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Economic Calendar - Top 5 Things to Watch This Week

June 16, 2019, 09:46

Investing.com - The Federal Reserve policy meeting is expected to be the biggest event for markets this week. Expectations for a rate cut have increased in recent weeks as President Donald Trump's trade policies fueled fears over the prospect of a U.S. recession.

Investors will also be looking at central bank meetings in Europe, the U.K. and Japan, as well as the latest trade developments and economic data.

Here’s what you need to know to start your week.

1. Fed may open door to July rate cut

The Fed will deliver its latest monetary policy decision on Wednesday, with most economists expecting no change, but persistent worries over economic fallout from the U.S.-China trade war could prompt the U.S. central bank to clear the way for a rate cut later this year.

May’s weak jobs report and softer-than-expected inflation data have added to concerns over the economic outlook.

Markets will be watching for any shift in language after Fed Chair Jerome Powell said on June 4 that the Fed would act "as appropriate" to address risks from the trade dispute.

The Fed will also release updated economic forecasts, which include its outlook on economic growth and inflation and the dot-plot, which charts the Fed’s official interest rate forecast.

2. ECB, BOE and BOJ

Aside from the Fed, market watchers will have their attention focused on the European Central Bank’s annual three-day meeting in Sintra, Portugal and policy meetings in Japan and Britain.

It was in Sintra two years ago that Mario Draghi sparked a bond selloff by remarking on the euro zone's "strengthening and broadening" economic recovery, but two years later Draghi is winding up his term with little sign of growth or inflation and a real likelihood of more rate cuts.

The Bank of Japan has a policy decision on Thursday, but economists expect it to keep monetary policy on hold.

Similarly, the Bank of England is expected to keep rates unchanged at its policy meeting later Thursday, with some economists watching for a possible split in the vote after a year of unanimous decisions.

3. Economic data to watch

Economic data will continue to be closely watched as investors parse whether the growth outlook warrants central bank action.

China's May house price data and Germany's closely-watched ZEW sentiment index are out Tuesday. Wednesday will bring Japanese export figures and U.K. inflation. Reports on the U.S. Philly Fed business index and British retail sales are due on Thursday along with an early reading of Eurozone consumer confidence for June.

The week ends with a key snapshot of the world's economic health - the Purchasing Managers' Indexes (PMI) of business activity. U.S. manufacturing PMIs are still holding above the 50-mark that indicates an economy is growing. A move below is what everyone is watching for.

4. Trade developments

Trade developments will remain in focus as Congressional hearings on trade tariffs get underway on Monday.

U.S. Trade Representative Robert Lighthizer is to testify before the House Ways & Means Committee on Tuesday during a hearing to discuss Trump’s trade agenda.

The hearing will cover “negotiations with China, Japan, the EU, and UK; new NAFTA/USMCA; U.S. participation in the WTO; and other matters,” Chairman Richard Neal (D-MA) said in a statement.

The testimony comes amid growing doubts over whether Washington and Beijing will iron out trade issues by the G20 trade conference at the end of the month.

5. Quiet week for earnings

Adobe Systems (NASDAQ:ADBE) is due to report second quarter earnings after the close on Tuesday. Analysts on average expect $1.78 a share profit on sales of $2.7 billion. In March, Adobe damped analyst hopes when it gave a profit forecast for the current quarter that fell short of Wall Street’s estimates.

The world’s largest marijuana producer, Canopy Growth (NYSE:CGC) and grocer Kroger (NYSE:KR) are due to report on Thursday. Meanwhile, General Electric (NYSE:GE) will hold its GE Aviation & GECAS Investor Day presentation on Tuesday.

--Reuters contributed to this report

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Bitcoin Climbs Above 9,001.9 Level, Up 4%

June 16, 2019, 04:52

Investing.com - Bitcoin rose above the $9,001.9 threshold on Sunday. Bitcoin was trading at 9,001.9 by 00:52 (04:52 GMT) on the Investing.com Index, up 4.39% on the day. It was the largest one-day percentage gain since June 14.

The move upwards pushed Bitcoin's market cap up to $159.9B, or 56.92% of the total cryptocurrency market cap. At its highest, Bitcoin's market cap was $241.2B.

Bitcoin had traded in a range of $8,771.1 to $9,003.0 in the previous twenty-four hours.

Over the past seven days, Bitcoin has seen a rise in value, as it gained 13.64%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $18.8B or 29.60% of the total volume of all cryptocurrencies. It has traded in a range of $7,523.6279 to $9,002.9668 in the past 7 days.

At its current price, Bitcoin is still down 54.70% from its all-time high of $19,870.62 set on December 17, 2017.

Elsewhere in cryptocurrency trading

Ethereum was last at $271.10 on the Investing.com Index, up 2.66% on the day.

XRP was trading at $0.41849 on the Investing.com Index, a gain of 3.45%.

Ethereum's market cap was last at $28.9B or 10.30% of the total cryptocurrency market cap, while XRP's market cap totaled $17.8B or 6.33% of the total cryptocurrency market value.

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3 Things Under the Radar This Week

June 14, 2019, 08:14

Investing.com - Here’s a look at three things that were under the radar this past week.

1. Inflation, Stocks Prices Seen Slipping

Inflation will ebb and job prospects will improve, but stock prices aren’t likely to follow, according to a recent regional Federal Reserve survey.

The New York Fed’s May survey of consumer expectations showed that consumers expect inflation to decline in the shorter and longer term.

Over the next year, prices are anticipated to rise 2.5%, down from April’s reading of 2.6%. Over three years the outlook is for inflation of 2.6%, down from 2.7% recorded the month before. Both readings are above the Fed’s inflation target of 2%.

“Median inflation uncertainty -- or the uncertainty expressed regarding future inflation outcomes -- increased at both the one-year and three-year horizon,” the New York Fed said.

Looking to the labor market, the perceived probability of finding a job among those unemployed rose to 61.5% in May from 59.3% in April. That’s the highest level since June 2013.

Those with household incomes of more than $50,000 were the most optimistic of gaining new employment.

The percentage of those who expect stock prices to be higher 12 months from now ticked down to 40.8% from 41%.

2. Gold (and Recession Talk) Back in Fashion

Gold, Gold, Gold. The yellow metal has returned to the list of fashionable investments, rounding off the week with its highest close since May last year, as Wall Street sounds the alarm on a possible Trump-spurred recession.

DoubleLine Capital CEO Jeffrey Gundlach said he is "certainly long gold" as he predicted a 40% to 50% chance of a U.S. recession within the next six months and a 65% chance of that happening in the next 12 months, in a webcast to clients late Thursday.

The smart money backs Gundlach's bullish call on the precious metal as gold funds, typically bought during times of uncertainty, saw the largest inflow in more than two years last week, data from EPFR showed. S&P 500 funds, meanwhile, saw outflows of $10.3 billion last week.

Gundlach highlighted outgoing trade tensions as one of the reasons for his ominous outlook on the U.S. economy.

And he's not alone.

JPMorgan’s chief quant strategist Marko Kolanovic warned earlier this week that President Donald Trump’s trade battles have cost U.S. companies trillions and could trigger a slump that would likely be dubbed the "Trump recession."

Echoes of a looming recession grew louder as the week progressed, with Morgan Stanley joining in. The bank warned that its Business Conditions Index fell by the most on record in June to a level of 13, nearing levels not seen since the slump of 2008.

Against the backdrop of souring sentiment on growth, investors have raised bets that the Fed will swoop in to save the day. This, too, will keep gold in vogue, according to Ross Norman, chief executive at bullion dealer Sharps Pixley.

Investors are getting ahead of the curve by buying gold in expectation that the Fed will have to reverse its previous tightening policy, by extension pressuring the dollar and lifting gold, Norman added.

3. Oil Output at Record Highs and Expected to Slow Too? Ask the EIA

It's the keeper of all energy statistics in the United States and the market's final arbiter of supply-demand for U.S. oil and gas. Yet some of the Energy Information Administration's recent data and estimates have resulted in more than a few disbelieving traders and analysts .

In its monthly Short-term Energy Outlook issued June 11, the EIA forecasts in a table that 2019 domestic crude production will be at 12.32 million barrels per day, down 1% from its May estimate.

But in the preface of the same document, the agency said it expects production to continue setting new record highs in 2019 and 2020, culminating with an average of 13.5 million bpd by end of 2020.

“Either U.S. oil producers are producing a lot more oil than they say they are, or imports and exports in the reports are being miscounted,” said Phil Flynn, senior energy analyst at the Price Futures Group in Chicago, who’s typically bullish on oil.

It hasn’t been an easy time for oil bulls, who’ve seen the lofty 40% annual gain in crude at April’s highs slashed to around 15%, partly because upward adjustments made by the EIA to its weekly dataset on oil. For the week to June 7, it estimated a record high production of 12.4 million bpd. It also cited a 2-million-barrel build at the Cushing, Okla. storage hub for U.S. crude -- considered unseasonable for this time of year.

“We still believe that we should see draws even with the increasing supply at Cushing,” Flynn said. “The only thing we have to fear is the EIA adjustments itself.”

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U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.07%

June 14, 2019, 09:25

Investing.com – U.S. stocks were lower after the close on Friday, as losses in the Oil&Gas, Technology and Basic Materials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average lost 0.07%, while the S&P 500 index lost 0.16%, and the NASDAQ Composite index declined 0.52%.

The best performers of the session on the Dow Jones Industrial Average were Home Depot Inc (NYSE:HD), which rose 1.71% or 3.47 points to trade at 205.82 at the close. Meanwhile, Verizon Communications Inc (NYSE:VZ) added 1.16% or 0.67 points to end at 58.29 and UnitedHealth Group Incorporated (NYSE:UNH) was up 0.62% or 1.51 points to 245.39 in late trade.

The worst performers of the session were Dow Inc (NYSE:DOW), which fell 3.29% or 1.74 points to trade at 51.14 at the close. Cisco Systems Inc (NASDAQ:CSCO) declined 2.53% or 1.42 points to end at 54.75 and 3M Company (NYSE:MMM) was down 1.30% or 2.19 points to 166.66.

The top performers on the S&P 500 were Facebook Inc (NASDAQ:FB) which rose 2.17% to 181.33, Ventas Inc (NYSE:VTR) which was up 2.03% to settle at 66.76 and CF Industries Holdings Inc (NYSE:CF) which gained 1.91% to close at 46.00.

The worst performers were Signet Jewelers Ltd (NYSE:SIG) which was down 5.96% to 17.98 in late trade, F5 Networks Inc (NASDAQ:FFIV) which lost 5.65% to settle at 136.93 and Broadcom Inc (NASDAQ:AVGO) which was down 5.57% to 265.93 at the close.

The top performers on the NASDAQ Composite were SSLJ.com Ltd (NASDAQ:YGTY) which rose 32.80% to 3.3200, ArQule Inc (NASDAQ:ARQL) which was up 30.37% to settle at 8.200 and Puyi Inc ADR (NASDAQ:PUYI) which gained 26.07% to close at 7.98.

The worst performers were Sellas Life Sciences Group Inc (NASDAQ:SLS) which was down 57.49% to 0.1600 in late trade, Novus Therapeutics Inc (NASDAQ:NVUS) which lost 19.85% to settle at 1.0500 and Seres Therapeutics Inc (NASDAQ:MCRB) which was down 19.43% to 2.28 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1813 to 1180 and 32 ended unchanged; on the Nasdaq Stock Exchange, 1695 fell and 967 advanced, while 81 ended unchanged.

Shares in Signet Jewelers Ltd (NYSE:SIG) fell to 5-year lows; down 5.96% or 1.14 to 17.98. Shares in Ventas Inc (NYSE:VTR) rose to 52-week highs; gaining 2.03% or 1.33 to 66.76. Shares in Sellas Life Sciences Group Inc (NASDAQ:SLS) fell to all time lows; down 57.49% or 0.2164 to 0.1600. Shares in ArQule Inc (NASDAQ:ARQL) rose to 5-year highs; up 30.37% or 1.910 to 8.200. Shares in Novus Therapeutics Inc (NASDAQ:NVUS) fell to all time lows; down 19.85% or 0.2600 to 1.0500. Shares in Puyi Inc ADR (NASDAQ:PUYI) rose to all time highs; rising 26.07% or 1.65 to 7.98. Shares in Seres Therapeutics Inc (NASDAQ:MCRB) fell to all time lows; losing 19.43% or 0.55 to 2.28.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 3.41% to 15.28.

Gold Futures for August delivery was up 0.12% or 1.65 to $1345.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.46% or 0.24 to hit $52.52 a barrel, while the August Brent oil contract rose 1.21% or 0.74 to trade at $62.05 a barrel.

EUR/USD was down 0.59% to 1.1209, while USD/JPY rose 0.17% to 108.56.

The US Dollar Index Futures was up 0.56% at 97.540.

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Canada stocks higher at close of trade; S&P/TSX Composite up 0.39%

June 14, 2019, 09:25

Investing.com – Canada stocks were higher after the close on Friday, as gains in the Industrials, Financials and Materials sectors led shares higher.

At the close in Toronto, the S&P/TSX Composite added 0.39%.

The best performers of the session on the S&P/TSX Composite were Norbord Inc (TSX:OSB), which rose 9.19% or 2.64 points to trade at 31.38 at the close. Meanwhile, North West Company Inc (TSX:NWC) added 4.75% or 1.42 points to end at 31.31 and West Fraser Timber Co. Ltd . (TSX:WFT) was up 3.58% or 2.15 points to 62.21 in late trade.

The worst performers of the session were New Gold Inc (TSX:NGD), which fell 8.57% or 0.090 points to trade at 0.960 at the close. Aphria Inc (TSX:APHA) declined 5.20% or 0.500 points to end at 9.110 and Encana Corporation (TSX:ECA) was down 5.02% or 0.33 points to 6.25.

Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 547 to 475 and 153 ended unchanged.

Shares in Encana Corporation (TSX:ECA) fell to 3-years lows; down 5.02% or 0.33 to 6.25.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 0.58% to 11.99.

Gold Futures for August delivery was up 0.12% or 1.65 to $1345.35 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.46% or 0.24 to hit $52.52 a barrel, while the August Brent oil contract rose 1.21% or 0.74 to trade at $62.05 a barrel.

CAD/USD was down 0.62% to 0.7457, while CAD/EUR fell 0.04% to 0.6650.

The US Dollar Index Futures was up 0.56% at 97.540.

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Stocks - Wall Street Ends Flat as Tech Suffers Broadcom Beatdown

June 14, 2019, 07:52

Investing.com - The S&P 500 closed flat on Friday as firmer retail sales pointing to underlying strength in the U.S. economy were countered by a slump in chip stocks, led by Broadcom.

The S&P 500 shedded 0.16%, the Dow Jones Industrial Average fell 0.07%, while the Nasdaq Composite fell 0.52%.

A sea of red washed over chip stocks, forcing the broader tech sector sharply lower, led by a 5.6% slump in Broadcom (NASDAQ:AVGO) after the chipmaker missed revenue estimates and cut its guidance amid slowing demand.

Qualcomm (NASDAQ:QCOM), Intel (NASDAQ:INTC); Xilinx (NASDAQ:XLNX) and Micron Technology (NASDAQ:MU) ended the day more than 1% lower.

Facebook (NASDAQ:FB), however, bucked the trend, rising 2% as the social media giant's venture into cryptocurrency drew praise from RBC.

"We believe this may prove to be one of the most important initiatives in the history of the company to unlock new engagement and revenue streams,” RBC analysts Mark Mahaney and Zachary Schwartzman said in a note to investors.

Energy stocks, meanwhile, also contributed to the decline in the broader market, shrugging off a rise in oil prices. Still, the sunny end to the week for oil prices did little to a mask a 2% weekly drop.

Equity losses were kept in check, however, by an upward revision to April's retail sales data, prompting analysts to suggest that it was too early to call time on the U.S. growth story.

"With robust growth in May and huge upward revisions to April’s print, consumer spending looks to regain its footing in the second quarter with growth looking to exceed the 3% (annualized) mark," TD Economics said.

The upbeat U.S economic data was in sharp contrast to Chinese economic data showing the pace of industrial production slowed to a 17-year low, as manufacturing and production sectors, many of which depend on strong exports, were hurt by the ongoing U.S.-China trade war.

With just over two weeks to go until the G20 meeting and little sign the trade war will be resolved sooner rather than later, traders are growing increasingly worried that both countries will escalate tensions.

U.S. President Donald Trump has threatened to impose levies on $300 billion additional Chinese products if his counterpart President Xi Jinping fails to attend the G20 meeting in Tokyo, scheduled for June 28-29.

In other company news, online pet product retailer Chewy (NYSE:CHWY) soared 59% on its debut to end the day well above its IPO price of $22.

Top S&P 500 Gainers and Losers Today:

Facebook (NASDAQ:FB), CF Industries Holdings (NYSE:CF) and Ventas (NYSE:VTR) were among the top S&P 500 gainers for the session.

Broadcom (NASDAQ:AVGO), F5 Networks (NASDAQ:FFIV) and Noble Energy (NYSE:NBL) were among the worst S&P 500 performers of the session.

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Oil Ends Week Lower Despite Tanker Attacks

June 14, 2019, 02:45

By Barani Krishnan

Investing.com – When a tanker attack in the Middle East cannot spur oil to stage a convincing rally beyond a day, it's telling of the market’s fundamentals.

U.S. West Texas Intermediate crude and U.K. Brent oil struggled to stay in a bullish mode Friday after the International Energy Agency (IEA) issued a grim monthly outlook that again raised questions about oil demand amid fears of a global recession.

Just on Thursday, both WTI and Brent had settled up more than 2% after an attack on two oil tankers in the Gulf of Oman stoked fears of a new confrontation between Iran and the United States.

In the latest session, the U.S. crude benchmark settled up 23 cents, or 0.4%, at $52.74 a barrel.

Its U.K. peer gained 70 cents, or 1.1%, to $62.01.

For the week, WTI lost about 3% while Brent showed a decline of around 2%.

Oil’s fundamentals have weakened since hitting 2019 highs of $66.60 for WTI and $75.60 for Brent in April on the combination of OPEC production cuts and U.S. sanctions on Iranian and Venezuelan oil exports.

U.S. crude stockpiles have grown by a net of some 33 million barrels over the past 12 weeks, crossing into the current peak driving season in the United States, when demand for gasoline should be at the year’s highs. On the global economic end, the U.S.-China trade war has intensified, with no end in sight after more than a year of tit-for-tat tariffs that have raised fears of a worldwide recession.

“For now the war on trade is having a greater impact on oil prices than the war on tankers and market participants refuse to take the tanker attacks seriously, at least until a fully laden crude oil VLCC is hit,” said Olivier Jakob of PetroMatrix, an oil market consultancy in Zug, Switzerland.

On cue with the global sentiment, the Paris-based IEA cited worsening prospects for world trade in its monthly report on Thursday.

According to the IEA, U.S. sanctions on Iran and Venezuela, the OPEC-led output cut agreement, fighting in Libya and attacks on tankers in the Gulf of Oman added only limited uncertainty to supply. It noted that outside of OPEC, global supply will grow by an estimated 2.3 million barrels a day next year, well ahead of a 1.4-million-barrel-a-day rise in global demand.

Although the IEA said that economic stimulus packages, like that initiated by China, should support demand, it noted that “the worsening trade outlook (is) a common theme across all regions."

Simon Derrick, strategist at BNY Mellon, said the 4% spike in oil on the back of the tanker attacks in the Gulf of Oman on Thursday “weren’t particularly dramatic when compared to others seen this year," and added that it was telling that oil-related currencies barely budged on the news.

Just like the concerns raised by the IEA on Thursday, Derrick said his colleague John Velis had flagged weakening demand factors for oil aside from oversupply in the New York Fed’s regular Oil Price Dynamics Report.

“In other words, oil prices are beginning to react to the possibility of a global slowdown (much as they did in the summer of 2008),” Derrick said.

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Bitcoin Bucks Broader Trend Lower to Remain Above Key Level

June 14, 2019, 06:08

Investing.com - Bitcoin bucked the trend lower in the broader crypto market as it attempted to cement its recent surge above the key $8,000 to entice further buying.

Bitcoin rose 2.21% to $8,358, just a touch below session highs of $8,444.

The move higher comes as analysts continued to talk up the prospect of further gains on the back of a supply shock next year and signs that the use of bitcoin will be more widespread.

The halvening event in 2020 will cut the amount that bitcoin miners receive to 6.25 BTC from the current 12.5 BTC, reducing the total supply in the market.

"What I think might be happening is an anticipation of a coming supply shock in 2020," Alyse Killeen, managing partner of StillMark Capital told Bloomberg. "In 2020 we'll have just half the daily supply of bitcoin that we do now."

"While we're looking ahead to this supply shock and halvening event, we're also seeing greater demand for bitcoin and new on-ramps for more familiar and conventional sources. There's the anticipation that there will be a broader group of users and consumers who have an appetite for bitcoin," Killeen added.

Bitcoin's total market cap, often used to gauge demand, remained steady at $264 billion, unchanged from a day earleir.

Other cryptos failed to mirror bitcoin's move higher. XRP/USD fell 2.48% to $0.39261, ETH/USD lost 1.05% to $256.50 and LTC/USD slipped 3.95% to $127.62.

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Sweden stocks lower at close of trade; OMX Stockholm 30 down 0.53%

June 14, 2019, 06:20

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

At the close in Stockholm, the OMX Stockholm 30 declined 0.53%.

The best performers of the session on the OMX Stockholm 30 were H&M Hennes&Mauritz AB B (ST:HMb), which rose 1.33% or 2.0 points to trade at 154.0 at the close. Meanwhile, Essity AB B (ST:ESSITYb) added 0.78% or 2.30 points to end at 296.00 and Tele2 AB (ST:TEL2b) was up 0.45% or 0.60 points to 134.10 in late trade.

The worst performers of the session were ABB Ltd (ST:ABB), which fell 2.51% or 4.6 points to trade at 179.0 at the close. AB SKF B (ST:SKFb) declined 2.44% or 4.0 points to end at 157.7 and Telefonaktiebolaget LM Ericsson Class B (ST:ERICb) was down 2.30% or 2.10 points to 89.28.

Falling stocks outnumbered advancing ones on the Stockholm Stock Exchange by 402 to 223 and 66 ended unchanged.

Shares in Essity AB B (ST:ESSITYb) rose to all time highs; rising 0.78% or 2.30 to 296.00. Shares in Tele2 AB (ST:TEL2b) rose to 5-year highs; up 0.45% or 0.60 to 134.10.

Crude oil for July delivery was up 0.96% or 0.50 to $52.78 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.58% or 0.97 to hit $62.28 a barrel, while the August Gold Futures contract rose 0.01% or 0.15 to trade at $1343.85 a troy ounce.

EUR/SEK was down 0.50% to 10.6364, while USD/SEK rose 0.07% to 9.4878.

The US Dollar Index Futures was up 0.55% at 97.532.

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Netherlands stocks lower at close of trade; AEX down 0.47%

June 14, 2019, 06:15

Investing.com – Netherlands stocks were lower after the close on Friday, as losses in the Consumer Goods, Financials and Oil&Gas sectors led shares lower.

At the close in Amsterdam, the AEX declined 0.47%.

The best performers of the session on the AEX were Koninklijke Vopak NV (AS:VOPA), which rose 1.84% or 0.71 points to trade at 39.09 at the close. Meanwhile, Relx PLC (AS:REL) added 1.47% or 0.310 points to end at 21.450 and Koninklijke Ahold Delhaize NV (AS:AD) was up 0.78% or 0.160 points to 20.575 in late trade.

The worst performers of the session were ArcelorMittal SA (AS:MT), which fell 2.38% or 0.356 points to trade at 14.572 at the close. ASML Holding NV (AS:ASML) declined 2.26% or 3.96 points to end at 171.04 and Heineken (AS:HEIN) was down 2.17% or 2.14 points to 96.42.

Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 80 to 39 and 17 ended unchanged.

Shares in Relx PLC (AS:REL) rose to 5-year highs; rising 1.47% or 0.310 to 21.450.

The AEX Volatility, which measures the implied volatility of AEX options, was up 1.33% to 12.58.

Crude oil for July delivery was up 1.05% or 0.55 to $52.83 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.65% or 1.01 to hit $62.32 a barrel, while the August Gold Futures contract fell 0.01% or 0.15 to trade at $1343.55 a troy ounce.

EUR/USD was down 0.58% to 1.1210, while EUR/GBP rose 0.11% to 0.8904.

The US Dollar Index Futures was up 0.55% at 97.537.

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StockBeat - Broadcom's Gloomy Outlook Wrecks Chip Stocks

June 14, 2019, 05:32

Investing.com - Broadcom fell sharply Friday, sending chip stocks lower after the company delivered an ominous outlook and reported revenue that fell short of estimates.

Broadcom (NASDAQ:AVGO) fell 6.6% to $263 after slipping to a low of $257.47.

The US.-China trade war claimed yet another scalp as Broadcom sounded the alarm on semiconductors, lowering its guidance for the full year to $22.50 billion in revenue from $24.50 billion previously. That missed consensus among analysts for $24.31 billion.

The weaker guidance was accompanied by mixed first-quarter results, with earnings of $5.21 a share topping expectations, but revenue of $5.52 billion falling short.

The company blamed the disappointing quarter on the slowing demand, particularly in China, where its largest clients like Huawei have suffered from U.S. export restrictions.

"We currently see a broad-based slowdown in the demand environment, which we believe is driven by continued geopolitical uncertainties, as well as the effects of export restrictions on one of our largest customers. As a result, our customers are actively reducing their inventory levels and we are taking a conservative stance for the rest of the year," Broadcom CEO Hock Tan said in a statement.

In an ominous sign for the broader chip sector, Broadcom’s biggest business segment, semiconductor solutions, generated revenues of $4.09 billion, missing estimates of $4.18 billion.

Qualcomm (NASDAQ:QCOM), Intel (NASDAQ:INTC); Xilinx (NASDAQ:XLNX) and Micron Technology (NASDAQ:MU) are on track to end the day in the red.

In the lead-up to Broadcom's results, the backdrop for semis has been deteriorating, with many analysts surprised that the chipmaker didn't adjust its outlook sooner.

"Broadcom’s reduced full-year revenue guidance is dismissing the 2H recovery thesis articulated by many semiconductor companies earlier this year - ignoring at the time high and still-rising inventories," Baird said.

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Gold Smashes $1,350, Benefiting More Than Oil From Mideast Attacks

June 14, 2019, 05:12

Investing.com - Attacks on crude tankers in the Middle East may not be doing too much for oil bulls, but those long gold are seeing gains as heightened geopolitical risks push the yellow metal to 14-month highs.

Bullion and futures of gold both blew past the $1,350 psychological resistance on Friday, setting up their next critical test at $1,400. Global tensions from Thursday's attack on two oil tankers in the Gulf of Oman added to the investor fervor in gold amid expectations of a Fed rate cut.

Spot gold, reflective of trades in bullion, traded at $1,346.97 per ounce by 1:00 PM ET (17:00 GMT), up $4.94, or 0.4%, on the day. It earlier hit $1,358.13, its highest level since April 2018.

Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, was up $3.65, or 0.3%, at $1,347.35 per ounce. The session high was $1,361.95.

Gold is a hedge for investors in times of economic and political troubles.

Investors have piled into the yellow metal over the past two weeks on worries that the worsening U.S.-China trade war may tip the world into a recession.

That has, in turn, led to hopes that the Federal Reserve will cut interest rates to preserve U.S. economic growth, which has been in a record expansion streak of nearly a decade.

"Tariff tiffs, global economic woes and political headlines also all coming together for investors in gold," said George Gero, precious metals analyst at RBC Wealth Management.

"The Fed may be forced to look deeper into cutting rates," Gero said.

In other precious metals trading, the spot price of palladium climbed 1.4% to $1,469.25 per ounce.

The autocatalyst metal has risen about 8% so far this week, its biggest gain since the week ended April 13, 2018.

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U.K. stocks lower at close of trade; Investing.com United Kingdom 100 down 0.28%

June 14, 2019, 05:15

Investing.com – U.K. stocks were lower after the close on Friday, as losses in the Automobiles&Parts, Fixed Line Telecommunications and Construction&Materials sectors led shares lower.

At the close in London, the Investing.com United Kingdom 100 lost 0.28%.

The best performers of the session on the Investing.com United Kingdom 100 were Fresnillo PLC (LON:FRES), which rose 3.37% or 27.40 points to trade at 839.80 at the close. Meanwhile, Royal Mail PLC (LON:RMG) added 2.25% or 4.40 points to end at 199.95 and Merlin Entertainments PLC (LON:MERL) was up 2.11% or 7.80 points to 377.80 in late trade.

The worst performers of the session were ITV PLC (LON:ITV), which fell 4.32% or 4.75 points to trade at 105.25 at the close. Provident Financial PLC (LON:PFG) declined 2.63% or 12.00 points to end at 445.00 and Tesco PLC (LON:TSCO) was down 2.22% or 5.10 points to 224.40.

Falling stocks outnumbered advancing ones on the London Stock Exchange by 1316 to 866 and 204 ended unchanged.

Shares in Provident Financial PLC (LON:PFG) fell to 52-week lows; losing 2.63% or 12.00 to 445.00.

Gold Futures for August delivery was up 0.15% or 1.95 to $1345.65 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.78% or 0.41 to hit $52.69 a barrel, while the August Brent oil contract rose 1.21% or 0.74 to trade at $62.05 a barrel.

GBP/USD was down 0.60% to 1.2595, while EUR/GBP rose 0.03% to 0.8897.

The US Dollar Index Futures was up 0.57% at 97.553.

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Germany stocks lower at close of trade; DAX down 0.60%

June 14, 2019, 05:15

Investing.com – Germany stocks were lower after the close on Friday, as losses in the Technology, Media and Software sectors led shares lower.

At the close in Frankfurt, the DAX lost 0.60%, while the MDAX index declined 0.82%, and the TecDAX index lost 1.85%.

The best performers of the session on the DAX were Henkel&Co KGaA AG Pref (DE:HNKG_p), which rose 1.07% or 0.94 points to trade at 88.48 at the close. Meanwhile, Fresenius Medical Care KGAA ST (DE:FMEG) added 0.66% or 0.440 points to end at 66.700 and Linde PLC (DE:LINI) was up 0.53% or 0.950 points to 180.600 in late trade.

The worst performers of the session were Infineon Technologies AG NA O.N. (DE:IFXGn), which fell 5.29% or 0.803 points to trade at 14.385 at the close. Thyssenkrupp AG O.N. (DE:TKAG) declined 2.53% or 0.305 points to end at 11.770 and BASF SE NA O.N. (DE:BASFN) was down 1.88% or 1.160 points to 60.480.

The top performers on the MDAX were Zalando SE (DE:ZALG) which rose 2.14% to 37.79, Puma SE (DE:PUMG) which was up 1.78% to settle at 54.45 and Metro Wholesale&Food Specialist AG (DE:B4B) which gained 1.31% to close at 15.0650.

The worst performers were Bechtle AG (DE:BC8G) which was down 12.56% to 92.950 in late trade, Siltronic AG (DE:WAFGn) which lost 5.53% to settle at 57.740 and United Internet AG NA (DE:UTDI) which was down 4.50% to 31.650 at the close.

The top performers on the TecDAX were SMA Solar Technology AG (DE:S92G) which rose 3.78% to 24.680, Qiagen NV (DE:QIA) which was up 0.40% to settle at 35.240 and Morphosys AG O.N. (DE:MORG) which gained 0.23% to close at 88.250.

The worst performers were Bechtle AG (DE:BC8G) which was down 12.56% to 92.950 in late trade, Siltronic AG (DE:WAFGn) which lost 5.53% to settle at 57.740 and Infineon Technologies AG NA O.N. (DE:IFXGn) which was down 5.29% to 14.385 at the close.

Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 446 to 243 and 88 ended unchanged.

Shares in Infineon Technologies AG NA O.N. (DE:IFXGn) fell to 52-week lows; losing 5.29% or 0.803 to 14.385. Shares in Linde PLC (DE:LINI) rose to all time highs; gaining 0.53% or 0.950 to 180.600. Shares in Siltronic AG (DE:WAFGn) fell to 52-week lows; losing 5.53% or 3.380 to 57.740. Shares in Siltronic AG (DE:WAFGn) fell to 52-week lows; losing 5.53% or 3.380 to 57.740. Shares in Infineon Technologies AG NA O.N. (DE:IFXGn) fell to 52-week lows; falling 5.29% or 0.803 to 14.385.

The DAX volatility index, which measures the implied volatility of DAX options, was down 22.77% to 14.92 a new 1-month low.

Gold Futures for August delivery was up 0.15% or 2.05 to $1345.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.78% or 0.41 to hit $52.69 a barrel, while the August Brent oil contract rose 1.21% or 0.74 to trade at $62.05 a barrel.

EUR/USD was down 0.60% to 1.1207, while EUR/GBP rose 0.04% to 0.8898.

The US Dollar Index Futures was up 0.57% at 97.553.

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Norway stocks higher at close of trade; Oslo OBX up 0.47%

June 14, 2019, 05:05

Investing.com – Norway stocks were higher after the close on Friday, as gains in the Transport, Food, Beverages&Tobacco and Technology Hardware&Equipment sectors led shares higher.

At the close in Oslo, the Oslo OBX gained 0.47%.

The best performers of the session on the Oslo OBX were Norwegian Air Shuttle ASA (OL:NWC), which rose 8.29% or 2.59 points to trade at 33.84 at the close. Meanwhile, TGS-NOPEC Geophysical Company ASA (OL:TGS) added 2.32% or 5.2 points to end at 229.0 and P/f Bakkafrost (OL:BAKKA) was up 2.00% or 9.20 points to 468.60 in late trade.

The worst performers of the session were Leroy Seafood Group ASA (OL:LSG), which fell 1.55% or 0.90 points to trade at 57.30 at the close. Nel ASA (OL:NEL) declined 1.28% or 0.080 points to end at 5.765 and Norsk Hydro ASA (OL:NHY) was down 0.83% or 0.26 points to 30.92.

Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 113 to 99 and 22 ended unchanged.

Crude oil for July delivery was up 0.92% or 0.48 to $52.76 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.34% or 0.82 to hit $62.13 a barrel, while the August Gold Futures contract rose 0.21% or 2.85 to trade at $1346.55 a troy ounce.

EUR/NOK was down 0.14% to 9.7700, while USD/NOK rose 0.49% to 8.7206.

The US Dollar Index Futures was up 0.60% at 97.578.

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Russia stocks lower at close of trade; MOEX Russia down 0.69%

June 14, 2019, 05:00

Investing.com – Russia stocks were lower after the close on Friday, as losses in the Oil&Gas, Manufacturing and Telecoms sectors led shares lower.

At the close in Moscow, the MOEX Russia declined 0.69%.

The best performers of the session on the MOEX Russia were Rosseti ao (MCX:RSTI), which rose 5.15% or 0.0700 points to trade at 1.4294 at the close. Meanwhile, Polyus OAO (MCX:PLZL) added 2.53% or 141.0 points to end at 5721.0 and RusHydro JSC (MCX:HYDR) was up 2.46% or 0.0145 points to 0.6030 in late trade.

The worst performers of the session were NK Rosneft PAO (MCX:ROSN), which fell 3.32% or 14.00 points to trade at 408.00 at the close. AK Transneft OAO Pref (MCX:TRNF_p) declined 2.31% or 3700 points to end at 156650 and ALROSA ao (MCX:ALRS) was down 1.62% or 1.400 points to 85.100.

Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 115 to 113 and 17 ended unchanged.

Shares in Rosseti ao (MCX:RSTI) rose to 5-year highs; up 5.15% or 0.0700 to 1.4294. Shares in Polyus OAO (MCX:PLZL) rose to all time highs; up 2.53% or 141.0 to 5721.0. Shares in ALROSA ao (MCX:ALRS) fell to 52-week lows; falling 1.62% or 1.400 to 85.100.

The Russian VIX, which measures the implied volatility of MOEX Russia options, was up 2.29% to 21.930.

Gold Futures for August delivery was up 0.52% or 7.05 to $1350.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.92% or 0.48 to hit $52.76 a barrel, while the August Brent oil contract rose 1.32% or 0.81 to trade at $62.12 a barrel.

USD/RUB was down 0.29% to 64.3963, while EUR/RUB fell 0.89% to 72.1689.

The US Dollar Index Futures was up 0.56% at 97.542.

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France stocks lower at close of trade; CAC 40 down 0.15%

June 14, 2019, 05:00

Investing.com – France stocks were lower after the close on Friday, as losses in the Utilities, Healthcare and Consumer Goods sectors led shares lower.

At the close in Paris, the CAC 40 fell 0.15%, while the SBF 120 index declined 0.23%.

The best performers of the session on the CAC 40 were EssilorLuxottica SA (PA:ESLX), which rose 1.67% or 1.75 points to trade at 106.40 at the close. Meanwhile, Engie SA (PA:ENGIE) added 1.13% or 0.14 points to end at 12.96 and Total SA (PA:TOTF) was up 0.57% or 0.27 points to 47.25 in late trade.

The worst performers of the session were STMicroelectronics NV (PA:STM), which fell 3.22% or 0.470 points to trade at 14.140 at the close. Capgemini SE (PA:CAPP) declined 2.70% or 2.70 points to end at 97.16 and ArcelorMittal SA (AS:MT) was down 2.38% or 0.356 points to 14.572.

The top performers on the SBF 120 were Rubis SCA (PA:RUBF) which rose 2.34% to 49.00, Neopost SA (PA:NPOS) which was up 2.01% to settle at 19.78 and Elis Services SA (PA:ELIS) which gained 1.86% to close at 15.33.

The worst performers were Groupe FNAC (PA:FNAC) which was down 6.13% to 64.300 in late trade, Iliad (PA:ILD) which lost 3.97% to settle at 101.50 and Sopra Steria Group SA (PA:SOPR) which was down 3.68% to 102.00 at the close.

Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 330 to 229 and 97 ended unchanged.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 2.73% to 14.58.

Gold Futures for August delivery was up 0.52% or 7.05 to $1350.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.92% or 0.48 to hit $52.76 a barrel, while the August Brent oil contract rose 1.32% or 0.81 to trade at $62.12 a barrel.

EUR/USD was down 0.59% to 1.1208, while EUR/GBP rose 0.05% to 0.8899.

The US Dollar Index Futures was up 0.56% at 97.542.

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Denmark stocks lower at close of trade; OMX Copenhagen 20 down 0.88%

June 14, 2019, 04:35

Investing.com – Denmark stocks were lower after the close on Friday, as losses in the Consumer Goods, Real Estate and Technology sectors led shares lower.

At the close in Copenhagen, the OMX Copenhagen 20 lost 0.88%.

The best performers of the session on the OMX Copenhagen 20 were Tryg A/S (CSE:TRYG), which rose 1.11% or 2.4 points to trade at 218.0 at the close. Meanwhile, DSV (CSE:DSV) added 0.94% or 5.8 points to end at 619.8 and AP Moeller - Maersk A/S B (CSE:MAERSKb) was up 0.44% or 32 points to 7258 in late trade.

The worst performers of the session were Carlsberg A/S B (CSE:CARLb), which fell 2.87% or 26.0 points to trade at 880.0 at the close. Danske Bank A/S (CSE:DANSKE) declined 1.97% or 2.2 points to end at 109.6 and Novozymes A/S B (CSE:NZYMb) was down 1.61% or 5.0 points to 305.0.

Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 76 to 46 and 23 ended unchanged.

Shares in Tryg A/S (CSE:TRYG) rose to 5-year highs; gaining 1.11% or 2.4 to 218.0.

Crude oil for July delivery was up 0.94% or 0.49 to $52.77 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 1.34% or 0.82 to hit $62.13 a barrel, while the August Gold Futures contract rose 0.55% or 7.45 to trade at $1351.15 a troy ounce.

USD/DKK was up 0.61% to 6.6620, while EUR/DKK rose 0.01% to 7.4670.

The US Dollar Index Futures was up 0.54% at 97.523.

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Turkey stocks higher at close of trade; BIST 100 up 0.32%

June 14, 2019, 04:05

Investing.com – Turkey stocks were higher after the close on Friday, as gains in the Telecoms, Metal Products&Machinery and Wholesale&Retail Trade sectors led shares higher.

At the close in Istanbul, the BIST 100 added 0.32%.

The best performers of the session on the BIST 100 were SASA Polyester Sanayi AS (IS:SASA), which rose 6.50% or 0.410 points to trade at 6.720 at the close. Meanwhile, Vestel Elektronik Sanayi ve Ticaret AS (IS:VESTL) added 5.61% or 0.540 points to end at 10.160 and Pegasus Hava Tasimaciligi AS (IS:PGSUS) was up 3.88% or 1.420 points to 38.020 in late trade.

The worst performers of the session were Celebi Hava Servisi AS (IS:CLEBI), which fell 4.79% or 4.60 points to trade at 91.40 at the close. Metro Ticari ve Mali Yatirimlar Holding AS (IS:METRO) declined 3.00% or 0.030 points to end at 0.970 and Turkiye Vakiflar Bankasi TAO (IS:VAKBN) was down 2.19% or 0.080 points to 3.580.

Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 172 to 171 and 65 ended unchanged.

Shares in Pegasus Hava Tasimaciligi AS (IS:PGSUS) rose to 5-year highs; gaining 3.88% or 1.420 to 38.020.

Gold Futures for August delivery was up 0.73% or 9.85 to $1353.55 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.88% or 0.46 to hit $52.74 a barrel, while the August Brent oil contract rose 1.27% or 0.78 to trade at $62.09 a barrel.

USD/TRY was up 0.36% to 5.8829, while EUR/TRY fell 0.17% to 6.5983.

The US Dollar Index Futures was up 0.48% at 97.460.

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PetSmart’s Chewy Soars More Than 80% After IPO

June 14, 2019, 03:18

Investing.com - Online pet product retailer Chewy soared 80% in midday trade Friday after it made its debut on Wall Street.

Shares of the PetSmart-owned company opened at $36, with a market capitalization of $14.3 billion.

Chewy (NYSE:CHWY) stock surged 82.2% to $40.22 as of 11:18 AM ET (15:18 GMT).

The retailer had priced its IPO at $22 a share, which was above the $19 to $21 price range.

Chewy reported a net loss of $268 million in fiscal 2018.

PetSmart owns 70% of the company’s common stock and holds 77% of the voting power. It acquired the company in 2017 for $3 billion.

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U.S. Dollar Surges After Solid Retail Sales Data

June 14, 2019, 03:04

Investing.com - The U.S. dollar surged Friday as retail sales picked up in May, indicating a rebound in the American economy.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.4% to an almost three-week high of 97.398 by 11:03 AM ET (15:03 GMT).

The report followed weak inflation reports and rising jobless claims this week, which, coupled with trade tensions, have led traders to think the Federal Reserve could cut interest rates later this year.

Details of the central bank's thinking could come as soon as next week, when the FOMC meets. The Fed is expected to lower rates in July, with an 89.9% chance priced in, according to Investing.com’s Fed Rate Monitor Tool.

The dollar was flat against the safe-haven Japanese yen, with USD/JPY at 108.40, amid fears that China’s economy is under pressure from trade disputes with the U.S.

Data overnight showed that China’s industrial output growth slowed to its slowest rate in more than 17 years in May.

Elsewhere, the euro slumped on the stronger dollar, with EUR/USD falling 0.4% to 1.1223. Sterling was also lower, with GBP/USD slipping 0.5% to 1.2607, while USD/CAD rose 0.3% to 1.3365.

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Cryptocurrencies on Track for Weekly Gain Led by Litecoin, Bitcoin and Ethereum

June 14, 2019, 02:44

Investing.com - Cryptocurrencies saw mixed trade on Friday, but were still on track for a weekly gain of 3% led by Litecoin, Bitcoin and Ethereum.

Cryptocurrencies overall were higher, with the total coin market capitalization at $265.41 billion by 10:39 AM ET (14:39 GMT), compared to $263.10 billion a day earlier and up about 3% from $257.78 billion a week ago.

Litecoin was down 7% at $130.219 on Friday as a bullish rally spurred by its upcoming halving ran out of steam. Known as Bitcoin’s “little brother”, LTC has surged more than 300% this year on plans to half the reward for miners to 12.5 LTC from 25 LTC on Aug. 6. Despite Friday’s decline, the fourth-largest digital coin by market cap showed the best weekly performance when compared to its nine closest rivals, up more than 13%.

Bitcoin was last up 3% at $8,392.7. The 5% weekly gains in the largest crypto by market cap, equivalent to more than half the total market, served as a significant boost for the sector as a whole.

Ethereum managed to still log weekly gains of 2.9% despite a 1.3% decline to $256.59 on Friday.

Stuck by total market cap between Ethereum and Litecoin, XRP was the worst weekly performer out of the top 10 alt coins as Friday’s 1.0% drop to $0.39636 extended its losses in the last seven days to 5.8%.

In crypto sector headlines, The Wall Street Journal reported that Facebook (NASDAQ:FB) has bagged more than a dozen companies to back its new cryptocurrency.

Companies including Visa (NYSE:V), Mastercard (NYSE:MA), PayPal (NASDAQ:PYPL) and Uber (NYSE:UBER) will reportedly invest around $10 million in a consortium to oversee the social media firm’s digital currency.

The coin will be dubbed Libra and will be pegged to a basket of government-issued currencies in an attempt to avoid the extreme volatility associated with the digital assets.

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Stocks - Wall Street Mixed as Broadcom Predicts Slowing Growth

June 14, 2019, 01:52

Investing.com – Wall Street was mixed on Friday as gloomy predictions from Broadcom (NASDAQ:AVGO) weighed on the Nasdaq.

The Dow lost 60 points, or 0.2%, by 9:49 AM ET (13:49 GMT), while the S&P 500 rose 4 points, or 0.2%, and the tech-heavy Nasdaq composite slumped 42 points, or 0.5%.

Broadcom slumped 6.9% after forecasting a slowdown in demand for chips, citing the trade war between the U.S. and China. Most chipmakers have been predicting a stronger second half to the year after a weak first half and Broadcom's warning damages one of the biggest props to sentiment for the sector.

"Broadcom is definitely leading markets lower and that might drive other chips lower as well. Some of it is also about the U.S.-China trade war and the fight over Huawei," said Kim Forrest, chief investment officer at Bokeh Capital Partners.

China’s industrial output growth slowed to its slowest rate in more than 17 years in May, as the world's second-largest economy showed signs of weakening under U.S. trade pressure.

Chipmakers fell, with Advanced Micro Devices (NASDAQ:AMD) losing 2.8%, Nvidia (NASDAQ:NVDA) slumping 3.1% and Intel (NASDAQ:INTC) slipping 1.7%.

Tesla (NASDAQ:TSLA) inched down 0.6% after the electric car company lost its autopilot head Zeljko Popovic to Embark, a self-driving trucking startup, while Blue Apron (NYSE:APRN) slumped 10.3% due to a planned 1-to-15 reverse stock split.

In commodities, crude inched up 0.2% to $52.38 a barrel, gold futures rose 0.8% to $1,355.05 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.3% to 97.282.

-- Reuters contributed to this report.

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Gold Prices Pare Gains after Solid Economic Data

June 14, 2019, 01:51

Investing.com - Gold prices pared earlier gains after economic data on Friday gave a solid reading on the economy, dampening hopes for a looser monetary policy from the Federal Reserve.

Gold futures for August delivery on the Comex division of the New York Mercantile Exchange, gained $10.90, or 0.8%, to $1,354.60 a troy ounce by 9:47 AM ET (13:47 GMT), compared to intraday highs of $1,361.95 - their highest level in over a year.

U.S. retail sales increased in May and sales for the prior month were also revised higher, providing a more upbeat reading of consumer spending that could lighten concerns over an economic slowdown.

Industrial production also grew in May at twice the rate that analysts had forecast, in contrast to earlier data from China that had showed output growth at its slowest rate in 17 years in May.

Although the Fed is not expected to touch interest rates in its policy decision next week, markets have steadily been increasing bets for cuts throughout 2019 as concerns over the negative impact of U.S.-China trade tensions and signs of weak job creation and muted inflation in the American economy were seen to support a more dovish stance.

Fed funds futures currently price in the chance of a quarter-point (25 basis points) reduction at 88% in July, while the probability of a total of three such cuts by the end of the year has risen to 59%.

A Bloomberg survey of economists published on Friday shows a much more cautious stance. The consensus of those polled in the survey taken from June 7 to 12 sees just one rate cut this year.

Gold, which benefits from lower interest rates that lower the opportunity cost of holding non-yielding bullion, has steadily climbed since Fed Chairman Jerome Powell said that policymakers would “act as appropriate to sustain the expansion”, a sign investors interpreted as a dovish shift. It's getting support from the fact that an increasing amount of safe assets in the euro zone are now offering negative yields. The 10-year German benchmark bond yield hit a new all-time record low of -0.27% in earlier trading Friday.

Since the remarks on June 4, gold has only registered losses on one occasion and is up 2.2%.

In other metals trading, silver futures rose 0.6% at $14.977 a troy ounce by 9:49 AM ET (13:49 GMT).

Palladium futures traded up 0.7% at $1,448.30 an ounce, while sister metal platinum lost 0.2% at $807.75.

In base metals, copper fell 0.8% to $2.636 a pound.

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NVIDIA Falls 3%

June 14, 2019, 01:38

Investing.com - NVIDIA (NASDAQ:NVDA) fell by 3.11% to trade at $143.61 by 09:37 (13:37 GMT) on Friday on the NASDAQ exchange.

The volume of NVIDIA shares traded since the start of the session was 885.35K. NVIDIA has traded in a range of $143.61 to $145.48 on the day.

The stock has traded at $152.3600 at its highest and $141.3500 at its lowest during the past seven days.

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Stocks - Broadcom, Tesla, Mattel Fall Premarket; Facebook Rises

June 14, 2019, 12:24

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

• Broadcom (NASDAQ:AVGO) stock slumped 9% by 8:15 AM ET (12:15 GMT) after the chipmaker predicted a slowdown in chip demand and cut its revenue forecast for 2019 by 8%, due largely to the trade conflict between the U.S. and China.

• Blue Apron (NYSE:APRN) stock fell 7.9% after it announced a reverse stock split in order to increase the company’s share price and improve liquidity.

• Facebook (NASDAQ:FB) stock rose 0.9% after the Wall Street Journal reported that the social media giant has gotten the backing of the likes of Visa (NYSE:V), Mastercard (NYSE:MA), PayPal, and Uber (NYSE:UBER) for its cryptocurrency that is being released next week.

• Mattel (NASDAQ:MAT) stock was down 0.7% after rival toymaker MGA Entertainment’s CEO told CNBC that shares of Mattel aren’t worth more than $6. MGA Entertainment has been trying to make a bid for the struggling company but Mattel has declined its offers.

• Tesla (NASDAQ:TSLA) stock tumbled 1.9% after news that its Autopilot head Zeljko Popovic is leaving the company for Embark, a self-driving trucking startup.

•Chewy (NYSE:CHWY) is set to start trading Friday after pricing its IPO at $22 a share late on Thursday. That was above the top end of its marketing range of $19-$21.

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Oil Prices Set for Weekly Decline as Weak Demand Forecasts Dominate Tanker Attacks

June 14, 2019, 12:18

Investing.com - Oil prices struggled for direction on Friday, but headed for a weekly decline as fresh signs of expectations for weak demand and a forecast for strong supply growth next year more than offset the tension caused by suspected attacks on tankers off the coast of Iran.

New York-traded West Texas Intermediate crude futures fell 19 cents, or 0.4%, to $52.09 a barrel by 8:15 AM ET (12:15 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S. edged forward 7 cents, or 0.1%, to $61.38.

The two blends were headed for a weekly decline of 3.4% and 2.9%, respectively.

The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday in its monthly report.

Although the IEA said that economic stimulus packages should support demand, it noted that “the worsening trade outlook (is) a common theme across all regions."

According to the IEA, U.S. sanctions on Iran and Venezuela, the OPEC-led output cut agreement, fighting in Libya and attacks on tankers in the Gulf of Oman added only y limited uncertainty to supply. It noted that outside of OPEC, global supply will grow by an estimated 2.3 million barrels a day next year, well ahead of a 1.4 million barrel a day rise in global demand.

Simon Derrick, strategist at BNY Mellon, said the 4% spike in oil on the back of the tanker attacks in the Gulf of Oman on Thursday “weren’t particularly dramatic when compared to others seen this year," and added that it was telling that oil-related currencies barely budged on the news.

“My New York-based colleague John Velis has pointed out that the NY Fed’s regular Oil Price Dynamics Report helped highlight that while oversupply had been the key dynamic for oil prices, they were seeing demand factors starting to weaken as well,” Derrick wrote in a note released Friday.

“In other words, oil prices are beginning to react to the possibility of a global slowdown (much as they did in the summer of 2008),” Derrick said.

In other energy trading, gasoline futures rose 0.3% at $1.7255 a gallon by 8:17 AM ET (12:17 GMT), while heating oil traded up 0.4% at $1.81834 a gallon.

Lastly, natural gas futures gained 1.0% at $2.348 per million British thermal unit.

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India stocks lower at close of trade; Nifty 50 down 0.76%

June 14, 2019, 10:45

Investing.com – India stocks were lower after the close on Friday, as losses in the Real Estate, Banking and Auto sectors led shares lower.

At the close in NSE, the Nifty 50 declined 0.76%, while the BSE Sensex 30 index lost 0.73%.

The best performers of the session on the Nifty 50 were Bharti Infratel Ltd (NS:BHRI), which rose 1.53% or 4.15 points to trade at 275.05 at the close. Meanwhile, Sun Pharmaceutical Industries Ltd. (NS:SUN) added 0.50% or 1.95 points to end at 392.55 and Vedanta Ltd (NS:VDAN) was up 0.18% or 0.30 points to 169.55 in late trade.

The worst performers of the session were Zee Entertainment Enterprises Ltd. (NS:ZEE), which fell 4.50% or 15.85 points to trade at 336.50 at the close. IndusInd Bank Ltd. (NS:INBK) declined 4.59% or 68.35 points to end at 1426.80 and Indiabulls Housing Finance Ltd (NS:INBF) was down 4.53% or 31.45 points to 672.25.

The top performers on the BSE Sensex 30 were Larsen&Toubro Ltd (BO:LART) which rose 0.80% to 1529.15, Vedanta Ltd (BO:VDAN) which was up 0.74% to settle at 169.60 and Sun Pharmaceutical Industries Ltd. (BO:SUN) which gained 0.58% to close at 392.35.

The worst performers were IndusInd Bank Ltd. (BO:INBK) which was down 4.36% to 1425.10 in late trade, Tata Motors Ltd DVR (BO:TAMdv) which lost 2.78% to settle at 80.50 and Bharti Airtel Ltd (BO:BRTI) which was down 2.74% to 353.30 at the close.

Falling stocks outnumbered advancing ones on the India National Stock Exchange by 1144 to 434 and 69 ended unchanged; on the Bombay Stock Exchange, 1671 fell and 754 advanced, while 140 ended unchanged.

The India VIX, which measures the implied volatility of Nifty 50 options, was up 1.72% to 13.8950.

Gold Futures for August delivery was up 1.08% or 14.45 to $1358.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 0.34% or 0.18 to hit $52.10 a barrel, while the August Brent oil contract fell 0.07% or 0.04 to trade at $61.27 a barrel.

USD/INR was up 0.29% to 69.733, while EUR/INR rose 0.26% to 78.5785.

The US Dollar Index Futures was up 0.08% at 97.080.

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Stocks - Nasdaq Futures Tumble as Broadcom Sounds the Alarm

June 14, 2019, 10:42

Investing.com - U.S. futures fell on Friday after weak Chinese industrial data and lowered forecasts from Broadcom (NASDAQ:AVGO) sent fresh tremors through stock markets that are increasingly afraid of a global downturn.

China’s industrial output growth slowed to its slowest rate in over 17 years in May, as the world's second-largest economy showed signs of weakening under U.S. trade pressure.

Meanwhile, Broadcom (NASDAQ:AVGO) slumped 8.7% in premarket trading after forecasting a slowdown in demand for chips, citing the trade war between the U.S. and China. Most chipmakers have been predicting a stronger second half to the year after a weak first half, and Broadcom's warning damages one of the biggest props to sentiment for the sector.

Tech-heavy Nasdaq 100 futures lost 66 points or 0.9% by 6:40 AM ET (10:40 GMT), while Dow futures fell 63 points or 0.2% and S&P 500 futures was down 10 points or 0.4%.

Chipmakers stocks were among the hardest hit in the tech sector, with AMD (NASDAQ:AMD) and Nvidia (NASDAQ:NVDA) falling 3.4%, Qualcomm (NASDAQ:QCOM) falling 2.9% and Intel (NASDAQ:INTC) losing 2.2%.

Tesla (NASDAQ:TSLA) also fell 1.6% and Facebook (NASDAQ:FB) dipping 0.4% after its Instagram app suffered another major outage on Thursday.

Elsewhere energy stocks were up, with Exxon Mobil (NYSE:XOM) rising 0.2% as traders monitored developments in the Middle East, after two oil tankers were apparently attacked on Thursday near the Straits of Hormuz, through which a fifth of the world's oil supply passes.

The White House blamed Iran for the attacks, with Secretary of State Mike Pompeo saying Tehran “wants our successful maximum pressure campaign lifted.” Iran has denied involvement.

In commodities, crude oil fell 0.4% to $52.03 a barrel after reaching an intraday high of $53.37 on Thursday. Gold futures stormed over 1% higher to $1,358.85 a troy ounce, their highest in over a month, as fears of war in the Middle East spurred demand for haven assets, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.01% to 97.072.

On the economic front, retail sales come out at 8:30 AM ET (12:30 GMT), while preliminary University of Michigan consumer sentiment data is released at 10:00 AM ET (14:00 GMT).

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Top 5 Things to Know in the Market on Friday

June 14, 2019, 09:39

Investing.com - Here are the top five things you need to know in financial markets on Friday, June 14:

1. Broadcom tumbles as U.S.-China trade dispute causes chip demand slowdown

Shares in Broadcom (NASDAQ:AVGO) tumbled around 9% in premarket trade Friday as the company forecast a slowdown in demand for chips, blaming the trade dispute between the U.S. and China as well as the export ban on Huawei.

"It is clear that the U.S.-China trade conflict including the Huawei export ban is creating economic and political uncertainty and reducing visibility," Chief Executive Officer Hock Tan said on a conference call with analysts.

The warning caused waves across the sector dragging down European chipmakers such as Infineon (DE:IFXGn), ASML (AS:ASML) and STMicroelectronics (PA:STM) during their regular session, while other U.S. rivals - like Qualcomm (NASDAQ:QCOM), Texas Instruments (NASDAQ:TXN) and Skyworks (NASDAQ:SWKS) - also fell in premarket trade.

2. China industrial output growth hits 17-year low amid trade conflict

China's industrial output growth unexpectedly slowed to its slowest rate in over 17 years in May, the latest sign of weakening demand in the world's second-largest economy as the U.S. ramps up trade pressure.

Although hopes remain that some type of deal could be reached at an expected meeting between U.S. President Donald Trump and Chinese Premier Xi Jinping at the G20 summit in two weeks, both sides show little sign of backing down.

China said on Friday it was raising anti-dumping duties on certain alloy-steel seamless tubes and pipes used at utilities and imported from the United States and the European Union.

3. Oil prices correct after tanker attack surge as IEA increases output forecast

Oil prices dropped on Friday after suspected attacks on tankers in the Gulf of Oman sent crude soaring a day earlier.

The U.S. government showed a video of the attacks and laid the blame on Iran, although Tehran denied involvement.

G20 ministers plan to hold a meeting to discuss the attacks ahead of their summit at the end of the month.

Also putting downward pressure on oil, the International Energy Agency said in its monthly report that non-OPEC production was expected to surge by 2.3 million barrels per day (bpd) in 2020 while OPEC members sit on 3.2 million bpd of spare capacity.

4. Retail sales, consumer sentiment data ahead

On Friday’s economic calendar, market focus will be on the state of the American consumer.

The Commerce Department will release retail sales for May at 8:30 AM ET (1230 GMT), while the University of Michigan will publish its preliminary data on consumer sentiment for June at 10:00 AM ET (14:00 GMT).

Although the Fed is not expected to make any changes to interest rates at the June 18-19 policy meeting, weak numbers would support market conviction that the U.S. central bank could begin cutting rates as early as July. Fed funds futures price in the probability at 88%.

5. U.S. futures dip on China worries, Chewy rounds off strong week for IPOs

The double-whammy of weak Chinese industrial production and Broadcom’s warning sent U.S. futures lower on Friday, with particular pressure on the tech sector. Dow futures dropped 30 points, or 0.1% by 5:37 AM ET (9:37 GMT), S&P 500 futures fell 6 points, or 0.2%, while Nasdaq 100 futures traded down 47 points, or 0.6%.

Outside of trade developments and economic data, traders will pay attention to the stock market debut of Petsmart’s Chewy (NYSE:CHWY), which priced its IPO above the high end of the marketing range at $22 a share.

It's been a strong week for IPOs despite the steady drumbeat of negative news. Cybersecurity company Crowdstrike (NASDAQ:CRWD) has doubled since its debut on Wednesday, while gig economy company Fiverr (NYSE:FVRR) rose 90% Thursday on its debut.

Read more: Pressure Is Piling Up On Bank Stocks: Is It Time To Bail Out? - Haris Anwar

-- Reuters contributed to this report.

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