2025-08-28 03:14

MUMBAI, Aug 28 (Reuters) - The Indian rupee is set to open largely unchanged to slightly higher on Thursday, with bets for a Federal Reserve rate cut and hopes of the Reserve Bank of India's (RBI) intervention offsetting the drag from steep U.S. tariffs. The 1-month non-deliverable forward indicated the rupee will open in the 87.62-87.68 range versus the U.S. dollar, compared with Tuesday's level of 87.68. India's financial markets were shut on Wednesday for a local holiday. Sign up here. The RBI likely stepped in on Tuesday to curb losses after the rupee came under pressure when Washington confirmed additional tariffs on Indian goods, traders said The rupee had briefly dipped to an intraday low of 87.80, before likely RBI dollar sales kicked in, preventing a test of the all-time low at 87.95. "For now, (the) RBI has effectively drawn a line in the sand near the highs, capping dollar/rupee," a currency trader at a Mumbai-based bank said. "That said, the bias stays topside and that's unlikely to flip anytime soon." The rupee will have to contend with likely higher dollar hedging demand from importers, long dollar positioning interest from speculators and potential equity-related outflows. Foreign investors offloaded more than $700 million worth of Indian shares on Tuesday, underscoring the risk-off tone that dragged equities down 1%. ASIA INCHES UP Most Asian currencies rose, supported by bets on a Fed rate cut next month. New York Fed President John Williams told CNBC on Wednesday that a September move was possible, noting that "every meeting is, from my perspective, live." The comment came after Fed Chair Jerome Powell's dovish pivot at Jackson Hole last week. Traders currently lay around 84% odds of a quarter-point rate cut next month, pricing in a cumulative 56 basis points of cuts this year. KEY INDICATORS: ** One-month non-deliverable rupee forward at 87.74-87.78; onshore one-month forward premium at 12 paise ** Dollar index down at 98.07 ** Brent crude futures falls 0.7% to $67.6 per barrel ** Ten-year U.S. note yield at 4.23% ** As per NSDL data, foreign investors sold a net $177.9 million worth of Indian shares on August 25 ** NSDL data shows foreign investors bought a net $42.8 million worth of Indian bonds on August 25 https://www.reuters.com/world/india/fed-rate-cut-hopes-rbi-support-shield-rupee-us-tariff-drag-2025-08-28/

2025-08-28 00:30

SAO PAULO, Aug 27 (Reuters) - Brazil trade panel Gecex/Camex approved on Wednesday temporary antidumping measures against the imports of polyethylene resins from Canada and the United States, according to the Ministry of Development, Industry, Trade and Services. The ministry's statement did not provide details on the measures, noting only they would last for up to six months. The panel also approved definitive antidumping measures against the import of carbon steel sheets from China, it added. Sign up here. https://www.reuters.com/markets/asia/brazil-approves-temporary-antidumping-measures-against-canadian-us-polyethylene-2025-08-28/

2025-08-27 23:53

Aug 28 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) , opens new tab reported a worse-than-feared full-year profit on Thursday, hurt by depreciation costs from its Kalgoorlie and Mt Weld facility expansion, and warned that its Texas heavy processing plant may not move forward. Separately, the miner announced an A$750 million ($487.35 million) equity raising to "pursue new growth opportunities". Sign up here. Lynas, the world's largest rare-earths producer outside China, said its net profit after tax came in at A$8 million for the year ended June 30, a sharp decline from an A$84.5 million reported a year earlier. The annual figure also missed the Visible Alpha consensus estimate of A$30.4 million. The miner said it is in negotiations with the U.S. Department of Defence to reach a mutually acceptable offtake agreement for production from its Seadrift heavy rare-earths processing facility in Texas. "While there can be no certainty that offtake agreements will be agreed, any offtake agreements would need to be on commercial terms acceptable to Lynas," it added. ($1 = 1.5389 Australian dollars) (This story has been refiled to fix the dateline) https://www.reuters.com/world/china/lynas-rare-earths-posts-annual-profit-slump-launches-487-million-capital-raising-2025-08-27/

2025-08-27 23:52

Aug 28 (Reuters) - Australia's Lynas Rare Earths (LYC.AX) , opens new tab posted a more than 90% fall in its full-year profit on Thursday, hurt by depreciation from its Kalgoorlie and Mt Weld facility expansion, while announcing an A$750 million ($487.35 million) equity raising. The world's largest rare earths producer outside China said its net profit after tax was A$8.0 million for the year ended June 30, compared with A$84.5 million reported a year earlier. Sign up here. That missed the Visible Alpha consensus estimate of A$30.4 million. ($1 = 1.5389 Australian dollars) https://www.reuters.com/world/china/australias-lynas-posts-over-90-fall-annual-profit-raise-487-million-2025-08-27/

2025-08-27 23:28

FY underlying earnings rise 75% Sees FY27 Worsley Alumina production growth of 4% Declares final dividend 2.6 cents per share Aug 28 (Reuters) - Australia's South32 (S32.AX) , opens new tab reported a 75% surge in full-year profit on Thursday, helped by strong performance at its alumina division and higher commodity prices, but still missed expectations. Shares of the company declined as much as 2.1% to A$2.85 as of 0010 GMT, while the broader benchmark index (.AXJO) , opens new tab was largely unchanged. Sign up here. The diversified miner's alumina operations benefitted from a 45% rise in prices, which lifted the division's operating earnings by $714 million to $1.08 billion. The aluminium division also benefitted from higher prices of the metal due to supply constraints and rising costs. South32 said its underlying earnings for the year ended June 30 came in at $666 million, ahead of $380 million a year ago. However, it missed the Visible Alpha consensus estimate of $697.7 million, weighed down by a lower contribution from Australia Manganese operations stemming from impacts of Tropical Cyclone Megan. The company expects production growth of 4% for its Worsley Alumina operations for fiscal 2027, as the refinery returns to maximum output due to the improved availability of bauxite. South32 also expects its Mozal Aluminium smelter to be placed under care and maintenance in March 2026, while limiting investment in the project. Earlier this month, South32 flagged a $372 million impairment for the smelter, which the miner said it was preparing to mothball as it may not be able to secure affordable power when its supply agreement ends in 2026. Analysts at Jefferies said fiscal 2026 shows higher operating costs across most operations. The Perth-based miner, which separated from BHP Group in 2015, declared a final dividend of 2.6 cents per share, compared to 3.1 cents in the previous year. It also extended its current capital management by a year to mid-September 2026, with $144 million left to be returned to shareholders. https://www.reuters.com/world/asia-pacific/australias-south32-posts-75-rise-annual-profit-alumina-operations-strength-2025-08-27/

2025-08-27 23:18

Aug 27 (Reuters) - Mexico has recorded 5,086 cases of flesh-eating screwworm in animals as of August 17, a 53% jump from the number of cases reported in July, according to Mexican government data seen by Reuters on Wednesday. The updated numbers, which have not been previously reported to the public, showed 649 currently active cases. Sign up here. "That's absolutely concerning," said Neal Wilkins, CEO of conservation and cattle group East Foundation. "Having a 50% increase in month-over-month numbers, particularly in the extreme heat, means they haven't gotten it under control." The vast majority of cases were identified in cattle, though Mexican government data also showed infestations in dogs, horses and sheep. Screwworms are parasites that eat warm-blooded animals alive and can devastate cattle herds and local wildlife. Since an outbreak began in 2023, screwworms have advanced northward from Central America into Mexico and inched closer to the U.S. American ranchers and livestock industry players have closely monitored the fly's progress northward, fearing an infestation that would cost Texas, the biggest U.S. cattle-producing state, about $1.8 billion, according to U.S. estimates. Female screwworm flies lay hundreds of eggs in wounds on any warm-blooded animal. Once the eggs hatch, the larvae use their sharp, hooked mouths to burrow through living flesh — feeding, enlarging the wound and eventually killing their host if left untreated. On Sunday, Reuters reported the first human case in the United States of travel-associated New World screwworm from an outbreak-affected country. The case, investigated by the Maryland Department of Health and the U.S. Centers for Disease Control and Prevention, was confirmed by the CDC as New World screwworm on August 4, and involved a patient who returned from travel to El Salvador, HHS spokesman Andrew G. Nixon said in an email to Reuters. The U.S. Department of Agriculture is sending a team to Mexico in two weeks to verify that Mexico is following protocol to prevent screwworm's northern spread, Deputy Secretary Stephen Vaden said on Tuesday. https://www.reuters.com/business/environment/mexico-reports-53-increase-flesh-eating-screwworm-cases-since-july-2025-08-27/