Crude prices seesaw on U.S. statements on Syria

Investing.com - Crude oil futures made hefty swings on Friday after U.S. Secretary of State John Kerry said Washington was confident Syria recently used chemical weapons in its civil war and left markets weighing the possibility of a unilateral military strike against war-torn Middle East country.

On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.08 a barrel during U.S. trading, down 0.66%.

The October contract settled down 1.18% at USD108.80 a barrel on Thursday.

The commodity hit a session low of USD106.78 and a high of USD108.74.

Oil prices moved in a whipsaw fashion after Secretary of State Kerry said the U.S. has "high confidence" that Syria has used chemical weapons in its civil war and added that U.N. inspectors will only determine whether such weapons were used and but not discover who used them.

Kerry's words left investors worried the U.S. may launch a unilateral attack against Syria without the support of its allies and with no U.N. mandate, though uncertainty allowed for very choppy trading.

Elsewhere in the U.S., the Thomson Reuters/University of Michigan revised consumer sentiment index for August rose to 82.0. from a reading 80.0 in July, beating expectations for an uptick to 80.5.

Also in the U.S., a widely-watched Chicago purchasing managers' index rose to 53.0 this month from 52.3 in July, in line with expectations.

Friday's data rekindled expectations that the Federal Reserve may begin to taper its USD85 billion monthly bond-buying program in September as opposed to later in the year.

Monetary stimulus tools such as Federal Reserve asset purchases weaken the dollar by driving down interest rates, and talk of their dismantling strengthens the greenback and weakens oil and other commodities as a side effect.

Also Friday, the Bureau of Economic Analysis revealed that personal spending rose slightly less than expected in July, expanding 0.1% after an upwardly revised 0.6% increase the previous month. Analysts were expecting personal spending to rise 0.3% last month.

On the ICE Futures Exchange, Brent oil futures for October delivery were down 0.54% at USD114.54 a barrel, up USD6.46 from its U.S. counterpart.

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Forex - Dollar gains on data, U.S. case for Syria military strikes

Investing.com - The dollar rose against most major currencies on Friday after the U.S. laid out a case to attack Syria with limited missile strikes, while solid U.S. economic indicators bolstered the greenback as well.

In U.S. trading on Friday, EUR/USD was down 0.19% at 1.3216.

The Thomson Reuters/University of Michigan revised consumer sentiment index for August rose to 82.0. from a reading 80.0 in July, beating expectations for an uptick to 80.5.

Elsewhere in the U.S., a widely-watched Chicago purchasing managers' index rose to 53.0 this month from 52.3 in July, in line with expectations.

Friday's data rekindled expectations that the Federal Reserve may begin to taper its USD85 billion monthly bond-buying program in September as opposed to later in the year.

Monetary stimulus tools such as Federal Reserve asset purchases weaken the dollar by driving down interest rates, and talk of their dismantling strengthens the greenback.

Also Friday, the Bureau of Economic Analysis revealed that personal spending rose slightly less than expected in July, expanding 0.1% after an upwardly revised 0.6% increase the previous month. Analysts were expecting personal spending to rise 0.3% last month.

Geopolitical concerns gave the dollar a boost as well.

Earlier Friday, U.S. Secretary of State John Kerry said the U.S. and others were confident Syria recently used chemical weapons in its civil war though President Barack Obama said any decision to attack, if taken, would be swift and narrow with no boots on the ground in Syria.

Across the Atlantic in the euro zone, official data revealed that the bloc's consumer price index expanded 1.3% in August compared to 1.6% in July, just shy of market expectations for a 1.4% inflation rate

The euro zone's unemployment rate remained unchanged at 12.1% in July, in line with expectations.

The greenback was up against the pound, with GBP/USD down 0.08% at 1.5493.

The dollar was down against the yen, with USD/JPY down 0.20% at 98.16, and down against the Swiss franc, with USD/CHF trading down 0.05% at 0.9305.

While the dollar rose against most other currencies, it weakened against the yen.

Past and present rounds of Federal Reserve asset purchases have weakened the dollar and strengthened emerging-market currencies, though fears have grown that an end to ultra-loose monetary policies in the U.S. may roil currencies elsewhere, which sparked safe-haven demand for the liquid yen on Friday.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.02% at 1.0537, AUD/USD down 0.32% at 0.8901 and NZD/USD trading down 0.47% at 0.7734.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.13% at 82.12.

U.S. markets will be closed on Monday for the country's Labor Day holiday.

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U.S. stocks gain on U.S. data, waning Syria concerns; Dow up 0.11%

Investing.com - U.S. stocks rose on Thursday after investors applauded U.S. growth and jobless claims reports though concerns the U.S. may soon launch air and missile strikes against Syrian dampened gains earlier before abating later in the session.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.11%, the S&P 500 index rose 0.20%, while the Nasdaq Composite index rose 0.75%.

The Commerce Department reported earlier that the U.S. gross domestic product expanded at an annual rate of 2.5% in the second quarter, above expectations for 2.2% growth and up from a preliminary estimate of 1.7%.

Separately, the Department of Labor reported that the number of individuals filing for initial jobless claims fell to its lowest level since October of 2007 last week.

Initial jobless claims in the week ending Aug. 23 fell by 6,000 to 331,000, outpacing consensus forecasts for a decline of 5,000.

Thursday's data drew applause on Wall Street, though the numbers did rekindle expectations that the Federal Reserve may begin to taper its USD85 billion monthly bond-buying program in September as opposed to later in the year.

Stimulus tools such as Federal Reserve asset purchases bolster stock prices by driving down interest rates, and talk of their dismantling often repels investors away from equities by fueling uncertainty as to how markets will react without monetary support.

Investors still remained wary over the possibility of a U.S.-led military strike against Syria's government following its alleged use of chemical weapons, although an attack seemed less imminent on Thursday due to complaints from U.S. lawmakers that they have not been properly consulted.

Furthermore, the U.K. and France said they would be willing to wait for results of a U.N. probe into Syria's alleged chemical attack, which eased concerns that an attack was imminent.
U.S. Defense Secretary Chuck Hagel said earlier Washington won't strike without allies.

Leading Dow Jones Industrial Average performers included Verizon, up 2.73%, Microsoft, up 1.64%, and Boeing, up 1.63%.

The Dow Jones Industrial Average's worst performers included Exxon Mobil, down 1.78%, Alcoa, down 1.39%, and McDonald's, down 1.29%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.55%, France's CAC 40 rose 0.65%, while Germany's DAX 30 finished up 0.45%. Meanwhile, in the U.K. the FTSE 100 finished up 0.82%.

On Friday, the U.S. is to round up the week with a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment as well as reports on personal income and personal spending.

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U.K. Gfk Consumer confidence rises more-than-expected

Investing.com - The U.K. Gfk index of consumer confidence rose more-than-expected last month, industry data showed on Thursday.

In a report, GfK NOP said that U.K. Gfk Consumer confidence rose to a seasonally adjusted -13, from -16 in the preceding month.

Analysts had expected U.K. Gfk Consumer confidence to rise to -14 last month.

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Forex - Dollar up on safe-haven demand ahead of possible Syria strikes

Investing.com - The dollar rose against most major currencies on Tuesday after the U.S. and its allies began preparing for what appeared to be military strikes against Syria after reports Damascus has used chemical weapons amid its civil war.

In U.S. trading on Wednesday, EUR/USD was down 0.38% at 1.3341.

The dollar softened earlier this week amid concerns that the U.S. may launch missile strikes against Syria for its alleged use of chemical weapons in its civil war despite warnings to avoid such actions from Russia, China and Iran.

By Wednesday, however, the dollar rose after the U.S. and its allies were preparing an organized and coordinated attack against Syria, which bolstered the currency's safe-haven appeal.

British Prime Minister David Cameron drafted a United Nations resolution condemning the use of chemical weapons in Syria while "authorizing necessary measures to protect civilians" on Wednesday.

The U.N. Security Council was studying draft language, and with a veto possibly to come from Syrian allies Russia and China resulting in a deadlock, U.S. and U.K. policymakers were expected to look for ways to justify military strikes without a U.N. mandate.

Elsewhere in the U.S., the National Association of Realtors reported that U.S. pending home sales fell 1.3% in July, more than consensus forecasts for a 0.5% fall after a 0.4% loss in June.

Softer-than-expected U.S. economic indicators tend to keep expectations going that the Federal Reserve will begin tapering dollar-weakening stimulus measures such as monthly asset purchases later rather than sooner, though geopolitical concerns trumped soft housing data on Wednesday.

Meanwhile across the Atlantic in Bank of England Governor Mark Carney said monetary authorities were ready to boost stimulus programs if investor expectations for higher interest rates reach the point that they undermine the U.K.'s economic recovery.

Earlier in the month, Carney said BoE policy makers plan to keep the benchmark interest rate at a record-low 0.5% for at least three years though improving U.K. economic indicators have many betting that rates may rise sooner than expected

The greenback was up against the pound, with GBP/USD down 0.13% at 1.5526.

The dollar was up against the yen, with USD/JPY up 0.70% at 97.72, and up against the Swiss franc, with USD/CHF trading up 0.44% at 0.9218.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.04% at 1.0478, AUD/USD down 0.41% at 0.8947 and NZD/USD trading down 0.01% at 0.7797.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.33% at 81.45.

On Thursday, the U.S. is to publish revised second-quarter gross domestic product growth rates as well as the weekly report on initial jobless claims.

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Gold backs off highs as dollar rises on Syrian tensions

Investing.com - Gold prices gave back earlier gains but remained in positive territory after investors sought out safe-haven dollar positions in advance of possible U.S.-led attacks on Syria.

Gold and the dollar tend to trade inversely from one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,421.70 during U.S. afternoon hours, up 0.11%.

Gold prices hit a session low of USD1,413.30 a troy ounce and high of USD1,433.50 a troy ounce.

Gold futures were likely to find support at USD1,389.50 a troy ounce, Monday's low, and resistance at USD1,444.15, the high from May 14.

The December contract settled up 1.95% at USD1,420.20 a troy ounce on Tuesday.

Gold prices shot up on Tuesday amid concerns that the U.S. may launch limited missile strikes against Syria for its alleged use of chemical weapons in its civil war despite warnings to avoid such actions from Russia, China and Iran.

By Wednesday, however, the dollar rose after the U.S. and its allies were preparing an organized and coordinated attack against Syria, which bolstered the currency's safe-haven appeal.

British Prime Minister David Cameron drafted a United Nations resolution condemning the use of chemical weapons in Syria while "authorizing necessary measures to protect civilians" on Wednesday.

The U.N. Security Council was studying draft language, and with a veto possibly to come from Syrian allies Russia and China resulting in a deadlock, U.S. and U.K. policymakers may look beyond diplomatic deadlocks and seek ways to justify military strikes without a U.N. mandate.

Housing data in the U.S. took a back seat to geopolitical tensions and met muted market response.

The National Association of Realtors reported earlier that U.S. pending home sales fell 1.3% in July, more than consensus forecasts for a 0.5% fall after a 0.4% loss in June.

Softer-than-expected U.S. economic indicators tend to keep expectations going that the Federal Reserve will begin tapering dollar-weakening stimulus measures later rather than sooner, which normally boosts gold.

Elsewhere on the Comex, silver for December delivery was down 0.92% at USD24.473 a troy ounce, while copper for September delivery was down 0.73% and trading at USD3.311 a pound.

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Gold gains as dollar falls amid rising U.S.-Syrian tensions

Investing.com - Gold prices posted strong gains on Tuesday after the dollar dropped amid expectations that the U.S. may unleash military strikes against Syria in response to reports that Damascus has used chemical weapons amid its internal conflict.

Gold and the dollar tend to trade inversely from one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,415.90 during U.S. afternoon hours, up 1.64%.

Gold prices hit a session low of USD1,395.40 a troy ounce and high of USD1,423.20 a troy ounce.

Gold futures were likely to find support at USD1,389.50 a troy ounce, Monday's low, and resistance at USD1,423.25, the high from June 6.

The December contract settled down 0.19% at USD1,393.10 a troy ounce on Monday.

Concerns that the U.S. may launch limited missile strikes against Syria for its alleged use of chemical weapons in its internal conflict steered investors away from the dollar on Tuesday.

U.S. Defense Secretary Chuck Hagel said earlier the military is ready to take action against Syria if called upon by the White House.

On Monday, U.S. Secretary of State John Kerry said the world would hold Syria accountable for using chemical weapons.

Russia and China, meanwhile, have warned against strikes against Syria, while Iran has said a U.S. attack would embroil the region in conflict.

Uncertainty over U.S. military measures sent investors favoring the yen over the dollar, which sent gold prices gaining.

Elsewhere in the U.S., the Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July. Analysts had expected the index to fall to 79.0.

Also in the U.S., the S&P/Case Shiller composite index of 20 metropolitan areas rose 12.1% on year in June, in line with market expectations.

Elsewhere on the Comex, silver for December delivery was up 2.26% at USD24.598 a troy ounce, while copper for September delivery was down 0.15% and trading at USD3.332 a pound.

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U.S. stocks drop as U.S.-Syrian conflict fears brew; Dow down 1.14%

Investing.com - U.S. stocks fell on Tuesday after fears began to grow that the U.S. is moving closer to launching military strikes against Syria and fan broader geopolitical tensions that could roil markets down the road.

Trading volumes were thin to moderate.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 1.14%, the S&P 500 index fell 1.59%, while the Nasdaq Composite index dropped 2.16%.

Syria's alleged use of chemical weapons in its internal conflict repelled investors away from stocks and into the safety of the yen and gold as the possibility of U.S. military strikes appeared to be on the rise.

U.S. Defense Secretary Chuck Hagel said earlier the military is ready to take action against Syria if called upon by the White House.

The U.S. insists Syrian security forces have used chemical weapons during its internal conflict as have the U.K. and others, a charge Damascus has denied.

On Monday, U.S. Secretary of State John Kerry said the world would hold Syria accountable for using chemical weapons.

Russia and China, meanwhile, have warned against strikes against Syria, while Iran has said a U.S. attack would embroil the oil-rich region in conflict.

Elsewhere, the Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July. Analysts had expected the index to fall to 79.0.

Also in the U.S., the S&P/Case Shiller composite index of 20 metropolitan areas rose 12.1% on year in June, in line with market expectations.

While uncertainty still remains as to when the Federal Reserve will begin tapering the pace of its USD85 billion in monthly bond purchases, which could erode short-term support for stocks, monetary murkiness took a back seat to fears of a military conflict between the U.S. and Syria on Tuesday.

Leading Dow Jones Industrial Average performers included Coca-Cola, up 0.08%, Chevron, up 0.03%, and Verizon, which was unchanged.

The Dow Jones Industrial Average's worst performers included Bank of America, down 2.62%, Microsoft, down 2.61%, and JPMorgan Chase, down 2.34%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 2.23%, France's CAC 40 fell 2.42%, while Germany's DAX 30 finished down 2.28%. Meanwhile, in the U.K. the FTSE 100 finished down 0.79%.

On Wednesday, the U.S. is to release private-sector data on pending home sales, though markets will continue to monitor events in the Middle East.

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Forex - Dollar holds steady as market shrugs off weak data

Investing.com - The dollar traded steadily against most major currencies on Monday as investors bet the Federal Reserve remains on track to begin tapering asset purchases this year despite spotty economic indicators such as disappointing durables goods numbers released earlier.

In U.S. trading on Monday, EUR/USD was down 0.01% at 1.3376.

The Commerce Department reported earlier Monday that U.S. durable goods orders dropped 7.3% in July, much worse than market expectations for a 4.0% decline. The July figure marked the largest decline since August 2012.

Core durable goods orders, which are stripped of volatile transportation items, fell 0.6% last month, defying expectations for a 0.5% increase.

On Friday, the Commerce Department reported that new home sales in the U.S. dropped 13.4% to 394,000 units in July, far worse than market expectations for a 1.4% decline.

The dollar weakened earlier though it did take back losses against other currencies as many market participants concluded that the Federal Reserve remains on track to begin winding down the pace of its asset purchases this year, with many convinced tapering will begin in September.

The Federal Reserve has said it will pay close attention to data before deciding on the fate of stimulus programs, and many investors were looking ahead to Thursday for the release of second-quarter GDP growth revisions and to next week's release of the August jobs report.

The greenback was down against the pound, with GBP/USD up 0.09% at 1.5582.

The dollar was down against the yen, with USD/JPY down 0.28% at 98.45, and up against the Swiss franc, with USD/CHF trading up 0.04% at 0.9222.

Bank of Japan Governor Haruhiko Kuroda said over the weekend that the bank's aggressively loose monetary policies, including asset purchases, have started to boost the economy, which gave the yen support.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.02% at 1.0500, AUD/USD up 0.09% at 0.9034 and NZD/USD trading up 0.60% at 0.7854.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.02% at 81.39.

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South Korean consumer confidence remains unchanged

Investing.com - The current level of consumer confidence in South Korea remained unchanged last month, official data showed on Thursday.

In a report, The Bank Of KOREA said that South Korean Consumer Confidence remained unchanged at 105, from 105 in the preceding month.

Analysts had expected South Korean Consumer Confidence to remain unchanged at 105 last month.

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Forex - GBP/USD up during the Asian session

Investing.com - The British Pound was higher against the U.S. Dollar on Sunday.

GBP/USD was trading at 1.5574, up 0.04% at time of writing.

The pair was likely to find support at 1.5539, Friday's low, and resistance at 1.5718, Wednesday's high.

Meanwhile, the British Pound was up against the Euro and the Japanese Yen, with EUR/GBP shedding 0.05% to hit 0.8590 and GBP/JPY rising 0.11% to hit 153.87.

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Forex - USD/JPY down in Asian trade

Investing.com - The U.S. Dollar was lower against the Japanese Yen on Sunday.

USD/JPY was trading at 98.67, down 0.06% at time of writing.

The pair was likely to find support at 96.92, Tuesday's low, and resistance at 99.15, Friday's high.

Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.04% to hit 1.3383 and GBP/USD rising 0.05% to hit 1.5576.

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Subdued rain activity to raise temperatures across the country

The well marked depression has weakened into a low pressure area, presently seen over south west Madhya Pradesh and adjoining areas. The cyclonic circulation over Jharkhand and adjoining neighbourhood is seen in the lower level. The Western Disturbance as an upper air system in the mid-tropospheric level is observed near Afghanistan.

The ongoing rain in central India will decrease drastically over most parts of the region. Though extreme west parts of Madhya Pradesh, east Gujarat and parts of north east Rajasthan may receive some moderate spells of rain. Rest of central India is likely to get light rain, except west Gujarat and south Chhattisgarh. Temperatures in parts of Madhya Pradesh and Chhattisgarh are likely to be below normal by 3 to 6 degrees. Rest of central India will be below normal by 2 to 3 degrees, except for Gujarat.

North West India will experience a dry and hot weather during the next 48 hours. Temperatures will tend to rise by a couple of degrees in most parts of the North West plains. Temperatures in the hills are marginally above normal by 2 to 3 degrees and likely to persist due to subdued rain activity.

Rain in the north east and eastern India will be mainly light, where maximum temperatures will be above normal by 2 to 3 degrees and would continue to prevail during the next couple of days. Temperatures in Bihar, West Bengal, Orissa and Jharkhand may rise further by 2 to 5 degrees. In the southern parts of the country temperatures are expected to remain near normal during the next 24 hours.

By: Skymetweather.com

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Death toll in fire at HPCL Vizag's refinery rises to four

The death toll in last evening's massive fire at HPCL refinery-cum-petrochemical complex here rose to four with two workers succumbing to burn injuries early today, sources in the PSU said.

Also Read: HPCL refinery partly shut after fire, one dead - Source

The two succumbed while undergoing treatment at Seven Hills Hospital. Thirty-six injured workers were being treated in various corporate hospitals in the city, they said. Around half a dozen of them have received more than 70 percent burns and are said to be in critical condition.

The blaze started in the sprawling complex at around 4 pm, killing two workers. As per preliminary reports, the fire broke out due to blasting of cooling tower due to a short-circuit, the sources said.

The deceased were identified as Murali, A Apparao, A Srinivasa Rao and Manojeet Pradhan. A majority of the workers operating at the cooling tower belonged a private firm. Union Minister of State for Petroleum Panabaka Lakshmi today visited the fire-hit refinery. She also went to the hospitals where the injured were undergoing treatment, and enquired about their condition.

The extent of damage to the refinery-cum-petrochemical complex was being ascertained.

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