2025-03-25 05:27

HANOI, March 25 (Reuters) - Vietnam's largest conglomerate Vingroup (VIC.HM) , opens new tab is seeking to develop renewable energy and liquefied natural gas power plants, state media reported on Tuesday, in what would be its first ventures into the energy sector. The company is seeking approval from the government to add its proposed projects to a national power development plan that is being revised, online newspaper VietnamNet reported, citing a document the company sent to the government. Sign up here. Vingroup did not immediately respond to a Reuters request for confirmation. The projects include a $5.5 billion 5-gigawatt LNG power plant in Haiphong City, slated for completion by 2030 and projects with 20.5 GW renewable capacity to be developed by 2030 with investment of $20 billion to $25 billion, the report said. It did not specify how many plants or what type of renewable energy. Vingroup, once a real estate and retail conglomerate, has grown to become one of Vietnam's biggest firms and is the parent of Nasdaq-listed electric vehicle maker VinFast VFS.O , opens new tab with a market capitalisation of $8.45 billion. https://www.reuters.com/business/energy/vietnams-vingroup-plans-renewables-lng-power-ventures-state-media-reports-2025-03-25/

2025-03-25 05:24

MUMBAI, March 25 (Reuters) - The Indian rupee's searing climb over the last 10 days may have prompted bears to bail but traders and foreign exchange advisors doubt that the seasonally supportive factors have more room to run. Intermittent inflows from foreign portfolio investors and the repatriation of corporate dollar-based earnings ahead of the fiscal year end on March 31 have helped the rupee climb to the top of the Asia FX pack this month. Sign up here. On the day, the rupee was down 0.1% at 85.7250 per U.S. dollar, while Asian currencies were down between 0.1% and 0.3%. While the rupee has risen more than 2% this month, market participants reckon it may not be enough to spur bullish wagers. "The current move to me is more of a year-end phenomena and we are using this as an opportunity to build import hedges and rationalise export hedges," said Samir Lodha, managing director at Mumbai-based FX advisory firm QuantArt Market Solutions. Some analysts have also pointed out that the rally is also underestimating India's vulnerability to reciprocal U.S. tariffs, expected to be announced on April 2. It's "slightly tricky to call a direction on (USD/INR) given the recent move but don't think there will be much more downside from here," a trader at a mid-sized private bank said. To be sure, some strategists feel the rupee still has room to extend its gains. "Having broken below 85.78, or its 100-day moving average, USD/INR could revisit the psychological level at 85," Philip Wee, senior fx strategist at DBS Group Research, said in a note. https://www.reuters.com/markets/currencies/traders-fx-advisors-wary-rupees-seasonality-spurred-rally-2025-03-25/

2025-03-25 05:21

US dollar rises, auto tariff announcement expected Wednesday BofA data reveals official sector selling of euro Sterling down after CPI, UK budget update NEW YORK, March 26 (Reuters) - The dollar hit a three-week high against the euro and gained on the yen on Wednesday as traders awaited an announcement from U.S. President Donald Trump on auto tariffs. Traders worry that the trade levies will dent U.S. growth and potentially reignite inflation but are also mulling whether the tariffs will be less onerous than feared. Sign up here. The press conference on auto tariffs is expected at 4 p.m. EDT on Wednesday. "Everybody's trying to figure out what's going to be done on tariffs," said Steve Englander, head of global G10 FX Research and North America macro strategy at Standard Chartered Bank's New York Branch. "They want to avoid market pressure before there's an announcement. But I think there's also some risk that, when push comes to shove, the announced tariffs will be more hawkish than the market's pricing," he added. Trump said on Monday that tariffs on imported cars could come this week, ahead of plans to unveil next week a swath of reciprocal tariffs aimed at countries responsible for the bulk of the U.S. trade deficit. Trump and his economics advisers have promised to announce those levies, and possibly some additional sectoral tariffs, on April 2. The euro weakened sharply ahead of the tariff announcement, dropping to $1.075, its lowest since March 5. It was last down 0.32% at $1.0757, on track for its sixth consecutive day of declines against the greenback. The European Union's trade commissioner Maros Sefcovic met with Trump's top trade officials on Tuesday to try to avoid steep U.S. tariffs on EU goods next week, but the outcome was unclear. Bank of America said its proprietary flow data showed an acceleration of selling from the official sector — which includes sovereign wealth funds and central banks — of euros against the dollar beginning last week. "Such flows suggest the official sector has yet to believe in the fading of the 'U.S. exceptionalism' and the 'European renaissance' that could trigger a potentially substantial rebalancing towards EU assets," said Athanasios Vamvakidis, head of forex strategy at BofA. Meanwhile, Ukraine and Russia accused one another on Wednesday of flouting a truce on energy strikes brokered by the United States, and the European Union said it would not meet conditions set by Russia for a planned ceasefire in the Black Sea. The greenback got a modest bid earlier on Wednesday after durable goods orders unexpectedly rose in February. Minneapolis Federal Reserve Bank President Neel Kashkari said on Wednesday he is uncertain about the effect of tariffs on the U.S. economy, noting that they could push up prices arguing for higher interest rates, or slow economic growth and require reducing borrowing costs. St. Louis Fed President Alberto Musalem said risks have increased that U.S. inflation will stall above the Fed's 2% target or even rise further in the near term, with rising import taxes potentially triggering more persistent price pressures. The Japanese yen weakened 0.42% to 150.5 per dollar. Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank must raise interest rates if persistent increases in food costs lead to broad-based inflation but cautioned that underlying inflation remains below its 2% annual target. "The bar is high for the bank to dial up the pace of rate hikes. As such, the BOJ is unlikely to tighten policy by more than is currently priced in," Win Thin, global head of markets strategy at Brown Brothers Harriman, said in a report. The BOJ is seen as most likely to next hike rates in July. New Bank of Japan board member Junko Koeda also said the country's real interest rates are currently "extremely low," as inflation accelerates backed by solid growth in wages. Japan's economic fundamentals suggest the yen's real value is closer to 120-130 per dollar rather than the current 150 levels, a senior lawmaker told Reuters, as the ruling party considers steps to help reverse capital outflows. The British pound fell to a two-week low on cooler inflation and after British finance minister Rachel Reeves delivered her latest fiscal statement. Gilt yields also fell after the UK's Debt Management Office said it would issue fewer bonds than expected in 2025/26, cooling market fears about another wave of supply. The British pound was last down 0.46% at $1.2884. Data earlier showed British inflation slowed to an annual rate of 2.8% in February from 3.0% in January. The Australian dollar was last down 0.14% at $0.6292. Data earlier showed that Australia's consumer inflation slowed in February. In cryptocurrencies, bitcoin fell 1.53% to $86,548. https://www.reuters.com/markets/currencies/data-lifts-dollar-trump-talks-tariffs-2025-03-25/

2025-03-25 04:51

Ukraine says Black Sea, energy ceasefire effective immediately Trump says countries buying Venezuelan oil to face 25% tariff OPEC+ likely to raise oil output for a second month in May NEW YORK, March 25 (Reuters) - Oil prices diverged on Tuesday as a maritime and energy truce between Russia and Ukraine offset concerns about tighter global supply due to threatened U.S. tariffs on countries buying Venezuelan production. Brent crude futures settled 2 cents higher, or 0.03%, at $73.02 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.16%, to $69. Sign up here. The United States reached deals with Ukraine and Russia to pause attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Moscow. Kyiv and Moscow both said they would rely on Washington to enforce the deals, while expressing scepticism that the other side would abide by them. "If there's a ceasefire between Russia and Ukraine, it might open the door for the reduction of sanctions on Russian oil," said Phil Flynn, senior analyst with Price Futures Group. Trump's threat of tariffs against countries importing oil and gas from Venezuela has raised supply concerns, and both benchmarks rose more than 1% on Monday following the announcement. "These secondary tariffs are an indirect sanction to degrade Venezuela's oil supply capability and hurt China's teapot refining system," said Mukesh Sahdev, Rystad Energy's global head of commodity markets, referring to China's small, independent refineries. Oil is Venezuela's main export. China, already a target of U.S. import tariffs, is its largest buyer. The Trump administration also on Monday extended a deadline to May 27 for U.S. producer Chevron (CVX.N) , opens new tab to wind down operations in Venezuela. The withdrawal of Chevron's licence to operate could reduce production in the country by about 200,000 barrels per day, according to ANZ analysts. Last week, the U.S. issued new sanctions intended to hit Iranian oil exports. OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction. Executives from commodity trading houses said they expect a well-supplied oil market this year, with concerns remaining over global demand growth, Reuters reported. https://www.reuters.com/business/energy/oil-prices-little-changed-investors-weigh-impact-trump-tariffs-2025-03-25/

2025-03-25 04:48

U.S. PCE index due on Friday Not all levies will be imposed on April 2, Trump says Expect gold to remain supported above $3,000 level, analyst says March 25 (Reuters) - Gold prices edged higher on Tuesday amid persistent uncertainty over impending reciprocal U.S. tariffs and their impact on the global economy. Spot gold rose 0.3% to $3,020.73 an ounce, as of 1157 GMT. U.S. gold futures firmed 0.3% at $3,024.40. Sign up here. Gold hit a record high of $3,057.21 on March 20. U.S. President Donald Trump said not all of his threatened levies would be imposed on April 2 and some countries may get breaks. The market expects Trump's tariffs to hinder economic growth. "Expectations that the Federal Reserve will cut rates again soon, along with fears of a slowdown in the economy, continue to support gold prices," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades. "I expect gold prices to remain supported above the key psychological level of $3,000, with traders likely to view any dips as buying opportunities. However, the upside may be constrained by a resurgence in risk appetite, creating significant resistance around the highs of $3,056 reached last week." Investors now await the U.S. Personal Consumption Expenditures data, due on Friday, the Fed's preferred inflation measure, for hints on further policy moves. The U.S. central bank held its benchmark interest rate steady last week but indicated that it could cut rates by a quarter-percentage-point later this year. Bullion is seen as a hedge against geopolitical and economic uncertainties and often thrives in a low-interest-rate environment as it yields no interest. On the geopolitical front, Ukrainian and U.S. delegations are scheduled to meet in Saudi Arabia on Tuesday following Russia-U.S. talks there a day earlier on a limited Black Sea ceasefire proposal that Washington hopes will open the way for broader peace negotiations. Spot silver gained 1.3% to $33.41 an ounce, platinum added 0.8% to $981.10 and palladium was up 1% at $960.67. https://www.reuters.com/markets/commodities/gold-inches-lower-trump-eases-tariff-threats-fed-cautious-rate-cut-2025-03-25/

2025-03-25 02:58

MUMBAI, March 25 (Reuters) - The Indian rupee is likely to open slightly higher on Tuesday, buoyed by expectations of dollar inflows helping the domestic currency navigate a decline in Asian peers. The 1-month non-deliverable forward indicated that the rupee will open at 85.56-85.58 to the U.S. dollar, compared with 85.6350 in the previous session. Sign up here. The currency is currently on an eight-day rally, reaching its year-to-date high on Monday. The final month of India's fiscal year, March, typically witnesses higher dollar inflows due to intercompany borrowings and the repatriation of accumulated profits. It can be "safely said that the pace and size" of the rupee rally "has surprised all", a currency trader at a bank said, adding that paring of the rupee's bearish positions has played a significant role. "I had thought 86 will be the floor (on dollar/rupee) and Reserve Bank of India would buy there. That has not happened." The rupee has further benefited from the recovery of Indian equities and the return of foreign investors. The Nifty 50 Index rallied 4% last week and added 1.3% on Monday. According to preliminary data, foreign investors acquired over $350 million worth of Indian shares on Monday, building on over $1 billion invested in the preceding two trading days. This represents a notable shift from prior periods of outflows. ASIA FX AND TRUMP Asian currencies were down on the day, assessing U.S. President Donald Trump's comments on tariffs. Trump indicated that not all of his threatened levies would be imposed next week and some countries may get breaks. "While these pronouncements are softer relative to what was mentioned previously, in absolute terms we do not yet know the exact level of tariff increases. We would remain cautious on how risk sentiment on Asian currencies develops from here," MUFG Bank said in a note. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.88; onshore one-month forward premium at 31.75 paise ** Dollar index up at 104.33 ** Brent crude futures flat at $73 per barrel ** Ten-year U.S. note yield at 4.33% ** As per NSDL data, foreign investors bought a net $610.5mln worth of Indian shares on Mar. 21 ** NSDL data shows foreign investors bought a net $91.7mln worth of Indian bonds on Mar. 21 https://www.reuters.com/markets/currencies/inflows-likely-help-rupee-maintain-upward-momentum-amid-weak-asian-cues-2025-03-25/