News Archives for Business & Finance - 2021-06-15

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Business & Finance - 2021-06-15

Commodities

Fed taper talk fears keep gold locked in tight range

May US retail sales fall, producer prices rise 0.8%.
Fed to announce QE taper in August or September –poll.
Fading ETF purchases will limit gold demand rise -Metals Focus.

Published 15 Jun, 2021 09:06pm

Commodities

Copper hits 7-week low as funds, traders cut long positions

"The next leg of the rally will be led by the physical market around the third quarter when the whole supply chain has used up its stocks."
Aluminium was down 1.8% at $2,449.50 a tonne, zinc fell 1.4% to $3,002, lead slipped 1.2% to $2,185, tin dropped 1.4% to $31,217 and nickel ceded 2.9% to $17,938.

Published 15 Jun, 2021 09:03pm

Energy

Oil trades at multi-year highs on demand expectations

Vitol CEO sees oil price around $70-$80/bbl this year.
Trafigura CEO says good chance oil gets to $100/bbl.
POLL-US crude inventories seen falling for 4th week in a row.
Coming Up: API data on US crude stocks at 4:30 p.m. ET.

Published 15 Jun, 2021 09:01pm

Stocks

Wall St dips after S&P 500 hits record high; Fed meeting in focus

US retail sales fall in May.
Ocugen jumps on partnership for US production of vaccine.
Fed kicks off two-day policy meeting.
Indexes down: Dow 0.22%, S&P 0.06%, Nasdaq 0.10%.

Published 15 Jun, 2021 08:59pm

Stocks

TSX hits record high on energy boost

The energy sector climbed 1% tracking crude prices, which were buoyed by expectations that demand will recover rapidly in the second half of 2021.
Toronto Stock Exchange's S&P/TSX composite index was up 77.55 points, or 0.38%, at 20,235.2, an all-time high.

Published 15 Jun, 2021 08:57pm

Forex

World Bank calls on Nigeria to make forex system clear, NAFEX rate key

The Central Bank of Nigeria has recently opted for a gradual weakening of the official rate of the naira in an apparent move to allow it to converge with the NAFEX rate, a market-determined rate for investors and exporters.

Published 15 Jun, 2021 08:55pm

Forex

Canadian dollar hits 1-month low as copper prices slide

Canadian dollar weakens 0.4% against the greenback.
Price of copper falls 3.6%.
Loonie touches its weakest level since May 13 at 1.2199.
Canadian housing starts rise 3.2% in May.

Published 15 Jun, 2021 08:53pm

Forex

Dollar edges higher after US inflation data as traders await Fed meet

Traders watching for clues on timing of Fed tapering.
Bitcoin lingers above $40,000 level.

Published 15 Jun, 2021 08:46pm

Forex

South African rand dips as markets await US Fed meeting

Rand traded at 13.8050 against the dollar, 0.2% weaker than its previous close.
South African financial markets will be closed for a public holiday on Wednesday when the Fed statement will be released.

Updated 15 Jun, 2021 08:46pm

Forex

Peru's sol slides as post-election jitters build

Brazil's real meanwhile slipped 0.7%. The country's monetary policy committee Copom is due to release its decision after the Fed on Wednesday. A 75 basis-point hike is expected as inflation is well above the central bank's target.

Updated 15 Jun, 2021 08:48pm

Turkey expected to sell $2.5bn in 5-year sukuk

It set the yield for the Turkish sukuk at 5.125%, tightened from an initial price guidance of around 5.5%, the document from one of the banks on the deal showed.

Published 15 Jun, 2021 07:45pm

Stocks

AMC short sellers lost $512mn after Monday's rally

AMC shares were up 2% at $58.12 in premarket trading on Tuesday. The stock has surged more than 2,580% so far this year.
Recent reports from brokerages Fidelity and Freetrade show AMC has been the most traded stock by their customers, many of whom are small-time investors.

Published 15 Jun, 2021 07:43pm

Companies

Alibaba executive says founder Jack Ma lying low

"The idea that Jack has this enormous amount of power, I think that's not quite right," Tsai said. "He is just like you and me, he's a normal individual."
Alibaba was also fined $2.8 billion in April for anti-competitive business practices.

Published 15 Jun, 2021 07:40pm

Energy

Oil trades at multi-year highs on demand expectations

Brent crude rose 78 cents, or 1.1%, at $73.64 a barrel.
We have had those stock draws for a couple months, the market is heading in the right direction.

Published 15 Jun, 2021 07:38pm

FBR says 'no new tax' on salaried class, disagreement follows

Budget proposal to tax medical allowances comes under fire
Tax authority says withdrawing tax exemption and reduced rates should not be confused with imposition of new taxes
Issues response to report that said salaried class has been taxed

Updated 16 Jun, 2021 09:41am

Boeing welcomes US-EU accord, vows to uphold rules

"Boeing will fully support the US government's efforts to ensure that the principles in this understanding are respected."

Updated 15 Jun, 2021 07:29pm

UK watchdog looking into Apple, Google's dominance of mobile phone systems

Our ongoing work into big tech has already uncovered some worrying trends and we know consumers and businesses could be harmed if they go unchecked.
The CMA said the new study into mobile ecosystems would be broader than some of the other competition probes it already has into Apple's App Store and Google's Privacy Sandbox.

Published 15 Jun, 2021 06:37pm

US 12-month producer inflation jumps record 6.6pc in May: govt

Compared to April, the PPI rose 0.8 percent, seasonally adjusted, far more than economists had expected.

Published 15 Jun, 2021 06:35pm

US retail sales drop 1.3pc in May: govt

Clothing and accessory sales were up more than 200 percent from May 2020, while sales in food and drinking outlet had risen 70.6 percent from a year ago.

Published 15 Jun, 2021 06:19pm

Stocks

Sri Lankan shares boosted by financials

The CSE All-Share Index closed up 0.31% at 7,605.53 on Tuesday. The index, which has clocked gains in four out of the last five sessions, is up 12.3% this year.
Trading volume fell to 68 million from 69 million in the previous session.

Published 15 Jun, 2021 06:06pm

Companies

Pakistan's Jugnu raises $3.2m from Systems Limited

B2B ecommerce marketplace aims to use funds to expand in a highly competitive market

Published 15 Jun, 2021 05:49pm

Money & Banking

Dubai Islamic Bank sells $1 billion in 5-year sukuk

It sold the sukuk at 110 basis points (bps) over mid-swaps, tightened from initial guidance of around 135 basis points over mid-swaps.
DIB, a regular issuer in the international debt market, raised $500 million in April in a sukuk sale that set a record low rate for Additional Tier 1 (AT1) deals from the region.

Published 15 Jun, 2021 05:48pm

Companies

Dubai steps in again as pandemic drives Emirates to $5.5bn loss

Dubai government injected $3.1bn into Emirates.
State-owned airline reports loss of $5.5bn.
Passenger numbers lowest in 20 years.

Published 15 Jun, 2021 05:44pm

Forex

Sterling slips to one-month low versus dollar

Versus the euro, it was down 0.4% at 86.24 pence per euro .
"Sterling's bearish bias has been in place over the past week or so as it toyed with breaking below 1.41 against the dollar."

Published 15 Jun, 2021 05:42pm

Commodities

Gold holds tight range as markets await Fed cues

May US retail sales data due at 1230 GMT.
Fed to announce QE taper in Aug or Sept –poll.
Platinum, silver shed nearly 1%, palladium ticks up.

Published 15 Jun, 2021 05:39pm

Energy

Oil rises on optimism about demand outlook

Brent crude was up by 52 cents, or 0.7%, at $73.38 a barrel.
We have had those stock draws for a couple months, the market is heading in the right direction ... my impression it is not a super cycle.

Published 15 Jun, 2021 05:34pm

UK, Australia agree post-Brexit free trade deal

Johnson said the latest agreement "marks a new dawn in the UK's relationship with Australia, underpinned by... shared history and common values".

Published 15 Jun, 2021 04:44pm

US, EU to agree Airbus-Boeing deal at Biden summit

Negotiated in marathon talks by EU and US officials, the truce will be formalised in Biden's summit with European leaders Charles Michel and Ursula von der Leyen.

Published 15 Jun, 2021 04:40pm

Sindh announces Rs1.48 trillion budget for FY22

Chief Minister Syed Murad Ali Shah, who also holds portfolio of finance minister, starts budget speech amid ruckus from opposition
Says provincial govt aims to create over 2,500 jobs in upcoming fiscal year

Updated 15 Jun, 2021 05:39pm

Commodities

Palm gains more than 6pc on bargain-hunting, soyoil strength

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed 6.2% higher at 3,583 ringgit ($870.72) a tonne.
CBOT soybean futures reversed previous losses, with its soyoil contract rising 1.3%.

Updated 15 Jun, 2021 05:30pm

Stocks

Indian shares close at record highs as pandemic curbs ease, cases fall

The blue-chip NSE Nifty 50 index rose 0.36% to 15,869.25 and the benchmark S&P BSE Sensex climbed 0.42% to 52,773.05 at close.
In Mumbai trading, financial stocks provided a boost to the Nifty 50, with ICICI Bank Ltd and HDFC Bank Ltd ending 1.6% and 0.7% higher, respectively.

Updated 15 Jun, 2021 05:33pm

Forex

Sterling holds steady, unaffected by reopening delay; UK employee numbers jump

Speculators' increased their net long position on the pound - bets that the pound will go up - in the week to June 8, CFTC data showed.

Published 15 Jun, 2021 02:30pm

Commodities

Philippines tenders for 205,000 milling wheat, feed wheat

Deadline for price submissions is also Tuesday, June 15, they said.

Published 15 Jun, 2021 02:26pm

Stocks

Shares in record-setting spree as Fed meeting looms

In the face of the strong dollar, spot gold was down slightly at $1,862.21 per ounce.

Published 15 Jun, 2021 02:24pm

Financial

ECB could discuss transition away from PEPP as soon as Sept

Rehn added that the 1.85 trillion euro Pandemic Emergency Purchase Programme will run at least until next March, as repeatedly decided by the ECB.

Published 15 Jun, 2021 02:21pm

Forex

Russian rouble firms, MOEX hits record high ahead of Putin-Biden summit

Brent crude oil, a global benchmark for Russia's main export, was up 0.6% at $73.28 a barrel, supporting Russian stock indexes.

Updated 15 Jun, 2021 02:21pm

Commodities

CBOT wheat may retest support at $6.58

The current drop is highly likely to extend to $5.92-1/4, the bottom of the wave B.

Published 15 Jun, 2021 01:23pm

Mutual Funds

JGB yields track US Treasury yields higher ahead of Fed meeting

Benchmark 10-year JGB futures fell 0.07 point to 151.8, with a trading volume of 18,137 lots.

Published 15 Jun, 2021 01:21pm

Mutual Funds

Euro zone bond yields narrowly mixed, ahead of Fed, EU bond

Comments from ECB officials supporting the view that there is no hurry to taper the central bank's aggressive emergency stimulus continue to support mostly peripheral bonds.

Published 15 Jun, 2021 01:19pm

Stocks

China stocks end lower as Sino-West tensions weigh

Shares of developers retreated after state media warned speculators that China's housing prices would inevitably enter a cycle of slow growth.

Published 15 Jun, 2021 01:16pm

Commodities

NY coffee may retest support at $1.5165

The bounce triggered by the support at $1.5165 is classified as a pullback towards the rising trendline. It may end around $1.5645.

Published 15 Jun, 2021 01:14pm

Stocks

Major Gulf bourses ease in early trade as financial shares drag

In Qatar, the index was down 0.2%, driven down by a 0.8% fall in Qatar National Bank, the Gulf's biggest bank.

Published 15 Jun, 2021 01:12pm

Forex

Fed uncertainty fuels cautious dollar trades

Sterling was little changed against the dollar at $1.4118.

Published 15 Jun, 2021 01:05pm

Companies

Emirates airline posts $5.5b annual loss, its first in over 30 years

Forced to temporarily suspend operations last year, airline saw revenue fall 66 percent to $8.4 billion.

Updated 15 Jun, 2021 01:33pm

Commodities

CBOT soybeans may bounce into $14.87-1/4 to $15.13-1/4 range

Based on the projection analysis, the contract is supposed to fall to $14.19-1/2.

Published 15 Jun, 2021 12:53pm

Forex

Australia, NZ dollars range-bound ahead of Fed meeting

Traders are also keeping an eye on New Zealand's gross domestic product data due to be released on Thursday.

Published 15 Jun, 2021 12:52pm

Stocks

Australia shares close at record high as RBA signals continued dovish policy

Top listed gold producer Newcrest Mining lost 1.9%, as bullion prices suffered against a stronger greenback.

Published 15 Jun, 2021 12:47pm

Energy

Oil gains as risk of Iran supply resumption recedes

Still, prices were off their highs earlier in the day, with US crude briefly dipping into negative territory.

Published 15 Jun, 2021 12:44pm

Saudi inflation rate rises again in May, hits 5.7%

Consumer prices rose slightly on a month-on-month basis, by 0.2%.

Published 15 Jun, 2021 12:42pm

Bullion Rate

Gold steadies on dollar retreat; focus on Fed meeting

US gold futures gained 0.2% to $1,869.

Published 15 Jun, 2021 12:41pm

Pakistan's Saffran Group lands $3.2m order from Japanese company

Bears Inc. awards contract to build IT platform for its real estate business

Published 15 Jun, 2021 12:40pm

Companies

Germany's Lufthansa plots course for leaner post-pandemic future

The company said at the time that it would not need the full amount.

Published 15 Jun, 2021 12:34pm

Financial

Czech central banker Dedek: holding fire in June seems ‘more reasonable’

The bank's quarterly staff forecast update from May penciled around three interest rate hikes by year-end.

Published 15 Jun, 2021 12:32pm

Stocks

European shares set longest winning streak since 2019 on recovery optimism

European industrial stocks were up 0.5%, while technology shares rose 0.7% after the tech-heavy Nasdaq ended Monday at a record high.

Published 15 Jun, 2021 12:31pm

Companies

Flight delays across US after Southwest Airlines tech glitch

The problems led to a flurry of online disgruntlement aimed at the company.

Published 15 Jun, 2021 11:44am

Stocks

Tokyo stocks close higher on tech rallies

The dollar fetched 110.07 yen in Asian afternoon trade, against 110.08 yen in New York late Monday.

Published 15 Jun, 2021 11:40am

Commodities

Corn ticks up as US reports crop condition below expectations

The US winter wheat harvest is off to a slow start. The USDA said 4% of the crop had been cut by Sunday, compared with analyst estimates of 10%.

Published 15 Jun, 2021 11:38am

Energy

US oil may retest resistance at $71.96

A failure to break $71.93 may be followed by a pullback towards the triangle.

Published 15 Jun, 2021 11:36am

Commodities

Palm oil may extend loss to 3,195 ringgit

The contract may directly test the resistance zone of 3,447-3,506, if it opens flat. On the daily chart, the drop is against the uptrend from 1,939 ringgit.

Published 15 Jun, 2021 11:34am

Energy

Brent oil may retest resistance at $73.80

Oil is testing a resistance at $73.50 (close to $73.80 on hourly chart), which is partially responsible for the shallow correction on Monday as well.

Published 15 Jun, 2021 11:32am

Bullion Rate

Spot gold may retest support at $1,842

The pullback may end in $1,872-$1,879 range.

Published 15 Jun, 2021 11:31am

Bullion Rate

Gold down for 3rd day as dollar firms ahead of Fed meeting

Also on the radar, US monthly retail sales data due later in the day.

Published 15 Jun, 2021 11:29am

Bullion Rate

Gold little changed as markets await US Fed meeting

Silver rose 0.1% to $27.85 per ounce, palladium was steady at $2,751.68, while platinum gained 0.2% to $1,166.93.

Published 15 Jun, 2021 11:27am

Stocks

China, Hong Kong stocks drop as Sino-G7 tensions weigh

Money inflows from institutional investors had been limited in the past weeks, while foreign inflows via the Stock Connect slowed, CITIC Securities noted in a report.

Published 15 Jun, 2021 11:25am

Stocks

Japanese shares rally; property developers, growth stocks lead gains

Among them, precision machine maker Olympus rose 2.8%, while drugmaker Eisai gained 2.6%. Robot maker Fanuc added 2.5%.

Published 15 Jun, 2021 11:23am

Forex

China's yuan weakens as dollar pauses before Fed meeting

An article in the PBOC-backed Financial News on Tuesday quoted analysts as saying that the yuan is approaching a depreciation inflection point, and that it is likely to come under more pressure in the second half.

Published 15 Jun, 2021 11:22am

Financial

BOJ must weigh exit from ETF holdings by 2025: former central banker Sakurai

Analysts and former policymakers have floated similar ideas. Former BOJ executive Shigeki Kushida proposed selling the bank's ETF holdings to the public instead of to the market.

Published 15 Jun, 2021 11:20am

Indonesian exports, imports surge in May

Imports were $14.23 billion, up 68.68% from last year, higher than the poll's 65% growth forecast and April's 29.93% rise. May's growth was the strongest since April, 2010.

Published 15 Jun, 2021 11:18am

Forex

Risk of Fed surprise keeps dollar well bid

The euro perched at $1.2120, just above a one-month low of $1.2093 it hit last week.

Published 15 Jun, 2021 11:15am

Stocks

Australian shares hit record high, US Fed meeting in focus

Financial stocks gained 0.8%, with all "Big Four" witnessing an increase.

Published 15 Jun, 2021 11:12am

Stocks

Australia shares to open higher tracking Wall Street, NZ climbs

New Zealand's S&P/NZX 50 index gained 0.5% to 12,624.9 points in early trade.

Published 15 Jun, 2021 11:09am

Commodities

Copper prices hit 7-week low as traders brace for China curbs

Both copper contracts hit their record highs in May.

Published 15 Jun, 2021 11:05am

Stocks

Tokyo stocks open higher on record US closes

In Tokyo, Sony was up 2.13 percent at 11,050 yen and Panasonic was up 0.2 percent at 1,266.5 yen.

Published 15 Jun, 2021 11:02am

Stocks

Hong Kong stocks begin with gains

The Hang Seng Index added 0.36 percent, or 104.31 points, to 28,946.44.

Published 15 Jun, 2021 11:01am

Stocks

Asian markets mixed as Wall St fails to inspire before Fed decision

That puts the Fed's latest meeting -- and boss Jerome Powell's comments.

Published 15 Jun, 2021 10:17am

Money & Banking

Barclays bid rates and maximum rates for payment of interest

KARACHI: Barclays bid rates, maximum rates for payment of interest by authorised dealers on deposits (other than...