2025-04-09 12:16
NEW DELHI, April 9 (Reuters) - India has bought 2.08 million metric tons of new-season wheat from domestic farmers since March 15, up 44.4% from last year, government sources said, indicating a robust crop that will help New Delhi shore up its depleted reserves and avoid imports. The government-backed Food Corporation of India (FCI) has primarily purchased early varieties of wheat from the central state of Madhya Pradesh. Sign up here. FCI's wheat procurement period has gotten off to a strong start and is expected to gather steam in the coming weeks as harvests from bread-basket states such as Haryana, Punjab, and Uttar Pradesh start to trickle into the market. The initial trend of FCI's wheat procurement indicates a strong wheat crop this year, said the sources, who did not wish to be named as they were not authorised to talk to the media. Both harvests and FCI's purchases are expected to be satisfactory this year, they said. "Farmers are getting better prices from the government because Madhya Pradesh is giving them a bonus on top of the minimum support price set by the centre," said a New Delhi-based dealer with a global trade house. India has set a purchase price of 2,425 rupees ($27.98) per 100 kg for wheat bought from farmers. Madhya Pradesh is offering an additional bonus of 175 rupees per 100 kg. Last year, FCI aimed to purchase 30 to 32 million tons, but the state stockpiler procured only 26.6 million tons, indicating a poor harvest. As a result, Indian wheat prices surged to a record high earlier this year. Last month, the government estimated this year's wheat output at a record 115.4 million tons of wheat. "Harvests have just started to arrive and the crop looks quite good in terms of both yields and overall production," said Navneet Chitlangia, president of the Roller Flour Millers Federation of India. ($1 = 86.6820 Indian rupees) https://www.reuters.com/markets/commodities/indias-wheat-procurement-begins-strong-signalling-robust-harvest-2025-04-09/
2025-04-09 12:09
Indonesia among countries hit by US tariffs Gold sales tripled in some stores Rupiah hit all time lows, Jakarta stocks have slumped JAKARTA, April 9 (Reuters) - Hundreds of Indonesians are flocking to buy gold bars, betting that the precious metal's value could shield them from tougher economic times ahead as the currency and the stock market tumble in South East Asia's largest economy. Indonesia is among dozens of countries affected by U.S. President Donald Trump's tariffs, which took effect on Wednesday and have sent shockwaves through many economies. The rupiah has already hit historic lows, despite central bank intervention. Sign up here. While Indonesian authorities and some economists said the tariffs might have limited impact on the country, which relies more on its large domestic market as an economic engine, the risk-off sentiment over the future of its exports to the U.S. in electronics, footwear and clothing has hit financial markets. While investors dumped stocks, sales at gold store chain Galeri24 tripled to reach over 65 kg each day since stores reopened after a holiday break this week, company director Endah Susiani told Reuters. At a branch in central Jakarta, clerks worked hours past closing time to tend to nearly 200 customers each day mostly seeking to buy small gold bars of up to 10 grams, sold at a price of about 1,770,000 rupiah ($105) per gram on Wednesday. Suhud Syahrani, 35, who works in the information technology sector, bought several bars. He said he had researched long-term investment options, hoping to buy a house one day, and was glad he did not choose to put his money in stocks or mutual funds. "The stock market was decimated," he said. "Our economy is weakening." The rupiah hit a record low of 16,970 a dollar on Wednesday, while the stock market (.JKSE) , opens new tab extended losses after a more than 7% plunge the previous day, catching up with falls in other markets after an extended break for Eid al-Fitr at the beginning of April. Pawn shop firm Pegadaian saw customers opening gold savings accounts worth 84 kg in a day on Tuesday, up from around 25 kg a day typically since it launched a bullion banking business on February 26, marketing director Elvi Rofiqotul Hidayah said. Both Pegadaian and Galeri24 are part of lender Bank Rakyat Indonesia (BBRI.JK) , opens new tab. Hundreds of people also formed long lines at pop-up gold stores operated by miner Aneka Tambang (ANTM.JK) , opens new tab during the holidays as global gold prices jumped, local media reported. Gold hit a record high of $3,167.57 an ounce on April 3, driven by trade war concerns. "Now is an era of uncertainty. It's extraordinary. Because of the trade war, reciprocal (tariffs), there is a tremendous impact on gold prices and the people understand this and they hope to protect their wealth against inflation," Elvi said. Some customers were young and likely had moved their investment from equities and cryptocurrencies to gold, Elvi said. ($1 = 16,860.0000 rupiah) https://www.reuters.com/markets/commodities/indonesians-rush-gold-rupiah-stocks-plunge-amid-us-tariff-worries-2025-04-09/
2025-04-09 11:44
Trump's tariff pause boosts U.S. dollar against yen, Swiss franc Tariff rate for China hiked to 125% Wall Street indexes surge after tariff announcement Dollar weakens against Chinese offshore yuan NEW YORK, April 9 (Reuters) - The U.S. dollar rebounded against safe-haven currencies including the yen and Swiss franc on Wednesday after President Donald Trump announced a 90-day pause on many new tariffs on trading partners, but escalated a confrontation with Beijing by hiking duties on Chinese goods. Trump said he had authorized a 90-day pause in "reciprocal" 10% tariffs but was also raising the tariff rate for China to 125%, effective immediately. Sign up here. The dollar had been weakening against its peers earlier in the session after Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104% duties on Chinese goods. China had swiftly retaliated with an 84% tariff on U.S. goods from Thursday, while EU countries also approved on Wednesday the bloc's first countermeasures against U.S. tariffs. "Huge moves in the marketplace right now, particularly on equities who are taking this news very well," said Amarjit Sahota, executive director at Klarity FX in San Francisco. "But the questions are really going to come: why did we see this reprieve today and is it even a good idea? Personally, I don't think it's a good idea: 90-day pause just creates more uncertainty for 90 days." On Wall Street, all three main indexes surged following the Trump announcement, with the Nasdaq (.IXIC) , opens new tab jumping 10%, benchmark S&P 500 (.SPX) , opens new tab gaining 8.6%, and the Dow (.DJI) , opens new tab rising 7%. Benchmark 10-year Treasury yields pared gains after the Treasury saw strong demand for a $39 billion sale of the notes on Wednesday. The yield on benchmark U.S. 10-year notes rose 13.6 basis points to 4.392%. The greenback rose 1.2% against the safe-haven yen to 148.80, reversing losses in early session trade. It gained 1.14% versus the Swiss franc to 0.8569 franc. "It looks like very poor policy decisions or at least the plan or execution has been miserable. Markets are liking the reprieve for now so they are rallying but is it really sustainable? And then what does it mean for the U.S. dollar," Sahota added. U.S. Treasury Secretary Scott Bessent reiterated in a Fox News interview that the U.S. still has a strong dollar policy. German conservatives under Friedrich Merz agreed a coalition deal with the centre-left Social Democrats on Wednesday, helping to support the euro. The single currency firmed 0.11% to $1.09685 , creeping back towards last week's peak at $1.1147. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rebounded from early session losses. It was up 0.11% to 102.88. The People's Bank of China will not allow sharp yuan declines and has asked major state-owned banks to reduce U.S. dollar purchases, people with direct knowledge of the matter told Reuters on Wednesday. The dollar was down 1.01% versus the yuan offshore to 7.349 yuan , after reaching an all-time high at 7.4292. https://www.reuters.com/markets/currencies/dollar-slips-yen-swissy-yuan-hits-record-low-2025-04-09/
2025-04-09 11:40
US says it opposes economic measures against its ships based on GHG emissions IMO discussions continue despite US withdrawal China, Brazil oppose flat carbon levy on shipping LONDON, April 9 (Reuters) - The United States has withdrawn from talks in London looking at advancing decarbonisation in the shipping sector and Washington will consider "reciprocal measures" to offset any fees charged to U.S. ships, a diplomatic note said. Delegates are at the UN shipping agency's headquarters this week for negotiations over decarbonisation measures , opens new tab aimed at enabling the global shipping industry to reach net zero by "around 2050". Sign up here. An initial proposal by a bloc of countries including the European Union, which was submitted to the UN's International Maritime Organization (IMO), had sought to reach agreement for the world’s first carbon levy for shipping on greenhouse gas (GHG) emissions. "The U.S. rejects any and all efforts to impose economic measures against its ships based on GHG emissions or fuel choice," according to a diplomatic demarche sent to ambassadors by the United States. "For these reasons the U.S. is not engaging in negotiations at the IMO 3rd Marine Environment Protection Committee from 7-11 April and urges your government to reconsider its support for the GHG emissions measures under consideration." It was not clear how many of the IMO's 176-member countries received the note. "Should such a blatantly unfair measure go forward, our government will consider reciprocal measures so as to offset any fees charged to U.S. ships and compensate the American people for any other economic harm from any adopted GHG emissions measures," the note from Washington said. Washington also opposed "any proposed measure that would fund any unrelated environmental or other projects outside the shipping sector", the note added. U.S. officials in Washington did not immediately comment when contacted late on Tuesday. The IMO had not yet received any communication, an IMO spokesperson said on Wednesday. Shipping, which transports around 90% of world trade and accounts for nearly 3% of the world's carbon dioxide emissions, has faced calls from environmentalists and investors to deliver more concrete action, including a carbon levy. IMO discussions continued on Wednesday despite the move by the US, delegates involved said. "The US is one of 176 IMO member states. While their impact on this process is considerable, we cannot afford to let a squall from one nation blow all of us off course," said Albon Ishoda, the Marshall Islands special envoy for maritime decarbonisation. "In this time of instability in the markets, a clear direction from this IMO meeting is needed more than ever. We are going to continue negotiating with those that are prepared to talk." China and Brazil are among a number of countries that opposed a flat carbon levy on shipping as they argued it would penalise trade reliant emerging economies. In January, President Donald Trump ordered the U.S. to withdraw from the Paris climate agreement for a second time, placing the world's top historic emitter of greenhouse gases outside the global pact aimed at pushing nations to tackle climate change. https://www.reuters.com/sustainability/boards-policy-regulation/us-exits-carbon-talks-shipping-urges-others-follow-document-2025-04-09/
2025-04-09 11:37
TSX ends up 5.4% at 23,727.03 Posts biggest advance since March 2020 Technology jumps 10.8% with Shopify up 17.5% Energy adds 8.5% as oil settles 4.65% higher April 9 (Reuters) - Canada's main stock index on Wednesday surged by the most in five years, led by gains for resource and technology shares, as investors cheered a sudden reversal by the U.S. on tariffs. Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) , opens new tab ended up 1,220.13 points, or 5.4%, at 23,727.03, its biggest advance since March 2020, shortly after the start of the pandemic. Sign up here. It follows four straight days of steep declines. Wall Street also rebounded sharply as U.S. President Donald Trump said he would temporarily lower new tariffs on many countries, even as he raised them on imports from China. The market "skyrocketed" as soon as the reversal on tariffs was announced, said Brian Madden, chief investment officer at First Avenue Investment Counsel. "Probably, the administration has gotten a smack on the knuckles here by the market and by some of their base." The technology sector rose 10.8%, with shares of e-commerce company Shopify (SHOP.TO) , opens new tab jumping 17.5%. "The things that are up the most are the things that were down the most in the de-risking period of time," Madden said. Energy rallied 8.5% as the price of oil rebounded from a four-year low to settle 4.65% higher at $62.35 a barrel. Canadian Prime Minister Mark Carney said if his ruling Liberals win the April 28 election, the government would work to develop both clean energy and the lowest-carbon conventional energy. The materials group, which includes fertilizer companies and metal mining shares, added 6.6% as gold and copper prices climbed. Shares of clothing retailer Aritzia (ATZ.TO) , opens new tab ended 18.6% higher, extending its recovery from a 10-month low on Friday. https://www.reuters.com/world/americas/tsx-futures-fall-trumps-reciprocal-tariffs-take-effect-2025-04-09/
2025-04-09 11:31
MADRID, April 9 (Reuters) - The U.S. tariffs fallout could erase the expected growth of the Spanish chemicals industry this year, Feique, an industry group, said on Wednesday, as it advocated a total dismantling of tariffs on both sides of the Atlantic. The Spanish chemicals industry's 3% output growth expected this year could fall to zero as a consequence of the U.S. tariffs, Feique said. The effects on a 3% growth of exports would be the same. Sign up here. European Union countries are moving to retaliate against U.S. tariffs and the European Commission has offered a "zero-for-zero" tariff deal to avert a trade war with U.S. President Donald Trump. Feique's General Director Juan Antonio Labat and Chair Teresa Rasero warned against a tit-for-tat trade war, saying that retaliatory measures should be seen as a last resort and, if deemed necessary, should be "surgical" to avoid a significant impact on the industry. The zero-for-zero scenario would "undoubtedly" be the preferred outcome for the industry, Rasero said, followed by narrower sector deals. "If all this does not work and Europe reacts with other measures, these measures should be almost surgical so that products that are vital for our supply chains can be exempted," she said. Spain imports more than 8 billion euros ($8.84 billion) worth of chemical and pharmaceutical products from the U.S., while exporting some 3.5 billion euros to the country, its fifth largest market. Feique expects industry revenue to grow more than 4% this year from 2024 to more than 89 billion euros, but lack of a trade agreement with the U.S. could cut this figure to around 1%, Labat said. ($1 = 0.9053 euros) https://www.reuters.com/markets/commodities/us-tariffs-could-erase-spanish-chemicals-industrys-growth-this-year-2025-04-09/
