Japan Aims To Expand Nuclear Power In Break From Fukushima Era

Economic

Energy

Summary:

Overall, Japan’s annual power demand is also expected to reverse recent declines, driven by rising electrification and demands from AI.

(Dec 17): Japan’s government plans to decisively back the expansion of nuclear power, dropping a decade-long policy of reducing dependence on the energy source and reversing curbs initiated following the 2011 Fukushima meltdown.

The nation, which relied on coal and natural gas for more than 60% of electricity generation last year, set out a proposed new energy strategy on Tuesday, which urges both nuclear and renewables to be utilised “to the fullest extent” to maintain growth and help curb emissions. The draft policy, which is expected to be adopted, also recommends the construction of entirely new reactors.

Nuclear should account for around 20% of the nation’s energy mix by fiscal 2040 and renewables for around 40% to 50%, according to the strategy, drafted by the trade ministry and advised by a 16-person panel of experts. Renewables accounted for about 23% of the power mix in fiscal 2023 and nuclear made up roughly 8.5%, according to the latest trade ministry data.

Nations globally are driving a nuclear power renaissance as governments and power-hungry industries seek to bolster energy security by limiting dependence on fuel imports and securing a reliable supply of emissions-free power.

Adding more emissions-free power is seen as crucial to allow Japan to attract more data centre operators and advanced manufacturing like semiconductor factories. Alphabet Inc’s Google and Nvidia Corp-backed cloud services firm Ubitus K K have both flagged an interest in using nuclear power in the nation, while companies including Microsoft Corp have invested in building local solar plants.

The revised energy strategy should also enable Japan, the fifth-largest carbon dioxide polluter, to boost decarbonisation efforts that have been criticised by scientists and climate groups as insufficient. Japan is currently considering a new target to cut emissions by 60% by 2035 from 2013 levels, though that remains less ambitious than countries like the UK.

Nuclear previously accounted for roughly a third of Japan’s power mix, and all 54 of the nation’s reactors were taken offline following the 2011 disaster at the Fukushima Dai-ichi power plant. Of 33 still operable reactors, only 14 are so far back online. A policy first introduced in 2014 had called on the nation to reduce its dependence on nuclear power.

Japan should consider replacing decommissioned plants with new, advanced reactors, the advisory panel recommended. Still, boosting nuclear output is likely to be challenging, as stringent regulations remain in place following the Fukushima disaster. Utilities must also go through a lengthy process to win public consent and other approvals.

Fossil fuels are seen accounting for 30% to 40% of Japan’s power mix by 2040, according to the panel, compared to 69% in fiscal 2023. The strategy highlighted a continued importance of coal and liquefied natural gas and called for the government to continue to develop resources at home and overseas.

Overall, Japan’s annual power demand is also expected to reverse recent declines, driven by rising electrification and demands from AI. Total power generation is seen rising to as much as 1,200 terawatt hours a year in 2040, up 20% from 2023.

Source: Theedgemarkets

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Pepperstone

Economic

WHERE WE STAND

As is so often the way when a bumper week of event risk lies ahead, it proved to be a quiet start to proceedings yesterday. Whether the remainder of the last ‘proper’ trading week of the year continues in the same vein remains to be seen, though I certainly wouldn’t expect it to do so.

Despite the quiet-ish conditions, participants still had plenty to digest, with yesterday being the final ‘PMI Day’ of 2024.

The surveys pointed to some modest optimism both here in the UK, and in the eurozone, where the services sector rose back above 50, into expansionary territory, while the composite output gauge rose to a 2-month high 49.5. Subsequently, money markets, per the EUR OIS curve, pared bets on a potential 50bp January ECB cut, now seeing around a 15% chance of said action, down from pricing such a move as a coin-flip on Friday.

Comments from ECB President Lagarde may have also helped with this hawkish repricing, with the ‘perma-tanned one’ noting how inflation risks within the eurozone are “two-sided”, pouring further cold water on the idea of such an aggressive move.

What was more interesting was how, despite this paring of rate cut bets, the EUR did little more than tread water on the day, seemingly immune to developments elsewhere. It would appear that, logically, most FX participants are awaiting clarity from this year’s final FOMC decision, on Wednesday, before placing any trades with high conviction.

That said, there were a couple of notable movers on the day. The JPY continued to soften, with USD/JPY trading north of the 154 figure, as participants increasingly price no change from the BoJ on Thursday, after an inordinate number of ‘sources’ stories indicated as such towards the tail end of last week. The JPY could be in for a torrid time over the next few days, with a ‘hawkish cut’ from the FOMC, and ‘status quo’ from the BoJ combining to pose stiff headwinds. In thin liquidity, a move back towards 160, and the renewed spectre of MoF intervention, can’t be ruled out in the short-term.

The CAD was also notably softer yesterday, as USD/CAD briefly printed fresh four-and-a-half year highs upon the resignation of Finance Minister Chrystia Freeland, hours before she was supposed to be delivering the fall fiscal update. I’ve little further to add here, though PM Trudeau losing two finance ministers in four years is rather careless, and I’m sure that a certain Mark Carney – of ‘unreliable boyfriend’ fame – will be eagerly waiting in the wings watching these developments pan out.

Away from the FX space, it was a day of gains on Wall Street, as the S&P rebounded well from its first losing week in four last week, while the tech sector continued to outperform, with gains led by the Nasdaq 100. I still see the path of least resistance as leading higher, though with the market trading around 30% higher YTD, and with a mere handful of trading days left to go, do question whether the conviction will be there to continue buying dips, as year-end looms. Still, seasonality is positive, and perhaps that shouldn’t be fought too hard, as the bulls try and eke out further gains into year-end.

LOOK AHEAD

A busy day lies ahead.

The latest UK labour market report kicks things off this morning, though with the ONS continuing to grapple with data collection issues and low survey response rates, the policy implications of the figures are likely to be limited. In any case, unemployment is expected to have held steady at 4.3% in the three months to October, while regular earnings growth is set to have risen by 5.0% YoY over the same period, a pace that is clearly incompatible with a sustainable return to the BoE’s 2% inflation aim.

Meanwhile, both the IFO and ZEW sentiment surveys are due from Germany this morning, with both figures set to increased pessimism in December, hardly surprising given the dire state of the nation’s manufacturing sector, and the ongoing political uncertainty ahead of elections next February.

Across the pond, the latest US retail sales report highlights proceedings, with sales set to have risen by 0.6% MoM last month, over the key Thanksgiving/Black Friday spending period. As the old adage goes, ‘never bet against the US consumer’. The latest US industrial production figures, along with a 20-year Treasury auction, and November’s Canadian CPI print, are also all on the docket this afternoon.

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Justin

Economic

Forex

The Japanese Yen (JPY) remains on the back foot against its American counterpart during the Asian session on Tuesday amid the growing conviction that the Bank of Japan (BoJ) is likely to keep interest rates unchanged this week. Furthermore, the recent surge in the US Treasury bond yields, bolstered by expectations for a hawkish interest rate cut by the Federal Reserve (Fed), is seen as another factor weighing on the lower-yielding JPY.

Apart from this, a generally positive risk tone undermines demand for the safe-haven JPY, though a modest US Dollar (USD) downtick caps the upside for the USD/JPY pair. Traders also seem reluctant to place aggressive directional bets and might opt to move to the sidelines ahead of this week's key central bank event risks. The US central bank is scheduled to announce its policy decision on Wednesday, followed by the BoJ on Thursday.

Japanese Yen bears retain control amid expectations that the BoJ will maintain the status quo

Expectations that the Bank of Japan will keep interest rates unchanged at the end of a two-day meeting on Thursday continue to undermine the Japanese Yen and lift the USD/JPY pair to a three-week high on Monday.

Japan's economy minister, Ryosei Akazawa said this Tuesday that the BoJ and the government will work together to conduct appropriate monetary policy and that the central bank should handle the specifics of monetary policy.

The yield on the benchmark 10-year US government bond rose to its highest level since November 22 in reaction to data showing that a big part of the US economy expanded at the fastest pace in more than three years.

The S&P Global flash US Services Purchase Managers Index (PMI) rose from 56.1 to 58.5 in December – the highest level in 38 months – and the Composite PMI surged from 54.9 in November to 56.6, or a 33-month high.

This overshadowed a fall in the flash US Manufacturing PMI to a three-month low of 48.3 in December and reaffirmed market bets that the Federal Reserve will likely signal a slower pace of policy easing going forward.

According to the CME Group's FedWatch Tool, markets have fully priced in that the Fed will deliver a 25-basis-points rate cut on Wednesday, which keeps the US Dollar bulls on the defensive and caps the USD/JPY pair.

Traders now look forward to the release of the US monthly Retail Sales data, which, along with the US bond yields, will drive the USD demand and produce short-term opportunities around the currency pair.

The focus, however, will remain glued to the outcome of the highly-anticipated FOMC meeting on Wednesday and the crucial BoJ decision on Thursday, which should provide a fresh directional impetus to the JPY.

USD/JPY seems poised to reclaim the 155.00 psychological mark while above the 61.8% Fibo. level

From a technical perspective, Monday's breakout through the 61.8% Fibonacci retracement level of the November-December fall from a multi-month peak and acceptance above the 154.00 round figure could be seen as a key trigger for bulls. Moreover, oscillators on the daily chart have just started gaining positive traction and support prospects for a further appreciation for the USD/JPY pair. Hence, some follow-through buying beyond the overnight swing high, around the 154.45-154.50 area, should pave the way for a move towards reclaiming the 155.00 psychological mark. The momentum could extend further towards the next relevant hurdle near mid-155.00s en route to the 156.00 mark and the 156.25 resistance zone.

On the flip side, the 61.8% Fibo. resistance breakpoint, around the 153.65 area, now seems to protect the immediate downside ahead of the overnight low, around the 153.35 region. This is closely followed by the 153.00 mark, below which the USD/JPY pair could accelerate the fall towards the very important 200-day Simple Moving Average (SMA) pivotal support near the 152.10-152.00 region. A convincing break below the latter might shift the bias in favor of bearish traders and drag spot prices to the 151.00 round figure en route to the 150.00 psychological mark

Japanese Yen FAQs

What key factors drive the Japanese Yen?

The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.

How do the decisions of the Bank of Japan impact the Japanese Yen?

One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen.

How does the differential between Japanese and US bond yields impact the Japanese Yen?

Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential.

How does broader risk sentiment impact the Japanese Yen?

The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

Source: FXSTREET

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FastBull Featured

Daily News

Economic

[Quick Facts]

1. German Chancellor Scholz loses no-confidence vote.

2. French parliament approves bill to roll over budget.

3. ECB broadly comfortable with market's rate-cut bets, Wunsch says.

4. Australian consumer sentiment fell in December.

5. French central bank cuts 2025 growth forecast to 0.9%.

6. U.S. services sector shows a strong recovery.

[News Details]

German Chancellor Scholz loses no-confidence vote

The German parliament debated and voted on a confidence motion for Chancellor Olaf Scholz on December 16. Scholz failed to secure majority support from MPs. He is now expected to advise President Frank-Walter Steinmeier to dissolve parliament and move the federal elections, originally scheduled for September 28 next year, up to February 23.

Scholz will remain as caretaker chancellor until the new government takes office, while parliament will continue its legislative duties. Under Germany's Basic Law, elections must take place within 60 days of the president's order to dissolve parliament. President Steinmeier is expected to announce the dissolution on December 27.

French parliament approves bill to roll over budget

The French National Assembly, the lower house of parliament, on Monday approved a special law designed to maintain core state functions and prevent any interruption of public services beyond January. The law's approval was widely expected and now allows the government to continue raising taxes and borrowing despite the absence of a full-year budget plan. French former Prime Minister Barnier's government had been ousted in a no-confidence vote, led by far-right leader Marine Le Pen and left-wing parties due to their dissatisfaction with parts of the 2025 budget plan.

ECB broadly comfortable with market's rate-cut bets, Wunsch says

Investor bets on how much lower the European Central Bank's (ECB) interest rates will have to fall are relatively consistent with policymakers' own assessments, according to ECB Executive Board member Pierre Wunsch on Monday. Asked about wagers on four to five more quarter-point cuts from the current 3% level, Wunsch said "we're broadly comfortable." He cautioned that this pricing is likely to change again as borrowing costs move closer to a level that neither constrains nor stimulates economic growth — also referred to as neutral. "There is a relatively broad consensus that we need to remove restriction and probably go to something that is close to neutral," Wunsch said in an interview in Brussels.

Australian consumer sentiment fell in December

Australia's consumer confidence index dropped by 2.0% month-over-month in December, wiping out the strong gains seen over the previous two months. The decline likely stems from disappointment over weak economic growth data released earlier this month.

The index measuring the 12-month-ahead economic outlook fell sharply by 9.6%, while the five-year-ahead outlook declined by 7.9%. On a positive note, the indicator comparing household finances rose by 6.9% compared to the same period of last year, buoyed by tax cuts implemented in July. Similarly, the measure of whether it's a good time to purchase major household items increased by 4.8%, though it remains below the 100 threshold.

French central bank cuts 2025 growth forecast to 0.9%

In its quarterly outlook report on Monday, the Bank of France projected slower-than-expected economic growth over the next two years, attributing it to domestic political instability and global market volatility weighing on economic activity. After an estimated 1.1% growth this year, the central bank now expects the economy to expand by just 0.9% in 2025, down from the 1.2% forecast in September.

Tighter government spending and ongoing political uncertainty are likely to dampen consumer spending and private-sector investment. This year's series of political crises has unsettled both consumers and businesses, fostering a cautious outlook. Adding to the challenges are concerns over potential U.S. tariff hikes, further clouding an already uncertain economic horizon.

U.S. services sector shows a strong recovery

On Monday, the flash U.S. December manufacturing PMI fell to 48.3 from 49.7 in the previous month, signaling contraction, while the services PMI surged to 58.5 from 54.9. This pushed the composite PMI up to 56.6, exceeding the previous reading of 54.9.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said that the U.S. services sector is seeing its fastest growth since the post-pandemic reopening in 2021. This robust expansion is propelling overall economic growth to its strongest level in nearly three years. However, Williamson noted a stark contrast in manufacturing, where output is declining sharply, driven in part by weak export demand.

Encouragingly, business confidence for the next 12 months climbed to its highest level in two and a half years, suggesting sustained economic momentum heading into the new year. That said, optimism in manufacturing remains tempered by concerns over tariffs and rising import costs, which could add upward pressure on inflation.

[Today's Focus]

UTC+8 15:00 UK 3-Month ILO Unemployment Rate (Oct)

UTC+8 17:00 Germany IFO Business Climate Index (Dec)

UTC+8 17:00 ECB Governing Council Member Kazimir Speaks

UTC+8 18:00 Eurozone ZEW Economic Sentiment Index (Dec)

UTC+8 21:30 U.S. Retail Sales MoM (Nov)

UTC+8 21:30 Canada CPI YoY (Nov)

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IC Markets

Economic

US Tech Stocks Surge Again – Nasdaq Up 1.24%

US tech stocks rallied once again in trading yesterday as investors looked ahead to an anticipated rate cut from the Federal Reserve on Wednesday. The Nasdaq led the way, closing the session up 1.24%, leaving the other two major indices in its wake: the S&P added 0.38%, while the Dow dropped 0.25%.

Other markets were much more subdued, with the dollar declining marginally and Treasury yields edging slightly higher. The two-year yield rose by 0.4 basis points to 4.249%, and the ten-year increased by 0.2 basis points to 4.399%. Oil prices fell after weak economic data from China heightened demand concerns, with Brent crude down 0.94% to $73.79 and WTI declining 1% to $70.57 per barrel. Gold traded within relatively tight ranges, closing the day up 0.13% at $2,652.05.

Bitcoin Powers Higher Again – Smashes $105k

Bitcoin surged higher once more in trading yesterday, fuelled by Donald Trump’s reiterated plans to establish a Bitcoin Strategic Reserve for the US. The world’s largest cryptocurrency reached a new high of $107,148, gaining more than 5% since late Friday and marking a 150% increase in 2024.

Bulls seized on the news to push prices higher, although sceptics caution against potential reversals from the administration, which has also emphasised its commitment to maintaining the US dollar as the world’s reserve currency. Many market participants expect heightened volatility in the months ahead, with traders poised to react to further announcements from the incoming US government as the new year progresses.

More Data Today Ahead of Central Bank Focus

Several key data events are scheduled on the macroeconomic calendar today, keeping traders on edge ahead of this week’s crucial rate decisions. While little is expected during the Asian session, the European session begins with the first of several significant UK data releases this week, including the latest employment figures.

Attention will then shift across the channel with both the German IFO and ZEW survey results due later in the day. The New York session will also have a strong data focus, with key Canadian CPI numbers (m/m expected +0.1%) and US Retail Sales figures (m/m expected +0.6%) set for release early in the session. Investor attention will then turn back to tomorrow’s Federal Reserve announcement.

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Alex

Economic

Stocks

Tesla's (TSLA) end-of-year rampage rolled on Monday, with shares hitting another new high based on optimism for Tesla's "autonomous opportunity" and the Trump factor.

Tesla shares jumped over 6%, closing over $463 per share. The stock is up a whopping 18% in the past five days, reflecting positive news reports regarding Tesla's — and CEO Elon Musk’s — connection to President-elect Donald Trump. Wall Street analysts subsequently re-rated the stock — most recently Tesla mega-bull Dan Ives at Wedbush Securities.

“We estimate the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla and we fully expect under a Trump White House these key initiatives will now get fast tracked,” Ives wrote in a note to clients on Dec. 16, upping his price target to $515 to from $400.

Tesla Stock Booms to New High As Analyst ups Price Target to $515_1

Case in point, Reuters reported on Friday that Team Trump has recommended that the new administration remove a National Highway Traffic Safety Administration (NHTSA) order requiring automakers to report crashes involving self-driving or autonomous driving systems. Such a move would obviously be a good thing for Tesla. The company has had to report more than 1,500 crashes to NHTSA involving its FSD (Full Self-Driving) and Autopilot software, Reuters said.

Last month, Bloomberg News reported Trump’s transition team has told advisers it plans to make a “federal framework” for full self-driving (FSD) or autonomous vehicles one of the Transportation Department’s priorities, according to people familiar with the matter.

Easing rules for the introduction of self-driving vehicles, especially those without pedals or steering wheels, would be a huge boon for Tesla. Musk has repeatedly said that the future of the company hinges on FSD and autonomous technologies.

Earlier this month, Edison Yu of Deutsche Bank, John Murphy of Bank of America, and Adam Jonas at Morgan Stanley upped their price targets for Tesla as the shares rallied.

Tesla stock is now up a whopping 75% since Election Day.

Tesla Stock Booms to New High As Analyst ups Price Target to $515_2

Ives also predicted that Tesla could hit $2 trillion in market cap by the end of 2025 (it stands at around $1.5 trillion now) as Tesla’s “autonomous vision starts to take shape,” along with “very solid Tesla delivery demand” from China adding to the gains.

Ives also sees Musk having a hand in China tariff discussions, with the possibility of tariff “carve outs” given to Tesla.

Such carve-outs would allow Tesla to export China-made EVs to the US with reduced or even no tariffs imposed. Tesla is presumably able to produce EVs more cheaply in China, though the company has not revealed how much better its margins and costs are for building vehicles on the mainland.

Sources: yahoo finance

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Cohen

Economic

KUALA LUMPUR (Dec 17): Fitch Ratings has affirmed Malaysia’s long-term foreign-currency issuer default rating (IDR) at BBB+ with a stable outlook, according to a statement on Monday.

“Malaysia’s ratings are supported by strong and broad-based medium-term growth, driven by robust domestic and foreign investments, and persistent current account surpluses with a diversified export base.

“These strengths are balanced against high public debt, a low revenue base relative to current expenditure, and weaker external liquidity relative to peers,” it said.

Fitch Rating expects Malaysia’s economy to expand by 5.2% in 2024, then slow to 4.5% in 2025, and 4.3% in 2026.

The rating agency said steady labour market conditions and an income boost from pay hikes for civil servants in December 2024 and January 2026 should support household spending.

This, coupled with growth, further underpinned by investments from government-linked companies and foreign investment related to supply-chain diversification.

“However, while Malaysia’s export performance has benefitted from the global tech upcycle in 2024, we expect momentum to slow in 2025 due to weaker external demand. Growth prospects also face downside risks from an escalation in geopolitical tensions,” it added.

Greater political stability, fiscal deficit narrowing

Fitch noted that Malaysia’s policy uncertainty has eased with a more stable ruling coalition formed in 2022, backed by a two-thirds parliamentary majority and an anti-hopping law preventing party switching.

This administration, it noted, has passed the Public Finance and Fiscal Responsibility Act 2023 (PFFRA), and is working on strengthening state-owned enterprise governance and the National Anti-Corruption Strategy 2024-2028.

“While improved policy certainty boosts investment, we believe coalition dynamics and diverse coalition partner interests still appear to constrain faster fiscal consolidation and tax reform,” it added.

The 2025 budget projects the federal government deficit to narrow to 3.8% of gross domestic product (GDP), from its estimated 4.3% in 2024.

“We expect 2025 federal government revenue/GDP to remain steady, from our 2024 estimate of 16.5%.”

New budget measures, including a tax on individual dividend income and enhanced sales and service tax, will bring limited additional revenue.

However, it said, this will be partly offset by lower petroleum-related revenue (18% of total revenue projected for 2025), given Fitch’s assumption that the Brent oil price will average US$70/bbl(barrel), against our estimate of US$80/bbl in 2024.

Meanwhile, Fitch also noted that the national oil company, Petroliam Nasional Bhd (Petronas) (BBB+/stable), is negotiating with state-owned Petroleum Sarawak Bhd over control of the natural gas distribution business in the state of Sarawak.

“Final arrangements are pending and could affect Petronas’ profitability and capacity to contribute to federal government revenue, including paying dividend, which will add around 1.5% of GDP in 2025.”

Meanwhile, the government aims to extend subsidy rationalisation to RON95 petroleum, education and healthcare, following savings from cutting electricity subsidies and targeting diesel subsidies.

“This will reduce spending on subsidies, but a large share of the savings will be channelled to additional spending, including increased social assistance for lower-income groups,” it added.

The government is also undertaking a review on civil service remuneration, including pay hikes in December 2024 and January 2026.

“We forecast the federal government deficit to decline to 3.5% of GDP in 2026, driven by continued subsidy rationalisation and modest tax increases. The government aims to reduce the deficit to below 3% in the medium term, as outlined by the PFFRA. We view this as a credible, gradual fiscal consolidation path.”

Source: Theedgemarkets

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Japan Aims To Expand Nuclear Power In Break From Fukushima Era

Source: Theedgemarkets

Subdued Start To A Bumper Week

WHERE WE STAND

LOOK AHEAD

Japanese Yen Bears Turn Cautious, Look To FOMC/BOJ Meetings Before Placing Fresh Bets

Japanese Yen bears retain control amid expectations that the BoJ will maintain the status quo

Japanese Yen FAQs

Source: FXSTREET

December 17th Financial News

[Quick Facts]

[News Details]

[Today's Focus]

General Market Analysis – 17/12/24

US Tech Stocks Surge Again – Nasdaq Up 1.24%

Bitcoin Powers Higher Again – Smashes $105k

More Data Today Ahead of Central Bank Focus

Tesla Stock Booms to New High As Analyst ups Price Target to $515

Sources: yahoo finance

Fitch Affirms Malaysia’s Long-term Issuer Rating With Stable Outlook

Greater political stability, fiscal deficit narrowing

Source: Theedgemarkets

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