2024-12-24 09:57

BEIJING, Dec 24 (Reuters) - China on Tuesday launched a decade-long plan to boost consumption of cereal grains and develop the industry through higher production standards, research and international cooperation as part of efforts to enhance food security. The 2024-2035 action plan, jointly issued by the National Food and Strategic Reserves Administration and other government departments, also encourages companies and private capital to establish development funds to support the whole grain industry. "By 2035, the people's awareness of cereal grains will be significantly improved, the proportion of cereal grains in residents' dietary consumption will increase significantly, and the level of cereal grain consumption will basically match the level of (China's) economic and social development," it said in a notice to various government agencies. China is the world's biggest cereal grain grower, producing 652 million metric tons in 2024. However, it remains reliant on imports of corn, wheat and such to feed its population of 1.4 billion people. For example, China ships large volumes of higher quality wheat from Canada, Australia and Russia to make pasta and baked goods. The world's largest grains buyer imported 59.08 million tons of cereal grains and flour in 2023. Raising consumption and quality of its domestic produce will cut China's demand from the global market. As part of the plan, China said it would "vigorously promote" the health benefits of consuming cereal grains and recommend cereal grain foods in nutritional dietary guidance, particularly in government offices, campuses and military camps. Cereal grains include wheat, corn, rice, barley，sorghum， buckwheat and oats. A large portion of China's corn production is for livestock feed. China said it would drive the breeding and planting of grain varieties suitable for food consumption to raise the production and quality of grains. It also called for active participation in the formulation of international cereal grain standards and deeper international exchanges and cooperation. To drive production, it said it would cultivate a group of leading whole grain food processing enterprises and high-quality cereal grain industry clusters. Sign up here. https://www.reuters.com/markets/commodities/china-unveils-2024-2035-plan-boost-whole-grain-consumption-2024-12-24/

2024-12-24 09:01

ANKARA, Dec 24 (Reuters) - A delegation from Turkey's energy ministry will visit Syria "soon" to discuss possible energy cooperation including transmitting electricity to ease power shortages, Energy Minister Alparslan Bayraktar said late on Monday. Turkey, which backed Syrian rebels who toppled President Bashar al-Assad this month after a 13-year civil war, has reopened its embassy in Damascus and its intelligence chief and foreign minister have met with de-facto leader Ahmed al-Sharaa. Erdogan last week said that Ankara would do whatever necessary for the reconstruction of Syria, including improving energy ties. "A delegation from the Energy Ministry will visit Syria as soon as possible and will conduct examinations on electricity and energy infrastructure of Syria," Bayraktar told reporters. The Turkish delegation will also discuss energy cooperation with the new Syrian government and Turkey's possible assistance on the issue, Bayraktar added. "The main problem in Syria in the field of energy is the electricity (shortage) at the moment. A formula will be sought (for Turkey) to provide electricity to Syria," he added. Turkey currently provides electricity to some parts of northern Syria where it has mounted four military operations since 2016. Sign up here. https://www.reuters.com/world/middle-east/turkish-energy-ministry-delegation-visit-syria-discuss-energy-cooperation-2024-12-24/

2024-12-24 08:35

TOKYO, Dec 24 (Reuters) - Japan's environment and industry ministries on Tuesday finalised a plan to cut greenhouse gas (GHG) emissions by 60% from 2013 levels by 2035, up from its 2030 goal of a 46% cut. The move follows the Biden administration's new U.S. target under the Paris climate agreement to slash GHG emissions by 61%-66% below 2005 levels by 2035, a goal officials called achievable by states even if President-elect Donald Trump reverses federal policies. In November, Japanese ministries unveiled a draft plan aiming for a 60% GHG reduction by fiscal 2035 and 73% by 2040, based on a linear trajectory between Japan's current target of a 46% reduction by 2030 and achieving net zero by 2050. The proposed target sparked calls for deeper cuts from environmentalists and politicians, who argue it is insufficient for the world's fifth-biggest carbon emitter, which remains heavily dependent on fossil fuels. Climate activists say the target falls short of the reduction recommended by the Intergovernmental Panel on Climate Change (IPCC) to limit global warming to 1.5 degrees Celsius above pre-industrial levels. The IPCC states that global emissions must drop by 60% from 2019 levels by 2035, equivalent to a 66% cut from 2013 levels for Japan. Despite strong criticism, a joint meeting of expert panels from the two ministries approved the draft climate target, which emphasises the importance of balancing economic growth, energy security and decarbonisation efforts. Several panel members argued the target was too low for a developed country and insufficient to meet global expectations, but the goal was ultimately left unchanged. As a part of the international process to combat global warming, Japan plans to submit the revised target, known as a Nationally Determined Contribution (NDC), to the United Nations in February, following a public consultation. The NDC is designed to align with Japan's revised basic energy plan and its "Green Transformation (GX) 2040 vision," a national strategy integrating decarbonisation and industrial policy, both currently under consideration. Under the Paris agreement, nations must deliver new and stronger climate action plans to the U.N. Framework Convention on Climate Change by February. The NDCs must align with the global goal of limiting temperature rises to 1.5C. Sign up here. https://www.reuters.com/world/japan/japan-aims-cut-greenhouse-gas-emissions-60-by-2035-vs-2013-levels-2024-12-24/

2024-12-24 06:13

Stocks rise in holiday trading conditions Dollar, US yields steady near milestone highs Chinese authorities pledge more support for economy Fed outlook remains top of investors' minds NEW YORK/LONDON, Dec 24 (Reuters) - Wall Street topped off a global share rally in thin trade on Thursday as markets prepared for early Christmas Eve closes, while the dollar was buoyed by firmer Treasury yields and speculation that the Federal Reserve would slow its easing in 2025. The Dow Jones Industrial Average (.DJI) , opens new tab was 0.47% higher in late morning trade, the S&P 500 (.SPX) , opens new tab rose 0.73% and the Nasdaq Composite (.IXIC) , opens new tab rose 0.99%. U.S. stock trading wraps up at 1:00 p.m. EDT/1800 GMT, and the bond market closes at 2:00 p.m. Most financial centers around the world are closed on Wednesday for Christmas. The U.S. reopens on Thursday, while many financial centers have a second day off. "Meagre news and data flow should keep the focus on a more hawkish Fed," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab went up more than half a percent. The pan-European STOXX 600 index (.STOXX) , opens new tab rose 0.18%. Britain's FTSE 100 (.FTSE) , opens new tab rose 0.19% and France's CAC 40 (.FCHI) , opens new tab rose 0.14%. German stocks were closed for the Christmas holiday. In Asia, Chinese stocks rose after sources told Reuters that Beijing planned to issue a record amount of special treasury bonds next year as it ramps up fiscal stimulus to revive a faltering economy. The CSI300 blue-chip index (.CSI300) , opens new tab and Shanghai Composite Index (.SSEC) , opens new tab both ended 1.3% higher. Hong Kong's Hang Seng Index (.HSI) , opens new tab advanced 1.1%. The news came shortly after China's finance ministry said authorities would ramp up fiscal support for consumption next year by raising pensions and medical insurance subsidies for residents, as well as expanding consumer goods trade-ins. Still, investors remain cautious on the outlook for the world's second-largest economy, particularly as it faces the threat of hefty tariffs from U.S. President-elect Donald Trump. Elsewhere, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab rose 0.37%. FED FOCUS Investors are taking direction from last week's 25 basis point Fed interest rate cut, its signals on the strength of the economy and its slow progress bringing inflation down to its 2% target. Markets are now pricing in about 35 basis points of easing for 2025, implying one quarter-point rate cut and around a 40% chance of a second. U.S. Treasury yields pared gains after the Treasury saw solid demand for a $70 billion sale of five-year notes, but remained higher on the day. The two-year Treasury yield , which is sensitive to changes in Fed rate expectations, was up 0.9 bp at 4.359%, while the benchmark 10-year yield rose 2.6 bp to 4.625%, reaching a seven-month high at 4.629%. "Like markets, the Fed will need to consider U.S. policies on tariffs and immigration in its inflation and growth outlook. We believe the subtle slowing in the U.S. labor market will still be the Fed's paramount concern," said analysts at Citi Wealth. "While always uncertain, our base case expectation for a 3.75% policy rate is unchanged. It's a far cry from the 1.7% U.S. policy rate average of the past 20 years." The Fed's cut was the third one this cycle, taking the Fed funds rate to 4.25%-4.5%. Ahead of Trump's return to the White House in January, global central banks have urged caution over their rate paths due to uncertainty on how his planned tariffs, lower taxes and immigration curbs might affect policy. Data on Monday showed U.S. consumer confidence unexpectedly weakened in December as the post-election euphoria fizzled and concerns about future business conditions emerged. In currencies, the dollar index rose 0.14% hovering near a two-year high hit Monday, having climbed more than 2% in December so far. The euro eased 0.15% to $1.0389, while the yen languished near last week's five-month low, trading at 157.35 per dollar. Japan's Finance Minister Katsunobu Kato on Tuesday reiterated Tokyo's discomfort with excessive foreign exchange moves and put speculators on notice that authorities are ready to act to stabilise a faltering yen. Spot gold rose 0.13% to $2,616.26 an ounce, having risen about 27% this year, heading for its biggest yearly gain since 2010. U.S. crude rose 1.56% to $70.32 a barrel and Brent rose to $73.73 per barrel, up 1.51% on the day. Sign up here. https://www.reuters.com/markets/global-markets-wrapup-1-2024-12-24/

2024-12-24 05:55

Dec 24 (Reuters) - There will be no precious metals report on Wednesday, Dec. 25 as most markets will be closed for the Christmas holiday. Reuters will resume coverage of the report on Thursday, Dec. 26. Sign up here. https://www.reuters.com/world/india/gold-rises-holiday-truncated-week-feds-2025-outlook-weighs-2024-12-24/

2024-12-24 04:45

MUMBAI, Dec 24 (Reuters) - The Indian rupee dropped to its lifetime low on Tuesday, hurt by persistent dollar demand from importers, including local oil companies, and a rise in U.S. bond yields, which boosted the dollar. The rupee hit a low of 85.1850 against the U.S. dollar, slipping past its previous record low of 85.12 hit on Monday. The currency was last quoted at 85.1750 as of 10:10 a.m. IST. Traders cited mild dollar sales from state-run banks, most likely on behalf of the Reserve Bank of India (RBI), which helped limit the rupee's losses. "Offers from state-run banks (on USD/INR) are there but they are not particularly aggressive, suggesting that the RBI may allow the gains to extend slightly," a trader at a foreign bank said, who expected the dollar-rupee pair to rise to 85.20 on Tuesday. Routine interventions by the RBI have kept a lid on the currency's volatility even as it grapples with multiple headwinds, including a hawkish turn in the Federal Reserve's outlook for interest rates in 2025, tepid capital flows and concerns about India's slowing economic growth. Furthermore, expectations about incoming U.S. President Donald Trump's policies have boosted the dollar, putting it on course for its third monthly gain. Global central banks have urged caution over their rate paths due to uncertainty on how Trump's planned tariffs, lower taxes and immigration curbs might affect U.S. policy. The dollar index rose 0.1% to 108.2 on Tuesday and the 10-year U.S. Treasury yield hovered close to its seven-month high of 4.59% hit in the previous session. Asian currencies were mostly rangebound on the day. "While RBI interventions may provide temporary relief, the currency’s trajectory will largely depend on broader global monetary policy trends, particularly the Fed's actions, and domestic economic developments," Amit Pabari, managing director at FX advisory firm CR Forex, said. Sign up here. https://www.reuters.com/markets/currencies/rupee-hits-record-low-hurt-by-rise-us-bond-yields-importer-dollar-bids-2024-12-24/