2026-02-09 11:55

PARIS, Feb 9 (Reuters) - France will set out an ambitious energy plan this week which Prime Minister Sebastian Lecornu said will include doubling the country's energy consumption from electricity to 60% by 2030. Hitting this target, which Lecornu announced on Saturday, will require a major shift in the French power mix as electricity now only represents only around 30% of total energy consumption and is largely generated by nuclear and renewables. Sign up here. French heavy industry and transportation still rely mostly on fossil fuels and their sluggish demand for electricity has meant little change in the take-up of cleaner energy sources. WHY IT MATTERS Higher electricity demand would help state-owned utility EDF. It would also support the growth of solar power and the development of new users of electricity such as electric vehicles, hydrogen electrolysers and heat pumps. However, it would also necessitate costly infrastructure projects and a major upgrade of France's grid, and put demand growth at a much faster pace than previously forecast. The government will be expected to explain how it can overcome some of these obstacles when it announces the details. BY THE NUMBERS French electricity demand grew 5% per year between 1960 and 2000, before declining to about a 1% per year growth rate to 2010 and has been largely flat since, data from consultancy Kpler showed. Lecornu's plan would require French electricity demand to grow by 20% per year over four years with a much weaker economy, said Kpler's head power analyst Hamza Aourach. Grid operator RTE has forecast that demand for energy from electricity will grow to between 40% and 45% by 2035. KEY QUOTES "Power demand is not meeting expectations," French minister of energy Roland Lescure said last week. "The goal is extremely ambitious, if not impossible," Kpler's Aourach said. https://www.reuters.com/business/energy/france-set-out-ambitious-electrification-drive-this-week-2026-02-09/

2026-02-09 11:51

KUALA LUMPUR, Feb 9 (Reuters) - China’s demand for palm oil is expected to further decline this year as the country shifts to cheaper canola and soybean alternatives, palm oil traders and analysts said on Monday. China’s recent trade deal with Canada has enabled imports of cheaper canola oil along with increased purchases of Australian canola, and coupled with higher soybean imports and crushing activity, will significantly impact palm oil imports this year, said Anilkumar Bagani, commodity research head at Mumbai-based brokerage Sunvin Group. Sign up here. Chinese demand has been rising due to the festive season according to a palm oil analyst from a major Malaysian planter, though imports will not be as high as before as they have other options like canola and soybean. The analyst added that Chinese demand has been reduced to core demand only due to the large disparity between contract prices. "I think the Chinese, in a way, they are not really that desperate because they have a lot of options as compared to India. ... The Chinese side are still pretty much looking at the Dalian prices," the analyst told Reuters ahead of an industry conference in Kuala Lumpur. The analyst added that competitive prices from Indonesian palm oil has also affected Malaysia’s palm oil exports to China. The Malaysian Palm Oil Board (MPOB) reported that exports to China fell 35.7% last year. However, Malaysia could take advantage of Indonesia's levy hike plan, scheduled in March, the analyst said. An Indonesian analyst expects palm oil prices to slightly decline this year as strong palm output and strong soyoil output weighed down on the market. Despite a decline in palm prices, China is expected to continue increasing its soyoil imports which will limit demand for palm oil, the Indonesian analyst said. https://www.reuters.com/world/asia-pacific/chinas-palm-oil-demand-drop-cheaper-alternatives-rise-analysts-say-2026-02-09/

2026-02-09 11:47

NEW DELHI, Feb 9 (Reuters) - The United States and India have released an interim framework for a trade deal, paving the way for an agreement that would lower tariffs, reconfigure energy ties and deepen economic cooperation as both seek to realign global supply chains. The India–U.S. joint statement suggested that New Delhi pushed back against Washington's efforts to broadly open its agricultural market. However, India has agreed to lower trade barriers on some farm goods, drawing criticism from farmers and opposition parties. Sign up here. WHO GAINS FROM INDIA'S DECISION TO ALLOW IMPORTS OF DDGS AND SOYOIL, AND WHO LOSES OUT? India is expected to allow imports of protein-rich distillers dried grains with solubles (DDGS), a byproduct of ethanol made from corn and other grains, from the United States, adding to a surplus in the domestic market. Higher supplies of DDGS could benefit India's nearly $30 billion poultry sector, where feed costs account for around 60-70% of total production expenses, by helping reduce expensive feed purchases. Domestic oilseed processors and soybean farmers, however, may lose out if U.S. imports rise. There are already surplus supplies of DDGS in India, weakening demand for oilmeals such as soyameal, putting pressure on Indian oilseed prices and prompting farmers to switch from soybean and peanuts to corn and rice, despite New Delhi's push to boost oilseed cultivation and curb imports. As supplies of DDGS increase further, India's ethanol producers - already struggling with idle capacity and slowing demand after the country achieved its 20% biofuel blending target - may face lower earnings from DDGS sales in the domestic market. Prospects of duty-free imports of soyoil from the U.S. have raised some concerns in India. But, under the current framework, duty-free soyoil imports will be allowed only under a tariff-rate quota, meaning volumes above the quota will face standard tariffs, a move aimed at protecting domestic producers. WILL DUTY-FREE COTTON IMPORTS AFFECT INDIAN FARMERS? India currently imposes an 11% duty on cotton imports, and allowing duty-free imports from the world's largest exporter of the fiber could put pressure on domestic prices. However, the impact is expected to be limited, as the government has permitted only imports of extra-long staple cotton, and that too under a quota. Although India is the world's second-largest cotton producer, it struggles to meet the textile industry's demand for extra-long staple cotton, which it imports from the U.S., Egypt, Brazil and Australia. DO CONCESSIONAL IMPORTS OF APPLES AND DRY FRUITS THREATEN INDIAN FARMERS? India is the world's fifth-largest apple producer, but domestic supplies fall short of rising demand, driven by population growth and increasing prosperity. New Delhi imports around 500,000 metric tons of apples annually from Iran, Turkey, Afghanistan, the U.S. and Chile. Under a trade deal with the U.S., imports will be allowed at a concessional duty of 25% and a minimum import price of 80 rupees per kg, effectively preventing shipments below 100 rupees per kg and helping protect Indian farmers. Consumption of dry fruits such as walnuts, almonds and pistachios has also been rising in India. Domestic production of these commodities is limited, so concessional imports are unlikely to affect local farmers. ARE INDIAN FARMERS LIKELY TO BENEFIT FROM THE TRADE DEAL? Indian growers of tea, coffee, spices and fruits are set to gain from the trade deal, as the U.S. has granted duty-free access for these products. The reduction of import duties on rice to 18% is also expected to support exporters of both premium basmati and non-basmati varieties. https://www.reuters.com/world/india/india-us-trade-pact-its-impact-millions-indian-farmers-2026-02-09/

2026-02-09 11:41

Feb 9 (Reuters) - Futures linked to Canada's main stock index edged up on Monday as precious metals and oil extended gains, signaling continued momentum after the benchmark recorded its biggest daily jump in four months in the previous session. March futures on S&P/TSX Composite Index were up 0.1% as of 6:04 a.m. ET. Sign up here. Precious metal prices rose supported by a softer U.S. dollar, with spot gold gaining 0.7% and silver 1.6%, while copper prices also firmed. Toronto's resources-heavy benchmark index (.GSPTSE) , opens new tab had jumped 1.5% on Friday, as mining shares rose after precious metal prices recovered from their sharp fall earlier in the week. Investors now await the release of the U.S. non-farm payrolls report for January, Consumer Price Index data and initial jobless claims data later this week for clues on future monetary policy, with markets pricing in at least two 25‑basis‑point interest rate cuts from the U.S. Federal Reserve in 2026. They will also look to a slew of corporate results scheduled for this week for insights on business conditions and outlook. Meanwhile, oil prices steadied after losses earlier in the day, even as supply concerns eased after the U.S. and Iran pledged to continue talks following positive discussions in Oman on Friday. Brent crude futures and U.S. West Texas Intermediate crude were up 0.05% each. In corporate news, U.S. insurer AIG (AIG.N) , opens new tab said on Friday after the bell that it has completed the acquisition of a 9.9% stake in Canadian asset manager Onex (ONEX.TO) , opens new tab. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/business/tsx-futures-edge-up-precious-metals-climb-2026-02-09/

2026-02-09 11:21

MILAN, Feb 9 (Reuters) - UniCredit (CRDI.MI) , opens new tab has already booked the provisions needed to cover penalties owed to its partner Amundi (AMUN.PA) , opens new tab as the Italian bank keeps cutting the amount of funds from the French company in client portfolios, CEO Andrea Orcel said. UniCredit's distribution contract with Amundi expires in mid-2027. The bank's relations with Europe's biggest fund manager have been complicated by Amundi's owner, France's Credit Agricole (CAGR.PA) , opens new tab, expanding in Italy and hampering UniCredit's own domestic expansion plan. Sign up here. Orcel said in a post-result conference call that UniCredit had been distributing clients more of its own Onemarkets funds or those of other providers. "Every time we do that we pay them a penalty ... and we have taken provisions for most of those penalties that we anticipate for this year and half of next," he said. https://www.reuters.com/business/finance/unicredit-booked-provisions-keep-cutting-amundi-funds-until-contract-ends-2026-02-09/

2026-02-09 11:17

HANOI, Feb 9 (Reuters) - Vietnam's state utility EVN has awarded a contract worth $974 million to a consortium of PowerChina and Lilama for building an LNG-fired power plant, EVN said on Monday. The Quang Trach II plant in the central province of Quang Tri will have a capacity of 1,612 megawatts, EVN said in a statement. Sign up here. The Southeast Asian country is seeking to ramp up its power generation capacity to keep up with its expanding economy, which grew 8% last year. "This plant will contribute to ensuring energy security, improving the reliability of the power system, and fulfilling Vietnam's commitments to reducing greenhouse gas emissions," EVN said. Vietnam, where coal power plants are responsible for more than 40% of electricity output, has committed to achieving net-zero emissions by 2050. The plant will use turbines from General Electric Vernova, EVN said. It said last month the plant would be fully operational by 2030. https://www.reuters.com/sustainability/climate-energy/vietnam-awards-974-million-lng-power-plant-construction-contract-powerchina-2026-02-09/