Dollar pushes higher as markets await Jackson Hole

Investing.com - The dollar pushed higher against a basket of the other major currencies on Tuesday as investors awaited the annual gathering of central bankers in Jackson Hole later this week for clues on how policymakers view the economy.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.23% to 93.22 by 03:21 a.m. ET (07:21 a.m. GMT).

The dollar was higher against the yen, with USD/JPY climbing 0.4% to 109.42, pulling back from last week's low of 108.59, which was the weakest level in four months.

The greenback has weakened in recent sessions amid renewed investor concerns about the Trump administration's ability to deliver on its economic policy agenda.

Persistent doubts about the prospects for a third interest rate hike by the Federal Reserve this year have also fed into dollar weakness.

Lower rates typically weigh on the dollar by making U.S. assets less attractive to yield-seeking investors.

Market participants are awaiting comments from Fed Chair Janet Yellen at the annual central banking conference on Friday after last weeks Fed minutes showed that officials were split over the timing of future rate hikes amid concerns over weak inflation.

The euro was lower against the dollar, with EUR/USD down 0.23% to 1.1789.

The euro has weakened somewhat since hitting a two-and-a-half year high of 1.1909 against the greenback earlier this month, but has rebounded from last week’s three-week trough of 1.1661.

Market watchers are awaiting remarks from European Central Bank President Mario Draghi at Jackson Hole on Friday, but he is not expected to deliver any new policy message, according to reports.

The euro was at 10-month highs against the broadly weaker sterling, with EUR/GBP at 0.9163.

The pound was also lower against the greenback, with GBP/USD down 0.25% to 1.2869.

Sterling has been pressured lower by growing expectations that the Bank of England will keep interest rates on hold in the coming months amid concerns over the economic impact from Brexit.

Dollar holds gains as attention turns back to tax cut hopes

Investing.com - The dollar held gains in Asia on Tuesday as markets shrugged off geopolitical concerns and focused on chances that President Donald Trump could recover from two weeks of political setbacks and set the stage to push tax cuts when Congress returns from its summer break.

USD/JPY changed hand sat 109.27, up 0.28%, while AUD/USD traded at 0.7940, up 0.03%. GBP/USD traded at 1.2886, down 0.12%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.10% to 93.09.

Overnight, the dollar traded lower against a basket of global currencies on Monday amid an uptick in safe-haven demand, following renewed geopolitical tension in the Korean Peninsula, as U.S.-South Korea military exercises got underway.

The greenback lost ground against safe-haven currencies like the yen and the Swiss franc after the U.S. and South Korea began computer-simulated military exercises on Monday, risking a reaction from North Korean leader Kim Jong un, who may view such exercises as preparation for an invasion of the isolated nation.

Also adding to the downbeat sentiment on the greenback was Chicago manufacturing data that undershot economists’ forecasts.

The Chicago Fed Activity Index, measuring economic activity and inflation projections, missed expectations slightly, falling 0.01% to 0.15 from the previous month.

Sterling and the euro were the main beneficiaries of the greenback’s subdued start to the week, clawing back recent losses.

The slump in the dollar comes ahead of the key events due later this week, including speeches by central bankers Janet Yellen and Mario Draghi, expected to provide further direction for the beleaguered dollar.

Asian shares mostly gain with geopolitical concerns in the background

Investing.com - Asian shares mostly gained on Tuesday with geopolitical news dominating headlines as President Donald Trump confirmed plans to stay in Afghanistan with a tougher and more pragmatic approach on costs and benefits and expected help from partners such as Pakistan.

In Japan, the Nikkei 225 rose 0.07%, while across the Korean Strait, the Kospi climbed 0.35% shrugging off jitters seen in the Monday session when U.S.-South Korea military drills began.

Down Under, the benchmark S&P/ASX 200 index rose 0.12%. Mner and energy firm BHP announced its full-year profit rose nearly five-fold to $6.7 billion for the year that ended on June 30, but missed expectations of $7.4 billion. BHP shares rose 1.40%.

Hong Kong's Hang Seng Index rose 1.01%, while the Shanghai Composite was shed 0.13% and the Shenzhen Composite slid 0.15%. China's Great Wall Motor established its interest in Fiat Chrysler Automobiles on Monday, Reuters reported. It was not apparent if Great Wall Motor wanted to acquire part or all of Fiat Chrysler, Reuters added. Hong Kong-listed shares of the Chinese automaker were halted from trade pending an announcement regarding media reports on the company, Great Wall Motor said in a press release.

Overnight, U.S. stocks closed mostly higher on Monday, shaking off losses in energy and financials as investors welcomed a relatively turmoil-free day in Washington, after escalating domestic political tension last week pressured stocks to a weekly loss.

In what was quiet day on the economic calendar and the domestic political front, U.S. stocks advanced on thin volumes as investors looked ahead to key events later this week including speeches by central bankers Mario Draghi and Janet Yellen.

Turmoil in Washington over recent sessions has reduced sentiment on U.S. stocks, which fell to weekly loss last week, as investors questioned whether the controversies engulfing President Trump would further delay his ability to introduce pro-growth economic measures.

Geopolitical tensions on the Korean Peninsula resurfaced, however, after the U.S. and South Korea began annual military exercises that have a history of enraging Pyongyang.

Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.”

The Dow Jones Industrial Average closed lower at 21,703. The S&P 500 closed 0.12% higher while the Nasdaq Composite closed at 6213, down 0.05%.

Crude oil prices up in Asia as Trump unveil steady course in Afghanistan

Investing.com - Crude oil rose in Asia on Tuesday as President Donald Trump laid out a strategy for keeping troops in Afghanistan after 16 years, though promising a tougher and more pragmatic approach to supporting the government in Kabul and working with partners such as Pakistan.

On the New York Mercantile Exchange crude futures for October delivery rose 0.19% to $47.62 a barrel, while on London's Intercontinental Exchange, Brent gained 0.14% to $51.73 a barrel.

Ahead, the American Petroleum Institute will release its estimates of crude and refined product stocks last week in the U.S. to be followed on Wednesday by official data from the Energy Information Aministration. The figures often diverge.

Analysts expected a 3.375 million barrels draw in crude stocks, a 300,000 barrels decline in gasoline inventories and a 38,000 barrels build in distillates.

Overnight, crude futures settled lower on Monday, as investors continue to lose faith in Opec’s ability to stem the glut supply amid a producers meeting to discuss waning compliance with the deal curb production.

Crude futures started the week on the back foot, despite an Opec meeting on Monday to discuss possible measures to tackle the fall in compliance with the global pact to cut output, following data in July showing Opec compliance slipped to its lowest this year.

In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Also weighing on oil prices were fears of falling demand for crude as the U.S. ‘summer driving season’ nears an end while the number of U.S. rigs drilling for oil continued to fall suggesting that drillers are scaling back operations in the wake of lower oil prices.

The summer months are traditionally associated with the start of the U.S. summer driving season, which usually spurs heavier refining activity.

Oilfield services firm Baker Hughes on Friday, said its weekly count of oil rigs operating in the United States last week fell by fell by five rigs to a total of 763.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Aussie ticks lower in early Asia, dollar weakness closely eyed

Investing.com - The Aussie ticked lower in early Asia on Tuesday with no major regional data as investors continue to monitor dollar weakness in the face of political turmoil in the U.S.

AUD/USD traded at 0.7937, down 0.01%, while AUD/USD traded at 109.07, up 0.09%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.39% to 93.00.

Overnight, the dollar traded lower against a basket of global currencies on Monday amid an uptick in safe-haven demand, following renewed geopolitical tension in the Korean Peninsula, as U.S.-South Korea military exercises got underway.

The greenback lost ground against safe-haven currencies like the yen and the Swiss franc after the U.S. and South Korea began computer-simulated military exercises on Monday, risking a reaction from North Korean leader Kim Jong un, who may view such exercises as preparation for an invasion of the isolated nation.

Also adding to the downbeat sentiment on the greenback was Chicago manufacturing data that undershot economists’ forecasts.

The Chicago Fed Activity Index, measuring economic activity and inflation projections, missed expectations slightly, falling 0.01% to 0.15 from the previous month.

Sterling and the euro were the main beneficiaries of the greenback’s subdued start to the week, clawing back recent losses.

The slump in the dollar comes ahead of the key events due later this week, including speeches by central bankers Janet Yellen and Mario Draghi, expected to provide further direction for the beleaguered dollar.

Johnson&Johnson to pay $417 million in latest cancer lawsuit

Investing.com -Johnson & Johnson (NYSE:JNJ)will have to pay $417 million to a woman who claims that the company's baby powder caused her ovarian cancer following a jury verdict in California. The company says it plans to appeal, but this is not the first time that the courts have ruled that Johnson & Johnson's baby powder has caused cancer.

According to the consumersafety.org, numerous studies over the past several decades have found a connection between talcum powder and ovarian cancer.

Investors were unphased about this latest suit. Shares closed Monday's session fractionally higher.

Mexico stocks higher at close of trade; IPC up 0.32%

Investing.com – Mexico stocks were higher after the close on Monday, as gains in the Financial Services, Consumer Staples and Materials sectors led shares higher.

At the close in Mexico, the IPC rose 0.32%.

The best performers of the session on the IPC were Nemak SAB de CV (MX:NEMAKA), which rose 3.30% or 0.48 points to trade at 15.02 at the close. Meanwhile, Grupo Financiero Banorte (MX:GFNORTEO) added 2.59% or 3.150 points to end at 124.690 and Gentera SAB de CV (MX:GENTERA) was up 2.27% or 0.590 points to 26.600 in late trade.

The worst performers of the session were Alfa, S.A.B. De C.V. (MX:ALFAA), which fell 1.92% or 0.480 points to trade at 24.470 at the close. VOLARIS A (MX:VOLARA) declined 1.79% or 0.42 points to end at 23.01 and Grupo Elektra , S.A.B. De C.V. (MX:ELEKTRA) was down 1.77% or 13.87 points to 770.42.

Falling stocks outnumbered advancing ones on the Mexico Stock Exchange by 141 to 71 and 13 ended unchanged.

Gold Futures for December delivery was up 0.39% or 5.06 to $1296.66 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.20% or 1.07 to hit $47.59 a barrel, while the October Brent oil contract fell 2.01% or 1.06 to trade at $51.66 a barrel.

USD/MXN was down 0.29% to 17.6555, while EUR/MXN rose 0.14% to 20.8515.

The US Dollar Index Futures was down 0.35% at 93.03.

U.S. stocks mixed at close of trade; Dow Jones Industrial Average up 0.13%

Investing.com – U.S. stocks were mixed after the close on Monday, as gains in the Telecoms, Healthcare and Basic Materials sectors led shares higher while losses in the Oil&Gas, Technology and Industrials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average rose 0.13%, while the S&P 500 index gained 0.12%, and the NASDAQ Composite index fell 0.05%.

The best performers of the session on the Dow Jones Industrial Average were Home Depot Inc (NYSE:HD), which rose 1.16% or 1.71 points to trade at 149.20 at the close. Meanwhile, Cisco Systems Inc (NASDAQ:CSCO) added 1.02% or 0.31 points to end at 30.68 and Verizon Communications Inc (NYSE:VZ) was up 0.94% or 0.45 points to 48.14 in late trade.

The worst performers of the session were Nike Inc (NYSE:NKE), which fell 2.44% or 1.34 points to trade at 53.61 at the close. Chevron Corporation (NYSE:CVX) declined 0.66% or 0.70 points to end at 105.78 and Goldman Sachs Group Inc (NYSE:GS) was down 0.61% or 1.36 points to 220.79.

The top performers on the S&P 500 were Freeport-McMoran Copper&Gold Inc (NYSE:FCX) which rose 4.10% to 14.73, Johnson Controls International PLC (NYSE:JCI) which was up 3.29% to settle at 38.27 and Red Hat Inc (NYSE:RHT) which gained 2.21% to close at 102.65.

The worst performers were Foot Locker Inc (NYSE:FL) which was down 7.45% to 31.82 in late trade, Frontier Communications Corp (NASDAQ:FTR) which lost 6.19% to settle at 12.72 and First Solar Inc (NASDAQ:FSLR) which was down 4.37% to 45.96 at the close.

The top performers on the NASDAQ Composite were Appliance Recycling Centers (NASDAQ:ARCI) which rose 137.70% to 1.4500, FalconStor Software Inc (NASDAQ:FALC) which was up 61.94% to settle at 0.400 and Veritone Inc (NASDAQ:VERI) which gained 49.30% to close at 11.75.

The worst performers were Cardiome Pharma Corp (NASDAQ:CRME) which was down 32.82% to 2.600 in late trade, One Horizon Group Inc (NASDAQ:OHGI) which lost 21.92% to settle at 0.5700 and Pacific Special Acquisition Corp (NASDAQ:BRQS) which was down 17.33% to 6.20 at the close.

Rising stocks outnumbered declining ones on the New York Stock Exchange by 1537 to 1534 and 163 ended unchanged; on the Nasdaq Stock Exchange, 1436 fell and 1035 advanced, while 160 ended unchanged.

Shares in Foot Locker Inc (NYSE:FL) fell to 3-years lows; falling 7.45% or 2.56 to 31.82. Shares in Frontier Communications Corp (NASDAQ:FTR) fell to 52-week lows; down 6.19% or 0.84 to 12.72. Shares in Red Hat Inc (NYSE:RHT) rose to 5-year highs; up 2.21% or 2.22 to 102.65. Shares in Appliance Recycling Centers (NASDAQ:ARCI) rose to 52-week highs; up 137.70% or 0.8400 to 1.4500. Shares in One Horizon Group Inc (NASDAQ:OHGI) fell to all time lows; falling 21.92% or 0.1600 to 0.5700. Shares in Pacific Special Acquisition Corp (NASDAQ:BRQS) fell to all time lows; falling 17.33% or 1.30 to 6.20.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was down 7.08% to 13.25.

Gold Futures for December delivery was up 0.38% or 4.86 to $1296.46 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.10% or 1.02 to hit $47.64 a barrel, while the October Brent oil contract fell 1.90% or 1.00 to trade at $51.72 a barrel.

EUR/USD was up 0.42% to 1.1810, while USD/JPY fell 0.17% to 109.00.

The US Dollar Index Futures was down 0.35% at 93.03.

US stocks close mostly higher as Dow rebounds from weekly loss

Investing.com – U.S. stocks closed mostly higher on Monday, shaking off losses in energy and financials as investors welcomed a relatively turmoil-free day in Washington, after escalating domestic political tension last week pressured stocks to a weekly loss.

In what was quiet day on the economic calendar and the domestic political front, U.S. stocks advanced on thin volumes as investors looked ahead to key events later this week including speeches by central bankers Mario Draghi and Janet Yellen.

Turmoil in Washington over recent sessions has reduced sentiment on U.S. stocks, which fell to weekly loss last week, as investors questioned whether the controversies engulfing President Trump would further delay his ability to introduce pro-growth economic measures.

“the political risk of Trump’s presidency remains a driving factor.” Richard Perry, a Hantec Markets analyst, said of the recent swings in U.S. stocks.

Geopolitical tensions on the Korean Peninsula resurfaced, however, after the U.S. and South Korea began annual military exercises that have a history of enraging Pyongyang.

Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.”

Also weighing on gains was a slump in energy amid falling Crude Oil WTI Futures, as investor concerns grew over a fall in demand for crude and gasoline as the summer driving season nears an end.

On the corporates earnings front, investors looked ahead to the release of the last wave earnings from tech companies with Salesforce.com Inc (NYSE:CRM) set to report results after U.S. markets close tomorrow.

The Dow Jones Industrial Average closed lower at 21,703. The S&P 500 closed 0.12% higher while the Nasdaq Composite closed at 6213, down 0.05%.

The biggest losers on Wall Street

The top Dow gainers for the session: Home Depot Inc (NYSE:HD) up 1.2%, Cisco Systems Inc (NASDAQ:CSCO) up 1% and Verizon Communications Inc (NYSE:VZ) up 0.9%

Nike Inc (NYSE:NKE) down 2.4%, Chevron Corporation (NYSE:CVX) down 0.7% and Goldman Sachs Group Inc (NYSE:GS) down 0.6%, were among the worst Dow performers of the session.

Community Health Systems shares jump as investor pushes for new CEO

Investing.com - Community Health Systems Inc (NYSE:CYH) shares jumped on Monday after an investor called on the company’s board to replace CEO Wayne Smith after the company has posted five-consecutive quarterly losses.

ASL Strategic Value Fund wrote a letter to the CHS board, detailing missteps that it believes contributed to the company’s poor performance. “It is time for the Board to exercise its fiduciary duty to the shareholders and replace the current CEO,” ASL Strategic Value Fund said in the letter. “It should also act immediately to claw back significant portions of this past compensation from existing and retired executives,” it added.

Community Health Systems’ shares climbed following the news. They were up 8.8% shortly before closing bell on Monday. The company’s stock is up 37% year-to-date, but down 74% since January 2014. In 2014 CHS acquired Health Management Associates for $7.6 billion. ASL said the purchase was “ill-conceived,” “poorly executed” and responsible for the downward spiral of the company’s stock prices.

Sempra Energy buys Oncor in last-minute deal

Investing.com - Sempra Energy (NYSE:SRE) will buy Oncor for $9.45 billion in cash after majority owner Energy Future Holdings abandoned its deal to sell the power transmission company to Warren Buffett's Berkshire Hathaway Inc . (NYSE:BRKa)

Two months ago, Berkshire Hathaway made a deal to purchase Oncor after Texas regulators blocked two previous attempts by Energy Future Holdings to sell it.

Berkshire Hathaway had swooped in two months ago to buy Oncor after Texas regulators blocked two previous attempts by Energy Future to sell it. Bankrupt Energy Future Holdings chose Sempra's bid for a few reasons: because it was for more money, and also because Sempra Energy offered assurances that it could get the acquisition approved by Public Utility Commission of Texas and the U.S. bankruptcy judge.

In addition, the decision could have been influenced by the fact that Energy Future Holdings received a great deal of opposition from its largest Creditor, Elliott Management Corp., over the potential sale to Berkshire Hathaway.

Sempra is expected to own about 60% of a reorganized Oncor after it completes the transaction.

Sempra's shares were up about 1% in afternoon trade.

Crude oil settles lower as Opec compliance meeting gets underway

Investing.com – Crude futures settled lower on Monday, as investors continue to lose faith in Opec’s ability to stem the glut supply amid a producers meeting to discuss waning compliance with the deal curb production.

On the New York Mercantile Exchange crude futures for October delivery fell $1.14 to settle at $47.37 a barrel, while on London's Intercontinental Exchange, Brent lost $1.08 to trade at $51.62 a barrel.

Crude futures started the week on the back foot, despite an Opec meeting on Monday to discuss possible measures to tackle the fall in compliance with the global pact to cut output, following data in July showing Opec compliance slipped to its lowest this year.

“Given rising OPEC production over recent months, there will be some concerns by member countries over slipping compliance,” analysts at ING Bank wrote in a note Monday morning.

In May, Opec and non-Opec members agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.8 million bpd agreed in November last year.

Also weighing on oil prices were fears of falling demand for crude as the U.S. ‘summer driving season’ nears an end while the number of U.S. rigs drilling for oil continued to fall suggesting that drillers are scaling back operations in the wake of lower oil prices.

The summer months are traditionally associated with the start of the U.S. summer driving season, which usually spurs heavier refining activity.

Oilfield services firm Baker Hughes on Friday, said its weekly count of oil rigs operating in the United States last week fell by fell by five rigs to a total of 763.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Herbalife's shares jump on news of share repurchase, buyout negotiations

Investing.com - Herbalife LTD (NYSE:HLF) shares were climbing on Monday, boosted by news of the company's plan to repurchase about $600 million worth of its ordinary shares and that the company was engaged in buyout conversations.

Shares will be repurchased for between $60 and $68 a share. When the company announced the buyback, it stated: "Our Board and management team are committed to enhancing shareholder value and we believe today's action is just one more step in meeting this goal."

The company also announced that it recently ended takes with “a prospective financial investor,” who was seeking to take the company private. The takeover discussions were terminated on August 16.

Herbalife's shares were recently up 9%.

Fiat Chrysler shares rally on rumored Jeep sale

Investing.com - Fiat Chrysler Automobiles NV (NYSE:FCAU)s shares were climbing on Monday, boosted by the rumor that Chinese auto maker Great Wall Motor Co. aims to acquire Jeep, owned by Fiat Chrysler Automobiles NV.

According to the Wall Street Journal, a Great Wall representative couldn't confirm whether Great Wall had already submitted a bid or whether the offer was in process. However; Fiat Chrysler said: "It has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to its business.”

Fiat Chrysler CEO Sergio Marchionne began talking about finding a merger partner several years ago. Mr. Marchionne believes auto makers need to consolidate in order to be successful due to the regulatory costs and expense of pursuing new technology in the automotive sector.

Fiat Chrysler's shares were up 6.6% in afternoon trade and set a new 52-week high of $13.57 earlier in the session.

Gold eyes $1,300 as North Korea tensions rise

Investing.com – Gold prices traded near session highs on Monday, in the wake of continued dollar weakness, following growing fears over geopolitical tensions in North Korea, after the U.S. and South Korea began military drills.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $5.58, or 0.59%, to $1,297.21 a troy ounce.

Safe haven demand rose, supporting a move higher in gold prices, after the U.S. and South Korea began computer-simulated military exercises on Monday, risking a reaction from North Korean leader Kim Jong un, who may view such exercises as preparation for an invasion of the isolated nation.

Pyongyang warned on Sunday that the annual U.S.-South Korea military exercises are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.”

The rise in geopolitical tensions in the Korean Peninsula comes amid turmoil in Washington, as investors continued to doubt whether the recent political controversies engulfing President Donald Trump will delay the introduction of his pro-growth economic agenda.

Gold’s move higher, however, could come under pressure later this week should speeches by central bankers Janet Yellen or Mario Draghi include hawkish undertones.

“A surprise out of Jackson Hole is going to bring mammoth moves for the gold price,” said Naeem Aslam, chief market analyst at ThinkMarkets.

In other precious metal trade, silver futures traded flat at $16.99 an ounce while platinum futures gained 0.24% to $984.80 an ounce.

Copper traded at $2.98, up 1.34%, while natural gas fell by 2.35% to $2.96.

Nigeria stocks lower at close of trade; NSE 30 down 0.39%

Investing.com – Nigeria stocks were lower after the close on Monday, as losses in the Insurance, Oil&Gas and Food, Beverages&Tobacco sectors led shares lower.

At the close in Lagos, the NSE 30 declined 0.39%.

The best performers of the session on the NSE 30 were Dangote Flour Mills PLC (LAGOS:DANGFLOUR), which rose 5.00% or 0.30 points to trade at 6.30 at the close. Meanwhile, Diamond Bank (LAGOS:DIAMONB) added 4.17% or 0.050 points to end at 1.250 and Uacn Prop (LAGOS:UACN) was up 3.13% or 0.50 points to 16.45 in late trade.

The worst performers of the session were Skye Bank (LAGOS:SKYEBAN), which fell 4.48% or 0.030 points to trade at 0.660 at the close. Wemabank (LAGOS:WEMABAN) declined 3.77% or 0.020 points to end at 0.520 and Pz Cussons LG (LAGOS:PZ) was down 3.27% or 0.88 points to 26.05.

Rising stocks outnumbered declining ones on the Lagos by 41 to 35 and 28 ended unchanged.

Crude oil for October delivery was down 1.75% or 0.85 to $47.81 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.75% or 0.92 to hit $51.80 a barrel, while the December Gold Futures contract rose 0.43% or 5.61 to trade at $1297.21 a troy ounce.

EUR/NGN was up 6.68% to 423.620, while USD/NGN unchanged 0.00% to 362.500.

The US Dollar Index Futures was down 0.45% at 92.94.

Build-A-Bear Completes Strategic Review, Decides on Share Buyback

Investing.com - Build-A-Bear Workshop Inc (NYSE:BBW). has completed its strategic review and decided to buyback up to $20 million of its own shares.

The company will purchase shares in the open market or through privately negotiated transactions, using cash on hand for the purchases. The timing and amount of share repurchases will be based on market conditions. The program may be modified, suspended or terminated at any time without prior notice. Shares repurchased under the program will be subsequently retired.

Commenting on the repurchase, Build-A-Bear’s CEO Sharon Price John stated: “Adoption of the share repurchase program reflects our belief that our stock represents an attractive investment opportunity.The company has returned to sustained profitability and has strong cash flow and a flexible capital structure. We believe Build-A-Bear Workshop will have the capacity to repurchase our stock while still deploying capital to facilitate the attainment of our next stated objective of sustained profitable growth.

The company started a strategic review in May 2016, saying that it would consider "all" options to boost shareholder equity, including a sale. Price noted that the strategic review was “comprehensive” but she did not provide further details.

Portugal stocks lower at close of trade; PSI 20 down 0.37%

Investing.com – Portugal stocks were lower after the close on Monday, as losses in the Financials, Utilities and Technology sectors led shares lower.

At the close in Lisbon, the PSI 20 lost 0.37% to hit a new 1-month low.

The best performers of the session on the PSI 20 were Corticeira Amorim (LS:CORA), which rose 0.49% or 0.055 points to trade at 11.210 at the close. Meanwhile, J. Martins SGPS (LS:JMT) added 0.34% or 0.0550 points to end at 16.4550 and The Navigator Company SA (LS:NVGR) was up 0.19% or 0.0070 points to 3.6570 in late trade.

The worst performers of the session were Ibersol SGPS (LS:IBS), which fell 1.69% or 0.235 points to trade at 13.680 at the close. Sonae (LS:YSO) declined 1.55% or 0.0150 points to end at 0.9550 and Semapa (LS:SEM) was down 0.97% or 0.1550 points to 15.7900.

Falling stocks outnumbered advancing ones on the Lisbon Stock Exchange by 18 to 10 and 7 ended unchanged.

Brent oil for October delivery was down 1.80% or 0.95 to $51.77 a barrel. Elsewhere in commodities trading, Crude oil for delivery in October fell 1.77% or 0.86 to hit $47.80 a barrel, while the December Gold Futures contract rose 0.32% or 4.08 to trade at $1295.68 a troy ounce.

EUR/USD was up 0.50% to 1.1820, while EUR/GBP rose 0.25% to 0.9156.

The US Dollar Index Futures was down 0.41% at 92.98.

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.24%

Investing.com – Denmark stocks were higher after the close on Monday, as gains in the Industrials, Real Estate and Healthcare sectors led shares higher.

At the close in Copenhagen, the OMX Copenhagen 20 added 0.24%.

The best performers of the session on the OMX Copenhagen 20 were AP Moeller - Maersk A/S A (CO:MAERSKa), which rose 3.53% or 430 points to trade at 12600 at the close. Meanwhile, AP Moeller - Maersk A/S B (CO:MAERSKb) added 2.89% or 370 points to end at 13170 and Novozymes A/S B (CO:NZYMb) was up 2.11% or 6.3 points to 304.8 in late trade.

The worst performers of the session were Vestas Wind Systems A/S (CO:VWS), which fell 1.70% or 10.0 points to trade at 577.5 at the close. Pandora A/S (CO:PNDORA) declined 1.37% or 8.5 points to end at 612.0 and Genmab (CO:GEN) was down 1.06% or 14.0 points to 1310.0.

Falling stocks outnumbered advancing ones on the Copenhagen Stock Exchange by 70 to 55 and 9 ended unchanged.

Crude oil for October delivery was down 1.81% or 0.88 to $47.78 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.80% or 0.95 to hit $51.77 a barrel, while the December Gold Futures contract rose 0.26% or 3.30 to trade at $1294.90 a troy ounce.

USD/DKK was down 0.42% to 6.2973, while EUR/DKK rose 0.01% to 7.4381.

The US Dollar Index Futures was down 0.34% at 93.04.

France stocks lower at close of trade; CAC 40 down 0.52%

Investing.com – France stocks were lower after the close on Monday, as losses in the Financials, Utilities and Industrials sectors led shares lower.

At the close in Paris, the CAC 40 fell 0.52%, while the SBF 120 index lost 0.49%.

The best performers of the session on the CAC 40 were Carrefour SA (PA:CARR), which rose 0.78% or 0.16 points to trade at 20.55 at the close. Meanwhile, Danone SA (PA:DANO) added 0.47% or 0.31 points to end at 66.50 and Valeo SA (PA:VLOF) was up 0.44% or 0.25 points to 56.95 in late trade.

The worst performers of the session were BNP Paribas SA (PA:BNPP), which fell 1.99% or 1.31 points to trade at 64.68 at the close. Societe Generale (PA:SOGN) declined 1.78% or 0.85 points to end at 47.17 and Credit Agricole SA (PA:CAGR) was down 1.50% or 0.230 points to 15.105.

The top performers on the SBF 120 were Aperam SA (AS:APAM) which rose 2.18% to 42.50, GTT (PA:GTT) which was up 1.38% to settle at 41.65 and Casino Guichard (PA:CASP) which gained 0.91% to close at 51.22.

The worst performers were Genfit (PA:GNFT) which was down 3.59% to 24.150 in late trade, Rexel (PA:RXL) which lost 2.40% to settle at 12.62 and Electricite de France SA (PA:EDF) which was down 2.09% to 9.21 at the close.

Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 362 to 227 and 98 ended unchanged.

Shares in GTT (PA:GTT) rose to 52-week highs; rising 1.38% or 0.56 to 41.65.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 2.84% to 17.59.

Gold Futures for December delivery was up 0.24% or 3.13 to $1294.73 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 1.77% or 0.86 to hit $47.80 a barrel, while the October Brent oil contract fell 1.80% or 0.95 to trade at $51.77 a barrel.

EUR/USD was up 0.42% to 1.1810, while EUR/GBP rose 0.22% to 0.9153.

The US Dollar Index Futures was down 0.33% at 93.05.

Russia stocks higher at close of trade; MICEX up 0.36%

Investing.com – Russia stocks were higher after the close on Monday, as gains in the Power, Telecoms and Oil&Gas sectors led shares higher.

At the close in Moscow, the MICEX rose 0.36%.

The best performers of the session on the MICEX were MosEnrg (MCX:MSNG), which rose 3.51% or 0.0985 points to trade at 2.9080 at the close. Meanwhile, Uralkaliy (MCX:URKA) added 3.50% or 4.85 points to end at 143.45 and Rosseti ao (MCX:RSTI) was up 3.08% or 0.0286 points to 0.9580 in late trade.

The worst performers of the session were Trubnaya Metallurgicheskaya Kompaniya OAO (MCX:TRMK), which fell 2.71% or 1.95 points to trade at 70.04 at the close. ALROSA ao (MCX:ALRS) declined 1.90% or 1.520 points to end at 78.300 and Tatneft-3 (MCX:TATN) was down 1.43% or 5.45 points to 375.50.

Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 118 to 96 and 17 ended unchanged.

The Russian VIX, which measures the implied volatility of MICEX options, was up 0.25% to 19.760.

Gold Futures for December delivery was up 0.25% or 3.21 to $1294.81 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 1.77% or 0.86 to hit $47.80 a barrel, while the October Brent oil contract fell 1.80% or 0.95 to trade at $51.77 a barrel.

USD/RUB was up 0.10% to 59.0618, while EUR/RUB rose 0.45% to 69.7450.

The US Dollar Index Futures was down 0.33% at 93.05.

Netherlands stocks lower at close of trade; AEX down 0.56%

Investing.com – Netherlands stocks were lower after the close on Monday, as losses in the Financials, Industrials and Healthcare sectors led shares lower.

At the close in Amsterdam, the AEX declined 0.56% to hit a new 1-month low.

The best performers of the session on the AEX were Altice NV (AS:ATCA), which rose 1.15% or 0.21 points to trade at 18.93 at the close. Meanwhile, Gemalto (AS:GTO) added 0.80% or 0.35 points to end at 44.09 and Akzo Nobel (AS:AKZO) was up 0.21% or 0.16 points to 77.42 in late trade.

The worst performers of the session were Koninklijke Boskalis Westminster NV (AS:BOSN), which fell 2.70% or 0.77 points to trade at 27.61 at the close. Koninklijke Vopak NV (AS:VOPA) declined 1.88% or 0.70 points to end at 36.90 and Aegon NV (AS:AEGN) was down 1.59% or 0.079 points to 4.899.

Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 79 to 43 and 13 ended unchanged.

Shares in Koninklijke Boskalis Westminster NV (AS:BOSN) fell to 3-years lows; down 2.70% or 0.77 to 27.61. Shares in Koninklijke Vopak NV (AS:VOPA) fell to 52-week lows; losing 1.88% or 0.70 to 36.90.

The AEX Volatility, which measures the implied volatility of AEX options, was up 4.83% to 14.69.

Crude oil for October delivery was down 1.77% or 0.86 to $47.80 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.80% or 0.95 to hit $51.77 a barrel, while the December Gold Futures contract rose 0.26% or 3.35 to trade at $1294.95 a troy ounce.

EUR/USD was up 0.43% to 1.1812, while EUR/GBP rose 0.23% to 0.9154.

The US Dollar Index Futures was down 0.35% at 93.03.

Belgium stocks lower at close of trade; BEL 20 down 0.58%

Investing.com – Belgium stocks were lower after the close on Monday, as losses in the Technology, Financials and Utilities sectors led shares lower.

At the close in Brussels, the BEL 20 fell 0.58%.

The best performers of the session on the BEL 20 were Aperam SA (AS:APAM), which rose 2.18% or 0.91 points to trade at 42.50 at the close. Meanwhile, bpost NV (BR:BPOST) added 0.60% or 0.14 points to end at 23.57 and Cofinimmo-Sicafi (BR:COFB) was up 0.23% or 0.25 points to 107.30 in late trade.

The worst performers of the session were ING Groep NV (AS:INGA), which fell 1.21% or 0.185 points to trade at 15.080 at the close. Umicore NV (BR:UMI) declined 1.18% or 0.76 points to end at 63.42 and KBC (BR:KBC) was down 0.93% or 0.650 points to 69.220.

Falling stocks outnumbered advancing ones on the Brussels Stock Exchange by 62 to 44 and 16 ended unchanged.

Gold Futures for December delivery was up 0.34% or 4.35 to $1295.95 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 1.83% or 0.89 to hit $47.77 a barrel, while the October Brent oil contract fell 1.88% or 0.99 to trade at $51.73 a barrel.

EUR/USD was up 0.45% to 1.1814, while EUR/GBP rose 0.27% to 0.9158.

The US Dollar Index Futures was down 0.37% at 93.01.

Poland stocks higher at close of trade; WIG30 up 0.79%

Investing.com – Poland stocks were higher after the close on Monday, as gains in the Basic Materials, Energy and Chemicals sectors led shares higher.

At the close in Warsaw, the WIG30 rose 0.79%.

The best performers of the session on the WIG30 were Tauron Polska Energia SA (WA:TPE), which rose 6.42% or 0.240 points to trade at 3.980 at the close. Meanwhile, Globe Trade Centre SA (WA:GTCP) added 4.08% or 0.37 points to end at 9.44 and Synthos SA (WA:SNS) was up 3.05% or 0.130 points to 4.390 in late trade.

The worst performers of the session were Cyfrowy Polsat SA (WA:CPS), which fell 1.47% or 0.39 points to trade at 26.10 at the close. Kruk SA (WA:KRU) declined 0.92% or 3.10 points to end at 335.20 and OrangePL (WA:OPL) was down 0.71% or 0.04 points to 5.62.

Rising stocks outnumbered declining ones on the Warsaw Stock Exchange by 253 to 243 and 187 ended unchanged.

Shares in Tauron Polska Energia SA (WA:TPE) rose to 52-week highs; up 6.42% or 0.240 to 3.980.

Crude oil for October delivery was down 1.77% or 0.86 to $47.80 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.84% or 0.97 to hit $51.75 a barrel, while the December Gold Futures contract rose 0.34% or 4.33 to trade at $1295.93 a troy ounce.

EUR/PLN was up 0.12% to 4.2796, while USD/PLN fell 0.32% to 3.6221.

The US Dollar Index Futures was down 0.36% at 93.02.

Germany stocks lower at close of trade; DAX down 0.82%

Investing.com – Germany stocks were lower after the close on Monday, as losses in the Utilities, Chemicals and Technology sectors led shares lower.

At the close in Frankfurt, the DAX lost 0.82%, while the MDAX index fell 0.51%, and the TecDAX index lost 0.58%.

The best performers of the session on the DAX were Lufthansa AG VNA O.N. (DE:LHAG), which rose 0.60% or 0.125 points to trade at 20.860 at the close. Meanwhile, Vonovia SE (DE:VNAn) added 0.14% or 0.05 points to end at 35.30 and Siemens AG Class N (DE:SIEGn) was down 0.18% or 0.20 points to 111.10 in late trade.

The worst performers of the session were Thyssenkrupp AG O.N. (DE:TKAG), which fell 3.18% or 0.830 points to trade at 25.265 at the close. Deutsche Bank AG NA O.N. (DE:DBKGn) declined 2.41% or 0.340 points to end at 13.760 and E.ON SE NA (DE:EONGn) was down 2.28% or 0.219 points to 9.402.

The top performers on the MDAX were STADA Arzneimittel VNA O.N. (DE:STAGn) which rose 3.80% to 75.310, Alstria Office Reit-Ag (DE:AOXG) which was up 0.85% to settle at 12.435 and Metro AG (DE:MEOG) which gained 0.60% to close at 9.325.

The worst performers were Osram Licht AG (F:OSRn) which was down 2.10% to 68.940 in late trade, Jungheinrich AG O.N.VZO (DE:JUNG_p) which lost 1.63% to settle at 34.780 and Stroeer SE (DE:SAXG) which was down 1.48% to 55.940 at the close.

The top performers on the TecDAX were Software AG O.N. (DE:SOWG) which rose 1.96% to 36.375, Xing AG (DE:OBCGn) which was up 1.14% to settle at 253.75 and Siltronic AG (DE:WAFGn) which gained 0.97% to close at 83.000.

The worst performers were Adva Optical Networking SE (DE:ADAG) which was down 2.88% to 6.276 in late trade, Draegerwerk VZO O.N. (DE:DRWG_p) which lost 2.18% to settle at 86.910 and Dialog Semiconductor (DE:DLGS) which was down 1.96% to 37.200 at the close.

Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 540 to 228 and 25 ended unchanged.

Shares in STADA Arzneimittel VNA O.N. (DE:STAGn) rose to all time highs; rising 3.80% or 2.760 to 75.310. Shares in Adva Optical Networking SE (DE:ADAG) fell to 52-week lows; losing 2.88% or 0.186 to 6.276.

The DAX volatility index, which measures the implied volatility of DAX options, was up 3.94% to 17.29.

Gold Futures for December delivery was up 0.33% or 4.27 to $1295.87 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 1.77% or 0.86 to hit $47.80 a barrel, while the October Brent oil contract fell 1.82% or 0.96 to trade at $51.76 a barrel.

EUR/USD was up 0.45% to 1.1814, while EUR/GBP rose 0.26% to 0.9157.

The US Dollar Index Futures was down 0.36% at 93.02.

Norway stocks lower at close of trade; Oslo OBX down 0.01%

Investing.com – Norway stocks were lower after the close on Monday, as losses in the Pharma Biotech&Life Sciences, Utilities and Technology Hardware&Equipment sectors led shares lower.

At the close in Oslo, the Oslo OBX lost 0.01%.

The best performers of the session on the Oslo OBX were Grieg Seafood (OL:GSFO), which rose 6.38% or 4.50 points to trade at 75.00 at the close. Meanwhile, Petroleum Geo - Services ASA (OL:PGS) added 4.55% or 0.67 points to end at 15.38 and P/f Bakkafrost (OL:BAKKA) was up 2.37% or 8.00 points to 345.70 in late trade.

The worst performers of the session were Nordic Nanovector ASA (OL:NANOV), which fell 4.13% or 3.35 points to trade at 77.70 at the close. REC Silicon ASA (OL:REC) declined 1.84% or 0.02 points to end at 1.01 and Yara International ASA (OL:YAR) was down 1.62% or 5.1 points to 309.9.

Falling stocks outnumbered advancing ones on the Oslo Stock Exchange by 100 to 76 and 28 ended unchanged.

Crude oil for October delivery was down 1.75% or 0.85 to $47.81 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.90% or 1.00 to hit $51.72 a barrel, while the December Gold Futures contract rose 0.29% or 3.73 to trade at $1295.33 a troy ounce.

EUR/NOK was up 0.34% to 9.3277, while USD/NOK fell 0.13% to 7.8965.

The US Dollar Index Futures was down 0.35% at 93.03.

U.S. stocks struggle to recover from bearish streak

Investing.com – Wall Street traded flat on Monday as U.S. stocks fought to recover from its worst two-week run since May in a quiet session lacking in economic data and major news headlines.

At 11:55AM ET (15:55GMT), the Dow Jones inched up 7 points, or 0.03%, the S&P 500 edged forward 1 point, or 0.05%, while the Nasdaq Composite lost 8 points, or 0.13%.

Investors continued to show caution over stocks on Monday after the Dow and S&P registered their first two-week losing streak since May. The Nasdaq chalked up its fourth week of losses last Friday, its longest losing streak of the year.

In fact, even as the Nasdaq led losses on Monday, the tech index and the S&P are both on track for their worst month since October.

Still, all three major indices are running year-to-date gains of more than 8%, with some experts still suggesting to buy the dip.

Political turmoil at the White House has caused profit-taking as investors worry over U.S. President Donald Trump’s ability to push through tax reforms.

Geopolitical concerns were also back in focus as American and South Korean forces began their annual military exercises Monday, which will involve computer simulations designed to prepare for war with a nuclear-capable North Korea and are expected to last around 10 days.

South Korean President Moon Jae-in said the joint drills, called Ulchi Freedom Guardian, were purely defensive and did not aim to raise tensions on the peninsula, though Pyongyang suggested that the military maneuvers are “reckless behavior driving the situation into the uncontrollable phase of a nuclear war.”

In a day with no major economic reports, ongoing uncertainty over the economic agenda of President Trump and doubts that the Federal Reserve will deliver a third rate hike this year have fed into recent dollar weakness.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down about 0.4% to 93.03 by 11:57AM ET (15:57GMT), near a more than one-week low of 92.92 hit earlier in the day.

Investors were looking ahead to the annual Jackson Hole economic symposium where the heads of the U.S. and European central banks will be making keynote speeches.

Though Federal Reserve chair Janet Yellen and European Central Bank president Mario Draghi are widely expected not to rock the boat by offering new insight into their respective paths of monetary policy in their speeches set for Friday, market players will pay close attention for any hints from the sidelines.

On the company front, shares of Nike (NYSE:NKE) led decliners on the Dow with losses of more than 2% after Jefferies downgraded the stock to hold from buy and cut its price target by $15 to $60.

In M&A news, Sempra Energy (NYSE:SRE) announced it would pay $9.45 billion to acquire power transmission firm Oncor, beating out a $9.0 billion offer from Warren Buffett’s Berkshire Hathaway (NYSE:BRKa).

Among other big moves in the market, Herbalife (NYSE:HLF) jumped 11% after the nutritional supplement maker said it would buy back $600 million of shares after ending talks to be taken private.

Meanwhile, oil sank around 2% Monday as investor took profit from Friday’s 3% rally.

U.S. crude futures lost 1.89% to $47.74 by 11:58AM ET (15:58GMT), while Brent oil traded down 2.03% to $51.65.

Israel stocks higher at close of trade; TA 35 up 0.40%

Investing.com – Israel stocks were higher after the close on Monday, as gains in the Real Estate, Communication and Banking sectors led shares higher.

At the close in Tel Aviv, the TA 35 rose 0.40%.

The best performers of the session on the TA 35 were Tower Semiconductor Ltd (TA:TSEM), which rose 6.06% or 550 points to trade at 9630 at the close. Meanwhile, Bezeq Israeli Telecommunication Corp Ltd (TA:BEZQ) added 3.18% or 16.6 points to end at 539.1 and Azrieli Group Ltd (TA:AZRG) was up 2.16% or 440 points to 20800 in late trade.

The worst performers of the session were Delek Group (TA:DLEKG), which fell 3.38% or 2340 points to trade at 66800 at the close. Delek Drilling LP (TA:DEDRp) declined 2.44% or 32 points to end at 1277 and Teva Pharmaceutical Industries Ltd (TA:TEVA) was down 1.76% or 110 points to 6153.

Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 239 to 156 and 14 ended unchanged.

Shares in Teva Pharmaceutical Industries Ltd (TA:TEVA) fell to 5-year lows; down 1.76% or 110 to 6153.

Crude oil for October delivery was down 1.40% or 0.68 to $47.98 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.80% or 0.95 to hit $51.77 a barrel, while the December Gold Futures contract rose 0.50% or 6.44 to trade at $1298.04 a troy ounce.

USD/ILS was down 0.07% to 3.6168, while EUR/ILS rose 0.41% to 4.2732.

The US Dollar Index Futures was down 0.42% at 92.97.

Dollar index turns lower, hits 1-week trough

Investing.com - The dollar turned lower and hit a one-week trough against the other major currencies on Monday, as U.S. political tensions continued to weigh heavily on the greenback.

Trading volumes were expected to remain light with no major U.S. data to be released throughout the day.

Sentiment on the greenback remained vulnerable following news on Friday that senior White House advisor Steven Bannon had been fired.

Ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Federal Reserve will deliver a third rate hike this year have fed into recent dollar weakness.

The yen pushed higher, with USD/JPY sliding 0.38% at 108.73, while USD/CHF dropped 0.39% to trade at 0.9610.

Markets were also still jittery amid sustained geopolitical tensions after a terrorist attack last Thursday in Barcelona killed 14 people and injured 100 others.

Spanish police was still searching on Sunday for the man behind the wheel in the Barcelona van attack, amid growing signs members of the militant group had connections elsewhere in Europe.

Separately, North Korea warned Sunday that joint U.S.-South Korean military exercises set to start Monday will be "adding fuel to the fire" of already heightened tensions with Washington and its allies.

Elsewhere, EUR/USD gained 0.45% to 1.1813, while GBP/USD rose 0.26% to 1.2913.

The Australian and New Zealand dollars turned higher, with AUD/USD up 0.15% at 0.7943 and with NZD/USD gaining 0.33% to 0.7334.

Meanwhile, USD/CAD held steady at 1.2585.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.39% at 93.00 by 10:55 a.m. ET (02:55 p.m. GMT), the lowest since August 14.

Bitcoin Cash falls back towards $600

Investing.com - The price of the new bitcoin alternative, bitcoin cash fell back towards the $600 level on Monday after setting an all-time high of around $970 over the weekend, while bitcoin was also lower.

On the U.S.-based Bitfinex exchange, Bitcoin Cash was at $615.00 by 08.41 AM ET (12.41 GMT), down about 13.52%, or $95.7.

It rose as high as $935.50 on Saturday, the highest level in its three-week history and an increase of almost 400% from its low of $210 on its first day of trading.

The price of the newly minted bitcoin offshoot rallied after the bitcoin cash blockchain showed it could handle the higher transaction capacity for which it was built.

At current prices, bitcoin cash has a total market capitalization of $10 billion, making it the third most valuable cryptocurrency.

Meanwhile, the price of bitcoin was also lower. It touched a low of $3,956.4 and was last at $4,049.8 having opened at $4,066.3.

Since setting its most recent all-time high of $4,489.1 on Aug.17, prices have pulled back and at current prices bitcoin has a market cap of about $67 billion.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was up 11.5% to $329.8, while Ripple lost 2.51% to trade at 15 cents.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

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