Crude drops as dollar firms on data, BoJ stimulus move

Investing.com - Investing.com - Crude oil futures dropped on Friday after upbeat U.S. data and a Bank of Japan move to expand its stimulus programs sparked hefty demand for the dollar.

A stronger greenback makes oil a less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded down 1.08% at $80.24 a barrel during U.S. trading, up from a session low of $79.56 a barrel and off a high of $81.26 a barrel.

The December contract settled down 1.31% at $81.12 a barrel on Thursday.

Support for the commodity was seen at $79.44 a barrel, Monday's low, and resistance at $82.88 a barrel, Wednesday's high.

The yen tanked and sent the dollar soaring after the BOJ said it would raise its monetary base target to an annual increase of ¥80 trillion from ¥60-70 trillion, a preemptive move to steer the economy away from deflationary decline while improving the chances of reaching inflation goals.

Adding to pressure, a Japanese government panel overseeing the Government Pension Investment Fund approved plans on Friday for the fund to raise its holding of foreign stocks to 25% of its portfolio from 12%.

Friday's changes to Japanese monetary policy caught many investors off guard and sent the dollar firming broadly, which came at oil's expense.

Strong data out of the U.S. also bolstered the greenback.

The Thomson Reuters/University of Michigan final consumer sentiment index rose to a seven-year high of 86.9 this month from 86.4 in September. Analysts had expected the index to remain unchanged.

In addition, industry data showed that the Chicago purchasing managers' index rose to a three-and-a-half year high of 66.2 in October from 60.5 in September, confounding expectations for a reading of 60.0.

The reports overshadowed earlier data showing that personal spending fell 0.2% last month, disappointing expectations for a 0.1% rise, after an increase of 0.5% in August.

U.S. personal income rose 0.2% in September, less than the expected 0.3% gain, after a 0.3% advance the previous month.

Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were down 1.23% at US$85.18 a barrel, while the spread between Brent and U.S. crude contracts stood at $4.94.

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Gold drops on U.S. data, BoJ move to expand stimulus

Investing.com - Investing.com - Gold prices plummeted to four-year lows on Friday after strong U.S. data and a Bank of Japan decision to expand its stimulus programs sparked hefty demand for the dollar, which tends to trade inversely from the yellow metal.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 2.30% at $1,171.00, up from a session low of $1,161.00 and off a high of $1,202.40.

The December contract settled down 2.15% at $1,198.60 on Thursday.

Futures were likely to find support at $1,158.70 a troy ounce, the low from July 29, 2010, and resistance at $1,235.50, Tuesday's high.

The yen tanked and sent the dollar soaring after the BOJ said it would raise its monetary base target to an annual increase of ¥80 trillion from ¥60-70 trillion, a preemptive move to steer the economy away from deflationary decline while improving the chances of reaching inflation goals.

Adding to pressure, a Japanese government panel overseeing the Government Pension Investment Fund approved plans on Friday for the fund to raise its holding of foreign stocks to 25% of its portfolio from 12%.

Friday's changes to Japanese monetary policy caught many investors off guard and sent the dollar firming broadly, which came at gold's expense.

Strong data out of the U.S. also bolstered the greenback.

The Thomson Reuters/University of Michigan final consumer sentiment index rose to a seven-year high of 86.9 this month from 86.4 in September. Analysts had expected the index to remain unchanged.

In addition, industry data showed that the Chicago purchasing managers' index rose to a three-and-a-half year high of 66.2 in October from 60.5 in September, confounding expectations for a reading of 60.0.

The reports overshadowed earlier data showing that personal spending fell 0.2% last month, disappointing expectations for a 0.1% rise, after an increase of 0.5% in August.

U.S. personal income rose 0.2% in September, less than the expected 0.3% gain, after a 0.3% advance the previous month.

Meanwhile, silver for December delivery was down 1.96% at $16.098 a troy ounce, while copper futures for December delivery were down 0.52% at $3.047 a pound.

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U.S. stocks rise on robust GDP report; Dow up 1.01%

Investing.com - Investing.com - U.S. stocks rallied on Thursday on news the U.S. economy expanded at a faster clip in the third quarter than investors were expecting.

At the close of U.S. trading, the Dow 30 rose 1.01%, the S&P 500 index rose 0.62%, while the NASDAQ Composite index rose 0.37%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 4.22% at 14.51.

The Commerce Department reported earlier that the U.S. gross domestic product grew at an annual rate of 3.5% in the three months to September, beating forecast for 3% growth.

While the report stoked expectations that the Federal Reserve remains set to hike interest rates in 2015, stocks rose on sentiments that business will be on the rise next year despite rising borrowing costs.

On Wednesday, the Federal Reserve said it was ending its monthly bond-buying program due to improvements taking place in the labor market.

Elsewhere, the Labor Department reported earlier that the number of individuals filing new claims for jobless benefits rose by 3,000 to 287,000, confounding market forecasts for a decline to 283,000, though stocks shrugged off the data.

In company news, credit card giant Visa Inc (NYSE:V) reported third-quarter profits that beat market expectations and added mobile payments will fuel even more business going forward.

Leading Dow Jones Industrial Average performers included Visa Inc (NYSE:V), up 10.35%, Merck & Company Inc (NYSE:MRK), up 1.98%, and Johnson & Johnson (NYSE:JNJ), up 1.40%.

The Dow Jones Industrial Average's worst performers included Intel Corporation (NASDAQ:INTC), down 3.97%, Microsoft Corporation (NASDAQ:MSFT), down 1.23%, and Exxon Mobil Corporation (NYSE:XOM), down 0.15%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.36%, France's CAC 40 rose 0.74%, while Germany's DAX rose 0.35%. Meanwhile, in the U.K. the FTSE 100 rose 0.15%.

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NYMEX crude oil weakens slightly in Asia with demand from China eyed

Investing.com - Investing.com - Crude oil prices fell on Friday in Asia with the focus on demand prospects from major importers like China as the U.S. recovery shows renewed signs of strength.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded down 0.04% at $80.91 a barrel during U.S. trading, after hitting an overnight session low of $80.81 a barrel and off a high of $82.09 a barrel.

The global Brent contract ended down 1% at $86.24 a barrel on the ICE Futures Europe exchange Thursday.

Overnight, crude oil futures fell after upbeat U.S. growth data and a Federal Reserve decision to close its monthly bond-buying program bolstered the dollar.

A stronger greenback makes oil and less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

The Commerce Department reported earlier that the U.S. gross domestic product grew at an annual rate of 3.5% in the three months to September, beating forecast for 3% growth, which fueled demand for the greenback on expectations that the Federal Reserve remains set to hike interest rates in 2015.

On Wednesday, the Federal Reserve said it was ending its monthly bond-buying program due to improvements taking place in the labor market, which also sent the greenback posting gains at oil's expense.

Ongoing concerns that the world remains awash in crude pressured prices lower as well, as Asian and European economies are facing headwinds, which are offsetting the bullish effects U.S. recovery would otherwise have on oil.

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Dollar firms as Fed ends stimulus program on improving labor market

Investing.com - Investing.com - The dollar shot up against most major currencies on Wednesday after the Federal Reserve said it was closing its monthly bond-buying program and stressed it noticed improvements taking place in the labor market.

In U.S. trading on Wednesday, EUR/USD was down 0.71% at 1.2645.

Six years of ultra-loose monetary policy are coming to a close.

The Federal Reserve said earlier it was leaving its benchmark interest rate unchanged at 0.00-0.25% and said it was closing its monthly bond-buying program in a move widely expected by markets.

Prior to Wednesday, the Fed had been purchasing $15 billion in Treasury and mortgage debt a month to spur recovery by suppressing interest rates, though improvements taking place in the labor market prompted the U.S. central bank to end the stimulus program.

The program began in 2012 at $85 billion a month, while a gradual tapering brought it down to October's closure.

"The Committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase program. Moreover, the Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability," the Fed said in its statement on monetary policy.

"Accordingly, the Committee decided to conclude its asset purchase program this month."

Despite hit-or-miss economic indicators, the U.S. economy continues to recover.

While inflationary pressures remain at bay, consumer prices should soon approach the Fed's 2% comfort zone.

Still, the Fed won't rush to hike interest rates until monetary authorities are convinced the economy is firmly standing on its own two feet, though the Fed will act if it sees inflationary pressures mounting.

"The Committee anticipates, based on its current assessment, that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program this month, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored," the statement read.

"However, if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated."

In the past, the Fed has hinted that rates may begin to rise when the unemployment rate reached 6.5%.

Today, an improving labor market has brought that rate down to 5.9%, though slackness still persists in the labor market in the form of many working part-time jobs and others remaining out of the workforce for too long.

Other fears persist that cooling European and Chinese economies may drag on U.S. recovery, and the Fed stressed in its statement that it will analyze a broad spectrum of data and not just a few indicators when deciding to raise interest rates, often referred to as removing policy accommodation.

"When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent," the Fed said.

"The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run."

Still, the dollar firmed on the overall upbeat take on the U.S. economy, as expectations for the Fed to take some time between closing its stimulus program and raising interest rates have already been priced into trading.

The dollar was up against the yen, with USD/JPY up 0.70% at 108.91, and up against the Swiss franc, with USD/CHF up 0.80% at 0.9548.

The greenback was down against the pound, with GBP/USD down 0.73% at 1.6013.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.41% at 1.1214, AUD/USD down 0.74% at 0.8790 and NZD/USD down 1.14% at 0.7826.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.75% at 86.11.

On Thursday, the U.S. is to publish revised data on third-quarter GDP, as well as the weekly report on initial jobless claims. Later in the day, Fed Chair Janet Yellen is to speak at an event in Washington; her comments will be closely watched.

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Reserve Bank of New Zealand leaves official cash rate at 3.5%

Investing.com - Investing.com - Below is the full text of Governor Graeme Wheeler's statement announcing the Reserve Bank of New Zealand's decision to leave the Official Cash Rate unchanged at 3.5% Thursday:

"Statement issued by Reserve Bank Governor Graeme Wheeler: The Reserve Bank today left the Official Cash Rate unchanged at 3.5 percent.

The global economy is growing at a moderate rate although recent data suggests some softening in the major economies, apart from the United States. Monetary policy is expected to remain supportive for longer in all the major economies. Growth in the New Zealand economy has been faster than trend over 2014, reducing unemployment and adding to demands on productive capacity. Strong construction sector activity, high net immigration, and interest rates, which remain low by historic standards, continue to support the expansion.

Output growth is expected to moderate over coming years, towards a more sustainable rate. Lower commodity prices and increased global financial market volatility have taken some pressure off the New Zealand dollar. However, its current level remains unjustified and unsustainable and continues to constrain growth in the tradables sector. We expect a further significant depreciation. CPI inflation remains modest, and was 1 percent in the year to September. Contributing factors are subdued wage inflation, well-anchored inflation expectations, weak global inflation, falls in oil prices, and the high New Zealand dollar. House price inflation has fallen significantly since late-2013, in part due to interest rate increases and the LVR restrictions.

The economy appears to be adjusting to the policy measures undertaken by the Bank over the past year. CPI inflation is currently at a low level despite above-trend growth. However, inflation is expected to increase as the expansion continues. A period of assessment remains appropriate before considering further policy adjustment."

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Dollar softens on mixed U.S. data, holds Fed in focus

Investing.com - Investing.com - The dollar traded lower against most major currencies on Tuesday due to soft durable goods orders, though an upbeat consumer confidence report brought the U.S. currency up from earlier lows.

Many investors avoid the greenback head of the Federal Reserve's Wednesday statement on monetary policy.

In U.S. trading on Tuesday, EUR/USD was up 0.29% at 1.2737.

The dollar slipped after data revealed that that U.S. orders for long-lasting manufactured goods, anything from toasters to airplanes, fell unexpectedly for a second consecutive month in September.

The U.S. Commerce Department reported earlier that total durable goods orders, which include transportation items, decreased by 1.3% last month, disappointing expectations for a gain of 0.5%.

Orders for durable goods in August were revised to a decline of 18.3% from a previously reported drop of 18.4%.

Durable goods are typically designed to last at three years and include trains, planes and automobiles.

Core durable goods orders, which are stripped of volatile transportation items and consist of components like household appliances, inched down by 0.2% in September, defying forecasts for a 0.5% gain. Core durable goods orders rose by 0.7% in August.

Orders for core capital goods, a key barometer of private-sector business investment, fell by 1.7% last month, worse than expectations for a 0.6% increase and after rising 0.3% in August.

Shipments of core capital goods, a category used to calculate quarterly economic growth, declined 0.2% in September, disappointing forecasts for a 0.7% gain, after rising 0.1% in the preceding month.

While demand for computers and machinery declined, a sign many firms are holding off on updating equipment to make sure the demand is there, demand for cars and trucks rose, which brought the dollar up from earlier lows as investors concluded that even if consumers aren't spending now, they remain poised to do so in the near future.

Elsewhere, the Conference Board reported earlier that its consumer confidence index jumped to 94.5 this month from 89.0 in September, boosted by a more favorable assessment of the current job market and business conditions.

Economists had expected the index to tick down to 87.0 this month.

The report left many investors concluding that while demand for goods and services in the U.S. remains cautious, consumers still remain upbeat over the U.S. economy and will ramp up spending soon.

Many investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy on Wednesday.

The Fed is widely seen closing its bond-buying program, though uncertainty as to whether or not the statement will contain dovish or hawkish language surrounding interest rates prompted investors to avoid the greenback ahead of time.

The dollar was up against the yen, with USD/JPY up 0.32% at 108.16, and down against the Swiss franc, with USD/CHF down 0.26% at 0.9470.

The greenback was down against the pound, with GBP/USD up 0.08% at 1.6136.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.64% at 1.1176, AUD/USD up 0.66% at 0.8860 and NZD/USD up 0.41% at 0.7926.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.17% at 85.47.

On Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. Expect the dollar to move on any indication as to when interest rates may rise in the U.S.

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U.S. stocks rally on earnings; Dow up 1.12%

Investing.com - Investing.com - Upbeat third-quarter earnings sent broader U.S. stock indices gaining on Tuesday despite hit-or-miss data.

At the close of U.S. trading, the Dow 30 rose 1.12%, the S&P 500 index rose 1.19%, while the NASDAQ Composite index rose 1.75%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 10.29% at 14.39.

Despite mixed U.S. data, upbeat corporate earnings drew applause on Wall Street.

Better-than-expected third-quarter results from Amgen Inc (NASDAQ:AMGN) and T-Mobile US Inc (NYSE:TMUS) sent stock prices rising on Tuesday, while news International Business Machines (NYSE:IBM) approved a new share buyback fueled the rally as well.

Many earnings reports have beaten expectations this season, which pushed up stock prices on Tuesday.

Elsewhere, the U.S. Commerce Department reported earlier that total durable goods orders, which include transportation items, decreased by 1.3% last month, disappointing expectations for a gain of 0.5%.

Orders for durable goods in August were revised to a decline of 18.3% from a previously reported drop of 18.4%.

Durable goods are typically designed to last at three years and include trains, planes and automobiles.

Core durable goods orders, which are stripped of volatile transportation items and consist of components like household appliances, inched down by 0.2% in September, defying forecasts for a 0.5% gain. Core durable goods orders rose by 0.7% in August.

Orders for core capital goods, a key barometer of private-sector business investment, fell by 1.7% last month, worse than expectations for a 0.6% increase and after rising 0.3% in August.

Shipments of core capital goods, a category used to calculate quarterly economic growth, declined 0.2% in September, disappointing forecasts for a 0.7% gain, after rising 0.1% in the preceding month.

Elsewhere, the Conference Board reported earlier that its consumer confidence index jumped to 94.5 this month from 89.0 in September, boosted by a more favorable assessment of the current job market and business conditions.

Economists had expected the index to tick down to 87.0 this month, and stocks rose on the news.

The report left many investors concluding that while demand for goods and services in the U.S. remains cautious, consumers still remain upbeat over the U.S. economy and will ramp up spending soon.

Many investors jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy on Wednesday.

The Fed is widely seen closing its bond-buying program, though uncertainty remains as to whether or not the statement will contain dovish or hawkish language surrounding interest rates.

Leading Dow Jones Industrial Average performers included Caterpillar Inc (NYSE:CAT), up 2.66%, United Technologies Corporation (NYSE:UTX), up 2.00%, and Chevron Corporation (NYSE:CVX), up 1.83%.

The Dow Jones Industrial Average's worst performers included Merck & Company Inc (NYSE:MRK), down 1.06%, Coca-Cola Company (NYSE:KO), down 0.49%, and Wal-Mart Stores Inc (NYSE:WMT), down 0.31%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 1.34%, France's CAC 40 rose 0.39%, while Germany's DAX rose 1.86%. Meanwhile, in the U.K. the FTSE 100 rose 0.61%.

On Wednesday, the Federal Reserve is to announce its federal funds rate and publish its rate statement. Expect markets to move on any indication as to when interest rates may rise in the U.S.

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Gold prices dip in Asia with focus on Federal Reserve

Investing.com - Investing.com - Gold prices dipped slightly in early Asia trade on Tuesday with the focus growing on the Federal Reserve.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,225.80 a troy ounce, down 0.06%, after hitting an overnight session low of $1,227.50 and off a high of $1,232.00.

Overnight, gold prices fell earlier as investors avoided the yellow metal and jumped to the sidelines ahead of the Federal Reserve's statement on monetary policy on Wednesday.

The Fed is widely seen closing its bond-buying program, though uncertainty as to whether or not the statement will contain dovish or hawkish language surrounding interest rates prompted investors to avoid the yellow metal ahead of time.

Investors expect the U.S. central bank to hike interest rates some time in 2015, though spotty U.S. data have many second guessing whether tightening will come sooner or later in the year.

The National Association of Realtors reported earlier its pending home sales index rose by 0.3% last month, disappointing expectations for a 0.5% gain. Pending home sales in August fell by 1%.

Year-on-year, pending home sales rose 1.0% in September, missing expectations for a 2.2% reading following a 4.1% decline in August.

Last week, the association reported that U.S. existing home sales increased 2.4% to 5.17 million units last month from 5.05 million in August, beating forecasts for a 1% rise to 5.10 million units in September.

Meanwhile in Europe, German research institute Ifo reported that its business climate index slid to 103.2 in October from 104.7 in September. This month's reading was the lowest level since December 2012 and missed forecasts for a 104.3 reading, which fueled some safe-haven demand for gold, cushioning losses somewhat.

German firms reported that they are gloomier about current conditions and future prospects than last month, fueling fears for a disappointing fourth-quarter growth rate.

Germany's economy grew by 0.7% in the first quarter of the year, but then contracted by 0.2% in the three months to June. The country is to release data on third quarter growth next month.

Silver futures for December delivery rose 0.07% at $17.112 a troy ounce. Copper futures for December delivery fell 0.09% at $3.057 a pound.

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NYMEX crude prices nearly flat in Asia as investors look for demand cues

Investing.com - Investing.com - Crude oil prices traded nearly flat on Tuesday in Asia as investors held steady after overnight losses and looked for demand cues.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $80.74 a barrel, up 0.01%, after hitting an overnight session low of $79.46 a barrel and off a high of $81.26 a barrel.

The global Brent crude contract fell 30 cents to settle at $85.83 a barrel on the ICE Futures Europe exchange on Monday.

Overnight, oil prices dropped after U.S. financial institution Goldman Sachs cut its 2015 price forecast for WTI in the first quarter of next year by $15 to $75 a barrel.

The bank expects Brent prices to average $85 a barrel in the first three months of 2015, down from a previous estimate of $100.

Goldman analysts expect WTI to fall as low as $70 a barrel and Brent to $80 in the second quarter of 2015, when it expects oversupply to be most pronounced.

OPEC countries have hinted recently they may leave output quotes unchanged and have stressed the need to adapt to lower prices.

OPEC will hold its next meeting on Nov. 27.

Still, bottom fishing brought oil futures off earlier lows, as many investors have priced in long-term concerns that supply will outstrip demand going forward.

Prices have fallen about 20% in the last three months.

Lackluster U.S. data helped keep the commodity in negative territory as well.

The National Association of Realtors reported earlier its pending home sales index rose by 0.3% last month, disappointing expectations for a 0.5% gain. Pending home sales in August fell by 1%.

Year-on-year, pending home sales rose 1.0% in September, missing expectations for a 2.2% reading following a 4.1% decline in August.

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NYMEX crude flat in early Asian session as ECB stress tests better than expected

Investing.com - Investing.com - Crude oil prices eased in early Asian trade on Monday on better than expected results from stress test exercises for European banks.

On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded at $81.20 a barrel, down 0.13%.

Brent oil futures, the global benchmark, fell 0.8% to $86.13 a barrel on ICE Futures Europe on Friday.

Roughly one in five of the euro zone's top lenders failed landmark health checks at the end of last year but most have since repaired their finances, the European Central Bank said on Sunday.

Painting a brighter picture than had been expected, the ECB found the biggest problems in Italy, Cyprus and Greece but concluded that banks' capital holes had since chiefly been plugged, leaving only a modest 10 billion euros ($12.7 billion) to be raised.

Italy faces the biggest challenge with nine of its banks falling short and two still needing to raise funds.

The test, designed to mark a clean start before the ECB takes on supervision of the banks next month, said Banca Monte Dei Paschi Spa (OTC:BMDPY) had the largest capital hole to fill at 2.1 billion euros.

Last week, oil prices dropped on Friday after markets dismissed Thursday's news reports that Saudi Arabia trimmed output in September to support the market.

Oil prices shot up on Thursday on news reports that Saudi Arabia cut crude oil production by about 328,000 barrels in September to a total of 9.36 million barrels, though by Friday, clarifications that supplies were not cut though some barrels went into storage sent futures falling, especially on report overall output actually increased last month.

Meanwhile, reports that a doctor tested positive for the Ebola virus in New York City added to the selloff amid concerns that fears of a broader output could weigh on U.S. recovery and dampen demand for fuel and energy.

Soft U.S. housing data kept prices in negative territory as well.

The Census Bureau reported earlier that U.S. new home sales rose 0.2% in September to 467,000 units, missing expectations for an increase to 470,000 units.

The August figure was downwardly revised to a 15.3% climb to 466,000 units from a previously estimated 18.0% jump to 504,000 units.

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The top films at the North American box office

LOS ANGELES/NEW YORK (Reuters) - Following are the top 10 movies at North American box offices for the three days starting Oct. 24, led by "Ouija," according to studio estimates compiled by Reuters.

1 (*) Ouija..................................$ 20.0 million

2 (*) John Wick..............................$ 14.2 million

3 (1) Fury...................................$ 13.0 million

4 (2) Gone Girl..............................$ 11.1 million

5 (3) The Book of Life.......................$ 9.8 million

6 (**) St. Vincent............................$ 8.1 million

7 (4) Alexander............................. $ 7.0 million

8 (5) The Best of Me.........................$ 4.7 million

9 (7) The Judge..............................$ 4.3 million

10 (6) Dracula Untold.........................$ 4.3 million

Last week's rank in parentheses. (*) = new release (**) = did not place in top 10.

CUMULATIVE TOTALS

Gone Girl.....................................$ 124.1 million

Dracula Untold................................$ 48.3 million

Fury..........................................$ 46.1 million

Alexander.....................................$ 45.5 million

The Judge.....................................$ 34.4 million

The Book of Life..............................$ 29.9 million

Ouija.........................................$ 20.0 million

The Best of Me................................$ 17.7 million

John Wick.....................................$ 14.2 million

St. Vincent...................................$ 9.2 million

"Ouija" and "Dracula Untold" were released worldwide by Universal Pictures, a unit of Comcast Corp.

"John Wick" was distributed by Lions Gate Entertainment Corp.

"The Book of Life" and "Gone Girl" were released by 20th Century Fox, a unit of Twenty-First Century Fox.

"The Judge" was released by Warner Bros, a unit of Time Warner Inc.

"Fury" was distributed by Sony Corp's movie studio.

"Alexander and the Terrible, Horrible, No Good Very Bad Day" was released by Walt Disney Co.

"The Best of Me" was distributed by privately held Relativity Media.

"St. Vincent" was released by the privately held Weinstein Company

((For related story, please click on))

(Reporting By Lisa Richwine and Chris Michaud, editing by David Evans)

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The Future Of Tax!

Published on Sat, Oct 25,2014 | 17:40, Updated at Sat, Oct 25 at 17:42Source : CNBC-TV18 |   Watch Video :

This week, The Firm reports from on location the 68th Congress Of The International Fiscal Association. 1000 tax professions in Mumbai debating Tax Morality, Double Non-Taxation, Base Erosion, Profit Shifting, Digital Economy Taxation & Treaty Abuse. As the global economy is awash with tax challenges, The Firm focussed on revenue reform – what are countries doing to stake claim to their 'Fair Share Of Taxes'. The many trillion dollar question is the impact on how MNC's do business across the world. In this special episode of The Firm, on location the 68th Congress Of The International Fiscal Association, Menaka Doshi speaks to four of the world's best tax experts - Porus Kaka, Senior Advocate & President - International Fiscal Association; Philip Baker -QC, Gray's Inn; Michael Lennard, Chief - International Tax Cooperation, United Nations & Pramila Shrivastav, Former Chief Commissioner - Income Tax.

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PM Modi inaugurates HN Reliance Foundation Hospital

Prime Minister Narendra Modi on Saturday inaugurated the Sir HN Reliance Foundation Hospital and Research Centre in South Mumbai.

The hospital, in its 90th year, has been completely rebuilt by Reliance Foundation, into a modern 19-storey tower with two heritage wings. The foundation is headed by Nita Ambani.

The rebuilt hospital has collaborations with John Hopkins, MD Anderson Cancer Centre, Massachusetts General Hospital and the University of Southern California. It has all modern facilities.

The hospital will reserve a fifth of its capacity for the underprivileged and provide 10 percent beds for free to the needy and another 10 percent at subsidised rates.

Welcoming the Prime Minister and Maharashtra Governor Vidyasagar Rao at the inauguration Nita Ambani said: "We re-dedicate Sir HN Reliance Foundation Hospital to the people of Mumbai", adding that the hospital will treat "each patient as equals".

Mrs Ambani thanked PM Modi for the initiatives taken by him saying "each of PM's initiatives have a connect to healthcare".

Around 50 doctors of India origin across the world have joined the hospital, she said, adding: "Good health is a fundamental right. It is non-negotiable. Everyone deserves to live life to the fullest. Only a healthy nation can be prosperous."

Addressing the inaugural ceremony, PM Modi said that the need of the hour is preventive healthcare in order to scale down the outbreak of diseases and boost the quality of health in the country.

The PM lauded the efforts of Reliance Foundation in giving a new lease of life to Mumbai's first general hospital built in the year 1925. The PM said that in a way it is a new beginning for the hospital.

Modi stressed on Make in India initiative to develop medical equipment locally, which will help in cutting costs. He even favoured the need to integrate tele-medicine to enable expert opinion even for people living far away is extremely important.

The PM mentioned that another important aspect of good healthcare is the provision of clean drinking water. He went on to exemplify his point by lauding the efforts the Madhya Pradesh government for starting a programme encouraging children to wash their hands.

"The journey from health insurance to health assurance is long and has to be achieved," Modi said, adding that all political parties should have health as their one point agenda.

He also stressed on holistic health and said that he has been pushing for an International Yoga Day.  

Kokilaben Dhirubhai Ambani presented a memento to PM at the inaugural function.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries , appreciated the presence of Prime Minister Modi and Governor of Maharashtra at the event. He also lauded PM's US visit.

Present at the inauguration were Amitabh Bachchan, Gulzar, Shah Rukh Khan, Aamir Khan, Hrithik Roshan, Paresh Rawal, Rishi Kapoor, Neetu Kapoor, Sonakshi Sinha, Saif Ali Khan, Kareena Kapoor, Aishwarya Rai, Bharat Ratna Sachin Tendulkar, Sunil Gavaskar, Praful Patel, Kajol, Rani Mukherjee, Sonali Bendre, union minister Nitin Gadkari and Maharashtra BJP leaders Devendra Fadnavis, Vinod Tawde and other celebrities.

(With inputs from agencies)

Disclosure: Network 18, which publishes moneycontrol.com, is now part of the Reliance Group.

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