Week 10 2018

Week 10 2018

05 March – 09 March

 

05 March

 

Approvals to build new homes in Australia returned to growth at the start of 2018, driven by a large increase for apartments. Building approvals rose 17.1 per cent month on month in January on a seasonally adjusted basis, returning to growth following a revised 20.6 per cent fall (previously a 20 per cent fall) in December, according to the Australian Bureau of Statistics. That was above the 5 per cent growth forecast in a Reuters poll of economists.

 

The Canadian dollar continues to lose ground on Monday, with concerns over planned US tariffs on steel and aluminium and uncertainties over the latest rounds of Nafta negotiations sending the currency to an eight-month low.

 

XL Group shares are tearing higher at the start of trade on Monday, after Axa, France’s largest insurance group, confirmed it was launching a $15.3bn deal for the insurer.

 

Activity in Britain’s services sector grew at its fastest rate for four months in February as stronger global growth drove demand for business services.

 

06 March

 

The pace of inflation for South Korea’s consumer prices got a boost in February after slowing to just half of the Bank of Korea’s target level at the start of 2018.

 

US and European stocks started the week on a brighter note as participants appeared to put concerns over the possibility of a global trade war to one side — for now at least.

 

Oil clawed back some of its losses from last week’s drubbing on Monday, rising by the most in over two weeks amid reports of further declines in crude stockpiles in Cushing, a key US storage and delivery point.

 

Everything is not awesome at Lego. The Danish toymaker last year suffered its first fall in sales and profits since 2004.

 

07 March

 

Australia’s economy grew at a slower pace than expected in the fourth quarter as a rebound in household consumption was offset by a fall in exports.

 

US stocks gave up early gains and were in negative territory in midday trading, while the US dollar continued to sink in the wake of last week’s steel and aluminium tariff plan.

 

Urban Outfitters posted upbeat quarterly results and noted optimism on the first half of 2018 on Tuesday, but investors appeared to shrug it off as earnings suffered a tax hit and shares skipped lower.

 

Tata Steel said it had been selected as the winning bidder for troubled rival Bhushan Steel, in one of the largest cases to be dealt with under India’s new insolvency system.

 

08 March

 

The European Central Bank has made a slight upward revision to its eurozone 2018 growth forecast, while reducing its 2019 inflation outlook, Mario Draghi, the central bank’s president has said.

 

The Financial Services Agency in Japan has issued business improvement orders to seven cryptocurrency exchanges as it launches a belated crackdown in the wake of a $500m theft at one of the largest operators, Coincheck.

 

Travis Kalanick may have left Uber under a cloud but he is not done with the tech industry. Mr Kalanick on Wednesday announced a new investment fund called 10100, just weeks after cashing in $1.4bn worth of stock in the ride-sharing company he co-founded. 

 

After 125 teetotal years, Coca-Cola has decided to take the plunge and dabble with alcohol. The world’s largest soft drinks company has chosen Japan to test its tolerance to the hard stuff by joining the growing market there for “Chu-Hi” alcopops.

 

09 March

 

Investors beat another retreat out of US equity funds last week, with more than $10bn seeping out as markets grew nervous about the possibility of Washington starting a global trade war.

 

The euro came under the spotlight on Thursday as the focus in the markets switched from concerns about a global trade war to the prospects for European Central Bank policy.

 

Hong Kong developer Wheelock said it will buy a residential site from a unit of cash-strapped Chinese conglomerate HNA for HK$6.36bn ($810.8m)

 

Shares of two major US toy makers fell in after-hours trading on Thursday after media reports that Toys R Us may be weighing a possible liquidation of its US operations.