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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Sep 4, 2017
Dollar index pushes lower in cautious trade

The dollar pushed lower against the other major currencies on Monday, as Friday’s disappointing U.S. employment data continued to weigh and as investors remained cautious following fresh threats from North Korea.

The greenback remained under pressure after the U.S. Labor Department reported on Friday that the economy added 156,000 jobs in August from the prior month, while the unemployment rate ticked up to 4.4%.

Economists had expected 180,000 new jobs and an unemployment rate of 4.3%.

The report indicated that the Fed may be more reluctant to raise interest rates again before the end of the year.

Source: http://bit.ly/2exmzKj

Oil struggles, gasoline pulls back as refineries restart after Harvey

Oil prices struggled on Monday, while gasoline futures slumped on signs that the damage from storm system Harvey to the Gulf coast energy infrastructure was not as bad as initially feared.

Aside from supply and demand, investors also closely followed developments in the U.S.-North Korea standoff.

The U.S. West Texas Intermediate crude October contract was at $47.31 a barrel by 3:15AM ET (0715GMT), little changed on the day. U.S. crude futures slipped to their fifth-straight weekly loss last week, ending down 58 cents, or nearly 1.2%.

Source: http://bit.ly/2eUNznh

Bitcoin, other leading cryptocurrencies tumble after China bans ICOs

Bitcoin and the other leading cryptocurrencies all sold off sharply on Monday, after China banned individuals and organizations from raising funds through initial coin offerings, saying the practice constituted illegal fundraising.

The People’s Bank of China said in a statement earlier that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalizing legal violations in ones already completed.

Individuals and organizations that have completed ICO fundraisings should make arrangements to return funds, the PBOC said, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.

It also said digital token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies.

The popularity of coin offerings has surged in China this year. ICOs have become a bonanza for digital currency entrepreneurs, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight.

Source: http://bit.ly/2xJ5bdE

Latest Air Berlin bidder looks to focus on holiday routes

A German businessman joined the field of potential bidders for insolvent Air Berlin (DE:AB1) on Monday, proposing to focus on only a few routes to holiday destinations.

Air Berlin, Germany’s second-largest airline, filed for bankruptcy protection in August after shareholder Etihad Airways withdrew funding following years of losses.

Now the carrier is to be carved up, most likely among several buyers, with about 140 leased aircraft and valuable take-off and landing slots in Germany up for grabs.

Skora, who owns a hostel in Berlin and says he earned a pilot’s license in the United States, is looking at Air Berlin’s books and will then decide whether to submit a formal bid for some of its assets, he told Reuters on Monday.

Source: http://bit.ly/2vYqSEH