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May 13 (Reuters) – Vitarich Corp VITA.PS:
QTRLY GROSS REVENUE 2.62 BILLION PESOS VERSUS 2.21 BILLION PESOS
QTRLY NET INCOME ATTRIBUTABLE 40.8 MILLION PESOS VERSUS 186.5 MILLION PESOS
Source text for Eikon: ID:nPSX5DDsM7
Further company coverage: VITA.PS
May 13 (Reuters) – Australian shares climbed more than 1% on Friday but were set for their fourth straight weekly drop as high inflation, rising interest rates and energy supply fears in Europe kept investors worried about a global economic slowdown.
The S&P/ASX 200 index .AXJO jumped 1.1% to 7,018.50 by 0032 GMT, with all sectors except gold trading in positive territory. The benchmark had lost 3.7% this week, as of Thursday’s close.
The flagship MSCI global index .MIWD00000PUS is down about 20% in the worst start to a year in recent memory, as rising inflation, the war in Ukraine and China’s COVID-19 woes have kept investors on edge. MKTS/GLOB
Japan’s Nikkei .N225 was up 1.74% on Friday and S&P 500 E-minis futures EScv1 were up 0.59%.
In Australia, energy stocks .AXEJ gained 1.9% but were on track for a fourth straight weekly loss.
Sector heavyweights Woodside Petroleum WPL.AX and Santos STO.AX rose 2.5% and 1.9%, respectively, on Friday.
Oil prices firmed in early trade but were headed for their first weekly drop in three as worries about inflation and China’s COVID lockdowns outweighed concerns about dwindling fuel supply from Russia. O/R
Miners .AXMM rose 1% but were set for their fourth consecutive weekly drop after losing 6.1% in the last four sessions.
Sector heavyweights BHP Group BHP.AX and Rio Tinto RIO.AX advanced 1.3% and 1.9%, respectively.
Technology stocks .AXIJ tracked the tech-heavy Nasdaq higher and were up 4%. The sub-index was the top percentage gainer on the benchmark but looked set to mark its worst weekly performance in a year. .N
Financials .AXFJ rose 0.6% after a six-session losing streak, while gold stocks .AXGD fell 0.7% on weak bullion prices. GOL/
New Zealand’s benchmark S&P/NZX 50 index .NZ50 fell 0.5% to 11,116.03.
(Reporting by Himanshi Akhand in Bengaluru; Editing by Subhranshu Sahu)
((Himanshi.Akhand@thomsonreuters.com))
For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1
May 13 (Reuters) – AC Energy Corp ACEN.PS:
APPROVED ADDITIONAL TERM LOAN FACILITIES OF UP TO 6 BILLION PESOS TO SUPPORT COMPANY’S GROWTH PLANS
BOD APPROVED APPOINTMENT OF JUAN MARTIN L. SYQUIA AS DEPUTY CFO EFFECTIVE MAY 16
APPROVED ISSUANCE OF CORPORATE GUARANTEES FOR CO’S AUSTRALIA PROJECTS WORTH UP TO A$360 MILLION
Source text for Eikon: ID:nPSXb57nqy
Further company coverage: ACEN.PS
May 13 (Reuters) – Gold prices on Friday were held near a three-month low as the strongest dollar in two decades continued to sap demand for greenback-priced bullion, setting up what could be the metal’s fourth consecutive weekly fall.
FUNDAMENTALS
* Spot gold XAU= was down 0.1% at $1,820.54 per ounce, as of 0054 GMT, having dropped to its lowest since Feb. 7 earlier in the session. U.S. gold futures GCv1 fell 0.2% to $1,821.20.
* Bullion is on course for a 3.2% weekly drop, its biggest in two months.
* The dollar =USD steadied near a fresh 20-year high scaled on Thursday as concerns persisted that U.S. central bank’s actions to drive down high inflation would crimp global economic growth, boosting the currency’s safe-haven appeal.USD/
* The elevated dollar drove rival safe-haven gold and other precious metals lower in the previous session, with palladium shedding more than 8%.
* Benchmark U.S. 10-year Treasury yields edged higher on Friday, arresting a four-session slide, and piling on pressure on zero-yield gold. US/
* Calling stable prices the “bedrock” of the economy, Federal Reserve Chair Jerome Powell said on Thursday the U.S. central bank’s battle to control inflation would “include some pain” as the impact of higher interest rates is felt, but that the worse outcome would be for prices to continue speeding ahead. nL2N2X433H nL2N2X419C
* Although seen as an inflation hedge, bullion is sensitive to rising U.S. short-term interest rates and bond yields, which raise the opportunity cost of holding it.
* Spot silver XAG= was up 0.5% at $20.76 per ounce, but set for a fourth consecutive weekly fall, having lost about 6.9% so far this week.
* Platinum XPT= gained 0.8% to $951.50, and palladium XPD= rose 1.4% to $1,934.36, but were set for weekly losses of about 1.2% and 5.2%, respectively.
(Reporting by Bharat Govind Gautam in Bengaluru; Editing by Sherry Jacob-Phillips)
((BharatGovind.Gautam@thomsonreuters.com; +91-80-6182-3021/ 3590 (If within U.S. call 651-848-5832 );))
By Sonali Paul
MELBOURNE, May 13 (Reuters) – Oil prices firmed in early trade on Friday but were headed for their first weekly losses in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth outweighed concerns about dwindling fuel supply from Russia.
Brent crude LCOc1 futures were up 97 cents, or 0.9%, at $108.42 a barrel at 0008 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed $1.00, or 0.9%, to $107.13 a barrel.
Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop more than 3% and WTI more than 2%.
The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil sapping supply and concerns about demand being dented by weaker global growth, inflation and China’s COVID curbs.
“The demand concern factors have grown quite a bit,” said Commonwealth Bank commodities analyst Vivek Dhar.
Inflation and aggressive rate rises have driven the U.S. dollar to 20-year highs, which has capped oil price gains because the strong dollar makes oil more expensive for buyers holding other currencies.
Analysts, however, continue to focus on the prospect of a European Union ban on Russian oil, after Moscow imposed sanctions this week on European units of state-owned Gazprom and after Ukraine stopped a gas transit route.
“Oil is finding support from supply concerns as Russia takes another step forward to weaponize energy,” said SPI Asset Management managing partner Stephen Innes.
An International Energy Agency report on Thursday highlighted the duelling factors in the market, saying rising oil production in the Middle East and the United States and a slowdown in demand growth are “expected to fend off an acute supply deficit amid a worsening Russian supply disruption”. nL5N2X431I
The agency said it saw output from Russia falling by nearly 3 million barrels per day (bpd) from July, or about three times more than is currently displaced, if sanctions for its war on Ukraine are expanded or if they deter further buying.
(Reporting by Sonali Paul; Editing by Bradley Perrett)
((Sonali.Paul@thomsonreuters.com; +61 407 119 523))
May 13 (Reuters) – Bloomberry Resorts Corp BLOOM.PS:
QTRLY REVENUE 7.19 BILLION PESOS VERSUS 5.51 BILLION PESOS
QTRLY NET INCOME ATTRIBUTABLE 686.7 MILLION PESOS VERSUS LOSS OF 771.2 MILLION PESOS
Source text for Eikon: ID:nPSX5RWygz
Further company coverage: BLOOM.PS
TOKYO, May 13 (Reuters) – Japanese Finance Minister Shunichi Suzuki said on Friday it was inappropriate to guide fiscal policy on the assumption the central bank will keep buying government bonds indefinitely.
“The Bank of Japan is buying government bonds as part of its monetary policy efforts to achieve its inflation target,” Suzuki told a news conference.
Japanese policymakers have scrambled to reassure markets the government was not forcing the BOJ to bankroll public debt, after former premier Shinzo Abe on Monday described the central bank as a government “subsidiary” that can fund its spending indefinitely. nL3N2X2253
(Reporting by Leika Kihara; Editing by Tom Hogue)
((leika.kihara@thomsonreuters.com; +813-6441-1828; Reuters Messaging: leika.kihara.reuters.com@reuters.net))
May 13 (Reuters) – Eagle Cement Corp EAGLE.PS:
DECLARED CASH DIVIDENDS OF 0.40 PESOS PER COMMON SHARE, PAYABLE JUNE 10
Source text for Eikon: ID:nPSX3dW6fr
Further company coverage: EAGLE.PS
Adds context and central bank comments
LIMA, May 12 (Reuters) – Peru’s central bank raised the country’s benchmark interest rate by 50 basis points to 5% on Thursday, the tenth consecutive hike, as authorities in the copper-producing Andean nation battle spiraling inflation.
The 5% rate was in line with the expectations of a Reuters poll of analysts and is the country’s highest since April 2009.
Peru’s annual inflation rate hit 7.96% in April, its highest level in 24 years, amid local protests over rising food and energy costs. nL2N2WT0CJ
The bank restated last month’s guidance, saying it expects inflation to begin to fall in July, and “inflation would return to the target range between the second and third quarters of next year.”
Protests over rising costs are part of a wave of social unrest facing the increasingly unpopular President Pedro Castillo, who last month deployed the armed forces in response to a series of road blockades.
(Reporting by Marcelo Rochabrun and Marco Aquino in Lima; Valentine Hilaire and Brendan O’Boyle in Mexico City; Editing by Sandra Maler and Chris Reese)
BOGOTA, May 12 (Reuters) – Colombia on Thursday successfully performed an internal public-debt swap with the market for 2.6 trillion pesos ($637.2 million) in a move to improve the country’s debt profile, the finance ministry said.
The quantity of titles exchanged in the swap was equal to 81% of the offers presented to participants.
In the operation, the government received TES bonds due to mature in 2023 in exchange for UVR-denominated bonds due in 2025 and 2035, with yields tied to inflationary performance, and bonds maturing in 2042 to be paid in pesos.
“The transaction contributed to improving the profile of Colombia’s public debt, without increasing net indebtedness,” the finance ministry said in a statement.
The average life of the TES bonds portfolio went from 9.29 to 9.33 years, while the average coupon cost fell from 9.39% to 9.38%, the statement added.
“The swap we carried out today attracted offers from a wide range of institutional investors, which allowed us to extend the average term of our local debt,” said Finance Minister Jose Manuel Restrepo.
The transaction followed two tranches of swaps made in March and April, for 2.3 trillion pesos and 2.6 trillion pesos, respectively.
($1 = 4,080.32 Colombian pesos)
(Reporting by Nelson Bocanegra
Writing by Oliver Griffin
Editing by Leslie Adler)
((Oliver.Griffin@thomsonreuters.com; +57 304-583-8931;))
