- Manufacturing PMI slowdown raises doubts on U.K. economy
- Ten-year gilt yield drops from highest level since February
The pound fell for the first time in nine days versus the dollar after U.K. manufacturing expanded at a slower pace in June than forecast, raising doubts about the outlook for the economy.
Sterling weakened against all except one of its major peers after data showed IHS Markit’s Purchasing Managers Index for manufacturing dropped to 54.3 last month from a revised 56.3 in May. A reading above the 50 level indicates expansion, but the slowdown signals that Brexit-related uncertainty was affecting companies and households. U.K. government bonds pared declines, with the benchmark 10-year yield having climbed earlier to its highest level since February.
By Anooja Debnath
July 3, 2017, 12:10 PM GMT+3
- U.S. currency rebounds from lows, pressure the precious metal
- Gold ended longest run of monthly gains since 2010 on Friday
Gold fell to the lowest level in a month and a half as gains in the dollar and stock markets limited demand for havens.
The metal reached the lowest level since May 16 after ending its longest run of monthly gains since 2010 on Friday. The dollar rose against all other G-10 currencies and European stocks advanced for the first time in five days.
By Eddie Van Der Walt
July 3, 2017, 1:45 PM GMT+3
- Elon Musk had promised news on highly anticipated model Sunday
- Model culmination of Tesla’s 15-year quest to reach mainstream
Tesla Inc. investors, customers and fanboys got some much-anticipated news on the Model 3 timeline when Chief Executive Officer Elon Musk announced that the mission-critical model has passed all its regulatory requirements for production two weeks ahead of schedule.
The company will hold a handover party for its first 30 customers of the Model 3 on July 28, Musk wrote in a Twitter post.
By Dana Hull
July 3, 2017, 9:31 AM GMT+3 July 3, 2017, 11:13 AM GMT+3
- American rigs targeting crude drop first time in 24 weeks
- Libyan production increases to highest level in four years
Oil traded near the highest closing price in almost three weeks after U.S. drilling slowed after a record expansion.
Bottom of Form
Futures were little changed in New York after rising 8.3 percent the previous seven sessions. U.S. drillers targeting crude reduced the number of active rigs for the first time in 24 weeks, according to Baker Hughes Inc. data on Friday. Libya’s oil production climbed to more than 1 million barrels a day for the first time in four years, according to a person with direct knowledge of the situation.
By Ben Sharples and Grant Smith
July 3, 2017, 2:58 AM GMT+3 July 3, 2017, 1:12 PM GMT+3