News Archives for Business & Finance - 2021-06-07

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Business & Finance - 2021-06-07

Price of DFSK Glory increases by upto Rs299,000

Covid-related supply-chain issues cause hike in rates

Published 07 Jun, 2021 09:41pm

Commodities

Gold dips as U.S yields firm; focus shifts to US inflation data

US CPI data, ECB meeting on Thursday.
Medium to longer term outlook positive for gold – analysts.

Published 07 Jun, 2021 09:06pm

Commodities

Copper slips on worries about Chinese demand after trade data

China's copper imports fell 8% in May from the previous month as record-high prices further eroded buying interest while overall export growth missed analysts' forecasts.
Three-month copper on the London Metal Exchange had shed 0.6% to $9,890 a tonne by 1430 GMT after rising by 1.7% on Friday.

Published 07 Jun, 2021 08:51pm

Stocks

TSX flat as losses in miners offset energy, banking gains

The materials sector, which includes precious and base metals' miners and fertilizer companies, lost 0.4% as gold prices were pressured by firmer US Treasury yields.
The energy sector climbed 0.2% as US crude prices gained 0.1% a barrel, while the financials sector rose 0.2%

Published 07 Jun, 2021 08:49pm

Stocks

Wall Street flat; tech shares shrug off G7 tax deal

QTS Realty surges on reports of deal with Blackstone.
Biogen gains ahead of FDA decision on Alzheimer's drug.
"Meme stocks" extend rally led by retail participation.
Indexes down: Dow flat, S&P and Nasdaq dip 0.13%.

Published 07 Jun, 2021 08:46pm

Companies

AMC jumps 19pc as funds eye bearish bets

Cinema operator AMC Entertainment Holdings, which almost doubled in value again last week, rose 18.5%, while Microvision, a developer of laser beam scanning technology, climbed 7.1%.

Published 07 Jun, 2021 08:44pm

Forex

Canadian dollar dips as attention turns to BoC rate decision

Canadian dollar weakens 0.1% against the greenback.
Loonie trades in a range of 1.2065 to 1.2106.
Price of US oil falls 0.2%.
Canadian 10-year yield rises 1.4 basis points to 1.470%.

Published 07 Jun, 2021 08:42pm

Forex

Mexican assets rally on midterm election results; Peru markets pressured

Peru's sol currency was down 0.1% at 3.84, while its stock index tumbled 5.7%, on track for its worst session in seven weeks.
Mexico's peso hit a four-week high and was set for its best session since mid-May, while the Ipc stocks index jumped almost 2%, hitting 2017 highs.

Published 07 Jun, 2021 08:38pm

Money & Banking

Norway's DNB raises bid for rival Sbanken, has 75pc stake

DNB's offer, which is subject to regulatory approval, now stands at 108.85 crowns, valuing Sbanken at 11.6 billion crowns ($1.4 billion).
Sbanken's biggest owner, investment fund Altor, had agreed in April to sell its 25% stake to DNB.

Published 07 Jun, 2021 08:38pm

Industrialists refute claims made in KCCI video

Trade and Industry participants resolve that KE performance has significantly improved, say any haphazard decisions could have disastrous implications for Karachi

Published 07 Jun, 2021 08:27pm

Forex

Dollar dips slightly as investors wait on the sidelines

Dollar index edges down.
US CPI and ECB meeting on Thursday in focus.

Published 07 Jun, 2021 08:18pm

Money & Banking

Bank of Israel bought $3bn of forex in May

The reserves, which represent 48.3% of Israel's GDP, grew $4.35 billion last month, the central bank said.
The Bank of Israel has said it would buy up to 85 billion shekels worth of government bonds.

Published 07 Jun, 2021 06:47pm

Money & Banking

Russia seen raising rates again on Friday as inflation remains high

Central bank seen making 25 or 50 bps hike.
Bank of Russia to deliver decision at 1030 GMT on Friday.

Published 07 Jun, 2021 06:40pm

Stocks

Wall St opens flat as investors await inflation data

The Dow Jones Industrial Average rose 9.8 points, or 0.03%, at the open to 34766.2.
The S&P 500 fell 0.6 points, or 0.01%, at the open to 4229.34.

Published 07 Jun, 2021 06:38pm

Companies

Pakistan's Abhi raises $2m in seed investment

Karachi-based fintech raises sum for its salary advance platform in a seed round led by Vostok Emerging Finance
Abhi will be the second Pakistani fintech to join Y Combinator’s next batch after TAG

Published 07 Jun, 2021 06:19pm

Stocks

Sri Lankan shares boosted by financials and industrials

The CSE All-Share Index ended up 0.32% at 7,591.90.
Trading volume rose to 114.9 million from 96.3 million in the previous session.

Updated 07 Jun, 2021 06:39pm

Energy

Oil eases on Iran concern after hitting two-year high above $72

US crude touches $70 for first time since October 2018.
Brent hits $72.27, highest since May 2019.
Iran, world powers to resume talks on June 10.

Published 07 Jun, 2021 06:12pm

Commodities

Copper slips on worries about Chinese demand after trade data

Three-month copper on the London Metal Exchange shed 0.9% to $9,864 a tonne in official trading after rising by 1.7% on Friday.
Hansen said if prices extended their retreat, they would likely head towards the 50-day moving average around $9,655.

Published 07 Jun, 2021 06:10pm

Stocks

Indian shares end at record high as some COVID-19 curbs ease

The blue-chip NSE Nifty 50 index climbed 0.52% to 15,751.65 at close, and the benchmark S&P BSE Sensex added 0.44% to 52,328.51.
Energy and information technology stocks also supported the Nifty 50 index, with the Nifty Energy index rising 1.85% and the Nifty IT index jumping 1.11%.

Updated 07 Jun, 2021 06:09pm

Saudi Aramco in debut Islamic bond sale

The sale comes after two previous bond offerings that were not compliant with Islamic law -- a debut $12 billion sale in 2019 and an $8 billion offering in November last year.

Published 07 Jun, 2021 04:54pm

NEPRA reduces electricity tariff

Actual fuel charges, as reported by CPPA-G, for the month of April 2021 decreased by Rs.0.8407/kWh as compared to the reference fuel charges

Published 07 Jun, 2021 01:36pm

Mutual Funds

Most JGBs untraded amid absence of market-moving indicators

Benchmark 10-year JGB futures rose 0.13 point to 151.56, with a trading volume of 18,971 lots.

Published 07 Jun, 2021 01:24pm

Commodities

Tunisia expects to harvest 1.07mn tonnes of durum wheat

Prime Minister Hichem Mechichi said on Saturday that this year's grain harvest was expected to reach 1.65 million tonnes.

Published 07 Jun, 2021 01:20pm

Forex

Sterling edges down amid doubts over June 21 reopening

By 0750 GMT the pound was down 0.2% against the dollar at $1.4136, and down a similar amount against the euro at 86.06 pence.

Published 07 Jun, 2021 01:15pm

Forex

Dollar edges up, recovering from jobs miss

At 0715 GMT, the dollar index was up 0.2% on the day at 90.283. The euro was down 0.2% against the dollar, at $1.21465.

Published 07 Jun, 2021 01:13pm

Commodities

Egypt gets offers in 100,000 tonnes raw sugar tender

The ESIIC requested that a first shipment of 50,000 tonnes of sugar arrive during July 5-15.

Published 07 Jun, 2021 01:11pm

Stocks

Most Gulf markets rise in early trade; Qatar flat

The pandemic hit the Gulf state hard last year, both through the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.

Published 07 Jun, 2021 01:07pm

Stocks

Tokyo shares end with gains

The dollar stood at 109.50 yen, almost flat from 109.51 yen in New York on Friday.

Published 07 Jun, 2021 01:05pm

Stocks

European stocks steady at open

London's benchmark FTSE 100 index rose 0.1 percent to 7,075.30 points.

Published 07 Jun, 2021 01:04pm

German industrial orders down as domestic demand falls

Industrial orders are closely watched as a key indicator of future economic activity, especially in manufacturing powerhouse Germany.

Published 07 Jun, 2021 01:03pm

Companies

Toyota apologises in settlement over harassment suicide

He said the Toyota settlement was "symbolic" and could have knock-on effects because the automaker is such a well-known and important firm in Japan.

Updated 07 Jun, 2021 01:00pm

Pakistan considers cut in import taxes for economic growth

Advisor to PM on Commerce and Investment Abdul Razak Dawood says proposal will be floated in the upcoming budget, reports Bloomberg

Published 07 Jun, 2021 11:55am

Stocks

Asia shares turn subdued ahead of US inflation test

So far, the reaction was muted with both Nasdaq and S&P 500 futures down 0.1%. EUROSTOXX 50 futures and FTSE futures eased 0.1%.

Published 07 Jun, 2021 11:54am

Energy

Oil eases as investors await Iran nuclear talks this week

Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted.

Published 07 Jun, 2021 11:52am

Stocks

South Korea stocks slip from near all-time high on profit-taking

Foreigners were net sellers of 226.7 billion won ($204.09 million) worth of shares on the main board.

Published 07 Jun, 2021 11:49am

Stocks

Nikkei edges up after US jobs data eases worries over Fed taper talk

Bank shares lost 1.0% as US bond yields eased to near their lowest levels on the payrolls data.

Published 07 Jun, 2021 11:47am

Stocks

China, Hong Kong stocks fall as exports miss estimates

The Hang Seng index dropped 0.8% to 28,695.18, while the Hong Kong China Enterprises Index lost 0.7% to 10,728.76.

Published 07 Jun, 2021 11:45am

Energy

US oil may rise to $71.28

A projection analysis reveals a higher target zone of $79.68-$84.47.

Published 07 Jun, 2021 11:44am

Energy

Brent oil may test resistance at $72.71

Support is at $71.38, a break below could cause a fall into $70.41-$70.95 range.

Published 07 Jun, 2021 11:40am

Commodities

LME copper neutral in $9,733-$10,029 range

The bias could be towards the downside, as the bounce triggered by the support at $9,733 looks so weak that it suggests a continuation of the downtrend.

Published 07 Jun, 2021 11:37am

Commodities

CBOT wheat may rise towards $7.18-1/2

Most likely, the current rise will consist of five waves as well.

Published 07 Jun, 2021 11:36am

Commodities

CBOT corn may revisit the May 11 high of $7.32-1/2

On the daily chart, corn could be riding on an extended fifth wave which is often seen in commodity markets.

Published 07 Jun, 2021 11:35am

Commodities

CBOT soybeans may rise to $16.67-1/2

On the daily chart, the wave count is a bit different. The contract is riding on a wave (5) which is expected to travel above the peak of the wave (3) at $16.67-1/2.

Published 07 Jun, 2021 11:32am

Bullion Rate

Spot gold may retreat into $1,864-$1,877 range

A break above $1,898 could lead to a gain into $1,911-$1,919 range.

Published 07 Jun, 2021 11:30am

Bullion Rate

Gold slips as firmer dollar offsets easing US bond yields

Silver dipped 0.7% to $27.58 per ounce, palladium fell 0.1% to $2,841.20, while platinum rose 0.2% to $1,164.37.

Published 07 Jun, 2021 11:27am

Forex

Yuan dips below key threshold on rising corporate dollar demand

By midday, the global dollar index rose to 90.153 from the previous close of 90.142, while the offshore yuan was trading at 6.3975 per dollar.

Published 07 Jun, 2021 11:24am

Forex

Dented by jobs miss, dollar teeters ahead of CPI

Also this week is Chinese trade balance data, which could give a reading on the fundamental forces behind the yuan's rapid rise, while the market's focus for the ECB is on whether the bank adjusts the pace of its bond buying programme.

Published 07 Jun, 2021 11:21am

Forex

Australia, NZ dollars take breather after volatile week

They expect the Aussie to trade with an 80 cent to 85 cent handle within the next six to 12 months, "unless faith in full economic re-opening in a post-vaccine world in H2 2020 proves misplaced".

Published 07 Jun, 2021 11:19am

Stocks

Australian shares flat as NAB, Crown fall on regulatory probe

Meanwhile, Victoria state on Monday reported its biggest rise in new local COVID-19 cases in a week.

Published 07 Jun, 2021 11:17am

Stocks

Australia shares to edge higher

The benchmark surged to a record high for a third straight session on Friday.

Published 07 Jun, 2021 11:15am

China's imports grow at fastest pace in decade as materials prices surge

China posted a $45.53 billion trade surplus for the month, wider than the $42.86 billion surplus in April but less than the $50.5 billion expected.

Published 07 Jun, 2021 11:10am

Stocks

Tokyo shares open higher following Wall Street gains

The dollar stood at 109.53 yen, almost flat from 109.51 yen in New York on Friday.

Published 07 Jun, 2021 11:02am

Commodities

Steam rises as India and Pakistan take basmati battle to EU

Pakistan immediately opposed India's move to gain Protected Geographical Indication (PGI) from the European Commission.

Published 07 Jun, 2021 10:35am

Stocks

Hong Kong shares fall in opening trade

The Hang Seng slid 0.81 percent, or 233.93 points, to 28,684.17.

Published 07 Jun, 2021 10:27am

Stocks

Asian markets lower on rate fears, G7 tech tax plan

The optimism faded in Asia, with markets mostly lower in Monday trade.

Published 07 Jun, 2021 09:59am

Money & Banking

CDNS gets fresh deposit of Rs700bn in 11 months

ISLAMABAD: The Central Directorate of National Savings (CDNS) has received a fresh deposit of Rs700 billion in the...