Connect with us

Business

IMF deal: Argentine stock market up!

Published

on

BUENOS AIRES: Argentina’s stock market rose 4.15 percent while its currency fell 1.68 percent against the dollar Friday, a day after Buenos Aires agreed to a $50 billion standby loan from the International Monetary Fund.

During the week, the leading Merval index rose 10.5 percent while the peso lost 2.3 percent. The exchange rate closed at 25.98 pesos per dollar after the central bank announced it would let the currency float, removing the 25 pesos per dollar ceiling it had set.

The Argentine economy climbed 2.8 percent in 2017, but growth slowed after a crisis of confidence that resulted in the loss of over $10 billion of central bank reserves and saw the peso plunge by nearly 20 percent.

That led Latin America’s third-largest economy to ask for IMF assistance to help it face mounting inflation, budget deficits, and a weakening currency – an unpopular move in a country in which many associate the financial institution with painful memories of past economic and social crises.

A relevant piece published earlier: World stock markets were mixed on Friday at the start of a tense Group of Seven summit amid disagreement between the US and allies on trade, Iran, and other issues. The two-day G7 meeting that opened in Canada has earned the unofficial “G6 plus one” moniker following a series of aggressive trade actions by US President Donald Trump that have angered allies. “Investors are either worried that nothing will get resolved, or Trump will become more entrenched in his aggressive approach to trade,” said Connor Campbell, a financial analyst at Spreadex traders, adding that the meeting would probably be “feisty.” Traditional allies such as the European Union and Canada are also frustrated at Trump’s withdrawal from hard-fought international agreements on climate change and on containing Iran’s nuclear program. Trump threw an additional curveball at the group early Friday when he called for Russia to be readmitted into the group. European stocks closed mostly lower following a slump in Asia – and after a week of largely strong gains in the wake of robust US jobs data and easing political headwinds in Italy and Spain.

Frankfurt’s DAX 30 was also pressured by data showing industrial production in Germany unexpectedly fell in April, adding to fears of a slowdown in Europe’s powerhouse economy. Wall Street stocks moved cautiously on Friday in the shadow of a tense Group of Seven meeting in Canada amid trade conflicts, finishing a choppy session slightly higher. The Dow Jones Industrial Average gained 0.3 percent to 25,316.53. The broad-based S&P 500 also advanced 0.3 percent to 2,779.03, while the tech-rich Nasdaq Composite Index edged up 0.1 percent to 7,645.51. A two-day G7 meeting opened in Canada that has earned the unofficial “G6 plus one” moniker following a series of aggressive trade actions by President Donald Trump that have angered allies. Trump threw an additional curveball at the group early Friday when he called for Russia to be readmitted into the group. “The G7 is usually neutral to the markets, but now there are concerns that perhaps the trade talks will deteriorate,” said Quincy Krosby, chief market strategist at Prudential Financial. “It adds some caution to the market.” In recent weeks worries about a trade war have been offset by a string of largely positive US economic data. Krosby attributed Friday’s mixed trading also to next week’s calendar, which includes meetings of the Federal Reserve and European Central Bank. (9th of June, 2018)

 

Comments
Continue Reading
Advertisement

Business

PSX: Bears stay put in the bourse!

Published

on

KARACHI: Benchmark KSE-100 Index closed in the red (41,637) losing 721 points on the week’s last trading day.

Rs. 7.65b worth of 179m shares changed hands today. Value of the shares of 238 companies plummeted, 79 augmented while 16 remained stagnant.

While Commercial Banking Sector led the trade with 43.2m shares, the five leading traders of the shares today were: K-Electric Ltd., 20.3m shares (-3.27pc); Bank Of Punjab, 15.9m shares (-2.74pc); Lotte Chemical Pakistan Ltd., 11.9m shares (-1.78pc); Summit Bank Ltd.,  9.1m shares (-1.38pc); Pakistan Elektron Ltd., 8.2m shares (-4.76pc).

Comments
Continue Reading

Asia

Belarus ready to supply 20K tonnes of beef to China annually

Published

on

MOLODECHNO: Belarus is ready to supply 20,000 tonnes of beef to China annually, Aleksei Bogdanov, Head of the Central Office for Foreign Economic Activities of the Belarusian Agriculture and Food Ministry said.

“In terms of beef supplies to China, we are limited by the number of certified companies. For the time being, there are only two of them. The Agriculture and Food Ministry is working to expand the list of such enterprises. This task is under control of the minister. As the number of companies that can supply beef to China increases, so will the volume of exports.

We are potentially ready to supply up to 20,000 tonnes of beef to China per year,” he told media. Belarusian enterprises seek to enter the Chinese market with finished goods not only with raw materials. “Of course, there are certain difficulties associated with the shelf-life of products.

Today we are working actively to reduce the delivery time using rail transport. Now the dairy industry is making great headway and has started to export finished products to China such as cheeses and packaged butter and are working to make inroads into the yogurt market. We are gradually expanding the range of products.

Today there is an interest in the shipments of Belarusian canned beef to China. This issue is under consideration,” Aleksei Bogdanov said.

_________________________________________________________________________________________
With an export of 220,000 tons, Belarus remained one of the world’s largest meat exporters: 

Comments
Continue Reading

Asia

Asian traders cautiously end brutal week 

Published

on

HONG KONG: Asian investors ended a tumultuous week on a cautious note Friday as the prospect of a debilitating global trade war hung over regional markets.

As European Union tariffs on key US goods – including jeans, bourbon, and motorcycles – came into effect, there were fears China and the US will carry through with their own threats, locking the world’s three biggest economies in a potentially destructive face-off. The EU move was in retaliation to Donald Trump’s decision to hit steel and aluminum imports from the bloc and comes after the US and China traded tit-for-tat threats on hundreds of billions of dollars of goods. That exchange sparked an international market retreat and fuelled worries a full-blown flare-up could pummel the global economy just as it is getting back on its feet after the global financial crisis.

“We have a trade war – and it’s an escalating trade war,” SEB chief economist Robert Bergqvist told AFP in an interview. “Investors… are more cautious today, they are waiting for the right time to reduce their exposure in stock markets.” New York’s three main indexes ended down – with the Dow suffering an eighth straight loss – as investors were spooked by news that Daimler had cut its profit forecasts because of new levies on cars exported from the US to China. “We heard from Daimler about the impact of the trade tensions on sales, and there are a growing number of stories about the chance of China directly targeting US firms who do business in the country,” said Greg McKenna, chief market strategist at AxiTrader.

Comments
Continue Reading

News Pakistan Trending