Stock futures, rupee slide as oil surges by record

India’s stock futures and currency slid after a drone attack on Saudi Arabia’s oil facilities sent global crude prices soaring by the most on record.

Read more: Houthi drone attack hit two Aramco plants, Saudis say fires contained

SGX Nifty 50 index futures expiring in September fell 1 per cent as of 10:32 am in Singapore, while contracts on the S&P 500 and Dow Jones Industrial Average dropped 0.6 per cent. Brent crude rose as much as almost 20 per cent and West Texas Intermediate jumped more than 15 per cent after the worlds largest oil exporter lost about 5.7 million barrels per day of output on Saturday following the attack.

The rupee dropped in offshore markets, as traders bet the nations economy would be hurt by the surge in crude prices. India imports more than 80 per cent of its oil and around two-thirds of that comes from the Middle East. The dollar-rupee one-month non-deliverable forwards rose as much as 0.9 per cent, the most since Aug.14.

Read more: Rupee tumbles 68 paise to 71.60/USD in early trade

Current account deficit economies which are oil importers will fare worst, said Khoon Goh, the Singapore-based head of Asia research at Australia & New Zealand Banking Group. In this regard, INR, IDR and PHP are likely to underperform. USD/INR, after having fallen below 71 last week, is likely to test 72 again if oil prices stay elevated.

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European Shares Seen Lower After China Data

European stocks are likely to open lower on Monday amid growth worries after data showed growth in industrial output from Chinese factories fell to a fresh low in August amid the ongoing trade war between Beijing and Washington.

Industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002 and down from 4.8 percent in July.

Retail sales and investment figures also disappointed amid rising trade pressure and softening domestic demand.

Traders will also keep a close eye on oil price movements after a strike on a Saudi Arabian oil facility removed about 5 percent of global supplies, an attack the U.S. has blamed on Iran.

Global benchmark Brent Crude futures surged nearly 10 percent and U.S. crude futures were up nearly 9 percent following an attack on Saudi Arabia’s biggest oil processing facility.

Asian markets are trading mixed as a cut in the reserve requirement ratio for banks by the People’s Bank of China went into effect. Safe-haven assets such as gold and the Japanese yen rose amid heightened geopolitical tensions in the Middle East.

U.S. stocks ended mixed on Friday and the dollar slipped as Treasury yields jumped to six-week highs on the back of easing trade tensions and upbeat economic data.

The Dow Jones Industrial Average inched up 0.1 percent while the tech-heavy Nasdaq Composite dropped 0.2 percent and the S&P 500 edged down marginally.

European markets ended Friday’s session higher, a day after the ECB announced a new quantitative easing program in a bid to reinvigorate the ailing euro zone economy.

The pan-European Stoxx 600 advanced 0.3 percent. The German DAX rose half a percent, France’s CAC 40 index edged up 0.2 percent and the U.K.’s FTSE 100 added 0.3 percent.

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Nursing home industry will be financially devastated by simple cure for Alzheimer’s disease, predicts Dr. Leslie Norins

Nursing home industry will be financially devastated by simple cure for Alzheimer’s disease, predicts Dr. Leslie Norins – NASDAQ News Today – EIN News

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A service for global professionals · Monday, September 16, 2019 · 496,457,161 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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End Of Week Jump In Yields Doesn't Derail Equities; Sterling Rallies

UST 10-Y Daily

The most striking thing about last week’s price action was the surge in U.S. yields. The yield jumped about 34 basis points, the most in three years and returned to levels not seen since August 2 (1.90%). A deluge of investment-grade corporate bonds and U.S. Treasuries ($78 bln auctioned to lukewarm reception), coupled with an acceleration of (highest in 11 years), optimism on the trade front, and Mnuchin’s insistence on pushing forward with an extra-long bond, (50, and possibly 100 year-maturities), though has been repeatedly advised against it by primary dealers, were among the potent drivers. There was a dramatic shift from fixed-income funds to equities funds according to some industry reports.

Part of the rise in the long-end can be attributed to swings in sentiment about the trajectory of overnight rates. The implied yield of the January 2020 Fed funds futures contract rose 14 bp last week. The market has assumed , which would be the second cut here in H2 19, and a third one. The issue had been the fourth one, and the market priced it out last week, and for the first time in over a month, the market has a small doubt about the follow-up one.

The had a mixed week. led the advancing currencies with almost a 1.8% gain. Fully three-quarters of the rally took place in the last session ahead of the weekend amid some hopes that a work-around for the controversial backstop may be reached. We remain skeptical that the circle can be squared, which is to say the border between the EU and the UK cannot be between Northern Ireland and the UK. But if it is between the UK and Ireland, there must be a backstop to preserve the previous treaty

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L’Oréal boss says pollution and Instagram photo filters are both good for business

The boss of L’Oréal, the world’s largest beauty company, has admitted in an interview with MarketWatch that pollution is good for business.

Jean-Paul Agon, chief executive and chairman of the parent company behind the Maybelline, Garnier and Lancôme brands, also said millennials are buying more cosmetics to try to replicate the digitally enhanced images they have created of themselves for social media when they venture into the real world.

But when asked if pollution was good for business, the L’Oréal OR, -2.16% lifer, who has been with the French-listed company for 41 years, said: “Yes, but we are not encouraging it. … Where there is pollution, we want to protect our consumers.

“When you live in a city your skin, your hair is challenged more than if you were living in a rural area, so you need more shampoos, conditioners, skin care, hydrating creams, anti-UV, etc. Urban life means more socialization, and more socialization means more beauty consumption.”

Millennials want to match their online looks in the real world

He also insisted that a trend among millennials to digitally enhance their looks on social media, such as Instagram and Snapchat(TICKER:SNAP), is not making beauty products redundant but actually boosting business. “The more you make yourself look really great online,” he said, “the more you have to work on yourself when you go out, because if, when people meet you, they discover that you are completely different from what they thought, then you have a problem.

“If they want to use filters to look better online, they have to do something in real life also to look better, and that is why they use more cosmetics, more makeup, more skin care, more everything.”

Hollywood star Kirsten Dunst signed up as L’Oréal brand ambassador

L’Oréal, which has just signed film star Kirsten

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Asian markets mixed as oil prices surge – INQUIRER.net

BEIJING – Asian stock markets were mixed Monday after crude prices surged following an attack on Saudi Arabia’s biggest oil processing facility.

Hong Kong’s benchmark tumbled 1.1% while Seoul advanced and Shanghai and Sydney were little-changed. Japanese markets were closed for a holiday.

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The Shanghai Composite Index was unchanged at 3,030.82 as trading resumed following a three-day holiday weekend. Sydney’s S&P-ASX 200 was up 2 points at 6,670.01.

Seoul’s Kospi gained 0.5% to 2,060.06 while markets in Southeast Asia retreated.

The benchmark U.S. crude price jumped more than $5 per barrel following the attack on oil producer Saudi Aramco’s Abqaiq facility, for which Yemeni rebels claimed responsibility. Brent crude, the international standard, was up $6 after spiking nearly $8 at one point.

The jump in crude prices hurt airline stocks and other businesses with big fuel bills and put upward pressure on inflation expectations. At the same time, higher prices are a boost to oil exporters such as Malaysia and temporarily pushed up share prices for crude producers.

“This is obviously not a good day if you are an oil importer,” said Christ Weston of Pepperstone Group in a report.

“This isn’t just a question of who or even what actually caused the attacks, but some have questioned whether we will we see further attacks and Saudi infrastructure is vulnerable,” said Weston.

The Hang Seng index declined to 27,040.47 points following more weekend anti-government protests. The Hong Kong airport reported passenger traffic fell 12% in August from a year ago, a sign demonstrations that began three months ago are starting to have an economic impact.

“Oil ructions aside, investors would have already been nervous today in Asia as a belligerent China returns from holiday,” Jeffrey Halley of Oanda said in a report.

Investor anxiety about the U.S.-Chinese tariff

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Week ahead would trade with positive bias

The week saw markets making some gains and confidence returning. US and China relations too improved, with China taking the first step by agreeing to buy US farm produce and removing the duties that were slapped by them. In reciprocation, US deferred the increase in duties that were to happen. All this leads to hope that the US-China trade dispute would get resolved sooner than later.

The BSE SENSEX gained 403.22 points or 1.09 percent to close at 37,384.99 points, while NIFTY gained 129.70 points or 1.118 percent to close at 11,075.90 points. Gains were recorded on three of the four trading days while they lost on one day. The broader indices saw BSE100, BSE200, and BSE500 gain 1.35 percent, 1.38 percent, and 1.52 percent, respectively. The BSE MIDCAP gained 2.25 percent while BSE SMALLCAP performed even better and gained 3.32 percent.

The Indian Rupee gained 80 paise or 1.12 percent, to close at Rs 70.92 to the US Dollar. On the back of improvement in sentiment on the US-China front, Dow Jones gained 422.06 points, or 1.58 percent, to close at 27,219.52 points.

BPCL was a star performer on the back of expectations that the government may divest its entire majority holding of 53.29 percent to a strategic partner. This would help the government garner about Rs 47,000 crore at current valuations and help achieve a major part of the 1.05 lakh crore target from divestment in 2019-2020.

Shares of BPCL gained Rs 29.85, or 7.87 percent, to close at Rs 408.90. Sister companies HPCL gained 3.495 while IOC was up 2.52 percent. Further, the government ownership in IOC and HPCL would see it control more than 50 percent of the hydro fuel business.

The Finance Minister held a press conference this time on Saturday and announced measures to

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Asian markets mixed as oil prices surge

Updated 9:21 pm PDT, Sunday, September 15, 2019

BEIJING (AP) — Asian stock markets were mixed Monday after crude prices surged following an attack on Saudi Arabia’s biggest oil processing facility.

Hong Kong’s benchmark tumbled 1.1% while Seoul advanced and Shanghai and Sydney were little-changed. Japanese markets were closed for a holiday.

The benchmark U.S. crude price jumped more than $5 per barrel following the attack on oil producer Saudi Aramco’s Abqaiq facility, for which Yemeni rebels claimed responsibility. Brent crude, the international standard, was up $6 after spiking nearly $8 at one point.

The jump in crude prices hurt airline stocks and other businesses with big fuel bills and put upward pressure on inflation expectations. At the same time, higher prices are a boost to oil exporters such as Malaysia and temporarily pushed up share prices for crude producers.

“This is obviously not a good day if you are an oil importer,” said Christ Weston of Pepperstone Group in a report.

“This isn’t just a question of who or even what actually caused the attacks, but some have questioned whether we will we see further attacks and Saudi infrastructure is vulnerable,” said Weston.

The Hang Seng index declined to 27,040.47 points following more weekend anti-government protests. The Hong Kong airport reported passenger traffic fell 12% in August from a year ago, a sign demonstrations that began three months ago are starting to have an economic impact.

“Oil ructions aside, investors would have already been nervous today in Asia as a belligerent China returns from holiday,” Jeffrey Halley of Oanda said in a report.

The Shanghai Composite Index was unchanged at 3,030.82 as trading resumed following a three-day holiday weekend. Sydney’s S&P-ASX 200 was up 2 points at 6,670.01.

Seoul’s Kospi gained 0.5% to 2,060.06

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Markets Poised Into Week Ahead; Look For Lead-Out Breakout From Dow, S&P

SPX Daily Chart

While Small Caps stole the show last week, it may be the time for Large Caps to step up to the plate. Leading the charge is the . The index is sitting just below resistance after ending the week just shy of a break of 3,025. Technicals are net bullish, which should help. Despite two sequential doji, volume was lower on the down day, Friday, which is bullish.

The is caught in the middle with room to maneuver to resistance. It won’t break out before Large Caps so it won’t gather the headlines, but the basis is there for the index to benefit from a move higher.

COMPQ Daily Chart

Helping it will be the . It’s working to negate the ‘bull trap’ from July but when it eventually does, it will help fuel the rally in the NASDAQ and .

SOX Daily Chart

Not surprisingly, the is taking a bit of a breather after its big gain on Thursday. It’s toying with the July swing high (which is not its all-time high), but getting past this will open up the larger challenge of all-time highs, while the July high will offer a future a support level. Again, Large Caps are probably going to do the heavy lifting first before attention swings to Small Caps

RUT Daily Chart

For this week, it will be about looking for a lead out breakout in Large Caps, followed by the NASDAQ and then Small Caps. But first, the S&P and have a job to do.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate.

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U.S. Stock Index Futures Slide After Oil Jumps on Drone Attack

(Bloomberg) — U.S. stock index futures dropped as global oil prices surged the most on record after a drone strike on a Saudi Arabian oil facility increased geopolitical risk concern.

S&P 500 Index futures expiring in December dropped as much as 0.8% as of 9:25 a.m. in Singapore. Contracts slumped 1.4% on the and declined 0.8% on the . soared as much as 19.5% and West Texas Intermediate added 15.5% after the news of the attack on the world’s largest crude exporter.

The Saudi Arabia attacks will likely hurt Asian stock markets today with the S&P e-mini futures already lower, Jeffrey Halley, a market analyst at Oanda Asia Pacific Pte, wrote in an email. “This story will continue to reverberate this week even after the knee-jerk panic in oil markets this morning.”

President Donald Trump said the U.S. is “locked and loaded depending on verification” that Iran staged the attack on major Saudi Arabian oil facilities. Several administration officials said Sunday that they had substantial evidence that Iran was behind the attack, not the Houthi rebels in Yemen who claimed responsibility.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained

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