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Norway stocks lower at close of trade; Oslo OBX down 0.37%

October 17, 2017, 04:05

Investing.com – Norway stocks were lower after the close on Tuesday, as losses in the Technology Hardware&Equipment, Materials and Media sectors led shares lower.

At the close in Oslo, the Oslo OBX declined 0.37%.

The best performers of the session on the Oslo OBX were DNO International ASA (OL:DNO), which rose 4.38% or 0.43 points to trade at 10.25 at the close. Meanwhile, Norwegian Air Shuttle ASA (OL:NWC) added 1.94% or 4.4 points to end at 231.0 and REC Silicon ASA (OL:REC) was up 1.05% or 0.01 points to 0.96 in late trade.

The worst performers of the session were Petroleum Geo - Services ASA (OL:PGS), which fell 3.19% or 0.53 points to trade at 16.10 at the close. Subsea 7 SA (OL:SUBC) declined 2.44% or 3.3 points to end at 132.0 and BW LPG Ltd (OL:BWLPG) was down 2.12% or 0.75 points to 34.55.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 103 to 75 and 23 ended unchanged.

Crude oil for November delivery was down 0.93% or 0.48 to $51.39 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.85% or 0.49 to hit $57.33 a barrel, while the December Gold Futures contract fell 1.23% or 16.05 to trade at $1286.95 a troy ounce.

EUR/NOK was up 0.38% to 9.3491, while USD/NOK rose 0.76% to 7.9549.

The US Dollar Index Futures was up 0.37% at 93.48.

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Turkey stocks higher at close of trade; BIST 100 up 0.49%

October 17, 2017, 04:05

Investing.com – Turkey stocks were higher after the close on Tuesday, as gains in the Leasing&Factoring, Telecoms and Services sectors led shares higher.

At the close in Istanbul, the BIST 100 added 0.49%.

The best performers of the session on the BIST 100 were Tumosan Motor ve Traktor Sanayi AS (IS:TMSN), which rose 13.15% or 0.860 points to trade at 7.400 at the close. Meanwhile, Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim AS (IS:IPEKE) added 7.94% or 0.500 points to end at 6.800 and Nurol Gayrimenkul Yatirim Ortakligi AS (IS:NUGYO) was up 7.11% or 0.320 points to 4.820 in late trade.

The worst performers of the session were Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (IS:KRDMD), which fell 3.65% or 0.100 points to trade at 2.640 at the close. Banvit Bandirma Vitaminli Yem Sanayi AS (IS:BANVT) declined 2.03% or 0.520 points to end at 25.140 and Izmir Demir Celik Sanayi AS (IS:IZMDC) was down 1.70% or 0.060 points to 3.470.

Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 223 to 132 and 51 ended unchanged.

Gold Futures for December delivery was down 1.23% or 16.04 to $1286.96 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November fell 0.93% or 0.48 to hit $51.39 a barrel, while the December Brent oil contract fell 0.85% or 0.49 to trade at $57.33 a barrel.

USD/TRY was up 0.88% to 3.6783, while EUR/TRY rose 0.50% to 4.3243.

The US Dollar Index Futures was up 0.37% at 93.48.

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Sweden stocks lower at close of trade; OMX Stockholm 30 down 0.08%

October 17, 2017, 04:05

Investing.com – Sweden stocks were lower after the close on Tuesday, as losses in the Consumer Services, Basic Materials and Industrials sectors led shares lower.

At the close in Stockholm, the OMX Stockholm 30 lost 0.08%.

The best performers of the session on the OMX Stockholm 30 were Svenska Handelsbanken AB A (ST:SHBa), which rose 2.81% or 3.4 points to trade at 124.2 at the close. Meanwhile, Swedbank AB ser A (ST:SWEDa) added 0.98% or 2.1 points to end at 215.5 and Nordea Bank AB (ST:NDA) was up 0.84% or 0.90 points to 108.50 in late trade.

The worst performers of the session were Fingerprint Cards AB ser. B (ST:FINGb), which fell 1.99% or 0.45 points to trade at 22.14 at the close. Skanska AB ser. B (ST:SKAb) declined 1.89% or 3.50 points to end at 181.70 and H&M Hennes&Mauritz AB B (ST:HMb) was down 1.83% or 4.0 points to 215.0.

Falling stocks outnumbered advancing ones on the Stockholm Stock Exchange by 429 to 310 and 76 ended unchanged.

Crude oil for November delivery was down 0.89% or 0.46 to $51.41 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.88% or 0.51 to hit $57.31 a barrel, while the December Gold Futures contract fell 1.23% or 16.09 to trade at $1286.91 a troy ounce.

EUR/SEK was up 0.35% to 9.5992, while USD/SEK rose 0.78% to 8.1675.

The US Dollar Index Futures was up 0.37% at 93.48.

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Greece stocks lower at close of trade; Athens General Composite down 0.52%

October 17, 2017, 03:15

Investing.com – Greece stocks were lower after the close on Tuesday, as losses in the Household, Industrials and Oil&Gas sectors led shares lower.

At the close in Athens, the Athens General Composite lost 0.52%.

The best performers of the session on the Athens General Composite were Halcor (AT:XAKO), which rose 3.31% or 0.040 points to trade at 1.250 at the close. Meanwhile, Eurobank Ergasias SA (AT:EURBr) added 1.47% or 0.011 points to end at 0.760 and Hellenic Telec (AT:OTEr) was up 1.46% or 0.15 points to 10.45 in late trade.

The worst performers of the session were Select Textile (AT:EPIr), which fell 9.55% or 0.019 points to trade at 0.180 at the close. Attica Bank SA (AT:BOAr) declined 3.39% or 0.002 points to end at 0.057 and National Bank of Greece (AT:NBGr) was down 3.28% or 0.010 points to 0.295.

Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 61 to 41 and 13 ended unchanged.

Shares in Halcor (AT:XAKO) rose to 3-years highs; up 3.31% or 0.040 to 1.250.

Gold Futures for December delivery was down 1.40% or 18.30 to $1284.70 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November fell 0.54% or 0.28 to hit $51.59 a barrel, while the December Brent oil contract fell 0.16% or 0.09 to trade at $57.73 a barrel.

EUR/USD was down 0.40% to 1.1749, while EUR/GBP rose 0.19% to 0.8918.

The US Dollar Index Futures was up 0.42% at 93.53.

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Trump’s Search for the Next Federal Reserve Chair Intensifies

October 17, 2017, 03:11

Investing.com - U.S. President Donald Trump will meet with Federal Reserve Chair Janet Yellen on Thursday as his search for the next head of the central bank intensifies.
It is believed Trump will interview Yellen about potentially staying on as Fed chair after her current term ends in early February.
Trump criticized Yellen during his presidential campaign, accusing her of keeping interest rates low to prop up the economy under former President Barack Obama.
The meeting comes after a White House official said that Trump met with Stanford University economist John Taylor to discuss the job last week.
Taylor is considered one of the more hawkish candidates in the running to become the next Fed chairman and his “Taylor Rule” implies that interest rates should be much higher than they are now.
There are also a number of other contenders in the running, including Fed Governor Jerome Powell and former Fed Governor Kevin Warsh.
Both Taylor and Warsh have been vocal critics of the Fed’s quantitative easing program.
Trump must choose between embracing continuity or potentially propelling the U.S. central bank into what could be a market-shifting change of direction when he decides on the next Fed chair.

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Israel stocks higher at close of trade; TA 35 up 0.03%

October 17, 2017, 03:00

Investing.com – Israel stocks were higher after the close on Tuesday, as gains in the Communication, Technology and Real Estate sectors led shares higher.

At the close in Tel Aviv, the TA 35 rose 0.03%.

The best performers of the session on the TA 35 were Isramco Negev 2 LP (TA:ISRAp), which rose 2.12% or 1.0 points to trade at 48.1 at the close. Meanwhile, Sodastream International Ltd (TA:SODA) added 1.81% or 390.0 points to end at 21940.0 and Strauss Group (TA:STRS) was up 1.61% or 110 points to 6940 in late trade.

The worst performers of the session were Harel (TA:HARL), which fell 1.84% or 45 points to trade at 2399 at the close. Poalim (TA:POLI) declined 1.48% or 37 points to end at 2461 and ICL Israel Chemicals Ltd (TA:ICL) was down 1.41% or 22 points to 1535.

Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 213 to 189 and 20 ended unchanged.

Crude oil for November delivery was down 0.62% or 0.32 to $51.55 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December fell 0.35% or 0.20 to hit $57.62 a barrel, while the December Gold Futures contract fell 1.19% or 15.45 to trade at $1287.55 a troy ounce.

USD/ILS was up 0.52% to 3.5136, while EUR/ILS rose 0.14% to 4.1296.

The US Dollar Index Futures was up 0.39% at 93.50.

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Dollar Index Extends Gains, Hits 1-1/2 Week Highs

October 17, 2017, 02:50

Investing.com - The U.S. dollar extended gains to a one-and-a-half week high against other major counterparts on Tuesday, helped by the release of positive U.S. data and ongoing speculation over who will replace Janet Yellen at the head of the Federal Reserve next year.

The dollar found support after data showed that industrial and manufacturing production in the U.S. rose in line with expectations last month.

A separate report showed that U.S. import and export prices jumped higher than expected in September.

The greenback had already strengthened following reports on Monday that U.S. President Donald Trump was favoring Stanford economist John Taylor to replace Federal Reserve Chair Janet Yellen next year. Taylor is seen as more hawkish than current Yellen.

EUR/USD slid 0.42% to 1.1746, after data earlier showed that German economic sentiment rose much less than expected in October.

The pound was also weaker, with GBP/USD down 0.65% at 1.3167 after Bank of England Governor Mark Carney warned about the dangers of a no-deal Brexit on Tuesday.

He said the bank had prepared for a “worst-case” scenario and noted British firms have become “less confident about a smooth transition.”

Earlier Tuesday, data showed that U.K. inflation hit a five-and-a-half year high in September.

Elsewhere, USD/JPY added 0.11% to trade at 112.31, while USD/CHF gained 0.46% to 0.9800.

The Australian and New Zealand dollars were lower, with AUD/USD down 0.37% at 0.7824 and with NZD/USD shedding 0.20% to 0.7154.

Meanwhile, USD/CAD advanced 0.44% to trade at 1.2573.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.41% at 93.51 by 10:50 a.m. ET (14:50 GMT), its highest since October 6.

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Stocks- Wall Street Flat Amid Positive Earnings

October 17, 2017, 02:42

Investing.com – Wall Street stocks were flat Tuesday morning despite positive earnings releases from financial giants Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS).

The S&P 500 rose half a point or 0.02% as of 10:03 AM ET (3:03 PM GMT) while the Dow composite inched forward 15 points or 0.07% and the NASDAQ Composite was flat.

Shares in Goldman Sachs Group Inc (NYSE:GS) fell 1.34% despite beating analyst expectations in its third quarter earnings release. Meanwhile Morgan Stanley (NYSE:MS) rose 1.80% after the morning bell as it reported higher than expected earnings in the third quarter.

Insurance firm Progressive Corporation (NYSE:PGR) was down 0.67% after it exceeded third quarter revenue forecasts. Health firm UnitedHealth Group Incorporated (NYSE:UNH) surged 5.25% after it reported its earnings, despite not meeting its expected third quarter revenue.

Other top movers included motorbike maker Harley-Davidson Inc (NYSE:HOG) jumped 1.80% after easily beating analysts’ expectations in its earnings release. Johnson & Johnson (NYSE:JNJ) shares rose 2.20% after it also beat forecasts in the third quarter.

Meanwhile General Electric (NYSE:GE) was down 1.24% while Netflix (NASDAQ:NFLX) fell 0.78% after it reported record subscriptions on Monday. Semiconductor firm Micron Technology Inc (NASDAQ:MU) decreased 1.17% and Boeing (NYSE:BA) slumped 0.49% as its aircraft deal with Iran remains uncertain after United States President Donald Trump said he could withdraw from the 2015 Iran nuclear deal.

In Europe stocks rose after a tumultuous Monday. Spain’s IBEX 35 rallied 108 points or 1.07% after Spain’s court ruled that Catalonia’s Oct. 1 referendum was illegal. In Germany the DAX rose 28 points or 0.22%, while in France the CAC 40 increased 13 points or 0.26%. London’s FTSE 100 jumped 18 points or 0.25% while the pan-European Euro Stoxx 50 surged 13 points or 0.36%.

In commodities, gold futures fell to $1,288.10 an ounce while crude oil futures increased to $51.97. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up to 93.57.

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Bitcoin Lower as Bitcoin Cash Hits 2-Week High

October 17, 2017, 01:43

Investing.com - The price of the digital currency bitcoin was lower on Tuesday, while bitcoin offshoot Bitcoin Cash hit the highest levels in two weeks boosted by a spike in trading volumes in Korea.

On the U.S.-based Bitfinex exchange, Bitcoin was trading at $5,589.40 by 09:28 AM ET (01:28 PM GMT), having opened at $5,764.80.

Bitcoin hit a peak of $5,876.90 on Sunday, the highest level in its nine year history, before pulling back slightly. Bitcoin started the year near $1,000 and at current prices has a total market capitalization of around $94 billion.

Meanwhile, Bitcoin Cash was last at $361.77, having earlier hit an intra-day high of $397.00, the most since October 4.

The move higher appeared to have been driven by increased trading volumes on Bithumb, one of the largest exchanges in South Korea.

Bitcoin cash has a total market cap of around $6 billion at current prices, making it the fourth most valuable cryptocurrency.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was down 3.28% to $323.41 a day after a hard fork on its blockchain was implemented without incident.

The Byzantium hard fork was enacted on Monday, implementing a number of improvement protocols designed to improve the platform. Byzantium is part of a planned package of improvements that has been in development since 2015.

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N. California Fires Kills 40, Damages Billions In Property

October 17, 2017, 01:40

Investing.com - Fires have raged for more than a week in California, concentrated around the Napa, Sonoma and Mendocino counties.
The deadly fires have claimed the lives of 40 people, the most in California history, while destroying 5,700 homes and structures, forcing the evacuation of approximately 100,000 people, and scorching more than 220,000 acres.
More than 10,000 firefighters have been battling the blazes, including 880 fire engines and 14 helicopters.
The fires are mostly in areas where agriculture is a major source of income, ranging from grapes and pears to olives and livestock. Many private farms and wineries have been severely hurt. Constellation Brands (NYSE:STZ), the biggest wine company in the US, also has a lot at stake. Marijuana crops, which by law cannot be insured, are going up in smoke, and the fires could also dent the region’s multi-billion dollar tourism industry.
State Senator Mike McGuire tweeted that damage estimates top $3 billion. Dr. Joel Myers, president and chairman of AccuWeather had even more ominous estimates, saying that “based on our forecast the total costs from this disaster on the economy would exceed $85 billion and, if the fires are not contained in the next couple of weeks, the total economic impact could even reach $100 billion.

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USD/CAD Hovers Near 1-Week Highs in Early Trade

October 17, 2017, 01:31

Investing.com - The U.S. dollar was hovering near one-week highs against its Canadian counterpart on Tuesday, after the release of positive data and as speculation surrounding the future head of the Federal Reserve supported the greenback.

USD/CAD was up 0.21% at 1.2544 by 09:30 a.m. ET (13:30 GMT), just off a one-week high of 1.2553 hit earlier in the day.

The U.S. dollar found support after data showed that industrial and manufacturing production in the U.S. rose in line with expectations last month.

A separate report showed that U.S. import and export prices jumped higher than expected in September.

The greenback had already strengthened following a report that U.S. President Donald Trump was favoring Stanford economist John Taylor, seen as more hawkish than current Chair Janet Yellen, to head the Fed.

Trump is also due to meet with Yellen later in the week as part of his search for a new candidate for her position, a source familiar with plans for the meeting said.

Market participants are also keeping an eye on current Fed Governor Jerome Powell and former Fed official Kevin Warsh as potential candidates to succeed Yellen when her term ends in February.

The loonie was higher against the euro, with EUR/CAD shedding 0.20% to 1.4736.

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U.S. Industrial Production Edges Up in September, Matching Forecasts

October 17, 2017, 01:17

Investing.com – Industrial and manufacturing production in the U.S. rose in line with expectations in September, rebounding from a previous decline supporting optimism over the health of the economy, official data showed on Tuesday.

In a report, the Federal Reserve said that industrial production increased by 0.3% from the previous month, in line with expectations and compared to a decline of 0.7% in August that was revised from an initial 0.9% decrease.

Meanwhile, manufacturing production increased by a seasonally adjusted 0.1% last month, also in line with forecasts and following the 0.2% drop registered in August that was revised upwards from an initial decline of 0.3%.

The report also showed that the capacity utilization rate, a measure of how fully firms are using their resources, settled at 76.0% in September, worse than the forecast for a reading of 76.2%.

The prior month was revised down to 75.8% from 76.1%.

Following the report, EUR/USD trading at 1.1749 from around 1.1748 ahead of the release of the data, GBP/USD was at 1.3185 from 1.3177 previously, while USD/JPY traded at 112.36 versus 112.42 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.47 compared to 93.50 before the report.

Meanwhile, U.S. stock futures pointed to a mixed open. The Dow futures gained 19 points, or 0.08%, the S&P 500 futures slipped 2 points, or 0.09%, while the Nasdaq 100 futures edged down 8 points, or 0.12%.

Elsewhere, in the commodities market, gold futures changed hands at $1,287.93, compared to $1,287.12 prior to the release, while crude oil traded at $51.89, compared to 52.03 ahead of the report.

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Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.22%

October 17, 2017, 01:15

Investing.com – Saudi Arabia stocks were higher after the close on Tuesday, as gains in the Energy&Utilities, Petrochemicals and Transport sectors led shares higher.

At the close in Saudi Arabia, the Tadawul All Share added 0.22%.

The best performers of the session on the Tadawul All Share were Malath Cooperative Insurance Co (SE:8020), which rose 9.87% or 1.36 points to trade at 15.14 at the close. Meanwhile, United Cooperative Assurance Co (SE:8190) added 6.59% or 0.90 points to end at 14.56 and Electrical Industries Co (SE:1303) was up 4.26% or 0.86 points to 21.06 in late trade.

The worst performers of the session were The Company for Coop. Insurance (SE:8010), which fell 2.38% or 2.41 points to trade at 99.00 at the close. Makkah Construction&Development Co (SE:4100) declined 2.19% or 1.73 points to end at 77.10 and Saudi Enaya Cooperative Insurance (SE:8311) was down 2.07% or 0.49 points to 23.18.

Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 93 to 74 and 10 ended unchanged.

Shares in Makkah Construction&Development Co (SE:4100) fell to 52-week lows; losing 2.19% or 1.73 to 77.10.

Crude oil for November delivery was up 0.04% or 0.02 to $51.89 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.28% or 0.16 to hit $57.98 a barrel, while the December Gold Futures contract fell 1.23% or 16.01 to trade at $1286.99 a troy ounce.

EUR/SAR was down 0.41% to 4.4060, while USD/SAR fell 0.01% to 3.7503.

The US Dollar Index Futures was up 0.39% at 93.50.

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Crude Oil Prices Remain Supported, Eyes on Inventory Data

October 17, 2017, 01:02

Investing.com - Crude oil prices remained supported on Tuesday, as escalating violence between Iraqi troops and Kurdish forces near Kirkuk sparked concerns over potential supply disruptions in the region, while investors eyed upcoming U.S. inventory data.

The U.S. West Texas Intermediate crude November contract was up15 cents or about 0.29% at $52.02 a barrel by 09:00 a.m. ET (13:00 GMT),just off the previous session's two-week high of $52.37.

Elsewhere, Brent oil for December delivery on the ICE Futures Exchange in London was up 34 cents or about 0.61% at $58.17 a barrel, close to Monday's more than two-week peak of $58.47.

Fighting near Kirkuk began following a referendum in which the Kurds, who run their own semi-autonomous region in northern Iraq, voted overwhelmingly in favor of independence last month, defying Baghdad, regional powers and the U.S.

Meanwghile, investors were eyeing weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.

Industry group the American Petroleum Institute is due to release its weekly report at 4:30 p.m. ET (20:30 GMT) Tuesday.

Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 4.7 million barrels, which would mark the fourth weekly decline in a row.

Elsewhere, gasoline futures were up 0.33% at $1.625 a gallon, while natural gas futures rallied 1.93% to $3.003 per million British thermal units.

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Forex- U.S. Dollar Continues to Hold as Sterling Slides

October 17, 2017, 01:00

Investing.com – The U.S. dollar increased against other major counterparts on Tuesday, while sterling fell amid Brexit warnings from Bank of England Governor Mark Carney.

The dollar was supported by reports on Monday that U.S. President Donald Trump was favoring Stanford economist John Taylor to replace Federal Reserve Chair Janet Yellen next year. Trump is expected to meet with Yellen on Thursday about renewing her term.

The greenback was also bolstered by U.S. import and export prices rising higher than expected in September, according to data from the U.S. Bureau of Labor Statics on Tuesday.

Meanwhile, GBP/USD fell 0.54% to 1.3185 after Carney warned about the dangers of a no-deal Brexit on Tuesday. He said the bank had prepared for a “worst-case” scenario and noted British firms have become “less confident about a smooth transition” but that, to the contrary, “household expectations are broadly consistent with a smooth outcome to a future arrangement”.

Earlier on Tuesday data showed that U.K. inflation had hit a five-and-half year high in September, bolstering chances of a Bank of England rate hike.

EUR/USD slid 0.33% to 1.1757 after data showed that German economic sentiment rose much less than expected in October.

The yen inched forward 0.21% with USD/JPY at 112.42 while USD/CHF rose 0.36% to 0.9789.

The Australian dollar fell 0.22%, with AUD/USD at 0.7834, while NZD/USD lost 0.06% to trade at 0.7163.

Statistics New Zealand reported on Tuesday that consumer prices increased 0.5% in the third quarter, beating expectations for a 0.4% gain.

Year-over-year, consumer prices rose 1.9% in the three months to September, compared to expectations for a 1.8% gain.

Elsewhere, the Canadian dollar increased, with USD/CAD up 0.16% at 1.2536.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.33%, to 93.45 as of 8:52 AM ET (1:53 PM GMT).

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Natural Gas Futures Bounce Back on Hopes for Strong Winter Demand

October 17, 2017, 01:00

Investing.com - U.S. natural gas futures bounced back from the prior session's losses on Tuesday, as hopes for higher heating demand this winter than in the past two winters provided support.

In their latest forecasts, meteorologists at the U.S. National Oceanic and Atmospheric Administration (NOAA) predicted temperatures from November through March would be 13% colder than last winter and close to the average of the previous 10 years.

Traders were optimistic that colder weather would boost heating demand this winter over the prior two snow seasons, which were among the warmest on record.

U.S. natural gas for November delivery jumped 4.5 cents, or around 1.6%, to $2.994 per million British thermal units by 9:00AM ET (1300GMT).

Futures slumped 5.4 cents, or 1.8%, on Monday as traders reacted to forecasts showing a return to mild weather in the eastern U.S. following last week's cold spell.

Gas futures often reach a seasonal low in October, when mild weather weakens demand, before recovering in the winter, when heating-fuel use peaks.

Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show a build in a range between 52 and 62 billion cubic feet (bcf) in the week ended October 13.

That compares with a gain of 87 bcf in the preceding week, a build of 77 billion a year earlier and a five-year average rise of 78 bcf.

Total natural gas in storage currently stands at 3.595 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 153 bcf, or around 4.1%, lower than levels at this time a year ago and 8 bcf, or roughly 0.2%, below the five-year average for this time of year.

Analysts estimated the amount of gas in storage would end the April-October injection season at 3.8 tcf due primarily to higher liquefied natural gas shipments abroad. That would fall short of the year-earlier record of 4.0 tcf and the five-year average of 3.9 tcf.

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Gold Prices Push Lower as U.S. Dollar Strengthens

October 17, 2017, 12:45

Investing.com - Gold prices pushed lower on Tuesday, as the dollar strengthened after upbeat U.S. data and amid mounting speculation that the next head of the Federal Reserve could be more hawkish.

Comex gold futures were down $6.67 or about 0.51% at $1,303.09 a troy ounce by 08:45 a.m. ET (12:45 GMT), their lowest since October 11.

The U.S. dollar found support after data showed that U.S. import and export prices jumped higher than expected in September.

The greenback had already strengthened following a report that U.S. President Donald Trump was favoring Stanford economist John Taylor, seen as more hawkish than current Chair Janet Yellen, to head the Fed.

Trump is also due to meet with Yellen later in the week as part of his search for a new candidate for her position, a source familiar with plans for the meeting said.

Market participants are also keeping an eye on current Fed Governor Jerome Powell and former Fed official Kevin Warsh as potential candidates to succeed Yellen when her term ends in February.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.32% at 93.44, the highest since October 10.

Gold is sensitive to moves 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. interest rates lifts the opportunity cost of holding non-yielding assets such as bullion.

Elsewhere on the Comex, silver futures lost 1.52% to $17.11 a troy ounce.

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U.S. Import and Export Prices Rise Higher Than Expected

October 17, 2017, 12:36

Investing.com - U.S. import and export prices jumped higher than expected in September, official data showed on Tuesday.

In a report, the U.S. Bureau of Labor Statistics said import prices increased by a seasonally adjusted 0.7% last month, compared to 0.6% in August. Analysts had expected prices to increase by 0.5%.

Export prices unexpectedly rose by a seasonally adjusted 0.8% in September, compared to forecasts of 0.4%. That followed a rise of 0.7% a month earlier that was revised from an initial reading of a 0.6%.

Following the report, EUR/USD was trading at 1.1757 from around 1.1761 ahead of the data, GBP/USD was at 1.3180 from 1.31876 earlier, while USD/JPY increased to 112.31 compared to 112.18 earlier.

The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.43, compared to 93.40 ahead of the report.

Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures inched forward 12 points or 0.06%, the S&P 500 futures edged down one point, or 0.04%, while the Nasdaq 100 futures lost four and a half points, or 0.08%.

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BoE Governor Carney Expects UK Inflation to Peak in October

October 17, 2017, 11:47

Investing.com – Bank of England governor Mark Carney forecast that UK annual inflation would peak as early as October in testimony delivered to the country’s Treasury Select Committee on Tuesday.

Inflation will exceed 3%

After a release earlier on Tuesday showed that annual inflation in the UK rose to 3.0% in September, its highest level since March 2012, Carney admitted that he would “more likely than not” have to write a letter to chancellor Philip Hammond to explain why inflation is more than 1% above the 2% target.

“Inflation will peak in (or) around the October/November,” Carney testified.

He explained that the “sole reason” inflation has increased is because of the depreciation of sterling and noted that the Monetary Policy Committee continued to expect inflation to move slightly higher based on that effect.

Carney defended the higher-than-target levels of inflation, calling it a “trade off” in order to support the economy and employment.

Rate hike will not be done solely as safety measure

He also dismissed the idea of raising interest rates for the sole reason of preparing for a future economic crisis.

“Building a war chest in interest rate terms for a potential future shock, isn’t staying on point in terms of the inflation target, nor is it appropriate or necessary given that policy can move quite nimbly if required,” the BoE governor explained.

Markets widely expect the BoE to hike rates at their next policy decision on November 2.

However, the BoE’s new deputy governor Dave Ramsden said earlier on Tuesday that he was not part of the majority of policymakers who suggested last month that a rate hike was likely to be needed "in the coming months" because he saw little sign of inflation pressure building in Britain's labor market.

Brexit agreement will include transition period

Responding to questions surrounding Brexit negotiations, Carney said that he expects that the UK and European Union will reach an agreement that includes a transitionary period as it “is in everyone’s interest”.

He did admit that the BoE has made preparations in the event that there would be a “hard exit” without a transition period, because the monetary authority was asked to do so.

Carney stated that the BoE’s evaluation of possible worse-case scenarios has looked at tools to mitigate those risks and added that British banks are sufficiently capitalized in order to handle a negative outcome.

He also noted that a “full, comprehensive, ambitious agreement” between the UK and EU could result in the BoE increasing growth forecasts.

Carney further noted that British firms have become “less confident about a smooth transition” but that, to the contrary, “household expectations are broadly consistent with a smooth outcome to a future arrangement”.

As the testimony progressed, the pound moved towards session lows. At 7:44AM ET (11:44GMT), GBP/USD traded at 1.3200 from around 1.3247 ahead of the remarks, EUR/GBP was at 0.8907 from 0.8873 earlier and GBP/JPY changed hands at 148.10, compared to 148.61 previously.

Meanwhile, European stock markets traded mostly higher. London’s FTSE 100 gained 0.23%, the benchmark Euro Stoxx 50 rose 0.14%, France's CAC 40 inched up 0.01%, while Germany's DAX advanced 0.07%.

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Goldman Sachs Reports Easy Beat on Earnings, Revenue

October 17, 2017, 11:38

Investing.com - Goldman Sachs reported third quarter earnings and revenue that easily beat analysts’ expectations on Tuesday.

The bank reported second quarter earnings per share of $5.02 on revenue of $8.33 billion.

Analysts had expected EPS of $4.17 on revenue of $7.54 billion.

FICC trading revenue was $1.45 billion, against forecasts of $1.38 billion, while investment banking revenue was $1.8 billion compared to forecasts of $1.63 billion.

Goldman shares were up 0.86% in pre-market trade.

Earlier in the day, rival Morgan Stanley (NYSE:MS) also reported earnings that topped analysts expectations.

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United Arab Emirates stocks lower at close of trade; DFM General down 0.39%

October 17, 2017, 11:15

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

At the close in Dubai, the DFM General fell 0.39%, while the ADX General index declined 0.77%.

The best performers of the session on the DFM General were Gulf General Investments Company (DU:GGIC), which rose 7.94% or 0.032 points to trade at 0.435 at the close. Meanwhile, Union Properties PJSC (DU:UPRO) added 2.45% or 0.021 points to end at 0.877 and Marka Pjse (DU:MARKA) was up 2.40% or 0.02 points to 0.68 in late trade.

The worst performers of the session were Oman Insurance Company P.S.C. (DU:OIC), which fell 5.56% or 0.100 points to trade at 1.700 at the close. National Cement Company P.S.C. (DU:NCC) declined 3.23% or 0.100 points to end at 3.000 and Amlak Finance PJSC (DU:AMLK) was down 1.82% or 0.020 points to 1.080.

The top performers on the ADX General were Al Khaleej Investment Co PJSC (AD:KICO) which rose 9.43% to 3.83, Abu Dhabi National for Building Materials Co PJSC (AD:BILD) which was up 6.98% to settle at 0.460 and Al Khazna Ins (AD:AKIC) which gained 6.90% to close at 0.310.

The worst performers were Green Crs Ins (AD:GCIC) which was down 9.84% to 0.550 in late trade, Dana Gas (AD:DANA) which lost 2.67% to settle at 0.730 and First Abu Dhabi Bank PJSC (AD:FAB) which was down 1.43% to 10.35 at the close.

Falling stocks outnumbered advancing ones on the Dubai Stock Exchange by 16 to 16 and 7 ended unchanged; on the Abu Dhabi, 11 fell and 10 advanced, while 9 ended unchanged.

Crude oil for November delivery was up 0.56% or 0.29 to $52.16 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.59% or 0.34 to hit $58.16 a barrel, while the December Gold Futures contract fell 0.92% or 11.98 to trade at $1291.02 a troy ounce.

USD/AED was up 0.01% to 3.6730, while EUR/AED fell 0.31% to 4.3191.

The US Dollar Index Futures was up 0.29% at 93.41.

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Morgan Stanley Reports Beat on Earnings, Revenue

October 17, 2017, 11:03

Investing.com - Morgan Stanley reported third quarter earnings and revenue that beat analysts’ expectations on Tuesday.

The firm reported second quarter earnings per share of $0.93 on revenue of $9.91 billion.

Analysts had expected EPS of $0.81 on revenue of $9.01 billion.

The bank said wealth management revenue came in at $4.22 billion against forecasts of $4.15 billion, while investment banking revenues were $1.3 billion compared to expectations of $1.1 billion.

Overall sales and trading revenue fell to $2.9 billion from $3.2 billion in the same quarter a year ago. Equities trading revenue was little changed, but fixed income trading revenues fell to $1.2 billion from $1.5 billion, which the bank attributed "subdued activity."

Morgan Stanley shares gained 1.74% in pre-market trade.

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India stocks mixed at close of trade; Nifty 50 up 0.04%

October 17, 2017, 10:45

Investing.com – India stocks were mixed after the close on Tuesday, as gains in the Real Estate, Oil&Gas and Capital Goods sectors led shares higher while losses in the IT, Banking and Consumer Durables sectors led shares lower.

At the close in NSE, the Nifty 50 gained 0.04% to hit a new all time high, while the BSE Sensex 30 index fell 0.08%.

The best performers of the session on the Nifty 50 were Cipla Ltd. (NS:CIPL), which rose 4.18% or 25.35 points to trade at 632.10 at the close. Meanwhile, Bharat Petroleum Corp. Ltd. (NS:BPCL) added 2.88% or 14.35 points to end at 512.75 and Bharti Airtel Ltd. (NS:BRTI) was up 2.58% or 11.70 points to 465.95 in late trade.

The worst performers of the session were Zee Entertainment Enterprises Ltd. (NS:ZEE), which fell 3.82% or 19.65 points to trade at 494.80 at the close. AXIS Bank Ltd (NS:AXBK) declined 1.38% or 7.20 points to end at 513.15 and Tata Motors Ltd (NS:TAMO) was down 1.09% or 4.75 points to 432.30.

The top performers on the BSE Sensex 30 were Cipla Ltd. (BO:CIPL) which rose 4.09% to 631.25, Bharti Airtel Ltd (BO:BRTI) which was up 2.86% to settle at 465.95 and Asian Paints Ltd. (BO:ASPN) which gained 2.06% to close at 1194.40.

The worst performers were AXIS Bank Ltd. (BO:AXBK) which was down 1.44% to 513.20 in late trade, Tata Motors Ltd (BO:TAMO) which lost 1.04% to settle at 432.00 and Infosys Ltd (BO:INFY) which was down 0.84% to 931.45 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 792 to 781 and 22 ended unchanged; on the Bombay Stock Exchange, 1319 rose and 1257 declined, while 122 ended unchanged.

Shares in Cipla Ltd. (NS:CIPL) rose to 52-week highs; up 4.18% or 25.35 to 632.10. Shares in Bharti Airtel Ltd. (NS:BRTI) rose to 5-year highs; up 2.58% or 11.70 to 465.95. Shares in Cipla Ltd. (BO:CIPL) rose to 52-week highs; gaining 4.09% or 24.80 to 631.25. Shares in Bharti Airtel Ltd (BO:BRTI) rose to 5-year highs; up 2.86% or 12.95 to 465.95.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 2.65% to 11.6100.

Gold Futures for December delivery was down 0.85% or 11.02 to $1291.98 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 0.56% or 0.29 to hit $52.16 a barrel, while the December Brent oil contract rose 0.45% or 0.26 to trade at $58.08 a barrel.

USD/INR was up 0.31% to 64.906, while EUR/INR rose 0.06% to 76.3695.

The US Dollar Index Futures was up 0.20% at 93.33.

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Stocks- U.S. Futures Flat Ahead of Banks' Earnings Releases

October 17, 2017, 10:33

Investing.com – U.S. futures barely moved in pre-market trading on Tuesday as investors wait for bank earnings releases later in the day.

The S&P 500 futures inched down 0.04% as of 6:19 AM ET (11:19 AM GMT) while Dow futures were flat. The tech heavy Nasdaq 100 futures fell 0.05%.

Among the biggest movers before the morning bell was Credit Suisse (SIX:CSGN), which rose 0.19% on the news that Swiss hedge fund RBR Capital Advisors AG bought a stake in the bank. Netflix (NASDAQ:NFLX) jumped 2.33% after it hit more subscribers than expected.

Meanwhile automobile maker Fiat Chrysler Automobiles NV (NYSE:FCAU) fell 1.19% in pre-market trading after it recalled 470,000 cars. Mining firm Freeport-McMoran Copper & Gold Inc (NYSE:FCX) was also down, decreasing 1.83%.

In economic news, the import and export price index for September comes out before the morning bell, as well as industrial production. Investors will be watching for any indication of a strengthening economy and potential Federal Reserve rate hike.

It’s a big day for earnings, with many companies releasing their earnings throughout the day. Financial giants Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) are expected to release its earnings ahead of the morning bell. Other companies releasing their earnings before markets open include financial firm Comerica (NYSE:CMA), motorcycle maker Harley-Davidson Inc (NYSE:HOG) and insurance company Progressive Corporation (NYSE:PGR).

In Europe, stocks were relatively flat. The IBEX 35 fell 0.10% as it struggled to rally after the Spanish government gave Catalonia until Thursday to decide on whether or not to declare independence. In Germany the DAX inched forward 0.05% after the German ZEW Economic Sentiment rose much less than expected, while in France the CAC 40 inched down 0.04%. London’s FTSE 100 increased 0.06% while the pan-European Euro Stoxx 50 was up 0.03%.

Gold futures fell to $1,292.49 an ounce while crude oil futures increased $52.16 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, increased to 93.32.

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Indonesia stocks lower at close of trade; IDX Composite Index down 0.04%

October 17, 2017, 10:15

Investing.com – Indonesia stocks were lower after the close on Tuesday, as losses in the Miscellaneous Industry, Trade and Infrastructure sectors led shares lower.

At the close in Jakarta, the IDX Composite Index declined 0.04%.

The best performers of the session on the IDX Composite Index were Bank Mitraniaga Tbk (JK:NAGA), which rose 34.08% or 61 points to trade at 240 at the close. Meanwhile, Malacca Trust Wuwungan Insurance PT (JK:MTWI) added 24.86% or 88 points to end at 442 and Mitrabahtera Segara Sejati Tbk (JK:MBSS) was up 24.41% or 103 points to 525 in late trade.

The worst performers of the session were Jakarta Int Hotels&Dev (JK:JIHD), which fell 17.36% or 105 points to trade at 500 at the close. Minna Padi Investama Tbk (JK:PADI) declined 11.35% or 160 points to end at 1250 and Sierad Produce Tbk (JK:SIPD) was down 9.30% or 80 points to 780.

Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 183 to 159 and 111 ended unchanged.

Shares in Malacca Trust Wuwungan Insurance PT (JK:MTWI) rose to all time highs; rising 24.86% or 88 to 442.

Crude oil for November delivery was up 0.42% or 0.22 to $52.09 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.42% or 0.24 to hit $58.06 a barrel, while the December Gold Futures contract fell 0.95% or 12.36 to trade at $1290.64 a troy ounce.

USD/IDR was up 0.20% to 13504.2, while AUD/IDR rose 0.27% to 10618.50.

The US Dollar Index Futures was up 0.25% at 93.37.

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Top 5 Things to Know in the Market on Tuesday

October 17, 2017, 09:33

Investing.com - Here are the top five things you need to know in financial markets on Tuesday, October 17:

1. Goldman Sachs, Morgan Stanley Earnings In focus

The third-quarter earnings season gets into full swing with major U.S. financial firms Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) due to post results ahead of the opening bell.

Johnson & Johnson (NYSE:JNJ), UnitedHealth (NYSE:UNH), Harley-Davidson (NYSE:HOG), CSX (NASDAQ:CSX) and Progressive (NYSE:PGR) are also scheduled to report on Tuesday morning.

After the closing bell, IBM (NYSE:IBM), United Continental (NYSE:UAL), Cree (NASDAQ:CREE), Interactive Brokers (NASDAQ:IBKR) and Pinnacle Financial (NASDAQ:PNFP) are set to post results.

Netflix (NASDAQ:NFLX) earnings will also be in focus, after its stock jumped around 2% to reach an all-time high in after-hours trading Monday after the company posted a surprisingly large increase in subscribers.

2. Global Stock Markets Stay Near Highs

While the global stock rally showed signs of slowing, world shares stayed near their recent highs, supported by optimism about global growth prospects.

Asian-Pacific equities ended little changed, holding near their highest level since late 2007. Among notable standouts, Japan's Nikkei climbed for an 11th day to a level not seen since November 1996. On the downside, Chinese stocks ended lower ahead of the start of the Chinese Communist Party’s congress.

In Europe, shares were a shade higher in mid-morning trade, with Germany's DAX trading near last week's record highs, while Spain's IBEX 35 underperformed as the Catalonia crisis continued to steer Spanish stock performance.

On Wall Street, U.S. stocks pointing to a muted open as investors looked to key earnings reports to set the tone for the markets. On Monday, the three major benchmarks all scored record closing highs.

3. Race for Fed Chair Heats Up

The U.S. dollar and bond yields pushed higher, while gold prices sank, following a report that U.S. President Donald Trump was favoring Stanford economist John Taylor, seen as more hawkish than current Chair Janet Yellen, to head the Fed.

Trump is also due to meet with incumbent Janet Yellen later in the week as part of his search for a new candidate for her position, a source familiar with plans for the meeting said.

Market watchers are also keeping an eye on current Fed Governor Jerome Powell and former Fed official Kevin Warsh as potential candidates to succeed Yellen when her term ends in February.

The dollar index, which tracks the greenback's strength against a basket of six major currencies, rose to a one-week high of 93.37, while U.S. 2-year Treasury yields hit their highest in almost nine years.

4. Oil Prices Continue Higher as Iraq Violence Rages On

Oil prices continued higher for the third straight day following reports that Iraqi forces took control of oil fields in Kirkuk.

The fighting follows a referendum in which the Kurds, who run their own semiautonomous region in northern Iraq, voted overwhelmingly in favor of independence last month, defying Baghdad, regional powers and the U.S.

Brent crude futures, the benchmark for oil prices outside the U.S., added 0.6% to $58.15 a barrel. It rose 1.2% to its best level since Sept. 28 at $58.47 on Monday.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures gained 0.5% to $52.13 a barrel, after reaching a three-week high of $52.37 in the last session.

Investors looked ahead to weekly data on stockpiles of crude and refined products from the American Petroleum Institute at 4:30PM ET (2030GMT) to gauge the strength of demand in the world’s largest oil consumer.

5. UK inflation jumps to 5-1/2-year high

British inflation rose to its highest level in more than five years in September, according to official data that could make the Bank of England more likely to raise interest rates next month.

Consumer prices last month were 3.0% higher than a year ago, the Office for National Statistics said, matching expectations and marking the fastest rise since April 2012.

The data added to speculation that the BoE will raise interest rates for the first time in over a decade next month, with market players pricing in an around an 85% chance of a move at the bank's Nov. 2 meeting.

BoE Governor Mark Carney is scheduled to testify before the Treasury Select Committee in London at around 1015GMT (6:15AM ET), as market players seek further hints on his views on monetary policy.

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Dollar Holds Onto Gains Vs. Other Majors

October 17, 2017, 09:18

Investing.com - The U.S. dollar held onto gains against other major counterparts on Tuesday, as speculation over who will replace Janet Yellen at the head of the Federal Reserve lent support to the greenback.

The greenback was boosted by reports on Monday that U.S. President Donald Trump was favoring Stanford economist John Taylor to replace Federal Reserve Chair Janet Yellen next year. Taylor is seen as more hawkish than current Yellen.

The U.S. dollar was also supported after Fed Chair Yellen said Sunday that the economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates despite soft inflation.

EUR/USD slipped 0.25% to 1.1766 after data showed that German economic sentiment rose much less than expected in October.

Elsewhere, the pound steady at 1.3263 after data showed that U.K. inflation hit a five-and-a-half year high in September.

The yen was also steady, with USD/JPY at 112.15, while USD/CHF edged 0.17% higher to 0.9772.

The Australian dollar was little changed, with AUD/USD at 0.7856, while NZD/USD added 0.14% to trade at 0.7179.

Statistics New Zealand reported on Tuesday that consumer prices increased 0.5% in the third quarter, beating expectations for a 0.4% gain.

Year-over-year, consumer prices rose 1.9% in the three months to September, compared to expectations for a 1.8% gain.

At the same times, the minutes of the Reserve Bank of Australia's October policy meeting showed that policymakers are in no hurry to raise interest rates.

“Members observed that moves towards higher interest rates in other economies were a welcome development, but did not have mechanical implications for the setting of policy in Australia,” the report said.

Meanwhile, the Canadian dollar was lower, with USD/CAD up 0.13% at 1.2534.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.17% at 93.30 by 05:15 a.m. ET (09:15 GMT), its highest since October 10.

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Sterling Higher as UK Inflation Increase Keeps Pressure on BoE

October 17, 2017, 09:13

Investing.com - The pound was broadly higher on Tuesday after data showing that UK inflation rose to the highest level in five-and-a-half years in September kept up pressure on the Bank of England to raise interest rates next month.

GBP/USD hit a high of 1.3287 immediately following the report and was at 1.3264 by 05:13 AM ET (09:13 AM GMT).

The annual rate of inflation rose by 3.0% in September, up from 2.9% in August, the Office for National Statistics reported. That was in line with forecasts and was the highest reading since early 2012.

Rising food and housing costs were the biggest factors driving the cost of living up, the ONS said, partly due to utility bills.

The retail prices index, another measure of inflation, rose by 3.9% in September.

The rise in the cost of living, largely driven by the fall in the pound since last year’s Brexit vote, has caused a squeeze on household spending as inflation continues to outstrip wage growth.

But the Bank of England has indicated that it expects to raise interest rates in the coming months so long as price pressures continue to increase and growth continues.

BoE Governor Mark Carney was due to give testimony before Parliament’s Treasury Committee later Tuesday and was likely to face questions on the exact timing of any rate hike.

Sterling was also higher against the euro, with EUR/GBP down 0.33% at 0.8872.

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German ZEW Economic Sentiment Dampens in October

October 17, 2017, 08:55

Investing.com - German economic sentiment rose much less than expected in October, dampening optimism over the euro zone economy, industry data showed on Tuesday.

In a report, the ZEW Centre for Economic Research said that its index of German economic sentiment inched forward to 17.6 this month from September’s reading of 17.0. Analysts had expected the index to increase to 20.0.

On the index, a level above 0.0 indicates optimism, a level below 0.0 indicates pessimism.

The Current Conditions Index fell to 87.0 this month from 87.9 in September. That was compared to expectations for rise of 89.0.

Meanwhile, the index of euro zone economic sentiment slumped to 26.7 from 31.7 a month earlier. Forecasts predicted a rise to 34.2.

After the report, EUR/USD was trading at 1.1764 from around 1.1767 ahead of the release of the data, while EUR/GBP was at 0.8872 from 0.8860 earlier.

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Japan stocks higher at close of trade; Nikkei 225 up 0.38%

October 17, 2017, 08:35

Investing.com – Japan stocks were higher after the close on Tuesday, as gains in the Banking, Insurance and Finance&Investment sectors led shares higher.

At the close in Tokyo, the Nikkei 225 added 0.38% to hit a new 5-year high.

The best performers of the session on the Nikkei 225 were Sumitomo Metal Mining Co., Ltd. (T:5713), which rose 4.13% or 164.0 points to trade at 4138.0 at the close. Meanwhile, Kobe Steel, Ltd. (T:5406) added 2.96% or 24.5 points to end at 852.0 and SUMCO Corp. (T:3436) was up 2.86% or 53.0 points to 1906.0 in late trade.

The worst performers of the session were Toho Co., Ltd. (T:9602), which fell 2.20% or 85.0 points to trade at 3775.0 at the close. Showa Denko K.K. (T:4004) declined 1.81% or 65.0 points to end at 3530.0 and Toho Zinc Co., Ltd. (T:5707) was down 1.32% or 70.0 points to 5250.0.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 1642 to 1597 and 254 ended unchanged.

Shares in Sumitomo Metal Mining Co., Ltd. (T:5713) rose to 5-year highs; gaining 4.13% or 164.0 to 4138.0.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was up 2.38% to 16.75 a new 1-month high.

Crude oil for November delivery was up 0.48% or 0.25 to $52.12 a barrel. Elsewhere in commodities trading, Brent oil for delivery in December rose 0.52% or 0.30 to hit $58.12 a barrel, while the December Gold Futures contract fell 0.82% or 10.70 to trade at $1292.30 a troy ounce.

USD/JPY was down 0.01% to 112.18, while EUR/JPY fell 0.25% to 132.01.

The US Dollar Index Futures was up 0.15% at 93.28.

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