Sunday, 20 Jun 2021

Oil Edges Higher As EIA Lifts Price Forecasts

Rupee slips 13 paise to 73.02 against U.S. dollar in early trade

On June 8, the rupee had settled at 72.89 against the American currency.

The Indian rupee fell 13 paise and slipped below the 73 per U.S. dollar mark in early trade on June 9 tracking the strengthening of the American currency in the overseas market.

At the interbank foreign exchange, the domestic unit opened at 72.90 against the dollar, then slipped 13 paise to 73.02 against the American currency.

On June 8, the rupee had settled at 72.89 against the American currency.

Lack of any major data on June 9 in the domestic and the international markets could keep the currency flat, Reliance Securities said in a research note.

Most Asian currencies have started slightly stronger against the U.S. dollar this Wednesday morning and could cap depreciation bias, the note added.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies rose 0.02% to 90.09.

Global oil benchmark Brent crude futures rose 0.51% to $72.59 per barrel.

On the domestic equity market front, BSE Sensex was trading 109.51 points or 0.21% higher at 52,385.08, while the broader NSE Nifty was up 40.65 points or 0.26% to 15,780.75.

Foreign institutional investors were net buyers in the capital market on June 8 as they purchased shares worth ₹1,422.71 crore, as per exchange data.

White House press corps flight to UK delayed for hours by cicadas

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A charter flight for the White House press corps, who will follow President Biden on his first overseas trip to the United Kingdom, has been delayed by cicadas, Fox News has confirmed. 

The Tuesday evening flight was delayed “several hours,” at Dulles International Airport in Northern Virginia, according to Fox News White House correspondent Peter Doocy. 

Associated Press reporter Jonathan Lemire tweeted that the cicadas, which have descended on the city and other parts of the U.S. after spending 17 years underground, had caused a “mechanical issue.”

Biden will leave for the U.K. on Wednesday for the first leg of his European visit, which will include the G7 summit in Cornwall. 

The president will also travel to Belgium and Switzerland during the week-long tour. 

Inditex Swings To Profit In Q1, Sales Up 50%

Inditex (IDEXF.PK) reported a turnaround to profit for the first quarter, led by a 50% growth in Q1 sales, with May sales above 2019 levels.

Net income for the quarter was €421 million compared to a loss of €409 million incurred a year ago.

The company’s Q1 sales surged 50% to €4.9 billion from €3.3 billion last year, reflecting higher sales across all geographies and every brand despite the fact that 24% of trading hours were unavailable due to lockdowns and restrictions, in addition to other capacity restrictions.

In local currencies, revenue was just 11.5% below the level of the first quarter of 2019. Online sales in local currencies grew by 67%.

Gross margin expanded to a robust 59.9%, thanks to the implementation of the business model and the efficiencies unlocked by the digital transformation strategy

The Group’s net cash reached €7.2 billion at the reporting period, up 25% from a year earlier, and the highest in a first quarter.

Inditex’s executive chairman, Pablo Isla, said, “…our differentiation and strategic transformation towards a fully integrated, digital and sustainable model continues to bear results, supported by the commitment displayed by all the people who work at Inditex.”

Malaysia says delivery of Thai-made AstraZeneca vaccines delayed

KUALA LUMPUR (REUTERS) – Malaysia is expecting deliveries of AstraZeneca Covid-19 vaccines manufactured by Thailand’s Siam Bioscience to be delayed, Science Minister Khairy Jamaluddin told reporters on Wednesday (June 9).

The first shipment of 610,000 doses from Thailand is scheduled for this month, followed by 410,000 doses in July and 1.2 million doses between August and September, the government had said previously.

More to come.

More on this topic

Northvolt may seek public listing but no current plans – CEO

STOCKHOLM, June 9 (Reuters) – Northvolt may seek a stock market listing in the future but have no immediate plans for one, Chief Executive Peter Carlsson said after the Swedish battery maker raised $2.75 billion in equity on Wednesday.

“Over time with our growth ambition or financing need, to be in the public market is going to be required,” Carlsson said in the interview.

“There is no defined timeline at this point.”

Oil Edges Higher As EIA Lifts Price Forecasts

Crude oil futures hit fresh multiyear highs on Wednesday after the U.S. Energy Information Administration (EIA) lifted its forecasts for this year’s U.S. and global benchmark oil prices, but kept its predictions for global oil demand growth largely steady.

Brent futures for August delivery rose 19 cents, or 0.3 percent, to $72.41 per barrel, while WTI crude futures for July settlement were up 19 cents, or 0.3 percent, at $70.24.

According to a monthly report released Tuesday, the EIA forecast a decline in global oil inventories in the second half of 2021, reinforcing expectations of a demand-led recovery.

“We expect rising production will end the persistent global oil inventory draws that have occurred for much of the past year and lead to relatively balanced global oil markets in the second half of 2021,” the EIA said in the report.

There is an optimism around the demand outlook after the U.S. Centers for Disease Control and Prevention (CDC) eased travel recommendations for more than 110 countries and territories, including Japan just ahead of the Olympics.

The oil price rally was further supported by bullish inventory data, with the American Petroleum Institute (API) reporting a draw in crude oil inventories of 2.1 million barrels for the week ending June 4.

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