Hyundai Motor sees profit grow in second quarter

Monday, 22 July 2019

South Korea’s largest automaker Hyundai Motor saw net profit pick up by almost a quarter in April-June thanks to its sport utility vehicles (SUV) and weak won.Net profit during the period rose 23.3 percent on-year to 999 billion won ($847 million), the firm said in a statement, sustaining its earning streak from the first three months of the year.The January-March reading marked a recovery for Hyundai after it posted its first quarterly loss in eight years.The latest increase was ...

Dollar steadies after rise in bets on bigger Fed rate cut

Friday, 19 July 2019

The US dollar recovered slightly in early Friday trading, having fallen heavily after dovish comments from a key policymaker bolstered expectations of an aggressive interest rate cut this month. At a central banking conference on Thursday, New York Fed President John Williams argued for pre-emptive measures to avoid having to deal with too-low inflation and interest rates. That sent the dollar down before it rebounded slightly after a New York Fed representative subsequently said Williams' ...

US stocks fall as industrial shares tumble

Thursday, 18 July 2019

Wall Street stocks retreated Wednesday, with industrial companies especially weak as a Federal Reserve report described US growth as “modest.”Shares of Dow members Caterpillar, United Technology and Honeywell International fell more than two percent on the dimming outlook of the sector’s prospects amid slowing global growth.The Fed, meanwhile, reported that worries about trade continue to weigh on sentiment even as the US economy keeps chugging along with steady job creation ...

Pound sinks below $1.24, engulfed by Tory Brexit ‘perfect storm’

Tuesday, 16 July 2019

Sterling plunged briefly below $1.24 for the first time in 27 months on Tuesday and also hit six-month troughs against the euro as the two candidates to be Britain’s next prime minister vied to outgun each other on taking a harder Brexit stance. Their positions appear to be leading markets to price a sharply higher risk of Britain leaving the European Union on October 31 without any transition trading agreements in place. That would potentially force the Bank of England (BoE) to cut ...

Abu Dhabi sovereign fund to boost active investments in fixed-income

Monday, 15 July 2019

Abu Dhabi Investment Authority (ADIA), the world’s third-biggest sovereign wealth fund, plans to increase active investments in fixed-income in the coming years, reducing its reliance on passive investments. The move comes as ADIA, which manages the reserves of oil-rich Abu Dhabi, has been reducing its reliance on external fund managers and boosting in-house investment capabilities. Some 55% of ADIA’s portfolio is managed by external managers, down from 60% ...

Trade tension and geopolitical uncertainty raise systemic market risks: Moody’s

Thursday, 11 July 2019

In a report released Wednesday, Moody’s Investors Service has highlighted heightened trade tensions and political uncertainty in Europe and the Middle East as increasing systemic risks in financial markets. The agency noted that risks do remain moderate overall, however. Market liquidity has tightened alongside rising volatility in equity markets, and capital inflows generally remain lackluster across most emerging markets, the agency said. The damage caused by the next credit downturn ...

Nasdaq ends at record as Fed chief signals possible rate cut

Thursday, 11 July 2019

The Nasdaq rose to a record on Wednesday as US stocks rallied following dovish commentary from Federal Reserve Chairman Jerome Powell that opened the door to an interest rate cut.All three major indices surged to all-time intraday records after Powell’s written congressional testimony was released but the tech-rich Nasdaq Composite Index was the only one to hold the record, ending at 8,202.53, up 0.8 percent at the closing bell.The Dow Jones Industrial Average rose 0.3 percent to 26,858.87 ...

Dubai’s DP World hires banks for dollar bond issue

Monday, 8 July 2019

Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year US dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed. DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10. The three banks, together with ...

Gold pushes over $1,400 with Fed rate cut on horizon

Thursday, 4 July 2019

Global uncertainty throughout the past 12 months has fueled the rise in the price of gold throughout 2019. Fears of a trade war stifling economic growth and a slowdown in overall economic activity have increased the price of gold to over $1,400. “The gold price has been helped recently by an increasingly bearish outlook for the global economy, mainly due to ongoing trade tariff disputes,” said Ben Kilbey, battery metals/precious EMEA at S&P Global Platts. “Uncertainty ...

Tesla shares jump as record deliveries ease demand concerns

Wednesday, 3 July 2019

Shares of Tesla Inc jumped 8 percent on Wednesday after Chief Executive Officer Elon Musk made good on his promise of delivering record number of electric cars in the second quarter, quelling fears about demand for its sedans and SUVs. Wall Street analysts and investors have raised doubts about demand and the Silicon Valley automaker’s ability to sort out recent delivery issues, particularly after a disastrous first quarter when deliveries slumped 31 percent. “We are increasingly ...

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