Sunday, February 25, 2018
Saturday, February 24, 2018
Macron eyes action against Chinese farm buyersPresident Emmanuel Macron promised measures Thursday to help prevent foreign investors buying French farms amid concern that Chinese businesses are taking advantage of low land prices and distressed rural communities.
Volkswagen profit roars back two years after 'dieselgate'The world's largest carmaker Volkswagen appeared back in racing form Friday, as its 2017 results revved back to levels not seen since before its devastating "dieselgate" emission cheating scandal. VW said in a statement it had booked an 11.4-billion-euro ($14 billion) bottom line last year, more than double the 5.1 billion euros earned in 2016.
India-bound gas pipeline breaks ground on Afghan sectionTurkmenistan, Afghanistan, Pakistan and India on Friday ceremonially broke ground on the Afghan section of an ambitious, multi-billion dollar gas pipeline expected to help ease energy deficits in South Asia.
Thursday, February 22, 2018
Venezuela begins selling oil-backed cryptocurrencyVenezuela formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis. The leftist Caracas government put 38.4 million units of the world's first state-backed digital currency, the Petro, on private pre-sale from the early hours.
Bangladesh bourse approves China bid, rejects India offerBangladesh has agreed to sell a large stake in its stock exchange to a Chinese consortium, an official said Tuesday, rebuffing a rival bid from India that raised political sensitivities. The Dhaka Stock Exchange on February 10 had approved the Chinese offer to buy a quarter of the bourse's 1.8 billion shares, but Bangladesh's financial regulator asked it to "further scrutinise" the decision.
Flying Car Infrastructure Sees Development in 13 Countries Including KenyaThe community of entrepreneurs and early supporters of the McFly.aero blockchain project have begun to set up an infrastructure for flying cars; in 23 cities covering 13 countries, including in Kenya.
Wednesday, February 21, 2018
New Threat As U.S., Others Set to Abandon Nigeria's OilThere are indications that the United States and other nations will soon abandon Nigeria's oil, which may negatively affect the nation's revenue generation. According to the Energy Information Administration (EIA), the US may drastically reduce its import of crude oil from Nigeria by 2022, going by its projection of becoming a net energy exporter in four years.
Tuesday, February 20, 2018
As the title suggests there's a lot of curves in market that are looking like this after last week's fall. The question now is where is this going from here? Just as an example I have chosen European Equity ETF VGK. Incidentally, Bridgewater has increased its bearish bets on European equity substantially over the last three weeks. I did say make some recommendations that the expected bounce would be worth it however I give stern warning as we approach this resistance area. I urge my readers to exercise a lot of caution over the next few days to just wait and see whether we break through resistance or it falls back again, but if there's money on the table it should probably be taken off.
Economist Lauds Britain's Plan to Add Naira As Trade CurrencyAn economist, Prof. Okey Onuchuku on Monday, said Britain's export finance agency's plan to add the Naira to its list of pre-approved currencies would boost the value of Nigerian currency. Onuchuku, who is the Director, University of Port Harcourt Business School said this in Port Harcourt while speaking with the News Agency of Nigeria (NAN) on Britain's adding the Naira to its list of accepted trade currencies.
Egyptian, Israeli firms sign $15bn natural gas dealIsraeli company Delek Drilling has announced it will supply Egypt with $15bn worth of natural gas in the biggest export deal to date for Israel's natural gas industry. Egyptian company Dolphinus will buy 64 billion cubic metres of natural gas from Delek Drilling and its US partner Noble during a 10-year period, a statement released on Monday said.
Saturday, February 17, 2018
Fitch raises Greece's debt rating, citing stability, growthThe Fitch ratings agency on Friday upgraded Greece's sovereign debt grade, citing budget surpluses, greater political stability and the growing economy. The agency raised the debt rating one notch to 'B' from 'B-,' leaving the country in the "highly speculative" category but with a positive outlook.
China vows to protect interests as US eyes trade sanctionsChina on Saturday warned it would take necessary measures to protect its interests if the US imposes tough trade sanctions against its steel and aluminium exports. The US Commerce Department on Friday recommended imposing heavy tariffs on China and other countries to counter a global glut in steel and aluminum, laying out an array of possible options in a report to President Donald Trump.
Canada to seek to join South America trade pactCanada will open trade talks next month with the four-nation Mercosur trading bloc in South America as part of an ongoing push to diversify its trade partnerships, a senior official said Friday. It comes as its main trading relationship with the United States -- the North American Free Trade Agreement (NAFTA) -- falters, and after Ottawa announced it would sign onto the Trans Pacific Partnership (TPP).
Friday, February 16, 2018
Saudi Arabia seeks to further reduce oil stockpilesSaudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply. Saudi Aramco's crude output in March will be 100,000 barrels per day (bpd) below its February level while exports will be kept below seven million bpd, the energy ministry said.
Japan economy grows for 8th straight quarter, longest since 1980sJapan's economy grew for the eighth straight quarter at the end of 2017, government data showed Wednesday, its longest period of expansion since the "bubble" boom days of the late 1980s. Gross domestic product figures fell short of expectations and represented a slowdown from the previous quarter, but analysts forecast continued growth nonetheless.
Thursday, February 15, 2018
China warns Trump trade sanctions threaten global economyUS trade sanctions will hit the world economy, Beijing warned Wednesday, after President Donald Trump threatened to impose fresh tariffs on imports from China. Trump said he was "considering all options," including tariffs and quotas, after he accused China of decimating the American steel and aluminium industries.
Cory Booker just took another step toward a run for presidentWASHINGTON -- U.S. Sen. Cory Booker, criticized for campaign contributions from Wall Street and the drug industry, has sworn off corporate political action committee donations as he ponders whether to seek a run for the White House.
Europe’s investment in offshore wind is paying off — for the USFor years, a large-scale offshore wind industry in the US seemed like it was always somewhere off over the horizon. But with the price of offshore wind power dropping quickly in Europe and the UK, policymakers in the US are increasingly looking at it as a viable option to meet renewable energy goals.
Tuesday, February 13, 2018
As promised I was going to post something on the recent events and try and sell you all on the fact that this is merely a small blip in an otherwise downward trajectory. I have tried to illustrate with Emerging Markets ETF EEM and India ETF PIN that there is the beginnings of a downward channel showing. For those of you with an appetite for risk this could definitely be a profitable ascent (albeit volatile), but for others it may be an opportunity to choose our moment to perhaps enter fresh short positions. The resistance is pretty clearcut so "stops" can be triggered if the resistance is breached, but I'll be honest it doesn't feel like it despite the fact "buy" signals have appeared on the RSI(5).
White House releases budget, forecasts a decade of mounting debtWASHINGTON — The Trump administration proposed a spending plan on Monday that projects deficits as far as the eye can see, giving up the longtime Republican goal of a balanced budget to champion a spending plan replete with cash for a host of military programs and some domestic ones the president's supporters might admire.
Monday, February 12, 2018
Kenya's Flower Producers Eye US MarketKenya's cut-flower industry has blossomed since the 1980s, and now holds the biggest market share for exports to Europe. Kenya's flower producers are hoping direct flights set to open between Nairobi and New York City could help them put down roots in a new market — the United States.
I was looking at Crude Oil ETF USO and a small counter-trend rally seem to be afoot. This isn't just isolated to Crude Oil as a counter-trend rally is appearing across many ETF's (more on this tomorrow). When I mentioned Emerging Markets ETF EEM last week I was pondering whether this this was a three wave or five wave correction. If this is five wave correction we will see some volatility up to a line of resistance and then another fall. Another blogger made a very convincing argument that Crude could rally to $63.50 and I'd have to agree, but beware the approaching resistance lines.
Global markets seeing 'necessary corrections': IMF chief
The latest volatility in global financial markets represents "necessary corrections", IMF chief Christine Lagarde said in Dubai on Sunday, in the wake of a Wall Street plunge. "The market trepidations that we have seen in the last few days are not worrying me.
China to launch own oil futuresChina will launch its own crude oil futures in March, the securities regulator said Friday, as the energy-hungry giant looks to wield greater influence on the international market by offering an alternative to the Brent and WTI benchmarks.
IMF chief urges Arab states to slash spendingIMF chief Christine Lagarde on Saturday urged Arab countries to slash public wages and subsidies in order to rein in spending, achieve sustainable growth and create jobs. Speaking at the one-day Arab Fiscal Forum in Dubai, Lagarde welcomed "promising" reforms adopted by some Arab countries, but insisted much more was needed to overcome daunting economic and social problems.
Sunday, February 11, 2018
Stimulus puts US debt on an upward trajectoryAs part of a pledge to "Make America Great Again," President Donald Trump and Republican lawmakers are pursuing aggressive economic stimulus while slashing taxes at the same time. The result, budget analysts say, is likely to be swelling debts and deficits for the world's largest borrower. - A ballooning deficit - America's budget deficit was already on an upward trajectory, thanks to an aging population and rising health costs.
Jim Jordan says 'swamp won' on spending billRep. Jim Jordan says the swamp struck back with the passage of a massive budget deal that increases government spending by $300 billion. "I'm saying the swamp won and the American taxpayer lost," Mr. Jordan, co-founder of the House Freedom Caucus, said on "Fox News Sunday."
Thursday, February 08, 2018
Goldman Sachs Predicts Cryptocurrencies Will Fall To ZeroJust how long with the slide continue for cryptocurrency market? The global head of investment research at Goldman Sachs is warning that Bitcoin and other cryptocurrencies could drop all the way down to zero.
Monday, February 05, 2018
I would have posted this sooner but I have specialist exams I need to be studying for. For this correction I could have literally posted anything, but Emerging Markets ETF EEM looked best (I also find that along with Semiconductors XBI are a good bell-weathers) and other sectors like Energy ETF XLE put in a sell signal a week ago. The markets have a whiff of fear so already people and pundits are predicting an overall decline of about 8 to 10%. I frankly don't know what to believe. I'm a little cynical after the market has risen literally non-stop since the election but after the crossover of the EMA's a decline is upon us. We are miles from the MA(144) so there's plenty of room for this to fall if it wants. The question becomes "is this a five wave fall or just a three wave correction?" I've tried to draw in what the channel and trend might look like but needless to say, profits should have been taken off the table Thursday or Friday (again, sorry for the lateness). Some of my indicators are also turning over so let's just watch this. We're too late for opening short positions but we can revisit the issue after a little while. Our sell signal on the RSI 5 has been revised but it is big, and if some of our newer readers don't know what a blow-off top looks like, now you know.