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Market Updates

Fed Fund Futures Take Powell’s Testimony in Stride, 2 Rate Hikes Remain on Tap

Investing.com - As Federal Reserve chairman Jerome Powell emphasized the need for gradual rate hikes in the U.S. on Tuesday, markets left forecasts unchanged for the future path of monetary policy, predicting a further two increases this year.

After Powell’s semiannual monetary policy report to Congress, odds for the next Fed hike in September were virtually unchanged at 89%, according to Investing.com’s Fed Rate Monitor Tool.

Fed fund futures priced in the probability of a second hike in December at nearly 65%, up slightly from the odds earlier in the day.

Powell emphasized that it was appropriate to follow the central bank’s current plan to gradually increase interest rates.

“With a strong job market, inflation close to our objective, and the risks to the outlook roughly balanced, the FOMC believes that--for now--the best way forward is to keep gradually raising the federal funds rate,” Powell said.

While once again emphasizing his upbeat outlook for the economy with a strong jobs market and the Fed’s belief that inflation will remain near the 2% target for several years, Powell admitted that trade uncertainty complicated the outlook.

He explained that financial conditions remained favorable to growth, that a stronger financial system was in a good position to meet the credit needs of households and businesses, tax and spending policies would likely continue to support the expansion and the outlook for economic growth abroad remains solid despite greater uncertainties in several parts of the world.

However, he admitted that “it is difficult to predict the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the recent changes in fiscal policy.”

With the Fed closely monitoring wage inflation for evidence of diminishing slack in the labor market and upward pressure on inflation, Powell admitted that increases have not been as rapid as prior to the crisis.

“Wages are growing a little faster than they did a few years ago. That said, they still are not rising as fast as in the years before the crisis,” he stated.

Powell attributed the fact to lack of growth in productivity and said that the only way wage growth can go up is by productivity growth.

The Fed chief stressed the need for the central bank to monitor a wide range of relevant information when deciding what monetary policy will be appropriate.

“As always, our actions will depend on the economic outlook, which may change as we receive new data,” he warned.

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Gold Prices Sink to Year Low as Dollar Reigns Supreme on Powell's Upbeat Outlook

Investing.com – Gold prices fell to a year low Tuesday, pressured by a rally in the greenback as Federal Reserve Chairman Jay Powell said gradual rate hikes would continue.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $11.60, or 0.94%, to $1,228.00 a troy ounce, after trading as high as $1,245.10 intraday.

In his semi-annual testimony to Congress Tuesday, Powell said the "best way forward" is to continue raising rates, as the job market has strengthened and inflation has met the Fed's 2% target.

That reaffirmed investor expectations that the Federal Reserve will increased interest rates twice more this year, prompting investors to pile into the dollar, reducing demand for the yellow metal.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.45% to 94.69.

Gold is sensitive to moves higher in both bond yields and the U.S. dollar. A stronger dollar makes gold more expensive for holders of foreign currency, while a rise in U.S. rates lifts the opportunity cost of holding gold as it pays no interest.

The stronger dollar also saw other metals retreat sharply as aluminum gave up gains to trade near session lows, while platinum futures fell to a two-week low.

Copper prices fell 0.56% to $2.75, while zinc prices rose 0.96% to 2,507.50.

Aluminium prices fell 1.25% to 2,033.00, while Nickel futures lost 0.868% to 13,545.00.

Silver futures fell 1.25% to $15.61 a troy ounce, while platinum futures fell 0.57% to $821.70.

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Nigeria stocks lower at close of trade; NSE 30 down 1.15%

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

At the close in Lagos, the NSE 30 declined 1.15% to hit a new 1-month low.

The best performers of the session on the NSE 30 were Wemabank (LAGOS:WEMABAN), which rose 7.94% or 0.050 points to trade at 0.660 at the close. Meanwhile, Dangsugar (LAGOS:DANGSUG) added 2.57% or 0.45 points to end at 17.85 and Union Bank LG (LAGOS:UBN) was up 0.88% or 0.05 points to 5.75 in late trade.

The worst performers of the session were Pz Cussons LG (LAGOS:PZ), which fell 9.94% or 1.70 points to trade at 15.50 at the close. Wapco (LAGOS:WAPCO) declined 8.00% or 3.00 points to end at 34.50 and Stanbicibtc Hl (LAGOS:IBTC) was down 7.67% or 3.95 points to 47.25.

Falling stocks outnumbered advancing ones on the Lagos by 66 to 24 and 14 ended unchanged.

Shares in Pz Cussons LG (LAGOS:PZ) fell to 52-week lows; falling 9.94% or 1.70 to 15.50.

Crude oil for September delivery was up 0.55% or 0.37 to $67.44 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.79% or 0.57 to hit $72.41 a barrel, while the August Gold Futures contract fell 0.97% or 12.00 to trade at $1227.70 a troy ounce.

EUR/NGN was up 0.23% to 358.500, while USD/NGN fell 0.14% to 361.000.

The US Dollar Index Futures was up 0.52% at 94.76.

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Morocco stocks lower at close of trade; Moroccan All Shares down 0.74%

Investing.com – Morocco stocks were lower after the close on Tuesday, as losses in the Holding Companies, Food Producers&Processors and Construction&Building Materials sectors led shares lower.

At the close in Casablanca, the Moroccan All Shares fell 0.74% to hit a new 52-week low.

The best performers of the session on the Moroccan All Shares were S2M (CS:S2M), which rose 6.42% or 17.00 points to trade at 282.00 at the close. Meanwhile, Taslif (CS:TSF1) added 5.26% or 1.40 points to end at 28.00 and Med Paper (CS:PAP) was up 4.55% or 1.00 points to 23.00 in late trade.

The worst performers of the session were SMI (CS:SMI), which fell 5.99% or 154 points to trade at 2418 at the close. Disway SA (CS:DWY) declined 3.95% or 17.00 points to end at 413.00 and Delta Holding S.A (CS:DHO) was down 3.47% or 1.18 points to 32.80.

Falling stocks outnumbered advancing ones on the Casablanca Stock Exchange by 21 to 14 and 4 ended unchanged.

Shares in SMI (CS:SMI) fell to 52-week lows; down 5.99% or 154 to 2418.

Crude oil for September delivery was up 0.22% or 0.15 to $67.22 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.57% or 0.41 to hit $72.25 a barrel, while the August Gold Futures contract fell 1.06% or 13.20 to trade at $1226.50 a troy ounce.

EUR/MAD was down 0.23% to 11.0460, while USD/MAD rose 0.27% to 9.4786.

The US Dollar Index Futures was up 0.53% at 94.77.

Read More

Dollar Rallies as Powell Signals Rate Hikes to Continue

Investing.com – The dollar rose against its rivals Tuesday, as Federal Reserve Chairman Jay Powell gave lawmakers a positive assessment of the economy, and expects to continue raising interest rates gradually.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.52% to 94.76.

In his semi-annual testimony to Congress Tuesday, Powell said the "best way forward" is to continue raising rates, as the job market has strengthened and inflation has moved above the Fed's 2% target.

Powell largely echoed the Fed's recent comments from its June meeting, when the Fed raised interest rates, and hinted at two further rate hikes for this year. Powell could offer further clues on monetary policy when he testifies before the House Financial Services Committee Wednesday.

According to Investing.com's Fed Rate Monitor Tool, 85.6% of traders expect the Fed to hike rates in September, and 56.2% of traders expect the Fed to hike rates again in December.

Economic data showing U.S. industrial production rebounded in June, boosted by a sharp rebound in manufacturing, and gains in mining output, had a somewhat muted impact on the greenback.

Industrial production - a measure of output at factories, mines and utilities - rose to a seasonally-adjusted 0.6% in June from a revised 0.5% decline the prior month, the Federal Reserve said Tuesday. This was slightly above the 0.5% rise forecast by economists.

The dollar's move higher was also supported by a fall in both the pound and euro. Sterling came under pressure amid soft UK data and expectations that Prime Minister Theresa May's Brexit bill could face another challenge in Parliament.

GBP/USD fell 0.76% to $1.3135, while EUR/USD fell 0.47% to $1.1654.

USD/JPY rose 0.53% to Y112.88, while USD/CHF rose 0.31% to 0.9998 as demand for safe-haven currencies fell.

USD/CAD rose 0.59% to C$1.3213 as a rise in expectations for a Bank of Canada rate hike on the back of bullish factory sales data failed to lift the loonie.

The upbeat report reinforces the Bank of Canada's forecast for second-quarter GDP growth and "incrementally lends itself" toward another possible interest rate rise in September, Bank of Nova Scotia said Tuesday.

Read More

Finland stocks higher at close of trade; OMX Helsinki 25 up 1.85%

Investing.com – Finland stocks were higher after the close on Tuesday, as gains in the Industrials, Basic Materials and Consumer Goods sectors led shares higher.

At the close in Helsinki, the OMX Helsinki 25 added 1.85%.

The best performers of the session on the OMX Helsinki 25 were KONE Oyj (HE:KNEBV), which rose 7.89% or 3.51 points to trade at 47.98 at the close. Meanwhile, Valmt (HE:VALMT) added 4.92% or 0.83 points to end at 17.69 and Metso Oyj (HE:METSO) was up 3.02% or 0.86 points to 29.30 in late trade.

The worst performers of the session were Telia Company AB (HE:TELIA1), which fell 3.76% or 0.149 points to trade at 3.819 at the close. Elisa Oyj (HE:ELISA) declined 1.03% or 0.37 points to end at 35.72 and Nokia Oyj (HE:NOKIA) was down 0.68% or 0.034 points to 4.970.

Rising stocks outnumbered declining ones on the Helsinki Stock Exchange by 80 to 59 and 19 ended unchanged.

Shares in KONE Oyj (HE:KNEBV) rose to 5-year highs; gaining 7.89% or 3.51 to 47.98.

Brent oil for September delivery was up 0.49% or 0.35 to $72.19 a barrel. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.01% or 0.01 to hit $67.06 a barrel, while the August Gold Futures contract fell 0.98% or 12.20 to trade at $1227.50 a troy ounce.

EUR/USD was down 0.44% to 1.1658, while EUR/GBP rose 0.27% to 0.8872.

The US Dollar Index Futures was up 0.49% at 94.73.

Read More

Netherlands stocks higher at close of trade; AEX up 0.15%

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

At the close in Amsterdam, the AEX gained 0.15%.

The best performers of the session on the AEX were ASR Nederland NV (AS:ASRNL), which rose 3.10% or 1.10 points to trade at 36.58 at the close. Meanwhile, ArcelorMittal SA (AS:MT) added 2.45% or 0.615 points to end at 25.730 and Wolters Kluwer (AS:WLSNc) was up 1.10% or 0.56 points to 51.56 in late trade.

The worst performers of the session were Koninklijke KPN NV (AS:KPN), which fell 1.99% or 0.049 points to trade at 2.411 at the close. Altice NV (AS:ATCA) declined 1.62% or 0.05 points to end at 3.09 and ING Groep NV (AS:INGA) was down 1.17% or 0.146 points to 12.354.

Rising stocks outnumbered declining ones on the Amsterdam Stock Exchange by 69 to 53 and 12 ended unchanged.

Shares in Wolters Kluwer (AS:WLSNc) rose to all time highs; up 1.10% or 0.56 to 51.56.

The AEX Volatility, which measures the implied volatility of AEX options, was down 2.41% to 11.47.

Crude oil for September delivery was down 0.06% or 0.04 to $67.03 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.47% or 0.34 to hit $72.18 a barrel, while the August Gold Futures contract fell 0.98% or 12.10 to trade at $1227.60 a troy ounce.

EUR/USD was down 0.44% to 1.1658, while EUR/GBP rose 0.27% to 0.8872.

The US Dollar Index Futures was up 0.51% at 94.75.

Read More

France stocks higher at close of trade; CAC 40 up 0.24%

Investing.com – France stocks were higher after the close on Tuesday, as gains in the Basic Materials, Consumer Goods and Industrials sectors led shares higher.

At the close in Paris, the CAC 40 rose 0.24%, while the SBF 120 index added 0.16%.

The best performers of the session on the CAC 40 were ArcelorMittal SA (AS:MT), which rose 2.45% or 0.615 points to trade at 25.730 at the close. Meanwhile, Solvay SA (BR:SOLB) added 1.78% or 1.90 points to end at 108.90 and Kering SA (PA:PRTP) was up 1.45% or 7.10 points to 497.30 in late trade.

The worst performers of the session were Orange SA (PA:ORAN), which fell 2.54% or 0.37 points to trade at 14.20 at the close. Publicis Groupe SA (PA:PUBP) declined 2.29% or 1.38 points to end at 58.76 and Bouygues SA (PA:BOUY) was down 1.51% or 0.57 points to 37.07.

The top performers on the SBF 120 were Eramet (PA:ERMT) which rose 3.61% to 111.90, Casino Guichard (PA:CASP) which was up 3.16% to settle at 34.97 and Arkema (PA:AKE) which gained 2.65% to close at 104.55.

The worst performers were Rubis SCA (PA:RUBF) which was down 8.19% to 47.74 in late trade, SES (PA:SESFd) which lost 3.33% to settle at 16.43 and Iliad (PA:ILD) which was down 3.03% to 134.45 at the close.

Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 291 to 260 and 106 ended unchanged.

Shares in Rubis SCA (PA:RUBF) fell to 52-week lows; falling 8.19% or 4.26 to 47.74.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 3.40% to 12.20.

Gold Futures for August delivery was down 0.98% or 12.10 to $1227.60 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.07% or 0.05 to hit $67.02 a barrel, while the September Brent oil contract rose 0.43% or 0.31 to trade at $72.15 a barrel.

EUR/USD was down 0.45% to 1.1657, while EUR/GBP rose 0.27% to 0.8872.

The US Dollar Index Futures was up 0.51% at 94.75.

Read More

U.K. stocks higher at close of trade; Investing.com United Kingdom 100 up 0.34%

Investing.com – U.K. stocks were higher after the close on Tuesday, as gains in the Forestry&Paper, Industrial Metals&Mining and Beverage sectors led shares higher.

At the close in London, the Investing.com United Kingdom 100 rose 0.34%.

The best performers of the session on the Investing.com United Kingdom 100 were The Berkeley Group Holdings plc (LON:BKGH), which rose 2.53% or 91.00 points to trade at 3685.00 at the close. Meanwhile, Antofagasta PLC (LON:ANTO) added 2.22% or 20.80 points to end at 958.80 and Mondi PLC (LON:MNDI) was up 2.16% or 44.00 points to 2079.00 in late trade.

The worst performers of the session were Paddy Power Betfair PLC (LON:PPB), which fell 3.23% or 275.00 points to trade at 8225.00 at the close. WPP PLC (LON:WPP) declined 2.96% or 36.00 points to end at 1180.00 and Provident Financial PLC (LON:PFG) was down 2.78% or 18.00 points to 628.80.

Rising stocks outnumbered declining ones on the London Stock Exchange by 1031 to 900 and 328 ended unchanged.

Gold Futures for August delivery was down 0.98% or 12.20 to $1227.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.39% or 0.26 to hit $66.81 a barrel, while the September Brent oil contract rose 0.15% or 0.11 to trade at $71.95 a barrel.

GBP/USD was down 0.63% to 1.3152, while EUR/GBP rose 0.23% to 0.8868.

The US Dollar Index Futures was up 0.46% at 94.70.

Read More

Sweden stocks higher at close of trade; OMX Stockholm 30 up 0.25%

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

At the close in Stockholm, the OMX Stockholm 30 added 0.25%.

The best performers of the session on the OMX Stockholm 30 were Getinge AB ser. B (ST:GETIb), which rose 10.47% or 9.1 points to trade at 96.0 at the close. Meanwhile, Skandinaviska Enskilda Banken AB A (ST:SEBa) added 4.27% or 3.64 points to end at 88.92 and Alfa Laval AB (ST:ALFA) was up 4.09% or 9.4 points to 239.3 in late trade.

The worst performers of the session were Telia Company AB (ST:TELIA), which fell 4.05% or 1.66 points to trade at 39.28 at the close. Tele2 AB (ST:TEL2b) declined 1.95% or 2.00 points to end at 100.55 and Essity AB B (ST:ESSITYb) was down 1.73% or 3.80 points to 215.50.

Falling stocks outnumbered advancing ones on the Stockholm Stock Exchange by 308 to 296 and 67 ended unchanged.

Shares in Alfa Laval AB (ST:ALFA) rose to all time highs; gaining 4.09% or 9.4 to 239.3.

Crude oil for September delivery was down 0.33% or 0.22 to $66.85 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.19% or 0.14 to hit $71.98 a barrel, while the August Gold Futures contract fell 0.91% or 11.30 to trade at $1228.40 a troy ounce.

EUR/SEK was down 0.34% to 10.2990, while USD/SEK rose 0.07% to 8.8301.

The US Dollar Index Futures was up 0.43% at 94.68.

Read More

Norway stocks higher at close of trade; Oslo OBX up 0.19%

Investing.com – Norway stocks were higher after the close on Tuesday, as gains in the Media, Materials and Auto&components sectors led shares higher.

At the close in Oslo, the Oslo OBX added 0.19%.

The best performers of the session on the Oslo OBX were Schibsted ASA A (OL:SBSTA), which rose 12.59% or 33.1 points to trade at 296.0 at the close. Meanwhile, Yara International ASA (OL:YAR) added 4.52% or 14.4 points to end at 340.0 and DNO International ASA (OL:DNO) was up 4.40% or 0.68 points to 16.02 in late trade.

The worst performers of the session were Aker Solutions OL (OL:AKSOL), which fell 4.45% or 2.46 points to trade at 52.84 at the close. Telenor ASA (OL:TEL) declined 3.95% or 6.5 points to end at 158.0 and Norwegian Air Shuttle ASA (OL:NWC) was down 3.18% or 7.80 points to 237.50.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 100 to 73 and 25 ended unchanged.

Shares in Schibsted ASA A (OL:SBSTA) rose to 52-week highs; rising 12.59% or 33.1 to 296.0.

Crude oil for September delivery was down 0.34% or 0.23 to $66.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.19% or 0.14 to hit $71.98 a barrel, while the August Gold Futures contract fell 0.90% or 11.20 to trade at $1228.50 a troy ounce.

EUR/NOK was up 0.04% to 9.4920, while USD/NOK rose 0.45% to 8.1372.

The US Dollar Index Futures was up 0.42% at 94.67.

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Israel stocks higher at close of trade; TA 35 up 0.08%

Investing.com – Israel stocks were higher after the close on Tuesday, as gains in the Biomed, Banking and Financials sectors led shares higher.

At the close in Tel Aviv, the TA 35 rose 0.08%.

The best performers of the session on the TA 35 were OPKO Health Inc (TA:OPK), which rose 10.57% or 219 points to trade at 2290 at the close. Meanwhile, Cellcom Israel Ltd (TA:CEL) added 1.60% or 33 points to end at 2100 and Frutarom Industries Ltd (TA:FRUT) was up 0.78% or 280 points to 36290 in late trade.

The worst performers of the session were Delek Drilling LP (TA:DEDRp), which fell 2.37% or 22 points to trade at 910 at the close. Delek Group (TA:DLEKG) declined 2.24% or 1170 points to end at 51100 and Partner (TA:PTNR) was down 2.15% or 32 points to 1453.

Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 222 to 163 and 33 ended unchanged.

Crude oil for September delivery was down 0.36% or 0.24 to $66.83 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.26% or 0.19 to hit $72.03 a barrel, while the August Gold Futures contract fell 0.94% or 11.70 to trade at $1228.00 a troy ounce.

USD/ILS was up 0.20% to 3.6339, while EUR/ILS fell 0.01% to 4.2470.

The US Dollar Index Futures was up 0.28% at 94.53.

Read More

Gold Falls to Two-And-a-Half-Year Low on Powell Testimony

Investing.com - Gold prices fell to a two-and-a-half year low on Tuesday, as a stronger dollar weighed on the precious metal and Federal Reserve Chair Jerome Powell backed gradual rate increases.

Comex gold futures for August delivery decreased 0.86% to $1,229.20 a troy ounce as of 10:37 AM ET (14:37 GMT).

The price of gold fell as Powell reiterated the central bank should gradually increase interest rates.

The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year. Higher rates are a negative for gold as the precious metal, which does not pay interest, struggles to compete with yield-bearing assets when rates rise.

However, uncertainty around trade tensions made analysis difficult, he said before the Senate Banking Committee on Tuesday.

“It is difficult to predict the ultimate outcome of current discussions over trade policy as well as the size and timing of the economic effects of the recent changes in fiscal policy,” he said.

Meanwhile the dollar rallied, which also weighed on the metal. Gold falls as the dollar rises, as the precious metal is denominated in the U.S. currency and is sensitive to moves in the dollar.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rallied 0.31% to 94.56.

Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

Elsewhere on the Comex, silver futures were down 1.34% to $15.600 a troy ounce. Among other precious metals, Platinum Futures slumped 0.64% to $821.10 while Palladium Futures decreased 0.71% to $907.00 an ounce. Copper futures lost 0.34% to $2.755 a pound.

Read More

Coinbase Looking to Add Trading In More Cryptocurrencies

Investing.com - Top cryptocurrency exchange Coinbase says it may add trading in five more coins.
The coins under consideration are Cardano, Basic Attention Token, Stellar Lumen, Zcash and 0X.
Coinbase says that at this point it is only exploring the addition of the five coins, but made the announcement to be transparent about its business.
When Coinbase added Bitcoin Cash to its offering last December, its price soared in advance, triggering questions about insider trading.
In this case, Coinbase says the currencies being considered will require "additional exploratory work" and there is no guarantee they will "be listed for trading."
Coinbase currently offers trading in Bitcoin, Bitcoin Cash, Litecoin and Ether in the U.S. and 32 other countries.
The trading app Robinhood recently said it was adding four new currencies to its offering, giving it a total of six.

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Saudi Arabia stocks lower at close of trade; Tadawul All Share down 0.33%

Investing.com – Saudi Arabia stocks were lower after the close on Tuesday, as losses in the Agriculture&Food, Petrochemicals and Energy&Utilities sectors led shares lower.

At the close in Saudi Arabia, the Tadawul All Share declined 0.33%.

The best performers of the session on the Tadawul All Share were Alinma Tokio Marine Co (SE:8312), which rose 9.99% or 1.94 points to trade at 21.36 at the close. Meanwhile, Saudi Enaya Cooperative Insurance (SE:8311) added 9.84% or 2.85 points to end at 31.80 and Filing&Packing Materials Co. (SE:2180) was up 4.56% or 1.60 points to 36.70 in late trade.

The worst performers of the session were Saudi Arabia Refineries Co. (SE:2030), which fell 3.90% or 1.80 points to trade at 44.30 at the close. Alujain Corporation (SE:2170) declined 3.24% or 1.10 points to end at 32.80 and National Medical Care Company (SE:4005) was down 2.59% or 1.50 points to 56.50.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 110 to 64 and 10 ended unchanged.

Shares in Filing&Packing Materials Co. (SE:2180) rose to 52-week highs; gaining 4.56% or 1.60 to 36.70.

Crude oil for September delivery was down 0.45% or 0.30 to $66.77 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.11% or 0.08 to hit $71.92 a barrel, while the August Gold Futures contract fell 0.25% or 3.10 to trade at $1236.60 a troy ounce.

EUR/SAR was down 0.10% to 4.3876, while USD/SAR rose 0.01% to 3.7504.

The US Dollar Index Futures was up 0.19% at 94.45.

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Bitcoin Inches Higher, Coinbase Gets SEC Approval to List Securities

Investing.com - Bitcoin was slightly higher on Tuesday, as Coinbase becomes the first U.S. exchange to receive SEC approval.

Bitcoin was trading at $6,699.20, rising 0.83% on the Bitfinex exchange, as of 8:28 AM ET (12:28 GMT).

Cryptocurrencies overall were slightly higher. The coin market cap of total market capitalization increased to $269 billion at the time of writing compared to $266 billion on Monday.

Ripple, the third largest virtual currency, increased 0.63% to $0.47080 while Litecoin was at $82.811, down 0.40%. Meanwhile Ethereum fell 0.97% to $470.06 on the Bitfinex exchange.

Platform exchange Coinbase received the greenlight from U.S. regulators to offer tokens that are considered securities. The company said the U.S. Securities and Exchange Commision and the Financial Industry Regulatory Authority approved the exchanges purchase of Keystone Capital Corp., Venovate Marketplace and Digital Wealth. The acquisition approvals means Coinbase will receive a license to operate as a broker deal and as an alternative trading system.

It would be the first federally regulated exchange platform for digital securities but could soon be joined by others. Competing site Circle Internet Financial said last month it was seeking registration with the SEC as a broker and trading exchange.

Meanwhile one of the largest investment associations added cryptocurrencies to their currency. The Chartered Financial Analyst (CFA), which has about 150,000 accredited members, will add information about blockchain and digital tokens to its exam. The test is considered one of the most difficult finance tests and less than half fail in the first round of testing.

"We saw the field [of crypto] advancing more quickly than other fields and we also saw it as more durable… This is not a passing fad," Stephen Horan, managing director for CFA education and curriculum, told Bloomberg.

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United Arab Emirates stocks lower at close of trade; DFM General down 0.22%

Investing.com – United Arab Emirates stocks were lower after the close on Tuesday, as losses in the Services, Consumer Staples and Telecoms sectors led shares lower.

At the close in Dubai, the DFM General fell 0.22%, while the ADX General index lost 0.18%.

The best performers of the session on the DFM General were ARAMEX PJSC (DU:ARMX), which rose 3.02% or 0.130 points to trade at 4.430 at the close. Meanwhile, Drake&Scull International PJSC (DU:DSI) added 2.88% or 0.020 points to end at 0.715 and Union Properties PJSC (DU:UPRO) was up 1.23% or 0.009 points to 0.739 in late trade.

The worst performers of the session were Takaful House (DU:DTKF), which fell 4.28% or 0.036 points to trade at 0.805 at the close. SHUAA Capital PSC (DU:SHUA) declined 3.74% or 0.040 points to end at 1.030 and Amanat Holdings PJSC (DU:AMANT) was down 2.34% or 0.030 points to 1.250.

The top performers on the ADX General were United Arab Bk (AD:UAB) which rose 14.85% to 1.160, Ad Shipbldg Co (AD:ADSB) which was up 4.15% to settle at 2.010 and Eshraq Properties Co PJSC (AD:ESHR) which gained 1.59% to close at 0.6400.

The worst performers were International Holding Company PJSC (AD:IHC) which was down 2.31% to 1.27 in late trade, Arkan Building Materials Co PJSC (AD:ARKN) which lost 1.72% to settle at 0.5700 and Aldar Properti (AD:ALDR) which was down 1.44% to 2.060 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 19 to 8 and 11 ended unchanged; on the Abu Dhabi, 9 fell and 8 advanced, while 10 ended unchanged.

Crude oil for September delivery was up 0.31% or 0.21 to $67.28 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September rose 0.42% or 0.30 to hit $72.14 a barrel, while the August Gold Futures contract rose 0.13% or 1.60 to trade at $1241.30 a troy ounce.

USD/AED was up 0.01% to 3.6732, while EUR/AED rose 0.01% to 4.3022.

The US Dollar Index Futures was up 0.03% at 94.30.

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Stocks- U.S. Futures Pause Ahead of Earnings, Powell Testimony

Investing.com – U.S. futures were mostly flat on Tuesday as investors paused before a flurry of earnings reports and testimony from Federal Reserve Chair Jerome Powell.

The S&P 500 futures fell five points or 0.18% to 2,791.50 as of 6:46 AM ET ( 10:46 GMT) while Dow futures decreased 27 points or 0.11% to 25,014.0. Meanwhile tech heavy Nasdaq 100 futures lost 17 points or 0.24% to 7,307.50.

On the earnings front, Goldman Sachs (NYSE:GS) is expected to release its financial results before the morning bell, along with UnitedHealth Group Incorporated (NYSE:UNH) and Progressive Corporation (NYSE:PGR). United Continental Holdings Inc (NYSE:UAL), CSX (NASDAQ:CSX) and others are expected to report after the closing bell.

Netflix (NASDAQ:NFLX) slumped 11.34% in pre-market trading after its subscriber growth missed estimates while Johnson & Johnson (NYSE:JNJ) was down 0.38% after it lowered its full year revenue guidance. Facebook (NASDAQ:FB) lost 0.98% while Intel (NASDAQ:INTC) decreased 1.46%.

Elsewhere Rio Tinto (LON:RIO) rose 0.68% while Micro Focus International PLC ADR (NYSE:MFGP) jumped 1.83%.

In economic news, industrial production comes out at 9:15 AM ET (13:15 GMT).

Meanwhile Fed Chair Jerome Powell is set to deliver his semi-annual monetary policy testimony on the economy before the Senate Banking Committee at 10:00AM ET. Investors will watch closely for any clues of future rate increases, as well as the central bank’s views on trade.

In Europe stocks were down. Germany’s DAX fell 22 points or 0.18% while in France the CAC 40 decreased 19 points or 0.35% and in London, the FTSE 100 decreased 13 points or 0.18%. Meanwhile the pan-European Euro Stoxx 50 lost 16 points or 0.47% while Spain’s IBEX 35 inched down 57 points or 0.59%.

In commodities, gold futures rose 0.23% to $1,242.60 a troy ounce while crude oil futures decreased 0.15% to $66.97 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.07% to 94.20.

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Philippines stocks higher at close of trade; PSEi Composite up 0.17%

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

At the close in Philippines, the PSEi Composite added 0.17%.

The best performers of the session on the PSEi Composite were Globe Telecom Inc (PS:GLO), which rose 2.83% or 47.00 points to trade at 1709.00 at the close. Meanwhile, Metro Pacific Investments Corp (PS:MPI) added 2.03% or 0.090 points to end at 4.520 and International Container Terminal Services Inc (PS:ICT) was up 1.89% or 1.500 points to 81.000 in late trade.

The worst performers of the session were Ayala Corp (PS:AC), which fell 1.90% or 18.50 points to trade at 953.00 at the close. LT Group Inc (PS:LTG) declined 1.45% or 0.260 points to end at 17.700 and Robinsons Land Corp (PS:RLC) was down 1.31% or 0.260 points to 19.520.

Rising stocks outnumbered declining ones on the Philippines Stock Exchange by 91 to 89 and 54 ended unchanged.

Gold Futures for August delivery was up 0.38% or 4.70 to $1244.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September rose 0.22% or 0.15 to hit $67.22 a barrel, while the September Brent oil contract rose 0.31% or 0.22 to trade at $72.06 a barrel.

CNY/PHP was down 0.11% to 7.9921, while USD/PHP fell 0.21% to 53.375.

The US Dollar Index Futures was down 0.14% at 94.14.

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China stocks lower at close of trade; Shanghai Composite down 0.55%

Investing.com – China stocks were lower after the close on Tuesday, as losses in the Media, Oil Equipment Services&Distribution and Telecoms sectors led shares lower.

At the close in Shanghai, the Shanghai Composite fell 0.55%, while the SZSE Component index fell 0.35%.

The best performers of the session on the Shanghai Composite were Aurora Optoelectronics Co Ltd (SS:600666), which rose 10.08% or 0.390 points to trade at 4.260 at the close. Meanwhile, Nanjing Chemical Fibre Co Ltd (SS:600889) added 10.04% or 0.520 points to end at 5.700 and China Sports Industry Group Co Ltd (SS:600158) was up 10.04% or 1.100 points to 12.060 in late trade.

The worst performers of the session were Henan Oriental Silver Star Investment Co Ltd (SS:600753), which fell 10.00% or 2.60 points to trade at 23.41 at the close. Anji Foodstuff Co Ltd (SS:603696) declined 10.00% or 1.850 points to end at 16.650 and Ningxia Xinri Hengli Steel Wire Rope Co Ltd (SS:600165) was down 9.99% or 0.710 points to 6.400.

The top performers on the SZSE Component were Beijing Easpring Material Tech (SZ:300073) which rose 10.01% to 34.61, Shenzhen Tatfook Tech (SZ:300134) which was up 9.99% to settle at 10.68 and ZTE Corp (SZ:000063) which gained 9.99% to close at 17.06.

The worst performers were BGI Genomics Co Ltd (SZ:300676) which was down 10.00% to 83.07 in late trade, JPMF Guangdong Co Ltd (SZ:002600) which lost 9.96% to settle at 4.34 and Yinji Entertainment Media Co Ltd (SZ:002143) which was down 9.95% to 5.79 at the close.

Rising stocks outnumbered declining ones on the Shanghai Stock Exchange by 676 to 660 and 83 ended unchanged.

Shares in Henan Oriental Silver Star Investment Co Ltd (SS:600753) fell to 52-week lows; losing 10.00% or 2.60 to 23.41. Shares in Anji Foodstuff Co Ltd (SS:603696) fell to 52-week lows; falling 10.00% or 1.850 to 16.650. Shares in Ningxia Xinri Hengli Steel Wire Rope Co Ltd (SS:600165) fell to 52-week lows; falling 9.99% or 0.710 to 6.400. Shares in JPMF Guangdong Co Ltd (SZ:002600) fell to 52-week lows; falling 9.96% or 0.48 to 4.34. Shares in Yinji Entertainment Media Co Ltd (SZ:002143) fell to 3-years lows; falling 9.95% or 0.64 to 5.79.

The CBOE China Etf Volatility, which measures the implied volatility of Shanghai Composite options, was unchanged 0.00% to 22.26.

Gold Futures for August delivery was up 0.27% or 3.30 to $1243.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.01% or 0.01 to hit $67.06 a barrel, while the September Brent oil contract rose 0.08% or 0.06 to trade at $71.90 a barrel.

USD/CNY was down 0.12% to 6.6824, while EUR/CNY rose 0.02% to 7.8377.

The US Dollar Index Futures was down 0.12% at 94.16.

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Taiwan stocks lower at close of trade; Taiwan Weighted down 0.36%

Investing.com – Taiwan stocks were lower after the close on Tuesday, as losses in the , Electronic Parts/Components and Machinery sectors led shares lower.

At the close in Taiwan, the Taiwan Weighted fell 0.36%.

The best performers of the session on the Taiwan Weighted were Min Aik Precision Industrial Co Ltd (TW:4545), which rose 9.98% or 3.30 points to trade at 36.35 at the close. Meanwhile, Chia Ta World Co Ltd (TW:2033) added 9.72% or 1.05 points to end at 11.85 and Crowell Development Corp (TW:2528) was up 8.14% or 1.20 points to 15.95 in late trade.

The worst performers of the session were Green Seal Holding Ltd (TW:1262), which fell 9.86% or 3.10 points to trade at 28.35 at the close. Hiwin Technologies Corp (TW:2049) declined 9.30% or 32.00 points to end at 312.00 and Advanced Power Electronics Corp (TW:8261) was down 9.19% or 5.10 points to 50.40.

Falling stocks outnumbered advancing ones on the Taiwan Stock Exchange by 442 to 339 and 135 ended unchanged.

Crude oil for September delivery was down 0.34% or 0.23 to $66.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in September fell 0.39% or 0.28 to hit $71.56 a barrel, while the August Gold Futures contract rose 0.23% or 2.80 to trade at $1242.50 a troy ounce.

USD/TWD was down 0.13% to 30.503, while TWD/CNY rose 0.05% to 0.2191.

The US Dollar Index Futures was down 0.12% at 94.16.

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Australia stocks lower at close of trade; S&P/ASX 200 down 0.64%

Investing.com – Australia stocks were lower after the close on Tuesday, as losses in the Energy, Resources and Utilities sectors led shares lower.

At the close in Sydney, the S&P/ASX 200 fell 0.64%.

The best performers of the session on the S&P/ASX 200 were Technology One Ltd (AX:TNE), which rose 8.56% or 0.375 points to trade at 4.755 at the close. Meanwhile, Metcash Ltd (AX:MTS) added 4.03% or 0.100 points to end at 2.580 and Seven West Media Ltd (AX:SWM) was up 2.65% or 0.023 points to 0.873 in late trade.

The worst performers of the session were Sigma Pharmaceuticals Ltd (AX:SIG), which fell 3.54% or 0.018 points to trade at 0.477 at the close. Worleyparsons Ltd (AX:WOR) declined 3.40% or 0.610 points to end at 17.330 and Wisetech Global Ltd (AX:WTC) was down 3.29% or 0.580 points to 17.070.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 675 to 511 and 345 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 5.83% to 12.991.

Gold Futures for August delivery was up 0.10% or 1.30 to $1241.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 0.24% or 0.16 to hit $66.91 a barrel, while the September Brent oil contract fell 0.21% or 0.15 to trade at $71.69 a barrel.

AUD/USD was up 0.11% to 0.7427, while AUD/JPY rose 0.20% to 83.48.

The US Dollar Index Futures was down 0.02% at 94.25.

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Gold Prices Little Changed as Dollar Steadies Ahead of Powell’s Testimony

Investing.com – Gold prices were little changed on Tuesday as the dollar steadied ahead of the U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained 0.08% to $1,241.00 a troy ounce by 01:20AM ET (05:20 GMT).     

The U.S. Dollar Indexthat tracks the dollar against a basket of six major currencies was unchanged at 94.48 on Tuesday as traders awaited further clues on monetary policy when Powell testify on the economy and monetary policy before the U.S. Senate Banking Committee later in the day.

The dollar plays a crucial role in determining gold’s direction, as a stronger dollar makes gold more expensive for holders of foreign currency.   

Ahead of Powell’s appearance, the Fed gave a positive assessment of the U.S. economy, insisting that strong labor markets and inflation would support the central bank’s plan to continue with gradual rate hikes.

Analysts and many of Powell’s colleagues expect two more interest rate increases this year amid a continued economic expansion. The U.S. Commerce Department revealed on Monday that the country’s retail sales increased by 0.5% for the fifth month in a row, further supporting expectations of a Fed interest rate increase.

Higher rates are negative for gold as the precious metal struggles to compete with yield-bearing assets when rates rise.

The precious metal was under pressure in recent weeks by investors’ favour of the dollar over gold surrounding the impact of a U.S.-China trade war.   

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Crypto Prices Surge as BlackRock Shows Interest in Virtual Coin Market

Investing.com – Bitcoin and other major cryptocurrencies prices surged on Tuesday after reports revealed that investment giant BlackRock Inc (NYSE:BLK). is looking into cryptocurrency investments.

Bitcoin  was trading at $6,718.5 by 12:55AM ET (04:55 GMT) on the Bitfinex exchange, up 5.4% in the last 24 hours.  

Ethereum, the world’s second largest cryptocurrency by market cap, gained 6.2% to $477.4 on the Bitifinex exchange.  

Ripple’s XRP token was also up 7.4% to $0.47916 on the Poloniex exchange.  

Meanwhile, Litecoin jumped 6.7% and traded at $84.2. 

However, BlackRock CEO Larry Fink denied such plans by the company. “I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says, “I need to be in this,”” Fink told Bloomberg TV in an interview, adding that at this stage the company is merely keeping an eye on the market to see how it behaves.

BlackRock discussed cryptocurrency and blockchain technology in a company report published in February. “We see cryptocurrencies potentially becoming more widely used in the future as the market matures,” BlackRock said in the report. “Yet for now we believe they should only be considered by those who can stomach potentially complete losses. Similarly, blockchain needs to overcome significant hurdles to reach its promising future.”

“BlackRock entering the crypto market is great news for the industry and one which was to be expected. It was always a question of when not if, “Iqbal Gandham, UK managing director of trading platform eToro, told The Independent.

In other news, several banks and regulators in Hong Kong said on Tuesday they would jointly launch a trade finance platform in September using blockchain technology.

The platform would be one of the largest government-led, cross-bank effort to reform the trade finance sector using technology that underpins virtual coins such as Bitcoin.

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Oil Prices Edge Up After Slumping More Than 4% Following Mnuchin’s Comments

Investing.com – Oil prices rebounded on Tuesday after plunging more than 4% in the previous session as U.S. Treasury Secretary Steven Mnuchin said the U.S. is considering waivers on Iran sanctions for some crude importers.

Crude Oil WTI Futures for September delivery were trading at $67.16 a barrel at 12:05AM ET (04:05 GMT), up 0.15%. Brent Oil Futures for September delivery, traded in London, were also up 0.5% at $72.18 per barrel. 

Mnuchin told reporters that the U.S. wants to avoid disrupting global oil markets and is considering waivers for countries that need more time to wind down imports of oil from Iran while reimposing sanctions against Tehran.

President Donald Trump withdrew the U.S. from the 2015 Iran nuclear deal and restored sanctions on Tehran in May.

"We want people to reduce oil purchases to zero, but in certain cases if people can't do that overnight, we'll consider exceptions," Mnuchin said. His comments contradicted some U.S. officials' comments earlier that said there would be no exemptions.

Officials from the U.S. State Department and U.S. Treasury are expected for talks in Delhi this week to discuss Iran sanctions, according to Indian officials.

Meanwhile, recent reports that Saudi Arabia offers more crude cargoes to Asian customers were also cited as headwind for oil prices. Meanwhile, U.S. President Donald Trump was reportedly considering tapping the nation’s emergency oil supply to tame rising fuel prices.

U.S. West Texas Intermediate crude oil prices ended Monday's session down $2.95, or 4.2%, at $68.06.

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Mexico stocks higher at close of trade; S&P/BMV IPC up 0.10%

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

At the close in Mexico, the S&P/BMV IPC rose 0.10%.

The best performers of the session on the S&P/BMV IPC were Grupo Televisa SAB Unit (MX:TLVACPO), which rose 2.96% or 2.28 points to trade at 79.30 at the close. Meanwhile, Grupo Aeroportuario Del Sureste (MX:ASURB) added 2.01% or 6.31 points to end at 319.85 and Grupo Aeroportuario Del CentroNorte (MX:OMAB) was up 1.90% or 2.040 points to 109.150 in late trade.

The worst performers of the session were Grupo Elektra , S.A.B. De C.V. (MX:ELEKTRA), which fell 3.61% or 21.92 points to trade at 585.49 at the close. VOLARIS A (MX:VOLARA) declined 2.94% or 0.36 points to end at 11.89 and Cemex SAB de CV (MX:CMXCPO) was down 1.63% or 0.210 points to 12.650.

Falling stocks outnumbered advancing ones on the Mexico Stock Exchange by 161 to 123 and 2 ended unchanged.

Gold Futures for August delivery was down 0.01% or 0.10 to $1241.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in September fell 4.17% or 2.92 to hit $67.03 a barrel, while the September Brent oil contract fell 4.58% or 3.45 to trade at $71.88 a barrel.

USD/MXN was down 0.35% to 18.8110, while EUR/MXN fell 0.16% to 22.0385.

The US Dollar Index Futures was down 0.20% at 94.25.

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