Latest news with #RaginiMathur
Mint
2 days ago
- Business
- Mint
TSX falls as Iran-Israel tensions shake markets
* S&P/TSX composite index was down 0.42% at close * Fall was contained by rise in energy, gold stocks * Crude oil price up by 7% to $74.23 per barrel * Spot gold rose 1.6% at $3,428.10 an ounce By Ragini Mathur and Promit Mukherjee June 13 - Canada's main stock index retreated from recent highs on Friday, dragged down by investor fears of a wider conflict after an Israeli attack and Iranian retaliation rattled global markets. Investors rushed to safe-haven gold, pushing its price higher, while panic around the prospect of an all-out war triggered a spike in crude oil futures. The S&P/TSX composite index closed down 0.42% at 26,504.35 points, falling from its all-time peak seen a day ago. Iran launched hundreds of ballistic missiles toward Israel, Iranian media reported. This was in response to a strike by Israel on Iran's nuclear sites, spurring widespread tensions in a politically fragile region. Israel has warned that the strikes were the start of a prolonged operation to prevent Tehran from building nuclear weapons. Iran, which produces close to 4 million barrels of crude oil per day, has promised a harsh response. Investors on the TSX withdrew from financial, technology and industrial stocks while some poured money into energy and gold companies. "You see a sell-off after a brief pickup because of the uncertainty of what could happen over the weekend after Iran's response," Elvis Picardo, senior portfolio manager at Luft Financial, iA Private Wealth, said. The conflict could have reverberations across the globe, Picardo said, adding, with the Middle East, the fear is always of disruption to the flow of oil that has inflationary consequences across sectors and economies. The fall in the composite index on the Toronto Stock Exchange was limited by gains in energy and gold mining shares as prices of crude oil and gold climbed. Brent crude futures rose almost 7% to $74.23 a barrel. Spot gold rose 1.55% to $3,437.18 an ounce. The capped energy index rose 2.77% and helped cushion the impact of the fall of the composite index. Energy shares account for almost 17% of the total weight on the main index. Materials index, or the tracker of mining companies, rose 1.41% especially because of a rise in gold mining stocks as investors prefer to take refuge in the precious metal during times of uncertainty. Mining companies claim a weight of 12.5% in the benchmark index. The benchmark index achieved a second consecutive record high on Thursday and appears poised to secure its third straight weekly gain, provided losses remain contained.
Yahoo
15-05-2025
- Business
- Yahoo
UK's FTSE 100 flat as investors weigh mixed earnings, economic data
By Ragini Mathur and Twesha Dikshit (Reuters) -Britain's FTSE 100 was largely unchanged on Thursday as investors weighed mixed corporate earnings and fresh UK GDP data, while markets awaited upcoming remarks from U.S. Federal Reserve Chair Jerome Powell due later in the day. The blue-chip FTSE 100 rose 0.05% by 1010 GMT, while the domestically focused midcap index declined by 0.14%. The energy index fell by 2.9% as oil prices dropped 3% on expectations of a U.S.-Iran nuclear deal that could lead to sanctions easing on the middle eastern country. Among individual stocks, Sage was the biggest drag on the blue-chip index as the software firm reported that while small business customers have cash, they remain reluctant to spend due to U.S. tariff uncertainties. Despite this, Sage maintained its full-year growth forecast, although its shares plunged 6%. In contrast, National Grid shares climbed 3.3% after the renewable energy firm exceeded annual profit estimates. Sports retailer JD Sports gained 3.2% after reports of American retailer Dick's Sporting Goods nearing a deal to buy rival Footlocker. On the economic data front, Britain's economy grew more strongly than expected in first quarter of 2025, providing a boost to the government and finance minister Rachel Reeves, who faces challenges ahead due to her tax hike on businesses and the impact of U.S. President Donald Trump's trade wars. "UK businesses and consumers alike appear remarkably resilient" said Matthew Ryan, head of market strategy at global financial services firm Ebury. "Yet, with neither the tax hikes nor the tariffs coming into force until April, these risks are yet to be truly reflected in the data, and we think that a slowdown in activity appears almost inevitable in the second quarter". Last week, the Bank of England's surprisingly hawkish stance slashed June rate cut expectations, with markets now anticipating quarterly rather than consecutive cuts. Later in the day, investors will be closely monitoring U.S. Fed Chair Jerome Powell's remarks for insights into the monetary policy outlook for the world's largest economy. Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
FTSE 100 steady as trade-deal rally fades, UK job market cools
By Ragini Mathur and Twesha Dikshit (Reuters) - Britain's FTSE 100 was flat on Tuesday after a rally fuelled by a U.S.-China trade truce, while fresh data revealed a cooling UK labour market that could influence the Bank of England's future rate decisions. The blue-chip FTSE 100 was up 0.07% by 1050 GMT, while the domestically focused midcap index advanced 0.5%. A White House executive order said on Monday the U.S. will cut the low-value "de minimis" tariff on China shipments, further de-escalating a potentially damaging trade war between the world's two largest economies. The tariff relief comes in the wake of Beijing and Washington announcing a truce in their trade spat after weekend talks in Geneva. Both countries agreed to a 90-day pause on most of the tariffs imposed on each other in April. Separately, Britain's jobs market showed further signs of a slowdown as employment fell and growth in wages cooled, according to official data that is likely to reassure the Bank of England that inflation pressures are waning. "Combined with the better trade news recently, there is nothing here to make the Bank of England regret its decision to say the easing cycle will continue to be only 'gradual'," said Luke Bartholomew, Deputy Chief Economist at Aberdeen. The central bank last week cut rates by 25 basis points to tackle the expected hit from U.S. President Donald Trump's tariffs, but a surprise three-way split among policymakers cooled expectations that it might speed up future moves. Markets are currently pricing in an 84% chance of no change to the policy rate in the Bank of England's June meeting. On the stock indexes, industrial metal miners rose 1.4% to lead the gains for a second consecutive day. Automobile stocks such as Aston Martin and Dowlais Group gained 5.3% and 3%, respectively. Sales and marketing services provider DCC dropped 3.2% to the bottom of the blue-chip index after reporting 2025 adjusted operating profit below estimates. Meanwhile, investors are awaiting U.S. consumer prices data for April due later in the day to gauge the impact of higher tariffs. (This story has been refiled to correct the garbled word order in paragraph 1)
Mint
29-04-2025
- Business
- Mint
UK shares advance as earnings take centre stage; tariff developments in focus
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window) FTSE 100 up 0.25%, FTSE 250 advances 0.8% HSBC shares rise on profit beat and buyback AstraZeneca faces potential $8 million fine in China April 29 (Reuters) - British stocks climbed on Tuesday as investors assessed corporate earnings reports, with markets also responding positively to the U.S. administration's proposed exemptions on automotive tariffs. As of 1027 GMT, the blue-chip FTSE 100 index was up 0.25%, on pace to mark its twelfth consecutive winning session. The bank index gained 2%, with HSBC rising 2.5%, after Europe's largest lender reported first-quarter profit above estimates and announced a $3 billion share buyback program. Meanwhile, AstraZeneca weighed heavily on the blue-chip index, falling 2.7%, after the drugmaker said it might face a fine of up to $8 million in China over suspected unpaid taxes and its quarterly revenue missed analysts' expectations. The healthcare index shed 1.5%. The energy index was down 2% with the oil major BP dropping 4% after reporting a deeper-than-expected fall in net profit. Separately, the Trump administration plans to soften the impact of new auto tariffs by alleviating some duties on foreign parts used in U.S.-made vehicles and keeping tariffs on cars made abroad from piling on top of other ones, officials said. While markets have recently stabilized on hopes of a U.S.-China trade deal, ongoing uncertainty about the negotiations continues to keep investors on edge. Back home, British grocery price inflation edged up to 3.8% in April, industry data showed on Tuesday, adding to the pressure on consumers who are already facing higher energy, water and council tax bills. The domestically focused mid-cap index advanced 0.8% and was heading for the fifth straight session of gains. Travis Perkins was the top performer among the midcaps, rising 7.8%, as the building materials supplier reported 3.7% like-for-like revenue growth at its toolstation division in the first quarter. Among other stocks, Primark-owner Associated British Foods tumbled 8.4% after reporting a 10% fall in first-half profit. The stock was the worst performer on the FTSE 100. (Reporting by Ragini Mathur in Bengaluru; Editing by Vijay Kishore) First Published: 29 Apr 2025, 04:23 PM IST
Yahoo
24-04-2025
- Business
- Yahoo
TSX rises to three-week high as technology shares rally
By Ragini Mathur and Fergal Smith (Reuters) -Canada's main stock index rose on Wednesday to a three-week high, led by gains for technology shares, as investors globally grew hopeful of reduced trade tensions between the United States and China. The Toronto Stock Exchange's S&P/TSX Composite Index ended up 166.70 points, or 0.7%, at 24,472.68, its highest closing level since April 2. Wall Street stocks also climbed after U.S. Treasury Secretary Scott Bessent said high tariffs between the U.S. and China were unsustainable and on reduced fears that the Federal Reserve could lose its autonomy. "Markets are not being controlled by fundamentals for now," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. "It's not based on fact, it's primarily based on what comes out of the White House." The technology sector climbed 3.3%, with shares of e-commerce company Shopify Inc adding 6.6%. Industrials rose 0.9% and heavily weighted financials ended 1% higher. Energy was a drag, falling 0.7%. The price of oil settled 2.2% lower at $67.27 a barrel as sources said OPEC+ would consider accelerating its oil output increases in June. An unusual consensus around energy policy has emerged in the campaign ahead of Canada's April 28 election, with the two main candidates both promising to fast track energy projects to diversify oil exports away from the United States. The materials group, which includes metal mining shares, also ended lower, falling 0.9%, as copper prices fell and gold pulled back from a record high. Rogers Communications posted lower-than-expected quarterly subscriber additions as it grappled with a pricing war and strict immigration practices. Its shares lost 0.8%.
