Tag: STX

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South Africa’s rand steady, focus on global events

South Africa's rand steady, focus on global events

A street money changer counts South African Rands in Harare, Zimbabwe, May 5, 2016. REUTERS/Philimon Bulawayo

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JOHANNESBURG, April 5 (Reuters) – South Africa’s rand was flat early on Tuesday, as prospects of more sanctions against Russia and possibly bigger interest rate hikes by the U.S. Federal Reserve to rein in inflation supported the safe-haven dollar.

At 0630 GMT, the rand traded at around 14.5700 against the dollar, largely unchanged from its previous close.

The United States and Europe were planning new sanctions on Tuesday to punish Moscow over civilian killings in Ukraine, and President Volodymyr Zelenskiy warned more deaths were likely to be uncovered in areas seized from Russian invaders. read more

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The price of commodities such as gold and platinum, of which the country is an exporter, also eased on Tuesday, limiting any potential gains in the local currency. Higher commodity prices tend to support the rand.

Traders said global factors were the main focus, as the rand showed little reaction to news that South Africa’s national state of disaster, in place for more than two years in response to COVID-19, has ended. read more

The national state of disaster had been the government’s main mechanism for managing the pandemic. Removing it dealt away with the vast majority of COVID-19 restrictions, aside from a few that will remain in place on a transitional basis.

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Reporting by Olivia Kumwenda-Mtambo

Our Standards: The Thomson Reuters Trust Principles.

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Indian shares subdued as investors weigh oil prices, global events

Indian shares subdued as investors weigh oil prices, global events

Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui

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BENGALURU, March 23 (Reuters) – Indian shares were little changed on Wednesday as cautious investors kept an eye on crude prices and geopolitical events in the absence of any major domestic triggers.

By 0504 GMT, the blue-chip NSE Nifty 50 index (.NSEI) was up 0.11% at 17,334.45, while the benchmark S&P BSE Sensex (.BSESN) had gained 0.10% to 58,046.43.

After falling nearly 1% on Monday and extending those losses into the first half of Tuesday — due to higher oil prices — both the indexes staged a mid-day reversal to end more than 1% higher as investors bought into the dip.

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While the Nifty and Sensex built on the upbeat momentum in early trading on Wednesday, markets have now given up most gains.

“Markets are not going to be that bullish today and there could be some kind of consolidation,” said Devarsh Vakil, deputy head of retail research at HDFC Securities.

“As such, we have risen a lot from (recent) lows. So, it is better to digest these gains,” he added.

Earlier this month, the indexes hit their lowest levels since late-July, but they have since risen about 11% each.

In Mumbai, gains in pharmaceutical and metal stocks offset losses in automobile companies.

The Nifty Pharma Index (.NIPHARM) was up 1.27%, with pharma major Dr Reddy’s Laboratories (REDY.NS) rising 3% and topping the Nifty 50 percentage gainers.

The Nifty Metal Index (.NIFTYMET) rose 0.49%, with aluminium and copper producer Hindalco Industries (HALC.NS) adding 2.3%. Global commodity prices remained high on potential supply hits due to the Ukraine conflict.

The Nifty Auto Index (.NIFTYAUTO) dropped 0.56% and was on track for its second session of losses in three.

Meanwhile, broader Asian markets hit their highest levels since March 4 as investors moved cash back into equities from bonds in preparation for the U.S. Federal Reserve’s aggressive approach to combat inflation.

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Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V

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Gap says earnings set for strong 2022 as social events return

Gap says earnings set for strong 2022 as social events return

People walk past a Gap store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibley

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March 3 (Reuters) – Gap Inc (GPS.N) on Thursday forecast 2022 earnings above estimates, betting on strong demand for its Old Navy and Athleta clothing brands as Americans return to offices and social events thanks to declining Omicron cases.

Shares of the apparel retailer jumped 7.2% to $15.67 in extended trading, as it also posted a smaller-than-expected loss for the fourth quarter.

Many apparel chains have struggled to keep up with rising demand though, as port congestion and tight capacity delay shipments.

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Gap has had to use pricier air freight to bring in goods, and said its inventory at the end of the first quarter would rise in the mid-20s percentage range as it orders early to counter longer in-transit times.

“(Customers are) leaning into categories like dresses or new silhouettes and pants for back-to-work … as well as denim with new leg shapes. It’s a pretty radical change from last year,” Chief Executive Sonia Syngal said on an earnings call.

Gap forecast fiscal 2022 adjusted earnings per share between $1.85 and $2.05, above Refinitiv IBES estimates of $1.86.

It also expects to benefit from tie-ups with Walmart (WMT.N) to sell home goods and with rapper Kanye West to launch new styles.

The strong outlook contrasts those from rivals Abercrombie & Fitch (ANF.N) and American Eagle Outfitters (AEO.N), which have warned of freight expenses pressuring their margins in the first half of 2022.

In the near term, Gap is not immune to the industry-wide supply snags either.

The Banana Republic parent, whose comparable sales growth in the quarter ended Jan. 29 missed estimates, indicated that sales pressure had continued into the current quarter.

It projected net sales to fall in the mid- to high-single-digit percentage range, compared with estimates for a 3.8% decline.

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Reporting by Praveen Paramasivam and Uday Sampath in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.