Category: Dinar Daddy

Gold futures rise but upside seen limited

Investing.com –

Investing.com – Gold prices was higher in early European trade on Friday, but gains were expected to remain limited as Thursday’s upbeat U.S. jobless data continued to weigh on the precious metal.

On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,232.90 a troy ounce during European morning trade, up 0.30%.

The December contract settled 1.32% lower on Thursday to end at $1,229.1 a troy ounce.

Futures were likely to find support at $1,222.00, the low from October 15 and resistance at $1,244.90, Thursday’s high.

Demand for the safe-haven asset weakened after a report on Thursday showed that U.S. initial jobless claims rose last week, but the underlying trend indicated improving labor market conditions.

The Department of Labor said the number of Americans filing for initial jobless benefits in the week ending October 18 increased by 17,000 to 283,000, broadly in line with forecasts.

However, the four-week average fell to 281,000, the lowest since May 2000, while continuing claims, which counts people receiving benefit for at least the second month in a row, also hit a 14-year low, of 2.35 million.

Traders were now turning their attention to an upcoming report on U.S. new home sales due later in the day for further indications on the strength of the housing market.

On Tuesday, the National Association of Realtors said that U.S. existing home sales increased 2.4% to a 5.17 million units last month from 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.10 million units in September.

Elsewhere in metals trading, Comex, silver for December delivery gained 0.55% to $17.250 a troy ounce, while December copper edged up 0.12% to trade at $3.044 a pound.

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Crude oil reverses overnight gains as Ebola concerns weigh

Investing.com –

Investing.com – U.S. oil futures dropped on Friday, reversing sharp overnight gains as reports of a new case of Ebola in the U.S. weighed on risk sentiment.

On the New York Mercantile Exchange, crude oil for delivery in December traded at $81.37 a barrel during European early afternoon trade, down 0.72$ or 0.88%.

Prices jumped 1.57$ or 1.95% on Thursday to settle at $82.09.

Futures were likely to find support at $80.05 a barrel, Thursday’s low and resistance at $83.15, the high from October 22.

Oil prices weakened after The New York Times reported earlier Friday that a doctor in New York City, identified as Craig Spencer, tested positive for the Ebola virus after returning from treating patients in West Africa.

The first confirmed case in America’s largest city sparked fresh concerns over the spread of the virus, weighing heavily on risk-related assets.

Crude futures has strengthened on Thursday after Saudi Arabia said it cut crude oil production by about 328,000 barrels in September to a total of 9.36 million barrels.

Concerns over weakening global demand combined with indications that the Organization of the Petroleum Exporting Countries will not cut output to support oil markets have weighed on prices in recent weeks.

OPEC oil output hit a two-year high of 31 million barrels per day in September, led by higher production from Iraq and Libya.

Some market analysts believe that only a cut in production by the oil cartel will halt the decline in prices.

Oil ministers from the 12-member group are scheduled to meet in Vienna on November 27 to consider whether to adjust their production target for early 2015.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for December delivery dropped 0.70$, or 0.81%, to hit $86.13 a barrel.

The spread between the Brent and the WTI crude contracts stood at $4.76.

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Belgium NBB Business Climate -6.8 vs. -7.6 forecast

Investing.com – Confidence among Belgian business leaders rose unexpectedly in the last quarter, official data showed on Friday.

In a report, National Bank of Belgium said that Belgium NBB Business Climate rose to -6.8, from -7.2 in the preceding quarter.

Analysts had expected Belgium NBB Business Climate to fall to -7.6 in the last quarter.

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U.S. stocks rise on earnings, shrug off data, Ebola fears; Dow up 0.76%

Investing.com –

Investing.com – U.S. stocks rose on Friday applauding a fresh batch of positive third-quarter earnings, which gave investors room to shrug off soft home sales data and a new case of Ebola diagnosed in the United States.

At the close of U.S. trading, the Dow 30 rose 0.76%, the SP 500 index rose 0.71%, while the NASDAQ Composite index rose 0.69%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 2.54% at 16.11.

Stocks rose as investors cheered better-than-expected earnings from Microsoft and Procter Gamble one day after 3M Company (NYSE:MMM), General Motors Company (NYSE:GM) and Caterpillar Inc (NYSE:CAT) beat consensus forecasts, giving investors room to shrug off soft home sales data.

The Census Bureau reported earlier that U.S. new home sales rose 0.2% in September to 467,000 units, missing expectations for an increase to 470,000 units.

The August figure was downwardly revised to a 15.3% climb to 466,000 units from a previously estimated 18.0% jump to 504,000 units.

Still, a longer-range view of economic indicators still points to a sustained U.S. recovery, including in the housing sector.

Earlier in the week, the National Association of Realtors reported that U.S. existing home sales increased 2.4% to a 5.17 million units last month from 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.10 million units in September.

Elsewhere, a doctor who recently returned from Guinea tested positive for Ebola in New York City, though expectations for authorities to contain the virus gave investors room to focus on earnings and stocks room to rise.

Leading Dow Jones Industrial Average performers included Microsoft Corporation (NASDAQ:MSFT), up 2.45%, 3M Company (NYSE:MMM), up 2.44%, and Procter Gamble Company (NYSE:PG), up 2.31%.

The Dow Jones Industrial Average’s worst performers included Visa Inc (NYSE:V), down 0.39%, Chevron Corporation (NYSE:CVX), down 0.26%, and International Business Machines (NYSE:IBM), down 0.08%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.36%, France’s CAC 40 fell 0.69%, while Germany’s DAX fell 0.66%. Meanwhile, in the U.K. the FTSE 100 fell 0.47%.

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Uphill struggle for new Iraqi defense chief al-Obeidi

Analysts warn of an uphill struggle for Iraq’s newly-appointed defence minister, Khaled al-Obeidi, who is charged with turning the discredited national army into a force capable of routing the Islamic State (ISIS).

Al-Obeidi spoke with his US counterpart, Defense Secretary Chuck Hagel, for the first time in a 20-minute phone call this week focused on reforming Iraq’s army so it can recoup land conceded to ISIS, which is also known as IS and ISIL.

“The minister was quite clear… that he has every intention of going on the offense against ISIL and making sure that the Iraqi security forces are properly resourced, trained and equipped to do that,” Pentagon spokesman Rear Admiral John Kirby told reporters after the call.

“He also made it a special point of noting that he has every intention… of making sure that the Iraqi Security Forces represent the interests of all Iraqis, that he wants an inclusive army that’s representative of the population of Iraq and defends every inch of Iraq.”

Al-Obeidi, a Sunni Muslim from Mosul, which is now occupied by ISIS, was approved by Iraq’s parliament last week. Bringing Sunnis into Iraq’s government was seen as vital to stop western Iraq’s marginalised Sunni population from siding with ISIS.

He serves in the Shiite-dominated cabinet of Prime Minister Haider al-Abadi, who says he will bridge sectarian divides and unify the country against ISIS, a Sunni extremist group that controls a Sunni-majority area straddling the Iraq-Syria border.

Iraqi troops abandoned their posts and conceded swathes of Iraq to ISIS during the group’s lightening offensive this summer. Despite some losses around the dams at Haditha and Mosul, ISIS has continued to make gains, particularly in Anbar province.

The group, which numbers 30,000 to 50,000 fighters, seized Hit earlier this month and has since probed suburbs of Baghdad, where some 60,000 government troops are tasked with defending the capital. ISIS sleeper cells carry out daily bombings and assassinations there.

“The reality is that ISIL has control and still does control a significant amount of ground in Iraq and I don’t think it’s any different from any complicated, difficult contest,” Hagel said on Thursday. “There will be mixed and various outcomes daily,” he added, saying: “We think it’s working.”

Anthony Cordesman, a critic of US President Barack Obama’s strategy against ISIS, warns that the US air force has been distracted by Kobane, a Kurdish town in north Syria that is holding out to a month-long ISIS siege, and has a mountain to climb with Iraq’s army.

“The US has clearly not provided the level of air strikes it originally planned and has seen much of its focus shift to a peripheral objective in Kobane,” Cordesman, an analyst at the US-based Center for Strategic and International Studies, told Rudaw.

“It has found that Iraq’s military forces are weaker than original assessments indicated, and they indicated that some half of the 50 plus combat brigades in the Iraq forces would need to be disbanded or totally reorganized, and the other half would take a year to several years to build up into fully effective combat units.”

Obama says ISIS can be routed with airstrikes and by arming Kurds, Iraqis and moderate Syrian opposition fighters as ground forces. Critics say he over-depends on air power, lacks reliable allies as ground forces and has no solution to Syria’s civil war.

Members of the US-led coalition against ISIS will meet in Kuwait on October 27 for talks on fighting tackling violent extremism. Officials from Bahrain, Egypt, France, Iraq, Jordan, Lebanon, Oman, Qatar, Saudi Arabia, Turkey, Britain, the US and the United Arab Emirates are expected to attend.

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Mnt goat shares his expectations.

Mnt Goat This week I totally expected to hear some news that the currency reform project will be restarted and a tentative implementation completion date given to us. I believe we are on the verge of getting the final rollout of the RV possibly this coming week. From all the news I am hearing of the progress I do not believe they will go to mid November or even past October without a Revaluation or a Reinstatement happening of some kind to start the process.

 

America: Iraq will not be able to start a ground offensive

Reuters said officials in the United States Central Command said on Thursday that he would not be able to Iraqi forces begin to implement any sustained ground attack against the organization of the Islamic State of months before now and that any similar effort in Syria will take longer.

And will depend Time in Iraq on a variety of factors, some beyond the control of the army and the range of the political situation of Iraq to the weather. should also train Iraqi forces and arming and equipping before any major attack like that aimed to restore the city of Mosul, which fell into the hands of an Islamic state in June. said A military official “is not imminent., but we do not believe that it will take years to get them to the stage where they are capable to do a counter-attack and sustained,” describing it as an effort “take months.” the officials said in a statement to a group of journalists that the priority in Iraq is to stop the advance Islamic state, but acknowledged that the Anbar province in western Iraq, despite the threatened air strikes led by the United States. suffered major military teams in Iraq’s Anbar, the seventh, eighth, tenth and twelve seriously damaged. And the killing of at least 6000 Iraqi soldiers in the month of June, provided twice that number of service, according to medical sources and diplomacy. When asked if military advisers Americans in Iraq may go to Anbar official acknowledged first that discussions were under way on a large scale on efforts to enable Iraqis “As far as we can,” but did not disclose details. official said that talks are also under way with coalition partners about the possibility of publishing their advisers. was Anbar residents, most of them Sunnis resent the government of former Prime Minister Nuri al-Maliki of the Shiite majority, but officials spotted the positive signs between clans since he took Haider Abadi, the prime minister in September. , but the official said he still had to be on the government Abadi to prove itself, and added that the American army would “dispel the credibility” to take charge so far and will confine himself to mediate in talks between the government and the tribes. official said “to the government would be able Abadi installed position and achieving some small successes, I do not think we will be in a position to make any promises for the benefit of those of the government.” While select officials long-term battle in Iraq has made ​​it clear that it will take longer in Syria. said responsible if a lot of time in Syria dedicated to the task of training a planned US-backed forces its primary goal is to ensure that the loss of more cities. official added first, “we are trying to train them in the beginning to be able to defend their towns and villages.” But training fighters are able to confront the Islamic State on strong toward require more instructions and it will take a longer time to prepare enough fighters. official said, “It may take a year to 18 months” so that it can see the effect on the battlefield

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Barzani to visit Baghdad next week to discuss the budget

Announced the Kurdistan Alliance, that the President of the Kurdistan Regional Government of Iraq Nechirvan Barzani will visit Baghdad next week to discuss the general budget of the country.

A deputy from the coalition that “the prime minister Nechirvan Barzani, the region will visit Baghdad next week to discuss the general budget of the country and the region’s share of them, in addition to the outstanding issues with the federal government.”

He added that “there is a large Kurdish delegation will be accompanied by Barzani to Baghdad, including the ministers concerned points of contention with Baghdad and representatives of the Kurdistan Democratic Party and the Patriotic Union and the mass change and the Kurdistan Islamic Union and the Islamic Group of Kurdistan in Iraq.”

Referred to the Prime Minister of the Kurdistan region Nechirvan Barzani confirmed, earlier, that the provincial government delegation will travel to Baghdad after admission to the ministerial cabinet Kurds their posts in the federal government.

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Hakim calls for Parliament to pass laws

The head of the Islamic Supreme Council of Iraq Ammar al-Hakim Parliament to pass laws and to activate the supervisory role in accordance with the national interest.

A statement by the Presidency of the Islamic Supreme Council of Iraq on Thursday that “Mr. Ammar al-Hakim met in his office in Baghdad leader of the Sadrist Nassar al-Rubaie, and during the meeting addressed the developments in the country.”

He called on the President of the Islamic Supreme Council of Iraq Ammar al-Hakim, members of the House of Representatives to approve the drafting of laws that serve the interests of the homeland and the citizen, as well as strengthening the oversight role of the House of Representatives so as to contribute to the success of the government to implement its program in accordance with the national interest and to achieve security and prosperity for the Iraqi people

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U.K. Index of Services 0.8% vs. 0.9% forecast

Investing.com – The U.K. index of services rose less-than-expected last month, official data showed on Friday.

In a report, National Statistics said that U.K. Index of Services rose to 0.8%, from 1.0% in the preceding month.

Analysts had expected U.K. Index of Services to rise 0.9% last month.

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