LIVE MARKETS-Afternoon snapshot: STOXX at highs, FTSE too – Finance News

* European shares rise on Italy relief * Euro rebounds from six-week lows * DAX closed for a holiday * Wall Street to open higher Oct 3 – Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. Reach her on Messenger to share your thoughts on market moves: helen.reid.thomsonreuters.com@reuters.net AFTERNOON SNAPSHOT: STOXX AT HIGHS, FTSE TOO (1325 GMT) It’s plain sailing so far today on…

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MACRO: Stay away from pharma firms with big loans on books: Ajay Bagga, Market Expert

Market expert Ajay Bagga thinks that rupee’s fall could have been calibrated a lot more. He told ETNow that a high current account deficit (CAD) virtually makes light of all the good efforts on the growth front. Edited excerpts: We have a scenario where macros are not good, crude oil prices going higher and currency is depreciating. One would argue currency depreciation is good for exporters, but overall it is not good. And we have macro where a lot of…

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Italian headlines help break the bear’s hold

In forex today, another quiet session played out through the Asian markets, with early weakness showing up in the Kiwi and Aussie as risk flows into safer assets continued through the early session after a moderately risk-off Tuesday, but headlines focusing on the Italian deficit spat with the EU helped to bolster the European bloc and gave broader markets the excuse they were looking for to begin shorting the US Dollar once again. EUR/USD: Rally seen in Asia could be extended…

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Dollar near 1-month high as Italy woes take toll on euro

TOKYO: The dollar stood near a one-month high against its peers on Wednesday as concerns as political wrangling over Italy’s budget plan rattled market sentiment and weighed on the euro. The greenback rose as the euro slumped after a senior Italian lawmaker said most of the country’s problems would be solved if it returned to a national currency of its own. The euro was little changed at $1.1550 in Asian trade after retreating to a six-week low of $1.1505 overnight.…

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Govt to tighten rules against smuggling of foreign currency | Business | thenews.com.pk

Govt to tighten rules against smuggling of foreign currency KARACHI: The government is tightening its regulations on foreign currency smuggling and illegal money transfers to ensure exchange rate stability in the forex market, a central bank official said on Tuesday. The State Bank of Pakistan (SBP) held an emergency meeting with the currency dealers to discuss the rising dollar prices in the open market. Rupee weakened 1.34 percent to close at a low of 128/dollar in the open market on…

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Zim needs $200m to stabilise forex market

FINANCE minister Mthuli Ncube has been challenged to inject at least $300 million into the market to stimulate the country’s moribund economy. Sifelani Jabangwe, Confederation of Zimbabwe Industries (CZI) president, told reporters on the sidelines of the ongoing CZI annual congress and investment forum in Bulawayo, that industry desperately needed foreign currency. He said government had to support alternative cash streams like cotton farmers who had the potential to bring in more currency to the table. “All of our members…

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Oil extends gains, eyes on $100 a barrel, but Asia markets down

HONG KONG — Oil prices built on gains on Tuesday after another blistering rally, but most markets were in retreat as traders brushed off a positive lead from Wall Street and the US-Mexico-Canada trade deal. Crude has motored in recent weeks on concerns about supplies after sanctions are imposed on Iran next month, while OPEC’s decision not to ramp up output, upheaval in Venezuela, a strong dollar and a drop in oil rigs have also pushed prices higher.  “Right now,…

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FX trading volumes drop 12 pct in September vs last year – NEX Group – Internet News

LONDON, Oct 2 (Reuters) – Average daily trading volumes of currencies in September fell 12 percent compared to the previous year, NEX Group said on Tuesday, after an uptick in tensions over global trade that rattled forex markets. NEX, which runs one of the largest FX trading platforms, said average daily traded volumes fell to $86.1 billion in September from $97.4 billion in 2017. The volumes are only for cash market trading. Electronic trading platforms enjoyed a surge in currency…

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LIVE MARKETS-Italy: “A macro no man’s land” – UK Money News

* European shares open lower * Italian banks hit 19-month low * Royal Mail falls another 8 pct Oct 2 (Reuters) – Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: danilo.masoni.thomsonreuters.com@reuters.net ITALY: “A MACRO NO MAN’S LAND” (1140 GMT) While Italian assets are recovering slightly from this morning’s slide – the FTSE MIB…

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Bank fee stings for foreign money transfers, overseas travellers

Posted October 02, 2018 17:52:43 You’re planning a holiday overseas, found cheap airfares, bargain accommodation and you’re all set to go. But there’s another thing you need — money to spend while you’re over there. While consumers are becoming increasingly savvy and able to find cheap deals on their transport and accommodation, it’s this last key transaction where many feel ripped off. That has sparked a Government-commissioned inquiry into foreign exchange fees, both for travellers and for those sending money…

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Excessive foreign currency fees under scrutiny from Australian consumer watchdog | Australia news

Overseas holidays for Australians could become cheaper if a consumer watchdog inquiry into exorbitant foreign transaction fees is successful. The Australian Competition and Consumer Commission will look at “excessive” charges for currency conversions and overseas use of credit cards. The treasurer, Josh Frydenberg, said millions of Australians were paying too much to the banks and shelling out $2bn a year in foreign transaction fees. “We want to stop the rip-off,” Frydenberg said in Sydney. The ACCC will also look at…

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UPDATE 1-Australia’s competition regulator opens inquiry into forex services

(Adds details on inquiry, World Bank data) Oct 2 (Reuters) – The Australian Competition and Consumer Commission (ACCC) said on Tuesday it had opened an inquiry into price competition among suppliers of foreign currency conversion services and would investigate how easily potential entrants to the market could compete. “We will be examining why major companies in Australia, including the Big Four banks, seem to be able to consistently charge high prices,” ACCC Chair Rod Sims said. The World Bank said…

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ACCC to investigate bank fees for international credit card purchases and foreign currency conversions – Politics

Updated October 02, 2018 10:09:44 Banks that charge fees for international credit card purchases and converting currencies will soon come under the microscope of the competition watchdog. The Australian Competition and Consumer Commission (ACCC) has been asked to investigate foreign transaction fees charged by the banks, which Treasurer Josh Frydenberg has described as excessive. “Millions of Australians are travelling overseas, buying things on their Visa card, transferring Australian dollars into foreign currency and the banks are charging them too much,”…

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How to make money with Forex trading

What is Forex market? Foreign Exchange Market (Forex) is about exchanging one currency to another. Over time, people have learned to earn on a difference in exchange rates and such speculation has become a great source of income for many traders. After all, exchange rates are very unstable that makes a purchase and sale of currency a really profitable business for so many people. The currency pairs are the instruments used to conduct the trading process. (e.g. GBP/USD, EUR/USD, USD/JPY,…

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Avoid Another Slide Into Economic Recession, Experts Tell Govt

Avoid Another Slide Into Economic Recession, Experts Tell Govt Oct 01, 2018 (Leadership/All Africa Global Media via COMTEX) — Financial analysts have said the federal government should avoid sliding into another economic recession and take to recent advice by the Central Bank of Nigeria (CBN) on how to go about preventing it. The negative fundamentals that raised the red flag of recession over the Nigerian economy never left with the celebrated exit from recession since 2017. Notwithstanding earlier positive economic…

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Avoid Another Slide Into Economic Recession, Experts Tell Govt

Avoid Another Slide Into Economic Recession, Experts Tell Govt Oct 01, 2018 (Leadership/All Africa Global Media via COMTEX) — Financial analysts have said the federal government should avoid sliding into another economic recession and take to recent advice by the Central Bank of Nigeria (CBN) on how to go about preventing it. The negative fundamentals that raised the red flag of recession over the Nigerian economy never left with the celebrated exit from recession since 2017. Notwithstanding earlier positive economic…

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