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Dollar hits three-year low vs euro; Wall Street hits new highs
Posted on 13th January 2018
The US dollar fell to a more than three-year low against the euro on Friday, extending recent losses on expectations European Central Bank policymakers are preparing to reduce stimulus, while US stocks continued to rally and marked record closing highs. Optimism about fourth-quarter earnings boosted stocks. Bank shares climbed following quarterly results from JPMorgan Chase & Co and Wells Fargo. A global stock index registered an eighth straight week of gains

The euro’s rise weighed on the dollar index, which measures the greenback against six rival currencies. The index was down 1 percent, after slipping to a four-month low of 90.954.

For the year, the dollar index was down 1.28 percent, its worst performance over a year’s first nine trading days since 2010, according to Reuters data. “The latest ECB comments were a bit on the hawkish side, so that’s giving more life to the euro,” said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California.

Sterling rocketed to its highest level against the dollar since the Brexit vote to leave the European Union after a report that the Netherlands and Spain were open to a deal for Britain to remain as close as possible to the trading bloc. Sterling was last trading at $1.3731, up 0.03 percent.

The S&P 500 and Nasdaq both registered an eighth record closing high out of the first nine trading days of 2018, while the Dow boasted its sixth closing high of the year.

Data showing robust US retail sales drove investor optimism about economic growth, also boosting sentiment in the stock market.

“It seems like the economy is going OK, inflation is kind of nonexistent right now, wage growth is not an issue for most income statements, so what’s not to like here?” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.

The Dow Jones Industrial Average rose 228.46 points, or 0.89 percent, to 25,803.19, the S&P 500 gained 18.68 points, or 0.67 percent, to 2,786.24, and the Nasdaq Composite added 49.29 points, or 0.68 percent, to 7,261.06.

The pan-European FTSEurofirst 300 index rose 0.23 percent, and MSCI’s gauge of stocks across the globe gained 0.66 percent.

A robust US inflation report boosted Treasury yields.

The two-year yield, sensitive to traders’ views on interest rates, rose to more than 2 percent for the first time since the financial crisis.

In commodities, oil prices rose for a sixth day after Russia’s oil minister said global crude supplies were “not balanced yet,” alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.

U.S crude oil rose 50 cents to settle at $64.30 a barrel, while Brent rose 61 cents to settle at $69.87.


Other Latest News
CIL may offer 30 million tonnes of thermal and coking coal for non-power sector
Posted on 25th June 2018
KOLKATA: Coal India plans to offer a mix of 30 million tonnes of thermal and coking coal at its recently announced fourth tranche of long-term supply contract for the non-power sector.

In the auction, the offer price for the coal would be the notified price for the non-power sector. Notified price for non-power is almost 20% higher than price fixed for the power sector.


CIL may offer 30 million tonnes of thermal and coking coal for non-power sector
Posted on 25th June 2018
KOLKATA: Coal India plans to offer a mix of 30 million tonnes of thermal and coking coal at its recently announced fourth tranche of long-term supply contract for the non-power sector.

In the auction, the offer price for the coal would be the notified price for the non-power sector. Notified price for non-power is almost 20% higher than price fixed for the power sector.


Standing Out! A bond-trading secret that helped Bank of Baroda beat its peers
Posted on 25th June 2018
Kamal Mahajan says he’s being asked just one question: how did he make money as peers lost $4.4 billion during India’s worst bond-market rout in two decades?

The answer, according to the head of treasury and global markets at Bank of Baroda, goes back to a contrarian bet taken two years ago.


India, Seychelles agree to work together on project to develop naval base
Posted on 25th June 2018
India and Seychelles on Monday agreed to work together on a project to develop a naval base at the Assumption Island keeping each other's concerns in mind after talks between Prime Minister Narendra Modi and President Danny Faure.

India also announced a USD 100-million credit to Seychelles for augmenting its defence capabilities.


Tata Motors' JLR to invest 13.5 bn pound on new models, technology
Posted on 25th June 2018
Tata Motors-owned Jaguar Land Rover has lined up investment worth 13.5 billion pounds (around Rs 1.2 lakh crore) in the next three years on new models, technology development and capacity addition.

The company will launch four new models by FY24 taking the total nameplates in its portfolio to 16 from 12 at present. Besides, it has also lined up a total of 99 different 'product actions' during the time period.


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