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May 13 (Reuters) – ACE Enexor:
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QTRLY NET LOSS ATTRIBUTABLE 15.8 MILLION PESOS VERSUS LOSS OF 25.5 MILLION PESOS
Source text for Eikon: ID:nPSXfQRVj
Further company coverage: ACEX.PS
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BRIEF-Philippine Savings Bank Posts Qtrly Gross Revenue 4.39 Bln Pesos
May 13 (Reuters) – Philippine Savings Bank PSB.PS:
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QTRLY GROSS REVENUE 4.39 BILLION PESOS VERSUS 4.33 BILLION PESOS
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QTRLY NET INCOME AFTER TAX 887.7 MILLION PESOS VERSUS 438.5 MILLION PESOS
Source text for Eikon: ID:nPSXb5hJWN
Further company coverage: PSB.PS
BRIEF-Philippine National Bank Posts Qtrly Gross Revenue 12.36 Billion Pesos
May 13 (Reuters) – Philippine National Bank:
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QTRLY GROSS REVENUE 12.36 BILLION PESOS VERSUS 13.51 BILLION PESOS
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QTRLY NET INCOME ATTRIBUTABLE 2.80 BILLION PESOS VERSUS 1.77 BILLION PESOS
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QTRLY NET INTEREST INCOME OF 8.5 BILLION PESOS, UP 3%
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QTRLY TOTAL COMMON EQUITY TIER 1 RATIO AT 14%
Source text for Eikon: ID:nPSXj7Stl
Further company coverage: PNB.PS
BRIEF-Discovery World Corp Posts Qtrly Net Income Attributable 43.7 Million Pesos
May 13 (Reuters) – Discovery World Corp:
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QTRLY NET INCOME ATTRIBUTABLE 43.7 MILLION PESOS VERSUS 79.2 MILLION PESOS
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QTRLY GROSS REVENUE 137.3 MILLION PESOS VERSUS 76.5 MILLION PESOS
Source text for Eikon: ID:nPSX6RtSH5
Further company coverage: DWC.PS
Turkish lira extends slide to near 15.5 vs dollar
ISTANBUL, May 13 (Reuters) – The Turkish lira dipped for the seventh consecutive session against the dollar on Friday, bringing its losses to nearly 5% since last Wednesday and heading towards the record lows hit last December.
The lira TRYTOM=D3 weakened as far as 15.4675 against the U.S. currency and stood at 15.4410 at 0707 GMT. It has lost some 15% of its value this year, on top of a 44% slide in 2021.
The slump has left traders predicting that authorities are targeting a new level – as weak as 15.5 to the dollar – in a months-long effort to stabilise the exchange rate using its depleted reserves together with other measures. nL5N2X4330
(Reporting by Daren Butler; Editing by Jonathan Spicer)
((daren.butler@tr.com; +90-212-350 7053; Reuters Messaging: daren.butler.thomsonreuters.com@reuters.net))
JGB yields track fall in U.S. Treasuries
TOKYO, May 13 (Reuters) – Japanese government bond (JGB) yields on Friday tracked overnight declines in U.S. Treasury yields as the bond market weighed the odds of the Fed keeping the economy from lurching into recession while looking to tame rising inflation. US/
The 10-year JGB yield JP10YTN=JBTC fell 0.5 basis point to 0.240% and the 20-year JGB yield JP20YTN=JBTC fell 2 basis points to 0.740%.
“Even as inflation remains high, expectations that yields on U.S. and German bonds might have peaked their highs could prompt investors to buy Japanese bonds at their dent,” said Katsutoshi Inadome, senior bond strategist at Mitsubishi UFJ Morgan Stanley Securities.
The 30-year JGB yield JP30YTN=JBTC fell 1 basis point to 0.995%.
The 40-year JGB yield JP40YTN=JBTC fell 1.5 basis point to 1.110%.
The two-year JGBs were not traded and the yield JP2YTN=JBTC was flat at -0.055%.
The five-year yield JP5YTN=JBTC fell 0.5 basis point to 0.005%.
Benchmark 10-year JGB futures 2JGBv1 rose 0.07 point to 149.54, with a trading volume of 16,283 lots.
(Reporting by Tokyo markets team;
Editing by Vinay Dwivedi)
((813-4563-2711, junko.fujita@thomsonreuters.com, Reuters Messaging:junko.fujita.reuters.com@reuters.net;))
South Africa’s rand firms, central banks in focus
JOHANNESBURG, May 13 (Reuters) – South Africa’s rand firmed in early trade on Friday, extending gains made in the previous session despite a stronger dollar and data pointing to continued weakness in the domestic economy.
At 0540 GMT, the rand ZAR= was trading at 15.9900 against the dollar, 0.67% firmer than its previous close.
The currency stayed resilient against the dollar, which remains near 20-year highs, and was not largely moved by data released on Thursday showing that March mining output fell more than expected, and manufacturing production also declined year-on-year.
Market participants are now awaiting South Africa’s Reserve Bank monetary policy committee meeting next week.
A Reuters poll forecasted that the central bank is set to make its first 50 basis point hike to its repo rate in more than six years on Thursday, taking it to 4.75%, to prevent potential second-round effects from higher consumer prices.nL5N2X398J
A hike could support the rand, at a time when investors are also assessing how aggressive the U.S. Federal Reserve policy path will be after it raised its benchmark overnight interest rate by 50 basis points last week.
(Reporting by Olivia Kumwenda-Mtambo; Editing by Subhranshu Sahu)
((Olivia.Kumwenda@thomsonreuters.com; +27 10 346 1084;))
FOREX-Yen set to snap nine weeks of losses, dollar holds firm
By Alun John
HONG KONG, May 13 (Reuters) – The yen is poised to snap a nine-week losing streak on Friday on weakening risk sentiment, while another Wall Street selloff drove flight-to-safety bids to the dollar, which held near 20-year peaks.
The dollar regained a little ground on the Japanese currency JPY= and was last at 128.9 per dollar after hitting a two-week low of 127.5 overnight.
However, the dollar is still down 1.2% against the yen this week, its first week of declines since early March. The euro EURJPY= has fallen 2.6% versus the yen this week, its biggest drop also since early March as the common currency has been a major victim of the “risk off” mood.
“The yen is perhaps the most obvious signal of a shift from a world where yields were dominant and risk was resilient (yen negative), to a world this week where the dominant force is sour risk appetite driving yields lower (yen positive),” said Alan Ruskin, macro strategist at Deutsche Bank in a note.
The benchmark U.S. 10-year yield US10YT=RR was 2.8877% on Friday, slightly higher, but still down sharply from Monday’s high of 3.203%.
Rising U.S. yields at a time when the Bank of Japan was intervening to keep Japanese benchmark yields pinned down caused the yen to soften this year.
Investors are continuing to move towards safe-haven assets fearing central bank rate hikes to constrain inflation could hit global economic growth while MSCI’s gauge of stocks around the world .MIWD00000PUS fell to its lowest overnight since November 2020.
Asian shares and U.S. futures edged a little higher on Friday, but analysts saw little sign of a broader recovery. MKTS/GLOB
Investors are still assessing how aggressive the Federal Reserve’s policy path will be after the U.S. central bank raised its benchmark overnight interest rate by 50 basis points last week, the largest hike in 22 years.
Expectations are completely priced in for another hike of at least 50 basis points at the central bank’s June meeting, according to CME’s FedWatch Tool.
The euro EUR=EBS was at $1.0394, up 0.16%, holding above its 2017 low of $1.034.
The weak euro kept the dollar index =USD at 104.63, just off its overnight 20-year peak of 104.92.
Sterling GBP=D3 hunkered down at $1.2221, hurt after data Thursday showed Britain’s economy unexpectedly shrank in March, and the Aussie dollar AUD=D3 was also bruised at $0.6886. nL5N2X427Z
Crypto markets were steadier on Friday after a week of turmoil, as the risk-off mood combined with the spectacular collapse of stable coin TerraUSD. nL2N2X42K9
The sell-off has taken the combined market value of all cryptocurrencies to $1.2 trillion, less than half of where it was last November, based on data from CoinMarketCap, and sent bitcoin to as low as $25,401.05 on Thursday, its lowest level since Dec. 28, 2020.
But things were calmer in early trading on Friday with bitcoin BTC=BTSP up 5.3%, trading around $30,400.
World FX rateshttps://tmsnrt.rs/2RBWI5E
(Editing by Sam Holmes and Jacqueline Wong)
UPDATE 1-LIC prices IPO at top end of indicated range – source
Changes sourcing, adds details
By Scott Murdoch and Nupur Anand
MUMBAI, May 13 (Reuters) – India’s Life Insurance Corp (LIC) has priced its initial public offering at the top of the indicated range, at 949 rupees ($12.28), a source familiar with the matter said on Friday.
The state-owned insurance behemoth is likely to be listed on stock exchanges on May 17.
The price range for the issue had been set at between 902 and 949 rupees per share.
LIC shares were trading at a discount of around 30 rupees from the upper end of the price band, a sharp decline from a premium of 100 rupees earlier this month.
The country’s largest-ever IPO was oversubscribed 2.95 times as six days of bidding came to an end on May 9. The government expects to raise up to $2.7 billion – a third of its original target – by selling a 3.5% stake in the company.
The 66-year-old company dominates India’s insurance sector, with more than 280 million policies. It was the fifth-biggest global insurer in terms of insurance premium collection in 2020, the latest year for which statistics are available.
($1 = 77.3075 Indian rupees)
(Additional reporting by Nivedita Bhattacharjee in Bengaluru; editing by Uttaresh.V and Bradley Perrett)
((Nivedita.Bhattacharjee@thomsonreuters.com; Mobile: +91 9920455129; Twitter: @tweetsfromnivi;))
European stocks find support at the end of volatile week
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May 13 (Reuters) – European shares rose in early deals on Friday, stabilising at the end of a volatile week dominated by worries over hot inflation and aggressive monetary policy tightening.
The pan-European STOXX 600 index .STOXX rose 0.7% by 0710 GMT, with banks .SX7P, oil & gas .SXEP and technology .SX8P stocks leading morning gains.
Global markets, particularly U.S. stocks, have gyrated wildly this week as investors priced in tightening financial conditions as the Federal Reserve prepares a series of interest rate hikes to contain a surge in inflation. .N
Despite Friday’s gains so far, the STOXX 600 is set to log its fifth consecutive weekly decline.
Deutsche Telekom DTEGn.DE slipped 0.4% despite reporting quarterly core profit and revenue above market estimates. nL5N2X50PV
Wind turbine maker Vestas VWS.CO dropped 4.4% after Berenberg downgraded the stock to “hold”.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Subhranshu Sahu)
((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2787;))