Tag: Middle East
June 15, 2021: Most markets were mixed in Asia on Tuesday as traders struggled to track a record-breaking day on Wall Street, with the Federal Reserve's next policy meeting later this week in focus.
With coronavirus vaccines rolling out and businesses reopening in many countries, investors are broadly upbeat about the outlook for the global economy while fears have eased that an expected spike in inflation will force central banks to taper their ultra-loose monetary policies.
The release of data last week showing US consumer prices jumped far more than forecast was taken in stride, suggesting a growing acceptance of the Fed's insistence that spikes were to be expected owing to last year's low base of comparison and supply bottlenecks, among other things.
That puts the Fed's latest meeting -- and boss Jerome Powell's comments -- firmly in the spotlight with dealers looking for an idea about its plans for policy in light of the US economy's blockbuster recovery.
Several observers have warned that its pledge to not start tightening until unemployment is tamed and inflation is running persistently hot could backfire if the economy overheats, which could force it to hike interest rates at a sharper pace.
"We're in a tug-of-war between the understanding that we're having great economic growth and great earnings growth juxtaposed with the fact that we need to get our head wrapped around what inflation looks like and what it will mean both to profit margins and to the Fed," said Art Hogan, chief strategist at National Securities.
The S&P 500 and Nasdaq both clocked record highs Monday, while London's FTSE hit a 2021 peak, despite expectations the UK government would delay lifting its remaining lockdown restrictions. The move was confirmed later in the day.
But trading floors remain nervous places as governments in parts of the world are still battling to overcome the virus and more transmissible variants, which are either forcing them to delay reopening or re impose fresh containment measures.
Hong Kong fell more than one percent as investors returned from a long weekend, with eyes on a nuclear plant across the border in China following a US report of a potential leak. Energy firms were also being weighed after Chinese President Xi Jinping ordered safety checks across the country following a massive fatal gas explosion in Hubei province.
Shanghai, Seoul, Manila and Jakarta also slipped, though there were gains in Tokyo, Sydney, Singapore, Wellington and Taipei.
Bitcoin held above $40,000 after Elon Musk said at the weekend that Tesla would start accepting the unit again once it is mined more ecologically, while it also got a boost from top hedge fund manager Paul Tudor Jones, who endorsed it as a good hedge against inflation.
However, Marc Odo of Swan Global Investments said: "These days, bitcoin's market pivots on what Elon Musk tweets -- for me, that's not a great indicator. It's like some billionaire's whim.
"I don't think there's anything fundamentally moving bitcoin one way or the other, other than rumors and tweets. That's not an asset class I want to be involved with."
June 15, 2021 (MLN): The total electricity consumption by Industrial sector during November- March FY21 has shown a growth of 15% YoY compared to the same period last year, Minister of Energy, Hammad Azhar via his Twitter handle informed.
“We are seeing even further acceleration in power consumption post March this year,” he added.
Copyright Mettis Link News
June 15, 2021 (MLN): The Pak Rupee lost ground to the dollar in an intraday session, opening weaker and losing further value. It has so far depreciated by 45 paisa since yesterday against the USD at the interbank market.
The dollar was quoted at 156.60/156.70 with trades being reported at 156.65.
The dollar had closed last day at 156.19.
Earlier, on the 8th of June, Asad Rizvi, Former Treasury Head-Chase Manhattan Bank said via his Twitter handle that PKR lost some of its gloss due to a surge in Real Effective Exchange Rate (REER) & higher oil prices. Based on this, a 2-3% down move is possible by the end of FY21.
“Despite record remittances and FX reserves, PKR lost 2% & if I am calling correctly we could end up around 157-158 by June end. The both-way move is still possible,” he tweeted today.
Copyright Mettis Link News
June 15, 2021: Pakistan and Russia have agreed to make joint efforts for enhancing bilateral trade volume.
The understanding came in a telephonic conversation between Foreign Minister Shah Mahmood Qureshi and his Russian counterpart Sergey Lavrov on Monday.
Shah Mahmood Qureshi welcomed the lifting of the embargo on the import of Pakistani rice by Russia.
He said Pakistan desires for early initiation of the Pakistan Stream Gas Pipeline project for the promotion of cooperation in the energy sector.
The Foreign Minister said the signing of the supplementary agreement on the project between the two countries is a highly positive development.
Thanking Russia for supporting Pakistan in checking spread of the Coronavirus pandemic, Shah Mahmood Qureshi reminded his Russian counterpart of early provision of five million doses of the Russian anti-Covid vaccine Sputnik to Pakistan.
June 15, 2021: Rice Exporters Association of Pakistan (REAP) has taken initiative to Host First Virtual REAP Rice Expo 2021, on Wednesday, 16th June 2021.
Due to the prevailing COVID pandemic, rice exporters are restricted from traveling and such large public gatherings. Therefore, REAP has planned to organize such an event Online Virtually and formed a dedicated team for making this event happened.
This event will be the Rice industry’s largest virtual event, featuring a program jam-packed with inspirational keynote speakers, unparalleled networking opportunities, Exhibitors Virtual Booths, and market outlook panels on special topics relevant to the Pakistani and International Rice Industry.
The main purpose of this event is to promote and project Pakistani Rice across the globe. In this mission Ministry of Commerce and Industry, Trade Development Authority of Pakistan, All Commercial Counsellors, and Trade Attaché in many countries are working day and night to spread the message across the globe for more participation from International Buyers.
REAP has received overwhelming responses from international participants. International major buyers of Pakistani rice have also agreed to join Virtual Conference in Panel discussions. REAP would like to take MINCOM, TDAP along with all Trade Embassies on board to make this event a great success.