Current Affairs – 13 August 2020 - Doo Prime News
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Current Affairs – 13 August 2020

WORLDWIDE : HEADLINES

China central bank issues 30 billion yuan of offshore bills: HKMA

HONG KONG/BEIJING – China’s central bank issued 30 billion yuan ($4.3 billion) of offshore bills in Hong Kong on Thursday, according to a notice published by the Hong Kong Monetary Authority.

The People’s Bank of China priced a 20 billion yuan three-month tranche with a coupon of 2.70%, and a 10 billion yuan one-year tranche also at 2.70%, said the notice.

Full coverage: REUTERS

UK trade secretary to step up efforts over U.S. whisky tariff

LONDON – British trade secretary Liz Truss said she would step up talks with her counterpart in the United states to urge Washington to drop tariffs on single malt Scotch whisky after the U.S. decided to retain the levy.

The U.S. government on Wednesday said it would maintain 15% tariffs on Airbus (AIR.PA) aircraft and 25% tariffs on other European goods including Scotch whisky, as part of a long running dispute.

“These tariffs damage industry and livelihoods on both sides of the Atlantic and are in nobody’s interests,” Truss said in a statement. “I am therefore stepping up talks with the U.S. to remove them as soon as possible.”

Full coverage: REUTERS

WORLDWIDE : FINANCE / ECONOMY / STOCK MARKET

U.S. tariffs weigh on Europe stocks; Airbus dips

European stocks snapped a four-day winning run on Thursday as the U.S. government left tariffs on Airbus and a host of other European goods unchanged, while a clutch of blue-chip companies trading ex-dividend knocked the UK’s FTSE 100 lower.

The pan-European STOXX 600 was down 0.4%, with Airbus (AIR.PA) sliding 0.7% after Washington said it would maintain 15% tariffs on the planes and 25% tariffs on other European goods, despite moves by the European Union to resolve a long-standing dispute over aircraft subsidies.

London’s FTSE 100 .FTSE led declines among the major European bourses, led by AstraZeneca (AZN.L), BP (BP.L), Diageo (DGE.L), Glaxosmithkline (GSK.L) and Legal&General (LGEN.L), which traded without entitlement to a dividend payout.

TUI (TUIT.L), the world’s largest tourism company, tumbled 4.1% as it sunk to a 1.1 billion euro ($1.30 billion) loss in the third quarter due to the COVID-19 pandemic.

Full coverage: REUTERS

Oil drops after OPEC predicts weaker demand but U.S. inventory data limits decline

TOKYO – Crude oil prices fell on Thursday after OPEC said it expected demand to drop more than expected, although data showing a decline in U.S. inventories lent support.

Brent crude LCOc1 was down 26 cents or 0.6% at $45.17 a barrel by 0647 GMT, after a gain of around 2% in the previous session. West Texas Intermediate CLc1 oil also lost 0.6%, a 25 cent decline to $42.42 a barrel which followed a climb of 2.6% on Wednesday.

The Organization of the Petroleum Exporting Countries said in a monthly report that world oil demand will fall by 9.06 million barrels per day this year, more than the 8.95 million bpd decline expected a month ago.

“OPEC released a bearish monthly forecast which indicated that world oil demand will fall more steeply in 2020 than previously forecasted due to the coronavirus and there are doubts about next year’s recovery,” said Avtar Sandu, senior manager commodities at Phillip Futures.

Full coverage: REUTERS

Japan stocks surge, dollar sags as investors see ‘glass half full’

SINGAPORE – Japanese stocks soared to a six-month peak and the dollar was under pressure on Thursday as investors picked positives out of recent economic data and bet on China and the United States sticking with their trade deal at a crucial weekend meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.1%, while gains in semiconductor makers drove Japan’s Nikkei .N225 1.8% higher to a six-month peak.[.T]

The rally follows Wednesday gains in Europe and on Wall Street – which left the S&P 500 .SPX within a whisker of a record closing high. But futures pricing suggests the latest round of optimism might lose steam in the European day.

Euro STOXX 50 futures STXEc1 were last down 0.1%, FTSE futures FFIc1 slipped 0.7% and S&P 500 futures ESc1 were down 0.1%.

Full coverage: REUTERS

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