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July 20 (Reuters) – TeliaSonera’s (TLSN.ST) new outlook for sales growth in local currencies in 2010 is an upgrade of its previous outlook, the company said on Tuesday.
The company said it now expected growth in net sales in local currencies and excluding acquisitions for 2010 to be in line with the first half of 2010.
Previously the company forecast “somewhat higher” net sales.
“This is an upgrade of the year’s growth forecast,” a Telia spokesman quoted Chief Executive Lars Nyberg saying.
July 20 (Reuters) – TeliaSonera (TLSN.ST) reported second-quarter core profit in line with market forecasts on Tuesday and said sales growth in local currencies in 2010 as a whole would match the pace achieved in the first half of the year.
The Nordic region’s biggest telecom operator, said earnings before interest, tax, depreciation and amortisation and excluding one-offs was 9.2 billion Swedish crowns ($1.25 billion), in line with forecasts. [ID:nLDE66I12A]
Sales were 27.0 billion crowns versus a forecast of 26.9 billion.
July 9 (Reuters) – The euro hit a two-month high against the dollar and rose broadly on Friday as improving risk demand prompted European banks to pick up the currency.
The euro EUR= climbed as high as $1.2723 according to electronic trading platform EBS. London traders cited demand from a Swiss bank from around $1.2680 as helping to push the single currency higher.
It rose broadly, climbing to 112.69 yen EURJPY= and 83.84 pence against sterling EURGBP=D4, its highest versus both currencies since June 21. (Reporting by Naomi Tajitsu)
June 29 (Reuters) – The euro extended its losses against sterling to hit a 19-month low on Tuesday, hurt by funding concerns in the euro zone.
Currencies
Funding pressures in the euro zone on concerns ahead of bank repayments to the European Central Bank this week as well as debt auctions were weighing on the euro, market players said.
The euro fell to as low as 81.16 pence EURGBP=D4, its lowest since November 2008. (Reporting by Rika Otsuka)
June 17 (Reuters) – Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
Currencies | Global Markets
The official, speaking ahead of a Group of 20 summit in Canada on June 26-27, also said that while Beijing is determined to promote more domestic consumption, it is unrealistic to expect drastic changes in the short run.
Chinese leaders have long insisted — and many economists agree — that a set of policies broader than just its exchange rate regime is needed to overhaul the economy.
The official, who spoke on condition of anonymity, said change would not happen overnight.
It was unreasonable to expect the Chinese people to immediately fill the void left by U.S. consumers who are spending less money in the wake of the global financial meltdown, he said. (Reporting by Benjamin Kang Lim; Editing by Ken Wills)
June 17 (Reuters) – Hungary’s new government will start negotiations in July with the International Monetary Fund and EU about a new loan agreement, a chief aide to the prime minister said on Thursday.
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“I hope there will be (an agreement)…The delegations (of IMF and EU) will come here in early July; we will sit down to negotiate then so that there can be a new agreement,” Gyorgy Szapary, chief aide to Prime Minister Viktor Orban, told television m1.
“We are thinking about possibly extending (the current aid deal) until December so that there is no break in the programme, because we think that potentially we could get another agreement for 2011,” Szapary said.
He added that Hungary did not plan to draw down the currently available tranches of its existing loan for now, but said the funds may have to be used if the global sentiment turns unfavourable.
(Reporting by Marton Dunai; Editing by Kim Coghill)
TOKYO, June 16 (Reuters) – The euro steadied near a two-week high against the dollar on Wednesday, as investors in Asia hesitated to chase its short-covering rally further, while higher yielding currencies stalled after rallying alongside stocks.
The euro paused ahead of resistance at $1.2350-55 EUR= although traders and chartists said it still had scope to extend its gains after a rise in the S&P 500 .SPX improved risk tolerance, with some looking for a move above $1.24 and beyond.
Holidays in China and Hong Kong helped keep Asian currency market activity subdued after Wall Street rallied more than 2 percent and the S&P 500 rose above its 200-day moving average for the first time in a month, suggesting the recent downtrend may be nearing an end. [.N]
Japanese investors are wary of the euro’s move higher, which has been spurred by short-covering from a four-year low of $1.1876 set earlier in June, and are trying to gauge how solid the rise is, said a currency trader at a Japanese brokerage.
At the same time, he and others said the euro, while still in a downtrend, may have further to go before the end of the quarter.
“Short-covering and European banks’ repatriation will keep the euro buoyant for at least for another week,” the trader said.
The euro rose 0.9 percent on Tuesday, touching $1.2350, its strongest since June 1. By Wednesday it had trickled back to $1.2335, with support expected from its 55-hour moving average coming in about $1.2250.
After $1.2350-55, resistance is layered at $1.2370, a 61.8 percent retracement of its late May high to its June low, at $1.2450, which is a late May reaction high, and at $1.2550-70, a 38.2 percent retracement from mid-April highs to the June low.
On Tuesday, investors set aside concerns about the euro zone financial sector and soft economic data to buy riskier assets, higher-yielding currencies and the euro, preferring to look on the bright side after Spain raised 5.2 billion euros ($6.42 billion) at an auction and Belgium netted 2.5 billion euros.
Analysts said the market was watching the rebound in equities.
“Markets are not very sensitive to fundamental news because they are pushing back their interest rate forecasts,” said Masafumi Yamamoto, chief FX strategist at Barclays in Japan.
“Markets are focusing more on equity markets so equity-sensitive currencies like the Aussie, kiwi, Canadian dollar and the Swedish crown could be the main focus.”
The Australian dollar was holding up near the month’s highs against both the dollar and the yen but failing to capitalise on gains of 1 percent in Asian shares.
It was flat on the day at $0.8645 AUD=D4, not far below a one-month high near $0.8670 struck on Monday.
It eased 0.1 percent to 79.05 yen AUDJPY=R, pausing before resistance at 80.00, a 50 percent retracement of its fall from just above 88.00 in late April to its a low of 71.89 in May and a point at which Japanese retail margin traders are expected to take profits.
The New Zealand dollar fell 0.6 percent to $0.6945 NZD=D4, with some talk that it was being weighed on by a comment by Finance Minister Bill English on trying to ensure the rate hike cycle was not as vicious as in the past. [ID:nWLF004686]
It also lost ground to the Aussie, which rose sharply to its highest in two weeks against the kiwi AUDNZD=D4.
The euro was steady at 112.80 yen EURJPY=, after topping 113.00 on Tuesday to touch its strongest level in two weeks.
The dollar was flat on the day at 91.50 yen JPY=, in the middle of a 4 yen range it has held since mid-May.
The dollar index .DXY =USD edged up to 86.03, hovering above support near 85.85 which was a low it marked on May 28
But it slipped to its lowest in a month against the Swiss franc at 1.1288 francs CHF=. ($1=.8102 Euro) (Additional reporting by Rika Otsuka in Tokyo and Anirban Nag in Sydney; Editing by Michael Watson)
June 14 (Reuters) – U.S. crude climbed more than $1 on Monday, heading towards $75 a barrel as renewed optimism about the global economic recovery rekindled appetite for risk, sending stock markets higher and the dollar down.
The dollar weakened about 0.6 percent against a basket of currencies .DXY, with the euro at a one-week high, while Japanese stocks rose as the nation’s manufacturers grew more optimistic about the business environment in the April-June quarter. [ID:nTOE65A05M]
U.S. crude for July CLc1 rose as much as $1.01 to $74.79 a barrel and was up 96 cents to $74.74 at 0514 GMT, still down 14 percent from a 19-month high above $87 in early May. ICE Brent LCOc1 gained 77 cents to $75.12. (Reporting by Alejandro Barbajosa; Editing by Michael Urquhart)
June 13 (Reuters) – Egyptian carpet maker Oriental Weavers (ORWE.CA) is negotiating to raise prices on some of its contracts with European importers following the euro’s tumble against other currencies this year, the company said on Sunday.
Cyclical Consumer Goods
The euro EUR= hit its lowest point since 2006 on Monday before rallying slightly last week. Euro-denominated sales account for some 15 percent of the Egyptian firm’s total sales.
“The declining euro was unexpected, the percentage was definitely unexpected,” the firm’s investor relations manager, Haitham Moneim, said.
“What we are renegotiating now is some sort of better prices,” he said, adding he expected the first changes to come into effect in the third quarter of this year.
Oriental Weavers exports over half of its goods to more than 100 countries, with about 20 percent of its sales coming from Europe. It also controls 85 percent of Egypt’s carpet industry.
Haitham said he expected that clients such as Swedish furniture retailer IKEA [IKEA.UL] would be open to adjusting prices after the euro shed over 15 percent of its value this year, and did not think higher prices would push importers to order fewer carpets.
“I think it (order volumes) will be based on demand in general, not only on the euro,” he said. “I think we have a favourable position to negotiate.” (Reporting by Alexander Dziadosz; Editing by Louise Heavens)
June 10 (Reuters) – The euro extended gains on Thursday as short-covering picked up pace, helped by comments from a Chinese pension fund chief who said the single currency could weather the sovereign debt crisis.[ID:nBJB003864]
Currencies | Global Markets
The European single currency rose as high as $1.2064 on trading platform EBS, rising more than one U.S. cent from an earlier low of $1.1957. (Reporting by Satomi Noguchi)
Currencies
Global Markets
June 9 (Reuters) – Chile’s peso CLP= ended 1.26 percent higher on Wednesday, reversing losses from the previous session as global stocks rebounded and prices of the country’s main export, copper, climbed, traders said.
Currencies
The peso rose to 541.00/541.50 per U.S. dollar compared with Tuesday’s close of 547.80/548.30. (Reporting by Froilan Romero and Maria Jose Latorre; Editing by James Dalgleish)
June 9 (Reuters) – Israel said on Wednesday a fourth round of U.N. Security Council sanctions imposed on Iran over its nuclear programme was an important step, but called for even broader economic and diplomatic measures.
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“Israel sees the Security Council decision 1929 as an important step,” Israel’s Foreign Ministry said in a statement. “It is of great importance to implement the decision fully and immediately.”
“Together with this, it is clear the decision in itself is not enough,” the statement said, calling for stronger sanctions in different sectors in Iran. (Writing by Ari Rabinovitch)
June 4 (Reuters) – Chile’s state copper think tank Cochilco said on Friday it forecast world copper demand jumping 5.5 percent in 2011 to 19.1 million tonnes after a slight drop in 2010.
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Cochilco said the current global financial turbulence will have little impact on price projections this year.
(Reporting by Fabian Cambero)
June 4 (Reuters) – Chile, the world’s top copper producer, is expected to increase output in 2010 and 2011 as expansion and new projects come online, the country’s state copper think tank Cochilco said on Friday.
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Cochilco said it sees prices of molybdenum, a metal used to strengthen steel, ranging between $14 and $18 a pound in 2010.
(Reporting by Fabian Cambero; Editing by)
June 4 (Reuters) – Chile’s state copper think tank Cochilco said Friday it raised its forecast for copper prices to $3.20/lb in 2010 despite the ongoing market volatility stemming from Europe’s debt woes.
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Cochilco, which helps set price views for the world’s top copper miner Codelco, said it also raised its 2011 average copper price forecast to $3.30/lb from $3.20/lb. (Reporting by Fabian Cambero; Editing by John Picinich)
June 4 (Reuters) – The dollar fell versus the Japanese yen on Friday after a government report showed U.S. non-farm payrolls grew at a lower than expected rate in May. For details, see [ID:nOAT004640]
Currencies
The dollar fell 0.8 percent to hit a session low of 91.93 yen JPY=, according to Reuters data. It traded at 92.68 prior to the report.
The euro extended losses and was last trading down more than 1 percent at a session low of $1.2019 EUR=, according to Reuters data. It traded at $1.2064 before the release. (Reporting by Vivianne Rodrigues; Editing by Theodore d’Afflisio)
June 4 (Reuters) – The Canadian dollar weakened to a session low against the U.S. currency on Friday following U.S. employment data that came in weaker than the market had expected.
Currencies
At 8:31 a.m. (1231 GMT), the Canadian currency CAD=D4 was at C$1.0488 to the U.S. dollar, or 95.35 U.S. cents, then quickly weakened further to C$1.0499. On Thursday, the currency finished at C$1.0412 to the U.S. dollar, or 96.04 U.S. cents. (Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson)
June 4 (Reuters) – French Prime Minister Francois Fillon was referring to the general evolution of the exchange rate between the euro and the dollar when he referred to the “parity” between the two currencies, a source close to the prime minister said on Friday.
Speaking at a news conference earlier, Fillon said: “I only see good news in the parity between the euro and dollar,”, using the French word “parite” which means parity. He later used the same word in a different context to mean the general rate. (Reporting by Sophie Louet; writing by James Mackenzie)
June 2 (Reuters) – The Iranian central bank has announced that it will sell 45 billion euros from its foreign exchange reserves to buy dollars and gold, China’s official Xinhua news agency reported on Wednesday, citing unspecified Iranian media reports.
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Xinhua said that the sales would be conducted in three stages and that the first had already begun, citing unnamed sources.
It also said that other Gulf states had also started cutting their euro holdings. (Reporting by Michael Wei and Simon Rabinovitch; Editing by Neil Fullick)
June 2 (Reuters) – Germany’s net new borrowing this year will likely be less dramatic than expected, and reducing Berlin’s structural deficit by 2016 may be easier than thought, German Finance Minister Wolfgang Schaeuble said on Wednesday.
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The financial sector is not yet in the clear from effects of the financial crisis, however, and will require further government attention, he added. (Reporting by Sarah Marsh and Dave Graham)
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