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  • Norges Bank Lifts Key Rate, Sees a Further Raise in December

    Norges Bank on Thursday became the first major central bank to raise interest rates after the Covid-19 pandemic, lifting its key rate to 0.25% from zero while suggesting a further raise later this year. The raise marks the first move since the Norwegian central bank cut it to zero in May last year as the pandemic took hold. "A normalizing economy now suggests that it is appropriate to begin a gradual normalization of the policy rate," Governor Oystein Olsen said, while also noting the...

  • Philippines Central Bank Holds Rate Steady As Inflation Stays High

    The Philippine central bank kept its benchmark interest rate steady, despite a worsening economic outlook and stubbornly high inflation. The Bangko Sentral ng Pilipinas on Thursday maintained its benchmark overnight borrowing rate at 2.00% and its corresponding lending rate at 2.50%. Six out of seven economists polled by The Wall Street Journal had projected the bank would hold its rate steady.

  • Major Evergrande Shareholder Looks to Exit Company -- Update

    One of China Evergrande Group's (EGRNF) largest shareholders has pared its stake in the debt-laden conglomerate and said it could exit the company amid concerns about the developer's financial condition. Chinese Estates Ltd., the property investment company of Hong Kong tycoon Joseph Lau, said Thursday that it would seek to sell some or all of its 751.1 million shares in Evergrande within the next 12 months. Based on the stock's previous closing price, it said it could book a loss of 9.49...

  • Indian Morning Briefing: Asian Markets Mostly Higher as Evergrande Worries Ease

    GLOBAL MARKETS DJIA 34258.32 338.48 1.00% Nasdaq 14896.85 150.45 1.02% S&P 500 4395.64 41.45 0.95% FTSE 100 7083.37 102.39 1.47% Nikkei Stock Closed Hang Seng 24627.47 405.93 1.68% Kospi 3119.39 -21.12 -0.67% SGX Nifty* 17656.50 103.50 0.59%* Sep contract USD/JPY 109.89-90 +0.08% Range 109.92 109.75 EUR/USD 1.1696-99 +0.08% Range 1.1701 1.1684 CBOT Wheat Dec $7.056 per bushel Spot Gold $1,762.52/ oz -0.3% Nymex Crude $72.03 $1.54 US STOCKS. U.S. stocks staged a comeback...

  • Chinese Estates Plans to Sell All of Its China Evergrande Shares

    Chinese Estates Ltd. is planning to sell all of its shares in China Evergrande Group (EGRNF), as the property investment company is worried about the recent stock-price volatility and financial condition of debt-laden Evergrande. Chinese Estates (CESTF), which currently holds 751.09 million shares or a 5.66% stake in Evergrande, expects to record a realized loss on the stake of about 1.38 billion Hong Kong dollars for the year ending December, the company said Thursday.

  • Brazil Central Bank Raises Selic Rate to 6.25%, Sees Increase to 7.25% in October -- Update

    By Jeffrey T. Lewis and Paulo Trevisani. SÃO PAULO--Brazil's central bank raised its benchmark lending rate by one percentage point as consumer prices continue to rise rapidly, and said it expects to increase it by the same amount at its next meeting in October. The central bank's monetary policy committee on Wednesday raised the Selic, as the key rate is known, to 6.25% from 5.25%, as expected.

  • Brazil Central Bank Raises Key Selic Rate to 6.25%, Sees Increase to 7.25% in October

    SÃO PAULO--Brazil's central bank raised its benchmark lending rate by one percentage point as consumer prices continue to rise rapidly and said it expects to increase it by the same amount at its next meeting in October. The central bank's monetary policy committee on Wednesday raised the Selic, as the key rate is known, to 6.25% from 5.25%, as expected. It was the second consecutive increase of that size, following increases of 75 basis points at each of the previous three...

  • News Highlights: Top Global Markets News of the Day

    Fed Tees Up Taper, Signals Rate Rises Possible Next Year. Central bank officials are prepared to reverse pandemic stimulus programs as soon as November, while new projections showed half of 18 officials expect to raise interest rates by the end of 2022.. Housing Market Cooled Some in August.

  • ICE Canada Weekly Outlook: Canola Waiting on Fresh News

    WINNIPEG, Manitoba--The ICE Futures canola market held rangebound during the week ended Sept. 22, looking for some direction. "None of these markets are flashing any strong signals that there's much going on... they're waiting for fresh news and there isn't much around right now," said Ken Ball of PI Financial in Winnipeg. While uncertainty over the size of this year's drought-stricken Canadian canola crop remains supportive, Ball noted that canola is very expensive compared to...

  • ICE Review: Canola Strengthens With Soyoil

    WINNIPEG, Manitoba--The ICE Futures canola market was stronger on Wednesday, after trading to both sides of unchanged in choppy activity. Canola mainly followed the Chicago Board of Trade soyoil futures, which saw some wide price swings during the day but were stronger at the close. European rapeseed futures set fresh highs overnight, which provided some additional support.

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