil gained 0.87% to $74.12.

    3. Jobless Claims, Philly Fed Data, Fed Jawboning Looms

    The Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended April 13, expected to show jobless claims fell to 230,000 from 233,000 the prior week. Continuing claims are forecast to fall to 1.848 million from 1.871 million the prior week.

    The report on the labor market is due Thursday at 8:30AM ET, a day after the Federal Reserve’s Beige Book showed that tightness in the labor market has yet to boost wage growth pressure.

    Also released at the same time, economists forecast the Philly Fed manufacturing index for April to show a reading of 20.8, slightly below the 22.3 reading seen in March.

    Furthermore, traders will pay close attention to appearances by Fed governor Lael Brainard at 8:00AM ET (12:00GMT), fellow Fed governor Randal Quarles at 9:30AM ET (13:30GMT)and Cleveland Fed president Loretta Mester at 6:45PM ET (22:45GMT)

    The Fed speeches are likely to be closely monitored after St. Louis Fed chief James Bullard warned that the yield curve could invert– a key predictor of a recession - within six months.

    Traders are currently pricing in around a 95% chance of a rate hike in June, according to Investing.com’s Fed Rate Monitor Tool. Odds of a third rate hike by December was seen at about 85%.

    4. Earnings will continue to be in focus

    Earnings will continue to move stock prices on Thursday with Wall Street set to trade good news as all six S&P 500 firms reporting after the prior session’s close beat estimates.

    Of particular note, American Express (NYSE:AXP) looked set for solid gains after the blue chip credit card issuer’s profit topped consensus as record investments in card rewards and a strengthening U.S. economy contributed to higher customer spending.

    First quarter earnings season is running smoothly with 83% of the 58 S&P companies that have reported beat both profit and sales estimates, according to The Earnings Scout.

    On Thursday’s docket, Procter & Gamble (NYSE:PG), Bank of New York Mellon(NYSE:BK) (NYSE:BK), BB&T (NYSE:BBT), Blackstone (NYSE:BX) and Philip Morris (NYSE:PM) are among firms reported earnings.

    5. Stocks set for weak open ahead of earnings, data

    U.S. futures pointed to a slightly lower open on Thursday as investors waited for earnings and economic data to give direction for the day’s trade. At 5:54AM ET (9:54GMT), the blue-chip Dow futures was unchanged, S&P 500 futures slipped 3 points, or 0.09%, while the Nasdaq 100 futures edged down 3 points, or 0.04%.

    Elsewhere, European shares were running out of steam following a two-day rally with most of the major bourses showing little change. A notable exception was the FTSE 100 trading up 0.2% as the commodity rally pushed up shares in mining giants and oil producers.

    Earlier, Asian equities ended higher on the back of bullish sentiment in resource stocks.

    Read More
  • Forex- U.S. Dollar Rises as Sterling, Euro, Fall

    April 19, 2018, 09:34

    Investing.com - The dollar was higher on Thursday, while sterling fell after lower than expected retail sales.

    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.12% to 89.46 by 5:34 AM ET (9:34 GMT).

    The dollar gained ground against the yen, with USD/JPY rising 0.15% to 107.38. Rising geopolitical and trade tensions have weighed on the dollar in recent months. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

    U.S. President Trump and Japanese Prime Minister Shinzo Abe met in Florida this week and have agreed to intensity trade consultations. Trump wants a bilateral deal with Japan and said he would be willing to negotiate steel and aluminum tariffs if the two countries can come to an arrangement. Japan, despite being a long-term U.S. ally, currently is not exempt from the tariffs on imported steel and aluminium.

    The pound inched down after retail sales came in lower than expected, adding doubts about the Bank of England’s monetary policy. GBP/USD fell 0.16% to 1.4179 after data showed that retail sales fell 1.2% in March compared to a rise of 0.8% in February.

    Meanwhile sterling was also hit by data on Wednesday that showed U.K inflation fell to 2.5% in March, the lowest in a year.

    The euro was down, with EUR/USD falling 0.11% to 1.2360.

    Elsewhere, the Australian dollar was higher, with AUD/USD up 0.10% to 0.7792 while NZD/USD decreased 0.12% to 0.7310.

    Read More
  • Philippines stocks lower at close of trade; PSEi Composite down 1.42%

    April 19, 2018, 08:35

    Investing.com – Philippines stocks were lower after the close on Thursday, as losses in the Property, Holding Firms and Industrials sectors led shares lower.

    At the close in Philippines, the PSEi Composite lost 1.42% to hit a new 6-months low.

    The best performers of the session on the PSEi Composite were Bank of the Philippine Islands (PS:BPI), which rose 4.81% or 5.00 points to trade at 109.00 at the close. Meanwhile, LT Group Inc (PS:LTG) added 1.33% or 0.240 points to end at 18.300 and Metropolitan Bank and Trust Co (PS:MBT) was up 1.27% or 1.05 points to 83.50 in late trade.

    The worst performers of the session were Alliance Global Group Inc (PS:AGI), which fell 4.93% or 0.700 points to trade at 13.500 at the close. Megaworld Corp (PS:MEG) declined 4.89% or 0.220 points to end at 4.280 and JG Summit Holdings Inc (PS:JGS) was down 3.92% or 2.450 points to 60.000.

    Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 169 to 60 and 30 ended unchanged.

    Shares in JG Summit Holdings Inc (PS:JGS) fell to 52-week lows; down 3.92% or 2.450 to 60.000.

    Gold Futures for June delivery was up 0.07% or 0.90 to $1354.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 1.10% or 0.75 to hit $69.22 a barrel, while the June Brent oil contract rose 1.20% or 0.88 to trade at $74.36 a barrel.

    CNY/PHP was down 0.07% to 8.2921, while USD/PHP rose 0.05% to 52.085.

    The US Dollar Index Futures was up 0.08% at 89.42.

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  • Gold Prices Tick Higher as Dollar Slips; Eyes on Talks with North Korea

    April 19, 2018, 08:21

    Investing.com - Gold prices moved higher on Thursday, supported by weakness in the dollar and concerns over the eventual U.S.-North Korea summit.

    Comex gold futures gained $1.30, or around 0.1%, at $1,354.80 a troy ounce by 4:18AM ET (8:18GMT), while the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, slipped 0.03% to 89.32.

    A stronger greenback makes the dollar-denominated metal more expensive for holders of other currencies.

    Geopolitical developments were in focus as U.S. President Trump said the plan for the summit between the U.S. and North Korea leader Kim Jong Un might not happen if he did not think it would produce meaningful results.

    On Thursday’s economic calendar, focus will be on weekly jobless claims released at 8:30AM ET (12:30GMT) a day after the Federal Reserve’s Beige Book showed that tightness in the labor market has yet to boost wage growth pressure.

    Released at the same time, economists forecast a slight drop in the Philly Fed manufacturing index.

    Speeches by FOMC Member Lael Brainard at 8.00 a.m. ET, FOMC Member Randal Quarles at 09.30 a.m. and FOMC Member Loretta Mester at 6.45 p.m ET.

    The Fed speeches are likely to be closely monitored after St. Federal Reserve James Bullard counterpart warned that the yield curve could invert– a key predictor of a recession - within six months.

    Traders are currently pricing in around a 97% chance of a rate hike in June, according to Investing.com’s Fed Rate Monitor Tool. Odds of a third rate hike by December was seen at about 89%.

    Gold seems to have taken the expectations in stride although increasing rates generally put pressure on the precious metal, which does not pay interest, as it struggles to compete with yield-bearing assets.

    In other metals action, silver futures were up 1.2 cents, or 0.1%, at $17.260 a troy ounce by 4:19AM ET (8:19GMT).

    Palladium futures gained 1.0% to $1,044.90 an ounce. Sister metal platinum meanwhile rose 0.8% at $953.50.

    Nickel surged 6.4% to $16,262.50 a metric ton as reports that hat Russian mining firm Norilsk Nickel could be caught up in U.S. sanctions against Moscow.

    Meanwhile copper traded up 0.9% to $3.187 a pound.

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  • UK Retail Sales Fall by 1.2% in March

    April 19, 2018, 08:17

    Investing.com - UK retail sales slumped in March, raising concerns about the strength of the British economy.

    Retail sales fell 1.2% in March the Office for National Statistics said on Thursday.

    This was compared to 0.8% in the previous month. Economists had forecast a decline of 0.5%.

    Year-over year, retail sales rose 1.1% from 1.5% the previous month.

    Core retail sales, which exclude automobile and gasoline sales, dipped 0.5% in March, compared to a revised 0.4% the month before. Annualized, core sales grew 1.1% from 1.2%.

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  • China stocks higher at close of trade; Shanghai Composite up 0.85%

    April 19, 2018, 07:35

    Investing.com – China stocks were higher after the close on Thursday, as gains in the Oil Equipment Services&Distribution, Life Insurance and Gas, Water&Multiutilities sectors led shares higher.

    At the close in Shanghai, the Shanghai Composite gained 0.85%, while the SZSE Component index added 1.02%.

    The best performers of the session on the Shanghai Composite were Aluminum Corp of China Ltd (SS:601600), which rose 10.11% or 0.470 points to trade at 5.120 at the close. Meanwhile, Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd (SS:600332) added 10.02% or 2.750 points to end at 30.200 and Shanghai LongYun Advertising&Media Co Ltd (SS:603729) was up 10.01% or 5.58 points to 61.35 in late trade.

    The worst performers of the session were Shanghai U9 Game Co Ltd (SS:600652), which fell 7.45% or 0.520 points to trade at 6.460 at the close. Harbin Air Conditioning Co Ltd (SS:600202) declined 7.35% or 0.530 points to end at 6.680 and Hainan Haiqi Transportation Group Co Ltd (SS:603069) was down 6.83% or 0.840 points to 11.450.

    The top performers on the SZSE Component were Nationz Technologies Inc (SZ:300077) which rose 10.04% to 10.41, Shenwu Environmental Tech (SZ:300156) which was up 10.03% to settle at 12.94 and Yunnan Aluminium Co Ltd (SZ:000807) which gained 9.98% to close at 8.93.

    The worst performers were Zhejiang Jinke Peroxides Co Ltd (SZ:300459) which was down 7.05% to 10.55 in late trade, Shenzhen Ysstech Info-Tech Co Ltd (SZ:300377) which lost 6.00% to settle at 15.81 and Beijing Sinnet Technology Co Ltd (SZ:300383) which was down 5.24% to 15.90 at the close.

    Rising stocks outnumbered declining ones on the Shanghai Stock Exchange by 770 to 508 and 88 ended unchanged.

    Shares in Zhejiang Jinke Peroxides Co Ltd (SZ:300459) fell to 52-week lows; down 7.05% or 0.80 to 10.55.

    The CBOE China Etf Volatility, which measures the implied volatility of Shanghai Composite options, was down 7.60% to 22.14 a new 1-month low.

    Gold Futures for June delivery was up 0.30% or 4.00 to $1357.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 0.93% or 0.64 to hit $69.11 a barrel, while the June Brent oil contract rose 1.01% or 0.74 to trade at $74.22 a barrel.

    USD/CNY was down 0.06% to 6.2707, while EUR/CNY rose 0.11% to 7.7741.

    The US Dollar Index Futures was down 0.10% at 89.26.

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  • Taiwan stocks higher at close of trade; Taiwan Weighted up 1.14%

    April 19, 2018, 06:45

    Investing.com – Taiwan stocks were higher after the close on Thursday, as gains in the Semiconductor, Cement and Cement&Glass sectors led shares higher.

    At the close in Taiwan, the Taiwan Weighted added 1.14%.

    The best performers of the session on the Taiwan Weighted were Sumagh High Tech Corp (TW:1475), which rose 9.98% or 2.45 points to trade at 27.00 at the close. Meanwhile, Anji Technology Co Ltd (TW:6477) added 9.98% or 2.15 points to end at 23.70 and Hiyes International Co Ltd (TW:2348) was up 9.93% or 4.00 points to 44.30 in late trade.

    The worst performers of the session were Plotech Co Ltd (TW:6141), which fell 6.90% or 2.75 points to trade at 37.10 at the close. Chuwa Wool Industry Co Taiwan Ltd (TW:1439) declined 6.60% or 2.85 points to end at 40.30 and Casetek Holdings Ltd (TW:5264) was down 5.92% or 4.50 points to 71.50.

    Rising stocks outnumbered declining ones on the Taiwan Stock Exchange by 574 to 225 and 114 ended unchanged.

    Shares in Casetek Holdings Ltd (TW:5264) fell to all time lows; losing 5.92% or 4.50 to 71.50.

    Crude oil for May delivery was up 0.41% or 0.28 to $68.75 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 0.52% or 0.38 to hit $73.86 a barrel, while the June Gold Futures contract rose 0.18% or 2.50 to trade at $1356.00 a troy ounce.

    USD/TWD was up 0.14% to 29.339, while TWD/CNY fell 0.09% to 0.2138.

    The US Dollar Index Futures was up 0.03% at 89.38.

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  • Asian Equities Extend Gains; Resources Stocks Outperform As Oil Prices Surge

    April 19, 2018, 05:28

    Investing.com – Asian stocks extended their gains in afternoon trade on Thursday, with resources stocks outperforming as oil prices surged following news that Saudi Arabia and its allies have no plans to end the supply cut.

    Meanwhile, U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe are set to start talks on trade and that they would work closer on trade and to expand investment.

    "President Trump and I agreed to start talks for free, fair and reciprocal trade deals," Abe said in a joint news conference.

    "On the U.S. side, they are interested in a bilateral deal," Abe told reporters. "Our country's position is that TPP (Trans-Pacific Partnership trade deal) is the best for both of our countries," he added.

    In response, Trump said "I don't want to go back into TPP, but if they offered us a deal that I can't refuse on behalf of the United States, I would do it.”

    "But I like bilateral better. I think it's better for our country. I think it's better for our workers, and I much would prefer a bilateral deal, a deal directly with Japan," Trump noted.

    Trump then added the plan for the summit could potentially be abandoned if he decides the meetings would not produce meaningful results.

    “If we don’t think it’s going to be successful, we won’t have it,” Trump said “If I don’t think it’s a meeting that’s going to be fruitful, we won’t go. If the meeting when I’m there is not fruitful, I will respectfully leave the meeting.”

    The Nikkei 225 gained 0.3% by 1:30AM ET (05:30 GMT). Nissan Motor Co., Ltd. (T:7201) made headlines after it said it plans to triple sales in China in the next five years.

    China’s Shanghai Composite and the Shenzhen Component continued their recoveries and climbed 1.1% and 1.5% in afternoon trade on Thursday. Hong Kong’s Hang Seng Index gained 1.1%.China’s commerce ministry said China is “well prepared” to deal with any negative impacts that comes out from the trade dispute with the U.S., while reassuring that its tariff hikes on U.S. would not have any big impact on its domestic industries.

    Down under, the S&P/ASX 200 was up 0.4%. Data on Thursday revealed the country added 4,900 jobs in March and missed an estimated gain of 20,000. The unemployment rate was 5.5%, matching expectation.

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  • Gold Prices Edge Up; Dollar Steadies On Higher U.S. Yields

    April 19, 2018, 04:54

    Investing.com – Gold prices were slightly higher on Thursday while the U.S. dollar steadied amidst higher U.S. 10-year treasury yield.

    Gold futures for June delivery on the Comex division of the New York Mercantile Exchange was up $1,1, or 0.1%, to $1,354.6 a troy ounce by 12:52AM ET (04:52 GMT).

    Meanwhile, The dollar was steady on Thursday against other major currencies. Market continues to eye the U.S.-Japan meeting that discusses the trade relations between the two countries to look for directional drivers for the greenback

    The U.S. dollar index that tracks the greenback against a basket of six major currencies steadied at 89.22.

    The dollar got a lift from the higher 10-year U.S. Treasury yields that climbed from 2.82% to 2.87%.

    Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.

    Geopolitical developments were also in focus as U.S. President Trump said the plan for the summit between the U.S. and North Korea leader Kim Jong Un might not happen if he did not think it would produce meaningful results.

    In other precious metal trade, silver futures fell 0.1% to $17.235 a troy ounce, and platinum futures climbed 0.6% to $950.10 an ounce.

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  • Cryptocurrencies’ Prices Rise; Cambridge Analytica Plans To Develop Its Own Crypto

    April 19, 2018, 04:26

    Investing.com – Cryptocurrencies’ prices gained on Thursday. Cambridge Analytica, the company behind the recent Facebook data scandal, is planning to develop its own digital currency, reports on Wednesday revealed.

    Bitcoin was trading at $8,184.9 by 12:26AM ET (04:26GMT) on the Bitfinex exchange, up 2.8% over the previous 24 hours.

    Ethereum, the world’s second largest cryptocurrency by market cap, gained 4.9% at $533.68 on the Bitfinex exchange.

    XRP/USD’s XRP token surged 8.5% higher to $0.72665 on the Poloniex exchange.

    Meanwhile, Litecoin added 4.6% to $141.3

    Cambridge Analytica is looking into the possibilities of developing its own cryptocurrency to store and sell personal data, according to reports on Wednesday, which further added that the company is hoping to raise $30 million through initial coin offering (ICO).

    “Prior to the Facebook (NASDAQ:FB) controversy, we were developing a suite of technologies to help individuals reclaim their personal data from corporate entities and to have full transparency and control over how their personal data are used,” a spokesperson from the company said.

    “We were exploring multiple options for people to manage and monetise their personal data, including blockchain technology.”

    Facebook exposed data on up to 87 million of its users to a researcher who worked at Cambridge Analytica in March, which reportedly worked for the Trump campaign.

    The incident led to a slump in Facebook’s share price earlier this month and a plunge of almost $37 billion in the company’s value.

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  • Forex – Dollar Steady; U.S., Japan to Discuss Trade

    April 19, 2018, 03:11

    Investing.com – The dollar was steady against other major currencies in Asia on Thursday morning. Market continues to eye the U.S.-Japan meeting that discusses the trade relations between the two countries to look for directional drivers for the greenback and the yen.

    The U.S. dollar index that tracks the greenback against a basket of six major currencies last stood at 89.36, up 0.01 at 11:00PM ET (03:00 GMT).

    The dollar got a lift from the higher 10-year U.S. treasury yields that climbed from 2.82% to 2.87%. Meanwhile, U.S. President Donald Trump raised the possibility of rejoining the TPP (Trans-Pacific Partnership trade deal) if Japan proposes a good deal. The Federal Reserve’s officials also continue to speak this week, and investors watch closely if their commentary is hawkish to spark more dollar buying.

    The USD/JPY pair gained 0.17% to 107.41. The U.S.-Japan summit was in focus on Thursday, at which U.S President Donald Trump and Japanese Prime Minister Shinzo Abe agreed to intensify trade consultations between the two longtime allies.

    "President Trump and I agreed to start talks for free, fair and reciprocal trade deals," Abe said.

    Trumps wants a bilateral deal with Japan and said that "If we can come to an arrangement between the U.S. and Japan we would discuss taking all proposed steel and aluminium tariffs". Japan, despite being a long-term U.S. ally, currently is not exempted from the tariffs on imported steel and aluminium.

    The AUD/USD pair was up 0.08% to trade at 0.7790. The Aussie remained bullish despite disappointing job data that the economy added only 4,900 jobs, far under the expected 20,300. Its unemployment rate remained at 5.5% in March, same as February.

    In China, The People's Bank of China set the fix rate of yuan against the dollar at 6.2832 versus the previous day's 6.2817. The USD/CNY pair eased 0.16% to trade at 2642.

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  • Day Ahead: Top 3 Things to Watch

    April 18, 2018, 08:33

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

    1. Jobless Claims, Philly Fed Data, Fed Jawboning Looms

    The Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended April 13, expected to show jobless claims fell to 230,000 from 233,000 the prior week. Continuing jobless claims are forecast to fall to 1.848 million from 1.871 million the prior week.

    The report on the labor market is due Thursday at 08.30 a.m. ET, a day after the Federal Reserve’s beige book showed that tightness in the labor market has yet to boost wage growth pressure.

    Economists forecast the Philly Fed manufacturing index slated for 8.30 a.m. ET for April to show a reading of 20.8, slightly below the 22.3 reading seen in March.

    Speeches by FOMC Member Lael Brainard at 8.00 a.m. ET, FOMC Member Randal Quarles at 09.30 a.m. and FOMC Member Loretta Mester at 6.45 p.m ET.

    The Fed speeches are likely to be closely monitored after St. Federal Reserve James Bullard counterpart warned that the yield curve could invert– a key predictor of a recession - within six months.

    The dollar remained subdued against a basket of major currencies, despite weakness in both sterling and the loonie.

    2. Natural Gas Inventories, Crude Oil Rally in Focus

    Natural gas prices rose slightly on Wednesday, as weather guidance remained mostly unchanged overnight ahead of a shift to bearish weather in May expected to curb heating demand.

    The Energy Information Agency’s weekly natural gas storage report is expected show gas storage fell by 23 billion cubic feet last week.

    Traders are also expected to monitor developments in oil markets as crude oil prices settled above $68 for the first time since December 2014 after U.S. crude supplies unexpectely fell.

    Crude futures settled at $68.47 a barrel, up 2.95%.

    The sharp uptick in crude prices comes as investor attention shifts to the outcome of the joint OPEC and non-OPEC ministerial monitoring committee meeting slated for later this week.

    3. Crypto Post-Tax Day Rally to Continue?

    With the April 17 U.S. tax filing deadline in the rear-view mirror, market participants remained keen to observe whether cryptocurrencies would fulfil recent predictions of a post-tax day rally.

    Analysts said earlier this week that the wave of selling in cryptos to fund taxes – following huge crypto profits in 2017 – would grind to a halt, supporting a rebound in cryptocurrencies.

    "Tax-selling has been a significant factor in downward crypto prices over the past few weeks. I would expect this downward pressure to abate after tax day," Spencer Bogart, partner at Blockchain Capital told CNBC on Monday.

    Tom Lee, managing partner and the head of research at Fundstrat Global Advisors, echoed Bogart's comments, predicting that the end of tax-selling pressure would support a rally in bitcoin to $25,000 by the end of 2018.

    Trading action across large-cap cryptocurrencies appeared to validate the post-tax day claims as Bitcoin, Bitcoin Cash, Ripple XRP and Ethereum rallied.

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  • Canada stocks higher at close of trade; S&P/TSX Composite up 1.34%

    April 18, 2018, 08:25

    Investing.com – Canada stocks were higher after the close on Wednesday, as gains in the Energy, Materials and Healthcare sectors led shares higher.

    At the close in Toronto, the S&P/TSX Composite rose 1.34%.

    The best performers of the session on the S&P/TSX Composite were TORC Oil&Gas Ltd. (TO:TOG), which rose 9.85% or 0.66 points to trade at 7.36 at the close. Meanwhile, MEG Energy Corp (TO:MEG) added 7.18% or 0.44 points to end at 6.57 and HudBay Minerals Inc (TO:HBM) was up 7.07% or 0.63 points to 9.54 in late trade.

    The worst performers of the session were Alaris Royalty Corp . (TO:AD), which fell 6.71% or 1.240 points to trade at 17.250 at the close. NexGen Energy Ltd. (TO:NXE) declined 4.87% or 0.130 points to end at 2.540 and Labrador Iron Ore Royalty Corp (TO:LIF) was down 3.42% or 0.79 points to 22.28.

    Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 807 to 315 and 118 ended unchanged.

    The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 15.34% to 12.36.

    Gold Futures for June delivery was up 0.21% or 2.80 to $1352.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 3.44% or 2.29 to hit $68.81 a barrel, while the June Brent oil contract rose 3.12% or 2.23 to trade at $73.81 a barrel.

    CAD/USD was down 0.61% to 0.7918, while CAD/EUR fell 0.70% to 0.6396.

    The US Dollar Index Futures was up 0.13% at 89.34.

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  • Bitcoin Rebounds as Post-Tax Day Rally Gets Underway

    April 18, 2018, 08:07

    Investing.com – Bitcoin rebounded on Wednesday from earlier weakness as the post-Tax Day rally got underway.

    Bitcoin rose 2.82% to $8,119.0 on the Bitfinex exchange, after falling to a low of $7,831.0.

    With the April 17 U.S. tax filing deadline in the rear-view mirror, market participants were keen to observe whether cryptocurrencies would fulfil recent predictions of a post-tax day rally.

    Analysts said earlier this week that the wave of selling in cryptos to fund taxes – following huge crypto profits in 2017 – would grind to a halt, supporting a rebound in cryptocurrencies.

    "Tax-selling has been a significant factor in downward crypto prices over the past few weeks. I would expect this downward pressure to abate after tax day," Spencer Bogart, partner at Blockchain Capital told CNBC on Monday.

    Tom Lee, managing partner and the head of research at Fundstrat Global Advisors, echoed Bogart's comments, predicting that the end of tax-selling pressure would support a rally in bitcoin to $25,000 by the end of 2018.

    Trading action across large-cap cryptocurrencies appeared to validate the post-tax day claims as Ethereum, Ripple XRP, Bitcoin Cash and Litecoin edged higher supported by continued demand.

    Data from coinmarketcap.com showed the total market cap of cryptocurrencies rose to $339 billion – at the time of writing – from $250 billion last week, pointing to signs of renewed demand for cryptocurrencies.

    Bitcoin Cash rose 16.40% to $887.48, while Litecoin rose 3.37% to $138.41.

    Ripple XRP rose 6.11% to $0.69820 on the Poloniex exchange, while Ethereum rose 2.19% to $516.49.

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  • Gold Prices Sidestep Easing Geopolitical Tensions as Dollar Remains Subdued

    April 18, 2018, 05:40

    Investing.com – Gold prices remained supported as a subdued dollar continued to underpinned upside in the precious metal despite easing geopolitical tensions.

    Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose by $4.20, or 0.31%, to $1,353.60 a troy ounce.

    Gold prices continued to defy the drop in safe-haven demand which followed reports of easing U.S.-North Korea tensions.

    A “good relationship” was formed between the U.S. and North Korea after CIA director Mike Pompeo travelled to Pyongyang for a secret meeting with North Korean leader Kim Jong-un, US President Donald Trump confirmed.

    That raised the prospect of a positive outcome from the Trump-Kim summit – the details of which are yet to be finalised.

    Losses in gold prices amid easing geopolitical tensions were offset by ongoing dollar weakness as St. Louis Federal Reserve president James Bullard warned that the yield curve could invert– a key predictor of a recession - within six months.

    Dollar-denominated assets such as gold are sensitive to moves in the dollar – A fall in the dollar makes gold cheaper for holders of foreign currency and thus, increases demand for the precious metal.

    The subdued dollar comes ahead of the release of the Fed’s beige book economic report due at 2.00 p.m. ET, which could cement investor expectations for further Federal Reserve rate hikes, should the report support the narrative of strong U.S. economic growth and inflation.

    In other precious metal trade, silver futures rose 2.64% to $17.23 a troy ounce, while platinum futures rose 0.51% to $944.60 an ounce.

    Copper rose 2.52% to $3.16.

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  • Portugal stocks higher at close of trade; PSI 20 up 0.78%

    April 18, 2018, 04:45

    Investing.com – Portugal stocks were higher after the close on Wednesday, as gains in the Industrials, Financials and Consumer Services sectors led shares higher.

    At the close in Lisbon, the PSI 20 added 0.78% to hit a new 1-month high.

    The best performers of the session on the PSI 20 were Nos SGPS SA (LS:NOS), which rose 3.23% or 0.1570 points to trade at 5.0250 at the close. Meanwhile, Sonae (LS:YSO) added 2.41% or 0.0270 points to end at 1.1490 and Altri SGPS (LS:ALSS) was up 2.38% or 0.1300 points to 5.6000 in late trade.

    The worst performers of the session were F.Rama (LS:RAMA), which fell 1.60% or 0.200 points to trade at 12.300 at the close. EDP Renovaveis (LS:EDPR) declined 1.06% or 0.0850 points to end at 7.9200 and Semapa (LS:SEM) was down 0.43% or 0.0800 points to 18.6400.

    Rising stocks outnumbered declining ones on the Lisbon Stock Exchange by 23 to 11 and 7 ended unchanged.

    Brent oil for June delivery was up 1.52% or 1.09 to $72.67 a barrel. Elsewhere in commodities trading, Crude oil for delivery in May rose 1.77% or 1.18 to hit $67.70 a barrel, while the June Gold Futures contract rose 0.40% or 5.40 to trade at $1354.90 a troy ounce.

    EUR/USD was up 0.15% to 1.2388, while EUR/GBP rose 0.59% to 0.8710.

    The US Dollar Index Futures was up 0.07% at 89.28.

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  • Dollar Falls Amid Inverted Yield Curve Warning Despite Loonie Slump

    April 18, 2018, 04:50

    Investing.com – The dollar remained under pressure against a basket of major currencies despite a slump in the Canadian dollar as traders fretted dovish comments from a Fed official.

    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.08% to 89.28.

    USD/CAD rose 0.83% to C$1.2654 after the Bank of Canada left rates left rates unchanged at 1.25%, as was widely expected.

    The monetary policy statement that followed the interest rate decision, however, indicated that the bank would maintain its cautious outlook on future policy changes.

    That said, however, some market participants remained confident that the central bank would hike rates in July, to combat inflation, which was said to be nearing the central bank’s target of 2%.

    "A July rate hike remains our well-anchored base-case even if the economy is no longer building into excess demand, thereby limiting inflation threats in the second half of the year," TD Securities said.

    St. Louis Federal Reserve President James Bullard did little to help sentiment as he warned of the prospect of an inverted yield curve – a key predictor of a recession - within six months.

    A sharp 0.47% retreat in GBP/USD to $1.4222 provided additional support for the greenback as an unexpected decline in inflation, led some to question whether the Bank of England will raise rates next month.

    EUR/USD rose 0.13% to $1.2386, bouncing off session lows of $1.2341 despite consumer inflation undershooting economists’ forecasts.

    USD/JPY rose 0.17% to Y107.19 as risk-on sentiment supported an uptick in the dollar but the upside remained limited amid yen demand on uncertainty over Prime Minister Shinzo Abe's future.

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  • Finland stocks higher at close of trade; OMX Helsinki 25 up 0.28%

    April 18, 2018, 04:30

    Investing.com – Finland stocks were higher after the close on Wednesday, as gains in the Basic Materials, Utilities and Consumer Services sectors led shares higher.

    At the close in Helsinki, the OMX Helsinki 25 gained 0.28%.

    The best performers of the session on the OMX Helsinki 25 were Outokumpu Oyj (HE:OUT1V), which rose 6.34% or 0.3620 points to trade at 6.0700 at the close. Meanwhile, Metsa Board Oyj B (HE:METSB) added 2.63% or 0.240 points to end at 9.355 and Stora Enso Oyj R (HE:STERV) was up 2.00% or 0.325 points to 16.565 in late trade.

    The worst performers of the session were Neste Oil Oyj (HE:NESTE), which fell 1.53% or 0.84 points to trade at 53.98 at the close. Elisa Oyj (HE:ELISA) declined 1.34% or 0.49 points to end at 36.05 and Nokian Renkaat Oyj (HE:NRE1V) was down 1.32% or 0.44 points to 32.89.

    Rising stocks outnumbered declining ones on the Helsinki Stock Exchange by 85 to 42 and 16 ended unchanged.

    Shares in Metsa Board Oyj B (HE:METSB) rose to all time highs; up 2.63% or 0.240 to 9.355. Shares in Stora Enso Oyj R (HE:STERV) rose to all time highs; gaining 2.00% or 0.325 to 16.565. Shares in Nokian Renkaat Oyj (HE:NRE1V) fell to 52-week lows; losing 1.32% or 0.44 to 32.89.

    Brent oil for June delivery was up 1.48% or 1.06 to $72.64 a barrel. Elsewhere in commodities trading, Crude oil for delivery in May rose 1.77% or 1.18 to hit $67.70 a barrel, while the June Gold Futures contract rose 0.38% or 5.10 to trade at $1354.60 a troy ounce.

    EUR/USD was up 0.14% to 1.2387, while EUR/GBP rose 0.57% to 0.8708.

    The US Dollar Index Futures was up 0.07% at 89.28.

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  • Italy stocks higher at close of trade; Investing.com Italy 40 up 0.49%

    April 18, 2018, 04:35

    Investing.com – Italy stocks were higher after the close on Wednesday, as gains in the Telecoms, Healthcare and Oil&Gas sectors led shares higher.

    At the close in Milan, the Investing.com Italy 40 rose 0.49% to hit a new 1-month high.

    The best performers of the session on the Investing.com Italy 40 were Saipem SpA (MI:SPMI), which rose 4.18% or 0.1350 points to trade at 3.3610 at the close. Meanwhile, Moncler SpA (MI:MONC) added 2.23% or 0.77 points to end at 35.23 and Salvatore Ferragamo (MI:SFER) was up 2.16% or 0.50 points to 23.66 in late trade.

    The worst performers of the session were Davide Campari Milano SpA (MI:CPRI), which fell 2.19% or 0.14 points to trade at 6.24 at the close. Pirelli&C SPA (MI:PIRC) declined 2.06% or 0.15 points to end at 7.02 and Freni Brembo SpA (MI:BRBI) was down 1.85% or 0.23 points to 12.18.

    Rising stocks outnumbered declining ones on the Milan Stock Exchange by 203 to 149 and 37 ended unchanged.

    Shares in Moncler SpA (MI:MONC) rose to all time highs; gaining 2.23% or 0.77 to 35.23.

    Crude oil for May delivery was up 1.77% or 1.18 to $67.70 a barrel. Elsewhere in commodities trading, Brent oil for delivery in June rose 1.51% or 1.08 to hit $72.66 a barrel, while the June Gold Futures contract rose 0.36% or 4.90 to trade at $1354.40 a troy ounce.

    EUR/USD was up 0.13% to 1.2386, while EUR/GBP rose 0.57% to 0.8708.

    The US Dollar Index Futures was up 0.08% at 89.29.

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  • France stocks higher at close of trade; CAC 40 up 0.50%

    April 18, 2018, 04:35

    Investing.com – France stocks were higher after the close on Wednesday, as gains in the Basic Materials, Oil&Gas and Utilities sectors led shares higher.

    At the close in Paris, the CAC 40 rose 0.50% to hit a new 1-month high, while the SBF 120 index climbed 0.48%.

    The best performers of the session on the CAC 40 were ArcelorMittal SA (AS:MT), which rose 4.43% or 1.195 points to trade at 28.195 at the close. Meanwhile, TechnipFMC PLC (PA:FTI) added 2.34% or 0.62 points to end at 27.15 and Schneider Electric SE (PA:SCHN) was up 1.76% or 1.26 points to 72.86 in late trade.

    The worst performers of the session were Compagnie Generale des Etablissements Michelin SCA (PA:MICP), which fell 2.70% or 3.25 points to trade at 117.15 at the close. STMicroelectronics NV (PA:STM) declined 1.73% or 0.325 points to end at 18.435 and Unibail Rodamco SE (AS:UNBP) was down 1.28% or 2.50 points to 193.30.

    The top performers on the SBF 120 were Eramet (PA:ERMT) which rose 6.58% to 158.70, Imerys (PA:IMTP) which was up 5.32% to settle at 80.15 and ArcelorMittal SA (AS:MT) which gained 4.43% to close at 28.195.

    The worst performers were Compagnie Generale des Etablissements Michelin SCA (PA:MICP) which was down 2.70% to 117.15 in late trade, Faurecia (PA:EPED) which lost 1.80% to settle at 67.56 and STMicroelectronics NV (PA:STM) which was down 1.73% to 18.435 at the close.

    Rising stocks outnumbered declining ones on the Paris Stock Exchange by 305 to 243 and 100 ended unchanged.

    Shares in Eramet (PA:ERMT) rose to 5-year highs; rising 6.58% or 9.80 to 158.70.

    The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 5.41% to 12.24.

    Gold Futures for June delivery was up 0.37% or 5.00 to $1354.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 1.76% or 1.17 to hit $67.69 a barrel, while the June Brent oil contract rose 1.49% or 1.07 to trade at $72.65 a barrel.

    EUR/USD was up 0.13% to 1.2386, while EUR/GBP rose 0.57% to 0.8708.

    The US Dollar Index Futures was up 0.08% at 89.29.

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