India encountered copper delivery problem after government ordered to close plant belonging to Vedanta Ltd. due to protests against environmental pollution, Bloomberg said. Closure of the plant will result in significant reduction of local production and import increase.
By the new OECD Automatic Information Exchange, tax authorities of a country will be able to get detailed information about foreign bank accounts of its citizens without much effort. And this information will not be limited by account number and amount of money on it! New rules will affect very wide range of small and large foreign investors that previously were able to keep information about their foreign investments in confidentiality.
According to Bloomberg, shares of some iPhone display makers dropped in Asia after Korean Electronic Times announced that Apple Inc. decided to use next generation displays for its new phones next years.
According to Bloomberg, US Treasuries rose today together with major European bonds as political crisis in Italy develops further. US 10-year bonds yield went down to 2,81%. Yield for 10-year German bonds is the lowest in 13 months at 0,20%. Britain bonds yield decreased by 21 basis points to 1,3215% showing the biggest slump in 23 months. Yields of Italian 10-year bonds jumped by 50 basis points to 3,184%.
Record US oil export volumes will be heading to Asia next two months, Reuters reports. It threatens OPEC and Russia’s market share in Asia.
US will export 2,3 million barrels per day in June. About 1,3 million bpd will go to Asia.
Stocks of Italian banks are in leaders of European equities slump due to rising threat that new elections will strengthen populists parties’ positions, and they will challenge European economic traditions, Bloomberg reports.
Britain sells stake in Royal Bank of Scotland (RBS), Reuters informs with reference to Sky News. Stake equal to 10% could be sold as early as this week.
UK government still has 71% of bank after in provided financial support to the bank during economic crisis.
Vietnam stocks market that showed record results just a month ago is not inspiring traders anymore, Bloomberg reports.
Together with Monday loss of 2,9%, total loss of VN index from peak value in April is 22%. So, index that just a few weeks ago was the best in Asia-Pacific region now is the biggest loser in the world.
Low correlation between financial markets of India and the rest of the world is one of the reasons to buy its assets, Bloomberg advises.
The week started with stocks growing in Europe, Asia and the US as meeting of American and North Korean leaders might take place next month, as Bloomberg reports. Index Stoxx Europe 600 gained 0,1%. Index DAX in Germany went up by 0,4%. Futures of S&P 500 Index gained 0,4%.
SoftBank Group Corp. decided not to pursue its goal to buy a stake in reinsurer Swiss Re AG, Bloomberg reports. However, two companies informed that they will be discussing other possible directions for cooperation.
As Bloomberg informs, oil is ready to show the longest period of losses in four months after Saudi Arabia and Russia announced that they are discussing output increase, in order to reduce market anxiety, which drove prices to the highest level since 2014.
