Stocks smash records as investors shrug off US violence

In this photo provided by the New York Stock Exchange, trader Gregory Rowe works on the trading floor on Jan. 7, 2021, in New York. (Nicole Pereira/New York Stock Exchange via AP)
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In this photo provided by the New York Stock Exchange, trader Gregory Rowe works on the trading floor on Jan. 7, 2021, in New York. (Nicole Pereira/New York Stock Exchange via AP)
A screen shows a business television channel as Canada's main stock index, the Toronto Stock Exchange's S&P/TSX composite index, rose to a record high in late morning trade in Toronto, Ontario on January 7, 2021. (REUTERS/Carlos Osorio)
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A screen shows a business television channel as Canada's main stock index, the Toronto Stock Exchange's S&P/TSX composite index, rose to a record high in late morning trade in Toronto, Ontario on January 7, 2021. (REUTERS/Carlos Osorio)
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Updated 08 January 2021

Stocks smash records as investors shrug off US violence

In this photo provided by the New York Stock Exchange, trader Gregory Rowe works on the trading floor on Jan. 7, 2021, in New York. (Nicole Pereira/New York Stock Exchange via AP)
  • The dollar rose across the board, while bitcoin continued its record run and was flirting with $40,000
  • Oil prices pushed higher, building on recent strong gains

NEW YORK: Stock markets surged higher on Thursday, with the three major US indexes pushing into record territory, as traders brushed off the storming of the Capitol building in Washington.
On Wall Street, the Dow Jones Industrial Average ended above 31,000 for the first time, while Frankfurt broke 14,000 points for the first time, before falling back but still set a new closing level record.
The dollar rose across the board, while bitcoin continued its record run and was flirting with $40,000, having passed $30,000 only on Saturday.
Oil prices pushed higher, building on recent strong gains.
“Traders are unfazed by the chaos that we experienced on Capitol Hill yesterday,” noted Naeem Aslam, chief market analyst at AvaTrade.
US lawmakers in the early hours of Thursday morning finally managed to formally certify Joe Biden as the next US president, dealing a hammer blow to Donald Trump whose supporters stormed the Capitol hours earlier, triggering unprecedented scenes of mayhem in the seat of US democracy.
Trump, who spoke to a rally early in the day and urged them to march on the Capitol, in the wake of the mayhem promised an “orderly transition.”
But investors focused on the increased chances of another huge stimulus package under a Biden administration especially after Democrats won the two Senate seat runoffs in Georgia giving the party control of the chambers.
Biden also has pledged to accelerate the vaccine rollout, which raises hopes the Covid-19 pandemic can be reined in.
Craig Erlam at currency trading platform Oanda also noted that investor concerns about Democratic control of Congress have quickly dissipated.
“As ever, the idea of something has proven to be far scarier than the outcome itself and investors, rather than hiding in fear of taxes, are revelling in the prospect of more stimulus,” he said in a note to clients.
The violence in the United States took attention away from soaring coronavirus cases around the world that are forcing governments to impose fresh lockdowns.
Traders are optimistic that the rollout of vaccines, though slower than hoped, will eventually allow life to get back to normal.
Hong Kong was in the red Thursday after six days of gains, with market heavyweights Alibaba and Tencent diving following a report that the Trump administration is considering barring investment in their New York shares.

New York — Dow: UP 0.7 percent at 31,041.13 (close)
New York — S&P 500: UP 1.5 percent at 3,803.79 (close)
New York — Nasdaq: UP 2.6 percent at 13,067.48 (close)
London — FTSE 100: UP 0.2 percent at 6,856.96 points (close)
Frankfurt — DAX 30: UP 0.6 percent at 13,968.24 (close)
Paris — CAC 40: UP 0.7 percent at 5,669.85 (close)
EURO STOXX 50: UP 0.3 percent at 3,622.42
Tokyo — Nikkei 225: UP 1.6 percent at 27,490.13 (close)
Hong Kong — Hang Seng: DOWN 0.5 percent at 27,548.52 (close)
Shanghai — Composite: UP 0.7 percent at 3,576.20 (close)
Euro/dollar: DOWN at $1.2268 from $1.2325 at 2200 GMT
Dollar/yen: UP at 103.81 yen from 102.99 yen
Pound/dollar: DOWN at $1.3563 from $1.3607
Euro/pound: DOWN at 90.44 pence from 90.55 pence
West Texas Intermediate: UP 0.2 percent at $50.92 per barrel
Brent North Sea crude: UP 0.4 percent at $54.52 per barrel


Saudia wins World’s Most Improved Airline award for 2021

Saudia wins World’s Most Improved Airline award for 2021
Updated 13 sec ago

Saudia wins World’s Most Improved Airline award for 2021

Saudia wins World’s Most Improved Airline award for 2021

RIYADH: Saudia has won the Skytrax’s award for the World’s Most Improved Airline for 2021, Saudi Press Agency reported. 

This award reflects an airline’s quality improvement in different areas. The Saudi airlines ranked 26 jumping 31 places in one year.

The national carrier earned this title for the second time. It first won the award in 2017. 


EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex
Updated 28 September 2021

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

EV Metals partners with Yanbu Royal commission to build $900m battery chemicals complex

RIYADH: The Royal Commission in Yanbu on Wednesday signed a $900 million investment agreement with EV Metals to establish and operate a factory for the production of electric battery chemicals.

The facility will be spread over 127 hectares and the investment volume is approximately SR3,375 million. The project is expected to create 494 jobs.


OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021
Updated 58 min 38 sec ago

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

OPEC's Barkindo expects oil demand to continue upward pace beyond 2021

RIYADH: The secretary-general of the Organization of the Petroleum Exporting Countries, Mohammed Barkindo, is bullish on oil recovery and sees demand to pick up over the next few years.

“Energy and oil demand have picked up significantly in 2021, after the massive drop in 2020, and continued expansion is forecast for the longer-term,” Barkindo wrote today in the group’s World Oil Outlook.

“Non-OPEC liquids supply is projected to rise from 62.9 mb/d in 2020 to 70.4 mb/d in 2026, the key contributors to growth are the US, Brazil, Russia, Guyana, Canada, Kazakhstan, Norway and Qatar,” OPEC’s chief said in a virtual press conference.

Non-OPEC liquids output is set to decline from a peak of 71 mb/d around 2030 to 65.5 mb/d in 2045.

The WOO report says that more electric vehicles on the road for alternative energy will decline the demand for oil in rich countries.

Internal combustion engine vehicles are set to retain the largest market share at over 76 percent by 2045. Oil demand in the transportation sector is expected to stay around 46 mb/d after 2025.

Indian Minister of Petroleum and Natural Gas Shri Puri said: “OPEC should move toward reliable pricing globally as cost of prices plays a crucial role in global interest.” 

Dr. Ayed Al-Qahtani, director of research at OPEC, said that short-term investment is of paramount importance to prevent a potential hike in prices.

Brent oil dipped on Tuesday after topping $80 per barrel for the first time in nearly three years, as a five-day rally ran out of steam with investors locking in profits.

Oil benchmark prices have been on a tear, with fuel demand growing and traders expecting major oil-producing nations will decide to keep supplies tight when OPEC meets next week.

Brent dipped 75 cents, or 0.9 percent, to $78.78 a barrel at 12:37 a.m. EDT (1637 GMT), after reaching its highest level since October 2018 at $80.75.

US West Texas Intermediate crude fell 60 cents, or 0.8 percent, to $74.85 a barrel, after hitting a session high of $76.67, highest since July.


Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia
Updated 28 September 2021

Ma'aden adds four new vessels to its fleet to ship ammonia

Ma'aden adds four new vessels to its fleet to ship ammonia

RIYADH: Saudi Arabian Mining Company (Ma’aden), has signed agreements with Thenamaris LNG Inc. and Exmar Marine NV to hire a total of four vessels to transport ammonia produced by the company.


Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects
Updated 28 September 2021

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

Saudi Tourism Development Fund signs financing agreements to develop Jeddah projects

RIYADH: Saudi Arabia's Tourism Development Fund (TDF) signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al-Arous resort in Jeddah, accordign to an emailed statement.

Saudi Arabia’s Tourism Development Fund signed two financing agreements with Dallah Al-Baraka Group and Dallah Real Estate Company, to develop a tourism project at the Durrat Al-Arous resort in Jeddah, accordign to an emailed statement.

Under the deal, the tourism fund provide funds for the development of “Durrat Lagoon,” which will be operated by Hotel Indigo.

“The financing and support services provided by the Tourism Development Fund contribute significantly to enhancing the experiences of investors and the value of their projects, as well as boosting the Kingdom’s ability to attract tourists from around the world,” Mohiuddin Saleh Kamel, vice chairman of Dallah Al-Baraka Group, said.

The second agreement was signed with 17Sixty to provide a variety of recreational activities enabling visitors of Durrat Al-Arous resort to safely explore the depths of the Red Sea.

“TDF is focused on providing innovative solutions that link investors to the abundant opportunities in the Saudi tourism sector, contributing to achieving the objectives of the National Tourism Strategy and consolidating the Kingdom’s position as a tourist destination that attracts visitors from all over the world,” the fund’s CEO, Qusai Al-Fakhri, said.