2023-11-16 05:58
BEIJING, Nov 16 (Reuters) - Twenty-five people were killed in a fire at a coal company's office building in China's northern Shanxi province, state media said on Thursday. The fire broke out at 6:50 a.m. at the four-story Yongju Coal Industry Joint Building in the country's top coal-producing hub of Shanxi. State broadcaster CCTV initially reported the fire killed 11 people and injured at least 51, before subsequently raising the reported death toll from the accident twice. The cause of the fire was still under investigation. Calls to Yongju Coal Industry were not answered. Previous deadly fires in China have drawn public anger. In April, 29 people were killed as a fire ripped through a hospital in Beijing, leading to criticism of local authorities on social media sites. China's coal producers are also under scrutiny for a series of accidents in mines in recent months, which has weighed on production as mines stop work for safety inspections. https://www.reuters.com/world/china/fire-chinese-coal-company-office-kills-11-hurts-least-51-state-media-2023-11-16/
2023-11-16 05:42
Hasbro, Mattel warned of weak holiday season Shoppers prioritizing food over toys -executives Larian anticipates 10-12% holiday sales decline Action figure sales down 2% -Euromonitor Toy sales down 3% in Europe from last year -Circana LONDON, Nov 15 (Reuters) - Santa Claus may not have as much to give this year because hard up shoppers in Europe and the United States are prioritizing food and household staples, global toy makers and industry experts said. Consumers worldwide have struggled to cope with high inflation and sluggish economic growth. The holiday season, which begins with Black Friday at the end of November and lasts roughly until the end of December, is expected to be especially tough for retailers selling discretionary items, executives say. Favourites such as Barbie dolls, Transformers action figures and Hot Wheels cars will still be at the top of children's wish list, said Loo Wee Teck, consumer electronics industry manager at Euromonitor International. But many parents can't afford them this year, according to executives. The top selling Barbie doll on Amazon, "Barbie Pop Reveal", currently costs parents 19.99 pounds ($24.89). Meanwhile, Hot Wheels' Scorpion play set was 35 pounds in 2020, according to parent blogs, but the same toy is about 60 pounds on Amazon.co.uk this year. "The most important thing for people this holiday is to have food on the table for their families," Isaac Larian, CEO of Bratz doll maker MGA Entertainment, said in an interview. Toymakers Hasbro (HAS.O) and Mattel have already warned of weaker industry sales. But trading could prove even tougher than expected, executives at four toymakers and experts told Reuters. Larian is expecting holiday sales at his company, which also makes Little Tikes toys and sells products across Europe and the United States, to decline by 10-12% worldwide versus last year. Demand in the lead up to Christmas will be "smaller" than last year, said Nic Aldridge, managing director at Bandai (7832.T), the maker of Tamagotchi virtual pets. Aldridge anticipates more price cuts as retailers look to shift older products. "The was an abundance of supply from previous years so there is a lot of clearance stock and a lot of deep discounting," he said. BLACK FRIDAY OFFERS CLUES Global sales of action figures like Transformers and Spiderman are projected to decline by 2% this year, Euromonitor forecasts. Anticipating the lower demand and already holding surplus inventory, many retailers ordered in less product than usual this year. That means products that are in demand may sell out quickly. Black Friday will give retailers an early indication. "We are seeing some early Black Friday sales start just now," Barbie maker Mattel's (MAT.O) president and chief commercial officer, Steve Totzke, told Reuters on Monday. Mattel's inventory levels at the end of the third quarter declined by double-digit percentage versus the prior year, with weeks of supply down high single digits, it said last month. MGA Entertainment ordered and made less product, Larian said, because it wanted to be "cautious and conservative" but now expects to run out of some new toys as a result. U.S. imports of toys fell by 32% year over year in the three months to Aug. 31, 2023 in dollar terms, according to S&P Global Market Intelligence's trade data firm Panjiva. That's usually a key ordering period for holiday stock. Shipments by sea - measured by number of containers - fell by 8% in September. "The market for toys has been declining for the whole year," said Florian Sieber, CEO of German toy maker Simba. Demand from consumers in Europe is lower than last year and last year was already down from the previous year, Sieber added. Still, some anticipate a late surge in demand. "We are expecting a good holiday season for Mattel," Totzke said. "We expect to continue to gain share throughout the holiday season." Frédérique Tutt, Global Toys Advisor at data firm Circana, formerly NPD, said toy sales were down about 7% year-on-year in countries it tracks in the first nine months of the year, but that she expects shoppers to come through in the three weeks before Christmas. The categories with the best performance to date are games and puzzles, plush, building sets and vehicles, she said. "There'll be some money set aside for toys," said Jerry Storch, chief executive officer of consultancy Storch Advisors and former CEO of Toys-R-Us and Hudson's Bay Co . "But it's a reality that there won't be as many toys sold this year as last year." ($1 = 0.8032 pounds) https://www.reuters.com/markets/santas-sleigh-be-lighter-people-buy-fewer-toys-2023-11-15/
2023-11-16 05:35
MUMBAI, Nov 16 (Reuters) - The sharp widening in India's merchandise trade deficit in October to a record level, fuelled by a broad-based rise in imports, will likely be an outlier, analysts said. India's merchandise trade deficit rose to an all-time high of $31.46 billion in October, widening sharply from the $19.37 billion print in the prior month. Imports jumped from $65 billion from $53.8 billion. "On a sequential basis, about 70% of the uptick in imports in October is led by oil, gold and silver imports," Morgan Stanley said in a note. The increase in gold and sliver imports can potentially be attributed "to certain lumpiness" in demand ahead of the Diwali festive season, it added. On the increase in oil imports, IDFC First Bank said it probably "reflects some front-loading of imports" with crude oil prices having declined in October. On a monthly annualised basis, India's trade deficit rose to 10.4% of GDP in October from 6.4% of GDP in September. "Despite the shock on the trade deficit front, we retain our FY24 current account deficit (CAD) estimate at 1.9% of GDP," Gaura Sen Gupta, economist at IDFC First Bank, said. "This is because the October print is likely to be a one-off, with gems and jewellery imports likely to normalize from November onwards." Further, the easing of oil prices provides a bit of buffer, Gupta said. Brent crude is down about 8% in November, having fallen by about the same margin last month. Morgan Stanley said the elevated October trade deficit was likely to be an outlier. "We anticipate the trade deficit to moderate considerably in November and December," it said, estimating the CAD for the December quarter to be within 2-2.4% of GDP. Sakshi Gupta, principal economist at HDFC Bank, said she was not having a re-look at the CAD estimate or the USD/INR forecast for now in light of the October's trade deficit numbers. https://www.reuters.com/world/india/indias-record-merchandise-trade-deficit-oct-likely-be-one-off-analysts-2023-11-16/
2023-11-16 05:32
A look at the day ahead in European and global markets from Vidya Ranganathan. Thursday's corporate calendar features a host of earnings reports that will shine further light on the health of the global consumer, as U.S. retailers Walmart (WMT.N), Bath & Body Works and Macy's (M.N) report earnings. Expectations for Walmart ride high after peer Target (TGT.N) surged by almost a fifth on Wednesday in the wake of its consensus-beating holiday sales forecast and upbeat view of its supply chain. Walmart is expected to report a rise in third-quarter sales powered by strong demand for its cheaper groceries and household essentials for inflation-hit Americans, so investors are looking beyond that to the company's outlook for the holiday season and its comments on margin pressures. That tricky inflation dynamic is also likely to show Bath & Body Works didn't have such a great third-quarter and that customers cut down on non-essential items, such as its pricier home fragrances and personal care products. Chinese e-commerce giant Alibaba Group will set the tone earlier in the day when it announces results, an update on its restructuring and investors hear from its new CEO, Eddie Wu, for the first time. A bunch of central banks, including ECB President Christine Lagarde, speak at various events on Thursday against the backdrop of a growing consensus that major central banks' policy tightening cycles are over, a conviction strengthened by recent inflation reports and other indicators. Figures on Wednesday showed U.S. producer prices fell at their fastest pace since April 2020, and UK consumer inflation undershot all forecasts. Oil prices are now down more than 10% year-on-year. With U.S. producer price data also reinforcing the disinflation theme, this week's data has made financial markets certain that Fed Chair Jerome Powell will leave the Fed funds target rate unchanged at 5.25%-5.50% at the conclusion of next month's policy meeting, according to CME's FedWatch tool. Meanwhile in Asia, Japan's exports are struggling due to slumping China-bound shipments of chips and steel. China's October data shows a continued recovery in industrial output and retail sales, but enduring weakness in the real estate sector that remains a drag on the economy. What's propping up markets on the mainland however is the promise of bigger stimulus, and the central bank injected a large amount of cash via medium-term policy loans this week. While markets didn't react specifically to the news, investors also heard from the first meeting in a year between U.S. President Joe Biden and Chinese leader Xi Jinping on Wednesday, that the two leaders had agreed to resume military-to-military communications and cooperate on anti-drug policies. Key developments that could influence markets on Thursday: Data: U.S. weekly initial jobless claims, Oct industrial production, U.S. import and export prices Speakers: Bank of England's Randall Kroszner, ECB's Christine Lagarde and Luis de Guindos, Fed's Loretta Mester, John Williams and Michael Barr. Events : APEC meeting of world leaders in San Francisco. Earnings: Walmart, Applied Materials, Macy's, Bath & Body Works, Gap, Siemens, SQM Debt auctions: Reopening of 3-year, 4-year, 5-year, 13-year and 30-year France debt https://www.reuters.com/markets/europe/global-markets-view-europe-2023-11-16/
2023-11-16 05:23
MUMBAI, Nov 16 (Reuters) - The Indian rupee weakened on Thursday tracking its Asian peers lower but U.S. dollar sales from state-run banks, likely on behalf of clients, limited the downside for the local unit. The rupee was at 83.2125 against the U.S. dollar as of 10:50 a.m. IST, compared with its close at 83.1425 in the previous session. The rupee had logged its best day in nearly two months on Wednesday. Asian currencies fell, with the Malaysian ringgit leading losses down by 0.8%. The dollar index was higher at 104.48, drawing support from better-than-expected retail sales numbers in the United States. U.S. retail sales fell 0.1% month-on-month in October compared with an expected 0.3%, according to a Reuters poll. Further, data for September was revised to show sales increasing 0.9% from the previous 0.7%. The 10-year U.S. treasury yield also reclaimed the 4.5% handle after having receded lower on bets that the Federal Reserve would begin easing policy rates next year. "While the rupee volatility has increased since last Friday, it remains within a range of 83 to 83.30," Amit Pabari, managing director at FX advisory firm CR Forex, said. The domestic currency had plunged to its lifetime low of 83.42 on Friday. Dollar sales from state-run banks on Thursday, likely on behalf of clients, helped limit the rupee's losses, a foreign exchange trader at a bank said. The rupee has "returned to its range and that is likely to keep holding", the trader added. Investors now await U.S. initial jobless claims data for the preceding week due later in the day. The data is expected to show that jobless claims rose slightly to 220,000, according to a Reuters poll. https://www.reuters.com/world/india/rupee-edges-lower-tracking-asian-peers-state-run-banks-offer-2023-11-16/
2023-11-16 04:54
JAKARTA, Nov 16 (Reuters) - U.S. oil major Exxon Mobil (XOM.N) is planning to invest up to $15 billion in a petrochemical project and carbon capture and storage (CCS) facilities in Indonesia, President Joko Widodo said in a presidential palace statement on Thursday. The planned CCS facilities would be the biggest in Southeast Asia. Jokowi, as the Indonesian president is commonly known, met with Exxon Chairman Darren Woods during a trip to San Francisco for an Asia Pacific Economic Cooperation (APEC) summit. Earlier this week, Indonesia signed an initial deal with an Exxon unit to explore investment in a petrochemical project in Indonesia to produce polymers. Exxon and Indonesian state energy company Pertamina also agreed to evaluate $2 billion in investments in CCS facilities using two underground basins in the Java Sea. "These large-scale opportunities could substantially boost industrial growth and decarbonisation in Indonesia, as well as the Asia Pacific region," said Carole Gall, president of Exxon Mobil Indonesia. The CCS hub would have the potential to store at least 3 gigatons of carbon dioxide emitted by industries in Indonesia and the rest of the region, Pertamina said. Indonesia wants to use its depleted oil and gas reservoirs for carbon storage and is finalising a regulation that would open up storage schemes for carbon from abroad to be stored in the country. The agreements were signed during Jokowi's visit to Washington to meet with U.S. President Joe Biden, ahead of the APEC summit in San Francisco this week. https://www.reuters.com/business/energy/indonesia-says-exxon-mobil-plans-invest-up-15-bln-country-2023-11-16/
