2024-07-16 04:38

BEIJING, July 16 (Reuters) - China's photovoltaic inverter manufacturer Sungrow Power Supply (300274.SZ) New Tab, opens new tab said on Tuesday it has signed an agreement with Saudi Arabia's Algihaz Holding for an energy storage project with a capacity of up to 7.8GWh. The project, expected to be delivered this year, will improve the stability and reliability of Saudi Arabia's power grid and help realise Saudi Vision 2030, the company said in a statement. Sign up here. https://www.reuters.com/markets/deals/chinas-sungrow-signs-deal-with-saudi-arabias-algihaz-energy-storage-project-2024-07-16/

2024-07-16 04:33

A look at the day ahead in European and global markets from Ankur Banerjee Fed Chair Jerome Powell's sort of dovish comments have cemented an interest rate cut in September, at least in markets' eyes, with the prospect of Donald Trump making a return to White House keeping trades associated with it in play and on investor minds. In what could be his last public comments before the U.S. Federal Reserve goes into a blackout ahead of its July 30-31 policy meeting, Powell remained cautious but suggested that recent inflation data have been in the right direction for the inflation rate to return to the Fed's target of 2%. "We've had three better readings, and if you average them, that's a pretty good place," he said at an event on Monday. The comments were enough for markets to once again shift rate expectations, with traders anticipating 68 basis points of easing this year. A rate cut in September is now fully priced in, the CME FedWatch tool showed. That has left the U.S. dollar swaying, with the greenback weakening in the wake of Powell's comments but seeing a bit of strength in Asian hours as investors ponder what a Trump presidency could mean for inflation and interest rates. Trump made a triumphant entrance at the first night of the Republican National Convention on Monday, receiving a raucous ovation from the party faithful two days after a would-be assassin's bullet grazed the former U.S. president's right ear. The attack has bolstered expectations of a Trump victory in the November election, with cryptocurrencies surging, gold stalking a record high and the bond yield curve steepening as investors favour so-called Trump-victory trades. In Europe, futures indicate bourses are due for a subdued start on Tuesday and, with little in the economic calendar for investors to take cues from, Trump and Powell will yet again dictate market movement. Focus will be given to luxury stocks in the wake of Burberry (BRBY.L) New Tab, opens new tab on Monday flagging a possible loss and scrapping its dividend. A gauge of the top 10 European luxury stocks (.STXLUXP) New Tab, opens new tab lost 3% on Monday, its biggest one-day percentage decline in 10 months. Key developments that could influence markets on Tuesday: Sign up here. https://www.reuters.com/markets/europe/global-markets-view-europe-2024-07-16/

2024-07-16 03:15

MUMBAI, July 16 (Reuters) - The Indian rupee is expected to open largely unchanged on Tuesday despite a decline in Asian peers on expectations that the central bank will not allow the currency to drop to an all-time low. Non-deliverable forwards indicate the rupee will open flat from 83.5925 in the previous session. The dollar index inched up and Asian currencies were down between 0.1% to 0.3%. The rupee hit an all-time low of 83.6650 hit last month. At this level of the rupee, the impact of the moves in Asia will be "all the more" lower, a currency trader said. "Clearly, the level to watch is 83.6650 and odds are that RBI will be defending that." The Reserve Bank of India, via regular intervention, has held the rupee in a narrow range. It is widely expected that the central bank will continue to do. Asian currencies are struggling despite an increasing likelihood that the Federal Reserve will cut rates at least twice this year. A September rate cut has been fully priced in and futures are indicating a total of 68 basis points of rate cuts in 2024 amid softening inflation. Fed Chair Jerome over the June quarter do "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion. "Following recent US data releases on employment and inflation, we think that if Fed members were to submit their dot plot estimates now, a significant majority of members would be pencilling in two cuts this year and some of the more dovish members might be considering three," ANZ Bank said in a note. Analysts have said the higher odds of Donald Trump winning the November election following his assassination attempt may be the reason Asian currencies are struggling. KEY INDICATORS: ** One-month non-deliverable rupee forward at 83.64; onshore one-month forward premium at 7 paise ** Dollar index up at 104.33 ** Brent crude futures down 0.3% at $84.6 per barrel ** Ten-year U.S. note yield at 4.22% ** As per NSDL data, foreign investors bought a net $642.6mln worth of Indian shares on Jul. 12 ** NSDL data shows foreign investors bought a net $70mln worth of Indian bonds on Jul. 12 Sign up here. https://www.reuters.com/markets/currencies/rupee-pressed-by-weak-asia-supported-by-intervention-hopes-2024-07-16/

2024-07-16 00:43

SYDNEY, July 16 (Reuters) - Japan's Electric Power Development's (J-Power) (9513.T) New Tab, opens new tab A$381 million ($257.56 million) buyout of Australia's Genex Power (GNX.AX) New Tab, opens new tab has been approved on proxy votes, according to a Genex announcement on Tuesday. J-Power had offered 27.5 Australian cents per share for the renewable energy firm in which it already owns 7.7%. The bid was backed by 83.54% of the proxy votes cast ahead of an investor meeting, according to a company slide shown at the meeting in Sydney on Tuesday, surpassing the requirement of at least 75% for the deal to proceed. A majority of individual shareholders backed the deal, the slide showed. The final result of the vote will be known later on Tuesday. J-Power, a major power generator with coal-fired power plants and hydroelectric facilities, deepened its 2030 emission reduction target last year by 1.3 million tons from 2013 levels. The Japanese firm is a joint owner and developer of Genex's Kidston wind project and Bulli Creek clean energy project, which are both in the Australian state of Queensland. The offer represented a 48.5% premium to Genex's share price in early March before the J-Power bid. J-Power had originally offered 24 Australian cents, Genex said in March, before raising its offer to the level that was backed by the buyout target's board. The bid was backed by Genex's largest shareholder Skip Capital, an investment firm founded by Atlassian co-founder Scott Farquhar, that holds 19.9% of Genex, local media reported on Tuesday. Sign up here. https://www.reuters.com/markets/deals/j-powers-258-mln-bid-genex-power-passes-proxy-votes-genex-says-2024-07-16/

2024-07-16 00:30

HOUSTON, July 16 (Reuters) - Oil prices settled more than 1% lower on Tuesday, the third straight day of losses, on worries of a slowing Chinese economy crimping demand, though declines were stemmed by a growing consensus the U.S. Federal Reserve could begin cutting its key interest rate as soon as September. Brent futures closed down $1.12, or 1.3%, at $83.73 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.15, or 1.4%, to $80.76. "Weaker economic data continues to flow from China as continued government support programs have been disappointing, with many of China's refineries cutting back on weaker fuel demand," said Dennis Kissler, senior vice president of trading at BOK Financial. The world's second-largest economy grew 4.7% in April-June, official data showed, its slowest rate since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll. It slowed from the previous quarter's 5.3% expansion, hamstrung by a protracted property downturn and job insecurity. Meanwhile, the global economy is set for modest growth over the next two years amid cooling activity in the U.S., a bottoming-out in Europe and stronger consumption and exports for China, but risks to the path abound, the International Monetary Fund said on Tuesday In the U.S., crude oil inventories fell by 4.4 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday. Stocks on average were expected to fall by 33,000 barrels last week, according to a Reuters poll on Tuesday. Government data on inventories is expected on Wednesday. Fed Chair Jerome Powell said on Monday the three U.S. inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the central bank's target in a sustainable fashion. Market participants interpreted the comments as indicating that a turn to interest rate cuts may not be far off. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand. U.S. retail sales were also unchanged in June, a show of consumer resilience that boosts economic growth prospects for the second quarter, helping assuage fears of a sharp slowdown in the economy. Federal Reserve Governor Adriana Kugler said it will be appropriate to begin easing monetary policy later this year if economic conditions continue to evolve favorably. But some analysts cautioned about excess bullishness as expected weakness in some macroeconomic data from the U.S. could still indirectly hurt oil demand in the near term. Sign up here. https://www.reuters.com/business/energy/oil-prices-tick-down-worries-about-chinese-demand-2024-07-16/

2024-07-16 00:26

July 15 (Reuters) - Houthis launched multiple attacks in the Red Sea against MT Bentley I, which was carrying vegetable oil from Russia to China, and also attacked the Chios Lion tanker ship, the U.S. military said on X on Monday. Sign up here. https://www.reuters.com/world/middle-east/us-military-confirms-houthi-attacks-vessels-red-sea-2024-07-16/