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Pound resumes slide at start of key Brexit week

Oct 15, 2019: The British pound fell against the euro and dollar Monday, the start of a pivotal week for Britain and the European Union to strike a Brexit deal.

European stock markets also retreated as weak Chinese data offset a partial trade deal between China and the United States, analysts said.

Asian investors had earlier Monday saluted the trade deal, sending regional equity markets rallying, though observers were sceptical about the overall significance of the agreement.

Official data meanwhile showed Chinese imports and exports fell more than forecast in September, as US tariffs and cooling demand at home and abroad hit trade in the world's second largest economy.

The figures weighed heavily on the oil market, with crude futures slumping around two percent. They had surged Friday, fuelled by a blast on an Iranian tanker and news of the US-China deal.

"Although the US and China made some progress late last week and President Trump suspended tariffs due to come in in mid-October, the damage from the existing trade restrictions is being felt," noted Fiona Cincotta, senior market analyst at City Index trading group.

She added: "The pound has dropped like a stone overnight after Brexit negotiations didn't lead to any significant progress over the weekend."

Sterling rallied late last week after British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar said after meeting that they could see a "pathway" to reaching a Brexit deal.

But European officials on Sunday said obstacles remained on how to manage trade and customs between EU-member Ireland and Northern Ireland, which is a part of the United Kingdom.

Time is running out to sign off on any deal at an October 17-18 European Union summit, the last such meeting before Britain's scheduled departure from the European Union at the end of the month.

Sterling "is in the red as dealers are less hopeful that a deal will be struck between the UK and the EU," said David Madden, analyst at CMC Markets UK.

"Sterling enjoyed a massive rally at the back end of last week due to optimism surrounding the Brexit talks, but now the Northern Ireland-customs union roadblock has popped up again," he said, adding the possibility of Britain requesting an extension has helped avoid further losses.

Wall Street was mixed in late morning trading, with trading volumes low on the Columbus Day holiday.

- Key figures around 1530 GMT -

  • Pound/dollar: DOWN at $1.2583 from $1.2645 at 2050 GMT on Friday
  • Euro/pound: UP at 87.37 pence from 87.26 pence
  • Euro/dollar: DOWN at $1.1028 from $1.1035
  • Dollar/yen: DOWN at 108.38 yen from 108.39 yen
  • London - FTSE 100: DOWN 0.5 percent at 7,213.45 points (close)
  • Paris - CAC 40: DOWN 0.4 percent at 5,643.08 (close)
  • Frankfurt - DAX 30: DOWN 0.2 percent at 12,486.56 (close)
  • EURO STOXX 50: DOWN 0.4 percent at 3,554.73
  • New York - Dow: UP less than 0.1 percent at 26,830.43
  • Hong Kong - Hang Seng: UP 0.8 percent at 26,521.85 (close)
  • Shanghai - Composite: UP 1.2 percent at 3,007.88 (close)
  • Tokyo - Nikkei 225: Closed for a public holiday
  • Brent North Sea crude: DOWN 2.6 percent at $58.91 per barrel
  • West Texas Intermediate: DOWN 2.7 percent at $53.20 per barrel

AFP/APP

10 Financial institutions submit proposals for Eurobond issue

October 14, 2019 (MLN): Financial institutions from various countries responded to the Ministry of Finance’s (MoF) request for proposal for the issue of Eurobond and Sukuks.

According to sources, the institutions were Dubai Islamic Bank, Bank of China, JPMorgan, Citibank, Credit Suisse, Emirates NBD, Deutsche Bank, China International Trust Investment Corporation (CITIC) and Industrial and Commercial Bank of China (ICBC).

The Ministry of Finance will make two consortiums, one each for Eurobond and Sukuk issue and determine the issue size at a future date.

 

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IRSA releases 103,500 cusecs water

October 14, 2019: Indus River System Authority (IRSA) on Monday releases 103,500 cusecs water from various rim stations with inflow of 80,800 cusecs.

According to the data released by IRSA, the water level in Indus River at Tarbela Dam was 1525.70 feet, which was 139.70 feet higher than its dead level of 1,380 feet. Water inflow in the dam was recorded as 40,400 cusecs and outflow as 40,000 cusecs.

The water level in Jhelum River at Mangla Dam was 1202.20 feet, which was 163.20 feet higher than its dead level of 1,040 feet whereas the inflow and outflow of water was recorded as 11,900 cusecs and 35,000 cusecs respectively.

The release of water at Kalabagh, Taunsa and Sukkur was recorded as 55,700, 52,600 and 43,900 cusecs respectively.

Similarly from the Kabul River, 15,300 cusecs of water was released at Nowshera and 5,000 cusecs from the Chenab River at Marala. The total water storage stood at 9.353 million acre feet.

APP

Gold price up by Rs 300, traded at Rs...

October 14, 2019: The price of 24 karat gold increased by Rs. 300 and was traded at Rs. 87,100 per tola as compared to the last closing at Rs. 86,800, Karachi Sarafa Association reported on Monday.

The price of 10 gram gold also witnessed increase of Rs. 257 and was traded at Rs. 74,674 against Rs. 74,417 the last trading day.

The price of silver remained stable at Rs. 1,040 per tola while the prices of 10 gram silver also witness no change and was traded at Rs. 891.63.

In international market, the price of per ounce gold increased by $6 and was traded at $1,496 as compared to the last closing at $1,490.

APP

Power Dist. Companies recover Rs1.8 billion from power pilferers

October 14, 2019: Power Distribution Companies (DISCOs) have recovered Rs. 1.8 billion from power pilferers, from October 13, 2018 to September 30, 2019.

As per official sources, detection bills worth Rs. 3 billion were charged against the power thieves during the anti-theft campaign. A total of 197.29 MkWh units were charged during the said period.

Over 43,000 FIRs were registered against the power pilferers while 6,568 power thieves were arrested during the said period.

A breakup of the aforesaid amount shows that a sum of Rs. 340.8 million was recovered by Lahore Electric Supply Company (LESCO), Rs. 256.9 million by Gujranwala Electric Supply Company (GEPCO), Rs. 318.4 million by Faisalabad Electric Supply Company (FESCO), Rs. 325 million by Islamabad Electric Supply Company (IESCO) and Rs. 422.8 by Multan Electric Supply Company.

Similarly, Peshawar Electric Supply Company (PESCO) recovered Rs. 84 million, Hyderbad Electric Supply Company (HESCO) Rs. 12.2 million, Sukkur Electric Supply Company (SEPCO) Rs.  32.4 million, and Quetta Electric Supply Company Rs. 14.4 million during the said period.

APP

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