2025-08-26 03:08

MUMBAI, Aug 26 (Reuters) - The Indian rupee looks set to stay under pressure on Tuesday, with looming U.S. tariff hikes casting a shadow over sentiment. The dollar's decline after President Donald Trump’s latest attack on the Federal Reserve will offer little reprieve for the currency, traders said. Sign up here. The 1-month non-deliverable forward indicated the rupee will open in the 87.64 to 87.68 range versus the U.S. dollar, compared with 87.58 in the previous session. Indian goods face U.S. tariffs of up to 50% with effect from Wednesday - among the highest levied on any U.S. trading partner. Washington has already imposed 25% duties on shipments from India. Trump had in the first week of August said U.S. will impose additional 25% tariff on Indian goods from August 27, citing New Delhi's continued imports of Russian oil. The U.S. Department of Homeland Security published a notice of implementation of additional tariffs, that are set to take effect from August 27. "The notice underscores that the tariffs are set to kick in as planned," said a Mumbai-based FX trader at a bank. "USD/INR is struggling to find a bottom — tariff overhang is crowding out whatever relief may be there. Importers have been buying dips and will continue to chase it higher. I suspect vols (volatility) will be bid too," the trader said. DOLLAR DROPS The dollar index dropped after Trump said he was removing Federal Reserve Governor Lisa Cook from her position for allegedly committing mortgage fraud. Longer maturity U.S. yields rose. Trump's unprecedented move further undermines confidence in the Fed's independence and U.S. assets, analysts said. The removal of Cook comes after the president has regularly threatened to fire Fed Chair Jerome Powell. https://www.reuters.com/world/india/rupee-braces-us-tariff-storm-trump-fuelled-dollar-decline-offers-no-respite-2025-08-26/

2025-08-26 02:18

TOKYO, Aug 26 (Reuters) - Japan remains alarmed over foreign exchange movement, Finance Minister Katsunobu Kato said on Tuesday, after the yen strengthened following U.S. President Donald Trump's announcement of the removal of a Federal Reserve governor. Asked about the removal of Lisa Cook from her position on the Fed's board of directors, Kato told a press conference that he would refrain from commenting on foreign authorities and on foreign exchange levels. Sign up here. "That being said, it's important for currencies to move in a stable manner reflecting fundamentals and we remain alarmed over FX moves, including those driven by speculators," he said. https://www.reuters.com/business/japan-remains-alarmed-over-forex-movement-finance-minister-says-2025-08-26/

2025-08-26 00:31

Aug 26 (Reuters) - Oil prices edged down on Tuesday after surging nearly 2% in the previous session, as traders kept a close watch on developments in the Russia-Ukraine conflict for the potential impact on fuel supplies from the region. Brent crude futures fell 16 cents, or 0.23%, to $68.64 per barrel at 0005 GMT, while West Texas Intermediate (WTI) crude futures also lost 16 cents, or 0.25%, to $64.64. Sign up here. Both contracts rose to their highest in over two weeks on Monday, with WTI futures climbing above the 100-day moving average. "The risks for crude oil prices appear tilted toward further gains, particularly if the price sustains a move above the $64–$65 resistance level," IG analysts said in a note. Oil's rally on Monday was primarily driven by concerns of supply disruptions as Ukraine struck Russian energy infrastructure, and as traders anticipated more U.S. sanctions on Russian oil. The attacks disrupted Moscow's oil processing and exports, created gasoline shortages in some parts of Russia, and came in response to Moscow's advances on the front lines and its pounding of Ukraine’s gas and power facilities. Barclays, in a note to clients on Monday, said that oil prices remain in a tight range amid geopolitical volatility and relatively resilient fundamentals. U.S. President Donald Trump has renewed his threat to impose sanctions on Russia if there is no progress towards a peace deal in the next two weeks. Traders are also awaiting the latest U.S. inventory data from the American Petroleum Institute (API) later in the day, with expectations pointing to a fall in crude and gasoline stocks but a possible build in distillate inventories. https://www.reuters.com/world/middle-east/oil-eases-after-rising-two-week-high-russia-ukraine-supply-concerns-2025-08-26/

2025-08-25 23:23

Keurig Dr Pepper slides after deal to buy Dutch JDE Peet's Furniture retailers drop as Trump threatens tariff inquiry S&P 500 -0.43%, Nasdaq -0.22%, Dow -0.77% Aug 25 (Reuters) - Wall Street stocks ended lower on Monday as investors parsed the outlook for U.S. interest rates and looked ahead to AI chipmaker Nvidia's quarterly earnings this week while digesting a rally on Friday that lifted the Dow Jones Industrial Average to a record high close. On Friday, stocks jumped after U.S. Federal Reserve Chair Jerome Powell hinted at the Jackson Hole Symposium that an interest-rate cut could be considered at the central bank's September meeting, citing recent labor market weakness. Sign up here. "The market has a Jackson Hole hangover," said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. "Investors are taking a little bit of a breather." The Personal Consumption Expenditures Price Index - the Fed's preferred inflation gauge - is due to be released on Friday, while official nonfarm payrolls data is expected next week. The reports will be crucial, especially after Powell said a rate cut was not certain. "The focus right now is the labor market," said Brian Klimke, investment director at Cetera Investment Management. "We have the job market that's rolling over a little bit and the economy is weakening, so the Fed needs to act sooner than later and they're seeing it too." Nvidia (NVDA.O) , opens new tab climbed 1% ahead of its quarterly report on Wednesday, which will be one of Wall Street's most closely watched events of the week and a crucial test of the scorching AI trade. With Nvidia making up about 8% of the S&P 500, results of the world's most valuable company affect vast numbers of Americans who use index investment funds to save for retirement. "This is an incredibly important event from a market participant standpoint," said Michael Green, portfolio manager at Simplify Asset Management. Powell's comments on Friday nudged major brokerages to revise their expectations, with Barclays, BNP Paribas and Deutsche Bank currently seeing a 25-basis-point reduction in borrowing costs next month. Traders now see an 84% chance of a Fed rate cut in September, according to CME Group's FedWatch tool. Remarks from policymakers John Williams and Lorie Logan later in the day will be scrutinized to see if they share Powell's policy outlook. The S&P 500 declined 0.43% to end the session at 6,439.32 points. The Nasdaq declined 0.22% to 21,449.29 points, while the Dow Jones Industrial Average declined 0.77% to 45,282.47 points. Nine of the 11 S&P 500 sector indexes dropped, led lower by consumer staples (.SPLRCS) , opens new tab, down 1.62%, followed by a 1.44% loss in health care (.SPXHC) , opens new tab. Friday's optimism helped the blue-chip Dow close at a record high for the first time since December 2024, and the benchmark S&P 500 logged its strongest one-day gain since May. On Monday, Jefferies became the latest brokerage to raise its year-end target for the S&P 500. Beverage company Keurig Dr Pepper (KDP.O) , opens new tab tumbled 11.5% after saying it would buy JDE Peet's (JDEP.AS) , opens new tab for $18.4 billion in cash. Furniture retailers RH (RH.N) , opens new tab and Wayfair (W.N) , opens new tab each declined more than 5% after U.S. President Donald Trump said on Friday his administration would investigate furniture import tariffs. Intel (INTC.O) , opens new tab fell 1% after Trump said the U.S. government was taking a stake in the chipmaker. He also said he would make other deals similar to the one with Intel. Volume on U.S. exchanges was relatively light, with 14.2 billion shares traded, compared to an average of 17.1 billion shares over the previous 20 sessions. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 4.0-to-one ratio. The S&P 500 posted 17 new highs and no new lows; the Nasdaq recorded 125 new highs and 39 new lows. https://www.reuters.com/business/wall-street-ends-down-traders-focus-nvidia-fed-after-last-weeks-rally-2025-08-25/

2025-08-25 23:02

SANTIAGO, Aug 25 (Reuters) - Chile's mining regulator Sernageomin is raising its requirements for copper giant Codelco to restart areas of its flagship El Teniente mine after a deadly collapse, according to a document seen by Reuters on Monday. The document said Sernageomin will require a follow-up and monitoring plan for the stability and safety of mining operations across all underground deposits of Codelco's El Teniente mine that have yet to be re-opened. Sign up here. Codelco immediately shuttered all sections of the vast mine, its most profitable, after the July 31 accident that killed six people. Since then it has opened eight of 12 sectors at the mine, which contains several thousand kilometers of underground tunnels in the Andes mountains near Santiago. Codelco said on Monday it is working to gradually re-open the Andes Norte and Diamante sectors, after approvals from Sernageomin and the labor inspector's office, but said its Recursos Norte and Andesita units remain closed. Codelco did not immediately respond to a request for comment about the new requirements outlined by Sernageomin. Sernageomin had already requested a series of reports from Codelco before signing off on re-opening units of the mine, including a control measures report to prevent new incidents. Codelco, the world's largest copper producer, cut its copper forecast for this year due to the impact of the accident. The collapse mainly affected the new Andesita development, but Andes Norte, which had begun extraction, and Diamante were also halted as part of the investigation. https://www.reuters.com/world/americas/chile-regulator-raises-bar-restart-parts-codelco-mine-after-collapse-2025-08-25/

2025-08-25 22:46

US human screwworm case was Maryland resident who recovered, state health department says US cattle futures drop on fears parasite will infest livestock Cattle ranchers criticize government for delayed reporting of human case CHICAGO/WASHINGTON, Aug 25 (Reuters) - The patient with the first human infestation of travel-associated New World screwworm in the United States has recovered from the flesh-eating parasite, and there was no sign of transmission to other people or animals, the Maryland Department of Health said on Monday. U.S. cattle futures tumbled on concerns the pest will also strike livestock as ranchers criticized a lack of transparency about the case, following exclusive reporting by Reuters. Sign up here. Screwworms are parasitic flies whose females lay eggs in wounds on any warm-blooded animal. An outbreak could cost the economy in Texas, the biggest U.S. cattle-producing state, about $1.8 billion, according to U.S. estimates. The Centers for Disease Control and Prevention confirmed the human case as screwworm on August 4 in a person who returned from travel to El Salvador, according to the U.S. Department of Health and Human Services. The agency announced the case on Sunday after Reuters reported earlier in the day on emails from beef industry officials on a CDC-confirmed case in a person in Maryland who had traveled to the United States from Guatemala. The nearly three-week delay between the confirmation of the case on August 4 and the U.S. government's disclosure erodes trust that public agencies need to identify and fight potential screwworm outbreaks, said Neal Wilkins, CEO of conservation and cattle group East Foundation. "It will cause many producers and land owners, wildlife managers, to simply begin to believe that they're not being fed the whole story," he said. "It's irresponsible and tone deaf for them to have done this." Maryland's health department said the patient was a resident of the state but did not respond to questions about the country to which the person traveled or the timing of the case. An HHS spokesperson did not address the discrepancy on the source of the human case on Sunday. Feeder cattle futures fell at the Chicago Mercantile Exchange after cattle and beef prices set records this year because the nation's herd shrank to its smallest size in 70 years. Screwworm has spread north in Mexico from Central America, prompting the U.S. Department of Agriculture to halt imports of Mexican cattle in July. USDA Secretary Brooke Rollins did not mention the human case when she traveled to Texas on August 15 to announce that the agency would spend up to $750 million to build a Texas facility to produce sterile flies to combat screwworm. The agency has not confirmed cases in animals this year. The USDA has not responded to questions about the human case and what communications the agency had with the CDC. Last week, an executive of industry group Beef Alliance sent emails to about two dozen people, informing them the CDC had confirmed a case in Maryland in a person who had traveled to the U.S. from Guatemala, according to a source. Beef Alliance has not responded to requests for comment. U.S. cattle producers' association R-CALF USA said on Monday there should be an investigation if government officials shared information about the case with select industry members. "Without transparency and symmetrical information dissemination to all industry participants there can be no trust between industry participants and the government," the association's CEO, Bill Bullard, said. https://www.reuters.com/business/healthcare-pharmaceuticals/us-screwworm-patient-recovered-maryland-says-ranchers-criticize-secrecy-2025-08-25/