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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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Japan shares hit six-month top, U.S. dollar in demand

bycitibusinessnews
October 25, 2016
in Asia, INTERNATIONAL
People walk past an electronic board displaying various Asian countries' stock price index and world major index outside a brokerage in Tokyo, Japan, August 21, 2015.  REUTERS/Issei Kato/File Photo - RTSPZR0

People walk past an electronic board displaying various Asian countries' stock price index and world major index outside a brokerage in Tokyo, Japan, August 21, 2015. REUTERS/Issei Kato/File Photo - RTSPZR0

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Japanese shares hit a six-month top on Tuesday as the dollar advanced on the yen, while risk sentiment got a lift after factory surveys in the United States and Europe boasted the best readings of the year so far.

There were also tentative hopes rising prices for steel and some industrial commodities – zinc surged to a five-year peak and iron ore reached its highest since mid-2014 – could pick up the pulse of inflation globally.

Japan’s Nikkei .N225 rose 0.7 percent to levels last seen in April as a softening yen burnished the outlook for the country’s exporters. Australian stocks added 0.6 percent and Taiwan .TWII 0.7 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked 0.1 percent firmer, as did EMini futures for the S&P 500 ESc1. Spread betters tipped moderate opening gains for European bourses.

South Korea’s main index .KS11 slipped 0.5 percent after data showed Samsung Electronics’ (005930.KS) decision to scrap its Galaxy Note 7 dragged on the entire economy in the third quarter, though growth still pipped forecasts.

Wall Street had taken encouragement from upbeat corporate results and the Dow .DJI ended Monday up 0.46 percent, while the S&P 500 .SPX gained 0.47 percent and the Nasdaq .IXIC 0.91 percent.

Over one third of U.S. companies have now reported and 80 percent have beaten market expectations. Another third of the S&P 500 components are scheduled to report earnings this week, including heavyweights Apple (AAPL.O), Alphabet (GOOGL.O), Amazon (AMZN.O) and Boeing (BA.N).

Merger and acquisition activity added extra fizz in the wake of AT&T Inc’s (T.N) $85.4 billion bid for Time Warner Inc (TWX.N), though the deal seemed destined to face stringent scrutiny from regulators.

DOLLAR IN DEMAND

Aiding risk sentiment was the Markit survey of U.S. manufacturing which climbed to a one-year top of 53.2.

Business activity in the euro zone expanded at the fastest pace this year so far in October and firms raised prices at the sharpest rate in more than five years.

The better news led investors to nudge up the probability of a December rate hike from the Federal Reserve to around 74 percent <0#FF:> and pressured Treasury prices.

It also lifted the U.S. dollar to a nine-month high against a basket of major currencies at 98.846 .DXY. The dollar firmed on the yen to 104.43 JPY=, threatening the month’s peak at 104.62, while the euro struggled at $1.0878 EUR=.

One mover was the Canadian dollar which rebounded from a seven-month low after Bank of Canada Governor Stephen Poloz said the decision on whether to cut interest rates again was not one to take lightly.

The comments countered recent speculation about an imminent easing and nudged the U.S. dollar down to C$1.3333 CAD=D4 from a peak at C$1.3398.

In commodities, oil prices dipped on news of the impending restart of Britain’s Buzzard oilfield and Iraq’s wish to be exempted from OPEC production cuts.

Brent LCOc1 was down 9 cents at $51.37 a barrel, while U.S. crude CLc1 also lost 2 cents to $50.50.

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Going the other way was iron ore, with Chinese iron ore futures reaching their highest since August 2014.

Coal prices also reached new peaks after weeks of gains, a prop for the Australian dollar AUD=D4 as the two commodities are the country’s biggest export earners.

–

Credit: Reuters

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