European stocks jump as energy, retail rise
Reuters
European stocks jumped on Friday, led by gains in energy and retail sectors after the US Federal Reserve said there would be no imminent move to tighten monetary policy, easing fears of rising US inflation that pushed the STOXX 600 into negative territory for the week.
The pan-European STOXX 600 rose 1.1 percent, with oil and gas, and retail stocks leading the gains.
The benchmark still fell 0.5 percent for the week as a rally in commodity prices and signs of quickening US inflation raised fears about an earlier-than-expected interest rate hike by the Fed.
However, sentiment improved on the Fed’s reassurances on monetary policy, as it also said it would not immediately reduce cash injections that have propped up financial markets.
Los Angeles Fire & Police votes to keep Brandes
Close-up on the insignia and slogan of a LAPD vehicle
The board of Los Angeles Fire & Police Pensions voted to stick with Brandes Investment Partners, which manages a $1.1 billion active international equity portfolio, through July 31, 2022, the end of its contract term.
It was not a renewal or extension of Brandes contract. Rather, the board s vote was to decide whether or not to keep Brandes until the end of its existing contract, said Tom Lopez, CIO in an email.
The board of the $29.6 billion voted May 6 to keep Brandes in light of a recent rebound in value strategies after a challenging decade, leading the firm to beat its benchmark.
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Food authorities accuse Namyang over irregularities
Posted : 2021-04-15 16:34
Updated : 2021-04-15 20:11
Korea Exchange investigates dairy firm over stock price irregularities
By Park Jae-hyuk
The Ministry of Food and Drug Safety accused Namyang Dairy Products of breaching the Act on Labeling and Advertising of Foods, Thursday, by announcing Bulgaris yogurt drinks were supposedly effective against COVID-19. Without animal experiments or clinical trials, Namyang announced Bulgaris was effective against COVID-19, the ministry said in a press release.
This came after the Korea Exchange (KRX) started an investigation into the dairy firm for alleged insider trading, following a momentary hike in its stock price which came following the announcement.
Europe Is Still in the Throes of Covid-19, but Its Stocks Are Rallying
European stocks have been on the rise as international investors reposition their portfolios for the global economy to return to normal a trade that hinges on smooth reopenings in the region.
The pan-continental Stoxx Europe 600 index has gained 4.5% so far this month, pulling ahead of major U.S. gauges, and on Friday hovered close to its highest point in more than a year. The S&P 500 has added 3.5% in the same period and the Russell 2000, an index of small-cap U.S. companies, has increased 6.9%. The Nasdaq Composite has gained 1% so far this month.