2024-04-26 12:25

Graphic: World FX rates in 2024 Graphic: Trade-weighted sterling since Brexit vote LONDON, April 26 (Reuters) - Sterling steadied on Friday after rising to a two-week high against the dollar as markets awaited for key U.S. inflation data for clues on the Federal Reserve's next moves. Against the closely watched declining yen, sterling rose to its highest level in almost 16 years. It was flat at $1.2510 after rising earlier in the day to its highest against the dollar since April 12, adding to Thursday's rally after U.S. data showed economic growth unexpected slowed, while inflation accelerated, which reinforced expectations the Fed would not cut interest rates before September. The inflation surprise put an even greater-than-usual focus on the release of U.S. personal consumption expenditures (PCE) price index data for March due at 1230 GMT. Against the euro , sterling was also about flat, 0.1% on the day at 85.64 pence, both currencies having risen against the dollar after Thursday's U.S. economic data. "The pound and the euro reacted perfectly in tandem to U.S. GDP yesterday," said Francesco Pesole, FX strategists at ING. He added that with U.S. data having a neutral impact, only another round of repricing in Bank of England rates expectations can really stir the pair. The main focus on Friday was the weakening yen, which fell to a 34-year low against the dollar with markets on edge about possible intervention after the Bank of Japan kept interest rates on hold. Against the Japanese currency, sterling jumped 1.3% to 196.11, having touched its highest level since September 2008. "Anyone who was looking for more dramatic actions from the BoJ will have been disappointed by this meeting. However, the economic data supported the BoJ’s cautious move," said Kathleen Brooks, research director at XTB. She noted that one month sterling/yen volatility has been retreating. Sterling/yen implied one month volatility is up for a third day, but still below last week's highs. "We may see it fall further, as the risks of official intervention to support the yen begins to recede. This does not mean that the yen will recover, but it does mean that the decline could be in a more orderly fashion, with less big swings in the coming weeks," she said. Sign up here. https://www.reuters.com/markets/currencies/sterling-steadies-against-dollar-jumps-16-year-high-vs-yen-2024-04-26/

2024-04-26 12:22

April 26 (Reuters) - Canada's Imperial Oil (IMO.TO) New Tab, opens new tab saw higher profit in its first quarter on Friday as the integrated oil firm was helped by resilient demand for fuel amid tight supply conditions, but saw maintenance activities weighing on throughput volumes. While analysts had expected a profit of C$2.03 per share, the Calgary-based company said its net profit stood at C$1.2 billion, or C$2.23 per share in the quarter ended March 31. Refining margins have eased from sky-high levels in 2022, when Russia's invasion of Ukraine disrupted crude supplies. Profits stabilized through last year on weaker economic activity and an increase in global refining capacity. The company reported refinery throughput volumes of 407,000 bpd, which fell from 417,000 bpd in the same reporting period last year and was lower than the 415,000 bpd estimated by analysts, according to LSEG, due to maintenance activities. Throughput is the amount of petroleum product that moves through a refinery in a particular period. Imperial, which is majority-owned by energy major Exxon Mobil (XOM.N) New Tab, opens new tab, said upstream production was 421,000 gross barrels of oil equivalent per day in the first quarter, up from 413,000 gross boepd last year, but less than analysts' expectation of 422.5 boepd, according to LSEG data. Sign up here. https://www.reuters.com/markets/commodities/canadas-imperial-oil-beats-quarterly-profit-estimates-2024-04-26/

2024-04-26 12:06

April 26 (Reuters) - Petrochemical manufacturer LyondellBasell (LYB.N) New Tab, opens new tab said on Friday it expects seasonal demand improvements across most of its units in the current quarter after it beat first-quarter profit estimates. The chemical maker said low costs for natural gas and natural gas liquids (NGLs) should continue to benefit margins from LyondellBasell's North American and Middle East production in the second-quarter. With the start of the summer driving season, oxyfuels and refining margins are also expected to increase, the company added. Oxyfuels are a key component of clean-burning, high-octane gasoline. They improve fuel efficiency, engine performance and air quality by improving combustion efficiency which in turn reduces vehicle emissions, including greenhouse gases. "During the second quarter, LYB expects to operate its assets in line with market demand with average operating rates of 85% for global olefins and polyolefins assets and 80% for the Intermediates & Derivatives assets," the company said in a statement. LyondellBasell reported an adjusted profit of $1.53 per share for the quarter ended March 31, topping analysts' average estimate of $1.37 per share, according to LSEG data. Lower costs for natural gas-based feedstocks and the Red Sea disruptions helped its margins and volumes. In North America, the company said lower costs for natural gas-based feedstocks and energy benefited olefins and polyolefins margins, while regional demand for polyethylene improved in the reported quarter. U.S. gas futures were down about 20.4% during the quarter compared to the corresponding period in 2023. First-quarter revenue of $9.93 billion also topped Wall Street estimates of $9.73 billion. Sign up here. https://www.reuters.com/markets/commodities/lyondellbasell-beats-q1-profit-view-expects-seasonal-demand-boost-2024-04-26/

2024-04-26 12:03

MUMBAI, April 26 (Reuters) - India's foreign exchange reserves (INFXR=ECI) New Tab, opens new tab fell for a second consecutive week and stood at a six-week low of $640.33 billion as of April 19, data from the central bank showed on Friday. The reserves fell by $2.83 billion in the reporting week, adding to the previous week's $5.4 billion drop. The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee. For the week to which the foreign exchange data pertains, the rupee had fallen to a lifetime low of 83.5750 to the dollar but logged marginal weekly losses. The RBI sold around $1.5 billion in the non-deliverable forwards (NDF) market last Friday, when the Iran-Israel flare-up pressured the rupee, Reuters reported, citing sources. Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves. Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund. The currency settled at 83.35 and logged a weekly rise of 0.15%, its strongest since the week ended Feb. 2. FOREIGN EXCHANGE RESERVES (in million U.S. dollars) --------------------------------------------------------- April 19 April 12 2024 2024 --------------------------------------------------------- Foreign currency assets 560,860 564,653 Gold 56,808 55,798 SDRs 18,034 18,077 Reserve Tranche Position 4,631 4,634 ---------------------------------------------------------- Total 640,334 643,162 ---------------------------------------------------------- Source text: (https://bit.ly/49OFHfW New Tab, opens new tab) Sign up here. https://www.reuters.com/world/india/indias-foreign-exchange-reserves-drop-six-week-low-2024-04-26/

2024-04-26 12:02

BERN, April 26 (Reuters) - The Swiss National Bank remains sceptical about buying bitcoins, Chairman Thomas Jordan said on Friday, despite calls from campaigners to change Swiss law and allow cyptocurrencies to be added to its currency reserves. Buying bitcoin to add to the gold, foreign currencies, bonds and shares the SNB holds in its reserves was not without potential downsides like carbon emissions, Jordan said, pointing to the energy consumption of bitcoin mining and transactions. "We have not yet decided that we want to invest in bitcoin. Actually for good reasons," he told the central bank's AGM. "Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them." A campaign group wants the SNB to hold part of its currency reserves in bitcoin, and to put the issue to a referendum. It argues the move would help secure Swiss sovereignty and neutrality, as well as diversify the SNB's investments. One of the campaigners, Luzius Meisser from crypto currency broker Bitcoin Suisse, said the SNB had made massive losses on its investments in government bonds of other countries when it could have made a big profit from buying bitcoin instead. "I firmly believe that it would strengthen the Swiss franc and the independence of the Swiss National Bank if we spent less on loss-making government bonds and started holding bitcoin," Meisser told the meeting. "Imagine you had the possibility to send something of value to your great-grandchildren in the year 2099. Would you prefer them to get 50,000 euros or a hard bitcoin? To me, the choice is clear." Sign up here. https://www.reuters.com/business/finance/swiss-national-bank-sceptical-bitcoin-its-currency-reserves-2024-04-26/

2024-04-26 12:00

PARIS, April 26 (Reuters) - French oil major TotalEnergies (TTEF.PA) New Tab, opens new tab is "seriously" looking at a possible listing in New York, Chief Executive Patrick Pouyanne told analysts on Friday, to move closer to a majority of U.S.-based shareholders. The Paris-based company says it has 47% of institutional shareholders in the United States, and 39% of all global shareholders are located there. "We had a discussion of the board on the matter of U.S. listing and we all agreed that we have to seriously look at it," said Pouyanne. The move concerns a primary listing, though it is not clear if the company would continue its listing in Paris. "U.S. shareholders are buying, European shareholders are not so buying, so we must think of it," Pouyanne said, adding he planned to report to the board on the issue by September. Sign up here. https://www.reuters.com/markets/commodities/totalenergies-considers-listing-new-york-says-ceo-2024-04-26/