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Euro flat as Draghi coy on ECB forward guidance

May 29, 2017, 02:20

Investing.com - The euro was flat against the dollar Monday as Mario Draghi gave no indication of any change to ECB's forward guidance.
The euro was off 0.06% at 09:45 ET at $1.1174 after a low of $1.1162 and a high of $1.1190.
Downside risks to the euro-zone economic outlook have eased further, Draghi said in prepared remarks to the European Parliament.
He pointed to euro-zone GDP growth of 1.7% in the first quarter and unemployment falling to lowest level since 2009.
However, he said cost pressures fall short of what is need to reach ECB medium term inflation target in a "sustainable" manner.
“An extraordinary amount of monetary policy support, including through our forward guidance, is still necessary,” he said.
The ECB Governing Council is due to announce policy decisions on June 8.
There has been some speculation of a shift in the bank’s forward guidance as early as the June meeting.
The ECB will review the latest update of staff projections at the June meeting.

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Oil supply glut to return with agreement end, shale increase- M. Stanley

May 29, 2017, 02:06

Investing.com - Although Morgan Stanley agrees that the recent agreement between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members led by Russia to extend their agreed production cuts for another nine months through the end of March 2018 will lead to stock draws in the second and third quarter of this year, these experts believe the correction will be short-lived.

These analysts expect the initial extension to reduce inventories and thus provide some oil price support.

“However, when this agreement ends, and coincides with strong shale growth, the market looks oversupplied again,” they explained in a note to clients.

In this scenario, these experts feel that an acceleration of inventory draws in the third quarter should support oil prices, but still reduced their forecast for the barrel of West Texas Intermediate (WTI) oil to end 2017 at $55, from the prior $60.

With regard to 2018, Morgan Stanley expects that OPEC will not extend the output cuts beyond the first quarter and noted that non-OPEC production had already returned to year-on-year growth with the acceleration driven by shale growth.

“When the end of the OPEC production cuts meet strong shale growth, the market is almost certainly oversupplied again,” they said.

“As a result, we lower our end-2018 WTI price forecast to $55 per barrel, from $60 per barrel before, although we could still see lower prices at some point during 2018,” they concluded.

Oil prices traded near the unchanged mark in holiday-thinned North American trading on Monday.

U.S. crude futures inched up 0.08% to $49.84 by 10:05AM ET (14:05GMT), while Brent oil rose 0.04% to $52.53.

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Canadian dollar edges lower in thin holiday trade

May 29, 2017, 01:27

Investing.com - The Canadian dollar was a touch lower against its U.S. counterpart on Monday as trade volumes remained thin with financial markets in the U.S. closed for the Memorial Day holiday.

USD/CAD edged up to 1.3451 by 09.27 ET and was trading in a range of 1.3433 to 1.3465.

The loonie struggled to make headway as oil prices drifted lower amid persistent concerns that rising U.S. shale output is threatening to derail efforts by other major producers to reduce a global supply glut.

Oil is one of Canada’s major exports.

The greenback was little changed against a basket of the other major currencies, holding above last week’s six-and-a-half month lows.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 97.34, holding above last week's low of 96.79, its weakest level since November 9.

Investors remained in a cautious mood amid ongoing political concerns surrounding the Trump administration.

President Donald Trump attacked the media and dismissed White House leaks as "fake news" on Sunday, following reports that Jared Kushner, his son-in-law and senior aide, sought to set up secret “back channel” communications with Russia before Trump took office.

Investors were looking ahead to Friday’s U.S. employment report, which was expected to show that conditions in the labor market remain solid.

A strong U.S. jobs report would cement expectations for a rate hike by the Federal Reserve at its next meeting in June.

Data on Friday showed that the U.S. economy slowed less than initially thought in the first three months of the year. Gross domestic product grew at an annual rate of 1.2% in the three months to March, the Commerce Department said, up from an initial estimate of 0.7%.

It was still the weakest expansion since the first quarter of 2016, but economists think growth is likely to rebound sharply in the current quarter.

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Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.56%

May 29, 2017, 01:15

Investing.com – Saudi Arabia stocks were higher after the close on Monday, as gains in the Multi Investment, Industrial Investment and Hotels&Tourism sectors led shares higher.

At the close in Saudi Arabia, the Tadawul All Share added 0.56%.

The best performers of the session on the Tadawul All Share were AlJazira Mawten REIT (SE:4331), which rose 9.65% or 1.65 points to trade at 18.75 at the close. Meanwhile, Riyad REIT (SE:4330) added 6.45% or 0.80 points to end at 13.20 and Jadwa REIT Al Haramain Fund (SE:4332) was up 4.72% or 0.60 points to 13.30 in late trade.

The worst performers of the session were Middle East Paper Co (SE:1202), which fell 3.36% or 0.50 points to trade at 14.40 at the close. Anaam International Holding Group (SE:4061) declined 3.30% or 0.60 points to end at 17.60 and National Gypsum Company (SE:2090) was down 3.11% or 0.40 points to 12.45.

Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 142 to 21 and 13 ended unchanged.

Crude oil for July delivery was up 0.08% or 0.04 to $49.84 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 0.04% or 0.02 to hit $52.53 a barrel, while the June Gold Futures contract fell 0.09% or 1.08 to trade at $1267.02 a troy ounce.

EUR/SAR was up 0.01% to 4.1927, while USD/SAR fell 0.01% to 3.7500.

The US Dollar Index Futures was down 0.02% at 97.31.

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ECB’s Draghi insists on need for continued accommodative policy

May 29, 2017, 01:14

Investing.com – European Central Bank (ECB) president Mario Draghi said Monday that while the euro zone economy is improving, inflation remains subdued, requiring extraordinarily accommodative monetary policy.

In testimony to the Committee on Economic and Monetary Affairs of the European Parliament on Friday, Draghi commented that “the economic upswing is becoming increasingly solid” and “downside risks to the growth outlook are further diminishing.”

“The fact that domestic consumption and investment are the main engines driving the recovery makes it more robust and resilient to downside risks, which relate predominantly to global factors,” he added.

Nevertheless, the ECB president insisted that underlying inflation pressures have remained subdued.

“Domestic cost pressures, notably from wages, are still insufficient to support a durable and self-sustaining convergence of inflation toward our medium-term objective,” he said, insisting that the euro area needs financing conditions that are “very accommodative”.

“At its June monetary policy meeting the Governing Council will receive an update of the staff projections and a more complete information set on which it will be able to formulate its judgement on the distribution of risks around the most likely outlook for growth and inflation,” Draghi stated.

“Overall, we remain firmly convinced that an extraordinary amount of monetary policy support, including through our forward guidance, is still necessary for the present level of underutilized resources to be re-absorbed and for inflation to return to and durably stabilize around levels close to 2% within a meaningful medium-term horizon," he said.

The ECB will make its next policy on June 8 with markets widely expecting no changes.

After publication of the speech, EUR/USD traded at com 1.1179 compared to 1.1184 ahead of the report, while EUR/GBP was at 0.8704 from 0.8708 earlier.

Meanwhile, European stock markets were trading lower. The Euro Stoxx 50 dropped 0.05%, Germany's DAX inched up 0.03%, while France’s CAC 40 lost 0.08%. London’s FTSE 100 was closed for a bank holiday.

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U.S. natural gas futures slide in thin volume

May 29, 2017, 12:59

Investing.com - U.S. natural gas futures fell sharply on Monday, with trading volumes likely to remain light as U.S. markets remained closed for Memorial Day.

U.S. natural gas for July delivery sank 8.3 cents, or around 2.5%, to $3.227 per million British thermal units by 8:55AM ET (1255GMT).

The latest U.S. weather model called for mild temperatures over the next two weeks, which should dampen natural gas demand during that time.

Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on spring heating demand.

Gas use typically hits a seasonal low with spring's mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning.

Nearly 50% of all U.S. households use gas for heating.

Total natural gas in storage currently stands at 2.444 trillion cubic feet, according to the U.S. Energy Information Administration, 13.2% lower than levels at this time a year ago but 9.9% above the five-year average for this time of year.

Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 70 and 80 billion cubic feet in the week ended May 26.

That compares with a gain of 75 billion cubic feet in the preceding week, an increase of 82 billion a year earlier and a five-year average rise of 97 billion cubic feet.

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Oil slips as U.S. output weighed against OPEC deal

May 29, 2017, 12:46

Investing.com - Oil slipped Monday as the number of rigs operating in the U.S. continued to increase.
U.S. crude was off 6 cents, or 0.12%, at $49.74 at 08:00 ET. Brent lost 7 cents, or 0.13%, to $52.44.
The extension of an OPEC-led deal on output cuts for another nine months disappointed.
The scale back in production remains at 1.8 million barrels a day agreed for the first half of this year.
Baker Hughes reported Friday the U.S. rig count rose two to 722.
The number of rigs operating in the U.S. has risen for 19 weeks in a row to the highest level since April 2015.
U.S. production has increased by over 10% since mid-2016 to about 9.3 million barrels a day.

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Oil prices edge lower in Memorial Day trade

May 29, 2017, 12:30

Investing.com - Oil prices edged lower in holiday-thinned North American trading on Monday, as concern over rising U.S. shale output offsets production cuts by OPEC and non-OPEC members.

The U.S. West Texas Intermediate crude July contract shed 8 cents, or around 0.2%, to $49.72 a barrel by 8:30AM ET (1230GMT).

Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London dipped 9 cents to $52.42 a barrel.

Financial markets in the U.S. are closed for the Memorial Day holiday. U.K. and Chinese markets are also off for a holiday, resulting in light trading volumes.

Oil ministers from the Organization of Petroleum Exporting Countries and other major producing countries, such as Russia, agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018 last week.

While OPEC's move had been widely expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of crude supplies.

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

Data from energy services company Baker Hughes showed on Friday that U.S. drillers last week added rigs for the 19th week in a row, the longest such streak on record, implying that further gains in domestic production are ahead.

The U.S. rig count rose by 2 to 722, extending an 11-month drilling recovery to the highest level since April 2015.

Elsewhere on Nymex, gasoline futures for July held steady at $1.625 a gallon, while July heating oil dipped 0.3 cents to $1.564 a gallon.

Natural gas futures for July delivery sank 8.2 cents to $3.228 per million British thermal units.

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Gold little changed near 4-week highs in holiday-thinned trade

May 29, 2017, 12:17

Investing.com - Gold prices were little changed near a four-week high in North American hours on Monday, with holidays in the U.S., U.K. and China slowing trading activity around the world.

Comex gold futures shed $1.40, or about 0.1%, to $1,266.69 a troy ounce by 8:15AM ET (1215GMT). Meanwhile, spot gold was at $1,266.91.

Prices of the yellow metal ended Friday's session up almost 1%, after touching its strongest since May 1 at $1,269.30.

Also on the Comex, silver futures tacked on 5.9 cents, or around 0.3%, to $17.38 a troy ounce. It rose to $17.40 in overnight trade, a level not seen since April 28.

Trading volumes were likely to remain light with U.S. markets closed Monday for Memorial Day while the U.K. is also shuttered for a public holiday.

Market players are looking ahead to this week's U.S. employment report on Friday for further signs of the Federal Reserve's likely rate hike trajectory through the end of the year.

Besides the monthly jobs report, this week's holiday-shortened calendar also features U.S. data on manufacturing and service sector growth, consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures.

Futures traders are currently pricing in around an 80% chance of a hike at the Fed's June 13-14 meeting, according to Investing.com’s Fed Rate Monitor Tool.

However, market players are no longer convinced that the Fed will be able to raise rates two more times this year, with odds for a second hike by December currently at about 35%.

The median Fed policymaker forecast is for two more rate increases by year-end. But a recent run of disappointing U.S. economic data combined with signs of deepening political turmoil in the White House raised doubts over the Fed's ability to raise rates as much as it would like before the end of the year.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

The dollar was little changed against a basket of the other major currencies on Monday, holding well above last week's more than six-month lows (DXY).

Investors appear to have shrugged off any geopolitical worries stemming from yet another missile test carried out by North Korea on Monday.

North Korea fired what appeared to be a short-range ballistic missile that landed in the sea off its east coast, South Korea's military said.

It was the ninth missile the hermit state has tested this year, as it faces increasing pressure from the U.S. and historical ally China over its missile testing program.

Elsewhere in metals trading, platinum shed 0.3% to $959.80, while palladium added 0.7% to $792.27 an ounce.

Copper futures inched up 0.2 cents to $2.568 a pound.

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United Arab Emirates stocks mixed at close of trade; DFM General up 0.74%

May 29, 2017, 11:15

Investing.com – United Arab Emirates stocks were mixed after the close on Monday, as gains in the Finance&Investment, Transport and Services sectors led shares higher while losses in the Telecoms, Banking and Insurance sectors led shares lower.

At the close in Dubai, the DFM General added 0.74%, while the ADX General index lost 0.08%.

The best performers of the session on the DFM General were Gulf General Investments Company (DU:GGIC), which rose 5.44% or 0.019 points to trade at 0.368 at the close. Meanwhile, Dubai Financial Market PJSC (DU:DFM) added 4.81% or 0.050 points to end at 1.090 and ARAMEX PJSC (DU:ARMX) was up 3.87% or 0.190 points to 5.100 in late trade.

The worst performers of the session were AJMAN BANK PJSC (DU:AJBNK), which fell 2.50% or 0.030 points to trade at 1.170 at the close. National Central Cooling Co. (DU:TABR) declined 2.08% or 0.040 points to end at 1.880 and Emirates NBD PJSC (DU:ENBD) was down 1.84% or 0.150 points to 8.000.

The top performers on the ADX General were Agthia Group (AD:AGTH) which rose 6.59% to 5.50, Sharjah Islami (AD:SIB) which was up 5.34% to settle at 1.380 and Rak Properties (AD:RPRO) which gained 3.57% to close at 0.580.

The worst performers were Bank Of Sharja (AD:BOS) which was down 6.20% to 1.210 in late trade, Int Fish Farmi (AD:ASMK) which lost 2.78% to settle at 1.40 and Methaq (AD:METH) which was down 2.56% to 0.760 at the close.

Rising stocks outnumbered declining ones on the Dubai Stock Exchange by 27 to 8 and 1 ended unchanged; on the Abu Dhabi, 11 fell and 8 advanced, while 7 ended unchanged.

Shares in Methaq (AD:METH) fell to 52-week lows; down 2.56% or 0.020 to 0.760.

Crude oil for July delivery was down 0.30% or 0.15 to $49.65 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.29% or 0.15 to hit $52.36 a barrel, while the June Gold Futures contract fell 0.11% or 1.35 to trade at $1266.75 a troy ounce.

USD/AED was unchanged 0.00% to 3.6730, while EUR/AED rose 0.07% to 4.1087.

The US Dollar Index Futures was down 0.06% at 97.27.

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Sri Lanka stocks lower at close of trade; CSE All-Share down 0.27%

May 29, 2017, 10:45

Investing.com – Sri Lanka stocks were lower after the close on Monday, as losses in the Plantations, Information Technology and Telecoms sectors led shares lower.

At the close in Colombo, the CSE All-Share declined 0.27%.

The best performers of the session on the CSE All-Share were Adam Investments Ltd (CM:ADAM), which rose 16.67% or 0.100 points to trade at 0.700 at the close. Meanwhile, PCH Holdings PLC (CM:PCHH) added 11.11% or 0.100 points to end at 1.000 and F L C Holdings PLC (CM:FREE) was up 11.11% or 0.300 points to 3.000 in late trade.

The worst performers of the session were Central Investments and Finance PLC (CM:CIFL), which fell 12.50% or 0.100 points to trade at 0.700 at the close. Kelani Valley Plantations PLC (CM:KVAL) declined 10.00% or 9.70 points to end at 87.30 and Swarnamahal Financial Services PLC (CM:SWAR) was down 7.14% or 0.100 points to 1.300.

Falling stocks outnumbered advancing ones on the Colombo Stock Exchange by 124 to 63 and 46 ended unchanged.

Shares in F L C Holdings PLC (CM:FREE) rose to 3-years highs; gaining 11.11% or 0.300 to 3.000.

Crude oil for July delivery was down 0.54% or 0.27 to $49.53 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.53% or 0.28 to hit $52.23 a barrel, while the June Gold Futures contract fell 0.06% or 0.81 to trade at $1267.29 a troy ounce.

GBP/LKR was up 0.55% to 196.135, while USD/LKR rose 0.18% to 152.740.

The US Dollar Index Futures was down 0.06% at 97.27.

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India stocks higher at close of trade; Nifty 50 up 0.10%

May 29, 2017, 10:45

Investing.com – India stocks were higher after the close on Monday, as gains in the Fast Moving Consumer Goods, Auto and Consumer Durables sectors led shares higher.

At the close in NSE, the Nifty 50 gained 0.10% to hit a new all time high, while the BSE Sensex 30 index climbed 0.26%.

The best performers of the session on the Nifty 50 were POWER GRID CORPORATION OF INDIA (NS:PGRD), which rose 3.41% or 6.90 points to trade at 209.10 at the close. Meanwhile, Cipla Ltd. (NS:CIPL) added 3.36% or 16.45 points to end at 505.35 and Housing Development Finance Corp. (NS:HDFC) was up 3.29% or 50.95 points to 1598.85 in late trade.

The worst performers of the session were Tech Mahindra Limited (NS:TEML), which fell 11.58% or 49.70 points to trade at 379.45 at the close. Sun Pharmaceutical Industries Ltd. (NS:SUN) declined 11.46% or 65.05 points to end at 502.60 and Adani Ports&Special Economic Zone (NS:APSE) was down 5.80% or 20.20 points to 327.80.

The top performers on the BSE Sensex 30 were Housing Development Finance Corp. (BO:HDFC) which rose 3.29% to 1598.80, Hindustan Unilever Ltd. (BO:HLL) which was up 3.07% to settle at 1072.70 and POWER GRID CORPORATION OF INDIA (BO:PGRD) which gained 2.76% to close at 208.45.

The worst performers were Sun Pharmaceutical Industries Ltd. (BO:SUN) which was down 11.56% to 502.85 in late trade, Adani Ports&Special Economic Zone (BO:APSE) which lost 5.38% to settle at 328.30 and ICICI Bank Ltd (BO:ICBK) which was down 2.16% to 314.70 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 1151 to 413 and 9 ended unchanged; on the Bombay Stock Exchange, 1777 fell and 837 advanced, while 154 ended unchanged.

Shares in Tech Mahindra Limited (NS:TEML) fell to 3-years lows; down 11.58% or 49.70 to 379.45. Shares in Sun Pharmaceutical Industries Ltd. (NS:SUN) fell to 3-years lows; down 11.46% or 65.05 to 502.60. Shares in Housing Development Finance Corp. (NS:HDFC) rose to all time highs; up 3.29% or 50.95 to 1598.85. Shares in Housing Development Finance Corp. (BO:HDFC) rose to all time highs; up 3.29% or 50.95 to 1598.80. Shares in Sun Pharmaceutical Industries Ltd. (BO:SUN) fell to 3-years lows; losing 11.56% or 65.70 to 502.85. Shares in Hindustan Unilever Ltd. (BO:HLL) rose to all time highs; gaining 3.07% or 32.00 to 1072.70.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 8.52% to 11.7875.

Gold Futures for June delivery was down 0.06% or 0.81 to $1267.29 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.52% or 0.26 to hit $49.54 a barrel, while the August Brent oil contract fell 0.51% or 0.27 to trade at $52.24 a barrel.

USD/INR was down 0.08% to 64.487, while EUR/INR fell 0.03% to 72.1208.

The US Dollar Index Futures was down 0.05% at 97.28.

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Dollar flat, sterling higher in holiday-thinned trade

May 29, 2017, 10:28

Investing.com - The dollar was little changed against a basket of the other major currencies on Monday, holding above last week’s six-and-a-half month lows as markets shrugged off news of North Korea's latest missile test.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was almost unchanged at 97.30 by 10.21 GMT (06.21 ET), holding above last week's low of 96.79, its weakest level since November 9.

Trade volumes remained thin with financial markets in the UK and the U.S. closed for holidays.

Investors were looking ahead to Friday’s U.S. employment report, which was expected to show that conditions in the labor market remain solid.

A strong U.S. jobs report would cement expectations for a rate hike by the Federal Reserve at its next meeting in June.

Data on Friday showed that the U.S. economy slowed less than initially thought in the first three months of the year. Gross domestic product grew at an annual rate of 1.2% in the three months to March, the Commerce Department said, up from an initial estimate of 0.7%.

It was still the weakest expansion since the first quarter of 2016, but economists think growth is likely to rebound sharply in the current quarter.

The dollar was steady against the safe haven yen, with USD/JPY at 111.33.

The yen showed little reaction after North Korea fired what appeared to be a short-range ballistic missile early on Monday.

Investors remained in a cautious mood amid ongoing political concerns surrounding the Trump administration.

President Donald Trump attacked the media and dismissed White House leaks as "fake news" on Sunday, following reports that Jared Kushner, his son-in-law and senior aide, sought to set up secret “back channel” communications with Russia before Trump took office.

The euro was almost unchanged, with EUR/USD last at 1.1183 after setting a six-and-a-half month high of 1.1267 last week.

Recent signs of strength in the euro zone economy along with fading political risk have fueled speculation that the European Central Bank could scale back its massive monetary stimulus program.

ECB President Mario Draghi was due to speak at the European Parliament in Brussels later Monday.

Meanwhile, sterling pushed higher, with GBP/USD adding 0.34% to 1.2843, recovering from the three-week low of 1.2774 hit on Friday.

Sterling weakened after an opinion poll showing that the Labor Party narrowed the gap on the ruling Conservative Party ahead of upcoming elections, adding to political risks surrounding Brexit.

Investors had been confident that British Prime Minister Theresa May would secure a strong win in the election, strengthening her hand in Brexit negotiations and allowing her to ignore lawmakers pushing for a hard Brexit.

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Top 5 things to watch today

May 29, 2017, 10:25

Investing.com - Global stocks drift in thin trade; U.S., U.K., China closed.
Dollar steady in quiet trade; pound jumps
Oil dips as traders weigh U.S. drilling, OPEC cuts.
ECB chief Mario Draghi to address European Parliament.
North Korea fires another ballistic missile.

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Indonesia stocks lower at close of trade; IDX Composite Index down 0.08%

May 29, 2017, 10:15

Investing.com – Indonesia stocks were lower after the close on Monday, as losses in the Infrastructure, Property and Consumer Industry sectors led shares lower.

At the close in Jakarta, the IDX Composite Index fell 0.08%.

The best performers of the session on the IDX Composite Index were Perdana Gapura Prima Tbk (JK:GPRA), which rose 34.09% or 30 points to trade at 118 at the close. Meanwhile, Radana Bhaskara Finance Tbk (JK:HDFA) added 26.92% or 42 points to end at 198 and Unggul Indah Cahaya Tbk (JK:UNIC) was up 24.75% or 1235.00 points to 6225.00 in late trade.

The worst performers of the session were Eterindo Wahanatama Tbk (JK:ETWA), which fell 20.00% or 17 points to trade at 68 at the close. Tunas Alfin Tbk (JK:TALF) declined 19.10% or 76 points to end at 322 and Pelat Timah Nusantara Tbk (JK:NIKL) was down 15.10% or 925 points to 5200.

Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 171 to 155 and 116 ended unchanged.

Shares in Eterindo Wahanatama Tbk (JK:ETWA) fell to 52-week lows; falling 20.00% or 17 to 68. Shares in Unggul Indah Cahaya Tbk (JK:UNIC) rose to all time highs; rising 24.75% or 1235.00 to 6225.00.

Crude oil for July delivery was down 0.24% or 0.12 to $49.68 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.21% or 0.11 to hit $52.40 a barrel, while the June Gold Futures contract fell 0.06% or 0.78 to trade at $1267.32 a troy ounce.

USD/IDR was up 0.10% to 13315.5, while AUD/IDR rose 0.25% to 9925.75.

The US Dollar Index Futures was down 0.04% at 97.29.

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Top 5 Things to Know in the Market on Monday

May 29, 2017, 09:46

Investing.com - Here are the top five things you need to know in financial markets on Monday, May 29:

1. Global stocks drift in thin trade; U.S., U.K., China closed

Global stock markets were mixed amid low trading volume on Monday, with holidays in the U.S., U.K. and China slowing trading activity around the world.

Asian stocks drifted lower in subdued trade, running short of incentives to push past two-year highs with many key markets closed for holidays.

In Europe, stocks across the continent fell slightly, pulling back further from their highest point in almost two years.

Stateside, Wall Street will be closed for Memorial Day, after ending mixed last Friday.

2. Dollar steady in quiet trade; British pound jumps

With major markets around the world closed for public holidays on Monday, most currency pairs treaded water to start the week, with no incentive to take new positions.

The dollar was little changed against a basket of the other major currencies on Monday, holding well above last week's more than six-month lows (DXY).

Britain's pound was the only substantive mover among major currencies, recovering some ground after weekend polls showed Prime Minister Theresa May is set to win next week's elections even if the scale of victory is in question.

The pound inched up 0.3% in thin morning trade in New York, trading at 1.2840 (GBP/USD). Against the euro, sterling gained 0.3% to 87.07 (EUR/GBP).

3. Oil dips as traders weigh U.S. drilling, OPEC cuts

Oil prices started the week lower on Monday, as traders weighed rising U.S. drilling activity against ongoing efforts by major producers to cut output to reduce a global glut.

U.S. crude was at $49.58 a barrel, down 21 cents, or around 0.4%, while Brent lost 21 cents to $53.30.

4. Draghi takes center stage

European Central Bank President Mario Draghi is due to testify about the economy and monetary developments before the Economic and Monetary Affairs Committee, in Brussels, at 1300GMT (9:00AM ET) on Monday.

Last week, Draghi said there was "no reason to deviate from the indications" that the central bank has already laid down, suggesting that there would be no changes to monetary policy at the ECB's upcoming meeting on June 8.

The euro was flat against the dollar, with EUR/USD last at 1.1181 after setting a six-and-a-half month high of 1.1267 last week.

5. North Korea fires another ballistic missile

Investors appear to have shrugged off any geopolitical worries stemming from yet another missile test carried out by North Korea on Monday.

North Korea fired what appeared to be a short-range ballistic missile that landed in the sea off its east coast, South Korea's military said.

It was the ninth missile the hermit state has tested this year, as it faces increasing pressure from the U.S. and historical ally China over its missile testing program.

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European stocks flat in muted trade with U.K., China and U.S. closed

May 29, 2017, 08:49

Investing.com – European equities traded flat to higher on Monday in what was muted trade due to stock markets being closed for holidays in China, the U.K. and the U.S.

Nearing midday trade in Europe, the benchmark Euro Stoxx 50 rose 0.12%, France’s CAC 40 inched up 0.03% while Germany’s DAX 30 edged forward 0.09%.

There was no tier one data on the economic calendar for Monday, though European Central Bank (ECB) president Mario Draghi will be appearing for his quarterly hearing before the European Parliament’s Committee on Economic and Monetary Affairs at 9:00AM ET (13:00GMT).

The euro inched up 0.02% against the dollar, while the single currency dropped 0.25% against the pound.

In light company news flow, British Airways (BA) resumed flights from London after a computer failure over the weekend caused cancellations, affecting thousands of passengers.

With the London Stock Exchange closed for a holiday on Monday, Madrid-listed shares of BA’s parent company IAG (MC:ICAG) (LON:ICAG) sank 3%.

Meanwhile, oil prices swung between gains and losses in European trading on Monday, as the market weighed rising U.S. drilling against efforts by major producers to cut output to reduce a global glut.

Data from energy services company Baker Hughes showed on Friday that U.S. drillers added rigs for the 19th week in a row, the longest such streak on record, implying that further gains in domestic production are ahead.

Energy stocks traded mixed, as French oil and gas major Total SA (PA:TOTF) gained 0.20%, Italy’s ENI (MI:ENI) fell 0.35%, while Norwegian rival Statoil (OL:STL) slipped 0.07%.

Financial stocks registered mixed trade, as French lenders BNP Paribas (PA:BNPP) slipped 0.02% but Societe Generale (PA:SOGN) advanced 0.55%, while Germany’s Commerzbank (DE:CBKG) gained 0.79% and rival Deutsche Bank (DE:DBKGn) inched up 0.06%.

Among peripheral lenders, Italy’s Intesa Sanpaolo (MI:ISP) fell 1.53% and Unicredit (MI:CRDI) traded down 1.45%, while Spanish banks BBVA (MC:BBVA) and Banco Santander (MC:SAN) rose 0.63% and 0.31%, respectively.

In London, the commodity-heavy FTSE 100 was closed for a bank holiday.

Although Wall Street will remain closed Monday for Memorial Day, U.S. futures registered slight gains. The Dow Jones Industrial Average futures advanced 0.05%, S&P 500 futures edged forward 0.07%, while the Nasdaq 100 futures rose 0.11%.

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Philippines stocks higher at close of trade; PSEi Composite up 0.24%

May 29, 2017, 08:35

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

At the close in Philippines, the PSEi Composite added 0.24%.

The best performers of the session on the PSEi Composite were SM Prime Holdings Inc (PS:SMPH), which rose 2.13% or 0.700 points to trade at 33.500 at the close. Meanwhile, Petron Corp (PS:PCOR) added 2.04% or 0.220 points to end at 10.980 and Megaworld Corp (PS:MEG) was up 1.95% or 0.090 points to 4.710 in late trade.

The worst performers of the session were JG Summit Holdings Inc (PS:JGS), which fell 2.41% or 2.000 points to trade at 81.000 at the close. Globe Telecom Inc (PS:GLO) declined 1.72% or 36.00 points to end at 2060.00 and LT Group Inc (PS:LTG) was down 1.23% or 0.200 points to 16.020.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 95 to 93 and 54 ended unchanged.

Shares in SM Prime Holdings Inc (PS:SMPH) rose to all time highs; rising 2.13% or 0.700 to 33.500.

Gold Futures for June delivery was down 0.10% or 1.28 to $1266.82 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.30% or 0.15 to hit $49.65 a barrel, while the August Brent oil contract fell 0.30% or 0.16 to trade at $52.35 a barrel.

CNY/PHP was up 0.14% to 7.2696, while USD/PHP rose 0.11% to 49.821.

The US Dollar Index Futures was down 0.07% at 97.26.

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Japan stocks lower at close of trade; Nikkei 225 down 0.02%

May 29, 2017, 08:35

Investing.com – Japan stocks were lower after the close on Monday, as losses in the Mining, Transportation Equipment and Manufacturing sectors led shares lower.

At the close in Tokyo, the Nikkei 225 lost 0.02%.

The best performers of the session on the Nikkei 225 were Maruha Nichiro Corp (T:1333), which rose 3.04% or 95.0 points to trade at 3220.0 at the close. Meanwhile, Nippon Electric Glass Co., Ltd. (T:5214) added 2.93% or 22.0 points to end at 774.0 and Matsui Securities Co., Ltd. (T:8628) was up 2.44% or 22.0 points to 925.0 in late trade.

The worst performers of the session were Sumitomo Dainippon Pharma Co Ltd (T:4506), which fell 4.07% or 71.0 points to trade at 1673.0 at the close. Nippon Steel&Sumitomo Metal Corp. (T:5401) declined 3.29% or 81.3 points to end at 2387.9 and JFE Holdings, Inc. (T:5411) was down 2.76% or 52.0 points to 1832.0.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1511 to 1496 and 359 ended unchanged.

Shares in Nippon Electric Glass Co., Ltd. (T:5214) rose to 5-year highs; gaining 2.93% or 22.0 to 774.0.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 0.34% to 14.75.

Crude oil for July delivery was down 0.30% or 0.15 to $49.65 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.30% or 0.16 to hit $52.35 a barrel, while the June Gold Futures contract fell 0.10% or 1.27 to trade at $1266.83 a troy ounce.

USD/JPY was up 0.03% to 111.38, while EUR/JPY rose 0.13% to 124.62.

The US Dollar Index Futures was down 0.07% at 97.26.

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Global stocks mixed, dollar steady

May 29, 2017, 08:04

Investing.com - Global stocks mixed Monday in holiday-thinned trade. U.S., U.K., Chinese markets closed.
Nikkei 225 flat as yen edges up vs. dollar after new North Korea missile test.
Europe edges lower. DAX off 0.10%, CAC 40 falls 0.30%.
Euro edges lower at $1.17 mark. ECB chief Mario Draghi due to speak.
Sterling recovers above $1.28. Polls show Conservative lead in U.K. election narrowing.
Dollar index steady above 97 mark. Gold edges lower.
Oil still under pressure as U.S. rig count rises further.
U.S. stock index futures flat after record closes on Wall St Friday.

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Dollar steady after North Korea missile test, euro dips

May 29, 2017, 07:41

Investing.com - The dollar was steady against a basket of the other major currencies on Monday, holding above last week’s six-and-a-half month lows as markets shrugged off news of North Korea's latest missile test.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 97.36 by 07.45 GMT, well above last week's low of 96.79, its lowest trough since November 9.

Investors were looking ahead to Friday’s U.S. employment report, which was expected to show that conditions in the labor market remain solid.

A strong U.S. jobs report would cement expectations for a rate hike by the Federal Reserve at its next meeting in June.

Data on Friday showed that the U.S. economy slowed less than initially thought in the first three months of the year. Gross domestic product grew at an annual rate of 1.2% in the three months to March, the Commerce Department said, up from an initial estimate of 0.7%.

It was still the weakest expansion since the first quarter of 2016, but economists think growth is likely to rebound sharply in the current quarter.

The dollar was a touch lower against the safe haven yen, with USD/JPY dipping to 111.31.

The yen showed little reaction after North Korea fired what appeared to be a short-range ballistic missile early on Monday.

Investors remained in a cautious mood amid ongoing political concerns surrounding the Trump administration.

President Donald Trump attacked the media and dismissed White House leaks as "fake news" on Sunday, following reports that Jared Kushner, his son-in-law and senior aide, sought to set up secret “back channel” communications with Russia before Trump took office.

Trade volumes were expected to remain thin on Monday with financial markets in the UK and the U.S. closed for holidays.

The euro edged lower, with EUR/USD last at 1.1174 after setting a six-and-a-half month high of 1.1267 last week.

Recent signs of strength in the euro zone economy along with fading political risk have fueled speculation that the European Central Bank could scale back its massive monetary stimulus program.

ECB President Mario Draghi was due to speak at the European Parliament in Brussels later Monday.

Meanwhile, sterling pushed higher, with GBP/USD rising 0.2% to 1.2824, recovering from the three-week low of 1.2774 hit on Friday.

Sterling weakened after an opinion poll showing that the Labor Party narrowed the gap on the ruling Conservative Party ahead of upcoming elections, adding to political risks surrounding Brexit.

Investors had been confident that British Prime Minister Theresa May would secure a strong win in the election, strengthening her hand in Brexit negotiations and allowing her to ignore lawmakers pushing for a hard Brexit.

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Oil struggles as markets weigh U.S. drilling, OPEC cuts

May 29, 2017, 07:20

Investing.com - Oil prices swung between gains and losses in European trading on Monday, as the market weighed rising U.S. drilling against efforts by major producers to cut output to reduce a global glut.

The U.S. West Texas Intermediate crude July contract shed 6 cents, or around 0.1%, to $49.74 a barrel by 3:20AM ET (07:20GMT).

Elsewhere, Brent oil for August delivery on the ICE Futures Exchange in London dipped 5 cents to $52.46 a barrel.

Trading volumes were likely to remain light with U.S. markets closed Monday for Memorial Day while the U.K. is also shuttered for a public holiday.

Oil ministers from the Organization of Petroleum Exporting Countries and other major producing countries, such as Russia, agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.

While OPEC's move had been widely expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of crude supplies.

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

Data from energy services company Baker Hughes showed on Friday that U.S. drillers last week added rigs for the 19th week in a row, the longest such streak on record, implying that further gains in domestic production are ahead.

The U.S. rig count rose by 2 to 722, extending an 11-month drilling recovery to the highest level since April 2015.

Elsewhere on Nymex, gasoline futures for July inched down 0.2 cents to $1.623 a gallon, while July heating oil was little changed at $1.566 a gallon.

Natural gas futures for July delivery sank 7.8 cents to $3.232 per million British thermal units.

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Dollar steady as NKorea missile test noted

May 29, 2017, 07:13

Investing.com - The dollar was steady Monday as the market took another missile test by North Korea in its stride.
The dollar index was up 0.01% at 97.34 at 02:45 ET.
Trading is expected to be on the thin side due to holidays in the U.S. and the U.K.
Fed member John Williams said Monday the medium-term outlook for U.S. inflation is "pretty favorable."
The markets odds of a June Fed rate hike currently stand at close to 80%.
Investors will be looking to U.S. nonfarm payroll figures due out on Friday.
U.S. first-quarter GDP was revised upward on Friday.
The dollar edged lower against the yen after the North Korea missile test.
The pound steadied against the dollar as the latest polls showed the Tories' lead in the run-up to the June 8 election narrowing further.
The euro dipped to the $1.117 mark. ECB chief Mario Draghi due to speak later Monday.

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Gold steadies near 4-week highs after latest North Korea missile test

May 29, 2017, 07:04

Investing.com - Gold prices were little changed near a four-week high in European trade on Monday, as the latest ballistic missile test by North Korea supported safe-haven demand.

Comex gold futures shed 60 cents, or less than 0.1%, to $1,267.47 a troy ounce by 3:00AM ET (0700GMT). Meanwhile, spot gold was at $1,267.59.

Prices of the yellow metal ended Friday's session up almost 1%, after touching its strongest since May 1 at $1,269.30.

Also on the Comex, silver futures tacked on 3.2 cents, or about 0.2%, to $17.35 a troy ounce. It rose to $17.38 in overnight trade, a level not seen since April 28.

North Korea fired what appeared to be a short-range ballistic missile on Monday that landed in the sea off its east coast, South Korea's military said.

It was the ninth missile the hermit state has tested this year, as it faces increasing pressure from the U.S. and historical ally China over its missile testing program.

Trading volumes were likely to remain light with U.S. markets closed Monday for Memorial Day while the U.K. is also shuttered for a public holiday.

Global financial markets will focus on the U.S. employment report in the week ahead for further signs of the Federal Reserve's likely rate hike trajectory through the end of the year.

Besides the monthly jobs report, this week's holiday-shortened calendar also features U.S. data on manufacturing and service sector growth, consumer confidence, auto sales, personal spending, core PCE inflation, as well as monthly trade figures.

Futures traders are currently pricing in around an 80% chance of a hike at the Fed's June 13-14 meeting, according to Investing.com’s Fed Rate Monitor Tool.

However, market players are no longer convinced that the Fed will be able to raise rates two more times this year, with odds for a second hike by December currently at about 35%.

The median Fed policymaker forecast is for two more rate increases by year-end. But a recent run of disappointing U.S. economic data combined with signs of deepening political turmoil in the White House raised doubts over the Fed's ability to raise rates as much as it would like before the end of the year.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

Elsewhere in metals trading, platinum shed 0.3% to $959.80, while palladium added 0.7% to $792.27 an ounce.

Copper futures lost 1.0 cent to $2.556 a pound.

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Taiwan stocks lower at close of trade; Taiwan Weighted down 0.06%

May 29, 2017, 06:45

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

At the close in Taiwan, the Taiwan Weighted declined 0.06%.

The best performers of the session on the Taiwan Weighted were Leadtek Research Inc (TW:2465), which rose 10.00% or 0.67 points to trade at 7.37 at the close. Meanwhile, Hiyes International Co Ltd (TW:2348) added 9.83% or 2.60 points to end at 29.05 and Jenn Feng New Energy Co Ltd (TW:1538) was up 8.72% or 0.76 points to 9.48 in late trade.

The worst performers of the session were Merry Electronics Co Ltd (TW:2439), which fell 6.93% or 12.50 points to trade at 168.00 at the close. Tripod Technology Corp (TW:3044) declined 6.56% or 6.30 points to end at 89.80 and RichWave Technology Corp (TW:4968) was down 6.12% or 7.50 points to 115.00.

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

Shares in Jenn Feng New Energy Co Ltd (TW:1538) rose to 52-week highs; rising 8.72% or 0.76 to 9.48.

Crude oil for July delivery was down 0.14% or 0.07 to $49.73 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.11% or 0.06 to hit $52.45 a barrel, while the June Gold Futures contract fell 0.08% or 0.97 to trade at $1267.13 a troy ounce.

USD/TWD was up 0.23% to 30.203, while TWD/CNY unchanged 0.00% to 0.2271.

The US Dollar Index Futures was unchanged 0.00% at 97.33.

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Top things to watch on the economic front this week

May 29, 2017, 06:38

Investing.com - U.S. nonfarm payrolls due out Friday.
Euro-zone May flash inflation data due out Wednesday.
U.K. manufacturing, construction PMIs due out Thursday and Friday.
Chinese manufacturing data due Wednesday and Thursday.
Canadian monthly economic growth figures for March due for release Wednesday.

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Australia stocks lower at close of trade; S&P/ASX 200 down 0.77%

May 29, 2017, 06:00

Investing.com – Australia stocks were lower after the close on Monday, as losses in the Financials, Utilities and IT sectors led shares lower.

At the close in Australia, the S&P/ASX 200 declined 0.77% to hit a new 1-month low.

The best performers of the session on the S&P/ASX 200 were ALS Ltd (AX:ALQ), which rose 4.47% or 0.295 points to trade at 6.895 at the close. Meanwhile, Estia Health Ltd (AX:EHE) added 2.68% or 0.080 points to end at 3.060 and Sydney Airport Holdings Ltd (AX:SYD) was up 2.48% or 0.180 points to 7.440 in late trade.

The worst performers of the session were Aconex Ltd (AX:ACX), which fell 5.80% or 0.260 points to trade at 4.220 at the close. Bega Cheese Ltd (AX:BGA) declined 3.86% or 0.240 points to end at 5.970 and Beach Energy Ltd (AX:BPT) was down 3.79% or 0.025 points to 0.635.

Falling stocks outnumbered advancing ones on the Australia Stock Exchange by 661 to 405 and 388 ended unchanged.

Shares in ALS Ltd (AX:ALQ) rose to 52-week highs; rising 4.47% or 0.295 to 6.895.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 7.42% to 13.182.

Gold Futures for June delivery was down 0.12% or 1.56 to $1266.54 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.18% or 0.09 to hit $49.71 a barrel, while the August Brent oil contract fell 0.17% or 0.09 to trade at $52.42 a barrel.

AUD/USD was down 0.21% to 0.7431, while AUD/JPY fell 0.27% to 82.69.

The US Dollar Index Futures was up 0.03% at 97.36.

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Crude reverses early gains in Asia with NKorea missile test noted

May 29, 2017, 04:02

Investing.com - U.S. crude gave up early gains in Asia on Monday and fell following the 9th ballistic missile test by North Korea this year ahead of a day with China, the U.S. and U.S. on public holidays.

U.S. West Texas Intermediate crude's July contract fell 0.36% to $49.62 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for July eased 0.32% at $52.34 a barrel.

Last week, oil futures settled higher on Friday, rebounding from the prior session's near 5%-drop as traders continued to digest the latest extension of production cuts from OPEC and some non-OPEC members.

Oil prices tumbled on Thursday as the extension of output curbs by OPEC and other producing countries disappointed investors who had hoped for larger cuts, leading to the biggest daily percentage slide in crude prices since early March.

At Thursday's meeting in Vienna, the Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend supply cuts of 1.8 million barrels per day until the end of the first quarter of 2018.

While OPEC's move had been widely expected, some oil market investors had hoped producers would agree to longer or deeper cuts to drain a global glut of crude supplies.

The cartel next meets in November.

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

Data from energy services company Baker Hughes showed on Friday that U.S. drillers last week added rigs for the 19th week in a row, the second-longest such streak on record, implying that further gains in domestic production are ahead.

The U.S. rig count rose by 2 to 722, extending an 11-month drilling recovery to the highest level since April 2015.

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Gold drifts weaker in Asia, shrugs off NKorea missile test

May 29, 2017, 03:05

Investing.com - Gold fell slightly in Asia on Monday, shrugging off the latest missile test by North Korea and drifting in trade with China, the U.S. and The U.K. markets shut for holidays.

Gold futures for June delivery on the Comex division of the New York Mercantile Exchange eased 0.13% to $1,266.42 a troy ounce.

Last week, gold rose to a nearly one-month high Friday, shrugging off a rise in the dollar to a four-day high, following an upward revision to U.S. economic growth and expectations the Federal Reserve would hike its benchmark rate in June.

The U.S. economy grew faster than initially reported during the first three months of 2017, easing concerns about a potential slowdown in the U.S. economy.

Gross domestic product grew at an annualized rate of 1.2% in the first three months of 2017, according to the Bureau of Economic Analysis’s, well above the previous reading of 0.7%, which was the slowest period of economic growth since 2014.

The dollar leaped to a four-day high, and pressured commodity prices across the broad, as expectations for a June rate hike rose to its highest level this week .

According to investing.com’s Fed rate monitor tool more than 80% of traders expect the Federal Reserve to hike its benchmark rate in June, compared to below 70% of traders in the previous week.

Gold is sensitive to moves higher in both U.S. rates and the dollar – A stronger dollar makes gold more expensive for holders of foreign currency while a rise in U.S. rates, lift the opportunity cost of holding non-yielding assets such as bullion.

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Asia shares mixed in holiday-thinned trade, NKorea missile test noted

May 29, 2017, 02:36


Investing.com - Asian shares were mixed on Monday with Tokyo and Seoul posting some early gains despite another provocative missile test by North Korea.

Japan's Nikkei 225 edged up 0.20%, while South Korea's Kospi added 0.49%, shrugging off the North Korea missile tests. The Kospi has posted seven straight session of gains. But the S&P/ASX 200 was flat.

Hong Kong's Hang Seng Index was down by 0.03 %.

Markets in China, the U.K. and the U.S. are closed for holidays.

Last week, U.S. stocks pulled back from highs on Friday, ahead of the Memorial Day holiday weekend, as investors mulled over the release of mostly upbeat economic data, fuelling expectations that the Federal Reserve would hike rates in June.

The U.S. economy grew faster than initially reported during the first three months of 2017, easing concerns about a potential slowdown in the U.S. economy.

Gross domestic product grew at an annualized rate of 1.2% in the first three months of 2017, according to a survey from the Bureau of Economic Analysis, well above the previous reading of 0.7%, which was the slowest period of economic growth since 2014.

In a separate report, The Commerce Department said durable goods orders fell 0.7% in April after rising 2.3% in March. Economists had expected a 1.2% drop in durable goods order.

The upbeat bout of economic data raised investor expectations of a June rate hike in the wake of the minutes to the Federal Reserve May 2-3 meeting, released on Wednesday, which revealed that some Fed members cautioned that longer-term rate increases would be subject to economic data, showing the dip in first quarter economic growth had been “transitory”.

According to investing.com’s Fed rate monitor tool more than 80% of traders expect the Federal Reserve to hike its benchmark rate in June, compared to below 70% of traders in the previous week.

The Dow Jones Industrial Average down at 21,078.33, up 0.02%. The S&P 500 closed roughly flat while the Nasdaq Composite closed at 6120.19, up 0.08%.

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