|Day's range||1,464.20 - 1,469.70|
Investing.com - Oil prices traded slightly lower on Tuesday in Asia amid demand worries and uncertainties surrounding the trade war between China and the U.S.
Investing.com - Gold prices steadied on Tuesday in Asia ahead of a closely watched U.S. Federal Reserve meeting. Sino-U.S. trade tension were cited as supportive for gold today as more tariffs on Chinese goods are scheduled to be imposed this week.
Global stock markets fell for a second day on Tuesday, as caution over a Dec. 15 deadline for the next round of U.S. tariffs on Chinese imports weakened risk appetite and limited outsized market moves. Market uncertainty before the tariff deadline was reinforced by comments from U.S. Agriculture Secretary Sonny Perdue on Monday, who said President Donald Trump did not want to implement tariffs but did want to see "movement" from China. In the euro zone, Christine Lagarde holds her first meeting and news conference as ECB chief on Thursday.
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Coffee futures in the March contract is trading sharply higher by another 400 points or 3.21% hitting a 2 year high continuing its bullish momentum on major concerns about a drought developing in the country of Brazil which is the largest producer in the world.
(Bloomberg) -- South Africa’s state power company intensified rolling blackouts to a record, signaling a deepening crisis at the debt-ridden utility and raising the risk of a second recession in as many years.Eskom Holdings SOC Ltd. said on Monday it will move to stage 6 load-shedding, which means it will cut 6,000 megawatts from the national grid after a technical problem at the Medupi power station that affected generation supply. That is the biggest cut yet.The utility is cutting power for a fifth straight day as it struggles with unplanned breakdowns at its plants. It was previously cutting 4,000 megawatts after at least 14,200 megawatts of unplanned breakdowns. The blackouts have a debilitating effect on the economy by curtailing mining activity and factory output and causing crippling traffic delays.The latest round of load-shedding started two days after the statistics office announced that gross domestic product shrank an annualized 0.6% in the three months through September. Power cuts already hit the economy in the first quarter, when it contracted the most in a decade, lead by a drop in manufacturing, mining and agriculture output.This “throws the gauntlet to the government to rise to the occasion and stop pretending that Eskom can be fixed,” Iraj Abedian, chief executive officer of Pan-African Investments and Research Services, said by phone. “In the meantime, it does mean that the economy is heading for a recession. There’s no way that hot on the heels of the previous quarter’s negative growth in GDP with this type of humongous and material disruption to the continuity of business that the economy can register positive growth.”Eskom said on Twitter stage 8, under which 8,000 megawatts would be cut, will result in customers having power for only half of the day.The one thing that could prevent GDP from dipping as deep as it did in the first quarter is the fact that many businesses are winding down as the Christmas holidays approach.December is the “least damaging time to have load-shedding” because the economy is geared more toward the services industry, with construction work and factory activity set to slow for the holiday break, said Dawie Roodt, chief economist at the Efficient Group.Mining companies say they are probably bearing the full brunt of load-shedding because they are among the heaviest users of electricity.The world’s biggest platinum-group metals producers prioritize electricity allocation to underground mines and ensure workers’ safety while reducing power to smelters. Still, production may suffer as companies stockpile ore for processing later when there is sufficient power, Jana Marais, spokeswoman for Anglo American Platinum Ltd., said. Cutting power to smelters also adds to costs because the plants are designed to run continuously, she said.Sibanye Gold Ltd., the country’s biggest private employer, has to reduce power use by 20% during load-shedding, said spokesman James Wellsted.“It’s concerning and if it continues for a long time it will impact on production and the entire industry, not to mention the economy,” Wellsted said.Weak economic growth could lead to a further deterioration in public finances and heighten the risk of South Africa losing its last investment-grade credit rating with Moody’s Investors Service. The company cut the outlook of the nation’s Baa3 assessments to negative last month.To contact the reporters on this story: Prinesha Naidoo in Johannesburg at firstname.lastname@example.org;Felix Njini in Johannesburg at email@example.comTo contact the editors responsible for this story: Rene Vollgraaff at firstname.lastname@example.org, Liezel HillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Based on the early price action and the current price at 8393.75, the direction of the December E-mini NASDAQ-100 Index futures contract the rest of the session on Monday is likely to be determined by trader reaction to the downtrending Gann angle at 8402.75.
In the dog-eat-dog world of cryptocurrency exchanges, smaller startups that don’t attract the volume of megaliths like Binance, Coinbase and Kraken must band together to survive turbulent market cycles.
Overcoming 1.1079 will indicate the buying is getting stronger. This could trigger a further rally into a price cluster at 1.1101, 1.1102 and 1.1109. The inability to overcome 1.1079 will signal the presence of sellers. This could trigger a break into the uptrending Gann angle at 1.1041.
On Monday, December 9th, Oil prices are correcting after skyrocketing last Friday. So far, Brent is trading at 64.18 USD, but earlier it tested the high at 64.87 reached on September 23rd.
Silver has steadied on Monday, after sustaining sharp losses at the end of last week following a strong nonfarm payrolls report. Investors are looking ahead to U.S. inflation data and the Federal Reserve rate decision.
Based on the early price action and the current price at $1467.10, the direction of the February Comex gold futures contract on Monday is likely to be determined by trader reaction to the uptrending Gann angle at $1464.60.
The British pound spiked to a fresh seven-month high in early trading on Wednesday as investors continue to speculate a Tories victory
If the downside momentum resumes then look for sellers to take a shot at the 50% level at .6800. This is followed by a potential support cluster at .6795 to .6791.
Investing.com - Oil prices extended early losses on Monday as weak Chinese export data added to fears over the impact of the Sino-U.S. trade war on the world’s second largest economy.
Although crude oil futures moved a bit higher yesterday, the major resistance zone created by three gaps and the 61.8% Fibonacci retracement again stopped the buyers. A pullback followed, and the futures invalidated the earlier breakout above the previous peaks.
For many weeks running, GBP/USD has been trading sideways in the pink consolidation. After moving higher recently, just what are the chances of the breakout sticking?
Investing.com - Gold prices stayed near flat on Monday in Asia as traders awaited the U.S. Federal Reserve meeting later this week and updates on the Sino-U.S. trade developments.
Saudi Arabia spearheaded a deal on Friday that will see the OPEC+ group of oil producers commit to some of the sector's deepest output cuts in a decade aiming to avert oversupply and support prices. Saudi with OPEC peers and allies led by Russia backed a plan that could see cuts of as much as 2.1 million barrels per day (bpd), Saudi Energy Minister Prince Abdulaziz bin Salman said. Brent oil rose 2% to more than $64 a barrel after the announcement.
The S&P; 500 broke down significantly during the week, reaching down towards the 3075 level before bouncing significantly to form a massive hammer. At this point in time, it’s likely that the market will continue to go much higher.
Silver markets initially tried to rally during the week but ran into a significant amount of resistance at the previous uptrend line, showing signs of resistance. This is a horrifically negative sign.