The dollar climbed to multi-week highs against other major currencies on Thursday, bolstered by the prospects for faster and larger interest rate hikes in the months ahead.
He stressed that no decisions had been taken, but answering a question about whether the central bank would consider a 50-basis point hike, he replied without ruling it out. As for the quarter ending in December 2021, the retailer said its sales growth of 3.6% was bolstered by Black Friday trading. Pepkor sees flat turnover, cellphone sales take a knock
While its personal loans business Capfin saw an increase in its revenue and its credit book grew to R2 billion from R1.9 billion, its point-of-sale technology group FLASH saw a decline.“The group is satisfied with the trading performance during the first four months of the financial year and especially pleased with the growth rates achieved over the two-year period since the onset of COVID-19,” said Pepkor.
Kumba Iron Ore, in its quarterly production report said production grew by 9% in the quarter, reflecting the impact of Covid-19 in 2020 and improved plant reliability in 2021. “Investors appear to have become increasingly conscious of the risks that the Fed may end up cooling any economic growth with too much monetary tightening,” said Tomo Kinoshita, a global market strategist at Invesco Asset Management in Tokyo.
“The Fed tightening is also putting pressure on some central banks in Asia to follow through, and this could have some impact on the equity market.” Southeast Asian markets, which typically have low exposure to the tech sector, also fared better on Thursday, with the MSCI Asean Index down less than 1%.
Harmony’s South African production, meanwhile, remained steady in the second half of last year, while operational costs were in line with guidance, the gold miner said on Wednesday. The Federal Open Market Committee is all but certain to hold its benchmark rate near zero after the two-day meeting that ends Wednesday, while sticking to a plan to end its bond-buying program in March.
Spot gold declined 0.1% to $1,847.10 an ounce as of 10:12 a.m. in London, after rising to the highest intraday level since Nov. 19 on Tuesday. The Bloomberg Dollar Spot Index was steady. Silver and platinum gained, while palladium rose to the highest since September.Microsoft beat market expectations Tuesday with strong quarterly performance in cloud computing and software, still benefitting from the pandemic's online shifting of work, play, shopping and learning.
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