(Bloomberg) -- India’s rupee hit a three-month high after breaking out of a tight trading band, boosted by strong inflows and expectations that the central bank may be slowing its purchases of dollars.The rupee rose as much as 0.6% to 74.5562 per dollar, its highest since March 27, before closing up 0.5%. The currency has strengthened 1.3% this week in Asia’s best performance.The currency rallied 0.8% on Thursday, with traders attributing the strength to inflows from Reliance Industries Ltd.’s stake sales in its digital unit and the Reserve Bank of India stepping away from buying dollars. The prospect of a rare current-account surplus following robust foreign flows and low oil prices has burnished the rupee’s outlook, which was the region’s biggest decliner in the first six months of 2020.“India’s balance of payments surplus is one of the strongest in recent years, and we see that continuing to support the INR,” said...
Jul.03 -- The S&P 500 and Nasdaq Composite indexes, with their concentration of technology companies, are set to benefit from a continued economic recovery, even as markets enter a "choppier" third quarter, says Supriya Menon, senior multi asset strategist at Pictet Asset Management. She speaks on "Bloomberg Markets: European Open."...
(Bloomberg) -- Pine Labs, the Indian payments company backed by Sequoia Capital and Mastercard Inc., is considering a bid for fallen fintech star Wirecard AG’s businesses in Southeast Asia and India, according to people familiar with the matter.A potential bid is still at an exploratory stage, as there’s no information available yet on the valuation and finances of Wirecard’s Asian operations, said the people, who asked not to be identified as the information is confidential. There’s no certainty that Pine Labs will proceed with a formal bid, the people added.The sale of Wirecard’s businesses will be clouded by ongoing probes into its operations after the German payments firm was forced into insolvency by an accounting scandal. Wirecard said last month that almost 2 billion euros ($2.25 billion) it previously reported as cash probably never existed.However, several Wirecard’s subsidiaries -- including those in Asia -- weren’t part of the insolvency filing. The...
Exxon Mobil Corporation said in its regulatory filing on Thursday that it has incurred an unprecedented second straight quarterly loss from the fall in oil and natural gas prices after coronavirus lockdown restrictions dampened energy demand worldwide....
South Korea's LG Chem Ltd plans to start producing batteries for Tesla Inc vehicles at a domestic factory this year after the U.S. electric carmaker raised orders to cope with demand, a person familiar with the matter said on Friday. "Tesla is asking not only LG Chem but other suppliers to increase supplies, as its cars are selling well," the person told Reuters. A second person with knowledge of the situation also said LG Chem is converting some of its production in South Korea to produce batteries for Tesla....
