2025-07-07 05:59
July 7 (Reuters) - The European Union is holding back on signing a joint climate action pledge with China at a summit this month to mark a half-century of diplomatic ties, a top climate official told the Financial Times in remarks published on Monday. The EU's climate targets are among the world's most ambitious, but they have been based entirely on domestic emissions cuts. Now it faces a mid-September deadline to submit a new 2035 climate target to the United Nations. Sign up here. Brussels has refused Beijing's repeated requests for a mutual climate commitment after the summit of the world's second- and third-largest economies, unless China promises to do more to cut greenhouse gas emissions, EU officials said. "There is only merit in having a declaration from our perspective if there are also content nuts to be cracked and ambition to be displayed," Climate Commissioner Wopke Hoekstra told the paper. China, which has been struggling to strike a balance between fostering economic growth and reaching environmental goals, is expected to miss a five-year goal for an 18% cut in carbon intensity by the end of this year. Reuters could not immediately verify the report, and the European Commission did not immediately respond to a request for comment. https://www.reuters.com/sustainability/cop/eu-holds-back-signing-climate-action-pledge-with-china-ft-says-2025-07-07/
2025-07-07 05:32
HANOI, July 7 (Reuters) - Vietnam has imposed an anti-dumping levy of up to 27.83% on some hot-rolled coil steel products originating from China after a similar temporary tariff expired, the trade ministry said on Monday. The tariff took effect from July 6 and will be in place for five years, the ministry said in a statement. Sign up here. In March, the ministry imposed a similar temporary anti-dumping levy that lasted for 120 days. Among the companies hit by the 27.83% duties are Baoshan Iron & Steel (600019.SS) , opens new tab and Maanshan Iron & Steel (600808.SS) , opens new tab. Guangxi Liuzhou Iron and Steel Group will also face duties of 23.1%, higher than the 19.38% rate imposed in March, according to the statement. "Domestic production suffered significant damage," itsaid. "There is a correlation between the dumped imports from China and damage to the domestic sector." Vietnam launched an anti-dumping investigation last July following complaints from Vietnamese producers. The government had said that in the January-September period of last year Vietnam imported nearly 8.8 million tons of hot-rolled steel, 72% of which originated from China. https://www.reuters.com/markets/commodities/vietnam-imposes-anti-dumping-tariff-hot-rolled-steel-china-2025-07-07/
2025-07-07 05:20
JAKARTA, July 7 (Reuters) - Indonesia's Internal Affairs Minister Tito Karnavian on Monday said he has asked the country's mining ministry to ease a copper concentrate export ban for Amman Mineral International (AMMN.JK) , opens new tab, citing its effect on the local economy. Tito said the economy of Nusa Tenggara Barat province, where Amman operates, contracted by 1.47% annually in the first quarter, and was impacted by the company's inability to export its concentrate output. Sign up here. Amman said in February that it had around 200,000 metric tons of concentrate inventory available for export. "I have asked the energy and mineral resources minister whether there is a possibility to allow exports while we are waiting for the smelter to be completed," Tito told a weekly government meeting without disclosing the response. Indonesia has banned exports of copper concentrates and other raw minerals to encourage metal processing at home. It was imposed from mid-2023, but Amman was allowed to export till December 2024 by when it was expected to commission a smelter to process concentrates into copper cathodes, a material used to manufacture wires, cables and electronics. Officials at the mining ministry did not immediately respond to Reuters seeking comment. In March, Amman's new smelter produced its first copper cathode. However, the smelter, which has an annual capacity to produce 220,000 metric tons of copper cathode, is yet to reach full capacity due to a number of technical constraints that needed to be addressed first, Amman spokesperson Kartika Octaviana said on Monday. She said the company has reported the issues to the government. "Government's discernment and policy flexibility, especially regarding copper concentrate sales, will greatly assist the company in maintaining financial strength while seeking to optimise the smelter," she said. https://www.reuters.com/markets/commodities/indonesian-minister-seeks-support-allow-amman-export-copper-concentrate-2025-07-07/
2025-07-07 04:32
July 7 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Well, that's as clear as mud. Apparently August 1 is now the U.S. deadline for when higher tariffs will be imposed on some countries if no trade deals are done, or under way. It's not really certain which countries that covers, or which deals. Sign up here. "President Trump's going to be sending letters to some of our trading partners saying that, if you don't move things along, then on August 1, you will boomerang back to your April 2 tariff level," Treasury Secretary Bessent told CNN. The "letters" are going out to 10 or 12 countries today, presumably the same letters that were supposed to go last Friday. Commerce Secretary Howard Lutnick told reporters that the higher tariffs would take effect on August 1, but Trump was "setting the rates and the deals right now". Announcing trade policy changes in TV interviews does not make for clarity, and now it's uncertain if the original July 9 deadline matters, and for whom. India and the U.S., for instance, reportedly could make a mini-deal today or tomorrow, but then continue talks after July 9. According to Bessent, it also seems many countries didn't bother to contact the U.S. for talks - and will likely be getting stiff letters in return. Trump added to the confusion by mentioning that some tariffs could reach 60% or 70%, higher even than the 50% set on China. He also threatened an extra 10% tariff on countries aligning themselves with the "anti-American policies" of the BRICS, a group the U.S. itself is in tariff talks with. Investors have reacted with bemusement and nudged Wall St futures down 0.4% or so. Asian share indices are mostly lower on Monday, though not by much, while Treasury yields are down a basis point and the dollar stuck near four-year lows. Oil has been the big mover, losing around 1% after OPEC+ surprised by increasing production by much more than first expected, and flagging a similar increase for September. Analysts largely see this as Saudi Arabia putting the squeeze on higher-cost producers to capture market share, with low-margin U.S. shale output under particular pressure. It's OPEC's answer to "Drill, baby, drill". Key developments that could influence markets on Monday: https://www.reuters.com/world/china/global-markets-view-europe-2025-07-07/
2025-07-07 03:05
MUMBAI, July 7(Reuters) - The Indian rupee is poised to begin the week on a weak note, pressed by the decline in Asian peers following U.S. President Donald Trump's comments that higher tariffs could be reinstated by August if trade deals aren't secured. The one-month non-deliverable forward indicated an open in the 85.48-85.52 range, versus 85.3925 in the previous session. Sign up here. Trump said the United States is nearing the finalisation of several trade deals and will notify other countries of increased tariff rates from Monday to July 9 that will be effective from August 1. On India-US trade deal, the countries are likely to take final decision on mini trade deal within 48 hours, India's CNBC-TV18 reports. In April, Trump announced a 10% base tariff on most countries along with a higher "reciprocal" rate, which was suspended till this Wednesday to allow for negotiations to reach deals. Trump added that any country aligning with the "anti-American policies" of BRICS would face an additional 10% tariff. Asian equities dropped in tandem with U.S. stock futures, while regional currencies declined, with overall losses mostly modest. The offshore Chinese yuan slipped to 7.17 to the U.S. dollar, and the Korean won, the Indonesian rupiah and the Thai baht were down between 0.2% and 0.3%. The moves in the Asian currency space are "pretty manageable," in light of what appears to be more confusion on the U.S. tariff front, a currency trader said. The rupee may "fall a bit" considering Asia’s moves, he said, adding, "Still, it doesn’t mean much. It’s been stuck in a range, and this news doesn’t change that." The dollar index inched higher while U.S. Treasury yields did not react much. Oil prices dropped after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.62; onshore one-month forward premium at 9.5 paise ** Dollar index up at 97.08 ** Brent crude futures down 0.8% at $67.8 per barrel ** Ten-year U.S. note yield at 4.33% ** As per NSDL data, foreign investors sold a net $305 million worth of Indian shares on July 3 ** NSDL data shows foreign investors bought a net $10.7 million worth of Indian bonds on July 3 https://www.reuters.com/world/india/rupee-track-asian-peers-lower-after-trump-flags-return-higher-tariffs-if-no-deal-2025-07-07/
2025-07-07 01:33
MUMBAI, July 7 (Reuters) - Indian rupee traders will monitor trade talks with the U.S. this week, ahead of a July 9 deadline for making deals with the world's largest economy, while government bond yields will likely be range-bound with focus on movement in Treasury yields. The rupee closed at 85.3925 on Friday, with little change over the week. Sign up here. Traders reckon that a U.S.-India trade agreement would be a boost for the South Asian country, but it is unlikely to spark a sharp rally. "If the treaty happens, the rupee may see some more upside while the RBI (Reserve Bank of India) may not be very comfortable with a fast appreciation of the rupee," said Anil Bhansali, head of treasury at Finrex Treasury Advisor. He pegged the near-term resistance for the local currency at around 85. The rupee's very near-term implied volatility has remained muted despite the uncertainty, reflecting market expectations of a range-bound movement. The U.S. is close to clinching several trade deals ahead of the July 9 deadline, Treasury Secretary Scott Bessent said on Sunday. Meanwhile, data released on Friday showed that India's foreign exchange reserves rose to $702.8 billion, as of June 27, in touching distance of an all-time high hit last year. The dollar continues to trend downwards, with scaled-back wagers on rate cuts by the Fed prompting only fleeting gains last week. U.S. consumer inflation data due on Tuesday, followed by retail sales data on Thursday, will also be in focus to gauge the future path of benchmark policy rates. Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield ended at 6.2947% on Friday, barely changed for the week. Traders expect it to move in a range of 6.28% to 6.33% this week. Bond market participants would remain focused on the movement in U.S. Treasury yields this week, especially after strong jobs data reduced hopes for Fed rate cuts. "Tariffs and other geopolitical uncertainties may contribute to market volatility in the short term, but taking into consideration the modest growth expectations, with the current trend of inflation, there may be scope for monetary easing," said Parijat Agrawal, head of fixed income at Union Asset Management. Traders will also watch whether the recent surge in foreign inflows into Indian bonds continues, with investors having net bought over $1 billion of government bonds last week. Also on the radar is the RBI's next move, after it did not raise the quantum of liquidity withdrawal from the banking system despite surplus hitting a three-year high on Friday. The central bank's gradual approach for variable rate reverse repos (VRRRs) is likely to keep the overnight interbank lending rates between the policy repo rate and the floor of the corridor, allowing some policy transmission, traders said. KEY EVENTS: ** U.S. initial weekly jobless claims for week to June 30 - July 10, Thursday (6:00 p.m. IST) https://www.reuters.com/world/india/trade-deal-developments-drive-indian-rupee-bond-yields-track-treasuries-2025-07-07/
