Tag: Commodities

September 25, 2023 (MLN): The yen approached the closely watched 150 per dollar level on Monday and kept traders on intervention watch after the Bank of Japan and Governor Kazuo Ueda quashed hopes of any imminent move away from its stark ultra-loose monetary policy, as Reuters reported. In the broader currency market, the dollar was on the front foot, extending its gains from last week after a still-hawkish Federal Reserve surprised markets by signaling U.S. rates would need to stay higher for longer than initially expected. The yen fell to a more than 10-month low of 148.49 per dollar and remained within striking distance of 150, a level which some market watchers saw as a line in the sand that would spur forex intervention from Japanese authorities similar to that of last year's. ...

September 24, 2023 (MLN): Saudi Arabia has successfully joined the trillion-dollar club with its gross domestic product (GDP) surpassing the $1 trillion (SAR 4.155tr) mark for the first time, achieving the national goal well ahead of the target date of 2025, as per a press release issued by the Saudi Press Agency. The figures were disclosed in a report issued by the Federation of Saudi Chambers on the occasion of the Kingdom’s 93rd National Day. The Kingdom has achieved remarkable successes that have immeasurably contributed to improving major economic indicators and upgrading the ranking of the national economy by global institutions, including the International Monetary Fund, which said the Saudi economy was the fastest growing among the Group of Twenty (G20) member states in 2022...

September 11, 2023 (MLN): Asia stock markets weakened on Monday as investors in China sold off shares in property developers, remaining unconvinced by authorities' efforts to revive activity in the mainland real estate market, as Reuters reported. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% after U.S. stocks ended the previous session with mild gains. Australian shares reversed earlier losses to be up 0.12% and Japan's Nikkei stock index slid 0.19%. In Hong Kong, the Hang Seng Index was down 1.4%, as investors retreated from China's troubled property sector. The Hang Seng Property Index, a gauge of Hong Kong's top developers, shed almost 4% while the mainland property index was off 3.24%. "We need the property market to stabilize first in order for any m...

1 PKR 286.60000 286.70000 286.70000 286.60000 03:11 PM 2 EUR 1.09170 1.09200 1.09200 1.09170 05:21 PM 3 GBP ...

June 26, 2023 (MLN): China is relentlessly adding new petrochemical capacity despite a global glut as the country's refiners diversify from transport fuels, threatening to depress margins worldwide through 2024 as weak economic growth saps demand, as Reuters reported. In an ominous sign for producers of the chemicals used in plastic packaging, polyester clothing, and auto parts, refiners' profit margins on processing naphtha to make ethylene turned negative last week for the first time since October. The profit crunch is being driven by China's refiners boosting output of olefins such as ethylene to offset an expected decline in sales of petrol and diesel as electric vehicle take-up accelerates. Their capacity expansion is outpacing growth in demand for the chemicals. Global demand ...

1 PKR 279.00000 280.00000 280.00000 279.00000 01:10 PM 2 EUR 1.06490 1.06520 1.06520 1.06490 02:51 PM 3 GBP ...