Thread: Forex News from InstaForex

Fox’s Profits Weighed Down by Weak Ad Sales





Rupert Murdoch's 21st Century Fox posted a profit drop in the most recent quarter, weighed down by the weak cable advertising and lack of box office hits during the period.


While ad revenue jumped at the Fox broadcast network due to the ratings of the much-awaited Super Bowl and an additional playoff, cable advertising sales fell as they have for other entertainment firms who have reported quarterly results in the last two weeks.


But during a call with investors, CEO James Murdoch project cable ad sales will advance at a high single-digit rate this quarter. Despite the loss of its most known host, Bill O'Reilly, Fox News has managed to keep its high ratings and the firm's faith in the business remains solid.


Revenue from cable programming increased 2.1 percent to $4.02 billion, slowed down by the flat local advertising and a decline in international ad sales. The revenue from Fox's biggest business also did not reach estimates of $4.13 billion on average. Total revenue, helped by the Super Bowl advertising, climbed 4.6 percent to $7.56 billion in the quarter ended March 31, but was shy of the projected $7.64 by analysts.


The result announcement caused the stock to fall 1.4 percent to $27.50 in late hours trading. It shed 1.2 percent to close at $27.90 in New York.


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Fxwirepro: Eur/krw Hits Fresh 3-Week Low at 1,218 Mark, Consistent Close Below Targets 1,207 Mark





EUR/KRW is currently trading around 1,220 mark.


Pair made intraday high at 1,221 and low at 1,218 levels.


Intraday bias remains neutral till the time pair holds key support at 1,218 mark.


A daily close below 1,219 will drag the parity down towards key supports around 1,212, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively. Alternatively, a sustained close above 1,219 will take the parity higher towards key resistances around 1,230, 1,237, 1,249, 1,262 and 1,274 marks respectively.


Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.


Seoul shares open down 0.01 pct at 2296.06.


We prefer to take short position in EUR/KRW only below 1,218, stop loss at 1,230 and target of 1,207/1,200.


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Verizon to Buy Straight Path for Nearly $3.1 Billion





Telecommunications conglomerate Verizon Communications Inc. is set set to buy wireless spectrum holder Straight Path Communications Inc. for around $3.1 billion, roughly double of rival AT&T's initial offer. Verizon aims to gain an advantage in the race towards a 5G network.


Straight Path holds licenses to use high-frequency radio waves that some engineers believe would form the foundation of next-generation networks. The company is one of the biggest holders of millimeter wave spectrum. Furthermore, 5G is expected to boast higher speeds, shorter response times and more capacity.


Verizon will pay $184.00 per share in Verizon stock for the firm. The $184 a share all-stock offer represents a discount of 17.8 percent to Straight Path's close on Wednesday and an equity value of $2.3 billion. The stock jumped almost five-fold since April 7.


Back in April, AT&T announced it would buy Straight Path for $1.25 billion in an an all stock deal. Straight Path then said that it received a bid from an unnamed bidder that Reuters reported was actually Verizon, citing sources. In January, Straight Path placed itself on the block.


On behalf of Straight Path, Verizon will pay a termination fee of $38 million to AT&T. The deal is seen to close within nine months. As part of an earlier settlement, Straight Path will also have to pay the U.S. government a 20 percent cut from the sale of its spectrum licenses.


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Fxwirepro: Thai Baht Gains on the Back of Higher Than expected Gdp Data





USD/THB is currently trading around 34.60 marks.


It made intraday high at 34.67 and low at 34.57 marks.


Intraday bias remains bearish till the time pair holds key resistance at 34.74 marks.


On the top side, key resistances are seen at 34.74, 34.82, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.


Alternatively, a daily close below 34.66 will drag the parity down towards key supports around 34.54, 34.41, 34.34, 34.24 and 34.01 marks respectively. Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.


Thailand’s Q1 GDP +3.3 pct yr/yr (vs +3.2 pct in poll).


Thailand’s Q1 GD +1.3 pct q/q seasonally adjusted (vs +1.2 pct in poll).


We prefer to take short position in USD/THB around 34.65, stop loss at 34.75 and target of 34.41.


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Fairfax Media Acquires Revised $2.04 Billion Offer from TPG





Fairfax Media Ltd, which is one of the biggest media companies in Australia, announced it has obtained a revised A$2.76 billion ($2.04 billion) cash offer led by American investment firm TPG Capital Management for all of the company.


The offer from TPG and the Ontario Teachers' Pension Plan Board (OTPP) values the Australian newspaper publisher at A$1.29 per share, and compares with an initial proposal to purchase the firm's top mastheads, like The Sydney Morning Herald and The Australian Financial Review, as well as its property listings unit Domain for A$0.95 per share.


Investors would be left with scrip exposure to the Fairfax radio division, regional and New Zealand titles, a stake in an online television streaming startup and its debt. The TPG consortium valued such assets at A$0.25 to A$0.30 per share. The offer represents a 12 percent premium to the publisher's A$1.07 closing price.


If accepted, the offer will end Fairfax's plan to unlock shareholder value by offshooting it's profitable property listings unit, Domain.


A TPG spokesperson has declined to comment on the topic.


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Fxwirepro: Usd/sgd Hits Fresh 2-Week Low at 1.3965 Mark, Stay Bearish





USD/SGD is currently trading around 1.3973 marks.


It made intraday high at 1.3982 and low at 1.3965 levels.


Intraday bias remains bearish till the time pair holds key resistance at 1.4046 marks. A daily close above 1.3982 will test key resistances at 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.


Alternatively, a consistent close below 1.3982 will drag the parity down towards key supports at 1.3964/1.3919/1.3851/1.3775/1.3704/1.3646 levels respectively.


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


We prefer to take short position in USD/SGD around 1.3980, stop loss 1.4027 and target of 1.3919.


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Tesla Shares Sink after Losing Morgan Stanley’s Rating Cut





Morgan Stanley, one of Tesla's biggest and longtime bulls, downgraded the stock as it cited the increased projection of the carmakers' expenses and the competitive risk from well-capitalized rivals.


Morgan Stanley analyst Adam Jonas, has been one of the biggest champion for the Tesla stock, visualizing offerings of a ride-for-hire service that could increase the value of the firm by two-fold. But now, the top auto analyst sees operating losses extending into the next year and project the company will burn through $3.1 billion of cash this 2017, up from the prior estimate of $2.3 billion.


In a note to clients, Jonas stated they expect Tesla's larger and better capitalized rivals to launch strategies that will tackle sustainable transportation and movability.


Jonas slashed Tesla's rating to “equalweight” from “overweight” but retained his $305 stock price target, causing its shares to fall by as much as 3.8 percent to $312.53. It was last trading down 2.6 percent to $316.46. With the downgrade, the electric carmaker's bull camp fell to just 37.5 percent of Wall Street with ratings on the stock.


Currently, Elon Musk's company has has nine “buy” ratings, “10” hold ratings and 5 “sell” ratings. Tags: Industry, Investments, Share, Stocks, bonds


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New Zealand Producer Price Index Continues to rise in Q1





New Zealand producer prices continued to rise in the first quarter of this year. The producer output prices were up 1.4 percent sequentially, while the input prices were up 0.8 percent quarter-on-quarter, stated Statistics New Zealand. The producer output prices were mainly driven by increased prices of dairy products, whereas the increased crude oil prices drove up the input costs at oil refineries. On a year-on-year basis, producer output prices rose 4.1 percent, whereas input prices were up 4.2 percent.


The prices paid by fuel manufacturers rose 43 percent in the year, owing to higher crude oil prices. Meanwhile, prices received by dairy cattle farmers and dairy product manufacturers in March rose 49 percent and 22 percent respectively.


Meanwhile, the consumer price index rose 2.2 percent in the year to the March quarter. This was also driven by fuel prices.


Read more: https://www.instaforex.com/forex-new...rise_in_q.html
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Wall Street Mixed as Nasdaq Hits 3-Day Winning Streak





U.S. stocks finished mixed as investors brushed off latest news coming from Washington. The S&P 500 and the Dow closed little changed after mixed economic data and retail earnings, as the Nasdaq touched another record close with the help from technology stocks.


The Dow Jones industrial average slipped 0.01 percent to end at 20,979.75, as UnitedHealth led losses while Microsoft was the best performer. The S&P 500 dropped 0.07 percent to finish at 2,400.67, as utilities led nine sectors down and financials and information technology were the only gainers. The Nasdaq jumped 0.33 percent to end at 6,169.87.


The S&P's financial sector closed the day with a 0.2 percent advance.


Utilities were the S&P's largest decliner of the day with a 0.8 percent loss. UnitedHealth and Pfizer weighed on the S&P the most. Shares of Pfizer dropped 1.6 percent to $32.60 after Citigroup downgraded the drug developer's stock to “sell” from “neutral”.


Technology provided the biggest boost to the S&P, climbing 0.5 percent, with an outsized gain from Microsoft which traded two percent higher.


Home Depot contributed gains on the Dow after posting first-quarter earnings of $1.67 per share on revenue of $23.89 billion. Shares of Home Depot gained around 1.5 percent.


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Usd/cny Likely to Trade Around 6.98 by End-2017, says Lloyds Bank





In the past month, the USD/CNY pair has traded in a range of 6.87-6.91. But since the beginning of 2017, the currency pair has gradually increased from its January’s low of 6.83. Weaker-than-expected economic data in the past month have again raised worries regarding devaluation in an attempt to stimulate economic activity, noted Lloyds Bank.


These worries, at this stage, are believed to be overdone, greatly because of tighter liquidity conditions in China and recent attempts to stem portfolio outflows. China’s policymakers might depend on looser monetary policy rather than the currency to stimulate growth. Overall, the Chinese yuan has greatly underperformed other Asia currencies since the beginning of this year. This might alleviate pressure on the People’s Bank of China to devalue to keep external competitiveness.


“We do view the CNY as modestly overvalued and forecast USD/CNY to end the year at 6.98”, added Lloyds Bank.


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