Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Benchmark futures in Singapore plunged as much as 7 percent to $82 a ton, albeit in thin overnight action, before trading 4.7 percent lower at $84 by 3:04 p.m. The fall comes after prices broke above $90 last week, capping a 20 percent-plus surge over the past fortnight. On the Dalian Commodity Exchange, iron ore futures fell 2.8 percent, after closing limit-up Monday to their highest since March 2017 as Chinese traders played catch-up following the Lunar New Year break. “If there are no more additional closures or planned closures in Brazil, then there may be some kind of price correction,� Richard Lu, analyst at CRU Group in Beijing, said by phone.

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Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Investors curb their enthusiasm ahead of Trump era

A month ago, the dollar and stock markets were riding high as investors bet that the Trump administration, together with the Republican-controlled Congress, would usher in an era of lower taxes, more government spending and looser regulations. Longer-dated Treasury yields, which move inversely to the price of bonds, jumped to their highest levels in more than two years on fears about a spike in federal borrowing and inflation stemming from Trump's policies. The dollar hit a 14-year high against other major currencies on bets that Trump would adopt expansionary fiscal policies that would lead to higher interest rates, and gold, a traditional safe haven, fell to its lowest level in a decade.

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Investors curb their enthusiasm ahead of Trump era

New Year, new high for euro zone stock markets

Euro zone stocks opened 2017 by climbing to their highest in more than a year on Monday after data showed manufacturers in the currency bloc ramped up activity at the fastest pace in more than five years. With all of Asia's major markets closed for the New Year holiday – along with Britain and Switzerland in Europe – trade was thin, which could cause some volatility. The euro, though, took no comfort from the figures, slipping 0.4 percent back below $1.05 after climbing to as high as $1.07 during a flash surge in low trading volumes in Asia on Friday.

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New Year, new high for euro zone stock markets

Oil surges after output cuts, strong dollar weighs

By Saikat Chatterjee HONG KONG (Reuters) – Oil prices jumped to their highest levels in a year and a half on Monday after OPEC and non-OPEC producers agreed to cut oil output to ease a global glut, while the U.S. dollar extended gains before a Federal Reserve meeting this week, at which a rate hike is widely expected. The agreement between OPEC and a number of other oil producing nations was the first joint action since 2001, following more than two years of low prices that strained many government's budgets and spurred unrest in countries from the Middle East to Latin America. “We have seen OPEC and non-OPEC producers agreeing, which is also boosting reflation expectation around the world,” said Chris Weston, an institutional dealer with IG Markets.

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Oil surges after output cuts, strong dollar weighs

Tesla turns profit, Musk says no new capital needed for Model 3

By Narottam Medhora and Alexandria Sage SAN FRANCISCO (Reuters) – Tesla Motors Inc reported its first quarterly net profit in more than three years on Wednesday, buoyed by nearly $139 million in sales of clean car credits, and Chief Executive Elon Musk said the company could turn a profit again in the fourth quarter. Musk told analysts the company's current plan “does not require any capital raise for the Model 3 at all.” The tech billionaire said Tesla could still raise capital to “account for uncertainty … and de-risk the business,” however. The third quarter profit and a leaner capital spending plan could help grease the wheels for Musk if he does seek to tap the markets for cash.

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Tesla turns profit, Musk says no new capital needed for Model 3

Earnings in focus as Apple weighs; Boeing lifts Dow

Apple, the world's largest exchange-traded company, fell 2.2 percent after it acknowledged that strong demand for its iPhone 7 Plus caught the company off-guard and it was struggling to keep up. On the other hand, Boeing shares hit their highest level since Dec. 31 after the planemaker reported a jump in quarterly profit despite slower sales. Boeing closed up 4.7 percent at $145.54.

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Earnings in focus as Apple weighs; Boeing lifts Dow

Asian shares at four-month highs, dollar up on hopes Singapore easing sets policy trend

Asian stocks rose to their highest levels in more than four months on Thursday and regional currencies weakened led by the Singapore dollar as hopes grew that more central banks will join the city state in easing monetary policy in the comiing months. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, reaching its highest level since Dec. 2. Singapore's central bank on Thursday surprised markets by setting the rate of appreciation of the Singapore dollar policy band at zero percent after data previously showed economic growth stalled in the first quarter.

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Asian shares at four-month highs, dollar up on hopes Singapore easing sets policy trend