News Archives for Business & Finance - 2021-06-21

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Business & Finance - 2021-06-21

Commodities

Gold stages rebound as US yields, dollar slips

US 10-year yields drop to four-month low.
Fed Chair Powell speaks to Congress on Tuesday.
Palladium rises more than 1%.

Published 21 Jun, 2021 08:35pm

Forex

Dollar dips after Fed rally, Bitcoin slumps

The dollar index against a basket of currencies was last down 0.26% on the day at 92.013. The euro gained 0.27% to $1.1901 and the greenback gained 0.05% to 110.30 Japanese yen.
The British pound gained 0.69% to $1.3885.

Published 21 Jun, 2021 08:33pm

Forex

Canadian dollar recovers from 8-week low as oil climbs

Canadian dollar strengthens 0.5% against the greenback.
Loonie touches its weakest since April 26 at 1.2486.
Price of US oil rises 0.5%.
Canadian bond yields rise across a steeper curve.

Published 21 Jun, 2021 08:31pm

Stocks

TSX rises on boost from energy, mining firms

The energy sector climbed 2% as crude prices gained on rising demand in the northern hemisphere's summer driving season.
The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.6% as gold futures rose 0.3% to $1,773.2 an ounce.

Published 21 Jun, 2021 08:27pm

Stocks

Banks, oil stocks lead S&P 500, Dow higher

Value stocks outperform growth names.
Crypto stocks drop as China deepens mining crackdown.
Indexes up: Dow 1.13%, S&P 0.79%, Nasdaq 0.26%.

Published 21 Jun, 2021 08:25pm

Forex

Brazil's real leads gains across Latam currencies

BRL up on economic prospects.
Bolsonaro faces protests as COVID deaths rise more than 500,000.
Latam FX rally as dollar dips after Fed rally.
BlackRock pro-risk; Morgan Stanley turns bearish on EMFX.

Published 21 Jun, 2021 08:21pm

Companies

Intel to work with India's Reliance Jio on 5G network technology

"This is the fruit of that partnership," Navin Shenoy, executive vice president and general manager of the data platforms group at Intel.
"5G in India is going to be massive, and (Reliance Jio) are doing it in a non-legacy way."

Published 21 Jun, 2021 08:18pm

Sotheby's diamond auction marks another bitcoin milestone

The 101.38-carat pear shaped flawless diamond, dubbed The Key 10138, is one of just ten diamonds of more than 100 carats ever to come to auction, only two of which were pear-shaped.
The name of the colorless diamond - Key 10138 - is intended to reflect the integral role that keys occupy in the world of cryptocurrencies.

Published 21 Jun, 2021 08:10pm

South Asia

Flipkart tells Indian court it offers lower fee if sellers cut prices

I tell my sellers at a time like Diwali if you reduce your prices, I will give you a reduction in rent. What's wrong?".
India's foreign investment law for e-commerce says "entities providing (a) marketplace will not directly or indirectly influence the sale price of goods or services".

Published 21 Jun, 2021 07:05pm

Middle East

Gaza Pepsi factory shuts down, owners blame Israeli restrictions

We have completely ran out of raw materials, and unfortunately had to shut down the factory, sending home 250 workers, says Pepsi Gaza's official
Israeli officials did not immediately provide comment on the tightened restrictions

Published 21 Jun, 2021 07:03pm

SBP extends temporary suspension of service charges

Wants to allow banks to manage their liquidity

Published 21 Jun, 2021 06:45pm

Energy

US natural gas futures slip on forecasts for lower demand

Front-month gas futures fell 6.2 cents, or 1.9%, to $3.153 per million British thermal units (mmBtu) .
US pipeline exports to Mexico averaged 6.7 bcfd so far in June, putting them on track to top May's 6.2-bcfd record.

Published 21 Jun, 2021 06:41pm

Stocks

Wall St rebounds after Fed-induced pullback

The Dow Jones Industrial Average rose 21.99 points, or 0.07%, at the open to 33,312.07.

Published 21 Jun, 2021 06:37pm

Stocks

Indian shares end higher, helped by gains in Nifty 50 heavyweights

The blue chip NSE Nifty 50 index closed up 0.40% at 15,746.50, while the benchmark S&P BSE Sensex gained 0.44% to close at 52,574.46.

Updated 21 Jun, 2021 06:33pm

Stocks

Stocks clamber up from 4-week lows, dollar eases from 10-week high

MSCI All Country World Index down 0.2%.
Bitcoin, Ether down between 10-15%.

Published 21 Jun, 2021 05:52pm

Commodities

Sugar, coffee, cocoa slide as wider financial markets under pressure

July raw sugar fell 1.3% to 16.21 cents per lb.
September arabica coffee fell 1.8% to $1.4920 per lb, having touched its weakest since mid-May at $1.4910.

Published 21 Jun, 2021 05:49pm

Stocks

Sri Lankan shares end higher as financials surge

The CSE All-Share Index closed up 0.15% at 7,726.73.
The index rose 1.4% last week, posting its fourth straight weekly gain mainly due to gains in financial stocks.

Published 21 Jun, 2021 05:38pm

Companies

Study confirms GSK-Vir antibody drug reduces hospitalization, death in COVID-19 patients

In a study of 1,057 patients, sotrovimab resulted in a 79% reduction in risk of hospitalization for more than 24 hours or death due to any cause, the companies said on Monday.
Similar therapies developed by rivals Regeneron and Eli Lilly have been approved by US regulators for treating non-hospitalized COVID-19 patients.

Published 21 Jun, 2021 05:31pm

Commodities

Gold stages rebound as US yields, dollar slips

US 10-year yields drop to four-month low.
Fed Chair Powell speaks to Congress on Tuesday.
Palladium rises more than 1%.

Published 21 Jun, 2021 05:29pm

Volvo, Northvolt team up for electric battery factory

This would allow Volvo to equip around 800,000 vehicles per year.

Published 21 Jun, 2021 05:27pm

Commodities

Palm declines on Indonesia's plan to revise export levy.

Palm oil extends last week's decline.
June 1-20 exports fell between 0.8% and 1.8% m/m.
Indonesia to reduce ceiling rate for export levy system.

Published 21 Jun, 2021 05:25pm

Money & Banking

China's central bank urges tougher crackdown on cryptocurrencies

The PBOC urged institutions to launch thorough checks on clients' accounts to identify those involved in cryptocurrency transactions, and promptly cut their payment channels.

Published 21 Jun, 2021 05:22pm

Energy

China cuts 2nd batch of crude oil import quotas for private refiners

A total of 39 companies, led by two large private refiners -Zhejiang Petrochemical Co (ZPC) and Hengli Petrochemical - will receive the new quotas. ZPC and Hengli will each receive 3 million tonnes.

Published 21 Jun, 2021 05:17pm

Forex

Bitcoin tumbles 10pc in wake of deepening China crackdown

Bitcoin falls almost 10%, down 20% in last six days
Ether, smaller coins tumble as well as China mining crackdown spreads to Sichuan

Updated 21 Jun, 2021 06:02pm

Facebook launches Clubhouse-like live audio rooms and podcasts

Facebook's rollout of a potential Clubhouse rival follows the explosive early success of the invite-only live audio app
Public figures and certain Facebook Groups in the US using iOS will be able to create live audio rooms, with up to 50 speakers and unlimited listeners

Published 21 Jun, 2021 05:09pm

Exports increase 16.42% to Rs3.615 trillion in 11 months; 14.59% in May

The exports during July–May (2020 – 2021) totalled Rs.3,615,857 million as against Rs.3,105,799 million during the corresponding period of last year showing an increase of 16.42%.

Updated 21 Jun, 2021 05:28pm

Commodities

Copper sell-off continues as prices hit 10-week low

Benchmark copper on the London Metal Exchange (LME) was down 0.4% at $9,108.50 a tonne.
The metal used in power and construction hit a record high of $10,474.50 in May. Prices fell 8.6% last week.

Published 21 Jun, 2021 05:05pm

Telenor, Axiata to merge Malaysian telecoms units

It is expected to serve 19 million clients and make a net annual profit of 1.9 billion ringgit on 12.4 billion in sales.

Published 21 Jun, 2021 05:03pm

Energy

Oil prices firm on summer demand as Iran talks drag

Iran nuclear talks paused after hardliner wins presidency.
Oil prices on both sides of Atlantic up for four weeks.
Pick-up in northern hemisphere travel boosts prices.

Published 21 Jun, 2021 05:02pm

Commodities

Indonesia to change palm oil export levy, cut ceiling rate

Indonesian authorities have been weighing up for months whether to cut the crude palm oil export levy, which has been at its highest level for five months in a row, hurting demand.
The tariff for export levy begins when prices are at $750 per tonne, with a $20 increase for every $50 rise in CPO.

Published 21 Jun, 2021 04:43pm

Pakistan's rupee continues downward movement, closes at 157.51 in inter-bank market

Has cumulatively shed 3.4% since May 7
Fall attributed to external debt repayments and imports

Updated 21 Jun, 2021 08:36pm

Commodities

Ivory Coast 2020/21 cocoa port arrivals seen at 2.057m T by June 20

About 14,000 tonnes of beans were delivered to Abidjan port and 16,000 tonnes to San Pedro between June 14 and June 20

Published 21 Jun, 2021 02:15pm

Stocks

Hong Kong stocks end lower after Fed's surprise turn

The yuan was quoted at 6.468 per US dollar at 08:10, 0.22% weaker than the previous close of 6.4537.

Published 21 Jun, 2021 02:13pm

Stocks

Major Gulf indexes slip on Fed's hawkish shift

The Qatari benchmark fell 0.7%, as nearly all the stocks on the index declined.

Published 21 Jun, 2021 02:11pm

Stocks

London's FTSE 100 hits one-month low; Morrisons surges 31%

Britain's top central bank officials look set to remain divided this week over whether to pull the plug on their 875 billion-pound ($1.2 trillion) government bond purchase programme.

Published 21 Jun, 2021 02:09pm

Forex

Baht, peso plumb multi-month lows to lead Asian FX falls

Taiwan stocks closed 1.5% lower to mark their worst session in over one month, as daily COVID-19 infections falling below 100 failed to cheer investors.

Published 21 Jun, 2021 02:06pm

Mutual Funds

Euro zone government bonds broadly steady; US Treasury yield curve flattens

Investors this week will also focus on the Bank of England's monetary policy meeting on Thursday and the release of euro area flash PMI data on Friday.

Published 21 Jun, 2021 02:04pm

Forex

Sterling edges up after falling overnight below $1.38

Currency markets are fully pricing in a 30 basis point hike in rates by the BoE by December 2022.

Published 21 Jun, 2021 02:03pm

Forex

Australia, NZ dollars take breather but still trading near multi-month lows

The bond yield curve in Australia and New Zealand flattened, tracking a similar move in the United States.

Published 21 Jun, 2021 01:27pm

Stocks

Australia shares fall most in over one month on CBA plunge, hawkish Fed

Elsewhere, construction materials supplier Boral Ltd pared some gains to end 1.5% higher.

Published 21 Jun, 2021 01:26pm

Stocks

Australian shares drop as Fed official's hawkish view spooks investors

New Zealand's benchmark S&P/NZX 50 index was roughly flat at 12,533.16.

Published 21 Jun, 2021 01:25pm

Stocks

Nikkei at 1-month low as Fed's hawkish stance dulls risk appetite

Thousands of corporations from Toyota Motor to telecom giant SoftBank Group are setting up clinics in a massive private-sector vaccination drive, which will begin on Monday.

Published 21 Jun, 2021 01:21pm

Commodities

CBOT corn may retest resistance at $6.60

A break below $6.37-1/4 may cause a fall into $6.18-1/4 to $6.29-3/4.

Published 21 Jun, 2021 01:18pm

Commodities

CBOT wheat may test resistance at $6.73-3/4

This bottom could be a part of a bigger one developing from the May 26 low of $6.39-1/2.

Published 21 Jun, 2021 01:02pm

Commodities

Dalian iron ore slumps over 5% as China steel demand darkens

Shanghai hot-rolled coil fell 2.3%, but stainless steel advanced 0.7%.

Published 21 Jun, 2021 01:01pm

Bullion Rate

Gold prices firm as US Treasury yields slide

The Fed reiterated last week that it wanted to see "substantial further progress" in employment before making any policy shifts.

Published 21 Jun, 2021 01:00pm

Commodities

LME copper may end fall in $8,776-$8,951 range

Resistance is at $9,367, a break above could lead to a gain to $9,733.

Published 21 Jun, 2021 12:57pm

Australia rejects $36b wind, solar, hydrogen project

An AREH spokesperson had no immediate comment on the environment minister's decision.

Published 21 Jun, 2021 12:55pm

Commodities

LME aluminium may drop to 2,300 this week

A break above $2,405 may signal the completion of the wave (4).

Updated 21 Jun, 2021 12:55pm

China broadens crackdown on crypto mining industry

All crypto mines in the sparsely populated but coal- and hydropower-rich regions of Inner Mongolia and Qinghai were also ordered to shut down in recent months

Published 21 Jun, 2021 12:23pm

Stocks

Tokyo's Nikkei sinks more than 3.2% on US rate hike fears

The dollar fetched 109.81 yen in Asian afternoon trade, against 110.20 yen in New York and 110.07 yen in Tokyo on Friday.

Published 21 Jun, 2021 12:22pm

SBP says online funds transfer charges to ensure ‘sustainable supply of digital transactions’

In a series of tweets, central bank looks to pacify customers criticising move to allow banks to charge for IBFT

Updated 21 Jun, 2021 12:18pm

Stocks

Asian stocks drop as Fed shift reverberates; Treasury yields slide

U.S. stock futures pointed to further selling when Wall Street reopens, easing 0.2% after Friday's 1.3% slide in the S&P 500.

Published 21 Jun, 2021 11:14am

Forex

China's yuan at six-week low as rate outlook lifts dollar

The dollar ended last week strongly after the U.S. Federal Reserve signalled a sooner-than-expected end to its ultra-easy monetary policy.

Published 21 Jun, 2021 11:04am

Commodities

Copper prices near 10-week low as Fed rate view lifts dollar

The most-traded July copper contract on the Shanghai Futures Exchange shed as much as 2% to its lowest since April 14 of 66,480 yuan ($10,277.98) a tonne.

Published 21 Jun, 2021 11:00am

Stocks

Indian shares dragged by financial stocks; PNB Housing Finance slides

State utility firm NTPC gained as much as 3% after posting higher March-quarter profit.

Published 21 Jun, 2021 10:57am

Companies

American Airlines to cut 1% of July flights as travel rebound strains operations

The company said some of its vendors were also struggling with labor shortages, impacting the airline's operations.

Published 21 Jun, 2021 10:47am

Real Estate

UK house prices show biggest seasonal rise since 2015

London has seen weaker prices and demand than other parts of Britain, due to a fall in the number of foreign buyers and less need for many high-paid workers to commute to city-centre jobs.

Published 21 Jun, 2021 10:45am

Financial

Australia's CBA sells general insurance unit to South Africa's Hollard Group

The deal comes just months after smaller peer Westpac sold its general insurance arm to German insurer Allianz for A$725 million.

Published 21 Jun, 2021 10:43am

South Korea's June 1-20 exports jump 29.5% y/y

Imports for the same period increased 29.1% year-on-year, leading to a provisional $291 million trade surplus.

Published 21 Jun, 2021 10:36am

Forex

Dollar holds near multi-month high after Fed's hawkish tilt

But they also noted they do not expect a sustained dollar either, noting that other central banks will need to consider policy normalisation as their economies recover from depressed levels.

Published 21 Jun, 2021 10:35am

Commodities

China's May soybean imports from Brazil surge 82% vs April

Crushers in Rizhao in Shandong province now lose about 484 yuan ($75.74) for every tonne of soybeans they process.

Published 21 Jun, 2021 10:31am

Stocks

Australia shares set for a negative start; NZ falls

New Zealand's benchmark S&P/NZX 50 index fell 0.1% to 12543.14 points in early trade.

Published 21 Jun, 2021 10:15am

Energy

US oil may test resistance at $72.70

The correction triggered by the resistance has almost been reversed.

Published 21 Jun, 2021 10:13am

Commodities

Palm oil may bounce more to 3,602 ringgit

A retracement analysis reveals a target zone of 3,738 ringgit to 3,888 ringgit.

Published 21 Jun, 2021 10:09am

Energy

Brent oil may retest resistance at $74.47

The rise may extend to the top of a presumed wave b around $74.47.

Published 21 Jun, 2021 10:08am

Bullion Rate

Spot gold may retest resistance $1,797

Indeed, the whole correction from $1,916.40 could have completed.

Published 21 Jun, 2021 10:06am

Energy

Oil edges up as Iran nuclear talks drag on

ANZ said the election could delay the nuclear deal.

Published 21 Jun, 2021 10:03am

Stocks

Hong Kong shares open lower

The Hang Seng Index fell 1.04 percent, or 299.63 points, to 28,501.64.

Published 21 Jun, 2021 09:56am

Stocks

Asian markets sink as traders contemplate Fed tightening

Others said the pullback would likely be seen as healthy because many stocks appeared to be somewhat overvalued.

Published 21 Jun, 2021 09:52am

Stocks

Tokyo's Nikkei drops 3.4% at break on US rate hike fear

The dollar fetched 110.16 yen in late Tokyo morning hours, against 110.20 yen in New York and 110.07 yen in Tokyo on Friday.

Published 21 Jun, 2021 09:48am

Expo-2020 Dubai: Pakistan all set to showcase its potentials: Dawood

KARACHI: Pakistan is all set to showcase itself as a progressive, tolerant, diversified and beautiful country ...