* Colombia central bank board chief defends forex policy * South Africa raises main lending rate more than forecast * Turkish cenbank holds rate at 14% despite near-80% inflation (Updates prices) By Anisha Sircar and Devik Jain July 21 (Reuters) - Latin American currencies fell on Thursday, with Colombia's peso leading the declines, while South Africa's rand rose against the dollar after a larger-than-expected rate hike by the central bank. Colombia's currency fell 1.6% to 4,414.8 to the dollar after central bank board chief Leonardo Villar defended the monetary policy authority's decision not to intervene in movements of the peso, even as market volatility pushed other central banks in the region to take action. A fall in prices of oil, Colombia's top export, also weighed on the currency. Mexico's peso also slipped, falling 0.5%. Copper exporter Chile's peso weakened by 0.6% as metal prices slipped on recession fears. Last week the Central Bank of Chile announced a $25 billion intervention to buoy the currency after it hit a series of historic lows. After enjoying a strong rally in the first half of 2022, emerging market assets have been rattled with Latin American currencies down 3.2% so far in July owing to a stronger dollar and softening commodity prices on mounting fears of a global recession. "The initial fallout from Russia's invasion of Ukraine was positive for many EM commodity exporters, but mounting global recession fears are now running this channel in reverse ... causing currency weakness and capital outflows across EM," economists at the International Institute of Finance wrote in a note. "We do not think that this shock poses a systemic risk for much of EM, because most countries have learned – as they demonstrated during the first COVID wave in 2020 – that currency depreciation is an important shock absorber." However, dollar strength combined with weakness in a country's currency translates into higher import bills, which accelerates inflation. While emerging markets started their monetary policy tightening cycles well before developed peers, inflation has consistently exceeded expectations in those countries. South Africa's rand gained 0.6% against the dollar on Thursday after the central bank hiked its main lending rate by 75 basis points, its biggest rise since 2002 to tame inflation running at a 13-year high. Turkey's lira continued to hover near December lows, last trading at 17.71 to the dollar, after its central bank held its policy rate at 14% for a seventh straight month despite near-80% inflation. Meanwhile, central and eastern European currencies were hit by a stronger euro following the European Central Bank's first rate rise in over a decade. Elsewhere in the region, Brazil's former President Luiz Inacio Lula da Silva was officially nominated by his Workers Party (PT) to run on Oct. 2 against far-right incumbent President Jair Bolsonaro in Brazil's most polarized election in decades. Key Latin American stock indexes and currencies at 1911 GMT: Stock indexes Latest Daily % change MSCI Emerging Markets 989.84 0.33 MSCI LatAm 1964.37 -0.71 Brazil Bovespa 98501.13 0.22 Mexico IPC 47135.23 0.01 Chile IPSA 5171.75 0.5 Argentina MerVal 112377.67 5.076 Colombia COLCAP 1289.31 -1.05 Currencies Latest Daily % change Brazil real 5.4975 -0.69 Mexico peso 20.6631 -0.63 Chile peso 929.5 -0.39 Colombia peso 4414.8 -1.60 Peru sol 3.9042 -0.69 Argentina peso (interbank) 129.5900 -0.15 Argentina peso (parallel) 332 -4.52 (Reporting by Anisha Sircar and Devik Jain in Bengaluru; Editing by Mark Potter and Jonathan Oatis)
The market is unstable. Your portfolio doesn’t need to be.
Retirees and those seeking secure income got two items of very good news this week, though you may only have heard about one. July’s inflation came in below fears (although a debate now rages on what the “real” inflation rate is—more on that below). Meanwhile, your ability to earn a guaranteed rate of return on risk-free investments, regardless of what happens to inflation, actually went up.
Inflation is still near multi-decade highs. Mr. Wonderful is using these stocks to fight back.
AGNC Investment (AGNC) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.
Let’s talk about electric vehicles (EVs) and their batteries. The high price of gasoline – still up about $2 since President Biden took office – has boosted interest in EVs. Greater customer curiosity will lead naturally to higher demand, and now we get to batteries, and lithium. Lithium is a metallic element essential in the construction of high-voltage battery systems, and every EV built needs an average of 8 kilos of the metal. Industry experts are saying that lithium demand will far outstrip
SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") reported its financial and operational results for the second quarter ended June 30, 2022. All financial information in this press release is reported in millions of Canadian dollars unless otherwise indicated. All results for the second quarter of 2021 exclude the subsequent acquisitions of Inner Spirit Holdings ("Spiritleaf") and Alcanna Inc. ("Alcanna"), which closed on July 20, 2021, and March 31, 2022, respectively.
Inflation has been making headlines all year, and rightly so; it’s at 40-year high levels, driven by sharp increases in the prices of gasoline and diesel fuels. But oil and its various refined products have come down in recent weeks, and so – the July inflation numbers weren’t as bad as had been feared. The overall year-over-year price increase for the month came to 8.5%, still awful, but less than the 8.7% economists had been predicting. Markets these days are rallying in response. Whether this
The super investor sees softness. But is sticking to her guns.
These are the top trending tickers on Yahoo Finance after-hours on Aug. 12.
On Friday, five of China's biggest state firms announced their exit from Wall Street. More delistings could be on the way as Washington and Beijing remained embroiled in a dispute over audit rules for U.S.-listed Chinese companies.
Tesla has given investors something to look forward to this coming week: a three-for-one stock split. As of the close of trading on Aug. 24, Tesla shareholders will get a “dividend” of two extra shares. The next day, Tesla stock will start trading at the new price—a third of what it used to be.
Three state-owned Chinese corporate giants announced plans Friday to remove their shares from the New York Stock Exchange, adding to a growing financial separation between the biggest global economies in the midst of a dispute over scrutiny of company audits.
In this article, we discuss 10 Chinese stocks investors are shorting. If you want to skip our discussion about the turmoil in the Chinese economy, go directly to Investors are Shorting These 5 Chinese Stocks. NIO Inc. (NYSE:NIO), KE Holdings Inc. (NYSE:BEKE), and TAL Education Group (NYSE:TAL) are some of the stocks that investors are […]
Where can you find extremely high-quality dividend stocks with high yields? Starting with this list of Dividend Aristocrats and narrowing it down to the higher-yielding ones can produce truly great dividend stocks. Below, we'll take a look at the three highest yielding Dividend Aristocrats now.
The analysts covering Veru Inc. ( NASDAQ:VERU ) delivered a dose of negativity to shareholders today, by making a...
Billionaire investor George Soros’s investment fund has bought stakes in Tesla Inc. and Ford Motor Co. and added to existing stakes in Lucid Group Inc. and Nio Inc., according to a filing late Friday.
The board of Devon Energy Corporation ( NYSE:DVN ) has announced that it will be paying its dividend of $1.55 on the...
In this article, we talk about 11 best falling stocks to buy now. If you wish to skip our detailed analysis of the latest market situation, go directly to 5 Best Falling Stocks To Buy Now. After a brutal 2022 which saw the S&P500 shed more than 21% in the first half of the year, Q2 […]
Strong crude oil prices have once again brought investors' attention to energy stocks that have long been underperforming. The West Texas Intermediate crude oil price has largely been above $90 per barrel since the beginning of March. Here are two stocks that have delivered solid dividend growth consistently over the years, irrespective of oil prices.
The S&P 500’s initial surge on Thursday to fresh three-month highs fizzled as the session wore on. The good news for bulls is that this is a Tom Jones rally, as in his famous song: “It’s not unusual.” Specifically, there is nothing superlative about the market’s, notably the Nasdaq’s, resurgence off its mid-June trough, suggests Bespoke Investment Group.