2025-11-07 04:46
MUMBAI, Nov 7 (Reuters) - The Indian rupee dipped on Friday but held above its record low and ended slightly higher on the week as frequent interventions by the Reserve Bank of India supported the currency in the face of outflows and persistent dollar demand from importers. The rupee settled at 88.66 against the U.S. dollar, down from its close at 88.6125 in the previous session. On the week, though, the currency edged up by 0.1%. Sign up here. Portfolio outflows on account of a large equity stake sale , opens new tab alongside a broadly firmer dollar weighed on the rupee on Friday, while traders flagged dollar sales by state-run banks near the 88.70 mark that helped limit the currency's fall. Ongoing uncertainty on U.S.-India trade negotiations is likely to keep the rupee under pressure, analysts at Goldman Sachs said in a note. "Even if trade uncertainty is reduced, we think the RBI will replenish its FX reserves on dips in USD/INR," the note added. The dollar index was up 0.2% at 99.8 and headed for a modest weekly gain as investors weighed the Federal Reserve's hawkish tilt against lingering concerns over the health of the U.S. economy. Tech-heavy stock markets, meanwhile, were heading for their biggest weekly declines in seven months as investors fretted over how far the rally in artificial intelligence stocks has run. The jitters weighed on risk assets globally, while boosting safe-havens like the Japanese yen . MSCI's gauge of Asian equities outside of Japan was down nearly 1% while India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab were slightly lower on the day and logged a weekly fall of nearly 1%. https://www.reuters.com/world/india/rupee-test-rbis-resolve-risk-aversion-soft-asian-peers-pile-pressure-2025-11-07/
2025-11-07 04:35
Typhoon Kalmaegi kills five in Vietnam, 188 in the Philippines Philippines' civil aviation on alert for incoming Typhoon Fung-wong Over 100 people still missing in the Philippines Vietnam's Central Highlands coffee region spared from typhoon damage GIA LAI, Vietnam, Nov 7 (Reuters) - At least five people died in Vietnam after Typhoon Kalmaegi pummelled coastal regions with destructive winds and heavy rain, officials said on Friday, following the storm's deadly passage through the Philippines where it killed at least 188 people. The typhoon made landfall in central Vietnam late on Thursday, uprooting trees, damaging homes, and triggering power outages, before weakening as it moved inland. Sign up here. Authorities have warned of more heavy rainfall of up to 200 millimetres (8 inches) in central provinces from Thanh Hoa to Quang Tri, and said rising river levels from Hue to Dak Lak could trigger flooding and landslides. 'I AM DESPERATE' In Gia Lai province, which bore the brunt of the typhoon, shrimp farm owner Nguyen Dinh Sa reported catastrophic losses. "I went to check them every hour yesterday until evening. I had done everything but could not save them," Sa, 26, said, lamenting the destruction of around six metric tons of shrimp. "All my investments are gone. I am so desperate at the moment," he said. Sa's two-story warehouse, used for storing shrimp feed, was briefly submerged due to seven-meter-high waves and strong winds, leading to an estimated loss of around 1 billion dong ($37,959.31). The typhoon left a trail of destruction along the coast, toppling trees, scattering shattered glass and roofing sheets, with residents gathering around generators to recharge their phones. Vietnam's disaster management agency reported seven injuries and damage to approximately 2,800 homes. Power outages affected about 1.3 million people, it said. State-run Vietnam News Agency reported damage to railway infrastructure in Quang Ngai province. The government mobilised over 268,000 soldiers for search-and-rescue operations and issued warnings about potential flooding that could impact agriculture in the Central Highlands, Vietnam's main coffee-growing region. Traders said on Friday that the rain had subsided and coffee trees remained unharmed. PHILIPPINES BRACES FOR NEW TYPHOON In the Philippines, President Ferdinand Marcos Jr. visited evacuation centres on Friday, distributing relief aid and assuring victims of continued government support, after Kalmaegi left 135 people missing and injured 96 others. "We are very, very sorry," he told provincial officials. "Most of the victims were carried away by the rushing waters, the sheer volume and speed of the flash floods." Kalmaegi is the 13th typhoon to form in the South China Sea this year. Vietnam and the Philippines are highly vulnerable to tropical storms and typhoons due to their locations along the Pacific typhoon belt, regularly experiencing damage and casualties during peak storm seasons. Scientists have warned that storms such as Kalmaegi are becoming more powerful as global temperatures rise. The Philippines' civil aviation regulator has placed all area centres and airport operations under heightened alert in preparation for another storm, Fung-wong, which is forecast to intensify into a super typhoon before making landfall in the northern Philippines on Sunday evening or early Monday morning. ($1 = 26,344.0000 dong) https://www.reuters.com/business/environment/typhoon-kalmaegi-brings-rain-destruction-vietnam-death-toll-nears-200-2025-11-07/
2025-11-07 04:30
Nasdaq hit by sentiment shift on AI rally Dow and S&P 500 turn slightly positive in late afternoon Dollar lower against major currencies NEW YORK, Nov 7 (Reuters) - The Nasdaq ended slightly lower on Friday but registered its biggest weekly percentage drop since early April as investors worried about the sustainability of a rally in artificial intelligence shares, while U.S. Treasury yields inched lower. Chip and other tech-related stocks have been some of the biggest losers this week, while the Nasdaq fell about 3% for the week. Sign up here. The Nasdaq has gained more than 50% since April, when U.S. President Donald Trump announced sweeping tariffs, as optimism around AI pushed markets to all-time highs. Earlier this week, however, The Financial Times reported a warning from Nvidia CEO Jensen Huang that China will beat the U.S. in the AI race. "We're seeing this AI selloff continue after the comments we had ... about China winning the AI race. You're seeing a recalibration of multiples in the space, so that's where the bulk of the weakness is," said Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut. "You could also take it as profit-taking. It's been a very nice run for stocks this year, especially in that group," O'Rourke said. Bitcoin is also down for the week, but was last up 2.09% on the day at $103,197.07. All three major U.S. stock indexes spent much of the session sharply lower, but losses shrank, with the S&P 500 and the Dow turning higher late in the day following reports of progress on the congressional impasse which has resulted in the longest federal government shutdown in U.S. history. The Dow Jones Industrial Average (.DJI) , opens new tab rose 74.80 points, or 0.16%, to 46,987.10, the S&P 500 (.SPX) , opens new tab rose 8.49 points, or 0.13%, to 6,728.81 and the Nasdaq Composite (.IXIC) , opens new tab fell 49.45 points, or 0.21%, to 23,004.54. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab fell 0.68 points, or 0.07%, to 991.32. The pan-European STOXX 600 (.STOXX) , opens new tab index fell 0.55%. Weaker-than-expected China trade data showed how hard Trump's tariffs have hit. China's exports shrank 1.1% in October, the worst performance since February, data showed, chilling Asian markets with a stark reminder of the manufacturing juggernaut's reliance on American consumers. U.S. Treasury yields edged lower after new surveys indicated deteriorating consumer sentiment, partly due to the U.S. government shutdown, and as investors weighed debt supply concerns. The University of Michigan's preliminary consumer sentiment index for November showed sentiment fell to 50.3, the lowest level since June 2022, on worries about the economic impact of the government shutdown. The decline was driven mainly by a sharp deterioration in respondents' views of current conditions, which tumbled to the lowest level on record. The yield on benchmark U.S. 10-year notes fell 0.2 basis point to 4.091%, from 4.093% late on Thursday. The U.S. dollar fell against major currencies. It had mostly firmed since last week when Federal Reserve Chair Jerome Powell acknowledged the risky nature of further easing moves. The shutdown has prevented the release of key economic data. Still, data signals from surveys suggest a resilience that could support the case for not cutting rates at the Federal Reserve's December meeting. On the day, the dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.11% to 99.57, with the euro up 0.14% at $1.1563. Against the Japanese yen , the dollar strengthened 0.25% to 153.45. Oil prices recovered from a midday dip on hopes Hungary can use Russian crude oil as Trump met Hungary's Prime Minister Viktor Orban at the White House. U.S. crude rose 32 cents to settle at $59.75 a barrel and Brent rose 25 cents to settle at $63.63. Gold prices also were higher. https://www.reuters.com/world/china/global-markets-global-markets-2025-11-07/
2025-11-07 04:04
Ex-BOJ deputy governor Wakatabe to join key government panel Several other fans of Abenomics to join government panels Appointments reflect Takaichi's focus on loose fiscal policy TOKYO, Nov 7 (Reuters) - Japan's reflationist advocates of expansionary fiscal policy are making a comeback in economic decision-making with some hand-picked by Prime Minister Sanae Takaichi to fill posts in key government panels. The move heightens the chance proponents of former premier Shinzo Abe's "Abenomics" stimulus will yield influence on the fiscal and monetary policies of Takaichi, who herself is known as an advocate of loose fiscal and monetary policy. Sign up here. Among the reflationist academics, former Bank of Japan Deputy Governor Masazumi Wakatabe will join the Council of Economic and Fiscal Policy as one of the four private-sector members, the government said on Friday. As the government's top economic panel, the council lays out Japan's long-term fiscal blueprint and policy priorities. Key economic ministers and the BOJ governor participate in the discussions. Known as a proponent of aggressive monetary and fiscal stimulus, Wakatabe served at the BOJ from 2018 to 2023 when it was sustaining a massive asset-buying programme deployed under then governor Haruhiko Kuroda. In an interview with Reuters last month, Wakatabe said the BOJ can raise interest rates if prospects of durably hitting its 2% inflation target improve - but added that doing so could this year could be difficult. Toshihiro Nagahama, an economist at Dai-ichi Life Research Institute who has advocated steps to stimulate demand, was also appointed as a private-sector member of the council. "Given how this council discusses key economic and fiscal policies, we appointed members who are suitable under the Takaichi administration after consulting with the prime minister," Minoru Kiuchi, economic revitalisation minister who oversees the council, told a news conference on Friday. The appointments contrast with those under previous premier Shigeru Ishiba such as BNP Paribas economist Mana Nakazora, who had called for fiscal discipline and faster normalisation of the BOJ's ultra-loose monetary policy. The Takaichi administration has already appointed Takuji Aida, an economist seen as close to the premier, to join her flagship panel tasked to lay out Japan's growth strategy. Aida has said Japan should pursue expansionary economic policies until the output gap, which is currently around zero, exceeds 2%. He also calls for a shift away from what he saw as current policies that prioritise fiscal consolidation over steps to stimulate demand. Japanese stock prices have risen since Takaichi was elected Japan's first female prime minister on October 21 on market expectations that she will deliver a big spending package backed by low interest rates to reflate the economy. Sources have told Reuters Takaichi is seen deploying a package of spending that exceeds Ishiba's 13.9-trillion-yen ($92 billion) plan compiled last year. ($1 = 150.7800 yen) https://www.reuters.com/business/finance/japan-pm-takaichi-fills-panel-posts-with-advocates-big-spending-2025-11-07/
2025-11-07 00:43
SEOUL, Nov 7 (Reuters) - A worker has died and six remain trapped on Friday after the collapse of a large structure at a power station in South Korea that was being prepared for demolition, fire and rescue officials said. Workers were in the process of taking down parts of the massive steel structure, a decommissioned heating facility, when it collapsed on Thursday afternoon. Sign up here. Footage from the scene showed the structure mangled and toppled over, surrounded by similar structures. Two people were quickly rescued and then two others were later spotted under the rubble, fire official Kim Jung-shik told reporters. One worker was confirmed dead early on Friday and the condition of another remained unclear, he said. Rescuers had deployed heat sensors, remote scopes and search dogs to assist the rescue operation and locate the other trapped workers, though their efforts have been hampered by the risk of a further collapse of the structure, he said. South Korean President Lee Jae Myung, who has made it a priority to improve workplace safety, has ordered an all-out effort to save the workers who remain trapped. https://www.reuters.com/world/asia-pacific/one-dead-south-korea-power-plant-collapse-safety-fears-hamper-rescue-2025-11-07/
2025-11-07 00:22
Nov 6 (Reuters) - The Federal Aviation Administration told airlines on Thursday to cut 4% of flights at 40 high-traffic airports starting Friday, according to a document seen by Reuters. The level then increases by two percentage points each on Tuesday and next Thursday, reaching 10% on November 14. Sign up here. The cuts, expected to impact hundreds of thousands of travelers, seek to address safety concerns due to a shortage of air traffic controllers during a record-setting U.S. government shutdown. AIRPORTS AFFECTED CUTS BY THE NUMBERS https://www.reuters.com/world/us/which-airports-are-affected-by-forced-us-flight-reductions-2025-11-07/
