Thursday, August 6

Day: 2 August 2020

What is Algorithmic Trading in Forex?
Forex News

What is Algorithmic Trading in Forex?

Trading in the forex market has been steadily evolving over decades since it first began. This has particularly been evident in recent years with the continuing emergence of new trading strategies and methods. These have generally advanced trading to become both more convenient, and more efficient. One such method which has experienced a sharp growth in popularity of late, is algorithmic trading. Here we will examine what exactly algorithmic trading in forex is, the methods available, and how it could be an effective tool in your trading arsenal moving forward. The Algorithmic Trading Basics Algorithmic trading at its core, is trading based on a computer program. This computer program follows a preset collection of instructions, an algorithm, to perform a number of functions for you a...
SocGen shuts S’pore trade commodity unit after Hin Leong hit – The Straits Times
Commodities

SocGen shuts S’pore trade commodity unit after Hin Leong hit – The Straits Times

Societe Generale is closing its Singapore trade commodity finance unit after the collapse of Hin Leong Trading prompted the bank to halt fresh funding to such firms in the region. The bank is dismissing all front office staff dealing with transactions, but keeping some administrative workers, said people with knowledge of the matter, who asked not to be identified. Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms. It was among more than 20 Singapore and international banks owed US$3.8 billion (S$5.2 billion) by oil trader Hin Leong, which filed for creditor protection this year after crude prices crashed. The French bank,...
Apache Corporation: Management Continues To Deliver
Stock News

Apache Corporation: Management Continues To Deliver

One of the larger oil and gas companies on the market today is Apache Corporation (APA). Though its size pales in comparison to the majors, it's still large enough to be able to hold its business steady during even some of the toughest of times. Case in point, we need only look at the firm's results for the second quarter of its 2020 fiscal year. Despite being forced to curtail output at some of its higher-cost locations, and during one of the most volatile three-month windows energy markets have ever been through, the business managed to remain in a positive operating cash flow position. Not only this, but output from the firm also remained higher than analysts anticipated, and though debt is rising, the business is showing signs of keeping costs down and optimizing its operations. Apac...
Former China Central Bank Exec Pushes for Digital Currencies – Cointelegraph
Currencies

Former China Central Bank Exec Pushes for Digital Currencies – Cointelegraph

The former vice president of China’s central bank pushed for central bank digital currencies positioning it as a substitute for cash in circulation. Wang Yongli, former vice president of Bank of China and a director of the Haixia Blockchain Research Institute, said digital currencies can certainly be a substitute for cash but it shouldn’t be confined to just that, according to the Global Times. Wang said digital currencies can reshape monetary structures. These can include setting up “basic accounts” for all social entities on a central bank’s digital currency platform. This allows the bank to supervise digital currencies without much impact on the current financial system.   He added a digital currency improves monetary policy effectiveness because the excessive issuance of...
Egypt to Elon Musk: Aliens didn’t build the pyramids, come see for yourself – CNET
Stock News

Egypt to Elon Musk: Aliens didn’t build the pyramids, come see for yourself – CNET

Aliens didn't build Egypt's pyramids, and the country is happy to prove that fact to SpaceX and Tesla CEO Elon Musk. Over the weekend, the country's minister of international cooperation responded to a Musk tweet by offering him a trip to investigate the real history of the enormous structures. On Friday, Musk tweeted "Aliens built the pyramids obv," and whether he was serious or not, his tweet was so far liked more than 538,000 times and retweeted more than 85,000 times.  Aliens built the pyramids obv — Elon Musk (@elonmusk) July 31, 2020 For more like this Subscribe to the CNET Now newsletter for our editors' picks of the most important stories of the day. On Saturday, Rania A. Al Mashat, Egypt's minister of international cooperation, invited Musk to come to her countr...
Caterpillar’s stock swings lower as downbeat dealer inventory outlook, retail sales data follow earnings beat
Stock News

Caterpillar’s stock swings lower as downbeat dealer inventory outlook, retail sales data follow earnings beat

Shares of Caterpillar Inc. fell on Friday, reversing early gains, following the construction and mining equipment maker’s post-earnings conference call with analysts, in which the company provided a downbeat outlook with regard to dealer inventories. Caterpillar gave investors an early reason to cheer, with the 6:00 a.m. Eastern release of its second-quarter results. The stock surged as much as 6.0% in the premarket after the results, in which profit and revenue fell from a year ago as the COVID-19 pandemic weighed, but beat Wall Street expectations. The company had also said in the release that dealers reduced machine and engine inventories by about $1.4 billion during the quarter, compared with an increase of $500 million in the same period last year. Then just as the stock US:CAT wa...
Telkom moves into financial services
Stock News

Telkom moves into financial services

Telkom has branched into the competitive space of financial services by launching a life insurance business that it said will initially sell funeral insurance. Telkom and other mobile operators in South Africa are looking to tap more than 11 million South Africans who do not have bank accounts to offer lending and other financial services, a move that is set to threaten traditional and digital banks. They are also seeking to expand their mobile payment apps into online market places to leverage their network and customer base. Shift “In recent years Telkom has made a strategic shift to digital distribution, which puts it in an ideal position to distribute insurance products using its considerable digital structure and intellectual property,” Sibusiso Ngweny...
Bounce in July sales to bring auto counter alive
Stock News

Bounce in July sales to bring auto counter alive

July sales figures show there is light at the end of the tunnel for the auto sector as also the ailing economy in the midst of the uncertainty over the Covid pandemic.While Mahindra & Mahindra’s farm equipment sector notched up the highest ever tractor sales for the month, showing good cash flows to farmers and higher rural spending by the government, the country’s largest carmaker Maruti Suzuki saw an increase in demand from the first-time buyers and also people buying additional cars. Maruti Suzuki reported 1.30 per cent year on year growth in domestic sales to 1.01 lakh units, while Mahindra & Mahindra witnessed nearly 28 per cent growth in tractor sales to 24,463 units. In its recent conference call post Q1FY21, the Maruti management indicated that retail demand has reached...
Why Trump Banning TikTok May Be a Blessing for Bitcoin Price, Adoption
Crypto News

Why Trump Banning TikTok May Be a Blessing for Bitcoin Price, Adoption

Yesterday saw many major altcoins rally to their yearly highs, with Ether (ETH) surging past $400, which I expected was a likely scenario in my last article two weeks ago. In addition, XRP also had a bumper day exceeding $0.32 while momentarily outperforming Bitcoin as expected in my July 1 article. However, Bitcoin showed its dominance in the space by wiping out several billion of these gains in a little over an hour. So what does the week ahead look like, and just what sort of impact could Trump's TikTok ban have on the cryptocurrency space? Daily cryptocurrency market snapshot, Aug. 2. Source: Coin360.com Let’s get some perspective BTC/USD 1-week chart. Source: TradingView  Bitcoin on the weekly shows a picture of the future. The leading cryptocurrency by market capitaliz...
Weekly Preview: Stocks To Watch (ATVI, BYND, DBX, DIS, ROKU)
Stock News

Weekly Preview: Stocks To Watch (ATVI, BYND, DBX, DIS, ROKU)

Stocks rebounded on Friday from early declines, powered by Big Tech earnings from Apple (AAPL), Amazon (AMZN) and Facebook (FB) which combined boosted to the Nasdaq to a 1.5% gain. Overall, however, indexes struggled to muster any momentum as policymakers failed to shake hands on another coronavius aid package. But realizing the impact of the blowout quarters from the aforementioned tech giants, investors capitulated as if to recognize “things can’t get any worse.” And, as I’ve been saying for a while now, the TINA factor will be at play for the foreseeable future. With interest rates at zero, where else, if not the stock market, can you get a decent return on your cash — if you can stomach the volatility and headlines risk. The Dow Jones Industrial Average rose 114.67 p...