26
Wednesday
June 2019
1:19 PM IST
News Headlines
Mobile phones, tobacco products seized in raid at Kannur Central Jail        Govt will not support idea of bifurcating Malappuram district : Minister        Jaishankar files nomination papers for Rajya Sabha poll        Only one family was spoken about and got all attention, says Modi        New British PM to be announced on July 23 By Aditi Khanna        Iran says ''idiotic'' new US sanctions shut doors of diplomacy        Australia outclass England by 64 runs on way to semifinals        Windies legend Lara hospitalised due to chest pain, could be discharged soon        Shakib's magnificent 5-wicket haul steers Bangladesh to 62 run win against Afghanistan        Argentina, Uruguay, Peru through to Copa America quarter-finals        US-Iran fears buoy oil prices as focus turns to Trump-Xi talks        Rupee opened flat at 69.58 vs USD in early trade        UK falling behind in race to engage with India, warns UK Parliament inquiry        Australian Islamic State orphans rescued from Syria camp        Death toll from building collapse in Cambodia rises to 24        BJP fields Jaishankar for Gujarat RS seat after he formally joins party        There is culture of disrespecting expertise under the BJP: Cong        BSP to contest all future polls on its own: Mayawati        RBI Deputy Governor Viral Acharya quits 6 months before his term ends        BJD MLA arrested for forcing engineer to do sit-ups        
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Business News
US-Iran fears buoy oil prices as focus turns to Trump-Xi talks
 
Hong Kong: Oil prices extended gains Monday as rising US-Iran tensions fuelled supply concerns, while Asian equity traders moved cautiously ahead of a crunch meeting between Donald Trump and Xi Jinping this week.

Both main crude contracts are up almost 10 per cent since Tehran last week shot down a US "spy drone" for breaching its airspace, ratcheting up fears of a conflict between the old foes.

At the weekend Trump said he would impose fresh sanctions on Iran, following bans of countries buying its oil, while US media reports said Washington secretly launched cyber-attacks against missile control systems and a spy network.

Both sides say they want to avoid war, but tensions have spiralled as a series of incidents, including the drone downing and recent attacks on tankers, raised fears of an unintended slide towards conflict.

The US president said he was ready to reach out to Iran if it renounced nuclear weapons, adding that if leaders did so "I'm going to be their best friend".

But Iran continues to insist its atomic programme is for civilian purposes.

Brent rose 0.3 per cent Monday and WTI was 0.5 per cent higher.

"The geopolitical escalation in the Middle East is unquestionably a bullish short-term signal for oil markets, as even the thought of 20 per cent of the world oil supply being affected is enough to trigger significant tremors," said Stephen Innes, managing partner at Vanguard Markets.

"And these tremors are noticeably moving up the Richter scale."

The stand-off, coupled with a weak dollar as the Federal Reserve flags an interest rate cut, has helped push gold prices to six-year highs above USD 1,400 as dealers look for a safe haven to park their cash.

Still, share markets remain buoyant on hopes Trump and Xi can break an impasse in their trade war when they meet on the sidelines of the G20 summit in Osaka this week.

Global equities have been rallying since Trump hailed positive telephone talks last week and said the two would have a face-to-face in Japan, fuelling hopes of a possible end to their long-running tariffs battle.

In morning trade Hong Kong was up 0.4 per cent, while Shanghai added 0.2 per cent and Tokyo went into the break 0.1 per cent higher.

Seoul, Wellington and Manila added 0.2 per cent each, though Sydney, Singapore, Taipei and Jakarta were in the red.

The dollar continues to face pressure from bets the Fed will lower borrowing costs as soon as July as it looks to head off the effects of the trade spat and as the US economy shows signs of softening.

The greenback slipped against its major peers and most high-yielding units, with the Australian dollar and South Korean won 0.4 per cent higher.

The Turkish lira jumped 0.8 per cent after the opposition candidate in Istanbul's controversial mayoral election re-run again beat President Recep Tayyip Erdogan's ruling party.

Bitcoin continued to rise, breaking the USD 11,000 mark briefly for the first time since March last year, as the cryptocurrency sector gets a huge boost from Facebook's unveiling of its own unit.

The tech titan said it will launch Libra next year, with the backing by a basket of real-world currencies and a consortium of companies including Visa, MasterCard, PayPal and Uber.

"Libra will now have to deal with a ton of regulatory scrutiny, but that won't matter in the bigger picture for crypto traders of other coins," said OANDA senior market analyst Edward Moya.

"Bitcoin volatility is likely to persist, with USD 12,000 and USD 15,000 as the next two critical resistance levels."

Bitcoin has risen about 20 per cent this month alone but is still well off the record levels near USD 20,000 seen at the end of 2017.


Rupee opened flat at 69.58 vs USD in early trade
US blacklists 5 Chinese groups working in supercomputing
US Fed says large banks prepared to withstand economic crisis
Jet Airways shares soar another 15.5 pc
Tamil Nadu seeks special package of Rs 1,000 cr to address water crisis
Discussing with banks to provide foreign currency loans to exporters: Goyal
Heritage Foods sets new time-frame to make Rs 6,000 crore
Rivigo launches National Freight Index
Rupee rises 21 paise to 69.49 against USD in early trade
HCL Tech signs multi-year deal with Cricket Australia
Sensex, Nifty turn cautious ahead of US Fed policy meet
Investors continue to dump Jet Airways shares; further tank 15%
With 'Libra,' Facebook takes on the world of cryptocurrency
Facebook to unveil new cryptocurrency
Sensex drops over 150 pts; Nifty below 11,800
India ad spend likely to be Rs 697 billion in 2019: Report
UK court rejects Nirav Modi''s bail for fourth time over fears he would abscond
Bring down corporate tax to 18 pc sans exemptions: CII
Jet Airways shares plunge nearly 11 pc
Fiat Chrysler in talks with Aurora on autonomous vehicles
KERALA NEWS
Mobile phones, tobacco products seized in raid at Kannur Central Jail
 Kannur: For the second time in a week, a raid was conducted on Kannur Central Jail on Monday night a  
Govt will not support idea of bifurcating Malappuram district : Minister
Kerala CPM leader's son booked for rape, cheating
Two workers killed in Kerala as earth caves in
INTERNATIONAL NEWS
New British PM to be announced on July 23 By Aditi Khanna
 London: Britain''s new Prime Minister, either Boris Johnson or Jeremy Hunt, will be announced on Jul
Iran says ''idiotic'' new US sanctions shut doors of diplomacy
UK falling behind in race to engage with India, warns UK Parliament inquiry
Australian Islamic State orphans rescued from Syria camp
NATIONAL NEWS
Jaishankar files nomination papers for Rajya Sabha poll
 Gandhinagar: External Affairs Minister S Jaishankar Tuesday filed his nomination papers for the Rajy
BJP fields Jaishankar for Gujarat RS seat after he formally joins party
There is culture of disrespecting expertise under the BJP: Cong
BSP to contest all future polls on its own: Mayawati
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