2025-09-19 06:35

SINGAPORE/BEIJING/CANBERRA, Sept 19 (Reuters) - Chinese state trading firm COFCO has bought up to nine 60,000-metric-ton cargoes of Australian canola, three trade sources told Reuters, after Beijing last month imposed preliminary anti-dumping duties on imports of the oilseed from traditional supplier Canada. The purchases amount to around 540,000 tons, equivalent to about 8% of China's total canola imports last year. Sign up here. Beijing is conducting an anti-dumping probe into Canadian canola, and in August imposed preliminary duties of 75.8%, bringing shipments to a virtual standstill amid a larger diplomatic and trade dispute between the two nations. Canada had been China's main supplier for the past several years, and the cargoes demonstrate China can find alternate sources of the oilseed as trade talks between Ottawa and Beijing drag on. Australia is a smaller producer than Canada, however, and may struggle to match the Canadian volumes. All shipments are scheduled to load between November and January, said an Australia-based broker for agricultural products with direct knowledge of the deals. The nine cargoes include one that was reported by Reuters last month. "It has been a typical buying operation by a Chinese company," said the Australia-based broker. "They just went in quietly and bought nine cargoes from several major trading companies in Australia." COFCO did not immediately respond to a request for comment. Australia had been frozen out of the Chinese market by biosecurity rules to prevent the spread of a fungal plant disease since 2020, but Reuters reported in July that Canberra was close to an agreement with Beijing that would allow for five trial cargoes. Canola, or rapeseed, is crushed to produce cooking oil and other products. The meal left behind in the crushing process is used as livestock feed. China is the world's biggest canola importer, taking in 6.4 million tons worth $3.4 billion last year, almost all of it from Canada, according to Chinese customs data. Canada is the world's biggest exporter of canola and Australia is the second-biggest. Earlier this month, China extended its investigation into Canadian canola imports to March 9, 2026, buying six more months for negotiations. A final ruling could maintain the duty rate, change it or remove it. https://www.reuters.com/world/china/china-snaps-up-australian-canola-after-trade-spat-with-canada-sources-say-2025-09-19/

2025-09-19 06:00

BANGKOK, Sept 19 (Reuters) - Thailand's central bank has intervened to slow the Thai currency's movement, an assistant governor said on Friday after the baht rose to its strongest levels in four years, threatening the country's struggling economy. "The central bank is closely monitoring and managing the movements of the baht during this period, as evidenced by the increase in foreign reserves," Chayawadee Chai-anant told reporters. Sign up here. "Our approach remains the same, ensuring the baht does not fluctuate or move too fast." The baht stood at around 31.87 per dollar on Friday, and is up about 8% this year, the second-largest gain amongst Asian currencies, behind only the Taiwan dollar. The currency's strength relative to regional peers is seen as a threat to exports and tourism, both key drivers of Southeast Asia's second-largest economy. The baht's recent surge has been driven by a weaker dollar, a current account surplus, gold trading and political clarity, Chayawadee added. Recently appointed Prime Minister Anutin Charnvirakul's new cabinet has now received royal approval. However, the Bank of Thailand so far has no plans to introduce a gold tax as it needs to be discussed further, Chayawadee said. "We have been in discussions with market participants due to the growing correlation between gold prices and the strengthening baht," Chayawadee said. "But implementing a gold tax is not an immediate plan, as it needs thorough discussions with market participants and consultation with the new finance minister. It's a policy matter," she said. Taxation is "just one measure", and the central bank is also looking at other potential collaborative efforts with market participants, including the promotion of gold transactions using U.S. dollars, she added. Chayawadee also said there has been no unusual speculative trading in the currency via capital inflows. The Thai government will work with the central bank to manage the baht, and also monitor capital inflows and gold trading for any irregularities, new Finance Minister Ekniti Nitithanprapas said on Thursday. In the January to July period, Thailand's gold shipments surged 82% year-on-year to $7.6 billion, with unusually large exports worth $2.1 billion to Cambodia alone. Chayawadee said the central bank is working with the relevant agencies to investigate gold shipments to Cambodia. https://www.reuters.com/en/thai-central-bank-says-it-has-acted-ensure-baht-doesnt-move-too-fast-2025-09-19/

2025-09-19 05:41

Wall Street stocks advance in choppy trading Fed rate cut keeps investors upbeat European shares finish week slightly lower Gold prices rise, crude oil falls NEW YORK, Sept 19 (Reuters) - Global stocks rose in choppy trading on Friday, on track for a weekly gain, driven by positive sentiment on Wall Street following key central bank decisions. The Federal Reserve cut U.S. interest rates by a quarter of a percentage point on Wednesday, the first easing since December, while Norway and Canada also cut rates. Sign up here. On Wall Street, all three indexes closed at record highs. The Dow Jones Industrial Average (.DJI) , opens new tab rose 0.37% to 46,315.27, the S&P 500 (.SPX) , opens new tab advanced 0.49% to 6,664.36, and the Nasdaq Composite (.IXIC) , opens new tab firmed 0.72% to 22,631.48. All three also hit record highs the day before. European shares (.STOXX) , opens new tab finished down 0.16%, and for the week were down 0.13%. Japan's Nikkei (.N225) , opens new tab fell 0.57% after the Bank of Japan decided to start selling its holdings of risky assets. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab hit a fresh record high of 982.29, adding nearly 1% for the week. Investors are betting that central bank rate cuts will boost stocks further. "The market for the past several weeks has all been focused on and relying on the Fed meeting and the Fed's decision, and there was enough in the decision to leave everyone just slightly disappointed though basically satisfied," said Michael Farr, chief executive of investment advisory firm Farr, Miller & Washington in Washington. The Fed stopped short of endorsing market expectations for a clear string of rate cuts, emphasizing a meeting-by-meeting, data-dependent approach. The Fed's tone, along with the wide range of views within the U.S. central bank, disappointed some investors, who had hoped the stock market would be boosted by a rapid shift to lower rates, analysts said. "Markets have done exceptionally well and now markets are looking for the next driver or the next bit of news," Farr said. "I think as we probably get into earnings season in October, those reports will be more important than ever because we need to see and the Fed needs to see if tariffs are indeed making their way into bottom-line profits." The yield on benchmark U.S. 10-year notes rose 2.5 basis points to 4.129%. The 2-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 0.6 basis points to 3.574%. "The short-term momentum is clearly higher and we are playing the market to the upside because that's what the short-term momentum is telling you," said Bill Strazzullo, partner and chief market strategist at Bell Curve Trading in Boston. "But I think it's a lot more complicated now because the Fed clearly has chosen to err on the side of the weaker labor market so that's talking about more rate cuts." Following their first call in three months, U.S. President Donald Trump said he and Chinese President Xi Jinping made progress on a TikTok agreement and would meet face-to-face in six weeks in South Korea to discuss trade, illicit drugs and Russia's war in Ukraine. A stopgap spending bill that would avert an October 1 government shutdown fell short in the U.S. Senate on Friday. The bill had been passed by the House of Representatives. The U.S. dollar index rose for a third straight session, up 0.33% to 97.67, but was still set to notch a third straight week of losses. The dollar strengthened 0.4% to 0.795 against the Swiss franc , but was down 0.03% to 147.97 against the Japanese yen . The euro fell 0.35% against the dollar to $1.1745. The British pound fell 0.64% to $1.3467 . The Bank of England kept rates on hold on Thursday, but slowed the pace at which it is unloading the government bonds it purchased in previous crises. Oil prices settled lower as traders' worries about fuel demand outweighed the typical boost from a U.S. rate cut. Brent crude futures fell 1.1% to settle at $66.68 a barrel, while U.S. West Texas Intermediate futures lost 1.4%, to $62.68. Gold was up 1.04% at $3,681.79, notching its fifth straight week of gains. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-09-19/

2025-09-19 05:28

Gold hit record high of $3,707.40/oz on Wednesday India gold premiums hit 10-month high Palladium heads for weekly loss Sept 19 (Reuters) - Gold prices moved higher on Friday and headed for a fifth consecutive weekly gain, with market attention focused on further cues after the U.S. Federal Reserve delivered its first rate cut of the year. Spot gold was up 0.8% at $3,672.08 per ounce by 1:36 pm EDT (1736 GMT). Prices are up 0.8% so far this week. U.S. gold futures for December delivery settled 0.7% higher at $3,705.80. Sign up here. The U.S. central bank cut its key interest rate by 25 basis points on Wednesday but tempered the move with warnings about persistent inflation, casting doubt over the pace of future easing. Following the decision, spot gold prices hit a record high of $3,707.40 before retreating in volatile trading. "Gold remains pretty strong here and is just seeing a pause after the Fed. The bullish trend remains intact with new highs inevitable and realistically we could see $4,000 before year-end," said RJO Futures market strategist Bob Haberkorn. Fed Bank of Minneapolis President Neel Kashkari said job market risks warranted this week's rate cut and likely reductions at the central bank's next two meetings. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold. The metal also tends to perform well during periods of uncertainty and has gained nearly 40% so far this year. Physical gold premiums in India rose to a 10-month high this week as record prices near a festive season failed to deter investors from buying bullion in anticipation of further gains, while discounts in China widened to a five-year peak. Elsewhere, spot silver rose 2.2% to $42.70 per ounce and platinum firmed 1.4% to $1,403.02. Palladium steadied at $1,150.04 and headed for a weekly loss. "What I'm seeing is that many investors are now turning to platinum and silver as they are more affordable than gold," said Haberkorn. https://www.reuters.com/world/india/gold-flat-investors-await-more-fed-cues-after-widely-expected-cut-2025-09-19/

2025-09-19 05:18

Sept 19 (Reuters) - Anglo American (AAL.L) , opens new tab said on Thursday it had cut a "small number" of jobs at its office in Brisbane in Australia and nearby coal mines as part of the miner's efforts to simplify its operations and adapt to lower coal prices and rising costs. The unspecified number of layoffs in Queensland comes a day after larger peer BHP (BHP.AX) , opens new tab slashed 750 jobs at a coking coal mine in the same region, citing low coal prices and high state government royalties that have dented its returns. Sign up here. The Isaac Regional Council, a local government body, told Reuters that over 200 roles at Anglo American Australia were affected since Tuesday. Australia's ABC News first reported the news. "These changes are essential to secure the future of our steelmaking coal operations in Central Queensland," said Ben Mansour, vice president for people and corporate relations at Anglo American Australia, adding that most of the cuts were through voluntary redundancies. In July 2022, the Queensland government raised royalties to 20% for coal priced above A$175 ($115.6) a ton, with a top tier of 40% for prices over A$300, putting pressure on coal miners in the state. Previously, the top tier was a 15% royalty on prices over A$150 a ton. Anglo American operates five coal mines in Queensland's Bowen Basin, which produce steelmaking coal, according to the company's website. Last year, it sold 33% in one of its Australian steelmaking coal mines for $1.1 billion, to focus on core copper assets. The company announced last week a proposed merger with Canada's Teck Resources (TECKb.TO) , opens new tab, in what will be the second-largest mining deal ever. ($1 = 1.5142 Australian dollars) https://www.reuters.com/business/world-at-work/anglo-american-cuts-small-number-jobs-australias-brisbane-2025-09-18/

2025-09-19 05:17

Dollar index nearly flat for the week Sterling falls as Britain's borrowing shoots past forecasts Yen appreciates as BOJ votes to hold but hawkishness grows NEW YORK, Sept 19 (Reuters) - The dollar strengthened on Friday, extending its rebound against most major currencies, as traders reviewed the near-term outlook after the Federal Reserve cut interest rates this week but signaled gradual easing in the future. The U.S. Dollar Currency Index , which tracks the greenback against six major peers, rose 0.3% to 97.662. The gauge, which fell 1% on Monday and Tuesday on expectations the Fed might flag a rapid series of rate cuts, was about flat for the week. Sign up here. On Wednesday, the Fed delivered an expected rate cut but signaled little urgency to lower borrowing costs quickly in the coming months. The Fed's rate forecast, or the so-called "dot plot," showed projections of two more rate reductions this year. "It's really a week of two halves," said Marc Chandler, chief market strategist at Bannockburn Forex. "The votes, the actual dots, were not as dovish as the statement and the concerns about the labor market suggested." The U.S. currency may have room to rebound further after facing selling pressure in the days ahead of the Fed decision. "What we're telling our clients is that this is just a counter-trend move. If you have to sell dollars, you'll have a better level shortly," Chandler said. STERLING SLIDE Sterling fell on Friday after Britain's borrowing surged past official forecasts, further complicating the country's fiscal outlook, while the yen firmed after the Bank of Japan held rates steady, with dissent on the board. The pound was one of the worst performers among G10 currencies, mirroring investors' concerns that British finance minister Rachel Reeves may not be able to keep her budget under control. The currency eased 0.6% to $1.3468 , on pace for its biggest two-day drop since early April. "Despite a better reading from UK August retail sales data, poor UK government borrowing data have highlighted the difficulties Chancellor Reeves faces in delivering the UK budget in November," said Jane Foley, head FX strategist at Rabobank. Data published early on Friday showed British retail sales rose by a stronger-than-expected 0.5% in August, helped by sunny weather, but sales growth in July was revised slightly down. The borrowing figures - the highest for the first five months of a financial year since 2020 - could pave the way for further tax increases. Even before Friday's data, Reeves had been expected to announce new tax increases in her November 26 budget to stay on track to meet her fiscal rules and avoid fresh upheaval in financial markets. BOJ DISSENT UNDERPINS YEN In the BOJ, the unexpected dissent by two board members against the decision to hold rates steady unsettled investors and shifted their focus back on how soon the BOJ will next raise rates. "This was unexpected, and suggests that perhaps policy rate hikes may be coming sooner than anticipated," said David Chao, global market strategist for Asia-Pacific at Invesco in Singapore. The Japanese central bank's next meeting on October 30 will be the "best chance" for a rate hike for the rest of 2025, he added. After a volatile session, the yen was nearly unchanged on the day at 147.975 against the dollar. . Investors remain unsure whether the BOJ's policy path will be affected by the October 4 leadership race in Japan's ruling Liberal Democratic Party to replace outgoing Prime Minister Shigeru Ishiba. The New Zealand dollar extended its slump from the prior session, falling 0.4%, a day after a strikingly weak reading on the economy pushed yields sharply lower as markets ramped up wagers for bigger rate cuts ahead. Cryptocurrency bitcoin was 2% lower at $115,379. https://www.reuters.com/world/middle-east/dollar-steadies-investors-consider-post-fed-outlook-focus-turns-boj-meeting-2025-09-19/