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Bitcoin Edges Lower for Third Day

May 22, 2019, 12:27

Investing.com - Prices of the largest digital currency Bitcoin ticked lower for a third consecutive day on Wednesday, while other major cryptocurrencies were mixed.

At 08:26 AM ET (12:04 GMT) Bitcoin was at $7,833.0 on the Investing.com index, off 0.7%.

Ethereum was up 1.3% to $253.07, XRP slid 0.7% to 0.38994 and Litecoin was little changed at $90.305.

Bitcoin has been rangebound after hitting a high of $8,323.9 on May 14 following a rally that saw it nearly double since the start of April.

After crashing from record highs of close to $19,900 in December 2017 Bitcoin spent most of the first quarter of 2019 trading below the $4,000 level before regaining momentum early last month.

On Tuesday, Tether – a stablecoin whose main marketing claim is that it is pegged to the U.S. dollar- admitted that it invested some of its reserves in Bitcoin, according to media reports. Tether shares management and ownership with cryptocurrency exchange Bitfinex. The revelation came amid court proceedings against Tether and Bitfinex that were initiated earlier this month.

New York's attorney-general has alleged that the companies engaged in a cover-up to hide an alleged $850 million loss of co-mingled client and corporate funds.

The allegations came after a report published last year looking at Tether's role in the digital currency boom concluded that Tether was used to manipulate cryptocurrency prices, and that market manipulation accounted for half of the runup.

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Stocks - Qualcomm, Lowe’s Slump Premarket; Target, Avon Soar

May 22, 2019, 12:15

Investing.com - Stocks in focus in premarket trading on Wednesday:

• Qualcomm (NASDAQ:QCOM) stock fell 11.3% by 8:15 AM ET (12:15 GMT) after a federal judge ruled that the company had violated antitrust law.

• Lowe’s (NYSE:LOW) stock was down 8% after it was the latest retailer to report a disappointing first quarter. The company also cut its outlook for the year.

Target (NYSE:TGT) stock gained 7.1% after it reported a rise in comparable-store sales, helped by the development of its stores as hubs for delivery of goods ordered online. Its online sales rose 42%, with same-day delivery services contributing more than half of that growth.

• Nordstrom (NYSE:JWN) stock declined 10.7% after posting disappointing sales figures after the close on Tuesday.

• Amazon.com (NASDAQ:AMZN) stock inched down 0.6% as investors prepare to vote to halt sales of facial recognition technology to police and governments, a move the board of directors is recommending shareholders vote against.

Avon Products (NYSE:AVP) stock surged 17.2% on expectations that the cosmetic brand will announce its sale to Brazil’s Natura Cosmeticos later in the day.

• Urban Outfitters (NASDAQ:URBN) rose 6.3% after beating forecasts on strong sales at both its Urban Outfitters and Anthropologie chains.

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Analog Devices Earnings, Revenue Beat in Q2

May 22, 2019, 11:18

Investing.com - Analog Devices (NASDAQ:ADI) reported second quarter earnings that beat analysts' expectations on Wednesday and revenue that topped forecasts.

The firm reported earnings per share of $1.36 on revenue of $1.53B. Analysts polled by Investing.com anticipated EPS of $1.31 on revenue of $1.51B. That compared to EPS of $1.45 on revenue of $1.51B in the same period a year earlier. The company had reported EPS of $1.33 on revenue of $1.54B in the previous quarter.

Analog Devices follows other major Technology sector earnings this month


On May 8, EchoStar reported first quarter EPS of $0.08 on revenue of $531.08M, compared to forecasts of EPS of $0.1 on revenue of $528.1M.

Microsoft earnings beat analysts' expectations on April 24, with third quarter EPS of $1.14 on revenue of $30.57B. Investing.com analysts expected EPS of $1 on revenue of $29.88B

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

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Lowe’s Earnings Miss, Revenue Beats In Q1

May 22, 2019, 10:59

Investing.com - Lowe’s (NYSE:LOW) reported first quarter earnings that missed analysts' expectations on Wednesday and revenue that topped forecasts.

The firm reported earnings per share of $1.22 on revenue of $17.74B. Analysts polled by Investing.com anticipated EPS of $1.33 on revenue of $17.65B. That compared to EPS of $1.19 on revenue of $17.36B in the same period a year earlier. The company had reported EPS of $0.8 on revenue of $15.65B in the previous quarter.

Lowe’s follows other major Services sector earnings this month


On April 25, Amazon.com reported first quarter EPS of $7.09 on revenue of $59.7B, compared to forecasts of EPS of $4.7 on revenue of $59.7B.

Alibaba ADR earnings beat analysts' expectations on May 15, with fourth quarter EPS of $8.57 on revenue of $93.5B. Investing.com analysts expected EPS of $6.56 on revenue of $91.54B

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

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Advance Auto Parts Earnings, Revenue Beat in Q1

May 22, 2019, 10:57

Investing.com - Advance Auto Parts reported first quarter earnings that beat analysts' expectations on Wednesday and revenue that topped forecasts.

The firm reported earnings per share of $2.46 on revenue of $2.95B. Analysts polled by Investing.com anticipated EPS of $2.36 on revenue of $2.94B. That compared to EPS of $2.1 on revenue of $2.87B in the same period a year earlier. The company had reported EPS of $1.17 on revenue of $2.11B in the previous quarter.

Advance Auto Parts follows other major Services sector earnings this month


On April 25, Amazon.com reported first quarter EPS of $7.09 on revenue of $59.7B, compared to forecasts of EPS of $4.7 on revenue of $59.7B.

Alibaba ADR earnings beat analysts' expectations on May 15, with fourth quarter EPS of $8.57 on revenue of $93.5B. Investing.com analysts expected EPS of $6.56 on revenue of $91.54B

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

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Stocks - Futures Flat as U.S. Mulls Widening China Blacklist

May 22, 2019, 10:54

Investing.com - U.S. futures were flat early Wednesday as investors paused on news that more Chinese companies could be blacklisted from purchasing American technology, an escalation that outweighed comments from the Chinese ambassador to the U.S. saying trade negotiations are still on the table.

The U.S. government may blacklist up to five Chinese surveillance companies from purchasing U.S. software goods or components, according to reports that come just a few days after a similar curb on Huawei caused a sell-off of technology stocks. One of the companies named, Hangzhou Hikvision Digital Technology (SZ:002415), fell as much as 10% in the Chinese trading session in response to the news.

Dow futures fell 5 points or 0.602% by 6:41 AM ET (10:41 GMT), while tech-heavy Nasdaq 100 futures slipped 13 points or 0.2% and S&P 500 futures was down 1 point or 0.1%

Qualcomm (NASDAQ:QCOM) slumped 9% after a federal judge ruled the company had suppressed cellphone chip competition, while Intel (NASDAQ:INTC) was down 0.3% and Tesla (NASDAQ:TSLA) fell 1.9%, still suffering from a Morgan Stanley (NYSE:MS) note that laid out a "bear case" for the stock falling over 90% from its current level.

Retail companies will be in focus after a batch of disappointing earnings on Tuesday. Nordstrom (NYSE:JWN) tumbled 10.2% in after-hours trading on Tuesday after its sales figures failed to meet expectations.

Lowe’s (NYSE:LOW) slumped 10% in premarket trade after cutting its outlook for the year on the back of a disappointing first quarter. Target (NYSE:TGT) is also expected to report before the open.

On the economic front, the Federal Reserve will release its meeting minutes from May 1, when it left interest rates unchanged.

In commodities, crude oil fell 0.9% to $62.56 a barrel. Gold futures inched up 0.04% to $1,273.75 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was down 0.1% to 97.825.

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India stocks higher at close of trade; Nifty 50 up 0.25%

May 22, 2019, 10:45

Investing.com – India stocks were higher after the close on Wednesday, as gains in the Public Sector Undertakings, Banking and Capital Goods sectors led shares higher.

At the close in NSE, the Nifty 50 gained 0.25%, while the BSE Sensex 30 index climbed 0.36%.

The best performers of the session on the Nifty 50 were IndusInd Bank Ltd. (NS:INBK), which rose 5.54% or 80.25 points to trade at 1518.90 at the close. Meanwhile, Sun Pharmaceutical Industries Ltd. (NS:SUN) added 3.46% or 14.15 points to end at 421.20 and Bharat Petroleum Corp. Ltd. (NS:BPCL) was up 2.35% or 8.80 points to 384.25 in late trade.

The worst performers of the session were Tech Mahindra Ltd (NS:TEML), which fell 2.98% or 23.05 points to trade at 749.95 at the close. Indiabulls Housing Finance Ltd (NS:INBF) declined 2.94% or 23.75 points to end at 784.55 and Yes Bank Ltd (NS:YESB) was down 1.49% or 2.10 points to 137.55.

The top performers on the BSE Sensex 30 were IndusInd Bank Ltd. (BO:INBK) which rose 4.84% to 1517.55, Sun Pharmaceutical Industries Ltd. (BO:SUN) which was up 2.92% to settle at 420.65 and Tata Motors Ltd DVR (BO:TAMdv) which gained 2.71% to close at 85.35.

The worst performers were Yes Bank Ltd (BO:YESB) which was down 2.34% to 137.70 in late trade, ITC Ltd (BO:ITC) which lost 1.88% to settle at 299.55 and Tata Consultancy Services Ltd. (BO:TCS) which was down 1.25% to 2082.75 at the close.

Rising stocks outnumbered declining ones on the India National Stock Exchange by 882 to 696 and 70 ended unchanged; on the Bombay Stock Exchange, 1316 rose and 1127 declined, while 174 ended unchanged.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 7.72% to 27.6325.

Gold Futures for June delivery was up 0.03% or 0.35 to $1273.55 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.90% or 0.57 to hit $62.56 a barrel, while the July Brent oil contract fell 0.48% or 0.35 to trade at $71.83 a barrel.

USD/INR was up 0.01% to 69.665, while EUR/INR rose 0.18% to 77.8315.

The US Dollar Index Futures was down 0.05% at 97.843.

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Top 5 Things to Know in the Market on Wednesday

May 22, 2019, 09:57

Investing.com - These are the top 5 things you need to know in financial markets on Wednesday, 22 May.

1. Blacklists and Backlash

Nearly half of U.S. companies operating in China have already been hit with retaliatory measures since the U.S. increased and widened tariffs on Chinese imports, according to a survey by the American Chamber of Commerce. Around 40% of the companies surveyed said they are considering relocation of their facilities.

The news comes as the New York Times reported that the U.S. may add more Chinese companies to a U.S. blacklist, including Hangzhou Hikvision Digital Technology (SZ:002415), the world’s largest maker of surveillance cameras.

Elsewhere, Bloomberg reported that the U.S. administration is planning to increase subsidy payments to U.S. farmers hit by Chinese trade countermeasures. It said farmers may get up to $2 a bushel for soybeans, 63 cents a bushel for wheat and 4 cents a bushel for corn.

Read more: High-Flying Corn May Cause ‘Bull Envy’ In Oil Investors - Barani Krishnan

2. Stocks set to open mixed

Wall Street is set for a mixed opening, as the negative news flow on trade was offset somewhat by comments from the Chinese ambassador to the U.S. saying that the door was “still open” for negotiations.

At 6 AM ET, the S&P 500 futures contract was down 1.1 points and the Dow futures contract was down 3.5 points, both effectively unchanged, while the tech-heavy Nasdaq 100 futures contract was down 12 points, or 0.2%. European bourses were also mostly lower.

Some support is also coming from comments by James Bullard, who became the first senior Federal Reserve official to admit that its interest rate hike in December may have been a mistake.

3. Retail woe to continue?

Target and Lowe’s will be in the spotlight Wednesday after a generally disappointing round of earnings from the retail sector on Tuesday.

Nordstrom (NYSE:JWN) tumbled over 9% in after-hours trading on Tuesday after reporting disappointing sales figures, while Kohls (NYSE:KSS) had earlier fallen 12%, both continuing to struggle with secular pressures on brick-and-mortar shops as well as higher purchasing costs due to the imposition of import tariffs.

4. Qualcomm hit by court ruling

Qualcomm (NASDAQ:QCOM) shares are set to come under further pressure on Wednesday after a federal judge ruled that it illegally suppressed competition by charging unreasonably high royalties and squeezing out rivals.

The decision by a San Jose District, sided with the Federal Trade Commission, which brought an antitrust lawsuit against Qualcomm in January 2017. The chipmaker’s stock has already been battered this week by the threat of losing billions of dollars a year in sales to Huawei.

5. May’s last Brexit gamble backfires

The British pound fell to within a whisker of a new low for 2019 after Prime Minister Theresa May’s last gamble on getting her EU Withdrawal Bill through parliament backfired.

Proposals laid out by May on Tuesday, which included long-term alignment with EU regulation on workers’ rights and trade policy, along with a second, confirmatory referendum, have angered her own party’s lawmakers to such an extent that they now appear intent on forcing her immediate resignation.

The political upheaval overshadowed data Wednesday showing inflation had crept back up above the Bank of England's 2% target in April, although the 2.1% reading was less than the 2.2% expected by analysts.

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StockBeat: Engie, EDP Play Catch-Up in Energy's Big Growth Sector

May 22, 2019, 09:03

By Geoffrey Smith

Investing.com -- Europe’s electricity giants have had a hard time moving beyond fossil and nuclear fuels into renewables, but the continent’s climate policy agenda leaves them no choice.

That explains, in part, the announcement by France’s Engie (PA:ENGIE) and Portugal’s EDP (LS:EDP), two of Europe’s old-style legacy incumbents, to team up in the fast-growing sector of offshore wind.

The two said on Monday they intend to have up to 7 gigawatts of installed capacity – the equivalent of eight or nine old-style gas or coal-fired generation plants - operating by 2025, with another 5 to 10 gigawatts at an advanced stage of development. They have cooperated at a project level already since 2013, and already have 5.5 GW in construction or under development, but that is still a hefty expansion plan.

The logic of the deal seems clear enough, although it may be a slow burner in terms of value creation. EDP’s stock rose 1% on Tuesday and is up another 0.2% today. Engie’s would have been up a similar amount had it not gone ex-dividend.

Europe’s bourses are in mixed spirits Wednesday, with the benchmark Euro Stoxx 600 down 0.1%, while Germany’s Dax is flat and the U.K. FTSE 100 up 0.4% largely due to sterling weakness.

Their aim is to become the second-largest wind farm developers in the world behind Denmark’s Oersted (CO:ORSTED), and leap-frogging Spain’s Iberdrola (MC:IBE). Orsted has been one of the biggest stock market successes in Europe of recent years, up more than 125% since its IPO in June 2016, skilfully exploiting a sector where government subsidies and market dynamics are in constant flux.

Iberdrola has needed longer to take off but its stock has risen 35% since October. Conspicuously, both of those stocks have been immune to the general increase in market volatility in the last eight months.

Both EDP and Engie could do with a little bit of Orsted/Iberdrola magic.

EDP is looking to move beyond the collapse of a takeover attempt by China Three Gorges, a state-controlled generator. Its stock lost some 15% from the start of April as that episode unravelled.

Engie investors, meanwhile, have yet to buy into CEO Isabelle Kocher’s plans to streamline the sprawling business, although she made a promising start in February by promising to get out of 20 of its 70 markets. It has a headache with its investment in the new Nord Stream 2 gas pipeline, which has landed it in the U.S. administration’s crosshairs. The U.S. confirmed on Monday that it is preparing new sanctions against the Russian-controlled pipeline, in which Engie has a 10% stake.

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Dollar near 1-Month Highs, Sterling Sinks

May 22, 2019, 07:38

Investing.com - The U.S. dollar was hovering near one-month highs against a currency basket on Wednesday, supported by higher U.S. Treasury yields after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei.

The move came as a reprieve for markets which had been roiled by fears over the escalating trade war between Washington and Beijing but investor sentiment remained subdued as investors monitored the increasing involvement of tech companies in the trade spat.

"The trade dispute won't be resolved easily, so the risk-off mood won't come off all of a sudden. I think market sentiment will rather improve one small step at a time," said Ayako Sera, market strategist at Sumitomo Mitsui Trust Bank.

At 03:30 AM ET (0730 GMT), the dollar index, which measures the greenback against a basket of six major currencies, was at 97.942, just below Tuesday’s peaks of 97.953, the highest level since April 26. The index is up 2% year to date.

The dollar edged lower against the yen, with USD/JPY dipping 0.1% to 110.38, off the two week high of 110.67 reached in the previous session.

Data overnight showed that Japanese exports fell for the fifth straight month in April, highlighting the threat to the world’s third largest economy from the U.S.-China trade war.

Sumitomo Mitsui's Sera said the yen's weakness overnight was thanks to the higher U.S. Treasury yields, which ticked up in response to the recovery in U.S. equities.

"When yields are rising, it's natural for the dollar to be bought. I think moves in U.S. yields are really important," she said.

The 10-year U.S. Treasury note yield was last at 2.421%, almost unchanged for the day.

The euro was little changed, with EUR/USD at 1.1153 as investors remained wary ahead of European Union elections due to start on Thursday.

Eurosceptic parties are widely expected make a strong showing, which could hamper approval of the next European Commission president and budget.

The British pound sank to its lowest levels since January, with GBP/USD down 0.3% to 1.2666 after Prime Minister Theresa May’s final attempt to win over support for her EU withdrawal deal fell flat, throwing the country into renewed turmoil over Brexit.

--Reuters contributed to this report

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Japan stocks higher at close of trade; Nikkei 225 up 0.05%

May 22, 2019, 07:35

Investing.com – Japan stocks were higher after the close on Wednesday, as gains in the Communication, Rubber and Banking sectors led shares higher.

At the close in Tokyo, the Nikkei 225 gained 0.05%.

The best performers of the session on the Nikkei 225 were Mitsui Engineering&Shipbuilding (T:7003), which rose 3.52% or 29.0 points to trade at 852.0 at the close. Meanwhile, Tokyu Fudosan (T:3289) added 3.34% or 21.0 points to end at 649.0 and Taiyo Yuden Co., Ltd. (T:6976) was up 3.19% or 62.0 points to 2005.0 in late trade.

The worst performers of the session were Suzuki Motor Corp. (T:7269), which fell 5.52% or 299.0 points to trade at 5117.0 at the close. NKSJ Holdings, Inc. (T:8630) declined 4.00% or 165.0 points to end at 3956.0 and Toho Co., Ltd. (T:9602) was down 3.78% or 180.0 points to 4585.0.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 1812 to 1654 and 227 ended unchanged.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 2.05% to 18.18.

Crude oil for July delivery was down 0.97% or 0.61 to $62.52 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July fell 0.60% or 0.43 to hit $71.75 a barrel, while the June Gold Futures contract fell 0.07% or 0.95 to trade at $1272.25 a troy ounce.

USD/JPY was down 0.07% to 110.41, while EUR/JPY fell 0.12% to 123.14.

The US Dollar Index Futures was up 0.06% at 97.953.

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Australia stocks higher at close of trade; S&P/ASX 200 up 0.16%

May 22, 2019, 06:45

Investing.com – Australia stocks were higher after the close on Wednesday, as gains in the Consumer Discretionary, Energy and Industrials sectors led shares higher.

At the close in Sydney, the S&P/ASX 200 added 0.16% to hit a new 5-year high.

The best performers of the session on the S&P/ASX 200 were Bingo Industries Ltd (AX:BIN), which rose 7.88% or 0.145 points to trade at 1.985 at the close. Meanwhile, Lynas Corporation Ltd (AX:LYC) added 7.52% or 0.170 points to end at 2.430 and Pilbara Minerals Ltd (AX:PLS) was up 7.05% or 0.055 points to 0.835 in late trade.

The worst performers of the session were Fortescue Metals Group Ltd (AX:FMG), which fell 7.78% or 0.700 points to trade at 8.300 at the close. Ioof Holdings Ltd (AX:IFL) declined 7.09% or 0.410 points to end at 5.370 and ALS Ltd (AX:ALQ) was down 4.38% or 0.330 points to 7.210.

Rising stocks outnumbered declining ones on the Sydney Stock Exchange by 661 to 516 and 373 ended unchanged.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was down 3.89% to 13.407.

Gold Futures for June delivery was up 0.01% or 0.15 to $1273.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.97% or 0.61 to hit $62.52 a barrel, while the July Brent oil contract fell 0.55% or 0.40 to trade at $71.78 a barrel.

AUD/USD was down 0.06% to 0.6879, while AUD/JPY fell 0.08% to 75.99.

The US Dollar Index Futures was up 0.03% at 97.922.

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Gold Prices Unchanged as Traders Await Further Trade News

May 22, 2019, 05:18

Investing.com - Gold prices were holding steady on Wednesday in Asia as the dollar remained supported near three-and-a-half week highs, dampening the appeal of the yellow metal.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were at $1,273.45 per ounce at 1:10 AM ET (05:10 GMT) after ending the previous session 0.2% lower.

The dollar index, which measures the greenback against a basket of six major currencies, was at 97.942, just below Tuesday’s peaks of 97.953, the highest level since April 26. The index is up 2% for the year to date.

The greenback was supported by higher U.S. Treasury yields, which moved higher in response to a recovery in equities after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei.

A stronger dollar tends to act as a headwind for gold, making the dollar-denominated metal more expensive for holders of other currencies.

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Oil Prices Fall on Saudi Pledge, U.S. Inventory Increase

May 22, 2019, 04:54

Investing.com - Oil prices fell on Wednesday in Asia after an industry report showing an increase in U.S. crude stocks and after Saudi Arabia pledged to keep oil markets balanced

U.S. crude futures were down 0.9% at $62.58 by 12:51 AM ET (04:51 GMT). International Brent oil futures dropped 0.6% to $71.72.

Prices were pressured lower after the American Petroleum Institute reported late Tuesday that U.S. crude stockpiles rose by 2.4 million barrels last week, compared with analysts' expectations for a decrease of 599,000 barrels.

Official data from the U.S Energy Information Administration's oil stockpiles report is due later on Wednesday.

Oil prices also came under pressure after Saudi Arabia said it was committed to achieving balance and sustainability in the oil market.

Oil has swung between gains and losses this month as investors assessed conflicting signals from members of the Organization of Petroleum Exporting Countries and its allies.

Khalid Al-falih, the Saudi energy minister, indicated over the weekend that the kingdom will continue cutting output through the year-end at levels above compliance agreed by OPEC+.

In contrast, Russia's energy minister has said OPEC+ may need "to tweak" the current production deal when it meets next month were said to be pulling oil prices down.

Energy traders are also monitoring ongoing tensions between the U.S. and Iran, which have risen since the Trump administration re-imposed sanctions on the country's oil exports to try to strangle the country's economy and force Tehran to halt its nuclear program.

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Crypto Rises; Japan Passes Crypto Regulations

May 22, 2019, 03:48

Investing.com - The crypto market traded in the green on Wednesday morning in Asia, with Bitcoin continuing to hover below the $8,000 level.

Bitcoin traded 0.32% higher at $7,914.9 by 11:17 PM ET (02:26 AM GMT).

Other major digital currencies were also higher, with Ethereum up 2% to $256.19, XRP rising 2% to $0.40249 and Litecoin adding 0.4% to $91.1.

On Tuesday, Japan's parliament passed amendments to two existing financial laws aimed at strengthening regulations on cryptocurrency trading, including margin trading. The new law also includes a change of crypto-related terminology, altering the term virtual currencies to “crypto assets.”

Meanwhile, the central bank of Laos has warned against the use, purchase or sale of digital currencies, according to local news agency Vientiane Times. Crypto transactions remain illegal in the Southeast Asian country.

Laotian regulators are concerned that anonymity of the sender and receiver in a cryptocurrency transaction increases the risk of money laundering. The warning was issued after digital tokens such as Bitcoin, Ethereum and Litecoin were advertised for sale on social media.

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U.S. Dollar Flat; Pound Edges Up After May Presents “New” Brexit Deal

May 22, 2019, 03:45

Investing.com - The U.S. dollar was steady near three-and-a-half week highs on Wednesday in Asia, while the British pound edged up after U.K. Prime Minister Theresa May presented a “new” Brexit deal.

The U.S. dollar index that tracks the greenback against a basket of other currencies was last at 97.868, not far from Tuesday's highs of 97.975, the most since April 26.

Demand for the greenback continued to be underpinned after Federal Reserve Chairman Jerome Powell indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt.

“Business debt has clearly reached a level that should give businesses and investors reason to pause and reflect,” Powell said at a conference, noting that corporate borrowing is at a record level of around 35% of corporate assets.

News that the U.S. granted Chinese telecommunications equipment maker Huawei Technologies a license to buy U.S. goods for at least 90 days also sent the U.S. dollar higher overnight as U.S. Treasury yields ticked higher in response to gains in the equities market.

But investor sentiment remained subdued after Chinese ambassador to the U.S. Cui Tiankai blamed Washington for “changing its mind so often” in trade talks and that the U.S. is the side that broke the deal already reached.

The Chinese yuan slipped against the U.S. dollar following the news, while reports that Chinese President Xi Jinping suggested that the trade war would not end in the near future was also cited as a headwind for the Chinese currency.

Xi did not directly mention the U.S. or the ongoing trade war, but his remarks were widely interpreted as a sign that Beijing is not going to cave in to Washington's demands anytime soon.

“We are here at the starting point of the Long March to remember the time when the Red Army began its journey,” Xi said in the Jiangxi province during a domestic tour. “We are now embarking on a new Long March, and we must start all over again!”

The “Long March” refers to China’s civil war in the 1930s.

The GBP/USD pair was up 0.1% to after U.K. Prime Minister Theresa May set out a “new” Brexit deal that offers the prospect of a vote on holding a second referendum, but traders and analysts expressed concerns that the new proposal was largely the same as her previous deals.

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Asian Stocks Mixed; Trade Talks Remain in Focus

May 22, 2019, 02:32

Investing.com - Asian stocks were mixed in morning trade on Wednesday as traders remained cautious amid worries that the trade war between the U.S. and China could become protracted.

China’s Shanghai Composite edged up 0.1% by 10:30 PM ET (02:30 GMT), while the Shenzhen Component slipped 0.2%. Hong Kong’s Hang Seng Index was up 0.6%.

Overnight, Wall Street ended higher after the U.S. Commerce Department said it would temporarily lift restrictions on Chinese telecom giant Huawei.

Tensions between the U.S. and China remained high despite the move, after Cui Tiankai, Chinese ambassador to the U.S., said in an interview with Fox News that Washington “changes its mind so often” in trade talks.

“If we review the process of trade talks between us over the last year or so, it is quite clear it is the U.S. side that, more than once, changed its mind overnight, and broke the tentative deal already reached,” said Cui, adding that the “door is still open” for further talks.

He also said U.S. sanctions on Huawei “are without any foundation and evidence” and are “politically motivated.”

Japan’s Nikkei 225 rose 0.4% as data showed a pickup in business sentiment for the first time in the past seven months. South Korea’s KOSPI was little changed at 2,060.28.

Down under, Australia’s ASX 200 traded 0.1% lower.

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Nordstrom Earnings, Revenue Miss in Q1

May 22, 2019, 02:09

Investing.com - Nordstrom (NYSE:JWN) reported first quarter earnings that missed analysts' expectations on Tuesday and revenue that fell short of forecasts.

The firm reported earnings per share of $0.23 on revenue of $3.44B. Analysts polled by Investing.com expected EPS of $0.43 on revenue of $3.57B. That compared to EPS of $0.51 on revenue of $3.56B in the same period a year earlier. The company had reported EPS of $1.47 on revenue of $4.48B in the previous quarter.

Nordstrom follows other major Services sector earnings this month


On April 25, Amazon.com reported first quarter EPS of $7.09 on revenue of $59.7B, compared to forecasts of EPS of $4.7 on revenue of $59.7B.

Alibaba ADR earnings beat analysts' expectations on May 15, with fourth quarter EPS of $8.57 on revenue of $93.5B. Investing.com analysts expected EPS of $6.56 on revenue of $91.54B

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

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U.S. stocks higher at close of trade; Dow Jones Industrial Average up 0.77%

May 21, 2019, 09:25

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

At the close in NYSE, the Dow Jones Industrial Average added 0.77%, while the S&P 500 index added 0.85%, and the NASDAQ Composite index climbed 1.08%.

The best performers of the session on the Dow Jones Industrial Average were Intel Corporation (NASDAQ:INTC), which rose 2.07% or 0.90 points to trade at 44.46 at the close. Meanwhile, Caterpillar Inc (NYSE:CAT) added 2.06% or 2.52 points to end at 124.95 and Apple Inc (NASDAQ:AAPL) was up 1.92% or 3.51 points to 186.60 in late trade.

The worst performers of the session were Procter&Gamble Company (NYSE:PG), which fell 0.89% or 0.96 points to trade at 106.37 at the close. Coca-Cola Company (NYSE:KO) declined 0.51% or 0.25 points to end at 48.60 and The Travelers Companies Inc (NYSE:TRV) was down 0.47% or 0.70 points to 147.47.

The top performers on the S&P 500 were AutoZone Inc (NYSE:AZO) which rose 5.57% to 1032.25, DISH Network Corporation (NASDAQ:DISH) which was up 5.29% to settle at 35.00 and Xilinx Inc (NASDAQ:XLNX) which gained 4.63% to close at 105.71.

The worst performers were Kohls Corp (NYSE:KSS) which was down 12.34% to 55.15 in late trade, Varian Medical Systems Inc (NYSE:VAR) which lost 1.97% to settle at 127.94 and JB Hunt Transport Services Inc (NASDAQ:JBHT) which was down 1.77% to 95.75 at the close.

The top performers on the NASDAQ Composite were JMU Ltd (NASDAQ:JMU) which rose 59.84% to 1.950, NanoVibronix Inc (NASDAQ:NAOV) which was up 61.87% to settle at 4.50 and Westwater Resources Inc (NASDAQ:WWR) which gained 29.92% to close at 4.9500.

The worst performers were BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) which was down 52.91% to 3.480 in late trade, China Bat Group Inc (NASDAQ:GLG) which lost 46.21% to settle at 0.7100 and Novelion Therapeutics Inc (NASDAQ:NVLN) which was down 26.03% to 0.873 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 2292 to 677 and 111 ended unchanged; on the Nasdaq Stock Exchange, 1841 rose and 816 declined, while 82 ended unchanged.

Shares in Kohls Corp (NYSE:KSS) fell to 52-week lows; falling 12.34% or 7.76 to 55.15. Shares in BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) fell to 52-week lows; losing 52.91% or 3.910 to 3.480. Shares in China Bat Group Inc (NASDAQ:GLG) fell to 52-week lows; losing 46.21% or 0.6100 to 0.7100.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 8.34% to 14.95.

Gold Futures for June delivery was down 0.22% or 2.80 to $1274.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.36% or 0.23 to hit $62.98 a barrel, while the July Brent oil contract fell 0.06% or 0.04 to trade at $71.99 a barrel.

EUR/USD was up 0.08% to 1.1166, while USD/JPY rose 0.00% to 110.50.

The US Dollar Index Futures was up 0.11% at 97.868.

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Canada stocks higher at close of trade; S&P/TSX Composite up 0.15%

May 21, 2019, 09:25

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

At the close in Toronto, the S&P/TSX Composite added 0.15%.

The best performers of the session on the S&P/TSX Composite were Premium Brands Holdings Corporation (TO:PBH), which rose 8.61% or 6.72 points to trade at 84.80 at the close. Meanwhile, iA Financial (TO:IAG) added 4.99% or 2.49 points to end at 52.35 and Cronos Group Inc (TO:CRON) was up 4.19% or 0.8400 points to 20.9100 in late trade.

The worst performers of the session were New Gold Inc (TO:NGD), which fell 10.00% or 0.100 points to trade at 0.900 at the close. First Quantum Minerals Ltd . (TO:FM) declined 7.17% or 0.85 points to end at 11.00 and Yamana Gold Inc (TO:YRI) was down 4.43% or 0.12 points to 2.59.

Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 624 to 455 and 109 ended unchanged.

Shares in New Gold Inc (TO:NGD) fell to 5-year lows; losing 10.00% or 0.100 to 0.900. Shares in Yamana Gold Inc (TO:YRI) fell to 3-years lows; falling 4.43% or 0.12 to 2.59.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 7.74% to 13.83.

Gold Futures for June delivery was down 0.22% or 2.80 to $1274.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.36% or 0.23 to hit $62.98 a barrel, while the July Brent oil contract fell 0.06% or 0.04 to trade at $71.99 a barrel.

CAD/USD was up 0.01% to 0.7458, while CAD/EUR rose 0.04% to 0.6683.

The US Dollar Index Futures was up 0.11% at 97.868.

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Day Ahead: Top 3 Things to Watch

May 21, 2019, 09:06

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

1. Target , Lowe’s to Report

Target (NYSE:TGT) continues the week of retail earnings tomorrow with its report before trading opens. The discount retail chain is expected to report a profit of $1.43 per share for the quarter on sales of about $17.5 billion, according to analysts’ estimates compiled by Investing.com. Comparable-store sales are predicted to rise 4% for the period, according to Briefing.com.

Morgan Stanley upgraded shares of Target to equal weight from underweight yesterday, reiterating its price target of $67 and calling the company a “retail survivor”.

Following Home Depot 's (NYSE:HD) better-than-expected results today, archrival Lowe’s (NYSE:LOW) will weigh in tomorrow morning. Analysts expect that the home improvement retailer earned $1.33 per share, with sales coming in at about $17.7 billion.

2. FOMC Minutes Coming

The Federal Reserve will release the minutes of its latest Federal Open Market Committee meeting at 2:00 PM ET (18:00 GMT).

The FOMC held interest rates steady at the start of the month, as expected, but investors will want to see any differing views on the path of rates later this year. Fed Chairman Jerome Powell was pretty blunt at his post-meeting press conference, saying there’s no case for a hike or a cut.

“We do think our policy stance is appropriate right now,” Powell said. “We don’t see a strong case for moving in either direction.”

Along with parsing the minutes for any dissent to that view, the market will be focused on more details on economic projections and the Fed balance sheet.

Right now, fed funds futures are pricing in about a 65% chance that rates will be lower after the final meeting of the year in December, according to Investing.com’s Fed Rate Monitor Tool.

3. Analysts Unsure on Oil Inventories

Oil prices aren’t the only thing struggling for direction in the crude market. Analysts are having a tough time predicting what’s going to happen with oil inventories tomorrow.

The Energy Information Administration will report the weekly crude, gasoline and distillate stockpile numbers at 10:30 AM ET (14:30 GMT). Estimates for oil inventories have been bouncing around. The Investing.com consensus currently calls for a drop of 600,000 barrels of crude, down from a drawdown of more than 2 million barrels earlier in the day.

Other estimates have been calling for a build by as much as 3 million barrels. Inventories tend to fall as the U.S. moves into the summer months and the peak driving season, but near-record oil production is making the market wary.

The American Petroleum Institute reported a rise of 2.4 million barrels of crude in its estimate out late today.

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Stocks - S&P Closes Higher as U.S. Temporarily Eases Huawei Restrictions

May 21, 2019, 07:41

Investing.com - U.S. stocks bounced back on Tuesday from a slump a day earlier, led by tech stocks after the U.S. temporarily eased some of the restrictions on China's Huawei.

The Dow Jones Industrial Average gained 0.77%, the S&P 500 added 0.85%, while the Nasdaq Composite rose 1.08%.

The U.S. Commerce Department on Monday granted a 90-day license for U.S. mobile phone companies and internet broadband providers to work with Huawei to keep existing networks online and protect users from security risks.

Following the move, chip stocks, which were particularly vulnerable to the U.S. ban on Huawei, rallied 2%, with Intel (NASDAQ:INTC) and Qualcomm (NASDAQ:QCOM) clawing back some recent losses. Intel rose 2.1%. Qualcomm added 1.5%.

Alphabet (NASDAQ:GOOGL) also ended the day 0.85% higher after reversing its decision from a day earlier to stop providing Huawei with software updates.

Beyond trade, investors also digested mixed quarterly earnings.

Kohl's (NYSE:KSS) reported a miss on the top and bottom lines and also reported comparable-store sales that fell short of expectations, sending its shares more than 12% lower.

JC Penney (NYSE:JCP), meanwhile, reported a wider-than-expected loss and drop in same-store sales, while revenue also missed expectations. Its shares slumped more than 7%.

After hours, Nordstrom (NYSE:JWN) said it missed revenue and earnings estimates for the first quarter and cut its guidance for the year. Shares fell more than 8%.

But auto parts retailer AutoZone (NYSE:AZO) boosted the broader retail sector, rising more than 5% after topping expectations on both the top and bottom lines.

The SPDR S&P Retail ETF (NYSE:XRT) ended the day 1% higher.

Energy stocks, meanwhile, also paved the way for gains in the broader market despite a modest fall in U.S. oil prices as concerns that a prolonged trade war between the U.S. and China could hurt global oil demand offset ongoing U.S.-Iran tensions and expectations for OPEC to stick with production cuts.

In other company news, Tesla (NASDAQ:TSLA) closed off 0.1% after shares had fallen to as low as $196.04. Morgan Stanley cutting its worst-case forecast on the electric car maker's share price to just $10, citing concerns about the company’s hefty debt levels and potential weaker demand from China.

Tesla also announced it was slashing the sticker price for its Model S and Model X vehicles for the third time in about three months, the news site Electrek reported.

On the economic front, U.S. existing home sales fell for a second-straight month in April as the supply of lower-priced housing continued to weigh.

Top S&P 500 Gainers and Losers Today:

AutoZone (NYSE:AZO), DISH Network (NASDAQ:DISH) and Xilinx (NASDAQ:XLNX) were among the top S&P 500 gainers for the session.

Kohl's (NYSE:KSS), Lamb Weston (NYSE:LW) and Varian Medical Systems (NYSE:VAR) were among the worst S&P 500 performers of the session.

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Nordstrom Shares Slump on Earnings Miss

May 21, 2019, 08:14

Investing.com - Shares of department-store chain Nordstrom (NYSE:JWN) fell nearly 9% postmarket after the company missed on earnings and revenue for the fiscal first quarter. Nordstrom cut its guidance as well.

Nordstrom had expected to earn $3.65 to $3.90 a share for the year. The new guidance is $3.25 to $3.65. Revenue growth is projected at down 2% to flat. The prior guidance had been up 1% to 2%.

For the quarter, Nordstrom earned 23 cents a share, missing the estimate of analysts polled by Investing.com of 43 cents. Revenue was $3.44 billion, off 3.3% from a year ago. The Investing.com estimate was $3.57 billion.

The company said its biggest problem was a 5.1% decline in sales of full-price merchandise. Digital sales jumped 7% year over year. The company also said it struggled with a number of execution issues, including a big one with its enhanced loyalty program.

Nordstrom shares were up 1.12% to $37.89 in regular trading. But they're down 18.8% this year based on the Tuesday close. They hit a 52-week low of $36.37 on Friday. That's off 44.2% from a 52-week high of $67.75 reached in early November. If the market reaction to the earnings report holds on Wednesday, the shares could hit a new 52-week low and reach levels not seen since 2011. The consensus target on the stock is $46.94, but analysts will likely cut their targets in the next few days.

Like many old-line department store chains, Nordstrom has been battered by the rise of digital shopping. It has invested millions in making shopping easy on its website and has results to show for it. Not only did digital sales rise 7% year ove year, but it now represents 31% of total sales, up from 28% a year ago.

Nordstrom defines its digital business as "online sales and digitally assisted store sales which include Buy Online, Pick Up in Store ('BOPUS'), Ship to Store and Style Board, a digital selling tool."

But the traditional full-price business is suffering badly and even its widely-admired off-rack business didn't have a strong quarter, with sales off 0.6%. Its gross profit margin fell to 33.5% in the quarter, down from 34.1% a year ago.

Nonetheless, the company was able to buy back 4.1 million shares for about $186 million. Its profit margin for earnings before interest and income taxes fell to 2.4% from 4.4%.

Nordstrom still plans to open what it calls its flagship store, a seven-story, 320,000-square operation, on West 57th Street in New York City on Oct. 24..

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Gold Dips Amid's Dollar Triumph as a Trade War Hedge

May 21, 2019, 07:34

By Barani Krishnan

Investing.com - The dollar is going back to being the preferred hedge to the trade war, taking away more of gold's allure.

Bullion and futures of gold hit a more-than two-week bottom on Tuesday as technology stocks fueled a rebound on Wall Street. The rally came as the United States temporarily eased curbs on China's Huawei Technologies, raising expectations that the two countries would work toward a trade deal.

The dollar rose, too, as some investors twinned the greenback with equities in their play on the trade war.

Spot gold, reflective of trades in bullion, traded at $1,274.45 per ounce by 3:30 PM ET (19:30 GMT), down $3.33, or 0.3%, on the day.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, settled down $4.10, or 0.3%, at $1,273.20 per ounce.

"Gold under pressure today as dollar gains with U.S. securities and U.S. debt buyers need dollars to pay for them," said George Gero, precious metals analyst at RBC Wealth Management in New York.

The U.S.-China trade war has been one of the pillars of support for gold this year as investors sought protection in the yellow metal, which had become a safe haven in times of both economic and political troubles.

Bullion reached a one-month peak of $1,303.35 last Tuesday after China countered higher U.S. tariffs on its goods by announcing duty hikes of its own on American merchandise. June gold soared to a one-month high $1,304.15 the same day.

The dollar index, which measures the greenback against a basket of six currencies, was up 0.1% at a one-month high of 97.98.

Like gold, the dollar has also been used as insurance against the U.S.-China trade war. Still, gold has an advantage over the dollar in the trade war as a positive resolution in the form of a trade agreeement could see jewelry and other bullion-related consumption rise in China.

Elsewhere in metals, palladium fell 1% but managed to hold on to its mantle as the world's costliest traded metal.

Spot palladium was down $14.30 at $1,320.60 an ounce.

Trades in other Comex metals as of 3:30 PM ET (19:30 GMT):

Palladium futures down $17, or 1.3%, at $1,314 per ounce.

Platinum futures up $2, or 0.3%, at $816.20 per ounce.

Silver futures down 2 cents, or 0.1%, at $14.43 per ounce.

Copper futures down 1 cent, or 0.4%, at $2.72 per pound.

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Oil Retreats Ahead of U.S. Stockpiles Data as OPEC Cuts Lose Sizzle

May 21, 2019, 05:08

By Barani Krishnan

Investing.com - Move aside, OPEC, it's back to U.S. crude stockpiles for now.

Oil prices traded up as much as 1% on Tuesday before retreating by the close on worries that U.S. crude inventories may have risen by more than 3 million barrels last week. Concerns about global economic fallout from the festering U.S.-China trade war also weighed on the market after Monday's brief optimism over extended OPEC production cuts.

The June contract for West Texas Intermediate futures, the benchmark for U.S. crude, settled down 11 cents, or 0.2%, at $62.99 per barrel. It rose as much as 68 cents earlier in the session.

London Brent futures, the global benchmark for oil, settled up 21 cents, or 0.3%, at $72.18 per barrel. It had risen 33 cents at the day's high.

WTI is up 39% this year. Brent has risen 34%.

"The (Reuters) consensus is that we may have had a 3.2-million-barrel build in U.S. crude last week, and that's more relevant to immediate market sentiment than any cut that OPEC plans to do over the longer run," said John Kilduff, founding partner at New York energy hedge fund Again Capital.

At 4:30 PM (20:30 GMT), the American Petroleum Institute will issue a snapshot on what the Energy Information Administration will likely report on Wednesday for oil supply-demand for the week ended May 17.

If stockpiles did rise by more than 3 million barrels last week, it would be the second week in a row for such a substantial growth after the previous week's rise of nearly 5.5 million barrels.

"The recent trend of builds in the U.S. ... are counter-seasonal and (inventories) need to start drawing or people may fear that production in the U.S. is just exploding higher," Scott Shelton, energy futures broker at ICAP (LON:NXGN) in Durham, N.C. said, referring to the upcoming peak U.S. summer driving season where gasoline processing is usually at its highest.

U.S. crude production reached 12.2 million barrels last week, slightly below the all-time high of 12.3 million registered in late April.

The growth in U.S. onshore production from the first quarter through the fourth quarter could come in at around 1.1-1.2 million barrels per day (bpd), or 16% for the full year, according to Rystad Energy, a consulting firm in Oslo, Norway.

Kilduff said one reason for the large crude builds at this time of year could be that refining margins were weaker than year-ago levels.

"It's understandable that refiners may want to wait for better margins to ramp up gasoline making," he said. "In that process, if they allow crude stocks to start building, it's only going to weaken the flat price of crude and further weigh on refining margins."

Retail gasoline prices have moderated since peaking in the first week of May, according to the American Automobile Association's Daily Fuel Gauge report. The national average price for gasoline was $2.845 a gallon on Tuesday, off slightly from Monday and down five cents a gallon from its peak $2.895 average on May 6. The retail price is still up 25.6% this year.

Oil prices have been volatile since Monday on mixed messaging by two of the world's biggest crude exporters. OPEC's dominant member Saudi Arabia vowed to maintain its squeeze on production through the end of the year. But the kingdom's main partner in the extended OPEC+ alliance, Russia, suggested that it would base its output on market conditions, meaning it could relax cuts especially if demand slackened.

Six months of disciplined output cuts by OPEC+ as rising U.S.-Iran and Iran-Saudi tensions of late have shored up oil prices by nearly 40% this year. But the U.S.-China trade war, which is dragging everything from agriculture to technology into it and could hasten the world's slide into recession, is raising questions about demand.

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Bitcoin Renews Bid to Overcome $8,000, Shrugging off SEC ETF Delay

May 21, 2019, 06:32

Investing.com - Bitcoin renewed its bid to mount a sustained surge above the $8,000 handle on Tuesday, shrugging off a widely-expected delay by U.S. authorities on a bitcoin fund that many believe has the potential to be a game changer for the crypto industry.

Bitcoin was up 2.90% to $7,987.6 from a session low of $7,680 after hitting a high of $8,112 earlier.

The Security and Exchange Commission put out a call for public comment and delayed a decision on the proposed rule changes that would allow an exchanged traded bitcoin fund, or ETF, proposed by investment management firm VanEck to trade on the CBOE exchange to Aug. 19.

The move was widely expected, with some suggesting that the U.S. financial watchdog is still in the "information gathering" stage. They also believe the commission will continue to delay making a decision on approving or denying a bitcoin EFT.

"The SEC is in information gathering mode. Technically, there are deadlines, but it’s the SEC, they can do what they want. They can kick this can down the road," Dave Nadig, managing director of ETF.com, told CNBC.

Still, traders appear willing to back the popular crypto as its market cap has continued to edge higher, rising to $141.4 billion, up from $124.7 billion at its lows seen after the slump last week. Some attributed the resilience in bitcoin to positioning ahead of the next "halvening," which will see the amount that bitcoin miners receive halve to 6.25 BTC from the current 12.5 BTC, reducing the total supply in the market.

Other cryptos followed bitcoin higher, with XRP rising 3.23% to $0.39673, Ethereum up 4.46% to $255.35 and Litecoin adding 2.62% to $92.08.

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Sweden stocks higher at close of trade; OMX Stockholm 30 up 0.88%

May 21, 2019, 06:20

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

At the close in Stockholm, the OMX Stockholm 30 rose 0.88%.

The best performers of the session on the OMX Stockholm 30 were SSAB AB ser. A (ST:SSABa), which rose 2.21% or 0.69 points to trade at 31.87 at the close. Meanwhile, Atlas Copco AB Class A (ST:ATCOa) added 2.13% or 5.8 points to end at 278.1 and Atlas Copco AB Series B (ST:ATCOb) was up 2.02% or 5.0 points to 252.3 in late trade.

The worst performers of the session were Autoliv Inc . SDB (ST:ALIVsdb), which fell 0.37% or 2.4 points to trade at 647.0 at the close. Telia Company AB (ST:TELIA) declined 0.29% or 0.12 points to end at 40.74 and Swedbank AB ser A (ST:SWEDa) was 0.00% or 0.0 points to 143.5.

Rising stocks outnumbered declining ones on the Stockholm Stock Exchange by 397 to 243 and 56 ended unchanged.

Crude oil for July delivery was down 0.25% or 0.16 to $63.05 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.13% or 0.09 to hit $72.06 a barrel, while the June Gold Futures contract fell 0.29% or 3.65 to trade at $1273.65 a troy ounce.

EUR/SEK was down 0.18% to 10.7713, while USD/SEK fell 0.09% to 9.6544.

The US Dollar Index Futures was up 0.16% at 97.922.

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Netherlands stocks higher at close of trade; AEX up 0.32%

May 21, 2019, 06:15

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

At the close in Amsterdam, the AEX added 0.32%.

The best performers of the session on the AEX were ArcelorMittal SA (AS:MT), which rose 3.65% or 0.526 points to trade at 14.952 at the close. Meanwhile, Galapagos NV (AS:GLPG) added 2.75% or 2.800 points to end at 104.600 and Adyen NV (AS:ADYEN) was up 2.61% or 17.80 points to 700.00 in late trade.

The worst performers of the session were Koninklijke Ahold Delhaize NV (AS:AD), which fell 1.75% or 0.370 points to trade at 20.720 at the close. Koninklijke DSM NV (AS:DSMN) declined 0.63% or 0.65 points to end at 101.90 and Koninklijke Philips NV (AS:PHG) was down 0.39% or 0.14 points to 36.04.

Rising stocks outnumbered declining ones on the Amsterdam Stock Exchange by 78 to 49 and 13 ended unchanged.

The AEX Volatility, which measures the implied volatility of AEX options, was down 7.92% to 13.83.

Crude oil for July delivery was down 0.21% or 0.13 to $63.08 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 0.13% or 0.09 to hit $72.06 a barrel, while the June Gold Futures contract fell 0.29% or 3.65 to trade at $1273.65 a troy ounce.

EUR/USD was down 0.12% to 1.1157, while EUR/GBP rose 0.08% to 0.8781.

The US Dollar Index Futures was up 0.16% at 97.917.

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StockBeat - TJX Creeps Higher on Earnings Beat, Rosier Outlook

May 21, 2019, 05:17

Investing.com - Retailer TJX Companies traded higher on Tuesday after reporting better-than-expected fiscal first-quarter results and modestly raising its full-year guidance amid growth in customer traffic.

TJX (NYSE:TJX) said it now expects diluted earnings per share for the year ending Feb. 1 2020 to be in the range of $2.56 and $2.61, up from the $2.45 a share the year before. In February, the company said it expected earnings in the range of $2.55 to $2.60 a share.

The slightly improved guidance comes on the back of fiscal first-quarter earnings that topped expectations.

Shares rose 1.1% and are up more than 19% this year after rising 17% in 2018.

The retailer reported earnings of $0.57 a share on revenue of $9.28 billion, slightly ahead of the expectations from Investing.com for earnings of $0.55 share on revenue of of $9.22 billion.

Comparable sales topped expectations, rising 5% thanks to a ramp-up in foot traffic.

"We are in an excellent position to take advantage of the abundant buying opportunities we are seeing in the marketplace for quality, branded merchandise and to keep flowing fresh, exciting assortments to our stores and online," said Chief Executive Ernie Herman in a statement. "We have many initiatives underway to keep driving sales and customer traffic, and feel great about our ability to continue to gain market share around the world."

Following the above-consensus first-quarter results and upgraded guidance, some on Wall Street to continue to back the retailer on expectations for further market share gains and buybacks.

"We also see market gains for TJX from the Dressbarn closing and highlight an attractive yield (1.7%), alongside more share repurchases (we forecast $2.25B in FY 20)," said CFRA, an independent research provider, who also maintained its buy opinion on TJX.

"We keep our 12-month target at $60, a forward P/E of 23.0 times our full-year 2020 (Jan.) estimate of $2.61 (up from $2.58), above the three-year historical forward P/E average," the firm added. The stock was at $53.54 Tuesday afternoon.

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U.K. stocks higher at close of trade; Investing.com United Kingdom 100 up 0.29%

May 21, 2019, 05:15

Investing.com – U.K. stocks were higher after the close on Tuesday, as gains in the Software&Computer Services, Industrial Metals&Mining and Food&Drug Retailers sectors led shares higher.

At the close in London, the Investing.com United Kingdom 100 rose 0.29%.

The best performers of the session on the Investing.com United Kingdom 100 were J Sainsbury PLC (LON:SBRY), which rose 4.70% or 9.30 points to trade at 207.10 at the close. Meanwhile, Coca Cola HBC AG (LON:CCH) added 3.63% or 97.0 points to end at 2769.0 and Persimmon PLC (LON:PSN) was up 3.03% or 62.00 points to 2108.00 in late trade.

The worst performers of the session were Royal Mail PLC (LON:RMG), which fell 9.23% or 21.50 points to trade at 211.40 at the close. Merlin Entertainments PLC (LON:MERL) declined 3.54% or 12.40 points to end at 337.60 and Rolls-Royce Holdings PLC (LON:RR) was down 2.46% or 23.20 points to 918.00.

Rising stocks outnumbered declining ones on the London Stock Exchange by 1391 to 799 and 202 ended unchanged.

Shares in Royal Mail PLC (LON:RMG) fell to all time lows; losing 9.23% or 21.50 to 211.40.

Gold Futures for June delivery was down 0.36% or 4.65 to $1272.65 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.19% or 0.12 to hit $63.09 a barrel, while the July Brent oil contract fell 0.06% or 0.04 to trade at $71.93 a barrel.

GBP/USD was up 0.05% to 1.2732, while EUR/GBP fell 0.09% to 0.8766.

The US Dollar Index Futures was up 0.12% at 97.877.

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