Monday, May 10We Break the News

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Spanish Stocks Climb on Friday, Sensex Posts Second Straight Week of Gains, Cigna earnings at 4.73 USD, Bulgaria Consumer Morale Rises for 5th Straight Quarter

Spanish Stocks Climb on Friday, Sensex Posts Second Straight Week of Gains, Cigna earnings at 4.73 USD, Bulgaria Consumer Morale Rises for 5th Straight Quarter

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Spanish Stocks Climb on FridayThe IBEX 35 kept its momentum to climb over 1-year highs on Friday, as investors digested new economic data with more earnings and operational results, from which stood out travel company Amadeus, whose booking volumes were at their highest since the onset of the pandemic and continued improving into April. On the earnings front, Spain’s fast expanding telecoms provider Cellnex said core earnings rose 47% to €381 million, underpinned by a 41% jump in revenues to €506 million, slightly exceeding market expectations. Also, Caixabank showed net profits surged almost six-fold to €514 million during the first quarter, beating market forecasts of €342 million, after the bank did not set aside any provisions against the impact of the pandemic.Sensex Posts Second Str...
Czech Construction Output Falls the Least in 11 Months, Taiwan Trade Surplus Exceeds Market Consensus, Czech Industrial Production Rises More than Expected, US Employers Likely Added 978K Jobs in April

Czech Construction Output Falls the Least in 11 Months, Taiwan Trade Surplus Exceeds Market Consensus, Czech Industrial Production Rises More than Expected, US Employers Likely Added 978K Jobs in April

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Czech Construction Output Falls the Least in 11 MonthsConstruction output in the Czech Republic fell 3.1 percent from a year in March of 2021, following an 11 percent drop in the previous month. It was the 12th consecutive month of falling construction activity amid the ongoing pandemic crisis, although at the softest pace since last April. Building activity decreased 5.7 percent (vs -13.8 percent in February) while civil engineering works rose 6.5 percent (vs 0.8 percent). Considering the first quarter of 2021, construction output slumped 6.1 percent. Taiwan Trade Surplus Exceeds Market ConsensusTaiwan's trade surplus widened to USD 6.18 billion in April of 2021, from USD 2.44 billion in the same month of the previous year and largely surpassed market expectations of USD 3.12 billion....
Copper Hits All-time High, European Stocks Seen Opening Higher, South Korean Shares Gain 1.7% for the Week, Finnish Trade Deficit Narrows in March

Copper Hits All-time High, European Stocks Seen Opening Higher, South Korean Shares Gain 1.7% for the Week, Finnish Trade Deficit Narrows in March

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
Copper Hits All-time HighCopper futures skyrocketed to a fresh record high of $4.68 per pound, as inventories stand at levels not seen in fifteen years while speedy vaccination rollouts and trillions in dollars of economic stimulus increased demand. Recent economic readings from the United States and China reinforced this view, while President Biden’s multitrillion-dollar infrastructure plan lent further optimism to the copper bulls. Adding to the chipper mood, banks like Goldman Sachs and Citi lifted their bets on copper consumption this year, focusing on its longer-term role in a carbon-free world.European Stocks Seen Opening HigherStock futures in Europe were slightly higher on Friday as investors digest upbeat trade data from China and stronger-than-expected industrial production data...
British Shares Set to Extend Gains for 3rd Day, Sterling Steady at $1.39, Oil Prices Rise on Upbeat US, China Data, Japanese Shares Gain 1.16% Weekly

British Shares Set to Extend Gains for 3rd Day, Sterling Steady at $1.39, Oil Prices Rise on Upbeat US, China Data, Japanese Shares Gain 1.16% Weekly

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
British Shares Set to Extend Gains for 3rd DayContracts on the FTSE 100 futures were in the green on Friday, tracking its European peers higher, as investors await the results of local elections for the Scottish Parliament and Welsh Senedd and mayors and local councils in England. Meanwhile, traders digest upbeat trade data from China while awaiting the US non-farm payrolls report. The FTSE 100 is set to shoot through the 7100 barrier today for the first time since February last year, extending gains for the 3rd consecutive session amid strong first-quarter earnings season and as the Bank of England raised growth forecasts.Sterling Steady at $1.39The British pound held steady at $1.39 on Friday, after the Bank of England kept its monetary policy unchanged, but announced a slowdown in the ...
French Trade Gap Rises in March, European Stocks Gain on Upbeat Data, Earnings, French March Industrial Output Growth Disappoints, French Private Payroll Employment Rebounds in Q1

French Trade Gap Rises in March, European Stocks Gain on Upbeat Data, Earnings, French March Industrial Output Growth Disappoints, French Private Payroll Employment Rebounds in Q1

AFRICA, Asia, EUROPEAN UNION, USA, WORLD, World Bank
French Trade Gap Rises in MarchThe trade gap in France widened to EUR 6.1 billion in March of 2021 from a downwardly revised EUR 5.1 billion in February, the highest shortfall in 7 months. Exports were up 2.6 percent to EUR 39.9 billion and imports soared 5.4 percent to EUR 46.1 billion, the highest since February of 2020. Considering January to March 2021, the trade gap increased to EUR 15.4 billion as exports rose 1.8 percent and imports increased at a faster 3.7 percent, due to higher oil prices and lower sales of aeronautical and automotive products. Exports and imports were still at 93% and 94% respectively of their average quarterly value for 2019.European Stocks Gain on Upbeat Data, EarningsEuropean equity markets traded mostly higher on Friday, on the back of upbeat economic data ...
Sterling Flat as Britons Vote in Key Elections, BoE Decides on Rates, Norway Industrial Output Rises the Least in 4 Months, Eurozone Construction Activity Grows Fractionally for 2nd Month, France Construction Sector Shrinks Marginally for 2nd Month

Sterling Flat as Britons Vote in Key Elections, BoE Decides on Rates, Norway Industrial Output Rises the Least in 4 Months, Eurozone Construction Activity Grows Fractionally for 2nd Month, France Construction Sector Shrinks Marginally for 2nd Month

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Sterling Flat as Britons Vote in Key Elections, BoE Decides on RatesThe British pound held steady at $1.39 on Thursday, as investors remain cautious ahead of UK local elections and the Bank of England's monetary policy statement later in the day. Contests are taking place for the governments of Scotland and Wales, the Mayor of London and English local councils, in a major test for Prime Minister Boris Johnson and opposition Labour Party Leader Keir Starmer. In Scotland, an outright majority for the Scottish National party would increase calls for another independence referendum. Elsewhere, UK policymakers are seen leaving monetary policy unchanged, but there is a chance they could signal trimming support for the recovering economy.Norway Industrial Output Rises the Least in 4 MonthsNorway...
President Uhuru Kenyatta on Wednesday evening bade farewell to his Tanzanian counterpart Her Excellency Samia Suluhu Hassan at Jomo Kenyatta International Airport (JKIA) in Nairobi City County.

President Uhuru Kenyatta on Wednesday evening bade farewell to his Tanzanian counterpart Her Excellency Samia Suluhu Hassan at Jomo Kenyatta International Airport (JKIA) in Nairobi City County.

AFRICA, EALA, EAST AFRICA, EUROPEAN UNION, INTERNATIONAL, KENYA, Kenyan Parliament, Kisumu, Nairobi, Parliament, South African Parliament, TANZANIA, Twitter, World Bank
President Suluhu is returning home after a successful two-day maiden State Visit to Kenya during which she held talks with President Kenyatta, attended a Kenya-Tanzania Business Forum and addressed a joint session of Parliament among other official engagements.
KAMPALA -Uganda’s  Minister for the Presidency Esther Mbayo has said that 21 Heads of State have confirmed attendance for President Yoweri Museveni scientific swearing in ceremony on May 12, 2021.

KAMPALA -Uganda’s Minister for the Presidency Esther Mbayo has said that 21 Heads of State have confirmed attendance for President Yoweri Museveni scientific swearing in ceremony on May 12, 2021.

AFRICA, Diplomats, EAST AFRICA, EUROPEAN UNION, HUMAN INTEREST STORIES, INTERNATIONAL, Kenyan Parliament, POLITICS, UGANDA, World Bank
President Yoweri Museveni for another term of office, a top government official said Tuesday. Esther Mbayo, minister for the presidency told reporters that the leaders will attend the function scheduled for May 12.  Uganda's Minister for Presidency Esther Mbayo.Photo by Ronald Kabuubi/KMA Updates. "His Excellency the president has extended invitations to 42 Heads of State both from Africa and the rest of the world, and so far 21 have confirmed attendance," said Ms Mbayo.  The celebrations will be held at Kololo Independence ceremonial grounds in the capital, Kampala, under strict Covid-19 prevention measures, she said.  The minister said 4,000 guests, including former presidential candidates, have been invited to attend the function to be held after Museveni ...
Iran Inflation Rate at 22-Month High of 49.5%, Philippines Retail Prices Rise the Most in 2 Years, South Korea Import Hits Record High, South Korea Exports Rise the Most in Over a Decade

Iran Inflation Rate at 22-Month High of 49.5%, Philippines Retail Prices Rise the Most in 2 Years, South Korea Import Hits Record High, South Korea Exports Rise the Most in Over a Decade

AFRICA, Asia, EUROPEAN UNION, WORLD, World Bank
Iran Inflation Rate at 22-Month High of 49.5%The annual inflation rate in Iran increased to 49.5 percent in April 2021, the most since June 2019, from 48.7 percent in the previous month, due mainly to faster rise in prices of both housing & utilities (29.8% vs 28.4%) and transport (56.3% vs 54.0%). Also, inflation accelerated for furniture & household equipment (71.3% vs 68.3% in March), clothing & footwear (55.6% vs 52.1%), restaurants & hotels (58.1% vs 49.1%), recreation & culture (61.7% vs 60.1%), miscellaneous goods & services (53.4% vs 47.8%), and health & medical services (44.3% vs 40.2%). Meanwhile, prices continued to increase for food & non-alcoholic beverages (63.5% vs 67.0%), communication (19.4% vs 20.3%), and tobacco (47.9% vs 51.7%). On a mon...
Covid-19 has set back the global youth agenda, President Kenyatta says

Covid-19 has set back the global youth agenda, President Kenyatta says

AFRICA, COVID-19, EAST AFRICA, HEALTH, INTERNATIONAL, KENYA, Kenyan Parliament, Parliament, Twitter, UGANDA, UK, UN, UNDP, UNHCR, UNICEF, WORLD, World Bank
NAIROBI, 30th April 2021 (PSCU) – The Coronavirus pandemic has temporarily set back the global agenda of ensuring young people aged between 10 to 24 years are in education, training or employment by 2030, President Uhuru Kenyatta has said. President Uhuru Kenyatta during Generation Unlimited (GenU) global leadership council meeting held virtually and attended by Prime Minister Alexander De Croo of Belgium, President Mokgweetsi Masisi of Botswana and former British PM Gordon Brown. President Kenyatta was joined at the virtual meeting by Head of Public Service Dr Joseph Kinyua and ICT CS Joe Mucheru. The President noted that globally, schools for more than 168 million children have been closed for almost an entire year due to Covid-19 lockdowns.. "Young people have lost jobs and li...
Sensex Jumps 1%, Indian Rupee Appreciates From 9-Month Low, Czech Consumer Morale at 7-Month High, Kazakhstan Leaves Key Rate Unchanged

Sensex Jumps 1%, Indian Rupee Appreciates From 9-Month Low, Czech Consumer Morale at 7-Month High, Kazakhstan Leaves Key Rate Unchanged

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Sensex Jumps 1%The S&P BSE Sensex climbed more than 500 points or 1% to 48,382 on Monday, led by a rally in shares of private-sector lender ICICI Bank, which reported a more than three-fold surge in March-quarter profit.Indian Rupee Appreciates From 9-Month LowThe Indian rupee bounced back to 74.7 against the greenback at the end of April, after touching last week its weakest level since last July, helped by broad dollar weakness. However, concerns about rising COVID-19 cases and their impact on India's economic recovery continued to mount, after the country set a new global record for a rise in daily COVID-19 cases, prompting many state governments to re-impose fresh restrictive measures to curb the spread of the pandemic. Earlier this month, the Reserve Bank of India left interest r...
European Shares Tread Water Ahead of Key Data, Fed, Japanese Shares Close Higher, Stocks in Finland Hit All-time High

European Shares Tread Water Ahead of Key Data, Fed, Japanese Shares Close Higher, Stocks in Finland Hit All-time High

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
European Shares Tread Water Ahead of Key Data, FedEuropean stock markets traded cautiously on Monday after posting their first weekly loss in eight, with automakers taking a hit after the Financial Times reported that Volkswagen had warned managers to prepare for a bigger output hit in the second quarter due to an ongoing chip shortage. At the same time, rising COVID-19 cases in some parts of the world added to worries, while investors await a batch of economic data, including German business confidence later today and GDP figures for Europe and the US during the week, as well as the Federal Reserve's monetary policy statement on Wednesday. On the corporate front, Philips reported a big jump in quarterly profit and raised its expectations for 2021. Pearson and Michelin are also due to rep...
Oil Slips 1% to Start the Week, Stocks in Denmark Hit All-time High, European Shares Tread Water Ahead of Key Data, Fed, Japanese Shares Close Higher

Oil Slips 1% to Start the Week, Stocks in Denmark Hit All-time High, European Shares Tread Water Ahead of Key Data, Fed, Japanese Shares Close Higher

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, WORLD, World Bank
Oil Slips 1% to Start the WeekOil prices dropped by 1% on Monday, with WTI oil trading at $61.43 a barrel while Brent crude at $65.38 a barrel, as a surge in COVID-19 cases in Asia stoked worries that a recovery in fuel demand may be stalled. In India, there were 352,991 new virus cases on Monday, a fifth straight day of record jump, with the rise overwhelming its healthcare system. In Japan, the world's fourth-largest oil buyer, the third state of emergency in Tokyo, Osaka, and two other prefectures began on Sunday, affecting nearly a quarter of the population. At the same time, Reuters reported that traders adjusted positions ahead of a planned increase in OPEC+ oil output from May. Elsewhere, Tehran might see sanctions lifted, and more barrels could return to the market if negotiations...
Stocks in Russia Hit All-time High, Copper Resumes Rally to 10-Year High, Gold Below 2-Month Highs, Japanese Yen Extends to 2-Month Highs

Stocks in Russia Hit All-time High, Copper Resumes Rally to 10-Year High, Gold Below 2-Month Highs, Japanese Yen Extends to 2-Month Highs

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
Stocks in Russia Hit All-time HighMOEX increased to an all-time high of 3612Copper Resumes Rally to 10-Year HighCopper rose to as high as $4.4 per pound on Monday, its highest level since August 2011 as speedy vaccination rollouts and trillions in dollars of economic stimulus lifted hopes of a robust global economic recovery and higher demand for metals. After recording record growth in the first quarter, China’s economy continued to recover in April with strong exports and improving business confidence. Adding to bullish sentiment, banks like Goldman Sachs and Citi lifted their bets on copper consumption this year, focusing on its longer-term role in a carbon-free world. On the supply side, port operations in major producer Chile have been disrupted by a strike over pension funds..Gold B...
Philippines Stocks Close 0.2% Higher, Corn Extends Gains to Near 8-Year High, Chinese Shares Fall 1%, UK Stocks Trade Lower on Monday

Philippines Stocks Close 0.2% Higher, Corn Extends Gains to Near 8-Year High, Chinese Shares Fall 1%, UK Stocks Trade Lower on Monday

AFRICA, Asia, EUROPEAN UNION, INTERNATIONAL, USA, WORLD, World Bank
Philippines Stocks Close 0.2% HigherThe PSE Index rose 11 points or 0.2% to end at 6,389 on Monday after falling in the early session, as traders shifted their attention to flash US manufacturing PMI in April that hit its highest since the series began in May 2007. Meanwhile, separate data showed US new home sales climbed to an over 14-1/2-year high in March. On the bond market, 10-year US Treasury yields were not far from a recent six-week low on hopes the Fed will stay dovish at its meeting this week. The sentiment was also lifted by reports that the Philippines was expecting an accelerated delivery of virus vaccines starting May. On Sunday, total virus caseloads in the country neared 1 million as it confirmed 8,162 new cases, bringing the total to 997,523. Meanwhile, Moderna reportedly...
Soybeans Rises to Near 8-Year High, Silver Trades Around the Flatline, Chinese Yuan Extends 6-Week Highs, South African Rand Steady

Soybeans Rises to Near 8-Year High, Silver Trades Around the Flatline, Chinese Yuan Extends 6-Week Highs, South African Rand Steady

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Soybeans Rises to Near 8-Year HighChicago soybean futures rose to above $15.5 per bushel for the first time since July 2013, tracking gains in corn and wheat amid strong demand and concerns over global supplies. Chinese soybean imports hit 7.77 million tonnes in March, an annual increase of 82%, boosted by strong demand from the livestock sector. Meanwhile, the imports from Brazil, the world's top exporter, dropped to the lowest since January 2017 as rain delayed some shipments. Also, the cool and dry weather in Midwest can impact the crops in spite of US farmers planning to sow 87.600 million acres with soybeans this year, the most since 2018.Silver Trades Around the FlatlineSilver was little changed below $26 an ounce on Monday, after booking its 3rd straight week of gains last week, am...
Australian Dollar Trades at 5-Week Top, Singapore Manufacturing Growth Beats Estimates, Japan Coincident Index Revised Higher, SENSEX Climbs 1.4%

Australian Dollar Trades at 5-Week Top, Singapore Manufacturing Growth Beats Estimates, Japan Coincident Index Revised Higher, SENSEX Climbs 1.4%

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Australian Dollar Trades at 5-Week TopThe Australian Dollar added 0.00293 points or 0.38% to 0.77745 against the US Dollar on Monday, trading near 5-week highs as easing long term bond yields and sustained selling pressure in the Greenback boosted the risk sensitive Aussie. Local 10-year bond yields lifted slightly from 8-week lows to 1.684%, while US 10-year rates were at 6-week lows of 1.572%. Meantime, recent local preliminary data showed that the IHS Markit Services PMI inched up to a record 58.8 in April, driven by the fastest expansion in new business inflows on record, while the manufacturing PMI also jumped to a record high. Markets will be focused on local inflation figures and the US Federal Reserve Open Market Committee meeting later this week.Singapore Manufacturing Growth Bea...
Australian Shares Slip from 14-Month Highs, New Zealand Dollar Trades at 5-Week Highs, Japan Equities Advance 0.5%

Australian Shares Slip from 14-Month Highs, New Zealand Dollar Trades at 5-Week Highs, Japan Equities Advance 0.5%

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Australian Shares Slip from 14-Month HighsThe ASX 200 lost 15.10 points or 0.21% to 7045.60 on Monday, following losses of 0.26% last week after Perth entered a three-day lockdown on Friday after a breach at a hotel quarantine site. However, losses were limited following reports that iron ore prices hit near-record highs on strong global steel demand. BHP added 0.74% and Rio Tinto gain 1.3% while Fortescue Metals lifted 4.57%. Local 10-year bond yields lifted slightly from 8-week lows to 1.684%, while US 10-year rates were at 6-week lows of 1.572%. Meantime, earnings season has entered its last week, with highlights expected from, among others, South32, Northern Star, Fortescue Metals, and Newcrest. Market participants now await the release of the consumer price index for Q1, the US GDP r...
London Stocks to Open Flat Open, China Shares Turn Lower in Afternoon Trade, European Stocks Set for Cautious Start

London Stocks to Open Flat Open, China Shares Turn Lower in Afternoon Trade, European Stocks Set for Cautious Start

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London Stocks to Open Flat OpenContracts on the FTSE 100 futures were little changed on Monday, in line with its European peers, as investors were cautious to start a busy week for earnings and economic data. A slew of earnings from big US tech companies, GDP figures for the US and Europe and Fed interest rate decision will be in the spotlight during the week. In the UK, Shell, BP, GlaxoSmithKline and Whitbread along with the major banks will be in the spotlight. Meanwhile, coronavirus infections specially a devastating surge in India is also weigh on investors' mood.China Shares Turn Lower in Afternoon TradeThe Shanghai Composite Index fell 16 points or 0.5% to 3,458 in afternoon deals on Monday, giving up its early gains, amid renewed worries over policy tightening. Traders became cauti...
Parliament approves US$65 million loan for farmers

Parliament approves US$65 million loan for farmers

AFRICA, Bank Of Uganda, EALA, EAST AFRICA, HUMAN INTEREST STORIES, INTERNATIONAL, Parliament, POLITICS, UGANDA, Women Emamanicipation, WORLD, World Bank
Ugandans engaged in the agricultural sector are poised to receive stimulus packages following the approval of a request authorising government to guarantee Uganda Development Bank (UDB) to borrow US$65 million.Parliament approved a request to authorize government to guarantee UDB to borrow US$15 million from the European Investment Bank, US$10 million from Islamic Trade Finance Corporation, US$20 million from OPEC fund for International Development and US$20 million from the Arab Bank for Economic Development.Presenting the report on the request, during the plenary sitting on 21 April 2021, the Chairperson of the Committee on National Economy, Hon Syda Bbumba said the funds are being deployed in the agriculture, manufacturing and agro-industrial sectors.She added that the bank only receiv...