2025-07-09 07:28

HAMBURG, July 9 (Reuters) - Trials to reopen the Mosel river in western Germany to domestic freight shipping have initially been successful with ships able to use a damaged lock for sailing in both directions, navigation authorities said on Wednesday. Shipping was stopped on the river, a key transit route for grains and rapeseed between Germany and France, after an accident involving a passenger vessel last week damaged a lock at Sankt Aldegund between the cities of Koblenz and Trier in western Germany. Sign up here. If use of a damaged lock continues successfully in the coming days, shipping could be normalised on the river, inland waterways navigation agency WSA said. The lock is examined after each vessel transit and has been holding up well. In addition, a diver will examine the lock below water at least once a week, the agency said. A similar lock accident that halted shipping in December on the river, called the Moselle in France, led futures exchange operator Euronext to suspend physical delivery to river ports in eastern France for its rapeseed futures. https://www.reuters.com/markets/commodities/german-tests-reopen-mosel-river-shipping-successful-authorities-say-2025-07-09/

2025-07-09 07:27

BRUSSELS, July 9 (Reuters) - The European Union is working closely with U.S. President Donald Trump's administration to reach a trade deal, but Brussels is getting ready for all scenarios, European Commission President Ursula von der Leyen said on Wednesday while addressing the European Parliament. "We stick to our principles, we defend our interests, we continue to the work in good faith, and we get ready for all scenarios", Von der Leyen said. Sign up here. https://www.reuters.com/business/energy/eu-parliament-approves-deal-looser-gas-storage-rules-2025-07-08/

2025-07-09 07:24

ATHENS, July 9 (Reuters) - The Liberia-flagged, Greek-operated bulk carrier Eternity C has sunk after a Houthi attack off Yemen, four maritime security sources told Reuters on Wednesday, and efforts to rescue the crew were under way. Some of the crew were in lifejackets in the water and at least five people have been rescued so far, two of the sources said. Sign up here. https://www.reuters.com/world/europe/greek-ship-sinks-off-yemen-after-houthi-attack-crew-being-rescued-sources-say-2025-07-09/

2025-07-09 07:19

July 9 (Reuters) - European shares nudged higher on Wednesday, supported by defence stocks, as investors awaited signs of progress on a trade accord with the United states. The pan-European STOXX 600 index (.STOXX) , opens new tab was up 0.2% at 546.94 points, as of 0706 GMT. Other major regional indexes also traded higher. Sign up here. U.S. President Donald Trump said on Tuesday that he will "probably" tell the European Union within two days what rate it can expect for its exports to the United States, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. Trump also announced plans to impose a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals would be introduced soon. He threatened a 200% levy on drug imports, which he said could be delayed by about a year. Trump has pushed back the previous tariff deal deadline to August 1, a date he called final, declaring there would be "no more extensions." Earlier in the day, the Financial Times reported that EU negotiators are nearing a trade deal with Trump that would cement higher tariffs than those granted to the UK. European defence (.SXPARO) , opens new tab stocks rose 1.1%, while banks (.SX7P) , opens new tab were up nearly 1%. Energy shares (.SXEP) , opens new tab advanced 0.8%. Shares of EssilorLuxottica (ESLX.PA) , opens new tab rose 5.1% on reports that Meta Platforms (META.O) , opens new tab has acquired a nearly 3% stake in the eyewear maker. https://www.reuters.com/markets/europe/european-shares-edge-higher-investors-eye-us-trade-signals-2025-07-09/

2025-07-09 07:03

US remains largest foreign destination for Temasek's capital Temasek continues to believe in China's longer-term prospects Increased focus on investing in areas like infrastructure, AI SINGAPORE, July 9 (Reuters) - Singapore's state investor Temasek reported on Wednesday an 11.6% year-on-year jump in its net portfolio value to a record S$434 billion ($340 billion), and said risks around U.S. immigration, tariff and fiscal tightening policies had likely peaked. U.S. President Donald Trump opened a new phase on Monday in his trade war, telling partners from powerhouse suppliers such as Japan and South Korea to minor players including Malaysia that they face higher tariffs from August 1. Sign up here. "We still have to be watchful of the tariff developments over the next few weeks and months," Lim Ming Pey, Temasek's joint head of corporate strategy, told Reuters in a briefing. Temasek's chief investment officer Rohit Sipahimalani said tariffs were not expected to return to the levels seen on Trump's "Liberation Day" on April 2, while some earlier risks such as fiscal tightening that would slow U.S. growth had eased with the passage of his sweeping tax-cut and spending bill. "Generally speaking, the slowdown in growth that we're seeing right now because of tariff uncertainty, we should see a recovery in growth towards the end of the year, particularly as the Fed cuts rates and more deregulation happens, and there's more clarity around tariffs," Sipahimalani said. "The challenge in the U.S. is valuations." Nevertheless, Lim said Temasek saw "bright spots, such as the U.S.'s world-class capabilities in AI, which will have a transformative impact across all sectors." The U.S. continues to be the largest destination for Temasek's capital, the company said. The Americas made up 24% of its portfolio at the end of its financial year on March 31, versus 22% on the same date a year ago. CHINA The rise in Temasek's net portfolio value was the second consecutive annual increase, and largely driven by the strong performance of its listed Singapore-based companies and direct investments in China, India and the United States. Temasek continues to believe in the longer-term prospects of China, Lim said. China is Temasek's third largest market in terms of underlying exposure at 18% as at end-March, after Singapore at 27% and the Americas at 24%. "We see opportunities in the green economy and life sciences innovation, and also in leading domestic brands which continue to scale and grow in a resilient manner," she added. Moving forward, Temasek said it was increasing focus on investing in companies with stable cash flows and earnings, as well as access to large domestic markets that are better shielded from tariffs and geopolitical risks. It is also focusing on infrastructure and artificial intelligence. "We do not only make investments ourselves, we also invest in AI-related funds," Chia Song Hwee, Temasek's deputy CEO, said. Temasek's investments in the AI sector include companies such as Nvidia (NVDA.O) , opens new tab, Databricks and Veeam. It recently joined a consortium backed by Microsoft (MSFT.O) , opens new tab, BlackRock (BLK.N) , opens new tab and tech investment company MGX to invest and expand AI infrastructure, according to BlackRock's investor day presentation slides in June. ($1 = 1.2766 Singapore dollars) https://www.reuters.com/world/china/temaseks-portfolio-value-hits-record-high-says-us-risks-likely-peaked-2025-07-09/

2025-07-09 06:58

BEIJING, July 9 (Reuters) - U.S. President Donald Trump said on Tuesday he would announce a 50% tariff on copper imports, sending U.S. Comex copper futures up more than 12% to a record high. Prices on the Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) fell in the aftermath as the announcement signalled an end to a months-long arbitrage trade that had drawn the metal from global markets. Sign up here. Below is reaction from analysts and smelters in Asia. ANALYSTS AT GOLDMAN SACHS "As with previous tariffs, this higher initial tariff rate could be used as a negotiating anchor, followed by concessions or exemptions. "Given the increased risk of a 50% tariff, we expect a further acceleration in shipments into the U.S. in the coming weeks, as the incentive to front-run the tariff implementation has increased. "We maintain our Dec-25 LME copper price forecast at $9,700 but now see a reduced risk that the price rises above $10,000 in 3Q." ANALYSTS AT CITI "Our base case is now for a 50% headline Section 232 copper import levy and we adjust our expectations for the COMEX-LME arb to price at 25-35% of LME or ~$2,300-$3,300/t versus 15-20% expected previously. "Drawdowns of the accumulated excess of U.S.-based copper have the potential to completely displace U.S. refined copper import requirements for the remainder of 2025." ZHAO YONGCHENG, ANALYST, BENCHMARK MINERAL INTELLIGENCE "Copper prices on the SHFE are currently under pressure, but they will likely rebound after U.S. copper tariffs are finalised as fundamentals remained tight in the short-term. "The widening price differential between COMEX and LME will encourage arbitrage trading, thus prevent price from falling more sharply. But overall, downside risk will be higher in the near term." MATT HUANG, ANALYST, BANDS FINANCIAL "In the short run, the spot market should get a lift: deliverable metal from South America will be in demand, pushing premiums higher. "Chinese holders with physical copper can still rush shipments to the U.S., but arrivals that follow will likely sit on the sidelines, letting premiums slip back. Further out, once the tariff takes effect, the U.S. 'vacuum' fades, demand thins out, and the outlook turns bearish for LME and SHFE". MARCUS GARVEY, HEAD OF COMMODITIES STRATEGY, MACQUARIE "The loss of a physically arbitrageable price difference between CME and LME copper should result in U.S. copper import demand falling back from currently running ~200kt/mth towards something closer to 30kt/mth and stay low for a number of months as excess inventories in the U.S. are worked down. "We would not expect the full tariff to be priced in because the excess inventories in the U.S. mean marginal spot flows would not need to be incentivised by the CME-LME price spread." MICHAEL WU, ANALYST, SHANGHAI METALS MARKET "There is almost nobody in Asia buying copper for delivery to the U.S. right now given how little time there is before the deadline ... shipments from Latin America are likely the only ones able to make the deadline." A MANAGER AT A CHINESE SMELTER "After U.S. copper tariffs land, copper will flow to China and other countries; prices will return to reflect normal fundamentals." https://www.reuters.com/world/china/markets-react-after-trump-announces-50-copper-tariff-2025-07-09/