Cartel: The European Union antitrust team fined Barclays (BARC), Credit Suisse (CSGN), HSBC (HSBA) and RBS (NWG) €344m ($390m) today for rigging the foreign exchange spot trading market.
Euro gains: Unemployment rates in the eurozone fell in October, causing the euro to climb on Thursday.
Luxury upgrade: High-end goods groups Hermès (RMS) and Richemont (CFR) will be promoted to the blue-chip Euro STOXX 50 index from 20 December.
Zuckerberg authorises crypto: Meta (FB), the parent company of Facebook, announced on Wednesday its decision to reverse its long-standing policy that prevented most cryptocurrency companies from running ads on its services.
Bank Indonesia has announced it wants digital currency to be used as legal tender in a bid to fight cryptocurrency.
Business and economic news
Share rise: The stock price of media group DGMT (Daily Mail and General Trust) rose this morning after it was announced that Rothermere Continuation Ltd (RCL) had made an increased cash offer for the business.
Child’s play: It’s time for kids to enjoy the rise of electric vehicles. Tesla (TSLA) will launch an electric quad bike for kids in the US. It will cost approximately $1,900. This comes just two years after the EV maker launched the all-terrain Cyberquad and its pickup vehicle Cybertruck.
Producer prices in the eurozone rose more than expected in October, according to data released on Thursday. The increase was driven by a surge in energy prices. Unemployment eased again as the economy recovered after Covid.
Stocks: Omicron fears caused European stocks to open lower on Thursday. A lack of information about the variant has continued to leave markets volatile.
Oil: International benchmark Brent crude oil futures gained 0.42% to $69.14 per barrel on Thursday. US crude futures West Texas Intermediate rose 0.56% to $65.94/bbl. The Brent price, however, is nearly 20% lower than the three-year high of $86/bbl in October.
Gold: US Federal Reserve chairman Jerome Powell’s latest remarks caused gold to fall today, as he bolstered expectations for faster monetary tightening.
Forex: The euro gained 0.1% to $1.13312 against the dollar and has climbed 1.3% against the greenback since hitting an 18-month low on 24 November. The euro was up 0.4% against the yen, but fell 0.2% versus a rallying pound.
Crypto: Bitcoin (BTC) was down by 1.46% and ether (ETH) was down by 3.14% today in morning trading.
What to watch today
OPEC+ will decide today whether it will release more oil into the market or keep restraining supply. Omicron fears have been impacting oil prices.
Read more: Euro gains ground after eurozone unemployment rate dips
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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.