August 15, 2019

Japan’s Nikkei hits 9-day low as recession fears grip markets

TOKYO: Japan's Nikkei hit a nine-day low on Thursday as resurgent global recession fears triggered a Wall Street slide and sent the safe-haven yen higher, weighing heavily on the country's export firms. The Nikkei share average ended the day down 1.21 per cent at 20,405.65. During the day, it touched 20,184.85, its lowest since Aug. 6. All three major US indexes closed down about 3 per cent on Wednesday, with the blue-chip Dow posting its biggest one-day point drop since October, after the US Treasury yield curve temporarily inverted for the first time in 12 years -considered a classic recession signal. "Market confidence has already been deteriorating steadily due to the ongoing US-China trade conflict and the Treasury yield curve inversion looks to have pushed sentiment over the edge," said Yoshinori Shigemi, global market strategist at JP Morgan Asset Management. Shares of Japanese exporters retreated as the safe-haven yen strengthened against the dollar due to the wid..
August 15, 2019

Weekly Briefing: Bolton’s visit demonstrates potential for post-Brexit tug-of-war between US and EU

Weekly Briefing: Bolton’s visit demonstrates potential for post-Brexit tug-of-war between US and EUThis is the third of a series of weekly briefings Open Europe will publish analysing key Brexit, UK and EU developments. The post Weekly Briefing: Bolton’s visit demonstrates potential for post-Brexit tug-of-war between US and EU appeared first on Open Europe.
August 15, 2019

Utilities and these other stocks win when volatility strikes Wall Street

Volatility is back on Wall Street. The average daily point range of the Dow Jones Industrial Average so far this month is about 482 points, which is more than double the average daily range from the rest of the year (224 points from January to July). The CBOE Volatility index, a gauge for investor fear, has risen nearly 50% this month but based on past surges in uncertainty this could be a buying opportunity. Stocks have whipsawed in August on concerns about the trade war between the U.S. and China and global economic uncertainty. On Monday stocks fell on worries and falling yields, followed by a rally in stocks of 300 points on Tuesday when Trump delayed and cancelled tariffs on select items. Just yesterday, the Dow dropped 800 points as investors worried an inverted yield curve means a recession is coming. CNBC used Kensho, a hedge fund analytics tool, to track the top ETF performers the week after the volatility Index, a measure of the 30-day implied volatility of U.S. stocks also..
August 15, 2019

‘World’s first Porsche’ up for auction for $20 million isn’t a Porsche, automaker says

1939 Porsche Type 64Source: RM Sotheby'sThis weekend, a sleek, vintage car that's being called "the world's first Porsche" heads to the auction block with an estimated price tag of over $20 million. There is just one problem: Porsche says the 1939 Porsche Type 64 isn't the first Porsche ever made. To purests, it may not even be a Porsche. "We would like to be very clear, it's not the first Porsche," Frank Jung, head of the historical archives for Porsche, told CNBC. He said the world's first Porsche, from 1948, is sitting on display at the Porsche Museum in Stuttgart, Germany. The flood of recent headlines about the car — from Top Gear, The Wall Street Journal and The New York Times — herald it as "the first Porsche" with "first" sometimes in quotation marks. Being able to own the world's first Porsche is the dream of countless wealthy Porsche collectors and is presumably a big part of its appeal and value when it rolls over the RM Sotheby's auc..
August 15, 2019

What next for Argentina? Historic market crash ramps up fears of another default

Protesters demonstrate in front of the Central Bank of Argentina in Buenos Aires, Argentina, on Tuesday, Aug. 13, 2019. In the wake of President Mauricio Macri's stunning rout in primary elections over the weekend, investors dumped its stocks, bonds and currency en masse, leaving much of Wall Street wondering whether the country was headed for yet another default.Erica Canepa | Bloomberg | Getty ImagesArgentina's historic market collapse has sparked fears that South America's second-largest country is on track for yet another default. A stunning result in primary polls over the weekend set off a shockwave in financial markets, with the country's stock market tumbling 48% in dollar terms on Monday. That marked the second-biggest one-day slump anywhere since 1950, Reuters reported. In a vote seen by many as a key gauge for the first round of Argentina's presidential elections on October 27, President Mauricio Macri lost by a far greater margin than expected. It h..
August 14, 2019

Base Metals: Copper, zinc futures soften on low demand

New Delhi: Copper prices Wednesday moved down by 0.24 per cent to Rs 449.25 per kg as speculators cut down their holdings amid a weak trend in base metals at the domestic market. On the Multi Commodity Exchange, copper to be delivered in August contracts eased by Rs 1.10, or 0.24 per cent, to Rs 449.25 per kg in a business turnover of 2,642 lots. Analysts said subdued demand at domestic physical market led to the fall in copper prices here. Zinc Zinc prices eased 0.37 per cent to Rs 187.35 per kg in futures trade Wednesday as speculators cut down positions, taking weak cues from the spot market. On the Multi Commodity Exchange, zinc for delivery in current month declined 70 paise, or 0.37 per cent, to Rs 187.35 per kg in a business turnover of 2,999 lots. Marketmen said weakness in metals in the domestic spot market owing to slackened demand from consuming industries mainly influenced prices. Nickel Nickel prices rose 1.2 per cent in futures trade on Wednesday as speculators ra..
August 14, 2019

Precious Metals: Gold futures slip on weak global trend, silver up on spot demand

New Delhi: Gold prices fell by Rs 49 to Rs 37,726 per 10 gram in futures trade Wednesday as speculators reduced exposure on the back of weakening global trend. On the Multi Commodity Exchange, gold for delivery in October traded lower by Rs 49, or 0.13 per cent, to Rs 37,726 per 10 gram in a business turnover of 2,461 lots. The yellow metal for delivery in December fell by Rs 16, or 0.4 per cent, to Rs 38,393 per 10 gram in 235 lots. Marketmen said the fall in gold prices at futures trade was mostly due to trimming of positions by participants. Globally, gold was trading lower by 0.38 per cent at USD 1,508.30 an ounce in New York. Silver Silver prices rose 0.24 per cent to Rs 43,220 per kg at futures trade Wednesday due to fresh positions created by speculators. On the Multi Commodity Exchange, silver for delivery in September contracts went up by Rs 103, or 0.24 per cent, to Rs 43,220 per kg in a business turnover of 3,845 lots. Similarly, the white metal for delivery in Decem..
August 14, 2019

Crude oil futures fall on weak global cues

New Delhi: Crude oil futures dropped by Rs 21 to Rs 4,016 per barrel on Wednesday as speculators cut bets amid weak global cues. On Multi Commodity Exchange, crude for delivery in August contracts dropped by Rs 21, or 0.52 per cent, to Rs 4,016 per barrel in 21,899 lots. Marketmen said investor sentiment in crude futures market dampened after oil prices fell in global markets. The West Texas Intermediate crude fell 1.10 per cent to USD 56.47, Brent crude futures were trading 0.80 per cent lower at USD 60.81 per barrel.
August 14, 2019

Australia shares rise on Trump tariff move, higher iron ore prices

Australian shares climbed to a one-week high on Wednesday, first due to President Donald Trump's delay of tariffs on some Chinese imports and then firmer iron ore prices that lifted mining stocks even further. The US announcement overshadowed unexpectedly weak July data from China that pointed to a further loss of economic momentum. The S&P/ASX 200 index closed 0.4 per cent higher, rising 27.4 points to 6,595.9. On Tuesday, the benchmark fell 0.3 per cent, snapping a four-day winning streak. Biotech giant CSL Ltd provided some of Wednesday's gains, after the index heavyweight reported a record profit that raised its shares 6.6 per cent to an all-time high of A$234.0. Some analysts hope Trump's selective three-month delay of tariffs will dial down US-China friction, but most investors don't believe tensions will subside for long. A Morgan Stanley note on the decision said "extra time & talks are modest positives but don't change the structural incentives for..

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