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RBA Says Economy, Markets Key to July Call on Bond Programs By Bloomberg

(Bloomberg) -- The Reserve Bank of Australia said it would pay “close attention” to economic data and conditions in financial markets when deciding whether to roll over its yield-target maturity and undertake further quantitative easing. The RBA is due to make a call at its July 6 meeting on whether to move the three-year yield target to the November 2024 bond from the current April 2024 security. The outcome could provide an insight into when the first interest-rate rise will occur. The central bank will also announce any plans for more longer-dated bond buying, with the...

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Toyota Motor shares gain for third day, hit record high By Reuters

TOKYO (Reuters) - Shares of Toyota Motor rose for a third straight session and hit a record high on Tuesday, as investors continued to bet on the Japanese automaker's ability to tackle a global chip shortage better than its rivals. The rise in Toyota shares helped lift stocks of other car makers that have come under pressure due to competition from electric vehicle manufacturers as well as chip shortages. "As supply chain disruptions due to chip shortage hamper the automaker industry, Toyota has been regarded as the company investors can buy," Nobuhiko Kuramochi, senior strategist at...

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Alibaba, partners invest $400 million in retail arm of Vietnam’s Masan By Reuters

HANOI (Reuters) - Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd and partners have invested $400 million in the retail unit of Vietnamese conglomerate Masan Group Corp, Masan said on Tuesday. The consortium, which includes Alibaba Group and Baring Private Equity Asia, has paid for a 5.5% stake in Masan's retail arm, The CrownX, the company said in a statement. The CrownX, founded in 2019, is valued under the deal at $6.9 billion, equivalent to $93.50 a share, the statement said. Parent company Masan will hold 80.2% of retail unit. The deal will...

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Bolt undercuts rivals in nine-city German e-scooter rollout By Reuters

By Douglas Busvine BERLIN (Reuters) - Estonian start-up Bolt launched electric scooter services in nine German cities on Tuesday, saying the rollout was the biggest of its kind and challenging rivals with ultra-low pricing. Bolt, formerly known as Taxify, will offer rides for as little as 0.05 euros ($0.06) per minute with no unlocking fee, undercutting competitors that typically charge 1 euro per trip plus 15-25 euro cents a minute. "We think that's a price point where really everyone can start using the service," Bolt's 27-year-old chief executive and co-founder Markus Villig told Reuters. Bolt...

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Dollar under pressure as yield support fades By Reuters

By Stanley White TOKYO (Reuters) - The dollar teetered near multi-month lows against European currencies on Tuesday as Treasury yields stall due to renewed expectations that U.S. interest rates will remain low for an extended period. Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, causing a further decline in bets that inflationary pressure could force the Fed to act sooner. This week a host of Fed policymakers are scheduled to speak, and the U.S. central bank will also release minutes from...

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Asian shares push higher, dollar eases By Reuters

By Paulina Duran SYDNEY (Reuters) - Asian shares rose early on Tuesday, shrugging off worries about an increase in regional coronavirus infections and a subdued session on Wall Street, as inflation jitters helped push gold prices to three-month highs. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.13% after a mixed session on Monday. Japan's Nikkei rose as much as 2.2%, while Hong Kong's stocks opened up 0.87%. China's blue-chip CSI300 index was slightly lower. Spot gold traded around $1,871.46 an ounce, near a three-and-a-half month high, after the Empire State Manufacturing Survey, produced by...

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At Home Rises as Shareholder Protests Sale By Investing.com

By Christiana Sciaudone Investing.com --At Home Group Inc (NYSE:HOME) rose more than 3% after its largest shareholder revealed plans to oppose a deal to take the company private because the price is too low, The Wall Street Journal reported, citing a copy of a letter to the board of directors.  CAS Investment Partners owns about 17% of shares and said it will vote against a $2.4 billion sale to private equity firm Hellman & Friedman. The company agreed earlier this month to sell itself for $36 a share.  The deal "grossly undervalues the company and deprives...

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Bitcoin posts record weekly outflows as gains stall – CoinShares data By Reuters

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bitcoin hit record outflows last week, as investors diversified into cryptocurrency assets with new developments in their specific network such as ethereum, data from digital currency manager CoinShares showed on Monday. Outflows for bitcoin products and funds totaled $98 million, or 0.2% of total assets under management. For the year, total bitcoin inflows amounted to $4.3 billion. In 2020, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion, data showed. Since hitting a record just under $65,000 in mid-April, bitcoin's price has...

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ValueAct exits Morgan Stanley stake, trims other financial firms in Q1 – filing By Reuters

By Svea Herbst-Bayliss BOSTON (Reuters) - Investment firm ValueAct liquidated its stake in Morgan Stanley (NYSE:MS) and trimmed holdings in Citigroup Inc (NYSE:C), KKR & Co Inc and SLM Corp in early 2021, pointing to a shift away from some financial firms that it has owned for several years, a regulatory filing released on Monday showed. ValueAct sold 8.2 million shares of U.S. bank Morgan Stanley stock during the first quarter, exiting the remainder of an investment it first told clients about in 2016. At that time ValueAct said it owned...

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UK risks Italy-style decline as economic challenges mount – think-tank By Reuters

LONDON (Reuters) - Britain faces a decade of major public policy challenges that could reduce economic performance to nearer that of struggling Italy than Germany, Europe's powerhouse, a think-tank said on Tuesday. The Resolution Foundation said Britain had to address problems linked to Brexit on top of those faced by other countries including the impact of COVID-19, the transition to a net-zero carbon economy, an ageing population and technological change. Without proper plans, Britain risked failing to address the slowest productivity growth for over 120 years in the past decade and higher inequality than any country...

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