News Archives for Business & Finance - 2021-06-14

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Business & Finance - 2021-06-14

Commodities

Gold slips as investors fear U.S. Fed taper hints

Spot gold fell 0.7pc to $1,863.98 per ounce by 1:43 p.m EDT (1743 GMT) after hitting its lowest level since May 17 at $1,848.49. U.S. gold futures settled 0.7pc down at $1,865.9.

Updated 15 Jun, 2021 12:54am

GE and Safran plan next-generation jet engines

The US and French engineering giants have been cooperating in the sector for nearly half a century.
The LEAP engines developed by their joint venture CFM power some the latest generation Airbus and Boeing aircraft.

Updated 14 Jun, 2021 09:45pm

Stocks

TSX dips as losses in miners, dismal manufacturing data weigh

The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.7% as gold futures fell 1.6% to $1,848.2 an ounce.
Toronto Stock Exchange's S&P/TSX composite index was down 14.52 points, or 0.07%, at 20,123.83.

Updated 14 Jun, 2021 08:50pm

Stocks

S&P 500 dips from record closing high as focus shifts to Fed meet

Lordstown slumps after CEO, CFO resign.
Tech-heavy Nasdaq outperforms S&P 500, Dow.
Indexes: Dow drops 0.55%, S&P down 0.20%, Nasdaq up 0.30%.

Updated 14 Jun, 2021 08:48pm

Stocks

TSX opens lower as losses in miners, dismal manufacturing data weigh

Toronto Stock Exchange's S&P/TSX composite index was down 19.71 points, or 0.1%, at 20,118.64.

Published 14 Jun, 2021 07:32pm

Yields rise from three-month lows before Fed meeting

The Fed is not expected to announce any plans to pare its bond purchases until its August Jackson Hole economic symposium, though it may start dropping hints that it has started to talk about a taper.
"This rally in rates seems very counterintuitive. I still haven't found a very strong case besides perhaps the offset of positioning, people are getting out of trades ahead of the FOMC," Rajappa said.

Published 14 Jun, 2021 07:29pm

Forex

Canadian dollar recovers from Friday's 4-week low as oil rises

Canadian dollar strengthens 0.2% against greenback.
Canadian factory sales decrease by 2.1% in April.
Price of US oil rises 0.9%.
Canadian 10-year yield rises 1.3 basis points to 1.381%.

Published 14 Jun, 2021 07:20pm

WTO head says pandemic-related trade barriers are rising

Trade restrictions linked to COVID-19 have ticked up.
WTO seeks to address vaccine supply bottlenecks.
'In a hurry' for deal in IP waiver talks.

Published 14 Jun, 2021 07:12pm

Commodities

Raw sugar futures slide; arabica coffee also down

July raw sugar fell by 0.58 cents, or 3.3%, to 16.96 cents per lb.
August white sugar fell by $10.30, or 2.3%, to $441 a tonne.

Published 14 Jun, 2021 07:10pm

Punjab presents Rs2.65 trillion budget for FY22

Provincial finance minister Hashim Jawan Bakht also announces 10% increase in govt employees' salaries

Updated 14 Jun, 2021 07:21pm

Stocks

Rising oil prices, economic recovery lift Gulf stocks

Brent was up 64 cents, or 0.9%, at $73.34 a barrel.
Saudi Arabia's benchmark index added 0.2%, with Al Rajhi Bank gaining 3.1%.
The Qatari benchmark finished 0.7% higher, buoyed by a 2% gain in petrochemical firm Industries Qatar.

Published 14 Jun, 2021 06:40pm

Stocks

S&P 500 opens near record high as focus shifts to Fed meet

The S&P 500 fell 0.9 points, or 0.02%, at the open to 4248.31.
The Dow Jones Industrial Average fell 7.1 points, or 0.02%, at the open to 34472.52,

Published 14 Jun, 2021 06:38pm

Forex

Dollar slips in muted trading as Fed meeting looms; Bitcoin tops $40,000

US dollar index down 0.1%.
Bitcoin tops $40,000 for the first time in more than 2 weeks.

Published 14 Jun, 2021 06:30pm

Commodities

Gold prices at 1-1/2-week low on dollar strength as Fed meeting looms

Fed likely to keep flexibility on tapering at meeting – MS.
Dollar firms near one-week peak.
Specs reduce gold bullish positions in week ended June 8- CFTC.

Published 14 Jun, 2021 06:26pm

Commodities

Copper trades flat in thin holiday trade

Three-month copper on the London Metal Exchange was almost flat at $10,007 a tonne.
Workers at BHP Group's Spence copper mine in top producer Chile said last week they had reached a new contract deal with the company, avoiding a strike.

Published 14 Jun, 2021 06:23pm

Money & Banking

Top G7 development banks pledge $80 billion for African firms

The International Monetary Fund has estimated sub-Saharan Africa will need an additional $425 billion between now and 2025 to fight COVID-19 and reduce poverty levels now being exacerbated by the pandemic.

Published 14 Jun, 2021 06:06pm

Stocks

Stocks scale another peak as markets await Fed signal

Stocks hit all-time highs as Fed awaited.
Investors expect dovish tone to be maintained.
Oil marches to multi-year highs as economies reopen.

Published 14 Jun, 2021 05:54pm

Forex

Bitcoin climbs near $40,000 after Musk says Tesla could use it again

Musk flags Tesla may resume BTC transactions
Musk says Tesla sold about 10% of BTC holdings as liquidity test
BTC price jumps close to $40k

Published 14 Jun, 2021 05:51pm

Companies

GSK, iTeos to develop cancer drug in up to $2bn deal

The iTeos deal is to develop EOS-448, a monoclonal antibody using an anti-TIGIT agent which showed promise in early studies.
GSK and iTeos plan to start combination studies of EOS-448 with GSK's cancer drug dostarlimab in 2022.

Published 14 Jun, 2021 05:45pm

Money & Banking

Bank of Spain sees 2.2pc second-quarter growth, ups longer-term outlook

It also raised its forecasts to 5.8% for next year, from 5.3% previously, and to 1.8% for 2023, from 1.7%.
In the second quarter, its quarter-on-quarter growth forecast ranges from 1.4% to 2.7%.

Published 14 Jun, 2021 05:29pm

Commodities

Gold slides over 1pc on dollar strength as Fed meeting looms

Specs cut gold bullish positions in week ended June 8- CFTC.
Dollar hovers near one-week high; Fed meeting on June 15-16.

Published 14 Jun, 2021 05:20pm

Energy

Oil prices rise as demand improves, supplies tighten

Brent was up 53 cents, or 0.7%, at $73.22 a barrel.
US West Texas Intermediate gained 44 cents, or 0.6%, to $71.35 a barrel, its highest since October 2018.

Published 14 Jun, 2021 05:14pm

Commodities

Copper falls as market frets about demand, China curbs

Benchmark copper on the London Metal Exchange was down 0.4% at $9,960 a tonne.
Prices of the metal, often used as a gauge of manufacturing activity, are down nearly 8% since hitting a record high of $10,747.50 a tonne in May.

Published 14 Jun, 2021 05:12pm

Commodities

Palm oil ends at over 4-month low on weaker soyoil, sliding demand

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 285 ringgit, or 7.8%, to 3,378 ringgit ($821.30) a tonne, its lowest since Feb. 5.

Updated 14 Jun, 2021 05:10pm

Stocks

Indian shares end higher as Reliance gains; inflation data in focus

The blue-chip NSE Nifty 50 index ended 0.08% higher at 15,811.85, while the benchmark S&P BSE Sensex rose 0.15% to 52,551.53 at close.
In Mumbai trading, Reliance Industries and Infosys were among the top performers on the Nifty 50, gaining 1.4% and 0.9%, respectively.

Updated 14 Jun, 2021 05:13pm

Forex

Lebanon currency hits new low

The pound was selling for 15,400 to 15,500 to the greenback on the black market, several money changers said.

Published 14 Jun, 2021 03:57pm

SBP proposes framework for exporters to sell through online platforms

Key amendments aim to modernise foreign exchange regulations, says central bank

Published 14 Jun, 2021 03:54pm

Companies

Pakistan’s GrocerApp raises $5.2 million in Series A round

Plans on using investment to boost current operations and expand to Karachi

Published 14 Jun, 2021 03:35pm

Stocks

Tokyo stocks close higher

Toyota advanced 0.39 percent to 9,900 yen while Nissan rose 1.18 percent to 555.3 yen.

Published 14 Jun, 2021 01:52pm

Stocks

European stocks climb at open

London's benchmark FTSE 100 index won 0.5 percent to 7,171.82 points.

Published 14 Jun, 2021 01:48pm

Financial

Bitcoin rises 9.8% to $39,035

Tesla Inc Chief Executive Officer Elon Musk tweeted on Sunday that the electric carmarker will resume allowing bitcoin transactions when miners who verify transactions use more renewable energy.

Published 14 Jun, 2021 01:11pm

Stocks

New Zealand shares rise, with power companies top gainers

The NZX 50 index rose 0.2% to 12,573.4 points in thin trade, with about 1 million shares changing hands compared.

Published 14 Jun, 2021 01:10pm

Financial

BOJ may extend pandemic-aid schemes to support fragile recovery

Japan's economy shrank an annualised 3.9% in the first quarter and is seen making only a modest rebound, if any, in the current quarter after an extension of coronavirus emergency curbs for Tokyo and other major areas.

Published 14 Jun, 2021 12:54pm

Energy

Brent oil may rise into $73.38-$73.80 range

The contract is yet to pull back towards the wedge. The higher it rises, the unlikely this pullback occurs.

Published 14 Jun, 2021 12:50pm

Forex

Dollar little changed as traders seek direction from Fed meeting

In cryptocurrencies, bitcoin traded around $39,000 after recovering from close to $31,000 last week.

Published 14 Jun, 2021 12:42pm

Commodities

Palm oil may test support at 3,602 ringgit

On the daily chart, the current fall could be against the uptrend from 1,939 ringgit.

Published 14 Jun, 2021 12:39pm

Energy

Oil holds near multi-year highs amid demand recovery

Goldman Sachs said last week it expects Brent to rise to $80 per barrel this summer as the rollout of inoculations boosts economic activity around the world.

Published 14 Jun, 2021 12:33pm

Energy

US oil may retreat to $69.96 before rising

However, a pullback towards the triangle has not occurred yet. This pullback could be a hidden mine to explode around $71.93.

Published 14 Jun, 2021 12:31pm

Commodities

Corn at 1-week low on improved supply outlook; wheat, soybeans drop

Large speculators cut their net long position in CBOT corn futures in the week ended June 8, regulatory data released on Friday showed.

Published 14 Jun, 2021 12:27pm

Stocks

Japanese shares track Wall Street higher, gains capped as investors await Fed's statement

Fanuc, up 2.71 %, was the top gainer among the top 30 core Topix names, followed by Daiichi Sankyo, which gained 1.71%.

Published 14 Jun, 2021 12:25pm

Stocks

World stocks near record high as investors await dovish Fed act

Meantime, oil prices held near multi-year highs on an improved outlook for worldwide fuel demand.

Published 14 Jun, 2021 12:22pm

Commodities

Palm extends fall to hit over 4-month low on cheaper US soyoil

CBOT soybean and soyoil prices fell more than 2% each, weighed down by a possible US move to reduce biodiesel production.

Published 14 Jun, 2021 12:19pm

Bullion Rate

Gold prices at 1-1/2-week low on dollar strength as Fed meeting looms

Meanwhile, speculators reduced their net long positions in COMEX gold in the week ended June 8 and raised their net long positions in silver.

Published 14 Jun, 2021 12:17pm

Commodities

Copper trades flat in thin holiday trade

Yangshan copper premium fell to $22 a tonne, its lowest since 2016, indicating weak demand for imported metal into China.

Published 14 Jun, 2021 12:14pm

Bullion Rate

Spot gold to fall towards $1,842

On the daily chart, the correction triggered by the key resistance at $1,921 has extended.

Published 14 Jun, 2021 12:13pm

Stocks

Indian shares fall as Adani stocks weigh; CPI data eyed

The blue-chip NSE Nifty 50 index fell 0.24% to 15,762.60 and the benchmark S&P BSE Sensex lost 0.13% to 52,396.98 by 0347 GMT.

Published 14 Jun, 2021 12:05pm

Companies

Toshiba wants to include two foreigners among new board, hold EGM

Osamu Nagayama made the comments at a news conference broadcast online, a day after the crisis-hit conglomerate.

Published 14 Jun, 2021 11:45am

Financial

Tesla to accept bitcoin again when greener

"This is inaccurate," he said. "Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.

Updated 14 Jun, 2021 11:41am

Stocks

Tokyo stocks open higher

The dollar changed hands at 109.70 yen in early Asian trade against 109.66 in New York late Friday.

Published 14 Jun, 2021 11:18am

UBL winds up Switzerland subsidiary

Says it will not have material impact on financial position in notice to PSX

Published 14 Jun, 2021 11:07am

Stocks

Markets mostly down in holiday-thinned Asia trade, eyes on Fed

Another record close for the S&P 500 on Wall Street on Friday provided a healthy lead for the region, though with holidays in Hong Kong, China and Australia, business was light.

Published 14 Jun, 2021 10:58am

Companies

Planes, trains and boxes: Carlos Ghosn's audacious escape

But while the former auto tycoon is now safely ensconced in Lebanon, in one of his many homes, two of the men accused of helping him escape face trial in Tokyo.

Published 14 Jun, 2021 10:30am

Industry

World markets: SMEDA launches programme for enhancing access of SMEs

LAHORE: The Small and Medium Enterprises Development Authority (SMEDA) has launched a sustainable program for...