Denmark's Orsted plans to raise $9.4 billion in rights issue
($1 = 6.3953 Danish crowns)
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Reuters
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- Reuters
Indian rupee rises the most in a month on broad dollar weakness
MUMBAI, Aug 13 (Reuters) - The Indian rupee gained the most in more than a month on Wednesday as softer U.S. inflation data bolstered hopes of a Federal Reserve rate cut in September, weighing on the dollar. The local currency unit gained 0.31% - its highest intraday gain since July 3 - and closed at 87.4400, compared to Tuesday's close of 87.7125. U.S. inflation data released on Tuesday showed consumer prices rose modestly in the world's largest economy in July, with impact from recent tariffs staying limited. This provided a boost to emerging market currencies including the Indian rupee, as the odds for a September rate cut from the Fed climbed to 94%. Markets are now pricing in 60 basis points of cuts this year, lifting risk appetite among investors. Investor confidence in the dollar was further dented after the White House said President Donald Trump was weighing legal action against Fed Chair Jerome Powell over his handling of renovations at the central bank's headquarters. The dollar index was down 0.4% at 97.645 at 1544 IST. 'For the USD/INR pair, the outlook is bearish for the next couple of days," said Jigar Trivedi, senior currency and commodity analyst at Reliance Securities. The uncertainty over U.S. tariffs remains the dominant drag on sentiment, Trivedi said, adding that the upcoming Trump-Putin summit in Alaska on Friday is a key risk event that could sway the currency's direction. The stakes of the meeting, which aims to explore a resolution to the war in Ukraine, are high for the rupee. Market participants expect any resolution to the conflict to have a bearing on additional tariffs that President Trump has imposed on Indian goods in response to New Delhi's continued purchases of Russian oil. Meanwhile, most Asian currencies advanced, with the Indonesian rupiah and the Malaysian ringgit up 0.6% and 0.5%, respectively, and the South Korean won rising 0.5%.
Reuters
10 minutes ago
- Reuters
FTSE 100 hits 1-week high on US rate cut optimism
Aug 13 (Reuters) - London shares rallied on Wednesday, with the blue-chip FTSE 100 index reaching a one-week intraday peak, as expectations of a U.S. Federal Reserve interest rate cut buoyed demand for risk assets globally. As of 0943 GMT, FTSE 100 (.FTSE), opens new tab was up 0.2%, rising for a third consecutive session. The domestically focused midcap index gained 0.3%. Global stocks continued to climb after Tuesday's release of U.S. inflation data for July. The figures, which was viewed as a critical indicator for a potential Fed interest rate cut in September, largely met expectations. This bolstered confidence in a 25-basis-point rate reduction and propelled Wall Street to fresh highs in the previous session. The positive sentiment swept through UK markets on Wednesday, with healthcare (.FTNMX201030), opens new tab and defence (.FTNMX502010), opens new tab sectors leading the way, rising 1.5% and 1%, respectively. Investor attention is now shifting to Friday's high-stakes talks between U.S. President Donald Trump and Russian President Vladimir Putin, aimed at negotiating a peace deal to end the conflict in Ukraine. European and Ukrainian leaders will speak to Trump on Wednesday to emphasize the risks of compromising Kyiv's interests in pursuit of a ceasefire. Meanwhile, financials came under pressure with the non-life insurers index (.FTNMX303020), opens new tab falling 3.7%. Beazley (BEZG.L), opens new tab tumbled 11% after lowering its annual premium growth forecast, partly hurt by subdued demand for its cyber and property risk insurance. Housing sector (.FTNMX402020), opens new tab also fell 0.9%, as homebuilder Persimmon (PSN.L), opens new tab dropped 2.9%, after cautioning about next year's margin despite forecasting higher home sales. Shell (SHEL.L), opens new tab inched 0.8% down. The LNG major said on Tuesday that Venture Global (VG.N), opens new tab has won a legal battle against it over its failure to deliver liquefied natural gas under long-term contracts starting in 2023. Among other movers, infrastructure products maker Hill & Smith (HILS.L), opens new tab topped the gains on the midcap index, rising 12%, after its half-yearly results and announcement of a 100 million British pound ($135.70 million) share buyback program. ($1 = 0.7369 pounds)
Reuters
10 minutes ago
- Reuters
South Africa's auto sector hit by job losses and company closures
GQEBERHA, South Africa, Aug 13 (Reuters) - Low domestic sales of locally made cars, an influx of imports and low levels of local content have led to 12 company closures and over 4,000 job losses in the South African motor industry over two years, the trade minister said on Wednesday. South Africa, a market long dominated by the likes of Volkswagen ( opens new tab, Toyota (7203.T), opens new tab and Mercedes-Benz ( opens new tab, saw sales of 515,850 locally produced cars last year, far below the South Africa Automotive Masterplan 2035 target of 784,509, Minister Parks Tau told delegates at an auto parts conference. Some 64% of vehicles sold in South Africa are imports. Additionally, localisation - the level of local assembly, labour and components - remains stagnant at 39%, well short of the 60% target, while U.S. tariffs now significantly impact the country's 28.7 billion rand ($1.64 billion) automotive exports, he added. "These pressures have triggered 12 company closures and over 4,000 job losses in two years," Tau said. South Africa's automotive industry employs 115,000 people directly, with over 80,000 in component manufacturing alone. Experts say that with the U.S. tariffs on cars and parts that were imposed from April, jobs are under threat as some companies lose contracts in America. On Tuesday, South Africa submitted a revised offer for a trade deal with Washington, in an effort to lower the 30% tariff U.S. President Donald Trump imposed last week. To help respond to the challenges the industry is facing, an incentive scheme for local manufacturing now includes electric vehicles and associated components, Tau said. "Localisation is not merely policy compliance, it is existential. A 5% increase in local content would unlock 30 billion rand in new procurement, dwarfing the 4.4 billion rand U.S. export market," Tau said. International manufacturers such as Stellantis ( opens new tab and China's Chery are looking to localise production in South Africa, with Stellantis ready to break ground in the Eastern Cape province.
