2024-12-16 06:40
JAKARTA, Dec 16 (Reuters) - Multiple cases of African swine fever had been detected in 32 of Indonesia's 38 provinces, an official said on Monday, warning of risks of further spread of a disease that has killed thousands of hogs in the country this year. Sahat Panggabean of Indonesia's quarantine agency said the highest density of cases were in the provinces of East Nusa Tenggara, North Kalimantan, South Sulawesi and Riau, and urged local leaders to boost awareness and report more cases to authorities. African swine fever is not dangerous to humans but is fatal for pigs, and can cause massive losses to farmers. "We provide specific lands to dispose, as well as incinerators to burn the carcasses," he told a livestreamed weekly meeting of the government, urging communities to avoid throwing infected or dead pigs into rivers. Panggabean did not provide an estimate for the number of pigs that had died of the disease in Indonesia this year. He said 6,273 hogs had died of the flu in January in Central Papua province and a further 136 had died there in October. In Papua province there were 220 deaths in February, he said. Last year, Indonesia reported an outbreak that had killed 35,297 pigs in a herd of 285,034 on the Riau Islands near Singapore. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/indonesia-detects-african-swine-fever-most-its-provinces-2024-12-16/
2024-12-16 06:36
RIO DE JANEIRO, Dec 16 (Reuters) - A heron took flight in Rio de Janeiro on Sunday, stretching its wings and soaring over a river after veterinarians saved it from near-certain death by removing a plastic cup attached to its neck and blocking its throat. The mission to save the bird prompted an outcry in Brazil over the impact of plastic pollution on wildlife in a city famed for its forested mountains overlooking a bustling seaside metropolis. As its cage opened, the lanky heron hesitated for a moment before stepping out and leaping into the air, its white-gray wings carrying it over the river in Rio's Recreio dos Bandeirantes neighborhood. "God willing, it won't find any plastic or cups on the way," said Jeferson Pires, a veterinary biologist at a wildlife center who first sighted the unfortunate animal this month and posted about its predicament on social media. The logo of the popular 200-ml (6.7-oz) guarana fruit-flavored drink was clearly visible on the heron's throat before it was captured last Friday. Video showed it struggling in vain to pick the cup off with its orange beak. "What we saw today with this heron, over these two weeks, is how much these animals are impacted by plastic," said environmentalist Isabelle de Loys after the bird was freed. The obstruction was preventing it from eating, and would probably cause starvation in a matter of days without surgical intervention, Pires said. The carnivorous heron was seen at one point vomiting a fish it could not swallow because of the cup. Pires said lesions on the bird's long neck were probably due to such failed efforts to eat, leaving it slightly underweight. Following Pires' initial posts, the heron became an environmental symbol. Its saga garnered coverage from major newspapers and broadcasters in Brazil, and sparked outrage online over the damage caused by single-use plastics. After the cup was surgically removed, Pires said he was eager to release the elegant bird back into nature. "We saw no reason to keep holding her," he said. The bird, known to scientists as a Cocoi heron, the largest species of heron found in Latin America, is closely related to the great blue heron. With their habitat spanning Panama to the southern tip of South America, the birds weigh up to 3 kg (7 lbs) with wings of length about 40 cm (16 inches). Sign up here. https://www.reuters.com/business/environment/brazil-heron-takes-flight-after-plastic-cup-removed-throat-2024-12-16/
2024-12-16 06:34
Federal Reserve, BOJ, BoE rate decisions in focus this week Dollar index gains ground in choppy trading Euro gains after German parliamentary vote Bitcoin climbs to new record high NEW YORK/GDANSK, Dec 16 (Reuters) - The U.S. dollar edged higher against major currencies in choppy trading on Monday, as investors eyed interest rate decisions from the Federal Reserve, Bank of Japan, Bank of England and other key central banks this week. Markets are pricing in a near 97% chance that the Fed will deliver a quarter-point interest rate cut at the end of its policy meeting on Wednesday, according to CME's FedWatch tool. The yield on benchmark U.S. 10-year notes fell 0.8 basis points to 4.391%. "The U.S. dollar has been at the mercy of headlines not only just surrounding what the Fed is going to do but whether it's going to be deemed a hawkish cut," said Juan Perez, director of trading at Monex USA in Washington, D.C. "We think they are going to be cutting and will also be highlighting the fact that the economy and inflation are still part of the overall picture and they're likely going to have to slow down on interest rate cuts." The dollar strengthened 0.16% to 0.8945 against the Swiss franc , hovering near its highest level since July. Against the Japanese yen , the dollar strengthened 0.31% to 154.12, after rising as high as 154.480 for the first time since Nov. 26. The yen has struggled to rebound against the greenback following its largest weekly slide since September after Reuters and other news outlets reported the Bank of Japan was likely to keep interest rates steady at the end of its policy meeting on Thursday. The euro rallied in choppy trading after German chancellor Olaf Scholz lost a parliamentary confidence vote, paving the way for snap elections in February. The euro was last up 0.07% at $1.0509. The decline in euro zone business activity eased this month, a survey showed, while European Central Bank President Christine Lagarde said on Monday the ECB will cut interest rates further if inflation continues to ease towards its 2% target. The U.S. dollar index - which tracks the currency against six others - was up slightly at 106.88, after rising as high as 107.16 on the session. The index had hit 107.18 on Friday, its highest since Nov. 26. Sterling was up 0.60% to $1.26845, after it lost ground on Friday to its lowest point since Nov. 27, when data showed a surprise economic contraction in the British economy. A survey of business activity pointed to a rise in prices in Britain on Monday. The Bank of England is due to announce a policy decision just hours after the BOJ. Other central banks announcing rate decisions this week include Sweden's Riksbank and Norway's Norges Bank. "When you look at how the dollar has performed, not only do you have a Fed that's kind of in a corner, but you also have a lot of major central banks going the other way with their own individual stories: the Bank of Canada just cut, the Swiss National Bank cut, more-than-expected ECB cut," said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey. "Ultimately, there isn't that much that can reverse the maintenance of the current strength of the dollar." Bitcoin hit a record high above $106,000 after President-elect Donald Trump suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls. Trump's comments came in an interview with CNBC , opens new tab late last week and echoed other statements made during his successful presidential campaign, which was seen as positive for the crypto industry. Bitcoin surged as high as 107,821 on Monday. It was last up 4.6% at $106,003. Sign up here. https://www.reuters.com/markets/currencies/dollar-hovers-near-3-week-high-before-fed-bitcoin-tops-105000-2024-12-16/
2024-12-16 05:51
Investors see Fed lowering rates by 25 bps later in the week Fed may cap gold gains with extended rate-cut pause after Dec — analyst Dec 16 (Reuters) - Spot gold prices gained on Monday, supported by ongoing geopolitical concerns and a softer dollar, as markets awaited the Federal Reserve's policy meeting, where a third rate cut and clues on the 2025 outlook are expected. Spot gold was up 0.2% at $2,654.27 per ounce as of 01:41 p.m. ET (1841 GMT). U.S. gold futures settled 0.2% lower at $2,670. "I think the continuous presence of geopolitical risks are contributing to gold's strength," said Nitesh Shah, commodity strategist at WisdomTree. Also, "China has resumed gold buying. So gold is reacting to a multitude of these things," Shah noted, adding that top consumer China was likely to ramp up policy stimulus to revive its economy, which would further support gold. On the geo-political front, Israel agreed on Sunday to double its population in the Golan Heights, citing Syrian threats despite the moderate tone of rebel leaders who ousted President Bashar al-Assad a week ago. Bullion is considered a safe investment during economic and geopolitical turmoil, while a low-interest rate environment also makes the non-yielding bullion more attractive. The Fed is expected to cut rates by a quarter point at its two-day meeting starting on Tuesday, while updating its outlook for 2025 and beyond. "The economic and political background is generally supportive for gold – but the Fed may cap prices if it points to an extended pause in rate cuts after December," said StoneX analyst Rhona O'Connell. The dollar index (.DXY) , opens new tab fell 0.1%, retreating from a near three-week high reached on Friday, making dollar-priced bullion more affordable for holders of other currencies. Citi projects strong gold and silver demand until U.S. interest rates stabilize, forecasting a peak for both metals in late 2025 to early 2026. Key data releases this week, including U.S. GDP and inflation figures, could further influence market sentiment. Spot silver was steady at $30.57 per ounce, platinum gained 1.1% to $934.70, while palladium was down 0.8% at $944.37. Sign up here. https://www.reuters.com/markets/commodities/gold-edges-higher-with-spotlight-fed-meeting-2024-12-16/
2024-12-16 05:31
A look at the day ahead in European and global markets from Wayne Cole. China has kicked off the week with some uninspiring data as retail sales in November rose just 3.0% y/y, when median forecasts had been for +4.6% y/y. House prices also continued to fall, though industrial output did at least hold up. Officials continued to talk of stimulus, including cuts in bank reserve requirements, but credit data showed lower borrowing costs are no help when nobody wants to invest. Chinese bond yields hit another record low in reaction, which has the central bank checking with commercial banks on their positions. In an ill-timed coincidence for the yuan , 10-year yields there posted their biggest weekly drop since 2018, just as longer-dated Treasury yields suffered the biggest weekly increase this year. There have been reports Beijing was considering whether to let the yuan fall to buttress its economy, but that only drew a broadside from President-elect Donald Trump's trade adviser Peter Navarro. Over in South Korea, the political situation looks somewhat steadier as Han Duck-soo has taken over for impeached President Yoon Suk Yeol and the Constitutional Court began reviewing the impeachment. The court has up to six months to decide whether to remove Yoon from office or to reinstate him. Authorities repeatedly vowed to stabilise financial markets, which saw the KOSPI (.KS11) , opens new tab hold steady on Monday. All eyes, of course, are on the Fed meeting on Wednesday where a quarter-point rate cut is 97% priced in, and its vanishingly rare for the central bank to disappoint such an overwhelming market consensus. More intriguing will be the guidance from Chair Powell and the FOMC dot plots with markets assuming they will now see only three cuts next year instead of four. The terminal rate could also rise to 3.0% or more, from 2.875% in September. Markets are far more hawkish, implying a floor for rates around 3.80%, one reason bonds took such a beating last week. Of the other central bank meetings, the Bank of Japan, Bank of England and Norges Bank are seen on hold, while the Riksbank is expected to cut and perhaps by 50 bps. Another mover on Monday was bitcoin which surged above $106,000 after Trump floated a plan to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve. Key developments that could influence markets on Monday: - Appearances by ECB President Christine Lagarde, Vice President Luis de Guindos and board member Isabel Schnabel - PMIs for Europe and U.S. - Bank of Canada Governor Tiff Macklem speaks - Empire State Manufacturing Survey for December Sign up here. https://www.reuters.com/markets/europe/global-markets-view-europe-2024-12-16/
2024-12-16 05:25
LAUNCESTON, Australia, Dec 16 (Reuters) - China's crude oil imports in November hit a 14-month high, but much of the additional volume is likely to have ended up in storage as refinery processing remained subdued. China, the world's biggest crude importer, had a surplus of about 1.77 million barrels per day (bpd) in November, according to calculations based on official data. This is the second-biggest monthly surplus this year and behind only the 1.85 million bpd in August. The scale of the excess crude erodes any bullish interpretation of the rebound in November's oil imports. China doesn't disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. China's refineries processed 58.51 million metric tons of crude in November, equivalent to about 14.24 million bpd, according to data released on Monday by the National Bureau of Statistics. This was up a tiny 0.2% from November last year, marking the first month in seven that refinery throughput has risen from the same month in 2023. China imported 11.81 million bpd in November, the strongest month since August last year and up 14.3% from November 2023. Domestic output rose 0.2% in November from the year-earlier month to 4.20 million bpd. Combining imports and domestic production gives a total of 16.01 million bpd of crude available to refineries. Subtracting the volume processed of 14.21 million bpd leaves a surplus of 1.77 million bpd. For the first 11 months of the year, China's surplus crude was about 1.12 million bpd, about 360,000 bpd more than what was stored over 2023 as a whole. It's worth noting that not all of this surplus crude is likely to have been added to storage, with some being processed in plants not captured by the official data. But even allowing for gaps in the official data, it's likely that China has been importing crude at a far higher rate than it needs to meet its domestic fuel requirements. LOWER PRICES The question is why are China's refiners buying vastly more crude than they are processing? It's quite clear that domestic fuel demand is not strengthening, and may have already peaked when it comes to gasoline given the surge in sales of electric vehicles. Diesel demand is also weaker, having been hit by the switch to trucks powered by liquefied natural gas. It's more likely that China's refiners are stocking up on crude because they deem current prices to be reasonable and they are hedging against any rally next year. Global benchmark Brent crude futures were in a downtrend at the time when November-arriving cargoes would have been arranged. Brent went from a high of $87.95 a barrel on July 5 to a low of $69.00 on Sept. 11, just around the time that many of November's cargoes would have been arranged. Since the September low Brent climbed to a peak of $81.16 a barrel on Oct. 7, but if this rally did cause China's refiners to ease back on purchases, this will only show up in cargoes arriving in January. However, since the October high, Brent has eased back to trade in a fairly narrow range anchored around $73 a barrel, which is a level likely to be low enough to encourage ongoing buying interest by China's refiners. The trick for the oil market is not to confuse higher imports by China with a recovery in actual consumption of fuels. While stronger imports will act to support crude prices, it will take a sustained recovery in refinery processing to convince the market that China is once again showing solid oil demand growth. The views expressed here are those of the author, a columnist for Reuters. Sign up here. https://www.reuters.com/markets/commodities/chinas-crude-oil-imports-rebounded-november-so-did-storage-flows-russell-2024-12-16/
