2025-01-20 07:16
MAIDUGURI, Jan 20 (Reuters) - The death toll from a fuel truck blast in Nigeria has reached 86, the director-general of the regional emergency agency said. A petrol truck overturned and exploded on Saturday in Dikko, Niger State, killing people who had gone to scoop up fuel from the wreckage. "80 of them are in mass grave at Dikko (primary health centre), while 5 were carried away into town by relatives and 1 died at Dikko PHC," Abdullahi Baba-Ara, director-general of the Niger State Emergency Management Agency, said in a statement on Sunday. A further 55 people were injured. A similar accident occurred in Jigawa State in October killing 147 people. The price of fuel has soared since 2023 when President Bola Tinubu ended a fuel subsidy as part of economic reform. Sign up here. https://www.reuters.com/world/africa/nigeria-death-toll-fuel-truck-blast-reaches-86-2025-01-20/
2025-01-20 06:38
BEIJING, Jan 20 (Reuters) - China, the world's top coal importer, bought less Russian coal in 2024 while increasing purchases from other key suppliers, led by Australia, during a record year for coal imports, customs data showed on Monday. Purchases by China last year reached an all-time high of 547.2 million tons, or a record 41% of globally traded coal, according to LSEG research, giving China increased pricing power in international markets. Chinese demand is helping support prices at levels that, according to the International Energy Agency (IEA), are 50% higher than the average during the 2017-19 period. Last year, imports from top supplier Indonesia ticked up 8% to 236.99 million tons, although that lagged the 14.4% growth overall in coal imports. While Russia remained China's number-two coal supplier it was the only key producer whose shipments to China fell in 2024. Chinese imports from Russia slipped 7% from 2023 levels to 93.86 million, weighed down by sanctions, reinstated import tariffs by China, and export duties that Russia imposed during the year. Australian exporters by contrast were the biggest beneficiary of the record imports. Imports from Australia jumped 59% on the year to 83.24 million tons, surpassing the level in 2020, the last full year before China put an informal ban on imports of Australian coal. China had imported 77.51 million tons of Australia coal in 2020, then bought almost none in 2021 and 2022. It lifted the restrictions on coal in January 2023 amid a warming of Beijing-Canberra relations that also led to the resumption of barley and wine trade. Mongolian coal imports by China also rose 19% to 82.82 million tons because of improved cross-border infrastructure, but it was narrowly overtaken by Australia and fell to fourth place. Sign up here. https://www.reuters.com/markets/commodities/china-buys-less-russian-coal-2024-despite-record-imports-2025-01-20/
2025-01-20 06:25
Bitcoin hits new record high near $109,000 Trump takes office at 1700 GMT Markets price 80% chance of BOJ rate hike this week LONDON/SINGAPORE, Jan 20 (Reuters) - The dollar drifted lower and global stocks were cautiously positive on Monday as investors awaited a flurry of policy announcements during the first hours of Donald Trump's second presidency and eyed a rate hike in Japan at the end of the week. Trump takes the oath of office at noon Eastern Time (1700 GMT), and promised a "brand new day of American strength" at a rally on Sunday. He has stoked expectations of an immediate slew of executive orders and, in a reminder of his unpredictability, launched a digital token on Friday, which soared above $70 before sliding to around $50 as traders turned uneasy. Monday is a U.S. holiday, so the first responses to his inauguration in financial markets may be felt in foreign exchange and then during Asian trade on Tuesday. European stocks edged lower after an initial tick upward at the open. The pan-European STOXX 600 (.STOXX) , opens new tab crept down 0.2%, with the region's main indices all flat and Spain's (.IBEX) , opens new tab down 0.1%. MSCI's All-World index (.MIWD00000PUS) , opens new tab was last up 0.1%. Euro zone bond yields inched upwards by 1223 GMT, with French and German 10-year benchmark bond yields all ticking up around one basis point. UK 10-year bond yields rose four basis points. Bond yields move inversely to prices. "Trump dominates everything in terms of where we go," Societe Generale chief FX strategist Kit Juckes said in his morning note, referring to markets in general. He noted that trader positions betting on a rise in the dollar had reached their highest since 2022. The dollar is up more than 8% against the euro since September and at $1.0317 is not far from last week's two-year high. But so much is priced in that some analysts feel sellers may step forward if the tariff hikes that Trump has flagged start more slowly than expected. Trump has threatened tariffs of as much as 10% on global imports and 60% on Chinese goods, plus a 25% import surcharge on Canadian and Mexican products, duties that trade experts say would upend trade flows, raise costs and draw retaliation. The Canadian dollar touched a five-year low of C$1.4465 per dollar on Monday. Bitcoin shot up 4%, hitting, at one point, a record high of $108,943, while Trump's new cryptocurrency launched on Friday - known as $TRUMP - soared to nearly $12 billion in market value, drawing billions in trading volume. First Lady Melania Trump's cryptocurrency launched on Sunday hit a market cap of $1.9 billion. CHINA FOCUS China is in focus as the target of the harshest potential trade levies. Investors have cheered better-than-expected Chinese growth data and a Friday phone call between Trump and Chinese President Xi Jinping that left both upbeat. Hong Kong's Hang Seng (.HSI) , opens new tab closed up 1.8% and China's yuan rallied. "Basically everyone is waiting for these trade negotiations to begin and see what kind of attitude Xi Jinping takes with Trump," Ken Peng, head of Asia investment strategy at Citi Wealth told reporters in Singapore. "That relationship between the two gentlemen has become very important as a leading indicator of policies." The yuan is seen likely to slowly adjust to any shifts in trade policy and touched a two-week high of 7.3088 to the dollar . Japan's yen rallied last week as remarks from Bank of Japan policymakers were taken as hints that a rate cut is likely on Friday. It was last slightly stronger at 156.335 per dollar and markets priced about an 80% chance of a 25 basis point rate hike. In commodities, gold hovered at $2,707 an ounce and Brent crude futures dipped on expectations that Trump may ease curbs on Russia's energy sector in return for a truce in Ukraine. Sign up here. https://www.reuters.com/markets/global-markets-wrapup-1-2025-01-20/
2025-01-20 06:24
Dollar rebounds after decline on Monday Canada and Mexico tariffs could start in February, Trump says Canada inflation slows NEW YORK, Jan 21 (Reuters) - The U.S. dollar alternated between gains and losses on Tuesday in a choppy session, as markets grappled with uncertainty surrounding any tariffs President Donald Trump may implement. Trump told reporters he was thinking about implementing tariffs of around 25% on imports from Canada and Mexico as of Feb. 1 over fentanyl crossing into the country and migrants entering illegally. He also raised the possibility of a universal tariff but said the U.S. was not ready for that yet. The dollar rose as much as 0.68% earlier in the session as the greenback attempted to bounce back from a sharp decline on Monday. Trump's first day in office passed with no specific plans on tariffs and officials said any new taxes would be imposed in a measured way, a relief for trade-exposed currencies. "Volatility is clearly back in a big way, and after the relatively calm term of Joe Biden, FX markets are on a hair trigger for any tariff talk from the Trump administration," said Helen Given, FX trader at Monex USA in Washington. "Trump's proposed tariffs, though, are right now still just that - proposals." "Traders are trying to get ahead of the risk of tariffs on Mexico and Canada, but until such actions materialize, trying to hedge around them is going to keep markets very choppy, and we've seen that price action today." The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.01% to 108.00 after dropping 1.24% on Monday. After hitting a more than two-year high of 110.17 last week, largely on anticipation of tariffs, the greenback has shown signs of fatigue and has fallen in five of the past six sessions. "What you're seeing here, too, is just how crowded long dollar positioning is. All you need is some ambiguity on the tariff front, and you get these kind of moves," said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull in Toronto. The euro was up 0.11% at $1.0425. The EU is also seen as a likely target for Trump's tariff policies. Sterling strengthened 0.04% to $1.2328. Talking to reporters on Monday, Trump said he would remedy the trade imbalance either through tariffs or by Europe buying more U.S. oil and gas. A subsequent trade memo directed agencies to investigate and remedy persistent trade deficits. Analysts at Barclays said the memo should be seen as a "blueprint for what to expect next on tariffs," and April 1, when the agency reports are due, will be an important date. The Canadian dollar weakened 0.17% versus the greenback to C$1.43 per dollar while the Mexican peso was down 0.64% versus the dollar at 20.649. Economic data showed Canada's inflation rate slowed in December to 1.8%, which could give the Bank of Canada room to cut interest rates again next week at its policy meeting. Trump's inauguration speech focused on emergencies in immigration and energy and a more expansionist foreign policy, including a pledge to take back the Panama Canal. Against the Japanese yen , the dollar edged down 0.03% to 155.54. The yen has strengthened against the dollar in three of the last four sessions, supported by growing expectations the Bank of Japan will raise interest rates on Friday. Japan's top currency diplomat Atsushi Mimura said at a Reuters NEXT Newsmaker event that a weak yen would increase inflation by boosting import costs. Mimura said the government and the central bank were communicating closely every day through various channels. Markets are pricing an 86.2% chance of a quarter-point increase. The dollar strengthened 0.04% against the offshore Chinese yuan to 7.264. Trump has threatened China with tariffs of up to 60% but did not detail any plans on Monday. Beijing later set a stronger fix for the yuan, suggesting it was still inclined to take steps to prop up the currency. Sign up here. https://www.reuters.com/markets/currencies/dollar-steady-markets-await-trump-inauguration-2025-01-20/
2025-01-20 06:19
2024 Russian supplies around 2.17 million bpd, +1% vs 2023 Saudi volumes 1.57 million bpd, -9% on yr Imports from trans-shipment hub Malaysia soared 28% to 1.41 mln bpd SINGAPORE, Jan 20 (Reuters) - China's crude oil imports from top supplier Russia were up 1% in 2024 to a record high versus 2023, while purchases from Saudi Arabia dropped 9%, data showed on Monday, as refiners chased discounted Russian supplies to cope with weakened margins. Volumes from Russia - including pipeline and seaborne supplies - amounted to 108.5 million metric tons, according to China's General Administration of Customs, equivalent to 2.17 million barrels per day (bpd). Seaborne supplies from Russia were supported by demand from both independent refiners and state oil majors, as well as a government mandate to stockpile, Reuters has reported. Saudi Arabia, the largest producer of the Organization of Petroleum Export Countries (OPEC), shipped in 78.64 million tons, or about 1.57 million bpd, down versus 1.72 million bpd in 2023. For most of 2024, China's Saudi crude imports were capped by rising share of cheaper oil from Russia and Iran due to higher prices. Saudi's market share rebounded in the fourth quarter following steep price cuts by the OPEC kingpin and lower Iranian supply. Total crude oil imports into China, the world's top crude oil buyer, declined 1.9% last year in its first annual fall outside of pandemic-induced falls, as tepid economic growth and peaking fuel demand dampened purchases. Imports from Malaysia, a top trans-shipment hub for sanctioned oil from Iran and Venezuela, jumped 28% last year at 70.38 million tons, or 1.41 million bpd, ranking it third after Saudi Arabia. Nearly all of China's purchases of Iranian oil end up in the country's independent refiners that include large integrated plants and the more traditional smaller ones known as teapots, as both groups are under pressure from thinning margins and poor fuel and chemicals demand. No oil imports from Iran were recorded for the whole of 2024. An odd cargo of nearly 290,000 tons was imported from Venezuela in December, the data showed, taking the total from the South American exporter to 1.5 million tons, or 30,000 bpd. Shipments last year from Brazil rose the second fastest after Malaysia, with volumes up 17% while imports from the U.S. plunged 36% over 2023. Below are the details of imports from key suppliers with volume in million metric tons: (metric ton=7.3 barrels for crude oil conversion) Sign up here. https://www.reuters.com/markets/commodities/chinas-crude-oil-imports-top-supplier-russia-reach-new-high-2024-2025-01-20/
2025-01-20 06:10
JAKARTA, Jan 20 (Reuters) - Indonesia will rely more on private investors for its planned 71 gigawatt expansion in power capacity over the next decade, with the government to focus on transmission for renewable generation, the country's energy minister said on Monday. Bahlil Lahadalia said state utility Perusahaan Listrik Negara's (PLN) 2025-2034 power supply plan will include 71 GW of new power capacity and 48,000 circuit-km of transmission lines, which is equivalent to 8,000 km (4,971 miles) straight line. Some 60% of the planned new power plants will be given to the private sector, he said at an event marking the launch of 26 power plants that had started operating across the Southeast Asian archipelago in the past few months. "It's true we are blessed with sunshine, water and wind. But the problem is our current transmission lines are not designed to pick up power from places where we can build renewable power plants," Bahlil said. "That's why we are building transmission lines," he said, adding that the plan was based on President Prabowo Subianto's target to accelerate economic growth to 8%. Predicting a sharp increase in demand for natural gas for electricity over the next decade, Bahlil said Indonesia wants to prioritise gas sales for domestic demand. "The orientation is to supply domestic demand. If that is not met, we will not permit exports, he said. Indonesia currently has a total of 101 GW installed power capacity, with up to 75 GW managed by PLN, Bahlil said. Renewables make up some 15% of the energy mix, with coal making up more than half of its current capacity. As much as 70% of the planned new power plants will use renewable energy and sources that could include nuclear and hydrogen, Indonesian officials have said. Prabowo last year told the G20 forum he wanted to retire all fossil-fuel-fired power plants, including coal, within the next 15 years and invest in renewables. During Monday's launch, Prabowo said he also believed Indonesia would achieve energy self-sufficiency within the next five years. Details of PLN's new power supply plan have yet to be released. Sign up here. https://www.reuters.com/world/asia-pacific/indonesia-wants-more-independent-power-plants-under-new-energy-plan-2025-01-20/
