News Archives for Business & Finance - 2021-06-10

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Business & Finance - 2021-06-10

Forex

South Africa's rand rallies after US inflation data

Shares on the Johannesburg Stock Exchange (JSE) slipped a tad from the previous day's closing but largely brushed off concerns of higher inflation in the United States.

Published 10 Jun, 2021 10:45pm

Stocks

UK blue chips end higher as telecoms group BT surges on stake buy

The European Central Bank also pledged to keep monetary policy loose despite lifting its growth and inflation projections for the euro zone.

Updated 10 Jun, 2021 10:45pm

'CryptoPunk' NFT sells for $11.8mn: Sotheby's

Two other Alien CryptoPunk NFTs have sold for more than $7 million each in previous sales. Anyone can view the artworks the NFTs represent, but only the buyer has the official status of being the owner.

Published 10 Jun, 2021 10:06pm

Stocks

US stocks climb despite sizzling inflation

US stocks pushed higher despite the prospect of a stimulus slowdown and a quicker rise in interest rates, as other data showed that first-time claims for jobless benefits continued to fall last week.

Published 10 Jun, 2021 10:00pm

Energy

Oil prices boosted by rising US inflation

US crude stocks down, fuel inventories rise – EIA.
Libya to ramp up output after fixing pipeline leak – source.
India's May fuel demand hits 9-month low.

Published 10 Jun, 2021 08:31pm

Commodities

Gold shakes off losses to edge up after US CPI data

ECB keeps monetary policy unchanged.
US CPI rises 0.6% in May.
'Transitory' inflation may dim gold's demand, analyst says.

Published 10 Jun, 2021 08:29pm

Commodities

Copper falls on China's pledge to cool prices, low premiums

Benchmark three-month copper on the London Metal Exchange (LME) eased 1.5% to $9,834.50 per tonne in official trading.
Copper inventories climbed 2,100 tonnes to a one-month high of 131,775 tonnes.

Published 10 Jun, 2021 08:26pm

Stocks

Energy stocks lift TSX as oil prices rise

Toronto Stock Exchange's S&P/TSX composite index was up 40.42 points, or 0.2%, at 20,042.69.
On the TSX, 138 issues were higher, while 85 issues declined for a 1.62-to-1 ratio favouring gainers, with 23.05 million shares traded.

Published 10 Jun, 2021 08:25pm

Stocks

S&P 500 hits record high as Wall Street brushes off higher inflation data

Meme stocks flit between gains and losses.
Boeing gains on possible UAL order.
Indexes up: Dow 0.67%, S&P 0.65%, Nasdaq 0.79%.

Published 10 Jun, 2021 08:23pm

Forex

Dollar oscillates as market digests US inflation data, ECB

FX volatility at lowest since February 2020.
Traders eye steep US inflation numbers.
Bitcoin steady after biggest rally in four months.

Published 10 Jun, 2021 08:21pm

Forex

Canadian dollar steadies near 6-day low as US inflation rises

Loonie touches six-day low at 1.2127.
Price of US oil increases 0.5%.
Canadian bond yields rise across steeper curve.

Published 10 Jun, 2021 08:18pm

Forex

EM FX turn positive; Mexican peso recovers from central bank reshuffle falls

MSCI's index of EM currencies rose 0.1% with Brazil's real rallying strongly as attention turned to next week's central bank meeting.
Mexico's peso erased early losses after a reshuffle of the central bank governor and finance minister on Wednesday, to rise 0.2%.

Updated 10 Jun, 2021 08:17pm

Commodities

Raw sugar futures edge higher, arabica also rises

July raw sugar rose by 0.02 cent, or 0.1%, to 17.75 cents per lb.
July arabica coffee rose by 1.25 cents, or 0.8%, to $1.5845 per lb.
September London cocoa rose by 12 pounds, or 0.75%, to 1,621 pounds a tonne.

Published 10 Jun, 2021 06:59pm

ECB lifts growth, inflation projections, sees risks as balanced

Inflation is now seen averaging 1.9% this year, above the 1.5% projected in March, while in 2022 it is seen at 1.5%, against an earlier projection for 1.2%.

Published 10 Jun, 2021 06:45pm

Pakistan's foreign exchange reserves reach $23.6 billion

SBP receives proceeds from Green Eurobond, reserves held by central bank reach $16.4 billon

Published 10 Jun, 2021 06:32pm

Microsoft plans to tap smart TVs, streaming devices for Xbox games

Xbox is also building its own streaming devices for cloud gaming to reach gamers on any TV or monitor without the need for a console.
"I am looking forward to how we continue to invest in Game Pass, to add more content and bring the service to even more geographies."

Published 10 Jun, 2021 06:32pm

Energy

Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half

Keeps 2021 oil demand growth forecast at 5.95 mln bpd.
But OECD demand not expected to fully recover from 2020 collapse.
OPEC May output rises by 390,000 bpd as Saudi, Iran pump more.
Says OPEC+ has substantially led the way towards rebalancing.

Published 10 Jun, 2021 06:28pm

Energy

Oil prices rebound after knock from US driving season data

US crude stocks down, fuel inventories rise – EIA.
Libya to ramp up output after fixing pipeline leak – source.
India's May fuel demand hits 9-month low.
Upcoming: US jobless claims, inflation data, OPEC monthly report.

Published 10 Jun, 2021 06:25pm

Commodities

Gold slips on dollar strength, caution ahead of US CPI data

ECB keeps policy unchanged.
Gold hits one-week low at $1,875.89/oz.

Published 10 Jun, 2021 06:22pm

Commodities

Copper falls on China's pledge to cool metals prices

Benchmark three-month copper on the London Metal Exchange (LME) eased 1.5% to $9,832 per tonne.
China is looking to release 800,000-900,000 tonnes of primary aluminium.

Published 10 Jun, 2021 06:21pm

Forex

Kenyan shilling seen steady, Zambian kwacha under pressure

Kenya's shilling is expected to hold steady in the next week, as the market digests contents of the East African economy's 2021/22 fiscal budget, such as new tax measures.

Published 10 Jun, 2021 06:13pm

Stocks

Financials boost Indian shares; US inflation data eyed

The blue-chip NSE Nifty 50 index rose 0.65% to 15,737.75 and the benchmark S&P BSE Sensex climbed 0.69% to 52,300.47 at close. Both the indexes are set for a fourth straight weekly gain.
In Mumbai trading, Bajaj Finance Ltd, State Bank of India and HDFC Ltd were among the top boosts to the Nifty 50, gaining between 0.7% and 7.3%.

Published 10 Jun, 2021 06:07pm

Stocks

Financials, industrials drive Sri Lankan shares higher

The CSE All-Share Index ended up 0.49% at 7,569.70. The bourse rose 0.4% in the past week and is up 12.2% for the year so far.
Still, the CSE index is off 15.8% from its lifetime high on January 29, 2021

Published 10 Jun, 2021 06:05pm

Commodities

Palm oil falls to seven-week low on tepid June exports

Malaysia's June 1-10 exports fall 14%.
MPOB May supply and demand data below expectations.
May stocks rose only 1.49% to 1.57mn tonne–MPOB.

Published 10 Jun, 2021 05:58pm

Money & Banking

French and Swiss central banks to trial wholesale digital currencies

The experiment will focus on the bank-to-bank 'wholesale' lending market rather than everyday public transactions but will be the first time a digital euro and Swiss franc have been fully tested.
The eurozone is adapting to a "strong trend" towards the digitalisation of payments," said Bank of France Deputy Governor Sylvie Goulard.

Published 10 Jun, 2021 05:58pm

Key highlights of Economic Survey 2020-21

Per capita income stands at $1,543 in outgoing fiscal year

Updated 10 Jun, 2021 06:19pm

Stocks

World shares, dollar hit pause ahead of US inflation data

MSCI World Index and dollar index both flat.
US May CPI: seen +0.4% mm, +3.4% yy - Reuters poll.
ECB expected to maintain stimulus at latest meet.
Wall St seen opening mixed; S&P futures flat.

Published 10 Jun, 2021 05:36pm

SBP issues commemorative coin to mark 70th anniversary of Pak-China relations

Will be issued through exchange counters from 11 June

Published 10 Jun, 2021 05:03pm

Money & Banking

India central bank to buy 400bn rupees worth securities on June 17

The central bank had said it will buy 1 trillion rupees worth securities between April and June to help markets absorb the government's massive 12.06 trillion rupees in borrowing.

Published 10 Jun, 2021 05:03pm

Commodities

China eyes releasing up to 900,000 tonnes of aluminium reserves

"The stock releases could ... offset some of the shortages caused by imposed curtailments in Yunnan and Inner Mongolia."
China churned out 3.35 million tonnes of primary metal in April.

Updated 10 Jun, 2021 04:49pm

Money & Banking

Bank regulators plot toughest capital rule for bitcoin

Regulators plan first global crypto capital rule.
Cryptocurrencies face toughest treatment.
Central bank digital currencies excluded from plan.

Updated 10 Jun, 2021 04:53pm

Furnace oil and the future of Pakistan's refining industry

Over the past few years, Pakistan has managed to adequately alter its energy mix which was previously lopsided...

Updated 10 Jun, 2021 02:44pm

Stocks

Hong Kong stocks end flat as US data awaited

Eyes were also on Sino-US relations.

Published 10 Jun, 2021 01:26pm

Companies

Pakistan’s Dawaai raises $8.5 million amid expansion plans

Hopes to use recent investment to grow its infrastructure expansion and technology

Updated 10 Jun, 2021 01:15pm

Stocks

European stocks steady before ECB, US inflation

London's benchmark FTSE 100 index edged up 0.1 percent to 7,085.38 points.

Published 10 Jun, 2021 12:42pm

Mutual Funds

Japan's benchmark 10-year bond yield touches 5-month low

The 30-year JGB yield fell one basis point to 0.655%.

Published 10 Jun, 2021 12:37pm

Commodities

Asia Coffee-Vietnam market quiet as beans scarce, Indonesia supply rises

London prices settled down $13, or 1%, at $1,608 per tonne on Wednesday.

Published 10 Jun, 2021 12:36pm

Forex

South Africa's rand falls ahead of US CPI, local data

On the domestic front, investors await April mining and manufacturing figures due later in the day for clues on the health of the economy at the start of the second quarter.

Published 10 Jun, 2021 12:34pm

Energy

Oil falls as start of US summer driving season fails to lift fuel demand

Implied gasoline demand fell to 8.48 million bpd in the week to June 4, down from 9.15 million bpd from the week before, but up from 7.9 million bpd a year ago, EIA data showed.

Published 10 Jun, 2021 12:32pm

Stocks

Japan's Nikkei ends higher on economic rebound hopes; Eisai drags Topix

The TSE's air transport index hit a 15-month high before slipping 0.49% as investors locked in profits.

Published 10 Jun, 2021 12:30pm

Stocks

Australia shares rise on tech, banking stocks as focus shifts to U.S inflation

Energy stocks fell 1.1% and capped gains on the index, as oil prices fell on weaker-than-expected fuel demand.

Published 10 Jun, 2021 12:28pm

Bullion Rate

Gold subdued as markets await for ECB decision, US data

The ECB policy decision is due at 1145 GMT. The central bank is all but certain to maintain a generous flow of stimulus when policymakers meet.

Published 10 Jun, 2021 12:26pm

Forex

Asian currencies inch higher ahead of US inflation data

He added that that any reaction might focus on locally-exposed REITs.

Published 10 Jun, 2021 12:23pm

British watchdog plans investigation into Amazon's use of data: FT

The timing and scope of the probe were still being worked on, it said.

Published 10 Jun, 2021 12:11pm

In a world first, El Salvador makes bitcoin legal tender

Converting local currencies to and from bitcoin often relies on informal brokers, while trading often demands technical knowledge.

Published 10 Jun, 2021 12:04pm

Remittances increase 34% year-on-year to near $2.5 billion in May

Figure for 11 months of ongoing fiscal year over $26.7 billion, up 29.4%

Published 10 Jun, 2021 12:00pm

Companies

Airbus, Air France want EU green funds used for jet incentives

Airlines criticised the report in a statement issued through their main regional body after a pre-publication version circulated.

Published 10 Jun, 2021 12:00pm

CEOs and investors push world leaders for stronger climate action

Founded in 2014 and hosted by the World Economic Forum, the Alliance of CEO Climate Leaders aims to help drive the transition to a low-carbon economy.

Published 10 Jun, 2021 11:56am

China arrests over 1,100 suspects in crackdown on crypto-related money laundering

Country's Payment & Clearing Association says number of crimes involving use of virtual currencies on the rise

Published 10 Jun, 2021 11:43am

Companies

Tesla to launch high-end Model S 'Plaid' to fend off Mercedes, Porsche

Musk has called the Model S Plaid "the fastest accelerating car ever."

Published 10 Jun, 2021 11:30am

Stocks

Japanese shares rise, Eisai drops after 2 days of limit-up gains

The TSE's air transport index also hit a 15-month high before slipping 0.4% as investors locked in profit.

Published 10 Jun, 2021 11:27am

Stocks

China, Hong Kong stocks rise as investors bet on Sino-US talks

In Hong Kong, the Hang Seng index added 0.3%, to 28,828.94 points, while the Hong Kong China Enterprises Index gained 0.3%, to 10,737.44.

Published 10 Jun, 2021 11:24am

Energy

US oil may retreat into $68.51-$68.99 zone before rising

Wave pattern indicates the progress of a big wave C from $51.64, which may extend into a higher target zone of $79.68 to $84.47.

Published 10 Jun, 2021 11:22am

Commodities

Palm oil may test support at 3,738 ringgit

A break could trigger a deep drop. A duplicated channel indicates an aggressive target around 3,400 ringgit.

Published 10 Jun, 2021 11:20am

Energy

Brent oil may seek support in $71.38-$71.62 zone

Oil may take some time to fulfil these targets, as its rise is rather slow. Volatility may keep low over the next few weeks as well.

Published 10 Jun, 2021 11:18am

Commodities

CBOT corn may retest resistance at $7.01-3/4

Corn has failed twice to break $7.01-3/4, it is highly likely to succeed this time, as the wave (3) has a fierce character.

Published 10 Jun, 2021 11:16am

Commodities

CBOT soybeans set to retest resistance at $16.25-1/4

The third wave is ready to travel towards $16.41-3/4.

Published 10 Jun, 2021 11:13am

Bullion Rate

Spot gold still targets $1,864-$1,877 range

Based on a retracement analysis, the pullback is towards $1,851.

Published 10 Jun, 2021 11:11am

Bullion Rate

Gold eases as dollar firms ahead of US data, ECB meeting

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.6% to 1,043.16 tonnes on Wednesday from 1,037.33 tonnes on Tuesday.

Published 10 Jun, 2021 11:09am

Forex

Two-way yuan volatility will become normal, says FX regulator head

Global markets have "detached from economic fundamentals, vulnerability has increased...it could lead to a rise in global risk aversion and changes to cross-border capital flows," Pan warned.

Published 10 Jun, 2021 11:07am

Forex

Dollar stuck near 5-month low as caution reigns ahead of US CPI, ECB tests

The best-known digital token has struggled since reaching a record $64,895.22 in mid-April.

Published 10 Jun, 2021 11:05am

Forex

Australia, NZ dollars play defence as bond yields fall further

"The RBA has said it wants to be confident in inflation being sustained above 2% before it raises interest rates for the first time, hence our expectation of the first move not occurring until the second half of 2023," said Plank.

Published 10 Jun, 2021 11:04am

Stocks

Australian shares inch higher on tech gains; US inflation data eyed

The subindex as set for its worst session since May 31. Oil and gas producers Woodside Petroleum and Santos Ltd fell 0.6% and 1.4%, respectively.

Published 10 Jun, 2021 11:03am

Stocks

Australia shares to edge down ahead of US inflation data; NZ flat

The local share price index futures fell 0.04%, a 1.8-point discount to the underlying S&P/ASX 200 index close.

Published 10 Jun, 2021 11:01am

Meatpacking giant JBS paid $11mn to hackers in ransomware attack: WSJ

"It was very painful to pay the criminals, but we did the right thing for our customers," Andre Nogueira told the paper.

Published 10 Jun, 2021 10:44am

Stocks

Tokyo stocks open lower ahead of key US data, ECB

The US consumer price data due later in the day could either exacerbate or mitigate inflation worries, analysts said.

Published 10 Jun, 2021 10:43am

Companies

Peugeot to be prosecuted in France over 'dieselgate'

It has so far cost the German car giant more than 30 billion euros in fines, legal costs and compensation.

Published 10 Jun, 2021 10:36am

Stocks

Hong Kong shares kick off day with gains

The Hang Seng Index added 0.17 percent, or 49.39 points, to 28,792.02.

Published 10 Jun, 2021 10:34am

Facebook remote work made permanent as offices re-open

Apple is reportedly facing employee resistance to its plan to bring employees back to the office.

Published 10 Jun, 2021 10:07am

Stocks

Asia markets rise with key events on horizon

The release Thursday of May's consumer price index is now crucial, with warnings that a big miss to the upside of the 4.7 percent forecast would ramp up expectations of policy tightening.

Published 10 Jun, 2021 10:00am

US asks Mexico to investigate second case of union busting

If so, a joint statement from the ministries of Economy and Labor said they will seek to reach "a path of reparations" with its US counterparts.

Published 10 Jun, 2021 09:49am

Brazil inflation hits multi-year high

BRASILIA: Brazilian inflation jumped to its highest monthly rate for May in a quarter century and the annual rate...