News Archives for Business & Finance - 2021-06-09

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Business & Finance - 2021-06-09

Commodities

Gold range-bound as market awaits U.S. inflation cues

Gold is considered a hedge against inflation likely spurred by large stimulus from central banks and governments around the world.

Published 09 Jun, 2021 11:12pm

Energy

US crude stocks down, fuel inventories rise: EIA

Crude inventories fell by 5.2 million barrels in the week to June 4 to 474 million barrels.
Futures pared gains after the report. US crude was up 28 cents to $70.33 a barrel.

Published 09 Jun, 2021 08:35pm

Commodities

Gold listless as market awaits US inflation cues

China factory gate prices rise at fastest in over 12 years.
Fed likely to keep policy loose for now, analyst says.

Published 09 Jun, 2021 08:33pm

Money & Banking

Chile's central bank raises predictions for 2021 growth, inflation

The bank said gross domestic product would increase by 8.5% to 9.5% in 2021, up from its previous prediction in March of 6% to 7%.

Published 09 Jun, 2021 08:32pm

Stocks

Wall Street edges higher on tech gains, 'meme' stocks rally

Campbell Soup falls after profit misses estimates.
Clover Health's surge continues, GME results awaited.
Merck & Co rises as govt looks to buy COVID treatment.
Indexes: Dow down 0.09%, S&P up 0.12%, Nasdaq up 0.42%.

Published 09 Jun, 2021 08:30pm

Stocks

TSX stays in the red as BoC holds rates, financials fall

Toronto Stock Exchange's S&P/TSX composite index was down 74.52 points, or 0.37%, at 19,991.4.
Eight of the index's 11 major sectors were trading lower, led by the financials sector, which slipped 0.8%.

Published 09 Jun, 2021 08:28pm

Forex

Loonie gains as Bank of Canada's outlook supports further taper

Canadian dollar rises 0.2% against the greenback.
Bank of Canada leaves key interest rate at 0.25%.
Price of US oil increases 0.2%.
Canadian 10-year yield hits a near 3-month low.

Published 09 Jun, 2021 08:26pm

Forex

Dollar inches lower as focus turns to upcoming data, ECB meeting

US dollar index edge down.
Dollar seen vulnerable to inflation surprises on either side.
Bank of Canada leaves rates unchanged.

Published 09 Jun, 2021 08:24pm

Forex

Most Latam FX gain; Mexican peso up for 4th straight day

"Copom will (also) probably signal that another 75 basis point hike is on the cards at the subsequent meeting in August."
Rising for a fourth straight session, Mexico's peso was up 0.5%, not far from 2021 highs hit in January.

Published 09 Jun, 2021 08:22pm

Stocks

Stocks hover near highs as bond yields dip

10-year US debt yield at lowest since May.
World stocks hover near record highs.
Biden stimulus efforts stymied by Senate ruling.
Inflation fears ebb, Fed taper talk in check.

Published 09 Jun, 2021 08:17pm

Commodities

Financial investors raise net long position in Euronext wheat

Commercial participants lowered their net short position to 110,351 contracts from 116,691 a week earlier.
In Euronext's rapeseed futures and options, non-commercial market participants increased their net short position to 12,119 contracts from 10,594 a week earlier.

Updated 09 Jun, 2021 08:20pm

Companies

Volkswagen to get $351mn in dieselgate settlement with former execs

Most of compensation from insurance payouts.
Winterkorn to pay 11.2mn euros, Stadler 4.1mn.
Prosecutors charge Winterkorn with false testimony.

Updated 09 Jun, 2021 07:53pm

Companies

Ferrari turns to tech for an electric era chief

Ferrari appoints ST's Benedetto Vigna as new CEO.
Vigna, 52, will start as Ferrari CEO on Sept. 1.
Manager has a 26 years experience in chip industry.
Vigna also needs to revive Ferrari's F1 fortunes.

Updated 09 Jun, 2021 07:46pm

Stocks

Bond yields hit fresh 1-month low as taper bets recede

10-year US debt yield at lowest since May.
World stocks near record highs.
Some see Fed stimulus in place for some time.
US oil near 2 1/2-year high

Published 09 Jun, 2021 07:11pm

Money & Banking

Turkey's C/A deficit seen at $2.2bn in April

Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.
The median estimate for the full-year deficit was $25 billion, in a range of $23 billion to $29.09 billion.

Published 09 Jun, 2021 07:02pm

Energy

India's natural gas consumption starts to rebound in June

"In the Indian market there was some slowdown, but the situation is not as bad as last year," Manoj Jain.
Due to falling local gas consumption in April and May, GAIL diverted two cargoes to international markets while Petronet deferred one cargo for delivery in June.

Published 09 Jun, 2021 06:52pm

Growing market power of Siri, Alexa, Google a concern, EU regulators say

"We saw indications that some practices that we know too well may lead to tipping and to the emergence of gatekeepers," European Competition Commissioner Margrethe Vestager told reporters.

Published 09 Jun, 2021 06:49pm

Exports increase by 13.97pc in 11 months

The exports during July-May (2020-21) were recorded at $22.560 billion against the exports of $19.795 billion during July-May (2019-20).

Published 09 Jun, 2021 06:45pm

Companies

China's Meituan on hiring spree for 60,000 jobs as expands into new sectors

The Beijing-based company's aggressive hiring plan comes amid regulators' tightened scrutiny on the platform companies in the country.
China's market watchdog announced an antitrust probe into Meituan in April, focusing on a practice whereby a company forces vendors to use its platform exclusively.

Published 09 Jun, 2021 06:45pm

KSE-100 loses 370 points to close at 47,778

PSX sees decline for second successive day

Published 09 Jun, 2021 06:42pm

Commodities

Gold stays below $1,900/oz ahead of US inflation data, ECB meeting

US 10-year yields touch more than 1-month low.
China May factory gate prices rise at fastest in over 12 yrs.
Too sharp a rise in inflation rate could pressure gold – analyst.

Published 09 Jun, 2021 06:35pm

Commodities

Copper slips as Chinese factory gate prices surge

Benchmark copper on the London Metal Exchange (LME) was down 0.6% at $9,904.50 a tonne in official trading, off a record high of $10,747.50 reached on May 10.
Chinese Yangshan copper import premiums fell to $26, the lowest in at least 9 years, pointing to weak demand for overseas metal.

Published 09 Jun, 2021 06:31pm

Energy

Brent oil benchmark hits 2-year high, WTI highest since 2018

Top US diplomat sees hundreds of sanctions on Iran to remain.
API shows drawdown in US crude stocks; EIA data due later Wed.
Oil demand expected to grow in H2 as lockdowns ease.

Published 09 Jun, 2021 06:28pm

Stocks

Indian shares slip from record peaks as Reliance drags

The blue-chip NSE Nifty 50 index closed 0.67% lower at 15,635.35 after earlier hitting an all-time high, while the benchmark S&P BSE Sensex fell 0.64% to 51,941.64.
The Nifty Bank index slipped 0.8% to its lowest in nearly two weeks.

Published 09 Jun, 2021 06:20pm

El Salvador first country to approve bitcoin as legal tender

El Salvador's main currency is the US dollar
It remains unclear how the country plans to implement bitcoin as a functioning currency

Published 09 Jun, 2021 05:31pm

Service Long March Tyres to start manufacturing plant this month, says Dawood

Development shared by advisor to PM on trade and investment

Updated 09 Jun, 2021 05:27pm

Commodities

Malaysia's KLK offers $372mn for majority stake in IJM Plantations

IJM Corp said it has received a letter from KLK, one of the largest palm oil planters in the country, offering to acquire its 56.2% equity holding at 3.10 ringgit per share.
The offer, at a 26% premium to IJM Plantations' last traded share price of 2.46 ringgit, values the palm oil producer at 2.73 billion ringgit.

Updated 09 Jun, 2021 06:19pm

Stocks

Sri Lankan shares boosted by consumer staples, material stocks

The CSE All-Share Index ended up 0.29% at 7,564.26. The index has posted gains in 9 sessions out of the last 11.
Trading volume fell to 84 million from 97.9 million in the previous session.

Updated 09 Jun, 2021 06:22pm

Pakistan aiming to export mobile devices this year

PTA is optimistic on ability of companies to help country earn foreign exchange revenue

Published 09 Jun, 2021 04:21pm

Commodities

Iron ore jumps on supply concerns, shrugs off China price watch

Construction steel rebar on the Shanghai Futures Exchange rose 1.3%, while hot-rolled coil gained 2.1%. Stainless steel added 2.1%.

Published 09 Jun, 2021 01:29pm

Commodities

Algeria buys 420,000 to 500,000 tonnes milling wheat in tender

Several traders cited 480,000 tonnes.

Published 09 Jun, 2021 01:27pm

Companies

AirAsia has grounded around 90% of fleet amid COVID-19 surge

AirAsia Group last month reported its seventh consecutive quarterly loss and said it was continuing efforts to secure more liquidity.

Published 09 Jun, 2021 01:25pm

Mutual Funds

Greece follows Italy with bond sale ahead of ECB

"It is clear that the market is pricing in the extension of the ECB's accelerated asset purchase pace as a base case," ING analysts told clients.

Published 09 Jun, 2021 01:16pm

Energy

Gulf markets up as oil prices rise; deals boost UAE, Bahrain

GFH traded 0.5% higher.

Published 09 Jun, 2021 01:13pm

Mutual Funds

JGB yields decline tracking US Treasuries, in afterglow of 30-year tender

The 40-year JGB yield fell 1 basis point to 0.710%.

Published 09 Jun, 2021 01:11pm

Stocks

Australian shares end lower as banks, Woolworths drag

New Zealand's benchmark S&P/NZX 50 index closed 0.4% higher at 12,566.5, with movie software maker Vista Group as the top gainer.

Published 09 Jun, 2021 01:09pm

Forex

Yuan edges higher in thin trade, market awaits US inflation data

By midday, the global dollar index fell to 90.085 from the previous close of 90.127, while the offshore yuan was trading at 6.3942 per dollar.

Published 09 Jun, 2021 01:05pm

Stocks

European stocks steady at open

London's benchmark FTSE 100 index dipped 0.3 percent to 7,074.92 points.

Published 09 Jun, 2021 01:02pm

SoftBank-backed Doordash enters Japan

Services will be initially limited to the city of Sendai in Miyagi prefecture.

Published 09 Jun, 2021 12:57pm

Companies

UK launches action against Ryanair and BA over refunds

During periods of lockdown across Britain, the airlines refused to give refunds to people that were lawfully unable to fly.

Published 09 Jun, 2021 12:53pm

Las Vegas Sands faces $12 billion claim in Macau court

In its latest annual report, Sands said its management was "currently unable to determine the probability of the outcome of this matter or the range of reasonably possible loss, if any."

Published 09 Jun, 2021 12:50pm

Fastly blames software bug for major global internet outage

Company was behind major global internet outage this week

Published 09 Jun, 2021 12:47pm

Stocks

World stocks near record high, US bond yields near 1-month low

Investors have scaled back expectations that the European Central Bank may indicate a plan to reduce its asset purchases when it reviews policy on Thursday.

Published 09 Jun, 2021 12:47pm

Stocks

Japan shares end lower on caution ahead of US inflation data; Eisai jumps

After Eisai, Sumitomo Realty and Development Co was the best performer on the Nikkei, with a 7.55% rally. Mitsubishi Estate and Tokyo Tatemono followed suit, rising 4.05% and 3.75%, respectively.

Published 09 Jun, 2021 12:33pm

Stocks

Japan shares slip on caution ahead of US inflation data, Eisai extends gains

Semiconductor firm Lasertec tumbled about 6%, declining for a third day after climbing to a record peak.

Published 09 Jun, 2021 12:31pm

Stocks

China shares rise as coal firms gain on factory-gate inflation data

Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.22% while Japan's Nikkei index was down 0.34%.

Published 09 Jun, 2021 12:28pm

Commodities

Palm oil may test resistance at 4,010 ringgit

Key support is at 3,888 ringgit, a break below which could cause a fall to 3,738 ringgit.

Published 09 Jun, 2021 12:27pm

Energy

Brent oil may test resistance at $72.71

A bullish wedge suggests a target around $75.

Published 09 Jun, 2021 12:24pm

Bullion Rate

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

The failures indicate an extension of the correction from the June 1 high of $1,916.40. Three waves make up the correction. The third wave labelled c is unfolding.

Published 09 Jun, 2021 12:22pm

Bullion Rate

Gold firms on lower bond yields; US data, ECB meet in focus

A global equity benchmark and two key European stock indexes touched new highs on Tuesday.

Published 09 Jun, 2021 12:19pm

Forex

Australia, NZ dollars becalmed, bond yields hit 4-month lows

Kent reiterated that the bank did not expect domestic inflation to return to its 2-3% target band until 2024 at the earliest, so policy would need to stay very accommodative.

Published 09 Jun, 2021 12:16pm

Companies

Ferrari turns to world of tech for its new CEO

Vigna, who is also a member of the STMicroelectronics Executive Committee, will leave the company on Aug. 31.

Published 09 Jun, 2021 12:12pm

Forex

Dollar teeters as inflation test looms

The ECB is expected to keep policy settings steady, but the euro is likely to be sensitive to changes in the bank's economic forecasts or any signal that the pace of bond buying could be reduced in months ahead.

Published 09 Jun, 2021 12:06pm

Stocks

Australian shares hit record high on miners boost; NZ climbs

Technology stocks rose 0.46%, led by a gain of 5.15% in EML Payments Ltd. This was followed by Nearmap Ltd , which rose 3.53%.

Published 09 Jun, 2021 11:59am

Commodities

India's booming corn exports amid global rally ease supply worries

Indian exports are expected to reach around 2.6 million tonnes in 2021, the highest in seven years, traders and analysts estimated.

Published 09 Jun, 2021 11:57am

Energy

Oil prices climb on signs of strong fuel demand recovery

Stockpile data from the US Energy Information Administration is due on Wednesday at 1430 GMT.

Published 09 Jun, 2021 11:56am

Stocks

Australia shares to open slightly higher; NZ rises

The benchmark ended firmer at 7,292.6 in the previous session.

Published 09 Jun, 2021 11:49am

Companies

Boeing seeks renegotiation of Air Force One contract

"We thought this was maybe a program where the government actually got a good deal," he said.

Published 09 Jun, 2021 11:47am

Stocks

Tokyo stocks open lower as investors hunt leads

The Japanese health ministry may approve the drug by the end of this year, the latest local reports said.

Published 09 Jun, 2021 11:46am

Stocks

Hong Kong shares flat at open

The Hang Seng Index inched down 10.24 points to 28,771.14.

Published 09 Jun, 2021 11:45am

Global tax still far from becoming reality

The country has a 25 percent corporate tax rate which drops to 15 percent for high-tech companies.

Published 09 Jun, 2021 11:36am

Amazon may prove exception to global tax rules

Such measures allow Amazon to considerably lower its tax bill.

Published 09 Jun, 2021 11:28am

Companies

China's factory prices soar in May but consumers avoid cost surge

Dong said Wednesday that "live pig production continued to recover and the pork supply continued to increase".

Published 09 Jun, 2021 11:19am

Financial

Bitcoin proves double-edged sword for criminals

"Following the money remains one of the most basic, yet powerful, tools we have," US Deputy Attorney General Lisa Monaco said on Monday.

Published 09 Jun, 2021 11:04am

Stocks

Asian markets mostly down as investors jostle before inflation, ECB

"Whilst the Fed reassures that this spike in inflation is temporary, policy makers will need to be out in their droves to calm the market."

Published 09 Jun, 2021 10:49am

Energy

Clean investment surge needed to meet climate goals: IEA

He said in a statement accompanying the report that delivering cleaner emissions constituted "a massive investment opportunity" that would provide job opportunities.

Published 09 Jun, 2021 10:11am

Industry

LCCI urges govt to redress grievances of marriage halls

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) have urged the government to address the grievances of...