19Jul

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • West Texas Intermediate oil remained lower in North American trade on Wednesday after data showed that oil supplies in the U.S. registered a surprise inventory build and U.S. production reached record levels. But gasoline inventories registered a much larger-than-expected draw and distillate stockpiles unexpectedly declined. After an initial reaction extending losses, crude prices later recovered some lost territory.
  • Gold prices were steady near a one-year low on Wednesday as a higher dollar and comments from Federal Reserve Chair Jerome Powell continued to weigh. Comex gold futures for August delivery decreased 0.29% to $1,223.80 a troy ounce as of 10:46 AM ET (14:46 GMT). Powell reiterated the central bank should gradually increase interest rates at his hearing at Congress on Tuesday. Trade tensions and fiscal policy made the future uncertain, he added.
  • Copper’s slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup Inc (NYSE:C)., which shrugged off fears for world growth to boost its long-term forecasts. “Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a July 17 note. The bank sees average annual prices at $8,000 a metric ton in 2022, passing $9,000 a ton by 2028 under its baseline scenario.
  • GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  • U.S. Commerce Secretary Wilbur Ross said on Wednesday that he has launched a new national security investigation into uranium imports that could lead to tariffs or quotas to limit them. The “Section 232” probe was prompted by a petition filed by two U.S. uranium mining companies, Ur-Energy Inc (A:URG) and Energy Fuels Inc (A:UUUU), complaining that subsidized foreign competitors have caused them to cut capacity and lay off workers.
  • European Commission President Jean-Claude Juncker said he was “upbeat and relaxed” ahead of his trip to Washington next week to discuss strained trade relations between the European Union and the United States. Juncker is due meet U.S. President Donald Trump on July 25 with a clear focus on trade after the United States imposed tariffs on EU steel and aluminum and Trump’s repeated threats to extend those measures to European cars. Trump’s top economic adviser, Larry Kudlow, said he expected Juncker to come with a “significant” trade offer.
  • U.S. President Donald Trump’s top economic adviser said on Wednesday that Chinese President Xi Jinping was holding up a deal to resolve a significant trade dispute between the United States and China. Larry Kudlow, head of the White House Economic Council, also said he expects European Commission President Jean-Claude Juncker to bring an important trade offer to Trump when he visits Washington next week. Kudlow said he believed lower-ranking Chinese officials want to put a stop to dueling U.S. and Chinese tariffs. These officials include Xi’s top economic adviser Liu He, Kudlow said, but Xi has refused to make changes to China’s technology transfer and other trade policies.

GOLD TRADING FORECAST TODAY

 

18Jul

Singapore Stock Watch: UOB is top bank pick for RHB as NIM augmenting balance property checks

Singapore Stock Watch: RHB is keeping up UOB as its best pick in the Singapore managing an account part given future NIM (Net Interest Margin) enlarging would balance negative impacts from the as of late reported government measures to cool Singapore’s private property advertise.

What’s more, administration’s aim to bring down its CAR (compound yearly rate) could conceivably give financial specialists more profits.

“We trust the surge in UOB’s P/BV between 2003-2007 FFR (Federal assets rate) upcycle could be rehashed in the current FFR upcycle,” says investigator Leng Seng Choon in a Wednesday report, “We anticipate that 2Q18 profit will be in accordance with our desires, with advance extension supporting net premium salary development.”

For 2Q18, administration has demonstrated that more spotlight would be set on the corporate section, which creates bring down edge by and large. Furthermore, more top notch fluid resources because of the more hazardous worldwide condition could keep yields stifled. Notwithstanding, the higher Sibor (Singapore Interbank Offered Rate) will be a positive for NIM.

“Generally speaking, we gauge 2Q18 NIM to be possibly more extensive than 1Q18’s 1.84%, which was 3bps higher than 4Q17’s. We trust 2Q18 credit development will be couple with administration’s direction of high single-digit for FY18,” says Leng.

On a more extended term viewpoint, the continuous increments in the US FFR will likewise convert into more extensive NIM. RHB is estimating NIM to enlarge facilitate in consequent quarters, and are anticipating FY20 NIM of 1.97%.

 

Epic Research Singapore

The July 5 declaration by the legislature on measures to cool Singapore’s private property market could moderate advance development all the more clearly by 2020 and past.

Throughout the following 1-2 years, loaning to the property portion is probably going to be upheld by advances officially endorsed in 1H18 and before, as drawdown will be continuous throughout the following couple of quarters.

“We are guaging advance extension of 8% and 6.5% for FY18 and FY19 individually at UOB,” says Leng.

The exchange war between the US and China is relied upon to affect the riches administration business. Riches administration AUM is probably going to be influenced also. Be that as it may, advance development in 2Q18 should prompt more credit related charges.

“Look after ‘purchase’ with $33.30 target cost or 1.43 book esteem, which we apply to our gauge FY19 book estimation of $23.35. In the course of recent years, UOB has exchanged at a normal P/BV of 1.24x. We trust the higher P/BV target is sensible given the enhancing NIM condition.

As at 2.58pm, shares in UOB are exchanging 1 penny higher at $25.93.

18Jul
forex-trading-opciones-binarias-810x314

Forex Market Report| Epic Research

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar Hits Day’s Highs on Powell Testimony
Forex – EUR/USD tumbles to sub-1.1700 area ahead of Powell
Forex – GBP/USD tumbles to lows, around mid-1.3100s on Brexit concerns

EUR/USD

After clinching fresh tops in the 1.1740/50 band in early trade, EUR/USD met a wave of selling orders and has now retreated to the 1.1700/1.1690 band. The pair gave away initial gains beyond 1.1700 the figure and is now remain under pressure in light of the upcoming semi-annual testimony by Fed’s J.Powell before the Senate Banking Committee. USD gathered extra traction after US June’s Industrial and Manufacturing Production expanded beyond consensus at a monthly 0.6% and 0.8%, respectively. On the not-so-bright-side, Capacity Utilization Rate came in at 78.0%. missing estimates albeit higher than May’s 77.7%. Looking ahead, investors expect Powell to deliver a message in line with the statement published at the June meeting, although attention has also shifted to the yield curve and the continuation of the gradual path when comes to raising rates. At the moment, the pair is losing 0.12% at 1.1696 facing the next support at 1.1663 (21-day sma) seconded by 1.1615 (low Jul.13) and finally 1.1527 (low Jun.29).

GBP/USD

The GBP/USD pair extended its sharp intraday slide and tumbled around 120-pips from the post-UK jobs data swing high level of 1.3269. The latest UK political headlines, wherein Labour party members were said to support the amendment offered by rebel Tory MPs to keep Britain in the customs union after Brexit raised concerns about the UK PM Theresa May’s future and prompted some aggressive selling around the British Pound. This coupled with resurgent US Dollar demand, amid expectations about an upbeat economic outlook from the Fed Chair Jerome Powell’s semiannual congressional testimony, added to the downward pressure surrounding the major. The ongoing sharp decline could also be attributed to some cross-driven weakness, steaming out of a sudden spike witnessed around the EUR/GBPcross.

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18Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

TODAY’S COMEX GOLD SIGNAL

INTERNATIONAL COMEX NEWS

  • Gold prices fell to a two-and-a-half year low on Tuesday, as a stronger dollar weighed on the precious metal and Federal Reserve Chair Jerome Powell backed gradual rate increases. Comex gold futures for August delivery decreased 0.86% to $1,229.20 a troy ounce as of 10:37 AM ET (14:37 GMT). The price of gold fell as Powell reiterated the central bank should gradually increase interest rates. The Fed raised rates twice this year and is expected to raise rates at least once more before the end of the year.
  • Before the U.S.-China trade war, American pig processors exported nine out of every 10 pigs’ feet and heads they shipped overseas to China and Hong Kong – for prices higher than they would fetch anywhere else. Those parts and others that most Americans won’t eat – hearts, tongues, stomachs, entrails – have a special place in Chinese culinary culture and, consequently, in the profit margins of U.S. pork exporters.
  • Global benchmark Brent crude oil hit a three-month low on Tuesday as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute. Benchmark Brent crude oil (LCOc1) fell 49 cents to an intraday low of $71.35 a barrel, its lowest since April 17, before recovering to around $71.65, down 19 cents, by 1020 GMT.

Global benchmark Brent crude oil hit a three-month low on Tuesday as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute. Benchmark Brent crude oil (LCOc1) fell 49 cents to an intraday low of $71.35 a barrel, its lowest since April 17, before recovering to around $71.65, down 19 cents, by 1020 GMT.

ECONOMY NEWS

  • The European Central Bank should not tie its hands too early when it comes to future monetary policy decisions, but look instead at how the economy pans out, Finland’s new central bank governor Olli Rehn told Reuters on Tuesday. The ECB said last month it expects to end its 2.6 trillion euro ($3.0 trillion) bond-buying program at the end of the year and to keep interest rates at their current, record low level “through the summer of 2019”, leading investors to price in a hike in October of next year.
  • U.S. Federal Reserve Chairman Jerome Powell, discounting the risk that a trade war may throw a global recovery off track, said the economy is on the cusp of “several years” where the job market remains strong and inflation stays around the Fed’s 2 percent target. In written testimony delivered to the Senate Banking Committee on Tuesday, the Fed chair signaled not just that he believes the economy is doing well, but that an era of stable growth may continue provided the Fed gets its policy decisions right.
  • The Russian foreign ministry, citing a court ruling, said on Tuesday that Business France trade agency in Moscow, which Paris has now decided to shut down, had been functioning without any “legal basis”. France said on Monday it had decided to shut its Business France trade agency in Russia after what it said was a long period of negotiations with local authorities following Moscow’s expulsion of its director.

18july5

17Jul

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

GOLD TRADING FORECAST TODAY

INTERNATIONAL COMEX NEWS

  • Gold prices inched down on Monday, despite a lower U.S. dollar as data supported expectations of a Fed interest rate increase. Comex gold futures for August delivery decreased 0.15% to $1,239.30 a troy ounce as of 11:18 AM ET (15:18 GMT). Gold was weighed down by economic data pointing to an increase in Federal Reserve interest rates. Retail sales increased by 0.5% for the fifth month in a row, according to the U.S. Commerce Department.
  • Oil prices fell more than 3% to below $68 on Monday as the U.S. Treasury Secretary Steven Mnuchin suggested that certain exceptions could be made for countries importing oil from Iran. New York-traded West Texas Intermediate crude futures tumbled $2.33 or 3.3% to $67.62 a barrel by 10:32 AM ET (14:33 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., sank $2.56 or 3.4%, to $72.77.
  • The market could hold steady on Monday as we approach the May 7 bottom at $2.711. We may not see much action to the downside until the release of the next 10 to 14 day weather forecast and the first round of storage estimates for Thursday’s government report. Natural gas futures are edging slightly higher early Monday. I wouldn’t read into the move. We could be just looking at profit-taking and position-squaring after the steep two-week sell-off.

GOLD TRADING FORECAST TODAY

ECONOMY NEWS

  •  France and Germany want the European Union’s agriculture budget to be maintained at its current level once Britain leaves the bloc, the French and German farm ministers said on Monday. Rejecting a proposal from the European Commission for a reduction in the budget for the Common Agricultural Policy (CAP), the ministers said in a joint statement they would seek that “the budget allocated to the CAP be maintained at its current level for the 27 member states.”
  • Escalating trade tensions are threatening to derail a global upswing that’s already losing momentum amid weaker-than -expected growth in Europe and Japan as financial markets seem complacent to the mounting risks, the International Monetary Fund warned. The IMF kept is global forecast unchanged Monday in the latest update to its Global Economic Outlook. The world economy will grow 3.9 percent this year and next, said the Washington-based fund. The pace this year would be the fastest since 2011.
  • The International Monetary Fund warned on Monday that escalating and sustained trade conflicts are increasingly likely, threatening to derail economic recovery and depress medium-term growth prospects. The IMF, in an update to its World Economic Outlook growth forecasts, said that the United States, as the focus of retaliatory tariffs from trading partners, was especially vulnerable to a slowdown in its exports. An escalation of tariffs to levels threatened by the United States, China and other countries would not only have a direct effect on demand, but would heighten uncertainty and hurt investment, the IMF said.

GOLD TRADING FORECAST TODAY

 

16Jul

Singapore stocks watch : STI resumes Monday afternoon at 3,233.45, down 0.8% on day

SINGAPORE stocks edged down on Monday evening’s exchanging resumption, with the Straits Times Index declining 26.9 focuses or 0.8 for each penny on the day to 3,233.45 as at 1.02pm.

Washouts dwarfed gainers 176 to 124, or around seven stocks down for each five up, as around 1.03 billion offers worth S$454.9 million altogether changed hands.

The most effectively exchanged counter was BlackGold Natural Resources, which fell one Singapore penny or 34 for every penny to S$0.03 with about 26 million offers evolving hands. Different actives included Ezion Holdings with 8.7 million offers exchanged at 8 Singapore pennies each, down 1.2 for every penny, and Genting Singapore with 8.4 million units exchanged, down 0.8 for every penny at S$1.25 each.

Dynamic file stocks by esteem included DBS Group Holdings, which withdrew 34 Singapore pennies, or 1.3 for each penny to S$25.91; and OCBC Bank, which shed 13 Singapore pennies, or 1.15 for every penny, to S$11.17.

Singapore Stocks to watch: Boardroom, Atlantic Navigation, Abterra, Cordlife

sgx

Meeting room: Mainboard-recorded corporate administrations supplier Boardroom intends to purchase backups of a Malaysian organization in a similar line of business. Meeting room inked a contingent offer deal concession to July 13 with Symphony House Group, it said in a declaration on Monday morning. It will pay about RM164.1 million (S$55.6 million) for the Symphony Corporatehouse Sdn Bhd unit and three completely claimed backups, which offer bookkeeping and finance administrations, share enrollment, and issuing administrations for essential market securities contributions, among different organizations. Meeting room keep going shut on July 13 at S$0.77, up by 4.05 for each penny on the earlier day.

Atlantic Navigation: Atlantic Navigation on Monday said it has gone into a restrictive offer membership concurrence with Saeed Investment to issue around 263 million new offers at a cost of 9.89 US pennies each to raise US$26 million. This membership cost speaks to a 10.5 for each penny premium to the counter’s volume-weighted normal cost of 12.2 US pennies for every offer on June 13, 2018, being the last full market day going before the assention. The membership shares likewise speak to around 100.89 for every penny of the company’s current offer capital, and will speak to around 50.22 for every penny of its broadened share capital ought to the proposed membership be finished.

Abterra: Mineral and assets organization Abterra was suspended from exchanging on the Singapore Exchange (SGX) on Monday morning, after its demand for an augmentation on time to hold its yearly broad gathering was dismissed by the bourse administrator in a letter got on July 13. Abterra had requested that in April push back the gathering due date by four months, to Aug 31 at the most recent, after Mazars LLP looked to leave as the organization’s statutory reviewers while refering to remarkable review matters at a 51 for every penny possessed Abterra backup.

Cordlife Group: Cordlife on Monday said it is in “private and non-restricting dialogs” identified with the organizing of conceivable exchanges, however no conclusive understandings have been marked, and there is no sureness that any of these will emerge. The announcement from the private line blood investor was discharged in light of inquiries from the Singapore bourse with respect to “uncommon value developments” in the organization’s offers last Friday. On July 13, the counter lost 13.7 for each penny to close at S$0.60 each, down 9.5 Singapore pennies. Somewhere in the range of 451.7 million offers traded hands.

16Jul
sgx

Forex Market Update

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar Retreats From 2-Week Highs as GBP/USD Rebounds
Forex – GBP: Strong UK Data may Boost GBP, However, Brexit Overhang Remains
Forex – EUR/USD recovers from 1-week low and erases daily losses

EUR/USD

The EUR/USD pair recovered ground after the beginning of the American session rising from 1.1612, 1-week low, to 1.1670, slightly below daily highs. The pair remained above 1.1650 after the release of the Federal Reserve monetary policy report that Powell will present next week to Congress. According to the document, prospective economic conditions call for further gradual removal of monetary policy accommodation. The report had no significant impact on the US dollar as it added no new information. Despite recovering against the US dollar, the euro turned lower versus the pound. The slide of EUR/GBP could have limited the upside in EUR/USD. On a weekly
basis, the pair is about to post the first slide after rising during the previous there weeks. Overall, it continues to move within the 1.1800 – 1.1500 wide range. EUR/USD rose back above the 20-day moving average that stands at 1.1650 and is again a support level to consider.

GBP/USD

The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11-day low. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.01% to 94.56, after hitting a two-week high of 95.00. GBP/USD rebounded from an 11-day low of $1.3103 to $1.3213, after U.S. President Donald Trump walked back his criticism of British Prime Minister Theresa May, and claimed a U.K.-U.S. trade deal was still possible. That eased investor fears that Britain would struggle to secure a trade deal with the United States as Trump had reportedly told the Sun newspaper on Thursday that May’s Brexit plan may “kill” Britain’s chances of such a deal. Elsewhere, China’s trade surplus with the U.S. hit a record of nearly $29 billion, raising the risk of deepening its trade-related rift with the United States.

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16Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

Comex Gold Signal

                                                                      TODAY’S COMEX GOLD SIGNAL

Comex Gold Signal

Comex Gold Signal

INTERNATIONAL COMEX NEWS

  • Gold prices hovered above fresh seven-month lows Friday, as a weaker dollar failed to lift sentiment, while other metals steadied as trade war concerns eased. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $5.30, or 0.43%, to $1,241.30 a troy ounce. Gold prices resumed their decline and remained on track for their lowest settlement in nearly two weeks as easing trade-war concerns offset the dollar’s retreat against its rivals from a two-week high.
  • WTI crude oil prices settled higher Friday, but posted steep losses for the week, as traders eased bets on a global supply shortage in the wake of resuming crude flows from Libya and expectations the decline in Iranian exports would be less severe than anticipated. On the New York Mercantile Exchange crude futures for August delivery rose 1.00% to settle at $71.01 a barrel, while on London’s Intercontinental Exchange, Brent rose 1.5% to trade at $75.56 a barrel.
  • The brewing trade war between China and the U.S. is claiming commodity markets as one of its first victims. The Bloomberg Commodities Index, a measure of 26 raw materials, lost 3 percent this week, the most since February. The losses stand out in a week when other risk assets, like emerging-market stocks, were in the green. Soybeans have been hardest hit, with pricing falling to the lowest in a decade as China’s duties on U.S. supplies took effect.

Comex Gold Signal

ECONOMY NEWS

  •  The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE Corp (HK:0763), allowing China’s second-largest telecommunications equipment maker to resume business. The Commerce Department removed the ban shortly after ZTE deposited $400 million in a U.S. bank escrow account as part of a settlement reached last month. The settlement also included a $1 billion penalty that ZTE paid to the U.S. Treasury in June.
  • While investors say they are wary of the broader real estate industry in a rising interest rate environment, some are still bullish on sectors such as self storage and manufactured homes. Real Estate Investment Trusts (REITs) are typically seen as a defensive investment bet as their large dividend payouts offset slow but predictable growth. The S&P 500 real estate index <.SPLRCR> has outperformed in the last six months with a 5.8 percent climb compared with the broader S&P 500’s (SPX) 0.4 percent advance.
  • The Federal Reserve on Friday pointed to “solid” U.S. economic growth during the first half of the year in its semiannual report to Congress, where it also reiterated that it expected to continue to raise interest rates gradually. It is the Fed’s second submission to lawmakers since Chairman Jerome Powell took the helm of the Fed in early February. He is scheduled to answer questions on it before lawmakers on Tuesday and Wednesday.

Comex Gold Signal

13Jul

COMEX MARKET IN SINGAPORE| GOLD TRADING FORECAST TODAY

Gold Trading Forecast Today

                                                                        Gold Trading Forecast Today

Gold Trading Forecast Today

Gold Trading Forecast Today

INTERNATIONAL COMEX NEWS

  • Gold prices edged higher nearing midday trade on Thursday, snapping a two-day losing streak, amid continuing concerns over trade and mixed economic data. At 11:31 AM ET (15:31GMT), gold futures for August delivery on the Comex division of the New York Mercantile Exchange gained $3.40, or 0.3%, to $1,247.80 a troy ounce. Traders commented that gold was getting a lift from some of the trade tensions as market participants looked for a safe-haven investment.
  • A rise in oil prices caused by the United States’ sanctions policies will hurt economic growth in China, Europe and other consumers, much like President Donald Trump’s trade measures, a top Iranian official said on Thursday. Iran’s OPEC governor also told Reuters the rise in oil output by OPEC and its allies, after pressure by Trump to do so, was only 170,000 barrels per day (bpd) in June and would not grow much in 2019, also weighing on economic growth.
  • Natural gas futures stayed lower on Thursday, despite data showing that supplies in storage rose less than forecast last week. Front-month U.S. natural gas futures inched down 1.4 cents, or around 0.5%, to $2.816 per million British thermal units (btu) by 10:33AM ET. Futures were at around $2.824 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 51 billion cubic feet (bcf) in the week ended July 6, below forecasts for a gain of 55 bcf.

Gold Trading Forecast Today

ECONOMY NEWS

  • European Union finance ministers are set to agree on Friday a joint position before a meeting with their counterparts at the G20 next week, in which they criticize “unilateral” U.S. trade measures and back a firm response. EU ministers will also call for more global action on tax transparency and against money laundering, and will push for an international digital tax reform by 2020, according to a draft text that will form their mandate at the G20 meeting of finance ministers in Buenos Aires on July 19-22.
  • Luxembourg Finance Minister Pierre Gramegna said on Thursday that the European Union should offer enhanced access for financial services firms from third countries, something Britain is seeking for its banks after it leaves the bloc. The EU has “equivalence” regimes which provide limited access for some of non-EU partners to some areas of EU financial services markets.
  •  Under the leadership of former chair Janet Yellen, the Federal Reserve successfully identified 2017’s slowdown in inflation as transitory. Now with tariffs threatening to accelerate inflation, the Fed faces the opposite question: Is faster inflation just another transitory phenomenon? If Yellen’s successor, Jerome Powell, can’t repeat her ability to distinguish between persistent and temporary inflationary forces, then expect the ride to get much bumpier, ending with either a recession or high inflation — or a combination of both.

Gold Trading Forecast Today

12Jul

TODAY’S COMEX GOLD SIGNAL AND DAILY TECHNICAL REPORT

Comex Gold Signal

                                                                                       Comex Gold Signal

Comex Gold Signal

Comex Gold Signal

INTERNATIONAL COMEX NEWS

  • OPEC expects supplies from its rivals to increase by the most in five years in 2019, with extra oil from the U.S. alone sufficient to meet the growth in global demand. In its first detailed outlook for 2019, the Organization of Petroleum Exporting Countries indicated that the North American oil boom means OPEC members are already producing enough crude to cover what will be needed from them.
  • Copper prices fell sharply on Wednesday, hitting one-year lows amid a wider selloff in industrial metals sparked by fears that a second round of U.S. tariffs on Chinese imports could hit demand for metals, particularly if Chinese growth is affected. Copper futures for September delivery were down 2.98% to $2.753 a pound by 04:51 AM ET (08:51 AM GMT) after falling as low as $2.717 overnight, the weakest since July 19, 2017.
  • West Texas Intermediate oil extended losses in North American trade on Wednesday, as data showed that oil supplies in the U.S. fell more than expected. Crude oil for August delivery on the New York Mercantile Exchange fell 1.16% to trade at $73.25 a barrel by 10:50 AM ET (2:50GMT) compared to $73.22 ahead of the report. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 12.633 million barrels in the week ended July 6.

12July4

ECONOMY NEWS

  • China accused the United States of bullying and warned it would hit back after the Trump administration raised the stakes in their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods. China’s commerce ministry said on Wednesday it was “shocked” and would complain to the World Trade Organisation, but did not immediately say how it would retaliate. In a statement, it called the U.S. actions “completely unacceptable”.
  • The tit-for-tat tariffs imposed by Canada and the United States will trim Canadian exports and imports by 0.6 percent and boost inflation by about 0.1 percentage point, the Bank of Canada said on Wednesday. The tariffs, along with related uncertainty about U.S. trade policy that hangs over Canada’s export-driven economy, will subtract about 2/3 percent from GDP by the end of 2020, the central bank said in its quarterly monetary policy report.
  • British trade minister Liam Fox said on Wednesday he did not believe that Britain’s new Brexit strategy would inhibit its ability to agree trade deals with countries around the world, after two cabinet colleagues resigned over the policy. Former Foreign Secretary Boris Johnson and Brexit minister David Davis quit at the start of this week in protest over the strategy. Johnson said the plan would make it much more difficult to do trade deals.

12july5

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