Forex News from InstaForex

**InstaForex Gertrude** · 11-07-17, 03:41

PETROBRAS: Company To Sell Fuel Distribution Assets In Paraguay

Petrobras intends to sell its stake in companies that distribute and sell fuels, cooking gas and lubricants in Paraguay. Ita? BBA was hired to be the financial advisor of the potential divestment.

The transaction will involve the subsidiaries Petrobras Paraguay Distribuci?n Limited, Petrobras Paraguay Operations and Logistics and Petrobras Paraguay Gas.

Petrobras, through the companies listed above, has a network of 197 service stations and 113 convenience stores and is also present in the aviation sector, operating in three airports. The company is also the largest fuel distributor in the country. Regarding logistics, it owns a distribution terminal, in the city of Villa Elisa.

According to the company, the fuel distribution assets it owns in Paraguay were purchased from Shell and had their brand image improved since then.

Petrobras will accept offers from distributors with at least 50 stations operating in Paraguay, or with consolidated revenues of at least US$ 200 million. Trading companies can also bid for the assets, as long as they have at least one representative office in South America and reported net revenue of at least US$ 200 million per year.

The companies invited by Petrobras to buy the assets should show interest in the transaction until July 24.

In June, Petrobras said that it would start a divestment process to sell 30 assets until the end of this year, and added that it would disclose half of those assets in the next three months.

The assets are part of a US$ 21 billion sale plan for 2017 and 2018. According to Pedro Parente, Petrobras, chairman, the Pasadena Refinery, in the United States, will be among these assets.

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**InstaForex Gertrude** · 11-07-17, 04:08

British Consumers Spend More on Essentials as Inflation Climbs

UK consumers spent more money on food and other essentials in June but cut back on less urgent purchases amid growing prices, according to two sets of industry figures.

Payments firm Barclaycard said year-on-year consumer spending growth softened to a 15-month low of 2.5 percent in June from 2.8 percent in May, while spending on household goods and entertainment also slowed.

According to the British Retail Consortium, its gauge of retail spending growth climbed to 2.0 percent in June from 0.2 percent in May, above its average of 1.4 percent in the previous six months.

However, BRC's chief executive, Helen Dickinson, said the pick-up emulated a temporary boost from warmer weather lifting clothing sales, along with the higher costs of food.

On a like-for-like basis, the BRC said sales rose by 1.4 percent year-on-year following a 0.4 percent decline in May.

Both figures from Barclaycard and BRC are not adjusted for inflation, which is running at an almost four-year peak of 2.9 percent as stated in the consumer price index. Therefore, the contribution of consumer spending to second-quarter economic growth could be limited.

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**InstaForex Gertrude** · 12-07-17, 04:07

Amazon.com On Track to Break Sales Record

Amazon.com Inc said its Prime Day sale is poised to be the largest shopping event in its history by sales. The world's biggest online retailer said customers ordered over three times as many Echo-family speakers than the previous year's Prime Day, which at the time broke records for Amazon devices.

Third-party sellers have sold over 50 percent more items on the site by noon compared with the same timeframe in 2016, according to a statement by Amazon.

Analysts estimated the previous year's event had brought in more than $500 million.

The news highlights Amazon's rapid pace of growth as more shoppers ordered online rather than going to stores.

Customers had to join Amazon Prime to get discounts in the 30-hour event. U.S. members of the club pay $99 a year for benefits like two-day shipping, and they tend to buy more goods, more often from Amazon. A timer showing when the deals will expire has encouraged shoppers to buy more.

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**InstaForex Gertrude** · 13-07-17, 04:21

ARGENTINA: Merval Rises 0.61% Underpinned By Petrobras Brasil

Merval, the benchmark Argentinean stock market index, gained 0.61%, closing at 22,262.64 points, boosted by rising oil prices after data showed a decrease in US inventories.

Petrobras Brasil increased by 4.61% in Buenos Aires after news that Brazilian former President Luiz Inacio Lula da Silva was sentenced to 9 years in prison for corruption.

Marcos Forquera, an analyst at Buenos Aires Valores, said that the stock market had a positive start today, but profit-taking hit a few shares, leading to a weaker rise at the end of the day.

He warned that Merval is near its record high and that market uncertainty is on the rise ahead of the October legislative elections in Argentina, increasing the odds of a sharp correction in the Buenos Aires Stock Exchange.

Meanwhile, the locally traded US dollar fell by 0.30%, to 16.94 Argentinean pesos. According to Fernando Izzo, an analyst at ABC Mercado de Cambio, the decline was a result of lower demand for the greenback and dollar sales from grain exporters.

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**InstaForex Gertrude** · 14-07-17, 03:55

Singapore GDP Expands 2.5% On Year In Q2

Singapore's gross domestic product advanced 2.5 percent on year in the second quarter of 2017, the Ministry of Trade and Industry said in Friday's advance estimate.

That follows the 2.5 percent increase in the previous three months.

On a quarterly annualized, seasonally adjusted basis, GDP added 0.4 percent after sinking 1.9 percent in the three months prior.

The manufacturing sector expanded 8.0 percent on year in the first quarter, moderating from the 8.5 percent growth in the previous quarter.

Growth was supported mainly by the electronics and precision engineering clusters, the ministry said, which saw robust expansion on the back of strong external demand for semiconductors.

It added 2.4 percent on quarter, up from 0.4 percent in Q1.

The construction sector contracted 5.6 percent on year after sliding 6.1 percent in the three months prior.

The sector was weighed down by weakness in both private and public sector construction, the bureau noted.

On a quarterly basis, the sector climbed 4.3 percent after contracting 14.4 percent in the previous three months.

The services producing industries added 1.7 percent on year after gaining 1.4 percent in the first quarter.

Growth was supported primarily by transportation, storage and business services.

On a quarterly basis, the sector added 0.4 percent after contracting 2.7 percent in the three months prior.

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**InstaForex Gertrude** · 14-07-17, 04:22

Oil Prices Stabilizes on Solid Chinese Demand

Oil prices were steady as China's strong appetite for fuel eased worries of an ongoing supply overhang.

Brent crude futures traded at $47.75 per barrel, rising by 1 cent from their last settlement. Meanwhile, U.S. WTI crude futures traded at $45.48 per barrel, falling 1 cent from the previous session's close.

China imported 212 million tonnes of crude oil, equivalent to 8.55 million bpd from January to June of the year. This is up 13.8 percent during the same period last year, according to customs data, making china the biggest importer of crude products ahead of the U.S.

The solid demand from China allayed worries regarding an ongoing fuel supply glut.

On Wednesday, OPEC said that the world would require 32.20 million bpd of crude from its producer members next year, down 60, 000 bpd from the current year, as consumers have increasing options of supply from outside the cartel. But the group also said its output climbed by 393, 000 bpd in June to 32.611 million bpd, with gains led by Nigeria and Libya.

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**InstaForex Gertrude** · 17-07-17, 04:50

Hammond Warns of Brexit Uncertainty's Impact

Chancellor Philip Hammond told BBC that firms are postponing their investments in the UK due to the uncertainty regarding Brexit.

Hammond's comments came as a Confederation of British Industry (CBI) survey indicated that 42 percent of UK firms believe Brexit has affected their investment plans, prompting the business group to call on the government to swiftly secure a future EU trade deal.

He said that businesses are holding off from putting more money in the country until they see more clarity regarding the future relationship of the UK with the Europe will look like.

He said that government ministers were becoming increasingly resolved that there is a need for a transitional deal in order to avoid shaking up business conditions too much as the UK withdraws from the EU.

He noted that five weeks ago the concept of a transition period was relatively new, but not the majority of the cabinet now sees the need for some kind of transition period.

The second round of Brexit talks will occur on Monday in Brussels.

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**InstaForex Gertrude** · 18-07-17, 03:09

European Markets Mixed but Mining Shares Rise

European stocks closed mixed as investors priced in upbeat Chinese data and paid attention to earnings, while mining shares rose.

The pan-European Stoxx 600 climbed less than two points at 386.86, trimming its gains as most major European stocks moved lower. London's FTSE 100 rose 0.22 percent, France's CAC 40 fell 0.14 percent and Germany's DAX 30 lost 0.41 percent. Last week, the Stoxx 600 advanced 1.8 percent, the biggest gain since early May.

The upbeat second quarter gross domestic product reading released overnight from China helped boost bullish sentiment.

Advances in the basic materials group were led by mining stocks, which were supported following China's stronger than expected data. Data from China, a major consumer of industrial and precious metals, also revealed strengthening in industrial production and retail sales.

Weir Group led gains on the Stoxx 600 with advances of over eight percent after the company said it sees full-year revenue to exceed analysts' estimates.

Telenor was the second biggest advancer, rising almost eight percent as the Norwegian telecommunications firm increased its margin forecasts for this year after posting a solid second quarter.

European energy stocks traded mixed while financial stocks were under pressure.

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**InstaForex Gertrude** · 18-07-17, 04:02

Australia New Motor Vehicle Sales Gain 1.2% In June

The total number of new motor vehicle sales in Australia was up a seasonally adjusted 1.2 percent on month in June, the Australian Bureau of Statistics said on Tuesday - coming in at 102,275.

That follows the 3.1 percent jump in May.

Sales for passenger vehicles added 0.5 percent, along with sports utility vehicles (1.4 percent) and other vehicles (1.3 percent).

The largest upward movement across all states and territories was in the Northern Territory (2.8 percent),

On a yearly basis, sales advanced 3.6 percent, slowing from 5.3 percent in the previous month.

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**InstaForex Gertrude** · 20-07-17, 04:01

Japan Has Y439.907 Billion Trade Surplus

Japan had a merchandise trade surplus of 439.907 billion yen in June, the Ministry of Finance said on Thursday.

That was shy of expectations for a surplus of 488.0 billion yen following the 204.2 billion yen deficit in May.

Exports were up 9.7 percent on year, topping expectations for an increase of 9.5 percent following the 14.9 percent jump in the previous month.

Imports climbed an annual 15.5 percent versus forecasts for 14.4 percent after gaining 17.8 percent a month earlier.

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**InstaForex Gertrude** · 24-07-17, 03:50

MERCOSUR: Bloc Could Expel Venezuela, Says Argentina Minister

Mercosur will permanently expel Venezuela from the bloc if the country's government advances with its intentions to call for a Constituent Assembly election on July 30, said the Argentinean Foreign Minister Jorge Faurie at the sidelines of the bloc summit in Mendoza.

"Some may read it as an expelling, but at the moment we do not have to discuss if it is a suspension of this or that. We have to talk about the fact that there is no democracy in Venezuela, and we will ratify it if there is no capacity for dialogue," the chancellor told reporters.

Venezuela was suspended from Mercosur for disrespecting the bloc's regulations. Earlier, Argentina President Mauricio Macri said that Mercosur is expecting the early adoption of an electoral calendar.

President Nicol?s Maduro's opponents carried out a 24-hour national strike as a part of the "zero hour" initiative, which seeks the president's resignation.

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**InstaForex Gertrude** · 24-07-17, 04:34

UK Consumers Face Highest Pressure in 3 Years - IHS Markit

The financial situation of British consumers has weakened at its quickest rate in three years in July, with families increasingly shying away from bigger purchases like automobiles, holidays and household appliances, a survey revealed.

Financial data firm IHS Markit said its monthly Household Finance Index fell to 41.8 from June's 43.7, its lowest since July 2014, which reveals a persistent squeeze on household incomes as inflation increases quicker than wages.

IHS Markit said only 27 percent of the households it surveyed expects rates to increase in the next six months, the weakest rate since October. The latest survey also revealed the willingness of households to make large purchases, which has dropped to its weakest since December 2013.

British consumer price inflation hit its highest in almost four years at nearly three percent in May, before softening in June. However, annual wage growth is less than two percent.

Official data set to be released on Wednesday is seen to show that economic growth accelerated only slightly in the three months to the end of June.

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**InstaForex Gertrude** · 27-07-17, 04:13

BRAZIL: Steelmakers Estimate Higher Output And Lower Sales In 2017

The Brazilian Steel Institute (IABr), which represents steelmakers that operate in the country, kept unchanged its forecast for the local steel output in 2017 at 32.420 million tons, a 3.8% increase compared to last year. However, the estimate for domestic steel sales was revised down to 16.310 million tons, a 1.3% decrease. Previously, IABR expected a 1.3% increase.

Steel exports, meanwhile, are projected to rise 9.1% in 2017, to 14.659 million tons, compared with a previous forecast of a 6.4% increase. Exports revenue should grow by 32.6%, to US$ 7.420 billion.

Steel imports are expected to rise 18.8%, to 2,232 million tons, more than the 6.6% increase anticipated by the IABr in April. Imports revenue should grow by 11.8%, to US$ 1.951 billion. Steel consumption - which includes domestic sales plus imports by distributors and consumers - is expected to rise 1.1%, to 18.418 million tons. The previous projection was a 2.9% increase.

According to the IABr chairman, Marco Polo de Mello Lopes, the steel sector is still at a delicate moment, with little internal consumption.

"The market has not recovered yet and will not resume during 2017," he told a news conference.

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**InstaForex Gertrude** · 28-07-17, 03:24

PEMEX: Net Income Increases To US$ 1.8 Billion In Q2

Mexico's state-owned Petroleos Mexicanos (Pemex) reported a net profit of 32.8 billion Mexican pesos (US$ 1.8 billion) in the second quarter of 2017, compared to losses in the same period last year. It was the third consecutive quarter of positive financial results for the company.

In a statement, Pemex said that the result reflects policies implemented by the current administration to improve efficiency and profitability.

"For this, it has been a key to take advantage of the tools granted by the Energy Reform," the company said.

Crude oil production averaged 2,013 thousand barrels per day (Mbd) during the quarter. Compared to the same quarter of 2016 there was a 7.5% decrease.

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**InstaForex Gertrude** · 31-07-17, 04:11

Japan Industrial Production Exits Contraction

Japan's industrial output recovered in June, pulling away from contraction and marking the third time this year the key measure of production regained its footing from a decline in the prior month.

On a monthly basis, industrial production increased 1.6 percent in June, according to an initial reading from the Ministry of Economy, Trade and Industry. The month-on-month numbers was slightly short of the expected 1.7 percent increase, but a significant recovery from May's contraction of 3.6 percent.

The transport sector's output climbed 4.2 percent in June, recovering from a 13 percent slid in the preceding month. Output of chemicals also jumped 3.4 percent during the period, compared to the 2.2 percent decline in May.

Manufacturers see a steady increase in output in the following months, indicating that solid demand abroad and increase in consumer spending could buttress overall growth of the Japanese economy. Manufacturers expect output to increase 0.8 percent in July and 3.6 percent in the succeeding month.

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**InstaForex Gertrude** · 01-08-17, 03:08

VENEZUELA: U.S. Treasury Freezes Maduro's Assets After Constituent Election

The U.S. Department of the Treasury sanctioned the president of Venezuela, Nicol?s Maduro, for "undermining democracy" in the Latin American country.

The sanctions come a day after the Maduro government held elections for a National Constituent Assembly that aspires to rewrite the Venezuelan constitution despite a massive boycott to the polls by the opposition.

The election day was also marred by violence, with 16 people killed, according to the Venezuelan Observatory of Social Conflict (OVCS), which also said that only in two Venezuelan states there were no violent acts or anti-government protests.

"The Maduro administration has proceeded with the ANC even though Venezuelans and democratic governments worldwide have overwhelmingly opposed it as a fundamental assault on the freedoms of the Venezuelan people. The creation of the ANC follows years of Maduro's efforts to undermine Venezuela's democracy and the rule of law," said the U.S. Treasury department in a statement.

"As a result of today's actions, all assets of Nicol?s Maduro subject to U.S. jurisdiction are frozen, and U.S. persons are prohibited from dealing with him," the statement added, without specifying which assets could be targeted by the sanctions.

The Constituent Assembly election held yesterday in Venezuela chose 545 representatives to rewrite the country's constitution, which was last modified during former president Hugo Ch?vez administration.

More than eight million Venezuelans took part in Sunday's National Constituent Assembly (ANC) vote, convened by the Nicol?s Maduro's government. Voters' participation reached around 41% of more than 19 million Venezuelans able to vote, said the president of the National Electoral Council (CNE), Tibisay Lucena.

The Venezuelan opposition said that it would march today against the violence reported during the demonstrations. Freddy Guevara, the first vice-president of the National Assembly (controlled by the opposition), urged citizens to protest today and attend a rally in Caracas.

More than ten countries of the region, among them Argentina, Colombia, and Peru, said that would not recognize the electoral results. The United States and the European Union called the vote "illegal."

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**InstaForex Gertrude** · 01-08-17, 03:55

European Stocks Ends July Lower, Weighed Down by Earnings Sentiments

European shares closed lower on the final trading day of July, as declines among tobacco stocks and some broker downgrades added pressure on shares. Analysts priced in what appears to be an “underwhelming” earnings season.

The STOXX Europe 600 Index fell 0.1 percent as eurozone stocks and blue chips dropped 0.3 to 0.4 percent. The U.K.'s FTSE 100 index held on to 0.1 percent gains. France's CAC 40 fell to its lowest in three months.

Financials weighed down main European indexes. HSBC rose 1.9 percent, as it reported a forecast-exceeding five percent increase in its first half pretax profit and announced a third buyback in a year.

Consumer goods added the most pressure on the benchmark, falling 1.1 percent as cigarette makers extended losses on a regulatory crackdown in the United States.

British tobacco companies Imperial Brands and British American Tobacco continued to decline from the session earlier, tumbling 5.8 percent and 4.7 percent respectively.

Mining companies gained as copper prices increased on the back of China's manufacturing data.

Nearly 46 percent of MSCI Europe companies have posted results, 59 percent of which have either met or exceeded analysts' expectations, according to data from Thomson Reuters. The figure is marginally lower for eurozone firms. Only more than half of them have met or exceeded expectations.

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**InstaForex Gertrude** · 02-08-17, 04:29

European Stocks Climbed, Buoyed by Earnings, Economic Data

European shares advanced on Tuesday as corporate earnings reports incited quick trading while recent data indicated a strong euro-area economy.

The pan-European Stoxx 600 climbed 0.6 percent. Blue chips rose 0.9 percent, their best one-day gain in three weeks. Germany's DAX was up 1.1 percent and Britain's commodities-heavy FTSE 100 added 0.7 percent as oil stocks increased.

The European second-quarter earnings season is nearing the halfway mark and so far 60 percent of MSCI Europe companies have met or exceeded analysts' expectations, according to Thomson Reuters data.

BP climbed 2.4 percent, which pushed energy shares towards the best performance among industry groups.

Rolls-Royce rose ten percent after its first-half profit more than doubled. The company was the largest contributor to gains in the Stoxx 600.

Testing company Intertek Group, insurer Direct Line and Dutch chemicals firm DSM, which all added between 5.8 percent to nine percent on the back of well-received results.

Lender CYBG gained 9.3 percent after it said that mortgages increased in the second quarter and the net interest margin improved.

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**InstaForex Gertrude** · 03-08-17, 03:56

Singapore PMI Moves Up To 51.3 In July - Nikkei

The private sector in Singapore continued to strengthen in July, the latest survey from Nikkei showed on Thursday with a PMI score of 51.3.

That's up from 50.7 in June, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, there were stronger rises in both output and total new orders.

Export sales increased at a record high, although lower employment persisted.

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**InstaForex Gertrude** · 03-08-17, 06:05

Wall Street Gains as Dow Breached 22,000 Mark

The Dow Jones industrial average breached the 22,000 mark for the first time ever on Wednesday, lifted by a rally in Apple's shares.

The 30-stock index rose 0.22 percent at 22,011.55. The S&P 500 climbed 0.07 percent at 2,478.18 while the Nasdaq Composite advanced 0.46 percent at 6,391.96.

Apple surged 6.02 percent to a record peak, after the world's biggest publicly listed company posted strong results and iPhone sales. The company also indicated that its upcoming 10th-anniversary phone is on schedule. The stock has gained nearly 30 percent in 2017.

The S&P 500 information technology index is 22 percent higher for the year to date, leading other sectors. It was the only S&P advancer with a one percent gain.

Ten of the 11 major S&P 500 sectors were lower. The energy index fell 0.81 percent and led decliners.

Two-thirds of S&P 500 firms have posted their second-quarter earnings so far and 72 percent have exceeded Wall Street's expectations, according to Thomson Reuters.

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