Author: Administrator_India

Oil prices crept higher on Friday on the prospect of supportive measures by the OPEC+, although fears of an economic slowdown stemming from a banking crisis kept gains limited and put prices on course for their worst week this year. Media reports said that Saudi Arabian and Russian ministers met this week to discuss potential action by the Organization of Petroleum Exporting Countries and allies (OPEC+) to support crude markets, following sharp losses in recent sessions. The news helped crude prices recover from 15-month lows, given that it likely points…

Asian stock markets rose on Friday, recovering from a series of sharp losses this week as government and institutional support to stem a potential banking crisis helped improve sentiment, while traders also priced in a less hawkish Federal Reserve. Chinese bourses were the best performers for the day, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes up 1.6% each. The two indexes were also set to close the week about 0.9% and 1.5% higher, respectively, after Goldman Sachs hiked its Chinese GDP outlook for the year, boosting optimism…

Zara-owner Inditex (BME:ITX) posted a 29% jump in annual profit despite a slowdown in top-line returns in the final quarter, thanks to “historic” growth in sales both in its physical stores and online. The Spanish fast fashion retailer, now helmed by chair Marta Ortega, daughter of business magnate Amancio Ortega, said its collections throughout the year were “very well received” by customers. As a result, sales increased by 18% at constant currencies compared to 2021 to a record €32.6 billion, above Bloomberg consensus estimates of €32.48B. Traffic at its locations…

European Central Bank policymakers are still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, as they expect inflation will remain too high in coming years, a source told Reuters. Investors had begun to doubt the ECB’s commitment to another big rate hike this week after the collapse of Silicon Valley Bank (SVB) in the U.S. sent ripples through global financial markets. But the source, who is close to the Governing Council, said the ECB was unlikely to ditch its plan to raise rates by…

Most Asian stock markets rose on Wednesday, helped by a recovery in bank shares amid easing fears over a potential crisis in the U.S., while growing bets that the Federal Reserve will adopt a less hawkish stance also aided sentiment. Regional markets took positive cues from an overnight recovery on Wall Street, after consumer inflation data read largely as expected for February. The data, coupled with recent pressure on the banking sector, spurred bets that the Fed will have limited room to hike interest rates. Technology-heavy bourses gained the most,…

Volkswagen (ETR:VOWG_p) plans to invest 180 billion euros ($192.76 billion) over the next five years in areas including battery production and its North American operations, it said on Tuesday, with spending on combustion engines to fall from 2025. As it works toward a target of 50% electric vehicle (EV) sales globally by 2030, over two-thirds of the five-year investment budget is allocated towards electrification and digitalisation, up from 56% in a five-year plan it had released a year earlier. The car maker is expected to provide an update later on…

Spanish fashion retailer Mango is focusing on U.S. expansion after turning its back on China, Chief Executive Officer Toni Ruiz said. Mango is returning to the United States – after two previous attempts failed – offering higher-priced clothes meant for special occasions and parties. It will target states where online sales are already strong. The brand is already gaining more recognition in the U.S. and dressed actress Amber Valletta for the Oscars after-party on Sunday, Ruiz said told Reuters. “Something has changed,” he said in an interview at the company’s…

Asia’s share markets slid on Tuesday, with financial stocks in Tokyo leading losses as fear of a U.S. banking crisis had investors fleeing the sector and slashing the interest rate outlook even ahead of U.S. inflation data due later in the day. Japan’s Nikkei dropped 2%. The Tokyo Stock Exchange banks index fell more than 5%, setting it on course for its steepest drop in nearly six months. Banks shares in Singapore and Australia fell. Hong Kong shares in HSBC and Standard Chartered (OTC:SCBFF) dropped more than 5%. Markets remained…

Most Asian currencies rose on Monday, while the dollar tumbled to near three-week lows as a potential banking crisis in the U.S. saw markets drastically alter their expectations for more interest rate hikes by the Federal Reserve this year. Most regional currencies also sharply reversed losses from last week, with China’s yuan up 0.3% as it moved further away from the key 7 level. Sentiment towards China was boosted by the government retaining its key financial officials, as well as promises of more supportive measures for the economy from top…