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German fintechs Raisin and Deposit Solutions join forces
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
BERLIN, June 25 (Reuters) - Two of Germany’s largest fintech startups Deposit Solutions and Raisin have agreed to join forces in a deal to create a European group linking banks with savers, both companies said on Friday. Under the name Raisin DS, the merged company will work with around 400 banks and have a deposit volume of around 20 billion euros ($24 billion). “We will keep all options open.”Georgadze said a financing round for the new firm will start soon. It would not be unreasonable to usher in a new round of financing soon,” Georgadze added. Raisin was valued at around 500 million euros in its last major financing round two years ago, while Deposit Solutions has a valuation of around 1 billion euros, according to its major shareholder Finlab.
Persons: Tamaz Georgadze, ” Georgadze, Peter Thiel, Goldman Sachs, Tim Sievers Organizations: Reuters, Raisin, Union, Deutsche Bank, PayPal, Deposit Solutions Locations: BERLIN, fintechs, London, Hamburg
Dollar edges lower ahead of U.S. inflation data
  + stars: | 2021-06-25 | by ( Ritvik Carvalho | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - The dollar drifted lower in Europe on Friday as an agreement on U.S. infrastructure spending underpinned appetite for riskier currencies, but caution ahead of key U.S. inflation data kept losses to a minimum. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El GhanyThe risk-sensitive Antipodean currencies rose, as did the euro, gaining 0.1% to $1.1943, and the Japanese yen, which rose by about the same margin to 110.77 per dollar. “...The consensus is already expecting quite a large increase in the May PCE inflation data - looking for 3.9% YoY headline and 3.4% YoY core,” said strategists at ING in a note to clients. The Australian dollar rose 0.2% to $0.7595.
Persons: Mohamed Abd El Ghany, , John Williams, Khoon Goh, ” Goh, it’s, Bitcoin Organizations: REUTERS, Federal Reserve, Reuters, ING, New York Federal Reserve Bank, New Zealand, South Korean, ANZ, Bank of England, of England Locations: Europe, Cairo, Egypt, New, Asia, U.S, Mexico
REUTERS/Brendan McDermidSummary Nike, big banks set to boost DowFedEx slips after missing 2022 earnings forecastFutures up: Dow 0.42%, S&P 0.17%, Nasdaq 0.17%June 25 (Reuters) - The S&P 500 and the Nasdaq were set for record highs at open on Friday, following robust earnings forecast from Nike, while weaker-than-expected inflation data eased worries about monetary policy tightening in the near term. Inflation has been front-and-center of investors' minds, with latest personal consumption expenditures (PCE) data showing a measure of underlying inflation rose less than expected in May. Construction and mining equipment maker Caterpillar (CAT.N), farm-equipment maker Deere (DE.N) and aerospace firm Boeing (BA.N) all edged higher. ET, Dow e-minis were up 144 points, or 0.42%, S&P 500 e-minis were up 7.25 points, or 0.17%, and Nasdaq 100 e-minis were up 23.75 points, or 0.17%. Reporting by Devik Jain and Medha Singh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Chris Zaccarelli, Joe, Jerome Powell, hawkish, Morgan Stanley, Wells, Devik Jain, Medha Singh, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Nike, Dow FedEx, Dow, Nasdaq, Core PCE, Independent, Alliance, Caterpillar, Deere, Boeing, Bank of America, Nike Inc, Citigroup, JPMorgan, Fed, Dow e, FedEx Corp, United Parcel Service Inc, CarMax Inc, Russell, Thomson Locations: Bengaluru
MEXICO CITY, June 25 (Reuters) - Mexico is facing an “unprecedented situation” in terms of the shocks affecting inflation due to the COVID-19 pandemic and future interest rate moves will depend on the evolution of inflation, said Bank of Mexico Governor Alejandro Diaz de Leon. “Despite having a negative product gap, we are seeing multiple upward revisions in prices, shortages in different inputs and that’s because of COVID, not because of the economy’s traditional cyclical behavior,” said Diaz de Leon. “We’re in an unprecedented situation in terms of the shocks that are affecting inflation.”Diaz de Leon, whose term as governor concludes at the end of 2021, said the rate hike would contribute to bringing inflation towards the bank’s 3% target, plus or minus one percentage point. With Mexican consumer prices rising 6.02% in the year through the first half of June, Banxico now expects headline inflation to converge to its target during the third quarter of 2022. Banxico’s board deliberately avoided giving guidance on future monetary policy actions because future rate moves will depend on the evolution of inflation, and Thursday’s rate decision was fundamentally aimed at avoiding contaminating inflation expectations and the price formation process, Diaz de Leon said.
Persons: Alejandro Diaz de Leon, Banxico’s, Diaz de Leon, , , ” Diaz de Leon, Banxico, Anthony Esposito, Mark Potter Organizations: MEXICO CITY, Bank, Mexico, Bank of, Reuters Locations: MEXICO, Mexico, United States, Bank of Mexico
* Euro zone periphery govt bond yields tmsnrt.rs/2ii2Bqr (Adds details, updates prices)June 25 (Reuters) - Euro zone bond yields edged up on Friday ahead of U.S. inflation data that will give the latest steer on price pressures as economies bounce back from the coronavirus slump. Following a hefty sell-off last week after U.S. Federal Reserve policymakers brought forward their first projected rate hike to 2023 from 2024, euro zone bond markets calmed this week as they adapted to the Fed’s messaging. With little data coming out of the single currency bloc, euro area bond yields were steady in early Friday trade. In the primary market, Italy raised 3.75 billion euros from the auction of a bond due Nov 2022 and an inflation-linked 30-year bond in an auction. Southern European bond yields rose and Italian bonds underperformed the market, with 10-year yields up nearly 3 basis points to 0.89% as investors digested further Italian supply.
Persons: , Michael Leister, Isabel Schnabel Organizations: Federal Reserve, Reuters, , U.S, Southern, European Central Bank Locations: Italy
UK retail sales jump in June, stocks dwindle - CBI
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: People shop in the Selfridges department store on Oxford street, as the coronavirus disease (COVID-19) restrictions ease, in London, Britain April 12, 2021. REUTERS/Henry NichollsLONDON (Reuters) - British retailers reported a jump in sales in June as the country’s fast vaccination programme encouraged shoppers to go out and spend, the Confederation of British Industry said on Friday. “This was the latest sign that the success of the vaccination programme is feeding through to stronger consumer confidence,” CBI economist Ben Jones said. The CBI survey also showed stock levels in relation to expected sales sank to their lowest since records began in August 1983 and no improvement was expected next month. The Bank of England is keeping a close eye on whether bottlenecks in supply caused by the pandemic lead to longer-term inflation pressures.
Persons: Henry Nicholls LONDON, Ben Jones Organizations: REUTERS, of British Industry, CBI, Bank of England Locations: Oxford, London, Britain, May’s
A broader dollar retreat and a bipartisan U.S. Senate deal on infrastructure spending also boosted emerging assets, with the Thai baht strengthening from a 13-month low hit on Thursday. The country has also approved the emergency use of the COVID-19 vaccine developed by Indian vaccine developer Bharat Biotech, and will receive a million doses of AstraZeneca Plc's COVID-19 vaccine from Japan. The baht had skidded lower after Thailand's central bank on Wednesday downgraded annual growth forecasts and pledged an accommodative policy stance Political uncertainty is also weighing. Hundreds of pro-democracy protesters took to the streets on Thursday, calling for the prime minister to resign. Jakarta stocks rose nearly 1% to snap two sessions of losses, while Malaysian shares registered their best session in a week.
Persons: Soumyajit Saha, Ruben Carlo O, AstraZeneca Plc's, South Korea's, Joe Biden, Rashmi Aich Organizations: Senate, ng Pilipinas, The Union Bank of, Bharat Biotech, AstraZeneca, AstraZeneca Plc's COVID, South, Malaysian Locations: Malaysia, U.S, Manila, Asuncion, Philippines, Japan, Asia, Jakarta, China, India, Indonesia, Singapore, Taiwan, Thailand, Bengaluru
Column: Only half time in public debt match
  + stars: | 2021-06-25 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +6 min
But it ups the ante on public debt even further. If additional debt-financed spending can lift economic potential without stoking inflation, decades of trepidation over unchecked public debt loads moving from crisis to crisis may well have been wide of the mark and a different regime of high but manageable public debt at hand. Persistently high inflation surprises and full passage of U.S. spending bills could challenge that market stability, they add, but that’s “a limited risk” at this stage. Parsing differing arguments on measuring sovereign debt sustainability, the effects of high debt on growth, possible tipping points and debt dynamics of ageing societies, the piece concluded with pretty stark warnings about the trajectory. “This ‘low interest rate/high public debt’ equilibrium is fragile, as it crucially hinges on a continuation of low inflation,” wrote Deutsche economist Sebastian Becker.
Persons: Michael Oliver, Lars Baron, stokes, what’s, , busily, Christian Keller, Akash Utsav, , that’s, PIMCO’s Tiffany Wilding, Andrew Balls, Sebastian Becker Organizations: Soccer Football, Saint Petersburg, REUTERS, European, Barclays, JPMorgan, Deutsche Bank, Deutsche, Reuters Locations: Sweden, Poland, Saint Petersburg, Russia, hove, Britain, Cornwall, CORNWALL, U.S, United States, France, Italy, Germany
Sterling set for worst month vs dollar since September
  + stars: | 2021-06-25 | by ( Joice Alves | ) www.reuters.com sentiment -1.00   time to read: +2 min
* Graphic: World FX rates in 2020 tmsnrt.rs/2egbfVh* Graphic: Trade-weighted sterling since Brexit vote tmsnrt.rs/2hwV9HvLONDON, June 25 (Reuters) - Sterling edged lower on Friday and was on track for its worst month versus the dollar since September after the Bank of England kept its policy unchanged. Investors had hoped a more optimistic economic assessment from the BoE would push sterling back towards $1.40. Sterling was down 0.1% versus the dollar at $1.3910 at 0824 GMT, and it was on track for its worst month against the greenback since September 2020. Earlier this month, sterling dropped below $1.38 against a strengthening dollar after the U.S. Federal Reserve surprised markets by signalling it would raise interest rates and end emergency bond-buying sooner than expected. Versus the euro, the pound was 0.2% lower at 85.84 pence, but was still set for a weekly gain.
Persons: BoE, Sterling, Joice Alves, Pravin Char Organizations: Sterling, Bank of England, ING, Investors, U.S . Federal Reserve, European Union Locations: Britain, England, British, Northern Ireland, EU
Energy, mining stocks push FTSE 100 higher; set for weekly gain
  + stars: | 2021-06-25 | by ( Shashank Nayar | ) www.reuters.com + 0.00   time to read: +2 min
The benchmark FTSE 100 index <.FTSE 100> rose 0.1% after jumping in the previous session as the Bank of England left interest rates unchanged near record lows. read moreEnergy shares (.FTNMX601010) climbed 1.02%, while miners BHP Group (BHPB.L), Anglo American (AAL.L) and Rio Tinto (RIO.L) gained between 0.4% and 1.2%. Building materials business CRH was among the top gainers on the FTSE 100 after brokerage Berenberg raised its target price on the stock. A raft of monetary and fiscal stimulus has helped the FTSE 100 rise 27% since the UK's second COVID-19 wave in October, but it has still underperformed its European peer (.STOXX), which gained 33% over the same period. read more"British equities will remain steady as it goes but unless we see any of the heavyweight stocks perform really better, the FTSE 100 will hover around the 7,000 level," added Temperton.
Persons: Toby Melville, Berenberg, BoE, Keith Temperton, Clayton, Shashank Organizations: London Stock Exchange, REUTERS, PT UDG Healthcare, Energy, Bank of England, BHP Group, Rio Tinto, Forte Securities, Healthcare, Thomson Locations: London, Britain, American, Rio, Dubilier, Bengaluru
The scandal-hit Swiss bank (CSGN.S) was up 2.1% as the report said Credit Suisse's management was under pressure to come up with an overhaul plan. The STOXX 600 fell sharply from record highs last week after a surprisingly hawkish tone from Fed officials roiled global financial markets. Other so-called value stocks including miners (.SXPP) and energy (.SXEP) were also among the top gainers on the week. Construction-related stocks (.SXOP) added 0.6% following a jump in the U.S. infrastructure sector as U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal. read moreGerman stocks (.GDAXI) fell 0.1% even as a report showed consumer sentiment improved more than expected heading into July.
Persons: Banks, Amigo, Michael Hewson, Joe Biden, Sagarika, Shounak Dasgupta Organizations: REUTERS, Credit Suisse, Reuters, UBS, U.S . Federal Reserve, PCE, CMC, European Central Bank, Bank of England, FTSE, Amigo Holdings, Thomson Locations: Frankfurt, Germany, Europe, U.S, Bengaluru
FOREX-Dollar dips, but with a wary eye on U.S. inflation data
  + stars: | 2021-06-25 | by ( Tom Westbrook | ) www.reuters.com + 0.00   time to read: +3 min
The risk-sensitive Antipodean currencies rose very slightly, while the euro gained 0.1% to $1.1940 and the yen rose by about the same margin to 110.80 per dollar. “The dollar can jump if inflation surprises to the upside,” said Joe Capurso, head of international economics at the Commonwealth Bank of Australia in Sydney. “Upside inflation surprises have been the trend in the U.S. recently,” he added. The Australian dollar rose 0.1% to $0.7591. Bank of England policymakers even warned against “premature tightening” and the pound was the worst performing G10 currency on Thursday.
Persons: , Joe Capurso, John Williams, Khoon Goh, ” Goh, it’s, Bitcoin Organizations: Federal Reserve, Commonwealth Bank of Australia, U.S ., Reuters, New York Federal Reserve Bank, New Zealand, South Korean, ANZ, Bank of England, of England Locations: 2RBWI5E SINGAPORE, Asia, Sydney, U.S, New, Mexico
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland, Oct. 28, 2020. The bank’s management needs a new-look Credit Suisse, as its standing with customers and in Switzerland hits a low ebb. “The Swiss establishment is aware that without a domestic merger Credit Suisse will disappear in foreign hands,” one of the sources said. Earlier this year, when asked about a tie-up with Credit Suisse, UBS CEO Ralph Hamers threw cold water on the idea, saying he preferred “organic” growth. But many people who spoke to Reuters for this story, however, believed a deal between Deutsche Bank and Credit Suisse was unlikely.
Persons: Arnd, Antonio Horta, Osorio, , FINMA, , Ralph Hamers, Christian Sewing Organizations: UBS, Swiss, Credit Suisse, REUTERS, Greensill Capital, Suisse, Reuters, Germany’s Deutsche Bank, Deutsche, Deutsche Bank Locations: ZURICH, Bern, Switzerland, Swiss, Zurich, Washington, United States
The yuan opened at 6.4639 per dollar and was changing hands at 6.4642 at midday. The People's Bank of China (PBOC) set the midpoint rate at 6.4744 per dollar prior to market open, firmer than the previous fix of 6.4824. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.467 -0.04% * Offshore 6.6349 -2.42% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint.
Persons: PBOC, Joe Biden Organizations: U.S, Federal Reserve, People's Bank of China, greenback, HSBC, Fed, Investors, Thomson, SHANGHAI Locations: SHANGHAI, U.S
SYDNEY, June 25 (Reuters) - The Australian and New Zealand dollars rose for a fifth consecutive session on Friday and were on track for solid weekly takings, as analysts predict further gains in the period ahead led by strong commodity prices and still-buoyant risk appetite. The Australian dollar was last up 0.1% at $0.7594 after hitting a near six-month trough of $0.7478 earlier this month. For the week, the Aussie is so far up 1.5%, its best weekly performance since early-May. For the week, the kiwi was up more than 2% so far, on track for its best weekly showing since November 2020. Australian government bond futures nudged lower too, with the three-year bond contract off 2 ticks at 99.50.
Persons: Organizations: SYDNEY, New, National Australia Bank, New Zealand Locations: New Zealand, United States, New
BENGALURU, June 25 (Reuters) - Indian shares were largely unchanged on Friday, as a fall in Reliance Industries was offset by gains in financial stocks, although the indexes were on track to rise about 0.6% each for the week. By 0455 GMT, the blue-chip NSE Nifty 50 index was flat at 15,790.65 while the benchmark S&P BSE Sensex was down 0.05% at 52,672.32. Nomura said in a research note on Thursday the country’s vaccination rate “skyrocketed” this week, averaging six million doses per day. The Nifty Bank index added 0.60% and was on track for its second straight session of gains. Private-sector lender ICICI Bank and top lender by assets State Bank of India were among the biggest boosts to the Nifty 50.
Persons: Nomura, , Amit Shah, Mukesh Ambani, Yasir Al, Rumayyan, Ashok Leyland, Anuron Kumar Mitra Organizations: Reliance Industries, BSE, BNP Paribas, Investors, Saudi Aramco, ICICI Bank, State Bank of Locations: BENGALURU, India, Asia, Mumbai, State Bank of India, Bengaluru
The Thai baht strengthened slightly after hitting 13-month lows this week after the central bank downgraded its annual growth forecasts. But the baht was still on track to shed more than 1% for the second consecutive week, while Thai stocks rose marginally after six straight sessions of losses. Elsewhere in Asia, stocks rose in Indonesia and Manila, tracking U.S. indexes which hit record highs overnight after President Joe Biden embraced a bipartisan Senate infrastructure deal. Taiwan stocks rose over 1% to their highest in more than a month, while the Taiwan dollar also strengthened to register its best session in two weeks. The won was set for a modest weekly gain after weakening nearly 2% last week.
Persons: Soumyajit Saha, Phillip, Joe Biden, South Korea's, Ana Nicolaci da Organizations: Taiwan, ng Pilipinas, ING, U.S . Federal, Phillip Securities, South Locations: Philippine, Thailand, Asia, Indonesia, Manila, Taiwan, Japan, China, India, Malaysia, Philippines, Singapore, Bengaluru, Ana Nicolaci da Costa
COLUMN-Only half time in public debt match: Mike Dolan
  + stars: | 2021-06-25 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +6 min
But it ups the ante on public debt even further. If additional debt-financed spending can lift economic potential without stoking inflation, decades of trepidation over unchecked public debt loads moving from crisis to crisis may well have been wide of the mark and a different regime of high but manageable public debt at hand. Persistently high inflation surprises and full passage of U.S. spending bills could challenge that market stability, they add, but that’s “a limited risk” at this stage. Parsing differing arguments on measuring sovereign debt sustainability, the effects of high debt on growth, possible tipping points and debt dynamics of ageing societies, the piece concluded with pretty stark warnings about the trajectory. “This ‘low interest rate/high public debt’ equilibrium is fragile, as it crucially hinges on a continuation of low inflation,” wrote Deutsche economist Sebastian Becker.
Persons: stokes, what’s, , busily, Christian Keller, Akash Utsav, , that’s, PIMCO’s Tiffany Wilding, Andrew Balls, Sebastian Becker Organizations: Reuters, LONDON, European, Barclays, JPMorgan, Deutsche Bank, Deutsche Locations: hove, Britain, Cornwall, CORNWALL, U.S, United States, France, Italy, Germany
Indian shares rise on financials, post weekly gains
  + stars: | 2021-06-25 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
BENGALURU (Reuters) - Indian shares closed higher on Friday, booking their fifth weekly gain in six weeks as falling COVID-19 cases and surge in vaccinations boosted confidence in an economic recovery. FILE PHOTO: A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File Photo/File PhotoDriven by gains in heavyweight financials, the blue-chip NSE Nifty 50 index ended 0.44% higher at 15,860.35 and the benchmark S&P BSE Sensex rose 0.43% to 52,925.04. [MKTS/GLOB]In Mumbai trading, the Nifty Bank index rose 1.54%, with private-sector lenders ICICI Bank and Axis Bank being the top two boosts to the Nifty 50. Ambani added that Aramco Chairman Yasir Al-Rumayyan would join the Indian firm’s board as an independent director.
Persons: Francis Mascarenhas, Joe Biden, Tata Steel, Mukesh Ambani, Ambani, Yasir Al, Rumayyan, Ashok Leyland Organizations: National Stock Exchange, REUTERS, BSE, ICICI Bank, Axis Bank, Tata, Reliance Industries, Saudi Aramco, Indian Locations: BENGALURU, Mumbai, India
Dollar dips ahead of U.S. inflation data
  + stars: | 2021-06-25 | by ( Ritvik Carvalho | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - The dollar drifted lower in Europe on Friday as an agreement on U.S. infrastructure spending underpinned appetite for riskier currencies, but caution ahead of key U.S. inflation data kept losses to a minimum. FILE PHOTO: A U.S. five dollar note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File PhotoThe risk-sensitive Antipodean currencies rose, as did the euro, gaining 0.1% to $1.1943, and the Japanese yen, which rose by about the same margin to 110.77 per dollar. “...The consensus is already expecting quite a large increase in the May PCE inflation data - looking for 3.9% YoY headline and 3.4% YoY core,” said strategists at ING in a note to clients. The Australian dollar rose 0.2% to $0.7595.
Persons: Thomas White, , John Williams, Khoon Goh, ” Goh, it’s, Bitcoin Organizations: REUTERS, Federal Reserve, Reuters, ING, New York Federal Reserve Bank, New Zealand, South Korean, ANZ, Bank of England, of England Locations: Europe, New, Asia, U.S, Mexico
Peter Thiel, the luminary venture capitalist billionaire, has used a common personal retirement account as his own “$5 Billion Tax-Free Piggy Bank,” according to a new report from the nonprofit news organization ProPublica. ProPublica said the documents showed that Thiel started a Roth IRA 22 years ago with assets that at the time were worth less than $2,000. According to ProPublica, Thiel began the Roth IRA with his shares of his startup, PayPal, which he originally co-founded in 1998 under the name Confinity. In 2004, when Thiel spent $500,000 and received in return a substantive stake in a nascent Facebook, that too went into Thiel’s Roth IRA account. Tax experts said Thiel was clearly taking advantage of the Roth tax allowances.
Persons: Peter Thiel, ProPublica, Roth IRAs, Roth, Thiel, ” Thiel’s, Jeremiah Hall, Sen, Ron Wyden, Thiel’s, , , Tom Anderson, Anderson, ’ ” Anderson, Thiel’s Roth, Steve Wamhoff, Bernie Sanders, it’s, ” Wamhoff Organizations: Free Piggy Bank, NBC News, Revenue, NBC, PayPal, Senate Finance Committee, PENSCO Trust Company, eBay, Facebook, Roth IRA, Taxation, Economic, “ Lawmakers, ProPublica, Office Locations: California
LONDON — The U.K. has one of the highest Covid-19 vaccination rates in the world, yet it's seeing a new surge in coronavirus cases largely attributed to the delta variant that first originated in India. Experts say that close attention is being paid to the latest data out of the U.K. as it could be a bellwether for others. And there is a fear that where the U.K. now treads, others — like the U.S. — could follow. "All eyes (are) on UK Covid trends," Kallum Pickering, senior economist and director at Berenberg Bank, said in a note Tuesday. Secondly, he noted that new hospital admissions had increased less than recorded infections — and by much less than during the winter wave.
Persons: Anthony of Padua, Kallum Pickering, Pickering Organizations: St, Anthony of Padua Roman Catholic Church, LONDON, Berenberg Bank Locations: Bronx of New York City, United States, India, U.S
Oil keeps climbing on tight supply outlook, eyes on OPEC+
  + stars: | 2021-06-25 | by ( ) www.cnbc.com sentiment -0.99   time to read: +2 min
Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021. Oil prices rose on Friday, heading for a fifth straight week of gains, with demand growth seen outstripping supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. Brent crude futures climbed 7 cents, or 0.1%, to $75.63 a barrel, headed for a 2.9% jump for the week. "(The market) certainly has momentum behind it...It's really in the hands of OPEC+," said Commonwealth Bank commodities analyst Vivek Dhar. That's going to determine where oil prices go," Dhar said.
Persons: It's, Vivek Dhar, Dhar Organizations: . West Texas, Brent, Organization of, Petroleum, Commonwealth Bank, ANZ, U.S Locations: Port Fourchon , Louisiana, U.S, Russia, OPEC, United States, Europe, China, Iran
Dollar firm as traders brace for U.S. inflation data
  + stars: | 2021-06-25 | by ( ) www.cnbc.com + 0.00   time to read: +3 min
The U.S. dollar held near multi-month highs on Friday as investors warily awaited U.S. inflation data, while the pound nursed modest losses after Bank of England (BoE) policymakers leaned away from flagging rate rises. "The dollar can jump if inflation surprises to the upside," said Joe Capurso, head of international economics at the Commonwealth Bank of Australia in Sydney. The stronger dollar has kept other majors in check through the week, even against currencies where rate rises are likely to land sooner than in the United States. With risk appetite looking resilient, any narrowing in this gap probably depends on how far the (Fed)-inspired U.S. dollar recovery can extend." In emerging markets, the Mexican peso surged to a two-week high following a surprise benchmark interest rate hike.
Persons: warily, BoE, Jerome Powell, Joe Capurso, Sean Callow, Sterling, Tapas Strickland Organizations: U.S, Bank of England, U.S . Federal Reserve, Reuters, Commonwealth Bank of Australia, U.S ., New Zealand, Westpac, National Australia Bank Locations: Asia, Sydney, U.S, United States, Australia
Gold holds steady as traders seek direction from U.S. data
  + stars: | 2021-06-25 | by ( ) www.cnbc.com sentiment -0.99   time to read: +2 min
Gold bars at Solar Capital Gold Zrt. Gold prices held steady on Friday as investors awaited U.S. inflation data due later in the day after mixed signals from Federal Reserve officials this week on interest rate hikes. Investor focus now shifts to U.S. producer price data on Friday for further clues on rising inflation. Some investors view gold as a hedge against higher inflation that could follow stimulus measures. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.4% to 1,042.87 tons on Thursday.
Organizations: Solar, Federal Reserve, U.S, Bank of England, Trust Locations: Budapest, Hungary
Total: 25