2024-11-29 07:50

MUMBAI, Nov 29 (Reuters) - The Indian rupee traded flat near its all-time low on Friday, lagging behind its Asian peers amid sustained pressure from foreign portfolio outflows while intervention by the Reserve Bank of India limited losses. The rupee was at 84.49 against the U.S. dollar as of 09:45 a.m. IST, barely changed from its close of 84.4850 in the previous session. The currency hit its all-time low of 84.5075 last week. State-run banks were spotted offering dollars near the 84.50 level, most likely on behalf of the Reserve Bank of India, traders said. Foreign investors net sold about $1.4 billion of local stocks on Thursday, keeping the rupee under pressure. Portfolio outflows, elevated U.S. Treasury yields and a broadly stronger dollar since Donald Trump's U.S. election victory earlier this month, have pressured the rupee, while frequent interventions by the central bank have staved off sharp declines. The rupee has weakened by 0.5% over November so far, its worst monthly decline since March, but has outperformed most Asian peers, which have declined by as much as 2% on the month. Most Asian currencies were stronger on Friday, though, as the dollar index dipped 0.2% to 105.8, largely on the back of a rally in the Japanese yen. DBS Bank expects the rupee to gradually weaken to 86 by the end of 2025. "We find it prudent to adjust our currency forecasts to reflect a bias towards a stronger USD at the onset of Trump's second term," DBS analysts said in a note. Investors now await India's gross domestic product (GDP) data for the July-September quarter due later on Friday, which will hold cues on the extent of the economic slowdown that contributed to equity outflows. Sign up here. https://www.reuters.com/markets/currencies/rupee-pinned-near-record-low-supported-by-likely-cenbank-intervention-2024-11-29/

2024-11-29 07:34

FRANKFURT, Nov 29 (Reuters) - The development of a green hydrogen market in Germany still depends to a large extent on public spending, utility E.ON (EONGn.DE) , opens new tab said on Friday. The share of projects under construction or equipped with final investment decisions has risen to 9% from 3% of the 2030 target of 11.3 gigawatts (GW) of electrolysis capacity, E.ON said. But the only factor speeding the process was support pledged under government schemes, it said in results of research it conducted with the EWI energy research institute. WHY DOES IT MATTER? Germany wants to build up electrolysis capacity to produce its own green hydrogen from wind and solar power to clean up the carbon footprint of industries such as steelmaking and cement and replace fossil fuels. E.ON said rigid or missing hydrogen regulation means would-be investors lack visibility over the new value chain. High electricity prices also make future hydrogen costs look prohibitively expensive, it added. If Germany does not manage the move to hydrogen, its industry may miss chances to compete successfully with the likes of the United States and China in global markets. BY THE NUMBERS Domestic electrolysis capacity has risen around 68% from the spring to 111 megawatts (MW), the six-monthly research showed. E.ON also said that the Berlin government's targets for sufficient import facilities may be achievable. The government expects hydrogen demand of 95-130 terawatt hours (TWh) per year by 2030, of which 50%-70% will be imported. Plans for a core hydrogen pipeline grid, complementing those for seaborne imports, have attracted a 24 billion euro ($25.31 billion) loan from state lender KfW (KfW.UL). KEY QUOTES "The run-up of the hydrogen economy remains weak," E.ON said. "Only the support pledges under the Important Projects of Common European Interest (IPCEI) are boosting increases in production capacity and in investment decisions." ($1 = 0.9481 euros) Sign up here. https://www.reuters.com/sustainability/germanys-green-hydrogen-ramp-up-reliant-public-money-eon-says-2024-11-29/

2024-11-29 07:29

OSLO, Nov 29 (Reuters) - Finland's Cinia has fully restored its C-Lion1 undersea fibre-optic cable that was broken on Nov. 18, the company said on Friday. The cable connects Finland and Germany. Two subsea cables were damaged in less than 24 hours on Nov. 17-18, prompting German Defence Minister Boris Pistorius to say he assumed it was sabotage. The second damaged cable, connecting Sweden and Lithuania, was also repaired and is back online, its operator company Arelion said late on Thursday. Sign up here. https://www.reuters.com/world/europe/finland-germany-undersea-cable-restored-after-breach-cinia-says-2024-11-29/

2024-11-29 07:26

SINGAPORE, Nov 29 (Reuters) - Indonesia is in talks with the United States and Russia for technology related to development of nuclear power plants, a deputy minister in the Indonesian government told Reuters on Friday. The Southeast Asian archipelago, which accounts for the lion's share of increasing coal use for power generation in the region, is considering operating nuclear capacity as early as 2036 to cut dependence on fossil fuels, said Vivi Yulaswati, deputy minister at the Ministry of National Development Planning. The country of about 280 million people is open to both small modular reactors and conventional nuclear technology, Yulaswati said in a video interview. Sign up here. https://www.reuters.com/business/energy/indonesia-talks-with-us-russia-nuclear-power-technology-2024-11-29/

2024-11-29 07:24

Gazprom halted gas exports to OMV in mid-November U.S. has imposed sanctions on Gazprombank MOSCOW/PRAGUE, Nov 29 (Reuters) - Russian gas exports to Europe through Ukraine were stable on Friday, as were nominations for supply to Austria from Slovakia, according to supplier Gazprom (GAZP.MM) , opens new tab and system operator Eustream. Russia halted supply to Vienna-based energy company OMV over contractual dispute in mid-November, but overall gas exports to Austria have remained stable as other companies have stepped up their purchases. Supply to Europe has been also complicated by U.S. sanctions against Gazprombank, which processes payments for European clients. According to the sanctions, all such transactions must be completed by Dec. 20. Gazprom said it would send 42.4 million cubic metres (mcm) of gas to Europe via Ukraine on Friday, the same volume as on Thursday. According to Eustream, nominations for flows to Austria from Slovakia were level with volumes seen over the past three days. Nominations to the Czech Republic from Slovakia were up but in line with levels seen this month. Nominations for flows into Slovakia from Ukraine rose were up slightly but in line with levels seen this month while nominations for flows leaving Slovakia were mostly stable, data from Eustream showed. Sign up here. https://www.reuters.com/business/energy/russian-gas-flows-via-ukraine-europe-austria-steady-2024-11-29/

2024-11-29 07:20

JOHANNESBURG, Nov 29 (Reuters) - South Africa's rand firmed on Friday, despite a slew of month-end local economic data releases which painted a mixed picture. The rand traded at 18.0325 against the dollar by 1506 GMT, about 0.4% stronger than its previous close. South Africa's budget deficit widened to 46.08 billion rand in October, National Treasury data showed, it while trade surplus increased slightly to 14.63 billion rand in the same month, according to revenue service figures. South Africa's M3 money supply (ZAM3=ECI) , opens new tab growth last month was at 7.79%, up from 7.25% in September. Credit growth (ZACRED=ECI) , opens new tab for October came in at 4.26%, from 4.63% in the previous month, central bank data showed on Friday. On the stock market, the Top-40 (.JTOPI) , opens new tab index closed 0.33% lower. South Africa's benchmark 2030 government bond was stronger, with the yield down 5.5 basis points to 8.915%. Sign up here. https://www.reuters.com/markets/currencies/south-african-rand-firms-ahead-key-economic-data-2024-11-29/