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Market Updates

Crude Oil Prices Settle Higher as OPEC Reportedly Mulls Modest Output Hike

Investing.com – WTI crude oil prices settled higher Monday as traders cheered a report suggesting the Organization of the Petroleum Exporting Countries was considering an output hike well below levels many had initially feared.

On the New York Mercantile Exchange crude futures for July delivery rose 1.2% to settle at $65.85 a barrel, while on London's Intercontinental Exchange, Brent rose 2.2% to trade at $75.08 a barrel.

Members of the Organization of Petroleum Exporting Countries (OPEC) are discussing an agreement that would raise oil output by 300,000 to 600,000 barrels a day (bpd) over the next few months, Bloomberg reported, citing people briefed on the talks.

That is well below the 1.5 million bpd uptick in production touted a few weeks ago, reducing investor fears of a significant slowdown in rebalancing in oil markets, which could potentially hurt oil prices.

The discussions come as OPEC attempts to placate opposing demands from its members and Russia. Russia favours a large output hike, while other OPEC members including Iraq and Iran believe production should be maintained as oil prices still need to be supported.

OPEC and its allies' 1.8 million (bpd) production-cut agreement agreed in November 2016 has played a key role in ridding the market of excess crude supplies. The OPEC-led deal is expected to come under review at the oil-cartel's meeting later this week.

Some analysts said they expect the focus of the OPEC meeting will be on replacing the drop in Venezuelan crude output as the country's energy sector has come under heavy pressure amid U.S. sanctions.

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Nigeria stocks lower at close of trade; NSE 30 unchanged

Investing.com – Nigeria stocks were lower after the close on Monday, as in the sectors led shares .

At the close in Lagos, the NSE 30 unchanged 0.00%.

The best performers of the session on the NSE 30 were Zenithbank (LAGOS:ZENITHB), which unchanged 0.00% or 0.00 points to trade at 26.35 at the close. Meanwhile, Dangote Flour Mills PLC (LAGOS:DANGFLOUR) unchanged 0.00% or 0.00 points to end at 10.25 and Dangsugar (LAGOS:DANGSUG) was unchanged 0.00% or 0.00 points to 19.45 in late trade.

The worst performers of the session were Zenithbank (LAGOS:ZENITHB), which unchanged 0.00% or 0.00 points to trade at 26.35 at the close. Dangote Flour Mills PLC (LAGOS:DANGFLOUR) unchanged 0.00% or 0.00 points to end at 10.25 and Dangsugar (LAGOS:DANGSUG) was 0.00% or 0.00 points to 19.45.

Falling stocks outnumbered advancing ones on the Lagos by 0 to 0.

Crude oil for August delivery was up 1.00% or 0.65 to $65.50 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 2.25% or 1.65 to hit $75.09 a barrel, while the August Gold Futures contract rose 0.15% or 1.90 to trade at $1280.40 a troy ounce.

EUR/NGN was up 0.21% to 418.270, while USD/NGN rose 0.14% to 361.000.

The US Dollar Index Futures was up 0.08% at 94.52.

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Dollar Sluggish as Traders Pile Into Safe Havens on Trade-War Fears

Investing.com – The U.S. dollar was roughly unchanged against its rivals Monday as trade-war angst fuelled demand for safe-haven currencies, keeping a lid on upside momentum in the greenback.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose by 0.06% to 94.50.

Fears of a full-blown trade war between the United States and China, prompted traders to pile into safe-haven currencies like the yen and Swiss franc on expectations the next salvo of trade threats between the U.S. and China may be imminent.

USD/JPY fell 0.20% to 110.44, while USD/CHF fell 0.29% to 0.9948.

Analysts at Stifel have suggested that while the impact of a potential trade war on both China and U.S. GDP will be minimal, it comes at a time when the U.S. economy continues to struggle to maintain a near 2% growth rate.

"While a seemingly minimal impact, as the domestic economy continues to struggle to maintain a near 2% growth rate, a loss of even a few tenths is an unwelcome impact. Additionally, the fear from here is a continued back and forth, escalating trade penalties on both sides with a further negative impact on growth," Stifel analysts said.

Downside in the dollar was limited somewhat by a weaker euro as traders fret EU political uncertainty amid a dispute in Germany's governing coalition, while the prospect of a prolonged period of low interest rates in the euro-area continued to weigh on the single currency.

EUR/USD fell 0.06% to $1.1604.

GBP/USD fell 0.29% to $1.3241 as traders looked ahead to the result of the UK government vote on changes to the Brexit Withdrawal Bill, and the upcoming Bank of England decision due later this week.

USD/CAD rose 0.41% to C$1.3232 shrugging off rising oil prices – which tend to support the loonie – amid reports OPEC is considering a modest oil output hike.

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Portugal stocks higher at close of trade; PSI 20 up 0.01%

Investing.com – Portugal stocks were higher after the close on Monday, as gains in the Consumer Goods, Technology and Telecoms sectors led shares higher.

At the close in Lisbon, the PSI 20 rose 0.01%.

The best performers of the session on the PSI 20 were Corticeira Amorim (LS:CORA), which rose 2.16% or 0.240 points to trade at 11.340 at the close. Meanwhile, Ibersol SGPS (LS:IBS) added 1.79% or 0.200 points to end at 11.400 and Galp Energia Nom (LS:GALP) was up 1.65% or 0.2600 points to 16.0450 in late trade.

The worst performers of the session were F.Rama (LS:RAMA), which fell 3.53% or 0.300 points to trade at 8.200 at the close. Mota Engil (LS:MOTA) declined 2.74% or 0.0850 points to end at 3.0200 and Sonae Capital (LS:SONAC) was down 1.73% or 0.0160 points to 0.9100.

Rising stocks outnumbered declining ones on the Lisbon Stock Exchange by 18 to 16 and 6 ended unchanged.

Brent oil for August delivery was up 1.67% or 1.23 to $74.67 a barrel. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.20% or 0.13 to hit $64.98 a barrel, while the August Gold Futures contract rose 0.19% or 2.40 to trade at $1280.90 a troy ounce.

EUR/USD was down 0.02% to 1.1608, while EUR/GBP rose 0.31% to 0.8767.

The US Dollar Index Futures was up 0.06% at 94.50.

Read More

Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.94%

Investing.com – Denmark stocks were lower after the close on Monday, as losses in the Industrials, Technology and Software&Computer Services sectors led shares lower.

At the close in Copenhagen, the OMX Copenhagen 20 declined 0.94%.

The best performers of the session on the OMX Copenhagen 20 were Pandora A/S (CO:PNDORA), which rose 0.43% or 2.1 points to trade at 485.1 at the close. Meanwhile, Novo Nordisk A/S B (CO:NOVOb) added 0.23% or 0.7 points to end at 287.5 and GN Store Nord (CO:GN) was down 0.14% or 0.4 points to 283.9 in late trade.

The worst performers of the session were DSV (CO:DSV), which fell 3.70% or 20.6 points to trade at 536.2 at the close. AP Moeller - Maersk A/S A (CO:MAERSKa) declined 3.48% or 320 points to end at 8880 and AP Moeller - Maersk A/S B (CO:MAERSKb) was down 2.99% or 292 points to 9460.

Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 88 to 38 and 14 ended unchanged.

Crude oil for August delivery was up 0.15% or 0.10 to $64.95 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.40% or 1.03 to hit $74.47 a barrel, while the August Gold Futures contract rose 0.16% or 2.10 to trade at $1280.60 a troy ounce.

USD/DKK was up 0.07% to 6.4219, while EUR/DKK rose 0.02% to 7.4519.

The US Dollar Index Futures was up 0.06% at 94.50.

Read More

Spain stocks lower at close of trade; IBEX 35 down 0.83%

Investing.com – Spain stocks were lower after the close on Monday, as losses in the Chemical, Petroleum&Plastic, Consumer Goods and Financial Services&Real Estate sectors led shares lower.

At the close in Madrid, the IBEX 35 declined 0.83%.

The best performers of the session on the IBEX 35 were Tecnicas Reunidas (MC:TRE), which rose 1.25% or 0.320 points to trade at 25.870 at the close. Meanwhile, Acerinox (MC:ACX) added 1.23% or 0.140 points to end at 11.540 and Bankinter (MC:BKT) was up 0.73% or 0.062 points to 8.518 in late trade.

The worst performers of the session were Distribuidora Intl de Aliment (MC:DIDA), which fell 3.23% or 0.090 points to trade at 2.695 at the close. Iberdrola (MC:IBE) declined 2.15% or 0.144 points to end at 6.568 and Cellnex Telecom SA (MC:CLNX) was down 1.83% or 0.40 points to 21.44.

Falling stocks outnumbered advancing ones on the Madrid Stock Exchange by 106 to 69 and 28 ended unchanged.

Gold Futures for August delivery was up 0.16% or 2.00 to $1280.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.19% or 0.12 to hit $64.97 a barrel, while the August Brent oil contract rose 1.40% or 1.03 to trade at $74.47 a barrel.

EUR/USD was down 0.05% to 1.1604, while EUR/GBP rose 0.29% to 0.8765.

The US Dollar Index Futures was up 0.06% at 94.50.

Read More

Italy stocks lower at close of trade; Investing.com Italy 40 down 0.16%

Investing.com – Italy stocks were lower after the close on Monday, as losses in the Utilities, Technology and Healthcare sectors led shares lower.

At the close in Milan, the Investing.com Italy 40 declined 0.16%.

The best performers of the session on the Investing.com Italy 40 were Azimut Holding (MI:AZMT), which rose 2.15% or 0.29 points to trade at 13.79 at the close. Meanwhile, UnipolSai Assicurazioni SpA (MI:US) added 1.09% or 0.021 points to end at 1.893 and Fiat Chrysler Automobiles NV (MI:FCHA) was up 0.57% or 0.102 points to 17.996 in late trade.

The worst performers of the session were Snam (MI:SRG), which fell 4.27% or 0.154 points to trade at 3.450 at the close. Poste Italiane SpA (MI:PST) declined 4.04% or 0.308 points to end at 7.322 and Terna (MI:TRN) was down 3.12% or 0.143 points to 4.440.

Falling stocks outnumbered advancing ones on the Milan Stock Exchange by 217 to 140 and 30 ended unchanged.

Shares in Snam (MI:SRG) fell to 52-week lows; down 4.27% or 0.154 to 3.450.

Crude oil for August delivery was up 0.19% or 0.12 to $64.97 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.40% or 1.03 to hit $74.47 a barrel, while the August Gold Futures contract rose 0.16% or 2.10 to trade at $1280.60 a troy ounce.

EUR/USD was down 0.04% to 1.1605, while EUR/GBP rose 0.29% to 0.8765.

The US Dollar Index Futures was up 0.06% at 94.50.

Read More

Belgium stocks lower at close of trade; BEL 20 down 1.20%

Investing.com – Belgium stocks were lower after the close on Monday, as losses in the Utilities, Consumer Goods and Telecoms sectors led shares lower.

At the close in Brussels, the BEL 20 lost 1.20%.

The best performers of the session on the BEL 20 were bpost NV (BR:BPOST), which rose 2.59% or 0.38 points to trade at 15.05 at the close. Meanwhile, Ageas (BR:AGES) added 0.67% or 0.290 points to end at 43.710 and Etablissementen Fr Colruyt NV (BR:COLR) was up 0.53% or 0.24 points to 45.63 in late trade.

The worst performers of the session were Engie SA (PA:ENGIE), which fell 4.81% or 0.67 points to trade at 13.25 at the close. Ontex Group (BR:ONTEX) declined 3.79% or 0.82 points to end at 20.82 and Anheuser Busch Inbev SA NV (BR:ABI) was down 1.90% or 1.61 points to 82.98.

Falling stocks outnumbered advancing ones on the Brussels Stock Exchange by 73 to 38 and 22 ended unchanged.

Gold Futures for August delivery was up 0.20% or 2.50 to $1281.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.23% or 0.15 to hit $65.00 a barrel, while the August Brent oil contract rose 1.36% or 1.00 to trade at $74.44 a barrel.

EUR/USD was down 0.02% to 1.1608, while EUR/GBP rose 0.26% to 0.8763.

The US Dollar Index Futures was up 0.03% at 94.48.

Read More

Poland stocks lower at close of trade; WIG30 down 2.26%

Investing.com – Poland stocks were lower after the close on Monday, as losses in the Construction, Basic Materials and Energy sectors led shares lower.

At the close in Warsaw, the WIG30 lost 2.26% to hit a new 52-week low.

The best performers of the session on the WIG30 were Asseco Poland SA (WA:ACPP), which rose 2.44% or 0.96 points to trade at 40.34 at the close. Meanwhile, CD Projekt SA (WA:CDR) added 2.38% or 4.00 points to end at 172.00 and mBank SA (WA:MBK) was up 0.19% or 0.80 points to 414.00 in late trade.

The worst performers of the session were Jastrzebska Spotka Weglowa SA (WA:JSW), which fell 5.43% or 4.70 points to trade at 81.90 at the close. Bank Zachodni WBK SA (WA:BZW) declined 4.55% or 16.20 points to end at 339.80 and Kruk SA (WA:KRU) was down 4.39% or 9.80 points to 213.20.

Falling stocks outnumbered advancing ones on the Warsaw Stock Exchange by 284 to 154 and 171 ended unchanged.

Shares in CD Projekt SA (WA:CDR) rose to all time highs; gaining 2.38% or 4.00 to 172.00. Shares in Bank Zachodni WBK SA (WA:BZW) fell to 52-week lows; falling 4.55% or 16.20 to 339.80.

Crude oil for August delivery was up 0.19% or 0.12 to $64.97 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.40% or 1.03 to hit $74.47 a barrel, while the August Gold Futures contract rose 0.19% or 2.40 to trade at $1280.90 a troy ounce.

EUR/PLN was up 0.24% to 4.2971, while USD/PLN rose 0.29% to 3.7032.

The US Dollar Index Futures was up 0.06% at 94.50.

Read More

Germany stocks lower at close of trade; DAX down 1.36%

Investing.com – Germany stocks were lower after the close on Monday, as losses in the Consumer&Cyclical, Utilities and Telecoms sectors led shares lower.

At the close in Frankfurt, the DAX declined 1.36%, while the MDAX index declined 0.76%, and the TecDAX index declined 0.50%.

The best performers of the session on the DAX were Deutsche Bank AG NA O.N. (DE:DBKGn), which fell 0.12% or 0.011 points to trade at 9.481 at the close. Meanwhile, Commerzbank AG O.N. (DE:CBKG) fell 0.26% or 0.023 points to end at 8.885 and Continental AG O.N. (DE:CONG) was down 0.40% or 0.90 points to 224.30 in late trade.

The worst performers of the session were Volkswagen AG VZO O.N. (DE:VOWG_p), which fell 3.08% or 4.96 points to trade at 156.06 at the close. Adidas AG (DE:ADSGN) declined 2.78% or 5.55 points to end at 194.30 and Henkel&Co KGaA AG Pref (DE:HNKG_p) was down 2.22% or 2.45 points to 108.15.

The top performers on the MDAX were Krones AG O.N. (DE:KRNG) which rose 1.55% to 111.100, Aurubis AG (DE:NAFG) which was up 0.61% to settle at 68.820 and STADA Arzneimittel VNA O.N. (DE:STAGn) which gained 0.57% to close at 80.960.

The worst performers were Fuchs Petrolub AG VZO Pref (DE:FPEG_p) which was down 2.89% to 44.320 in late trade, Wacker Chemie O.N. (DE:WCHG) which lost 2.54% to settle at 113.20 and Osram Licht AG (DE:OSRn) which was down 2.31% to 49.90 at the close.

The top performers on the TecDAX were Evotec AG O.N. (DE:EVTG) which rose 3.16% to 15.015, Morphosys AG O.N. (DE:MORG) which was up 2.02% to settle at 98.250 and Cancom SE O.N. (DE:COKG) which gained 1.93% to close at 95.200.

The worst performers were Aixtron SE (DE:AIXGn) which was down 2.63% to 12.790 in late trade, Drillisch AG (DE:DRIG) which lost 2.36% to settle at 62.100 and SMA Solar Technology AG (DE:S92G) which was down 2.04% to 41.240 at the close.

Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 525 to 220 and 45 ended unchanged.

Shares in Morphosys AG O.N. (DE:MORG) rose to all time highs; gaining 2.02% or 1.950 to 98.250.

The DAX volatility index, which measures the implied volatility of DAX options, was up 16.06% to 15.40.

Gold Futures for August delivery was up 0.18% or 2.30 to $1280.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.19% or 0.12 to hit $64.97 a barrel, while the August Brent oil contract rose 1.39% or 1.02 to trade at $74.46 a barrel.

EUR/USD was down 0.06% to 1.1603, while EUR/GBP rose 0.26% to 0.8763.

The US Dollar Index Futures was up 0.08% at 94.52.

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Turkey stocks lower at close of trade; BIST 100 down 1.58%

Investing.com – Turkey stocks were lower after the close on Monday, as losses in the Leasing&Factoring, Wholesale&Retail Trade and Technology sectors led shares lower.

At the close in Istanbul, the BIST 100 lost 1.58% to hit a new 52-week low.

The best performers of the session on the BIST 100 were ODAS Elektrik Uretim Sanayi Ticaret AS (IS:ODAS), which rose 10.57% or 0.410 points to trade at 4.290 at the close. Meanwhile, SASA Polyester Sanayi AS (IS:SASA) added 8.71% or 0.740 points to end at 9.240 and Teknosa Ic ve Dis Ticaret AS (IS:TKNSA) was up 8.52% or 0.300 points to 3.820 in late trade.

The worst performers of the session were Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim AS (IS:IPEKE), which fell 12.05% or 0.930 points to trade at 6.790 at the close. Koza Altin Isletmeleri AS (IS:KOZAL) declined 9.54% or 3.90 points to end at 37.00 and Koza Anadolu Metal Madencilik Isletmeleri AS (IS:KOZAA) was down 6.07% or 0.430 points to 6.650.

Falling stocks outnumbered advancing ones on the Istanbul Stock Exchange by 249 to 115 and 45 ended unchanged.

Gold Futures for August delivery was up 0.19% or 2.40 to $1280.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.28% or 0.18 to hit $65.03 a barrel, while the August Brent oil contract rose 1.38% or 1.01 to trade at $74.45 a barrel.

USD/TRY was down 0.07% to 4.7280, while EUR/TRY fell 0.09% to 5.4896.

The US Dollar Index Futures was up 0.06% at 94.50.

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Norway stocks lower at close of trade; Oslo OBX down 0.79%

Investing.com – Norway stocks were lower after the close on Monday, as losses in the Commercial Service And Supplies, Food, Beverages&Tobacco and Telecoms sectors led shares lower.

At the close in Oslo, the Oslo OBX fell 0.79%.

The best performers of the session on the Oslo OBX were Norwegian Air Shuttle ASA (OL:NWC), which rose 10.13% or 25.20 points to trade at 274.00 at the close. Meanwhile, REC Silicon ASA (OL:REC) added 2.30% or 0.02 points to end at 1.02 and Aker Solutions OL (OL:AKSOL) was up 1.16% or 0.62 points to 53.84 in late trade.

The worst performers of the session were Petroleum Geo - Services ASA (OL:PGS), which fell 2.69% or 0.99 points to trade at 35.87 at the close. Grieg Seafood (OL:GSFO) declined 2.47% or 2.20 points to end at 86.90 and Golden Ocean Group Ltd (OL:GOGLT) was down 2.33% or 1.75 points to 73.50.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 113 to 60 and 25 ended unchanged.

Crude oil for August delivery was up 0.26% or 0.17 to $65.02 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.35% or 0.99 to hit $74.43 a barrel, while the August Gold Futures contract rose 0.19% or 2.40 to trade at $1280.90 a troy ounce.

EUR/NOK was down 0.05% to 9.4501, while USD/NOK fell 0.01% to 8.1433.

The US Dollar Index Futures was up 0.06% at 94.50.

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Greece stocks higher at close of trade; Athens General Composite up 0.98%

Investing.com – Greece stocks were higher after the close on Monday, as gains in the Banking, Telecoms and Household sectors led shares higher.

At the close in Athens, the Athens General Composite added 0.98%.

The best performers of the session on the Athens General Composite were Ellaktor SA (AT:HELr), which rose 5.77% or 0.108 points to trade at 1.980 at the close. Meanwhile, Nireus Aqua (AT:NIRr) added 5.28% or 0.013 points to end at 0.259 and Alpha Bank SA (AT:ACBr) was up 4.42% or 0.081 points to 1.914 in late trade.

The worst performers of the session were Athens Medical (AT:AMCr), which fell 6.04% or 0.090 points to trade at 1.400 at the close. ThesKi Port (AT:OLTr) declined 4.91% or 1.30 points to end at 25.20 and J.&P. Avax (AT:AVAr) was down 4.10% or 0.025 points to 0.585.

Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 58 to 50 and 19 ended unchanged.

Gold Futures for August delivery was up 0.23% or 2.90 to $1281.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August rose 0.32% or 0.21 to hit $65.06 a barrel, while the August Brent oil contract rose 1.54% or 1.13 to trade at $74.57 a barrel.

EUR/USD was unchanged 0.00% to 1.1610, while EUR/GBP rose 0.33% to 0.8769.

The US Dollar Index Futures was up 0.02% at 94.47.

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Israel stocks lower at close of trade; TA 35 down 0.49%

Investing.com – Israel stocks were lower after the close on Monday, as losses in the Communication, Technology and Insurance sectors led shares lower.

At the close in Tel Aviv, the TA 35 fell 0.49%.

The best performers of the session on the TA 35 were Teva Pharmaceutical Industries Ltd (TA:TEVA), which rose 1.95% or 166 points to trade at 8680 at the close. Meanwhile, First International Bank of Israel Ltd (TA:FTIN) added 1.50% or 112 points to end at 7594 and Ormat Technologies (TA:ORA) was up 1.19% or 220 points to 18780 in late trade.

The worst performers of the session were Cellcom Israel Ltd (TA:CEL), which fell 3.83% or 86 points to trade at 2159 at the close. Tower Semiconductor Ltd (TA:TSEM) declined 3.56% or 306 points to end at 8280 and Partner (TA:PTNR) was down 3.11% or 41 points to 1278.

Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 263 to 109 and 42 ended unchanged.

Shares in Cellcom Israel Ltd (TA:CEL) fell to 52-week lows; falling 3.83% or 86 to 2159. Shares in Partner (TA:PTNR) fell to 52-week lows; falling 3.11% or 41 to 1278.

Crude oil for August delivery was up 0.45% or 0.29 to $65.14 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.74% or 1.28 to hit $74.72 a barrel, while the August Gold Futures contract rose 0.21% or 2.70 to trade at $1281.20 a troy ounce.

USD/ILS was up 0.39% to 3.6389, while EUR/ILS rose 0.41% to 4.2252.

The US Dollar Index Futures was up 0.02% at 94.47.

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Stocks- Dow Slumps 200 Points On Trade War Concerns

Investing.com – Wall Street was lower on Monday as investors remained concerned about a global trade war.

The S&P 500 was down 20 points or 0.74% to 2,758.94 as of 9:38 AM ET (13:38 GMT) while the Dow composite decreased 235 points or 0.94% to 24,855.30 and tech heavy NASDAQ Composite fell over 61 points or 0.79% to 7,685.17.

On Friday U.S. President Donald Trump announced a 25% tariff on 818 different Chinese goods worth $34 billion beginning on July 6. China promptly retaliated with a 25% tariff on U.S. goods, including soybeans and automobiles, also worth $34 billion.

The two largest economies in the world have been in a tit-for-tat over global trade tariffs in recent months as the two struggle to reconcile their trade differences. The tariffs have increased chances of a full-blown global trade war as the European Union and Canada have voted to retaliate against U.S. metal tariffs.

Jd.Com Inc Adr (NASDAQ:JD) was among the top gainers after the morning bell, rising 0.96% after Google (NASDAQ:GOOGL) announced it was investing $550 million in the firm and Tesla (NASDAQ:TSLA) gained 0.75%.

Elsewhere technology and financial stocks were broadly down, with Apple (NASDAQ:AAPL) falling 0.69%, Netflix (NASDAQ:NFLX) down 0.89% and Amazon.com (NASDAQ:AMZN) decreasing 0.53% while Twitter Inc (NYSE:TWTR) slumped 1.35% and Bank of America (NYSE:BAC) lost 1.38%.

In Europe stocks were down. Germany’s DAX fell 199 points or 1.53% while in France the CAC 40 decreased 73 points or 1.34% and in London, the FTSE 100 was down 23 points or 0.31%. Meanwhile the pan-European Euro Stoxx 50 lost 50 points or 1.45% while Spain’s IBEX 35 slumped 112 points or 1.15%.

In commodities, gold futures rose 0.34% to $1,282.80 troy ounce while crude oil futures increased 0.20% to $64.98 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.06% to 94.50.

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Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.32%

Investing.com – Saudi Arabia stocks were higher after the close on Monday, as gains in the Media&Publishing, Real Estate Development and Transport sectors led shares higher.

At the close in Saudi Arabia, the Tadawul All Share gained 0.32%.

The best performers of the session on the Tadawul All Share were Nama Chemicals Co. (SE:2210), which rose 7.82% or 2.05 points to trade at 28.25 at the close. Meanwhile, SABB Takaful (SE:8080) added 5.47% or 1.10 points to end at 21.20 and Saudi Research and Marketing Group (SE:4210) was up 5.29% or 4.40 points to 87.50 in late trade.

The worst performers of the session were United Cooperative Assurance Co (SE:8190), which fell 21.73% or 3.36 points to trade at 12.10 at the close. Al-Rajhi Cooperative Insurance (SE:8230) declined 3.81% or 2.20 points to end at 55.50 and Saudi Arabian Cooperative Insurance (SE:8100) was down 1.76% or 0.26 points to 14.50.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 0 to 0.

Crude oil for August delivery was up 0.35% or 0.23 to $65.08 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.18% or 0.87 to hit $74.31 a barrel, while the August Gold Futures contract rose 0.34% or 4.30 to trade at $1282.80 a troy ounce.

EUR/SAR was down 0.11% to 4.3488, while USD/SAR fell 0.02% to 3.7498.

The US Dollar Index Futures was up 0.09% at 94.53.

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Alphabet, Intel, Tesla, GE Head Lower in Pre-Market, JD.com Jumps

Investing.com - Stocks in focus in pre-market trade Monday:

• JD.com (JD) stock jumped 5.9% by 8:40 AM ET (12:40 GMT) as Google said it would invest $550 million in the second largest Chinese e-commerce firm. In exchange, the American tech giant will receive 27 million newly issued JD.com Class A ordinary shares. Google-parent Alphabet (GOOGL) stock was off 0.7%.

• Intel (INTC) stock fell 2.0% as Northland Capital Markets downgraded its recommendation to underperform from market perform with a stock price target of $45.

• Tesla (TSLA) stock lost 0.6% amid news that it was investigating a report of one its Model S catching fire over the weekend in Los Angeles. Tesla was also in the headlines over the weekend as Chief Executive Elon Musk called for "radical improvements" as the company works to hit a production rate of 5,000 cars per week by the end of the month.

• General Electric (GE) stock dropped 0.5% as a spokesman for the French government suggested on Sunday that the blue-chip firm should be fined if it does not create as many jobs as it promised when it acquired Alstom (ALSO) in 2015. GE had committed to creating 1,000 jobs at the subsidiary but had only reached 323 by the end of April and said last week that the goal was out of reach.

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United Arab Emirates stocks lower at close of trade; DFM General down 1.83%

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

At the close in Dubai, the DFM General lost 1.83%, while the ADX General index fell 2.68%.

The best performers of the session on the DFM General were Emirate Integrated Telecom Co PJSC (DU:DU), which rose 0.41% or 0.020 points to trade at 4.930 at the close. Meanwhile, Dubai Islamic Insurance Co. (DU:AMAN) added 0.14% or 0.001 points to end at 0.694 and ARAMEX PJSC (DU:ARMX) was unchanged 0.00% or 0.000 points to 3.900 in late trade.

The worst performers of the session were Air Arabia PJSC (DU:AIRA), which fell 7.08% or 0.080 points to trade at 1.050 at the close. Takaful Emarat PSC (DU:TKFE) declined 6.47% or 0.130 points to end at 1.880 and National Central Cooling Co. (DU:TABR) was down 4.49% or 0.080 points to 1.700.

The top performers on the ADX General were National Bank of Fujairah PJSC (AD:NBF) which rose 13.38% to 3.39, Gulf Medical Projects Co PSC (AD:GMPC) which was up 9.88% to settle at 1.78 and Natl Bk Of Rak (AD:RAKB) which gained 0.69% to close at 4.38.

The worst performers were Sharjah Group Co (AD:SG) which was down 10.00% to 1.26 in late trade, Union Insurance Co PSC (AD:UNIN) which lost 9.71% to settle at 1.58 and Methaq (AD:METH) which was down 7.14% to 0.780 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 27 to 4 and 4 ended unchanged; on the Abu Dhabi, 18 fell and 5 advanced, while 6 ended unchanged.

Crude oil for August delivery was down 0.37% or 0.24 to $64.61 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 0.84% or 0.62 to hit $74.06 a barrel, while the August Gold Futures contract rose 0.40% or 5.10 to trade at $1283.60 a troy ounce.

USD/AED was up 0.01% to 3.6732, while EUR/AED rose 0.10% to 4.2675.

The US Dollar Index Futures was down 0.07% at 94.38.

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India stocks lower at close of trade; Nifty 50 down 0.17%

Investing.com – India stocks were lower after the close on Monday, as losses in the Metals, IT and Technology sectors led shares lower.

At the close in NSE, the Nifty 50 lost 0.17%, while the BSE Sensex 30 index fell 0.21%.

The best performers of the session on the Nifty 50 were Hindustan Petroleum Corporation Ltd (NS:HPCL), which rose 4.78% or 14.65 points to trade at 322.10 at the close. Meanwhile, ICICI Bank Ltd (NS:ICBK) added 4.07% or 11.50 points to end at 293.00 and Indian Oil Corporation Ltd (NS:IOC) was up 3.61% or 6.05 points to 173.90 in late trade.

The worst performers of the session were Hindalco Industries Ltd. (NS:HALC), which fell 2.97% or 7.05 points to trade at 231.00 at the close. Vedanta Ltd (NS:VDAN) declined 2.95% or 7.05 points to end at 232.20 and Bharti Airtel Ltd. (NS:BRTI) was down 2.31% or 8.75 points to 370.90.

The top performers on the BSE Sensex 30 were ICICI Bank Ltd (BO:ICBK) which rose 3.61% to 292.50, Tata Motors Ltd DVR (BO:TAMdv) which was up 1.97% to settle at 183.60 and Tata Motors Ltd (BO:TAMO) which gained 1.83% to close at 308.75.

The worst performers were Vedanta Ltd (BO:VDAN) which was down 2.70% to 232.30 in late trade, Kotak Mahindra Bank Ltd. (BO:KTKM) which lost 1.97% to settle at 1314.05 and Bharti Airtel Ltd (BO:BRTI) which was down 1.67% to 371.25 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 1103 to 512 and 45 ended unchanged; on the Bombay Stock Exchange, 1671 fell and 902 advanced, while 127 ended unchanged.

Shares in Vedanta Ltd (NS:VDAN) fell to 52-week lows; down 2.95% or 7.05 to 232.20. Shares in Vedanta Ltd (BO:VDAN) fell to 52-week lows; down 2.70% or 6.45 to 232.30.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 2.57% to 12.3800.

Gold Futures for August delivery was up 0.38% or 4.80 to $1283.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August fell 0.51% or 0.33 to hit $64.52 a barrel, while the August Brent oil contract rose 0.74% or 0.54 to trade at $73.98 a barrel.

USD/INR was down 0.64% to 68.035, while EUR/INR rose 0.03% to 79.0220.

The US Dollar Index Futures was down 0.02% at 94.43.

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Sri Lanka stocks lower at close of trade; CSE All-Share down 0.33%

Investing.com – Sri Lanka stocks were lower after the close on Monday, as losses in the Information Technology, Chemicals&Pharmaceuticals and Land&Property sectors led shares lower.

At the close in Colombo, the CSE All-Share lost 0.33% to hit a new 52-week low.

The best performers of the session on the CSE All-Share were SMB Leasing PLC (CM:SEMB), which rose 20.00% or 0.1000 points to trade at 0.6000 at the close. Meanwhile, Printcare PLC (CM:CARE) added 20.00% or 5.80 points to end at 34.80 and Amana Takaful PLC (CM:ATL) was up 12.50% or 0.100 points to 0.900 in late trade.

The worst performers of the session were Huejay International Investments PLC (CM:HUEJ), which fell 21.98% or 8.90 points to trade at 31.60 at the close. Blue Diamonds Jewellery Worldwide PLC (CM:BLUE) declined 14.29% or 0.100 points to end at 0.600 and Royal Palms Beach Hotels PLC (CM:RPBH) was down 13.44% or 2.50 points to 16.10.

Falling stocks outnumbered advancing ones on the Colombo Stock Exchange by 118 to 51 and 61 ended unchanged.

Shares in SMB Leasing PLC (CM:SEMB) rose to 52-week lows; up 20.00% or 0.1000 to 0.6000. Shares in Blue Diamonds Jewellery Worldwide PLC (CM:BLUE) fell to all time lows; down 14.29% or 0.100 to 0.600.

Crude oil for August delivery was down 0.49% or 0.32 to $64.53 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 0.79% or 0.58 to hit $74.02 a barrel, while the August Gold Futures contract rose 0.40% or 5.10 to trade at $1283.60 a troy ounce.

GBP/LKR was down 0.09% to 211.970, while USD/LKR rose 0.10% to 159.890.

The US Dollar Index Futures was down 0.04% at 94.41.

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Philippines stocks lower at close of trade; PSEi Composite down 1.53%

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

At the close in Philippines, the PSEi Composite fell 1.53% to hit a new 52-week low.

The best performers of the session on the PSEi Composite were LT Group Inc (PS:LTG), which rose 2.68% or 0.520 points to trade at 19.900 at the close. Meanwhile, Robinsons Land Corp (PS:RLC) added 1.64% or 0.320 points to end at 19.880 and Megaworld Corp (PS:MEG) was up 1.54% or 0.070 points to 4.630 in late trade.

The worst performers of the session were JG Summit Holdings Inc (PS:JGS), which fell 5.43% or 3.100 points to trade at 54.000 at the close. Bank of the Philippine Islands (PS:BPI) declined 3.65% or 3.50 points to end at 92.35 and PLDT Inc (PS:TEL) was down 3.55% or 46.00 points to 1251.00.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 155 to 47 and 40 ended unchanged.

Shares in JG Summit Holdings Inc (PS:JGS) fell to 3-years lows; down 5.43% or 3.100 to 54.000. Shares in Bank of the Philippine Islands (PS:BPI) fell to 52-week lows; falling 3.65% or 3.50 to 92.35. Shares in PLDT Inc (PS:TEL) fell to 5-year lows; down 3.55% or 46.00 to 1251.00.

Gold Futures for August delivery was up 0.41% or 5.30 to $1283.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August fell 1.19% or 0.77 to hit $64.08 a barrel, while the August Brent oil contract rose 0.01% or 0.01 to trade at $73.45 a barrel.

CNY/PHP was up 0.02% to 8.2956, while USD/PHP rose 0.06% to 53.435.

The US Dollar Index Futures was up 0.21% at 94.65.

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Japan stocks lower at close of trade; Nikkei 225 down 0.75%

Investing.com – Japan stocks were lower after the close on Monday, as losses in the Shipbuilding, Rubber and Machinery sectors led shares lower.

At the close in Tokyo, the Nikkei 225 declined 0.75%.

The best performers of the session on the Nikkei 225 were Sumitomo Osaka Cement Co., Ltd. (T:5232), which rose 3.21% or 17.0 points to trade at 547.0 at the close. Meanwhile, Taiyo Yuden Co., Ltd. (T:6976) added 2.39% or 70.0 points to end at 3005.0 and Obayashi Corp. (T:1802) was up 2.10% or 24.0 points to 1166.0 in late trade.

The worst performers of the session were Mitsui Mining and Smelting Co. (T:5706), which fell 6.78% or 350.0 points to trade at 4810.0 at the close. SUMCO Corp. (T:3436) declined 5.15% or 121.0 points to end at 2228.0 and Mitsui O.S.K. Lines, Ltd. (T:9104) was down 4.98% or 146.5 points to 2792.5.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2500 to 930 and 150 ended unchanged.

Shares in Taiyo Yuden Co., Ltd. (T:6976) rose to all time highs; rising 2.39% or 70.0 to 3005.0. Shares in Mitsui O.S.K. Lines, Ltd. (T:9104) fell to 52-week lows; falling 4.98% or 146.5 to 2792.5.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 4.40% to 15.00.

Crude oil for August delivery was down 1.19% or 0.77 to $64.08 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 0.08% or 0.06 to hit $73.50 a barrel, while the August Gold Futures contract rose 0.42% or 5.40 to trade at $1283.90 a troy ounce.

USD/JPY was down 0.14% to 110.50, while EUR/JPY fell 0.37% to 127.96.

The US Dollar Index Futures was up 0.18% at 94.62.

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Dollar Pushes Higher, Trade Jitters Support Yen

Investing.com - The dollar pushed higher against a currency basket on Monday, boosted by the diverging monetary policy outlook between the U.S. and Europe, while the yen remained supported as trade tensions underpinned safe haven demand.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.26% to 94.69 by 03:30 AM ET (07:30 AM GMT), holding below Friday’s eleven-month high of 95.13.

The index rose 1.33% last week; its best weekly performance in seven weeks after a hawkish Federal Reserve pointed to a faster pace of monetary tightening this year while the European Central Bank gave a dovish signal.

The euro was lower against the dollar, with EUR/USD down 0.37% to 1.1567 after falling 1.34% in the previous week after the ECB outlined plans to keep interest rates on hold until at least the middle of next year.

The dollar was a touch lower against the yen, with USD/JPY edging down to 110.57, still not far from Friday’s three-week highs of 110.90.

Concerns over trade tensions revived after U.S. President Donald Trump announced tariffs on $50 billion of Chinese imports on Friday, prompting Beijing to respond in kind, adding to fears over the outlook for global growth.

The yen received an additional boost after an earthquake hit the western Japanese city of Osaka.

The safe haven yen is often sought by investors in times of geopolitical tensions and market turmoil.

Meanwhile, the commodity linked currencies were pressured by falling oil prices.

The Canadian dollar was trading near Friday’s one-year lows, with USD/CAD at 1.3186.

The Australian dollar was steady, with AUD/USD at 0.7439 after hitting a five-week low of 0.7426 overnight, while the New Zealand dollar was lower, with NZD/USD sliding 0.13% to 0.6938.

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Taiwan stocks higher at close of trade; Taiwan Weighted up 0.67%

Investing.com – Taiwan stocks were higher after the close on Monday, as gains in the Electronic Parts/Components, Textile and Semiconductor sectors led shares higher.

At the close in Taiwan, the Taiwan Weighted rose 0.67%.

The best performers of the session on the Taiwan Weighted were Optotech Corp (TW:2340), which rose 9.93% or 2.75 points to trade at 30.45 at the close. Meanwhile, Teapo Electronic Corp (TW:2375) added 9.92% or 7.30 points to end at 80.90 and Edimax Technology Co Ltd (TW:3047) was up 9.64% or 0.95 points to 10.80 in late trade.

The worst performers of the session were Young Optics Inc (TW:3504), which fell 9.97% or 16.00 points to trade at 144.50 at the close. Genesis Photonics Inc (TW:3383) declined 7.61% or 0.28 points to end at 3.40 and China Steel Structure Co Ltd (TW:2013) was down 7.10% or 2.20 points to 28.80.

Falling stocks outnumbered advancing ones on the Taiwan Stock Exchange by 0 to 0.

Shares in Optotech Corp (TW:2340) rose to 5-year highs; up 9.93% or 2.75 to 30.45. Shares in Teapo Electronic Corp (TW:2375) rose to all time highs; up 9.92% or 7.30 to 80.90.

Crude oil for August delivery was down 1.62% or 1.05 to $63.80 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.64% or 0.47 to hit $72.97 a barrel, while the August Gold Futures contract rose 0.23% or 2.90 to trade at $1281.40 a troy ounce.

USD/TWD was up 0.05% to 30.163, while TWD/CNY fell 0.23% to 0.2143.

The US Dollar Index Futures was up 0.18% at 94.62.

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Saudi Arabia stocks lower at close of trade; Tadawul All Share unchanged

Investing.com – Saudi Arabia stocks were lower after the close on Sunday, as in the sectors led shares .

At the close in Saudi Arabia, the Tadawul All Share unchanged 0.00%.

The best performers of the session on the Tadawul All Share were Al Baha Investment and Development Company SJSC (SE:4130), which rose 0.40% or 0.08 points to trade at 20.08 at the close. Meanwhile, Al Mashaar REIT (SE:4337) unchanged 0.00% or 0.00 points to end at 7.53 and The Mediterranean&Gulf Insurance Co (SE:8030) was unchanged 0.00% or 0.00 points to 19.52 in late trade.

The worst performers of the session were FALCOM Financial Services, which fell 0.62% or 0.20 points to trade at 32.10 at the close. Al Mashaar REIT (SE:4337) unchanged 0.00% or 0.00 points to end at 7.53 and The Mediterranean&Gulf Insurance Co (SE:8030) was 0.00% or 0.00 points to 19.52.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 0 to 0.

Shares in Al Mashaar REIT (SE:4337) unchanged to all time lows; unchanged 0.00% or 0.00 to 7.53. Shares in Al Mashaar REIT (SE:4337) unchanged to all time lows; unchanged 0.00% or 0.00 to 7.53.

Crude oil for August delivery was unchanged 0.00% or 0.00 to $64.85 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 3.77% or 2.86 to hit $73.08 a barrel, while the August Gold Futures contract fell 2.00% or 26.20 to trade at $1282.10 a troy ounce.

EUR/SAR was up 0.33% to 4.3535, while USD/SAR rose 0.01% to 3.7506.

The US Dollar Index Futures was unchanged 0.00% at 94.45.

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Israel stocks lower at close of trade; TA 35 down 0.12%

Investing.com – Israel stocks were lower after the close on Sunday, as losses in the Insurance, Financials and Biomed sectors led shares lower.

At the close in Tel Aviv, the TA 35 declined 0.12%.

The best performers of the session on the TA 35 were Bezeq Israeli Telecommunication Corp Ltd (TA:BEZQ), which rose 2.17% or 8.7 points to trade at 408.7 at the close. Meanwhile, Alony Hetz Properties and Investments Ltd (TA:ALHE) added 1.78% or 59 points to end at 3375 and Perrigo (TA:PRGO) was up 1.01% or 270 points to 27070 in late trade.

The worst performers of the session were OPKO Health Inc (TA:OPK), which fell 3.18% or 52 points to trade at 1581 at the close. Sodastream International Ltd (TA:SODA) declined 2.69% or 880.0 points to end at 31830.0 and Tower Semiconductor Ltd (TA:TSEM) was down 1.77% or 155 points to 8586.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 217 to 166 and 40 ended unchanged.

Crude oil for August delivery was unchanged 0.00% or 0.00 to $64.85 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 3.77% or 2.86 to hit $73.08 a barrel, while the August Gold Futures contract fell 2.00% or 26.20 to trade at $1282.10 a troy ounce.

USD/ILS was up 0.24% to 3.6248, while EUR/ILS rose 0.60% to 4.2080.

The US Dollar Index Futures was unchanged 0.00% at 94.45.

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United Arab Emirates stocks lower at close of trade; DFM General down 0.42%

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

At the close in Dubai, the DFM General declined 0.42%, while the ADX General index unchanged 0.00%.

The best performers of the session on the DFM General were Takaful House (DU:DTKF), which rose 2.81% or 0.019 points to trade at 0.694 at the close. Meanwhile, Arabtec Holding PJSC (DU:ARTC) added 2.22% or 0.050 points to end at 2.300 and National Central Cooling Co. (DU:TABR) was up 1.71% or 0.030 points to 1.780 in late trade.

The worst performers of the session were Takaful Emarat PSC (DU:TKFE), which fell 9.87% or 0.220 points to trade at 2.010 at the close. Dubai Investments PJSC (DU:DINV) declined 2.83% or 0.060 points to end at 2.060 and ARAMEX PJSC (DU:ARMX) was down 2.50% or 0.100 points to 3.900.

The top performers on the ADX General were Sharjah Group Co (AD:SG) which unchanged 0.00% to 1.40, Finance House (AD:FH) which was unchanged 0.00% to settle at 1.700 and Emirates Ins C (AD:EIC) which unchanged 0.00% to close at 7.10.

The worst performers were Sharjah Group Co (AD:SG) which was unchanged 0.00% to 1.40 in late trade, Finance House (AD:FH) which unchanged 0.00% to settle at 1.700 and Emirates Ins C (AD:EIC) which was unchanged 0.00% to 7.10 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 0 to 0; on the Abu Dhabi, 0 fell and 0 advanced.

Crude oil for August delivery was unchanged 0.00% or 0.00 to $64.85 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 3.77% or 2.86 to hit $73.08 a barrel, while the August Gold Futures contract fell 2.00% or 26.20 to trade at $1282.10 a troy ounce.

USD/AED was down 0.01% to 3.6730, while EUR/AED rose 0.33% to 4.2634.

The US Dollar Index Futures was unchanged 0.00% at 94.45.

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Crude Oil Prices - Weekly Outlook: June 18 - 22

Investing.com - Oil markets will be focused on the Organization of Petroleum Exporting Countries (OPEC) highly-anticipated meeting to see whether major producers plan to increase production.

Oil ministers from OPEC, Russia and other major producing countries will meet in Vienna on Thursday and Friday to review their current production agreement.

Most market analysts expect the oil cartel to consider altering a production deal that has held back 1.8 million barrels per day (bpd) from the market for the past 18 months.

Russia has pushed for returning a million barrels per day back into the market relatively quickly. However, Saudi Arabia would like to try a lower amount to prevent the price from dropping too much, experts said.

However, not all OPEC members agree. Iran, Venezuela and Iraq have all said the current production agreement should stay in place.

Oil prices took a beating Friday, ending the week lower, as traders braced for higher global supplies.

August Brent crude, the global benchmark, tumbled $2.50, or 3.3%, to end at their lowest since May 2 at $73.44 a barrel on the ICE Futures Europe exchange.

They suffered a loss of roughly 4% for the week.

Elsewhere, U.S. benchmark oil, July West Texas Intermediate crude lost $1.83, or 2.7%, to settle at $65.06 a barrel on the New York Mercantile Exchange.

It saw its lowest finish since June 6 and lost about 1% for the week, the fourth weekly decline in a row.

Oil traders will also continue to weigh a steady increase in U.S. production levels in the week ahead as the rise in domestic drilling has been underscoring worries about rising U.S. output.

U.S. drillers added one oil rig last week, bringing the total count to 863, the highest number since March 2015, General Electric (NYSE:GE)'s Baker Hughes energy services firm said in its closely followed report on Friday.

That modest rise marked a fourth straight weekly climb, likely signaling further gains in U.S. output levels.

Domestic oil production - driven by shale extraction - is currently at an all-time high of 10.9 million bpd. Only Russia currently produces more, at around 11 million bpd.

Fresh weekly data on U.S. commercial crude inventories on Tuesday and Wednesday to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise will capture the market's attention.

Ahead of the coming week, Investing.com has compiled a list of the main events likely to affect the oil market.

Tuesday, June 19

The American Petroleum Institute is to publish its weekly report on U.S. oil supplies.

Wednesday, June 20

The U.S. Energy Information Administration will release its weekly report on oil stockpiles.

Friday, June 22

Major global oil producers are due to meet in Vienna in review their current output-cut deal.

Baker Hughes will release weekly data on the U.S. oil rig count.

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Weekly Outlook: June 18 - 22

Investing.com - The diverging monetary policy outlook between the Federal Reserve and the European Central Bank is likely to boost the dollar and weigh on the euro in the coming week, by making the dollar more attractive to yield-seeking investors.

Meanwhile, the Bank of England is expected to keep interest rates on hold on Thursday, as is the Swiss National Bank.

Investors will get an update on the health of the U.S. housing market with Tuesday’s building permits and housing starts data and Wednesday’s report on existing home sales.

The euro zone is to release data on private sector business activity on Friday.

The euro regained some ground against the dollar on Friday, with EUR/USD rising 0.36% to 1.1610, after falling 1.88% in the previous session. The euro ended the week down 1.34%.

The euro tumbled on Thursday after the ECB outlined plans to wind up its massive asset purchase program by December, but also pledged to keep interest rates unchanged until at least the middle of 2019.

A day earlier a more hawkish sounding Fed raised interest rates for the second time this year and indicated that it now sees two more rate increases before the years end.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, slid 0.14% to 94.80 late Friday, after rising to an eleven-month high of 95.13 earlier. For the week, the index was up 1.33%, its best weekly performance in seven weeks.

The dollar was little changed against the yen late Friday, with USD/JPY at 110.66, off a three-week high of 110.90 reached overnight.

The dollar gave up gains against the Japanese currency after U.S. President Donald Trump announced tariffs on $50 billion of Chinese imports, prompting Beijing to respond in kind, ramping up trade tensions between the world’s two largest economies.

The safe haven yen is often sought by investors in times of geopolitical tensions and market turmoil.

The pound edged higher on Friday, with GBP/USD rising 0.11% to 1.3276, still within striking distance of last month’s seven-month lows of 1.3203 after a batch of mixed UK economic data indicated that the economic outlook remains fragile.

The euro pushed higher against sterling, with EUR/GBP up 0.19% after falling 1.04% on Thursday amid a broad based selloff.

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

Monday, June 18

Financial markets in China will be closed for a holiday.

Atlanta Fed President Raphael Bostic is to speak at an event in Savannah.

ECB President Mario Draghi is to speak at the ECB Forum on Central Banking, in Portugal.

San Francisco Fed chief John Williams is to speak at an event in New York.

Tuesday, June 19

The Reserve Bank of Australia is to publish the minutes of its latest policy setting meeting.

ECB head Mario Draghi is to speak at the second day of the central bank’s forum in Portugal.

The U.S. is to release data on building permits and housing starts.

Wednesday, June 20

ECB head Mario Draghi, along with Bank of Japan Governor Haruhiko Kuroda and Fed Chairman Jerome Powell are due to participate in a panel discussion at the ECB forum in Portugal.

The U.S. is to produce figures on existing home sales.

Thursday, June 21

New Zealand is to release data on first quarter economic growth.

The Swiss National Bank is to announce its latest monetary policy decision and hold a press conference following its policy meeting.

The UK is to report on public sector borrowing figures.

Deutsche Bundesbank President Jens Weidmann is to speak at an event in Paris.

The BoE is to announce its latest monetary policy decision.

The U.S. is to release the weekly jobless claims report along with data on manufacturing activity in the Philadelphia region.

BoE Governor Mark Carney is to speak at an event in London.

Friday, June 22

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

Canada is to round up the week with reports on consumer inflation and retail sales.

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Canada stocks lower at close of trade; S&P/TSX Composite down 0.21%

Investing.com – Canada stocks were lower after the close on Friday, as losses in the Energy, Materials and Mining sectors led shares lower.

At the close in Toronto, the S&P/TSX Composite declined 0.21%.

The best performers of the session on the S&P/TSX Composite were Canada Goose Holdings Inc (TO:GOOS), which rose 30.04% or 18.02 points to trade at 78.01 at the close. Meanwhile, Paramount Resources Ltd . (TO:POU) added 3.98% or 0.58 points to end at 15.14 and ProMetic Life Sciences Inc. (TO:PLI) was up 3.28% or 0.020 points to 0.630 in late trade.

The worst performers of the session were Precision Drilling Corporation (TO:PD), which fell 7.11% or 0.32 points to trade at 4.18 at the close. First Majestic Silver Corp. (TO:FR) declined 5.76% or 0.60 points to end at 9.82 and Yamana Gold Inc (TO:YRI) was down 5.33% or 0.22 points to 3.91.

Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 621 to 460 and 131 ended unchanged.

Shares in Canada Goose Holdings Inc (TO:GOOS) rose to all time highs; gaining 30.04% or 18.02 to 78.01.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 0.16% to 12.54.

Gold Futures for August delivery was down 1.95% or 25.50 to $1282.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 3.50% or 2.34 to hit $64.55 a barrel, while the August Brent oil contract fell 3.46% or 2.63 to trade at $73.31 a barrel.

CAD/USD was down 0.64% to 0.7581, while CAD/EUR fell 1.02% to 0.6530.

The US Dollar Index Futures was down 0.16% at 94.78.

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Trade On The Go

Trade on your smartphone or tablet with our brand new mobile trading app. Never again miss the opportunity to earn when you are not at home. Access your account information, investment portfolio and market analysis at any time. Download the free A3 Trading app now.

Why Trade Online?

Online trading is absolutely the best way to earn significant profits from investment in the short term. All you need to get started is an internet connection and the desire to learn how to trade. Unlike other forms of investment, you don't need large amounts of money to get started. You can start with as little as $200.

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