2025-05-28 11:31
Full OPEC+ meeting takes place on Wednesday Eight OPEC+ members meet on Saturday to decide on July output Wednesday's meeting scheduled to begin at 1300 GMT, sources say For an EXPLAINER on OPEC+ output cuts, click here LONDON/MOSCOW, May 28 (Reuters) - OPEC+ may discuss issues around its baselines for 2027 production at its meeting on Wednesday, two delegates from the group said, while separate talks due on Saturday could agree a further accelerated oil output hike for July. The group, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, has been discussing new baselines - production levels from which each member makes cuts or increases - for the last few years. Sign up here. Baseline issues are controversial because some members such as the United Arab Emirates and Iraq have increased their oil production capacity, pressing the case for higher quotas, while others such as African members have seen declines. The 22-member group on Wednesday is likely to ask OPEC headquarters to prepare a mechanism to help establish the baseline assessment for 2027, one of the delegates said. That meeting is not expected to change output policy, OPEC+ sources have said. On Saturday, the eight OPEC+ members who are in the process of gradually raising output are set to meet and may agree an output hike for July of 411,000 barrels per day, the same as in May and June, the delegates said. OPEC+ has agreed three layers of output cuts since 2022. Two of these are in place until the end of 2026 and one is currently being unwound by the eight members. The 2027 baselines in theory could feature in production policy when all output cuts currently in place expire. In April, eight OPEC+ members began to unwind the group's most recent layer of output cuts, and for May and June made larger-than-expected hikes of 411,000 barrels per day. OPEC+ sources have told Reuters the eight members at their meeting on Saturday may decide on a similar 411,000 bpd output hike for July. All sources declined to be identified by name due to the sensitivity of the matter. Oil fell to a four-year low in April below $60 per barrel after OPEC+ said it was accelerating its output hike in May and as U.S. President Donald Trump's tariffs raised concerns of global economic weakness. Since then it has recovered to about $65. Earlier this month, sources told Reuters that the eight countries, in addition to another 411,000 bpd output hike for July, may unwind the remainder of the most recent cut by the end of October. https://www.reuters.com/business/energy/opec-may-discuss-2027-baselines-agree-july-hike-this-week-sources-say-2025-05-28/
2025-05-28 11:28
ZURICH, May 28 (Reuters) - The Swiss government wants to resolve customs issues with the United States and has agreed a draft negotiating mandate on trade and economic matters to be sent to parliament's foreign policy committees and the cantons, it said on Wednesday. Bern does not expect an economic slump as a result of U.S. tariffs although exporters and suppliers are affected, it said. Sign up here. "Switzerland's goal is to strengthen bilateral economic relations with its most important trading partner after the EU," the government said. "Switzerland is committed to preserving and, if possible, improving market access in the USA." Switzerland has been working hard to temper the impact of U.S. President Donald Trump's tariffs policy, which initially slapped import duties of 31% on Swiss products. Both countries have agreed to accelerate trade talks, with President Karin Keller-Sutter meeting U.S. Treasury Secretary Scott Bessent earlier this month. Non-tariff measures are being discussed with the U.S., for example on simplified approval of medical devices, Bern said. Investments already promised by Swiss companies in the United States are also mentioned in the negotiating mandate, while talks will continue on other topics such as vocational training and tax issues, the government added. Switzerland has so far been spared the full impact of tariffs due to exemptions on some product categories like pharmaceuticals, but Bern said the situation was "very challenging" and that a global slowdown was dampening the economy. "However, a macroeconomic slump, such as during the COVID-19 pandemic, is not expected at present," it added. In response, the government will seek to preserve jobs by extending the time companies can receive short-time working compensation for their workers from 12 to 18 months. The government wants to help companies by improving public procurement and reducing the cost of regulations, it said. https://www.reuters.com/world/swiss-government-agreed-negotiating-mandate-tariffs-with-us-2025-05-28/
2025-05-28 11:22
NEW DELHI, May 28 (Reuters) - India's industrial output (INIP=ECI) , opens new tab grew 2.7% year-on-year in April, government data showed on Wednesday. Economists polled by Reuters were expecting a growth of 1%. Sign up here. Industrial output grew 3% in March and increased by 4% in fiscal year 2024-25. KEY NUMBERS * Manufacturing output up 3.4% in April * Electricity generation grew 1.1% in April * Mining activity fell 0.2% in April * Output of consumer durables, including cards and phones, rose 6.4% in April * Output of consumer non-durables, such as food items and toileteries, fell 1.7% in April * Capital goods output increased 20.3% in April https://www.reuters.com/world/india/indias-industrial-output-rises-27-yy-april-2025-05-28/
2025-05-28 11:19
PARIS, May 28 (Reuters) - French power group EDF will decommission the last two power producing units of the Cordemais coal plant in western France on May 31, 2027 and is studying using the site for a nuclear piping facility, the company said in a statement on Wednesday. The Cordemais coal plant is one of the last coal-fired power plants in France, where the power mix is dominated by EDF's nuclear reactors, and operates mostly during the winter when power demand for heating increases. Sign up here. The utility has begun a study for on-site construction of a nuclear piping plant which is scheduled to be commissioned at the end of 2028, and will eventually employ up to 200 people, the statement said. The company has plans to expand its nuclear fleet and is working on financing six new reactors, which a nuclear piping plant could eventually furnish. EDF in September cancelled plans to convert the coal-fired power plant to a biomass plant, as the technical and economic conditions for carrying out the conversion project were not met, the utility said. https://www.reuters.com/business/energy/frances-edf-announces-closure-date-cordemais-coal-plant-2027-2025-05-28/
2025-05-28 11:00
May 28 (Reuters) - Sterling was steady against the dollar on Wednesday, hovering near Monday's three-year high, as it continued to be supported by favourable economic data last week as well as Britain's recent trade deals. Investors also looked towards a multi-year spending review by finance minister Rachel Reeves in two weeks which will set the budgets for public services. Sign up here. Sterling was little changed at $1.3511 but stayed close to the three-year high of $1.3593 it touched on Monday. It was little changed against the euro, with the euro broadly flat at 83.86 pence in its seventh week of losses against the pound. "Sterling's done pretty well recently," Rabobank strategist Jane Foley said, pointing to stronger-than-expected inflation and slightly stronger retail sales data last week and trade deals that Britain struck with both India and the U.S. as reasons for the currency's resilience. However, the spending review is pushing attention back onto the challenges that Reeves faces around the fiscal situation in the country, Foley said, as the government, which had pledged not to increase taxes and keep spending tight while still fuelling economic growth, seems to be prepared to pour more money into defence and health, among other issues. Reeves is due to set out budgets for individual government departments for the next three years in a spending review on June 11, after the overall total was outlined in October. "There's obviously a bit of a conundrum for her to face, and that could create perhaps a few headwinds for sterling, given that it has had a reasonably good run for now," Foley said. Sterling has risen by 8% against the dollar so far this year, and has regained ground against the euro in the past weeks from its April lows at 87.38 pence. Last week's data showed that British retail sales jumped in April, while the inflation print erased market expectations for a cut at the Bank of England's next meeting in June. "The BoE is still trying to manage these dual elements of sticky inflation and sluggish growth," said Paul Hollingsworth, head of developed markets economics at BNP Paribas, during a call presenting the French bank's global economic outlook. Despite optimism around the "green shoots" from consumer spending data, Hollingsworth warned of supply-side woes and the prospect of further fiscal consolidation measures over the coming months. https://www.reuters.com/world/uk/sterling-steady-against-dollar-economic-data-trade-deals-offer-support-2025-05-28/
2025-05-28 10:10
MUMBAI, May 28 (Reuters) - The Indian rupee ended nearly flat on Wednesday, as the impact of month-end dollar demand from importers was offset by an uptick in regional peers. The rupee closed at 85.36 against the U.S. dollar from 85.33 in the previous session. The unit weakened to 85.70 earlier in the session, but recouped most losses as the dollar index eased. Sign up here. Traders built up intra-day shorts on the rupee in anticipation of outflows related to an equity block deal but the price action indicated that the flows did not materialise as expected, a trader at a Mumbai-based bank said. British American Tobacco sold a $1.5 billion stake in Indian consumer goods company ITC (ITC.NS) , opens new tab on Tuesday. India's benchmark equity indexes closed slightly in the red. The dollar index was last at 99.5, little changed on the day while the Korean won and Thai baht led gains in Asian currencies with a 0.4% rise. The minutes of the Federal Reserve's May policy meeting are due later in the day and will be in focus for cues on policymakers' thinking on the future trajectory of interest rates amid uncertainty spurred by U.S. trade policies. "The details will be important in providing a sense of the level of conviction on the Fed’s willingness to remain on the side-lines in order to assess the uncertainty created by trade tariffs," MUFG Bank said in a note. Interest rate futures are currently pricing in nearly two U.S. rate cuts over 2025. India's overnight index swaps have priced in at least two rate cuts by the Reserve Bank of India as well, supporting a bullish outlook for the country's sovereign bonds. https://www.reuters.com/world/india/rupee-ends-nearly-flat-wedged-between-importer-dollar-bids-asia-fx-uptick-2025-05-28/
