2025-07-08 02:52
MUMBAI, July 8(Reuters) - The Indian rupee is likely to open marginally higher on Tuesday, helped by the calm in Asian markets despite U.S. President Donald Trump imposing higher tariffs on South Korea and Japan among others. Trump’s comments about nearing a trade agreement with India are supportive of the rupee, according to traders. Sign up here. The 1-month non-deliverable forward indicated a open in the 85.70-85.75 range, versus 85.8500 in the previous session. Trump on Monday sent letters to 14 countries, including Japan and South Korea, outlining higher import tariffs. However, the implementation was pushed to August 1, providing countries a few more weeks to reach trade deals. The original deadline for reaching the deal was July 9. The U.S. president said the August deadline was "firm, but not 100% firm" suggesting there was room for agreements. Shares in Japan and South Korea rose, suggesting investors were more focused on the tariff delay than the prospect of higher duties. "Though Trump’s letters suggest a take-it-or-leave-it offer, the reality is that they have effectively extended the tariff deadline from July 9 to August 1," ING Bank said in a note. "Despite repeatedly insisting that no extension would be granted, the U.S. administration has provided countries another three weeks to finalise more (principle) trade deals." On India, Trump said he was near to making a deal with the country. "That the U.S. might strike a deal with India, while largely priced in, is still a marginal positive for the rupee," a currency trader at a private bank said. "More importantly, Asian markets are not reacting much to the latest salvo from Trump, which is helping overall sentiment." KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.81; onshore one-month forward premium at 10.5 paisa ** Dollar index down at 97.31 ** Brent crude futures down 0.6% at $69.2 per barrel ** Ten-year U.S. note yield at 4.38% ** As per NSDL data, foreign investors bought a net $81 million worth of Indian shares on July 4 ** NSDL data shows foreign investors bought a net $19.6 million worth of Indian bonds on July 4 https://www.reuters.com/world/india/relief-rupee-after-india-left-out-us-tariff-hike-asia-shrugs-off-trump-move-2025-07-08/
2025-07-08 00:50
US to produce less oil in 2025 than previously expected -EIA Four crew dead, at least two wounded in latest Red Sea attack Trump says he will impose 50% tariff on copper imports US crude stockpiles seen down 2.1 mln bbls last week -poll Coming Up: US oil inventory data from API and EIA NEW YORK, July 8 (Reuters) - Oil prices edged up to a two-week high on Tuesday on forecasts for less U.S. oil production, renewed Houthi attacks on shipping in the Red Sea, worries about U.S. tariffs on copper and technical short covering. Brent crude futures rose 57 cents, or 0.8%, to settle at $70.15 a barrel, while U.S. West Texas Intermediate (WTI) crude closed at $68.33, up 40 cents, or 0.6%. Sign up here. Those were the highest closes for both crude benchmarks since June 23 for a second day in a row. "The lower (U.S.) production outlook got the price rally going and it kept going along with other commodities on the copper tariff news and the increased tensions in the Red Sea," said Phil Flynn, an analyst at Price Futures Group. The U.S. will produce less oil in 2025 than previously expected as declining oil prices have prompted producers to slow activity this year, according to the latest Energy Information Administration (EIA) outlook. U.S. President Donald Trump said on Tuesday he will announce a 50% tariff on copper later in the day, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Trump's decision to impose copper tariffs surprised markets and boosted prices of the metal to a record high. In the Red Sea, three seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, the second incident in a day after months of calm. Attacks in the Red Sea have forced vessels carrying oil, liquefied natural gas and other energy products to travel long distances to avoid the region, boosting energy costs. Some analysts also noted the oil market was supported by technical short-covering after Brent prices traded over $70 a barrel, a key level of both psychological and technical resistance. In addition, energy traders noted rising prices for U.S. gasoline and diesel in recent weeks have boosted the diesel crack spread to its highest since March 2024 and the 3:2:1- crack spread to a six-week high. Crack spreads measure refining profit margins. "The best thing that this complex has going for it on the upside is its recent ability to advance despite a steady flow of seemingly bearish headlines that would usually be weighing on oil values," analysts at energy advisory firm Ritterbusch and Associates said in a note. Those bearish headlines include Trump's plan to ramp up his trade war again and plans by the Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, to raise production by 548,000 barrels per day (bpd) in August. US OIL INVENTORIES Analysts forecast U.S. crude stockpiles fell about 2.1 million barrels last week. The American Petroleum Institute (API) trade group and the EIA are due to release weekly U.S. inventory data on Tuesday and Wednesday, respectively. , If correct, that would be the sixth time energy firms pulled oil out of storage in seven weeks. That compares with a decrease of 3.4 million barrels during the same week last year and an average increase of 1.9 million barrels over the past five years (2020-2024). https://www.reuters.com/business/energy/oil-prices-ease-traders-assess-us-tariffs-opec-output-hike-2025-07-08/
2025-07-07 23:25
Indexes fall: Dow 0.94%, S&P 500 0.79%, Nasdaq 0.91% Trump announced 25% tariffs for Japan, South Korea Tesla has steepest dip in ~month as Musk forms political party WNS rallies after Capgemini announces $3.3 bln buyout July 7 (Reuters) - Wall Street's major indexes closed sharply lower on Monday, after U.S. President Donald Trump announced hefty tariffs against Japan, South Korea and other trading partners while Tesla shares sank after CEO Elon Musk said he was forming a new U.S. political party. Indexes added to losses after Trump announced the tariff rates against Japanese and South Korean imports, due to take effect on August 1. Stocks wobbled further in the late afternoon when he announced hefty tariffs on Malaysia, Kazakhstan, South Africa, Laos and Myanmar. Sign up here. Last week, both the Nasdaq (.IXIC) , opens new tab and the S&P 500 (.SPX) , opens new tab ended three sessions with record high closes. The latest record finishes came on Thursday after a robust jobs report. "Markets had been telling us that peak tariff risk is behind us, but to have tariffs back in the forefront is causing some skittishness," said Emily Roland, co-chief investment strategist at Manulife John Hancock Investments in Boston. "Investors were getting to that period of ebullience in markets and we're taking a little step back from that." But investors likely have some hopes the announcements are not permanent, she said: "That's the pattern we've been in, announcing punitive tariffs and then dialing that back a little bit. That could certainly be the next phase of this back and forth negotiation." The Dow Jones Industrial Average (.DJI) , opens new tab fell 422.17 points, or 0.94%, to 44,406.36, the S&P 500 (.SPX) , opens new tab lost 49.37 points, or 0.79%, to 6,229.98 and the Nasdaq Composite (.IXIC) , opens new tab lost 188.59 points, or 0.91%, to 20,412.52. The S&P 500's biggest drag came from shares of electric vehicle maker Tesla (TSLA.O) , opens new tab, which dived 6.8%, after CEO Musk announced formation of a new political party named the "America Party", further escalating his feud with Trump. It was Tesla's biggest daily slide since June 5, and its lowest closing level since that session. Investors also awaited other U.S. trade announcements after Trump said on Sunday that the U.S. was on the cusp of several deals and would notify other countries of higher tariffs by July 9, with new duties to take effect on August 1. On Monday, Trump threatened an extra 10% tariff on countries aligning themselves with the "Anti-American policies" of the BRICS group of Brazil, Russia, India, China and South Africa. In early April, stock indexes saw dramatic volatility after Trump unveiled a base tariff rate of 10% on most countries and additional duties ranging up to 50% on April 2 and then announced a 90-day pause days later. In early April, the Nasdaq (.IXIC) , opens new tab confirmed a bear market or a 20% drop from its recent record, while the S&P 500 had narrowly averted a bear. Both indexes had returned to record levels by late June. On Monday, 9 of the S&P 500's 11 major industry sectors lost ground. The biggest decliners were consumer discretionary (.SPLRCD) , opens new tab off 1.25% and energy (.SPNY) , opens new tab down 1.04%. The only gainers were defensive sectors with utilities (.SPLRCU) , opens new tab adding 0.17% and consumer staples (.SPLRCS) , opens new tab, edging up 0.11%. Shares of WNS Holdings (WNS.N) , opens new tab rallied 14.3% after the French IT services firm Capgemini (CAPP.PA) , opens new tab agreed to buy the outsourcing firm for $3.3 billion in cash. Trump's tariff policies have stoked inflation worries, further complicating the Federal Reserve's path to lower rates. Minutes of the Fed's June meeting, scheduled for release on Wednesday, should offer more clues on the policy outlook. Traders are betting on a roughly 95% probability that rates will remain unchanged in July while the odds for a September cut are close to 60%, according to CME Group's FedWatch tool , opens new tab. Another area of investor focus is U.S. tax-cut and spending plans, signed into law by Trump late last week. These are expected to swell the national deficit by over $3 trillion in the next decade. On U.S. exchanges 16.50 billion shares changed hands on Monday compared with the 18.18 billion average for the last 20 trading sessions. Declining issues outnumbered advancers by a 3.44-to-1 ratio on the NYSE where there were 209 new highs and 32 new lows. On the Nasdaq, 1,226 stocks rose and 3,354 fell as declining issues outnumbered advancers by a 2.74-to-1 ratio. The S&P 500 posted 25 new 52-week highs and 3 new lows while the Nasdaq Composite recorded 103 new highs and 54 new lows. https://www.reuters.com/business/wall-st-futures-slip-markets-await-clarity-tariffs-2025-07-07/
2025-07-07 23:09
Houthis claim responsibility for attack on Greek bulk carrier They say Liberian-flagged Magic Seas sank, manager says not verified Crew arrive safely in Djibouti Second Greek vessel attacked off Yemen, two crew members wounded, two missing, ship manager says Eternity C is adrift, EU naval force Aspides official says ATHENS, July 7 (Reuters) - Two crew members of a Greek-managed vessel were wounded and two were missing in a drone attack off Yemen on Monday, hours after Iran-aligned Houthi militants claimed an assault on another bulk carrier in the Red Sea, saying the ship had sunk. Monday's attack 50 nautical miles southwest of the port of Hodeidah was the second assault against merchant vessels in the vital shipping corridor by Houthis since November 2024, said an official at the European Union´s Operation Aspides, assigned to help protect Red Sea shipping. Sign up here. The Liberia-flagged, Greek-operated bulk carrier Eternity C with 22 members on board - 21 Filipinos and one Russian - was attacked with sea drones and skiffs, its manager, Cosmoship Management, told Reuters. Two crew members were seriously wounded and two were missing, the company said, adding that three armed security guards were on board. The vessel's bridge was hit and telecommunications were impacted. The ship was adrift, an Aspides official said later, after an attack by sea drones and four speedboats with individuals who launched at least four rocket-propelled grenades. The ship had not requested escort or protection from the naval force, the official added. There was no claim of responsibility for the attack. Earlier, the Houthis claimed responsibility for Sunday's attack on the Greek-operated MV Magic Seas bulk carrier off southwest Yemen. The raid involved gunfire and rocket-propelled grenades from eight skiffs as well as missiles and four uncrewed surface vessels. The 19 crew members were forced to abandon the Liberian-flagged vessel as it was taking on water. They were picked up by a passing ship and have arrived safely in Djibouti, sources said. Houthis said they sunk the vessel. But Michael Bodouroglou, a representative of Stem Shipping, one of the ship's commercial managers, said there was no independent verification. The crew had reported fires at the vessel's forepeak, in the bow. The engine room and at least two holds were flooded, and there was no electricity. Aspides had earlier warned of a risk of explosion in the ship's vicinity. Since Israel's war in Gaza against the Palestinian militant group Hamas began in October 2023, the Houthis have been attacking Israel and vessels in the Red Sea in what they say are acts of solidarity with the Palestinians. Israel has struck Houthi targets in response, launching strikes on Monday for the first time in nearly a month. A U.S.-Houthi ceasefire deal in May did not include Israel. The latest attacks highlight a growing operational risk to commercial operators whose vessels have called at Israeli ports, Maritime security firm Diaplous said. Magic Seas was carrying iron and fertilisers from China to Turkey, a voyage that appeared low-risk as it had nothing to do with Israel, Bodouroglou said, adding that Stem Shipping had received no warning of the attack. But the fleet of Allseas Marine, Magic Seas' other commercial manager, had made calls to Israeli ports over the past year, according to analysis by UK-based maritime risk management company Vanguard Tech. "These factors put the Magic Seas at an extreme risk of being targeted,” said Ellie Shafik, head of intelligence with Vanguard Tech. The manager of ETERNITY C is also affiliated with vessels that have made calls to Israeli ports, security sources said. John Xylas, chairman of the dry bulk shipping association Intercargo, said the crew were "innocent people, simply doing their jobs, keeping global trade moving". "No one at sea should ever face such violence," he said. https://www.reuters.com/world/europe/crew-greek-ship-hit-off-yemen-safe-vessel-risks-sinking-operator-says-2025-07-07/
2025-07-07 23:02
July 7 (Reuters) - Cathie Wood's Ark Investment Management has filed proposals for four new exchange-traded funds that aim to cushion potential losses in its flagship ARK Innovation fund (ARKK.P) , opens new tab. These ETFs mark Ark's entry into the buffer ETF market, where funds use options to limit losses while capping gains. The strategy, already used by companies such as BlackRock (BLK.N) , opens new tab, Allianz and Innovator, has gained popularity among investors seeking protection in volatile markets. Sign up here. The proposed funds - ARK Q1 Defined Innovation ETF, ARK Q2 Defined Innovation ETF, ARK Q3 Defined Innovation ETF and ARK Q4 Defined Innovation ETF - will each run on a rolling 12-month schedule beginning in January, April, July and October, respectively, according to a filing with the U.S. Securities and Exchange Commission last week. Each fund aims to limit a drop in the share price to 50% in the ARK Innovation ETF, while passing on gains only if the ETF rises more than about 5%. This comes as U.S. President Donald Trump's tariff war has rattled markets and pushed up volatility, although his policies are expected to benefit the fund's holdings. ARK's biggest holdings include EV-maker Tesla (TSLA.O) , opens new tab, crypto exchange Coinbase (COIN.O) , opens new tab and trading platform Robinhood (HOOD.O) , opens new tab, according to LSEG data. The fund is up about 24% since the start of the year, compared with an about 6% rise in the S&P 500 index. https://www.reuters.com/business/cathie-woods-ark-files-new-etfs-limit-losses-flagship-fund-2025-07-07/
2025-07-07 22:48
HOUSTON, July 7 (Reuters) - Venture Global (VG.N) , opens new tab exported more liquefied natural gas (LNG) cargoes from its Plaquemines export facility in Louisiana and earned more than double in fees compared with its other U.S. plant, a company filing showed on Monday. The LNG company exported 51 cargoes from Plaquemines at an average liquefaction fee of $7.09 per million British thermal units (mmBtu) for the second quarter of 2025, the SEC filing showed. Sign up here. During the same period, it exported 38 LNG cargoes from its Calcasieu Pass facility at an average liquefaction fee of $2.66 per mmBtu. The lower second-quarter liquefaction fees at Calcasieu Pass come as Venture Global started to sell LNG under long-term contracts there, rather than on the spot market. The Plaquemines facility which is being commissioned while parts remain under construction, has been able to sell on the spot market for higher prices during this period. In just three years Venture Global has become the second-largest U.S. LNG producer, playing a key role in keeping the country as the world's top LNG exporter. The company earned significant profit by quickly building its plants combined with a long commissioning period, allowing it to sell LNG on the spot market at higher prices than it can get from long-term customers. In April the company began commercial operations at its first plant, Calcasieu Pass, three years after it started selling the superchilled gas on the spot market. This led to contract arbitration cases brought by some of the world's top oil and gas producers, including BP (BP.L) , opens new tab, Shell (SHEL.L) , opens new tab, Edison (EDNn.MI) , opens new tab, Orlen (PKN.WA) , opens new tab and Repsol (REP.MC) , opens new tab, which accused Venture Global of profiting from the sale of LNG on the spot market while not providing them with their contracted cargoes from Calcasieu Pass. Venture Global denied the claim, saying it delayed moving to commercial operations because of a faulty electric system that did not allow the plant to operate optimally. https://www.reuters.com/business/energy/venture-global-cashes-exports-plaquemines-lng-plant-sec-filing-shows-2025-07-07/
