Posts by Mark Darwin
Europe: Shares fall as Middle East jitters curb risk-taking
EUROPEAN shares declined on Thursday (Oct 3), as investors remained wary of risk-taking amid elevated geopolitical tensions in the Middle East, with most sectors logging declines except energy giants. The benchmark pan-European Stoxx 600 closed 0.9 per cent lower, touching its lowest level in more than a week. Most regional bourse slipped, with Germany’s DAX…
Read MoreHSBC scraps some internal events, restricts travel to curb costs
HSBC Holdings has cancelled some internal events and further curtailed travel as the bank’s new chief executive seeks to keep a tight lid on costs ahead of his first quarterly results. The lender recently scrapped a summit of its commercial bankers in India as well as some other off-site events around the world, according to…
Read MoreSafe-haven US dollar climbs; sterling falls on dovish Bailey comments
THE US dollar strengthened on Thursday (Oct 3) on expectations that the US Federal Reserve will not rush to cut interest rates, while the pound lagged its developed markets peers after dovish comments from Bank of England (BOE) governor Andrew Bailey. Sterling hit a two-week low against the dollar after Bailey said that the central…
Read MoreWorld gas use to hit record in 2025 amid fight for LNG: IEA
GLOBAL demand for natural gas will hit an all-time high next year as competition for seaborne fuel intensifies between Asia and Europe, according to the International Energy Agency (IEA). After a drop in imports this year, Europe will need more liquefied natural gas in 2025, tightening both the market and price spreads with Asia, the…
Read More7-Eleven owner seeking to sell off part of stake in banking unit
SEVEN & i Holdings, the convenience-store operator facing a takeover approach from Canada’s Alimentation Couche-Tard, is exploring the sale of part of its stake in Seven Bank, people with knowledge of the matter said. The move is intended to show the retailer is willing to focus more on its core 7-Eleven business, said the people,…
Read MoreTotalEnergies plans to grow oil and gas production until 2030
FRENCH energy giant TotalEnergies has announced plans to increase its oil and gas production until 2030, as it seeks to reassure investors about its fundamentals. CEO Patrick Pouyanne has a raft of ambitious projects aimed at propelling growth through the decade, not least a US$10 billion offshore investment in Suriname that received a green light…
Read MoreGold holds steady amid Middle East turmoil, eyeing US economic data
GOLD held steady on Thursday (Oct 3), as traders focused on developments in the Middle East conflict and anticipated key US economic data that may provide clues about the rate cuts expected later in the year. Spot gold was steady at US$2,659.05 per ounce, as at 0034 GMT. US gold futures rose 0.4 per cent…
Read MoreChina’s sudden stock rally sucks money from rest of Asia
A STRONG rebound in Chinese stocks is set to trigger a shift in global portfolios as some investors rush to catch the rally. A wave of money which earlier left Chinese equities in favour of stocks from Japan and South-east Asia is poised to reverse course after Beijing’s latest stimulus blitz, according to market watchers.…
Read MoreYen closes out worst day since 2022 as rate-hike hopes dim
THE yen suffered its biggest drop in more than two years after Japan’s new prime minister, Shigeru Ishiba, jolted currency markets by saying the economy is not ready for another interest-rate hike. The Japanese currency fell more than 2 per cent to close near a session low of 146.51 per US dollar after Ishiba’s…
Read MoreECB momentum for an October rate cut is looking unstoppable
AN INTEREST rate cut that European Central Bank (ECB) officials deemed unlikely just three weeks ago now seems a near certainty when they next set borrowing costs on Oct 17. Markedly souring business surveys, the first below 2 per cent inflation reading in more than three years and the reassurance offered by the US Federal…
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