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Smirnoff-maker Diageo's sales set for currency hangover

(Reuters) - British spirits maker Diageo (L:DGE) flagged a bigger than expected sales hit from currency movements on Thursday, an early indication of the potential impact of recent volatility on companies with emerging market revenues. However, the maker of Johnnie Walker scotch and Smirnoff vodka said its performance from the start of the year was in line with expectations and its organic sales would grow in line with last year. Diageo, which has operations across 180 countries, sai...
Posted on: Sep 20, 2018 09:55:35 Read More

Sterling Flat After Reports May Will Reject EU’s Irish Border Offer

Investing.com - The pound struggled for direction Wednesday after reports that UK Prime Minister Theresa May was set to reject the European Union’s Irish border solution. GBP/USD bounced back slightly, but was still down 0.08% to 1.3138 as of 7:38 ET (11:38 GMT) after slumping to a low of 1.3099. The EU had suggested having more checks only in Northern Ireland, but May is expected to reject their offer, insisting that any solution must be UK-wide, The Times reported. The EU’s...
Posted on: Sep 19, 2018 14:46:48 Read More

Tesco takes on discount rivals with launch of Jack's

By James Davey CHATTERIS, England (Reuters) - British supermarket group Tesco (L:TSCO) has laid down the gauntlet to German discounters Aldi and Lidl by launching what it said would be the cheapest store in town. CEO Dave Lewis unveiled Tesco's new Jack's chain on Wednesday, saying the discount stores would sell 2,600 products, including 1,800 Jack's-branded items. The first two Jack's stores will open to shoppers on Thursday, with another 10-15 following in 2019 as Tesco seeks to c...
Posted on: Sep 19, 2018 11:32:56 Read More

Oil prices fall amid surprise growth in U.S. crude stocks

BEIJING (Reuters) - Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles. Brent crude futures (LCOc1) had dropped 22 cents, or 0.28 percent, to $78.81 per barrel by 0042 GMT, chipping away at Tuesday's 1.26 percent gain. U.S. West Texas Intermediate (WTI) crude (CLc1) fell 0.20 percent, or 14 cents, to $69.71 a barrel. U.S. crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept. 14, ac...
Posted on: Sep 19, 2018 09:51:43 Read More

Oil Higher as Trade, Saudi Arabia Comments Drive Prices Higher

Investing.com - Oil prices were higher on Tuesday as Saudi Arabian officials said they are comfortable with rising Brent prices. West Texas crude oil futures for November surged 1.35% to $69.61 a barrel as of 10:35 AM ET (14:35 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.46% to $79.19. Saudi Arabian officials said they are comfortable with Brent prices going above $80 a barrel as markets adjust to the loss of supply from U...
Posted on: Sep 18, 2018 15:24:01 Read More

Forex- U.S. Dollar Flat as Trump Announces Tariffs on China

Investing.com - The U.S. dollar was flat against other currencies on Tuesday as the White House imposed fresh tariffs on China. U.S. President Donald Trump announced on Monday that the U.S. will put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year. Trump added that "if China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267 billion of additional imports." ...
Posted on: Sep 18, 2018 11:25:59 Read More

Emerging market currency crisis could lead to broader economic trouble

By Karin Strohecker and Ritvik Carvalho LONDON (Reuters) - Emerging market investors are trying to gauge whether a currency crisis and the steep interest rate hikes being used to fight it could turn into a broader slowdown and even recession. On Thursday, Turkey's central bank attempted to draw a line under a lira collapse of almost 40 percent this year by hiking interest rates more than 6 percentage points to 24 percent. Argentina is struggling to shore up its peso, which has more than halve...
Posted on: Sep 14, 2018 15:16:47 Read More

Talking Won’t End Trump’s Growing China Trade War Any Time Soon

(Bloomberg) -- The Trump administration’s trade war with China is following an increasingly predictable pattern and that should cause a rethink for anybody hoping for a rapid resolution. The day after financial markets around the world cheered the apparent good news that Treasury Secretary Steven Mnuchin was inviting his Chinese counterparts to sit down for further high-level negotiations, President Donald Trump undermined that very idea. “We are under no pressure to make a deal wi...
Posted on: Sep 14, 2018 12:09:28 Read More

Forex - Turkish Lira Rallies After Central Bank Hikes Rates To 24%

Investing.com - The Turkish lira rallied on Thursday after the country’s central bank raised interest rates much more than expected. The Central Bank of Turkey increased the one-week repo rate by 625 basis points to 24%, more than analyst expectations for a hike of 425 basis points to 22%. The bank’s decision was announced hours after Erdogan triggered tumult by repeating his hostility to higher borrowing costs and issuing an order that limited the use of foreign currency in d...
Posted on: Sep 13, 2018 14:37:43 Read More

Forex - Dollar Ticks Up Against Euro, Pound; ECB, BoE in Focus

Investing.com - The dollar ticked higher against the euro and the British pound on Thursday, as investors looked ahead to policy decisions by the European Central Bank and the Bank of England later in the day. The euro dipped 0.1% to 1.1620, while the pound slipped modestly to 1.3040 by 3:50AM ET (08:50GMT). The ECB is all but certain to keep policy unaltered, making only nuanced changes to its guidance to stay on course to end bond purchases this year and raise intere...
Posted on: Sep 13, 2018 11:14:54 Read More

Oil prices dip, but U.S. crude remains above $70 on falling inventories

By Henning Gloystein SINGAPORE (Reuters) - Oil prices slipped on Thursday, although U.S. crude remained above $70 a barrel on the back of falling crude inventories and Brent was still close to $80 because of looming sanctions against Iran. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $70.19 per barrel at 0024 GMT, down 18 cents from their last settlement. Brent crude futures (LCOc1) dipped 11 cents to $79.63 a barrel. Brent rose above $80 per barrel the previous session fo...
Posted on: Sep 13, 2018 08:04:01 Read More

OPEC Lowers 2019 Oil Demand Growth, Cites Trade, Emerging Market Risk

Investing.com- Oil demand growth is expected to slow down in 2019 due to trade tensions and issues in emerging markets, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report on Wednesday. Global oil demand growth for 2019 was lowered by 20,000 barrels per day (bpd) to 1.41 million bpd while non-OPEC oil supply in 2019 was increased by 20,000 bpd to 2.15 million bpd. Rising challenges in emerging markets and trade tensions are a risk to current global eco...
Posted on: Sep 12, 2018 15:09:53 Read More

Forex - Dollar Ticks Higher as Trade Woes Lend Support; Sterling Dips

Investing.com - The dollar ticked higher against a currency basket on Wednesday, as concerns over global trade tensions supported safe-haven demand for the greenback. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was 0.1% higher at 95.15 by 03:30 AM ET (08:30 AM GMT). Investors remained focused on the U.S.- China trade dispute amid fears that an escalation could be imminent. China will ask the World Trade Organization next ...
Posted on: Sep 12, 2018 08:59:23 Read More

Sterling erases early gains as Brexit deal optimism fades

By Saikat Chatterjee and Tommy Wilkes LONDON (Reuters) - Sterling erased its earlier gains and fell into the red on Tuesday as a recent rise in optimism over prospects for a Brexit trade deal with the European Union faded. The pound remained close to five-week highs, however, after EU chief negotiator Michel Barnier's comments on Monday that a Brexit deal was possible within weeks and given that British economic data has been broadly supportive of the currency. The latest figures, published o...
Posted on: Sep 11, 2018 15:22:12 Read More

British beef would be 'uncompetitive overnight' after no-deal Brexit - food officials

By Elisabeth O'Leary EDINBURGH (Reuters) - Some British food, including beef and lamb, would become "uncompetitive overnight" on foreign markets in the event of a no-deal Brexit, food industry representatives told members of parliament on Monday. Crashing out of the EU without an agreement would leave producers with customs arrangements set by the World Trade Organization - where agricultural tariffs could top 50 percent, Sarah Baker, from the Agriculture and Horticulture Development Board, sa...
Posted on: Sep 10, 2018 16:39:40 Read More

Sterling jumps as Barnier says Brexit deal 'realistic' in 6-8 weeks

LONDON (Reuters) - Sterling jumped against the dollar and euro on Monday after a Bloomberg report quoted European Union chief negotiator as saying that a Brexit deal was "realistic in six to eight weeks"   The British currency rallied nearly a percent at $1.3044, a five-week high, after the report. It rose to a one-month high against the euro of 89.57 pence (EURGBP=D3)...
Posted on: Sep 10, 2018 14:02:20 Read More

In Response to Trump, Saudis Ramp Up Oil Exports Into the U.S.

(Bloomberg) -- Saudi Arabia has markedly increased oil exports to America, a sign OPEC’s leading producer is responding to pressure from U.S. President Donald Trump to cool down the energy market. While the export boost started earlier this year, it accelerated over the past three months after Trump repeatedly -- both through private diplomacy and public Twitter harangues -- asked the Saudis to lift production to keep energy prices in check. Saudi oil shipments into the U.S. reached a fo...
Posted on: Sep 7, 2018 11:15:50 Read More

Investors plan to keep UK asset holdings stable as Brexit concerns grow - survey

LONDON (Reuters) - A narrow majority of institutional investors plan to keep their holdings of UK assets stable into early 2019 as Brexit negotiations approach a crunch phase, according to a quarterly survey by State Street Corporation (NYSE:STT). In the eighth instalment of a survey that began in 2016, the proportion of investors who expected their holdings of UK bonds, stocks and alternatives to remain constant over the next six months remained at 55 percent, indicating the broader ...
Posted on: Sep 6, 2018 14:30:14 Read More

FTSE stable as trade war escalation looms

By Julien Ponthus LONDON (Reuters) - British shares were stable on Thursday morning as investors assessed turmoil on emerging markets and waited to see whether the United States would take its trade dispute with China to a new level and impose tariffs on another $200 billion of imports. At 0900 GMT the FTSE 100 (FTSE) was up 0.1 percent at 7391.65 points, a roughly five-months low which represents a fall of about 4 percent since the beginning of the year. With little to gnaw on in economic in...
Posted on: Sep 6, 2018 12:29:07 Read More

Sterling to float up around 6 percent in a year, but no-deal Brexit would sink it - Reuters poll

By Jonathan Cable LONDON (Reuters) - Sterling will make solid gains on the dollar in the coming year, a Reuters poll found, but that climb is based on the assumption that Britain leaves the European Union next year with a deal. Median forecasts in the Aug.31-Sept 5 poll of 50 foreign exchange specialists put cable at $1.28 in a month, $1.32 in six and $1.37 in year - which would mark around a 6 percent rise from where it was trading on Wednesday. But that still won't be where it was before th...
Posted on: Sep 6, 2018 09:26:56 Read More