2025-06-11 04:09

June 10 (Reuters) - Peter Thiel-backed crypto exchange Bullish has confidentially filed for an IPO with the U.S. Securities and Exchange Commission in recent weeks, the Financial Times reported on Tuesday. A unit of blockchain software company Block.one, Bullish had attempted to go public through a special purpose acquisition company deal in 2021 but that fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates that rattled the equities market. Sign up here. The Trump administration, in contrast to predecessor Joe Biden's, has taken a softer stance on crypto regulation and backed the industry’s policy priorities, with the SEC dropping several investigations. Bullish is seeking to capitalise on renewed investor interest in digital assets under the current administration, the FT said. Bullish did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the FT report. The company's reported filing follows that of Gemini's, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. initial public offering. https://www.reuters.com/business/cryptocurrency-firm-bullish-confidentially-files-us-ipo-ft-reports-2025-06-11/

2025-06-11 02:59

MUMBAI, June 11 (Reuters) - The Indian rupee is expected to open little changed on Wednesday and hold a narrow range, as traders monitor the Chinese yuan for cues amid China-U.S. trade developments and keep an eye on flows. The 1-month non-deliverable forward indicated an open in the 85.58-85.62 range, versus the close of 85.6025 in the previous session. Sign up here. The rupee’s intraday range over the last two sessions has been limited to just about 20 paisa, underscoring how volatility has subsided. Interbank dealers have broadly pegged the near-term range on the dollar/rupee at 85.40–85.50 to 86.00–86.10. "Within this range, which now seems increasingly entrenched, there is good two-way interest," a currency trader at a private bank said. "At the top end, exporters and speculators tend to step in, while at the bottom, corporates are active dollar buyers." The rupee’s 10-day daily realized volatility has fallen to around 3%, its lowest level in more than two months. It’s not just the rupee—volatility across most Asian currencies has declined and now sits well below recent peaks. Receding concerns over a damaging trade war between the U.S. and its major trading partners have helped temper volatility and boosted appetite for risk assets. U.S.-CHINA TRADE TALKS The U.S. and China have agreed on a framework for a trade deal, raising investor hopes that it could pave the way toward resolving trade tensions. The offshore Chinese yuan was marginally higher against the dollar on the day. "The latest talks appear to be a constructive step forward, reducing the risk of a full-blown trade war," MUFG Bank said in a note. "Market will turn their focus to the upcoming U.S. CPI data due later today." Economists polled by Reuters expect May core CPI to rise 0.3% month-on-month and the headline measure by 0.2%. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.67; onshore one-month forward premium at 9.25 paise ** Dollar index up at 99.12 ** Brent crude futures down 0.3% at $66.7 per barrel ** Ten-year U.S. note yield at 4.47% ** As per NSDL data, foreign investors bought a net $282.1 million worth of Indian shares on June 9 ** NSDL data shows foreign investors sold a net $26.5 million worth of Indian bonds on June 9 https://www.reuters.com/world/india/rupee-set-calm-open-amid-yuan-watch-two-sided-flows-2025-06-11/

2025-06-11 00:09

Trump says US tariffs will be set at 55%, China's at 10% Lutnick says deal should resolve rare earth minerals, magnet curbs Deal aims to keep Geneva trade truce on track No 'quid pro quo' on high-end chips for rare earths, Bessent says WASHINGTON/LONDON, June 10 (Reuters) - President Donald Trump on Wednesday said he was very happy with a trade deal that restored a fragile truce in the U.S.-China trade war, a day after negotiators from Washington and Beijing agreed on a framework covering tariff rates. The deal also removes Chinese export restrictions on rare earths minerals and allows Chinese students access to U.S. universities. Sign up here. "We made a great deal with China. We're very happy with it," Trump told reporters before a performance at Washington's Kennedy Center on Wednesday evening. "We have everything we need, and we're going to do very well with it. And hopefully they are too." Earlier, Trump used his social media platform to offer some of the first details to emerge from two days of marathon talks in London that had, in the words of U.S. Commerce Secretary Howard Lutnick, put "meat on the bones" of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels. "Our deal with China is done, subject to final approval with President Xi and me," Trump said on Truth Social. "Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%." A White House official said the 55% represents the sum of a baseline 10% "reciprocal" tariff Trump has imposed on goods imported from nearly all U.S. trading partners; 20% on all Chinese imports because of punitive measures Trump has imposed on China, Mexico and Canada, associated with his accusation that the three facilitate the flow of the opioid fentanyl into the U.S.; and pre-existing 25% levies on imports from China that were put in place during Trump's first term in the White House. Lutnick said the 55% rate on Chinese imports is fixed and unalterable. Asked on Wednesday on CNBC if the tariff levels on China would not change, he said: "You can definitely say that." Still, many specifics of the deal and details on how it will be implemented remain unclear. Treasury Secretary Scott Bessent told lawmakers that the deal would not reduce U.S. export restrictions on high-end artificial intelligence chips in return for access to Chinese rare earths. "There is no quid pro quo in terms of chips for rare earths," Bessent told a U.S. Senate Appropriations subcommittee hearing. China's commerce ministry did not immediately reply to a request for comment and more information. FRAMEWORK FOR A DEAL Officials from the two superpowers had gathered at a rushed meeting in London starting on Monday. The meeting followed a call last week between Trump and Chinese leader Xi Jinping that broke a standoff that flared just weeks after the preliminary deal reached in Geneva. The Geneva deal had faltered over China's continued curbs on critical minerals exports, prompting the Trump administration to respond with export controls preventing shipments of semiconductor design software, jet engines for Chinese-made planes and other goods to China. Lutnick said the agreement reached in London would remove restrictions on Chinese exports of rare earths minerals and magnets and some of the recent U.S. export restrictions "in a balanced way," but did not provide details after the talks concluded around midnight London time (7 p.m. EDT). "We have reached a framework to implement the Geneva consensus and the call between the two presidents," Lutnick said. Both sides will now return to present the framework to their respective presidents for approvals, he added. "And if that is approved, we will then implement the framework," he said. In a separate briefing, China's vice commerce minister, Li Chenggang, also said a trade framework had been reached in principle that would be taken back to U.S. and Chinese leaders. 'BACK TO SQUARE ONE' Trump's shifting tariff policies have roiled global markets, sparked congestion and confusion in major ports, and cost companies tens of billions of dollars in lost sales and higher costs. U.S. stocks drifted lower on Wednesday but have recouped most of the losses suffered earlier in the spring during Trump's wave of tariff announcements. "It's a done deal, according to President Trump, but we haven't seen any details, which is why I think the market is not reacting to it yet. As with just about everything, the devil is in the details," said Oliver Pursche, senior vice president and adviser at Wealthspire Advisors in Westport, Connecticut. The World Bank on Tuesday slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. The U.S.-China deal may keep the Geneva agreement from unravelling over duelling export controls, but does little to resolve deep differences over Trump's unilateral tariffs and longstanding U.S. complaints about China's state-led, export-driven economic model. "If China will course correct by upholding its end of the initial trade agreement we outlined in Geneva - and I believe after our talks in London, they will - then the rebalancing of the world's...two largest economies is possible," Bessent told a separate House of Representatives hearing hours after returning from the London talks. The two sides left Geneva with fundamentally different views of the terms of that agreement and needed to be more specific on required actions, said Josh Lipsky, senior director of the Atlantic Council's GeoEconomics Center in Washington. "They are back to square one, but that's much better than square zero," Lipsky said. It was not immediately clear from Trump's comments where things stood regarding the timeline for a more comprehensive deal that was reached last month in Geneva, a deadline set at that time for August 10. https://www.reuters.com/world/china/us-china-trade-talks-resume-second-day-2025-06-10/

2025-06-10 23:35

Jetstar Asia was flying 16 intra-Asia routes Up to 500 job losses expected at Jetstar Asia when it shuts in July Fleet of 13 A320 planes to be redeployed to Australia and New Zealand Singapore's Changi Airport is raising airport fees June 11 (Reuters) - Australia's Qantas Airways (QAN.AX) , opens new tab will close its Singapore-based budget airline Jetstar Asia, the group said on Wednesday, blaming rising supplier costs, high airport fees and strong regional competition. The shutdown of the 20-year-old airline next month will result in up to 500 job losses, a Qantas spokesperson said, and Jetstar Asia's fleet of 13 Airbus (AIR.PA) , opens new tab A320 planes will be redeployed to Australia and New Zealand. Sign up here. Airlines across Asia, including budget rivals like Singapore Airlines' (SIAL.SI) , opens new tab Scoot, Malaysia-headquartered AirAsia (CAPI.KL) , opens new tab and Vietnam's VietJet Aviation (VJC.HM) , opens new tab, have restored and grown their capacity post-pandemic, driving competition between carriers up and airfares down. Jetstar Asia, which operated 16 intra-Asia routes from Singapore's Changi Airport, has faced growing challenges in recent years and has been unable to deliver returns comparable to stronger-performing core markets within the Qantas group, the company said. The airline has seen "really high cost increases" at its Singapore base, including double-digit rises in fuel, airport fees, ground handling and security charges, Jetstar Group CEO Stephanie Tully told reporters. Jetstar Asia, which Tully said reported profits in only six of its 20 years of operation, is expected to post an underlying loss of A$35 million ($22.76 million) before interest and tax in the financial year ending June 30. The airline said Jetstar Asia's closure would release up to A$500 million to be recycled into its core businesses based largely on the value of the 13 planes, including the ability to replace costly leased aircraft that Australia's Jetstar Airways is using domestically. Jetstar Asia will gradually reduce its schedule before closing on July 31, and customers on cancelled flights will be offered full refunds and moved onto other airlines where possible. Qantas said it would take a one-off financial hit of about A$175 million from Jetstar Asia's closure over two financial years. Qantas shares were trading about 1% lower. The group said on Wednesday it continues to see strong demand across its domestic and international businesses. COST WOES Tully said Jetstar Asia's cost base was hit particularly hard in the last 18 months to two years. Changi, the world's fourth-busiest airport by international passengers, is steadily raising charges from this year through 2030 to fund investments and higher operating costs. The airport in March 2023 moved Jetstar Asia's operations from Terminal 1 to Terminal 4, the only terminal not connected by train to the other terminals, despite the airline's objections. "We think it has had an impact on the business," Tully said. Changi said in a statement it was disappointed by Jetstar Asia's decision to exit Singapore but respected its commercial considerations. Jetstar Asia accounted for around 3% of the airport's passenger traffic last year. Changi said it would work with other airlines to fill capacity gaps, including on four routes that no other carrier currently operates. AUSTRALIA, NEW ZEALAND FOCUS International operations at Qantas' other budget carriers, Jetstar Airways and Japan-based Jetstar Japan, will not be affected, the airline said. Six of Jetstar Asia's 13 narrow-body aircraft will replace leased aircraft at Jetstar's Australian operations, while four will replace ageing planes Qantas uses to serve the mining industry. Two planes will be deployed to Jetstar in Australia and one in New Zealand to grow capacity and potentially launch new routes, the airline said, in a move that will create more than 100 local jobs. Employees losing jobs in Singapore will get redundancy benefits and support to find jobs within the Qantas group or other airlines. Singapore's biggest trade union, the National Trades Union Congress, said it was aware of the Jetstar Asia closure ahead of the announcement and was working with Singapore Airlines, the Civil Aviation Authority of Singapore and Changi Airport to find new employment opportunities for the airline's employees. Singapore Airlines did not immediately respond to a request for comment. ($1 = 1.5380 Australian dollars) https://www.reuters.com/world/asia-pacific/australias-qantas-close-low-cost-arm-jetstar-asia-2025-06-10/

2025-06-10 23:22

J.M. Smucker falls after downbeat forecast World Bank cuts global growth forecast for 2025 S&P 500 +0.55%, Nasdaq +0.63%, Dow +0.25% June 10 (Reuters) - The S&P 500 ended higher on Tuesday, lifted by a rally in Tesla as investors bet on positive results from U.S.-China trade talks aimed at defusing a tariff dispute that has roiled global markets this year. Wall Street expects improved trade terms after relief from a preliminary deal struck last month was overshadowed by Washington's allegations that Beijing was blocking exports of rare earth minerals critical to the aerospace, semiconductor and defense sectors. Sign up here. U.S. Commerce Secretary Howard Lutnick said the trade talks were going well and he hoped they would end on Tuesday night, but said they could run into Wednesday. The U.S. stock market has surged in recent weeks, recovering from an April slump sparked by U.S. President Donald Trump's "Liberation Day" sweeping global tariffs. With investors betting the United States will reach trade agreements that reduce Trump's steep trade barriers, the S&P 500 is now trading just below its February record highs. "The expectation is that they'll figure this out, and that the Liberation Day tariff levels are never going to be seen. You can't get to market valuations where we've got them and have those tariff levels get anywhere close to reality," said Scott Ladner, chief investment officer at Horizon Investments. Shares of Wall Street's most valuable companies were mixed. Tesla (TSLA.O) , opens new tab rose 5.6%, while Microsoft (MSFT.O) , opens new tab slipped 0.4%. Alphabet climbed 1.4% after Reuters reported that OpenAI plans to add Alphabet's Google cloud service to meet its growing needs for computing capacity. The S&P 500 climbed 0.55% to end the session at 6,038.81 points. The Nasdaq gained 0.63% to 19,714.99 points, while the Dow Jones Industrial Average rose 0.25% to 42,866.87 points. Of the 11 S&P 500 sector indexes, 10 rose, led by energy (.SPNY) , opens new tab, up 1.77%, followed by a 1.19% gain in consumer discretionary (.SPLRCD) , opens new tab. Volume on U.S. exchanges was relatively heavy, with 18.5 billion shares traded, compared to an average of 17.9 billion shares over the previous 20 sessions. Investors are awaiting U.S. consumer prices data on Wednesday for clues to the Federal Reserve's rate trajectory. The World Bank slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3%, saying higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies. Insmed shares (INSM.O) , opens new tab jumped almost 29% after the drugmaker said its experimental drug significantly reduced blood pressure in the lungs and improved exercise capacity in patients in a mid-stage study. J.M. Smucker's (SJM.N) , opens new tab shares tumbled 15.6% after the Jif peanut butter maker forecast annual profit below estimates. Snap (SNAP.N) , opens new tab ended down 0.1% after the social media platform said it would launch its first-ever smart glasses for all consumers next year, ratcheting up competition with Meta (META.O) , opens new tab in the wearable technology market. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) , opens new tab by a 2.0-to-one ratio. The S&P 500 posted 12 new highs and 2 new lows; the Nasdaq recorded 75 new highs and 45 new lows. https://www.reuters.com/world/china/wall-street-futures-subdued-us-china-trade-talks-grab-focus-2025-06-10/

2025-06-10 23:16

SAN SALVADOR, June 10 (Reuters) - El Salvador's Congress on Tuesday passed a fiscal sustainability law aimed at strengthening public finances by tamping down on debt and boosting fiscal transparency, key to the nation's agreement with the International Monetary Fund (IMF). The law, which passed by a vote of 59-1, establishes a fiscal rule that sets medium- and long-term debt targets, a medium-term fiscal framework, and an annual budget prepared and approved in accordance with the law. It also mandates the publication of fiscal data and medium-term projections. Sign up here. "Fiscal management is being made transparent, with a projection to reduce debt to up to 70% of GDP over a five-year medium term," ruling party lawmaker Christian Guevara of the Nuevas Ideas party said. "This is a new effort to project a new fiscal ceiling," he added. In May, the IMF reached an agreement with El Salvador to disburse around $120 million after the first review of its $1.4 billion, 40-month program. Further disbursements were dependent on the fiscal overhaul's passing. "Fiscal consolidation will continue this year through cuts in the wage bill and current spending restraint, and plans are being developed to reform the civil service and the pension systems to underpin the adjustment beyond this year," the IMF said at the time. "This will be supported by the new fiscal sustainability law." https://www.reuters.com/world/americas/el-salvador-passes-fiscal-overhaul-key-imf-deal-2025-06-10/