Oct 12 (Reuters) – Gold prices edged lower on Monday, after
hitting a three-week high earlier in the session, as the dollar
firmed and talks over a new U.S. stimulus package ran into
resistance.

FUNDAMENTALS

* Spot gold fell 0.2% to $1,925.29 per ounce by 0046
GMT, after hitting its highest level since Sept. 21 at $1,932.96
earlier in the session.

* U.S. gold futures were up 0.3% at $1,932.70.

* The dollar index was up 0.1% against rivals, making
gold more expensive for holders of other currencies. [USD/]

* The Trump administration on Sunday called on Congress to
pass a stripped-down coronavirus relief bill using leftover
funds from an expired small business loan program as
negotiations on a broader package ran into resistance.

* U.S. President Donald Trump said on Sunday he had fully
recovered from COVID-19 and was not an infection risk for
others.

* Britain will explore every avenue for a trade deal with
the European Union but progress to bridge significant gaps needs
to be made in the coming days, British Prime Minister Boris
Johnson told French President Emmanuel Macron on Saturday.

* Speculators increased their bullish positions in COMEX
gold and cut them in silver contracts in the week to Oct. 6, the
U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

* Physical gold was sold at a premium in India last week for
the first time since mid-August as jewellers stocked up, hoping
key festivals would bring customers back to stores.

* Silver eased 0.4% to $25.02 per ounce, platinum
fell 1% to $876.80, and palladium was down 0.2% to
$2,435.35.

(Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi
Aich)
((eileen.soreng@thomsonreuters.com; Within U.S. +1 646 223
8780, Outside U.S. +91 80 6749 6131; Reuters Messaging:
eileen.soreng.thomsonreuters.com@reuters.net))

Keywords: GLOBAL PRECIOUS/

The views and

(Bloomberg) — India’s government appointed three new external members to the central bank’s committee that decides interest rates, allowing policy meetings to resume after last week’s delay.

Loading...

Load Error

The Finance Ministry on Monday announced the following names to the six-member Monetary Policy Committee of the Reserve Bank of India:

Ashima Goyal, a professor at the Mumbai-based Indira Gandhi Institute of Developmental ResearchJayanth R Varma, a professor of finance at the Indian Institute of Management in AhmedabadShashanka Bhide, an agricultural economist and a senior adviser with the National Council of Applied Economic Research in New Delhi

The new appointees will replace the three previous external MPC candidates whose terms expired with the last policy meeting in August. They’ll join three RBI officials on the committee, led by Governor Shaktikanta Das.

The government’s delay in selecting the new members meant the RBI didn’t have enough policy makers for its scheduled three-day interest-rate meeting that was due to begin Sept. 29, forcing the central bank to defer it, without explanation. The RBI hasn’t yet said when it will resume its policy meeting.

The delay fueled uncertainty for investors and bankers at a time when the central bank has been providing the bulk of the stimulus for an economy heading for its worst contraction in years. The RBI has cut borrowing costs by 115 basis points this year and pumped in billions of dollars of liquidity into the financial system.

Read More: Modi’s Key Reforms Stall as Pandemic Upends India’s Economy

The three new MPC members have indicated in past comments their preference for monetary and fiscal stimulus and the need to support economic growth.

“We believe the new MPC members are likely more neutral-to-dovish in terms of their policy stance,” said Sonal Varma, chief economist for India and Asia, ex-Japan, at Nomura

By Roberto Samora

Oct 5 (Reuters)A scarcity of rainfall expected in the coming days should further delay Brazil’s soybean planting, impacting supply of the country’s most prized agricultural export commodity in January, consulting firm AgRural said on Monday.

Through Oct. 1, producers in Brazil planted only 1.6% of the estimated soybean area, below a five-year average of 4.5% for the country at this time of the season, according to AgRural data.

Mato Grosso and Paraná states are leading the way after sowing respectively 3.5% and 4.2% of their estimated areas in the 2020/2021 season, AgRural data shows.

At the end of January 2020, Brazil’s biggest farm state Mato Grosso had already harvested 9 million tonnes of the oilseeds, or 25% of the state’s total crop, which is not going to occur in 2021.

“It is hard to imagine that even one third of that will be harvested in January given the current scenario,” said Fernando Muraro, AgRural analyst. “All of the action will take place in February,” he said.

The situation has caused port premiums relative to February 2021 shipping to shoot up by 25% during September, when the country’s largest supplier and exporter of soybeans usually starts the plantations.

February 2021 port premiums reached a peak of $1 per bushel using Chicago futures contract as a reference, Muraro noted.

(Reporting by Roberto Samora Writing by Ana Mano Editing by Jason Neely and Bernadette Baum)

((Sabrina.Valle@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Movie theaters hoped to be back in business in a big way this fall, attracting stir-crazy audiences with a slate of blockbusters that included “Tenet,” “Mulan,” and “No Time to Die.” For an industry that had been brought to its knees by the coronavirus pandemic, with closures that left them without revenues for much of the year, nothing was more important than a grand and successful reopening.

Unfortunately, more than a month after “Tenet” debuted to disappointing box office results, the exhibition sector is in an even more dire situation. “Mulan” opted to debut as a premium on-demand offering via Disney Plus. “No Time to Die” pushed its premiere back into April, and several other movies have postponed their releases into next spring or summer when, studios hope, a vaccine will be widely available. On Saturday, Cineworld, one of the world’s largest exhibitors, announced that it was considering closing its theaters down, citing the lack of major releases available to screen. Other exhibitors may follow suit.

John Fithian, head of the National Association of Theatre Owners, believes that the main stumbling block preventing movie theaters from rebounding is Gov. Andrew Cuomo’s decision to keep cinemas closed indefinitely. That’s robbing studios of a major market to show their films, Fithian argues, which may jeopardize the release of upcoming blockbusters such as “Wonder Woman 1984” and Pixar’s “Soul.” In an interview with Variety, the theater business’s top lobbyist urged studios to keep releasing movies during the pandemic and warned that the industry faces financial ruin without government assistance.

“No Time to Die” has delayed its release until 2021. What impact will that have on the exhibition industry?

The Bond franchise is very important to exhibition, so we were disappointed with the move. The failure of Gov. Cuomo to allow movie theaters

Movie theaters were already teetering on the edge of financial disaster. On Friday, exhibitors received news that could push them over the precipice after “No Time to Die,” the latest James Bond installment, made the decision to push its release from November into April, 2021.

The move could set off a wave of theater closures as cinema owners assess whether they can keep the marquee lights on until “Wonder Woman 1984,” the next potential blockbuster slated for release this year, opens at Christmas. It also shows that even the most potent film franchise (and few series equal 007 in terms of global reach) is no match for a coronavirus pandemic that has shattered the theatrical distribution landscape.

Only a handful of movies have been released since cinemas shut down in March, and most of the films that were scheduled to open by the end of the year, a group that includes “West Side Story” and “Black Widow,” have opted to delay their debuts. Now, the postponement of “No Time to Die” will rob the exhibition industry of hundreds of millions of dollars in revenue at a time when many are grappling with insolvency.

“It’s a wipeout,” said one studio veteran.

Box office analysts appear to agree: There’s no relief in sight for the movie business.

“The theatrical landscape is a vortex, and it’s clear that no big blockbuster can survive right now,” said Jeff Bock, an analyst with Exhibitor Relations. “That’s why everything is going to be pushed back to 2021.”

As it currently stands, movie theaters are looking at an October and a November that are largely devoid of major titles — a situation that’s been exacerbated by the disappointing box office returns for “Tenet,” the Christopher Nolan epic that opened in September. Pixar’s “Soul” is still scheduled for