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A Visit to Forex Broker BP Prime in London
An investor lately
asked WikiFX to verify the regulatory information and business
conditions of the British broker BP Prime. In response to the trader,
WikiFX decided to visit the broker BP Prime in London.To get more news
about WikiFX, you can visit wikifx official website.
Broker introduction
BP Prime was founded in 2013. Headquartered in London, it has offices
in Italy and China with clients across Europe, Asia and South America,
providing contracts for difference of forex, commodities and crypto
currencies.
Great Eastern Street, where is only 20 minutes away from the central
London, has become commercialized to a great extent. Along the way, it
was found that the entire street has bristled with high-grade office
buildings. The investigator arrived at the building numbered 62 under
the help of navigation. Does BP Prime really work here?
Entering
the building, the investigator noticed that all the entrance, reception
and floors have been refurbished. The building was accessible only by
swiping its card and there were security guards around. With advance
reservation, the investigator was soon received by the staff of BP Prime
After getting into its office, the investigator observed that many
employees were orderly working on computers, with various documents
neatly stacked next to them. The overall environment was clean and
comfortable as the office was also equipped with a rest area and a
tearoom.
This visit confirms that the broker BP Prime is a real
one and its business address is in line with that on the regulatory
information. On the WikiFX APP, BP Prime has been rated 6.86. It is
currently under valid supervision with the Straight-Through-Processing
(STP) license of the FCA.
Tumbling WTI Concerns for $41.30
WTI crude reported the largest
one-day fall in three months on Wednesday, bottoming at $41.23 from the
high level of $43.20. Oil prices have rebounded back overnight after
breaching below the key support of $41.30, and are consolidating above
$41.30 now.To get more news about WikiFX, you can visit wikifx official website.
The rally of the U.S. dollar index will become one of the important
factors affecting oil prices. Meanwhile, the ADP said on Wednesday that
the U.S. economy added 428,000 jobs in August. As the third largest
increase of all time, it indicates that the U.S. economy is generally
optimistic in the month.
Accounting for three-quarters of the U.S. economy, the service sector
will embrace its data for August today, including the Markit's final
reading of the Services PMI and the ISM non-manufacturing PMI. In
addition, the non-farm payrolls for August will be published tomorrow.
The overall markets, including the crude oil markets, are expected to
suffer wild swings due to the data.
On the other hand, the EIA
reported that the country's production of crude oil has reached a record
low for the week ending August 28. At the same time, oil prices may be
hampered as the market expectations that refineries will soon be shut
down for equipment maintenance may further weaken the demand for oil and
gasoline.
According to the daily chart, oil prices are
consolidating around the level of $41.30 and expected to further test
this key support in the short term, where a breach below may extend
downside to $34.50 in the medium term. However, if oil prices stay
constructive above the level, there is room for upside to challenge the
resistance zone of $44.0-45.0.
All the above is provided by
WikiFX, a platform world-renowned for foreign exchange information. For
details, please download the WikiFX App: bit.ly/WIKIFX
PM Modi pitches India as best place for global investors
Prime
Minister Narendra Modi on Thursday said the country's political
stability and policy continuity makes it the best place for global
investors in the aftermath of the COVID-19 pandemic.To get more news
about WikiFX, you can visit wikifx official website.
Addressing the US-India Strategic Partnership Forum through video
confence, Modi also cited a slew of reforms undertaken by his government
and asserted that India is committed to democracy and diversity and it
has undertaken far-reaching reforms in recent months.
Noting that the current situation demands a fresh mindset that is
human-centric, Modi said India did the same by scaling up its healthcare
facilities in a record time to deal with the COVID-19 pandemic.
He also said India was amongst the first globally to advocate masks
and face coverings as a public health measure and also amongst those
creating a public campaign about social distancing. Modi further said
his government has undertaken far-reaching reforms to make the business
easier and red-tapism lesser.
Modi said his government launched
one of the largest support programmes for the poor globally following
the COVID-19 outbreak in form of the Pradhan Mantri Garib Kalyan Yojna,
under which free foodgrains have been provided to over 80 crore people.
Silver Lake in talks to take $1 billion stake in India's Reliance Retail
Private
equity firm Silver Lake Partners SILAK.UL is in talks to invest $1
billion in the retail arm of India's Reliance Industries Ltd.To get more
news about WikiFX, you can visit wikifx official website.
The investment, which would value Reliance Retail at about $57
billion, comes as the company is aiming to sell about 10% in new shares,
the report added.
Silver Lake declined to comment on the report,
while Reliance could not immediately be reached outside of normal
business hours.
Reliance, an oil-to-telecoms conglomerate controlled by India's richest
man, Mukesh Ambani, is pitching its retail business as a formidable
force in the world's second most populous country, expanding rapidly to
woo potential investors. company has raised more than $20 billion from
global investors including Facebook Inc by selling stakes in its Jio
Platforms digital business and has said it aims to attract investors to
Reliance Retail over the next few quarters.
In late August,
Reliance said it would acquire the retail and logistics businesses of
India's Future Group in a deal valued at $3.38 billion, including debt.
The dollar extended gains on Wednesday and the euro fell, retreating from the key $1.20 level reached in the previous session.
Wednesday's counter-trend was attributed by analysts to profit taking
and technical resistance to the $1.20 mark hit Tuesday, spurred on by
comments from European Central Bank chief economist Philip Lane, who
said that the euro-dollar rate “does matter” for monetary policy.
Comments show the ECB was rattled by the appreciation of the euro and
fall in the dollar.
Oil May Decline on Plunging Wall Street & Soaring VIX
On
Thursday, the Wall Street saw a sharp drop ahead of the upcoming
non-farm payrolls; The fear index (VIX), a popular measure of the stock
market's expectation of volatility, largely rallied to an intraday high
of 35.94% from 25.66%; WTI crude further penetrated the level of $41.30
to an intraday low of $40.22.To get more news about WikiFX, you can visit wikifx official website.
As the FED Chair Powell has repeatedly emphasized the importance of
labor data earlier, bulls took profits before the release of non-farm
payrolls, which punished U.S. stocks after fresh highs in a row.
On the other hand, Markit announced yesterday that its final reading
of the Services PMI was 55, indicating the U.S. economy is regaining
energy. However, such recovery occurs in an imbalance way as the
activities of consumer-oriented sectors are still falling steadily due
to the continuous practice of social distancing.
Moreover, the
uncertainty in Sino-U.S. trade also curbs markets' bullish outlook. The
Wall Street may see its short-term loss deepened in future tradings, and
the downside may be steep if the upcoming non-farm payrolls prove to be
poor.
WTI is struggling around the level of $41.30 and may further test the
support here in the short run, while a breach below the level may bring
$34.50 on the radar in the medium run. The factor that most limits oil
prices is the sluggish revival of demand due to the uncertainty in
global economic recovery. Consequently, oil prices are expected to be
weak before the good news about vaccines being more specific.
All
the above is provided by WikiFX, a platform world-renowned for foreign
exchange information. For details, please download the WikiFX App:
bit.ly/WIKIFX
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Oil drops more than $1 after Saudi price cuts, demand optimism fades
Oil
prices dropped more than $1 a barrel on Monday, hitting their lowest
since July, after Saudi Arabia made the deepest monthly price cuts for
supply to Asia in five months as optimism about demand recovery cooled
amid the coronavirus pandemic.To get more news about WikiFX, you can visit wikifx official website.
Brent crude LCOc1 was at $41.75 a barrel, down 91 cents or 2.1% by
0000 GMT, after it earlier slid to $41.51, its lowest since July 30.
U.S. West Texas Intermediate crude CLc1 skidded 91 cents, or 2.3%, to
$38.86 a barrel. Front-month prices initially hit a low of $38.55 a
barrel, a level not seen since July 10.
The world remained awash
with crude and fuel supplies despite OPEC+ supply cuts and government
efforts to stimulate the global economy and oil demand, forcing refiners
to rein in output and producers to make deep price cuts again.
“With the Labour Day (holiday) in the U.S. officially marking the end
of the summer driving season, investors are also facing up to the fact
that demand has been lacklustre, while inventories remain at elevated
levels,” ANZ analysts said in a note.
The world‘s top oil exporter
Saudi Arabia cut the October official selling price for Arab Light
crude it sells to Asia by the biggest margin since May. Asia is Saudi
Arabia’s largest market by region.
Oil Market Expected to be Worse Because of Dropping in US Stock and Oil
the
US stock index and yields have reported to bounce off recently after
the release of the US non-farm payrolls report, or NFP, in August, with
the index rising to an intraday high level of 93.24, hitting a week
high; WIT crude oil falling to an intraday low level of 39.35 dollars,
recording a month low.To get more news about WikiFX, you can visit wikifx official website.
The NFP in August showed that jobs increased by 1.371 million and
unemployment rate decreased by 8.4%. Although it revealed an optimistic
market, the working population, objectively speaking, presents a sign of
slowdown. In addition, the permanent unemployment rose to 3.4 million.
Therefore, there are great uncertainties about the recovery in the US
economy.
According to the performance of US stock on Sept. 4th, it
is obvious that the US stock wasnt stronger for benefiting from the NFP
and three benchmark indexes generally dropped. It is expected that the
oil may encounter further the sustained selling pressure from the US
stock.
This Saturday will see the interest rate decision in September by the
European Central Bank (ECB). Considering the worse European coronavirus
situation, the ECB warned last week that the euro depreciated fast. The
more easing signals by the ECB may put pressure on the euro, strengthen
the US stock index and drive further downside in the gold price.
Moreover, the adds are that the oil demand becomes worse during the
upcoming seasonal shutdown maintenance of oil refineries. The oil price,
so far, has fallen below the level of 40 dollars, and is expected to be
confronted with selling pressure if it cannot break upward the level of
41.3 dollars in the near term.
All the above is provided by
WikiFX, a platform world-renowned for foreign exchange information. For
details, please download the WikiFX App: bit.ly/WIKIFX
Paytm Money Aims To Be India’s Top Wealth Manager
Paytm Money,
the online platform for mutual fund investments that recently forayed
into equity broking, aims to be India‘s top wealth manager as the owner
of the nation’s largest e-wallet expands its financial services
footprint.To get more news about WikiFX, you can visit wikifx official website.
“As we progress in this journey of becoming the preferred platform
for users to save and invest, our goal is to provide a simple platform
for users to do so,” Varun Sridhar, chief executive officer at digital
investment unit of One97 Communications Pvt., told BloombergQuint in an
interview. “With a few clicks you are able to save and make your money
work harder.”
Paytm Money, which has 200-300 million customers doing 20-30 million
transactions daily, aims to capitalise on its existing user base. “We
see about 80%-odd users who are, what Id call, important or very loyal
Paytm users, and about 20% come from outside the system.”