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July, 30, 2016

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Business > Global Markets
India's Modi meets Zuma on Africa tour
PRETORIA - Indian Prime Minister Narendra Modi took his Africa tour to South Africa on Friday, seeking to boost trade between two countries that he said "shared values, suffering and struggles".
 
European stocks were mostly higher Friday as economic fundamentals returned to the fore, with all eyes on a U.S. jobs report expected to give clues on American interest rate policy.
 
The U.S. dollar slipped against the yen and euro Friday ahead of a U.S. jobs report that will offer clues on what is in store for U.S. monetary policy, while jittery investors sold emerging market currencies.
 
Oil prices rebounded Friday after tanking nearly 5 percent the day before as bargain hunters swooped into the market. The commodity plunged Thursday in response to U.S. commercial inventories falling less than expected last week, indicating softer demand in the world's top oil consumer as the summer driving season kicks in.
 
Signals from the Federal Reserve that U.S. rates will stay on hold boosted stocks and offered the British pound some much-needed respite Thursday following several days of Brexit-related losses.
 
Oil prices rose in Asia Thursday, tracking a broad advance across equity markets, as the dollar weakened and after private data showed another drop in U.S. inventories.
 
The pound dove to a 31-year low under US$1.28, bond yields were squeezed and equities hammered as the growing shadow of the Brexit vote over the global economy sent traders fleeing to safety.
 
Oil prices fell further Wednesday, tracking losses across equities and currency markets as fresh fears about the impact of Britain's exit from the EU sent investors fleeing high-risk assets.
 
Asian markets mostly fell Tuesday as a weeklong rally finally came to an end with traders cashing in profits while keeping a nervous eye on a brewing crisis in Italy's banking industry.
 
Oil prices retreated in Asia Tuesday, with Brent easing below US$50 on news of increased production from Nigeria following the repair of infrastructure damaged in militant attacks.
 
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