Business


Flight shares soar as pound sinks after election shock

By 2300 GMT sterling had indeed recouped a little ground to stand at $1.2785, from a trough at $1.27205, as dealers waited for a clearer picture of the election outcome. The euro extended overnight losses and was 0.1 percent lower at $1.1204. British gilt yields also fell as investors sought the security of government bonds in the face of the uncertainty while spreadbetters predicted London's main FTSE 100 stock exchange index would fall 1 percent at the opening.



House, Senate investigators seek Trump tapes, Comey memos

Mr Trump denied having asked for Mr Comey's loyalty or for an inquiry into his former national security adviser to be dropped. The New York Times cited the memo in a May 16 story , saying Trump asked Comey to shut down the investigation into former National Security Adviser Michael Flynn .


Tech stocks tumble, taking down Nasdaq

Tech stocks tumble, taking down Nasdaq

Both JPMorgan Chase & Co. and Bank of America Corporation climbed 2 percent and 3 percent respectively. Countering those losses was strength in financials and energy , two groups that have lagged the broader rally this year. Copper rose 4 cents, or 1.5%, to $2.65 a pound. The pound weakened to $1.2735 from $1.2943. SiriusXM slid 16 cents, or 3%, to $5.24. The dollar strengthened to 110.22 yen from 109.94 yen late Thursday.



EIA lowers forecasts for OPEC oil production

Elsewhere, gasoline stocks rose by 3.3 million barrels, compared with analysts' expectations for a gain of 580,000 barrels. USA crude imports rose last week by 1.1 million bbl/d. While rig counts continue to rise, well completions are falling and with the rapid decline rate of some shale wells, it means that we will struggle to keep production rising at the recent rates.



Pirates of the Caribbean sequel steals North American box office title

The fifth Pirates of the Caribbean movie, in theaters this Friday, was suspected to be the title in question. Thus, Baywatch took in an estimated $5.7 million during the four-day holiday projection. If not for global appeal, that would be a let-down for a movie riding on a US$230 million production budget. Even when critics haven't been fond of a Dwayne Johnson movie, the likes of San Andreas and Central Intelligence have still struck gold at the box office.