Futures Markets News Oil 

Oil prices trade mixed, contracts remain on track for a third weekly decline in a row

“Oil futures saw mixed trading Friday, finding some support as Saudi Arabia expects to reduce exports in August, easing some concerns of coming oversupply in the market” writes Saefong William Watts for marketwatch.com. The global benchmark, September Brent crude LCOU8, +0.22%  traded at $72.80 a barrel, up 22 cents, or 0.3%, on ICE Futures Europe.Traders also look to the release of weekly U.S. oil rig data from oil-field services firm Baker Hughes BHGE, -0.16%  due at 1 p.m.Prices, however, remained on track for a third-straight weekly decline on renewed trade-war…

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Crypto News 

Bitcoin May Become a Commodity in India Despite…

“Instead, regulation is currently being worked on to thwart money laundering and criminal activity” writes Jp Buntinx for livebitcoinnews.com. Until it is introduced, there can be no official ban on rupee-based trading.The current ban on Bitcoin-rupee trading in India is very controversial.When do you think India will introduce legislation to regulate cryptocurrencies as commodities?.  Source: livebitcoinnews.com Share This:

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News Stocks 

Goldman: Buy stocks with rising profit margins due to commodity inflation 

“That’s because despite the one-time boost to profit from the corporate tax cut, companies face a number of challenges to maintaining profit margins, including rising commodity prices, rising interest rates and wage growth” writes Tae Kim for cnbc.com. The firm recommended companies with high and stable profit margins.All of these cut into margins. “Investors should focus on stocks with high and stable gross margins,” wrote David Kostin, Goldman’s chief U.S. equity strategist, in a report Friday to clients.”The market generally rewards companies with high margins when the outlook for corporate…

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Markets News 

Procter & Gamble shares downgraded by Jefferies because of rising commodity costs

“Grundy lowered his price target to $79 from $83 for Procter & Gamble shares” writes Michael Nagle for cnbc.com. The firm lowered its rating for Procter & Gamble shares to hold from buy, predicting the company will report earnings below expectations next fiscal year.Procter & Gamble’s profitability will suffer because of rising commodity costs, according to Jefferies.The analyst noted a price basket of P&G key commodities costs has risen by about 15 percent over the past year. Source: cnbc.com Share This:

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Markets News 

Dollar supported by sagging euro, bubbling trade tensions

“Trade tensions also supported the dollar against commodity currencies, like the Australian dollar, and emerging market currencies whose economies are most vulnerable to a downturn in trade” writes unknown author for cnbc.com. “A currency of a country with a large current account deficit is not usually a choice destination during risk aversion, but the dollar is high in liquidity, which is a draw.”. That said, the dollar has managed to gain only as emerging market and commodity currencies have slid due to risk aversion,” said Masafumi Yamamoto, chief forex strategist…

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Crypto News 

CFTC pushes for another default order in binary options, bitcoin fraud case

“The United States Commodity Futures Trading Commission (CFTC) maintains its efforts to tackle binary options and cryptocurrency fraud” reports financefeeds.com. After pushing for a default order against Dillon Michael Dean, at the helm of a $1.1 million fraudulent scheme, the regulator is now seeking a similar order against the company he ran – The Entrepreneurs Headquarters Limited (TEH). Source: financefeeds.com Share This:

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News Oil Stocks 

FTSE 100 gains ground as commodity shares advance

“The FTSE 100 index UKX, +0.35% rose 0.3% to 7,710.66, with the basic materials group leading advancers while telecom, consumer goods and utility shares lost ground” writes Markets Reporter for marketwatch.com. Advances in prices for oil and metals guided gains for mining and energy companies, which combined make up a roughly 26% weighting on the FTSE 100, according to FactSet data. Source: marketwatch.com Share This:

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News Stocks 

Clorox beats profit expectations, but margins fall on higher commodity and logistics costs

“Gross margin decreased to 42.8% from 44.0%, as higher commodity and logistics costs offset cost savings and price increases” writes Reporter Editor for marketwatch.com. Revenue rose to $1.52 billion from $1.48 billion, topping the FactSet consensus of $1.51 billion, as cleaning and household sales beat expectations to offset a miss in lifestyle sales. The stock has tumbled 21.5% year to date, while the S&P 500 SPX, +0.25% has eased 0.7%. Source: marketwatch.com Share This:

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News 

Commodity currencies start to lose ground on the day

“No particular news of note, but as mentioned earlier in the day liquidity today will be a bit thin in Asian trading” reports forexlive.com. In any case, the dollar is sitting on top still with the commodity bloc lagging behind – despite the positive sentiment in the equities space. NZD/USD sees a rejection at the 100-hour MA once again as it did on Friday and is now trading to session lows of 0.7065:.  Source: forexlive.com Share This:

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