2025-04-29 06:36

JAKARTA, April 29 (Reuters) - South Korea's LG group remains committed to Indonesia and will increase its investment in a battery cell factory by $1.7 billion, raising total investment in the project to $2.8 billion, Indonesia's investment minister said on Tuesday. The comment from minister Rosan Roeslani follows confirmation last week that LG Energy Solution, or LGES, has withdrawn from another venture in Indonesia, a 142 trillion rupiah ($8.46 billion) project in the EV battery supply chain, citing market conditions and the investment environment. Sign up here. "The commitment from LG remains big, a concrete example is that they will invest in the development of this JV," he told a press conference, referring to a battery plant in West Java. LG last week said it will continue its investment in a battery joint venture, HLI Green Power, led by LGES and Hyundai Motor Group. LGES did not immediately respond to request for comment on Tuesday. Last year the JV inaugurated Indonesia's first battery cell production plant with an annual capacity of 10 gigawatt hours and said will embark on second phase of investment. China's Zhejiang Huayou Cobalt (603799.SS) , opens new tab will replace LGES in the project from which it has withdrawn, Indonesia has said. ($1 = 16,792.0000 rupiah) https://www.reuters.com/technology/indonesia-minister-says-lg-invest-another-17-billion-battery-factory-2025-04-29/

2025-04-29 06:33

Trump to reduce impact of auto tariffs, commerce secretary says Spot gold to retest support at $3,293 - technicals April 29 (Reuters) - Gold slipped on Tuesday as signs of easing tensions in the U.S.-China trade dispute weighed on the safe-haven metal, while investors awaited a series of U.S. economic data due this week for more cues on the Federal Reserve's policy path. Spot gold was down 0.8% at $3,314.52 an ounce, as of 1125 GMT. U.S. gold futures fell 0.7% to $3,324.30. Sign up here. "Gold is being pulled down by optimism in the financial markets over a potential de-escalation in the trade war between China and the U.S. as well as a modest recovery of the dollar," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. U.S. Treasury Secretary Scott Bessent said on Monday several top trading partners had made "very good" proposals to avoid U.S. tariffs. China's recent moves to exempt certain U.S. goods from its retaliatory tariffs showed a willingness to de-escalate trade tensions, Bessent added. U.S. President Donald Trump's administration will move to reduce the impact of his automotive tariffs by alleviating some duties on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said. Spot gold is expected to end its bounce around resistance at $3,373 per ounce and retest support at $3,293 thereafter, according to Reuters technical analyst Wang Tao. "Longer-term structural tailwinds for gold prices are likely to keep the broader upward trend intact, supported by room for ongoing reserve diversification among emerging market central banks," said IG market strategist Yeap Jun Rong. China's total gold imports via Hong Kong in March rose 41.9% from February, Hong Kong Census and Statistics Department data showed on Monday. Investors will be looking out for important U.S. economic data this week, including the personal consumption expenditures price index and a monthly non-farm payrolls report on Friday. In other markets, spot silver gained 0.2% to $33.25 an ounce, platinum rose 0.4% to $988.97 and palladium lost 0.2% to $947.31. https://www.reuters.com/markets/commodities/gold-declines-trade-war-concerns-ease-us-data-focus-2025-04-29/

2025-04-29 06:27

DUBAI, April 29 (Reuters) - First Abu Dhabi Bank (FAB) (FAB.AD) , opens new tab, the United Arab Emirates' biggest lender by assets, beat first-quarter profit estimates on Tuesday, boosted by strong growth in non-interest income from fees and commissions. Shares in the lender were up by 2.4% around 0610 GMT in early trading, outperforming a 0.8% rise in Abu Dhabi's benchmark index (.FTFADGI) , opens new tab. Sign up here. The results come as FAB undergoes a restructuring aimed at strengthening its business in the Gulf and boosting shareholder return, according to sources. Under the reorganisation, FAB is splitting its operations into four new divisions and appointed Citi dealmaking veteran Linos Lekkas as its new head of investment banking, sources told Reuters last month. The restructuring at FAB, headed by Hana Al Rostamani since 2021, follows a series of senior management departures including its former head of global markets and chief operating officer earlier this year. The company, whose top shareholder is the $330 billion Abu Dhabi wealth fund Mubadala, said on Tuesday that it had reorganised its operating segments during the January-March period. Banks in the UAE have benefited from the Gulf region's growth prospects and rising demand for credit as regional governments invest in non-oil sectors including infrastructure and tourism to diversify their economies. Net interest income climbed 3% to 5 billion dirhams ($1.36 billion) in the quarter ended March 31, while non-interest income jumped 22% to 3.8 billion dirhams. Fees and commissions income rose 23% in the quarter versus a year earlier. Net profit rose 23% to 5.13 billion dirhams, beating analysts' average expectations of 4.24 billion dirhams, according to data compiled by LSEG. The bank's total assets rose 6% to 1.31 trillion dirhams. ($1 = 3.6726 UAE dirham) https://www.reuters.com/business/finance/uaes-top-lender-fab-profit-beats-estimates-strong-growth-non-funded-income-2025-04-29/

2025-04-29 06:26

HELSINKI, April 29 (Reuters) - Finnish utility Fortum (FORTUM.HE) , opens new tab reported on Tuesday a smaller-than-expected drop in first-quarter comparable operating profit, citing successful power generation optimisation. Nordic power prices during the first three months of the year were lower year-on-year due to mild winter weather in the region. Sign up here. Fortum said its January-March comparable operating profit fell to 462 million euros ($526 million) from 530 million a year ago, above an average expectation of 364 million by 14 analysts in a poll commissioned by the company. "Despite the lower Nordic spot prices, we were able to reach a very good achieved power price through successful operation and optimisation of our versatile low-carbon fleet," CEO Markus Rauramo said in a statement. Fortum predominantly produces electricity from nuclear and hydropower plants situated in Finland and Sweden. ($1 = 0.8783 euros) https://www.reuters.com/business/energy/finnish-utility-fortum-q1-profit-beats-forecasts-2025-04-29/

2025-04-29 06:14

Euro/dollar on pace for largest monthly rise since November 2022 Trump to ease impact of auto tariffs US JOLTS data shows sharp drop in March US consumer confidence sinks in April NEW YORK, April 29 (Reuters) - The U.S. dollar advanced on Tuesday, lifted by the Trump administration's plan to ease the impact of auto duties on local car manufacturers as well as the prospect of more tariff deals with some trading partners. The greenback also benefited from month-end buying, as investors sought to rebalance their portfolios after President Donald Trump's reciprocal tariff announcement led to massive selling in U.S. equities and bonds in April. Sign up here. Trump on Tuesday though will soften the blow of his auto tariffs through an executive order mixing credits with relief from other levies on parts and materials, after automakers pressed their case with the administration. At the same time, the dollar got a boost from comments by U.S. Treasury Secretary Scott Bessent on Tuesday who said the administration is making substantial progress on tariff negotiations, noting that deals are forthcoming for India and South Korea. He said he will speak to at least 17 trade partners over the next few weeks. U.S. Commerce Secretary Howard Lutnick said on Tuesday the Trump administration has already reached one trade deal and is waiting for approvals from that country before announcing it. In afternoon trading, the dollar rose 0.2% against the yen to 142.22 , rising in four of the last six sessions. On the month, however, the dollar has lost more than 5% of its value against the Japanese currency, on track for its biggest monthly fall since July 2024. "This is partly about tariff relief, like auto parts tariff being reduced. The dollar also has tended to do better recently when equities are higher so that may be part of it," said Vassili Serebriakov, FX strategist, at UBS in New York. "But I wouldn't read too much into it. We're also close to month-end. It's possible that there may be some dollar-buying for rebalancing purposes. The dollar also gained against the euro, which slid 0.2% to $1.1395 . But Europe's shared currency showed steep gains for April of 5.3%, on pace for its largest monthly gain since November 2022. WORRIED ABOUT MOUNTING US-CHINA TRADE WAR Investors also fretted over a lack of progress in de-escalating the U.S.-China trade conflict. Bessent said on Tuesday that over time, it will be evident to Beijing that Chinese tariffs are not sustainable for the world's second-largest economy, predicting that China could lose 10 million jobs quickly due to tariffs. In a sign that China's hard stance on U.S. tariffs was easing, its government has waived the 125% tariff on ethane imports from the United States imposed earlier this month, two sources with knowledge of the matter said on Tuesday, among a group of products that have been granted exemptions. Reuters reported last week that some pharmaceutical, aerospace and semiconductor products had also been granted tariff exemptions. In other currency pairs, the dollar advanced 0.6% against the Swiss franc to 0.8239. For the month of April, however, the U.S. unit has fallen nearly 7% versus the franc, its heftiest monthly decline since January 2015. Aside from trade, investors are also focused on this week's deluge of U.S. data. The latest U.S. jobs report will be a key driver for markets, along with preliminary first-quarter growth figures and core PCE data — the Fed's favoured inflation gauge. Fawad Razaqzada, market analyst, at City Index and FOREX.com, in a research note said that with a slew of data coming out this week, traders are searching for "signs of momentum —or lack thereof— in the U.S. economy." "The bigger question remains whether the Fed will feel compelled to adjust interest rates in the coming months," he added. Tuesday's data, meanwhile, highlighted a gradually declining economy. U.S. job openings dropped sharply in March, but a decline in layoffs suggested that the labor market remained on solid footing despite an ever-shifting tariff policy casting a pall over the economy. The Conference Board's U.S. consumer confidence index, on the other hand, sank to a nearly five-year low in April on tariff concerns. In Canada, the loonie eased 0.1% to C$1.3843 per U.S. dollar, after Prime Minister Mark Carney's Liberals retained power in the election on Monday, but fell short of the majority government required to help him negotiate tariffs with Trump. https://www.reuters.com/world/china/dollar-limps-along-us-china-trade-standoff-2025-04-29/

2025-04-29 06:12

S&P 500 registers sixth straight day of gains Canada's election rebukes Trump US Treasury Secretary Bessent says tariff talks ongoing Consumer expectations hit 13-1/2 year low, job openings fall 3.9% NEW YORK, April 29 (Reuters) - Wall Street stocks advanced on Tuesday while crude and gold prices slid as investors juggled corporate earnings, signs of progress in U.S. President Donald Trump's tariff negotiations, and increased odds of a global recession. All three major U.S. stock indexes were modestly higher, with the blue-chip Dow out front. Sign up here. The S&P 500 notched its sixth straight session of gains. Canada's election served a rebuke to Trump's bruising trade policies and comments about annexing the nation to become the 51st U.S. state. "Canada made a major statement; it's not going to roll over to Trump," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "They are going to be very tough on trade issues." U.S. Treasury Secretary Scott Bessent said on Tuesday tariff talks are ongoing, and that the onus of U.S.-China trade negotiations fell on Beijing and he did not expect supply chain disruption from trade disputes. The Trump administration has taken measures to reduce the impact of automotive tariffs on foreign parts used in U.S.-manufactured cars. China has exempted ethane from its 125% tariff on U.S. imports, two sources familiar with the matter said, in the latest sign that the tariff situation is fluid. "The markets have been kind of weak, aimless, directionless at the beginning of the day and then you see discussions or bullet points come out from the White House and the market moves," said Chris Wolfe, chief investment officer at Pennington Partners in Bethesda, Maryland. "I really think it just shows that we're really tied to watching politics and policy evolve in real time," Wolfe added. "The focus is, I think, rightly so on the tariffs and potential deals and tariff reductions." First-quarter reporting season is shifting into overdrive this week with high-profile releases from four of the "Magnificent Seven" group of artificial intelligence-related megacap stocks - Meta Platforms (META.O) , opens new tab, Microsoft (MSFT.O) , opens new tab, Apple (AAPL.O) , opens new tab and Amazon.com (AMZN.O) , opens new tab. On the economic front, consumer confidence soured more than expected and job openings dropped 3.9%. The Dow Jones Industrial Average (.DJI) , opens new tab rose 300.03 points, or 0.75%, to 40,527.62, the S&P 500 (.SPX) , opens new tab rose 32.07 points, or 0.58%, to 5,560.82 and the Nasdaq Composite (.IXIC) , opens new tab rose 95.19 points, or 0.55%, to 17,461.32. European shares extended their rally to a sixth consecutive day with support from bank earnings as investors focused on how companies are gauging the impact of U.S. tariffs. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 4.21 points, or 0.51%, to 831.42. The pan-European STOXX 600 (.STOXX) , opens new tab index rose 0.36%, while Europe's broad FTSEurofirst 300 index (.FTEU3) , opens new tab rose 7.36 points, or 0.35%. Emerging market stocks (.MSCIEF) , opens new tab rose 3.79 points, or 0.34%, to 1,106.36. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab closed higher by 0.33%, to 575.69, while Japan's Nikkei (.N225) , opens new tab rose 134.25 points, or 0.38%, to 35,839.99. The dollar gained after Bessent's comments on progress in trade talks, and the prospect of additional tariff deals, but the greenback remained on pace for the biggest monthly drop against the euro since November 2022. Canada's loonie softened against the dollar as Canadian Prime Minister Mark Carney's Liberals retained power in Monday's election. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.2% to 99.23, with the euro down 0.35% at $1.1381. Against the Japanese yen , the dollar strengthened 0.2% to 142.32. Sterling weakened 0.27% to $1.3402. The Mexican peso strengthened 0.18% versus the dollar at 19.559. The Canadian dollar weakened 0.06% versus the greenback to C$1.38 per dollar. The U.S. 10-year Treasury yield fell for the sixth straight day to a three-week low on the heels of weaker-than-expected economic data. The yield dropped 4.6 basis points to 4.17%, from 4.216% late on Monday. The 30-year bond yield fell 5 basis points to 4.6431% from 4.693% late on Monday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 2.9 basis points to 3.656%, from 3.685% late on Monday. Oil prices slid on fears of a global recession and dampening demand due to Trump's trade war. U.S. crude fell 2.63% to settle at $60.42 per barrel, while Brent settled at $64.25 per barrel, down 2.44% on the day. Gold prices dipped in opposition to the dollar's gain. Spot gold fell 0.59% to $3,321.54 an ounce. U.S. gold futures fell 0.47% to $3,317.40 an ounce. https://www.reuters.com/markets/global-markets-wrapup-1-2025-04-29/