Latest data released by Markit/CIPS – 2 August 2021 The preliminary report can be found here. No change to the initial estimate as staff shortages and a sharp rise in cost/price pressures (driven by supply chain disruptions) weigh on the growth momentum in the manufacturing sector last month. The former is driven by self-isolation restrictions,
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NEW DELHI: Gold prices edged lower in domestic markets on Monday, following global market cues. The dollar held steady, pushing the yellow metal trade in red. Gold futures on MCX were down merely 0.10 per cent, or Rs 47, at Rs 47,954 per 10 gram. Silver futures traded marginally up 0.03 per cent, or Rs
The market opened the month with mildly positive sentiment, with major Asian indexes trading higher. But there is little reaction in the currency markets. Commodity currencies are generally soft for now, with slight losses in particular in Kiwi and Loonie. On the other hand, Dollar, Yen and Euro are trading mildly higher. Overall, however, there
The private, Caixin, survey for manufacturing PMI follows during the session here today, Monday 02 August 2021 2230 GMT Australia – AiG Manufacturing PMI for July 2300 GMT Australia – Markit Manufacturing PMI for (final) 0030 GMT Japan – Jibun Bank/Markit Manufacturing PMI (final) for July 0100 GMT Australia – TD / Melbourne Institute monthly
Gold prices held near a two-week high on Friday, and were set for their biggest weekly gain in more than two months, on renewed signs that the U.S. Federal Reserve may not taper economic support and hike interest rates in the near term. Spot gold was steady at $1,827.70 per ounce, as of 0053 GMT,
A step forward in the $1T infrastructure package The bipartisan $1 trillion infrastructure package has received enough votes up for debate to open in the US Senate. To move forward it only needed a 50 vote majority. The Senate last advanced the proposal by a 67-32 margin in a Wednesday test vote. Advancing was expected. The measure would put
NEW DELHI: Coriander prices on Friday rose Rs 28 to Rs 6,860 per quintal in futures trade as speculators widened their holdings tracking firm trend at the spot market. On the National Commodity and Derivatives Exchange, coriander for August delivery went up Rs 28, or 0.41 per cent, to Rs 6,860 per quintal with an
Asian markets continue to trade in risk averse mode today but selling has somewhat decelerated. Commodity currencies remain the weakest ones for the weak on risk-off sentiment, while Aussie is ignoring stronger than expected inflation reading. Yen and Swiss Franc are both strong, but they were outshone by Sterling. The Pound is supported by IMF’s
China’s National Bureau of Statistics released the data on Saturday, the result for manufacturing is its lowest since February 2020 but still in expansion. Manufacturing PMI 50.3 in July 2021 expected 50.8 previous 50.9 lowest since February 2020 (which was the huge slump to 35.7 due to the pandemic outbreak in China and initial shutdowns) the
A pronounced revival in the commodity cycle rescued several steel companies and boosted their bottom-lines, but the recovery has not been equal. Several secondary steelmakers from Jharkhand, Maharashtra, West Bengal and Chhattisgarh are shutting shop – or on the verge of doing so. About 45% of India’s crude steel comes from secondary makers. Several companies
Dollar’s selloff caught much attention last week, but slowed towards the end. Traders are holding their bets for now, awaiting the coming batch of July data. Indeed, Australian Dollar was the worst performer, mainly on RBA QE expectations, and partly on risk aversion in China and Hong Kong. New Zealand Dollar was the second worst,
Forex news for North American traders on July 30, 2021. The North American session started with concerns about the stock market and lingering fears above Covid. The earnings from Amazon after the close showed revenues less than expectations and revenue guidance going forward also lower. That came after Facebook the day before also scared the market with a less than rosy outlook.
Hedge funds plowed money into bets that the commodities rally of 2021 still has further to run, snapping three straight weeks of reductions. Net-long positions on a basket of 20 commodities rose by 8.3% in the week ended Tuesday, according to U.S. Commodity Futures Trade Commission data compiled by Bloomberg. Investors added wagers on further
The Fed sounded cautiously optimistic at the July meeting. The members acknowledged continued improvements in economic activities and that “the economy has made progress toward” the “maximum employment and price stability goals”. While leaving all monetary policy measures unchanged, Chair Jerome Powell affirmed the the ongoing discussions over tapering. We expect to hear more comments
ISM data and jobs reports highlight the events next week Monday will be the August 2nd and the start of a new month. That means the traditional ISM data, ADP employment, the US and Canada jobs reports. Highlights on the economic calendar. Monday (bank holiday in Canada) Japan consumer confidence 36.0 versus 37.4 last month
NEW DELHI: Nickel prices on Friday declined 0.26 per cent to Rs 1,504.40 per kg in the futures trade after participants offloaded their positions amid weak demand in the spot market. On the Multi Commodity Exchange, nickel contracts for the August delivery traded lower by Rs 3.90, or 0.26 per cent, to Rs 1,504.40 per
Dollar recovers mildly in early US session, following slight weakness in risk sentiments. Additionally, stronger than expected personal income and spending are providing some support too. Still, the greenback remains the worst performing one for the week. There is prospect of Yen, Aussie or Kiwi overtaking Dollar as biggest loser, but we’ll see. Meanwhile, Sterling