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NEW YORK (Reuters) - Global equity markets surged on Thursday, with U.S. and European benchmark indexes hitting record highs, as the strongest manufacturing data around the world in decades and a drop in bond yields drove investor optimism.
FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid
U.S. President Joe Biden’s sweeping $2.3 trillion plan to rebuild America’s crumbling infrastructure added to the enthusiasm for risk assets, as did accelerating vaccine rollouts.
The dollar fell, easing off nearly three-year highs in the first quarter, while U.S. crude futures rose more than 4% after the Organization of the Petroleum Exporting Countries and allies agreed to start easing production cuts in May.
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NEW YORK (Reuters) - The U.S. dollar’s share of currency reserves plunged in the fourth quarter last year to its lowest since 1995, International Monetary Fun (IMF) data showed on Wednesday, but some analysts said the drop was due in part to valuation adjustments.
FILE PHOTO: U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken February 8, 2021. REUTERS/Dado Ruvic/Illustration/ File Photo
Global reserves, which are reported in U.S. dollars, are assets of central banks held in different currencies used primarily to support their liabilities. Central banks sometimes use reserves to help support their respective currencies.
By Reuters Staff
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BAGHDAD (Reuters) -Iraq’s parliament on Wednesday approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country wrestles with an economic and financial crisis due to low crude prices.
The budget deficit is estimated at 28.7 trillion Iraqi dinars ($19.79 billion), lawmakers said.
The 2021 budget set an oil price of $45 a barrel and expected oil exports of 3.25 million barrels per day (bpd), including 250,000 bpd from the Kurdish region, according to a budget document and lawmakers.
Iraq relies on oil to fund 97% of its state budget, and its commitment to an OPEC+ deal on reducing oil output has squeezed the finances of a government struggling to tackle the fallout from years of war and rampant corruption.
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BENGALURU/JOHANNESBURG (Reuters) - Battered emerging market currencies will only pare some of their recent steep losses over the coming year, according to analysts polled by Reuters who said a sell-off was likely in the next three months with rising U.S. yields posing a big risk.
FILE PHOTO: Brazilian Real and U.S. dollar notes are pictured at a currency exchange office in Rio de Janeiro, Brazil, in this September 10, 2015 photo illustration. REUTERS/Ricardo Moraes
Having strengthened over 3% in 2020, an index of emerging market currencies erased nearly half of those gains in the last three months as reflation bets spurred by massive U.S. fiscal stimulus drove the dollar index to a four-month high.
By Reuters Staff
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LONDON (Reuters) - Liberty Steel owner Sanjeev Gupta said he had huge interest from financiers willing to refinance billions of dollars in debt owed to failed lender Greensill Capital and cautioned creditors against pulling the plug and destroying thousands of jobs.
“Actually we have a huge amount of interest from new financiers who are willing to back us, who are willing to refinance Greensill,” Gupta told the BBC. “Given the situation, this sort of thing takes time and hence we need to find short-term solutions.”
He said it was natural that lenders wanted to protect their position and said there were positive discussions with Grant Thornton, the administrator for Greensill.