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US construction spending unexpectedly decline
The value of construction work in the United States suddenly chop down for the month of September because of the fact that the disbursement of money over private and nonresidential areas had suffered also from a severe nosedive for the past nine months. It includes hospitals, factories and roads which plunged at 1.0% couple of months ago. This event resulted to slightly negative changes for the estimated growth of the third quarter.
As stated by the officials of The Commerce Department on Tuesday, the spending towards construction made a dipped at 0.4% after the 0.5% drop in August. The estimated money allocated for construction projects also shrink down to 0.2% during the previous year. While the public infrastructure projects lowered down at 0.9%, whereas the expenditure for local government projects plummeted at 1.9%.

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Gold, CHF Surges, Stocks Drop amid Heightened US Election Anxiety


The stock market plummeted to its lowest levels since July, while the CHF surged along with gold prices due to an increase in market anxiety with only a week left before the US presidential election commences. As Trump edged past Clinton in the presidential polls, the prices of equities experienced a selloff with regards to high-risk assets, while the Mexican Peso (MXN) caused massive losses among the major currencies, especially since this particular currency is now seen as a gauge for the market’s sentiment with regards to the results of the elections. Safe haven currencies such as the CHF and JPY surged after traders sought to avoid high-risk investments. Treasuries held fast to its gains, while gold prices increased and reached its highest levels in over a month.

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Inflation Rate is expected to soar in 2017

The inflation rate is said to increase up to 4% in the second half if 2017. It is even higher than the forecast last August but the Bank of England is expected to further increase the rates. Although, there are obstacles in the economy that limits the growth.

The Consumer Price Index grew by 1% in September even higher than 0.6% increase in August, This has been the highest rate for almost two years caused by the higher costs of clothing, oil and hotel and is expected to increase the consumer prices in the next months to come that would only be transient. The last CPI inflation was back in 2011 that increased up to 4%. In effect, households will undergo changes in their standard of living which is worsen by the fall of pound. Moreover, this would suppress the consumer purchasing power.

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Federal Reserve Gives Subtle Confirmation for a December Rate Hike

In the light of the impending US Presidential Elections, the Federal Reserve chose not to get involved in the melee and instead highlighted their growing intent to increase interest rates during the central bank’s meeting on Wednesday. The FOMC has stated that the Fed will only be needing “some” more evidence which is indicative of favorable inflation rates and employment rates before they finally decide to go for an interest rate hike. The Fed had previously decided to maintain its current interest rates during its past meetings. However, the Federal Reserve is still awaiting the results of the November 8 elections, as this will also be a determinant of whether to push through with the said interest rate hike.

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Positive economic news leaves a better impact on Asian markets
The positive news yesterday regarding the Australian and Chinese economy boosts Asian markets. Despite of the skepticism about the expected result for the presidential election did not hinder traders to edged up in Asia. In addition to the favorable release on Thursday, a private gauge were used to assess the activities of China's service sector. According to results, the month of October is considered to be the fastest time period of expansion which indicate the strengthening of the China economy.
The purchasing managers index of Caixin China grew up to 52.4 in October, compared to 52.0 in September. While South Korea’s Kospi SEU gained 0.2% versus -0.17%, Hong Kong’s Hang Seng HSI were able to recover from -0.10% to 0.2% and S&P ASX 200 XJO of Australia made a 0.1% increase against the previous -0.08% .

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A 15-month Hike of Petrol and Diesel prices
Petrol and diesel prices soar sternly reaching the highest level since July 2015 due to the rising crude oil prices and the depreciation of pound since Brexit. The standard diesel is now priced at 118.7p per liter while the standard petrol is priced 116.7p per liter rising by 5.2p and 4.4p respectively. This has been the highest monthly increase in the span of three and half years.
The weak pound also has an effect to the wholesale market that has relatively put pressure to the wholesale prices. The RAC has forecasted that this will stabilise in the next months while OPEC agreed to reduce production. The next OPEC meeting will determined if the prices will steady before the end of the year.

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Critical issues regarding illicit diamond trades
The black market of trading diamonds was very prominent among the general public since diamonds are one of the most essential gems among other jewelry. However, the government and other well-known personalities combined their efforts in order to restrict these illicit activities in the world of gemstone supply.
Considering that a large number of diamonds from all over the world were mined in states where human rights are disregarded, at least 80% of these stones were illegally extracted and 20% are mined by artisanal miners of which there are around 1.5 million individual who executes diamond panning. The artisanal mining negatively affects the environment as well as the health and humanitarian rights.
This irregularity made The Kimberley Process, human rights advocates, to impose a mandate regarding the requirements of obtaining a diamond certification. Its purpose is to ensure that any activities are “conflict-free” as well as to avoid fake stones to infiltrate the territory of real diamonds.

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Japanese Yen Drops, Asian Stocks and Mexican Peso Surge Following FBI Statement on Clinton E-mails

The Mexican peso (MXN) garnered substantial gains, as well as US stock index futures and Asian equities after the FBI released a statement regarding Clinton’s e-mails, stating that there were no incriminating information present in Hillary’s e-mails. On the other hand, the Japanese yen and Swiss franc slightly decreased along with gold stocks. The Mexican peso, which has been recently touted as a barometer for the Trump campaign, reached its highest levels in four weeks while the MSCI Asia Pacific Index reverted significantly merely a few hours away from the US presidential election on Tuesday.

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UK Manufacturers Suspend Investment Plans in the Next Two Years

Political uncertainty causes the British manufacturers to be discouraged from spending. They are agitated that the economy will slow down next year that pushes back the investment plans of the companies. The survey of 600 companies showed an increase in polls from 54% in 2015 climbed to 60% this year while they intend to spend less or the same in the next two years.

Exports also boosted with the depreciation of pound as it become more contending in the market. Data has improved from March to August with high demand in Europe and United States however, the domestic outlook is not performing well. Experts see this as just the beginning and there will be more serious problems after Brexit negotiations have been settled.

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U.K. Public Expenditures are Expected to Slump £25bn on 2020
The weak economic growth would result to lower tax returns with increase in debts by £25bn predicted on 2019 to 2020 despite the cut rate has been successfully executed. The Chancellor of the Exchequer, Philip Hammond, said that he will focus to expend on new houses and mass transportation instead of concentrating on balancing the books by 2020.
The Institute for Fiscal Studies have two resolutions: to reduce taxes by increase spending to boost the economy and to set new fiscal targets. Various companies has lowered their growth forecast and increased their inflation targets since Brexit. There are still risks on hand with the uncertainty of the reaction in the economy and the direction of policies as described by the Organisation for Economic Co-operation and Development.

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Germany Factory Orders plummeted in the month of September
According to the Federal Statistical Office of Germany, there is a sudden downturn in the manufacturing orders in Germany subsequent on its two successive months of gains. The decline is the result of the loss of demand that comes from the countries within the eurozone. The estimated cutback is 0.6% mom during September, though expectations amounted to 0.3% while in August there is 0.9% of increase.
Orders from Germany had 1.1% drop and other Eurozone countries experienced 4.5% decrease. Meanwhile, third countries or states outside the euro area accomplished 2.5% increase.
The German industry expects that it would be much difficult for the commerce to recover considering the fact that average monthly increase of factory orders is 0.1% only.

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Oil Prices Surge after a Week-Long Slump as FBI Statement Increases Chances of Clinton Victory

Oil prices was able to experience a boost after seven days’ worth of falling oil prices due to widening market rally after the FBI statement on Clinton’s e-mails, cementing a large percentage of a Clinton victory in the upcoming US elections. Futures also bounced back after a week of disappointing prices, while global equity prices also increased and the USD regained its strength and is now ahead of other major currencies. The OPEC has also stated that it is currently in talks with Russia with regards to limiting the production of crude oil as a means to help the market regain its balance.

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ForexMart Signs Contract with HKM Zvolen

ForexMart officially announces a new partnership with HKM Zvolen.

The Forex broker is a rising name in the Forex industry having been in the spotlight recently for winning the “Best Newcomer Brokerage 2016” in the latest Global Business Outlook awards ceremony. Meanwhile, HKM Zvolen is a recognized hockey club in Slovakia famous for its rich history and for winning the Slovak league championship twice and the 2005 IIHF Continental Cup.

The said partnership implies to include joint campaigns, collaborative projects, and a sponsorship. The move of ForexMart to partner with a prominent sports team such as HKM Zvolen is believed to be a move to boost the company as a Forex brokerage and the hockey club as a team that excel in their respective industries. This new contract will integrate the activities and goals of ForexMart and HKM Zvolen to elevate each other’s brand.
The new partners are currently busy in their own fields with HKM Zvolen getting ready for a new hockey season while ForexMart is developing more promotions and introducing new features in its business.

ForexMart have expressed their plans to expand business by partnering with groups beyond the financial field. The Forex broker has already partnered with prominent names in sports including racing legend Rick Parfitt Jnr’s RPJ Racing and Union Deportiva Las Palmas team.

Visit ForexMart atwww.forexmart.com and HKM Zvolen athttp://hkmzvolen.tipsportextraliga.sk

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New account currencies available
Wed Nov 2 14:05:00 GMT 2016 |

Good news to all traders! There are new currencies that can now be used as base currencies. These are Malaysian Ringgit (MYR), Indonesian Rupiah (IDR), Thai Baht (THB) and Chinese Yuan (CNY).

You can also use these currencies to deposit/withdraw funds to your account and participate in trading. To make it more convenient for ForexMart’s clients, it can be paid directly without the need for conversion. You can visit our registration page to open an account with these new currencies.

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Old India 500 and 1000 Banknotes are to be Replaced

All 500 and 1,000 rupee bills are to be removed from the financial system on Tuesday overnight according to Indian Prime Minister, Narendra Modi. Banks will be closed on Wednesday including ATM machines.
This is unexpected and people are rushing to have a cash in hand in smaller denominations like 100 rupees for the succeeding days to come. It has been announced that they can exchange their old bills within the next 50 days or else is no longer valid.

This move is an attempt to put an end to poverty by eradicating corruption especially those labeled as “black money” that were acquired through corruption or tax evasion. Finance secretary Shaktikant Das cautions people that the government will keep track those who are stacking bulk of money when they exchange the old bill to new ones.