Oil Prices Fall On Dollar Strength

Oil prices fell on Friday as the dollar rose against major rivals amid a rout in global bond markets.

Brent crude futures for May settlement dipped 0.8 percent to $65.60 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.7 percent at $63.12.

The dollar edged higher on safe-haven demand on the back of a sustained rise in U.S. yields and a slew of stronger-than-expected U.S. economic data released overnight.

Meanwhile, speculation is rife that U.S. President Joe Biden’s fiscal spending package will not be as large as the proposed $1.9 trillion.

A stronger greenback makes U.S.-dollar priced oil more expensive for those buying crude in other currencies.

The fall in oil prices comes at a time when more supply is likely to return to the market.

With oil prices recovering to pre-pandemic levels, there is an argument that the OPEC+ meeting scheduled to take place next week will result in more supply returning to the market.

Gold declines ₹ 342; silver plummets by ₹ 2,007

Gold prices on Friday declined by ₹ 342 to ₹ 45,599 per 10 grams and silver plummeted by ₹ 2,007 to ₹ 67,419 per kg in the national capital, due to selling in the international market, according to HDFC Securities.

The precious metal had closed at ₹ 45,941 per 10 grams on Thursday.

Silver plummeted by ₹ 2,007 to ₹ 67,419 per kg, compared with the previous close of ₹ 69,426 per kg.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Spot prices for 24 karat gold at Delhi fell for the third day by ₹ 342, in line with selling in global gold prices despite of sharp rupee depreciation." In the international market, gold was trading lower at $ 1,760 an ounce, while silver was down at $ 26.78 an ounce.

PNM Resources Affirms FY21 Ongoing Earnings Guidance – Quick Facts

While reporting financial results for the fourth quarter on Friday, energy holding company PNM Resources, Inc. (PNM) on Friday affirmed its ongoing earnings guidance for the full year 2021.

For fiscal 2021, the company continues to project consolidated ongoing earnings in a range of $2.27 to $2.37 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.33 per share for the year. Analysts’ estimates typically exclude special items.

Fluor Corp. Issues Earnings Guidance

Fluor Corporation (FLR) said, for 2021, the company is establishing its initial adjusted EPS guidance at a range of $0.50 to $0.80. The company said its guidance excludes NuScale related expenses and any impact from foreign currency exchange gains or losses, restructuring or impairments.

Fourth quarter net loss from continuing operations was $0.82 per share, compared to a loss of $2.10 per share, a year ago. Revenue for the fourth quarter was $3.7 billion compared to $4.4 billion a year ago.

Eight core industries' output up 0.1% in January

Coal, crude oil, natural gas, refinery products, and cement recorded negative growth in January.

The output of eight core infrastructure sectors grew marginally by 0.1% in January, mainly due to growth in the production of fertiliser, steel and electricity.

The core sectors had expanded by 2.2% in January 2020, according to the provisional data released by the Commerce and Industry Ministry on Friday.

Coal, crude oil, natural gas, refinery products, and cement recorded negative growth in January.

However, the output of fertiliser, steel and electricity in January grew by 2.7%, 2.6% and 5.1%, respectively.

During April-January 2020-21, the sectors’ output declined by 8.8% against a growth rate of 0.8% in the same period of the previous year.

The eight core industries constitute 40.27% of the Index of Industrial Production.

Financier Staveley loses Barclays lawsuit over 2008 fundraising

LONDON, Feb 26 (Reuters) – British businesswoman Amanda Staveley has lost a long and bitter London court battle against Barclays over whether she is owed damages after alleging she was deceived while negotiating a financial lifeline for the bank in 2008.

Judge David Waksman said on Friday that the claim of Staveley’s PCP Capital Partners group, which has claimed damages of around 836 million pounds ($1.16 billion), “as a whole must fail”.

Barclays welcomed the decision and Staveley said she would be taking advice on appealing the decision not to award damages.

China will extend tariff exemptions for 65 U.S. products

BEIJING (Reuters) – China’s finance ministry said on Friday that it would extend tariff exemptions for 65 imported products from the United States, including logs and aircraft parts.

The extension, effective on Feb. 28, will last until Sept. 16, 2021, the ministry said. The products received exemptions from retaliatory tariffs imposed by China on U.S. goods.

Foot Locker Q4 Adj. EPS Tops Estimates – Quick Facts

Specialty athletic retailer Foot Locker, Inc. (FL) reported Friday a fourth-quarter net income of $123 million or $1.17 per share, lower than $134 million or $1.27 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $1.55 per share, compared to $1.63 per share in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.35 per share for the quarter. Analysts’ estimates typically exclude special items.

Total sales for the quarter decreased 1.4 percent to $2.19 billion from $2.22 billion in the same quarter last year. Excluding the effect of foreign exchange rate fluctuations, total sales decreased 3.0 percent. Comparable-store sales decreased 2.7 percent. The Street was looking for revenues of $2.29 billion for the quarter.