Month: February 2023

Gold prices kept to a tight range on Tuesday after recovering slightly from their weakest level this year, as concerns over rising interest rates and anticipation of key U.S. economic readings this week kept traders largely on the sidelines. The yellow metal marked four consecutive weeks of losses as hotter-than-expected U.S. inflation and signs of economic resilience in the country drummed up fears that the Federal Reserve will have enough economic headroom to keep raising interest rates. Spot gold was flat at $1,817.51 an ounce, while gold futures fell slightly…

Oil prices moved in a small range on Tuesday as traders awaited more cues from Chinese and U.S. business activity readings due this week, although fears of rising interest rates and slowing economic growth saw markers nursing steep losses. Crude markets cut short a three-day gaining spree on Monday as markets reassessed their outlook for economic growth this year, following a slew of strong inflation readings and hawkish central bank signals last week. Brent oil futures rose 0.1% to $82.12 a barrel, while West Texas Intermediate crude futures rose 0.2%…

The U.S. dollar edged lower in early European trade Monday, but remains elevated as traders price in more interest rate hikes by the Federal Reserve this year in the wake of recent hot inflation data. At 03:00 ET (08:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 105.105, just below the seven-week high of 105.32 it touched on Friday. The dollar last week posted its fourth consecutive week of gains and is set to end a four-month losing streak,…

When Russia invaded Ukraine a year ago, the shelves of the Novus supermarket chain in Kyiv quickly emptied as its supply chains – domestic and overseas – collapsed. Fresh produce became scarce and panic buying spread. Oleksiy Panasenko, deputy director general for operations at the popular outlet, recalls how the business reeled before Novus, like many other large retail chains, managed to adapt. “On the second day (of the war), there was already fighting on the outskirts of Kyiv,” he told Reuters. “In February and March, our shops became more…

Oil prices kept to a tight range on Monday amid persistent concerns over high inflation and rising U.S. interest rates, while traders awaited more cues on demand from key Chinese economic readings this week. Readings on China’s Purchasing Mangers’ Index (PMI) for February are due on Wednesday. Indicators for January had portrayed a somewhat mixed economic recovery in the world’s largest crude importer, even as it relaxed most anti-COVID measures earlier this year. Wednesday’s data is expected to show that the manufacturing sector remained in contraction territory in February. The…

Turkey has begun work to rebuild homes following this month’s devastating earthquakes, a government official said on Friday, as the combined death toll in Turkey and Syria surpassed 50,000. More than 160,000 buildings containing 520,000 apartments collapsed or were severely damaged in the Feb. 6 earthquakes that killed tens of thousands in Turkey and neighbouring Syria. The Disaster and Emergency Management Authority (AFAD) announced the death toll in Turkey due to earthquakes rose to 44,218 on Friday night. With Syria’s latest announced death toll of 5,914, the combined death toll…

The Philippine central bank will likely raise interest rates one more time this year and that could happen at its next monetary policy meeting in March, most likely by 25 basis points, its governor said on Friday. Inflation running at a 14-year high of 8.7% in January has been a concern for the Bangko Sentral ng Pilipinas (BSP), but if the consumer price index (CPI) is negative in February on a month-on-month basis, there would be no need for a rate hike, governor Felipe Medalla told reporters. The central bank…

Cineworld (LON:CINE) shareholders are set to be wiped out completely after talks to bring the company out of bankruptcy failed to attract enough interest from buyers. The owner of the Regal chain of cinemas, which collapsed under the weight of its debts last year, said it had failed to persuade potential buyers to make a bid for the whole business, and that its assets are now likely to be broken up piecemeal to satisfy creditors after receiving non-binding bids for them. In a statement to the London Stock Exchange, Cineworld…

U.S. Treasury Secretary Janet Yellen accused Russian officials attending a G20 finance leaders meeting of being “complicit” in atrocities in Russia’s invasion of Ukraine, while host India avoided mentioning the year-long war in inaugural remarks. Indian Prime Minister Narendra Modi urged the financial leaders to focus on the world’s “most vulnerable citizens”, making no direct reference to the war, although the conflict and its effect on the global economy are likely to dominate the two-day meeting. Modi said the COVID-19 pandemic and “rising geo-political tensions in different parts of the…