Tuesday, October 26

Month: September 2020

Oil Slumps on COVID Fears, Oversupply, U.S. Elections
Oil

Oil Slumps on COVID Fears, Oversupply, U.S. Elections

By Administrator_India Capital Sands Oil was down on Wednesday morning in Asia, continuing major overnight losses. Oversupply fears were the main driver of the fall, with U.S. refineries beginning to shed labor. Brent oil futures slid 1.13% to $41.09 by 11:29 AM ET (3:29 AM GMT) and WTI futures were down 0.94% to $38.92. Heavy falls in the previous trading session continued to drag on the Asian markets in morning trade; WTI futures fell back below the $40 mark, with both benchmarks losing more than 3%. The major drivers were poor economic forecasts for future consumption amid the COVID-19 pandemic and continued oversupply issues. Heads of major energy trading companies were downbeat about future oil prices, with low expectations of future demand and little movement in price ...
Dollar Continues Downward Trend Ahead of Trump-Biden Debate
Forex

Dollar Continues Downward Trend Ahead of Trump-Biden Debate

By Administrator_India Capital Sands The dollar was down on Tuesday morning in Asia, as the U.S. presidential debate and developments on the latest U.S. stimulus measures continue to remain in the spotlight. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.03% to 94.278 by 10:23 PM ET (2:23 AM GMT), slipping from the two-month high seen during the previous week. With November’s presidential election drawing closer, investors are focusing on the debate between President Donald Trump and Democrat candidate Joe Biden, due to take place later in the day. “If the debate puts Trump on the back foot and Biden keeps his lead, I think it could lead people to let go of their dollars,” Mizuho Bank chief market economist Daisuke Karakama...
Tata taps wealth funds to buy out Shapoorji stake
TATA

Tata taps wealth funds to buy out Shapoorji stake

By Administrator_India Capital Sands The Tata group has reached out to several investors, including sovereign wealth funds, to raise funds to buy out the Mistry family’s stake in Tata Sons Ltd, two people directly aware of the ongoing negotiations said. N. Chandrasekaran, chairman of Tata Sons, is leading the talks with potential investors, the success of which will determine whether the bitter feud between the Tata group and its biggest minority shareholder, the Mistry family, ends, the people said, requesting anonymity. “Chandrasekaran has spoken to several potential investors, including a large European sovereign wealth fund," said one of the two people cited above. “The discussions are focused on the likely valuation and a possible exit map for the investors." ...
China Sets Weaker Yuan Fix in First Sign Record Rally May Slow
China

China Sets Weaker Yuan Fix in First Sign Record Rally May Slow

By Administrator_India Capital Sands China set its daily yuan fixing at a weaker-than-expected level, the first signal that policy makers may want to rein in this quarter’s rapid appreciation in the currency. The People’s Bank of China’s reference rate was set at 6.7872 on Tuesday, after the spot rate weakened 0.51% overnight. That’s almost 60 basis points weaker than the average estimate in a Bloomberg survey, the largest gap on the weak side in about two months. Still, the currency strengthened 0.22% to 6.7897 per dollar as of 9:35 a.m. in Shanghai. “The market is growing increasingly concerned that the PBOC will guide the yuan weaker due to the rapid rally in the currency recently,” said Tommy Xie, an economist at Oversea Chinese Banking Corp. “We need to see a few more d...
Oil Inched Up On Libya Supply, Another U.S. Storm
Commodity, Oil

Oil Inched Up On Libya Supply, Another U.S. Storm

By Administrator_India Capital Sands Oil inched up on Monday morning in Asia, with concerns about new supply from reopening Libyan reserves balanced out by news of yet another shutdown on the way for U.S rigs in the Gulf of Mexico, due to Tropical Storm Beta. Brent oil futures inched up 0.05% to $43.17 by 12:38 PM ET (5:38 AM GMT) and WTI futures inched up 0.05% to $41.34, maintaining their gains of the previous week. The WTI futures contract rolled over to the November contract on September 20. Libyan commander Khalifa Haftar promised to lift his eight-month blockade of oil exports, prompting Libya’s National Oil Corp to lift the force majeure declaration over ports and facilities where there are no longer any fighters. As yet, it is unclear as to which facilities fit the defi...
Boris Johnson faces Lords fight after giving ground to Brexit rebels
UK

Boris Johnson faces Lords fight after giving ground to Brexit rebels

By Administrator_India Capital Sands UK Prime Minister Boris Johnson faces a battle in the House of Lords over his controversial plan to break international law over Brexit despite making concessions to buy off rebels in the House of Commons. Former Tory leader Michael Howard, himself a Brexiter, promised a “rough passage” for the Bill when it reaches the upper chamber and said his fellow Lords —who have the power to delay the legislation by as much as a year —are “highly likely” to block it as a point of principle. “It invites Parliament to use its sovereignty to break international law and I don’t think Parliament should be asked to do that,” Howard said in an interview with Bloomberg Television’s Anna Edwards. “On this issue, that’s so fundamental and such an issue of principle...
Oil Down Over Continuous Fuel Demand Recovery Concerns
Oil

Oil Down Over Continuous Fuel Demand Recovery Concerns

By Administrator_India Capital Sands Oil was down on Thursday morning in Asia, giving up some gains from the previous session over continuous weaker fuel demand concerns. Brent oil futures were down 0.66% to $41.94 by 11:42 PM ET (4:42 AM GMT) and WTI futures fell 0.82% to $39.83, after both benchmarks saw gains of up to 5% during the previous session. Hurricane Sally, the second hurricane to hit the Gulf of Mexico area in less than a month, making landfall on Wednesday and weakened into a tropical depression. Energy companies are slowly returning crews to offshore oil platforms in the storm’s aftermath, but almost 500,000 barrels per day (bpd) of the area’s output was shut ahead of Sally’s arrival. Meanwhile, the U.S. Energy Information Administration on Wednesday announced...
Indian Railways to run 40 ‘clone’ trains from September 21 to clear long waiting list
Indian Railways

Indian Railways to run 40 ‘clone’ trains from September 21 to clear long waiting list

By Administrator_India Capital Sands New Delhi: In a big relief for millions of passengers, the Indian Railways has decided to run 40 pairs of new special trains or 'clone' trains from September 22 for which the reservations will begin from September 10. The Railways will also monitor all the trains currently in operation to determine which ones have long waiting lists. This will be the first time that the Indian Railways’ will run 40 ‘clone’ or duplicate trains on high-demand routes from September 21. The advance reservation period for such trains will be 10 days. Such trains will be in addition to the 310 special trains which are already in operation. These trains will be run one or two hours ahead of the departure of already operating special trains. However, the...
High food prices keep India’s retail inflation above 6% in August
India

High food prices keep India’s retail inflation above 6% in August

By Administrator_India Capital Sands The consumer price index(CPI)- based inflation came in at 6.7 per cent for August, from 6.73% in July, courtesy food inflation refusing to soften below 9 per cent. India’s economy now struggles to cope with low growth and high inflation five months into the Covid-19 pandemic. The retail inflation has now remained above the upper band set by the Reserve Bank of India of 6 per cent for nine consecutive months, though not successively for three financial quarters yet. Core inflation, too, has been inching up in the pandemic era, approaching 6 per cent now, from 4 per cent earlier this year. Experts said consumers would continue facing higher prices than the previous year due to supply and production bottlenecks as economic activity struggles...
UK justice secretary Robert Buckland warns he may quit over Brexit plan
UK

UK justice secretary Robert Buckland warns he may quit over Brexit plan

By Administrator_India Capital Sands Justice Secretary Robert Buckland defended the UK government’s plan to break international law by re-writing the Brexit deal, but warned he could quit over the issue if it isn’t adequately resolved by Prime Minister Boris Johnson. “If I see the rule of law being broken in a way I find unacceptable, then of course I will go,” Buckland said on BBC TV on Sunday, when asked if he would resign if Britain acted on its plan to unilaterally override the legally binding Brexit divorce treaty. “We are not at that stage.” Buckland said he expects the UK will resolve its differences with the EU in discussions in the coming weeks and won’t have to act on Johnson’s plan. He described Johnson’s proposal as a “break the glass in emergency provision” and an ...