Category: Business

TOKYO: The dollar hovered off a four-month high on Thursday as the market continued to digest Republican Donald Trump’s win in the US presidential election, while investors eyed several central bank decisions that will be topped off by the Federal Reserve. The Fed is expected to cut interest rates by 25 basis points later in the day, and the market focus will be on any clues that the US central bank could skip a cut in December. Last week’s October jobs report came in weaker than expected, raising questions over…

KARACHI: The Pakistan Stock Exchange (PSX) continued its bullish run for the third consecutive session on Tuesday as the KSE-100 index crossed the 54,000 mark on hopes of an International Monetary Fund (IMF) review among other factors.  The KSE-100 index continued its bullish run for the third consecutive day and gained 417.69 or 0.78% during the intraday trading to reach at 54,278.05 points. Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv: “Expectations of monetary policy’s rate cut and the strong profitability of the companies are among the driving forces that shored up…

Stock markets declined on Friday, as oil prices rose amid concerns that the Israel-Hamas conflict would affect supplies in the Middle East’s crude-oil-rich region with European gas prices reaching the highest levels since February. Energi Danmark analysts said a recent pipeline sabotage in the Baltic Sea added to “geopolitical uncertainty” in the wake of the Israel-Hamas conflict. Helsinki believes last weekend´s leak in the Finland-Estonia gas pipeline was caused by “external” activity, sparking suspicions of Russian involvement. Higher energy prices are adding to concerns over elevated inflation after a forecast-topping…

Sales of US homes have been steadily declining since August as supply remained constrained and mortgage rates remained high, the industry figures released on Thursday revealed. Sales of existing homes have cooled in the world´s top economy as interest rates surged, lifting costs for new buyers and making it less attractive for homeowners to reenter the market after having locked in lower rates previously. Existing home sales hit an annual rate of 4.04 million last month, seasonally adjusted, slipping 0.7 per cent from July according to the National Association of…

The United Auto Workers (UAW) union has initiated a targeted strike at three major auto factories in the United States, bringing production to a halt at Detroit’s “Big Three” for the first time in the US auto industry.  The UAW strike began just after midnight on Friday following failed last-minute negotiations before the contract’s expiration.  Approximately 12,700 workers participated in the UAW strike, which is just a fraction of the 150,000 auto workers represented by the UAW. However, the union has indicated that it may expand the strike if the…