MONEY LIVE | Casino income boosts Sun International.
Sun International reported a 29% increase in its income for the year to end-December, while its headline earnings more than doubled after the group implemented aggressive cost cuts.
Futures in New York fell more than 2% to trade below $107 a barrel after rising Friday. The war in Ukraine has roiled commodity markets from crude to grains, leading to buyers shunning Russian oil as they navigate sanctions, though some are considering workarounds. The prospect of extra oil supply from Iran quickly alleviating a tight market was dashed on Friday. Tehran and world powers suspended talks to restore a nuclear deal after Russia sought U.S. guarantees that sanctions imposed for its invasion wouldn’t affect its planned partnership with the OPEC producer. Iran carried out a missile strike in Iraq following the breakdown of negotiations.
By the break, the Hang Seng Index had shed 3.81 percent, or 782.32 points, to 19,771.47 -- dropping below 20,000 for the first time since mid-2016. Adding to the pain was news on Sunday that China has placed all 17 million residents in Shenzhen under lockdown as it battles a flare-up of Covid-19 cases across the country.
The selling follows a rout of Chinese firms listed in the United States last week that was sparked by concerns about a crackdown by authorities there. Last month, the company released half-year results, which showed that its headline earnings fell to R17 million, from R109 million a year before. Traders are also trying to figure out whether global supplies will be enough to fill the void left by the Black Sea region.
US wheat sales to other countries last week came in below the average in a Bloomberg survey, with importers reluctant to commit themselves to purchases in a week when prices jumped more than 40%, the most ever. Altogether, traders are keeping a close eye on the length and severity of this war. The dollar rose against most of its major peers. The prospect of a widening interest rate differential dragged the yen to a five-year low against the greenback. Money-market traders ratcheted up positioning for higher rates this year to close to seven quarter-point moves. Treasuries pared an overnight decline that took the 10-year yield briefly above 2%.
The European Central Bank unexpectedly accelerated its wind-down of monetary stimulus, signaling it’s more concerned about record inflation than weaker economic growth. U.S. futures wavered between red and green after benchmark indexes in America and Europe notched their strongest single-day gains since 2020. Amazon.com Inc. surged more than 10% in late U.S. trade after announcing a share split and $10 billion buyback plan.
The dollar edged higher after sliding on the improved risk appetite, and Japan’s yen neared a five-year low versus the greenback. The 10-year Treasury yield hovered around 1.94%. “You’re going to see more dispersion” in equities, Erin Browne, multi asset portfolio manager at Pacific Investment Management Co., said on Bloomberg Television.
Ten of the 11 major S&P sectors advanced in early trading. Financials climbed 3.4% after declining 6.3% in the past four sessions as market participants fretted over the impact of Western sanctions on Russian banks, assets and individuals over its invasion of Ukraine.Mega cap growth stocks Amazon.com Inc, Apple Inc , Microsoft Corp, Alphabet Inc, Meta Platforms and Tesla Inc gained between 1% and 2.6% to provide the biggest boost to the S&P 500 and the Nasdaq indexes.
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