News Archives for Business & Finance - 2021-06-18

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Business & Finance - 2021-06-18

Gold prices increase Rs 600 traded at Rs108,300 tola

The price of 10 gram 24 karat also increased by Rs 515 and was traded at Rs 92,850 against its sale at Rs 92,335 whereas the prices of ten gram 22 Karat gold rose to Rs 85,112 from Rs 84,640.

Published 18 Jun, 2021 08:36pm

KSE-100 ends week in the green

Index gains 81.04 points or 0.17% to end at 48,238.67

Published 18 Jun, 2021 08:34pm

FDI plunges 28% year-on-year in 11MFY21

Clocks in at $1.75 billion compared with $2.42 billion in 11MFY20
However, FDI's figure for May 2021 increased 63% year-on-year

Published 18 Jun, 2021 07:54pm

Forex

Canadian dollar extends weekly decline on Fed's hawkish shift

Canadian dollar weakens 0.3% against the greenback.
Touches its weakest level since April 28 at 1.2399.
Price of US oil falls 0.3%.
Canadian bond yields rise across the curve.

Published 18 Jun, 2021 07:13pm

Commodities

Asia Gold-Price drop lures some buyers in India; China discounts dip

Indian jewellery stores seeing lower footfalls- dealer.
China discounts narrow to $5/oz from $12-$16 earlier this week.
Singapore investment demand strong as inflation a worry-dealer.

Published 18 Jun, 2021 07:10pm

Commodities

Gold regains some ground, but set for worst week in 9 months

Dollar heads for best week in 9 months.
Gold uptick likely temporary given dollar strength –analyst.
Silver, platinum and palladium also recover.

Published 18 Jun, 2021 06:44pm

Financial

Yield curve flattens as Fed seen more proactive on inflation

The Fed surprised markets on Wednesday when it said that policymakers are forecasting two interest rate hikes in 2023.
Two-year yields jumped to 0.254%, the highest since April 2020. Five-year yields increased to 0.928%, the highest since April 6.

Updated 18 Jun, 2021 07:12pm

Stocks

Sri Lankan shares end higher as financials gain

The CSE All-Share Index closed up 0.74% at 7,715.46.
Trading volume on Friday fell to 73.9 million from 165.9 million in the previous session.

Published 18 Jun, 2021 06:36pm

Energy

Oil falls 1pc amid dollar strength; demand picture still bullish

Brent crude futures were down 86 cents, or 1.2%, at $72.22 a barrel.
The bullish trend in oil remains intact, thanks to optimism surrounding the demand outlook. The dollar may well be strengthening but the fundamental picture for oil hasn't changed.

Published 18 Jun, 2021 06:34pm

Money & Banking

Czech central bank seen starting rate hikes on June 23

10 analysts see main rate rising by 25 bps from 0.25%.
All analysts see at least one more hike by year-end.
Majority of central bankers flagged June hike as possible.
Rates unchanged since May 2020, last hike Feb 2020.

Published 18 Jun, 2021 06:30pm

India MPC needs to be watchful on inflation even as it picks growth: minutes

To maintain and enhance this credibility, the MPC needs to remain data driven so that it can respond rapidly and adequately to any unforeseen shocks that may arise in future.
The wholesale price inflation rate rose 12.94%, its highest in at least two decades.

Published 18 Jun, 2021 06:20pm

Europe

AstraZeneca says EU loses legal bid for more vaccine supplies by end-June

The supply cuts delayed the EU's vaccination drive in the first quarter of the year, when the bloc had initially bet on AstraZeneca to deliver the largest volume of its shots.
The court said in a statement that AstraZeneca must deliver 15 million doses by July 26, another 20 million by Aug. 23 and another 15 million by Sept. 27, for a total of 50 million doses.

Published 18 Jun, 2021 06:10pm

PABC gears up as Pakistan’s eighth IPO this fiscal year, highest since 2009-10

Book-building set to take place on June 22 and 23
Pakistan Aluminium Beverage Cans Limited looks to double penetration in beverage can business

Updated 18 Jun, 2021 11:45pm

Stocks

Indian shares snap four straight weeks of gains on Fed's hawkish turn

The blue-chip NSE Nifty 50 index was down 0.05% at 15,683.35 and the benchmark S&P BSE Sensex rose 0.04% to 52,344.45 at close.
The Nifty 50 and the Sensex shed 0.73% and 0.25% for the week, respectively.

Published 18 Jun, 2021 05:36pm

Commodities

China May copper exports hit 14-month peak as traders cash in on LME price jump

Exports of unwrought copper and products at 79,044 tonnes in May.
Rise in shipments points to weaker demand in top copper consumer.

Published 18 Jun, 2021 05:32pm

Commodities

Copper heads for its biggest weekly tumble since March 2020

Benchmark copper on the London Metal Exchange (LME) was down 0.8% at $9,238 a tonne.
The sell-off follows a remarkable rally, with the metal used in power and construction reaching a record high of $10,747.50 in May.

Published 18 Jun, 2021 05:28pm

Energy

Oil falls amid dollar strength; demand picture still bullish

Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel.
US West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $70.65 a barrel, after retreating 1.5% on Thursday and is also set to be flat on the week.

Published 18 Jun, 2021 05:26pm

Commodities

Raw sugar edges up, set to post large weekly loss

July raw sugar rose by 0.07 cent, or 0.5%, to 16.62 cents per lb.
September arabica coffee rose by 1.0 cent, or 0.7%, to $1.5260 per lb.

Published 18 Jun, 2021 05:23pm

Money & Banking

Spain's BBVA opens Bitcoin trading service to clients in Switzerland

BBVA said that during a gradual roll-out it had detected a "significant desire" among investors for crypto-assets or digital assets to diversify their portfolios despite their volatility and high risk.
BBVA said it was limiting this new cryptocurrency service to Switzerland because the country has clear regulation and widespread adoption of digital assets.

Published 18 Jun, 2021 05:20pm

Energy

Brent crude's premium to Dubai hits 21-month high, shuts arbitrage

Brent-Dubai crude spread widens to $3.90/bbl on Friday.
Wide spread boosts Asia's demand for Mideast, Russian oil.
Keeps Atlantic Basin grades out of Asia's reach.

Published 18 Jun, 2021 05:14pm

Commodities

Palm reverses course to trade up 1pc on stronger US soyoil

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 38 ringgit, or 1.1%, at 3,415 ringgit ($825.48) a tonne.
CBOT's soybean oil contract was up 4.5% after a 9.2% drop on Thursday.

Updated 18 Jun, 2021 05:21pm

Forex

Fed-fuelled dollar forces rival currencies onto back foot

Fed's hawkish shift has dollar up 1.6% this week.
ECB, BOJ seen behind the Fed's tapering curve.

Published 18 Jun, 2021 04:37pm

SECP issues guidelines for Green Bonds' issuance in Pakistan

Will help initiate sustainable projects for combating climate change, says apex regulator

Published 18 Jun, 2021 04:04pm

Stocks

European stocks nudge lower at open

In initial deals, London's benchmark FTSE 100 index slid 0.1 percent to 7,145.87 points.

Published 18 Jun, 2021 01:42pm

Stocks

Hong Kong stocks finish week on a healthy note

The Hang Seng Index 0.85 percent, or 242.68 points, to 28,801.27.

Published 18 Jun, 2021 01:38pm

Commodities

NY cocoa may fall into $2,313-$2,351 range

The drop on Thursday confirms a continuation of this wave.

Published 18 Jun, 2021 01:36pm

Forex

Sterling falls below $1.39, hurt by Fed and UK retail sales miss

For cable, market participants are weighing up the Bank of England and the Fed's relative pace of possible monetary policy tightening.

Published 18 Jun, 2021 01:28pm

Energy

China's May diesel exports hit 2021 low

Shandong-based energy consultant JLC estimates China's fuel product exports will fall further in June

Published 18 Jun, 2021 01:23pm

Financial

Philippine central bank sees wider current account surpluses in 2021,2022

For next year, the current-account surplus is expected to reach $6.7 billion.

Published 18 Jun, 2021 01:22pm

Financial

Australia's central bank seen hiking rates in Q1, 2023: Westpac economists

The RBA has repeatedly stated a rate hike was unlikely before 2024 at the earliest.

Published 18 Jun, 2021 01:19pm

Companies

Britain's Tesco is addressing HGV driver shortage: CEO

Factors leading to the current shortage, which the RHA puts at 70,000, include reduced access to labour because of Brexit and COVID-19

Published 18 Jun, 2021 01:18pm

Online fund transfers: SBP deputy governor says banks now under price control

They are not free to charge whatever they want, adds ex-banker Sima Kamil
SBP had earlier issued circular, allowing banks/MFBs/EMIs to charge customers for online fund transfers

Published 18 Jun, 2021 01:18pm

Stocks

Industrial stocks, Inchcape pull British mid-caps higher

Tesco fell 1.5% after Britain's biggest retailer reported a sharp slowdown in underlying UK sales growth in its first quarter.

Published 18 Jun, 2021 01:17pm

Stocks

Nikkei tracks Nasdaq's solid finish overnight, Toyota drags Topix

Chip-related shares advanced, with Tokyo Electron gaining 1.22% and Advantest rising 2.18%.

Published 18 Jun, 2021 12:39pm

Stocks

Australia shares end higher on tech, healthcare boost

Energy stocks dropped 1.9% as oil prices weakened due to the firmer US dollar.

Published 18 Jun, 2021 12:37pm

Stocks

China stocks set for 3rd weekly drop on Sino-West tensions, valuations worries

Bucking the broad weakness, tech stocks shined in the week on signs of more policy support from Beijing.

Published 18 Jun, 2021 12:36pm

Stocks

Yuan hovers around one-month low, set for biggest weekly drop since Sept

The global dollar index fell to 91.845 from the previous close of 91.878, while the offshore yuan was trading at 6.4521 per dollar.

Published 18 Jun, 2021 12:35pm

Energy

US oil may retest support at $69.96

The pullback may extend to $67.14. Immediate target is $69.17.

Published 18 Jun, 2021 12:33pm

Commodities

CBOT soybeans may bounce into $14.03-$14.19 range

A fall below $13.23-1/2 may confirm a continuation of the downtrend towards $12.50-1/2.

Published 18 Jun, 2021 12:32pm

Bullion Rate

Spot gold may bounce to $1,797

These supports are working together to end the downtrend.

Published 18 Jun, 2021 12:14pm

Stocks

Tokyo stocks close lower

Wall Street equity investors gravitated towards tech giants and shunned financial and energy shares, reversing a trend that has held for most of 2021.

Published 18 Jun, 2021 12:13pm

Chinese apps could face subpoenas or bans under Biden order

The order will apply to business apps, including those used in banking and telecommunications, as well as consumer, the first source said.

Published 18 Jun, 2021 11:11am

Financial

BOJ may extend pandemic-relief scheme, keep stimulus intact

Markets are focusing on Kuroda's post-meeting briefing (0630 GMT) for his views on how the Fed's latest rate hike signal could affect markets and the BOJ's policy outlook.

Published 18 Jun, 2021 11:10am

Bullion Rate

Gold set for worst week since March 2020 after hawkish

US gold futures edged 0.2% higher to $1,779 per ounce.

Published 18 Jun, 2021 10:52am

Forex

Vicious post-Fed bounce has dollar headed for year's best week

Ahead on Friday the Bank of Japan ends its two-day meeting, but it is expected to maintain its massive stimulus

Published 18 Jun, 2021 10:50am

Forex

Canadian dollar hits 7-week low as Fed guidance rattles markets

Copper prices fell to their lowest level in two months, while oil settled 1.5% lower at $71.04 a barrel.

Published 18 Jun, 2021 10:47am

Forex

Dollar surges to 2-month high on Fed rate-hike projection

The stronger dollar sent sterling below $1.40 to a fresh 5-week low.

Published 18 Jun, 2021 10:45am

Stocks

Australia shares rise on tech boost, Afterpay soars

Mining stocks slid 2% on lower copper prices and were headed for a 5.9% loss for the week, its biggest since Jan. 29.

Published 18 Jun, 2021 10:43am

Stocks

Australia shares set to open lower; NZ falls marginally

New Zealand's benchmark S&P/NZX 50 index was nearly unchanged, down 0.02% to 12,538.72 points in early trade.

Published 18 Jun, 2021 10:42am

Financial

China central bank to auction 5b yuan in 6-month yuan-denominated bills in HK on June 24

The auction is aimed at improving the yuan yield curve in the financial hub

Published 18 Jun, 2021 10:40am

Forex

Australia, NZ dollars veer dangerously close to 2021 lows

The market increasingly suspects the bank will have to move sooner given the strength of the economy, and a hike is being priced in for late 2022.

Published 18 Jun, 2021 10:38am

Financial

Yellen tells Mexican counterpart G20 countries should back global minimum tax

Yellen also affirmed the Treasury's commitment to deepen cooperation with Mexico on illicit finance

Published 18 Jun, 2021 10:37am

Companies

Foxconn founder asks Taiwan to allow vaccine talks with Chinese firm

Gou said by making the purchase and donation known internationally, the government does not need to worry about the issue of "fake" vaccines.

Published 18 Jun, 2021 10:35am

Energy

Brent oil may retest support at $72.08

On the daily chart, oil fell far below a resistance at $73.50.

Published 18 Jun, 2021 10:34am

Commodities

Palm oil may fall to 3,195 ringgit

Most likely, the contract would open low around 3,200 ringgit on Friday and then bounce towards 3,537 ringgit.

Published 18 Jun, 2021 10:29am

Stocks

Tokyo's key Nikkei index opens higher with eyes on BoJ

Toyota was down 2.33 percent at 9,992 yen.

Published 18 Jun, 2021 10:21am

Stocks

Hong Kong shares kick off on front foot

The Hang Seng Index edged up 0.10 percent, or 27.45 points, to 28,586.04.

Published 18 Jun, 2021 10:15am

Bank, airline web outage 'not caused' by cyberattack

Fastly offers a service to speed up loading times for websites.

Published 18 Jun, 2021 10:05am

Japan consumer prices rise for first time in 14 months

Japan's vaccination programme is picking up after a slow start. Around six percent of the population is now fully vaccinated.

Published 18 Jun, 2021 10:03am

Stocks

Asian markets mostly up as Fed rate forecasts ease inflation fears

And gold, a key go-to asset in times of high inflation, has also taken a hit, sinking more than five percent since Wednesday to a three-month low.

Published 18 Jun, 2021 09:45am

Stocks

Australia shares set to open lower; NZ falls marginally

New Zealand's benchmark S&P/NZX 50 index was nearly unchanged, down 0.02pc to 12,538.72 points in early trade.

Published 18 Jun, 2021 04:42am

Indonesia holds key rate at record low

JAKARTA: Indonesia’s central bank held its benchmark rate at a record low on Thursday as it sought to keep ...