Bitcoin Prices Gain; PBOC Issues New Warning on Crypto

Investing.com - Bitcoin and other major cryptocurrency prices gained on Wednesday despite reports that the People’s Bank of China (PBoC) issued a new warning regarding investments in crypto and initial coin offerings (ICOs).

Bitcoin traded 1.2% higher to $6,340.2 at 1:00AM ET (05:00 GMT) on the Bitifinex exchange.  

Ethereum surged 7% to $212.4 in the previous 24 hours, after plunging more than 11% in the last trading session.

XRP spiked 16.4% to $0.32640 on the Poloniex exchange, while Litecoin also rose 5.4% at $54.207.  

The Chinese central bank warned in a notice on Tuesday the illegality of the ICO fundraising model and the dangers associated with trading in virtual currencies. The report also highlighted how Chinese citizens bypassed local crypto regulations.

“ICOs are “suspected of illegally selling tokens, illegally issuing securities, illegal criminal activities, financial fraud, pyramid schemes and other illegal and criminal activities,” said the central bank.

“The global share of domestic virtual currency transactions has dropped from the initial 90% to less than 5%, effectively avoiding the virtual currency bubble caused by skyrocketing global virtual currency prices in the second half of last year in China’s financial market. The impact has been highly recognized by the community,” it added.

The report came one year after the PboC issued its ban on ICO activities in China, which sent major cryptocurrencies including Bitcoin and Ethereum down by more than 10% last year.

Recent reports suggested that while Beijing shut down more than 80 local ICO trading platforms and ICO projects, Chinese investors have been using multiple methods, including the use of Virtual Private Networks (VPNs) and offshore exchanges, to circumvent the ban.

In other news, Global payments giant Mastercard (NYSE:MA) has developed a blockchain-based system to bring high-volume business-to-business transactions up to date, according to a three patent applications published by the U.S. Patent and Trademark Office.

In the applications, MasterCard said that blockchain could be used by B2B teams to store data clearly and in a format that is easily readable by participating parties.

Cardano Climbs 10.02% In Rally

Investing.com - Cardano was trading at $0.06951 by 23:01 (03:01 GMT) on the Investing.com Index on Wednesday, up 10.02% on the day. It was the largest one-day percentage gain since August 17.

The move upwards pushed Cardano's market cap up to $1.80B, or 0.90% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $23.92B.

Cardano had traded in a range of $0.06777 to $0.06951 in the previous twenty-four hours.

Over the past seven days, Cardano has seen a rise in value, as it gained 3.38%. The volume of Cardano traded in the twenty-four hours to time of writing was $66.84M or 0.52% of the total volume of all cryptocurrencies. It has traded in a range of $0.06197 to $0.07097 in the past 7 days.

At its current price, Cardano is still down 94.85% from its all-time high of $1.35 set on January 4.

Elsewhere in cryptocurrency trading

Bitcoin was last at $6,359.7 on the Investing.com Index, up 1.74% on the day.

Ethereum was trading at $214.31 on the Investing.com Index, a gain of 7.70%.

Bitcoin's market cap was last at $109.83B or 54.98% of the total cryptocurrency market cap, while Ethereum's market cap totaled $21.68B or 10.85% of the total cryptocurrency market value.

Asian Stocks Rise as Investors Shrug Off Latest Tariff News

Investing.com - Asian stocks rose in morning trade on Wednesday as investors shrugged off intensifying U.S.-China trade dispute.

Beijing announced retaliatory tariffs that targeted more than 5,000 U.S. products worth $60 billion on Tuesday. The new tariffs would take effect on Sep 24, China’s Ministry of Finance said in a statement. The country’s commerce ministry also filed a complaint to the World Trade Organization (WTO) against the U.S., according to reports.

Meanwhile, the Trump administration threatened duties on virtually all Chinese imports.

“China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me,” Trump said on Twitter. “What China does not understand is that these people are great patriots.”

Despite the intensifying trade despite between the U.S. and China, the Shanghai Composite gained 0.9% by 9:50PM ET (01:50 GMT), while the SZSE Component was also up 0.4%. Hong Kong’s Hang Seng Index on the other hand rose 0.9%.

“It looks like the president has decided to increase pressure on China. The market was expecting a 25% rate but the fact that it’s 10% might mean it’s a little bit less of a threat than we thought,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told Bloomberg in a phone interview.

Zaccarelli added that the Chinese showed “restraint” by not copying the White House’s levies on $200 billion in goods. “They’re not matching the U.S. dollar-for-dollar,” he said.

Elsewhere, Japan’s Nikkei 225 traded 1.1% higher in morning trade, with a weaker yen cited as tailwind for equities. The Bank of Japan concludes its meeting later in the day and is widely expected to leave its monetary policy unchanged.

Down under, Australia’s S&P/ASX 200 also rose 0.4%.

Day Ahead: Top 3 Things to Watch

Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow.

1. Housing Starts Expected to Jump

The focus on the economic calendar is on housing again tomorrow, with data on home construction coming in before the bell.

Numbers on housing starts and building permits arrive at 8:30 AM ET (12:30 GMT).

Housing starts are expected to have risen by 5.8% to an annual rate of 1.235 million in August.

But economists predict that building permits, an indicator of future activity, edged down 0.1% to a rate of 1.31 million in August.

Today, the National Association of Home Builders said its housing market index for September was unchanged from the month before at 67.

2. Oil Prices a Bit Frothy Ahead of Inventories

Oil prices were buoyed today by some indications that OPEC wasn’t concerned about the current level of output, so traders will turn their attention to inventory numbers out tomorrow.

Official data from the Energy Information Administration (EIA) is set to be released Wednesday at 10:30 AM ET (14:30 GMT).

The EIA is expected to report U.S. crude stockpiles fell 2.741 million barrels last week, down from the 5.836 million barrel decline in the prior week.

OPEC and non-OPEC producers will meet in Algiers on Sunday, but do not have plans to propose an immediate increase in crude output, but rather will discuss how to share a previously agreed output increase, according a report from Reuters.

Also helping expectations for tighter global crude supplies was a report from Bloomberg, citing unnamed Saudi sources, claiming the Kingdom was comfortable with Brent crude prices above $80 barrel, easing fears that Saudi Arabia, the de-facto leader of OPEC, would push for an increase in output.

3. Will Elon Musk Tweet About DoJ Request?

Tesla (NASDAQ:TSLA) investors will be on the lookout for any follow-up to news the company is facing a criminal investigation, especially from CEO Elon Musk.

The company confirmed it had received a request to voluntarily supply documents from the Justice Department, following a report from Bloomberg.

This is the latest development after Musk tweeted that he had the funds to take the company private for $420, but later did a U-turn.

“We respect the DOJ’s desire to get information about this and believe that the matter should be quickly resolved as they review the information they have received,” the company said in a statement to The Wall Street Journal.

It’s possible the outspoken Musk will tweet something out regarding the investigation, but for now his feed has been focused on SpaceX.

Brazil stocks higher at close of trade; Bovespa up 1.97%

Investing.com – Brazil stocks were higher after the close on Tuesday, as gains in the Consumption, Public Utilities and Basic Materials sectors led shares higher.

At the close in Sao Paulo, the Bovespa rose 1.97%.

The best performers of the session on the Bovespa were Gerdau SA Pref (SA:GGBR4), which rose 6.65% or 1.04 points to trade at 16.67 at the close. Meanwhile, Viavarejo Unt (SA:VVAR11) added 4.88% or 0.79 points to end at 16.98 and Usinas Siderurgicas de Minas Gerais (SA:USIM5) was up 5.12% or 0.39 points to 8.00 in late trade.

The worst performers of the session were Suzano Papel e Celulose SA (SA:SUZB3), which fell 4.24% or 2.18 points to trade at 49.22 at the close. Telefonica Brasil SA (SA:VIVT4) declined 3.97% or 1.60 points to end at 38.75 and Cielo SA (SA:CIEL3) was down 2.33% or 0.33 points to 13.86.

Rising stocks outnumbered declining ones on the BM&FBovespa Stock Exchange by 277 to 168 and 45 ended unchanged.

Shares in Telefonica Brasil SA (SA:VIVT4) fell to 52-week lows; losing 3.97% or 1.60 to 38.75.

The CBOE Brazil Etf Volatility, which measures the implied volatility of Bovespa options, was down 8.53% to 49.98.

Gold Futures for December delivery was down 0.23% or 2.80 to $1203.00 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 1.50% or 1.03 to hit $69.71 a barrel, while the December US coffee C contract fell 1.44% or 1.40 to trade at $95.85 .

USD/BRL was up 0.48% to 4.1531, while EUR/BRL rose 0.32% to 4.8452.

The US Dollar Index Futures was up 0.11% at 94.19.

Colombia stocks higher at close of trade; COLCAP up 0.95%

Investing.com – Colombia stocks were higher after the close on Tuesday, as gains in the Industrials, Financials and Investment sectors led shares higher.

At the close in Colombia, the COLCAP added 0.95%.

The best performers of the session on the COLCAP were Cemex Latam Holdings SA (CN:CLH), which rose 1.81% or 100.0 points to trade at 5630.0 at the close. Meanwhile, Ecopetrol SA (CN:ECO) added 1.81% or 70.0 points to end at 3940.0 and Canacol Energy Ltd (CN:CNE) was up 1.07% or 100.0 points to 9410.0 in late trade.

The worst performers of the session were Conconcret (CN:CIC), which fell 4.44% or 16.0 points to trade at 344.0 at the close. Avianca Holdings Pf (CN:AVT_p) declined 2.10% or 45.0 points to end at 2095.0 and Celsia SA (CN:CEL) was down 0.68% or 30.0 points to 4400.0.

Rising stocks outnumbered declining ones on the Colombia Stock Exchange by 15 to 9 and 8 ended unchanged.

Shares in Ecopetrol SA (CN:ECO) rose to 3-years highs; up 1.81% or 70.0 to 3940.0. Shares in Celsia SA (CN:CEL) fell to 52-week lows; down 0.68% or 30.0 to 4400.0.

US coffee C for December delivery was down 1.44% or 1.40 to $95.85 . Elsewhere in commodities trading, US cocoa for delivery in December rose 0.42% or 9.50 to hit $2247.00 , while the December Gold Futures contract fell 0.25% or 3.00 to trade at $1202.80 a troy ounce.

USD/COP was down 0.31% to 3004.95, while BRL/COP fell 0.73% to 725.19.

The US Dollar Index Futures was up 0.13% at 94.21.

Stocks - S&P Rallies as Tech Rebounds, Tariffs Less Harsh Than Feared

Investing.com - The S&P 500 closed higher on Tuesday as softer-than-expected tariffs imposed by the U.S. and China put the brakes on the prospect of a full-blown trade war, prompting a wave of buying across stocks.

The Dow Jones Industrial Average rose about 0.71%. The S&P 500 rose 0.54%, while the Nasdaq Composite rose 0.76%.

The latest merry-go-round in the U.S.-China trade dispute did little to suggest that a full-blown trade war near. Both nations' trade salvos were less harsh than many heard feared.

China said it will impose new tariffs on U.S. goods worth $60 billion on Sept. 24, but levies would be instituted at lower rates than had been expected, according to a Reuters report. China's tariff rate on a list of 5,207 U.S. products will range between 5% and 10%, below the previously touted 10% to 20% rate.

The announcement arrived after the Trump administration announced the U.S. will impose 10% tariffs on $200 billion in Chinese goods next week. Those duties will more than double to a rate of 25% on Jan. 1.

"As before, we estimate the direct effects of these tariffs on Chinese export volumes and GDP to be low," Goldman Sachs said.

With the United States only set to hike up the levies in 2019, some suggested there was ample opportunity for the both nations to seek a resolution.

President Donald Trump and Chinese counterpart Xi Jinping are slated to meet in November.

In a sign of optimism on the trade-war front, both Boeing (NYSE:BA) and Caterpillar (NYSE:CAT), which have significant exposure to China, ended the day higher.

A rebound in tech, also lifted the broader averages higher as bargain-seeking investors swooped in on beaten-up tech stocks, which had come under pressure Monday.

Shares of Apple (NASDAQ:AAPL) and Fitbit (NYSE:FIT) posted gains for the day. Both were helped by easing fears over loss of revenues from smartwatches and Bluetooth devices -- two items, among others, that were scrubbed off the list of products subject to levies.

Rising energy stocks, fuelled by a sharp uptick in oil prices, also led the broader market higher, as investor expectations for tighter global crude output received a boost.

On the New York Mercantile Exchange, crude futures for November delivery rose 1.4% to settle at $69.85 a barrel.

On the corporate news front, Tesla (NASDAQ:TSLA) shares slumped after the electric automaker confirmed the U.S. Department of Justice was investigating Chief Executive Elon Musk's public statements in August, in which he claimed to have secured funding to take the company private.

General Mills (NYSE:GIS) stock, meanwhile, also saw sharp losses amid a mixed fiscal first-quarter report as earnings topped estimates, but revenue fell short. And FedEx (NYSE:FDX) stock slumped 5.5% after its quarterly profit missed consensus.

Top S&P 500 Gainers and Losers Today:

Unum Group (NYSE:UNM), Netflix (NASDAQ:NFLX) and Union Pacific (NYSE:UNP) were among the top S&P 500 gainers for the session.

General Mills (NYSE:GIS), FedEx (NYSE:FDX) and Marsh & McLennan (NYSE:MMC) were among the worst S&P 500 performers of the session.

Dollar Off Lows as Euro Reverses Gains, Trade Concerns Linger

Investing.com - The dollar turned positive against its rivals Tuesday, as investors weighed the latest escalation in the tit-for-tat tariff dispute between the U.S. and China, while a weaker euro also lifted sentiment.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.16% to 94.25, from a session low of 93.88.

China said it will impose new tariffs on U.S. goods worth $60 billion on Sept. 24, but levies would be instituted at lower rates than had been expected, according to a Reuters report.

China's tariff rate on a list of 5,207 U.S. products will range between 5% and 10%, below the previously touted 10% to 20% rate, Reuters said.

Investors seemingly took this as a sign that both sides were in no hurry to enter a full-scale trade war, as the United States also imposed tariffs at a lower rate than previously expected.

U.S. President Donald Trump announced late Monday new 10% tariffs on $200 billion in Chinese goods, below an original figure of 25% floated by the administration previously.

The trade-war proxy AUD/JPY, rose 0.71% to 80.95, while risk-sensitive USD/JPY rose 0.38% to Y112.31.

The Australian economy relies heavily on exporting raw materials (primarily metals), particularly to China, which accounts for about a third of Australian exports every year.

The dollar was also boosted by a retreat in the euro as investors grew nervous about Italy's chances of passing a budget within the European Union guidelines after Deputy Prime Minister Luigi Di Maio clashed with Finance Minister Giovanni Tria over budget proposals.

EUR/USD fell 0.18% to $1.1662, while GBP/USD fell 0.11% to $1.3136.

USD/CAD fell 0.49% to C$1.2983 as the Canadian dollar was boosted by rising oil prices on expectations that OPEC will decide against raising output at a meeting slated for the weekend.

The loonie also remains sensitive to trade talk as the United States and Canada continue efforts to hash out an agreement on a revamp of the North American Free Trade Agreement (NAFTA).

Spain stocks higher at close of trade; IBEX 35 up 0.46%

Investing.com – Spain stocks were higher after the close on Tuesday, as gains in the Financial Services&Real Estate, Consumer Goods and Building&Construction sectors led shares higher.

At the close in Madrid, the IBEX 35 gained 0.46%.

The best performers of the session on the IBEX 35 were Grifols SA (MC:GRLS), which rose 2.83% or 0.670 points to trade at 24.350 at the close. Meanwhile, Cellnex Telecom SA (MC:CLNX) added 2.67% or 0.59 points to end at 22.70 and Indra A (MC:IDR) was up 1.53% or 0.150 points to 9.950 in late trade.

The worst performers of the session were Mediaset ESP (MC:TL5), which fell 1.46% or 0.094 points to trade at 6.366 at the close. Endesa (MC:ELE) declined 1.03% or 0.195 points to end at 18.825 and Amadeus IT (MC:AMA) was down 0.86% or 0.680 points to 78.260.

Rising stocks outnumbered declining ones on the Madrid Stock Exchange by 111 to 58 and 28 ended unchanged.

Gold Futures for December delivery was down 0.21% or 2.50 to $1203.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 1.15% or 0.79 to hit $69.47 a barrel, while the November Brent oil contract rose 1.08% or 0.84 to trade at $78.89 a barrel.

EUR/USD was down 0.10% to 1.1671, while EUR/GBP fell 0.04% to 0.8876.

The US Dollar Index Futures was up 0.10% at 94.18.

Netherlands stocks higher at close of trade; AEX up 0.41%

Investing.com – Netherlands stocks were higher after the close on Tuesday, as gains in the Industrials, Technology and Oil&Gas sectors led shares higher.

At the close in Amsterdam, the AEX gained 0.41%.

The best performers of the session on the AEX were ASML Holding NV (AS:ASML), which rose 1.70% or 2.68 points to trade at 160.26 at the close. Meanwhile, Royal Dutch Shell PLC Class A (AS:RDSa) added 1.49% or 0.415 points to end at 28.230 and Koninklijke DSM NV (AS:DSMN) was up 1.30% or 1.16 points to 90.62 in late trade.

The worst performers of the session were Relx PLC (AS:REL), which fell 1.90% or 0.335 points to trade at 17.285 at the close. Koninklijke Ahold Delhaize NV (AS:AD) declined 1.51% or 0.298 points to end at 19.466 and Koninklijke Vopak NV (AS:VOPA) was down 0.90% or 0.39 points to 43.00.

Rising stocks outnumbered declining ones on the Amsterdam Stock Exchange by 65 to 57 and 14 ended unchanged.

The AEX Volatility, which measures the implied volatility of AEX options, was up 0.62% to 12.77.

Crude oil for November delivery was up 1.15% or 0.79 to $69.47 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 1.10% or 0.86 to hit $78.91 a barrel, while the December Gold Futures contract fell 0.19% or 2.30 to trade at $1203.50 a troy ounce.

EUR/USD was down 0.09% to 1.1673, while EUR/GBP fell 0.04% to 0.8876.

The US Dollar Index Futures was up 0.09% at 94.17.

Russia stocks higher at close of trade; MOEX Russia up 1.21%

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

At the close in Moscow, the MOEX Russia gained 1.21% to hit a new all time high.

The best performers of the session on the MOEX Russia were NOVATEK (MCX:NVTK), which rose 6.12% or 65.70 points to trade at 1139.80 at the close. Meanwhile, United Company Rusal Plc (MCX:RUAL) added 3.13% or 0.840 points to end at 27.640 and Rosseti ao (MCX:RSTI) was up 3.11% or 0.0218 points to 0.7236 in late trade.

The worst performers of the session were Ros Agro PLC (MCX:AGRODR), which fell 1.78% or 12 points to trade at 688 at the close. RusHydro JSC (MCX:HYDR) declined 1.66% or 0.0104 points to end at 0.6153 and FSK EES (MCX:FEES) was down 1.26% or 0.0021 points to 0.1648.

Rising stocks outnumbered declining ones on the Moscow Stock Exchange by 121 to 73 and 29 ended unchanged.

The Russian VIX, which measures the implied volatility of MOEX Russia options, was up 0.70% to 27.170.

Gold Futures for December delivery was down 0.19% or 2.30 to $1203.50 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 1.15% or 0.79 to hit $69.47 a barrel, while the November Brent oil contract rose 1.08% or 0.84 to trade at $78.89 a barrel.

USD/RUB was down 0.95% to 67.4151, while EUR/RUB fell 1.02% to 78.6878.

The US Dollar Index Futures was up 0.07% at 94.16.

Germany stocks mixed at close of trade; DAX up 0.51%

Investing.com – Germany stocks were mixed after the close on Tuesday, as gains in the Technology, Basic Resources and Telecoms sectors led shares higher while losses in the Retail, Food&Beverages and Media sectors led shares lower.

At the close in Frankfurt, the DAX gained 0.51%, while the MDAX index lost 0.12%, and the TecDAX index added 0.12%.

The best performers of the session on the DAX were Volkswagen AG VZO O.N. (DE:VOWG_p), which rose 2.60% or 3.76 points to trade at 148.24 at the close. Meanwhile, Thyssenkrupp AG O.N. (DE:TKAG) added 2.26% or 0.435 points to end at 19.680 and Infineon Technologies AG NA O.N. (DE:IFXGn) was up 1.41% or 0.275 points to 19.840 in late trade.

The worst performers of the session were Continental AG O.N. (DE:CONG), which fell 0.73% or 1.10 points to trade at 150.00 at the close. Fresenius Medical Care KGAA ST (DE:FMEG) declined 0.72% or 0.640 points to end at 88.100 and Beiersdorf AG O.N. (DE:BEIG) was down 0.61% or 0.600 points to 97.440.

The top performers on the MDAX were Osram Licht AG (DE:OSRn) which rose 5.87% to 38.25, Deutsche Pfandbriefbank AG (DE:PBBG) which was up 3.69% to settle at 12.92 and Norma Group AG NA O.N. (DE:NOEJ) which gained 2.92% to close at 58.150.

The worst performers were Zalando SE (DE:ZALG) which was down 13.20% to 36.37 in late trade, Schaeffler AG Pref (DE:SHA_p) which lost 2.98% to settle at 10.74 and Stroeer SE (DE:SAXG) which was down 1.89% to 49.740 at the close.

The top performers on the TecDAX were Nemetschek AG O.N. (DE:NEKG) which rose 3.37% to 153.400, Nordex SE O.N. (DE:NDXG) which was up 3.06% to settle at 9.310 and Siltronic AG (DE:WAFGn) which gained 2.33% to close at 107.500.

The worst performers were Evotec AG O.N. (DE:EVTG) which was down 7.01% to 20.420 in late trade, Morphosys AG O.N. (DE:MORG) which lost 2.53% to settle at 94.250 and Jenoptik AG (DE:JENGn) which was down 1.72% to 31.980 at the close.

Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 417 to 267 and 95 ended unchanged.

Shares in Zalando SE (DE:ZALG) fell to 52-week lows; losing 13.20% or 5.53 to 36.37. Shares in Nemetschek AG O.N. (DE:NEKG) rose to all time highs; up 3.37% or 5.000 to 153.400.

The DAX volatility index, which measures the implied volatility of DAX options, was down 2.93% to 14.95.

Gold Futures for December delivery was down 0.16% or 1.90 to $1203.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 1.08% or 0.74 to hit $69.42 a barrel, while the November Brent oil contract rose 1.01% or 0.79 to trade at $78.84 a barrel.

EUR/USD was up 0.04% to 1.1688, while EUR/GBP unchanged 0.00% to 0.8880.

The US Dollar Index Futures was down 0.01% at 94.08.

Turkey stocks higher at close of trade; BIST 100 up 0.57%

Investing.com – Turkey stocks were higher after the close on Tuesday, as gains in the Transport, Technology and Information Technology sectors led shares higher.

At the close in Istanbul, the BIST 100 rose 0.57% to hit a new 1-month high.

The best performers of the session on the BIST 100 were Turkiye Sinai Kalkinma Bankasi AS (IS:TSKB), which rose 6.85% or 0.050 points to trade at 0.780 at the close. Meanwhile, Teknosa Ic ve Dis Ticaret AS (IS:TKNSA) added 6.19% or 0.280 points to end at 4.800 and Cemtas Celik Makina Sanayi ve Ticaret AS (IS:CEMTS) was up 5.77% or 0.390 points to 7.150 in late trade.

The worst performers of the session were ODAS Elektrik Uretim Sanayi Ticaret AS (IS:ODAS), which fell 3.57% or 0.130 points to trade at 3.510 at the close. Mavi Giyim Sanayi Ve Ticaret AS (IS:MAVI) declined 3.46% or 1.18 points to end at 32.94 and Akenerji Elektrik Uretim AS (IS:AKENR) was down 3.33% or 0.020 points to 0.580.

Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 202 to 148 and 58 ended unchanged.

Shares in ODAS Elektrik Uretim Sanayi Ticaret AS (IS:ODAS) fell to 52-week lows; falling 3.57% or 0.130 to 3.510. Shares in Cemtas Celik Makina Sanayi ve Ticaret AS (IS:CEMTS) rose to all time highs; gaining 5.77% or 0.390 to 7.150. Shares in Akenerji Elektrik Uretim AS (IS:AKENR) fell to 5-year lows; losing 3.33% or 0.020 to 0.580.

Gold Futures for December delivery was down 0.14% or 1.70 to $1204.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November rose 1.31% or 0.90 to hit $69.58 a barrel, while the November Brent oil contract rose 1.24% or 0.97 to trade at $79.02 a barrel.

USD/TRY was up 0.39% to 6.3363, while EUR/TRY rose 0.46% to 7.4151.

The US Dollar Index Futures was down 0.03% at 94.06.

Stocks - Midday Movers: Cannabis Soars, Consumer Staples Slump

Investing.com - Cannabis stocks were off to the races again midday after a regulatory announcement, while consumer staples were hit by a double whammy of trade tensions and weak earnings.

Marijuana company Tilray (NASDAQ:TLRY) jumped about 17% at 11:55 AM ET (15:55 GMT).

The U.S. Drug Enforcement Agency agreed to let Canada-based Tilray export marijuana to the U.S. for a clinical trial on its effectiveness in treating a neurological disorder called essential tremor.

This makes Tilray the first Canadian company to import cannabis into the U.S.

Other pot stocks also rallied on the news. Canopy Growth (NYSE:CGC) gained about 5%, Cronos Group (NASDAQ:CRON) rose about 15% and Aurora Cannabis (OTC:ACBFF) was about 4% higher.

Among stocks in the red, consumer staples equities were hit hard after General Mills’ quarterly sales missed estimates and there was pressure on its gross margin.

General Mills (NYSE:GIS) fell about 8%, making it the biggest loser in the S&P Consumer Staples Sector index, which fell about 0.5%.

Consumer staples investors also had to digest the possible impact of tariffs the White House said Monday it would place on $200 billion more of Chinese goods and China’s announcement this morning that it would retaliate with tariffs on $60 billion in U.S. imports.

Other struggling consumer staples stocks included Kraft Heinz (NASDAQ:KHC), off about 2%, and Campbell Soup (NYSE:CPB), which dropped about 2.5%.

Oil Higher as Trade, Saudi Arabia Comments Drive Prices Higher

Investing.com - Oil prices were higher on Tuesday as Saudi Arabian officials said they are comfortable with rising Brent prices.

West Texas crude oil futures for November surged 1.35% to $69.61 a barrel as of 10:35 AM ET (14:35 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.46% to $79.19.

Saudi Arabian officials said they are comfortable with Brent prices going above $80 a barrel as markets adjust to the loss of supply from U.S. sanctions.

The comments came after the Organization of the Petroleum Exporting Countries (OPEC) and Russia warned that U.S. sanctions against Iran, OPEC’s third-largest supplier, could put pressure on markets. The sanctions, which are expected to go into effect on Nov. 4, have already caused Iran’s crude exports to fall.

“When you have major producers facing supply challenges, it’s of concern” for OPEC and consumers alike, OPEC Secretary-General Mohammad Barkindo said.

Meanwhile, the U.S.-Sino trade war escalated after China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

President Donald Trump previously stated that the U.S. would impose tariffs on another $267 billion of additional imports if China retaliates.

Investors were also focused for weekly data on crude stockpiles to be released from the American Petroleum Institute later in the session.

In other energy trading, gasoline RBOB futures rose 2.07% at $2.0140 a gallon, while heating oil increased 1.55% to $2.2409 a gallon. Natural gas futures surged 2.06% to $2.872 per million British thermal units.

Netflix Rises 3.03%

Investing.com - Netflix (NASDAQ:NFLX) rose by 3.03% to trade at $360.95 by 10:17 (14:17 GMT) on Tuesday on the NASDAQ exchange.

The volume of Netflix shares traded since the start of the session was $2.25M. Netflix has traded in a range of $351.56 to $360.95 on the day.

The stock has traded at $374.09 at its highest and $343.08 at its lowest during the past seven days.

Stocks - Wall Street Opens Higher; China Retaliates on U.S. Tariffs

Investing.com - Wall Street was higher on Tuesday, as investors shrugged off news that China is retaliating against a fresh round of U.S. tariffs.

The S&P 500 rose 9 points, or 0.34%, to 2,898.68 as of 9:36 AM ET (13:36 GMT), while the Dow increased 77 points, or 0.30%, to 26,140.10 and the tech-heavy Nasdaq Composite jumped 43 points, or 0.56%, to 7,939.77.

China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24, Reuters reported. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

Donald Trump tweeted that “there will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!” He previously stated that the U.S. would impose tariffs on another $267 billion of additional imports if China retaliates.

Apple (NASDAQ:AAPL) inched down 0.13% after the White House spared a category of high-tech products from tariffs that Apple uses for its Watch and AirPods.

Avon (NYSE:AVP) surged 6.25% amid reports that Brazil’s Natura Cosmeticos has approached the cosmetics company about a takeover. Amazon.com (NASDAQ:AMZN) rose 0.87%, while Tesla (NASDAQ:TSLA) jumped 1.68% and medical marijuana company Tilray (NASDAQ:TLRY) rose 12.75%.

Elsewhere, Oracle (NYSE:ORCL) dipped 2.91% after its revenue for cloud services were less than expected, while Chinese e-commerce firm Alibaba (NYSE:BABA) fell 1.25%.

In Europe stocks were flat. Germany’s DAX rose 1 point, or 0.01%, while in France the CAC 40 increased half a point, or 0.01%, and in London the FTSE 100 was down 2 points, or 0.04%. Meanwhile, the pan-European Euro Stoxx 50 lost 2 points, or 0.07%, while Spain’s IBEX 35 rose 20 points, or 0.22%.

In commodities, gold futures rose 0.14% to $1,207.50 a troy ounce, while crude oil futures jumped 1.67% to $69.83 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.19% to 93.91.

Cryptos Fall, Mastercard Explores B2B Blockchain

Investing.com - Cryptocurrencies fell on Tuesday as Bitcoin dipped below $6,300.

Bitcoin slumped 1.94% to $6,323.50 on the Bitfinex exchange as of 8:39 AM ET (12:39 GMT).

Cryptocurrencies overall were slightly lower with the coin market cap of total market capitalization at $197 billion at the time of writing, compared to $201 billion on Monday.

Ethereum, or Ether, the second-biggest alternative currency by market cap, fell 4.63% to $207.73. XRP, the third-largest virtual currency, was up 8.83% to $0.30647 and Litecoin was at $53.448, down 3.97%.

Global payments giant Mastercard (NYSE:MA) has developed a blockchain-based system to bring high-volume business-to-business transactions up to date, according to a three patent applications published by the U.S. Patent and Trademark Office.

In the applications, MasterCard said that blockchain could be used by B2B teams to store data clearly and in a format that is easily readable by participating parties.

“In cases where ledgers like blockchains are used, the ledgers may be provided even more benefits as they may be immutable and resistant to tampering, which may further increase the reliability of such data,” the patent noted.

In other news, Ripple is launching a product to help banks speed up transactions.

Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, said on Monday that xRapid would be up and running soon.

"I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production," Sarbhai said of xRapid in an interview with CNBC.

Meanwhile, Bancor, a smart token liquidity provider, is moving into cross-chain liquidity. The company will allow users to trade between a range of EOS and Ethereum tokens. Previously the company was a mainstay of the Ethereum network.

Sri Lanka stocks lower at close of trade; CSE All-Share down 0.95%

Investing.com – Sri Lanka stocks were lower after the close on Tuesday, as losses in the Information Technology, Construction&Engineering and Chemicals&Pharmaceuticals sectors led shares lower.

At the close in Colombo, the CSE All-Share fell 0.95% to hit a new 52-week low.

The best performers of the session on the CSE All-Share were SMB Leasing PLC (CM:SEMB), which rose 25.00% or 0.1000 points to trade at 0.5000 at the close. Meanwhile, Colombo Investment Trust PLC (CM:CIT) added 20.11% or 11.72 points to end at 70.00 and Blue Diamonds Jewellery Worldwide PLC (CM:BLUE) was up 20.00% or 0.100 points to 0.600 in late trade.

The worst performers of the session were Union Chemicals Lanka PLC (CM:UCHE), which fell 22.47% or 89.90 points to trade at 310.10 at the close. Lighthouse Hotel PLC (CM:LHL) declined 12.50% or 4.00 points to end at 28.00 and Nation Lanka Finance PLC (CM:CSF) was down 11.11% or 0.100 points to 0.800.

Falling stocks outnumbered advancing ones on the Colombo Stock Exchange by 134 to 64 and 45 ended unchanged.

Shares in Union Chemicals Lanka PLC (CM:UCHE) fell to 5-year lows; losing 22.47% or 89.90 to 310.10. Shares in Lighthouse Hotel PLC (CM:LHL) fell to 5-year lows; losing 12.50% or 4.00 to 28.00.

Crude oil for November delivery was up 1.08% or 0.74 to $69.42 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 1.11% or 0.87 to hit $78.92 a barrel, while the December Gold Futures contract fell 0.12% or 1.40 to trade at $1204.40 a troy ounce.

GBP/LKR was up 0.32% to 217.470, while USD/LKR rose 0.49% to 165.710.

The US Dollar Index Futures was up 0.07% at 94.16.

Indonesia stocks lower at close of trade; IDX Composite Index down 0.21%

Investing.com – Indonesia stocks were lower after the close on Tuesday, as losses in the Property, Consumer Industry and Agriculture sectors led shares lower.

At the close in Jakarta, the IDX Composite Index declined 0.21%.

The best performers of the session on the IDX Composite Index were Indo Acidatama Tbk (JK:SRSN), which rose 34.92% or 22 points to trade at 85 at the close. Meanwhile, Mahaka Media Tbk (JK:ABBA) added 34.48% or 50 points to end at 195 and Triwira Insanlestari Tbk (JK:TRIL) was up 22.81% or 13 points to 70 in late trade.

The worst performers of the session were Sinergi Megah Internusa Tbk PT (JK:NUSA), which fell 25.00% or 63 points to trade at 189 at the close. Cowell Development Tbk (JK:COWL) declined 18.25% or 115 points to end at 515 and Visi Telekomunikasi Infrastruktur Tbk PT (JK:GOLD) was down 16.14% or 92 points to 478.

Falling stocks outnumbered advancing ones on the Jakarta Stock Exchange by 213 to 152 and 116 ended unchanged.

Shares in Mahaka Media Tbk (JK:ABBA) rose to 5-year highs; gaining 34.48% or 50 to 195.

Crude oil for November delivery was up 1.19% or 0.82 to $69.50 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 1.18% or 0.92 to hit $78.97 a barrel, while the December Gold Futures contract fell 0.20% or 2.40 to trade at $1203.40 a troy ounce.

USD/IDR was down 0.30% to 14863.0, while AUD/IDR rose 0.23% to 10704.20.

The US Dollar Index Futures was up 0.07% at 94.16.

Top 5 Things to Know in the Market on Tuesday

Investing.com - Here are the top five things you need to know in financial markets on Tuesday, September 18:

1. Trump ups the ante on China, Beijing will retaliate

U.S. President Donald Trump said in a statement after Monday’s market close that the U.S. is slapping 10% tariffs on $200 billion worth of Chinese goods starting on September 24 and warned that the tariffs would rise to 25% in January 2019.

Trump added that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.

"But, so far, China has been unwilling to change its practices."

China was quick to respond, saying on Tuesday that it has no choice but to retaliate against new U.S. trade tariffs, risking even stronger action from Trump in an escalation of the trade war between the world's largest economies.

"To protect its legitimate rights and interests and order in international free trade, China is left with no choice but to retaliate simultaneously," the Chinese commerce ministry said in a brief statement, without specifying what action it would take.

2. Apple, Fitbit spared in U.S.-Sino trade dispute

Even as Trump put into motion the next round of tariffs on Chinese goods, the administration spared a category of high-tech products from the duties.

A product code that covers Apple Inc's (NASDAQ:AAPL) Watch and AirPods - as well as similar smart watches, fitness trackers and other goods made by competitors including Fitbit Inc (NYSE:FIT) - was not on the American government’s list.

Apple sold 4.7 million smart watches last year, and Fitbit sold 2.7 million, according to research company International Data Corp.

Reuters pointed out that some consumer safety products made in China, such as bicycle helmets sold by Vista Outdoor (NYSE:VSTO) and baby car seats and playpens from Graco Inc (NYSE:GGG) also were taken off the list.

Rare earth minerals - used in a wide range of consumer electronics goods - were also dropped from the provisional list, protecting U.S. manufacturers from increasing costs.

3. Oil soars as Saudi Arabia comfortable with $80 Brent

Oil prices soared on Tuesday after Saudi Arabia was reported to be comfortable with Brent above $80 per barrel, as the global market adjusts to the loss of Iranian supply from U.S. sanctions.

Saudi officials were careful to avoid pinpointing a price target in their conversations, saying that while the kingdom has no desire to push prices higher than $80 a barrel, it may no longer be possible to avoid it.

U.S. crude oil futures gained 1.44% to $69.67 by 5:57 AM ET (9:57 GMT), while Brent oil traded up 1.54% to $79.25.

Investors were also focused for weekly data on crude stockpiles to be released from the American Petroleum Institute later in the session. Official government data will be released on Wednesday, amid expectations for a draw of 2.4 million barrels.

4. Global stocks shrug off 10% tariffs

Global stocks took Trump’s announcement of 10% tariffs on China in stride on Tuesday, with most major indices registering gains.

Some observers suggested that investors had prepared for a higher level of 25% that now will be put off until January, providing some months for officials to advance on negotiations.

After an initial dip, Asian stocks closed the session with solid gains, while European shares followed their Asian peers upwards nearing midday trade on Tuesday.

U.S. futures pointed to a higher open, although the rise remained tepid in an environment marked by caution. At 5:58 AM ET (9:58 GMT), the blue-chip Dow futures rose 55 points, or 0.21%, S&P 500 futures gained 6 points, or 0.19%, while the Nasdaq 100 futures traded up 22 points, or 0.29%.

5. North and South Korean leaders set to meet

South Korean President Moon Jae-in will head to Pyongyang on Tuesday in an attempt to salvage stalled nuclear talks between the U.S. and North Korea.

As part of the three-day trip, Moon and Kim Jong Un will hold a joint press conference on Wednesday.

Kim has been avoiding a concrete timetable for ending his nuclear program, pushing for a peace declaration with the U.S. before he gets rid of North Korea’s nuclear capability.

Oil Prices Jump After Saudi Arabia Says It Is Okay With Brent at $80 a Barrel

Investing.com - Oil prices rose sharply on Tuesday, after Saudi Arabian officials said they are okay with rising prices in the short term.

West Texas Crude oil futures surged 1.22% to $69.52 a barrel as of 5:29 AM ET (9:29 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.29% to $79.06.

Saudi Arabian officials said they are comfortable with Brent prices going above $80 a barrel as markets adjust to the loss of supply from U.S. sanctions, according to Bloomberg.

The comments came after the Organization of the Petroleum Exporting Countries and Russia warned that U.S. sanctions against Iran, OPEC’s third-largest supplier, could put pressure on markets. The sanctions, which are expected to go into effect on November 4, have already caused Iran’s crude exports to fall.

“When you have major producers facing supply challenges, it’s of concern” for OPEC and consumers alike, OPEC Secretary-General Mohammad Barkindo said.

U.S. Energy Secretary Rick Perry said Friday that he does not foresee any price spikes and that Saudi Arabia, Russia and the United States can raise global output in the next 18 months.

The global oil supply rose in August to a record 100 million barrels per day, the International Energy Agency said in its latest forecast on Thursday. The Paris-based organization waned that prices could rise to $80 a barrel unless producers compensate for lost supply from Iran and Venezuela.

In other energy trading, Gasoline RBOB Futures rose 1.60% at $2.0050 a gallon, while heating oil gained 1.44% to $2.2380 a gallon. Natural gas futures increased 0.39% to $2.825 per million British thermal units.

Forex- U.S. Dollar Flat as Trump Announces Tariffs on China

Investing.com - The U.S. dollar was flat against other currencies on Tuesday as the White House imposed fresh tariffs on China.

U.S. President Donald Trump announced on Monday that the U.S. will put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

Trump added that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.

"But, so far, China has been unwilling to change its practices."

China has said it will retaliate against the new tariffs. The U.S. had extended an invitation to China to discuss trade later this month but China is likely to cancel.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was flat at 94.09 as of 5:05 AM ET (9:05 GMT).

Elsewhere, the dollar rose against the safe-haven yen, with USD/JPY up 0.06% to 111.95. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.

The Chinese yuan was lower after the news, falling to three-week low. USD/CNH rose 0.08% to 6.8756, not far from a session high of 6.8921.

Meanwhile the euro and sterling were flat. The euro increased 0.03% to 1.1685, while the pound fell 0.11% to 1.3136. The Australian dollar was higher, with AUD/USD up 0.39% to 0.7219 while NZD/USD rose 0.23% to 0.6593.

Philippines stocks lower at close of trade; PSEi Composite down 1.72%

Investing.com – Philippines stocks were lower after the close on Tuesday, as losses in the Banking&Financials, Mining&Oil and Property sectors led shares lower.

At the close in Philippines, the PSEi Composite declined 1.72% to hit a new 1-month low.

The best performers of the session on the PSEi Composite were DMCI Holdings Inc (PS:DMC), which rose 3.77% or 0.460 points to trade at 12.660 at the close. Meanwhile, First Gen Corp (PS:FGEN) added 2.27% or 0.38 points to end at 17.10 and Robinsons Retail Holdings Inc (PS:RRHI) was up 1.86% or 1.500 points to 82.000 in late trade.

The worst performers of the session were Metropolitan Bank and Trust Co (PS:MBT), which fell 4.21% or 2.90 points to trade at 66.00 at the close. Bank of the Philippine Islands (PS:BPI) declined 4.14% or 3.55 points to end at 82.10 and SM Investments Corp (PS:SM) was down 3.36% or 31.00 points to 891.00.

Falling stocks outnumbered advancing ones on the Philippines Stock Exchange by 150 to 54 and 33 ended unchanged.

Shares in Metropolitan Bank and Trust Co (PS:MBT) fell to 5-year lows; falling 4.21% or 2.90 to 66.00. Shares in Bank of the Philippine Islands (PS:BPI) fell to 52-week lows; losing 4.14% or 3.55 to 82.10.

Gold Futures for December delivery was down 0.22% or 2.70 to $1203.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November fell 0.22% or 0.15 to hit $68.53 a barrel, while the November Brent oil contract fell 0.38% or 0.30 to trade at $77.75 a barrel.

CNY/PHP was down 0.03% to 7.8816, while USD/PHP fell 0.13% to 54.108.

The US Dollar Index Futures was up 0.03% at 94.12.

Australia stocks lower at close of trade; S&P/ASX 200 down 0.53%

Investing.com – Australia stocks were lower after the close on Tuesday, as losses in the Energy, IT and Healthcare sectors led shares lower.

At the close in Sydney, the S&P/ASX 200 declined 0.53%.

The best performers of the session on the S&P/ASX 200 were Western Areas Ltd (AX:WSA), which rose 4.18% or 0.100 points to trade at 2.490 at the close. Meanwhile, Metcash Ltd (AX:MTS) added 3.18% or 0.090 points to end at 2.920 and Estia Health Ltd (AX:EHE) was up 2.50% or 0.060 points to 2.460 in late trade.

The worst performers of the session were Afterpay Touch Group Ltd (AX:APT), which fell 5.12% or 0.860 points to trade at 15.940 at the close. Altium Ltd (AX:ALU) declined 4.68% or 1.230 points to end at 25.060 and Galaxy Resources Ltd (AX:GXY) was down 3.82% or 0.095 points to 2.395.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 690 to 476 and 373 ended unchanged.

Shares in Galaxy Resources Ltd (AX:GXY) fell to 52-week lows; falling 3.82% or 0.095 to 2.395.

The S&P/ASX 200 VIX, which measures the implied volatility of S&P/ASX 200 options, was up 1.94% to 13.080.

Gold Futures for December delivery was down 0.12% or 1.50 to $1204.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in November fell 0.42% or 0.29 to hit $68.39 a barrel, while the November Brent oil contract fell 0.53% or 0.41 to trade at $77.64 a barrel.

AUD/USD was up 0.38% to 0.7209, while AUD/JPY rose 0.42% to 80.72.

The US Dollar Index Futures was down 0.06% at 94.03.

Asian Stocks Mixed as Markets Await China’s Response to Tariffs News

Investing.com - Asian stocks were mixed in afternoon trade on Tuesday as traders awaited Beijing’s response to an announcement made by the Trump’s administration on Monday that the U.S. would put 10% tariffs on $200 billion in Chinese goods. The yuan and the dollar traded slightly lower following the news.

Trump, in a statement, said that the tariffs would rise to 25% in January 2019, adding that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

According to reports, the U.S. removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals, along with some other products.

Markets are now likely to shift focus towards Beijing’s response to the development, according to analysts.

The South China Morning Post newspaper reported, citing an unidentified source in Beijing, that China is now unlikely to send a delegation to the U.S. next week for fresh talks as previously planned.

“China may be limited in its ability to impose similar tariffs in volume terms, but it can still aim to disrupt the US supply chain with those tech exports an obvious target and the cancelation of trade talks is also likely to dampen the mood,” Rodrigo Catril, a senior foreign-exchange strategist at the National Australia Bank, wrote in a morning note.

China’s Shanghai Composite traded 0.1% higher by 1:20AM ET (05:20 GMT), while the Shenzhen Component slipped 0.5%.

Hong Kong’s Hang Seng Index on the other hand slid 0.8%.

China’s hotpot-specialized company Haidilao International Holding Ltd. raised $963 million in its Hong Kong initial public offering (IPO), Reuters reported on Tuesday citing three people close to the deal.

Haidilao priced its shares at the indicated top range of HK$17.8 (US$2.27). Its shares are expected to begin trading on the Hong Kong stock exchange on Sep 26.

The company said last week that it was planning to raise $1 billion with the Hong Kong IPO with a price range of HK$14.8 to HK$17.8 per share. 

Elsewhere, Japan’s Nikkei 225 resumed trading after being closed Monday for a public holiday, and traded 1.5% higher as it played catch up.

Meanwhile, South Korea’s KOSPI gained 0.2% as the country’s President Moon Jae-in headed to Pyongyang on Tuesday for a landmark visit to rescue stalled nuclear talks between the U.S. and North Korea.

Leaders from South and North Korea would feature a joint press appearance on Wednesday, reports suggested.

“I will have candid talks with North Korean leader Kim Jong Un to find common ground between the U.S. demand to denuclearize and the North Korean demand to end their hostile relations,” Moon said at a meeting on Monday. “What I am trying to achieve is peace. Not a temporary change that can be swayed by international conditions, but an irreversible and permanent peace.”

Gold Prices Slips Despite Escalating U.S.-China Trade Tensions

Investing.com - Gold prices inched lower on Tuesday despite the announcement that the U.S. is slapping 10% tariffs on $200 billion in Chinese goods.

Gold futures for December delivery slipped 0.17% to $1,203.70 per troy ounce at 1:00AM ET (05:00 GMT) on the Comex division of the New York Mercantile Exchange. 

U.S. President Donald Trump said in a statement on Monday that U.S. is slapping 10% tariffs on $200 billion worth of Chinese goods, and that the tariffs would rise to 25% in January 2019.

Trump added that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.

"But, so far, China has been unwilling to change its practices."

Gold prices were under pressure in recent months despite intensifying trade tensions between the U.S. and its trade partners, as investors turned to the dollar for safety. The greenback received some support earlier in the session and popped up to 94.607 following the trade news.

Rising U.S. interest rates were also cited as headwind for the precious metal.

"Gold is facing a couple of headwinds ... The impending rate hike by the Fed is weighing on and obviously the escalation of trade conflict is pushing investors back in to the U.S. dollar," ANZ analyst Daniel Hynes said.

"This (trade woes) has not helped gold prices at all. It is likely to be a pretty tough environment for gold in the next couple of weeks as it battles these two fronts."

Yuan, Dollar Inch Lower as Trump Slaps 10% Tariffs On More Chinese Goods

Investing.com - The yuan and the U.S. dollar traded slightly lower on Tuesday following an announcement by the Trump administration that the U.S. would put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year.

The USD/CNY pair was trading at 6.8640 by 12:01AM ET (04:01 GMT), up 0.1%.

The fall in the Chinese yuan came after U.S. President Donald Trump said in a statement on Monday that U.S. is slapping 10% tariffs on $200 billion worth of Chinese goods, and that the tariffs would rise to 25% in January 2019.

Trump added that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports."

"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.

"But, so far, China has been unwilling to change its practices."

According to reports, the U.S. removed about 300 goods from a previously proposed list of affected products, including smart watches, some chemicals, along with some other products.

Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of other currencies, also traded 0.05% lower to 94.04. The index received some support earlier in the session and popped up to 94.607 following the trade news.

The greenback has benefited from safe-haven demand in recent months amid the escalating Sino-U.S. trade conflict.

"Of immediate concern to the market is how China responds to the tariffs," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

Elsewhere, the Aussie dollar, which is seen as a proxy to China-related trades, was up 0.14% at $0.7194, after hitting a low of $0.7144 earlier in the session.

The NZD/USD pair also gained 0.2% to 0.6593.

The USD/JPY pair was trading at 111.97, up 0.07%.

Oracle Earnings Beat, Revenue Misses In Q1

Investing.com - Oracle (NYSE:ORCL) reported first quarter earnings that beat analyst's expectations on Monday and revenue that fell short of forecasts.

The firm reported earnings per share of $0.71 on revenue of $9.2B. Analysts polled by Investing.com forecast EPS of $0.68 on revenue of $9.25B. That compared to EPS of $0.70 on revenue of $9.19B in the same period a year earlier The company had reported EPS of $0.99 on revenue of $11.26B in the previous quarter.

Oracle shares slightly moved 0.14% to trade at $46.90 in after-hours trade following the report.

For the year, Oracle shares are up 3.38%, under-performing the S&P 500 which is up 7.64% year to date.

Oracle follows other major Technology sector earnings this month

On Thursday, Adobe (NASDAQ:ADBE) reported third quarter EPS of $1.73 on revenue of $2.29B, compared to forecasts of EPS of $1.69 on revenue of $2.25B.

Salesforce.com (NYSE:CRM) earnings beat analyst's expectations on August 29, with second quarter EPS of $0.71 on revenue of $3.28B. Investing.com analysts expected EPS of $0.47 on revenue of $3.23B

Peru stocks lower at close of trade; S&P Lima General down 0.85%

Investing.com – Peru stocks were lower after the close on Monday, as losses in the Non-Metal Minerals, Mining and Industrials sectors led shares lower.

At the close in Lima, the S&P Lima General fell 0.85%.

The best performers of the session on the S&P Lima General were Backus Johnsto (LM:BKJi), which rose 1.16% or 0.250 points to trade at 21.750 at the close. Meanwhile, Grana Y Monter (LM:GRA) added 1.16% or 0.020 points to end at 1.740 and Credicorp (LM:BAP) was up 0.26% or 0.55 points to 214.50 in late trade.

The worst performers of the session were Unacem (LM:CEL), which fell 7.17% or 0.180 points to trade at 2.330 at the close. Buenaventura (LM:BVN) declined 5.43% or 0.700 points to end at 12.200 and Volcan Minera (LM:VOL_pb) was down 4.00% or 0.030 points to 0.720.

Falling stocks outnumbered advancing ones on the Lima Stock Exchange by 17 to 4 and 10 ended unchanged.

Shares in Unacem (LM:CEL) fell to 52-week lows; falling 7.17% or 0.180 to 2.330.

Crude oil for November delivery was down 0.33% or 0.23 to $68.54 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November rose 0.09% or 0.07 to hit $77.99 a barrel, while the December Gold Futures contract rose 0.42% or 5.00 to trade at $1206.10 a troy ounce.

USD/PEN was up 0.14% to 3.3161, while EUR/PEN rose 0.56% to 3.8789.

The US Dollar Index Futures was down 0.44% at 94.09.

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