2025-09-04 03:00

MUMBAI, Sept 4 (Reuters) - The Indian rupee is expected to open largely unchanged on Thursday, while sentiment will be supported by a broadly softer dollar and a local tax panel's tax cuts on hundreds of consumer items that are expected to boost growth. The 1-month non-deliverable forward indicated the rupee will open in the 88.06 to 88.10 range versus the U.S. dollar, compared with 88.07 in the previous session. Sign up here. The U.S. dollar was on the backfoot after data released on Wednesday pointed to weakening labour market, which reinforced expectations of a rate cut by the Federal Reserve. Money markets are currently pricing in about 97% chance of the Fed cutting interest rates later this month, up from 89% a week earlier, CME FedWatch showed. They are also pricing in 139 basis points of easing by the end of next year. Meanwhile, Indian Finance Minister Nirmala Sitharaman on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand in the face of economic headwinds from steep U.S. tariffs. "Lower Goods and Services Tax (GST) rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy," analysts at DBS said in a note. Federal and state governments are estimated to lose 480 billion rupees ($5.49 billion) due to the cuts that will be implemented from September 22. Following India's recent sovereign rating upgrade, DBS analysts don’t expect the government to compromise on the fiscal deficit target. While a sentimental boost from a pickup in local equities and a broadly weaker dollar should help the rupee hold above its all-time low, importer hedging demand may keep a lid on sharp rallies for the currency, a trader at a large private bank said. KEY INDICATORS: ** One-month non-deliverable rupee forward at 88.18; onshore one-month forward premium at 11.25 paise ** Dollar index at 98.2 ** Brent crude futures down 0.5% at $67.3 per barrel ** Ten-year U.S. Treasury yield at 4.22% ** As per NSDL data, foreign investors sold a net $106.4mln worth of Indian shares on Sep. 2 ** NSDL data shows foreign investors bought a net $14.6mln worth of Indian bonds on Sep. 2 https://www.reuters.com/world/india/rupee-open-little-changed-fed-cut-wagers-local-tax-cuts-buoy-sentiment-2025-09-04/

2025-09-04 01:56

SYDNEY, Sept 4 (Reuters) - Australia's surplus on goods trade widened to its highest since early 2024 in July, data showed on Thursday, as exports of energy commodities, rural goods and gold all climbed. The Australian Bureau of Statistics reported the surplus on goods rose to A$7.3 billion ($4.74 billion) in July, from a revised A$5.4 billion in June. That was well above market forecasts for a A$5.0 billion surplus. Sign up here. Exports climbed 3.3%, led by iron ore, liquefied natural gas, meat products and non-monetary gold. Imports fell 1.3% on a pullback in gold shipments and consumer goods. ($1 = 1.5389 Australian dollars) https://www.reuters.com/world/asia-pacific/australia-goods-trade-surplus-widens-a73-billion-july-2025-09-04/

2025-09-03 23:39

Donald Trump Jr and Eric Trump own about 20% of bitcoin mining company Trump family expands crypto ventures, including World Liberty Financial Eric Trump dismisses conflict of interest criticisms as "insane" NEW YORK, Sept 3 (Reuters) - A bitcoin company tied to President Donald Trump's two oldest sons more than doubled in value in its stock market debut on Wednesday, valuing the sons' stake at well over $1.5 billion as the first family grows their crypto business interests. Shares in American Bitcoin Corp , a bitcoin miner, soared as high as $14.52 in its first day of trade on the Nasdaq, before pulling back to be up 16.5% at $8.04 by the end of the day. Sign up here. The company is around 20% owned by Eric Trump and Donald Trump Jr, American Bitcoin Executive Chairman Asher Genoot said in a previous interview. This values their stake in American Bitcoin at $1.5 billion at the close of trade, based on 908.6 million outstanding shares that American Bitcoin said it had in a September 2 stock exchange filing. The highest price struck by the stock on Wednesday valued their stake at $2.6 billion. Crypto ventures have become an important driver of growth and potential windfall profits for the president’s family, where the family business - The Trump Organization - had in the past focused on building and running real estate projects and golf courses. "Crypto is exploding," Eric Trump said in an interview on Wednesday. "I would be saying right now, the crypto space is at least 50% of what I'm doing." The Trump family's forays into crypto have drawn criticisms from Democratic lawmakers and government ethics watchdogs about conflicts of interests. Critics say the Trump family is profiting from crypto at the same time when the president is easing regulations and enforcement on the industry. Eric Trump, the second son of Trump, dismissed such criticisms on Wednesday as "insane." "My father has absolutely nothing to do with this venture," Eric Trump said. "He's is running a nation. He's not involved in our businesses in any way, shape or form." Eric Trump, who holds the titles of co-founder and chief strategy officer at American Bitcoin, described his role at the company as akin to a spokesperson. "Crypto had a very bad voice for a long time. They really had a hard time communicating a message," Eric Trump said. "I think I've become one of the great spokespeople for crypto over the last, call it, you know, 12 to 18 months," he said. "I think I've been able to put a great voice on that, not just here in the U.S., but worldwide." President Donald Trump has promised to be the “crypto president,” saying he backs the asset class because it can improve the banking system and increase the dominance of the U.S. dollar. In line with his family's growing crypto interests, Eric Trump has travelled internationally this year to cities including Dubai, Hong Kong and Tokyo to rally foreign support for the crypto industry. The Trump family has launched a string of crypto ventures in the past year, from American Bitcoin to World Liberty Financial, and meme coins launched by Trump and his wife before the president’s inauguration in January. World Liberty Financial, which debuted digital tokens known as $WLFI on Monday, has earned the first family around $500 million since its launch last year, according to Reuters’ calculations. Trump Media & Technology Group (DJT.O) , opens new tab and Crypto.com agreed last month to a deal with a blank-check acquisition company to launch a new venture that will pursue a treasury-style strategy to buy the digital token CRO. Hut 8 Corp (HUT.O) , opens new tab, an energy infrastructure company that is also involved in bitcoin mining, owns about 80% of American Bitcoin. American Bitcoin said in a stock exchange filing on Wednesday it is also selling $2.1 billion worth of shares, and plans to use the proceeds to buy bitcoins or bitcoin mining machines. https://www.reuters.com/business/trumps-oldest-sons-american-bitcoin-stake-worth-15-billion-stock-debut-2025-09-03/

2025-09-03 23:28

Sept 3 (Reuters) - California lawmakers on Wednesday voted to allow the sale of a higher-ethanol gasoline blend that could help bring down fuel prices in the largest U.S. auto market. The sale of E15, a blend containing 15% ethanol, would be allowed immediately once the bill is signed by Governor Gavin Newsom. California had been the only U.S. state that did not allow sales of the fuel. Sign up here. The move likely will benefit biofuel producers and corn farmers, as it is will expand the market for their products to the most populous U.S. state. California's state Senate passed the bill, AB 30, in a unanimous 39-0 vote. The measure passed the state Assembly in June. Newsom had directed California regulators last year to study whether the state could increase ethanol blending in gasoline, but that work is not yet completed. California has been grappling with how to rein in skyrocketing pump prices while maintaining its ambitious environmental goals. "California consumers cannot wait any longer," California Senator Laura Richardson said on the Senate floor while introducing the bill. She pointed to a University of California study that estimated that the fuel's availability could lower gas prices in the state by 20 cents per gallon. "With today's passage of AB30, California is taking a big step toward lower gas prices and a cleaner, more sustainable future for families across the state," said Geoff Cooper, president of the Renewable Fuels Association, said in a statement. "Many other states have already seen the benefits of E15 -- healthier air, better engine performance, and cost savings at the pump. Now, California drivers are on the cusp of experiencing those same advantages, and we urge Gov. Newsom to sign the bill into law as quickly as possible." https://www.reuters.com/sustainability/climate-energy/california-lawmakers-vote-allow-sale-higher-ethanol-fuel-2025-09-03/

2025-09-03 22:14

Sept 3 (Reuters) - U.S.-based energy company EQT (EQT.N) , opens new tab will purchase 1.5 million tonnes per annum of liquefied natural gas from NextDecade's (NEXT.O) , opens new tab Rio Grande export facility in Texas for 20 years, the companies said on Wednesday. NextDecade will supply the superchilled fuel from its fifth liquefaction facility, also known as a train, at Rio Grande. Sign up here. The agreement will be on a free-on-board basis at a price indexed to Henry Hub, subject to NextDecade making a positive final investment decision on Train 5, which is expected in the fourth quarter. Shares of NextDecade rose 4.3% in extended trading. The companies did not disclose the financial details of the deal. "EQT has been aggressive in securing long-term supply and marketing deals. Recent deals have the potential to improve EQT's realized pricing by linking more volumes to LNG benchmarks and diversifying away from in-basin pricing, and allowing for production growth longer-term," said Gabriele Sorbara, analyst at Siebert Williams Shank. Commercial activity in the LNG sector in the U.S., the world's largest exporter of the fuel, has been increasing rapidly after President Donald Trump lifted a moratorium on new export permits soon after taking office in January. NextDecade is building its Rio Grande LNG facility with a capacity of 17.6 mtpa. It is also developing its Train 4 and 5 with a combined additional capacity of 10.8 mtpa. The company expects to complete commercialization of Train 5 in the third quarter and a positive FID on Train 4 by September 15. LNG developers typically reach an FID on projects once they have secured enough supply deals to obtain the necessary financing for construction. NextDecade has also signed similar agreements with top oil producer Saudi Aramco (2222.SE) , opens new tab, TotalEnergies (TTEF.PA) , opens new tab and Japan's biggest power generator JERA. The company extended the price validity period under its engineering, procurement, and construction contract with Bechtel Energy for Train 5 until November 15 from September 15 previously. Total costs for Train 5 and related infrastructure are expected to be about $6.7 billion, it said. https://www.reuters.com/business/energy/eqt-buy-lng-nextdecades-rio-grande-train-5-project-20-years-2025-09-03/

2025-09-03 21:27

LONDON, Sept 3 (Reuters) - Global miner Anglo American (AAL.L) , opens new tab is selling off its remaining stake in Valterra Platinum (VALJ.J) , opens new tab, worth around $2.4 billion, it said on Wednesday, marking its full exit from its former subsidiary. The company has launched an accelerated bookbuild offering to sell about 52.2 million shares in the company, it said. Sign up here. The demerger of Valterra, formerly known as Anglo American Platinum, became effective in May, leaving just 19.9% of it in Anglo's portfolio. London-listed Anglo has been selling or spinning off non-core assets since bigger rival BHP's (BHP.AX) , opens new tab failed takeover attempt last year, to focus on copper and iron ore. The restructuring process has however been set back by the aborted sale of its steelmaking coal assets in August, for which Anglo is confident that an alternative buyer will be found through a new sales process. Anglo on Wednesday said the placing will "raise further cash proceeds". https://www.reuters.com/world/africa/anglo-american-sell-remaining-stake-valterra-2025-09-03/