2025-08-11 06:30
JAKARTA, Aug 11 (Reuters) - Indonesia and Peru signed a free trade agreement on Monday to strengthen bilateral trade and investment relations, the leaders of both countries said at a signing ceremony in Jakarta. Indonesian exports to Peru totalled $331.2 million worth of goods in 2024, while imports from Peru stood at $149.6 million, according to Indonesian data. Sign up here. Indonesia's top export products were cars and car parts, biodiesel and footwear, while it mainly imported cocoa beans and grapes. The comprehensive economic partnership agreement would expand market access for both countries, Indonesian President Prabowo Subianto said. The two countries would also increase cooperation in sectors like food, fishery, mining, energy transition and defence, Prabowo said, without providing more detail. Peruvian President Dina Boluarte said that, as a major exporter of fresh fruit, Peru would get bigger access to sell more fruits like blueberries to Indonesia. https://www.reuters.com/markets/commodities/indonesia-peru-sign-free-trade-deal-2025-08-11/
2025-08-11 06:22
Says cash will provide financial robustness in 2025-2027 Discontinues US project sale Reports half-year profit ahead of time STOCKHOLM, Aug 11 (Reuters) - Danish wind farm developer Orsted (ORSTED.CO) , opens new tab said on Monday it plans a 60 billion crowns ($9.4 billion) rights issue, citing adverse development in the U.S. offshore wind market. Orsted said in a statement the Danish state, which owns 50.1% of the company, has agreed to subscribe to a similar portion of the share issue, thus upholding a majority stake. Sign up here. "The rights issue announced today will strengthen Orsted's capital structure and provide financial robustness in the years 2025 through 2027, during which we'll deliver on our 8.1 GW offshore wind construction portfolio," CEO Rasmus Errboe said. Any shares not subscribed for by the existing shareholders or other investors will be fully underwritten by Morgan Stanley & Co International to provide certainty that the rights issue will be completed, Orsted added. Orsted said it had as a result of the market developments also decided to discontinue the process for a partial divestment of its Sunrise Wind project in the United States. It said in a separate statement its earnings before interest, tax, depreciation and amortisation excluding new partnerships and cancellation fees rose 9% year-on-year to 13.9 billion crowns in the first half of 2025. The company, which is due to publish its full second-quarter earnings report on Wednesday, maintained full-year guidance for an adjusted EBITDA of 25 billion-28 billion crowns and a gross investment guidance of 50 billion-54 billion. It however altered the outlook for the offshore division. "We have changed the directional guidance for Offshore from 'Higher' to 'Neutral' due to lower wind speeds in the first months of 2025," Orsted said. ($1 = 6.3953 Danish crowns) https://www.reuters.com/world/europe/denmarks-orsted-plans-raise-94-billion-rights-issue-2025-08-11/
2025-08-11 06:04
Trump says soybean orders will reduce Beijing's trade deficit with U.S. China-U.S. tariff truce deadline looms Analysts say quadrupling soybean orders is 'highly unlikely' Aug 10 (Reuters) - U.S. President Donald Trump said on Sunday that he hoped China would quadruple its soybean orders from the U.S, adding that it was also "a way of substantially reducing" Beijing's trade deficit with Washington. "China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China's Trade Deficit with the USA. Rapid service will be provided. Thank you President XI," Trump said on Truth Social. Sign up here. A tariff truce between Beijing and Washington is set to expire on August 12, but the Trump administration has hinted that the deadline may be extended. China, which takes more than 60% of soybeans shipped worldwide, buys the oilseed mainly from Brazil and the United States. The most active soybean contract on the Chicago Board of Trade (CBOT) was up 2.13% at $10.08 a bushel at 0446 GMT, having been little changed before Trump's post. China imported roughly 105 million metric tons of soybeans last year, just under a quarter coming from the U.S. and most of the remainder from Brazil. Quadrupling shipments would require China to import the bulk of its soybeans from the U.S. "It's highly unlikely that China would ever buy four times its usual volume of soybeans from the U.S.," Johnny Xiang, founder of Beijing-based AgRadar Consulting, said. It is unclear if securing China's agreement to buy more U.S. soybeans is a condition for extending the trade truce. China's Ministry of Commerce did not immediately respond to a Reuters request for comment. The country has steadily reduced its reliance on U.S. soybeans in recent years, shifting more purchases to South America. Under the Phase One trade deal signed during Trump's first term, China agreed to boost purchases of U.S. agricultural products, including soybeans. However, Beijing ultimately fell far short of meeting those targets. This year, amid Washington–Beijing trade tensions, it has yet to buy any fourth quarter U.S. beans, fuelling concerns as the U.S. harvest export season approaches. "On Beijing's side, there have been quite a few signals that China is prepared to forego U.S. soybeans altogether this year, including booking those test cargoes of soymeal from Argentina," said Even Rogers Pay, an agricultural analyst at Trivium China. Reuters previously reported that Chinese feedmakers have purchased three Argentine soymeal cargoes as they aim to secure cheaper South American supplies amid concerns about a possible soybean supply disruption in the fourth quarter. U.S. soybean industry has been seeking alternative buyers, but no other country matches China's scale. Last year, China imported 22.13 million tons of soybeans from the U.S., and 74.65 million tons from Brazil. (This story has been corrected to say that most of the remainder of soybeans comes from Brazil, not all of it, in paragraph 6) https://www.reuters.com/world/us/trump-hopes-china-will-quickly-quadruple-its-us-soybean-orders-2025-08-11/
2025-08-11 05:58
US consumer prices index data due on Tuesday Speculators raise net long position in COMEX gold -CFTC US gold futures down more than 1% Aug 11 (Reuters) - Gold prices slipped on Monday as market participants focussed on U.S.-Russia talks on the war in Ukraine, and July inflation data that could offer more insight into the Federal Reserve's interest rate outlook. Spot gold was down 0.6% at $3,378.49 per ounce, as of 0521 GMT, after hitting its highest since July 23 on Friday. Sign up here. U.S. gold futures for December delivery dropped 1.4% to $3,441.20. "Cooling geopolitical tensions surrounding the war in Ukraine saw gold fall further, following Friday's announcement that President Donald Trump will meet with Vladimir Putin on the U.S. soil," City Index senior analyst Matt Simpson said. Trump said on Friday he will meet Russian President Putin on August 15 in Alaska to negotiate an end to the war in Ukraine. Focus is also on U.S. consumer price data due on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3% to an annual pace of 3.0% and away from the Fed's target of 2%. "A hot print could further strengthen the dollar and cap gains in gold, though I suspect support will remain in place overall as investors seek to scoop up discounts," Simpson said. Recent softer-than-expected U.S. jobs report boosted bets for a Fed rate cut in September. Markets imply around a 90% probability of a September easing, and at least one more cut by this year-end. Non-yielding gold thrives in a low-interest-rate environment. Also on the radar are Sino-U.S. trade discussions as Trump's August 12 deadline for a deal between Washington and Beijing loomed. Meanwhile, COMEX gold speculators increased net long position by 18,965 contracts to 161,811 in the week to August 5. Elsewhere, spot silver fell 0.5% to $38.13 per ounce, platinum slipped 1.1% to $1,317.90 and palladium gained 0.1% to $1,127.37. https://www.reuters.com/world/china/gold-slips-investors-focus-us-russia-talks-ukraine-2025-08-11/
2025-08-11 05:52
Asian stock markets: Nikkei futures near record as Japan holidays Dollar, bonds await US CPI report to refine rate cut chances Oil slips ahead of Trump/Putin meeting on Ukraine SYDNEY, Aug 11 (Reuters) - Major share indexes crept higher in Asia on Monday as upbeat company earnings underpinned high valuations in the tech sector, while a crucial report on U.S. inflation would likely set the course of the dollar and bonds. While Japan's stock market (.N225) , opens new tab was closed for a holiday, futures pushed up to 42,380 and suggested the cash index will test its all-time high of 42,426 this week. Sign up here. EUROSTOXX 50 futures added 0.2%, while FTSE futures rose 0.1% and DAX futures firmed 0.2%. Trade and geopolitics loom large with a U.S. tariff deadline on China due to expire on Tuesday amid expectations it will get extended again, while President Donald Trump and Russian leader Vladimir Putin are due to meet in Alaska on Friday to discuss Ukraine. The main economic release will be U.S. consumer prices on Tuesday, with analysts expecting the impact of tariffs to help nudge the core up 0.3% to an annual pace of 3.0% and away from the Federal Reserve target of 2%. An upside surprise would challenge market wagers for a September rate cut, though analysts assume it would have to be a very high number given a downward turn in payrolls is now dominating the outlook. "The tone from the Fed has shifted as a number of officials expressed concerns about growth following the July employment report," said Bruce Kasman, chief economist at JPMorgan. "We now expect the Fed to restart its easing cycle in September," he added. "Recession risks are elevated at 40%, but we do not yet see a case for a larger than 25bp series of cuts." Markets imply around a 90% probability of a September easing, and at least one more cut by year end. Trump's pick for Fed governor, Stephen Miran, may or may not be in place in time to vote for a cut in September, while the choice of a new chair has broadened out to around 10 contenders. The prospect of lower borrowing costs has supported equities, along with a run of strong earnings. Analysts at BofA note 73% of companies had beaten on earnings, well above the 59% long run average, while 78% beat on revenue. "While mentions of 'weak demand' ticked up and tariff concerns remain, corporate sentiment and guidance are improving," they said in a note. S&P 500 futures and Nasdaq futures both edged up 0.1% on Monday to near record highs. Analysts were unsure what to make of a report in the Financial Times that tech majors Nvidia (NVDA.O) , opens new tab and AMD (AMD.O) , opens new tab have agreed to give the U.S. government 15% of their revenues from chip sales in China, under an arrangement to obtain export licenses for the semiconductors. CHINA EXPORTS DEFLATION MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab gained 0.3%, while South Korea (.KS11) , opens new tab was flat having bounced 2.9% last week. Chinese blue chips (.CSI300) , opens new tab added 0.5% after data showed consumer price inflation ticked up in July, but producer prices kept falling as the country's massive manufacturing sector exported deflation to the rest of the world. Figures on industrial output and retail sales for July are due on Friday, and forecasts are for a slight slowdown after a jump the previous month. Currencies were quiet with markets thinned by Japan's absence, with the dollar index a fraction lower at 98.066 after slipping 0.4% last week. The euro added 0.2% to $1.1670 and further away from a recent trough of $1.1392, while the dollar dipped to 147.50 yen having met resistance around 147.90. The Australian dollar eased to $0.6520 ahead of a meeting of the Reserve Bank of Australia which is widely expected to sanction a rate cut, having stunned markets in July by skipping an easing to await more inflation data. The figures turned out benign, so investors have again fully priced a quarter-point cut to 3.60%. In commodity markets, gold fell 0.6% to $3,378 an ounce after wild swings last week on reports the U.S. would slap 39% tariffs on some gold bars, which are major exports of Switzerland. Gold futures pared gains on Friday when the White House said it planned to issue an executive order clarifying the country's stance on gold bar tariffs. Oil prices slipped amid risks the talks between Trump and Putin could make progress to a ceasefire in Ukraine and possibly an eventual easing of sanctions on Russian oil exports. Brent dropped 0.6% to $66.22 a barrel, while U.S. crude eased 0.7% to $63.44 per barrel. https://www.reuters.com/world/china/global-markets-wrapup-3-2025-08-11/
2025-08-11 05:15
NEW DELHI, Aug 11 (Reuters) - The Indian alloy steel producers' association has filed an anti-dumping petition with the federal trade ministry against cheap imports from China, its senior executive told Reuters on Monday. India, the world's second-biggest producer of crude steel, has the capacity to make around 18 million to 20 million metric tons per annum of alloy steel, which is used in the auto, defence and aerospace sectors. Sign up here. "China is selling wire rods of alloy steel at very low prices, and imports have gone up considerably in the last three years, hurting the local alloy steel producers," said Anil Dhawan, director general, Alloy Steel Producers Association of India (ASPA). Alloy steel wire rods are mainly used for automobiles and their components, Dhawan said. Dhawan said the anti-dumping petition was filed on July 31 with the Directorate General of Trade Remedies, which falls under the Ministry of Commerce and Industry. The ASPA's members include JSW Steel (JSTL.NS) , opens new tab, India's biggest steelmaker, as well as Jindal Steel (JNSP.NS) , opens new tab, Kalyani Steels (KLSL.NS) , opens new tab, and Mukand Sumi Special Steel, among others. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. https://www.reuters.com/world/china/indian-alloy-steel-producers-file-anti-dumping-plea-against-chinese-steel-2025-08-11/
