MONEY LIVE | Fed raises rates by 75 basis points to fight inflation.
The US Federal Reserve on Wednesday again raised the benchmark interest rate by three-quarters of a percentage point and said more hikes will be needed in its ongoing battle to tamp down raging price pressures.
As for its outlook, the chemicals manufacturer will continue with its international expansion and is also in the process of reviewing underperforming businesses. He added that one of the highlights of his career was bringing the group's international business under one brand. "Mark’s quality leadership is evident in the expansive international story that is the AECI group. We appreciate the tremendous contribution he has made in building a strong and resilient business."De Beers latest diamond sales cycle rakes in more than R10bn
The selling followed a steep drop on Wall Street fuelled by concerns that four-decade high inflation and rising borrowing costs were keeping Americans from spending, and pushing the economy towards a recession. But observers warned there was still a lot of volatility to come as the bank was still hiking, prices were soaring, Russia's war in Ukraine showed no sign of ending and China was still battling Covid with lockdowns.
While officials are widely tipped to announce a second successive three-quarter point increase, the main focus will be their outlook for the economy and clues about future moves as it begins to falter. Oil prices fluctuated as recession worries were offset by data showing a big drop in US stockpiles, which pointed to strong demand at a time when supplies remain weak.In a trading update for the six months to end-June, Curro said its headline earnings will increase by between 33.5% and 50%.
Adding to the unease on trading floors was news that Russia's Gazprom will cut back gas deliveries to Germany, citing a faulty turbine, less than a week after restarting flows following 10 days of maintenance work.But Hong Kong was given a much-needed lift by news that market heavyweight Alibaba will seek a primary listing in the city, allowing it to be traded by mainland Chinese investors.
"This is most likely a bear market rally and there are significant risks still facing this market," Katerina Simonetti, at Morgan Stanley Private Wealth Management, told Bloomberg Television. Still, market strategist Louis Navellier said they could start to loosen monetary policy in the new year when the economy shows strains.
Recent data has shown signs of an economic slowdown while inflation remains stubbornly high, with claims for jobless benefits rising to its highest in eight months last week and regional manufacturing gauges slumping. Delays in the Competition Tribunal approval process have caused Implats to extend the timelines related to its offer and envisions the results will be announced on 19 September. Over the past year to end-June, building materials group Cashbuild has seen its revenue decline by 12%.
Cashbuild’s share price was up almost 3% by lunchtime on Monday. Its share price has gained 5% over the past year. The business climate in Germany worsened"significantly" in July, according to a key survey published Monday, as an energy crisis pushed Europe's largest economy closer to a recession this year.The Ifo institute's monthly confidence barometer, based on a survey of 9,000 companies, fell to 88.6 points in July from 92.
And Asia fared little better, with Tokyo, Hong Kong, Shanghai, Sydney, Taipei, Manila, Jakarta and Wellington all in the red, though there were small gains in Singapore and Seoul. Fed chiefs have already said their main priority was bringing inflation down from four-decade highs, even at the expense of growth.
Crude has given up most of the gains seen since Russia's invasion of Ukraine, and Vandana Hari, of Vanda Insights, said she saw further losses. Total second-quarter revenue, which also includes revenue from subscriptions, was $1.18 billion, compared with $1.19 billion a year earlier. Analysts were expecting $1.32 billion.Twitter said its net loss was $270 million, or 35 cents per share, down from a profit of $65.6 million, or 8 cents per share, a year earlier.On Thursday, Snapchat parent Snap Inc posted weak results and declined to make a forecast, citing"incredibly challenging" conditions as advertisers cut back on spending.
Last year Vivo Energy and BidCo, an indirect subsidiary linked to the Vitol Group, announced an agreement in terms of a recommended cash offer for all of the issued and to be issued ordinary share capital of Vivo which were not already owned by the existing Vitol shareholders. Before joining Grindrod, Xolani spent 12 years working for Anglo American across various roles in finance, procurement, business and dry-bulk commodity performance analysis and greenfield project implementation."The board is excited to have Xolani lead Grindrod in its quest to deliver an efficient and cost-effective logistics solution for its customers’ cargo flow, whilst touching the lives of the communities in which we operate," said Grindrod chair Cheryl Carolus.
The reading -- along with a big miss on the closely watched Philadelphia Fed business survey -- could allow the central bank to pull back from its campaign of monetary tightening sooner, giving some relief to the world's top economy. Tech firms had enjoyed a broadly positive reporting season, he said, but for those in the"non-tech and non-financial sectors guidance has been weak on the outlook and consistent with a slowing economy".
The move brings an end to the bank's eight-year-old negative interest rate policy and more in line with its global peers, particularly the hawkish Fed. The hike lifts the ECB's deposit facility out of negative territory for the first time in eight years, to zero percent. The rate on the main refinancing operations climbs to 0.50 percent and on its marginal lending facility to 0.75 percent.
Kumba experienced a tough start to the year with heavy rainfall but operational performance has continued to improve at Sishen while Kolomela continued to experience a number of challenges in the second quarter, reflecting the impact of a safety intervention and equipment reliability. "The first half performance has demonstrated the need for us to continue to focus on operational excellence to enhance productivity and cost efficiency, and ensure that we secure the full value of our products in the market to deliver sustainable value to our stakeholders," said Kumba’s CEO Mpumi Zikalala.China's cybersecurity regulator said on Thursday it has fined ride hailing giant Didi Global Inc 8.
The figures highlighted the fluctuating landscape dealers are having to navigate as the global economy is rattled by a range of issues including the Ukraine war, an energy crisis and China's slowdown and supply chain snarls. Added to the mix is a fresh political crisis in Italy that could see Prime Minister Mario Draghi ousted, leading to months of uncertainty.
Hong Kong, Shanghai, Tokyo, Sydney, Singapore and Jakarta all fell, though Seoul, Taipei and Manila eked out gains. Markets also reacted positively to a report saying China will fine ride-hailing giant Didi $1 billion but bring an end to its year-long probe, reinforcing optimism that a long-running tech crackdown is nearing an end.
A surge in tech giants helped the Nasdaq jump more than three percent while the Dow and S&P 500 climbed more than two percent. The report was music to the ears of investors who have been battered by a regulation clampdown on the tech industry and a range of other sectors including private education. The Hong Kong tech index rose more than two percent Tuesday.
Talk of a half-point hike -- instead of the quarter-point lift most expect -- has lifted the euro against the dollar, having fallen to parity last week for the first time in 20 years. "The nature of today's gains was initially cautious and incremental in nature ... We got additional traction in the afternoon session on reports out of Moscow which indicated that gas flows out of the Nord Stream 1 pipeline would resume as scheduled on Thursday, albeit at a lower capacity," said market analyst Michael Hewson at CMC Markets.
Wall Street's main stock indices were also strongly higher in late morning trading amid another raft of earnings reports and more signs the housing market is slowing from its torrid pace. Last week, the euro fell below parity with the dollar for the first time in nearly 20 years, also on growing fears of a eurozone recession as high inflation hampers growth.
The JSE's decision comes after Tongaat's second failure to produce its financial statements for the year ended 31 March 2022. The drop across most markets in Asia also came as oil held a Monday surge caused by fading expectations that Joe Biden had convinced Saudi Arabia to pump more to ease a supply crisis and temper prices.
The news follows similar belt-tightening moves by other Silicon Valley giants including Alphabet, Amazon and Facebook parent Meta. Innes added that markets were likely to face pressure for some time as central banks continue to lift borrowing costs to fight inflation, risking an economic downturn. Both main contracts rocketed more than five percent Monday on expectations that Riyadh will not open up the taps further, with Biden's plea seeming to have fallen on deaf ears.
The share price of diversified Namibian company Trustco has fallen to an all-time low, with its stock now trading for less than when it listed on the JSE over a decade ago. On Monday morning, Trustco stock was trading at 51 cents a share, some 20 cents lower than when it made its JSE debut in 2009. The group's shares have been falling steadily since early 2019 when they reached a high of R16 a share.
This is a European first for the company. The British authorities said last year its activities could not be supervised correctly and posed a risk to consumers. Enthusiasts regard cryptocurrencies and the technology around them as the foundation of a decentralised alternative to the mainstream banking system and argue against any regulation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Watchdog warns dirty money puts SA banks at high riskPrudential Authority highlights vulnerability to money laundering and terrorism financing
Read more »
Podcast | My Money: How I paid off R700 000 of debt | CitypressIn a recent survey, a debt counselling firm asked financially stressed South Africans: “Why have you not done something to alleviate your financial stress?” Nearly 40% of respondents said that they “felt stuck”.
Read more »
‘Banyana Banyana must get more money to make a living’, says veteran footballer Mark Williams'Women don't get the same pay as men but Banyana Banyana deserve everything, including the bonuses. They must get more money to make a living. I think that's important,' said Williams.
Read more »
'Easy money is not good money': Klein Karoo siblings return wads of cash they saw spewing from ATM | News24Two Oudtshoorn siblings resisted temptation and turned a blind eye to more than R10 000 in cash spewing from an Absa ATM in their Klein Karoo town last week. | Lisaleesolomon1
Read more »