Tag Archives: North America

New Zealand

Australia, NZ dlrs recover from bond market turmoil | Instant News


SYDNEY, March 1 (Reuters) – The Australian and New Zealand dollars recovered against the greenback on Monday after risk currencies fell late last week amid a sell-off on global bond markets.

The Aussie dollar was 0.69% higher at $ 0.7759, but still well below a three-year high of $ 0.8007 reached on Feb 25.

The Kiwi dollar was 0.66% higher at $ 0.7273 but down from the $ 0.7464 level it also reached on February 25, which was the highest since August 2017.

The currencies of Australia and New Zealand have risen in recent months due to a combination of soaring commodity prices, as well as the recovery of their domestic economies and housing markets from the COVID-19 crisis.

But optimism about the global economic recovery, supported by unprecedented fiscal and monetary stimulus, has fueled concerns about inflation and monetary tightening, sending rising global bond yields and weighing on riskier currencies.

“A number of Australian states have retreated from a recession sparked by last year’s lockdown and are growing at a pace above the trend … with vaccination launches now underway, the road to normalization looks more secure,” said Richard Yetsenga, chief economist at ANZ.

Australian debt, following a sell-off in global bond markets last week, is also rebounding from some of the biggest price losses in years seen on Friday.

The yield on the 10-year Australian 10-year bond fell 11 basis points to 1.64% after hitting 1.97% on Friday, the highest since May 2019 and up from below 1% in early January.

“Even though the prospect of nominal growth is rapidly improving, the central bank remains firmly committed to maintaining very accommodative policies,” added Yetsenga. “AUD and NZD have been the main beneficiaries of this trade, so far.”

New Zealand’s central bank governor on Friday reiterated that the bank will maintain its current easy policy setup for an extended period of time, saying it was wise to be patient.

Edited by Ana Nicolaci da Costa

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Germany

PRECIOUS-Gold prices rose higher due to a weaker dollar | Instant News


    March 1 (Reuters) - Gold edged higher on Monday, recovering
from an eight-month low touched in the previous session, as a
weaker dollar lifted bullion's appeal.
            
    FUNDAMENTALS
    * Spot gold        rose 0.3% to $1,739.31 per ounce by 0108
GMT, after hitting its lowest since June at $1,716.85 on Friday.
U.S. gold futures        gained 0.4% to $1,736.10.
    * The dollar        slipped from a one-week high hit in the
previous session, making gold cheaper for holders of other
currencies.       
    * Bullion, however, posted its worst monthly fall since
November 2016 in February due to rising U.S. Treasury Yields,
which increase the opportunity cost of holding non-yielding
gold.       
    * U.S. House of Representatives passed a $1.9 trillion
coronavirus relief package early Saturday.             
    * A global bond market rout saw government bond yields in
the United States, Germany and Australia ending February with
their biggest monthly rises in years.                          
    * The U.S. government on Saturday authorized Johnson &
Johnson's         single-dose COVID-19 vaccine, setting the
vaccine up for additional approvals around the world.
            
    * Speculators decreased their bullish positions in COMEX
gold and silver contracts in the week to Feb. 23, the U.S.
Commodity Futures Trading Commission (CFTC) said on Friday.
            
    * Physical gold demand in India gained momentum last week as
retail buyers and jewellers lapped up bullion at near
eight-month low prices, while Singapore continued to see steady
interest for both gold and silver.         
    * Silver        gained 0.3% to $26.71 an ounce, while
palladium        was up 1% at $2,340.69. Platinum        rose
1.1% to $1,202.00.    
    
DATA/EVENTS (GMT)
0855  Germany  Markit/BME Mfg PMI
0900  EU       Markit Mfg Final PMI
0930  UK       Markit/CIPS Mfg PMI Final
1300  Germany  CPI, HICP Prelim YY
1445  US       Markit Mfg PMI Final
1500  US       ISM Manufacturing PMI

 (Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi
Aich)

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Food & Drink

Ease of Preparation, Premium Products to Drive Value for Produced Food | Ohio | Instant News


CLEVELAND, 27 February 2021 / PRNewswire / – US demand for manufactured foods is expected to grow 1.4% annually in nominal terms through 2024, according to Food processing: United States of America, a report recently released by Freedonia Focus Reports. The market for manufactured foods will expand as real per capita income increases by 0.4% annually during this period. Additionally, consumers will pay dearly for products that require little or no preparation and are considered healthy or natural. Therefore, food purchases of higher value are expected to support demand growth. However, the maturity of the market, the decline in real incomes in 2021, and the decline in meat and chicken prices will hold back the faster rise.

Demand for meat, poultry and seafood products is expected to increase by 2.1% annually until 2024, remaining the leading product segment. While per capita meat consumption has fallen over the past four decades, stagnant beef prices and falling chicken prices will support a small additional increase in the volume of meat consumption. Demand will also be driven by the purchase of more expensive cuts of meat, supported by demand for higher quality meat when eating out, more environmentally friendly meat (e.g., grass-fed, free food, organic, no antibiotics or hormones used during production. ), and meat products with added value (for example, marinated or seasoned meat). Increased competition from alternatives such as plant-based meat is expected to hold back profits more quickly. Competition from meatless products will also increase over the forecast period due to consumer concerns about the health, animal welfare and environmental impacts of meat production.

These and other important insights are shown on Food processing: United States of America. This report provides a 2020 forecast and a forecast through 2024 of the manufacturing and delivery food demand for employers and non-employers in nominal US dollars at producer level. Total requests are grouped by product in terms of:

  • meat, poultry and seafood
  • dairy products
  • grains and vegetable oils
  • bakery and related products
  • processed fruit and vegetables
  • pet food
  • sugar and confectionary products
  • other manufactured foods, such as seasonings and sauces, dried coffee and tea, egg substitutes, frozen specialty foods, peanut butter, baked beans, and spices

To illustrate historical trends, total demand, total shipments, various segments and trade are provided in an annual series from 2009 to 2019.

Exempted from the scope of this report are ready-to-drink drinks such as bottled water, carbonated soft drinks and liquid milk; beverage syrup; and unprocessed foods such as fresh fruit, vegetables and eggs. Also excluded are flavoring syrups and concentrates for the production of soft drinks. Cotton fiber is also not included. Inedible by-products from slaughtering animals, such as bones and skins, are not included in the total demand or shipment for meat, poultry and seafood products. Re-exports of manufactured food are not included in the demand and trade figures.

Further information on the report is available at:

https://www.freedoniafocusreports.com/Food-Processing-United-States-FF10024/?progid=91541

https://www.freedoniafocusreports.com/Freight-by-Rail-United-States-10775040/

About Freedonia Focus Reports

Every month, The Freedonia Group – a division of MarketResearch.com – publishes more than 20 new or updated Freedonia Focus Reports, providing fresh and unbiased analysis of a variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished goods and related services such as transport and construction. Additional Consumer goods reports can be purchased at The Freedonia Focus Report or MarketResearch.com.

Analysis is meant to guide busy readers through related topics in sequence, including:

  • total historical market size and industrial output
  • segmentation by product and market
  • identification of market drivers, constraints, and key indicators
  • segment-by-segment prospects in the five-year forecast
  • supply base survey
  • suggested resources for further study

Press Contact:

Corinne Gangloff

+1 440,684,9600

[email protected]

View original content for multimedia downloads:http://www.prnewswire.com/news-releases/ease-of-preparation-premium-products-to-drive-value-gains-for-manufactured-food-301236818.html

SOURCE Freedonia Group

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Brazil

UPDATE 1-Telefonica is in exclusive talks with investors for the Brazilian fiber unit | Instant News


(Write with COO comments)

MADRID, February 25 (Reuters) – Telefonica is in exclusive talks with financial investors about setting up a joint fiber optic venture in Brazil, Chief Operating Officer Angel Vila said Thursday.

The Spanish telecommunications group plans to expand high-speed fiber-optic coverage to more cities in Brazil, following a similar project launched in Germany in partnership with insurance company Allianz.

“Brazil is the size of a continent. Our capital expenditure (capex) will not reach everything, “Vila told Reuters.

After speaking with many potential partners, the company has held exclusive talks with “international operators with a financial and infrastructure profile”, said Vila, declining to name investors.

Talks have progressed, he added, but “in this situation you can never say 100% that you will sign.”

Previously Vila told analysts that the second phase of development could be done through agreements with fiber owners such as the American Tower.

Telefonica is already using the infrastructure of larger US companies in the Brazilian states of Minas Gerais and Vila said they “may be interested in consolidating” the agreement.

Vila said she could not confirm a Bloomberg News report that exclusive talks were held with Canadian pension fund Caisse de depot el placement du Quebec (CDPQ), due to a confidentiality agreement.

“CDPQ is a top class long-term global investor, that would be very attractive,” he added.

American Tower did not immediately respond to a request for comment. CDPQ could not be reached immediately.

Telefonica plans to hold half of the business through Telefonica and its local branch Telefonica Brasil.

Vila told analysts by conference call that it could expand the unit later through acquisitions.

Telefonica cut its dividend after reporting a 10% drop in previous 2020 earnings on Thursday, although it expects business to stabilize this year. (Reporting by Isla Binnie, Eid by Inti Landauro, Kirsten Donovan)

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Switzerland

UPDATE 2-Adecco Switzerland sees a steady recovery as COVID restrictions easing | Instant News


* The company sees steady improvements in early 2021

* CFO sees further recovery when restrictions are lifted

* First quarter earnings tend to be flat

* The company continues its 600 million euro share buyback (Update with share prices, analyst and executive comments)

ZURICH, February 25 (Reuters) – Adecco Group sees a steady recovery in the labor market and does not expect the increase to be thwarted by the latest COVID-19 restrictions across Europe, the Swiss employment firm said on Thursday.

Adecco said many entrepreneurs have learned to overcome social distancing rules and other restrictions, while it is hoped that measures to tackle the latest COVID-19 spike will subside.

The company, whose operations help signal the health of the broader economy, said earnings in January and February were close to returning to pre-crisis levels helped by increased hiring in fast-growing areas such as e-commerce and logistics.

“The risk of pulling back is limited,” Chief Financial Officer Coram Williams told Reuters. “We are clearly at a point where the restrictions have become the strictest and the volume is resilient. We should see further restoration and improvement but only if those restrictions are actually lifted. “

Switzerland on Wednesday said it would ease restrictions starting March 1 and Britain has laid out plans to ease the measures, although shops, restaurants and schools remain closed in many European countries.

In January and February, Adecco’s revenue decreased 2% compared to the previous year, an upward trend from a 5% decline in the fourth quarter and a 15% decline in the third quarter.

“We are a good barometer of the economy and we are close to pre-crisis levels if you look at our earnings,” Williams said.

Adecco’s new confidence echoes rivals Randstad and ManpowerGroup who both say they are seeing a steady increase in hiring.

During the fourth quarter, Adecco’s revenue fell to 5.41 billion euros ($ 6.59 billion), beating estimates of 5.27 billion euros in the consensus views of analysts compiled by the company.

Fourth-quarter net profit of 149 million euros beat estimates of 116 million euros. Shares were up 1.6% in early trading.

Williams said Adecco is expected to post revenue growth during the second quarter of this year after a 28% drop in the COVID-hit second quarter of 2020.

Earnings will likely be flat in the first quarter with “little chance of growth,” Williams said.

The company proposed a 2020 dividend of 2.50 Swiss francs, the same rate as 2019, and said it would continue the 600 million euro share buyback scheme that was halted at the start of the crisis.

$ 1 = 0.8214 euros Reported by John Revill; Edited by Michael Shields and Edmund Blair

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