News Archives for Business & Finance - 2021-06-16

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Business & Finance - 2021-06-16

Forex

Dollar steady as traders await Fed announcement

US dollar index about flat on day.
Sterling ticks higher on surprise inflation surge.

Published 16 Jun, 2021 08:21pm

Forex

Canadian dollar steadies as inflation climbs to decade-high level

Loonie trades in a range of 1.2170 to 1.2189.
Canada's annual inflation rate accelerates to 3.6% in May.
Price of US oil touches its highest level since October.

Published 16 Jun, 2021 08:09pm

Stocks

Pre-Fed jitters keep S&P 500, Nasdaq below record highs

US shares of Chinese tutoring firms drop.
Oracle falls as profit forecast disappoints.
Indexes: Dow off 0.13%, S&P flat, Nasdaq up 0.29%.

Published 16 Jun, 2021 07:59pm

Financial

Yields drift lower as latest views from Fed awaited

The benchmark 10-year yield was last down 1 basis point at 1.4888%.
"Truly, to getting a read on where the economy is heading and where inflation is heading, we don't think we're going to have those data points until the fall," he said.

Published 16 Jun, 2021 07:58pm

PMRC issues Rs1bn Sukuk to promote housing finance

Shariah-compliant finance to have focus on low-cost housing

Published 16 Jun, 2021 07:57pm

Stocks

TSX inches higher ahead of US Fed comments

Toronto Stock Exchange's S&P/TSX composite index was up 23.94 points, or 0.12%, at 20,255.26, with IT stocks, up 0.5%, leading gains.
The energy sector dropped 1% as US crude prices were down 0.1% a barrel, while Brent crude added 0.2%.

Updated 16 Jun, 2021 07:59pm

Canada inflation rises to highest level in a decade

"Over the course of the Covid-19 pandemic, Canadians have sought out more living space and outdoor amenities, as they have adapted to spending more time at home," Statistics Canada said.

Published 16 Jun, 2021 07:13pm

General Motors lifts electric auto investment to $35bn through 2025

The push includes the building of two additional battery cell plants in addition to the two factories currently under construction.

Published 16 Jun, 2021 07:13pm

Companies

GM boosts spending on electric vehicles, to add two new US battery plants

The No. 1 US automaker said it will now spend $35 billion through 2025 on EVs, an increase of 75% from March 2020 before the COVID-19 pandemic shut down the industry.
GMT's announcement comes less than a month after rival Ford Motor Co upped its EV spending by more than a third to over $30 billion by 2030.

Published 16 Jun, 2021 07:08pm

Money & Banking

Lebanon's Central Bank calls for targeting subsidies

The bank reiterated that it would not use mandatory reserves to fund subsidies, which currently cost around $6 billion a year.
Lebanon's hard currency reserves have slumped from over $30 billion in late 2019 to just over $15 billion in March.

Updated 16 Jun, 2021 07:57pm

Commodities

China aluminium exports have likely peaked, CRU says

Now we're in a situation where Europe and the US have pretty comprehensive anti-dumping measures against Chinese imports and China is going out to the rest of the world and seeing if it can replace those markets.

Published 16 Jun, 2021 06:55pm

US import prices accelerate in May; export prices surge

Import prices rose 1.1% last month after gaining a 0.8% in April.
The report also showed export prices jumped 2.2% in May after rising 1.1% in April. Prices for agricultural exports rose 6.1%, the largest gain since in November 2010.

Published 16 Jun, 2021 06:46pm

Stocks

Most major Gulf bourses in red; financials aid Saudi

Dubai's main share index declined 1%, with sharia-compliant lender Dubai Islamic Bank and blue-chip developer Emaar Properties both losing 1.4%.
Saudi Arabia's benchmark index finished 0.2% higher, supported by a 1.3% gain in Riyad Bank and a 1.9% increase in property firm Jabal Omar Development.

Published 16 Jun, 2021 06:23pm

Stocks

Buoyant stocks brace for Fed to signal start of taper talk

Investors wait for Fed signals on tapering.
UK inflation shoots above BoE target.
Dollar holds near one-month high.

Published 16 Jun, 2021 06:17pm

Commodities

Copper hits 7-week low as China to sell strategic stockpiles

No doubt that Chinese efforts to curb prices is playing out and having a negative impact on otherwise bullish price sentiment. It highlights a market that has lost momentum.
Three-month copper on the LME slipped 0.3% to $9,538 a tonne in official trading after earlier touching its lowest since April 23 and slumping by 4% on Tuesday.

Published 16 Jun, 2021 06:15pm

USA

US housing starts rise less than expected in May; building permits fall

Housing starts rose 3.6% to a seasonally adjusted annual rate of 1.572 million units last month.
Though lumber prices dropped from a record high set in early May, softwood lumber prices increased 154.3% year-on-year in May.

Published 16 Jun, 2021 06:05pm

Companies

US buys another 200 million doses of Moderna's COVID-19 vaccine

The United States has now ordered a total of 500 million Moderna vaccine doses to date, with 110 million set for delivery in the fourth quarter and 90 million to be delivered in the first quarter of 2022.
Moderna, which has supplied 217 million doses of its shot to the US government as of Monday.

Published 16 Jun, 2021 06:05pm

Coca Cola Pakistan announces $50m investment for K-P plant

Will set up its seventh plant in country in Haripur District

Published 16 Jun, 2021 06:04pm

Stocks

Indian shares end lower on losses in financials; Fed in focus

The blue-chip NSE Nifty 50 index fell 0.64% to 15,767.55 and the benchmark S&P BSE Sensex was down 0.51% to 52,501.98 at close. Both the indexes ended at a record high on Tuesday.
The Nifty Metal Index fell the most among other sub-indexes, ending 2.85% lower, dragged by Tata Steel Ltd and JSW Steel Ltd, which fell 2.7% each.

Published 16 Jun, 2021 05:36pm

USA

Canada's annual inflation rate in May accelerates to 3.6pc

Canada's annual inflation rate accelerated to 3.6%, from 3.4% in April, Statistics Canada said. That was slightly ahead of analyst expectations that the annual rate would rise to 3.5%.
The Bank of Canada targets the 2% mid-point of a 1-3% inflation control range. It expects inflation to stay around 3% through the summer before easing later in the year.

Updated 16 Jun, 2021 06:02pm

Commodities

Palm falls more than 4pc tracking weak US soyoil

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed 4.1% lower, to 3,398 ringgit a tonne.
Soyoil contract on the CBOT fell 2.4%. Soybean oil prices on the Dalian dropped 1.9%, while its palm contract fell 1.6%.

Published 16 Jun, 2021 05:26pm

Money & Banking

Uganda's central bank cuts key lending rate to 6.5pc

The central Bank of Uganda (BoU) cut its policy rate by 50 basis points to 6.5%, the lowest since the east African country introduced an inflation-targeting monetary policy in 2011.
"Domestic demand could be dented by (the) still emerging second COVID-19 wave, especially in the sectors that are contact-intensive," BoU said.

Published 16 Jun, 2021 05:21pm

Stocks

Sri Lankan shares extend gains led by financials

The CSE All-Share Index closed up 0.47% at 7,641.19 on Wednesday. However, the index is still off 15.3% from its lifetime high seen in January.
Foreign investors were net sellers in the equity market, offloading shares worth 503.4 million rupees, exchange data showed.

Published 16 Jun, 2021 05:18pm

Post-budget press conference: Murad says attention given to poverty alleviation

Sindh presented Rs1.477 trillion budget for financial year 2021-22 on Tuesday

Published 16 Jun, 2021 05:14pm

Money & Banking

Hungary central bank seen raising base rate by 25 bps next week

Base rate seen rising by 25 bps to 0.85%.
One-week deposit rate seen 15 bps higher at 0.9%.
Economists see further base rate hikes in coming years.

Published 16 Jun, 2021 05:03pm

Energy

Oil hits new high near $75 on demand rise, falling inventories

Brent hits $74.73, highest since April 2019.
API says US crude stocks drop 8.5 million barrels – sources.
Coming Up: EIA supply report, 1430 GMT.

Published 16 Jun, 2021 05:03pm

UK inflation hits highest level since before pandemic

The Consumer Prices Index hit 2.1 percent in May, breaching the Bank of England's 2.0-percent target for the first time since July 2019.

Published 16 Jun, 2021 04:55pm

Commodities

Gold subdued as market awaits Fed stimulus strategy

US retail sales drop 1.3% in May.
Federal Reserve policy statement due at 1800 GMT.
Talk of QE tapering in future could be on Fed agenda – analyst.

Updated 16 Jun, 2021 05:03pm

Federal budget pro-growth but food inflation remains concern, says think tank

PRIME Institute calls for sustainable growth measures including increasing real incomes, employment

Updated 16 Jun, 2021 04:11pm

Stocks

Hong Kong stocks end with losses

The Hang Seng Index slipped 0.70 percent, or 201.69 points to 28,436.84.

Published 16 Jun, 2021 01:19pm

Mutual Funds

JGB yields rise on economic recovery hopes ahead of Fed meeting

Benchmark 10-year JGB futures fell 0.03 point to 151.77.

Published 16 Jun, 2021 01:00pm

Financial

Central bank digital cash will complement cryptos: analysts

Some central banks, including the Reserve Bank of Australia, are exploring the development of tokenised forms of CBDCs on an Ethereum-based platform.

Published 16 Jun, 2021 12:55pm

Forex

Dollar holds below one-month high as currency markets wait for Fed

The dollar was a touch lower versus the yen, with the pair changing hands at 109.91.

Published 16 Jun, 2021 12:52pm

Stocks

Australian shares scale new high above 7,400 level, Fed decision awaited

Meanwhile, mining stocks slipped, weighed down by weak prices across metals. Global miner BHP Group Ltd and top gold producer Newcrest Mining Ltd fell 1.7% and 1.3%, respectively.

Published 16 Jun, 2021 12:50pm

Energy

Oil rises as demand outlook improves, US inventories fall

Even the return of Iranian exports if the United States rejoins a nuclear agreement and lifts sanctions on Tehran was unlikely to change the bullish picture, he said.

Published 16 Jun, 2021 12:42pm

Stocks

Financials, energy stocks boost FTSE 100 as economy runs hot

The domestically focused mid-cap FTSE 250 index advanced 0.5%.

Published 16 Jun, 2021 12:40pm

Commodities

China May aluminium output slips mth/mth on power curbs

The world's top producer of the metal churned out 3.32 million tonnes in May, the National Bureau of Statistics said.

Published 16 Jun, 2021 12:38pm

Stocks

Oil gains lift European shares, STOXX index holds just off record high

The European energy stock index added 0.6%.

Published 16 Jun, 2021 12:35pm

Bullion Rate

Gold little changed as investors await Fed's view on stimulus outlook

Meanwhile, data from China showed the country's industrial output grew 8.8% in May from a year earlier, while retail sales rose 12.4%.

Published 16 Jun, 2021 12:34pm

Real Estate

China's May property investment growth slows as curbs bite

New construction starts, measured by floor area, fell 6.1% in May, narrowing from the 9.3% decline in April.

Published 16 Jun, 2021 12:33pm

Commodities

CBOT wheat may retest support at $6.48-1/4

Confirmation of the reversal will be when wheat climbs above $6.79.

Published 16 Jun, 2021 12:31pm

Unity Foods appoints Mehdi as chairman

Mehdi previously served as CEO of a private equity firm, chairman of PSX board

Published 16 Jun, 2021 12:25pm

UK inflation surges to 2.1% as economy reopens

The Consumer Prices Index rate surged to 2.1 percent in May, which was the highest level since July 2019.

Published 16 Jun, 2021 11:11am

Commodities

Palm loses more than 2% on weaker soyoil prices

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange dropped 2.51% to 3,453 ringgit ($838.72) a tonne.

Published 16 Jun, 2021 11:10am

Energy

US oil may rise into $73.57-$74.99 range

Support is at $71.96, a break below which could cause a fall into a zone of $70.60-$71.28.

Published 16 Jun, 2021 11:08am

Commodities

Palm oil may rise into 3,691-3,757 ringgit range

The bounce on Tuesday was so strong that it may extend to the target zone on Wednesday to fill a gap forming on Monday.

Published 16 Jun, 2021 11:06am

Energy

Brent oil may test resistance zone of $74.47-$74.54

Signals on the hourly chart suggest a pullback towards this former resistance or a consolidation around it.

Published 16 Jun, 2021 11:04am

Commodities

CBOT corn may bounce further to $6.86-3/4

On the daily chart, the consolidation is taking the shape of a wedge, the lower trendline suggests a target around $6.26-3/4.

Published 16 Jun, 2021 11:02am

Commodities

CBOT soybeans may test support at $14.45-1/4

A break above $14.87-1/4 could lead to a gain to $15.13-1/4.

Published 16 Jun, 2021 11:00am

Bullion Rate

Spot gold may test support at $1,842

Based on another retracement analysis on the fall from $1,959.01, gold may drop into $1,784-$1,818 range.

Published 16 Jun, 2021 10:58am

Stocks

Nikkei inches down as chip shares track US peers; Toyota lifts Topix

AGC Inc, up 4.66%, gained the most on the Nikkei, followed by Kawasaki Kisen Kaisha gaining 4.38%.

Published 16 Jun, 2021 10:54am

Stocks

China stocks fall as Sino-West tensions hit risk appetite

The smaller Shenzhen index was down 1.82%, the start-up board ChiNext Composite index was weaker by 3.44%, and Shanghai's tech-focused STAR50 index was down 2.64%.

Published 16 Jun, 2021 10:51am

Forex

Yuan inches up as markets await Fed policy decision, commentary

The yuan's strong rally to three-year highs against the dollar in May prompted a flurry of warnings from policymakers about speculative bets on the currency, prompting a slight pullback and more cautious trade.

Published 16 Jun, 2021 10:48am

Forex

Canadian dollar hits 7-week low, pressured by Fed uncertainty

The program has supported global economic recovery, boosting commodity prices. Canada is a major producer of commodities, including copper and oil.

Published 16 Jun, 2021 10:46am

Forex

Australia, NZ dollars on the defensive in case Fed, RBA make policy waves

The September contract is trading at 99.660, implying a yield of 0.34%, while the June contract had ended at 99.846 for a yield of 0.154%.

Published 16 Jun, 2021 10:44am

Forex

Dollar holds near one-month high; focus on Fed's inflation take

Separate data showed wholesale price inflation accelerated to 6.6%, the largest gain since November 2010.

Published 16 Jun, 2021 10:41am

Stocks

Australian shares edge up on energy, banking gains; Fed meeting eyed

In New Zealand, the S&P/NZX 50 slid 0.3% to 12,659.3.

Published 16 Jun, 2021 10:39am

Stocks

Australia shares headed for a weaker start, NZ falls

The benchmark closed at a record high on Tuesday.

Published 16 Jun, 2021 10:38am

Companies

Hyundai Motor Group chases local chipmakers to cut exposure to shortage

The global chip shortage is expected to stretch to the second quarter of 2022, according to research firm Gartner.

Published 16 Jun, 2021 10:35am

Financial

Credit Suisse prepares insurance claims on Greensill Capital losses

Credit Suisse is attempting to recoup billions of dollars owed to the group of supply-chain finance funds, which it was forced to close in March, the report added.

Published 16 Jun, 2021 10:32am

Commodities

China to release copper, aluminium and zinc reserves to stabilise commodity prices

Moreover, demand in most economies is continuing to recover from pandemic slumps, albeit at an uneven pace.

Published 16 Jun, 2021 10:27am

Stocks

Tokyo stocks open lower ahead of US Fed meet

On Wall Street, the Dow ended down 0.3 percent at 34,299.33.

Published 16 Jun, 2021 10:25am

Stocks

Hong Kong shares open lower

The Hang Seng Index dipped 0.10 percent, or 29.16 points, to 28,609.37.

Published 16 Jun, 2021 10:21am

Stocks

Asian markets mixed after inflation spooks traders ahead of Fed

Bank officials have consistently sought to assure markets that the expected surge in inflation will be temporary and monetary policy will be kept accommodative for as long as the economy needs it.

Published 16 Jun, 2021 10:17am

Budgets

Senate body for amendments in PSDP budget

ISLAMABAD: The Senate Standing Committee on Planning, Development and Special Initiatives observed on Tuesday that...