SeaPRwire

Yuan surge shows traders’ faith in hands-off central bank

elean
4 minutes

HONG KONG (BLOOMBERG) - An unstoppable ascent in the yuan is signaling Beijing's growing ease with gradually freeing up one of the world's most tightly-managed currencies. Since the yuan hit a six-year high on a trade-weighted basis on Nov 17, the People's Bank of China (PBOC) has set the currency's daily reference rate at only mildly weaker-than-expected levels. The central bank also has refrained from delivering stronger warnings to investors following a gentle reminder of not making one-way bets. Meantime, a key yuan volatility gauge is near a two-year low, suggesting that traders aren't bracing for sharp price swings. The composure and restraint that Beijing has demonstrated in the face of a resurgent yuan shows policy makers remain confident in their ability to prop up a slowing economy without having to rely on a cheaper currency, at least for now. It stands in stark contrast to the situation in 2015, the last time the yuan was this strong, when the PBOC shocked markets with a surprise and messy currency devaluation. "This time is different because the currency regime is more flexible," said Mr Eddie Cheung, senior emerging-market strategist at Credit Agricole CIB in Hong Kon...

SeaPRwire

Wall Street closes higher after positive data

elean
2 minutes

NEW YORK (AFP) - Better-than-expected retail sales data and healthy earnings propelled Wall Street to a positive close on Tuesday (Nov 16), soothing traders who feared inflation would wreak havoc on the United States economy. Retail sales rose 1.7 per cent last month, the Commerce Department reported, the biggest monthly increase since March and defying predictions of a smaller gain. Meanwhile, Home Depot and Walmart released results that topped expectations, with the latter offering reassurances it expects sufficient inventories for the holiday season and emphasising a cautious approach in passing on higher costs to consumers. Traders have become preoccupied with the ongoing wave of inflation, which was thrown into stark relief last week when the government reported US consumer price inflation saw its biggest jump in more than 30 years last month. The positive retail sales data undercut fears inflation would keep consumers from shopping. Bokeh Capital Partners' Kim Forrest said: "It was good enough to get the market in the green because we know people are still spending." At the close, the benchmark Dow Jones Industrial Average was up 0.2 per cent at 36,142.22. The broad-based S&P...

SeaPRwire

Bitcoin jumps past US$67,000 for first time to all-time high

elean
2 minutes

NEW YORK (BLOOMBERG) - Bitcoin jumped past US$67,000 for the first time to a new all-time high, part of a wider recent rally in the cryptocurrency sector. The world's largest digital coin by market value gained as much as 2.5 per cent on Tuesday (Nov 9) to US$67,778, taking out the last record set on Oct 20 at just below US$67,000. The climb in cryptocurrencies overall has taken their combined value above US$3 trillion (S$4 trillion). "This breakout in Bitcoin might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year," Fundstrat said in a technical-strategy report on Monday. "Strength in Bitcoin, Ethereum and many other altcoins looks likely in the weeks to come." Bitcoin hit its October record following the launch of the first Bitcoin-linked exchange-traded fund for US investors. The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, drew more than US$1.2 billion in volume on its debut. The little more than decade-old market for digital assets has already roughly quadrupled from its 2020 year-end value. Bitcoin has gained over 130 per cent year-to-date. The ride was volatile: The token pl...

SeaPRwire

US stocks rebound as tech shares gain

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks rebounded on Tuesday (Oct 5) following the prior session's pullback as uncertainty over Washington politics and the upcoming earnings season stokes volatility. Of the major indices, the biggest gainer was the tech-rich Nasdaq, which led the market lower on Monday. Conflict in Congress has raised worries about a possible US debt default, while President Joe Biden's agenda hangs in the balance. Data showed the US services sector grew slightly more than expected in September, while PepsiCo's results also topped estimates. The strong earnings contrasted with some other recent results disappointments. "We will see more of this in the next couple weeks," Maris Ogg of Tower Bridge Advisors predicted of the upcoming earnings season. "We are going to get some pre-announcements and swing from everything is okay to everything is not okay for the next couple of weeks." The benchmark Dow Jones Industrial Average finished at 34,314.67, up 0.9 per cent. The broad-based S&P 500 added 1.1 per cent at 4,345.73, while the Nasdaq Composite Index advanced 1.3 per cent to 14,433.83. After tanking on Monday, large tech shares enjoyed a much better session, with Apple a...

SeaPRwire

Dow Jones, S&P 500 end with gains up after bumpy week, but Nike drags

elean
3 minutes

NEW YORK (REUTERS) - The Dow and S&P 500 edged higher on Friday (Sept 24) and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike. Athletic wear company Nike's shares fell 6.3% and were the biggest drag on the Dow and the S&P 500 after it delivered a downbeat sales forecast and warned of delays during the holiday shopping season, blaming a supply chain crunch. Shares of footwear retailer Foot Locker also fell sharply. On the flip side, Facebook climbed 2% and Tesla rose 2.7%. The S&P communication services sector climbed 0.7% and was the second-biggest sector gainer of the day after energy, up 0.8%. Stocks bounced back from a sharp selloff at the start of the week tied in part to concerns over a default by China's Evergrande and its potential risk to global financial markets. On Friday, Evergrande's electric car unit warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer's liquidity crisis is worsening in other parts of its business. "You've had a good recovery from the lows" this week, said Rick Meckler, partner, Cherry Lane Investments, a family inv...

SeaPRwire

US stocks score solid gains, shrugging off recent slump

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished solidly higher on Wednesday (Sept 15), shrugging off a series of lacklustre sessions that had left the market primed for bargain hunting. "The market got a bit oversold in the near term," said Ventura Wealth Management's Tom Cahill, who pointed to underlying confidence in an economic rebound despite the ongoing wave of Covid-19 infections that has weighed on sentiment. Mr Cahill said he was encouraged to see gains by companies like metals producer Freeport McMoran and General Motors, seeing their increases as "a vote of confidence in the global economy". The Dow Jones Industrial Average gained 0.7 per cent to 34,814.39. The broad-based S&P 500 advanced 0.9 per cent to 4,480.70, while the tech-rich Nasdaq Composite Index climbed 0.8 per cent to 15,161.53. Stocks have been in retreat much of this month as analysts weigh the ongoing risk of Covid-19 and a likely tightening of Federal Reserve monetary policy as soon as this fall. Among individual companies, Microsoft rose 1.7 per cent as it lifted its dividend and approved a new share repurchase programme of up to US$60 billion (S$80 billion). Goldman Sachs dropped 0.5 per cent after announc...

SeaPRwire

US stocks finish losing week on positive note

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished a lacklustre week on a positive note on Friday (Aug 20), rallying in a wave of bargain-hunting and cutting their losses for the week. Major indices still were in the red for the week, but all 11 sectors of the S&P 500 advanced, led by technology, utilities and communications services. The market is still operating with a "buy the dip mentality," said TD Ameritrade's JJ Kinahan. "It's the same trend seen most of the year, and this time it came despite worries about Fed policy, the Delta variant and a slowdown in China." The broad-based S&P 500 gained 0.8 per cent to 4,441.67, but down 0.6 per cent for the week. The Dow Jones Industrial Average climbed 0.7 per cent to 35,120.08 while the tech-rich Nasdaq Composite Index jumped 1.2 per cent to 14,714.66. Friday's gains followed losses earlier in the week in the wake of a poor July retail sales report and the Federal Reserve's signal it likely will begin tapering stimulus this year. Among individual companies, Tesla gained 1 per cent after chief executive Elon Musk touted the electric car maker's artificial intelligence investments in a presentation on Thursday night. Shares in the company h...

SeaPRwire

S&P 500, Nasdaq end at fresh records

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks rallied on Thursday (Aug 5), lifting the S&P 500 and Nasdaq to fresh records following improving jobless claims data ahead of the key monthly employment report. Fewer Americans filed unemployment benefit claims last week, government data said, pushing the closely watched metric of labour market health lower as the US economy improves. The data comes ahead of Friday's closely watched monthly jobs report, which is expected to show the US economy added 925,000 jobs, with unemployment falling to 5.6 per cent. "The economic data were positive," said Art Hogan, chief strategist at National Securities, adding that news of increased vaccinations in response to the Delta variant of Covid-19 has also boosted sentiment. The Dow Jones Industrial Average gained 0.8 per cent to 35,064.25. The broad-based S&P 500 gained 0.6 per cent to 4,429.10, while the tech-rich Nasdaq Composite Index jumped 0.8 per cent to 14,895.12. Among individual companies, Uber rose 3 per cent after announcing a second-quarter profit fuelled by one-time gains and saying its ride-hailing business was showing signs of recovery. Stock trading platform Robinhood Markets dropped 27.6 per ce...

SeaPRwire

US stocks close higher as rally continues, Dow up 0.8%

elean
2 minutes

NEW YORK (AFP) - Wall Street climbed for a second consecutive day on Wednesday (July 21), reversing losses earlier in the week when resurging Covid-19 infections and inflation fears prompted a sharp sell-off. Strong earnings from major US corporations fuelled the gains, which came after major indices rose about 1.5 per cent in Tuesday's session, bouncing back from Monday's rout that was the worst day of trading so far this year. The benchmark Dow Jones Industrial Average rose 0.8 per cent to 34,797.93 at the close. The broad-based S&P 500 also added 0.8 per cent to 4,358.66, while the tech-rich Nasdaq Composite Index gained 0.9 per cent to end at 14,631.95. Analysts at Charles Schwab investment bank said the fast-spreading Delta variant of Covid-19, which has prompted some US cities to reimpose mask requirements, "has added a layer of uncertainty to the back-half of 2021." But traders took heart from the latest round of healthy earnings reports, including from Coca-Cola, which gained 1.3 per cent after boosting its full-year forecasts following better-than-expected results in the second quarter tied to the restoration of businesses connected to professional sports and other live ev...

SeaPRwire

S&P 500 ends lower after flirting with record

elean
2 minutes

NEW YORK (AFP) - The S&P 500 ended slightly lower on Wednesday (June 23) after flirting with a record in a choppy session just before key earnings later in the week. The broad-based index had edged above its all-time closing high during the session, but failed to hold the gains even as the Nasdaq eked out a second straight record. "There seems to always be a little bit of a barrier" to new records, said TD Ameritrade's JJ Kinahan, who cited a dearth of major market news catalysts as a factor behind the directionless trading. The Dow Jones Industrial Average dipped 0.2 per cent to 33,874.24. The broad-based S&P 500 slipped 0.1 per cent to 4,241.84, while the tech-rich Nasdaq Composite Index gained 0.1 per cent to 14,271.73, edging higher from Tuesday's all-time high. New home sales were at 769,000 annualised in May, 5.9 per cent below April's downwardly revised rate and also lower than analysts had forecast, according to Commerce Department data. Kinahan said earnings Thursday from Nike and FedEx should provide insights into consumer health, and personal income and spending data set for release on Friday should provide further details. Thursday's calendar also includes weekly jobles...

SeaPRwire

Healthy employment numbers make Wall Street happy

elean
2 minutes

WASHINGTON (AFP) - US stocks finished higher on Thursday (May 6), after the Labour Department reported fewer new claims for unemployment benefits last week as the economy bounces back from the Covid-19 pandemic. The data was the latest sign the world's largest economy is roaring back as businesses reopen and authorities ease restrictions imposed last year to fight the virus. The data eclipsed fears of an uptick in inflation that could cause the Federal Reserve to raise rates and increase borrowing costs sooner than expected, which has hit indices in recent weeks, particularly tech. Investors are looking for more good news when the government releases the all-important employment report on Friday that is expected to show more strong hiring in April. The Dow Jones Industrial Average pushed to a new high of 34,548.53 by the close, a gain of 0.9 per cent. The broad-based S&P 500 rose 0.8 per cent to end the day at 4,201.62, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 13,632.84. Stocks of Covid-19 vaccine makers continued to suffer after Washington on Wednesday said it would support a global waiver on patent protections for the shots, though the sell-off was less s...

SeaPRwire

Dow, S&P 500 again end at records as Wall Street rally continues

elean
2 minutes

NEW YORK (AFP) - Wall Street saw no reason to stop rallying as the US economy pulls out of its downturn, lifting the Dow and S&P 500 to their second consecutive record on Friday (April 16). At the close of US trading, the benchmark Dow Jones Industrial Average had gained 0.5 per cent to end at 34,201.13. The broad-based S&P 500 rose 0.4 per cent to hit 4,185.53. The tech-rich Nasdaq Composite Index saw slightly less ebullient trading, gaining 0.1 per cent to close at 14,052.34, about 125 points below its all-time high. Both the S&P 500 and Dow also posted their fourth consecutive weekly gains, ending a week that saw the government release data indicating weekly jobless claims hit their lowest point of the pandemic, and retail sales boomed in March thanks in part to government stimulus. Chris Low of FHN Financial said that data, combined with easy monetary policy from the Federal Reserve that its leadership indicated it wasn't looking to end, put traders in an optimistic mood. "We had tremendous data all week this week," he said. "In addition to strong data, we get reassurances from Fed officials all week, including the chair, that they're very comfortable with the economic and infl...

SeaPRwire

Dow, S&P 500 end at records, extending rally

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks concluded a strong week with fresh records on Friday (April 9), extending a bullish run for US equities propelled by optimistic growth expectations as more people are vaccinated. The Dow Jones Industrial Average jumped 0.9 per cent to end the week at 33,800.60, a new all-time high. The blue-chip index climbed about 2 per cent for the week. The broad-based S&P 500 gained 0.8 per cent to 4,128.80 to close at a third straight record, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 13,900.19. Stocks have been on a roll most of 2021, cheered by US President Joe Biden's US$1.9 trillion (S$2.5 trillion) stimulus package enacted last month and an accelerating vaccination campaign in the world's largest economy. At the same time, the Federal Reserve has remained committed to highly accommodative monetary policies, a stance reiterated in recent days by chairman Jerome Powell. "The market is convinced that the Fed is not going to change course for a very long time," said Joe Manimbo, analyst at Western Union Holdings. "The Fed is being more confident on the outlook, but they don't want to change." Art Hogan, chief market strategist at Na...

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xHumanity Announces Listing at BitMart Exchange on 31st March

indie
2 minutes

Bucharest, Romania, Mar 29, 2021 - (ACN Newswire via SEAPRWire.com) - With the growth of blockchain technology and the proliferation of cryptocurrency exchanges, the opportunities which abound in the crypto ecosystem seem not to slow anytime soon. While the crypto ecosystem presents lots of exciting opportunities, businesses and brands can also leverage social media networks to drive sales and improve their revenue. In essence, blockchain technology plus social media networks stimulate business growth. In view of the traction gained by xHumanity, the team announced the new listing that is on BitMart exchange. BitMart will list extraDNA (XDNA) on their digital assets platform on March 31, 2021. The following trading pair will be available: XDNA/USDT. Please note the available dates for different functions below: Schedule for Functions OpeningDeposit feature: 3/30/2021 10:00 AM (EDT)Trade feature: 3/31/2021 10:00 AM (EDT)Withdrawal feature: 4/1/2021 10:00 AM (EDT)https://support.bmx.fund/hc/en-us/articles/1260803847349-BitMart-Lists-extraDNA-XDNA-Coin InfoToken Name: extraDNAToken Symbol: XDNAToken Type: ERC20Total Supply: 11,000,000,000 XDNACirculating Supply: 1,890,741,037 XDNA Pri...

SeaPRwire
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Nasdaq edges to record, extending rally

elean
2 minutes

NEW YORK (AFP) - The Nasdaq edged to a fresh record again on Tuesday (Feb 9), extending a bull run for markets buoyed by rising hopes for fiscal stimulus and expectations of a strong economic rebound. Investors remained optimistic about additional government spending and President Joe Biden met with the CEOs of JPMorgan Chase, Walmart and other companies to build support for his US$1.9 trillion (S$2.5 trillion) rescue plan. The Dow Jones Industrial Average was essentially flat, dipping less than 0.1 per cent to end at 31,375.83, retreating slightly from an all-time high set Monday. The broad-based S&P 500 slipped 0.1 per cent to 3,911.23, also sinking just below Monday's record. But the tech-rich Nasdaq Composite Index gained 0.1 per cent to 14,007.70, ending at a record for the fourth straight day. Besides stimulus expectations, the market also has been boosted by progress on coronavirus vaccines that have raised hopes for earnings growth in 2021 and beyond. "Indeed the good times are rolling in the capital markets, which are acting as if they have more money than they know what to do with, so they just keep doing what's been working: putting money to work in risk assets," said Br...

SeaPRwire
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Singapore shares end week on flat note after directionless day

elean
2 minutes

Local shares ended the week on a flat note after a session that lacked direction for much of the day. Optimism also took a hit from news of a 3.6 per cent year-on-year decline in Singapore's retail sales for last December amid continued low visitor arrivals. Still, the Straits Times Index (STI) rose 1.53 points or 0.05 per cent to 2,907.11. Gainers beat losers 244 to 204 on trade of 1.77 billion shares worth $1.15 billion. Markers across the region were mixed. The Nikkei gained 1.5 per cent, the Hang Seng added 0.6 per cent and the Kospi advanced 1.1 per cent, but the KLCI slipped 0.4 per cent and the Shenzhen Component Index fell 0.7 per cent. Things were more positive on Wall Street with the three indexes finishing in the black overnight after gains of around 1 per cent. Oanda market analyst Jeffrey Halley said: "Asean markets are struggling to buy into the global recovery story with their less tech and manufacturing-heavy indexes, being heavily weighted to banks, property and commodities, which have been soft this week." Haw Par Corporation was the biggest gainer here, closing at $11.62, up 1.9 per cent. Other gainers included Creative Technology, up 5.2 per cent to $2.64, and S...

SeaPRwire
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US stocks gain on inauguration eve, Yellen call for stimulus

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks won solid gains on Tuesday ((Jan 19) as markets anticipated the presidential inauguration of Joe Biden while Biden's Treasury secretary nominee reiterated a call for aggressive stimulus spending. Janet Yellen, the former Federal Reserve chairman nominated to lead economic policy, during her Senate confirmation hearing called for Washington to "act big" to support the coronavirus-ravaged US economy. The Dow Jones Industrial Average gained 0.4 per cent to finish at 30,930.52. The broad-based S&P 500 rose 0.8 per cent to end at 3,798.91, while the tech-rich Nasdaq Composite Index jumped 1.5 per cent to 13,197.18. Stephen Innes, chief global market strategist at Axi, said the uptick reflects "the market giving the Biden policy agenda an early stamp of approval" a day before his administration takes office. Among individual companies, General Motors shot up 9.8 percent after announcing an alliance with Microsoft on its Cruise autonomous driving venture. Microsoft gained 1.8 per cent. Boeing won 3.1 per cent as the European Union Aviation Safety Agency said it would clear the company's 737 Max plane to resume flights next week, 22 months after the jet ...

SeaPRwire
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US stocks gain with oil, airline shares leading

elean
2 minutes

NEW YORK (AFP) - Equities tied to the US economic recovery led stocks higher on Tuesday (Jan 12) as markets bet on more government stimulus and coronavirus vaccines in 2021. Petroleum-linked shares were winners, along with airlines, retailers and infrastructure as investors anticipate gains for beaten-down sectors that have suffered during Covid-19. "I do believe there's going to be a pretty strong recovery driven by stimulus infrastructure spending, now that you have a Democrat controlled government," said Shawn Cruz of TD Ameritrade. "It will make it easier to get some of those probably larger stimulus Bills through." The Dow Jones Industrial Average finished up 0.2 per cent at 31,068.69. The broad-based S&P 500 climbed less than 0.1 per cent to 3,801.19, while the tech-rich Nasdaq Composite Index advanced 0.3 per cent to 13,072.43. The gains came after US equities pulled back on Monday over fears of more unrest after a mob of President Donald Trump's supporters last week attacked the Capitol in an unsuccessful effort to block certification of Joe Biden's victory in the November elections. Petroleum producer Apache surged 11.2 per cent, while United Airlines won 3.2 per cent and ...

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STI slips 0.3% amid uncertainty over Brexit, US stimulus package

elean
2 minutes

Continued uncertainty about the Brexit talks and a United States stimulus package caused Singapore shares to end the week lower alongside other markets in the region. The benchmark Straits Times Index (STI) finished yesterday's trading session at 2,848.98, down 0.3 per cent or 9.04 points. On the broader market, advancers outpaced decliners 222 to 205, after some 1.76 billion securities worth $1.71 billion changed hands. Other Asian markets also slipped. Malaysia's KLCI lost 1.3 per cent, the Nikkei 225 fell 0.2 per cent and the Hang Seng Index shed 0.7 per cent. On Wall Street, however, traders were optimistic about a round of fiscal stimulus against the raging pandemic. All three indexes ended Thursday's trading session in the black. The Dow Jones Industrial Average rose 0.5 per cent; the S&P 500 gained 0.6 per cent and the Nasdaq climbed 0.8 per cent. But Mr Stephen Innes, chief global markets strategist at Axi, said some investors are looking to sell rather than hold on to investments. Keppel DC Reit was the biggest advancer for the day, gaining 2.2 per cent to close at $2.79. A few other real estate investment trusts (Reits) also had gains. Mapletree Logistics Trust added 2.1 ...

SeaPRwire
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STI up 1.19% as Asian equities rally after Biden’s election win

elean
2 minutes

Singapore stocks rallied yesterday following news that Democrat challenger Joe Biden was declared president of the United States at the weekend, easing the uncertainty over the outcome of the election. Asian markets elsewhere continued to register gains from last week, with key benchmarks for Tokyo, Hong Kong, Seoul, Jakarta, and Kuala Lumpur all ending higher. State Street Global Markets' senior multi-asset strategist Daniel Gerard said Mr Biden's win "has been embraced by markets as it provides a narrative of desire for reconciliation, diplomacy and more international cooperation". "Asia, particularly emerging markets Asia, will be a strong beneficiary of the current environment, due to its relatively better handling of the pandemic, its exposure to technology and recovering consumer and global trade story," he said. However, near-term risks, including renewed geopolitical tensions and a resurgent pandemic, could threaten to reverse gains in global trades, he added. The local blue-chip benchmark Straits Times Index (STI) ended yesterday up 1.19 per cent to 2,609.36. Gainers outpaced losers 319 to 166, with 1.74 billion securities worth $1.24 billion changing hands. The best perfo...