2023-12-28 10:41

Dec 28 (Reuters) - A Panama-flagged bulk carrier that was heading to the River Danube port to load grain hit a Russian mine in the Black Sea, injuring two crew members, Ukrainian officials said on Thursday. The incident that took place on Wednesday was the latest instance of a civilian vessel hitting an explosive in the Black Sea. Kyiv has said increased Russian attacks on shipping and port infrastructure are to blame. Russia's defence ministry did not immediately respond to a request for comment. A shipping source speaking on condition of anonymity told Reuters the Greek-operated VYSSOS was the vessel that had been hit. The vessel's Athens-based manager, which was listed in databases as Nava Shipping, could not be immediately located for comment. "A Panama-flagged civilian vessel was blown up on an enemy sea mine in the Black Sea ... The vessel lost its course and control, and a fire broke out on the upper deck," Ukraine's southern military command said on Telegram. A captain and a sailor, an Egyptian citizen, were injured, and the latter was taken to hospital in the city of Izmail, the head of the Odesa regional prosecutor's office told a briefing. He said the incident happened early on Wednesday at a river mouth. The vessel stopped updating its position, according to the ship tracking and maritime analytics provider MarineTraffic. It was heading to Izmail, the British maritime security company Ambrey told Reuters. The mine hit its stern, and detonation caused equipment and machinery failure. There were 18 crew members onboard, 13 Egyptians, three Ukrainians, and two Turkish citizens. Ukraine says Moscow has increased attacks on Ukraine's port infrastructure since mid-July, when it quit a U.N.-brokered deal that allowed safe passage of Ukrainian grain shipments via the Black Sea. Kyiv since has established an alternative route, which hugs the western shores of the Black Sea. It said Russian forces have been repeatedly dropping explosive devices in its vicinity. https://www.reuters.com/world/europe/bulk-carrier-hits-mine-black-sea-two-people-injured-ukraine-says-2023-12-28/

2023-12-28 10:30

JOHANNESBURG, Dec 28 (Reuters) - South Africa's rand slipped in thin trading on Thursday with no market-moving news expected locally ahead of several economic data releases on Friday. At 1002 GMT, the rand traded at 18.5550 against the dollar , over 0.8% lower than its previous close. "Volumes remain low and liquidity is very thin," said Andre Cilliers, currency strategist at TreasuryONE. On the last trading day of the year, South African investors will turn their focus towards monthly money supply, budget and trade balance figures for clues on the health of the economy. On the stock market, the Top-40 (.JTOPI) and the broader all-share (.JALSH) indices were up about 0.1%. The dollar index languished near a five-month low and was last down 0.21% at 100.68 against a basket of currencies as markets continued to bet on an interest rate cut by the U.S. Federal Reserve as early as March. South Africa's benchmark 2030 government bond was marginally stronger, with the yield down 1 basis point at 9.725%. https://www.reuters.com/markets/currencies/south-african-rand-weakens-thin-trade-ahead-local-economic-releases-2023-12-28/

2023-12-28 10:21

Gold hits highest since Dec. 4 record peak Markets bet on 88% chance of Fed rate cut in March Platinum hits highest level since June Dec 28 (Reuters) - Gold prices eased on Thursday, after hitting a more than three-week high earlier, as an uptick in the U.S. dollar and Treasury yields undermined the support from expectations of rate cuts by the Federal Reserve early next year. Spot gold lost 0.4% to $2,069.79 per ounce by 2:20 p.m. ET (1920 GMT), after rising as high as $2,088.29 earlier, the most since Dec. 4, when bullion hit its all-time peak. U.S. gold futures settled down 0.5% at $2,083.50. "There's not a lot of trading volume right now in any of the markets so that usually causes smaller moves, especially when we're approaching a big number like an all-time high," said Chris Gaffney, president of world markets at EverBank. "The reason prices have gone back near the horizon and rallied again towards the end of the year is all about interest rate expectations and a weaker dollar." The dollar index rose 0.3% after hitting a five-month low. Benchmark 10-year bond yields also rose, coming off their lowest levels since July. U.S. jobless claims rose last week, indicating the labor market continues to cool in the year's fourth quarter. Investors are betting on an 88% chance of the Fed cutting rates in March, according to the CME FedWatch tool. Lower interest rates decrease the opportunity cost of holding non-yielding bullion. "We look for higher gold prices over the next 12 months, with weaker economic data and lower inflation in the U.S. forcing the Fed to cut rates," UBS analyst Giovanni Staunovo said. On the physical front, China's net gold imports via Hong Kong rose by about 37% in November from the previous month. Spot silver fell 1% to $24.01 per ounce. Platinum gained 0.6% to $1,002.50, after hitting its highest since June, while palladium dropped 2% to $1,129.70. Both autocatalytic metals were on track to log yearly declines. https://www.reuters.com/markets/commodities/gold-climbs-over-three-week-high-us-rate-cuts-bets-2023-12-28/

2023-12-28 10:17

MUMBAI, Dec 28 (Reuters) - The Indian rupee strengthened on Thursday while far forward premiums rose to their highest in more than two months on rising expectations of the U.S. Federal Reserve easing monetary policy cycle. The rupee closed at 83.1650 to the U.S. dollar, up from 83.3450 in the previous session. The currency posted its biggest rise in a single rise in nearly two weeks. The dollar index was at its lowest since July, and Asian currencies rose. For once, the rupee "managed to use the dollar's downturn", a FX trader said. "The lack of demand (for USD/INR) that we saw yesterday clearly helped (the rupee). It will be an interesting last day (of the year)." The dollar has struggled for most of this month in the wake of increasing confidence that the Fed will deliver a series of rate cuts next year, most likely beginning as soon as next quarter. Slowing inflation is expected to allow the U.S. central bank to focus on growth, and investors think that will mean aggressive rate cuts. The probability of a Fed rate cut in January has risen to 16% from under 1% a month back, according to the CME FedWatch Tool. Odds of a March rate cut has climbed to over 85%. The dollar index had fallen 2.5% in December, and that is on top of the 3% drop in November. The rupee has not benefited from the dollar's slump, thanks largely to the Reserve Bank of India's repeated intervention, according to traders. The Fed rate cut expectations have pushed rupee premiums higher with the 1-year implied forward USD/INR yield hovering near 1.80%, up 25 basis points this month. "We expect the RBI to prevent the rupee from reaching record lows. Once it crosses the 83.00-82.90 zone, it may move towards 82.50 levels," said Amit Pabari, managing director at fx advisory firm CR Forex. https://www.reuters.com/markets/currencies/rupee-ends-higher-forward-premiums-climb-over-2-month-high-2023-12-28/

2023-12-28 09:59

FTSE 100 down 0.1%, FTSE 250 off 0.2% BT Group drops trading ex-dividend UK 10-year gilt yield hits lowest since April Dec 28 (Reuters) - The UK's FTSE 100 pared earlier gains and moved lower on Thursday, following a drop in heavyweight energy and precious metal mining stocks, while a drop in yields indicated diminished risk around interest rate volatility. The blue-chip FTSE 100 (.FTSE) was down 0.1% by 9:43 GMT, while the FTSE 250 midcap index (.FTMC) edged 0.2% lower. Britain's benchmark 10-year gilt yield briefly fell to its lowest level since April 6, as traders maintain bets that the Bank of England will cut interest rates this year. Oil and gas (.FTNMX601010) shares dropped 0.5%, on lower crude prices as concerns eased about shipping disruptions along the Red Sea route. "The market is likely to try the upside again... maybe in the early new year, on expectations of a recovery in fuel demand thanks to monetary easing in the United States," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Among other decliners, homebuilder stocks (.FTNMX402020) lost 0.8%, while precious metal miners (.FTNMX551030) slipped 0.8% as gold prices moved lower. Industrial metal miners (.FTNMX551020) gained 0.1% as copper prices climbed, supported by a softer dollar on bets of interest rate cuts by the U.S. Federal Reserve in the upcoming year. Automobile and parts (.FTNMX401010) shares rose 0.1% after claiming a six-week high in the previous session. Among individual stocks, BT Group (BT.L) shares fell 2.1%, trading ex dividend. Refractory products supplier RHI Magnesita is the FTSE 250's top performer, up 6.1%, followed by Helios Towers (HTWS.L), up 2.1%. https://www.reuters.com/world/uk/london-stocks-open-higher-miners-boost-lower-yields-2023-12-28/

2023-12-28 09:40

HELSINKI, Dec 28 (Reuters) - Finland's Industrial Union said on Thursday it planned two days of labour strike action at Neste's (NESTE.HE) Porvoo oil refinery, likely shutting the plant's production unless the government agrees to change its proposed labour market reforms. Finnish unions have protested in recent months against the right-wing government's plan to favour local work agreements over centralised bargains, limit political strikes and make it easier to terminate work contracts. "We hope that the suspension of oil refining will make the government realise that it cannot put the entire burden of public finances on the shoulders of workers," shop steward Sami Ryynanen at the Porvoo refinery said in a statement. A strike at Porvoo is scheduled for Feb. 1-2 of 2024, the Industrial Union said. "If the strike were to take place, it would lead to the shutdown of Neste's Porvoo refinery which must be carried out in an orderly and safe manner," a Neste spokesperson said in an emailed statement. https://www.reuters.com/business/energy/workers-threaten-2-day-strike-neste-oil-refinery-finland-2023-12-28/