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Crypto Prices Fall as Libra in EU’s Crosshairs

August 21, 2019, 03:50

Investing.com - Cryptocurrency prices fell on Wednesday in Asia as regulators prob Facebooks’ project to launch its own digital coin, Libra.

Bitcoin fell 4.3% to $10,340.2 by 11:49 PM ET (03:49 GMT). Ethereum was down 3.8%, while XRP and Litecoin dropped 3.9% and 2.2% respectively.

The fall came after Bloomberg cited a document titled “investigating potential anti-competitive behavior” and reported that antitrust regulators are probing Facebook’s Libra project.

Regulators are looking into “possible competition restrictions” on information that will be exchanged and the use of customer data under the two-month old Facebook project, according to Bloomberg.

The article also noted that the European Union is also investigating whether the social network giant is using its size to “squeeze smaller rivals.”

Separately, Facebook is also caught in the middle of the U.S.’s trade war with China , as state-owned newspaper China Daily accused the company for cracking down on accounts that reportedly were linked to Chinese campaign against Hong Kong’s ongoing pro-democracy protests. Chinese people “have the right to express their views,” the newspaper said.

Facebook said “we’re constantly working to detect and stop this type of activity because we don’t want our services to be used to manipulate people” following its decisions to close hundreds of accounts related to the incident this week.

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Asian Stocks Fall; Pompeo Expects Trade War to End by 2020

August 21, 2019, 02:42

Investing.com - Asian stocks fell in morning trade on Wednesday. U.S. Secretary of State Mike Pompeo's comment received some attention as he said he expects the Sino-U.S. trade war to end by 2020, but urged Beijing to respect Hong Kong's pro-democracy protestors' rights and the city's autonomy because they are important for a trade deal.

China’s Shanghai Composite and the Shenzhen Component were down 0.2% and 0.3% respectively by 10:30 PM ET (02:30 GMT). Hong Kong’s Hang Seng Index slipped 0.1%.

Japan’s Nikkei traded 0.4% lower, while South Korea’s KOSPI climbed 0.2%.

Down under, Australia’s ASX 200 dropped 1.0%.

Concerns about a global economic slowdown continued to be cited as headwinds for the markets today.

Traders also remained cautious amid conflicting signs on the Sino-U.S. trade front. U.S. President Donald Trump said he had to “take China on” even if it would cause short-term impact on U.S. economy.

"Somebody had to take China on," Trump told reporters during a White House visit by Romanian President Klaus Iohannis. "This is something that had to be done. The only difference is I am doing it," he said.

"China has been ripping this country off for 25 years, for longer than that and it's about time whether it's good for our country or bad for our country short term. Long term it's imperative that somebody does this," he said.

Meanwhile, Secretary of State Mike Pompeo said at a private lunch on Tuesday that he beliveves the trade war with China could end by the end of 2020, according to CNBC who cited people who attended the gathering.

Tensions between the two sides seemingly eased somewhat on Tuesday after the U.S. extended a license that allows tech giant Huawei to continue doing business with U.S. companies.

Monetary policy will dictate movements in the stock markets in the coming days, as the U.S. Federal Reserve releases the minutes of its July meeting later in the day while Fed Chairman Jerome Powell is expected to give a speech on Friday.

Analysts currently expect the central bank to cut rates at its meeting next month. Trump previously said the Fed should cut interest rates by at least 100 basis points and add “some” quantitative easing for good measure.

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Day Ahead: Top 3 Things to Watch

August 20, 2019, 07:35

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

1. Fed Minutes, Housing Activity in Focus

Monetary policy comes into focus tomorrow as the Federal Reserve releases the minutes of its July meeting at 2 PM ET (18:00 GMT).

With expectations running high that the U.S. central bank is likely to cut rates at its meeting next month, the minutes will likely be parsed for further insight into policymakers’ appetite to support easier monetary policy measures, specifically if there was much dissent among the FOMC members.

President Donald Trump earlier this week continued to call on the Fed to cut rates.

Trump said the central bank should cut interest rates by at least 100 basis points and throw in “some” quantitative easing for good measure.

The National Association of Realtors releases its report on July existing home sales at 10 AM ET (14:00 GMT).

Forecasts compiled by Investing.com expect the report to show existing home sales in July rose 2.5% from June to 5.39 million units on an annualized basis.

2. Crude Inventories on Tap

The Energy Information Administration (EIA) releases its weekly petroleum report Wednesday morning.

Ahead of the EIA report, the American Petroleum Institute released data, which often serves as an early indication of weekly petroleum levels, showing crude stockpiles fell by 3.5 million barrels last week.

The EIA is expected to report crude stockpiles fell by 1.889 million barrels last week. The report has confounded economists’ estimates lately, showing a build for two consecutive weeks against expectations for a decline.

Crude oil futures rose 0.2% to settle at $56.34 a barrel.

3. Lowe's, Target) Earnings Due

Earnings from Lowe’s Companies (NYSE:LOW) are due before the opening bell Wednesday, coming a day after rival Home Depot (NYSE:HD) topped forecasts but cut its outlook amid pressures from falling lumber prices.

Lowe's is expected to report earnings of $2.01 a share on revenue of $20.95 billion.

The home-improvement retailer’s results are expected to reflect an uptick in costs amid restricting efforts. It announced store closures and job cuts last year as part of a major restructuring plan.

In its first-quarter report, the home-improvement retailer cut its full-year earnings outlook, and investors will be keen for an update following the key spring quarter.

Lowe's shares are up 6.2% this year.

Target (NYSE:TGT), meanwhile, is expected to report earnings of $1.62 a share and revenue of $18.3 billion before the opening bell on Wednesday.

As well as earnings and guidance, commentary concerning the Trump administration’s decision to delay tariffs on retail-sensitive items such as toys and clothes to Dec. 15 from Sept. 1 will likely draw close attention.

The tariff delay eased fears that U.S. companies would be forced to pass any additional levies on certain items to consumers during the key holiday season.

Target (NYSE:TGT) shares are up 29% this year.

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Stocks - S&P Pulls Back After Three Days of Wins

August 20, 2019, 07:22

Investing.com - After three days that produced big gains, stocks pulled back on Tuesday.

The S&P 500 fell 0.8%. The Dow dropped 0.7% and the Nasdaq Composite slid 0.7%.

The easy explanation - also a likely one - is that investors decided to cash in recent gains to see what will happen next. The risks to the market haven't gone away, and investors showed their concerns with a wave of selling in the last 15 minutes of trading.

In addition, interest rates moved lower, a signal of demand for lower-risk assets. The 10-Year Treasury yield fell to 1.552% from Monday's 1.598%. The 10-2 Year Treasury Yield Spread narrowed to 4.32 basis points from Monday's 5.58 basis points.

The spread actually went negative last week, seen by many investors as a signal a recession might be ahead. That caused markets to slump badly on Wednesday, with the Dow off 800 points. President Donald Trump suggested the administration might cut rates on payroll taxes to support the economy.

While the president has insisted the economy is strong, he also called on the Federal Reserve to cut its key interest rate by 100 basis points. The Fed cut its federal fund rates by a quarter point on July 31. Minutes from that Fed Meeting will be released Wednesday afternoon and will offer a look at how the central bank views the economy.

The Fed is expected to vote for another rate cut at its Sept. 18 meeting.

With Tuesday's selling, the major averages remain 4% or more below their peaks reached in July. The S&P 500 is off 4.2% from its July high. The Dow is down 5.2%

The Nasdaq is off 4.7%, with the Nasdaq 100 index down 4.52%. The Nasdaq 100 was off 0.71% on the day.

An additional factor that probably came into play -- many investors and money managers go on vacation in the last two weeks of August, which reduces trading volumes and can boost volatility.

“For some time, we have been concerned that investors were too reliant on Fed rate cuts and too complacent about the prospects for a China trade deal, and we are now seeing the market waking up to these risks," wrote David Spika, president of GuideStone Capital Management, in a Tuesday note. "There is way too much uncertainty to be near-term bullish today,"

Tech shares were held back (with Apple (NASDAQ:AAPL) an exception) by a Wall Street Journal report that as many as 20 states attorneys general will launch a joint antitrust investigation of large technology companies.

Apple's gain was tiny, just 1 cent to $210.36. It was one of 24 Nasdaq 100 stocks that were higher Tuesday and one of just three Dow stocks to see gains on the day.

The Dow was led by Home Depot (NYSE:HD), whose earnings beat analysts' estimates. Shares were up 4.4% as a result. But the company injected some notes of worry. Lumber prices were lower, the company warned, and it's worried about the impact of higher tariffs on many home-improvement products.

The third Dow winner was United Technologies (NYSE:UTX), up just 3 cents.

Oil prices were basically flat, with West Texas Intermediate crude down a penny at $56.13. Brent crude added 29 cents to $60.03 a barrel.

U.S. energy stocks, particularly oil-and-gas production and oil services companies, struggled.

Retail stocks were hit, particularly Macy’s (NYSE:M) and Nordstrom (NYSE:JWN). Nordstrom reports fiscal-second-quarter earnings after Wednesday's close. Macy's quarterly results last week were badly received, with shares falling 10% in a day. Nordstrom shares are down 45% this year and 20% since June 28.

Adding to the unease in U.S. markets were worries about slow growth in Europe and a growing political crisis in Italy after its prime minister resigned.

Winners and Losers in the S&P 500

Home Depot (NYSE:HD), defense contractor Raytheon (NYSE:RTN), home-improvement retailer Lowe’s Companies (NYSE:LOW) and medical-equipment company Medtronic (NYSE:MDT) were among the top S&P 500 performers.

Discount retailer Kohl's (NYSE:KSS), chemical-maker Dow Inc. (NYSE:DOW), Macy’s (NYSE:M) and food processor ConAgra Foods (NYSE:CAG) were among the worst S&P 500 performers.

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Canada stocks lower at close of trade; S&P/TSX Composite down 0.56%

August 20, 2019, 09:25

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

At the close in Toronto, the S&P/TSX Composite lost 0.56%.

The best performers of the session on the S&P/TSX Composite were IAMGold Corporation (TSX:IMG), which rose 7.13% or 0.310 points to trade at 4.660 at the close. Meanwhile, Birchcliff Energy Ltd . (TSX:BIR) added 6.25% or 0.13 points to end at 2.21 and Torex Gold Resources Inc (TSX:TXG) was up 5.23% or 0.990 points to 19.930 in late trade.

The worst performers of the session were Precision Drilling Corporation (TSX:PD), which fell 5.85% or 0.10 points to trade at 1.61 at the close. Turquoise Hill Resources Ltd. (TSX:TRQ) declined 5.00% or 0.030 points to end at 0.570 and BRP Inc (TSX:DOO) was down 4.99% or 2.07 points to 39.45.

Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 648 to 431 and 102 ended unchanged.

Shares in Turquoise Hill Resources Ltd. (TSX:TRQ) fell to all time lows; falling 5.00% or 0.030 to 0.570. Shares in Torex Gold Resources Inc (TSX:TXG) rose to 52-week highs; up 5.23% or 0.990 to 19.930.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was up 5.60% to 13.58.

Gold Futures for December delivery was up 0.38% or 5.80 to $1517.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.02% or 0.01 to hit $56.13 a barrel, while the October Brent oil contract fell 0.03% or 0.02 to trade at $60.09 a barrel.

CAD/USD was down 0.02% to 0.7508, while CAD/EUR rose 0.01% to 0.6764.

The US Dollar Index Futures was down 0.19% at 98.032.

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U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.66%

August 20, 2019, 09:25

Investing.com – U.S. stocks were lower after the close on Tuesday, as losses in the Basic Materials, Telecoms and Financials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.66%, while the S&P 500 index fell 0.79%, and the NASDAQ Composite index declined 0.68%.

The best performers of the session on the Dow Jones Industrial Average were Home Depot Inc (NYSE:HD), which rose 4.45% or 9.25 points to trade at 217.20 at the close. Meanwhile, United Technologies Corporation (NYSE:UTX) added 0.05% or 0.06 points to end at 126.70 and Apple Inc (NASDAQ:AAPL) was up 0.00% or 0.01 points to 210.36 in late trade.

The worst performers of the session were Dow Inc (NYSE:DOW), which fell 5.26% or 2.40 points to trade at 43.20 at the close. American Express Company (NYSE:AXP) declined 2.38% or 2.96 points to end at 121.44 and UnitedHealth Group Incorporated (NYSE:UNH) was down 1.90% or 4.66 points to 240.05.

The top performers on the S&P 500 were Home Depot Inc (NYSE:HD) which rose 4.45% to 217.20, Raytheon Company (NYSE:RTN) which was up 3.57% to settle at 185.59 and Lowe’s Companies Inc (NYSE:LOW) which gained 3.20% to close at 98.09.

The worst performers were Kohls Corp (NYSE:KSS) which was down 6.89% to 44.88 in late trade, Dow Inc (NYSE:DOW) which lost 5.26% to settle at 43.20 and Macy’s Inc (NYSE:M) which was down 4.65% to 15.38 at the close.

The top performers on the NASDAQ Composite were Alliance MMA Inc (NASDAQ:WORX) which rose 73.49% to 3.73, Motif Bio PLC (NASDAQ:MTFB) which was up 29.63% to settle at 0.70 and Cemtrex Inc (NASDAQ:CETX) which gained 29.61% to close at 1.9700.

The worst performers were Toughbuilt Industries Inc (NASDAQ:TBLT) which was down 27.91% to 0.40 in late trade, Synlogic Inc (NASDAQ:SYBX) which lost 27.74% to settle at 3.490 and Paringa Resources Ltd (NASDAQ:PNRL) which was down 22.95% to 2.02 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1844 to 1157 and 35 ended unchanged; on the Nasdaq Stock Exchange, 1680 fell and 961 advanced, while 98 ended unchanged.

Shares in Dow Inc (NYSE:DOW) fell to 3-years lows; losing 5.26% or 2.40 to 43.20. Shares in Macy’s Inc (NYSE:M) fell to 5-year lows; down 4.65% or 0.75 to 15.38. Shares in Dow Inc (NYSE:DOW) fell to 3-years lows; losing 5.26% or 2.40 to 43.20. Shares in Synlogic Inc (NASDAQ:SYBX) fell to all time lows; falling 27.74% or 1.340 to 3.490. Shares in Paringa Resources Ltd (NASDAQ:PNRL) fell to all time lows; down 22.95% or 0.60 to 2.02.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 3.67% to 17.50.

Gold Futures for December delivery was up 0.38% or 5.80 to $1517.40 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.02% or 0.01 to hit $56.13 a barrel, while the October Brent oil contract fell 0.03% or 0.02 to trade at $60.09 a barrel.

EUR/USD was up 0.03% to 1.1102, while USD/JPY rose 0.02% to 106.25.

The US Dollar Index Futures was down 0.19% at 98.032.

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Oil Steadies Ahead of U.S. Inventory Data Despite Fewer Convictions of Drawdown

August 20, 2019, 06:16

By Barani Krishnan

Investing.com - For a third week running, oil bulls are hoping that the inventory drawdown story isn’t over yet in U.S. crude. But with Labor Day closing in and fewer days left in the summer driving season, it’s getting harder to put conviction to that hope.

Crude futures settled steady to slightly higher on Tuesday amid forecasts for a drawdown of 1.9 million barrels during the week ended Aug 16. In two previous weeks, there were straight builds of 1.6 million barrels and 2.4 million barrels in crude that were totally against analysts’ expectations.

New York-traded West Texas Intermediate crude settled a penny lower at $56.13 per barrel.

London-traded Brent crude, the benchmark for oil outside of the U.S., gained 36 cents, or 0.6%, to $60.10, returning above the key $60 per barrel mark.

In Monday’s trade, both WTI and Brent jumped about 2%, getting a boost from a positive spin on U.S.-China trade talks and reports of a new drone attack on a Saudi oilfield.

In Tuesday’s session, oil also got a boost from speculation that U.S.-China relations might once again be on the mend.

The United States said it would extend a reprieve that permits China’s Huawei Technologies to buy components from U.S. companies, signaling a slight softening of the trade conflict between the world’s two largest economies.

“It’s the ebbing and flowing of the U.S.-China trade war and some hope of economic stimulus that’s coming at these markets, including potential fiscal stimulus by the Germans,” John Kilduff, founding partner at New York energy hedge Again Capital in New York, told CNBC in an interview.

Notwithstanding Tuesday’s gains, concerns grew as to where last week's crude stockpiles would be as industry group American Petroleum Institute prepared to issue a snapshot of what the U.S. Energy Information Administration will report as official inventory numbers on Wednesday.

In theory, there is just another week left of peak summer driving demand left in the United States before the Sept. 2 Labor Day holiday.

If, for any reason, no crude drawdowns are reported between now and the next couple of weeks, then oil bulls' only hope of shoring up prices will be to bank on more stringent OPEC production cuts.

The Saudis hinted in recent weeks that they and the combined forces in OPEC will do anything to “rebalance” the market (in order words, slash production until they can turn the corner).

Yet, some analysts aren’t convinced at all that OPEC has enough wherewithal to keep this market higher.

Olivier Jakob, founder of the Petromatrix consultancy in Zug, Switzerland, is one of them, arguing that crude stocks are nearly unchanged for the first time since 2016.

“If Saudi Arabia wants to support stronger balances (prices), then it needs to let crude oil exports drop below 6.5 million barrels per day and towards 6.0 million bpd, something it has refused to do in 2014 or 2017,” Jakob said.

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Spot Gold Recaptures $1,500 After 2-Day Lag as Longs Bet Again on Dovish Fed

August 20, 2019, 07:01

By Barani Krishnan

Investing.com - Gold bullion reclaimed its stake in $1,500 territory on Tuesday after a two-day abeyance from that level as gold longs bet again on the yellow metal’s fortunes ahead of the Federal Reserve meeting next month.

Spot gold, reflective of trades in bullion, was up $10.37, or 0.7%, at $1,506.34 per ounce by 3:00 PM ET (19:00 GMT). Bullion had fallen beneath $1,500 over the past two sessions as some investors bet the Fed would be unlikely to add to its dovish tone ahead of its Jackson Hole, Wyo. retreat.

Gold futures for December delivery, traded on the Comex division of the New York Mercantile Exchange, settled up $4.10, or 0.3%, at $1,515.70.

Comex gold soared to six-year highs on prospects for easier monetary policy from the Fed and other central banks looking to buoy an economy weighed down by the prolonged U.S.-China trade dispute.

Mark Mobius, veteran investor and founder of Mobius Capital Partners, told Bloomberg TV that investors "should be buying (gold) at any level, frankly," given the global outlook for falling interest rates.

He also said that interest in cryptocurrencies will simultaneously boost demand for “real, hard assets, and that includes gold.”

But traditional buyers seem less convinced. Demand for the precious metal in India, the world’s second-largest buyer, is fading amid record high domestic prices, according to a Bloomberg report.

Higher prices appeared to have dented demand, which grew 9% in the first half of the year. Full-year demand for gold in India is now expected to be at par with 2016, when consumption hit a seven-year low of 666 tons as buyers restricted themselves to wedding-related purchases.

With both the Fed and European Central Bank also releasing minutes from their latest policy meetings this week, a boon for gold would be hints of a rate cut that would add to the Fed’s 25-basis-point reduction in July or the ECB’s first easing in a long time.

Markets are also awaiting Fed Chairman Jay Powell’s speech at Jackson Hole Friday.

Strategists at Saxo Bank said Powell’s speech provides an unknown risk of either a deeper consolidation in gold or further support.

“We do expect some fireworks on Friday,” Ole Hansen, head of commodity strategy at Saxo Bank, said in the bank’s morning call.

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Bitcoin Flat After Failing to Break $11,000

August 20, 2019, 06:20

Investing.com -- Bitcoin struggled for direction on Tuesday, swinging between gains and losses after the popular crypto’s test of $11,000 was met with resistance.

Bitcoin rose 0.33% to $10,754.20, not far from a session high of $10,993.

Traders are anxiously waiting for the popular cryptocurrency to break decisively above $11,000, which they believe could be a catalyst for a prolonged move higher.

Bitcoin and the broader crypto market are expected to come under scrutiny at the forthcoming G7 summit in Biarritz, France, this weekend. But global leaders are not expected to discuss specific crypto-related policies just yet, according to Circle CEO Jeremy Allaire. Boston-based Circle runs a platform that facilitates crypto transactions.

“Crypto as an agenda item (at the upcoming G7 Summit) is absolutely on the docket, it’s becoming obviously a major topic.” Allaire told CNBC in an interview.

“I don’t know that we’re going to see specific policy, but certainly we’re going to hear some perspective out of there,” he added.

Global lawmakers have long been critical of cryptocurrencies.

In a rebuke of bitcoin and other cryptos, U.S. President Donald Trump last month said: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

Other cryptos traded in the red, with XRP falling 1.6% to $0.27375, Ethereum down 1.9% to $196.18 and Litecoin losing 1.75% to $75.298.

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Cardano Dips Below 0.049183 Level, Down 2%

August 20, 2019, 06:48

Investing.com - Cardano fell bellow the $0.049183 level on Tuesday. Cardano was trading at 0.049183 by 14:47 (18:47 GMT) on the Investing.com Index, down 1.91% on the day. It was the largest one-day percentage loss since August 14.

The move downwards pushed Cardano's market cap down to $1.27598B, or 0.45% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.91700B.

Cardano had traded in a range of $0.048634 to $0.050283 in the previous twenty-four hours.

Over the past seven days, Cardano has seen a drop in value, as it lost 4.55%. The volume of Cardano traded in the twenty-four hours to time of writing was $33.18064M or 0.07% of the total volume of all cryptocurrencies. It has traded in a range of $0.0446 to $0.0537 in the past 7 days.

At its current price, Cardano is still down 96.36% from its all-time high of $1.35 set on January 4, 2018.

Elsewhere in cryptocurrency trading

Bitcoin was last at $10,729.8 on the Investing.com Index, up 0.10% on the day.

Ethereum was trading at $196.10 on the Investing.com Index, a loss of 1.87%.

Bitcoin's market cap was last at $191.84406B or 68.36% of the total cryptocurrency market cap, while Ethereum's market cap totaled $21.11930B or 7.52% of the total cryptocurrency market value.

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Sweden stocks lower at close of trade; OMX Stockholm 30 down 0.30%

August 20, 2019, 06:20

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

At the close in Stockholm, the OMX Stockholm 30 declined 0.30%.

The best performers of the session on the OMX Stockholm 30 were Getinge AB ser. B (ST:GETIb), which rose 1.93% or 2.6 points to trade at 140.1 at the close. Meanwhile, SSAB AB ser. A (ST:SSABa) added 1.91% or 0.46 points to end at 24.58 and Electrolux, AB ser. B (ST:ELUXb) was up 0.89% or 2.0 points to 227.7 in late trade.

The worst performers of the session were Autoliv Inc . SDB (ST:ALIVsdb), which fell 2.10% or 13.4 points to trade at 625.8 at the close. Swedbank AB ser A (ST:SWEDa) declined 1.75% or 2.2 points to end at 123.5 and Volvo, AB ser. B (ST:VOLVb) was down 1.35% or 1.75 points to 128.05.

Falling stocks outnumbered advancing ones on the Stockholm Stock Exchange by 329 to 308 and 58 ended unchanged.

Crude oil for October delivery was up 0.21% or 0.12 to $56.26 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.72% or 0.43 to hit $60.17 a barrel, while the December Gold Futures contract rose 0.29% or 4.45 to trade at $1516.05 a troy ounce.

EUR/SEK was up 0.30% to 10.7591, while USD/SEK rose 0.07% to 9.6913.

The US Dollar Index Futures was down 0.19% at 98.030.

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Netherlands stocks lower at close of trade; AEX down 0.49%

August 20, 2019, 06:15

Investing.com – Netherlands stocks were lower after the close on Tuesday, as losses in the Healthcare, Financials and Consumer Services sectors led shares lower.

At the close in Amsterdam, the AEX lost 0.49%.

The best performers of the session on the AEX were IMCD NV (AS:IMCD), which rose 2.22% or 1.35 points to trade at 62.10 at the close. Meanwhile, Galapagos NV (AS:GLPG) added 0.63% or 0.950 points to end at 151.650 and Adyen NV (AS:ADYEN) was up 0.30% or 2.00 points to 670.00 in late trade.

The worst performers of the session were ABN AMRO Group NV (AS:ABNd), which fell 2.21% or 0.36 points to trade at 16.13 at the close. ArcelorMittal SA (AS:MT) declined 2.15% or 0.262 points to end at 11.942 and NN Group NV (AS:NN) was down 1.94% or 0.60 points to 30.31.

Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 83 to 46 and 10 ended unchanged.

Shares in NN Group NV (AS:NN) fell to 52-week lows; falling 1.94% or 0.60 to 30.31.

The AEX Volatility, which measures the implied volatility of AEX options, was up 2.14% to 16.53.

Crude oil for October delivery was up 0.37% or 0.21 to $56.35 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.89% or 0.53 to hit $60.27 a barrel, while the December Gold Futures contract rose 0.32% or 4.90 to trade at $1516.50 a troy ounce.

EUR/USD was up 0.25% to 1.1104, while EUR/GBP fell 0.09% to 0.9123.

The US Dollar Index Futures was down 0.21% at 98.012.

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StockBeat: Beyond Meat Back on JPMorgan Trading Menu

August 20, 2019, 05:09

Investing.com – Beyond Meat (NASDAQ:BYND) rallied sharply Tuesday after JPMorgan (NYSE:JPM) upgraded its rating on the plant-based-burger maker, citing an attractive valuation following a steep decline in recent weeks.

BYND) JPMorgan (NYSE:JPM) raised its rating on Beyond Meat to overweight from neutral and lifted its target price to $189 a share from $188 a share, sending shares 6% higher.

The stock has slumped 40% since its high on July 26, making its valuation more palatable, JPMorgan said.

As well as an attractive valuation, continued signs of rising dollar takeaway growth (a measure of performance in the food sector) and the potential to acquire new food-service customers were outlined as supportive factors.

In a sign Beyond Meat’s products are catching on with consumers, the dollar takeaway for the company was up 186% year over year in the last 13 weeks, the highest in nearly three years, JPMorgan) said, citing Nielsen data.

The bank also suggested that current estimates on the plant-based burger market were undervaluing the company somewhat as they failed to incorporate sales of the company’s products to the Tim Horton's, Dunkin' Donuts (NASDAQ:DNKN) and Uno's chains and Aramark (NYSE:ARMK), which operates cafeterias in schools, businesses and other locations.

The decline in shares of Beyond Meat) arrived after the company reported wider-than-expected losses last month and a surprise secondary offering.

But JPMorgan's note said the selloff was somewhat overdone as only a small proportion of shares were placed in the offering.

"We appreciate that the secondary offering spooked many investors; however, founder/CEO Ethan Brown trimmed only a tiny portion of his holdings, and we cannot blame anyone involved pre-IPO for locking in some gains," JPMorgan said.

Beyond Meat) is up more than 500% since it went public at $25 on May 1. It has a consensus price target of $165.29 among analysts' forecasts compiled by Investing.com.

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Madison Square Garden Tumbles on Quarterly Miss 

August 20, 2019, 03:08

Investing.com - Madison Square Garden (NYSE:MSG) slumped on Tuesday after its fiscal fourth-quarter earnings failed to meet forecasts due to weakness in its sports business.

The owner of the iconic venue, as well as the New York Knicks and New York Rangers, reported a loss per share of $3.08 on $263.6 million in revenue, compared with estimates for a loss of $2.64 on $270.1 million in revenue.

MSG Entertainment revenue slipped 6% from the year-ago period to $174 million, while MSG Sports revenue dropped 32% to $90 million.

Shares fell nearly 8% in midday trading.

The company said its decrease in revenue was mostly due to a new accounting standard from contracts, which was offset by revenue from other live-sporting events.

“Looking ahead, we remain confident in the strength of our core businesses and expect fiscal 2020 to be an important year as we work to complete the proposed sports spin-off and begin to usher in the company's next chapter, with MSG Sphere in Las Vegas starting to take shape,” CEO James Dolan said in a press release.

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Germany stocks lower at close of trade; DAX down 0.55%

August 20, 2019, 05:15

Investing.com – Germany stocks were lower after the close on Tuesday, as losses in the Construction, Financial Services and Utilities sectors led shares lower.

At the close in Frankfurt, the DAX lost 0.55%, while the MDAX index lost 0.75%, and the TecDAX index fell 0.71%.

The best performers of the session on the DAX were Adidas AG (DE:ADSGN), which rose 0.56% or 1.45 points to trade at 260.95 at the close. Meanwhile, Fresenius SE&Co KGAA O.N. (DE:FREG) added 0.12% or 0.050 points to end at 43.515 and Linde PLC (DE:LINI) was unchanged 0.00% or 0.000 points to 170.250 in late trade.

The worst performers of the session were Vonovia SE (DE:VNAn), which fell 3.12% or 1.39 points to trade at 43.19 at the close. E.ON SE NA (DE:EONGn) declined 2.27% or 0.191 points to end at 8.210 and Heidelbergcement AG O.N. (DE:HEIG) was down 1.64% or 1.000 points to 60.140.

The top performers on the MDAX were Deutsche Euroshop AG (DE:DEQGn) which rose 1.75% to 23.200, Aurubis AG (DE:NAFG) which was up 1.46% to settle at 37.540 and Osram Licht AG (DE:OSRn) which gained 1.44% to close at 35.15.

The worst performers were Grand City Properties SA (DE:GYC) which was down 6.01% to 19.23 in late trade, United Internet AG NA (DE:UTDI) which lost 4.08% to settle at 27.740 and Deutsche Wohnen AG (DE:DWNG) which was down 3.41% to 29.740 at the close.

The top performers on the TecDAX were New Work SE (DE:NWOn) which rose 4.41% to 284.00, Medigene NA O.N. (DE:MDG1k) which was up 3.65% to settle at 6.530 and SMA Solar Technology AG (DE:S92G) which gained 2.61% to close at 20.480.

The worst performers were SLM Solutions Group AG (DE:AM3D) which was down 5.39% to 12.28 in late trade, United Internet AG NA (DE:UTDI) which lost 4.08% to settle at 27.740 and Evotec AG O.N. (DE:EVTG) which was down 3.13% to 18.420 at the close.

Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 433 to 233 and 91 ended unchanged.

Shares in Deutsche Wohnen AG (DE:DWNG) fell to 52-week lows; down 3.41% or 1.050 to 29.740.

The DAX volatility index, which measures the implied volatility of DAX options, was up 1.38% to 19.11.

Gold Futures for December delivery was up 0.22% or 3.35 to $1514.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.30% or 0.17 to hit $55.97 a barrel, while the October Brent oil contract rose 0.23% or 0.14 to trade at $59.88 a barrel.

EUR/USD was up 0.19% to 1.1097, while EUR/GBP fell 0.14% to 0.9120.

The US Dollar Index Futures was down 0.16% at 98.060.

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U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 0.87%

August 20, 2019, 05:15

Investing.com – U.K. stocks were lower after the close on Tuesday, as losses in the Oil Equipment Services&Distribution, Fixed Line Telecommunications and Industrial Transportation sectors led shares lower.

At the close in London, the Investing.com United Kingdom 100 lost 0.87%.

The best performers of the session on the Investing.com United Kingdom 100 were J Sainsbury PLC (LON:SBRY), which rose 2.95% or 5.55 points to trade at 193.90 at the close. Meanwhile, Prudential PLC (LON:PRU) added 0.93% or 13.00 points to end at 1412.00 and Ocado Group PLC (LON:OCDO) was up 0.87% or 10.50 points to 1214.50 in late trade.

The worst performers of the session were Kingfisher PLC (LON:KGF), which fell 3.19% or 6.20 points to trade at 188.00 at the close. United Utilities Group PLC (LON:UU) declined 2.73% or 21.80 points to end at 775.60 and BT Group PLC (LON:BT) was down 2.71% or 4.54 points to 162.84.

Falling stocks outnumbered advancing ones on the London Stock Exchange by 1205 to 893 and 215 ended unchanged.

Shares in Kingfisher PLC (LON:KGF) fell to 5-year lows; down 3.19% or 6.20 to 188.00. Shares in BT Group PLC (LON:BT) fell to 5-year lows; falling 2.71% or 4.54 to 162.84.

Gold Futures for December delivery was up 0.23% or 3.55 to $1515.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.29% or 0.16 to hit $55.98 a barrel, while the October Brent oil contract rose 0.23% or 0.14 to trade at $59.88 a barrel.

GBP/USD was up 0.36% to 1.2169, while EUR/GBP fell 0.13% to 0.9120.

The US Dollar Index Futures was down 0.17% at 98.053.

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Norway stocks lower at close of trade; Oslo OBX down 0.18%

August 20, 2019, 05:05

Investing.com – Norway stocks were lower after the close on Tuesday, as losses in the Banking, Telecoms and Utilities sectors led shares lower.

At the close in Oslo, the Oslo OBX fell 0.18%.

The best performers of the session on the Oslo OBX were P/f Bakkafrost (OL:BAKKA), which rose 5.48% or 28.50 points to trade at 548.50 at the close. Meanwhile, Norwegian Air Shuttle ASA (OL:NWC) added 3.53% or 1.16 points to end at 34.02 and Petroleum Geo - Services ASA (OL:PGS) was up 2.86% or 0.33 points to 11.70 in late trade.

The worst performers of the session were Elkem ASA (OL:ELK), which fell 4.00% or 0.88 points to trade at 21.14 at the close. SalMar ASA (OL:SALM) declined 1.71% or 7.50 points to end at 431.00 and DnB ASA (OL:DNB) was down 1.65% or 2.5 points to 146.2.

Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 111 to 103 and 24 ended unchanged.

Shares in P/f Bakkafrost (OL:BAKKA) rose to all time highs; rising 5.48% or 28.50 to 548.50.

Crude oil for October delivery was down 0.39% or 0.22 to $55.92 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.05% or 0.03 to hit $59.77 a barrel, while the December Gold Futures contract rose 0.26% or 3.95 to trade at $1515.55 a troy ounce.

EUR/NOK was up 0.36% to 9.9774, while USD/NOK rose 0.16% to 8.9900.

The US Dollar Index Futures was down 0.18% at 98.047.

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France stocks lower at close of trade; CAC 40 down 0.50%

August 20, 2019, 05:00

Investing.com – France stocks were lower after the close on Tuesday, as losses in the Foods&Drugs, Gas&Water and General Financial sectors led shares lower.

At the close in Paris, the CAC 40 declined 0.50%, while the SBF 120 index fell 0.58%.

The best performers of the session on the CAC 40 were Airbus Group SE (PA:AIR), which rose 1.14% or 1.42 points to trade at 126.20 at the close. Meanwhile, EssilorLuxottica SA (PA:ESLX) added 0.39% or 0.50 points to end at 129.05 and Dassault Systemes SE (PA:DAST) was up 0.39% or 0.50 points to 128.75 in late trade.

The worst performers of the session were ArcelorMittal SA (AS:MT), which fell 2.15% or 0.262 points to trade at 11.942 at the close. Publicis Groupe SA (PA:PUBP) declined 1.90% or 0.81 points to end at 41.88 and Compagnie Generale des Etablissements Michelin SCA (PA:MICP) was down 1.63% or 1.52 points to 91.98.

The top performers on the SBF 120 were Casino Guichard Perrachon SA (PA:CASP) which rose 9.22% to 39.11, DBV Technologies (PA:DBV) which was up 4.40% to settle at 17.320 and Eramet SA (PA:ERMT) which gained 2.70% to close at 40.28.

The worst performers were Ipsen SA (PA:IPN) which was down 3.23% to 92.90 in late trade, Eurofins Scientific SE (PA:EUFI) which lost 3.02% to settle at 379.20 and Electricite de France SA (PA:EDF) which was down 3.01% to 10.46 at the close.

Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 335 to 199 and 104 ended unchanged.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 1.00% to 17.70.

Gold Futures for December delivery was up 0.22% or 3.35 to $1514.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.36% or 0.20 to hit $55.94 a barrel, while the October Brent oil contract rose 0.05% or 0.03 to trade at $59.77 a barrel.

EUR/USD was up 0.21% to 1.1099, while EUR/GBP fell 0.14% to 0.9119.

The US Dollar Index Futures was down 0.18% at 98.047.

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Russia stocks higher at close of trade; MOEX Russia up 0.93%

August 20, 2019, 05:00

Investing.com – Russia stocks were higher after the close on Tuesday, as gains in the Oil&Gas, Mining and Power sectors led shares higher.

At the close in Moscow, the MOEX Russia gained 0.93%.

The best performers of the session on the MOEX Russia were MVideo (MCX:MVID), which rose 4.24% or 18.30 points to trade at 449.90 at the close. Meanwhile, MMC Norilsk Nickel (MCX:GMKN) added 2.66% or 392.0 points to end at 15150.0 and VTB (MCX:VTBR) was up 2.49% or 0.0010 points to 0.0393 in late trade.

The worst performers of the session were NPK OVK PAO (MCX:UWGN), which fell 2.69% or 10.4 points to trade at 376.0 at the close. ALROSA ao (MCX:ALRS) declined 1.67% or 1.200 points to end at 70.550 and Ros Agro PLC (MCX:AGRODR) was down 1.41% or 10 points to 729.

Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 135 to 89 and 19 ended unchanged.

Shares in MVideo (MCX:MVID) rose to all time highs; rising 4.24% or 18.30 to 449.90. Shares in MMC Norilsk Nickel (MCX:GMKN) rose to all time highs; rising 2.66% or 392.0 to 15150.0. Shares in ALROSA ao (MCX:ALRS) fell to 3-years lows; down 1.67% or 1.200 to 70.550.

The Russian VIX, which measures the implied volatility of MOEX Russia options, was down 0.98% to 21.150.

Gold Futures for December delivery was up 0.22% or 3.30 to $1514.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.32% or 0.18 to hit $55.96 a barrel, while the October Brent oil contract rose 0.07% or 0.04 to trade at $59.78 a barrel.

USD/RUB was down 0.56% to 66.5258, while EUR/RUB fell 0.38% to 73.8300.

The US Dollar Index Futures was down 0.18% at 98.047.

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Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.09%

August 20, 2019, 04:35

Investing.com – Denmark stocks were higher after the close on Tuesday, as gains in the Personal&Household Goods, Consumer Goods and Oil&Gas sectors led shares higher.

At the close in Copenhagen, the OMX Copenhagen 20 gained 0.09%.

The best performers of the session on the OMX Copenhagen 20 were Pandora A/S (CSE:PNDORA), which rose 10.42% or 24.3 points to trade at 257.4 at the close. Meanwhile, FLSmidth&Co. (CSE:FLS) added 2.06% or 5.6 points to end at 277.6 and Carlsberg A/S B (CSE:CARLb) was up 1.75% or 17.2 points to 999.2 in late trade.

The worst performers of the session were Jyske Bank A/S (CSE:JYSK), which fell 4.22% or 8.3 points to trade at 188.4 at the close. Lundbeck A/S (CSE:LUN) declined 2.82% or 7.5 points to end at 258.5 and Danske Bank A/S (CSE:DANSKE) was down 2.59% or 2.4 points to 89.4.

Rising stocks outnumbered declining ones on the Copenhagen Stock Exchange by 67 to 57 and 18 ended unchanged.

Shares in Jyske Bank A/S (CSE:JYSK) fell to 5-year lows; down 4.22% or 8.3 to 188.4.

Crude oil for October delivery was down 0.09% or 0.05 to $56.09 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.10% or 0.06 to hit $59.80 a barrel, while the December Gold Futures contract rose 0.28% or 4.25 to trade at $1515.85 a troy ounce.

USD/DKK was down 0.18% to 6.7190, while EUR/DKK rose 0.01% to 7.4558.

The US Dollar Index Futures was down 0.14% at 98.083.

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Israel stocks higher at close of trade; TA 35 up 0.27%

August 20, 2019, 04:30

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

At the close in Tel Aviv, the TA 35 added 0.27%.

The best performers of the session on the TA 35 were Teva Pharmaceutical Industries Ltd (TASE:TEVA), which rose 6.95% or 164 points to trade at 2524 at the close. Meanwhile, Phoenix Holdings Ltd (TASE:PHOE1) added 2.95% or 60 points to end at 2092 and Harel (TASE:HARL) was up 2.00% or 53 points to 2703 in late trade.

The worst performers of the session were Israel Corp (TASE:ILCO), which fell 3.00% or 2210 points to trade at 71400 at the close. ICL Israel Chemicals Ltd (TASE:ICL) declined 2.59% or 44 points to end at 1653 and Fattal 1998 Holdings Ltd (TASE:FATTAL) was down 2.31% or 1150 points to 48730.

Rising stocks outnumbered declining ones on the Tel Aviv Stock Exchange by 222 to 158 and 34 ended unchanged.

Shares in Israel Corp (TASE:ILCO) fell to 52-week lows; falling 3.00% or 2210 to 71400. Shares in ICL Israel Chemicals Ltd (TASE:ICL) fell to 52-week lows; down 2.59% or 44 to 1653.

Crude oil for October delivery was unchanged 0.00% or 0.00 to $56.14 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October rose 0.23% or 0.14 to hit $59.88 a barrel, while the December Gold Futures contract rose 0.23% or 3.45 to trade at $1515.05 a troy ounce.

USD/ILS was up 0.10% to 3.5273, while EUR/ILS rose 0.28% to 3.9141.

The US Dollar Index Futures was down 0.14% at 98.088.

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Stocks - Wall Street Falls on Mixed Corporate Earnings 

August 20, 2019, 01:45

Investing.com – Wall Street fell on Tuesday after mixed corporate earnings failed to ease concerns about the health of the U.S. economy.

The Dow declined 57 points or 0.2% by 9:44 AM ET (13:44 GMT), while the S&P 500 fell 13 points or 0.5% and the Nasdaq composite was down 30 points or 0.4%.

Home Depot (NYSE:HD) cut its full-year sales forecast, citing lower lumber price and the impact of the trade war on consumer spending, although its shares jumped 3% due to beating profit forecasts. Department store operator Kohls declined 1.4% after its sales dipped in the second quarter, even as it beat on the top and bottom line.

Elsewhere, ADRs in Chinese search giant Baidu (NASDAQ:BIDU), which hit a six-year low recently amid fears of slowing growth, rose 7.4% after a reassuring quarterly update.

"Today just looks like a digestion day of recent gains and there is not a lot of news that would swing the market wildly in either direction," said Aaron Clark, portfolio manager at GW&K Investment Management in Boston, Massachusetts.

Focus this week is on Wednesday’s Federal Reserve meeting minutes from July and a speech from Chairman Jerome Powell on Friday at the Jackson Hole central bankers' conference.

Elsewhere, Apple (NASDAQ:AAPL) gained 0.5% on reports of its streaming service being released in November for $9.99. The news caused Netflix (NASDAQ:NFLX) to decline 2.4% as the streaming giant faces more competition from service providers.

Beyond Meat (NASDAQ:BYND) jumped 8.3% on an analyst upgrade, while Elanco Animal Health stock tumbled 5.6% after it agreed to buy the animal health business of Germany's Bayer (DE:BAYGN) for $7.6 billion.

In commodities, crude oil fell 1.5% to $55.31 a barrel while the U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.1% to 98.308. Gold futures gained 0.3% to $1,515.50 a troy ounce.

-Reuters contributed to this report

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Turkey stocks higher at close of trade; BIST 100 up 0.78%

August 20, 2019, 04:05

Investing.com – Turkey stocks were higher after the close on Tuesday, as gains in the Food&Beverages, Chemical, Petroleum&Plastic and Technology sectors led shares higher.

At the close in Istanbul, the BIST 100 rose 0.78%.

The best performers of the session on the BIST 100 were Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim AS (IS:IPEKE), which rose 8.24% or 0.510 points to trade at 6.700 at the close. Meanwhile, Deva Holding AS (IS:DEVA) added 6.62% or 0.370 points to end at 5.960 and Net Holding AS (IS:NTHOL) was up 6.16% or 0.090 points to 1.550 in late trade.

The worst performers of the session were Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS (IS:INDES), which fell 5.40% or 0.430 points to trade at 7.540 at the close. ODAS Elektrik Uretim Sanayi Ticaret AS (IS:ODAS) declined 5.10% or 0.080 points to end at 1.490 and Parsan Makina Parcalari Sanayi AS (IS:PARSN) was down 3.11% or 0.440 points to 13.710.

Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 202 to 149 and 55 ended unchanged.

Shares in Ipek Dogal Enerji Kaynaklari Arastirma ve Uretim AS (IS:IPEKE) rose to 52-week highs; rising 8.24% or 0.510 to 6.700. Shares in Deva Holding AS (IS:DEVA) rose to 5-year highs; rising 6.62% or 0.370 to 5.960.

Gold Futures for December delivery was up 0.19% or 2.85 to $1514.45 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 0.41% or 0.23 to hit $55.91 a barrel, while the October Brent oil contract fell 0.07% or 0.04 to trade at $59.70 a barrel.

USD/TRY was up 1.57% to 5.7416, while EUR/TRY rose 1.71% to 6.3684.

The US Dollar Index Futures was down 0.09% at 98.132.

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Bitcoin Runs out of Steam at $11,000; IPO Talk Dominates

August 20, 2019, 02:22

Investing.com - Bitcoin ran out of steam on Tuesday after falling just short of the $11,000 psychological handle as cryptocurrencies overall traded lower across the board.

Although not a directional mover, sector headlines were concentrated on the planned initial public offering of crypto exchange startup INX Limited.

The 10 largest digital currencies were all in the red and total cryptocurrency market capitalization decreased to $279.61 billion by 10:15 AM ET (14:15 GMT), compared to $285.56 billion a day earlier.

Bitcoin, the largest crypto by market cap, dipped just 0.3% to $10,672 on the Investing.com Index, dropping after running as high as $10,941.6 before putting an end to its recent rally.

Some analysts said that the recent upward move back to $11,000 was supported by Friday’s announcement that the Bakkt exchange will be launching physically-settled bitcoin futures on Sept. 23, suggesting that the action would increase acceptance of the digital coin.

INX Limited, meanwhile, caught headlines after plans to raise up to $129.5 million through an IPO, CoinDesk reported citing a prospectus filed with the U.S. Securities and Exchange Commission late Monday.

It would be the first security token sale registered with the SEC and would also be one of the very few full-fledged IPOs in the blockchain industry, the article said.

In other exchange news, the New York State Supreme Court ruled that the New York Office of the Attorney General does in fact have jurisdiction over cryptocurrency exchange Bitfinex.

Bitfinex had sought to block a motion by the NYAG to prosecute the exchange under New York law under allegations that the firm, along with Tether, covered up an $850 million loss, misleading investors.

In other cryptocurrency trading, Ethereum lost 2.0% to $196.45 by 10:20 AM ET (14:20 GMT), XRP declined 3.5% to $0.2749, Bitcoin Cash fell 2.5% to $316.4, while Litecoin traded down 4.0% to $74.883.

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Euro Recovers After Italian PM Resigns

August 20, 2019, 02:19

Investing.com - The euro recovered from earlier lows after Italy’s Prime Minister Giuseppe Conte said he is resigning ahead of no-confidence vote, putting the future of the Italian government in jeopardy.

Uncertainty still remains, as it is unclear if snap elections will be called or if parliament will be asked to try and form a new government.

The 5 Stars Movement and the traditional center-left Democratic Party could form a majority, but must first set aside key differences.

EUR/USD rose 0.1% to 1.1089 by 10:18 AM ET (14:18 GMT).

Sterling remained volatile as the tussle between the European Union and the U.K. over the Irish backstop in the Brexit deal. The pund jumped against the dollar when German Chancellor Angela Merkel said the EU will think about practical solutions regarding the backstop, but the enthusiasm was short-lived and sterling retreated.

GBP/USD was up 0.11% to 1.2138 after reaching an earlier low of 1.2072.

On Monday U.K. Prime Minister Boris Johnson sent an open letter to EU Council President Donald Tusk saying the U.K. ultimately wants to be freed from the EU’s regulatory standards. The EU has maintained that such freedom would require border and customs checks to be introduced at the border between Ireland and Northern Ireland.

Tusk tweeted that those against the backstop haven't produced any realistic alternatives.

Meanwhile, Brexit Secretary Stephen Barclay said that U.K. officials will stop attending some EU meetings starting Sept. 1 as the country prepares to officially withdraw from the bloc on Oct. 31.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, slipped 0.1% to 98.137.

The Japanese yen, which is seen as a safe-haven in times of market turmoil, rose with USD/JPY falling 0.2% to 106.36.

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Saudi Arabia stocks higher at close of trade; Tadawul All Share up 0.28%

August 20, 2019, 02:15

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

At the close in Saudi Arabia, the Tadawul All Share added 0.28%.

The best performers of the session on the Tadawul All Share were Saudi Printing&Packaging Company (SE:4270), which rose 4.09% or 0.54 points to trade at 13.74 at the close. Meanwhile, Fawaz Abdulaziz AlHokair Company (SE:4240) added 3.22% or 0.68 points to end at 21.80 and Arabian Pipes Company (SE:2200) was up 3.18% or 0.34 points to 11.02 in late trade.

The worst performers of the session were Mobile Telecommunications Company (SE:7030), which fell 8.63% or 1.20 points to trade at 12.70 at the close. Fitaihi Holding Group (SE:4180) declined 2.12% or 0.24 points to end at 11.10 and Saudi Pharmaceutical Appliances (SE:2070) was down 1.96% or 0.50 points to 25.00.

Falling stocks outnumbered advancing ones on the Saudi Arabia Stock Exchange by 96 to 80 and 17 ended unchanged.

Crude oil for October delivery was down 1.26% or 0.71 to $55.43 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 0.80% or 0.48 to hit $59.26 a barrel, while the December Gold Futures contract rose 0.21% or 3.15 to trade at $1514.75 a troy ounce.

EUR/SAR was up 0.16% to 4.1604, while USD/SAR rose 0.00% to 3.7505.

The US Dollar Index Futures was down 0.08% at 98.143.

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Baidu Earnings, Revenue Beat in Q2

August 20, 2019, 02:10

Investing.com - Baidu reported second quarter earnings that beat analysts' expectations on Monday and revenue that topped forecasts.

The firm reported earnings per share of ¥ 10.11 on revenue of ¥ 26.33B. Analysts polled by Investing.com anticipated EPS of ¥ 6.56 on revenue of ¥ 25.97B. That compared to EPS of ¥ 21.06 on revenue of ¥ 27.52B in the same period a year earlier. The company had reported EPS of ¥ 2.77 on revenue of ¥ 24.12B in the previous quarter.

Baidu follows other major Technology sector earnings this month

On July 30, Apple reported third quarter EPS of $2.18 on revenue of $53.81B, compared to forecasts of EPS of $2.09 on revenue of $53.32B.

Alphabet A earnings beat analyst's expectations on July 25, with second quarter EPS of $14.21 on revenue of $38.94B. Investing.com analysts expected EPS of $11.1 on revenue of $38.15B

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

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Philip Morris Falls 3%

August 20, 2019, 02:06

Investing.com - Philip Morris (NYSE:PM) fell by 3.11% to trade at $82.39 by 10:05 (14:05 GMT) on Tuesday on the NYSE exchange.

The volume of Philip Morris shares traded since the start of the session was 439.53K. Philip Morris has traded in a range of $82.36 to $84.98 on the day.

The stock has traded at $86.0500 at its highest and $81.6400 at its lowest during the past seven days.

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Netflix Falls 3%

August 20, 2019, 01:49

Investing.com - Netflix (NASDAQ:NFLX) fell by 3.02% to trade at $300.05 by 09:48 (13:48 GMT) on Tuesday on the NASDAQ exchange.

The volume of Netflix shares traded since the start of the session was 1.00M. Netflix has traded in a range of $300.05 to $305.00 on the day.

The stock has traded at $316.4300 at its highest and $288.0000 at its lowest during the past seven days.

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General Electric Falls 3%

August 20, 2019, 01:47

Investing.com - General Electric (NYSE:GE) fell by 3.06% to trade at $8.40 by 09:46 (13:46 GMT) on Tuesday on the NYSE exchange.

The volume of General Electric shares traded since the start of the session was 10.04M. General Electric has traded in a range of $8.40 to $8.60 on the day.

The stock has traded at $9.5900 at its highest and $7.6500 at its lowest during the past seven days.

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