NEW YORK: Oil futures tumbled on Tuesday, with Brent dropping below $40 a barrel for the first time since June and US crude off more than 8%, after Saudi Arabia cut its October selling prices amid a flare-up of coronavirus cases around the world. Coronavirus infections are rising in India, Great Britain, Spain and several
Risk aversion is back in the markets today. On the one hand, US stocks are set to open sharply lower as they return from holiday. Tech rout is continuing with NASAQ futures down more than -3% at the time of writing. On the other hand, no-deal Brexit worries intensify as UK continues with its hard-line
People walk by a store going out of business along 125th street in the Harlem neighborhood of New York City, August 7, 2020. Shannon Stapleton | Reuters The story for much of the past generation has been a familiar one for the U.S. economy, where the benefits of expansion flow mostly to the top and
Oil down by a little over 3% to its lowest level since 29 June For bank trade ideas, check out eFX Plus The technical story in oil has been a really interesting one throughout August trading until now. Buyers kept a break above $40 but have been unable to firmly break above the 5 August
In its latest report, the US-based Fitch Ratings reduced its long-term price forecasts for both Brent and West Texas Intermediate (WTI) oil. Key points “The cut in the price forecast is to reflect large underutilized production capacities, the extended period of high oil inventory caused by the coronavirus pandemic, falling upstream unit costs and the long-term
Equities keep slightly more optimistic to start the session Eurostoxx +0.2% Germany DAX +0.3% France CAC 40 +0.1% UK FTSE +0.4% Spain IBEX +0.3% Meanwhile, S&P 500 futures are up by ~0.6% as we get things underway. The risk mood points to some hints of optimism, though there is a sense that market participants remain
NEW DELHI: Gold and silver saw profit booking by traders on Tuesday, in line with global cues, but losses were capped by worries over economic recovery. Japan’s economy shrank more than initially estimated in the second quarter, while German industrial output rose far less than expected in July, suggesting Europe’s largest economy faces a slow
Sterling remains generally weaker today, on Brexit concerns. But Swiss Franc is apparently worse for now, dropping through a near term support level against the greenback. On the other hand, Yen and Dollar stay firm in mixed Asian markets. Yen is not too troubled by data that showed deeper than estimated economic contraction in Q2.
Tim Draper, a famous American venture capitalist and serial cryptocurrency investor, might not have promoted Bitcoin Cash after all. A hacker appears responsible for a Sept. 4 tweet from Draper stating that he had recently purchased Bitcoin Cash (BCH) that personally thanked Roger Ver. Though the account “Draper” used to tag the Bitcoin.com founder was
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The MA line held support in trading today The price action is limited as the US and Canada are on holiday (and that tends to influence trading activity globally). The USDJPY range today is only 25 pips. The average over the last 22 trading days (about a calendar month) is 67 pips. So what can
AUD/USD remains pressured inside a choppy range between 0.7275 and 0.7280 as Tuesday’s Asian session begins. The absence of US traders, major data/events restrict market activity at the week’s start. Geopolitical tension between China and India joins the Sino-US tussle to weigh on the risk-tone. Aussie NAB Business Confidence, US NIFB Business Optimism Index, Consumer
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LONDON: Oil prices fell on Monday after Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and as uncertainty over Chinese demand clouds the market’s recovery. Brent crude was trading at $42.03 a barrel, down 63 cents or 1.5%, by 1555 GMT, after earlier sliding to $41.51, its lowest
Sterling’s decline gathers some momentum on resurfacing no-deal Brexit risk. The Pound is currently followed by New Zealand Dollar as the second weakest. Canadian Dollar is the third worst performing so far, follow oil price lower. On the other hand, Yen and Dollar and trading firmer today, despite rebound in European stocks. Overall, though, trading
Philadelphian’s rallied at City Hall to demand Congress return and come to a deal on unemployment in Philadelphia, PA, on August 20, 2020. NurPhoto | NurPhoto | Getty Images Private data sources that have tracked the unemployment recovery showed that job growth was tepid in August after political leaders in Washington failed to reach an