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Shruti Sonal

Newcrest quarterly gold output drops, costs climb; on track to meet 2021 guidance

29 Oct 2020

Newcrest Mining Ltd, Australia's top gold producer, on Thursday posted a drop in first-quarter output and outlined a jump in costs, sending its shares down to a four-month low.

UPDATE 2-Newcrest quarterly gold output drops, costs climb; on track to meet 2021 guidance

29 Oct 2020

Oct 29 Newcrest Mining Ltd, Australia's top gold producer, on Thursday posted a drop in first-quarter output and outlined a jump in costs, sending its shares down to a four-month low.

Australia's Boral sells JV stake, eyes U.S. exits as virus prompts retreat

27 Oct 2020

SYDNEY/BENGALURU Top Australian building materials maker Boral Ltd said it was selling out of its plasterboard business and considering exiting the United States, a retreat from a global expansion strategy as the novel coronavirus batters construction markets.

EMERGING MARKETS-Asian currencies rise on yuan boost, China services survey

09 Oct 2020

* Yuan, Shanghai stocks jump as China markets reopen after holiday * Indian stocks, rupee lifted by c.bank comments * Philippines benchmark marks over 1% weekly drop * Taiwan, South Korea markets closed for public holidays By Shruti Sonal Oct 9 Asia's emerging market currencies edged higher on Friday following a jump in the yuan as Chinese markets reopened after a week-long break, underpinned by upbeat services sector survey and growing bets of a Biden victory in the U.S. presidential elections. The yuan jumped 1.3% to a 17-month high against the U.S. dollar, catching up with gains in its offshore counterpart during the holidays in the mainland. A softer U.S. dollar, as investors wager on the likelihood of more stimulus measures if Democrats sweep the Nov. 3 election, also aided the yuan and the region. The Philippine peso and Thai baht edged 0.1% and 0.2% higher respectively. An industry survey showed growth in China's services sector accelerated in September, suggesting its economic recovery is becoming more balanced and continues to gain momentum. China is the main driver of growth in the region. India's rupee edged higher after the Reserve Bank of India (RBI) left its key interest rates unchanged as widely expected, while retaining an accommodative policy stance to support the coronavirus-ravaged economy. RBI Governor Shaktikanta Das said the economy is expected to contract by 9.5% in the current fiscal year but will return to growth in the final January-March quarter, further lifting shares. However, analysts remained cautious about whether the strength in local regional currencies could endure. "I don't know whether this rally could sustain, given the fact that we're heading towards the U.S. election and that there could be plenty of political uncertainties down the road," said Margaret Yang, a Singapore-based strategist at DailyFX. Philippine stocks dipped 0.2% and ended the week more than 1% lower. The country reported its largest daily increase in COVID-19 deaths in more than three weeks on Thursday. There were also lingering concerns over a possible delay in passing a crucial $89 billion budget to rebuild its battered economy. Data showing a sharp drop in both imports and exports in August added to concerns of underlying weakness of the Philippine economy. The peso is also Asia's top performer so far this year. "Trends in Philippine trade data continue to be supportive of our view for peso strength in the near term," ING analysts said in a note. Elsewhere, stock markets were largely muted in sharp comparison to Shanghai stocks playing catch-up with a near 2% jump. HIGHLIGHTS: ** Philippines' Converge ICT Solutions Inc prices the country's second largest ever initial public offering ** Protests continue in the Indonesian capital against a polarising new jobs law ** Malaysia's 10-year benchmark yield is up 0.9 basis points at 2.695% Asia stock indexes and currencies at 0737 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.06 +2.51 -0.12 -0.16 China +1.22 +3.66 1.68 7.28 India +0.12 -2.42 0.62 -2.14 Indonesia +0.07 -5.42 0.05 -19.97 Malaysia +0.14 -1.33 0.15 -4.22 Philippines +0.10 +4.69 -0.19 -24.10 S.Korea - +0.27 - 8.84 Singapore +0.11 -0.89 -0.20 -21.25 Taiwan - +3.94 - 7.42 Thailand +0.19 -3.86 -0.44 -19.66 (Reporting by Shruti Sonal in Bengaluru; Editing by Rashmi Aich)

EMERGING MARKETS-Asian currencies rise on yuan boost, China services survey

09 Oct 2020

* Yuan, Shanghai stocks jump as China markets reopen after holiday * Indian stocks, rupee lifted by c.bank comments * Philippines benchmark marks over 1% weekly drop * Taiwan, South Korea markets closed for public holidays By Shruti Sonal Oct 9 Asia's emerging market currencies edged higher on Friday following a jump in the yuan as Chinese markets reopened after a week-long break, underpinned by upbeat services sector survey and growing bets of a Biden victory in the U.S. presidential elections. The yuan jumped 1.3% to a 17-month high against the U.S. dollar, catching up with gains in its offshore counterpart during the holidays in the mainland. A softer U.S. dollar, as investors wager on the likelihood of more stimulus measures if Democrats sweep the Nov. 3 election, also aided the yuan and the region. The Philippine peso and Thai baht edged 0.1% and 0.2% higher respectively. An industry survey showed growth in China's services sector accelerated in September, suggesting its economic recovery is becoming more balanced and continues to gain momentum. China is the main driver of growth in the region. India's rupee edged higher after the Reserve Bank of India (RBI) left its key interest rates unchanged as widely expected, while retaining an accommodative policy stance to support the coronavirus-ravaged economy. RBI Governor Shaktikanta Das said the economy is expected to contract by 9.5% in the current fiscal year but will return to growth in the final January-March quarter, further lifting shares. However, analysts remained cautious about whether the strength in local regional currencies could endure. "I don't know whether this rally could sustain, given the fact that we're heading towards the U.S. election and that there could be plenty of political uncertainties down the road," said Margaret Yang, a Singapore-based strategist at DailyFX. Philippine stocks dipped 0.2% and ended the week more than 1% lower. The country reported its largest daily increase in COVID-19 deaths in more than three weeks on Thursday. There were also lingering concerns over a possible delay in passing a crucial $89 billion budget to rebuild its battered economy. Data showing a sharp drop in both imports and exports in August added to concerns of underlying weakness of the Philippine economy. The peso is also Asia's top performer so far this year. "Trends in Philippine trade data continue to be supportive of our view for peso strength in the near term," ING analysts said in a note. Elsewhere, stock markets were largely muted in sharp comparison to Shanghai stocks playing catch-up with a near 2% jump. HIGHLIGHTS: ** Philippines' Converge ICT Solutions Inc prices the country's second largest ever initial public offering ** Protests continue in the Indonesian capital against a polarising new jobs law ** Malaysia's 10-year benchmark yield is up 0.9 basis points at 2.695% Asia stock indexes and currencies at 0737 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.06 +2.51 -0.12 -0.16 China +1.22 +3.66 1.68 7.28 India +0.12 -2.42 0.62 -2.14 Indonesia +0.07 -5.42 0.05 -19.97 Malaysia +0.14 -1.33 0.15 -4.22 Philippines +0.10 +4.69 -0.19 -24.10 S.Korea - +0.27 - 8.84 Singapore +0.11 -0.89 -0.20 -21.25 Taiwan - +3.94 - 7.42 Thailand +0.19 -3.86 -0.44 -19.66 (Reporting by Shruti Sonal in Bengaluru; Editing by Rashmi Aich)

EMERGING MARKETS-Asia's emerging currencies boosted by yuan as China reopens

09 Oct 2020

* Yuan, Shanghai benchmark jump as China reopens after holiday * Indian rupee rises after cenbank keeps interest rates unchanged * Philippine index drops, eyes worst week in five By Shruti Sonal Oct 9 - Asia's emerging currency markets were led higher on Friday by the yuan, which jumped more than 1% as Chinese markets reopened after a week-long break. Sentiment was further boosted by a survey showing a continued recovery in the world's second-largest economy. The yuan leapt 1.3% to a 17-month high against the dollar, catching up gains in its offshore counterpart over the long mainland holiday and as the U.S. dollar softened on wagers that more stimulus would be pushed through if Democrats sweep the Nov. 3 election. The Philippine peso and Thai baht edged 0.3% and 0.2% higher. An industry survey showed growth in China's services sector accelerated in September, suggesting its economic recovery is becoming more balanced and continues to gain momentum. "The risk sentiment is pretty positive today and Asia's emerging currencies are outperforming the greenback", said Margaret Yang, a Singapore-based Strategist at DailyFX. "But I don't know whether this rally could sustain, given the fact that we're heading towards the U.S. election and that there could be plenty of political uncertainties down the road", Yang added. Those uncertainties kept a check on stock markets in the region, which were largely muted in sharp comparison to Shanghai stocks playing catch-up with a near 2% jump. "The rest of Asia is definitely in wait-and-see mode", said Jeffrey Halley, Senior Market Analyst for Asia Pacific at OANDA, referring to U.S. elections and stimulus uncertainty. "Movement on the U..S stimulus package would be market positive, but markets outside the US won't react until they see ink on paper, or at least a joint statement from Mnuchin and Pelosi", added Halley. The Philippine benchmark dropped 0.6% and was headed for a weekly loss of more than 1%. The country reported its largest daily increase in COVID-19 deaths in more than three weeks on Thursday. There was also lingering concerns over a possible delay in the passing of an $89 billion budget vital to rebuilding its battered economy. India's rupee edged higher after the Reserve Bank of India (RBI) left its key interest rates unchanged as widely expected, while retaining an accomodative monetary policy stance to support the coronavirus-hit economy. RBI Governor Shaktikanta Das said the economy is seen contracting by 9.5% in the current fiscal year but will return to growth in the final January-march quarter, further lifting shares. HIGHLIGHTS: ** Philippines' Converge ICT Solutions Inc prices the country's second largest ever initial public offering ** Protests continue in the Indonesian capital against a polarising new jobs law ** Malaysia's 10-year benchmark yield is up 0.9 basis points at 2.695% Asia stock indexes and currencies at 0441 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.15 +2.61 -0.32 -0.36 China +1.28 +3.73 1.89 7.50 India +0.06 -2.47 0.10 -2.65 Indonesia +0.07 -5.42 -0.11 -20.09 Malaysia +0.12 -1.35 -0.04 -4.41 Philippines +0.29 +4.89 -0.46 -24.31 S.Korea - +0.27 - 8.84 Singapore +0.08 -0.92 0.00 -21.09 Taiwan - +3.94 - 7.42 Thailand +0.13 -3.92 -0.12 -19.40 (Reporting by Shruti Sonal in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Asia's emerging currencies boosted by yuan as China reopens

09 Oct 2020

* Yuan, Shanghai benchmark jump as China reopens after holiday * Indian rupee rises after cenbank keeps interest rates unchanged * Philippine index drops, eyes worst week in five By Shruti Sonal October 9 Asia's emerging currency markets were led higher on Friday by the yuan, which jumped more than 1% as Chinese markets reopened after a week-long break. Sentiment was further boosted by a survey showing a continued recovery in the world's second-largest economy. The yuan leapt 1.3% to a 17-month high against the dollar, catching up gains in its offshore counterpart over the long mainland holiday and as the U.S. dollar softened on wagers that more stimulus would be pushed through if Democrats sweep the Nov. 3 election. The Philippine peso and Thai baht edged 0.3% and 0.2% higher. An industry survey showed growth in China's services sector accelerated in September, suggesting its economic recovery is becoming more balanced and continues to gain momentum. "The risk sentiment is pretty positive today and Asia's emerging currencies are outperforming the greenback", said Margaret Yang, a Singapore-based Strategist at DailyFX. "But I don't know whether this rally could sustain, given the fact that we're heading towards the U.S. election and that there could be plenty of political uncertainties down the road", Yang added. Those uncertainties kept a check on stock markets in the region, which were largely muted in sharp comparison to Shanghai stocks playing catch-up with a near 2% jump. "The rest of Asia is definitely in wait-and-see mode", said Jeffrey Halley, Senior Market Analyst for Asia Pacific at OANDA, referring to U.S. elections and stimulus uncertainty. "Movement on the U..S stimulus package would be market positive, but markets outside the US won't react until they see ink on paper, or at least a joint statement from Mnuchin and Pelosi", added Halley. The Philippine benchmark dropped 0.6% and was headed for a weekly loss of more than 1%. The country reported its largest daily increase in COVID-19 deaths in more than three weeks on Thursday. There was also lingering concerns over a possible delay in the passing of an $89 billion budget vital to rebuilding its battered economy. India's rupee edged higher after the Reserve Bank of India (RBI) left its key interest rates unchanged as widely expected, while retaining an accomodative monetary policy stance to support the coronavirus-hit economy. RBI Governor Shaktikanta Das said the economy is seen contracting by 9.5% in the current fiscal year but will return to growth in the final January-march quarter, further lifting shares. HIGHLIGHTS: ** Philippines' Converge ICT Solutions Inc prices the country's second largest ever initial public offering ** Protests continue in the Indonesian capital against a polarising new jobs law ** Malaysia's 10-year benchmark yield is up 0.9 basis points at 2.695% Asia stock indexes and currencies at 0441 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan +0.15 +2.61 -0.32 -0.36 China +1.28 +3.73 1.89 7.50 India +0.06 -2.47 0.10 -2.65 Indonesia +0.07 -5.42 -0.11 -20.09 Malaysia +0.12 -1.35 -0.04 -4.41 Philippines +0.29 +4.89 -0.46 -24.31 S.Korea - +0.27 - 8.84 Singapore +0.08 -0.92 0.00 -21.09 Taiwan - +3.94 - 7.42 Thailand +0.13 -3.92 -0.12 -19.40 (Reporting by Shruti Sonal in Bengaluru; Editing by Kim Coghill)

EMERGING MARKETS-Thai shares gain for fourth day on stimulus push; Philippines steadies

08 Oct 2020

* Thai benchmark index hits highest since Sept. 21 * Most currencies edge up as U.S. dollar nurses losses * Chinese markets reopen after a week-long holiday on Friday By Shruti Sonal Oct 8 Thai stocks climbed 1% on Thursday as the government outlined measures to boost consumption in its coronavirus-battered economy, while a late recovery helped Philippine shares edge up in tandem with gains in most of Asia's emerging markets. The safe-haven U.S. dollar nursed losses after the revival of hopes for some stimulus spending in the world's biggest economy improved investor sentiment, supporting local currencies in Asia, which edged higher. The Taiwan dollar was again the main standout, rising almost 1%. Thailand's benchmark index hit its highest in more than two weeks after officials on Wednesday added a tax deduction on purchases of goods and services to previously announced cash handouts and subsidies. The tourism-reliant economy has also started receiving its first visitors after months of travel curbs and its markets have proven relatively immune to growing protests against the army-backed government. "Overall, the outlook for the country's economy in the first quarter should be better," said Sunthorn Thongthip, a Thailand-based strategist at Kasikorn Securities. Siam City Cement PCL hit a near one-month high on news that its unit was set to raise up to $1.5 billion, Thailand's second-largest public offering this year, after pricing shares for its initial offering at the top end of its range. Philippine stocks, which closed lower for the last three sessions, reversed losses from earlier in the session to rise more than 1%. Nicholas Mapa, ING's senior economist for the Philippines, attributed the reversal to bargain hunting as global sentiment improved overnight on hopes for U.S. stimulus measures. Reports overnight of the Trump administration exploring restrictions on China's Ant Group and Tencent Holdings over national security concerns weighed on sentiment in trade-reliant Singapore, said Kelvin Wong, an analyst at CMC Markets. "The news can explain the negative feedback on the Singapore markets given that we have significant relations with China and most of the Chinese tech firms have set up their operational hubs in Singapore," added Wong. Singapore stocks edged 0.1% lower. Markets in China, the region's biggest market and main engine of growth, will reopen after a week-long holiday on Friday. Malaysia, where markets have settled after the government dented opposition efforts of a takeover by winning a recent election, gained 0.7%. HIGHLIGHTS: ** Thailand's Siam Cement Group Packaging Pcl (SCGP) set to raise up to $1.5 billion after pricing shares for its IPO at the top end of its range in the country's second-largest listing this year ** Philippine budget carrier Cebu Air Inc plans to raise roughly $500 million to weather the pandemic ** Indonesian 10-year benchmark yields are up 0.5 basis point at 6.901% Asia stock indexes and currencies at 0654 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan -0.02 +2.48 0.96 -0.04 China - +2.42 - 5.51 India +0.06 -2.61 1.26 -2.32 Indonesia +0.00 -5.51 0.23 -20.38 Malaysia +0.12 -1.47 0.78 -5.51 Philippines +0.25 +4.78 1.27 -23.96 S.Korea +0.42 +0.27 0.21 8.84 Singapore +0.11 -0.98 -0.10 -21.31 Taiwan +0.94 +4.92 1.10 7.42 Thailand +0.26 -4.01 0.97 -19.24 (Reporting by Shruti Sonal in Bengaluru; Editing by Subhranshu Sahu)

EMERGING MARKETS-Thai shares gain for fourth day on stimulus push; Philippines steadies

08 Oct 2020

* Thai benchmark index hits highest since Sept. 21 * Most currencies edge up as U.S. dollar nurses losses * Chinese markets reopen after a week-long holiday on Friday By Shruti Sonal Oct 8 Thai stocks climbed 1% on Thursday as the government outlined measures to boost consumption in its coronavirus-battered economy, while a late recovery helped Philippine shares edge up in tandem with gains in most of Asia's emerging markets. The safe-haven U.S. dollar nursed losses after the revival of hopes for some stimulus spending in the world's biggest economy improved investor sentiment, supporting local currencies in Asia, which edged higher. The Taiwan dollar was again the main standout, rising almost 1%. Thailand's benchmark index hit its highest in more than two weeks after officials on Wednesday added a tax deduction on purchases of goods and services to previously announced cash handouts and subsidies. The tourism-reliant economy has also started receiving its first visitors after months of travel curbs and its markets have proven relatively immune to growing protests against the army-backed government. "Overall, the outlook for the country's economy in the first quarter should be better," said Sunthorn Thongthip, a Thailand-based strategist at Kasikorn Securities. Siam City Cement PCL hit a near one-month high on news that its unit was set to raise up to $1.5 billion, Thailand's second-largest public offering this year, after pricing shares for its initial offering at the top end of its range. Philippine stocks, which closed lower for the last three sessions, reversed losses from earlier in the session to rise more than 1%. Nicholas Mapa, ING's senior economist for the Philippines, attributed the reversal to bargain hunting as global sentiment improved overnight on hopes for U.S. stimulus measures. Reports overnight of the Trump administration exploring restrictions on China's Ant Group and Tencent Holdings over national security concerns weighed on sentiment in trade-reliant Singapore, said Kelvin Wong, an analyst at CMC Markets. "The news can explain the negative feedback on the Singapore markets given that we have significant relations with China and most of the Chinese tech firms have set up their operational hubs in Singapore," added Wong. Singapore stocks edged 0.1% lower. Markets in China, the region's biggest market and main engine of growth, will reopen after a week-long holiday on Friday. Malaysia, where markets have settled after the government dented opposition efforts of a takeover by winning a recent election, gained 0.7%. HIGHLIGHTS: ** Thailand's Siam Cement Group Packaging Pcl (SCGP) set to raise up to $1.5 billion after pricing shares for its IPO at the top end of its range in the country's second-largest listing this year ** Philippine budget carrier Cebu Air Inc plans to raise roughly $500 million to weather the pandemic ** Indonesian 10-year benchmark yields are up 0.5 basis point at 6.901% Asia stock indexes and currencies at 0654 GMT COUNTRY FX FX FX INDEX STOCKS STOCKS RIC DAILY % YTD % DAILY % YTD % Japan -0.02 +2.48 0.96 -0.04 China - +2.42 - 5.51 India +0.06 -2.61 1.26 -2.32 Indonesia +0.00 -5.51 0.23 -20.38 Malaysia +0.12 -1.47 0.78 -5.51 Philippines +0.25 +4.78 1.27 -23.96 S.Korea +0.42 +0.27 0.21 8.84 Singapore +0.11 -0.98 -0.10 -21.31 Taiwan +0.94 +4.92 1.10 7.42 Thailand +0.26 -4.01 0.97 -19.24 (Reporting by Shruti Sonal in Bengaluru; Editing by Subhranshu Sahu)

EMERGING MARKETS-Thailand gains after govt adds tax deduction to stimulus push

08 Oct 2020

(.) * Thai shares eye fourth straight session of gain * Most currencies in region subdued; Taiwan dollar up about 1% * Chinese markets reopen after a week-long holiday on Friday By Shruti Sonal Oct 8 Thai stocks climbed nearly 1% on Thursday as the government took measures to boost consumption in its coronavirus-battered economy, leading gains across a handful of Asia's big emerging markets. With markets globally eyeing a tumultuous U.S. election campaign and roadblocks in passing stimulus in the world's biggest economy, currencies across the region were subdued, with the Taiwan dollar again the main standout, rising almost 1%. Thailand's benchmark index hit its highest in over two weeks after officials added a tax deduction on purchases of goods and services to cash handouts and subsidies announced last month. Deputy Prime Minister Supattanapong Punmeechaow said altogether the measures would push about 200 billion baht ($6.4 billion) into the economy in the last three months of this year. The tourist-heavy economy has started receiving its first visitors this week after months of travel curbs and its markets have proven relatively immune to growing protests against the army-backed government. "Overall, the outlook for the country's economy in the first quarter should be better," said Sunthorn Thongthip, a Thailand-based strategist at Kasikorn Securities. In the second big public launch this year, Thailand's Siam Cement Group Packaging Pcl (SCGP) was set to raise up to $1.5 billion after pricing shares for its initial offering at the top end of its range. Reports overnight of the Trump administration exploring restrictions on China's Ant Group and Tencent Holdings over national security concerns weighed on sentiment in trade-reliant Singapore, said Kelvin Wong, an analyst at CMC Markets. "The news can explain the negative feedback on the Singapore markets given that we have significant relations with China and most of the Chinese tech firms have set up their operational hubs in Singapore," added Wong. Markets in China, the region's biggest market and main engine of growth, reopen after a week-long holiday on Friday. Malaysia, where markets have settled after the government dented opposition efforts to take over by winning a recent election, gained 0.5%. In Indonesia, stocks edged 0.2% higher as other major stock markets improved overnight. Philippine stocks, which have been hit as the economy struggled with coronavirus restrictions, reversed losses earlier in the session and edged up, while Singapore's benchmark shed 0.1%. HIGHLIGHTS: ** Most currencies in region subdued; Taiwan dollar up about 1% ** Philippine budget carrier Cebu Air Inc plans to raise roughly $500 million to weather the pandemic ** Indonesian 10-year benchmark yields up 0.3 basis points at 6.899% Asia stock indexes and currencies at 0343 GMT COUNTRY FX RIC FX FX YTD INDEX STOCKS STOCKS DAILY % DAILY % YTD % % Japan -0.03 +2.47 1.01 0.01 India -0.04 -2.70 0.00 -3.53 Indonesia -0.07 -5.58 0.18 -20.41 Malaysia +0.05 -1.54 0.52 -5.76 Philippin +0.17 +4.69 -0.61 -25.38 es S.Korea <KRW=KFT +0.03 -0.12 0.41 9.05 C> Singapore +0.01 -1.08 -0.13 -21.34 Taiwan +0.83 +4.80 0.96 7.27 Thailand +0.03 -4.20 0.85 -19.33 (Reporting by Shruti Sonal in Bengaluru; Editing by Patrick Graham and Christopher Cushing)

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