NEW YORK — U.S. equities declined for the week as investors assessed the Federal Reserve’s policy stance, while digesting the latest economic data.
For the week ending Friday, the Dow slid 3.5 percent, the S&P 500 decreased 1.9 percent and the tech-heavy Nasdaq Composite lost 0.3 percent.
The S&P U.S. Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on U.S. exchanges by total market cap, logged a weekly slide of 1.3 percent. (US-Stocks-Weekly loss)
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CANBERRA — Australia’s trade minister has declared that the government is in “no rush” to re-open the international borders.
Dan Tehan on Saturday confirmed that Australia is negotiating a potential travel bubble with Singapore but that a final decision would be made by medical experts based on the spread of COVID-19 variants of concern.
“That will largely depend on how these various variants play out and the monitoring of those circumstances,” Tehan said. (Canberra-Australia-border)
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CHICAGO — CBOT agricultural futures closed lower on liquidation in the past week, which, Chicago-based research company AgResource holds, is just an interlude amid rising post-pandemic demand.
AgResource stays bullish as weather will have an important say in the coming months.
CBOT corn ended lower amid massive fund liquidation and improved rain chances across the Eastern Midwest. Spot CBOT corn’s weekly chart shows the demand-driven rally established in late 2020 shows the rapid acceleration in volatility as the 2021 U.S. growing season began. Volatility seen in recent weeks will be a feature of the marketplace until Northern Hemisphere crop size is known in September. 2021 yields are critical in measuring the need to ration supply longer term. (U.S.-Chicago-Agricultural Futures)
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ACCRA — The leadership of the African Continental Free Trade Area (AfCFTA) is promoting a Pan-African payment system to facilitate intra-African trade, a top official said.
Wamkele Mene, the Secretary-General of AfCFTA told Xinhua in an interview that the Pan-African Payments and Settlement System (PAPSS) would be ready by the end of 2021 to facilitate trade among countries.
The secretary-general said that PAPSS, being developed purposely for intra-African trade and commerce payments, is undergoing piloting in some West African countries. (AfCFTA-Trade-Payment)