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Archive - 2021-02-04
Italian bond yields drop, spread below 100 bps
Financial

Italian bond yields drop, spread below 100 bps

  • Markets had cheered the prospect of Draghi, the trusted former central banker, taking over at a time when debt-laden Italy is grappling with a pandemic and a deep recession.
  • Longer-term US Treasury yields were higher on Thursday as investors positioned for a large pandemic relief package from Washington and a stabilising US labour market.
Updated 04 Feb, 2021 11:33pm
South Africa's rand slips as dollar gains, stocks firm over 1pc
Forex

South Africa's rand slips as dollar gains, stocks firm over 1pc

  • Rand was supported by the global search for yield by investors unsure of the direction of lending rates in developed economies.
  • Leading the gainers, hotel and casino owner Sun International shot up 11.90% and general retailers rose 3.89%, while the financial index increased 2.99%.
Updated 04 Feb, 2021 11:30pm
Egypt's central bank keeps key interest rates on hold
Money & Banking

Egypt's central bank keeps key interest rates on hold

  • The central bank said keeping rates on hold remained consistent with its policy of achieving an inflation target of 7% plus or minus 2% and price stability over the medium term.
  • Globally, economic activity remains subdued despite the accommodative financial conditions, as the second wave of the COVID-19 pandemic.
Updated 04 Feb, 2021 11:30pm
World Court dismisses Qatar suit against UAE over racial discrimination
Middle East

World Court dismisses Qatar suit against UAE over racial discrimination

  • The court found that Qatar's attempts to base its complaint on the United Nations' 1965 International Convention on the Elimination of All Forms of Racial Discrimination lacked merit and so the court had no jurisdiction in the dispute.
  • The governments of Bahrain, Egypt, Saudi Arabia and the United Arab Emirates imposed measures against Qatar in 2017.
Updated 04 Feb, 2021 11:30pm
US natgas futures edge up on cold forecasts, big storage draw
Energy

US natgas futures edge up on cold forecasts, big storage draw

  • The US Energy Information Administration (EIA) said US utilities pulled 192 billion cubic feet (bcf) of gas from storage during the colder than normal week ended Jan. 29.
  • Front-month gas futures rose 2.2 cents, or 0.8%, to $2.811 per million British thermal units.
Published 04 Feb, 2021 09:50pm
Google phone cameras will read heart, breathing rates with AI help
Technology

Google phone cameras will read heart, breathing rates with AI help

  • Health programs available on Google Play's store and Apple Inc's App Store for years have provided the same functionality.
  • Apple's Watch, Google's Fitbit and other wearables have greatly expanded the reach of continuous heart rate sensing technologies to a much larger population.
Published 04 Feb, 2021 09:51pm
Sixteen African nations show interest in AU vaccine plan
Africa

Sixteen African nations show interest in AU vaccine plan

  • Africa CDC Director John Nkengasong said the 16 countries had asked for a total of a total 114 million doses under the AU's Vaccine Acquisition Task Team (AVATT).
  • "Our hope is that in the next two to three weeks, they should be having their vaccines," he told a virtual news conference.
Published 04 Feb, 2021 09:25pm
Yield curve steepens on Washington spending plans, jobs data
Financial

Yield curve steepens on Washington spending plans, jobs data

  • The benchmark 10-year yield was up 1.5 basis points in morning trading at 1.1461% and at one point reached 1.16%, its highest since Jan. 12.
  • Both factors pointed to improving economic growth, which makes ultra-safe Treasuries less attractive to investors.
Published 04 Feb, 2021 09:23pm
India says it will give Myanmar COVID-19 support despite coup
South Asia

India says it will give Myanmar COVID-19 support despite coup

  • We remain committed to continuing our humanitarian support for the people in Myanmar in mitigating the health and economic impact of the pandemic.
  • Diplomats say the "Vaccine Friendship", as the campaign is called, is also intended to push back against China's political and economic dominance of the region and win goodwill.
Published 04 Feb, 2021 09:16pm
Thailand's sugar crop to rebound in 2021/22: report
Commodities

Thailand's sugar crop to rebound in 2021/22: report

  • Czarnikow projects sugar cane production to increase by 30 million tonnes in 2021/22 (Oct-Sept) to 100 million tonnes.
  • Thailand is currently processing its 2020/21 cane crop, which is the smallest in 10 years at only 70 million tonnes.
Published 04 Feb, 2021 09:08pm
Number of GameStop shares shorted edges lower
Stocks

Number of GameStop shares shorted edges lower

  • The number of shares shorted fell to 25.86 million from 26.39 million a day earlier, according to S3.
  • GameStop shorts are down $8.83 billion in realized and unrealized losses so far in 2021, according to S3.
Published 04 Feb, 2021 09:01pm
China says it will send 150,000 coronavirus vaccines to Syria
South Asia

China says it will send 150,000 coronavirus vaccines to Syria

  • Syrian health officials have said the country is engaged with Russia and China over vaccines but authorities have not yet announced any bilateral deals.
  • The country has signed up for COVAX, a global scheme backed by the World Health Organization to provide vaccines to poorer countries.
Published 04 Feb, 2021 08:56pm
Early backers of vaccine maker BioNTech in $719 million payday
Companies

Early backers of vaccine maker BioNTech in $719 million payday

  • MIG said on Thursday that investors in its funds would now receive 340 million euros from the sale of an unspecified stake in BioNTech, following a payout of 260 million euros last year.
  • BioNTech now has a market capitalisation of around $28.4 billion, more than eight times its valuation of $3.4 billion.
Published 04 Feb, 2021 08:42pm
US factory orders beat expectations in December
USA

US factory orders beat expectations in December

  • The Commerce Department said on Thursday that factory orders increased 1.1% after surging 1.3% in November.
  • The Institute for Supply Management reported this week that its index of national factory activity slipped in January.
Published 04 Feb, 2021 08:41pm
Indian government threatens Twitter with penalties, if it does not block accounts
South Asia

Indian government threatens Twitter with penalties, if it does not block accounts

  • In the aftermath of the online backlash against the Indian government's callous treatment of protestors, India has threatened to 'punish' Twitter if it does not comply with the government's request to restore a block on accounts connected to allegedly inflammatory tweets about farmers’ protests.
  • On Monday, Twitter blocked over 250 accounts, following a request by the Indian government, under the presupposition that the tweets could potentially 'incite' violence.
Updated 04 Feb, 2021 08:37pm
White House pulled into unionization effort at Amazon facility
USA

White House pulled into unionization effort at Amazon facility

  • Amazon, America's second-biggest private employer behind Walmart Inc, does not have any union labor in the United States, and workers at its fulfillment center in Bessemer, Alabama, would be the first to join if they vote in favour.
  • The last attempt by Amazon workers to unionize was in 2014.
Published 04 Feb, 2021 08:33pm
Negative UK rate bets pushed further out on `hawkish' BOE
Money & Banking

Negative UK rate bets pushed further out on `hawkish' BOE

  • Britain's FTSE 100 index pared initial losses after the Bank's statement to traded 0.3% lower on the day, helped by the boost to bank stocks.
  • The BOE did sound mildly optimistic on the economic outlook and this in turn boosted the pound and weighed on the UK markets," said John Woolfitt.
Published 04 Feb, 2021 08:26pm
Oil gains on continued OPEC+ cuts and US stocks draw
Energy

Oil gains on continued OPEC+ cuts and US stocks draw

  • OPEC+ expects oil market deficit despite weaker demand.
  • Brent hits highest since February 2020.
  • US crude stockpiles fall, gasoline inventories surge –EIA.
  • US weekly jobless claims fall more than expected.
Published 04 Feb, 2021 08:14pm
Oil on the boil, with stocks and bonds on the backfoot
Stocks

Oil on the boil, with stocks and bonds on the backfoot

  • World shares drop after 3-day gains, retail frenzy slows
  • Oil at 1-year high on OPEC+ output cut
  • Benchmark bond yields rising, curves steepening
  • Volatility index falls to regular levels
  • Stealth China policy tightening in focus
Published 04 Feb, 2021 08:12pm
Norway's Aker BP eyes foreign oil assets, CEO says
Companies

Norway's Aker BP eyes foreign oil assets, CEO says

  • "Brazil is interesting. It's a highly prolific region," Hersvik said, but added he had not yet found assets that would justify an investment there.
  • "We have looked at that divestment campaign, and decided not to participate," he said of the two Albacora fields.
Published 04 Feb, 2021 08:10pm
Denmark approves renewable energy island in the North Sea
Energy

Denmark approves renewable energy island in the North Sea

  • The move came as the European Union unveiled plans to transform its electricity system to rely mostly on renewable energy within a decade and increase its offshore wind energy capacity 25-fold by 2050.
  • "This is truly a great moment for Denmark and for the global green transition," Energy Minister Dan Jorgensen told a press briefing.
Published 04 Feb, 2021 07:57pm
Spain creates 100mn euro fund for small aerospace firms
Companies

Spain creates 100mn euro fund for small aerospace firms

  • The government unveiled the fund, as well as a program to boost research and development in the industry.
  • Production of short-range commercial jets fell 35% in 2020, the government said, after a year in which travel restrictions to contain the virus slammed the brakes on international travel.
Published 04 Feb, 2021 07:51pm
Unilever tea business 'highly likely' to be split off via listing
Companies

Unilever tea business 'highly likely' to be split off via listing

  • The company will make a final decision at the end of that process, but expects to tap capital markets to split off the division, he added.
  • You could easily see the Unilever Tea Co becoming a standalone business on a listed stock exchange with its own IPO, that is a highly likely outcome.
Updated 04 Feb, 2021 07:51pm
Polish gas firm PGNiG's 2020 LNG imports rise 10pc
Energy

Polish gas firm PGNiG's 2020 LNG imports rise 10pc

  • The following months will bring an increase in the frequency of (LNG) deliveries. In the second and third quarter, we plan to collect a total of about 15 cargos.
  • PGNiG said the share of Russian gas accounted for 60% of total gas imports in 2020, stable year on year.
Published 04 Feb, 2021 07:27pm
BoE's Bailey: important we consider issues on future tightening
Money & Banking

BoE's Bailey: important we consider issues on future tightening

  • "The simple point I'd make is this: the last time the committee considered this question, if my memory serves me right, was in 2018. The world has changed a lot since 2018."
  • Earlier on Thursday the BoE said its policymakers had asked staff to start work "to reconsider the previous guidance.
Published 04 Feb, 2021 07:26pm
Nadal still struggling with back problem ahead of Australian Open
Sports

Nadal still struggling with back problem ahead of Australian Open

  • "It's not that I'm in a really bad way, but I'm also not alright in the sense that I can't play either," Nadal told Spanish television channel Movistar+.
  • "I've improved a little but I'm not in a position where I can go and play a game at full intensity."
Published 04 Feb, 2021 07:12pm
Euro zone bond yields steady, Italy takes a breath after Draghi effect
Financial

Euro zone bond yields steady, Italy takes a breath after Draghi effect

  • Other euro zone markets were quiet, though Germany's 30-year borrowing costs briefly turned positive and euro zone forward inflation swaps extended their recent rise.
  • After Wednesday's rally, Italian BTPs are flat, with investors in a 'wait and see' mode waiting for further developments on the government crisis.
Published 04 Feb, 2021 07:10pm
India's largest lender cuts credit growth outlook on weak corporate lending
Money & Banking

India's largest lender cuts credit growth outlook on weak corporate lending

  • The Mumbai-based bank expects credit growth to be 7% for the financial year ending March 31, Chairman Dinesh Khara said on a post-earnings call, compared to a prior estimate of 8%-9%.
  • SBI said it plans to grow its unsecured loan book for at least four more quarters even as other banks have raised concerns over their quality of lending in the retail segment.
Published 04 Feb, 2021 07:08pm
Ajax Amsterdam leave record signing off Europa League roster
Sports

Ajax Amsterdam leave record signing off Europa League roster

  • Broadcaster NOS said the club had made an administrative error and left the 26-year-old French-born striker off the additions to their squad for the for the rest of the competition.
  • Haller, who signed from West Ham United for 22.5 million euros last month.
Published 04 Feb, 2021 07:04pm
Indian refiners would buy Iranian oil if sanctions eased
Companies

Indian refiners would buy Iranian oil if sanctions eased

  • India, which was Iran's top oil client after China, had stopped oil imports from the OPEC nation in mid-2019 under pressure from the stringent sanctions imposed by former US President Donald Trump.
  • Iranian crude had been in the (import) basket of Indian refineries ... we will be happy to take that crude as.
Published 04 Feb, 2021 07:02pm
CM pays tributes to martyrs
Pakistan

CM pays tributes to martyrs

  • The martyrs who sacrificed their lives for maintaining peace in the country were the heroes of the nation, he added.
Published 04 Feb, 2021 06:12pm
France's Macron aims to tackle tobacco and alcohol in 10-year cancer plan
Europe

France's Macron aims to tackle tobacco and alcohol in 10-year cancer plan

  • The government would dedicate 1.7 billion euros ($2 billion) to the cause over the next five years, a increase of 20% compared to the 2016-2021 period.
  • This strategy is ambitious in view of the goals it pursues : to bring down, in 10 years, new avoidable cancers from 150,000 a year to less than 100,000.
Published 04 Feb, 2021 06:04pm
Merck's Kenneth Frazier to step down as CEO
Companies

Merck's Kenneth Frazier to step down as CEO

  • The company reported a fourth-quarter loss of $2.09 billion, or 83 cents per share, compared with a profit of $2.36 billion or 92 cents per share, a year earlier.
  • Frazier, 66, was set to retire in 2019, but the company scrapped a policy requiring CEOs to retire at the age of 65.
Published 04 Feb, 2021 06:02pm
DroneDeploy raises $50mn as corporate use of drones takes off
Companies

DroneDeploy raises $50mn as corporate use of drones takes off

  • Its software instructs drones on where to fly, what to capture visually and then analyzes that data for companies.
  • DroneDeploy said it saw a 259% jump in the number of firms using its software last year, with a big chunk of the growth coming from major companies deploying hundreds of drones.
Published 04 Feb, 2021 05:52pm
Oil on the boil, stocks and bonds toil
Stocks

Oil on the boil, stocks and bonds toil

  • World shares drop after 3-day gains, retail frenzy slows.
  • Oil at 1-year high on OPEC+ output cut.
  • Benchmark bond yields rising, curves steepening.
  • Volatility index falls to regular levels.
  • Stealth China policy tightening in focus.
Published 04 Feb, 2021 05:44pm
Opposition wants to uphold corrupt practices: Qureshi lambasts opposition for not supporting Senate polls bill
Pakistan

Opposition wants to uphold corrupt practices: Qureshi lambasts opposition for not supporting Senate polls bill

  • On Wednesday, Law Minister Barrister Farogh Naseem introduced the 26th Amendment Bill, which included amendments to allow open balloting in the Senate election and dual nationals to contest the polls.
  • Qureshi contended that Pakistan Tehreek- e-Insaf will stand committed with its principled stand of ensuring transparency in Senate election, whether the amendment gets approved or rejected in the House.
Updated 04 Feb, 2021 05:42pm
Turkish net FX reserves climb to $13.8bn
Forex

Turkish net FX reserves climb to $13.8bn

  • The exchange rate used by Reuters on Thursday was 7.3723 compared to 7.3836 the previous week.
  • The reserves eroded last year as state banks sold off an estimated $130 billion to stabilise the ailing lira.
Published 04 Feb, 2021 05:39pm
Canada Goose revenue beats estimates on online surge, China demand
Companies

Canada Goose revenue beats estimates on online surge, China demand

  • The luxury parka maker is doubling down on the Chinese market, opening new stores and collaborating with Chinese designer Angel Chen for a new collection.
  • Global e-commerce revenue jumped 39.3% in the reported quarter, helping the company post revenue growth for the first time since the onset of the pandemic.
Published 04 Feb, 2021 05:34pm
Futures edge higher ahead of jobless claims data
Stocks

Futures edge higher ahead of jobless claims data

  • The Dow Jones and S&P 500 indexes closed slightly higher on Wednesday, with Alphabet Inc's shares hitting a record high following strong quarterly results.
  • Videogame retailer GameStop Corp rose 3.9%, while cinema operator AMC Entertainment Holdings Inc added 2.6% in premarket trading.
Published 04 Feb, 2021 05:30pm
Kuwait Finance House Q4 net profit falls 22pc as COVID-19 hurts economy
Middle East

Kuwait Finance House Q4 net profit falls 22pc as COVID-19 hurts economy

  • Fitch Ratings, which cut its ratings outlook on Kuwait to negative on Wednesday, has forecast that the oil producer's economy will stage a modest recovery this year, and estimated last year's contraction at 7%.
  • KFH said its net profit was 47.2 million dinars ($156 million) in the quarter that ended on Dec. 31, down from 60.5 million dinars in the same period a year earlier.
Published 04 Feb, 2021 05:19pm
Britain urges flexibility ahead of UN Cyprus talks
Europe

Britain urges flexibility ahead of UN Cyprus talks

  • He and the foreign ministers of Greece and Turkey are expected to attend a three-day summit the United Nations will call in early March on the future of Cypriot reunification talks. *Failure to reach a settlement after so many efforts will benefit no-one, so I urge all sides to come to the talks with a willingness to demonstrate flexibility and compromise.
Updated 04 Feb, 2021 05:19pm
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