Stock markets rose and the dollar retreated Monday as investors turned their attention to US inflation data later this week and weigh the prospect of further monetary policy tightening.
Data due Wednesday are expected to show inflation in the world's biggest economy slowed slightly in July, but remained close to the four-decade highs seen in recent months. A blockbuster US jobs report last week"highlighted how strong the economy remains although traders are now increasingly nervous about more aggressive tightening sending the economy into a deeper recession further down the road", said OANDA analyst Craig Erlam.
The group produces paper and plastic packaging used in fruit production and fast-moving consumer goods . Its business also includes recycling. Despite a strong performance, the group experienced challenges during the six months, including problems at local ports, bad weather and ongoing global supply chain constraints. The company has increased its raw material stocks to cushion it against delays and uncertainty.
Datatec says the acquisition adds"complementary capabilities" to Logicalis UK&I's core expertise in digital infrastructure, networking and cloud services. Asian markets struggled Monday and the dollar held big gains as a blockbuster US jobs report ramped up bets that the Federal Reserve will announce more sharp interest rate hikes as it tries to tame runaway inflation.
"Hence at minimum, the markets expect another 100 basis points of Fed funds rate increases over the next three meetings... with risks skewed towards significant increases." However, there was some relief that tensions had calmed since Nancy Pelosi's visit to Taiwan last week sparked a furious reaction from China that saw it conduct days of live-fire military drills around the island.Tokyo edged up and Shanghai was flat, with better-than-expected Chinese trade data offset by fresh worries about Covid lockdowns in the country that threaten the economic recovery.
Both main contracts have lost all the gains seen in the wake of Vladimir Putin's invasion of Ukraine, which led the United States and Europe to ban imports of Russian crude, hammering already thin supplies.Raubex chair Freddie Kenney has resigned, the infrastructure development firm has announced.
The Reserve Bank of India raised its key lending rate by 50 basis points to 5.40 percent -- a level last seen in August 2019 -- three months after kicking off a monetary tightening cycle in May. The International Monetary Fund last week slashed India's growth outlook for the ongoing financial year ending March 2023 to 7.4 percent from the 8.2 percent forecast in April.
India's merchandise trade deficit widened to a record $31 billion in July, compared to $10.6 billion in the same month last year, provisional data released Tuesday showed.India imports more than 80 percent of its crude oil needs and the country's 1.4 billion people have been hit with rising petrol costs.
India's benchmark Sensex index erased early losses to trade 0.56 percent higher on Friday following the interest rate decision.AngloGold Ashanti on Friday declared an interim dividend of $121 million , or R4.93 per share as it reported a solid performance for the first half of 2022. Total cash costs for the first six months of 2022 were up 6%, driven largely by accelerating inflation as well as larger royalty payments due to the higher gold price received.
Operational issues in the year contributed to a decline in gross concentrate 6E volumes to 3.17 million ounces, down from 3.29 million in the previous year. Crude edged up but expectations that economies will contract - dampening demand - have sent the commodity tumbling more than 10 percent this week, with US data indicating Americans were driving less now than in summer 2020 at the height of the pandemic.
The Federal Reserve has said its rate decision will be guided by data, with signs of economic weakness seen as likely to mean any increases will be light. Taipei surged more than two percent on easing concerns over a conflict with Beijing, even as China conducts its largest-ever military exercises around Taiwan in response to US House Speaker Nancy Pelosi's visit this week.