CHANGE YOUR FOREX TRADING STRATEGIES FOR THE NEWS TODAY
Here are some news of the day that a forex trader must know to apply the right forex trading strategies.
The current market
Asian stocks are likely to be silenced when traders are waiting for news of the US job market and a surge in tariffs on Chinese goods on a US schedule. The futures market is little changed in Japan, Australia and Hong Kong. US stocks closed at a little higher yesterday. Treasury Bond yields rose after data showed that jobless claims fell to a seven-month low, signaling a resilience in the labor market ahead of Friday's employment report. Oil slipped after a volatile session when OPEC failed to bring quotas to output.
The largest IPO in the world
Saudi Aramco raised $25.6 billion from the world's largest IPO, ending a controversial deal by the Crown Prince and his plan to reshape the nation. The state oil giant set the final price for the stock at 32 riyals ($8.53), valuing the world's most profitable company at $1.7 trillion. It received a total bid of $119 billion. For Crown Prince Mohammed Bin Salman, the success of the IPO could put his ambitious plan to overhaul the economy back on track.
However, there are a number of issues that have dislocated the plan: the backlash about his purge and outrage at the Washington Post Jamal Khashoggi murder of journalists, as well as the war in Yemen. But the final deal was vastly different from what the Crown Prince envisaged when he first implemented the idea in 2016 with the ambition of raising $100 billion. Aramco only offered a 1.5% stake and opted to list locally after global investors faltered in the hope that the company would be valued at $2 trillion. Instead, Aramco relies heavily on local investors and money from neighboring Gulf Arab states.
Rethink your forex trading strategies
As Hong Kong protesters prepare for another major parade into the city center this weekend and possibly a strike next Monday, some of the fighters on the front lines are reevaluate their strategy. Yesterday, the Civil Rights Front (CHRF), which has held some of the biggest protests since the unrest began in June, said it has received police approval for a demonstration - the first time they received a permit in more than 4 months.
The Sunday march will begin at 3 pm in Victoria Park in Causeway Bay and head to the central business district. A violent outbreak last month culminated in a nearly two-week siege around Hong Kong Polytechnic University, where fragments of the protest were still littered. Police have arrested more than 1,300 people at the Kowloon site - nearly a quarter of them have been detained so far - and seized about 4,000 petrol bombs along with explosives and corrosive liquids.
The rise of Sensex
India's economy is quite tough, but the 2.1-trillion-dollar stock market is growing strongly. Foreign investors are flocking to the country's stocks, betting that the worst may have passed. Economic growth has been at its lowest level since Prime Minister Narendra Modi took power in 2014. The economy expanded by 4.5% from July to September, growing stagnant for the sixth consecutive quarter when spending worsening domestic usage, struggling banks and not having much global prospects, all of which have caused damage to India. Right now, you need to stick to the best forex brokers in India.
But what about the capital market? Now, that was a different story. The Sensex S&P BSE Index jumped 13% from its bottom on September 19 when it rose to an all-time high. So far, foreign investors have bought $5 billion of the country's stock this quarter, while domestic investors are still buyers of investment funds. Stocks simply act as a leading indicator for the economy, so it is likely that India's economy will grow again.