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Business & Finance - 2021-05-04
Sterling dips ahead of BoE meeting, Scottish elections
Forex

Sterling dips ahead of BoE meeting, Scottish elections

  • "Policy metrics will remain on hold with the need for on-going support maintained," said Stuart Cole, head macro economist at Equiti Capital.
  • The SNP has pledged to call for a second Scottish independence referendum, although permission to do so will need to be granted by the UK government in London.
Updated 04 May, 2021 08:41pm
TSX edges higher on energy boost
Stocks

TSX edges higher on energy boost

  • Toronto Stock Exchange's S&P/TSX composite index was up 3.15 points, or 0.02%, at 19,216.31.
  • The energy sector climbed 0.7% as US crude prices were up 1.7% a barrel, while Brent crude added 1.7%.
Published 04 May, 2021 08:08pm
Latam FX falls against stronger dollar; sol stabilizes after tumble
Forex

Latam FX falls against stronger dollar; sol stabilizes after tumble

  • The dollar rose as investors awaited key US readings this week, which are likely to show an economic recovery gathering steam.
  • Chile's peso fell 0.3%, while Mexico's peso dipped 0.2%. But both currencies are expected to mark strong gains this year, with Chile benefiting from a spike in copper prices, while Mexico is set to benefit from a bounceback in the US economy.
Published 04 May, 2021 08:01pm
Sri Lankan shares fall as virus cases surge
Stocks

Sri Lankan shares fall as virus cases surge

  • The CSE All-Share Index fell 1.44% to 7,111.45. Its worst one-day fall since April 27.
  • Sri Lanka reported 1,923 new COVID-19 cases on Monday, a record increase, while overall deaths have crossed 700 so far, according to a Johns Hopkins University tally.
Published 04 May, 2021 07:55pm
Pfizer lifts sales forecast for COVID-19 vaccine to $26 billion
Companies

Pfizer lifts sales forecast for COVID-19 vaccine to $26 billion

  • It is expected to make up for more than one-third of Pfizer's full-year sales, with the company in supply talks with several countries for 2022 and beyond.
  • "Based on what we've seen, we believe that a durable demand for our COVID-19 vaccine - similar to that of the flu vaccines - is a likely outcome," Chief Executive Albert Bourla said in his prepared remarks.
Published 04 May, 2021 07:48pm
Copper prices resume climb towards $10,000/t
Commodities

Copper prices resume climb towards $10,000/t

  • Benchmark three-month copper on the London Metal Exchange (LME) had risen 1.4% to $9,958.50 per tonne in official trades. On Thursday, prices hit $10,008 a tonne which was the highest since Feb. 2011.
  • "It's a tremendously positive story for copper at the moment and in the long term," said WisdomTree analyst Nitesh Shah, adding that the metal will likely pierce through the $10,000 mark again.
Published 04 May, 2021 07:46pm
US natgas futures climb to fresh 10-week high on cooler forecast
Energy

US natgas futures climb to fresh 10-week high on cooler forecast

  • Front-month gas futures rose 2.8 cents, or 0.9%, to $2.994 per million British thermal units.
  • That kept the front-month in overbought territory with a Relative Strength Index (RSI) over 70 for a seventh straight day for the first time since November 2019.
Published 04 May, 2021 07:44pm
Stock markets fall 0.5pc in minutes, leaving traders perplexed
Stocks

Stock markets fall 0.5pc in minutes, leaving traders perplexed

  • Nasdaq stock futures fell 0.5% in four minutes while the S&P 500 e-mini futures fell 0.4%. They later added more losses to trade 0.9% and 0.6% lower respectively.
  • Europe's benchmark STOXX 600 index also turned negative during the quick-fire selloff and was last trading 0.8% lower.
Published 04 May, 2021 07:37pm
Oil and gas investor EnCap raises $1.2bn energy transition fund
Companies

Oil and gas investor EnCap raises $1.2bn energy transition fund

  • The Houston-based firm is a prolific investor in hydrocarbons, and has raised more than $38 billion since its founding in 1988, with its latest flagship vehicle amassing $7 billion in 2017.
  • "There's definitely a movement among institutional investors into ESG of all kinds, including in the energy space," Jason DeLorenzo, EnCap Investments' managing partner, told Reuters.
Updated 04 May, 2021 07:38pm
Honda launches N7X concept as successor to BR-V

Honda launches N7X concept as successor to BR-V

  • The Japanese automaker has surprised everyone with a new N7X concept as the successor to the current generation BR-V that debuted in 2015.
  • Abbreviation of ‘New 7-seater eXcitement,’ the N7X is radically different from the previous BR-V model; looks inspired by the new Odyssey facelift.
Updated 04 May, 2021 08:01pm
Soy up 12-16 cents, corn up 6-12 cents, wheat up 3-5 cents
Commodities

Soy up 12-16 cents, corn up 6-12 cents, wheat up 3-5 cents

  • Wheat futures rising on bargain buying after most-active contract fell 2.3% on Monday, its biggest daily percentage drop since March 30. Strength in corn market underpins wheat.
  • The US Agriculture Department said that the US winter wheat crop was rated 48% good to excellent as of May 2, down 1 percentage point from a week ago.
Published 04 May, 2021 06:55pm
Sotheby's to accept bitcoin, ethereum for Banksy auction
Companies

Sotheby's to accept bitcoin, ethereum for Banksy auction

  • Bidding for the work is estimated at $3 million to $5 million, Sotheby's said, with the buyer having the option to pay with cryptocurrency.
  • Coinbase said its partnership with Sotheby's could pave the way for further adoption of cryptocurrency across the bidding house's auctions.
Published 04 May, 2021 06:47pm
Austria says it will only buy Sputnik V vaccine after EMA approval
Companies

Austria says it will only buy Sputnik V vaccine after EMA approval

  • Facing public frustration at a slow vaccine roll-out, Kurz said on March 31 Austria would probably order a million Sputnik V doses within a week, but completion of that order still has yet to be announced.
  • As far as the contract negotiations are concerned, they have been completed, so we do not see that as the big challenge but rather the decisive factor is simply how long EMA needs for approval here.
Published 04 May, 2021 06:45pm
Negative-yielding euro zone debt pool lowest in almost a year
Financial

Negative-yielding euro zone debt pool lowest in almost a year

  • The end-April negative-yield bonds accounted for almost 60% of a total market worth roughly 8.9 trillion euros, the lowest share since May last year.
  • Germany's benchmark 10-year Bund yield was last trading at -0.23%. Last week it rose almost 6 basis points in its biggest weekly rise in more than two months.
Published 04 May, 2021 06:39pm
India doesn't name Huawei among participants in 5G trials
Companies

India doesn't name Huawei among participants in 5G trials

  • Major carriers Reliance Industries' Jio Infocomm, Bharti Airtel and Vodafone Idea will conduct the trials along with state-run MTNL in urban, rural and semi-urban areas, the Ministry of Communications said in a statement.
  • The statement did not mention Huawei and smaller Chinese rival ZTE among the participating network equipment suppliers.
Updated 04 May, 2021 06:39pm
Eli Lilly to supply 400,000 tablets of its COVID-19 treatment to India
Companies

Eli Lilly to supply 400,000 tablets of its COVID-19 treatment to India

  • With 3.45 million active cases, India recorded 357,229 new infections over the last 24 hours, while deaths rose 3,449 for a toll of 222,408, health ministry data showed. Experts say actual numbers could be five to 10 times higher, however.
  • The drugmaker said it will work urgently to increase the supply multifold over the coming weeks.
Published 04 May, 2021 06:13pm
Nokian Tyres beats Q1 forecasts as recovery gains traction
Companies

Nokian Tyres beats Q1 forecasts as recovery gains traction

  • Sales rose 22% to 341.8 million euros ($410.5 million) in the quarter, versus the 312.6 million euros expected by analysts in a Refinitiv poll.
  • Nokian reported 44.3 million euros in quarterly operating profit, up from 9.0 million a year earlier and beating analysts' mean forecast of 37.4 million.
Published 04 May, 2021 05:56pm
Arabica coffee climbs, raw sugar also rises
Commodities

Arabica coffee climbs, raw sugar also rises

  • July arabica coffee was up 1.8 cents, or 1.3%, at $1.4205 per lb .
  • May raw sugar was up 0.37 cents, or 2.2%, at 17.10 cents per lb.
  • July New York cocoa rose by $8, or 0.3%, to $2,377 a tonne.
Published 04 May, 2021 05:54pm
Goldman readies US workers for return to offices in June
Money & Banking

Goldman readies US workers for return to offices in June

  • The bank is planning to tell employees to be prepared to start working from offices by mid-June, the report said, citing people with knowledge of the matter.
  • Wells Fargo & Co said in March it would start bringing workers back to its offices after Labor Day, while JPMorgan Chase & Co said last week it was targeting workers' return to office on a rotational basis from July.
Published 04 May, 2021 05:45pm
Swiss cyber security firm Acronis gets $250mn in CVC-led funding
Companies

Swiss cyber security firm Acronis gets $250mn in CVC-led funding

  • Founded in Singapore in 2003, the privately-held firm views this latest investment as one of its last prior to a future "liquidity event", the head of Acronis said.
  • "We definitely are looking into providing liquidity for our shareholders, whether it's an IPO or M&A, or via dividends," its founder and chief executive Serguei Beloussov told Reuters.
Published 04 May, 2021 05:36pm
ConocoPhillips profit tops as travel demand boosts oil prices
Companies

ConocoPhillips profit tops as travel demand boosts oil prices

  • Conoco said its total average realized price was $45.36 per barrel of oil equivalent in the quarter, much higher than the $33.21 it earned in the last three months of 2020.
  • The company also outlined a plan to cut its gross debt by $5 billion over the next five years and its intention to exit its 10% stake in Canadian producer Cenovus Energy Inc by the fourth quarter of 2022.
Published 04 May, 2021 05:25pm
Copper prices resume climb towards $10,000
Commodities

Copper prices resume climb towards $10,000

  • Benchmark three-month copper on the London Metal Exchange (LME) had risen 1.2% to $9,939.50 per tonne.
  • "Over the next few years we are likely to see copper demand increase and that will support prices."
Published 04 May, 2021 05:20pm
Indian shares tumble as domestic COVID-19 cases shoot past 20 million
Stocks

Indian shares tumble as domestic COVID-19 cases shoot past 20 million

  • The NSE Nifty 50 index dropped 0.94% to 14,496.5, while the benchmark S&P BSE Sensex closed 0.95% lower at 48,253.51, after swinging in choppy trading for most of the session.
  • The surge of the highly infectious Indian virus variant has swamped the health system, forced states to enter lockdowns and ignited calls for a lockdown at the national level.
Published 04 May, 2021 05:15pm
Crown slips from fresh high, MOL shares spur Budapest
Forex

Crown slips from fresh high, MOL shares spur Budapest

  • Budapest's BUX index climbed 1.5% on a more than 3% rise in MOL's shares after an update on refinery and petrochemical margins enticed investors.
  • In Prague, the PX index nudged higher and held above the 1,100 level to stick around highs last seen before the COVID-19 pandemic struck markets in February 2020.
Published 04 May, 2021 05:13pm
Honda implements 4th price hike on bikes in four months

Honda implements 4th price hike on bikes in four months

  • Atlas Honda has increased the prices of bikes once again, marking the fourth hike since the start of this year.
  • According to a notification, the motorcycles saw a Rs. 3,000 price increase, which will be in effect from May 3, 2021.
Published 04 May, 2021 05:13pm
Russian rouble firms past 75 vs dollar, stocks climb
Forex

Russian rouble firms past 75 vs dollar, stocks climb

  • Rouble gained 0.4% to 74.88 against the dollar after a three-day weekend, heading towards its strongest level since March 22 of 74.19 touched last week.
  • The rouble is seen returning to the 74-75 range against the dollar this week, Locko Invest said in a note.
Published 04 May, 2021 05:11pm
Palm ends lower on higher Indonesian output forecast for 2021
Commodities

Palm ends lower on higher Indonesian output forecast for 2021

  • The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange ended down 19 ringgit, or 0.47%, at 4,042 ringgit ($981.07) a tonne, after rising 5% on Monday.
  • Indonesia's crude palm oil output is estimated at 48.4 million tonnes while crude palm kernel oil (CPKO) is expected to be at 7.29 million tonnes this year, IOPRI said.
Published 04 May, 2021 04:55pm
Myanmar unrest pushes Telenor deep into Q1 loss

Myanmar unrest pushes Telenor deep into Q1 loss

  • The loss was largely due to a writedown of 6.5 billion Norwegian kroner on its assets in Myanmar, where Telenor has had a commercial presence since 2014 and employs a workforce of around 750.
Published 04 May, 2021 04:11pm
2021 Hyundai Sonata is coming to Pakistan

2021 Hyundai Sonata is coming to Pakistan

  • The 8th generation Sonata was the first Right Hand Drive model of the DN8 Sonata.
  • It is also the first model using the newer N3 modular platform, improving strength and rigidity, while reducing weight, which results in improved fuel efficiency and overall drive and performance.
Updated 04 May, 2021 03:58pm
Pakistan banks profits up 31pc YoY in 1Q2021

Pakistan banks profits up 31pc YoY in 1Q2021

  • Net Interest Income (NII) recorded an increase of 7pc YoY i.e. Rs11.4 billion in spite of a sharp decline in interest rates. However, NII reported a decline of 2pc QoQ as repricing of assets reach its completion.
Published 04 May, 2021 12:11pm
Aussie, kiwi steady

Aussie, kiwi steady

SYDNEY: The Australian dollar was steady against its US counterpart during a quiet session on Monday, shrugging off...
Updated 04 May, 2021 09:51am