2025-04-30 07:43
TOKYO, April 30 (Reuters) - Kansai Electric Power (9503.T) , opens new tab, Japan's biggest nuclear power utility, posted 420.4 billion yen ($2.94 billion) in net profit for the fiscal year ended in March, down 5% year-on-year, it said on Wednesday, beating analysts forecasts. A LSEG poll of analysts had forecast Kansai Electric's FY 2025 net profit at 380 billion yen. The company forecasts net profit for the fiscal year ending in March 2026 at 295 billion yen. Sign up here. ($1 = 142.7700 yen) https://www.reuters.com/business/energy/kansai-electric-annual-profit-falls-5-beats-forecasts-2025-04-30/
2025-04-30 07:41
MUMBAI, April 30 (Reuters) - The Indian rupee, on Wednesday, rose to its highest level this year on the back of likely inflows into equities, a pickup in hedging-related dollar sales from local exporters and cutting of bearish positions on the local currency. The rupee rose 0.5% to a high of 84.78 per dollar, tracking gains in Asian currencies, which were up by as much as 0.8% on the day. Sign up here. Optimism surrounding a potential trade deal between India and the U.S. has also aided the rupee. U.S. President Donald Trump said on Tuesday that talks with India on tariffs were coming along great, and he thinks the two countries will reach a deal. On the day, the currency's rise over a key technical resistance level near the 200-day moving average bolstered its upward momentum, traders said. “Stop losses have hit for many banks and a lot of dollar-long positions have seen reversal, with 84.70-84.75 levels seen as the next crucial support level (for USD/INR),” a trader with a brokerage said. A pickup in foreign portfolio inflows into Indian equities over the last two weeks has boosted the local currency, which is on track to log a 0.8% gain on the month. At the same time, exporters have jumped in to hedge their dollar receivables while demand from importers has been muted since many of them had covered their liabilities when the rupee rallied last month, an FX salesperson at a bank said. The rupee rose over 2% in March, its best monthly performance since November 2018. "A weaker US dollar, along with the market becoming more dovish on the US rates outlook, could provide some support for several Asian currencies," MUFG Bank said in a note. Some traders cautioned that the rupee remains prone to a reversal though, in case cross-border tensions with Pakistan escalate after last week's militant attack in Kashmir. https://www.reuters.com/world/india/indian-rupee-hits-year-to-date-high-portfolio-inflows-gains-asian-currencies-2025-04-30/
2025-04-30 07:12
Growth forecast cut to 2%, or 1.3% if trade war escalates Inflation, export, tourist forecasts lowered There is some policy room to support economy, BOT says BANGKOK, April 30 (Reuters) - Thailand's central bank cut its key interest rate by a quarter point for a second consecutive meeting on Wednesday, as expected, seeking to support the underperforming economy which is facing fresh pressure from steep U.S. tariffs. The Bank of Thailand's monetary policy committee voted 5-2 to reduce the one-day repurchase rate (THCBIR=ECI) , opens new tab by 25 basis points to 1.75%, the lowest level in two years. That followed a similar reduction at the previous meeting in February. Sign up here. The central bank cut its growth forecast for 2025 to 2.0%, based on prolonged trade negotiations and U.S. tariffs remaining close to current rates, from just above 2.5% seen in February and 2.9% predicted in December. It said there were risks to growth and U.S. tariffs could weigh more heavily in the second half of the year, and if the trade war escalates and tariffs are set at higher rates then growth could be just 1.3% this year. Thailand is among Southeast Asian nations hardest hit by U.S. President Donald Trump's measures, facing a much larger-than-expected 36% tariff if a reduction can't be negotiated before a U.S. moratorium expires in July. Growth next year was seen at 1.8% in the central bank's baseline scenario and 1% in a worse case scenario. "U.S. trade policies and potential retaliations from major economies will cause significant changes in the global economic, financial, and trade landscape," it said in a statement. "This process is only beginning and subject to high uncertainties, with the global economy likely to grow at a slower pace. The situation is expected to be prolonged." There is still monetary policy room, but not much, to support the economy, Assistant Governor Sakkapop Panyanukul told a press conference. "The monetary policy stance has changed. We are now in a period of easing," he said. "Our outlook has weakened, and there are risks. Therefore, the monetary policy stance will be more accommodative." There is a chance that the economy could slip into a technical recession, he added. The next rate meeting is on June 25. A 'technical recession' is commonly defined as two consecutive quarters of shrinkage in economic growth. Southeast Asia's second-largest economy has lagged regional peers for years, growing just 2.5% last year. INFLATION, TOURISM FORECASTS LOWERED Twenty of 28 economists in a Reuters poll had predicted the key rate would be cut this week. The other eight had expected no policy change. The central bank also said it would closely monitor the baht currency, which rose as much as 0.4% after the rate decision, while the main stock index (.SETI) , opens new tab gained 2%. Despite the trade fears and sluggish economic demand, the baht has still gained nearly 3% this year as the U.S. dollar faltered. Reflecting growing risks, the BOT lowered its 2025 headline inflation forecast to 0.5%, down from 1.1% seen in December and below its target range of 1% to 3%. It predicted core inflation at 0.9% this year versus 1.0% seen earlier. The BOT cut its export growth forecast to 0.8% this year from 2.7% seen previously. The central bank reduced its projections for foreign tourist arrivals - a key growth engine - to 37.5 million this year, from 39.5 million seen in December. "We think today's easing will be the last for the foreseeable future as the MPC (monetary policy committee) likely will adopt a wait-and-see approach with regards to the lingering tariff uncertainty," said Miguel Chanco, an economist at Pantheon Macroeconomics. https://www.reuters.com/world/asia-pacific/thai-central-bank-cuts-key-rate-by-25-bps-2025-04-30/
2025-04-30 06:54
First quarter net profit down year on year but beats forecasts Tariff hit mitigated by local supply, key contracts secured Shares down in line with market MADRID, April 30 (Reuters) - Europe's largest utility Iberdrola (IBE.MC) , opens new tab said on Wednesday U.S. tariffs and trade tensions will have no significant impact on its results after posting a better-than-expected net profit in the first quarter of the year. The Spanish firm said tariffs will increase its cost of investment by just 1%, as it relies on local producers for 80% of its supplies and has already secured key contracts for its projects under construction. Sign up here. First-quarter net profit came in at 2 billion euros ($2.27 billion), higher than the 1.81 billion euros expected by analysts polled by LSEG but down 27% year on year after last year's result was boosted by booking the sale of gas assets in Mexico. Shares in Iberdrola fell 0.86% at 15.62 euros at 0750 GMT, roughly in line with Spain's blue-chip index. Excluding the impact of last year's asset sale, profit rose 26%, while earnings before interest, taxes, depreciation and amortisation (EBITDA) in the quarter climbed 12% to 4.64 billion euros. Increased production in regions such as the United States and Iberia partially offset the normalisation of margins in Britain and Iberia. Its free cash flow grew 11% to 3.5 billion euros, Iberdrola added. The utility reiterated its 2025 net profit growth guidance at "mid to high single-digit" - excluding the positive impact of past cost recognition in the U.S. - and said it would reach double-digit growth if it included the impact. ($1 = 0.8792 euros) https://www.reuters.com/sustainability/climate-energy/iberdrola-q1-net-profit-beats-expectations-2025-04-30/
2025-04-30 06:54
US PCE data due later in the day Gold heads for fourth monthly gain Silver down more than 2% April 30 (Reuters) - Gold prices fell for the second straight session on Wednesday, hurt by a stronger dollar and signs of de-escalation in U.S.-China trade tensions, while focus was also on a slew of U.S. economic data due this week. Spot gold was down 1.1% at $3,279.51 an ounce as of 1145 GMT. But bullion was on track to log its fourth consecutive monthly gain, up 5% so far in April. Sign up here. U.S. gold futures slipped 1.3% to $3,289. "The market is currently experiencing high volatility as the two-way flows compete. In short, it looks as if gold may be entering a well-earned period of consolidation," said Ross Norman, an independent analyst. The dollar index (.DXY) , opens new tab rose 0.1% against its rivals, making bullion more expensive for other currency holders. "Gold prices are lower in more stable conditions as the market took stock of what appeared to be a de-escalation of the U.S.-led trade war that has rattled the financial markets in recent weeks," Frank Watson, market analyst at Kinesis Money, said in a note. "That said, gold's reluctance to move much lower can be taken as a sign that the financial markets are still on edge amid uncertainty over U.S. trade policies and their ultimate impact on the wider global economy." U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner. Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 as investors sought refuge from global economic turmoil. Investors will turn their focus to a series of U.S. economic data, including U.S. personal consumption expenditures (PCE) later in the day and the non-farm payrolls report on Friday, which could shed more light on the Federal Reserve's interest rate outlook. Elsewhere, spot silver dipped 2.2% to $32.24 an ounce, platinum fell 1.1% to $966.77 and palladium lost 0.5% to $929.85. https://www.reuters.com/markets/commodities/gold-falls-easing-trade-tensions-dampen-appeal-us-data-focus-2025-04-30/
2025-04-30 06:46
SINGAPORE, April 30 (Reuters) - China's used cooking oil (UCO) exports to the United States, its largest buyer, are set to plunge in coming months due to steep tariffs, forcing sellers to divert shipments to Europe and elsewhere, industry players said. With Trump administration is now charging 125% import tariff on Chinese UCO from this month. Shipments to the U.S., valued at $1.1 billion last year, are tumbling with the last cargoes sailing around late March and early April before trade grinds to a halt, said three China-based UCO traders. Sign up here. China's UCO exports hit an all-time high last year at nearly 3 million metric tons or worth $2.64 billion, according to Chinese customs. "For the time being, arbitrage to the U.S. is closed and we think it will remain so for the medium term," said Richard Dickinson, Shanghai-based head of trading Amarus Trading, one of the largest dealers of Chinese UCO. "Some of the exports will be diverted to Europe and new markets in Asia such as Korea, Thailand, Malaysia and India." At least four new Sustainable Aviation Fuel facilities, which use UCO as an ingredient and totalling at least 700,000 metric tons per year of production capacity, have started up or will begin operation by this year in Thailand, Malaysia and Japan, according to industry insiders. Exports to the U.S. have fallen since last December as Beijing removed tax rebates for UCO exports and also due to the new U.S. clean fuel tax policy that discourages the use of imported UCO, and the latest tariffs only exacerbates the situation, a shipper of the fuel said. The European Union, which mandated a 2% SAF use this year, is likely to become the top destination for at least half of China's UCO shipments in the coming months, the traders said. CHINA DEMAND UP Chinese UCO exports is expected to fall this year as demand from its nascent SAF sector rises, traders and biofuel industry officials. Dickinson and another Beijing-based senior biofuel trader estimated China's UCO exports to ease to 150,000 to 200,000 tons each month from April onward, 20-40% below the average monthly shipments in 2024. The other sources declined to be named as they are not authorised to speak to the media. New SAF plants such as Zhejiang Jiaao Enprotech (603822.SS) , opens new tab launched late 2024 and several other plants starting or slated for start-up in the coming few months - owned by Haixin Energy Technology (300072.SZ) , opens new tab, Haike Chemical in Shandong and Blue Whale Bioenergy in Zhejiang - are set to become new UCO users, according to industry sources familiar with these plants. Chinese SAF producers are using 100,000 to 120,000 tons of UCO a month currently, a volume set to climb as new plants begin operations, according to industry estimates. China began a pilot scheme last September of SAF use at four domestic airports in Beijing, Chengdu, Zhengzhou and Ningbo. https://www.reuters.com/sustainability/climate-energy/china-pivots-europe-used-cooking-oil-exports-tariffs-hit-shipments-us-2025-04-30/
