The dollar edged slightly higher against the other major currencies on Wednesday, as investors remained cautious following news of a fresh North Korean missile test.
USD/JPY rose 0.24% to 113.55, the highest since May 16.
The yen erased the previous session’s gains posted after North Korea said it had fired an “unidentified ballistic missile” which landed in the Sea of Japan. Tokyo strongly protested what it called a clear violation of UN resolutions.
The test came just days before leaders from the Group of 20 nations are due to discuss steps to curtail North Korea’s weapons programs.
(Jul 05, 2017 05:22AM ET)
Oil prices fell more than 1 percent on Wednesday, ending their longest bull-run in more than five years, as climbing OPEC exports and a stronger dollar turned sentiment more bearish.
Benchmark Brent crude futures were down 57 cents, or 1.2 percent, at $49.04 a barrel by 1020 GMT. Prices had climbed for eight straight sessions to Monday.
U.S. WTI crude futures were down 63 cents, or 1.3 percent, at $46.44 a barrel after reaching a one-month high of $47.32 earlier in the session.
“The air is getting thin for oil prices. The price increase just ran out of steam, which is not very surprising, given the newsflow of rising OPEC supplies,” said Carsten Fritsch, senior commodity analyst at Commerzbank (DE:CBKG).
By Karolin Schaps
(Jul 05, 2017 06:55AM ET)
Worldpay Group Plc (L:WPG), Britain’s largest payment processor is “close to” recommending a takeover offer from U.S. credit card technology firm Vantiv Inc (N:VNTV), Sky News reported citing sources.
Worldpay said on Tuesday that it had received rival bid approaches from Vantiv and JPMorgan Chase Bank (N:JPM), sending its shares to a record high.
Worldpay would announce an 8.5 billion pounds ($10.97 billion) deal with Vantiv later on Wednesday, Sky News reported.
(Jul 05, 2017 06:20AM ET)
All Volvo car models launched after 2019 will be electric or hybrids, the Chinese-owned company said on Wednesday, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine.
The Sweden-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but its move signals the eventual end of nearly a century of Volvos powered solely that way.
By Niklas Pollard
(Jul 05, 2017 09:15 GMT)