Brazil steelmakers’ trade group- Iabr said that the United States is putting pressure to trim exports of unfinished steel. The President of the organisation- Marco Polo suggested that the United States is threatening to lower Brazilian quotas. The U.S. and Brazil came under a trade spat last year when the U.S. President Donald Trump imposed a tariff on the Brazilian steel and aluminium to support local producers.
Hedge funds are back for oil with money managers and hedge funds cumulatively purchasing 28 million barrels in the week to 21 July 2020. However, the focus of hedge funds has now shifted to refined products rather than crude oil. As per Reuters, Portfolio managers remained net buyers of refined products in 14 out of the last 17 weeks, increasing total position by 388 million barrels since the end of March 2020.
Commonwealth Bank (ASX:CBA) has appointed two strategic partners to assist in delivering new digital banking services to its 15 million retail and business customers. The Group has entered into a partnership with Square Peg and Zetta Venture Partners to support new banking ventures in Artificial Intelligence, data and analytics. CBA’s X15 Venture launched Backr, which is an application that would assist small business owners in starting new digitally enabled businesses to support economic recovery.
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