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Replacement Samsung Note 7 Unit Catches Fire on U.S. Plane
A replacement Samsung Galaxy Note 7 device, which has been declared safe from overheating by Samsung Electronics Co., reportedly started emitting smoke and caught fire on a Southwest Airlines Plane on Wednesday. The airline confirmed that its flight scheduled to travel from Kentucky to Maryland was evacuated before its take-off due to the incident.
Passenger Brian Green, the owner of the phone, said the Note 7 was a replacement unit issued on September 21. He also said the device was powered down and not charging when it started overheating inside his pocket and started emitting a thick smoke after he tossed it on the floor of the aircraft.
The smartphone maker announced a worldwide recall of about 2.5 million units of its Note 7 smartphones last month due to battery problems that caused some handsets to catch fire, but Samsung said it has identified and fixed the issues.
Samsung Electronics said it was working to retrieve the device and determine the cause. Meanwhile, Federal Aviation Administration confirmed in a statement that a Samsung phone had caused the smoke on the U.S. flight and that it was looking into the incident. The U.S. Consumer Product Safety Commission is also currently investigating the report.
News are provided byInstaForex.
Australia Construction Sector Swings To Expansion - AiG
The construction sector in Australia turned to expansion in September, the latest survey from the Australian Industry Group revealed on Friday with a PMI score of 51.4.
That's up sharply from 46.6 in August, and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
Engineering construction and activity remained strong, while house and apartment construction continued to contract.
Individually, employment, input prices, swelling prices, wages and capacity utilization all expanded, while new orders and deliveries contracted.
News are provided byInstaForex.
Verizon seeks $1 billion reduction on Yahoo sale amid privacy scandal
In the advent of hacking and spying reports, Verizon Communications Inc. is asking Yahoo Inc. to reduce the acquisition price by $1 billion, based on a New York Post report, mentioning unknown sources.
A person knowledgeable about the matter divulged Verizon Chief Executive Tim Armstrong is somewhat distressed about Yahoo's insufficient disclosure and contemplating whether to lower the price or withdraw from the deal.
Yahoo, however, is averting any endeavors to negotiate the price lower.
Both firms refused to comment.
Earlier, Yahoo admitted the interception of 500 million accounts in 2014. Then, people privy to the matter said the US government requested the technology company to search emails for any trace of terrorism.
American lawmakers lambasted Yahoo for unacceptable delay in uncovering the hack, pressuring the Securities and Exchange Commission to probe whether Yahoo failed to disclose the incident to investors and the general public.
News are provided byInstaForex.
Americas Roundup: Dollar Softens After Weaker-Than-Forecast U.s. Payroll Reading, Oil Ends down 1 Pct, Snapping Week-Long Opec-fueled Rally-October 8th, 2016
Market Roundup
? Computer-driven funds likely winners from sterling flash crash.
? US nonfarm payrolls miss expectations: +156k vs forecast 175k.
? Revisions on balance negative but jobless rate and participation up.
? Average hourly earnings +0.2% as forecast.
? Fed's Mester says US payrolls a "solid number".
? Canada jobs surge by 67,200 in Sept vs forecast 10k, heavily weighted to part-time.
? Brazil IPCA inflation 8.48% y/y vs forecast 8.6%, 8.97% previously.
? Brazil's central bank chief Goldfajn says CPI down, but doubts linger.
? Mexico inflation 2.97% y/y vs 2.91% forecast 2.73% previously.
? Canada's Ivey purchasing index jumps in September to 58.4 from 52.3. Looking Ahead - Economic Data (GMT)
? 01:45 China Caixin Services PMI Sep 52.1 -previous
Looking Ahead - Events, Other Releases (GMT)
? No significant events
Currency Summaries
EUR/USD is supported at 1.1154 levels and currently trading at 1.1199 levels. The pair has made session high at 1.1206 and hit lows at 1.1144 levels. The dollar eased against the low-yielding euro on Friday after data showed that U.S. employment growth unexpectedly slowed in September but was stronger in August than initially reported, and traders kept bets that the Federal Reserve is likely to raise rates in December. The Labor Department said U.S. employment growth unexpectedly slowed for a third month in September and the jobless rate rose. Nonfarm payrolls rose by 156,000 jobs in September, missing economists' expectations of 175,000. Job gains for August were revised up to 167,000 from an initially reported 151,000. The dollar index was last down 0.1 percent at 96.682. It rose to a more than two-month high shortly before the release of the payrolls report. The greenback fell hard against the yen, losing as much as 1 percent after the jobs data. It was last down 0.7 percent at 103.17 yen. The euro rose 0.2 percent to $1.1199 but fell 0.7 percent to 115.22 yen.
GBP/USD is supported in the range of 1.2340 levels and currently trading at 1.2439 levels. It reached session high at 1.2469 and dropped to session low at 1.2348 levels. Sterling weakened again against US dollar in the US session after rebounding from a stunning plunge that injected volatility across markets. Sterling plummeted nearly 10 percent to a 31-year low in earlier trading in what traders called a "flash crash?. Even before a sudden plunge that briefly shaved off a tenth of the pound's value during Asian trading, sterling was headed for its worst week since January 2009 as some national leaders called for Britain to make a "hard" exit from the European Union in which it would leave the single market. The Bank of England was investigating the cause of the sudden price move, but the currency had already been on track for one of its worst weeks in seven years as some national leaders called for Britain to make a "hard" exit from the European Union. Sterling retraced to $1.2440 in U.S. trading, which was still down 1.3 percent on the day.
USD/CAD is likely to find support at 1.3180 levels and is trading at 1.3289 levels. It has made intraday high at 1.3312 and lows at 1.3184 levels. The Canadian dollar declined to hit six-month low against its U.S. counterpart on Friday as volatility in the foreign exchange market and lower oil prices offset stronger-than-expected domestic jobs data. Data showed Canada's economy created 67,200 jobs in September, far more than expected, though that was fueled by the biggest increase in self-employed workers in more than seven years. U.S. employment growth unexpectedly slowed for the third straight month in September, which could make the Federal Reserve more cautious about raising interest rates. Oil fell about 1 percent on Friday as players took profits on a rally over the past week that propelled prices nearly 15 percent to four-month highs on hopes of OPEC crude output cuts. The Canadian dollar was last trading at C$1.3289 to the greenback weaker than Thursday's close of C$1.3207, or 75.72 U.S. cents.
AUD/USD is supported around 0.7500 levels and currently trading at 0.7588 levels. It hit session high at 0.7623 and made session lows at 0.7553 levels. The Australian dollar initially inched higher against US dollar on Friday after data showed U.S. employment growth eased for the third straight month in September but reversed course as slowdown was not expected to prevent the Federal Reserve from raising interest rates later this year. The Australian dollar edged 0.1 percent lower to $0.7576, near two-week lows as the greenback gained on expectations of a Federal Reserve rate hike this year. Domestic data this week showed a rosy picture of Australia's economy, boosting expectations for gross domestic product growth of more than 3 percent for the year. However, a resilient Aussie, up about 4 percent this year, could spoil the party. It fell nearly 11 percent in 2015 and more than 8 percent the year before.
Equities Recap
Continental European stock markets fell on Friday, with vouchers company Edenred and airline easyJet among the worst performers, although a new slump in sterling propped up Britain's FTSE 100.
UK's benchmark FTSE 100 closed up by 0.8 percent, the pan-European FTSEurofirst 300 ended the day down by 0.09 percent,Germany's Dax ended down by 0.7 percent, France?s CAC finished the day down by 0.6 percent.
U.S. stocks ended down slightly on Friday as a drop in the British pound injected volatility to markets, while a weaker-than-expected jobs report was not enough to derail expectations for a Federal Reserve rate hike before the end of the year.
Dow Jones closed down by 1.17 percent, S&P 500 ended down by 0.33 percent, Nasdaq finished the day down by 0.28 percent.
Treasuries Recap
U.S. Treasuries ended little changed on Friday after data showed that U.S. employment growth unexpectedly slowed in September but was stronger in August than initially reported, and traders kept bets that the Federal Reserve is likely to raise rates in December.
Benchmark 10-year notes rose 2/32 in price to yield 1.74 percent. Earlier the yield rose as high as 1.77 percent, the highest since June 3.
Commodities Recap
Oil fell about 1 percent on Friday as players took profits on a rally over the past week that propelled prices nearly 15 percent to four-month highs on hopes of OPEC crude output cuts.
Brent crude settled down 58 cents, or 1.1 percent, at $51.93 a barrel. Earlier in the day, it hit $52.84 cents, three cents short of a one-year high.
U.S. West Texas Intermediate (WTI) crude settled down 63 cents, or 1.3 percent, at $49.81.
Gold fell for the ninth straight session on Friday, briefly tapping a four-month low as computer-generated selling offset support from weak U.S. payrolls data, but bullion was on track for its biggest weekly drop in more than three years.
Spot gold was down 0.09 percent at $1,252.71 an ounce by 3:11 p.m. EDT (1911 GMT), after falling 1 percent to $1,241.20, the lowest since June 8. It was on track to close the week down 4.8 percent, its biggest drop since June 2013. U.S. gold futures for December delivery settled down 0.1 percent at $1,251.90.
News are provided byInstaForex.
Fxwirepro: Usd/twd Rejects Key Resistance at 31.55, Good to Sell on Rallies
USD/TWD is currently trading around 31.44 marks.
It made intraday high at 31.53 and low at 31.38 marks.
Intraday bias remains bearish till the time pair holds key resistance at 31.55 marks.
A daily close above 31.55 will drag the parity up towards key resistances around 31.68, 31.82, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
On the other side, key support levels are seen at 31.34, 31.26, 31.18, 30.99, 30.85 and 30.39 marks 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 go short on USD/TWD around 31.45, stop loss 31.55 and target of 31.26/31.18.
News are provided byInstaForex.
Iraq?s Minister Urges Country?s Producers Raise Output in 2017
Iraq oil minister Jabar al-Luaibi has called for oil and natural gas producers in the nation to keep on increasing output next year, the oil ministry communicated in a statement on Sunday.
The ministry's statement reiterated comments Luabi made to an assembly of Iraq oil industry executives in the city of Basra to assess the ministry's development plans for the oilfields.
The oil minister's comments came as OPEC members are attempting to put into action an agreement to reduce oil output in order to prop-up oil prices. The oil minister also did not refer to the cartel's decision on September 28 to curb oil output to a lower range.
According to the statement, Luaibi affirmed the need to continue increasing oil and gas yields by improving the effort of licensed firms operating in the nation for the rest of 2016 and through 2017.
The oil minister added that foreign firms' oil output targets should be attained within the given timetable and that the ministry is looking to raise associated gas output by adding 350 to 450 million cubic feet a day to the country's production next year.
News are provided byInstaForex.
Japan Has Y2,000.8 Billion Current Account Surplus
Japan posted a current account surplus of 2,000.8 billion yen in August, the Ministry of Finance said on Tuesday - an increase of 23.1 percent on year.
The headline figure exceeded forecasts for a surplus of 1,502.7 billion yen following the 1,938.2 surplus in July.
Imports tumbled 18.3 percent on year to 5,058.7 billion yen following the 26.0 percent tumble in July. Exports slid an annual 9.6 percent to 5,301.9 billion yen after sliding 15.7 percent in the previous month.
The trade surplus was 243.2 billion yen, exceeding expectations for 116.5 billion yen although down from 613.9 billion yen in the previous month.
The capital account showed a deficit of 12.8 billion yen following the 46.6 billion yen shortfall a month earlier.
The financial account saw a surplus of 2,922.0 billion yen following the 3,673.7 billion yen surplus in July.
The adjusted current account surplus was 1,975.5 billion yen versus expectations for 1,570.3 billion yen and up from 1,447.8 billion in the previous month.
News are provided byInstaForex.
Twitter Shares Sink as Potential Buyers Reportedly Lose Interest
Twitter Inc.'s shares slumped more than 14% after a Bloomberg report stated that all of its top potential suitors has lost interest in making a bid for the social media company.
The firm's shares, which jumped last month after rumors of a possible acquisition by companies including Google, lost $2.82 or 14% down to $17.03 during early trading following Bloomberg's report that was Twitter unlikely to receive any takeover offers.
Salesforce, Google owner Alphabet Inc., and Walt Disney which had been working with banks on a potential acquisition of the social media firm, had reportedly abandoned plans to proceed with a bid, according to Bloomberg.
Twitter's shares have already seen a steep decline at the end of the previous week after technology news website Recode reported that Google and Apple had no interest in buying the struggling company which put itself up for sale last month.
Sillicon Valley tech company Salesforce has been perceived as the top potential buyer after its chief executive Mark Benioff had publicly voiced his interest in the firm, but his investors raised their doubts regarding the deal. The speculation also caused Salesforce's shares to sink, but rose back to their former level after Bloomberg's report that it did not press ahead with a bid.
News are provided byInstaForex.
Fxwirepro: Usd/krw Hits Fresh 4-Week High at 1,124, Faces Strong Resistance at 1,127
USD/KRW is currently trading around 1,123 levels.
It made intraday high at 1,124 and low at 1,123 marks.
Intraday bias remains bullish till the time pair holds key support at 1,117 levels.
A daily close above 1,127 will drag the parity higher towards key resistances at 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
On the other side, a sustained close below 1,117 will test key supports at 1,107/1,101/1,089/1,078/1,063/1,044 levels respectively.
In addition, South Korea?s Kospi was trading around 0.12 percent higher at 2,034.26 points.
South Korea?s September unemployment rate increase to 4.0 % vs previous 3.8 %.
We prefer to go long on USD/KRW only above 1,124, stop loss 1,111 and target 1,142.
News are provided byInstaForex.
Samsung Announces Total Discontinuation of Galaxy Note 7 Production Over Safety Concerns
Crisis-hit Samsung Electronics Co. announced on Tuesday that it is permanently halting the production and sale of its flagship Note 7 smartphone, less than two months after its launch over persisting battery safety issues.
The tech giant stated in a filing with South Korean regulators that has decided to scrap the Note 7 after a new wave of reports of replacement devices overheating and catching fire, which were supposedly safe and free from battery defects. The move caused Samsung's share to tumble 8%, clearing almost $20 billion off the smartphone maker's market value and recording its biggest one-day decline since 2008.
The decision to stop Note 7 production comes after the South Korean conglomerate had halted sales and exchanged of the device earlier on Tuesday and called on customers to stop using the smartphone due to the reported safety issues.
Analysts state that permanently pulling note 7 off the shelves could cost the company up to $17 billion and could raise doubts about Samsung's quality control.
News are provided byInstaForex.