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Invest in Dubai

From 1990, Dubai came into the limelight of the media due to supremacy in oil business. It is called the power oil repository of the industry and we all know what the effect of the oil is in our day to day life. So, you can easily understand the power of the city. To give […]

Top Five Places for Property Investment in Dubai

Market Recap - 2019.11.12

U.S. stocks were in cruise control higher this morning (yet again), with major averages trading to intraday record highs (though the Dow Jones Industrials didn’t take out Nov 7 highs) ahead of President Trump’s speech to the Economic Club of New York at noon. The three major averages held onto gains initially after Trump provided little insight into U.S.-China trade talks, saying a China trade deal could come soon, but if there is no deal, he'll raise tariffs. The comments were in-line with prior commentary with no news timeframe on signing of Phase I deal with China. Citing stock-market records, Trump claimed, “if we had a Fed that worked with us, we could have added another 25% to those numbers” pointing to the stock market gains since his election. After touching highs, stocks slipped into the close, losing steam with no fresh catalyst to boost markets. The 10-year Treasury gained, pushing the 10-year yield down a basis point to 1.929%. There were no major economic data points today after a quiet day yesterday given the Veteran’s Day holiday. On the calendar tomorrow, Federal Reserve's chairman Jerome Powell is due to give testimony to Congress about the U.S. economy. In stock news, DIS advanced after the launch of its streaming service while CBE fell on earnings and ROK jumped after its results.

Oil prices erased gains into settlement, with WTI crude falling 8c to settle at $56.80 per barrel (off earlier highs of $57.55), with inventory data pushed out a day due to the Veteran’s Day holiday. Prices were cautiously higher initially awaiting trade talk updates from President Trump between China and the U.S. which may affect economic growth and oil demand. Gold prices slipped again, holding near 2-month lows after falling -$3.40 to settle at $1,453.70 an ounce.

The U.S. dollar regained solid footing, rising vs. most counterparts as the euro slides back down at the 1.10 level (lowest levels in roughly a month), while was little changed vs. the British Pound and Japanese yen though the Chilean peso collapsed to record lows. No major economic data for a second day and no Fed speakers to mover prices. The USD/CAD pulled back from the one-month high of 1.3257. Treasury market’s little changed most of the session after reopening from yesterday’s closed markets due to holiday – 10-year steady at 1.93%.

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