August 08, 2020
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OPEC Raised Supply Last Month as Gulf Nations Ended Extra Cuts
OPECs
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.
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Ecuador Wins Bondholders Approval for Debt Restructuring
Ecuador
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.
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Asian Stocks to Open Higher; Dollar Advances: Markets Wrap
Asian
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.â€
  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.
  Iain Stealey, chief investment officer of fixed income at JPMorgan
Asset Management International, discusses where to find value in bond
markets.
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Fed Urges Fiscal, Long Slump Down Under, Advanced Stall
Welcome
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
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A Simple guide for new Investors to the surge in Gold prices
Gold
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.
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