2025-08-08 07:11

NEW DELHI, Aug 8 (Reuters) - India's Hindustan Petroleum Corp (HPCL.NS) , opens new tab is scouting for alternative crudes to protect itself if it were to stop buying Russian oil due to higher prices and sanctions, its chairman Vikas Kaushal said on Friday. Indian state refiners have paused buying Russian oil imports as it has become pricey, and President Donald Trump's threatened to impose a penalty on the South Asian nation for purchasing Russian oil. Sign up here. Trump has decided to impose an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil in a move that sharply escalated tensions between the two nations after trade talks reached a deadlock. Kaushal said that while there was no official directive from the government regarding the purchase of Russian oil, HPCL's Russian oil intake in the June quarter fell to 13.2% due to narrowing discounts. "It's not because of any geopolitical reason. It was an economic decision based on what we needed to run in our refineries," Kaushal told an analyst call. HPCL remains open to buying Russian oil if it becomes competitively priced again, he said, adding the company would be able to absorb the financial loss for not processing Russian oil as it has already cut its Russian oil processing. HPCL directly controls 490,000 barrels per day refining capacity, and has a stake in private refiner HPCL-Mittal Energy Ltd, which operates a 226,000 bpd plant in northern India. It is also building a 180,000 bpd refinery at Barmer in the desert state of Rajasthan. HPCL has broadened its supplier base for crude imports and streamlined its crude import strategy, sourcing 4 million barrels through a single tender instead of multiple offers. https://www.reuters.com/business/energy/indias-hpcl-explores-russian-oil-alternative-amid-price-sanction-worry-2025-08-08/

2025-08-08 06:29

US gold futures jump to an all-time high of $3,534.10 US imposes tariffs on 1-kg gold bars, Financial Times reports Spot gold on track for second straight weekly gain, up about 1% Aug 8 (Reuters) - Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes. Spot gold held steady at $3,394.36 per ounce, as of 0620 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up about 1% so far this week. Sign up here. U.S. gold futures for December delivery were up 1.3% at $3,499.30, after hitting an all-time high of $3,534.10. The price spread between New York futures and spot prices widened by more than $100 after the Financial Times reported on Thursday that the United States had imposed tariffs on imports of 1-kg gold bars, citing a letter from Customs and Border Protection. The letter, dated July 31, said 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs, a move that could impact Switzerland, the world's largest gold refining hub. The tariffs on gold bars "will create a dislocation or rather some issues in terms of settlement by big banks and this was reflected (in) liquidity prices this morning, with prices jumping everywhere," said Brian Lan, managing director at GoldSilver Central, Singapore, referring to prices influenced by trading disruptions and reduced liquidity. U.S. President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. Gold is often used as a safe store of value during times of political and financial uncertainty. Additionally, weaker U.S. payroll data last week bolstered expectations for a Federal Reserve interest rate cut, with CME Group's FedWatch Tool indicating a 91% probability of a 25-basis-point reduction next month. Elsewhere, spot silver fell 0.4% to $38.15 per ounce, platinum edged down 0.1% to $1,332.59 and palladium was down 0.2% to $1,148.77. https://www.reuters.com/world/china/gold-futures-hit-record-high-after-report-us-tariffs-gold-bars-2025-08-08/

2025-08-08 06:08

Aug 8 (Reuters) - India’s Reliance Infrastructure (RLIN.NS) , opens new tab said on Friday that its power distribution companies in New Delhi will recover 214.13 billion rupees ($2.44 billion) in unpaid dues, following a Supreme Court ruling earlier this week that upheld their claims. The dues stem from historical tariff shortfalls, where electricity prices approved by regulators did not fully cover the cost of supply. Sign up here. Reliance Infra is part of the Anil Ambani-run Reliance Group. He is the younger brother of billionaire Mukesh Ambani. Under a court-approved mechanism, the amount will be recovered from consumers over four years starting April 2024, likely through higher electricity tariffs. On Wednesday, the Supreme Court ordered electricity regulators across India to clear deferred costs and unpaid dues owed to power distribution companies. The court also instructed state regulators to conduct audits and submit recovery roadmaps. In New Delhi alone, three distribution companies — including a unit of Tata Power (TTPW.NS) , opens new tab — had accumulated 272 billion rupees in unpaid dues by March 2024, according to the court document. The Delhi Electricity Regulatory Commission will oversee the recovery process, which is expected to result in increased electricity bills for consumers in the national capital. ($1 = 87.6140 Indian rupees) https://www.reuters.com/sustainability/boards-policy-regulation/indias-reliance-infra-recover-244-billion-unpaid-power-dues-new-delhi-consumers-2025-08-08/

2025-08-08 05:52

Japan's Topix index rises above 3,000 for first time Nasdaq futures rise, on track for third day of gains Markets eye dovish tilt at Fed as Miran appointed SINGAPORE, Aug 8 (Reuters) - Asian markets made an uneven recovery on Friday, with Japan's broadest stock index hitting a record high on strong corporate earnings and expectations that the U.S. would remove overlapping tariffson the country's goods. But declines on the Hong Kong, South Korea and Australia bourses underscored fragile investor confidence after a retreat on Wall Street, as traders weighed the impact of appointments to the U.S. Federal Reserve on its policy direction. Sign up here. Japan's Nikkei 225 (.N225) , opens new tab rose 2% and the Topix index (.TOPX) , opens new tab climbed more than 1% to a fresh record, trading above 3,000 for the first time. Shares in SoftBank Group (9984.T) , opens new tab rallied as much as 11% after the technology investor reported that it swung back to profit in the first quarter. Sony Group (6758.T) , opens new tab gained 6%, adding to its earnings-fuelled 4.1% advance from Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab slipped 0.6% with Hong Kong leading declines, after U.S. stocks ended the previous session with mild losses after nearing a one-week high. U.S. President Donald Trump said on Thursday he would nominate Council of Economic Advisers Chairman Stephen Miran to fill a vacant seat at the Federal Reserve for a few months while the White House seeks a permanent addition to the central bank's governing board and continues its search for a new Fed chair. "It locks in a vote for rate cuts at all the meetings between now and the end of January," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney. "Markets are already travelling with a very strong expectation that there will be a rate cut," he added. "Though there's a question mark over the whether he'll succeed in ratification in time for the September meeting." The market is also digesting a Bloomberg News report that Fed Governor Christopher Waller is the top candidate to replace Chair Jerome Powell, whose term ends on May 15, 2026. Gold futures hit a record high after a report in the Financial Times that the United States had imposed tariffs on imports of 1-kg gold bars, which comprise the bulk of Switzerland’s bullion exports to the U.S., citing a letter from Customs and Border Protection. Spot gold was 0.1% lower, with bullion last trading at $3393.36 per ounce. U.S. stock futures, the S&P 500 e-minis , were up 0.3%, while Nasdaq futures rose 0.4%, on track to extend gains into a third day. The rally for stocks comes "against the backdrop of an emerging titanic dovish pivot at the Federal Reserve," said Tony Sycamore, market analyst at IG in Sydney. The yield on benchmark 10-year Treasury notes rose to 4.2442%, unchanged from the U.S. close on Thursday, after weak demand at an auction of 30-year bonds, the latest in a string of lacklustre sales this week. The rally in Japanese stocks follows a mixed bag of earnings reports for the country's biggest exporters, as some companies such as Toyota Motor (7203.T) , opens new tab slashed their profit forecasts due to U.S. tariffs, while Sony and Honda (7267.T) , opens new tab said the impact would be less than feared. As the effective date of recent U.S. trade duties arrived, Tokyo's trade negotiator said the U.S. government on Thursday promised it would fine-tune some of its overlapping tariffs on Japanese goods to avoid the duties being paid on some products twice. Hong Kong's Hang Seng Index (.HSI) , opens new tab fell 0.7%, with technology shares leading declines and China's blue-chip CSI 300 index (.CSI300) , opens new tab fluctuating between gains and losses, and last up 0.1%. Australian stocks (.AXJO) , opens new tab were 0.1% lower and Korea's Kospi fell 0.7%. The dollar rose 0.1% against the yen to 147.24 . Data on Friday showed Japanese household spending data rose by a slower-than-anticipated 1.3%. The data is being closely watched for clues on consumption as the Bank of Japan debates the likelihood of resuming interest rate increases. The European single currency dipped 0.1% to $1.1652, having gained 2.13% in a month, while the dollar index , which tracks the greenback against a basket of currencies of other major trading partners, was up 0.2% at 98.188. In oil markets, Brent futures were unchanged at $66.45 per barrel, while U.S. crude futures were little changed at $63.81. https://www.reuters.com/business/media-telecom/global-markets-update-1-wrapup-1-2025-08-08/

2025-08-08 05:26

Dollar weighed by rate cut bets, Trump's Fed pick Traders pricing two U.S. rate cuts this year Pound boosted by narrow BoE vote to cut rates SINGAPORE, Aug 8 (Reuters) - The dollar was steady on Friday but poised for a weekly fall as U.S. President Donald Trump's temporary choice for a fill-in Federal Reserve governor stoked expectations for a dovish pick to replace chair Jerome Powell when his term ends. As concerns over softening U.S. economic momentum, especially in the labour market, boost hopes of Fed rate cuts, the dollar was down 0.6% on the week so far, against a basket of peers. Sign up here. On the day, the dollar index was little changed, at 98.1. Trump has nominated Council of Economic Advisers Chairman Stephen Miran for a newly vacant seat at the Fed, while the White House seeks a permanent occupant. Miran replaces Governor Adriana Kugler following her surprise resignation last week. While investors remain worried about the U.S. central bank's independence and credibility after repeated criticism from Trump for not cutting interest rates, some analysts feel Miran's appointment is unlikely to have a material impact. "We still maintain that central bank independence is going to be very much intact," said Raisah Rasid, global market strategist at J.P. Morgan Asset Management in Singapore. She expects the central bank to focus on incoming data and the overall health of the U.S. economy. Trump's scathing attacks on Powell and the likelihood of a dovish pick as the next Fed Chair have weighed on the dollar, although he recently backed off threats to oust Powell before his term ends on May 15. Fed Governor Christopher Waller, who voted for a rate cut in the Fed's last meeting, is emerging as a top candidate to be the next chair, Bloomberg news said on Thursday. Investor focus will now switch to next week's U.S. consumer price inflation data with economists polled by Reuters expecting month-on-month core CPI to have nudged higher to 0.3% in July. The data will offer clues to whether tariff-driven price pressures are materialising and shape the Fed's policy path. Atlanta Fed president Raphael Bostic said on Thursday while risks to the job market have increased, it remained too soon to commit to rate cuts, with more data lined up ahead of the Fed's policy review scheduled for September 16 and 17. Traders are pricing in a 93% chance of a rate cut in September, with at least two rate cuts priced in by the end of the year. The dollar has struggled broadly this year and is down 9.5% against a basket of major peers, as investors sought alternatives, worried over Trump's erratic trade policies. Analysts anticipate the dollar to remain under pressure but see the fall unlikely to be as steep. "We're looking for a bending but not breaking sort of scenario (on the dollar)," Rasid added. Sterling hovered near a two-week high at $1.3439, clinging to Thursday's sharp gains as the Bank of England cut interest rates but only after a narrow 5-4 vote, showing a lack of conviction in its easing bias. The vote split in the BoE meet "implies one of the most hawkish versions of a 25bp cut that reasonably could have been expected," analysts at Goldman Sachs said. The pound is on course for its best weekly performance since late June. The Japanese yen was flat at 147.1 a dollar and the euro was perched near a two-week high, as investors took comfort in the prospect of talks between the U.S. and Russia aimed at ending the war in Ukraine. Russian President Vladimir Putin and U.S. President Donald Trump will meet in the coming days, Kremlin aide Yuri Ushakov said on Thursday, for the first summit of the nations' leaders since June 2021. https://www.reuters.com/world/middle-east/trumps-fed-governor-pick-keeps-us-dollar-under-pressure-2025-08-08/

2025-08-08 05:19

MUMBAI, August 8 (Reuters) - The Indian rupee's initial rise on Friday was capped by dollar demand from importers and short-term speculators, who were wary of the overhang from U.S. trade tensions. The rupee had rose to 87.56 at open and hit an intraday high of 87.5350, building on the momentum from unwinding of long dollar in the non-deliverable forward (NDF) market. Sign up here. However, bids for dollars surfaced soon after, halting the recovery and keeping USD/INR anchored, traders said. The rupee was quoting at 87.61 to the U.S. dollar at 10:42 am IST, up from Thursday's close of 87.7025. "There is obviously a lot of uncertainty around the U.S. tariffs," said a currency trader at a private-sector bank. "You likely will have importers err on the side of caution and take hedges. For speculators, it is either to buy (USD/INR) or remain on the sidelines." Flows remain skewed and dips in USD/INR will be bought, he added. The rupee has come under growing pressure given the trade tensions with the United States. India now finds itself among the hardest-hit countries in President Donald Trump's trade offensive following the announcement of an additional 25% tariff on Indian goods this week. The move places India on par with Brazil in facing the steepest import duties currently levied by the U.S. The escalation is particularly notable given that India was once considered a strong contender for an early and favourable trade deal with Washington. The latest measures have unsettled markets and raised concerns that the ongoing friction could impact capital flows and investor sentiment toward Indian assets. Foreign investors sold nearly $600 million in Indian equities on Thursday, preliminary exchange data showed, underscoring the cautious sentiment. The Reserve Bank of India has intervened to defend the 87.95 all-time high level on USD/INR, with traders noting action in both spot and NDF markets. This helped prevent a larger slide in the rupee. https://www.reuters.com/world/india/rupee-recovery-hits-resistance-corporates-speculators-2025-08-08/