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ESPN’s Woes Weigh on Disney

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Walt Disney Co. failed to pacify investors' worries regarding its cable unit, as it reported that profit in the business slump in the latest quarter.

ESPN saw a decline in subscriber and drained more money due to its higher programming expenditures. The unit's worries eclipse a quarterly profit that beat projections, causing Disney shares to retreat 2.4 percent in extended trading.

The cable division's sales registered at $4.06 billion, shy of the $4.2 billion average estimates by analysts. The business' profit also fell by 3 percent, according to the firm, due to the higher costs for NBA games and football.

The quarterly results reveal the biggest entertainment company struggling to manage the issues at its biggest business. Investors have been closely monitoring how ESPN will handle the shift in television as viewers turn away from old school pay TV services and shift towards online services. Despite Disney adding new customers on new digital platforms, it was not enough to offset the subscriber losses in its basic cable division.

The cable division's problems overshadowed the strong results in other businesses. Disney's total profit climbed to $1.50 per share in the second quarter, beating estimates of $1.41 per share.

News are provided byInstaForex.
 
Japan April Bank Lending Gains 3.0% On Year

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Overall bank lending in Japan was up 3.0 percent on year in April, the Bank of Japan said on Thursday - coming in at 514.531 trillion yen.

That was in line with expectations and unchanged from the previous month.

Excluding trusts, lending also advanced an annual 3.0 percent to 447.634 trillion yen - again unchanged and matching forecasts.

Lending from trusts gained 2.8 percent to 66.896 trillion yen, while lending from foreign banks spiked 14.7 percent to 2.207 trillion yen.

News are provided byInstaForex.
 
Fox’s Profits Weighed Down by Weak Ad Sales

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Rupert Murdoch's 21st Century Fox posted a profit drop in the most recent quarter, weighed down by the weak cable advertising and lack of box office hits during the period.

While ad revenue jumped at the Fox broadcast network due to the ratings of the much-awaited Super Bowl and an additional playoff, cable advertising sales fell as they have for other entertainment firms who have reported quarterly results in the last two weeks.

But during a call with investors, CEO James Murdoch project cable ad sales will advance at a high single-digit rate this quarter. Despite the loss of its most known host, Bill O'Reilly, Fox News has managed to keep its high ratings and the firm's faith in the business remains solid.

Revenue from cable programming increased 2.1 percent to $4.02 billion, slowed down by the flat local advertising and a decline in international ad sales. The revenue from Fox's biggest business also did not reach estimates of $4.13 billion on average. Total revenue, helped by the Super Bowl advertising, climbed 4.6 percent to $7.56 billion in the quarter ended March 31, but was shy of the projected $7.64 by analysts.

The result announcement caused the stock to fall 1.4 percent to $27.50 in late hours trading. It shed 1.2 percent to close at $27.90 in New York.

News are provided byInstaForex.
 
Fxwirepro: Eur/krw Hits Fresh 3-Week Low at 1,218 Mark, Consistent Close Below Targets 1,207 Mark

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EUR/KRW is currently trading around 1,220 mark.

Pair made intraday high at 1,221 and low at 1,218 levels.

Intraday bias remains neutral till the time pair holds key support at 1,218 mark.

A daily close below 1,219 will drag the parity down towards key supports around 1,212, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively. Alternatively, a sustained close above 1,219 will take the parity higher towards key resistances around 1,230, 1,237, 1,249, 1,262 and 1,274 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

Seoul shares open down 0.01 pct at 2296.06.

We prefer to take short position in EUR/KRW only below 1,218, stop loss at 1,230 and target of 1,207/1,200.

News are provided byInstaForex.
 
Verizon to Buy Straight Path for Nearly $3.1 Billion

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Telecommunications conglomerate Verizon Communications Inc. is set set to buy wireless spectrum holder Straight Path Communications Inc. for around $3.1 billion, roughly double of rival AT&T's initial offer. Verizon aims to gain an advantage in the race towards a 5G network.

Straight Path holds licenses to use high-frequency radio waves that some engineers believe would form the foundation of next-generation networks. The company is one of the biggest holders of millimeter wave spectrum. Furthermore, 5G is expected to boast higher speeds, shorter response times and more capacity.

Verizon will pay $184.00 per share in Verizon stock for the firm. The $184 a share all-stock offer represents a discount of 17.8 percent to Straight Path's close on Wednesday and an equity value of $2.3 billion. The stock jumped almost five-fold since April 7.

Back in April, AT&T announced it would buy Straight Path for $1.25 billion in an an all stock deal. Straight Path then said that it received a bid from an unnamed bidder that Reuters reported was actually Verizon, citing sources. In January, Straight Path placed itself on the block.

On behalf of Straight Path, Verizon will pay a termination fee of $38 million to AT&T. The deal is seen to close within nine months. As part of an earlier settlement, Straight Path will also have to pay the U.S. government a 20 percent cut from the sale of its spectrum licenses.

News are provided byInstaForex.
 
Fxwirepro: Thai Baht Gains on the Back of Higher Than expected Gdp Data

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USD/THB is currently trading around 34.60 marks.

It made intraday high at 34.67 and low at 34.57 marks.

Intraday bias remains bearish till the time pair holds key resistance at 34.74 marks.

On the top side, key resistances are seen at 34.74, 34.82, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.

Alternatively, a daily close below 34.66 will drag the parity down towards key supports around 34.54, 34.41, 34.34, 34.24 and 34.01 marks respectively. Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

Thailand’s Q1 GDP +3.3 pct yr/yr (vs +3.2 pct in poll).

Thailand’s Q1 GD +1.3 pct q/q seasonally adjusted (vs +1.2 pct in poll).

We prefer to take short position in USD/THB around 34.65, stop loss at 34.75 and target of 34.41.

News are provided byInstaForex.
 
Fxwirepro: Usd/sgd Hits Fresh 2-Week Low at 1.3965 Mark, Stay Bearish

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USD/SGD is currently trading around 1.3973 marks.

It made intraday high at 1.3982 and low at 1.3965 levels.

Intraday bias remains bearish till the time pair holds key resistance at 1.4046 marks. A daily close above 1.3982 will test key resistances at 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.

Alternatively, a consistent close below 1.3982 will drag the parity down towards key supports at 1.3964/1.3919/1.3851/1.3775/1.3704/1.3646 levels respectively.

Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/SGD around 1.3980, stop loss 1.4027 and target of 1.3919.

News are provided byInstaForex.
 
Tesla Shares Sink after Losing Morgan Stanley’s Rating Cut

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Morgan Stanley, one of Tesla's biggest and longtime bulls, downgraded the stock as it cited the increased projection of the carmakers' expenses and the competitive risk from well-capitalized rivals.

Morgan Stanley analyst Adam Jonas, has been one of the biggest champion for the Tesla stock, visualizing offerings of a ride-for-hire service that could increase the value of the firm by two-fold. But now, the top auto analyst sees operating losses extending into the next year and project the company will burn through $3.1 billion of cash this 2017, up from the prior estimate of $2.3 billion.

In a note to clients, Jonas stated they expect Tesla's larger and better capitalized rivals to launch strategies that will tackle sustainable transportation and movability.

Jonas slashed Tesla's rating to “equalweight” from “overweight” but retained his $305 stock price target, causing its shares to fall by as much as 3.8 percent to $312.53. It was last trading down 2.6 percent to $316.46. With the downgrade, the electric carmaker's bull camp fell to just 37.5 percent of Wall Street with ratings on the stock.

Currently, Elon Musk's company has has nine “buy” ratings, “10” hold ratings and 5 “sell” ratings. Tags: Industry, Investments, Share, Stocks, bonds

News are provided byInstaForex.
 
New Zealand Producer Price Index Continues to rise in Q1

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New Zealand producer prices continued to rise in the first quarter of this year. The producer output prices were up 1.4 percent sequentially, while the input prices were up 0.8 percent quarter-on-quarter, stated Statistics New Zealand. The producer output prices were mainly driven by increased prices of dairy products, whereas the increased crude oil prices drove up the input costs at oil refineries. On a year-on-year basis, producer output prices rose 4.1 percent, whereas input prices were up 4.2 percent.

The prices paid by fuel manufacturers rose 43 percent in the year, owing to higher crude oil prices. Meanwhile, prices received by dairy cattle farmers and dairy product manufacturers in March rose 49 percent and 22 percent respectively.

Meanwhile, the consumer price index rose 2.2 percent in the year to the March quarter. This was also driven by fuel prices.

Read more: https://www.instaforex.com/forex-ne...ducer_price_index_continues_to_rise_in_q.html
News are provided byInstaForex.
 
Wall Street Mixed as Nasdaq Hits 3-Day Winning Streak

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U.S. stocks finished mixed as investors brushed off latest news coming from Washington. The S&P 500 and the Dow closed little changed after mixed economic data and retail earnings, as the Nasdaq touched another record close with the help from technology stocks.

The Dow Jones industrial average slipped 0.01 percent to end at 20,979.75, as UnitedHealth led losses while Microsoft was the best performer. The S&P 500 dropped 0.07 percent to finish at 2,400.67, as utilities led nine sectors down and financials and information technology were the only gainers. The Nasdaq jumped 0.33 percent to end at 6,169.87.

The S&P's financial sector closed the day with a 0.2 percent advance.

Utilities were the S&P's largest decliner of the day with a 0.8 percent loss. UnitedHealth and Pfizer weighed on the S&P the most. Shares of Pfizer dropped 1.6 percent to $32.60 after Citigroup downgraded the drug developer's stock to “sell” from “neutral”.

Technology provided the biggest boost to the S&P, climbing 0.5 percent, with an outsized gain from Microsoft which traded two percent higher.

Home Depot contributed gains on the Dow after posting first-quarter earnings of $1.67 per share on revenue of $23.89 billion. Shares of Home Depot gained around 1.5 percent.

News are provided byInstaForex.
 
Usd/cny Likely to Trade Around 6.98 by End-2017, says Lloyds Bank

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In the past month, the USD/CNY pair has traded in a range of 6.87-6.91. But since the beginning of 2017, the currency pair has gradually increased from its January’s low of 6.83. Weaker-than-expected economic data in the past month have again raised worries regarding devaluation in an attempt to stimulate economic activity, noted Lloyds Bank.

These worries, at this stage, are believed to be overdone, greatly because of tighter liquidity conditions in China and recent attempts to stem portfolio outflows. China’s policymakers might depend on looser monetary policy rather than the currency to stimulate growth. Overall, the Chinese yuan has greatly underperformed other Asia currencies since the beginning of this year. This might alleviate pressure on the People’s Bank of China to devalue to keep external competitiveness.

“We do view the CNY as modestly overvalued and forecast USD/CNY to end the year at 6.98”, added Lloyds Bank.

News are provided byInstaForex.
 
Dollar Tumbles on Trump’s Political Uncertainty

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The dollar pared gains from the post election rally that drove the currency to its highest level since 2002, in an indication that investors are losing more faith in the so-called Trump trade. The ICE U.S. dollar index, which tracks the dollar versus a basket of six peers, dropped 0.8 percent in late Wednesday in New York to 97.39. The greenback fell versus the Japanese yen, euro and the British pound. Just days ahead of the election of President Donald Trump, the dollar surged in a wide market rally.

Several investors fear that political turmoil in Washington is wearing away the U.S. administration's ability to deliver on its tax-overhaul and fiscal-spending proposals. Such plans were highly anticipated to stimulate U.S. economic growth and also helped sent the greenback to a 14-year peak following the election.

Hedge funds and other investors have pulled back wagers on a firmer dollar, which has fallen to its weakest level since early October.

The dollar dropped two percent against the perceived safe-haven yen. It is the largest daily percentage fall since July 2016. Other assets seen as safe, which includes the Swiss franc and gold, have all gained.

Markets are implying a 65 percent likelihood that the Federal Reserve will hike interest rates at its next meeting in June, CME Group data revealed.

News are provided byInstaForex.
 
Fxwirepro: Eur/krw Remains Well supported Above 1,251 Mark, sustained Close Above Targets 1,287 Mark

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EUR/KRW is currently trading around 1,252 mark.

Pair made intraday high at 1,252 and low at 1,251 levels.

Intraday bias remains neutral till the time pair holds key support at 1,251 mark.

A daily close below 1,251 will drag the parity down towards key supports around 1,234, 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.

Alternatively, a sustained close above 1,251 will take the parity higher towards key resistances around 1,260, 1,274, 1,287 and 1,304 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

Seoul shares open up 0.08 pct at 2292.90. We prefer to take long position in EUR/KRW around 1,251, stop loss at 1,240 and target of 1,260/1,287.

News are provided byInstaForex.
 
Wall Street Gains, Rebounds from Largest Sell-Off in the Year

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EUR/KRW is currently trading around 1,252 mark.

U.S. equities advanced, recovering from their worst day of the year, with investors pricing in President Donald Trump's chances of proceeding with his pro-growth agenda.

Investors remain focused on Washington following reports that Trump attempted to interfere with a probe into former National Security Adviser Michael Flynn's relations with Russia.

The Dow Jones industrial average climbed 0.27 percent to 20,663.02, as Wal-Mart led gains and Cisco lagged behind. The S&P 500 rose 0.37 percent to close at 2,365.72, with telecommunications leading nine sectors up while energy led losses. The Nasdaq composite was up 0.73 percent at 6,055.13.

The Telecommunications Services sector was the S&P's largest percentage advancer with a 1.2 percent gain. U.S. telecom regulators voted to proceed with a Republican plan to reverse a 2015 “net neutrality” order. The S&P 500's technology sector rebounded 0.6 percent.

Among shares active on corporate news, Cisco Systems dropped 7.2 percent after the firm issued weak guidance. Shares of Wal-Mart climbed 3.2 percent at $77.54 after its quarterly earnings exceeded analysts' forecasts.

News are provided byInstaForex.
 
Fxwirepro: South Korean Won Marginally Higher Despite Lower Than expected Ppi Growth Data

EUR/KRW is currently trading around 1,249 mark.

Pair made intraday high at 1,251 and low at 1,248 levels.

Intraday bias remains neutral till the time pair holds key support at 1,250 mark.

A daily close below 1,250 will drag the parity down towards key supports around 1,242, 1,234, 1,225, 1,218, 1,207, 1,200, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.

Alternatively, a sustained close above 1,250 will take the parity higher towards key resistances around 1,260, 1,274, 1,287 and 1,304 marks respectively.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

Seoul shares open up 0.53 pct at 2300.68.

South Korea’s April PPI growth m/m decrease to -0.1 % vs previous 0.0 % (revised from -0.1 %).

South Korea’s April PPI growth y/y decrease to 4 % vs previous 4.3 % (revised from 4.2 %).

We prefer to take short position in EUR/KRW only below 1,247, stop loss at 1,260 and target of 1,240/1,234.

News are provided by InstaForex
 
Subaru Plans to Spend $1.2 Billion on R&D, Considers Electric Vehicles

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Subaru Corp. is weighing on electric versions of its current models for the company's first venture into technology, as it looks into battery-powered vehicles in the face of tightening emissions rules. The Japanese automaker is planning to make record investments in research and development during this financial year. It is considering installing electric powertrains in existing models instead of producing an all-new vehicle, according to Chief Executive Officer Yasuyuki Yoshinaga.

The decision will provide Subaru the advantage of capitalizing on its reputation for safety while also removing the need to team up with another automaker, Yoshinaga said.

Subaru aims to spend more on electrification than other technologies as it quickly moves into plug-in a hybrid model to market in 2018 and an all-electric vehicle by 2021. The Japanese company is budgeting 134 billion yen ($1.2 billion) on research and development in the 12 months through March 2018.

Other big Japanese automakers have also stepped up efforts to produce electric vehicles. Toyota Motor Corp. is planning to spend 1.05 trillion yen on R&D while Honda Motor Co. is aiming to invest 750 billion yen.

News are provided byInstaForex.
 
Euro Area Manufacturing Pmi Index Likely to have dropped Slightly in May

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Manufacturing industry globally has been rebounding from quite a subdued performance recorded in the last few years. The markets would be able to measure if the recent improvement in the manufacturing continues to be in place after the flash manufacturing PMIs are released for the euro area and Germany.

In April, the euro area manufacturing PMI was at a high of 56.7 in April. According to consensus expectations, the manufacturing PMI is expected to have dropped slightly to 56.5 in May. The manufacturing PMI has been gradually improving in the euro area since August 2016. In the meantime, the German manufacturing PMI is expected to have come down a bit to 58 in May from April’s reading of 58.2. If the projections are correct, it would be the second straight drop in the index in 2017.

News are provided byInstaForex.
 
Gold Holds on to Gains, Supported by US Political Concerns

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Gold prices were steady on Tuesday in spite of the explosion at a concert in the English city of Manchester which killed nearly 19 people in what British police said was being treated as a terrorist incident.

The precious metal has been lifted as the dollar fell versus the euro amid political uncertainty in the United States due to the controversies surrounding President Donald Trump.

Spot gold rose 0.1 percent at $1,261.62 an ounce. U.S. gold futures were little changed at $1,261 per ounce. Spot gold gained 2.2 percent the previous week as the uproar on Trump's alleged links to Russia and his dismissal of former Federal Bureau of Investigation chief James Comey have raised doubts on his ability to push through pledged fiscal stimulus.

Holdings in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, climbed 0.21 percent to 852.48 tonnes.

Investors' net long position in COMEX gold has dropped to a two month-low, according to data from the U.S. Commodity Futures Trading Commission (CFTC).

News are provided byInstaForex.
 
New Zealand Has NZ$578 Million Trade Surplus

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New Zealand saw a merchandise trade surplus of NZ$578 million in April, Statistics New Zealand said on Wednesday.

That beat forecasts for a surplus of NZ$267 million following the NZ$332 million surplus in March.

Exports climbed 9.8 percent on year to NZ$4.75 billion - also exceeding expectations for NZ$4.40 billion and up from NZ$4.65 billion in the previous month.

Imports gained an annual 4.9 percent to NZ$4.17 billion versus forecasts for NZ$4.10 billion and down from NZ$4.31 billion a month earlier.

News are provided byInstaForex.
 
U.S. Stocks Climb after Release of Trump Budget

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Wall Street advanced on Tuesday as hopes surrounding the Trump trade was revived among investors. However, gains were pared by losses in consumer discretionary stocks amid weakness in auto-parts firms. Trump's budget called for an increase in infrastructure and military spending, as well as politically sensitive reductions in areas like healthcare and food assistance. Investors also eyed the White House's proposed budget for 2018. Stated in it, the White House aims to trim federal spending by $3.6 trillion in the next ten years.

The Dow Jones industrial average climbed 0.21 percent to 20,937.91, as Goldman Sachs outperformed while Home Depot lagged behind.

The S&P 500 added 0.18 percent to close at 2,398.42, with financials leading ten sectors up while consumer discretionary was the only decliner. The Nasdaq Composite rose 0.08 percent to 6,138.71.

Financials gained 0.8 percent supported by a 1.2 percent advance in the bank subsector. Consumer discretionary lagged behind the most with a 0.4 percent decline.

Autozone Inc weighed on the consumer sector the most, dropping 11.8 percent to $58.14. The auto part retailer's quarterly results did not meet expectations. Advance Auto Parts slipped 4.6 percent and O'Reilly Automotive was down 3.3 percent while Genuine Parts dropped nearly two percent.

News are provided byInstaForex.
 
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