2025-07-25 06:44
HAMBURG, July 25 (Reuters) - Rain has sharply raised water levels on the river Rhine in Germany, allowing ships to take on bigger loads and only northern sections of the river are still too shallow for cargo vessels to sail at full capacity, commodity traders said on Friday. Dry weather and a heatwave in June and July meant the river became too shallow for vessels to sail fully loaded. Ship operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners. Sign up here. The impact of the heatwave had been stronger than expected as fields which drain into smaller streams and rivers feeding into the Rhine were especially dry. Shallow water levels continue to hinder shipping in northern sections of the river in Germany, including Duisburg and Cologne, but vessels can sail around 70% full, traders said. The chokepoint of Kaub and southern sections of the river have returned to normal levels allowing vessels to sail fully loaded, they said. More rain forecast in river catchment areas in coming days is expected to raise river levels close to normal, traders said. The Rhine is an important shipping route for commodities such as grains, minerals, ores, chemicals, coal and oil products, including heating oil. German companies faced supply bottlenecks and production problems in summer 2022 after a drought led to unusually low water levels on the river. https://www.reuters.com/business/environment/rhine-river-levels-rise-germany-after-rain-ships-load-more-cargo-2025-07-25/
2025-07-25 06:44
Focus on Fed policy meeting due next week Dollar heads for biggest weekly drop in a month Silver on track for a weekly gain July 25 (Reuters) - Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.3% at $3,356.75 per ounce, as of 0623 GMT. U.S. gold futures fell 0.4% to $3,358.60. Sign up here. "Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market," OANDA senior market analyst Kelvin Wong said. "However, the dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level." The European Union and the United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. The S&P 500 and the Nasdaq notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors. Offering respite to gold, the U.S. dollar index (.DXY) , opens new tab was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders. Data showed U.S. jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work. The Federal Reserve is also widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September. Elsewhere, spot silver eased 0.3% to $38.96 per ounce, but was on track for a weekly gain, up 2% for the week. Platinum fell 0.7% to $1,398.17 and palladium slipped 0.1% to $1,226.64. https://www.reuters.com/world/china/gold-subdued-trade-optimism-weighs-soft-dollar-caps-losses-2025-07-25/
2025-07-25 06:32
India dealers widen discount to $15/oz this week China's imports of gold fall in June from prior month Indian buyers are awaiting a bigger drop in prices July 25 (Reuters) - Physical gold demand in key Asian hubs was subdued this week, as rising prices dampened sentiment, prompting dealers in top consumer China and India to offer steep discounts to attract buyers. Indian dealers offered discounts of up to $15 an ounce over official domestic prices this week, which include a 6% import and 3% sales tax, up from a discount of up to $10 last week. Sign up here. "Buyers are struggling to understand the broader trend. Prices were rallying at the beginning of the week but suddenly corrected mid-week," said a Chennai-based jeweller. Domestic gold prices were trading around 98,500 rupees per 10 grams on Friday after rising to 100,555 rupees earlier this week. Jewellers were reluctant to purchase gold at current prices or even place orders for jewellery production, as retail demand has remained negligible for more than a month, said a Mumbai-based bullion dealer at a private bank. In China, dealers offered gold between a discount of $5 and a premium of $4 per ounce above international rates. "The physical demand is quite low because prices rose above $3,400. Price are too high, we are seeing some liquidation, selling interest. People are hesitant to buy at the moment," said Peter Fung, head of dealing at Wing Fung Precious Metals. China's imports of gold extended declines for a second successive month in June, customs data showed on Sunday. In Hong Kong, gold was sold at par to a premium of $1.50, while in Singapore gold traded between at-par prices and a $2.50 premium. "We've seen some clients who came to purchase, reason being they're worried that the prices will continue to shoot further up. But I think more of a selling at this point of time," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion was sold at a discount of $0.50 to a $0.70 premium over spot prices. https://www.reuters.com/markets/asia/asia-gold-high-prices-stifle-gold-demand-top-asian-hubs-india-widens-discount-2025-07-25/
2025-07-25 06:31
LONDON, July 25 (Reuters) - British consumers shopped more in June after a sharp drop in May as hot weather helped to boost the sales of drinks, clothes and car fuel, official figures showed on Friday. Retail sales volumes rose by a month-on-month 0.9%, a partial rebound from May's 2.8% plunge which was the biggest fall since December 2023. Sign up here. However, the increase was smaller than the median forecast of 1.2% in a Reuters poll of economists. Many British households are feeling the squeeze again from an inflation rate that rose to 3.6% in June with food prices rising faster. A survey published earlier on Friday showed consumer confidence dipped this month ahead of possible tax increases later this year and households added to their savings. In the three months to June, sales volumes rose by 0.2%, the weakest such increase since the three months to February, the Office for National Statistics said. ONS senior statistician Hannah Finselbach said the warm weather last month helped supermarket retailers who reported an increase in drink purchases and fuel sales rose. "Looking at broader trends, retail sales are up slightly across the latest quarter but are down when compared with pre-pandemic levels," Finselbach said. British retailers have highlighted the impact of the country's weather on their sales recently. Supermarket group Sainsbury's (SBRY.L) , opens new tab reported better-than-expected quarterly trading with food and clothing boosted by warm temperatures. But fast food retailer Greggs (GRG.L) , opens new tab warned on profit complaining that June's heatwave hit overall footfall. Sterling was little changed against the U.S. dollar immediately after the data was published. Britain's economy has stumbled after a strong start to 2025 with overall output contracting in April and May. The Bank of England is expected to cut interest rates by a quarter of a percentage point on August 7 as it responds to a jobs market slowdown. However, inflation pressures have thwarted bets on faster cuts to borrowing costs in the coming months. https://www.reuters.com/business/retail-consumer/uk-sunshine-warmed-up-retail-sales-june-ons-says-2025-07-25/
2025-07-25 06:22
Australia relaxed curbs on US beef imports Canberra says decision not related to trade talks Trump says other countries are on notice Australian opposition concerned about biosecurity risk WASHINGTON/CANBERRA, July 24 (Reuters) - The United States will sell "so much" beef to Australia, U.S. President Donald Trump said on Thursday after Canberra relaxed import restrictions, adding that other countries that refused U.S. beef products were on notice. Australia on Thursday said it would loosen biosecurity rules for U.S. beef, something analysts predicted would not significantly increase U.S. shipments because Australia is a major beef producer and exporter whose prices are much lower. Sign up here. "We are going to sell so much to Australia because this is undeniable and irrefutable Proof that U.S. Beef is the Safest and Best in the entire World," Trump said in a post on Truth Social. "The other Countries that refuse our magnificent Beef are ON NOTICE," the post continued. Trump has attempted to renegotiate trade deals with numerous countries he says have taken advantage of the United States – a characterisation many economists dispute. "For decades, Australia imposed unjustified barriers on U.S. beef," U.S. Trade Representative Jamieson Greer said in a statement, calling Australia's decision a "major milestone in lowering trade barriers and securing market access for U.S. farmers and ranchers." Australia is not a significant importer of beef but the United States is and a production slump is forcing it to step up purchases. Last year, Australia shipped almost 400,000 metric tons of beef worth $2.9 billion to the United States, with just 269 tons of U.S. product moving the other way. Australian officials say the relaxation of restrictions was not part of any trade negotiations but the result of a years-long assessment of U.S. biosecurity practices. Canberra has restricted U.S. beef imports since 2003 due to concerns about bovine spongiform encephalopathy (BSE), or mad cow disease. Since 2019, it has allowed in meat from animals born, raised and slaughtered in the U.S. but few suppliers were able to prove that their cattle had not been in Canada and Mexico. On Wednesday, Australia's agriculture ministry said U.S. cattle traceability and control systems had improved enough that Australia could accept beef from cattle born in Canada or Mexico and slaughtered in the United States. The decision has caused some concern in Australia, where biosecurity is seen as essential to prevent diseases and pests from ravaging the farm sector. "We need to know if (the government) is sacrificing our high biosecurity standards just so Prime Minister Anthony Albanese can obtain a meeting with U.S. President Donald Trump," shadow agriculture minister David Littleproud said in a statement. Australia, which imports more from the U.S. than it exports, faces a 10% across-the-board U.S. tariff, as well 50% tariffs on steel and aluminium. Trump has also threatened to impose a 200% tariff on pharmaceuticals. Asked whether the change would help achieve a trade deal, Australian Trade Minister Don Farrell said: "I'm not too sure." "We haven't done this in order to entice the Americans into a trade agreement," he said. "We think that they should do that anyway." https://www.reuters.com/world/asia-pacific/trump-says-us-will-sell-so-much-beef-australia-2025-07-25/
2025-07-25 06:21
Tariff deadline looms, with Fed, BOJ also meeting Global stocks hit record high this week on trade deal optimism Alphabet earnings buoy Wall Street; Amazon, Apple, Meta due next week TOKYO, July 25 (Reuters) - Asian shares eased from highs on Friday, with Japan retreating from a record, as investors locked in profits ahead of a bumper week that includes U.S. President Donald Trump's tariff deadline and a host of central bank meetings. The dollar gained against major peers after bouncing off a two-week low on Thursday, helped by some firm U.S. economic data. Sign up here. Japan's currency, in particular, was weighed by political uncertainty amid media reports Prime Minister Shigeru Ishiba will step down. Benchmark Japanese government bond yields hovered just below the highest since 2008. Japan's broad Topix index (.TOPX) , opens new tab, which has jumped more than 5% over the previous two sessions to an all-time high, pulled back 0.8%. The Nikkei (.N225) , opens new tab slipped 0.9% from Thursday's one-year high. Hong Kong's Hang Seng (.HSI) , opens new tab lost 0.9% and mainland Chinese blue chips (.CSI300) , opens new tab declined 0.5%. Australia's equity benchmark (.AXJO) , opens new tab eased 0.5%. At the same time, U.S. S&P 500 futures added 0.2%, after the cash index (.SPX) , opens new tab edged up slightly to a record closing high overnight, buoyed by robust earnings from Google parent Alphabet (GOOGL.O) , opens new tab. The tech-heavy Nasdaq (.IXIC) , opens new tab also marked a record high. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab edged down 0.2%, but remained just below an all-time peak from Thursday. The index is on course for a 1.3% weekly advance, buoyed in large part by optimism for U.S. trade deals with the European Union and China, following an agreement with Japan this week. "Trade agreements will help mitigate some of the downside risks to the global economic outlook. However, while the global tariff rate looks likely to be lower than previously feared, it will likely settle at a much higher level than it was at the end of 2024," Commonwealth Bank of Australia analysts wrote in a client note. "We expect higher tariff costs to raise U.S. consumer price inflation and dampen overall U.S. economic growth." Next week - in the U.S. alone - investors contend with Trump's August 1 deadline for trade deals, a Federal Reserve policy meeting, the closely watched monthly payrolls report, and earnings from the likes of Amazon, Apple, Meta and Microsoft. The Bank of Japan has its own policy announcement on Thursday, and Prime Minister Ishiba's Liberal Democratic Party holds a meeting the same day. That's after the European Central Bank held rates steady on Thursday, pausing its easing campaign as it waits to assess any impact from U.S. tariffs. The euro ended the session down 0.2% against a buoyant dollar and was little changed on Friday at $1.1744 . The U.S. currency advanced 0.1% to 147.10 yen , adding to Thursday's 0.4% gain. Trump kept the pressure on Fed Chair Jerome Powell to cut rates after a rare presidential visit to the central bank on Thursday, although he said he did not intend to fire Powell, as he has frequently suggested he would. "While growth is possibly a bit lumpy, there's little evidence for the need for immediate rate cuts from the Fed," said Kyle Rodda, senior financial markets analyst at Capital.com. U.S. 10-year Treasury yields edged down to 4.39% on Friday, effectively erasing an advance on Thursday. Equivalent Japanese government bond yields eased 1 basis point to 1.59%, just off this week's high of 1.6%, a level last seen in October 2008. JGB yields have been rising on concerns the political scale is tilting more towards fiscal stimulus, after big gains for opposition parties backing consumption tax cuts in Sunday's upper house election. Pressure is building on the more fiscally hawkish Ishiba to quit after his coalition lost its majority in the vote, after doing the same in lower house elections last October. Gold eased 0.3% to around $3,356 per ounce. Brent crude futures gained 0.5% to $69.53 a barrel, while U.S. West Texas Intermediate crude futures added 0.5% to $66.36 per barrel. https://www.reuters.com/world/china/global-markets-wrapup-2-2025-07-25/
