The Fight Over Venezuela's Most Valuable Asset Is Heating Up
A legal fight over a unique bond issued by Venezuela 's state-owned oil company is heating up.
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Bloomberg
37 minutes ago
- Bloomberg
Carry-Trade Rotation Looms as Key Negative for Asian Currencies
Emerging-market currency volatility at a one-year low is poised to sap demand for Asian foreign exchange in favor of its higher-yielding European and Latin American peers. Falling volatility means there's less prospect of earning capital gains from any currency appreciation, so traders are instead having to rely on potential returns from carry, which involves borrowing in countries with low interest rates and investing in others offering higher returns. The relatively meager rates in many Asian countries make their currencies unattractive as targets for such a trade, a Bloomberg analysis shows.
Yahoo
40 minutes ago
- Yahoo
Signs of Stronger Global Sugar Demand Lift Prices
October NY world sugar #11 (SBV25) on Monday closed up +0.07 (+0.43%), and October London ICE white sugar #5 (SWV25) closed up +3.80 (+0.82%). Sugar prices settled higher on Monday as short covering emerged after reports said that Pakistan is looking to buy 100,000 MT of sugar this week after buying a similar amount last week. Pakistan is boosting its sugar imports in an attempt to stabilize domestic prices. More News from Barchart Coffee Prices Rally on Below-Average Rainfall in Brazil Below-Average Rain in Brazil Supports Coffee Prices Is the Corn Market Undervalued? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Last Friday, NY sugar slid to a 1.5-week low and London sugar fell to a 4-week low on signs of stronger sugar production in Brazil. Last Thursday, Unica reported Brazil's Center-South sugar output in the first half of July rose +15% y/y to 3.4 MMT. Also, the amount of sugarcane being crushed for sugar by Brazil's sugar mills has increased to 54% from 50% the same time last year. The outlook for higher sugar production in Brazil is bearish for sugar prices. Datagro said last Monday that dry weather in Brazil has encouraged the country's sugar mills to increase their cane crushing, diverting more of the cane crush toward more profitable sugar production rather than ethanol. The outlook for higher sugar exports from India is negative for prices after Bloomberg reported that India may permit local sugar mills to export sugar in the next season, which starts in October, as abundant monsoon rains may produce a bumper sugar crop. India's Meteorological Department reported today that cumulative monsoon rain in India is at 500.8 mm, or 4% above normal as of August 4. Also, the Indian Sugar and Bio-energy Manufacturers Association said last Thursday that it will seek permission to export 2 MMT of sugar in 2025/26. The outlook for higher sugar production in India, the world's second-largest producer, is bearish for prices. On June 2, India's National Federation of Cooperative Sugar Factories projected that India's 2025/26 sugar production would climb +19% y/y to 35 MMT, citing larger planted cane acreage. That would follow a -17.5% y/y decline in India's sugar production in 2024/25 to a 5-year low of 26.2 MMT, according to the Indian Sugar Mills Association (ISMA). Sugar prices have retreated over the past four months, with NY sugar falling to a 4.25-year low last month and London sugar sliding to a 4-year low, driven by expectations of a sugar surplus in the 2025/26 season. On June 30, commodities trader Czarnikow projected a 7.5 MMT global sugar surplus for the 2025/26 season, the largest surplus in 8 years. On May 22, the USDA, in its biannual report, projected that global 2025/26 sugar production would increase by +4.7% y/y to a record 189.318 MMT, with global sugar ending stocks at 41.188 MMT, up 7.5% y/y. Signs that the recent slide in sugar prices to 4-year lows has sparked a pickup in demand are positive for sugar prices. China's June sugar imports soared by 1,435% to 420,000 MT. Also, Coca-Cola agreed to use cane sugar in Coke beverages sold in the US instead of high-fructose corn syrup, which could boost US sugar consumption by +4.4% to 11.5 MMT from 11 MMT currently, according to Bloomberg Intelligence. Sugar prices also have support from reduced sugar production in Brazil. Unica reported last Thursday that the cumulative 2025/26 Brazil Center-South sugar output through mid-July fell by -9.2% y/y to 15.655 MMT. Last month, Conab, Brazil's government crop forecasting agency, said 2024/25 Brazil sugar production fell by -3.4% y/y to 44.118 MMT, citing lower sugarcane yields due to drought and excessive heat. The outlook for higher sugar production in Thailand is bearish for sugar prices. On May 2, Thailand's Office of the Cane and Sugar Board reported that Thailand's 2024/25 sugar production rose +14% y/y to 10.00 MMT. Thailand is the world's third-largest sugar producer and the second-largest exporter of sugar. The International Sugar Organization (ISO) raised its 2024/25 global sugar deficit forecast to a 9-year high of -5.47 MMT on May 15, up from a February forecast of -4.88 MMT. This indicates a tightening market following the 2023/24 global sugar surplus of 1.31 MMT. ISO also cut its 2024/25 global sugar production forecast to 174.8 MMT from a February forecast of 175.5 MMT. The USDA, in its bi-annual report released May 22, projected that global 2025/26 sugar production would climb +4.7% y/y to a record 189.318 MMT and that global 2025/26 human sugar consumption would increase +1.4% y/y to a record 177.921 MMT. The USDA also forecasted that 2025/26 global sugar ending stocks would climb +7.5% y/y to 41.188 MMT. The USDA's Foreign Agricultural Service (FAS) predicted that Brazil's 2025/26 sugar production would rise +2.3% y/y to a record 44.7 MMT FAS predicted that India's 2025/26 sugar production would rise +25% y/y to 35.3 MMT due to favorable monsoon rains and increased sugar acreage. FAS predicted that Thailand's 2025/26 sugar production will climb +2% y/y to 10.3 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Bloomberg
2 hours ago
- Bloomberg
India Sees IPO Surge Ahead of Key Financial Disclosure Deadline
Indian companies are making a last-minute dash to the public markets, aiming to attract global investors before a key deadline. More than a dozen Indian companies have either launched or announced initial public offerings worth 187 billion rupees ($2.1 billion) in the two-week run-up to the Aug. 12 deadline, according to data compiled by Bloomberg.
