Dollar edges up as jolt from Fed minutes wanes
The U.S. dollar edged up after a flurry of economic data. This includes weekly labor market numbers, in a more muted move a day after a spike higher. This is after following the release of minutes from the Federal Reserve’s meeting. The dollar sharply pared losses of as much as 0.44% after the minutes showed […]
Asian shares slip, US yields hit tech firms
Asian stocks slipped following a mixed Wall Street session as higher U.S. Treasury yields weighed on global tech firms. This pushed the dollar to a five-year high against Japan’s yen. U.S. yields rose as bond investors geared up for interest rate hikes from the Federal Reserve by mid-year to curb stubbornly high inflation. MSCI’s broadest […]
Despite UK economic slowdown, Sterling has raised against dollar
Sterling rose against the dollar and edged up on the euro. This is despite official data showing Britain’s economy grew more slowly than previously thought before the recent Omicron variant surge in COVID cases. Official data shows that the British gross domestic product grew by 1.1% in the third quarter between July and September. This […]
Norway wealth fund diverts from China’s Yunnan Baiyao over pangolins
Norway’s $1.4 trillion wealth fund has divested from Chinese pharmaceutical firm Yunnan Baiyao. They say that this decision was because the company uses and sells body parts from pangolins, which is an endangered species. The fund also said that it had put Marfrig Global Foods, under observation for possible exclusion from its investments for contributing […]
Getting balance right on UK euro clearing may take years
The European Union won’t suddenly pull up the drawbridge on Britain’s financial services sector. Reducing reliance on the City of London for euro clearing could take years, said a top European Commission official. The EU executive said that EU market participants could continue clearing euro denominated derivatives in London beyond June 2022. The extra period […]
After robust US retail sales data, Dollar is at 16 months high
The dollar rose to a 16-month high. This is after data showed U.S. consumers looked past rising prices. And they drove retail sales higher than expected last month. The euro slumped amid growth concerns and there is a surge in COVID-19 cases in Europe. U.S. retail sales rose 1.7% in October. This had topped consensus […]
Hedge fund third point buys stake
Hedge fund Third Point has built a large stake in Royal Dutch Shell. They called on the oil major to split into multiple companies. This is for increasing its performance. Billionaire investor Daniel Loeb’s New York-based firm, owns roughly $750 million in Shell. Shell’s market value is nearly $190 billion. Shell, faces mounting pressure from […]
UK to slash bond issuance
Helped by a faster-than-expected economic recovery and borrowing that has undershot forecasts, Britain’s government will slash its planned bond sales. This is for the current financial year. The median forecast from 12 primary dealers showed the Debt Management Office will plan to sell 218.8 billion pounds of gilts. There is also a 33.8 billion-pound reduction […]
Stocks gain as upbeat wall St earnings lift outlook
Global stocks rose and Treasury yields dipped with major Wall Street benchmarks hitting fresh records. It is buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook. A large proportion of S&P 500 companies are due to report. This includes technology heavyweights Facebook, Apple Inc, Amazon, Microsoft, and Alphabet. […]
European stocks end flat
European stocks closed flat. This is because of the gains in banks and commodity-linked sectors were offset by losses in industrial stocks on rising bond yields. The pan-European STOXX 600 closed largely unchanged at 472.21 points. This is with concerns over rising inflation and slowing economic growth also weighing on sentiment. Mining and energy stocks rose […]