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Business & Finance - 2021-04-13
European shares pause near record highs
Stocks

European shares pause near record highs

  • The STOXX 600 has also lagged a recovery in its U.S. counterpart due to a slow vaccination rollout and a new wave of coronavirus infections on the continent.
Updated 14 Apr, 2021 12:01am
ECB should make clear its tolerance for overshooting inflation
Money & Banking

ECB should make clear its tolerance for overshooting inflation

  • The ECB has seen euro area inflation fall short of its near 2% target for eight years and expects to miss the target for years as the bloc emerges from the coronavirus crisis.
  • Nonetheless, he said there was room to improve guidance the ECB gives the market about how it aims to pursue its inflation target.
Published 13 Apr, 2021 08:43pm
Dollar drops to three-week lows after inflation data
Forex

Dollar drops to three-week lows after inflation data

  • The consumer price index jumped 0.6% last month, the largest gain since August 2012, after rising 0.4% in February, the Labor Department said on Tuesday. Excluding the volatile food and energy components, the CPI rose 0.3%. The so-called core CPI nudged up 0.1% in February.
  • The dollar briefly spiked on the data, before reversing course and dipping to three-week lows. Treasury yields also fell after the data.
Published 13 Apr, 2021 08:38pm
Morgan Stanley aims to support $750bn in low-carbon investments by 2030
Money & Banking

Morgan Stanley aims to support $750bn in low-carbon investments by 2030

  • As part of the commitment, the bank said it would escalate activities such as green-bond financing and financing companies that support clean technology and renewable energy.
  • As investor interest surges in environmental, social and governance (ESG) issues, a fleet of companies have taken steps to improve their performance on this front.
Published 13 Apr, 2021 08:29pm
Pfizer to pursue bringing COVID-19 vaccine to India after import relaxation
Companies

Pfizer to pursue bringing COVID-19 vaccine to India after import relaxation

  • "We have noted the recent announcement with regard to the regulatory pathway for global vaccines," a Pfizer spokesperson told Reuters in an email.
  • "We remain committed to continuing our engagement with the government towards making the Pfizer and BioNTech vaccine available for use in the government's immunisation program."
Published 13 Apr, 2021 08:27pm
Pound licks wounds as Haldane exit signals dovish tilt
Forex

Pound licks wounds as Haldane exit signals dovish tilt

  • While the reaction in currency markets was muted, with the pound holding close to the day's lows against its main rivals, Haldane's exit is widely seen as a departure of one of the more hawkish figures at the central bank.
  • Against the dollar, the British currency was down 0.1% at $1.3692, having touched its lowest since Feb. 5 at $1.3670 in the previous session.
Published 13 Apr, 2021 08:23pm
US natgas futures rise for 5th day on cooler forecasts
Energy

US natgas futures rise for 5th day on cooler forecasts

  • Traders noted that even though temperatures may be lower, they were expected to remain around near-normal levels through late April.
  • Front-month gas futures rose 6.2 cents, or 2.4%, to $2.623 per million British thermal units.
Published 13 Apr, 2021 08:19pm
Latam FX rise as US inflation data dents dollar
Forex

Latam FX rise as US inflation data dents dollar

  • Brazil's real rose 0.2% while Mexico's peso added 0.3%. Higher copper prices bolstered top producer Chile's peso, which was up 0.5% after two straight days of losses.
  • In Peru, the sol currency and the stock index made slight moves after a day of turbulence when markets were spooked by a socialist surge in presidential elections.
Published 13 Apr, 2021 07:59pm
Yields dip after CPI data, J&J vaccine pause
Financial

Yields dip after CPI data, J&J vaccine pause

  • The 10-year yield was last down 2.1 basis points at 1.6552%, holding below a 14-month high of 1.776% reached on March 30.
  • "We've had yields run up a ton on expectations that inflation is going to be going to the moon ... but (the data) doesn't show any signs of getting completely out of control, at least not yet," he said.
Published 13 Apr, 2021 07:56pm
Britain's wheat imports set season low in February
Commodities

Britain's wheat imports set season low in February

  • Wheat imports for the month totalled 94,956 tonnes, down from 106,531 tonnes in January and the lowest monthly total so far for the 2020/21 season, which runs from July to June.
  • A slowdown had been expected following the expiration of a transitional trade agreement between Britain and the European Union at the end of 2020.
Published 13 Apr, 2021 07:41pm
Japan's Mizuho to decline to chair lobby group after glitches
Financial

Japan's Mizuho to decline to chair lobby group after glitches

  • Instead, Japan's No.2 lender Sumitomo Mitsui Financial Group Inc will take over from the current chair Mitsubishi UFJ Financial Group Inc from July, the source said on condition of anonymity.
  • The issue on March 11 was a hardware problem at its data centre, which delayed 263 foreign currency-denominated remittances for corporate clients, worth 50 billion yen.
Updated 13 Apr, 2021 07:50pm
Continental Resources' quarterly output hit by winter storm
Companies

Continental Resources' quarterly output hit by winter storm

  • Continental expects oil production to average about 152,000 barrels of oil per day (bopd) and natural gas output to average about 935 million cubic feet per day (mmcfpd).
  • Second-quarter production is expected to be 160,000-165,000 bopd and natural gas output is seen at 920-940 mmcfpd, the company said.
Published 13 Apr, 2021 07:12pm
German regulator acts to halt 'illegal' WhatsApp data collection

German regulator acts to halt 'illegal' WhatsApp data collection

  • "We have reason to believe that the data sharing policy between WhatsApp and Facebook is being impermissibly enforced due to the lack of voluntary and informed consent," said Hamburg's data protection officer Johannes Caspar.
  • "To be clear, by accepting WhatsApp's updated terms of service, users are not agreeing to any expansion in our ability to share data with Facebook, and the update does not impact the privacy of their messages with friends or family."
Published 13 Apr, 2021 07:10pm
Financials drag major Gulf markets lower
Stocks

Financials drag major Gulf markets lower

  • Lower demand and a slump in commodity prices eroded state finances last year. In the Middle East and North Africa, fiscal deficits widened to 10.1% of GDP in 2020 from 3.8% of GDP in 2019.
  • Saudi Arabia's benchmark index dropped 0.7%, weighed down by a 1% decline in Al Rajhi Bank and a 1.7% decrease in Saudi National Bank.
Published 13 Apr, 2021 07:08pm
Analysts cut Air Canada's PT after government agrees on equity stake
Companies

Analysts cut Air Canada's PT after government agrees on equity stake

  • "Our target price declines due to the negative impact of greater short-term cash-burn and the impact of the dilution from the share and warrant issue on the price to equity component of our target," James added.
  • The Canadian government on Monday agreed to buy C$500 million worth of shares in the airline at C$23.1793 each.
Published 13 Apr, 2021 07:02pm
Corolla Cross is Finally Open for Bookings
Companies

Corolla Cross is Finally Open for Bookings

  • Toyota Indus Motors (IMC) has finally announced that its Corolla Cross is open for bookings.
  • Corolla Car will also be launched in three variants, i.e., Premium High Grade, Smart Mid Grade, and Low Grade.
  • Corolla Cross deliveries will start from the 1st of July, 2021.
Updated 13 Apr, 2021 07:22pm
Bank of England's Haldane to quit this year
Money & Banking

Bank of England's Haldane to quit this year

  • Haldane - who has struck the most upbeat tone among BoE policymakers about Britain's prospects for a rapid recovery from the COVID pandemic - will step down from the BoE's Monetary Policy Committee (MPC) after its June meeting and start his role at the RSA in September.
Published 13 Apr, 2021 06:46pm
IKEA makes first solar park investment in Russia
Companies

IKEA makes first solar park investment in Russia

  • The total book value for the eight parks is more than 21 billion roubles ($272.16 million), Ingka Investments, the investment arm of the world's biggest furniture retailer, said in a statement.
  • Ingka Group has invested 2.5 billion euros ($2.97 billion) in renewable energy since 2009 and recently surpassed a target to produce as much renewable energy as the energy it consumes in its own operations.
Published 13 Apr, 2021 06:25pm
Volkswagen wage deal with IG Metall union
Companies

Volkswagen wage deal with IG Metall union

  • The deal with IG Metall will see salaries rise by 2.3% from January 2022. It also includes a 1,000 euro ($1,190) one-off "corona support payment" in June, the carmaker said.
  • This is indeed a deal based on moderation that will probably be reflected in other areas too. It shows that, despite rising inflation, the wage-price spiral feared by many will not rear its head in Germany.
Published 13 Apr, 2021 06:24pm
Italy to spend 60pc more of EU funds on better broadband
Industry

Italy to spend 60pc more of EU funds on better broadband

  • Italy to get 206 bln euros from EU emergency programme.
  • Draghi aims to invest 6.7 bln euros in broadband infrastructure.
  • Total resources for digitalisation around 49 bln euros.
  • Ministers considering alternatives to single broadband network.
Published 13 Apr, 2021 06:17pm
France's Dassault urges Berlin to support Airbus fighter deal
Companies

France's Dassault urges Berlin to support Airbus fighter deal

  • After tense negotiations, rivals Dassault and planemaker Airbus agreed this month on a share of the work on the Future Combat Air System (FCAS), an array of manned and unmanned warplanes backed by France, Germany and Spain.
  • "It was difficult, but we found a balance," Dassault Chief Executive Eric Trappier told a news conference given as head of France's GIFAS aerospace industry association.
Published 13 Apr, 2021 06:15pm
Generali to discuss possible Malaysia, Russia deals
Companies

Generali to discuss possible Malaysia, Russia deals

  • The Italian insurer is looking at assets of French rival AXA in Malaysia which could be worth around 700 million euros ($832 million), the sources said. It has also been looking at a possible acquisition in Russia.
  • The deals will be reviewed at a Generali strategic committee meeting on Tuesday and a board meeting the day after, one of the sources said, confirming an earlier report in Italian daily Il Sole 24 Ore.
Published 13 Apr, 2021 05:55pm
US calls for pause to J&J COVID-19 vaccine over rare blood clots
Companies

US calls for pause to J&J COVID-19 vaccine over rare blood clots

  • The move comes a week after European regulators said they had found a possible link between AstraZeneca's COVID-19 vaccine and a rare blood clotting problem that had led to a small number of deaths.
  • Johnson & Johnson's (J&J) single dose vaccine - most COVID-19 shots are delivered over two doses - and AstraZeneca's low-cost vaccine are seen as vital tools in the fight against a pandemic that has claimed more than three million lives.
Published 13 Apr, 2021 05:48pm
UK holding off on Liberty Steel as Gupta explores refinancing
Companies

UK holding off on Liberty Steel as Gupta explores refinancing

  • "I think it's absolutely necessary to have steel here in the UK, it has a future," Kwarteng told a parliamentary hearing. "But we can't strip Liberty Steel in this instance now from the wider group under which it sits."
  • "Mr Gupta's assurances that he can refinance his business needs to be examined and he should be allowed time to find the actual refinancing to keep his businesses afloat," Kwarteng said.
Published 13 Apr, 2021 05:46pm
Facebook oversight board widens scope to rule on content left up on platform
Industry

Facebook oversight board widens scope to rule on content left up on platform

  • The board was created by Facebook Inc in response to criticism of its handling of problematic content, but has been faulted by researchers and civil rights groups for its limited remit.
  • In the coming weeks, the oversight board is also expected to decide whether to uphold Facebook's indefinite suspension of former US President Donald Trump, imposed after the Jan. 6 Capitol Hill riot.
Published 13 Apr, 2021 05:36pm
OPEC raises 2021 oil demand growth forecast on hopes virus impact wanes
Energy

OPEC raises 2021 oil demand growth forecast on hopes virus impact wanes

  • Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum Exporting Countries forecast in its monthly report, up 70,000 bpd from last month.
  • OPEC raised its forecast of 2021 world economic growth to 5.4% from 5.1%, assuming the impact of the pandemic is "largely contained" by the beginning of the second half of the year.
Published 13 Apr, 2021 05:34pm
Palm jumps 2pc tracking soyoil, crude prices
Commodities

Palm jumps 2pc tracking soyoil, crude prices

  • The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange closed higher 74 ringgit, or 2.03%, to 3,724 ringgit ($900.82) a tonne, after falling 3% in the previous session.
  • "We expect total supply to outstrip total demand leading to higher ending stocks of 1.53 million tonnes," he added.
Published 13 Apr, 2021 05:30pm
Dollar edges up before US inflation data
Forex

Dollar edges up before US inflation data

  • The dollar was up 0.1% against a basket of currencies, at 92.221, moving away from recent three-week lows.
  • The euro was down 0.2%, at $1.18935, with European shares just below all-time highs.
Published 13 Apr, 2021 05:23pm
Indian shares rebound as govt speeds up vaccine approvals
Stocks

Indian shares rebound as govt speeds up vaccine approvals

  • India is to fast-track emergency approvals for shots already approved in Western countries and Japan, paving the way for possible imports of Pfizer, Johnson & Johnson, Novavax and Moderna vaccines.
  • The NSE Nifty 50 index closed 1.36% higher at 14,504.80 and the S&P BSE Sensex ended 1.38% higher at 48,544.06, rebounding after surging infections pushed the indexes to their second-worst session this year on Monday.
Published 13 Apr, 2021 05:09pm
USD to decline further against PKR; Expert anticipates record Remittances in Eid season

USD to decline further against PKR; Expert anticipates record Remittances in Eid season

  • “Each month $300 to $400 million dollars are coming into interbank market through exchange companies which have led to the rise in foreign exchange reserves and strengthen the local currency,” he said.
  • Malik Bostan informed that Pakistan has become the fourth largest in terms of remittance inflows, with India at the top followed by China and the Philippines.
Published 13 Apr, 2021 02:11pm
Volkswagen, IG Metall strike wage deal
Companies

Volkswagen, IG Metall strike wage deal

  • Volkswagen, the world's second-largest carmaker, has seen its shares rise by more than half, shrugging off the impact from the coronavirus pandemic and a chip shortage that has hit the automotive sector.
Published 13 Apr, 2021 12:39pm
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