MONEY LIVE | AngloGold Ashanti declares R2 billion dividend.
Global stock markets climbed Friday despite persistent recession concerns, while oil prices surged.
But the euro failed to gain much traction, which analysts put down to the other piece of data released Friday: inflation rose to a new record of 8.9 percent in July. Companies are in the midst of reporting quarterly earnings, and many are showing the strains from inflation and disrupted supply chains.
China is also struggling, hit by Covid-induced lockdowns in major cities including Shanghai and Beijing that have hammered all sectors and supply chains. Despite the recent rebound, gold remains on track for a fourth straight monthly loss, with bullion-backed exchange-traded funds set for the biggest monthly outflow since March 2021. Treasury Secretary Janet Yellen gave a glass-half-full assessment of the economy, acknowledging a slowdown she called necessary to tame inflation while rejecting the notion the country had entered a recession.
Economy minister Nadia Calvino warned this week that inflation constituted “the main challenge for the Spanish economy”. Separately on Friday, figures published by the European Union statistics agency showed that annual inflation in the eurozone’s 19 countries rose to 8.9 percent in July, an increase from 8.6 percent last month.
Alibaba shares closed 6.1 percent lower in Hong Kong on Friday -- ranking among the largest decliners in the Hang Seng Tech Index -- and were 11 percent below their Tuesday close. "It's hard for A-share companies to obtain approval if there is a change in key shareholding structure within three years," Wen said.
British Airways parent IAG said Friday it flew back into profit for the first time since the start of the Covid pandemic, boosted by a"strong recovery" in demand.IAG said in a statement that it swung back to net profit of 133 million euros in the second quarter from a loss of 981 million euros a year earlier.The group had already forecast a return to annual profit after Covid travel curbs were fully lifted.
After an extended period of pessimism on trading floors fuelled by soaring inflation and the central bank's monetary tightening campaign, investors are beginning to speculate that the market may have reached its nadir. And analysts said the quick, sharp pace of increases would allow the bank to begin cutting sooner in 2023 while others said any recession would likely only be shallow and short.
The prospect of US rates not rising as fast as previously expected hit the dollar, which has soared in recent months against most other currencies. On Thursday, the country's leadership offered a dour assessment of the world's number two economy but offered no plans to stimulate growth, leaving traders disappointed.The Foschini Group's share price surged by 4% on Thursday, following a strong trading update.For the first quarter of the 2023 financial year, which ended in June, TFG saw its group turnover increased by 16.3%.In addition to Foschini, TFG owns brands including @home, Fabiani, Sterns, Markham, American Swiss, and Jet.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MONEY LIVE | Gold Fields profit up more than 24% | Fin24MONEY LIVE | UK central bank predicts lengthy recession, hikes rates by most since 1995.
Read more »
PETER APPS: Erdogan and Putin meet as Turkey builds world’s largest nuclear plant with Russian moneyThough relations between Turkey and Russia are strained, both presidents are keen to build a world in which they can do as they wish
Read more »
PETER APPS: Erdogan and Putin meet as Turkey builds world’s largest nuclear plant with Russian moneyThough relations between Turkey and Russia are strained, both presidents are keen to build a world in which they can do as they wish
Read more »
MARK ETHERIDGE: SA long distance runners: racing for medals or money?Many runners rely on the financial incentives at the big international marathons
Read more »
‘Batgirl’ Isn’t The First Mega-Money Movie To Be Binned In...The likes of Leonardo DiCaprio, Sharon Stone, and Bill Murray have had films scrapped in post-production because they weren't up to standard.
Read more »
YOUR MONEY: What’s the deal with the 20-year home loan?This week, an FM reader asks whether there are any workable ideas for paying off a bond in a shorter time than the usual 20 years
Read more »