Boeing seeks to borrow $10 billion or more amid 737 MAX crisis: source By Reuters



By David Shepardson

WASHINGTON (Reuters) – Boeing Co (N:) is in talks with banks about borrowing $10 billion or more amid rising costs for the U.S. planemaker after two crashes involving its 737 MAX jetliner, a source told Reuters on Monday.

CNBC first reported the news on Monday, citing sources that Boeing has so far secured at least $6 billion from banks and is talking to other lenders for more contributions.

A source confirmed the talks to Reuters, but it was still not clear how much Boeing would seek to raise and whether it would pursue the selling of new bonds. One key issue for Boeing is flexibility since it is not clear how long the 737 MAX will remain grounded.

Boeing declined to comment.

Reuters reported on Friday that the Federal Aviation Administration is now unlikely to approve the plane’s return until March, but that could take until April or longer.

Boeing confirmed on Monday that it temporary halted production of the 737 MAX in Washington State in recent days. The company had said in December it would halt production at some point this month.

“MAX production has now been temporarily suspended inside the 737 factory. The Renton site remains open as our teams focus their work on several quality initiatives,” Boeing said, referring to its facility in Renton, Washington.

Boeing does not get paid until it delivers the planes it manufactures.

The company has estimated the costs of the 737 MAX grounding at more than $9 billion to date, and is expected to disclose significant additional costs during its fourth-quarter earnings release on Jan. 29. Boeing faces rising costs from halting production of the plane this month, compensating airlines for lost flights and assisting its supply chain.

Analysts estimate that Boeing has been losing around $1 billion a month because of the grounding. It reported an almost $3 billion negative free cash flow in the third quarter.

Boeing also reported its worst annual net orders in decades last week, along with its lowest numbers for plane deliveries in 11 years.

On Friday, Boeing said it was addressing a new 737 MAX software issue discovered in Iowa during a technical review of the proposed update for the plane.

Last week, American Airlines Group Inc (O:) and Southwest Airlines Co (O:) both said they would extend cancellations of 737 MAX flights until early June.

Also this month, the FAA and Boeing said they were reviewing a wiring issue that could potentially cause a short circuit on the 737 MAX.

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China’s state planner says approved projects in 2019 worth $195 billion By Reuters


China’s state planner says approved projects in 2019 worth $195 billion

BEIJING (Reuters) – China’s state planner said on Sunday that it had approved 157 fixed-asset investment projects in 2019, worth a total 1.33 trillion yuan ($195 billion).

National Development and Reform Commission spokeswoman Meng Wei told a news conference that China’s economy has the foundations to continue to operate stably in 2020.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



A $50 Billion Hole Adds Intrigue to China’s U.S. Export Binge By Bloomberg


© Reuters. A $50 Billion Hole Adds Intrigue to China’s U.S. Export Binge

(Bloomberg) — China’s $200 billion, two-year spending spree negotiated with the Trump administration appears increasingly difficult to deliver, with more than $50 billion of U.S. exports annually left out and many American businesses still uncertain about just what the expectations are.

While U.S. officials have stressed the reforms aimed at curbing intellectual-property theft and currency manipulation that China has agreed to in the “phase one” trade deal signed Wednesday, the Chinese pledge to buy more American exports has become an emblem of the deal to critics and supporters alike.

The administration has said those new exports in manufactured goods, energy, farm shipments and services will come over two years on top of the $130 billion in goods and $57.6 billion in services that the U.S. sent to China in 2017 — the year before the trade war started and exports were hit by Beijing’s retaliatory measures to President Donald Trump’s tariffs.But the list of goods categories in the agreement covers a narrower group of exports to China that added up to $78.8 billion in 2017, or $51.6 billion less than the overall goods exports to the Asian nation that year, according to a Bloomberg Economics analysis of the data. The goods trade commitment makes up $162.1 billion of the $200 billion total, with $37.9 billion to come from a boost in services trade such as travel and insurance.The target for the first year that the deal takes effect is to add $63.9 billion in manufactured goods, agriculture and energy exports. According to Bloomberg economist Maeva Cousin’s analysis, that would be an increase of 81% over the 2017 baseline. In year two, the agreement calls for $98.2 billion surge in Chinese imports, which would require a 125% increase over 2017.

Importantly for China, the accord requires those purchases to be “made at market prices based on commercial considerations,” a caveat commodities markets in particular have seized on.

The office of U.S. Trade Representative Robert Lighthizer, Trump’s chief negotiator, did not respond to questions about the purchase commitments on Thursday. The administration has, however, insisted that the buying, along with the rest of the deal, is subject to an enforcement mechanism.

Trump and his backers view the purchases as a well-deserved bounty for American farmers and manufacturers after decades of Chinese-made goods flooding the U.S., portraying Beijing’s promises almost as reparations. “Together, we are righting the wrongs of the past and delivering a future of economic justice and security for American workers, farmers, and families,” the president declared on signing day.Critics argue that such pre-ordained demand amounts to a slide into the sort of government-managed trade that U.S. presidents abandoned decades ago and the very sort of act of central planning U.S. officials have spent years trying to convince China to walk away from.The purchase plan is based on what the administration insists is a specific — though classified — annex of Chinese commitments. The 20-page public version of that annex lists hundreds of products and services from nuclear reactors to aircraft, printed circuits, pig iron, soybeans, and computer services but no figures for purchases.

Testing Targets for Increase in Chinese Imports

Business groups have stopped short of calling those targets unachievable. But they have made clear they may never be met.“This is ambitious and it will create some stresses within the supply system,” said Craig Allen, the president of the U.S.-China Business Council.Among the questions remaining, Allen said, was whether China would lift its retaliatory duties on American products because U.S. tariffs will remain on some $360 billion in imports from China as Trump seeks to maintain leverage for a second phase of negotiations.Allen also made clear the overall purchase schedule left many U.S. companies uncomfortable even as they saw benefits in other parts of the deal. “The vast majority of our members are looking for no more than a level playing field in China,” Allen said. “We are not looking for quotas or special treatment.”The deal details commitments to lift non-tariff barriers on many agriculture imports such as chicken and beef and ease the way for the approval of genetically modified crop strains that have taken years in the past. It also will open up the market to credit card companies, ratings agencies and insurers. All those things should encourage trade.But for many manufacturers, what is changing remains less clear.Major exporters such as Boeing (NYSE:) Co., whose CEO Dave Calhoun attended Wednesday’s signing ceremony, have largely stayed mum about what exactly the deal will mean for their business with China.Trump has tweeted that the deal includes a Chinese commitment to buy $16 billion to $20 billion in Boeing planes.

But in a statement welcoming the deal, Boeing would only say that it was “proud that Boeing airplanes will continue to be a part of this valued relationship” with China, which is its largest international market, accounting for $13.8 billion in sales in 2018.While the People’s Republic hasn’t ordered Boeing aircraft since 2017, Chinese airlines have continued to take new aircraft from Boeing and U.S. lessors. But deliveries to China tumbled to just 45 aircraft last year from 192 jetliners in 2018 amid the trade war and after Boeing was barred from shipping the 737 Max due to a global grounding imposed after two fatal accidents.German carmaker BMW is one of the most likely candidates to benefit from a Chinese commitment to buy U.S.-made vehicles. It exported 81,000 vehicles to China from its plant in South Carolina in 2017 and saw that number fall to just over 46,000 last year, with much of that decline coming because it started production of its X3 in China.

But the carmaker declined to comment on how the new deal may change its export volumes to China. In the past it has put the cost of the trade wars at 300 million euros in 2018 alone.

The text specifically includes “nuclear reactors” on the list of products to be bought by China, which is building more nuclear capacity than any other country according to the World Nuclear Association data. China’s plans include at least four reactors using the AP1000 design from Westinghouse Electric Co.

‘Remain Skeptical’

However, China said last year that it was starting to favor a homegrown reactor design for new power plants. And Westinghouse, which went bankrupt in 2017 and was later bought, has said it is now more focused on supplying components and taking apart decommissioned reactors than on selling reactors.

“I remain skeptical of any significant U.S. exports of nuclear technology to China except for possibly fuel for the AP1000 reactors,” Chris Gadomski, BloombergNEF nuclear analyst, said by email. A Westinghouse spokeswoman said Thursday she wasn’t even aware that the deal included nuclear reactors.

Intriguingly, Trump’s new China pact includes plans for exports of American iron and steel, a potential gain for an industry close to the president that has benefited from his tariffs and complained about Chinese production and overcapacity for years.

The text of the agreement lists iron and steel products ranging from pig iron to stainless steel wire and railway tracks, but steel industry sources said they had been caught by surprise and not been given any additional details on China’s purchase commitments.U.S. Steel Corp. and Cleveland-Cliffs Inc. — the biggest U.S. iron-ore producer — declined to comment. China produces more than 50% of the world’s steel, and has drawn criticism from around the world for flooding global markets with cheap steel.



Temasek, Trustbridge target majority stake in WeWork China at $1 billion valuation – sources By Reuters


© Reuters. People are seen outside the building of Wework’s co-working space during the National Day Golden Week holiday in central Beijing

By Yingzhi Yang and Julie Zhu

BEIJING/HONG KONG (Reuters) – Temasek Holdings and Trustbridge Partners have held talks with WeWork China over increasing their stake in the China branch of the troubled co-working startup to take majority ownership, three people familiar with the matter told Reuters.

The plan values WeWork China at around $1 billion, two of the people said.

The proposal was submitted to WeWork’s major stakeholder, Japanese technology conglomerate SoftBank Group Corp (T:), at the end of last year, said one of the people, who asked not to be identified as the discussions are private.

Singapore state investor Temasek and Shanghai-based private equity firm Trustbridge want to buy more shares to give them a combined majority stake in WeWork China, according to the people.

WeWork currently owns 59% of WeWork China, with the remainder held by other investors including SoftBank, Hony Capital and Trustbridge, according to the group’s prospectus for its initial public offering.

The Chinese unit had raised $500 million in July 2018 from investors including Temasek, Trustbridge, SoftBank and Chinese fund Hony Capital in a deal valuing the firm at about $5 billion. That was the second round, with the firm having previously raised $500 million in 2017.

A new deal giving Temasek and Trustbridge a majority stake would likely mean that WeWork China would go through a down round – a fall in valuation following a new investment if the proposal got passed – but could significantly ease the financial burden on WeWork and SoftBank.

They added that the discussions were at an early stage and a deal was not certain.

SoftBank, Temasek and WeWork declined to comment. Trustbridge did not immediately respond to a request for comment.

The larger WeWork group is undergoing a broad restructuring after it was thrown a $9.5 billion lifeline by SoftBank following a failed public offering and the ouster of founder Adam Neumann.

However, SoftBank’s plan to secure $3 billion from Japan’s three biggest banks have stalled, likely complicating its rescue package for WeWork, Reuters has reported.

WeWork China has set out ambitious revenue goals for 2020, Reuters reported last month, even though it faces staff cutbacks and weak occupancy numbers at its properties across China.

In 2018, WeWork China generated $99.5 million in revenue, according to WeWork’s IPO prospectus.

WeWork’s woes have had a ripple effect across the sector, impacting the likes of UCommune, WeWork China’s rival, which is trying to launch an initial public offering.

Citigroup Inc (N:) and Credit Suisse Group AG (S:) walked away from underwriting UCommune’s IPO because they decided they could not deliver the offering at a previously discussed valuation.

UCommune has now tapped little-known U.S. investment bank Benchmark Company LLC to launch its listing, Reuters reported earlier this month.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Iran recession to deepen, reserves to fall to $73 billion by March: IIF By Reuters



By Davide Barbuscia

DUBAI (Reuters) – Hit by sanctions curbing oil sales, Iran’s economy is set to fall deeper into recession this fiscal year and foreign reserves could drop to $73 billion by March, a loss of almost $40 billion in two years, the Institute of International Finance said.

The economy shrank by 4.6% in the 2018-2019 fiscal year and the contraction is expected to deepen to 7.2% in the current fiscal year, the IIF, a finance industry body, said this week.

The United States last week sanctioned 17 Iranian metal producers and mining companies in response to Iran’s attack on U.S. troops in Iraq, which was retaliation for the U.S. killing of an Iranian general in a drone strike in Baghdad.

Iran is not a major metals producer but the sanctions add pressure on the economy, crippled by a decline in volume of exports of and condensates, which fell from a peak of 2.8 million barrels per day in May 2018 to less than 0.4 million barrels a day in recent months.

“The fall in imports has only partly offset the drastic decline in exports. As a result, the current account balance has shifted to a small deficit for the first time since 1998,” the IIF said.

Iran saw its oil revenues surge after a 2015 nuclear pact between Tehran and world powers ended a sanctions regime imposed three years earlier over its disputed nuclear program.

But new sanctions brought in after U.S. President Donald Trump withdrew from that deal in 2018 are the most painful imposed by Washington.

“MORE RISKS THAN OPPORTUNITIES”

The IIF said that if the U.S. maintained sanctions, then “after two years of deep recession, growth would remain subdued over the medium term, unemployment rate would increase further to over 20%, and official reserves would continue their decline to about $20 billion by March 2023”.

In contrast, in a scenario in which the U.S. lifts sanctions, Iran’s economic growth could exceed 6% annually, with reserves resuming their rise to $143 billion and nominal GDP could double to $639 billion by March 2024, it said. The Iranian fiscal year starts in March.

“The U.S. strategy to inflict a heavy economic and political toll on the Islamic Republic through a coordinated sanctions policy is unlikely to change over the coming months,” said Robert Mogielnicki, a resident scholar at the Washington-based Arab Gulf States Institute.

“With President Trump likely to remain in office through much of 2020, and potentially until 2024, the prospects for a durable agreement between the U.S. and Iran appear remote. The Iranian economy therefore confronts more risks than opportunities in the short and medium terms,” he said.

A drop in the Iranian currency following the reimposition of sanctions has disrupted Iran’s foreign trade and boosted annual inflation, which the International Monetary Fund has forecast will be 31% this year.

With hydrocarbon revenues falling by about 70%, Iran – a leading member of the Organization of the Petroleum Exporting Countries (OPEC) – is expected to have a fiscal deficit of around 2% of GDP in the fiscal year 2020-2021, despite higher taxes and cuts in fuel and electricity subsidies, according to the IIF.

Iran’s president presented a draft state budget of about $39 billion to parliament in December, saying it was designed to resist U.S. sanctions by limiting dependence on oil exports.

The budget forecasts revenues for oil, gas and condensates falling 40%, leaving a gap it plans to plug by using state bonds and selling state properties.



Saudi Aramco raises IPO to record $29.4 billion by over-allotment of shares


FILE PHOTO: The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia May 23, 2018. Picture taken May 23, 2018. REUTERS/Ahmed Jadallah/File Photo

DUBAI (Reuters) – State-owned oil company Saudi Aramco said on Sunday it had exercised its “greenshoe option” to sell an additional 450 million shares, raising the size of its initial public offering (IPO) to a record $29.4 billion.

Aramco initially raised a $25.6 billion, which was itself a record level, in its December IPO by selling 3 billion shares at 32 riyals ($8.53) a share. But it had indicated it could sell additional shares through the over-allotment of shares.

Aramco shares were flat at 35 riyals shortly after the market opened, according to Refinitiv data.

A greenshoe option, or over-allotment, allows companies to issue more shares in an IPO when there is greater demand from participants in the initial offer. Investors were allocated the additional shares during book-building, Aramco said.

“No additional shares are being offered into the market today and the stabilizing manager will not hold any shares in the company as a result of exercise of the over-allotment option,” Aramco said.

Aramco shares have been volatile amid heightened tensions between the United States and Iran, which lies across the Gulf from Saudi Arabia.

Aramco shares fell to 34 riyals on Jan. 8, its lowest since trading began on Dec. 11, but closed at 35 riyals on Thursday.

Thursday’s closing price valued Aramco at $1.87 trillion, above the IPO price but below Crown Prince Mohammed bin Salman’s coveted $2 trillion target for the IPO.

Reporting by Saeed Azhar; Editing by Christian Schmollinger and Edmund Blair



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China issues rules to clean up troubled $577 billion financial leasing sector By Reuters


China issues rules to clean up troubled $577 billion financial leasing sector

BEIJING (Reuters) – China issued draft rules to tighten oversight of its financial leasing sector, which has total assets of more than 4 trillion yuan ($577.16 billion), in its latest effort to curb financial risks.

The country had 10,900 leasing firms as of the end of June last year, but 72% were shell companies or had halted their business, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement on its website on Wednesday.

The new draft rules require leasing firms to reduce their holdings of risky assets, and not to overly finance one single client.

Some firms in the fast-growing sector have deviated from their main business of offering financing and leasing services to companies, the CBIRC said in a separate explanatory statement.

The industry needs a prudent and consistent regulating system to guide those companies to focus back on their main business, the CBIRC said.

The regulator added there would be a two-year grace period to clean up the industry.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Europe’s Bond Market Sets Record With $36 Billion of Deals By Bloomberg


© Reuters. Europe’s Bond Market Sets Record With $36 Billion of Deals

(Bloomberg) — Europe’s primary bond market had a record-setting day, with at least 32.7 billion euros ($36 billion) of deals, as the Iran crisis failed to damp the usual early-January rush.

Ireland and Portugal both sold 4 billion-euro sovereign notes, after each drew more than 20 billion euros of orders, according to separate people familiar with sales, who asked not to be identified because they’re not authorized to speak about them. The Netherlands’ BNG Bank NV issued a 2 billion euro note.

Carmaker BMW AG brought the year’s first multi-part euro corporate deal, alongside about a dozen bank bonds, as the primary market racked up almost 60 billion euros of offerings in just two days. The post-holiday flood reflects investors’ struggle to find yield and issuers’ eagerness to kickstart annual funding plans before risks such as the Middle East and Brexit potentially scupper low borrowing costs.

It makes sense “to frontload issuance, given how tight spreads are,” said Piers Ronan, head of financials debt syndicate at Credit Suisse (SIX:) Group AG. “Consensus is that it’ll be a stable year, where spreads if anything grind tighter, but everyone recognizes there’s meaningful downside risk.”

Low rates and investor appetite helped Ireland and Portugal cut borrowing costs versus early 2019. Portugal priced its long 10-year note at 33 basis points above midswaps after paying 112 basis points on a similar deal a year ago. Ireland’s long 15-year bond had a tighter spread than a long 10-year note sold in January 2019.

Euro investment-grade notes yield less than 0.5%, according to a Bloomberg Barclays (LON:) index.

German rail operator Deutsche Bahn AG and French utility Veolia Environnement (PA:) SA also sold euro bonds on Wednesday as corporate activity picks up following a relatively slow start to the year. A unit of telecommunications provider Altice Europe NV will close books on two euro notes.

Wednesday’s deal list also included notes of 1 billion euros or more from Santander (MC:) UK Plc, UniCredit Bank AG and Finland’s Municipality Finance Plc.

(Updates total in headline, first paragraph, Altice in seventh)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



South Korean restaurant owners voice concerns over $4 billion Delivery Hero deal


SEOUL (Reuters) – South Korean restaurant owners expressed concern on Monday over food delivery giant Delivery Hero’s (DHER.DE) proposed $4 billion acquisition of its local rival, saying the move could undermine competition and lead to higher fees.

FILE PHOTO: The Delivery Hero headquarters is pictured in Berlin, Germany, June 2, 2017. REUTERS/Fabrizio Bensch

Delivery Hero, the second-largest food delivery app operator in South Korea, said last month that it agreed to buy larger rival Woowa Brothers backed by Goldman Sachs in a deal subject to antitrust approval.

The combination of the two giants would create an entity with a combined market share of nearly 99% in food delivery apps, according to data from mobile big data platform IGAWorks.

Restaurant owners, already struggling with the slowing economy, raised concerns that the dominant player would raise commissions that it charges restaurant owners for taking orders via their apps.

“The biggest problem is that the companies can move the market to whatever direction they want to,” said Kim Kyung-moo, who runs a franchise restaurant, said at a news conference at the parliament.

Restaurant owners, food delivery riders and lawmakers urged the fair trade commission to thoroughly review the potential merger, which they said could also limit consumer choices.

A spokesman at Woowa Brother told Reuters that the firm is not planning on increasing commission fees.​​​​​​

South Korea, with a dense population and high smartphone use, is the world’s fourth biggest market for online food orders, with an annual value of $5.9 billion.

Berlin-bgased Delivery Hero last week submitted an application to the Korea Fair Trade Commission (KFTC) for an approval, an official at the antitrust regulator said, declining to comment further as a review is in progress.

In 2009, the watchdog approved U.S. online commerce firm eBay Inc’s (EBAY.O) deal to acquire local rival Gmarket in South Korea on the conditions that there would be a ban on raising sales commissions for the next three years.

Reporting by Heekyong Yang; Editing by Hyunjoo Jin & Kim Coghill



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Turkish State Banks Sell $1 Billion to Spare Lira From Rout By Bloomberg


(Bloomberg) — Turkish state lenders sold between $1 billion and $1.5 billion to stem the lira’s decline on Friday, according to three people with knowledge of the matter.

The sales appear to have been triggered by a global flight from riskier assets as tensions between the U.S. and Iran escalated, two of the people said.

The lira slipped as much as 0.4% amid the rout to a seven-month low of 5.9781 against the dollar, posting one of the smallest declines across emerging-market currencies.

State banks have sold dollars to prop up the lira over the last year, especially in times of heightened volatility, traders say. The currency is a key economic barometer for voters and a driver of consumer confidence.

But the practice has been a source of controversy, with speculation mounting the sales amount to veiled intervention by the central bank. It’s also made trading the lira less attractive for foreign investors.

In the run-up to municipal elections in March, state banks sold as much as $15 billion to support the currency, according to traders’ estimates. In the second week of October, transactions amounted to at least $3.5 billion amid fears that punitive measures from Washington could deal a fresh blow to the Turkish economy.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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