Close: London Session | Forex, Metals, Oil, Agriculture April 22, 2021



The business invested in high-growth categories like pet food and coffee that have boomed during the pandemic. Given its run of bad luck—Luckin Coffee, Wirecard, Greensill, Archegos—the bank needs to do more than change a few directors and tweak its risk processes.


The dollar fell as fading gains in U.S. Treasury yields reduced the greenback’s interest rate advantage. The U.S. dollar fell as fading gains in Treasury yields reduced the greenback’s interest rate advantage. less Gold (XAU/USD) rallied to hit fresh two-month highs at $1798 on Wednesday, helped by the renewed weakness in the US Treasury yields, which eventually dragged the dollar. The bond market is subdued as 10-year is hovering around 1.56%, while European yields are slightly firmer The dollar is mostly firmer, with the Antipodeans and sterling the weakest.
The US dollar initially threatened to extend its eight-day slump against the Chinese yuan and slipped to its lowest level since March 12 near CNY6.4825. Dollar weakness is capped by surging Covid-19 cases in India and Japan, even as investors are wary of new lockdowns and outbreaks in other countries. Since Third Point’s campaign kicked off, Nestlé has delivered total annual shareholder returns of 12% in dollar terms, FactSet data shows.
The Australian dollar is trading in about a 15-tick range in either side of $0.7750, where a A$565 mln option expires today. The PBOC set the dollar’s reference rate at CNBY6.4894, which was in line with the average projection in Bloomberg’s survey (FXY, FXA, CYB). Wednesday’s stocks rally weighed on the safe-haven dollar while the worrying news from India is boosting the greenback.


Copper futures tend to take this shape with greater frequency than oil because global copper production generally matches global demand each year, according to Mr. Nelson. S&P 500 futures pointed to a small move lower at the open, the 10-year Treasury yield was at 1.559%, oil slipped and gold was down. Ilia Bouchouev, managing partner at Pentathlon Investments, notes that this is less of a concern for copper because storage costs are much lower than for oil.
Instead of buying just the front-month contract for copper, the fund is able to shift positions between near-term futures and longer-dated futures. Gold welcomes this reflation period with nominal yields becoming a tailwind, as reflation is also a time when commodities do great, not just the stock market. The one caveat is that as copper gains popularity, it may draw in financial speculators just as oil has. Meanwhile, the dovish Fed expectations could continue to offer support to the non-interest-bearing gold, as the focus also remains on the US weekly Jobless Claims for fresh incentives.
Gold prices for the latest contract on MCX are trading down by 0.3% today at Rs 48,100 per 10 grams. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. Since its launch, CPER has gained about 5% even as continuous copper futures are up by more than 20%.


While palm and soya oil prices have almost doubled over the past year globally, domestic edible oil prices, which follow the global trend, are up 60-70 per cent. BEFORE THE BELL Futures for Canada’s main stock index were down as oil prices extended their losses following a surprise build-up in U.S. crude inventories. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects.
In terms of feedstock composition, sweet crude, medium/light sour crude and heavy sour crude accounted for 47.4%, 11.4% and 14.7%, respectively, of its total volume. That has people worried about crude oil demand, as the United States is considered to be one of the “better places” when it comes to the reopening play. The Organization of the Petroleum Exporting Countries has agreed to boost production to meet a pickup in global demand, while Iranian oil output has jumped since the fall.
The price gap is measured by instruments called “exchange of futures for swaps,” which allow traders with exposure to Dubai prices to change that for exposure to Brent prices.
Photo: Costfoto/Barcroft Media/Getty Images Now traders’ concerns that demand will fall in India are also weighing on prices of Middle Eastern crude. Oil extended their losses following a surprise build-up in U.S. crude inventories. Valero said refining throughput, or the amount of crude it processed, fell nearly 8% sequentially to 2.4 million barrels per day.

United States

Nominal yields have again retreated a little, and inflation expectations are sending inconclusive messages – but don‘t forget that inflation is what the Fed ultimately wants. Its operating ratio, a measure of operating expenses as a percentage of revenue and a key metric for Wall Street, rose to 60.2% from 59.2% a year earlier. As well, the Fed has also indicated that it expects an increase in inflation to be mild and temporary. The same story was with cyclical stocks after a two-day decline in all sectors, abetted by the Wall Street closure on an upbeat note the day before.
Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more. Nasdaq Inc: Piper Sandler raises target price to $175 from $169 after the company reported a strong first-quarter revenue and expense beat driven by non-transaction revenues. The Covid Setbacks May Cost Airlines $48 Billion New flare-ups and mutations might be pushing back the timeline for travel.
Here’s the Wall Street Journal, discussing reports that companies are having trouble finding workers: One shouldn’t put too much weight on anecdotes, but these are corroborated by data. The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis.


Canberra’s relationship with Beijing had been stressed ahead of yesterday’s decision. That s when Australia vetoed an agreement between the Victoria s state government and Chinese President Xi Jinping s signature BRI.Beijing s condemnation was swift. Beijing responded sharply to the decision to nix the deals. He s described Chinese President Xi Jinping as a thug.


A more cautious sounding ECB could see the pair look back towards 0.8590, the weekly low before considering a move towards 0.85 the round number (FXE, FXB). The technical picture on the hourly TF looks buyer-friendly, as the bulls may shrug off today’s rate decision and press conference by ECB President Christine Lagarde. The ECB is widely expected to maintain its current monetary policy settings when they meet later in the European session today. The sell-off in the Treasury yields could deepen if the market mood worsens on a likely cautious outlook on the economy from the European Central Bank (ECB).
European equities moved towards record highs, as strong company earnings brightened sentiment ahead of the ECB’s policy decision. Should Christine Lagarde sound optimistic regarding the outlook EUR/GBP could look to break resistance at 0.8673 the weekly high before heading back towards 0.8715. The ECB kept its monetary policy setup unchanged today, and did not discuss the future course of policy.
The ECB decided to confirm its very accommodative policy stance at today’s meeting, as expected. PIMCO Markets riseEarnings are dominating market moves this morning ahead of the ECB meeting and U.S. economic data. Ms. Lagarde might refer to the recent uptick in European government bond yields, according to Mr. Jeffery of Legal & General.