Global News, Views and Updates :20 Feb: Bloomberg

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Global News, Views and Updates

Asia Stocks Fall; Dollar Rises With Bond Yields
Asian stocks declined with U.S. futures and the dollar rose as Treasury yields climbed back toward recent four-year highs. Japan’s Topix index dropped after staging its second-best performance this year, while shares in Australia and South Korea also fell, taking their cue from European markets as U.S. equities and Treasuries took a break for the Presidents’ Day holiday. Hong Kong shares joined the decline as traders returned to their desks after a holiday. Investor focus now turns to the U.S. Treasury, which opens its auction floodgates this week, beginning with $151 billion of short-term bills on Tuesday.

Oil Trades Above $62 as OPEC Head Sees Re-Balance Gain Traction
Oil advanced above $62 a barrel as the head of the Organization of Petroleum Exporting Countries said the re-balancing of the market is gaining traction. Futures in New York climbed as much as 1.7 percent after adding 4.2 percent last week. The “market re-balancing has gained massive momentum” as OPEC and its partners maintain output cuts, Secretary General Mohammad Barkindo said Monday. Global inventories are set for a significant draw in the second half of this year, according to Saad Rahim, chief economist at Trafigura Group Pte.

As `America First' Turns to Steel, Canada Looks to Duck Trump Ax
Canada, the top steel and aluminum exporter to the U.S., is hopeful of being left out of a Trump administration crackdown on foreign shipments. While the U.S. Commerce Department didn’t recommend giving its northern neighbor a pass when it outlined possible tariffs and quotas on Friday, it did acknowledge Canada’s importance to the U.S. aluminum industry. Canada accounts for about half of the U.S.’s almost 5 million-metric-ton aluminum deficit, and domestic smelters couldn’t fill that kind of void quickly, ING Bank strategist Oliver Nugent wrote in a note to clients Monday.

India's Serious Fraud Office Is Said to Probe Fortis, Religare
The government has asked the Serious Fraud Investigation Office to conduct a probe within three months into alleged siphoning of funds from Fortis Healthcare and Religare Enterprises, people with knowledge of the matter said. SFIO to identify any beneficiaries if funds were diverted, the people said, asking not to be identified as the matter is private. Institute of Chartered Accountants of India would be asked to look into the issue after SFIO submits report. Fortis and Religare hasn’t got any communication about a probe, it says in an exchange filing.

JSW Energy Signs Pact With Maharashtra For Electric Vehicles
Company signs MoU with western Indian state of Maharashtra for setting up facilities in the state for making electric vehicles and energy storage systems, JSW says in stock exchange filing. Pact with Maharashtra follows a similar pact with state of Gujarat. JSW seeking internal corporate approvals for Maharashtra project. JSW Energy Plans to Launch First Electric Vehicle by 2020: CEO.

RUBBER: Futures in Tokyo Rebound on Stronger Oil, Demand Outlook
Rubber for July delivery on Tokyo Commodity Exchange +0.6% to settle at 182.6 yen/kg. Short covering amid rising crude oil prices are countering concerns over high levels of rubber stockpiles and a lack of Chinese buyers, says Gu Jiong, an analyst at Yutaka Shoji. Outlook for expanding demand from tire makers also supports futures, says Takaki Shigemoto, analyst at JSC, researcher in Tokyo.

Punjab National Bank Says It Has Enough Assets to Meet Liability
The bank has enough assets to meet any liability as per law, PNB says in a regulatory filing, clarifying about a news report about co. looking to monetize assets. Realization of any specific asset would be decided at the time of need with the approval of board: PNB. Says bank is not aware of any petition filed in the Supreme Court on Monday demanding Special Investigation Team investigation in the alleged bank fraud. The Company is under discussion with Central Bureau of Investigation to allow normal operation in the Brady House branch in Mumbai.

Source: Bloomberg