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Improved global demand and a favorable base effect are likely to have kept China's exports buoyant in March, while highe...
12/04/2021

Improved global demand and a favorable base effect are likely to have kept China's exports buoyant in March, while higher oil prices will have been boosted its imports, a Reuters poll showed on Monday.

China's trade surplus is expected to be $52.05 billion in March, following a surplus of $103.25 billion in the first two months of the year, according to a median forecast in a Reuters poll of 27 economists. The data will be released on Tuesday.

European stock markets are seen opening lower Monday, in cautious trading ahead of a week which sees the start of the U....
12/04/2021

European stock markets are seen opening lower Monday, in cautious trading ahead of a week which sees the start of the U.S. earnings season as well as a deluge of important economic data.

At 3:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 0.4% lower, CAC 40 futures in France dropped 1.2% and the FTSE 100 futures contract in the U.K. fell 0.5%.

Gold imports by India surged in March to the highest monthly total in nearly two years as a slump in prices stoked deman...
12/04/2021

Gold imports by India surged in March to the highest monthly total in nearly two years as a slump in prices stoked demand for jewelry during the ongoing wedding season.

Overseas purchases increased more than sevenfold to 98.6 tons last month from 13 tons a year earlier, according to a person familiar with the data, who asked not to be identified as the information isn’t public. That would be the highest since May 2019. Finance Ministry spokesman Rajesh Malhotra didn’t immediately respond to calls to his mobile phone.

Imports during the first three months of 2021 more than doubled in the world’s second-biggest consumer to almost 190 tons, according to Bloomberg calculations based on the data.

The dollar was last quoted at 110.62 yen, not far from its strongest level in a year.Against the euro, the dollar traded...
05/04/2021

The dollar was last quoted at 110.62 yen, not far from its strongest level in a year.

Against the euro, the dollar traded at $1.1760, which is close to a five-month high.

The British pound held steady at $1.3826.

The dollar rose to 0.9430 Swiss franc.

Global stock prices rose to a 1 1/2-month high on Monday after data showed a surge in U.S. employment while U.S. bonds c...
05/04/2021

Global stock prices rose to a 1 1/2-month high on Monday after data showed a surge in U.S. employment while U.S. bonds came under pressure on worries the Federal Reserve may bump up interest rates sooner than it has indicated.

U.S. S&P500 futures traded 0.3% higher, maintaining most of their gains made during a truncated session on Friday though tech-heavy Nasdaq futures lagged behind, trading almost flat.

In Asia, Japan's Nikkei rose 0.8% while MSCI's broadest index of Asia-Pacific shares outside Japan slipped slightly, with China closed for Tomb-Sweeping day and Australia on Easter Monday.

Oil slipped to around $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a ...
05/04/2021

Oil slipped to around $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and hopes for a wider demand recovery in 2021.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. Iran is also boosting supply. [OPEC/O]

Brent crude for June fell 96 cents, or 1.5%, to $63.90 a barrel by 0905 GMT. U.S. West Texas Intermediate crude for May dropped 62 cents, or 1%, to $60.83.

Crude prices swung from green to red and back on Thursday before settling up more than 2% as traders bought into OPEC+’s...
02/04/2021

Crude prices swung from green to red and back on Thursday before settling up more than 2% as traders bought into OPEC+’s assurances that the global oil producing alliance could manage with higher output from May, despite questionable demand.

London-traded Brent, the global benchmark for crude, settled up $1.32, or 2.1%, at $64.86 per barrel. It reached as high as $64.95 earlier, from a session low of $62.45.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled up $2.29, or 3.9%, at $61.45. WTI’s intraday high was $61.58 versus a low of $58.88.

Members of the 23-nation OPEC+, meeting via a two-day video hook-up, agreed to raise output by 350,000 barrels per day in May and June, and 400,000 bpd in July.

When India's government last month asked refiners to speed up diversification and reduce dependence on the Middle East -...
02/04/2021

When India's government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world's energy maps.

It was a move that had been in the works for years, fuelled by repeated comments from Indian Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a "weapon" for his country.

When the Organisation of Oil Exporting Countries and Major Producers (OPEC+) extended the production cuts into April, India unsheathed that weapon. Indian refiners plan to cut imports from the Kingdom by about a quarter in May, sources told Reuters, dropping them to 10.8 million barrels from monthly average of 14.7-14.8 million barrels.

Sanjeev Gupta's $500 million purchase of Europe’s largest aluminium smelter from Rio Tinto (NYSE:RIO) in 2018 was the st...
01/04/2021

Sanjeev Gupta's $500 million purchase of Europe’s largest aluminium smelter from Rio Tinto (NYSE:RIO) in 2018 was the steel tycoon’s first big industrial deal financed through traditional bank debt.

Gupta's GFG Alliance, a sprawling network of hundreds of privately-held companies with interests spanning steel, aluminium, mining, financial services and real estate, publicly announced the five-year term loan with a syndicate of banks.

Behind the scenes, however, GFG had tapped British finance firm Greensill and U.S. asset manager BlackRock (NYSE:BLK) for additional funding via a complex chain of holding companies, according to two sources with direct knowledge and documents seen by Reuters.

Brent crude for June delivery was up by 31 cents, or 0.5%, at $63.05 a barrel by 0159 GMT after falling 2.2% overnight. ...
01/04/2021

Brent crude for June delivery was up by 31 cents, or 0.5%, at $63.05 a barrel by 0159 GMT after falling 2.2% overnight. U.S. oil was up 38 cents, or 0.6%, at $59.54 a barrel, having dropped 2.3% on Wednesday.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia and Kazakhstan, a group called OPEC+, meet later on Thursday to consider options that include an output roll-over and a gradual output increase.

"The most likely outcome of the ... meeting is no significant changes in production," Eurasia Group said in a report on the gathering.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.02% to 93.213 by 10:0...
01/04/2021

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.02% to 93.213 by 10:09 PM ET (2:09 AM GMT), after reaching a five-month high of 93.43 during the previous session.

The USD/JPY pair inched down 0.02% to 110.68. Japan’s Tankan large manufacturers index was at 5 for the first quarter of 2021, above the –15 in forecasts prepared by Investing.com and the –10 reading in the fourth quarter of 2020. The Tankan large non-manufacturers index also exceeded expectations, reading –1 against the –5 reading in Investing.com forecasts and the fourth quarter of 2020.

Technology shares led the S&P 500 to a record high and the three major Wall Street indexes were set to wrap up their fou...
31/03/2021

Technology shares led the S&P 500 to a record high and the three major Wall Street indexes were set to wrap up their fourth straight quarterly gain on Wednesday, with investors awaiting details on President Joe Biden's massive infrastructure plan.

The benchmark index was nearing 4,000 points for the first time as bets on strong economic rebound helped markets ride out a quarter that saw a retail trading frenzy, inflation worries, a spike in Treasury yields and a U.S. hedge fund going bust.

The technology-heavy Nasdaq's 3% gain, however, has lagged the S&P 500's 6% rise and the Dow 8% addition this quarter as investors swapped growth-oriented stocks with underpriced shares deemed to benefit most from a full economic reopening.

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