August 08, 2020
OPEC Raised Supply Last Month as Gulf Nations Ended Extra Cuts
crude production rose last month as Persian Gulf members phased out
extra supply cutbacks, but the cartel largely persevered with its
strategy to revive the global oil industry.To get more news about WikiFX, you can visit wikifx news official website.
Saudi Arabia, the United Arab Emirates and Kuwait restored the additional output taken offline in June, when they had amplified efforts to disperse an oil glut left behind during the coronavirus crisis.
The Organization of Petroleum Exporting Countries increased output by 900,000 barrels a day to 23.43 million a day, according to a Bloomberg survey. Its based on information from officials, ship-tracking data and estimates from consultants including Rystad Energy AS, Petro-Logistics SA, Rapidan Energy Group and JBC Energy GmbH.
OPEC and its partners are continuing to restrain output in accordance with their pact to limit production to tackle the steepest collapse in demand ever seen. Their labor has helped almost triple crude prices from the two-decade low in late April, lifting Brent futures in London to about $43 a barrel.
As oil consumption recovers with the restart of economic activity worldwide, the coalition of producers is poised to open the taps even further this month. The group will return 1.3 million to 1.5 million barrels a day to the market this month, according to Saudi Arabia.
Still, there are concerns as many countries struggle to contain the epidemic and some are being forced to reinstate lockdown measures.
Saudi Arabia, OPEC‘s biggest producer and de facto leader, is moving with caution. While it boosted output by 920,000 barrels a day last month, the average remained below the limit it’s allowed to pump under the agreement, at 8.45 million a day.
Iraq and Nigeria made no progress in implementing their promised supply cutbacks, let alone the additional curbs they had pledged in compensation for earlier non-compliance.
Russia, the biggest non-OPEC member in the OPEC+ alliance, also increased production in July, according to preliminary data from the Energy Ministry.
Ecuador Wins Bondholders Approval for Debt Restructuring
won the support of the majority of bondholders required to restructure
$17.4 billion in international debt, reducing the South American nations
obligations.To get more news about WikiFX, you can visit wikifx news official website.
President Lenin Morenos government will exchange 10 existing notes maturing between 2022 and 2030 for three new bonds due in 2030, 2035 and 2040. Under the new terms, interest payments will resume at the beginning of next year, while the earliest principal comes due in January 2026.
"With this, we free up resources for social protection and economic recovery,” Moreno wrote in a tweet.
The debt accord gives Ecuador breathing room, well beyond when Morenos term ends next May. Still, political opponents have criticized the president and his finance team for not taking a more aggressive approach in the restructuring talks. At the same time, they won praise from key creditors who said Ecuador officials were more reasonable than their counterparts in Argentina, where negotiations have dragged on for months.
The Moreno government faced a late challenge when two creditors -- Greenwich, Connecticut-based hedge fund Contrarian Capital Management LLC and Boston-based GMO -- asked U.S. District Judge Valerie Caproni in Manhattan to block the restructuring, calling the nations tactics "coercive in the extreme.” She denied that request on Friday.
Ecuador‘s Finance Ministry said it will extend the deadline for creditors to participate in the debt offer until Aug. 7 to allow for holders who didn’t vote yet. The target date for the bond exchange is Aug. 12. The bond debt Ecuador is restructuring is close to a third of foreign debt. Its also aiming to reprofile bilateral debt with China, as well as to obtain new Chinese loans for $2.4 billion, and reach a successor deal with the International Monetary Fund, which supported the bond exchange, to the $4.2 billion agreement that collapsed amid the COVID-19 crisis.
Ecuador embarked on a debt-sale spree in 2014 to offset a decline in the price of oil, its main export. Mounting financial trouble led the country to sign the pact with the IMF in early 2019. Its debt woes were exacerbated by the pandemic. Ecuador is suffering one of the worlds highest death rates from the virus.
Asian Stocks to Open Higher; Dollar Advances: Markets Wrap
stocks looked poised for gains Tuesday after a technology-fueled rally
in the U.S. amid positive economic data and the potential for further
stimulus. The dollar climbed.To get more news about WikiFX, you can visit wikifx news official website.
With investors attuned to any potential for more economic stimulus, U.S. stocks got a boost after the White House was said to be exploring whether President Donald Trump can act on his own to extend enhanced unemployment benefits. A slowdown in the rate of coronavirus infections in a number of states also boosted sentiment.
"Momentum begets more momentum, and the markets have been overbought we believe, but the demand to buy has been there,” said Bob Phillips, managing principal at Spectrum Management Group. "Theres a big desire from both parties to get some kind of stimulus passed. The way the market is reacting, I think the market is expecting that.”
Meanwhile, tension between the U.S. and China continue to simmer. Trump said TikTok will have to close its U.S. operations by Sept. 15 -- unless there‘s a deal to sell the social media network’s American operations.
Fed Urges Fiscal, Long Slump Down Under, Advanced Stall
to Tuesday, Asia. Heres the latest news and analysis from Bloomberg
Economics to help you start the day:To get more news about WikiFX, you can visit wikifx news official website.
Fed officials warned that another round of fiscal relief would be critical for the U.S. economy as lawmakers continued to negotiate the contours of additional aid
Australia‘s spiraling Covid-19 outbreak and the closure of large tracts of the southeastern state’s economy is likely to prolong the first recession in almost three decades
Alternative data is showing a stalling recovery in advanced economies, writes Bjorn van Roye
Amit Shah, the man leading India‘s fight against Covid-19 and Prime Minister Narendra Modi’s top lieutenant, has been among leaders touting the countrys low death rate as a success story
New Zealand may see the largest impact of the Covid-19 pandemic on the labor market after Septembers election thanks to government intervention and a shorter-than-expected time spent in lockdown
South Koreas consumer prices advanced in July, adding to signs that the downturn from the coronavirus pandemic is bottoming out
Tracking Japan recession, Yuki Masujima parses high-frequency data
Indian Prime Minister Narendra Modis government is banking on a recovery in rural demand to slow the economys first contraction in four decades. But capricious rainfall may play spoilsport
The Bank of England is effectively subsidizing polluting industries in its pandemic rescue program despite claims by Governor Andrew Bailey that tackling climate change is a priority, a think tank said
A South Korean court is set to start liquidating assets of a Japanese company to compensate Koreans conscripted to work during colonial occupation, straining ties between two key U.S. partners just as the Trump administration needs their help in countering China
A Simple guide for new Investors to the surge in Gold prices
prices hit a record at the end of last week, creating a new milestone
in a surge that began in late 2018 and has gathered momentum during the
coronavirus pandemic.To get more news about WikiFX, you can visit wikifx news official website.
Gold soared roughly 30% in 2020 to stop just short of closing at $2,000 a troy ounce—which is an all-time high in New York trading as it surpassed the Nasdaq Composite Index of highflying technology stocks.
What is the gold market？
There are two gold markets, remarkably similar because investment banks and other big players are active in both.
The first is the physical market, which brings together miners, refiners, jewellers, central banks, electronics manufacturers, banks and investors.
London is the focal point, dating back to the first gold rush from Brazil in 1697. Shanghai, Zurich, Dubai and Hong Kong are also hubs.
In good times, gold costs roughly the same amount in London‘s physical market and on New York’s Comex.
If prices move out of kilter, banks bring them back in line by buying bullion on the cheap in one city, flying it across the Atlantic (normally in the cargo hold of a passenger plane) and selling at a profit where prices are higher.
They must factor in the small sum it costs to recast the gold, since Comex requires smaller bars, weighing either 100 troy ounces or a kilo.
The Corona virus pandemic scrambled this self-correcting mechanism in March this year. The world is still reeling from the effects.
Flights not operating due to the pandemic led to fears of a shortage in New York, sending futures well above spot prices in London.
The concerns proved unfounded, but the violent price moves led to losses at banks including HSBC Holdings PLC.
That has prompted banks to trade less actively on the Comex, which could make futures more volatile going forward.
How do Investors buy and sell gold？
Professional fund managers bet on gold prices with futures.
To avoid taking hold of a large amount of bullion, investors normally sell futures before they expire and buy later-dated contracts, a process known as rolling.
This comes at a cost because longer-dated futures cost more than spot gold.
The difference normally goes to the pockets of the investors enemy — investment bankers—who gets to buy at the low prices and sell at high prices.
Regular investors, comprising of Parents, Everyday people buy physical bars and coins, which they can either keep at home or in vaults.
Demand for bars and coins has shot up during the pandemic, though clients are also selling to profit on rising prices.
When things go bonkers and out of hand, with a lot of uncertainty in the markets, the two precious metal all investors rush to are gold and silver. A lot of investors consider it a safe haven investment.
Investors who want exposure to gold prices without the hassle of storing bullion or trading futures found an alternate solution in 2003: exchange-traded funds (ETFs).
These funds, with a huge surge in popularity, buy gold and issue shares that trade on the stock exchange.
July 30, 2020
After the field investigation on TRADE.COM, WikiFX rated it as poor and warns investors against facile deposit.
One of the complainants told WikiFX that he was mildly interested in TRADE.COM at first. To begin with, he set up a virtual account on its platform for observation and more information. "I never expected the platform to be so disordered that it can screw up a virtual account.”
The above two pictures show the price trends of sweet crude oil on TRADE.COM and an authoritative platform respectively, which were both shared by the complainant. By comparison, he observed that even for the same crude oil futures, the data in the two platforms actually differs by at least 0.3 points.
The complainant said that: "The difference is large. Apparently, TRADE.COM is fixing the prices and thereby deceiving investors.” Fortunately, his account is just a virtual one, otherwise the losses may be considerable.
TRADE.COM is currently under CySEC's normal supervision. Nevertheless, WikiFX alerts investors to the risks of this broker considering the increasing complaints recently. WikiFX also reminds investors to check the authenticity of a broker‘s license, regulatory information and market data before choosing the broker. Click WikiFX APP to check broker’s qualification now.
So far, WikiFX App has included profiles of more than 19,000 forex brokers around the world, while integrating broker information query, exposure, news feed and other functions, and protecting investors fund safety in forex trading. More exposures are coming soon.
Awaited figures on Tuesday are Japan‘s (CPI) and core CPI for June, and Canada’s retail sales and core retail sales for May.To get more news about Expert 24 Trade, you can visit wikifx news official website.
On Wednesday, the American Petroleum Institute (API) will report weekly inventory levels of crude oil and gasoline changed as of July 17. Other data out on the same day are Canada‘s CPI and core CPI for June, and Federal Housing Finance Agency’s (FHFA) house price index for May. On Thursday, Germany is going to publish its Gfk consumer confidence indicator (CCI) for August while the U.S. will release initial jobless claims and continuing claims for the week ended July 18. In the mean time, CCI for July in the euro area will be confirmed.
Gfk CCI for July in the U.K. will be focused on Friday, together with the initial value of Markit manufacturing PMI for July in France, Germany, Britain, the euro area and the United States. On the same day, the Economic and Financial Affairs Council (ECOFIN) of EU will be eyed for the budget and stimulus package discussed.
"This plainly has been a recovery and a pretty sharp one,” he told lawmakers on Parliaments Treasury Committee. "As has been the case of course globally -- in that sense we have seen a bounce-back, so far it has been a V. That does of course not tell us where we might go next.”
Haldane dissented at the BOE‘s June meeting, voting against expanding asset purchases. He’s since come across as more upbeat about the economy than Governor Andrew Bailey and fellow policy maker Silvana Tenreyro, who will also address lawmakers this afternoon.
Haldane said the economy likely hit its floor in April, and about half of the roughly 25% fall in activity in March and April has been regained. But he noted that labor market figures are "understating the unemployment problem” and policy makers are monitoring the job situation carefully.
Were "by no means out of the woods on activity or jobs, but materially better than expected two or three months ago,” he said.
BOE officials will publish updated forecasts at their next policy meeting on Aug. 6. They have been reviewing tools at their disposal, including negative interest rates, after cutting rates to a record low 0.1% and expanding their bond-buying program.
"There is plainly less room for monetary maneuver as a result of this crisis, be that interest rates or further QE,” Haldane said. "But less room for maneuver is not no monetary maneuver at all.”
Negative interest rates could potentially encourage further borrowing, though they would also have downsides like a squeeze on banks margins, he said.
Sales dropped by almost 40% to 6.62 billion euros ($7.6 billion), the German auto-parts maker said in a statement Monday. Analysts on average were expecting revenue to drop to 6.37 billion euros, according to data compiled by Bloomberg.
Although business "showed substantial improvement through the course of the second quarter,” Continental said in the statement, there is still "substantial uncertainty due to the ongoing Covid-19 pandemic.”
"It remains difficult to gauge possible adverse consequences on production, the supply chain and demand,” the company said.
Continental and its peers rushed to drastically cut costs earlier in the year when shutdowns aimed at containing the spread of the virus hit auto factories and showrooms, bringing production to a halt and significantly curbing sales. The company announced in June that it would cut its dividend payout to save about 350 million euros.
The uncertainty over how fast economies will recover is still an open question. Automotive companies are hoping government incentives will spur car sales and help the industry recover in the second half of the year.
Researchers found it triggered an immune respond to Covid-19 with only minor side effects. AstraZeneca subsequently spiked over 10 percent before retreating and closing just a little over 6.50 percent from the open.
Foreign exchange markets were somewhat mixed. The haven-linked US Dollar and anti-risk Japanese Yen and Swiss Franc along with the Euro suffered the deepest burns. Higher-beta FX like the Norwegian Krone and Swedish Krona on the other hand were sunbathing on green pasture with the British Pound. Sterling rose not so much due to GBP strength per say but rather due to weakness in its counterparts.
The Euro was left out in the cold after European Union policymakers failed to reach a consensus on what is shaping up to be the longest meeting since the 2000 summit in Nice, France. The so-called "Frugal Four” – led by Dutch Prime Minister Mark Rutte of the Netherlands and followed by Sweden, Denmark Austria and Finland – have pushed to modify the EUR750 billion aid package.
The new proposal that may be generous enough for big-spending advocates to get behind and watered-down enough for the Frugal Four to swallow reduced the amount of grants to 390 billion and increased the loan amount to 360b. The original was 500b and 250b, respectively. Until a solid agreement is reached, the Euro will likely continue to hover with a cautious upside bias. Read more about why that is here.
Tuesdays Asia-Pacific Trading Session
In addition to the politically-entangled Euro, the Australian Dollar will likely also be in the spotlight. The Reserve Bank of Australia will be releasing their meeting minutes following the interest rate decision on July 7. Officials noted that while the path ahead is uncertain, "conditions have, however, stabilised recently and the downturn has been less severe than earlier expected”.
Policymakers reinforced this notion, saying that the worst of the economic crisis may be behind as leading indicators point to signs of stabilization. Officials reiterated they are"prepared to scale-up its bond purchases” in order to achieve their employment and inflation targets. Unless the RBA significantly deviates from this message – be it more positive or negative – AUD may shrug at the comments.
Australian Dollar Analysis
After bottoming out in March, AUD/CAD has gone on to rise over 14 percent in a relatively short span of time. However, technical cues are hinting that upside momentum may be slowing with RSI showing a negative divergence. Capitulation could shatter a multi-week uptrend and open the door to retesting stubborn support at 0.9293. Follow me on Twitter @ZabelinDimitri for more timely technical updates.
The ticket worth a million bucks was sold for Saturday’s $117-million Powerball jackpot at the Fast Mart near 27th and Wildcat Drive. Nebraska Lottery officials say the ticket had the first five numbers in the drawing, but not the Powerball itself.
The winning numbers from Saturday’s Powerball® draw were 05, 21, 36, 61, 62, Powerball 18, and Power Play 02. Players are encouraged to check their tickets at any Nebraska Lottery retailer, online, or by calling the Lottery office at 402-471-6100.
Winning Nebraska Lottery Lotto tickets expire 180 days after the drawing. Prizes of $20,000 or more must be claimed in person at Lottery headquarters in Lincoln. Additional information about claiming prizes can be found at the Nebraska Lottery website, or by calling 800-587-5200.
The New Jersey Lottery announced on Saturday morning that the only Mega Millions jackpot winning ticket from Friday night's drawing was sold at the Bayonne convenience store.
"l’m happy to congratulate Brenda’s Inc. on 110 Kennedy Blvd in Bayonne, the retailer that sold this winning ticket,” said Executive Director James A Carey, Jr. The winning numbers for the Friday, July 24 drawing are: 08, 33, 39, 54, and 58. The Gold Mega Ball is 17 and the Megaplier is 03. The jackpot winner will receive an estimated prize of $124,000,000 annuity ($100,800,000 cash)
The winner should sign the back of the ticket, make a copy of both sides and put it in a safe place, and contact Lottery Headquarters at 609-599-5875 to arrange to file a claim for this ‘MEGA’ jackpot prize.The winner has one year from the date of the drawing to file a claim.
A press event is being planned for Monday to present the lucky retailer with their celebratory bonus commission check worth $30,000.
It’s so good that in its first year of existence (2019), it won two KBB Best Buy Awards. The 2021 model year now includes Volvo’s first completely electric vehicle (EV), the XC40 Recharge P8 AWD.
The 5-seater XC40 has the right combination of looks, size, and features at a price within the reach of young, affluent buyers. Its broad range of models, generous standard equipment, long list of sophisticated options, and punchy 2.0-liter turbocharged engine make the 2021 XC40 a superb choice.
How Much Does the 2021 Volvo XC40 Cost?
The Manufacturer’s Suggested Retail Price (MSRP) of a 2021 Volvo XC40 T4 Momentum is $33,700, plus a $995 destination fee, bringing the total to $34,695. The T4 R-Design is priced from $39,945, and the T4 Inscription is $40,445 before options.
The T5 Momentum starts at $36,695. T5 R-Design pushes the price to $41,945, and the range-topping T5 Inscription comes in at $42,445.
Loading up a T5 Inscription with most of the optional tech and the Harman Kardon sound system comes to around $45,500, which is on the bearable side of crazy. The starting and midpoints of the XC40 also compare well with its rivals. For example, the Lincoln MKC is priced similarly, but without all the safety features and amenities that come standard on the XC40.
There were no prices for the 2021 XC40 Recharge P8 AWD at the time of compiling this review. However, we anticipate it starting around $48,000 after federal and tax credits.
Before buying, check the KBB.com Fair Purchase Price to see what others in your area are paying for their new XC40. We don’t have any definitive data on resale values just yet, but we expect the XC40 to perform well in this respect.The turbocharged 4-cylinder engine of the T5 is even livelier than its 248 horsepower suggests. It’s a little dynamo, with minimal turbo lag. This subcompact luxury SUV will zip from standstill to 60 mph in 6.2 seconds and has plenty of muscle in reserve for higher-speed passing. In the front-drive T4 models, horsepower drops to an adequate 187.
The XC40 is exceptionally nimble and easy to maneuver, whether in a parking lot or on the freeway. Despite its short length and modest wheelbase, the XC40 is comfortable and adept at absorbing road imperfections. It’s also fun to push on a winding road, especially the R-Design models, with their sportier suspension and larger wheels.
Drivers will be grateful for the XC40 T5’s standard all-wheel drive and 8.3 inches of ground clearance whenever the weather turns rough. Grip is commendable when snaking around dry roads and confidence-inspiring in general. The elevated seating position is also excellent.
Lenovo's ThinkPad series is known for its refined black aesthetic, strong productivity, impressive build quality and the show-stealing star, the Thinkpad X1 Carbon. Many ThinkPad devices aren't pocket-friendly, which is why our ears perked up at the mention of an upcoming affordable laptop lineup.The leaked roadmap unearthed Lenovo's plans to release "affordable" workstation models within the ThinkPad family, including a model called ThinkPad P15v. The "v" in the name signifies that this configuration will be a value version of the higher-priced ThinkPad P15 model. Both models are slated to hit shelves later this year with Comet Lake H-series CPU chips.
NotebookCheck added that Lenovo may also release a refreshed ThinkPad P15v under the T-series umbrella called the ThinkPad T15p. The models will be quite similar, but both will sport different GPUs.
The ThinkPad P15, by the way, will be the successor to the chunky, heavy-duty workstation known as the ThinkPad P53, which hints that Lenovo has adopted a new naming convention. The upcoming Lenovo ThinkPad P17 will succeed the ThinkPad P73 -- another example of Lenovo's naming shift.Lenovo, according to the roadmap, is expecting the 10nm Intel Tiger Lake chips and the lower-powered Lakefield CPUs to launch in September or October. The Chinese tech giant plans to release several models with the highly anticipated hardware, including the X1 Fold.
We're quite familiar with the X1 Fold -- we got our hands on the Lenovo product at CES this year. Touted as the world's first foldable PC, the Windows 10 device is expected to set you back a whopping $2,500. The X1 Fold, according to Liliputing, will sport an Intel Lakefield five-core processor.
As for Intel Tiger Lake, NotebookCheck suspects the chip will debut in at least three upcoming models: The Lenovo ThinkPad X1 Titanium, the ThinkPad X1 Nano and the ThinkPad X12.
The ThinkPad X12, featuring a 12-inch display, is particularly eye-catching because it's a detachable device reminiscent of the Microsoft Surface-style design.With Lenovo poised to release at least 16 new laptops this year, there seems to be an option for everyone -- from the stunning, break-the-bank X1 Fold with its foldable OLED display to the budget-friendly ThinkPad P15v.
Intel Tiger Lake chips will debut on Lenovo's most premium models, and we're excited to see how the follow-up to the 10th-gen Ice Lake processor family performs on our real-world testing.It's also worth noting that Intel isn't the only processor that Lenovo will stuff into its products this year -- AMD will get some shine as well, especially for a few models in Lenovo's T and L series device line-up.
We can't help but wonder if any of the upcoming additions to Lenovo's portfolio will make the same waves as its X1 Carbon superstar.
"We recognise that there are hundreds of thousands of transactions happening across our auction houses on a regular basis, and we want to create a modern system that is smooth and easy to use.”
It appears that with the new Auction House players will be able to purchase partial stacks of goodies from others rather than having to take everything in one go. A post on the Blizzard forums from community manager Kaivax expands on this: "Commodities (stackable items) cannot be bid on, and are no longer bought or sold in stacks. Now, you’ll enter in the number of a commodity that you’d like to buy and the AH will automatically select the cheapest available and give you a total price.”Plus, there are other exciting features for players to try out that should enhance and smooth the whole WoW trading experience, like a ‘shopping list’ for your favourite items. You can make a checklist of your go-to items, and more "quickly search for and buy [them] on the go.”
Blizzard’s put the all-new Auction House on the PTR for players to try and give feedback on. If you’re a World of Warcraft Classic player, you can check out our WoW Classic Auction House guide for new players, which you might find handy.
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