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World’s largest sovereign fund grows despite volatile markets

Wednesday, 21 August 2019

The managers of Norway's sovereign wealth fund, the world's biggest, said Wednesday that the fund had grown in value in the second quarter, despite volatility generated by global trade tensions.The Bank of Norway, which manages the fund, said in a statement that, “the Government Pension Fund Global returned three percent, or 256 billion kroner ($28.5 billion) in the second quarter of 2019.”“Uncertainty about global trade and economic growth dampened returns early on, but ...

Emaar Misr shares fall 5.7 percent after Marassi resort lawsuit

Wednesday, 21 August 2019

Shares in Emaar Misr, a division of Dubai's Emaar Properties, fell 5.7 percent on the Egyptian stock exchange on Wednesday after a lawsuit was filed to gain control of part of its Marassi resort on Egypt's Mediterranean coast. Emaar's shares closed at 3.15 Egyptian pounds ($0.19), down 5.7 percent. They had earlier fallen as much as seven percent. Lawyer Khalid Abubakr told Reuters on Tuesday he had filed a lawsuit on behalf of his client, businessman Wahid Raafat, against Emaar Misr to claim ...

Safe-havens rise as recession concerns boost hopes for easing

Tuesday, 20 August 2019

Traditional safe-havens including the Japanese yen and US Treasuries were sought out on Tuesday even as there were signs that more economic stimulus was on its way, as traders focused on concerns over a global deceleration. The prospect of new elections in Italy after the announced resignation of Prime Minister Giuseppe Conte added to global uncertainties, but Italian markets have been jittery over infighting within the coalition and Italian yields fell after the announcement. ...

Eurozone bond rise from record low levels, 30-year leads way

Monday, 19 August 2019

Long-dated bond yields in the eurozone shot higher on Monday on the back of a calmer tone in world markets and increased expectations for fiscal stimulus in Germany. Germany has the fiscal strength to counter any future economic crisis “with full force”, Finance Minister Olaf Scholz said on Sunday, suggesting Berlin could provide up to 50 billion euros ($55 billion) of extra spending. That followed a report on Friday that Germany was prepared to ditch its balanced budget rule and ...

OPEC sees bearish oil outlook for rest of 2019, points to 2020 surplus

Friday, 16 August 2019

OPEC on Friday provided a downbeat oil-market outlook for the rest of 2019 as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to restrain supplies. In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for oil demand growth in 2019 by 40,000 barrels per day (bpd) and indicated the market will be in slight surplus in 2020. The bearish outlook due to slowing ...

LSE glitch delays open of FTSE 100, midcap trading

Friday, 16 August 2019

The London Stock Exchange said on Friday a technical glitch delayed in the opening of trading on the UK blue chip FTSE 100 and midcap stocks indexes, the LSE's second outage in just over a year. The exchange was investigating a “potential trading services issue” and would have further information by 0750 GMT, it said in a statement on its website. An LSE spokeswoman said a “technical issue had affected trading in some securities,” but she had no ...

Eurozone bond yields linger around record lows on recession risks

Friday, 16 August 2019

Government bond yields in the eurozone hovered near record lows on Friday, reflecting heightened expectations for European Central Bank (ECB) easing soon and concern about global recession risks. Ten-year bond yields in Germany and Italy were poised to record their biggest weekly falls since mid-2018, while Spanish 10-year yields, down 23 basis points this week, are on track for their biggest weekly fall since 2016. ECB policymaker Olli Rehn on Thursday flagged the need ...

Asian shares mixed amid ongoing worries about US-China trade

Friday, 16 August 2019

Asian shares were mixed Friday as turbulence continued on global markets amid ongoing worries about US-China trade conflict.Japan’s benchmark Nikkei 225 recouped early losses to be up 0.3 percent at 20,456.96 in morning trading. Australia’s S&P/ASX 200 inched down nearly 0.1 percent to 6,402.40, while South Korea’s Kospi fell 0.8 percent to 1,923.56. Hong Kong’s Hang Seng added 0.8 percent to 25,701.58. The Shanghai Composite gained 0.7 percent to 2,834.85.On Wall ...

US stocks open sharply lower on recession fears

Wednesday, 14 August 2019

Wall Street stocks were back in sell-off mode early Wednesday as weak economic data out of Germany and China exacerbated fears of a global slowdown.Just after the opening bell, the Dow Jones Industrial Average was down 1.2 percent at 25,959.53.The broad-based S&P 500 slid 1.5 percent to 2,883.50, while the tech-rich Nasdaq Composite Index dropped 1.8 percent to 7,875.27.The sell-off came shortly after the yield on the 10-year US Treasury note briefly slid below the yield on the two-year bond ...

Euro bond yields at new lows after US yield curve inverts

Wednesday, 14 August 2019

Government borrowing costs in Germany fell to record lows on Wednesday as global recession fears grew, with the US Treasury yield curve inverting for the first time since 2007 and Germany reporting its economy shrank in the second quarter. Eurozone government bond yields extended earlier declines after the two- to 10-year Treasury yield curve inverted, a sign that investors are bracing for recession risks in the United States. The yield curve is closely watched for recession signals. The last ...

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