News Archives for Business & Finance - 2021-06-08

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Business & Finance - 2021-06-08

Financial

Euro zone bond yields fall to early May lows ahead of ECB

Germany's 10-year Bund yield, which is closely correlated with Treasuries, fell nearly 3 basis points to -0.234%, the lowest since May 7, falling below lows hit after Friday's US jobs data.
The deal came as a test for euro zone rates before the ECB meeting, ING said.

Published 08 Jun, 2021 09:14pm

Stocks

FTSE 100 lifted by miners, travel stocks; earnings shine

Intermediate Capital hits record high on jump in annual AUM.
Aviva advances as activist investor Cevian takes 5% stake.
FTSE 100 up 0.3%, FTSE 250 off -0.1%.

Published 08 Jun, 2021 09:09pm

Energy

Oil prices retreat but outlook remains positive

As oil is priced in dollars, a stronger greenback makes crude more expensive for buyers with other currencies.
China's crude imports were down 14.6% in May on a yearly basis also weighed on prices.

Published 08 Jun, 2021 09:02pm

Forex

Mexican peso extends gains; Peru's sol plumbs new lows

The currency is up about 0.7% for the year thanks to a rally since Friday which has seen it gain close to 2% so far.
The currency has lost almost 8% since Castillo's surprise win in the first round vote in April.

Updated 08 Jun, 2021 09:04pm

Forex

Loonie steadies as Canada posts surprise trade surplus

Canadian dollar trades in a range of 1.2071 to 1.2095.
Canada posts a trade surplus of C$594 million in April.
Price of US oil falls 0.6%.
Canadian 10-year yield hits its lowest in nearly two months.

Published 08 Jun, 2021 08:43pm

Forex

Sterling eases vs dollar, UK reopening eyed

The pound has been trading in a consolidation pattern against the dollar for three weeks now, largely caught in the $1.41-$1.42 range.
Sterling was 0.2% lower to the dollar at $1.4148. Against the euro it was 0.2% lower at 86.10 pence.

Published 08 Jun, 2021 08:33pm

Stocks

Abu Dhabi, Saudi manage small gains; other Gulf indexes muted

Saudi boosted by banks, telecoms.
Abu Dhabi extends gains.
Banks weak in Dubai, Qatar.
Lender CIB weighs on Egypt.

Published 08 Jun, 2021 08:23pm

Financial

Yield curve flatter after small business confidence slips

The benchmark 10-year yield was down 4 basis points at 1.5297% in morning trading. It reached as low as 1.513%, its lowest since May 7.

Published 08 Jun, 2021 08:15pm

Commodities

Global copper buyers must look elsewhere for concentrate as Indonesia cuts exports

"Between now and when Indonesia's new copper smelters commence production, smelters that have been reliant on material from Indonesian mines will need to find alternative concentrate sources."

Published 08 Jun, 2021 08:11pm

Stocks

TSX gains on surprise trade surplus

Toronto Stock Exchange's S&P/TSX composite index was up 16.5 points, or 0.08%, at 20,051.8
The energy sector dropped 0.7% as US crude prices were down 0.3% a barrel, while Brent crude lost 0.5%.

Published 08 Jun, 2021 08:03pm

Forex

FX volatility at Feb 2020 lows with dollar gaining slightly

FX volatility index falls to Feb 2020 levels.
Euro lower ahead of ECB meeting on Thursday.
Traders wait for policy cues before making new bets.

Published 08 Jun, 2021 08:01pm

Commodities

Gold falls on stronger dollar ahead of US inflation data

Focus on US inflation data, ECB policy meet on Thursday.
SPDR Gold Trust ETF holdings fall 0.6% on Monday.

Published 08 Jun, 2021 07:59pm

Stocks

Apple, Tesla boost Nasdaq; Inflation in focus

Tesla's China-made car sales up 29% in May from April
FAANGs up slightly after G7 tax plan
Meme stocks gain as short squeeze continues
Indexes: Dow down 0.08%, S&P up 0.15%, Nasdaq up 0.69%.

Published 08 Jun, 2021 07:52pm

Google loosens its search engine grip on Android devices in Europe

The move by the world's most popular internet search engine comes as the 27-country bloc considers rules that could be introduced next year to force Google, Amazon, Apple and Facebook to ensure a level playing field for competitors.

Published 08 Jun, 2021 07:40pm

Karachi to host Pakistan Auto Show 2021 in November

Event will be held between November 12 and 14 at Karachi Expo Centre

Published 08 Jun, 2021 07:38pm

Commodities

Raw sugar futures fall, arabica coffee also weakens

September London cocoa slipped 0.1% to 1,609 pounds per tonne.
July raw sugar rose 1.9% to 17.70 cents per lb, having settled down 1.9% on Monday.
July arabica coffee rose 0.3% to $1.6055 per lb, having settled down 1.5% on Monday, extending its retreat from last week's 4-1/2-year high of $1.6675.

Published 08 Jun, 2021 07:23pm

US trade deficit decreases slightly in April

The trade gap was $6.1 billion less than in March, which was revised up to $75 billion, the report said.

Published 08 Jun, 2021 07:02pm

World Bank warns uneven global recovery leaving poor nations behind

The global economy is now expected to grow 5.6 percent this year, 1.5 points faster than projected in January -- the fastest post-recession bounceback in 80 years.

Published 08 Jun, 2021 06:46pm

FIA arrests Bhojanis in billion-rupee fraud case

Bails were cancelled by District and Session Judge
Case was registered by FIA over complaint filed by Syed Tahir of Pak China Fertilizers Limited

Updated 08 Jun, 2021 09:18pm

Companies

Qatar Airways halts A350 deliveries after jet surface problem

"Qatar Airways continues to experience and has witnessed a condition in which the surface below the paint on some of its Airbus A350 aircraft has been degrading at an accelerated rate."
"Qatar Airways will require this condition and its underlying root cause to be fully understood and corrected before the delivery of any further Airbus A350 aircraft."

Published 08 Jun, 2021 05:36pm

Companies

China's Tsingshan to ramp up aluminium production in Indonesia in 2023

Tsingshan made a name for itself in the global nickel market by investing heavily in Indonesia, which banned nickel ore exports from 2020.
Tsingshan would ramp up capacity to 500,000 tonnes per year in 2023, without providing a time for the start of production.

Published 08 Jun, 2021 05:28pm

Commodities

Copper ticks higher, but vulnerable to further losses

Three-month copper on the London Metal Exchange had edged up 0.1% to $9,914 a tonne.
Shanghai copper prices fell, closing 0.4% lower at 71,420 yuan.

Published 08 Jun, 2021 05:25pm

Energy

Qatar increases crude oil prices in July

June prices were set at $1.00/bbl above the Oman/Dubai average for the Marine crude and $0.70/bbl above Oman/Dubai average for Land crude.

Published 08 Jun, 2021 05:21pm

Companies

China tells PetroChina to stop trading off oil quotas with teapots

Move could cut China's crude oil imports by 3%-sources.
Probe to remove 12-16 mtpa crude imports by independent plants.
Fuel surplus, climate goals main drivers behind decision.

Published 08 Jun, 2021 05:18pm

Forex

FX volatility falls to pre-pandemic lows as traders wait it out

FX volatility index falls to Feb 2020 levels.
Euro lower ahead of ECB meeting on Thursday.
Traders wait for policy cues before making new bets.
Sterling dips after recent run higher.

Published 08 Jun, 2021 05:16pm

Commodities

Palm falls for second day on forecasts of higher output, stockpiles

Market talks of Indonesia export levy cut weigh.
MPOA sees 7% monthly rise in May output –traders.

Published 08 Jun, 2021 05:05pm

Stocks

Indian shares end slightly lower as global inflation worries weigh

The blue-chip NSE Nifty 50 index closed down 0.07% at 15,740.10, while the benchmark S&P BSE Sensex settled 0.1% lower at 52,275.57.
"As the Nifty approaches the 16,000 mark, there is a bit of buyer exhaustion, but sectoral rotation is keeping markets buoyant."

Published 08 Jun, 2021 05:05pm

Kia and Hyundai delay deliveries in Pakistan as chip shortage takes toll

Hyundai Nishat CEO says logistic and operational challenges causing disruption
Global supply-chain issue could take months to resolve, says FT report

Updated 08 Jun, 2021 05:55pm

Financial

Bank of England launches climate stress test for banks and insurers

Protesters have urged banks like HSBC and Barclays to stop financing fossil fuels.

Published 08 Jun, 2021 03:45pm

Mutual Funds

Euro zone bond yields edge lower ahead of ECB meeting, US data

Italy's 10-year government bond yields were flat at 0.918%.

Published 08 Jun, 2021 03:43pm

Mutual Funds

European debt agencies prepared for ECB tapering

Addressing concerns about debt sustainability, she added that financing needs should fall as the euro zone economy recovers.

Published 08 Jun, 2021 03:42pm

SBP relaxes measures for account holders

Relaxation part of efforts to ease processes amid pandemic

Published 08 Jun, 2021 01:59pm

Stocks

Tokyo's Nikkei closes lower

Japan's economy contracted 1.0 percent during the three months to March, compared with the previous estimate of a 1.3 percent quarter-on-quarter contraction, revised Cabinet Office data showed.

Published 08 Jun, 2021 12:41pm

Stocks

European stocks steady at open awaiting key events

London's benchmark FTSE 100 index edged up 0.1 percent to 7,083.22 points.

Published 08 Jun, 2021 12:37pm

Companies

Tesla veteran and trucking chief leaves company

Tesla shares fell 0.7% in after market trading.

Published 08 Jun, 2021 12:36pm

Stocks

China stocks fall as liquor makers tumble on valuation worries; Hong Kong down

Yan said liquor stocks would face a big correction going forward.

Published 08 Jun, 2021 12:34pm

Stocks

Nikkei falls as market heavyweights offset gains in drugmakers

Kawasaki Kisen Kaisha, up 5.38%, was the biggest gainer on Nikkei, followed by Daiichi Sankyo.

Published 08 Jun, 2021 12:29pm

Stocks

Asia shares pare gains on caution, oil falls again

Gold prices edged lower on Tuesday, weighed down by an uptick in the dollar. Spot gold was down 0.12% at $1,896.71 per ounce, as of 0534 GMT.

Published 08 Jun, 2021 12:28pm

Forex

South Africa's rand falls ahead of GDP data

In fixed income, the yield on the benchmark government bond due in 2030 was up 0.5 basis point to 8.755% in early deals.

Published 08 Jun, 2021 12:26pm

Companies

Thai industries sentiment hits 11-month low in May

Thailand on Tuesday reported 2,662 new infections and 28 new deaths, with the current outbreak accounting for more than 80% of its total and about 93% of fatalities.

Published 08 Jun, 2021 12:24pm

Stocks

Australia shares off record peak as focus shifts to US data

New Zealand's benchmark S&P/NZX 50, trading after an extended weekend break, closed 0.2% higher at 12,517.65.

Published 08 Jun, 2021 12:21pm

Energy

Oil drops again on doubts over demand rebound

Restraint on supply by the Organization of the Petroleum Exporting Countries and allies has also helped buttress prices.

Published 08 Jun, 2021 12:18pm

Amazon to invest $3 billion to open data centres in Spain in 2022

The cloud computing service unit of Amazon, Amazon Web Services, will invest the amount over a period of ten years, the company said.

Published 08 Jun, 2021 12:17pm

Forex

Asia's FX steady as traders hold off bets ahead of US inflation report

Singapore stocks trimmed earlier losses that were largely in real estate firms and banks.

Published 08 Jun, 2021 12:13pm

Singapore says will make needed changes to corporate tax once consensus on G7 plan

Singapore's competitiveness was not just based on its low tax rates and generous incentive programme, according to Wong.

Published 08 Jun, 2021 11:36am

Japan upgrades Q1 GDP on smaller hit to domestic demand

The government has come under political pressure to water down an already stretched fiscal target this year as the cost to combat the health crisis accumulates.

Published 08 Jun, 2021 11:34am

Mutual Funds

Thirty-year JGB yields fall, reversing course after smooth auction

The 10-year JGB yield was flat at 0.075%, and the two-year yield was also unchanged at minus 0.125%.

Published 08 Jun, 2021 11:33am

Commodities

Indonesia's Jan-May coal output at 237mn tonnes

The government in April raised Indonesia's 2021 coal output target from an initial 550 million tonnes to allow for more exports.

Published 08 Jun, 2021 11:30am

Energy

Oman LNG and Shell sign agreement for carbon-neutral LNG

The cargo is the first carbon-neutral LNG from the Middle East using nature-based carbon credits.

Published 08 Jun, 2021 11:26am

Stocks

Indian shares erase gains as global inflation worries weigh

Heavyweight software companies Infosys Ltd and Tata Consultancy Services Ltd gained 1.1% and 0.8%, respectively, lifting the Nifty IT index by 1.41%.

Published 08 Jun, 2021 11:08am

Bullion Rate

Gold eases on firmer dollar as focus shifts to US inflation data

"I expect gold to jump around in a choppy $1,860 to $1,900 range this week, with last week's high at $1,917 an ounce unlikely to be retested this week."

Published 08 Jun, 2021 11:05am

Forex

Stronger midpoint lifts China's yuan ahead of US inflation data

Surging demand for raw materials lifted growth in China's imports to its fastest pace in 10 years in May, although export growth slowed more than expected as COVID-19 cases disrupted major ports.

Published 08 Jun, 2021 11:03am

Commodities

Shanghai copper eases on US tightening worries, softer Chinese demand

Higher interest rates could reduce money supply and potentially prompt investors to pull back from riskier assets such as metals.

Published 08 Jun, 2021 11:01am

Forex

Australia, NZ dollars return to range prison after breakout fails

He also expects another round of bond buying, though smaller than the current A$100 billion package which ends in September.

Published 08 Jun, 2021 10:58am

Forex

Indonesia forex reserves drop to $136.4bn in May

April's $138.8 billion reserve level was Indonesia's highest on record.

Published 08 Jun, 2021 10:57am

Forex

Dollar subdued as investors look to key US inflation gauge

Cryptocurrencies were also little moved. Bitcoin traded flat at $33,564, while ether stood at $2,581.

Published 08 Jun, 2021 10:55am

Stocks

Australian shares inch higher as gold stocks shine; NZ rises

Miners fell up to 0.6% as softer iron ore prices weighed.

Published 08 Jun, 2021 10:54am

Stocks

Australia shares to open flat, NZ up

The local share price index futures were up 0.07%, a 4.1-point premium to the underlying S&P/ASX 200 index close.

Published 08 Jun, 2021 10:53am

Commodities

Palm oil drops 4% on forecasts of higher output, stockpiles

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Published 08 Jun, 2021 10:51am

Companies

Renault-Nissan's India unit wants state govt to set social distancing rules

The Renault-Nissan plant resumed operations last week after workers earlier went on strike saying they felt unsafe due to a rising number of coronavirus infections at the factory.

Published 08 Jun, 2021 10:47am

Stocks

Tokyo stocks open lower after mixed US close

The latest reading, released before the opening bell, did not prompt strong market reaction.

Published 08 Jun, 2021 10:34am

Stocks

Hong Kong shares rise at start

The Hang Seng Index added 0.39 percent, or 113.24 points, to 28,900.52.

Published 08 Jun, 2021 10:27am

Stocks

Asian markets struggle ahead of US inflation report

"The reality is that this was well flagged as much as a fortnight ago (soon after President Biden publicly endorsed the 15 percent figure)," said National Australia Bank's Ray Attrill.

Published 08 Jun, 2021 10:14am

Final round of talks with IMF: Govt to strive for as much fiscal space as possible

ISLAMABAD: The government’s economic team led by finance minister Shaukat Tarin will hold the final round of talks...

Published 08 Jun, 2021 04:09am

Tarin reviews budget proposals with PSX MD/CEO

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin, chaired a meeting here at the Finance Division...

Published 08 Jun, 2021 04:09am

Commodities

Raw sugar futures fall, arabica coffee also weakens

Dealers said the weather in the Centre-South region of Brazil remained a focus with some showers forecast this week although overall conditions remain dry.

Published 08 Jun, 2021 12:48am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / May 3	278.23
USD PKR Interbank Buying / May 3	278.03
USD to Japanese Yen / May 3	153.05
USD to Swiss Franc / May 3	0.91
Pound Sterling to USD / May 3	1.25
Euro to USD / May 3	1.08

Stock	Volume
S&P 500 / May 3	5127.79
India Sensex / May 3	73878.15
Tokyo Nikkei / May 3	38236.07
Nasdaq / May 3	16156.33
Hang Seng / May 3	18475.92
FTSE 100 / May 3	8213.49
Dow Jones / May 3	38675.68
Germany DAX 30 / May 3	18001.60

Item	Value
Crude Oil USD/Barrel / May 3	78.11
Karachi Cotton PKR/37.32 KG / May 3	20535
Gold 10 Grams PKR / May 3	205418
Gold Spot USD/Ounce / May 3	2301.74
Cotton US¢/pound / May 3	78.06
Petrol/Litre / May 6	288.49

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / May 6 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / May 6 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / May 6 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / May 6 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / May 6 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / May 6 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / May 6 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / May 6 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / May 6 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / May 6 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / May 6 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / May 6 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / May 6 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / May 6 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / May 6 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / May 6 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / May 6 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / May 6 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / May 6 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / May 6 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / May 6 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / May 6 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / May 6 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / May 6 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / May 6 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / May 6 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / May 6 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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