Thread: Forex News from InstaForex

Well-Funded Thai Oil Giants Seek Investments





Thailand's PTT Exploration & Production Pcl and its parent firm have almost $11 billion combined in cash and marketable securities. According to Chief Executive Officer Somporn Vongvuthipornchai, the explorer and production company is prepared to spend from its portion on projects and exploration property to aid declining oil and gas reserves.


PTT E&P is considering early-life producing assets or projects that are sanctioned and ready for development, he said. It is also thinking of working with its parent firm, PTT Pcl, to invest in liquefied natural gas plants, that will help meet Thailand's increasing demand. Proved reserves have declined from the equivalent of 1.1 billion barrels of oil in 2009 to 695 million in 2016. Oil's crash have made deals tough to close last year due to the difficulty in agreeing on long-term values.


Somporn says that there is enough of a consensus now for buyers and sellers to reach a common ground. PTT E&P is using a $50 oil price forecast in 2017 for its investment decisions.


News are provided byInstaForex.

Australia House Prices Jump 4.1% In Q4





House prices in Australia advanced 4.1 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Tuesday.


That beat forecasts for a gain of 2.5 percent following the 1.5 percent increase in the third quarter.


On a yearly basis, prices spiked 7.7 percent - again beating estimates for 6.3 percent and up from 3.5 percent in the three months prior.


Melbourne saw the largest through the year at 10.8 percent, followed by Sydney at 10.3 percent.


Attached dwellings prices fell in Perth (1.7 percent), Brisbane (1.3 percent) and Darwin (2.5 percent), while prices rose in all other capital cities.


The total value of Australia's 9.8 million residential dwellings increased A$274.2 billion to A$6.4 trillion.


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Snap Jumps as its Bags First ‘Buy’ Rating





Snap shares rose after securing its first 'buy' recommendation from a Wall Street analyst, giving the social media tech company a reprieve from the sell-off it has seen since its market debut.


The $3.4 billion IPO initially received strong demand from investors, with the stock posting dramatic gains during the first two days after its official market debut. However, the stock steadily lost footing as investors concerns regarding the Snapchat owner's high valuation and lack of profitability induced doubts of analysts on Wall Street.


Based on the median recommendations of analysts comprised of three categories: buy, sell and neutral, Snap is currently the worst-rated stock among listed U.S. firms with a market cap of at least $20 billion.


But the stock was given a lift by Crespi, Hardt & Co. analyst James Cakmak, who gave the firm its first-ever “buy" rating and put the price target at $25. Its shares traded up 2.09 percent at $19.96 in midday trading.


In a report, Cakmak said that Snap is perceived as a firm with the potential to speed up its rate of revenue growth by seven fold. It is also projected with a sharp margin trajectory, while its peers have most likely reached their peak already.


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Japan Has Y813.389 Billion Trade Surplus





Japan had a merchandise trade surplus of 813.389 billion yen in February, the Ministry of Finance said on Wednesday.


That surpassed expectations for 807.2 billion yen following the downwardly revised 1,087.9 billion yen deficit (originally -1,086.9 billion yen) in January.


Exports jumped 11.3 percent on year, beating forecasts for 10.1 percent following the 1.3 percent gain in the previous month.


Imports added an annual 1.2 percent, missing expectations for 1.3 percent and down from 8.5 percent a month earlier.


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Gold Prices Steady as Stocks Decline on Trump Agenda Concerns





Gold prices held strong, near 3-week peaks it notched the previous session, bolstered by the dollar's weakness while Wall Street tumbled on doubts over U.S. President Donald Trump's economic policy.


Spot gold edged up 0.1 percent at $1,245.21 an ounce, it reached its strongest since March 2 at $1,247.60. U.S. gold futures settled 0.1 percent lower at $1,245.60. Holdings of SPDR Gold Trust increased by 0.50 percent to 834.40 tonnes from 830.25 on Monday.


Russia's biggest gold producer, Polyus, has finally agreed to sell it 82.34 percent stake in a joint venture with Polymetal, which holds rights to develop the Nezhdaninskoye gold deposit. Hong Kong's net gold exports to Switzerland reached its highest in February since records started five years ago, according to the Swiss customs bureau. Overall shipments from the territory more than doubled to a three-month peak.


Intercontinental Exchange (ICE) delayed the launch of clearing for London's benchmark gold price since all of the participants in the auction remain unprepared, according to two sources familiar with the topic.


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Fxwirepro: Taiwanese Dollar Trades Marginally Higher ahead of Taiwan’s Interest Rate, Industrial Production Data





USD/TWD is currently trading around 30.45 marks.


It made intraday high at 30.51 and low at 30.39 marks.


Intraday bias remains neutral till the time pair holds key resistance at 30.57 marks. A daily close above 30.47 will drag the parity up towards key resistances around 30.57, 30.72, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.


On the other side, key support levels are seen at 30.35, 30.24 and 30.05 marks respectively.


Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.


Taiwan will release industrial production data at 0800 GMT and interest rate decision at 0830 GMT.


We prefer to take long position in USD/TWD only above 30.57, stop loss at 30.35 and target of 30.97.


News are provided byInstaForex.

ECB to Thwart Any Move to Lure British Banks Post-Brexit





The European Central Bank will counter any efforts to begin a race to the bottom on financial rules as European states scramble to lure companies away from Britain after its exit from the European Union.


ECB board member Sabine Lautenschläger said Wednesday that any entity that intends to transfer to the eurozone must meet their requirements, regardless of whether it comes from the United Kingdom or other European country.


Lautenschläger cautioned any financial institutions seeking to circumvent rules to keep rendering banking products and services without a passport should revise their plans. She said they prioritize having secure and stable banks.


The ECB official recognized UK-based banks are experiencing challenges to obtain a new license in the EU, saying the central bank would become accommodating in terms of approving methodologies used by banks in evaluating capital requirements and risks.


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Bitcoin Stands at $1,000 on Woes about Digital Currency's Future





Bitcoin steadied at $1,000 following it slumped in the previous session, as traders mull over the certainty of the technology behind the digital currency.


The cryptocurrency gained 1.2% on Thursday, trading at $1,049.20. It previously traded at $997.


Traders are still digesting the prospect of establishing another trading venue for the digital currency, the SEC's rulings on bitcoin ETFs, and China's crackdown on exchanges.


In the first week of this year, bitcoin surged 20% before losing 35% despite apprehensions China was poised to curtail trading. It then soared 75% between mid-January and mid-March.




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Japan Corporate Service Prices Rise 0.8% In February





Corporate service prices in Japan were up 0.8 percent on year in February, the Bank of Japan said on Monday.


That exceeded forecasts for 0.5 percent, which would have been unchanged from the January reading.


On a monthly basis, prices added 0.3 percent after sliding 0.5 percent in the previous month.


Among the individual components, prices were up for advertising services, transportation, communications and real estate.


Prices were down for leasing and rental.


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HNA Group to Buy Stake in Old Mutual U.S. Unit





Chinese travel-to-financial services conglomerate HNA Group has agreed to purchase a 25 percent stake in Old Mutual Plc's U.S. asset management unit for around $445 million. Old Mutual will then trim its stake in OM Asset Management to 26 percent, lower from 51 percent.


The financial services conglomerate is selling its holdings in OMAM to HNA Group in two tranches, according to a statement from Old Mutual. The first, which consists of 9.95 percent at $15.30 a share, will be completed within 30 days while the following 15 percent stake at $15.75 will take place in the second half, the UK-based company said. The Hainan-based conglomerate has invested in financial services as part of its effort to expand its portfolio beyond tourism and aviation. The stake is the latest in HNA's $30 billion haul of deals since 2016.


Old Mutual has received several offers to purchase a part of its stake in OMAM, which includes TPG and Advent. HNA Group is also leading a deal to procure Manhattan's 245 Park Ave. for $2.21 billion, according to two people with knowledge of the talks.


News are provided byInstaForex.