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Regularly updated information, news, current affairs, advice & tips relating to online binary index or options trading on intraday markets from the World's No.1 Index Trading Alert Provider.

Ethereum Plummeted 15% as Demand Rapidly Growing

Ethereum a new generation currency rival of bitcoin plummeted more than 15% overnight due to the growing demand and increased worries it may face a divisive debate on how to upgrade its network. 

It dropped as low as $303 before steadying at $328. Earlier this month the digital currency reached a record $402. 

 

The sharp fall comes after Ethereum shot up more than 3,000% this year, far surpassing bitcoin's already stellar 180% gain and coming close to beating bitcoin as the digital currency with the greatest market value.

It has grown in popularity for its ability to support applications, potentially becoming a structure for a decentralized, next generation internet.

Investors demand at the funding launch for Status clogged the Ethereum network. Online investors were also reportedly unable to withdraw funds from digital currency depositories known as Wallets.

Ethereum trading on Wednesday was also affected by an outage of the GDAX exchange run by Coinbase. Some traders online noted orders for ethereum being placed this afternoon at far below the $300 price. 

 

In the last several weeks, a surge in digital currency prices has contributed to a flood of investor demand, which has overwhelmed websites and attracted cyber attacks. Growing pains have affected both as well. Bitcoin's price fluctuated in the last few months as developers debated the best way to upgrade the network. 

News last week that two upgrade methods, BIP148 and SegWit2x, may be able to work together helped bitcoin recover from its lows of the month. Now, a flood of demand for Ethereum has increased similar concerns.

 

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Wall Street edges Lower as Energy and Financials Slump with Oil

Wall Street was weighed down by falling energy shares as oil prices fell and added to investor concerns about low inflation, while healthcare and technology stocks helped lift the Nasdaq Composite index.

Energy was the weakest S&P sector with a 1.6% decline after oil prices reversed course during the morning session and US crude touched its lowest point since August despite larger than expected declines in inventories.

Continued weakness in oil futures added to investor worries about inflation and as a result hurt cyclical such as banks and industrial.

The Dow Jones Industrial Average 57.11 points, or 0.27%, to close at 21,410.03, the S&P 500 lost 1.42 points, or 0.06%, dropping to 2,435.61 and the Nasdaq Composite added 45.92 points, or 0.74%, rising to 6,233.95.

The energy index has fallen 14.9% so far this year compared with an 8.9% rise for the S&P 500. Oil futures have fallen about 21% so far this year.

Investors looking for growth opportunities turned to Nasdaq, which contains many technology and biotechnology companies. Biotech and pharmaceutical investors have taken note. The Nasdaq Biotech Index is up 8% since Friday's close, its best three day run since November.

 

 

 

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Domestic Equities in China will Join MSCI's Global Benchmark Indices

Domestic equities in China will join MSCI’s benchmark indices. The decision, announced by the New York based index compiler. A move that should help the capital market of the world’s second largest economy edge towards becoming more globally integrated. 

After three failed attempts, it has finally succeeded and it will give China’s $6.9 trillion stock market a bigger role in everything. The Emerging Markets Index previously excluded mainland traded stocks due to concerns about restrictions on purchases by overseas investors and flawed rules in listed companies trading suspension. The gauge currently only includes shares of Chinese companies listed in Hong Kong or the US.

 

According to the index compiler, China’s A shares will initially represent a 0.73% weighting in the MSCI Emerging Markets Index and the weighting could increase further over time if China implements more changes in its market reform. 

The full inclusion of domestic Chinese stocks in the widely tracked MSCI Emerging Markets Index could pull more than $400 billion of funds from asset managers, pension funds and insurers into mainland China’s equity markets over the next decade.

MSCI made its decision after the Chinese regulators made it easier for foreign investors to access mainland equities through the two Stock Connect trading links between Hong Kong and Shanghai/Shenzhen and restricted the number of trading suspensions by listed companies. 

It had ejected inclusions over the past three years, citing concerns including capital controls and listed company abuse of the trading halt rules. 

 

However, months ago the MSCI moved to relax its investment criteria by cutting the number of stocks to 169 from 448 in a bid to address curbs on repatriating capital from China and concerns over the country’s high number of suspended stocks.

The revised proposal helped address these issues because the 169 stocks can be easily accessed by foreigners through the “Stock Connect” link launched in 2014 and significantly expanded in December.

MSCI said it planned to add the 222 stocks and will begin a review of the A-shares and include them in provisional indices beginning in August.

 

 

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Asian Stocks Gain Higher, Set for a Strong Week

Asian markets gain higher during opening, the dollar climbed above 111 yen Monday after Japan posted a surprise trade deficit for May.

The Nikkei Stock Average was up 0.6% in early trade, with a softer yen aiding a move back above 20,000 points. Australia’s S&P/ASX 200 was up 0.5%, Korea’s Kospi SEU 0.6% and Hong Kong’s Hang Seng Index gained 1%.

 

 

In Japan, economists had expected a modest trade surplus for May. Instead, the country reported its first deficit since January. Still, local stocks shrugged off the report as the exports data in Japan continue to reinforce the growth story for Japan’s economy.

Japan’s exports increased 14.9% for May from a year earlier, the biggest rise since January 2015, marking the sixth consecutive month of increases. But the figure came in lower than an 18.2% increase expected by economists.

Asian market could find index provider MSCI's annual market classification review a key event to follow. MSCI will decide tomorrow whether to include a group of China A-shares in its main emerging market index.

If approved, it would give investors easier access to the China markets, create more liquidity for the shares and prompt funds all over the world to pour billions into the country's stocks. For China, acceptance by MSCI would mark a key step for Beijing as it seeks to open up its financial markets and attract foreign capital. 

 

While, oil prices pulled back in Asia after ending in positive territory last week. July Nymex was down 0.3% at $44.60 a barrel, while August Brent fell 0.2% to $47.25.

 

 

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Amazon to Acquire Whole Foods for $13 Billion

Amazon to acquire US grocery retailer Whole Foods for $US13.7 billion. Whole Foods shares jumped 27% to $41.99 in New York, bringing them close to the transaction price. Amazon shares gained 3.2% to $995. 

The company has agreed to pay $42 a share in cash for the organic food chain, including debt a roughly 27% premium to the stock price. Whole Foods co-founder, John Mackey will continue to run the business. 

The transaction also may help Amazon sideline Instacart Inc, a start-up that has delivered grocery orders from Whole Foods stores in more than 20 states and Washington, D.C. 

The bid signals Amazon's growing intent to dominate groceries and raises risks for Australian retailers ahead of its local launch. Its latest acquisition, which is the biggest in Amazon's 20-year history and gives it a significant bricks and mortar presence, may alter the company's plans for its Australian retail launch, which it confirmed in April.  

The deal is subject to approval by Whole Foods shareholders. The upscale grocer has 460 stores in some of North America's most desirable locations. The two companies said Amazon would continue to operate these stores under the Whole Foods brand.

 

Amazon previously contemplated a takeover of Whole Foods last fall but it didn’t pursue a deal. The e-commerce company revisited the idea after Jana Patners one of the executive investor stepped in.

The deal is more about getting a distribution network for groceries. It has spent years trying to break into delivering groceries but hasn’t been as successful as in other categories. 

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Global Stock Market Latest Update

ASX (5,768.30, +0.09%) is on track for their biggest weekly gain in over two months, led by gains in defensive stocks and financials.

 

Dow (21359.90, -0.07%) was almost stable but has the potential to move up towards 21600 by mid of next week. 

The rise could be eventual and slow but overall near term looks bullish.

 

Dax (12691.81, -0.89%) has come off sharply and while below the important resistance of 13000, there is some scope of re-testing 12500-12400 in the medium term before possibly stating another leg of an upward rally.

Shanghai (3128.27, -0.13%) is also trading lower and could possibly test 3100 before again trying to move up. Immediate trend looks bearish.

 

 

 

Nikkei (19917.73, +0.43%) has the potential to move up towards 20100 in the next 2-3 sessions. Momentum could be slow but an eventual rise is expected while above 19700.

 

Nifty (9578.05, -0.42%) could find some support near 9550-9530 today from where it could bounce back to higher levels in the near term.

Only on a break below 9530, if seen would force us to change our current bullish view on Nifty.

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Tech Stocks in U.S have Tumbled Sharply

US tech stocks slid again overnight as investors continued a recent move away from the year’s best performing sector. Bearish analyst reports on the two tech titans contributed to the latest bout of selling. Both the S&P 500 and Nasdaq Composite fell, though tech shares pared some of their early losses into the close.

The declined follows the worst two day drop for the sector in nearly a year. But tech remains up 17% this year, almost twice the 8.7% rise for the overall S&P 500.

Shares of Google’s parent Alphabet closed down 0.8% as Canaccord Genuity downgraded its rating of the stock to hold from buy. Eventually, the downgrade triggered a broader tech selloff.

Apple shares ended 0.6% lower, paring earlier sharper losses. Microsoft declined 0.5% overnight, Facebook dropped 0.3% each also pared sharper early losses. 

Snap Inc who held its initial public offering earlier this year has dropped 4.9%. While the tech sector has fallen 4% in the past week, the overall S&P is only off about 0.2 percent.

 

 

 

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Stock Market in Australia Extends Rally

Australian stock market is higher today, extending gains from the previous session, following the positive lead overnight from Wall Street. In mid-day trades, the benchmark S&P/ASX 200 Index is adding 24.90 points or 0.43% to 5,797.70, off a high of 5,804.80. The broader All Ordinaries Index is rising 25.20 points or 0.43% to 5,827.00.

The AUD is lower against the U.S. dollar today after iron ore prices fell sharply. In early trades, the local unit was trading at US$0.7537, down from US$0.7550 on Tuesday. 

Gold miners are also advancing. Newcrest Mining is adding 0.4 percent and Evolution Mining is rising more than 1 percent. The major miners are mostly lower amid the sharp fall in iron ore prices. 

BHP Billiton is adding 0.7 percent, while Rio Tinto is losing 1 percent and Fortescue Metals is lower by more than 1 percent.

Among oil stocks, Oil Search is up 0.6 percent and Woodside Petroleum is rising 0.3 percent, while Santos is declining almost 1 percent. 

 

Westpac Bank revealed that consumer confidence in Australia ebbed again in June, as its index slipped 1.8 percent to a score of 96.2. That follows the 1.1 percent decline in May to 98.0. 

The index has declined in three straight months and continues to rest beneath the break-even line of 100 that separates optimists from pessimists.

 

Nevertheless, investors are cautious ahead of the release of Chinese economic data and the Federal Reserve's monetary policy decision later in the day. 

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DAX Index Closes Trade at 0.59% Higher

DAX index has closes trade at 0.59% higher. The index is currently at 12,757.75 points. On the release front, German ZEW Economic Sentiment dipped to 18.6, missing the forecast of 21.6 points. Eurozone ZEW Economic Sentiment improved to 37.7, beating the estimate of 37.2 points. In the US, the Federal Reserve is expected to increase interest rates by a quarter-point.

European stock markets were slightly lower on yesterday, as a result of sharp losses on the Nasdaq, which dropped 1.8% on last week session. Major technology stocks were all down by more than 3 percent. Key German financial stocks responded with losses, notably Deutsche Bank and Commerzbank.

The best performers of the session on the DAX were Lufthansa which rose 3.00% or 0.550 points to trade at 18.875 at the close. 

The worst performers of the session were Beiersdorf which fell 0.69% or 0.660 points to trade at 94.780 at the close. Deutsche Telekom declined 0.44% or 0.075 points to end at 16.880 and Henkel & Co was down 0.36% or 0.45 points to 124.65. 

DAX volatility index, which measures the implied volatility of DAX options, was down 6.39% to 12.60.

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Japan PPI Came at 0% the Weakest Result in 9 Months

This morning, the Japan producer price index came in flat at 0% and it represents the weakest PPI result in nine months. Already last week, the growth rate had been revised down to 0.3% from 0.5%. 

April machine orders just collapsed at -0.31% m/m while markets had estimated an increase of 0.5 percent. This data is often used as a proxy for the capital expenditure. 

Yen fell 0.06% to 110.27 despite weaker machinery orders data than expected. Japan reported core machinery orders for April slipped 3.1% month-on-month, well below the 0.5% gain seen and up 2.7% on year, also less than the 7.3% jumped expected. 

The Japanese economy has shown some improvement in the first quarter, but Final GDP was a major disappointment. First quarter GDP was revised downwards to 0.3%, compared to 0.5% in the preliminary GDP report. At the same time, the economy has posted growth for five consecutive quarters the first time that has occurred in over 10 years. 

Japan has benefited from a stronger global economy, notably the manufacturing and export sectors. However, domestic consumption remains sluggish, and household spending contracted 1.4% on year in April. The Bank of Japan will hold a policy meeting on Thursday, and is expected to maintain its ultra-loose monetary stance in order to prop up inflation and domestic demand. 

 

Given that the economy has strengthened, policymakers may be looking to exit current policy and analysts will be looking for nuances which could point to a more hawkish monetary stance. If the central bank does hint at a tighter policy, the yen could gain ground.

The Federal Reserve will meet on Wednesday and the markets have priced in a rate hike, which would be the second increase in 2017. The likelihood continues to hover around the 90% level, so it would be a shock if the Fed did not make a move.

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A Few Reasons To Trade With Us

Binaries offer a way to speculate on financial markets where your risk is limited to the capital invested.

 

  • Short-term trading on popular instruments including forex, indices, commodities & shares
  • Range of timeframes starting at five minutes
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  • Trade binaries on the move with our native mobile apps
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Euro Inched Lower Ahead Of ECB Rate Decision

European session, EUR has inched lower and is trading at 1.1240. In economic news, German Industrial Production bounced back in April with a strong gain of 0.8%, which beat the forecast of 0.6%. There was more good news from Eurozone Revised GDP, which improved to 0.6%, edging above the estimate of 0.5%. 

Today’s highlight is the ECB rate meeting, with the markets expecting the benchmark rate to remain at a flat 0.00%. The US releases unemployment claims, which is expected to drop to 241 thousand.

Most investors are focus on ECB, which holds it monthly rate meeting later in the day. The central bank is not expected to announce any changes to current monetary policy. The benchmark rate has been pegged at 0.00% since March 2016. As well, policymakers are unlikely to make any changes to the quantitative easing program, which ends in December. 

However, the euro could still move if there are any surprises in the rate statement or from Mario Draghi, who will hold a follow-up press conference. On Wednesday, the euro briefly lost ground on reports that the ECB was planning to downgrade its inflation forecast to 1.5% annually for 2017, 2018 and 2019. 

 

Earlier in the year, inflation reached the ECB’s target of 2.0%, but this didn’t last long, and the May figure of 1.4% was well of this goal. Mario Draghi has preached caution and patience, and will reluctant to tighten policy without stronger inflation levels. 

Still, with the euro-area economy showing improved growth in 2017, the markets would like to see the ECB at least acknowledge that the economic picture has brightened, and will be looking for a more hawkish tone from the central bank, such as a removal of the bias towards easing. 

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Global Stocks Update

Dow (21136.23, -0.23%) came off from resistance near 21230 and may test 21000 on the downside before bouncing back towards 21300 and higher in the medium term. Near term could see some consolidation or a corrective dip but overall long term looks bullish.

 

Dax (12690.12, -1.04%) is also in a short correction mode and could rise back soon towards 13000.Downside could be limited to 12600 just now.

 

Shanghai (3127.91, +0.83%) has risen sharply breaking the immediate resistance near 3120 instead of testing lower levels of 3050 as mentioned yesterday. 

While the index sustains levels above 3120, it could move higher towards 3170 else a re-test of 3070 is possible.

ASX (5644.7, -0.4%) on track for a fourth straight session in the red and a fall of more than 5 per cent since its recent high at the start of May.

 

Nikkei (19936.42, -0.22%) Resistance near 20200 has held well for which fell sharply in the last 2-sessions. 

It could test 19820 in the next 2-sessions before again bouncing back from there.

 

Nifty (9637.15, -0.39%) is in a corrective mode now and could extend losses to an extent of 9600-9550 levels. 

Thereafter a rise back towards 9700-9800 is possible in the near term.

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Osisko Shares Bounce after Acquiring Orion Mine’s Assets for $1.13 Billion

Osisko Gold shares bounce more than 10 percent after they decided to acquire a precious metals portfolio from Orion Mine Finance Group for $1.13 billion. The acquisition will result in Osisko holding a total of 131 royalties and streams, including 16 revenue-generating assets.

The company was trading up 9.7% to $15.80 in Toronto and almost 9.9% higher in New York to $11.72 on the news of the acquisition.

Osisko, created in June 2014 following the acquisition of Osisko Mining by Agnico Eagle Mines and Yamana Gold, said it will pay Orion $675-million in cash and the remaining $450-million in company shares for the assets.

The transaction gives the Canadian company a 9.6% diamond stream on the Renard diamond mine and a 4% gold and silver stream on the Brucejack gold and silver mine, in addition to a 100% silver stream on the Mantos Blancos copper mine in Chile.

Osisko’s flagship, Canada’s largest producing gold mine will continue to be the 5% net smelter return royalty on the Malartic mine.

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WTI Oil Extended Recovery Rally

WTI Oil extended recovery rally and hit session high at $48.40 in early Monday’s bullish acceleration. Oil price accelerated higher on fresh geopolitical instability. So far unable to sustain break above $48.00 barrier, as action was capped by falling hourly cloud.

However, rising uncertainty over geopolitical situation in the Gulf region would further boost oil price. Additional support comes from long-tailed daily candle left on Monday, which signaled strong downside rejection and failure to clearly break below lower pivot at $46.89

Extended recovery needs close above $48.74 to generate stronger reversal signal and open way for further retracement of $46.74 towards a cluster of strong MA barriers between $49.00 and $49.66.

Session low at $47.65 marks solid support which is expected to hold dips and keep near-term focus at the upside.

 

Break and extension below $47.40 would signal an end of recovery rally from $46.74 and shift near-term focus lower.

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Production of Coal India Declines for the Second Month

Coal India Ltd.  production decline for the second month. Output fell 4.3 percent from a year earlier to 40.74 million metric tons, the lowest in three years for the month of May. 

Kolkata-based Coal India will focus on liquidating stockpiles for a few months. The company will be counting on higher demand from power plants, its biggest customers, to start growing.

Production will remain under pressure for some time because of subdued demand and high inventory. A recovery is possible if power plants start restocking after the monsoons.

Inventories at Coal India rose 19 percent during the year ended March 31 to 68.6 million metric tons. The company is targeting to bring it below 40 million tons.

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Bitcoin Price Climbed up to 8.5% after Withdrawal Restrictions End

Bitcoin continued its record breaking rally as China’s three biggest bitcoin exchanges are ending a self-imposed moratorium on withdrawals.

The currency rose as much as 8.5 percent to $2479.34 Thursday, the biggest intraday advance since May 25, when it reached a record high of $2,798.98. It has more than doubled since March amid optimism about wider acceptance among companies and consumers, regulatory approval in Japan and rising demand in Asia.

According to the Chief Executive Officer of BTC Bobby Lee, They are testing the functionality of withdrawals. OKCoin confirmed that it’s also testing the withdrawals. Both exchanges intend to place caps on withdrawal amounts.

Huobi has resumed coin withdrawals with a limit of 50 coins per transaction and 50 transactions per day. The exchange also placed limited on litecoin and ethereum withdrawals.

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Aussie Shares Plummet as Iron Ore Drops

The Aussie has dropped against all major developed counterparts this quarter and yet analysts are mystified at the currency’s capacity to cling to its post float average of about 75 U.S. cents even as Australia’s yield advantage evaporates. 

Stocks are lagging behind most of the rest of the world and swaps traders see the nation as the only major economy where interest-rate cuts are possible in the coming year. 

 

Iron Ore spot price fell 1.8 per cent to $US55.97 a tonne, a day after it tumbled 2.5 per cent. It’s a rough start to the month and reflects continuing concerns about oversupply and slowing demand in China. 

In addition, the Australian dollar is losing its yield advantage over the greenback with the difference between the two nation’s 10-year bonds at 18 points.  

Wall Street powered higher overnight seemingly unfazed by President Donald Trump’s decision to pull the US from the Paris climate agreement. All three key benchmarks were rising into the closing bell. The S&P 500 Index and the Dow Jones Industrial Average closed at all-time highs as banks rebounded. The Nasdaq Composite and Nasdaq 100 indexes also each advanced to fresh records.

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Berkshire Hathaway Acquired 200 Million Stakes in Lanxess AG

Berkshire Hathaway acquired a $200 million stakes in Lanxess AG. Lanxess shares jumped 2.9 percent to 65.06 euros by 0936 GMT after the news, even though the stock was trading without the rights to a 0.70 euro/share dividend for the first time.

In a regulatory filing, Lanxess said that Berkshire Hathaway’s General Reinsurance subsidiary took a stake that reached just over 3 percent on May 19. The shares held by General Re  whose total financial investments excluding cash holdings stood at about $22 billion at the end of last year, were worth about 180 million euros ($200 million) at that time.

General Re’s stake in Lanxess crossed the 3 percent threshold after Lanxess on May 11 beat consensus estimates for first-quarter earnings on strong sales of engineering plastics and synthetic rubber, but the company warned at the time that demand would soften later this year. 

Shares in Lanxess, a former unit of Bayer whose products include pesticide ingredients, construction pigments and leather chemicals, earlier this month reached four-year highs. The company has said that after recent acquisitions worth a combined 2.6 billion euros more strategic steps could be in the offing in the second half of the year.

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Stocks in USA Dropped Further

U.S. stocks dropped after JP Morgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays.

JPMorgan blamed lower volatility for a 15 percent decline in trading revenue in the current quarter compared with last year, while Bank of America said trading revenue in the second quarter was on track to be 10 to 12 percent lower than last year.

 

Financials .SPSY rallied more than 20 percent in the wake of the U.S. presidential election on hopes of fiscal stimulus and deregulation under President Donald Trump, but they have struggled in recent weeks. The sector is now down 0.3 percent on the year.

Measures of market volatility are at rock-bottom, hitting trading desks at big banks. The U.S. stock market's main gauge of investor anxiety .VIX closed at its lowest level in over two decades on May 8 and has not topped its long-term average of 20 since November. It did, however, hit a seven-day high of 11.30 on Wednesday.

JPMorgan shares lost 2.1 percent while Bank of America was down 1.9 percent as the two biggest weights on the S&P 500. Goldman Sachs fell 3.3 percent, the biggest drag on the Dow. 

Energy stocks down 0.4 percent, also lost ground. Oil prices touched a three-week low as rising output from Nigeria and Libya fueled concerns that OPEC-led output cuts are being undermined. U.S. crude settled down 2.7 percent at $48.32 a barrel and Brent settled 3 percent lower at $50.1.

 

Dow Jones Industrial Average fell 20.82 points, or 0.1 percent, to 21,008.65, the S&P 500 lost 1.1 points, or 0.05 percent, to 2,411.81 and the Nasdaq Composite dropped 4.67 points, or 0.08 percent, to 6,198.52.

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CRUDE Stalling at $50 Below, GOLD Push Higher while SILVER Break 50% Fibonacci Retracement

Crude oil has collapsed after the bounce following the short-squeeze move towards $52. Support is given at a distance 43.76. The technical structure suggests further strengthening.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 24.82 while resistance can now be found at 55.24 

 

Gold is pushing higher within uptrend channel. Hourly support is located at 1246. Stronger support is given at 1195. Expected to show further upside pressures.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 is necessary ton confirm it, A major support can be found at 1045.

 

Silver increases. Strong support is given at 15.63. Closest support is given at 16.20. Key resistance is given at a distance at 19.00. Expected to push towards 61.8% Fibonacci retracement around 17.75.

In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11. Strong support can be found at 11.75.

 

 

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Unemployment Rate in Japan declined 2.8 Percent

The unemployment rate in Japan held at a multi-decade low in April as the ratio of jobs to applicants rose more than expected. Japan’s jobless rate held steady at March’s level of 2.8 per cent, at the lowest level since June 1994 for a third straight month, according to the Statistics Bureau. 

The job-to-applicant ratio inched higher to 1.48 from the previous month’s level of 1.45, marking the equal-highest level since March of 1974 and besting expectations of a more marginal rise to 1.46. 

 The latest readings continue to point to strong levels of employment and build on improvements from the first three months of 2017, as a Labour Force Survey released by the stats bureau in early May showed Japan’s jobless population fell 10.7 per cent year on year in the first quarter to 1.9m. 

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WA Proposed an Iron Ore Levy to be Paid Advance

WA proposed an Iron Ore Levy to be paid in advance under the potential plan that would see the two biggest miners in the country to pay out an iron ore levy early in a one-off lump sum.

Instead of increasing the miners’ rental payments levied on iron ore, currently fixed at 25 Australian cents a ton, the companies would be asked to pay them out in advance.

 

The opposition National Party last week said in parliament that such a plan could raise as much as A$4 billion for the state.

Western Australia’s Labor administration, which ousted a Liberal National coalition in March, faces a daunting task in turning around its economy. The government has previously said that erasing a debt mountain of more than A$30 billion will take decades.

 

The plan would involve a lengthy process of negotiations. It would require agreement from both the state and the companies, and the federal government would also have to agree to the payment being exempt from the goods and services tax distribution system.

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Industrial Profits Climbed 14% in China

Industrial profits in China climbed to 572.8 billion yuan last month, according to the National Bureau of Statistics. That compares with a jump of 23.8 percent in March and an 8.5 percent increase from last year.

Output in the world’s largest manufacturing nation is booming on the back of stronger global trade and investment, handing producers better pricing power. China’s exporters are capitalizing on the improved demand amid concern that the global economy may slow in the longer term.

 

Industrial profits still maintain good growth as the industrial companies debt ratio fell to 56.2 percent as of the end of April, down 0.6 of a percentage point from a year earlier. The profits surged 24.4 percent to 2.28 trillion yuan in the first four months as 38 of 41 industries achieved better profits than last year.

Financing costs of companies are rising as financial expenses gained 4.2 percent last month year on year, 1.2 percentage points higher than March.

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Crude Oil Plummeted Sharply

 

Crude oil prices plummeted to below $50 a barrel after an extension to a global output agreement disappointed investors looking for more.

The Organization of Petroleum Exporting Countries (OPEC) reportedly have agreed on a nine-month extension to a production cut agreement, which was set to expire at the end of June.

 

Stocks in Tokyo and Sydney opened lower, with energy producers dropping the most. Oil held losses after falling the most in three weeks as OPEC stuck to the most predictable outcome in its plans to limit production.

Commodity currencies maintained losses against the dollar. The S&P 500 Index reached a fresh record on Thursday while the U.S. currency strengthened as retailer results boosted confidence in the American consumers’ ability to buoy economic growth.

 

Global equities are on course for the best week since April, trading at a record high after six weeks of gains, as investors bet global economic growth can withstand higher U.S. interest rates as soon as next month.

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Asian Markets Update

Japanese Yen rose 0.1 percent to 111.71 per dollar as of 9:17 a.m. in Tokyo, after dropping 0.3 percent on Thursday. Japan’s core consumer prices rose for a fourth month in April, the longest run of gains since mid-2015.

Topix slipped 0.3 percent, while Australia’s S&P/ASX 200 Index fell 0.6 percent. South Korea’s Kospi rose 0.2 percent.

 

Futures on Hong Kong’s Hang Seng Index and those on the FTSE China A50 Index rose 0.1 percent.

West Texas Intermediate crude was flat at $48.90, after sinking 4.8 percent in the previous session.

 

AUD was flat after losing 0.7 percent on Thursday, declining along with the Canadian dollar and the kiwi.

Currencies of countries heavily reliant on commodities as an export all suffered in the wake of the slide in raw materials.

 

 

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