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Market Updates

Philippines stocks higher at close of trade; PSEi Composite up 0.33%

Investing.com – Philippines stocks were higher after the close on Wednesday, as gains in the Industrials, Property and Banking&Financials sectors led shares higher.

At the close in Philippines, the PSEi Composite gained 0.33%.

The best performers of the session on the PSEi Composite were Universal Robina Corp (PS:URC), which rose 2.97% or 4.90 points to trade at 170.00 at the close. Meanwhile, Jollibee Foods Corp (PS:JFC) added 2.59% or 5.20 points to end at 206.20 and Ayala Land Inc (PS:ALI) was up 2.23% or 0.850 points to 38.950 in late trade.

The worst performers of the session were GT Capital Holdings Inc (PS:GTCAP), which fell 1.25% or 15.00 points to trade at 1185.00 at the close. Semirara Mining Corp (PS:SCC) declined 1.24% or 2.00 points to end at 158.80 and SM Investments Corp (PS:SM) was down 0.95% or 7.50 points to 780.50.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 97 to 95 and 44 ended unchanged.

Gold Futures for June delivery was down 0.22% or 2.78 to $1252.72 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.56% or 0.29 to hit $51.76 a barrel, while the July Brent oil contract rose 0.61% or 0.33 to trade at $54.48 a barrel.

CNY/PHP was up 0.10% to 7.2445, while USD/PHP rose 0.20% to 49.935.

The US Dollar Index Futures was down 0.11% at 97.17.

Read More

Gold slumps as traders await Fed minutes for rate hike hints

Investing.com - Gold prices were lower in European trade on Wednesday, as investors looked ahead to minutes of the Federal Reserve’s latest policy meeting due later in the global day for further hints on the timing of the next U.S. rate hike.

Comex gold futures shed $6.20, or around 0.5%, to $1,249.21 a troy ounce by 3:25AM ET (07:25GMT). Meanwhile, spot gold was at $1,249.52.

Prices of the yellow metal lost around $6.00 on Tuesday, as the U.S. dollar pulled away from recent six-and-a-half-month lows.

The Fed will release minutes of its most recent policy meeting at 2:00PM ET (18:00GMT), as traders seek further insight into the likelihood of higher interest rates in the months ahead. The publication is also expected to provide some details on the Fed's discussions about shrinking its massive $4.5 trillion balance sheet.

The U.S. central bank left interest rates unchanged following its meeting on May 3 and gave a positive assessment of the U.S. economy, suggesting it was still on track for two more rate hikes this year.

But a recent run of disappointing U.S. economic data combined with signs of deepening political turmoil in the White House raised doubts over the Fed's ability to raise rates as much as it would like before the end of the year.

Futures traders are currently pricing in around an 80% chance of a hike at the Fed's June meeting, according to Investing.com’s Fed Rate Monitor Tool, while odds for a second rate hike by December were at about 40%.

The dollar index, which tracks the greenback against a basket of six major rivals, was at 97.32 in London morning trade. It fell to the lowest since November 9 at 96.70 at the start of the week, as political uncertainty surrounding the Trump administration pressured the dollar lower.

Investor sentiment has been hit by fears that the U.S. political system could become engulfed by crisis, preventing lawmakers from pushing through tax or spending reforms.

Also on the Comex, silver futures declined 17.3 cents, or about 1%, to $16.96 a troy ounce

Elsewhere in metals trading, platinum slipped 0.8% to $941.60, while palladium dipped 0.2% to $770.58 an ounce.

Copper futures lost 0.9 cents to $2.587 a pound.

Moody's Investors Service downgraded China's credit ratings on Wednesday by one notch to A1 from Aa3, citing expectations that the financial strength of the world's second-biggest economy would erode in the coming years as growth slows and debt continues to rise.

Read More

Oil continues march higher as OPEC prepares to meet; U.S. stockpile data ahead

Investing.com - Oil prices were higher in European trading on Wednesday, trying for their sixth straight session of gains on the likelihood that OPEC will extend production cuts for another nine months when it meets on Thursday.

The U.S. West Texas Intermediate crude July contract added 18 cents, or around 0.4%, to $51.65 a barrel by 2:50AM ET (06:50GMT). The U.S. benchmark settled higher for the fifth straight session on Tuesday after hitting its strongest since April 19 at $51.79.

Elsewhere, Brent oil for July delivery on the ICE Futures Exchange in London tacked on 20 cents to $54.35 a barrel, after climbing to its highest since April 19 at $54.43 a day earlier.

Oil ministers from the Organization of Petroleum Exporting Countries and other major producing countries will meet in Vienna on Thursday to decide whether to extend their current production agreement beyond a June 30-deadline.

In November last year, OPEC and 11 other non-OPEC producers, including Russia, agreed to cut output by about 1.8 million barrels per day between January 1 and June 30.

Most market analysts expect the oil cartel to extend output cuts for a further nine months until March 2018, instead of six months as previously expected.

There is also talk that OPEC is looking at the option of deepening current production cuts, but it is not clear whether there would be support for that.

So far, the production-cut agreement has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya, and a relentless increase in U.S. shale oil output.

The U.S. rig count rose for the 18th week in a row to the highest level since April 2015 last week, implying that further gains in domestic production are ahead.

Investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.

The U.S. Energy Information Administration will release its official weekly oil supplies report at 10:30AM ET (14:30GMT) Wednesday.

Analysts expect crude oil inventories dropped by around 2.4 million barrels at the end of last week, while gasoline supplies are seen decreasing by about 1.1 million barrels and distillates are forecast to fall by 743,000 barrels.

After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by a less-than-expected 1.5 million barrels in the week ended May 19. The API report also showed a decline of 3.15 million barrels in gasoline stocks, while distillate stocks dropped by 1.85 million barrels.

Elsewhere on Nymex, gasoline futures for June inched up 0.3 cents, or 0.2%, to $1.668 a gallon, while June heating oil advanced 0.7 cents to $1.614 a gallon.

Natural gas futures for July delivery climbed 1.4 cents to $3.326 per million British thermal units.

Read More

German Gfk consumer climate 10.4 vs. 10.2 forecast

Germany’s Gfk consumer climate rose unexpectedly last month, data showed on Wednesday.

In a report, research group Gfk said that its index of Germany’s consumer climate rose to 10.4, from 10.2 in the preceding month.

Analysts had expected Gfk consumer climate to remain unchanged at 10.2 last month.
Read More

Crude prices gain in Asia as API estimates mulled, EIA, OPEC awaited

Investing.com - Crude oil prices edged higher in Asia on Wednesday after industry data on U.S. inventories showed refined products down more than expected, but crude stocks not falling as much as seen, and the market held cautious ahead of meeting of OPEC and allied producers on May 25.

On the New York Mercantile Exchange crude futures for June delivery rose 0.04% to $51.49 a barrel while on London's Intercontinental Exchange, Brent gained 0.07% to $54.19 a barrel.

Crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute (API) said on Tuesday, while gasoline showed a bigger than expected drop along with distillates. Gasoline stocks fell by 3.15 million barrels and distillate inventories eased 1.85 million barrels.

The figures will be followed by official data from the Energy Information Administration (EIA) on Wednesday. The API and EIA figures often diverge significantly.

Analysts expected crude inventories to drop by 2.419 million barrels, with distillates seen down 743,000 barrels and gasoline stocks posting a 1.19 million barrels decline.

Overnight, crude futures settled at a five-week high on Tuesday, ahead of the release of a fresh batch of U.S. crude inventories data, expected to show a decline in crude stockpiles for a sixth-straight week amid growing expectations that OPEC will extend production cuts later this week.

Oil prices continued to add to recent gains, as Saudi Arabia seeks to garner support for its proposal to extend the production cuts for a period of nine-months until March 2018, ahead of the Organization of the Petroleum and Exporting Countries meeting later this week.

Kuwaiti Oil Minister Issam Almarzooq said some countries are not in favour of a nine-month extension, but there’s a preliminary agreement on a six-month deal that will be reviewed in November.

OPEC is expected to decide at talks on Thursday, whether to extend the current deal to cut production. Meanwhile, In the U.S., the White House included in its budget proposal, a plan to sell half of the nation's 688 million-barrel oil stockpile from 2018 to 2027, as it aims to raise $16.5 billion to reduce the budget deficit.

Investors’ concerns over the impact of the budget proposal was minimal, as the budget is only a proposal and may not take effect in its current form.

Read More

Gold weaker in Asia after Moody's downgrade of China

Investing.com - Gold dipped in Asia on Wednesday after Moody's Investors Service on Wednesday downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing expectations that China's financial strength will erode somewhat over the coming years.

Gold for June delivery on the Comex division of the New York Mercantile Exchange eased 0.30% to $1,251.69 a troy ounce. China regularly view with India as the world's top gold importer and a slowdown in demand would weigh on sentiment.

Investors look ahead to the release of the Federal Reserve’s minutes for its April meeting on Wednesday, to gauge whether the Fed’s outlook concerning monetary policy has been impacted by recent economic data and geopolitical developments.

Overnight, gold futures pared gains Tuesday amid growing expectations that the Federal Reserve would increase its benchmark rate in June, which pushed the dollar off the lows, denting demand for the precious metal.

According to investing.com’s Fed rate monitor tool, nearly 80% of traders expect the Fed to hike interest rates in June, compared to only 67% of traders in the previous week.

The jump in June rate hike expectations came against the backdrop of weaker than expected economic data, which failed to offset June rate hike expectations, as treasury yields and the dollar rose to session highs, reducing investor sentiment to hold bullion.

IHS Markit flash U.S. manufacturing purchasing managers index (PMI) fell to its lowest level in eight months with a reading of 52.5, while its services (PMI) soared to a four-month high with a reading of 54, which was above economists’ forecasts.

A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

In a separate report on Tuesday, the Commerce Department said sales of newly constructed homes fell in April to a seasonally adjusted annual rate of 569,000. That was below analysts’ estimates of a drop to 610,000.

Read More

Australian construction -0.7% vs. -0.2% forecast

The value of Australian construction work done fell unexpectedly in the last quarter, official data showed on Wednesday.

In a report, Australian Bureau of Statistics said that Australian construction work done fell to a seasonally adjusted -0.7%, from -0.2% in the preceding quarter.

Analysts had expected Australian construction work done to remain unchanged at -0.2% in the last quarter.
Read More

Crude narrowly mixed in Asia after API estimates, EIA awaited

Investing.com - Crude oil prices were narrowly mixed on Wednesday in Asia after industry data on U.S. inventories showed refined products down more than expected, but crude stocks not falling as much as seen.

On the New York Mercantile Exchange crude futures for June delivery rose 0.04% to $51.49 a barrel while on London's Intercontinental Exchange, Brent was last quoted down 0.02% to $54.17 a barrel.

Crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute (API) said on Tuesday, while gasoline showed a bigger than expected drop along with distillates. Gasoline stocks fell by 3.15 million barrels and distillate inventories eased 1.85 million barrels.

The figures will be followed by official data from the Energy Information Administration (EIA) on Wednesday. The API and EIA figures often diverge significantly.

Analysts expected crude inventories to drop by 2.419 million barrels, with distillates seen down 743,000 barrels and gasoline stocks posting a 1.19 million barrels decline.

Overnight, crude futures settled at a five-week high on Tuesday, ahead of the release of a fresh batch of U.S. crude inventories data, expected to show a decline in crude stockpiles for a sixth-straight week amid growing expectations that OPEC will extend production cuts later this week.

Oil prices continued to add to recent gains, as Saudi Arabia seeks to garner support for its proposal to extend the production cuts for a period of nine-months until March 2018, ahead of the Organization of the Petroleum and Exporting Countries meeting later this week.

Kuwaiti Oil Minister Issam Almarzooq said some countries are not in favour of a nine-month extension, but there’s a preliminary agreement on a six-month deal that will be reviewed in November.

OPEC is expected to decide at talks on Thursday, whether to extend the current deal to cut production. Meanwhile, In the U.S., the White House included in its budget proposal, a plan to sell half of the nation's 688 million-barrel oil stockpile from 2018 to 2027, as it aims to raise $16.5 billion to reduce the budget deficit.

Investors’ concerns over the impact of the budget proposal was minimal, as the budget is only a proposal and may not take effect in its current form.

Read More

Moody’s downgrades China rating to A1 from Aa3, with stable outlook

Investing.com - Moody's Investors Service on Wednesday downgraded China's credit rating to A1 from Aa3, changing its outlook to stable from negative, citing expectations that China's financial strength will erode somewhat over the coming years.

"Moody's expects that economy-wide leverage will increase further over the coming years. The planned reform program is likely to slow, but not prevent, the rise in leverage," Moody's said in a statement. "The importance the authorities attach to maintaining robust growth will result in sustained policy stimulus, given the growing structural impediments to achieving current growth targets. Such stimulus will contribute to rising debt across the economy as a whole."

It expected that while economic growth would remain relatively high, potential growth rates were likely to fall in the years ahead.

Moody's estimated that while the government budget deficit in 2016 was "moderate" at around 3 percent of gross domestic product (GDP), it expected the government's debt burden would rise toward 40 percent of GDP by 2018 and 45 percent by the end of the decade.

Read More

New Zealand’s trade balance 578M vs. 267M forecast

New Zealand’s trade balance rose unexpectedly last month, data showed on Tuesday.

In a report, Statistics New Zealand said that the trade balance rose to a seasonally adjusted 578M, from 277M in the preceding month whose figure was revised down from 332M.

Analysts had expected the trade balance to fall to 267M last month.
Read More

API says U.S. crude oil inventories down less than seen 1.5 mln barrels

Investing.com - U.S. crude oil inventories fell a less-than-expected 1.5 million barrels to 512.9 million barrels at the end of last week, the American Petroleum Institute (API) said on Tuesday, while gasoline showed a bigger than expected drop along with distillates. Gasoline stocks fell by 3.15 million barrels and distillate inventories eased 1.85 million barrels.

The figures will be followed by official data from the Energy Information Administration (EIA) on Wednesday. The API and EIA figures often diverge significantly.

Analysts expected crude inventories to drop by 2.733 million barrels, with distillates seen down 1.033 million barrels and gasoline stocks posting a 1.086 million barrels decline.

The oil storage hub at Cushing, Oklahoma saw supplies drop by 210,000 barrels, the seventh straight weekly decline.

Read More

US stocks post 4-day win streak ahead of Fed minutes

Investing.com – U.S. stocks closed higher for a fourth-straight day Tuesday, as the recent political turmoil weighing on equities eased in the wake of President Trump’s absence, as he continued his first trip abroad since taking office.

President Trump’s trip abroad continued to offset the recent political turmoil that has engulfed his administration and caused many investors to doubt whether he would be able to deliver on pro-growth policies, culminating in the massive selloff of US stocks last week.

President Trump met with Palestinian President Mahmoud Abbas and with Israeli Prime Minister Benjamin Netanyahu ahead of a trip to Europe.

On the economic data front, better than expected services business activity offset manufacturing and housing data that fell short of expectations.

IHS Markit flash U.S. manufacturing purchasing managers index (PMI) fell to its lowest level in eight months with a reading of 52.5, while its services (PMI) soared to a four-month high with a reading of 54, which was above economists’ forecasts.

A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

In a separate report on Tuesday, the Commerce Depart said sales of newly constructed homes fell in April to a seasonally adjusted annual rate of 569,000. That was below analysts’ estimates of a drop to 610,000.

An ambitious White House budget proposal for next year was also in focus during the session, as investors mulled over the White House’s plan to cut federal spending by $3.6 trillion over the next 10 years.

Ahead of the release of Federal Reserve’s minutes of its April meeting, scheduled for Wednesday, investors parsed comments from Minneapolis President Neel Kashkari.

Kashkari said that while the U.S. economy is closer than it was in March to full employment, he is unsure “if we are there yet”, and that the slower pace of core inflation amid a surge in employment is “concerning”

Federal Reserve Bank of Philadelphia President Patrick Harker is set to deliver a speech later in the day.

The Dow Jones Industrial Average closed at 20,937.83, up 0.21%. The S&P 500 closed 0.18% higher while the Nasdaq Composite closed at 6138.71, up 0.08%

The ‘Bulls and Bears’ on Wall Street

The top Dow gainers; Goldman Sachs Group Inc (NYSE:GS) up 1.6% Caterpillar Inc (NYSE:CAT) up 1.4%, while JPMorgan Chase & Co (NYSE:JPM) rose 1.2%.

Home Depot Inc (NYSE:HD) down 0.7%, Walt Disney Company (NYSE:DIS) down 0.6% and International Business Machines (NYSE:IBM) down 0.4%, were among the worst Dow performers of the session.

Read More

Mexico stocks higher at close of trade; IPC up 0.20%

Investing.com – Mexico stocks were higher after the close on Tuesday, as gains in the Industrials, Healthcare and Telecoms Services sectors led shares higher.

At the close in Mexico, the IPC rose 0.20%.

The best performers of the session on the IPC were Grupo Carso, S.A.B. De C.V. (MX:GCARSOA1), which rose 3.97% or 3.080 points to trade at 80.590 at the close. Meanwhile, Banregio Grupo Financiero SAB De CV (MX:GFREGIOO) added 2.50% or 2.66 points to end at 108.90 and Gentera SAB de CV (MX:GENTERA) was up 2.50% or 0.760 points to 31.200 in late trade.

The worst performers of the session were VOLARIS A (MX:VOLARA), which fell 1.86% or 0.47 points to trade at 24.80 at the close. PINFRA SAB De CV (MX:PINFRA) declined 1.68% or 3.33 points to end at 194.39 and Grupo Bimbo, S.A.B. De C.V. (MX:BIMBOA) was down 1.59% or 0.710 points to 43.990.

Rising stocks outnumbered declining ones on the Mexico Stock Exchange by 163 to 130 and 11 ended unchanged.

Shares in Grupo Bimbo, S.A.B. De C.V. (MX:BIMBOA) fell to 52-week lows; falling 1.59% or 0.710 to 43.990.

Gold Futures for June delivery was down 0.81% or 10.20 to $1251.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.82% or 0.42 to hit $51.55 a barrel, while the July Brent oil contract rose 0.74% or 0.40 to trade at $54.27 a barrel.

USD/MXN was down 0.12% to 18.6406, while EUR/MXN fell 0.59% to 20.8482.

The US Dollar Index Futures was up 0.39% at 97.26.

Read More

Canada stocks higher at close of trade; S&P/TSX Composite up 0.12%

Investing.com – Canada stocks were higher after the close on Tuesday, as gains in the IT, Financials and Clean Technology sectors led shares higher.

At the close in Toronto, the S&P/TSX Composite added 0.12%.

The best performers of the session on the S&P/TSX Composite were BlackBerry Ltd (TO:BB), which rose 8.84% or 1.24 points to trade at 15.27 at the close. Meanwhile, Uni-Select Inc. (TO:UNS) added 2.80% or 0.83 points to end at 30.43 and Kinaxis Inc (TO:KXS) was up 2.72% or 2.34 points to 88.29 in late trade.

The worst performers of the session were Aimia Inc (TO:AIM), which fell 6.20% or 0.16 points to trade at 2.42 at the close. Novagold Resources Inc . (TO:NG) declined 5.61% or 0.32 points to end at 5.38 and Alamos Gold Inc (TO:AGI) was down 5.23% or 0.47 points to 8.51.

Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 641 to 505 and 131 ended unchanged.

Shares in BlackBerry Ltd (TO:BB) rose to 3-years highs; rising 8.84% or 1.24 to 15.27. Shares in Aimia Inc (TO:AIM) fell to all time lows; losing 6.20% or 0.16 to 2.42. Shares in Kinaxis Inc (TO:KXS) rose to all time highs; up 2.72% or 2.34 to 88.29.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 0.45% to 13.19.

Gold Futures for June delivery was down 0.80% or 10.05 to $1251.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.82% or 0.42 to hit $51.55 a barrel, while the July Brent oil contract rose 0.69% or 0.37 to trade at $54.24 a barrel.

CAD/USD was down 0.11% to 0.7399, while CAD/EUR rose 0.39% to 0.6617.

The US Dollar Index Futures was up 0.40% at 97.27.

Read More

Colombia stocks higher at close of trade; COLCAP up 0.52%

Investing.com – Colombia stocks were higher after the close on Tuesday, as gains in the Investment, Industrials and Financials sectors led shares higher.

At the close in Colombia, the COLCAP gained 0.52%.

The best performers of the session on the COLCAP were Interconexion Electrica SA (CN:ISA), which rose 3.01% or 380.0 points to trade at 13000.0 at the close. Meanwhile, Cemargos (CN:CCB) added 2.02% or 240.0 points to end at 12100.0 and Grupo Aval Acciones y Valores SA Pref (CN:GAA_p) was up 1.67% or 20.0 points to 1220.0 in late trade.

The worst performers of the session were Empresa De Energia De Bogota (CN:EEB), which fell 1.76% or 35.0 points to trade at 1950.0 at the close. Corporacion Financiera Colombiana SA (CN:CFV) declined 1.55% or 440.0 points to end at 27880.0 and Bolsa De Valores De Colombia (CN:BVC) was down 0.79% or 0.2 points to 25.2.

Rising stocks outnumbered declining ones on the Colombia Stock Exchange by 16 to 12 and 4 ended unchanged.

Shares in Interconexion Electrica SA (CN:ISA) rose to 5-year highs; up 3.01% or 380.0 to 13000.0. Shares in Bolsa De Valores De Colombia (CN:BVC) fell to 3-years highs; down 0.79% or 0.2 to 25.2.

US coffee C for July delivery was down 0.25% or 0.32 to $130.20 . Elsewhere in commodities trading, US cocoa for delivery in July fell 1.53% or 31.00 to hit $1996.50 , while the June Gold Futures contract fell 0.78% or 9.85 to trade at $1251.55 a troy ounce.

USD/COP was up 0.09% to 2908.00, while BRL/COP rose 0.11% to 890.39.

The US Dollar Index Futures was up 0.40% at 97.27.

Read More

Crude futures settle higher ahead of inventory data

Investing.com – Crude futures settled at a five-week high on Tuesday, ahead of the release of a fresh batch of U.S. crude inventories data, expected to show a decline in crude stockpiles for a sixth-straight week amid growing expectations that OPEC will extend production cuts later this week.

On the New York Mercantile Exchange crude futures for June delivery gained 34 cents to settle at $51.47 a barrel, while on London's Intercontinental Exchange, Brent added 32 cents to trade at $54.19 a barrel.

Oil prices continued to add to recent gains, as Saudi Arabia seeks to garner support for its proposal to extend the production cuts for a period of nine-months until March 2018, ahead of the Organization of the Petroleum and Exporting Countries meeting later this week.

Kuwaiti Oil Minister Issam Almarzooq said some countries are not in favour of a nine-month extension, but there’s a preliminary agreement on a six-month deal that will be reviewed in November.

OPEC is expected to decide at talks on Thursday, whether to extend the current deal to cut production.

Meanwhile, In the U.S., the White House included in its budget proposal, a plan to sell half of the nation's 688 million-barrel oil stockpile from 2018 to 2027, as it aims to raise $16.5 billion to reduce the budget deficit.

Investors’ concerns over the impact of the budget proposal was minimal, as the budget is only a proposal and may not take effect in its current form.

U.S. crude stockpiles remained in focus, as investors awaited the release of inventories data from The American Petroleum Institute at 16:30 EDT, and the U.S. Energy Information Administration at 10:30 EDT on Wednesday, expected to show U.S. crude stockpiles fell for a sixth-straight week.

U.S. crude oil inventories were expected to fall by around 2.7 million barrels for the week ended May 19.

Read More

Nigeria stocks higher at close of trade; NSE 30 up 0.27%

Investing.com – Nigeria stocks were higher after the close on Tuesday, as gains in the Food, Beverages&Tobacco, Insurance and Banking sectors led shares higher.

At the close in Lagos, the NSE 30 rose 0.27% to hit a new 6-months high.

The best performers of the session on the NSE 30 were Nig Brew (LAGOS:NB), which rose 2.24% or 3.16 points to trade at 144.00 at the close. Meanwhile, Nestle Nig (LAGOS:NESTLE) added 1.67% or 14.00 points to end at 850.00 and Pz Cussons LG (LAGOS:PZ) was up 0.53% or 0.10 points to 19.00 in late trade.

The worst performers of the session were Dangote Flour Mills PLC (LAGOS:DANGFLOUR), which fell 4.84% or 0.21 points to trade at 4.15 at the close. Diamond Bank (LAGOS:DIAMONB) declined 4.35% or 0.040 points to end at 0.880 and Fidelitybk (LAGOS:FIDELIT) was down 4.08% or 0.040 points to 0.940.

Rising stocks outnumbered declining ones on the Lagos by 23 to 18 and 70 ended unchanged.

Crude oil for July delivery was up 0.29% or 0.15 to $51.28 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.22% or 0.12 to hit $53.99 a barrel, while the June Gold Futures contract fell 0.57% or 7.13 to trade at $1254.27 a troy ounce.

EUR/NGN was up 0.02% to 353.740, while USD/NGN unchanged 0.00% to 320.000.

The US Dollar Index Futures was up 0.29% at 97.16.

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Morocco stocks lower at close of trade; Moroccan All Shares down 0.08%

Investing.com – Morocco stocks were lower after the close on Tuesday, as losses in the Distributors, Telecoms and Utilities sectors led shares lower.

At the close in Casablanca, the Moroccan All Shares fell 0.08%.

The best performers of the session on the Moroccan All Shares were Promopharm S.A. (CS:PRO), which rose 5.98% or 76 points to trade at 1347 at the close. Meanwhile, Maroc Leasing (CS:MLE) added 5.95% or 22.00 points to end at 392.00 and Salafin (CS:SLF) was up 4.22% or 36 points to 890 in late trade.

The worst performers of the session were Delattre Levivier Maroc (CS:DLM), which fell 4.14% or 7.90 points to trade at 183.10 at the close. Label Vie (CS:LBV) declined 4.11% or 60 points to end at 1400 and Aluminum du Maroc SA (CS:ALU) was down 3.70% or 50 points to 1300.

Falling stocks outnumbered advancing ones on the Casablanca Stock Exchange by 23 to 17 and 2 ended unchanged.

Shares in Salafin (CS:SLF) rose to all time highs; gaining 4.22% or 36 to 890.

Crude oil for July delivery was up 0.25% or 0.13 to $51.26 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.19% or 0.10 to hit $53.97 a barrel, while the June Gold Futures contract fell 0.65% or 8.16 to trade at $1253.24 a troy ounce.

EUR/MAD was down 0.16% to 10.9270, while USD/MAD rose 0.23% to 9.7612.

The US Dollar Index Futures was up 0.32% at 97.19.

Read More

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.06%

Investing.com – Denmark stocks were higher after the close on Tuesday, as gains in the Financials, Chemicals and Healthcare sectors led shares higher.

At the close in Copenhagen, the OMX Copenhagen 20 gained 0.06%.

The best performers of the session on the OMX Copenhagen 20 were Lundbeck A/S (CO:LUN), which rose 1.86% or 6.4 points to trade at 350.1 at the close. Meanwhile, Carlsberg A/S B (CO:CARLb) added 1.58% or 11.0 points to end at 708.5 and Coloplast A/S (CO:COLOb) was up 1.54% or 8.5 points to 560.0 in late trade.

The worst performers of the session were Pandora A/S (CO:PNDORA), which fell 1.66% or 11.0 points to trade at 651.0 at the close. Genmab (CO:GEN) declined 1.36% or 19.0 points to end at 1382.0 and Vestas Wind Systems A/S (CO:VWS) was down 0.58% or 3.5 points to 603.5.

Rising stocks outnumbered declining ones on the Copenhagen Stock Exchange by 64 to 49 and 18 ended unchanged.

Crude oil for July delivery was up 0.18% or 0.09 to $51.22 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.09% or 0.05 to hit $53.92 a barrel, while the June Gold Futures contract fell 0.56% or 7.01 to trade at $1254.39 a troy ounce.

USD/DKK was up 0.37% to 6.6498, while EUR/DKK fell 0.01% to 7.4441.

The US Dollar Index Futures was up 0.31% at 97.18.

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France stocks higher at close of trade; CAC 40 up 0.47%

Investing.com – France stocks were higher after the close on Tuesday, as gains in the Technology, Utilities and Financials sectors led shares higher.

At the close in Paris, the CAC 40 rose 0.47%, while the SBF 120 index climbed 0.49%.

The best performers of the session on the CAC 40 were Nokia Oyj (PA:NOKIA), which rose 5.75% or 0.317 points to trade at 5.830 at the close. Meanwhile, Vivendi SA (PA:VIV) added 1.81% or 0.34 points to end at 19.39 and Credit Agricole SA (PA:CAGR) was up 1.77% or 0.255 points to 14.625 in late trade.

The worst performers of the session were Unibail Rodamco SE (AS:UNBP), which fell 0.90% or 2.10 points to trade at 230.30 at the close. Renault SA (PA:RENA) declined 0.76% or 0.66 points to end at 85.80 and TechnipFMC PLC (PA:FTI) was down 0.58% or 0.17 points to 28.43.

The top performers on the SBF 120 were Nokia Oyj (PA:NOKIA) which rose 5.75% to 5.830, Rexel (PA:RXL) which was up 3.75% to settle at 15.79 and Soitec SA (PA:SOIT) which gained 3.01% to close at 45.840.

The worst performers were Gemalto (AS:GTO) which was down 1.71% to 53.96 in late trade, Gecina Nom. (PA:GFCP) which lost 1.68% to settle at 134.35 and Korian Medica SA (PA:KORI) which was down 1.25% to 30.415 at the close.

Rising stocks outnumbered declining ones on the Paris Stock Exchange by 402 to 228 and 95 ended unchanged.

Shares in Nokia Oyj (PA:NOKIA) rose to 52-week highs; rising 5.75% or 0.317 to 5.830. Shares in Credit Agricole SA (PA:CAGR) rose to 5-year highs; rising 1.77% or 0.255 to 14.625. Shares in Nokia Oyj (PA:NOKIA) rose to 52-week highs; rising 5.75% or 0.317 to 5.830.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 5.27% to 13.48.

Gold Futures for June delivery was down 0.56% or 7.10 to $1254.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.18% or 0.09 to hit $51.22 a barrel, while the July Brent oil contract rose 0.11% or 0.06 to trade at $53.93 a barrel.

EUR/USD was down 0.41% to 1.1191, while EUR/GBP fell 0.20% to 0.8626.

The US Dollar Index Futures was up 0.32% at 97.19.

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Italy stocks higher at close of trade; Investing.com Italy 40 up 0.41%

Investing.com – Italy stocks were higher after the close on Tuesday, as gains in the Chemicals, Industrials and Utilities sectors led shares higher.

At the close in Milan, the Investing.com Italy 40 gained 0.41%.

The best performers of the session on the Investing.com Italy 40 were Banco Bpm (MI:BAMI), which rose 5.88% or 0.166 points to trade at 2.990 at the close. Meanwhile, Prysmian (MI:PRY) added 2.51% or 0.61 points to end at 24.93 and Italgas SpA (MI:IG) was up 1.84% or 0.08 points to 4.65 in late trade.

The worst performers of the session were Telecom Italia (MI:TLIT), which fell 1.55% or 0.0135 points to trade at 0.8575 at the close. Unipol Gruppo Finanziario Spa (MI:UNPI) declined 1.52% or 0.060 points to end at 3.888 and Snam (MI:SRG) was down 0.77% or 0.032 points to 4.122.

Rising stocks outnumbered declining ones on the Milan Stock Exchange by 207 to 153 and 11 ended unchanged.

Crude oil for July delivery was up 0.18% or 0.09 to $51.22 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.09% or 0.05 to hit $53.92 a barrel, while the June Gold Futures contract fell 0.55% or 6.93 to trade at $1254.47 a troy ounce.

EUR/USD was down 0.39% to 1.1193, while EUR/GBP fell 0.20% to 0.8626.

The US Dollar Index Futures was up 0.31% at 97.18.

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Finland stocks higher at close of trade; OMX Helsinki 25 up 1.22%

Investing.com – Finland stocks were higher after the close on Tuesday, as gains in the Technology, Healthcare and Oil&Gas sectors led shares higher.

At the close in Helsinki, the OMX Helsinki 25 added 1.22% to hit a new all time high.

The best performers of the session on the OMX Helsinki 25 were Nokia Oyj (HE:NOKIA), which rose 6.43% or 0.355 points to trade at 5.875 at the close. Meanwhile, YIT Oyj (HE:YTY1V) added 2.52% or 0.19 points to end at 7.71 and Huhtamaki Oyj (HE:HUH1V) was up 2.40% or 0.83 points to 35.47 in late trade.

The worst performers of the session were Outokumpu Oyj (HE:OUT1V), which fell 1.09% or 0.0800 points to trade at 7.2450 at the close. Amer Sports Corporation (HE:AMEAS) declined 1.01% or 0.21 points to end at 20.63 and Nokian Renkaat Oyj (HE:NRE1V) was down 0.27% or 0.10 points to 37.46.

Rising stocks outnumbered declining ones on the Helsinki Stock Exchange by 89 to 47 and 19 ended unchanged.

Shares in Nokia Oyj (HE:NOKIA) rose to 52-week highs; up 6.43% or 0.355 to 5.875.

Brent oil for July delivery was up 0.06% or 0.03 to $53.90 a barrel. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.12% or 0.06 to hit $51.19 a barrel, while the June Gold Futures contract fell 0.50% or 6.29 to trade at $1255.11 a troy ounce.

EUR/USD was down 0.43% to 1.1189, while EUR/GBP fell 0.23% to 0.8623.

The US Dollar Index Futures was up 0.33% at 97.20.

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Belgium stocks higher at close of trade; BEL 20 up 0.49%

Investing.com – Belgium stocks were higher after the close on Tuesday, as gains in the Basic Materials, Financials and Technology sectors led shares higher.

At the close in Brussels, the BEL 20 rose 0.49%.

The best performers of the session on the BEL 20 were KBC (BR:KBC), which rose 1.58% or 1.040 points to trade at 66.820 at the close. Meanwhile, Umicore NV (BR:UMI) added 1.33% or 0.79 points to end at 60.04 and Ontex Group (BR:ONTEX) was up 1.01% or 0.33 points to 32.48 in late trade.

The worst performers of the session were Cofinimmo-Sicafi (BR:COFB), which fell 1.67% or 1.80 points to trade at 106.30 at the close. Telenet Group (BR:TNET) declined 0.82% or 0.47 points to end at 56.93 and Etablissementen Fr Colruyt NV (BR:COLR) was down 0.58% or 0.28 points to 48.06.

Rising stocks outnumbered declining ones on the Brussels Stock Exchange by 59 to 57 and 8 ended unchanged.

Gold Futures for June delivery was down 0.42% or 5.24 to $1256.16 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.27% or 0.14 to hit $51.27 a barrel, while the July Brent oil contract rose 0.17% or 0.09 to trade at $53.96 a barrel.

EUR/USD was down 0.33% to 1.1200, while EUR/GBP fell 0.20% to 0.8626.

The US Dollar Index Futures was up 0.26% at 97.13.

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U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 0.21%

Investing.com – U.K. stocks were lower after the close on Tuesday, as losses in the Oil Equipment Services&Distribution, Mining and Tobacco sectors led shares lower.

At the close in London, the Investing.com United Kingdom 100 fell 0.21%.

The best performers of the session on the Investing.com United Kingdom 100 were Babcock International Group PLC (LON:BAB), which rose 2.97% or 28.00 points to trade at 969.50 at the close. Meanwhile, EasyJet PLC (LON:EZJ) added 2.52% or 32.00 points to end at 1301.00 and Severn Trent PLC (LON:SVT) was up 1.76% or 43.00 points to 2491.00 in late trade.

The worst performers of the session were Kingfisher PLC (LON:KGF), which fell 2.42% or 8.90 points to trade at 359.20 at the close. Shire PLC (LON:SHP) declined 2.35% or 113.50 points to end at 4710.00 and WPP PLC (LON:WPP) was down 2.16% or 37.00 points to 1673.00.

Rising stocks outnumbered declining ones on the London Stock Exchange by 1039 to 887 and 445 ended unchanged.

Gold Futures for June delivery was down 0.42% or 5.27 to $1256.13 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.33% or 0.17 to hit $51.30 a barrel, while the July Brent oil contract rose 0.26% or 0.14 to trade at $54.01 a barrel.

GBP/USD was down 0.10% to 1.2986, while EUR/GBP fell 0.16% to 0.8629.

The US Dollar Index Futures was up 0.23% at 97.10.

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Poland stocks lower at close of trade; WIG30 down 1.23%

Investing.com – Poland stocks were lower after the close on Tuesday, as losses in the Oil&Gas, Basic Materials and Chemicals sectors led shares lower.

At the close in Warsaw, the WIG30 lost 1.23%.

The best performers of the session on the WIG30 were Enea SA (WA:ENAE), which rose 3.29% or 0.38 points to trade at 11.93 at the close. Meanwhile, CCC SA (WA:CCCP) added 2.08% or 4.60 points to end at 225.60 and Kernel Holding SA (WA:KER) was up 2.04% or 1.35 points to 67.60 in late trade.

The worst performers of the session were Grupa Azoty SA (WA:ATTP), which fell 4.61% or 3.14 points to trade at 65.02 at the close. Polski Koncern Naftowy ORLEN SA (WA:PKN) declined 3.03% or 3.33 points to end at 106.75 and KGHM Polska Miedz SA (WA:KGH) was down 2.63% or 3.02 points to 111.63.

Falling stocks outnumbered advancing ones on the Warsaw Stock Exchange by 278 to 235 and 182 ended unchanged.

Crude oil for July delivery was up 0.41% or 0.21 to $51.34 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.30% or 0.16 to hit $54.03 a barrel, while the June Gold Futures contract fell 0.43% or 5.43 to trade at $1255.97 a troy ounce.

EUR/PLN was unchanged 0.00% to 4.1982, while USD/PLN rose 0.31% to 3.7474.

The US Dollar Index Futures was up 0.25% at 97.12.

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Turkey stocks higher at close of trade; BIST 100 up 1.37%

Investing.com – Turkey stocks were higher after the close on Tuesday, as gains in the Transport, Food&Beverages and Wood, Paper&Printing sectors led shares higher.

At the close in Istanbul, the BIST 100 rose 1.37% to hit a new all time high.

The best performers of the session on the BIST 100 were Hurriyet Gazetecilik ve Matbaacilik AS (IS:HURGZ), which rose 6.58% or 0.050 points to trade at 0.810 at the close. Meanwhile, Anadolu Efes Biracilik ve Malt Sanayi AS (IS:AEFES) added 5.61% or 1.14 points to end at 21.46 and GSD Holding AS (IS:GSDHO) was up 4.69% or 0.030 points to 0.670 in late trade.

The worst performers of the session were Ihlas Holding AS (IS:IHLAS), which fell 2.38% or 0.010 points to trade at 0.410 at the close. Karsan Otomotiv Sanayi ve Ticaret AS (IS:KARSN) declined 1.57% or 0.020 points to end at 1.250 and Zorlu Enerji Elektrik Uretim AS (IS:ZOREN) was down 1.55% or 0.020 points to 1.270.

Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 226 to 118 and 61 ended unchanged.

Gold Futures for June delivery was down 0.46% or 5.78 to $1255.62 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.31% or 0.16 to hit $51.29 a barrel, while the July Brent oil contract rose 0.22% or 0.12 to trade at $53.99 a barrel.

USD/TRY was up 0.32% to 3.5700, while EUR/TRY fell 0.06% to 3.9984.

The US Dollar Index Futures was up 0.27% at 97.14.

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Greece stocks lower at close of trade; Athens General-Composite down 0.49%

Investing.com – Greece stocks were lower after the close on Tuesday, as losses in the Media, Financials and Banking sectors led shares lower.

At the close in Athens, the Athens General-Composite declined 0.49%.

The best performers of the session on the Athens General-Composite were Select Textile (AT:EPIr), which rose 5.26% or 0.010 points to trade at 0.200 at the close. Meanwhile, Hellenic Telec (AT:OTEr) added 2.72% or 0.28 points to end at 10.58 and Iaso (AT:IASr) was up 2.64% or 0.019 points to 0.743 in late trade.

The worst performers of the session were Attica Bank SA (AT:BOAr), which fell 12.40% or 0.015 points to trade at 0.106 at the close. Centric Hold (AT:DESr) declined 9.23% or 0.012 points to end at 0.118 and Piraeus Bank SA (AT:BOPr) was down 4.13% or 0.010 points to 0.232.

Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 62 to 40 and 12 ended unchanged.

Shares in Hellenic Telec (AT:OTEr) rose to 52-week highs; up 2.72% or 0.28 to 10.58. Shares in Iaso (AT:IASr) rose to 52-week highs; gaining 2.64% or 0.019 to 0.743.

Gold Futures for June delivery was down 0.11% or 1.33 to $1260.07 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.29% or 0.15 to hit $51.28 a barrel, while the July Brent oil contract rose 0.26% or 0.14 to trade at $54.01 a barrel.

EUR/USD was down 0.05% to 1.1231, while EUR/GBP fell 0.13% to 0.8632.

The US Dollar Index Futures was down 0.02% at 96.86.

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Trump budget aims to cut spending, taxes, trim deficit

Investing.com – The Trump administration Tuesday will present to the Republican-controlled Congress budget plans that propose politically-sensitive spending cuts to fulfil a campaign promise to reduce taxes while trimming the fiscal deficit.
The plan aims to cut spending by $3.6 trillion over 10 years, balancing the budget by the end of the decade.
The budget is premised on an annual increase in the economic growth rate of 3% by the end of Trump’s term compared with a Congressional Budget Office assumption of 1.9%.
Over $800 billion would be cut from the Medicaid program for the poor and over $192 billion from food stamps. Most departments would see sharp cuts, in particular the State Department and the Environmental Protection Agency.
The plan proposes selling half of the U.S. strategic oil reserves and reducing the budget allowance of the U.S. Postal Service.
The corporate tax rate would be cut to 15% from 35% and the number of personal tax brackets reduced to three from seven.
Analysts said they expect lawmakers to ignore most of the proposals and draw up their own plans.
The administration’s ability to deliver on its economic plans has been clouded by a series of political scandals in which Trump has been caught up.

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Israel stocks lower at close of trade; TA 35 down 0.17%

Investing.com – Israel stocks were lower after the close on Tuesday, as losses in the Banking, Oil&Gas and Communication sectors led shares lower.

At the close in Tel Aviv, the TA 35 declined 0.17%.

The best performers of the session on the TA 35 were Mylan NV (TA:MYL), which rose 2.69% or 370 points to trade at 14110 at the close. Meanwhile, Harel (TA:HARL) added 2.41% or 48 points to end at 2041 and Partner (TA:PTNR) was up 2.07% or 40 points to 1970 in late trade.

The worst performers of the session were Teva (TA:TEVA), which fell 3.36% or 360 points to trade at 10340 at the close. Gazit Globe Ltd (TA:GZT) declined 2.24% or 80 points to end at 3495 and Bezeq Israeli Telecommunication Corp Ltd (TA:BEZQ) was down 1.55% or 9.5 points to 605.3.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 290 to 128 and 84 ended unchanged.

Shares in Teva (TA:TEVA) fell to 5-year lows; losing 3.36% or 360 to 10340.

Crude oil for July delivery was up 0.12% or 0.06 to $51.19 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.15% or 0.08 to hit $53.95 a barrel, while the June Gold Futures contract fell 0.08% or 1.03 to trade at $1260.37 a troy ounce.

USD/ILS was up 0.16% to 3.5902, while EUR/ILS rose 0.10% to 4.0320.

The US Dollar Index Futures was up 0.02% at 96.90.

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U.S April new home sales fall more than expected

Investing.com - U.S. new home sales fell more than expected in April, official data Tuesday showed.
The Commerce Department said new home sales fell 11.4% to 569,000 units from March.
Sales were forecast to fall 1.5% to 610,000 units.
Sales in March revised to 642,000 units from an initial reading of 621,000.

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