U.S. Dollar Falls on Weak Manufacturing Data By Investing.com


© Reuters.

Investing.com – The U.S. dollar fell on Friday, after data showed that manufacturing woes in the country have deepened.

Manufacturing output fell to 0.6% in October, the most since May 2018. Excluding autos, output was down 0.1% last month, the Federal Reserve data showed. Industrial production slipped 0.8%, while the Empire State Manufacturing Index tumbled to 2.9 from 5.0 expected.

Diminishing concerns over U.S. trade did nothing to ease forex traders. The , which measures the greenback’s strength against a basket of six major currencies, fell 0.2% to 97.863 as of 11:08 AM ET (16:08 GMT).

White House economic advisor Larry Kudlow said on Thursday that the U.S. and China were close to securing a trade deal. His comments come after a week of volatility after reports that the two sides had hit a snag over trade talks. Chinese media on Friday fleshed out arguments that Chinese demand for U.S. farm products is nowhere near the level of purchases that Washington is insisting on in order to seal a partial phase one deal.

U.S. Commerce Secretary Wilbur Ross said Friday that U.S. and Chinese officials would hold a call later in the day, but added that the U.S. could still impose tariffs on Chinese goods, which are scheduled for Dec. 15.

The safe-haven Japanese yen was lower with up 0.3% to 108.75.

Elsewhere, the euro was higher, with up 0.3% to 1.1051 while rose 0.2% to 1.2901.

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.





Source link

Bitcoin (BTC) Dominance Falls as Price Seeks Bottom By Cryptovest



(BTC) saw its dominance over the entire crypto market cap slide toward 66%. During the latest price drop, BTC headed downward, while altcoins stabilized or even gained.

BTC, which saw a significant growth of activity on futures markets, is at a crossroads again. The price stagnated around $8,800 for a short time, before sliding to $8,787.28 on Wednesday. Now, the predictions are for BTC finding a bottom, with the potential to go as low as $8,500.

https://twitter.com/VIP25SIGNALS/status/1193918515394306048

The coming days …

This article appeared first on Cryptovest

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.



U.S. Dollar Falls Amid Trade Uncertainty, Hong Kong Unrest By Investing.com


© Reuters.

Investing.com – The U.S. dollar was lower on Monday as investors remained cautious after U.S. President Donald Trump denied he would roll back tariffs on Chinese goods.

Hope of a trade deal diminished after Trump said on Friday that he had not agreed to end tariffs on Chinese goods as part of a trade deal, as was claimed by the Chinese Commerce Ministry earlier last week.

Talks were moving slower than he would like, and he would only make a deal if it was best for America, Trump added on Saturday.

The greenback was also held back by a surge of unrest in Hong Kong, as police used live ammunition on protesters who had tried to block roads and delay trains during the morning commute. Elsewhere, protesters set a man arguing with them on fire.

The , which measures the greenback’s strength against a basket of six major currencies, slipped 0.2% to 98.058 as of 10:45 AM ET (14:45 GMT).

The safe haven Japanese yen was higher with down 0.2% to 109.08.

Elsewhere, sterling surged after Brexit Party leader Nigel Farage said his party . His comments increase the chances of the Tories winning a majority during the U.K. general election on Dec. 12. That would secures the EU withdrawal agreement made last month by Prime Minister Boris Johnson. jumped 0.8% to 1.2868, not far from an earlier high of 1.2883. The euro was higher against the dollar, with rising 0.2% to 1.1033.

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.





Source link

Billionaires’ wealth falls for first time since 2015


ZURICH (Reuters) – The world’s richest people became a little less well off last year, according to a report by UBS (UBSG.S) and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015.

Billionaires’ wealth fell by 4.3% globally to $8.5 trillion last year, the UBS/PwC report found, with a sharp decline in Greater China, including Hong Kong, and the Asia-Pacific region more broadly.

Private wealth in Hong Kong fell 4% in 2018 to $319.8 billion, the report showed, with months of anti-government protests in the Chinese-ruled city and an economic recession clouding the outlook this year.

Some Hong Kong tycoons have begun moving personal wealth offshore, Reuters reported in June, as concerns deepen over the protests.

“We haven’t seen any significant outflows, we have been tracking some of these numbers on a regular basis,” said Amy Lo, UBS co-head of Asia Pacific wealth management. “Our clients have been diversifying all along, it’s not in the last one year.”

Private banks including the world’s largest wealth manager UBS have felt the effects of U.S.-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favor of hoarding cash.

The net worth of China’s richest dropped 12.8% in dollar terms on the back of tumbling stock markets, a weaker local currency and a slowdown in growth, the report found, knocking dozens off the billionaires list.

Despite the drop, China still produces a new billionaire every 2-2.5 days, UBS’s head of ultra-high net worth clients, Josef Stadler, said in the report released on Friday.

Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States’ wealthiest.

FILE PHOTO: The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann

“This report shows the resilience of the U.S. economy,” where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.

While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world’s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are keeping more of their money in cash.

“It is likely that billionaire wealth will go up again this year,” said Simon Smiles, UBS’s chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

Reporting by Angelika Gruber and Brenna Hughes Neghaiwi; Additional reporting by Elizabeth Dilts and Sumeet Chatterjee; Editing by Mark Potter and Giles Elgood



Source link

Billionaires’ wealth falls for the first time in a decade


ZURICH (Reuters) – The world’s richest people became a little less well off last year, according to a report by UBS (UBSG.S) and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time in a decade.

FILE PHOTO: The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland January 27, 2017. REUTERS/Arnd Wiegmann

Billionaires’ wealth fell by $388 billion globally to $8.539 trillion, the UBS/PwC Billionaires Report found, with a particularly sharp decline in Greater China – the second-biggest home for billionaires after the United States – and the Asia-Pacific region more broadly.

Private banks including the world’s largest wealth manager UBS have felt the effects of U.S.-China trade tensions and global political uncertainties, as clients last year shied away from trading and taking on debt in favor of hoarding more cash.

“Billionaire wealth dipped in 2018 for the first time since 2008 because of geopolitics,” UBS’s head of ultra-high net worth clients, Josef Stadler, said in the report published on Friday.

The net worth of China’s richest dropped 12.8% in dollar terms on the back of tumbling stock markets and a weaker local currency and as growth in the world’s second-largest economy slowed to its lowest level in nearly three decades in 2018, the report found, knocking dozens off the billionaires list.

Despite the drop, China continues to produce a new billionaire every 2-2.5 days, Stadler said.

Worldwide, the number of billionaires fell everywhere except in the Americas, where tech entrepreneurs continued to buoy the ranks of the United States’ wealthiest.

“This report shows the resilience of the U.S. economy,” where there were 749 billionaires at the end of 2018, said John Matthews, head of private wealth management and ultra-high net worth business for UBS in the United States.

While a stock market recovery from a steep drop in late 2018 has helped wealth managers increase their assets, the world’s richest families remain concerned about global affairs from trade tensions and Brexit to populism and climate change and are continuing to keep more of their money in cash.

“It is likely that billionaire wealth will go up again this year,” said Simon Smiles, UBS’s chief investment officer for ultra-wealthy clients, adding it would likely be a more muted increase than the wider financial market rally might suggest.

Reporting by Angelika Gruber and Brenna Hughes Neghaiwi; Additional reporting by Elizabeth Dilts and Sumeet Chatterjee; Editing by Mark Potter



Source link

Gold Falls Again as Risk Appetite Builds on Trade Hopes By Investing.com


© Reuters.

Investing.com — finally cracked Tuesday as growing hopes of a U.S.-China trade truce encouraged more and more market participants to move out of haven assets.

Yields on other haven assets such as government bonds rose to their highest in nearly a week, with the and U.S. Treasury yields both gaining six basis points to reach 1.85% and 2.34% respectively.

Rising yields make non-interest-bearing bullion unattractive by comparison, and for delivery on the Comex exchange were down over 1.3% by 10 AM ET (1500 GMT) at $1,490.35 a troy ounce, while was down 0.3% at $1,489.35.

were also hit, falling back below $18 an ounce to trade at $17.67, down 2.2% on the day. were down 0.5% at $934.35.

The chances of a rapprochement between the U.S. and China appeared to have increased on Tuesday after reports in both the Financial Times and the Wall Street Journal saying that the U.S. administration may be prepared to annul the September increase in tariffs on Chinese imports, which affected over $100 billion worth of annual imports.

Rising tariffs have been identified as a major brake on the global economy by many including the International Monetary Fund, and their reversal should logically support global growth and reduce the likelihood of any further cuts in interest rates, thereby removing one of the biggest factors behind this year’s rally in gold.

Ulrich Stephan, a strategist with Deutsche Bank (DE:), said in a morning note that further cuts will be conditional on “substantially worse economic data” – something that looks less likely in the wake of the strong U.S. employment report for October and an increase in export orders last month, as measured by the Institute of Supply Management’s business survey.

Tuesday’s data, meanwhile, kicked off with the research survey estimating that retail sales grew some 5.5% on the year in October, up from 4.5% in September.

All this is happening as a high historical price level appears to be discouraging traditionally important marginal buyers. The World Gold Council estimated (in an admittedly largely backward-looking report) that bar and coin investment halved in the third quarter to 150 tons, while jewellery demand fell 16% to 461 tons. At the same time, higher prices encouraged a 10% rise in recycling, meaning that overall supply rose by 4% to 1,222 tons despite stagnant mine output.

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.



Canadian Dollar Falls After Bank of Canada Leaves Rates Unchanged By Investing.com


© Reuters.

Investing.com – The slumped against the U.S. dollar on Wednesday after the Bank of Canada left rates unchanged.

jumped 0.6% to 1.3159 as of 10:51 AM ET (13:51 GMT).

The, citing trade conflicts as the resilience of the Canadian economy “will be increasingly tested.”

The second half of the year is expected to grow at a slower pace due to trade risk and a weakening energy sector, the bank said. It boosted its 2019 growth forecast to 1.5% from 1.3%, but cut its 2020 growth forecast to 1.7% from 1.9%.

Meanwhile, the U.S. dollar was flat as investors waited for the Federal Reserve’s monetary policy decision at 2 PM ET (18:00 GMT). The central bank is expected to cut rates for the third time this year, but the focus will remain on Chairman Jerome Powell’s press conference and if he hints at future cuts.

The , which measures the greenback’s strength against a basket of six major currencies, was unchanged at 97.488. The safe-haven Japanese yen was flat with at 108.88.

Trade tensions remained uncertain after Chile said it is canceling the Asia-Pacific Economic Cooperation summit next month due to ongoing protests. U.S. President Donald Trump and Chinese President Xi Jinping were expected to meet on the sidelines and possibly sign phase one of a trade deal.

The dollar hit a 16-year high against the Chiliean peso. was up about 1.5%.

Elsewhere, sterling was flat after the U.K. Parliament voted to hold an early general election on Dec. 12, as Prime Minister Boris Johnson is betting on a Conservative win to pass his Brexit bill. rose 0.1% to 1.2872 while was up 0.1% to 1.1115.

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.





Source link

U.S. Consumer Confidence Falls to Lowest Since June By Bloomberg


© Reuters. U.S. Consumer Confidence Falls to Lowest Since June

(Bloomberg) — U.S. consumer confidence unexpectedly fell to a four-month low as economic expectations dimmed, a warning sign that the consumer spending that’s been propping up the expansion may face challenges.

The Conference Board index, monitored by analysts as a signal of future consumer spending, dropped in October to 125.9 for a third-straight decline. The reading Tuesday missed the median forecast in a survey of economists, who had projected an increase. At the same time, the measure of views on present conditions rose, keeping it near historical highs.

Key Insights

  • The unexpected decline and the weakest reading on expectations since January underscores how weakness in some corners of the economy may spread to the consumer. A key manufacturing gauge has fallen deeper into contraction and the labor market, while still robust, has shown some cracks recently with slower wage growth and a weaker pace of hiring.
  • The measure of those saying they expect fewer jobs in six months rose to the highest since September 2016, while those seeing more jobs in the same period dropped.
  • The report contrasts with other data on consumer confidence from the University of Michigan survey showing that sentiment rose in October as both current conditions and expectations increased.
  • President Donald Trump tweeted Tuesday morning that consumer confidence was “very good” and that September housing sales were “up nicely.” Pending U.S. home sales posted the biggest annual gain since 2015, according to a National Association of Realtors report earlier Tuesday. Separately, the S&P CoreLogic Case-Shiller index showed home prices declined in August for the first time in a year.

Official’s View

Lynn Franco, director of economic indicators at the Conference Board, struck a more optimistic note: “Expectations weakened slightly as consumers expressed some concerns about business conditions and job prospects,” she said in a statement. “However, confidence levels remain high and there are no indications that consumers will curtail their holiday spending.”

Get More

  • The share of respondents planning a vacation in the next six months climbed to a record even as buying plans for large purchases such as autos and appliances slipped. Plans for buying new cars fell to match the lowest since 2010.
  • A gauge of those who say business conditions are currently good rebounded from a six-month low the prior month. However, the share of people seeing better business conditions in the future slipped to the lowest since March.

(Updates to add chart and additional background from third bullet)

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.



Gold Falls as Bond Yields Hit Highs on Receding Tail Risks By Investing.com


© Reuters.

Investing.com – Gold prices fell on Monday as risk appetite returned to markets in the wake of positive noises from both Washington and Beijing over their planned “phase-1” trade agreement, while the European Union finally ended the risk of a disorderly Brexit at the end of the month.

“The recent breakthrough in Brexit and, more meaningfully, the truce between the U.S. and China on trade have led to a significant reduction in tail-risk,” JPMorgan (NYSE:) analysts led by Natasha Kaneva wrote in a weekly note to clients.

Given that Federal Reserve Chairman Jerome Powell has listed those as two of the biggest factors behind the uncertainty that has held the U.S. economy back this year, progress on those fronts should logically reduce the need for further interest rate cuts from the central bank.

Indeed, the bond market appears to have reduced its expectations of Fed cuts substantially in response. The two-year Treasury yield is more than 25 basis points up from its low in September, immediately after President Donald Trump’s last big escalation of the trade dispute. The yield rose three basis points to 1.65% on Monday, while the and yields rose by five basis points each.

Higher yields on other havens put downward pressure on non-interest-bearing bullion, and by 11:30 AM ET (1530 GMT), for delivery on the Comex exchange were down or 0.8% to $1,493.75 a troy ounce. fell 0.9% to $1,491.82 an ounce.

also retreated, losing 0.3% to $17.87 an ounce, while fell 1.0% to $924.30.

With most people in the market still betting on a rate cut, some have warned that there could be some sharp volatility if the Fed disappoints on Wednesday.

“Let’s be very clear here, we would not be at new highs in or we would not have hit these current levels of 3,000 in the S&P were it not for complete central bank capitulation,” said Northman Trader’s chief market strategist Sven Henrich. “Four rate cuts, jawboning trade optimism, all these valuations have to be justified at the end of the day. You cannot lose one of these equations and so markets remain artificially inflated.”

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.



Sterling falls on election uncertainty, traders eye EU meeting on Friday By Reuters



By Stanley White

TOKYO (Reuters) – The British pound fell on Friday versus the dollar and the euro after Prime Minister Boris Johnson’s call for an election cast yet more uncertainty over Britain’s divorce from the European Union.

Sentiment for sterling is likely to remain fragile ahead of a meeting later on Friday where European Union officials may decide how long they will extend Britain’s deadline to leave the EU beyond the current date of Oct. 31.

At this stage, an election looks unlikely because the main opposition Labour Party has withheld its support and other opposition parties have rejected the offer.

However, the twists and turns of the Brexit process have proved too complex to predict, which is likely to discourage some investors from taking on excessive risk before the EU agrees a new deadline for the UK’s departure from the bloc.

“We’re constructive on sterling in the mid-term, because we don’t see a high chance for a general election,” said Osamu Takashima, head of G10 FX strategy at Citigroup (NYSE:) Global Markets Japan in Tokyo.

“My personal concern is once political uncertainty lifts, people will focus more on the UK’s economy, which is weakening. This could be a negative for sterling.”

The pound fell 0.14% to $1.2841 in Asia on Friday. For the week, sterling was on course for a 1.18% decline versus the greenback, its biggest weekly decline since Sept. 27.

Sterling fell 0.1% to 86.49 pence per euro (), on course for a 0.45% weekly decline.

Opposition Labour leader Jeremy Corbyn said he would wait to see what the EU decides on a Brexit delay before deciding on a general election.

However, Corbyn also repeated he could only back an election when the risk of Johnson taking Britain out of the EU without a deal to smooth the transition was off the table.

The euro () held steady at $1.1103 in Asia on Friday, on course for a 0.62% weekly decline.

The Ifo economic institute’s closely-watched measure of German business sentiment due later on Friday is expected to weaken slightly in October, highlighting fears that Europe’s largest economy is slipping into recession due to the U.S.-China trade war and Brexit.

The European Central Bank left monetary policy unchanged on Thursday after unveiling a big stimulus package last month, but there are concerns the ECB’s firepower has largely been spent.

The () against a basket of six major currencies was little changed at 97.688 but up 0.42% on the week. The U.S. currency held steady at 108.61 yen , on course for a 0.18% weekly advance.

The focus shifts next week to a U.S. Federal Reserve meeting ending Oct. 30 and a Bank of Japan meeting ending Oct. 31.

The Fed is expected to cut interest rates for a third time this year, but fixed income analysts say this is largely priced into the market.

The BOJ is leaning toward keeping policy on hold next week, but the decision is a close call as policymakers struggle with the fallout from the U.S.-China trade war.

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.





Source link