GLOBAL NEWS:-
China’s exports unexpectedly fell the most in two years in December and imports also contracted, pointing to further weakness in the world’s second-largest economy in 2019 and deteriorating global demand. Adding to policymakers’ worries, data on Monday also showed China posted its biggest trade surplus with the United States on record in 2018, which could prompt President Donald Trump to turn up the heat on Beijing in their cantankerous trade dispute.Exports in December unexpectedly fell 4.4 percent from a year earlier, with demand in most of its major markets weakening. Imports also saw a shock drop, falling 7.6 percent in their biggest decline since July 2016.
Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China. Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included help to finance crude imports.
Australian dollar came under heavy selling pressure and breached the 0.72 handle following the release of the December Chinese trade figures, which showed a sharp drop in both exports and imports data. The spot now meanders near the daily lows of 0.7182, having failed to sustain near 0.7220 levels.
British Prime Minister Theresa May warned lawmakers on Sunday that failing to deliver Brexit would be catastrophic for democracy, in a plea for support two days before parliament is expected to reject her deal with Brussels.With the clock ticking down to its March 29 exit from the European Union, and parliament deadlocked, Britain faces a hugely uncertain path that could lead to a disorderly exit or even remaining in the bloc.May, who postponed a vote in parliament on her deal in December after admitting she was set to lose it, said lawmakers must not let down the people who backed Brexit in a June 2016 referendum.
Asian shares and U.S. stock futures skidded on Monday after a shock contraction in Chinese exports pointed to deepening cracks in the world’s second-biggest economy and raised fears of a sharper slowdown in global growth and corporate profits.Latest data from China showed imports fell 7.6 percent year-on-year in December when analysts had predicted a 5 percent rise while exports unexpectedly dropped 4.4 percent, confounding expectations for a 3 percent gain.The disappointing numbers reinforced fears U.S. tariffs on Chinese goods were putting a big strain on China’s already cooling economy.
India’s annual wholesale price inflation eased to an eight month low of 3.80 percent in December, helped by a smaller increase in food and fuel prices,Annual wholesale price inflation last month was lower than a provisional 4.64 percent rise in November, and below a 4.42 percent increase forecast by economists in a Reuters poll.Wholesale food prices in December remained almost flat, up 0.07 percent year-on-year, compared with a 2 percent fall a month earlier.
Gold prices rose on Monday as the dollar fell on expectations that the U.S. Federal Reserve will not raise rates this year and as Asian markets dropped after lacklustre China data reflected a slowdown in the world’s second-largest economy.Gold tends to gain on expectations of lower interest rates, as they reduce the opportunity cost of holding a non-yielding bullion and trims the demand for U.S. dollar, making the yellow metal less expensive for holders in other currencies.Spot gold was up 0.3 percent at $1,291.42 per ounce, as of 0411 GMT. U.S. gold futures were up 0.2 percent at $1,291.40 per ounce.The weakness in equities and U.S. dollar appear to be a bonding providing support for gold.
Brent crude oil prices fell below $60 per barrel on Monday after Chinese data showed weakening imports and exports in the world’s biggest trading nation.International Brent crude oil futures were at $59.78 per barrel at 0312 GMT, down 70 cents, or 1.2 percent from their last close.U.S. West Texas Intermediate (WTI) crude futures were down 63 cents, or 1.2 percent, $50.96 a barrel.The weak Chinese data countered general support that oil markets have been receiving since the start of the year from supply cuts from the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia.
Bitcoin was last at $3,480.2 on the Investing.com Index, down 3.62% on the day. was trading at $0.31157 on the Investing.com Index, a loss of 4.83%.Bitcoin's market cap was last at $62.28B or 53.02% of the total cryptocurrency market cap, while XRP's market cap totaled $13.10B or 11.16% of the total cryptocurrency market value. Ethereum was trading at $112.96 by 14:08 (19:08 GMT) on the Investing.com Index on Sunday, down 10.08% on the day. It was the largest one-day percentage loss since January 10.