Tuesday, December 1

Day: October 31, 2020

UK PM Boris Johnson announces new nationwide lockdown to curb coronavirus
Forex

UK PM Boris Johnson announces new nationwide lockdown to curb coronavirus

UK Prime Minister Boris Johnson has announced a second broad lockdown from Thursday, November 5, and until December 2. The PM has said, "The virus is doubling faster, that we can conceivably add capacity."  Leaving home is restricted to limited, essential activities.Johnson has also announced that the furlough scheme will extend for another month. Nevertheless, the UK will likely struggle.Chief medical officer Chris Whitty explained that there are now some 50,000 cases per day and that several hospitals have more COVID-19 patients than in the spring. Chief scientific officer, Sir Patrick Vallance, warned that admissions to hospitals could top the peak of the previous wave within the next six weeks.Speculation about a lockdown circulated ahead of the announcements. France and German...
ICICI Bank Q2 takeaways: Record profit, prudent provisioning & more
Stock News

ICICI Bank Q2 takeaways: Record profit, prudent provisioning & more

NEW DELHI: A record net profit, an improvement in asset quality, a fall in sequential provisioning, recovery in disbursements to pre-Covid levels, soft NIM and increase in mobile transactions were some of the key highlights of ICICI Bank's September quarter results. Record profit While a multifold jump in profit in ICICI Bank's September quarter results was expected, a 6.5 times jump in year-on-year profit beat analysts estimates. The Rs 4,251 crore profit reported by the bank was its highest ever quarterly profit so far. The growth was aided by the bank's low base, as the lender incurred taxes of Rs 3,712 crore in the year-ago quarter due to one -time additional charge. This past quarter, total expenses for the bank stood at Rs 1,015 crore.The numbers were also boosted by the bank's t...
Futures vs Forex: Which Should You Trade?
Strategy, Technical Analysis

Futures vs Forex: Which Should You Trade?

There are many ways to trade the currency market, also known as the foreign exchange or forex market.Traders may engage in:Trading spot forex (with instant delivery or delivery up to two trading days) Currency futures (where the exchange rate is determined at the time of signing the contract and where delivery takes place at a specific date in the future) Trading currency options, swaps, and forward contractsHere, we’ll take a look at the differences, advantages, and disadvantages of trading spot forex vs futures.What is Forex?Forex, short for the foreign exchange market, is the marketplace for the world’s currencies. In terms of daily trading volume, the forex market is the largest financial market in the world, according to the Bank for International Settlements...
Bitcoin reaches $14K for the first time since January 2018 — what’s next?
Crypto News

Bitcoin reaches $14K for the first time since January 2018 — what’s next?

Bitcoin (BTC) price is undoubtedly having an impressive year after crashing to $3,700 in March but then rallying to $14,000 in the following months. Now BTC has reached the highest point since January 2018 as the price touched $14,100.Thus, the likelihood of the new bull cycle is heavily increasing as the price of Bitcoin continues to make new higher highs and higher lows. What's more, the strength is even seen while the U.S. Dollar Currency Index, with which it is typically inversely correlated, is also recovering amid coronavirus fears.Bitcoin yet to break the $13,700-14,250 areaBTC/USD 1-week chart. Source: TradingViewThe weekly chart shows some crucial levels to be watched in order to continue the bullish momentum. One of them is the current resistance zone surrounding the $14...
Here’s how a Biden or Trump presidency would affect your personal finances
Business news

Here’s how a Biden or Trump presidency would affect your personal finances

Joe Biden, 2020 Democratic presidential nominee, right, and President Donald Trump during the presidential debate at Belmont University in Nashville, Tennessee, on Oct. 22, 2020.Kevin Dietsch/UPI/Bloomberg via Getty ImagesPresident Donald Trump and Joe Biden, his Democratic opponent in next week's election, have broadly diverging views on issues that would impact the personal finances of everyday Americans.It's no guarantee the candidates' ideas and proposals will eventually become law. Much hinges on the outcome of congressional races, for example.But here are things to consider as voters head to the polls on Tuesday, on issues like taxes, Social Security, student loans and Medicare.TaxesThe Trump campaign said it would "cut taxes to boost take-home pay and keep jo...
JSW Holdings Q2 results: Net profit drops to Rs 39 crore
Stock News

JSW Holdings Q2 results: Net profit drops to Rs 39 crore

New Delhi: JSW Holdings, the non-banking financial company that forms the investment arm of the JSW Group, on Saturday posted 48.1 decline in consolidated profit at Rs 39.48 crore for the quarter ended September 30, 2020. The company had posted a profit of Rs 76.20 crore for the year-ago period, JSW Holdings said in a filing to BSE.Total income during July-September 2020-21 dropped to Rs 50.32 crore from Rs 85.48 crore in the year-ago period, the filing said.Credit: Stocks-Markets-Economic Times
Bitcoin price hits $14,000 exactly 12 years after whitepaper released
Crypto News

Bitcoin price hits $14,000 exactly 12 years after whitepaper released

The price of Bitcoin (BTC) surpassed $14,000 on Oct. 31, the day Satoshi Nakamoto released the Bitcoin whitepaper in 2008. Since then, the world's biggest cryptocurrency has seen remarkable and exponential growth across various areas.The daily price chart of Bitcoin. Source: TradingView.comFast forward 12 years, since the October 31, 2008 release of the whitepaper, Bitcoin is in a different growth trajectory. An institutional craze is leading the BTC rally, major financial institutions are supporting crypto assets, and the market has become increasingly liquid.Post-halving bull cycle meets Bitcoin 12-year anniversaryThe 12-year anniversary of the Bitcoin whitepaper is particularly special for Bitcoin because it marks the third post-halving cycle.Every four years, Bitcoin underg...
Gold Price Analysis: XAU/USD could extend slide with a daily close below $1,860
Forex

Gold Price Analysis: XAU/USD could extend slide with a daily close below $1,860

XAU/USD lost more than 1% last week and closed near $1,880. Bearish pressure could gather strength is gold drops below $1,860. 100-day SMA at $1,890 aligns as first resistance.The XAU/USD pair suffered heavy losses on Wednesday and Thursday but staged a rebound on Friday. Despite the fact that the pair gained 0.6% on the last day of the week, it closed 1.2% lower on a weekly basis at $1,879. XAU/USD technical outlookOn Thursday, gold touched its lowest level in a month at $1,860, where the Fibonacci 61.8% retracement of June-August rally is located. Although strong support seems to have formed around that level with the price turning north on Friday, the pair closed the third straight day below the 100-day SMA at $1,890. Unless XAU/USD successfully makes a dai...
Investors are hoping for a clear presidential and Senate election outcome to end the sell-off
Business news

Investors are hoping for a clear presidential and Senate election outcome to end the sell-off

People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 02, 2020 in New York City.Spencer Platt | Getty ImagesThe best hope for markets in the week ahead is that there is a clear cut winner in Tuesday's presidential election.The election looms large as the biggest wild card risk for markets, and there is a real concern that no outcome could lead to a period of uncertainty and turbulence for markets and the economy. On the other hand, some strategists say a clear winner and quick concession by the other candidate could lead to a relief rally. Also a worry is that Senate elections could be unresolved, which means it may not be known which party holds the majority."If there's no clear winner, it will be negative for risk assets...The market is really wo...
Tech slide, pandemic surge slam Wall Street, biggest weekly loss since March
Stock News

Tech slide, pandemic surge slam Wall Street, biggest weekly loss since March

US  stock indexes closed lower on Friday to cap Wall Street's biggest weekly sell-off since March, as losses in richly priced tech heavyweights, a record rise in coronavirus cases and jitters over the presidential election snuffed investor sentiment.The pandemic pushed U.S. hospitals to the brink of capacity as coronavirus cases surpassed 9 million, while the prospect of wider COVID-19 restrictions in Europe raised concerns about the economic recovery.[nL8N2C60GZ]The CBOE volatility index closed just below a 20-week high, a sign of investor jitters ahead of the final weekend before Election Day on Tuesday. The main indexes pared steeper losses toward the closing bell, with the Dow down less than 1%."We're two market days away from Election Day and people want to make sure tha...