Alibaba files for a Hong Kong listing that may raise $20 billion as soon as the third quarter: Source

Chinas biggest ecommerce company Alibaba has filed confidentially for a Hong Kong listing that could raise up to $20 billion as early as the third quarter of this year a person with direct knowledge of the matter said.A deal of that size would be the biggest followon share sale globally in seven years and give Alibaba funds for technology investment  a priority for China as economic growth slows and a trade spat with the United States intensifies.Alibaba holds the record for the worlds largest initial public offering with its $25 billion float in New York [read more]

Bond king Jeffrey Gundlach: ‘I am certainly long gold’

DoubleLine CEO Jeffrey Gundlach is betting on gold. I am certainly long gold Gundlach said in an investor webcast on Thursday. He added his trade is based on the expectation that the dollar will finish the year lower.When the dollar weakens gold tends to appreciate as it becomes cheaper for investors holding other currencies.Gold prices hit a threemonth high in June as investors fled to the safehaven bullion amid escalated trade tensions. Meanwhile the dollar fell to a 11week low on Wednesday as the market increasingly bet on a rate cut in the coming [read more]

A Morgan Stanley economic indicator just suffered a record collapse

A reading of the economy from Morgan Stanley is signaling June gloom.Morgan Stanleys Business Conditions Index which captures turning points in the economy fell by 32 points in June to a level of 13 from a level of 45 in May. This drop is the largest onemonth decline on record and the lowest level since December 2008 during the financial crisis according to the firm. The decline shows a sharp deterioration in sentiment this month that was broadbased across sectors economist Ellen Zentner said in a note to clients. Fundamental [read more]

Crypto market update: Market sees slight bearish correction.

Currently the market is going through a phase of bearish correction. As the coins break past and reach critical resistance levels the traders are selling them off. Lets take a look at how the top three are doing and then we will reveal the biggest winners of the day among the top 20 coins.Top three coinsBitcoin (BTC) The price has gone down from $8240 to $8203. During this Thursday the bulls managed to break past the critical $8200 resistance line. It will be interesting to note if that line holds on as the selling pressure [read more]

Ethereum price analysis: ETH/USD fails to stay above $260

ETHUSDs price fell from $255.25 to $253.75 during the early hours of Friday. Throughout Thursday ETHUSD fell from $262.75 to $255.50 failing to stay above the critical $260level. Is this a temporary measure before the bulls reenter the market or have the bears well and truly taken over the market Lets find out.ETHUSD daily chart The 20day Bollinger band has narrowed indicating lower market volatility. and the latest price session in the daily chart has gone below the 20day simple moving average (SMA 20) curve. [read more]

Oil prices ease, but Middle East tanker attacks support

Oil fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the worlds key shipping routes. The attacks near Iran and the Strait of Hormuz countered concerns about global demand that had hammered prices in recent weeks analysts said.It was the second time in a month tankers have been attacked in the worlds most important zone for oil supplies amid rising tensions between the United States and Iran. Washington quickly [read more]

Tesla’s chart looks like Netflix did a decade ago—and it could see a similarly huge recovery

They say history may not exactly repeat but it does often rhyme.Thats the basic framework for a new theory from Eddie Yoon founder of think tank EddieWouldGrow who says that Teslas stock in 2019 looks very similar to Netflixs stock performance in 2011.Back then shares of Netflix under pressure after the company upped prices for its newly separated DVDmailing and streaming services dropped 80% over the course of several months a vicious decline that now seems part of the distant past.Yoon who is the author of Superconsumers A Simple Speedy and Sustainable [read more]

The US will maintain oil production despite falling prices, says deputy energy secretary

The U.S. will maintain its oil production or even ramp it up higher despite low energy prices and slowing economic growth Deputy Energy Secretary Dan Brouillette said Wednesday.Shale producers in the U.S. will continue to produce a record 12 million barrels a day throughout next year he said citing projections from the Energy Information Administration. They may even go up to as high as 13 million barrels he added. U.S. production numbers are going to continue for quite some time Brouillette told CNBC. U.S. West Texas Intermediate (WTI) crude futures have fallen almost 20% [read more]

Major Cryptocurrencies in The Green as Bitcoin Rallies Over $8,100

Top cryptocurrencies bitcoin (BTC) ether (ETH) and ripple (XRP) are all in the green. Cryptocurrencies on the whole are trending up today according to data provided by Coin360.Market visualization courtesy of Coin360After peaking around $9000 in May BTC crashed down to under $8000 but seems to be slowly recovering. BTC was trading just shy of $8000 earlier today and is now trading at $8130 at press time. Overall the top cryptocurrency is up by approximately 2.72% over teh past 24 hours at [read more]

Oil steadies after big plunge on high inventories, lower demand forecasts

Oil prices steadied on Thursday after slumping as much as 4% in the previous session to nearly fivemonth lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth. Brent crude futures were up 12 cents or 0.2% at 60.09 by 0035 GMT. They fell 3.7% on Wednesday to settle at $59.97 a barrel the international benchmarks lowest close since Jan. 28.U.S. West Texas Intermediate crude futures were also 12 cents or 0.2% higher at $51.26. They ended 4.0% lower in the previous session at $51.14 a barrel [read more]