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Yahoo
8 minutes ago
- Yahoo
Indian rupee seen under pressure on US tariff worries, RBI policy in focus
By Dharamraj Dhutia and Jaspreet Kalra MUMBAI (Reuters) -The rupee is likely to stay under pressure this week as concerns over steep U.S. tariffs on Indian exports linger, while the Reserve Bank of India's upcoming policy decision also looms large over the currency and government bonds. The rupee closed at 87.54 against the U.S. dollar on Friday, down 1.2% for the week, pressured by persistent foreign portfolio outflows and a 25% levy on Indian exports. While the local unit is hovering near its weakest level since February, fresh tariff announcements on dozens of U.S. trading partners also pushed other Asian currencies to multi-month lows. The dollar index, meanwhile, posted its best weekly gain since 2022 as expectations of a U.S. rate cut in September faded. The odds of a reduction in September rose to 80% after data released on Friday showed that the U.S. economy added fewer jobs than expected, while the unemployment rate rose to 4.2%. Meanwhile, the maturity of a $5 billion dollar-rupee buy/sell swap conducted by the RBI earlier this year will be in focus on Monday. "It would be prudent to break the swap into delivery and rollover. The rupee has probably seen its worst for this quarter and some support will bring it to a desirable level, while not disturbing liquidity, said Alok Singh, group head of treasury at CSB Bank. Traders expect the rupee to trade between 87.00 and 87.80 this week and reckon that the central bank may continue to intervene to limit excessive volatility. Meanwhile, India's 10-year benchmark 6.33% 2035 bond yield, settled at 6.3680% last week, up 2 basis points (bps). Traders anticipate the yield will remain in the 6.33%-6.38% band till the RBI's policy decision on Wednesday. The range could be tested on either side, depending on policymakers' decision and guidance. Although some market participants expect a rate cut, a majority of economists polled by Reuters believe RBI will hold rates steady this time. "While it is a close call, our bias remains for a 25 bps rate cut at the August meeting," Citi said. A drop in India's retail inflation to a more-than-six-year low in June, coupled with expectations that it may slip to a record low in July, have heightened hopes of a rate cut. However, RBI Governor Sanjay Malhotra last month said that the bar for further easing is now higher than it would have been if the stance was still "accommodative". The central bank slashed rates by a steeper-than-expected 50 bps in June and shifted its policy stance to "neutral" from "accommodative". "As the RBI awaits the impact of the large easing it has already done, we believe it will stay put on repo rate changes on 6 August," HSBC said in a note. Key Factors: India ** July HSBC services PMI and composite PMI - August 5, Tuesday (10:30 a.m.) ** Reserve Bank of India's monetary policy decision - August 6, Wednesday (10:00 a.m.)(Reuters poll - no change) U.S. ** June factory orders - August 4, Monday (7:30 p.m. IST) ** June international trade - August 5, Tuesday (6:00 p.m. IST) ** July S&P Global composite PMI final - August 5, Tuesday (7:15 p.m. IST) ** July S&P Global services PMI final - August 5, Tuesday (7:15 p.m. IST) ** July ISM non-manufacturing PMI - August 5, Tuesday (7:30 p.m. IST) ** Initial weekly jobless claims for week to July 28 - August 7, Thursday (6:00 p.m. IST) Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
ExxonMobil Continues to Show That It's the Best Oil Stock
Key Points Exxon reported sector-leading earnings in the second quarter. The company also returned more cash to investors than its peers and ended the quarter with the industry's best balance sheet. Exxon expects to maintain its leadership position in the coming years. 10 stocks we like better than ExxonMobil › ExxonMobil (NYSE: XOM) is in a class of its own. The oil company recently reported its second-quarter financial results, which led the sector across most key categories. The company is in an excellent position to continue delivering leading results going forward, making it a compelling oil stock to buy and hold for the long term. Drilling down into Exxon's second-quarter financial results ExxonMobil earned $7.1 billion and generated $11.5 billion in cash flow from operations in the second quarter. That led all international oil companies (IOCs) by a wide margin. Exxon's earnings were more than double Chevron's ($3.1 billion) and well ahead of Shell's ($4.3 billion). "The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments," stated CEO Darren Woods in the second-quarter earnings release. The oil giant delivered its highest second-quarter production total since the merger of Exxon and Mobil more than a quarter century ago at 4.6 million barrels of oil equivalent (BOE) per day. Its output rose 13%, fueled mainly by its acquisition of Pioneer Natural Resources. Additionally, Exxon reported the best quarter yet for high-value product sales in its products solution segment. Another factor fueling Exxon's strong financial results is its structural cost savings program. The company has delivered $1.4 billion of savings this year, increasing its total to $13.5 billion since 2019. That's more than all other IOCs combined. Exxon's strong cash flows enabled it to return an industry-leading $9.2 billion to its shareholders in the second quarter through dividends and share repurchases, leading the oil sector. It's on track to buy back $20 billion of its stock this year. Since May 2024, Exxon has already purchased about 40% of the shares it issued to buy Pioneer Natural Resources. Even with those lofty cash returns, Exxon maintained its sector-leading balance sheet featuring the industry's lowest leverage ratio, at 8% net debt to capital. Even better days lie ahead for the oil giant Exxon has commenced operations on six key projects this year and expects to start up four more by year-end. "Collectively, these projects are expected to improve our earnings power by more than $3 billion in 2026 at constant prices and margins," commented CEO Darren Woods in the second-quarter earnings press release. Those projects are only the beginning. Exxon's plan to 2030 has it on pace to invest $140 billion in major capital projects and its Permian Basin development program over the next five years. Exxon also aims to deliver a total of $18 billion in structural cost savings by the end of 2030. The company estimates that this plan will provide it with incremental growth potential of $20 billion in earnings and $30 billion in cash flow by 2030. That positions it to deliver compound annual growth rates of 10% for earnings and 8% for cash flow over the next several years. The oil giant's plan would produce a staggering $165 billion in cumulative surplus cash over the next five years. That will provide Exxon with ample funds to continue increasing its dividend (a sector-leading 42 consecutive years) and repurchasing a substantial amount of stock. (It plans to repurchase $20 billion annually in 2025 and 2026.) The best-performing oil stock ExxonMobil is the undisputed leader in the oil sector, as evidenced by its industry-leading financial results in the second quarter. This allowed it to return more cash to investors than peers while maintaining the sector's top balance sheet. The oil giant isn't likely to give up its leadership position anytime soon. Its plan up to 2030 would see it deliver meaningful earnings and cash flow growth over the next few years, allowing it to continue returning lots of money to investors. That combination of growth and cash returns positions Exxon to continue delivering peer-leading total return, which it has done over the past five years with its impressive 25% compound annual total return. Should you invest $1,000 in ExxonMobil right now? Before you buy stock in ExxonMobil, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and ExxonMobil wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $624,823!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,820!* Now, it's worth noting Stock Advisor's total average return is 1,019% — a market-crushing outperformance compared to 178% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 29, 2025 Matt DiLallo has positions in Chevron. The Motley Fool has positions in and recommends Chevron. The Motley Fool has a disclosure policy. ExxonMobil Continues to Show That It's the Best Oil Stock was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Los Angeles Times
9 minutes ago
- Los Angeles Times
Texas Democrats leave the state to block vote on gerrymandered congressional map
Democrats in the Texas House left the state Sunday in a last-resort bid to block new congressional maps sought by President Trump that would give Republicans a better chance of preserving their narrow U.S. House majority in the 2026 midterm elections. The dramatic revolt came before the GOP-controlled House was set to vote Monday on the proposed maps, which would give Republicans five more winnable congressional seats. In response to Texas' rare mid-decade political gerrymander, Democratic governors in other states have floated the possibility of redrawing their own maps in retaliation, but their options are limited. Many of the Texas Democrats were bound for Illinois and a welcoming from Gov. JB Pritzker, a potential 2028 presidential contender, who in recent weeks has offered them support. It was unclear how long they were prepared to stay out of Texas or whether the maneuver would succeed. Four years ago, House Democrats left Texas for 38 days in protest of new voting restrictions that still wound up passing once the holdout ended. 'This is not a decision we make lightly, but it is one we make with absolute moral clarity,' Rep. Gene Wu, chair of the House Democratic Caucus, said in a statement. Lawmakers can't pass bills in the 150-member Texas House without at least two-thirds of them present. Democrats hold 62 of the seats in the Republican-majority chamber, and at least 51 were leaving the state, said Josh Rush Nisenson, spokesperson for the House Democratic Caucus. In addition to the Illinois group, five lawmakers headed to New York and another group went to Boston, Rush Nisenson said. Republican House Speaker Dustin Burrows said the chamber would meet as planned Monday afternoon. 'If a quorum is not present then, to borrow the recent talking points from some of my Democrat colleagues, all options will be on the table,' he posted on X. Republican Atty. Gen. Ken Paxton, who is running for U.S. Senate, said on X that Democrats who 'try and run away like cowards should be found, arrested, and brought back to the Capitol immediately.' A refusal by Texas lawmakers to show up is a civil violation of legislative rules. The Texas Supreme Court held in 2021 that House leaders had the authority to 'physically compel the attendance' of missing members, but no Democrats were forcibly brought back to the state after warrants were served that year. Two years later, Republicans pushed through new rules that allow daily fines of $500 for lawmakers who don't show up for work. Republican Gov. Greg Abbott's office did not immediately respond to requests for comment Sunday. The quorum break will also delay votes on flood relief and new warning systems in response to last month's catastrophic floods in Texas that killed at least 136 people. Democrats had called for votes on the flooding response before taking up redistricting and have criticized Republicans for not doing so. Texas Republicans last week unveiled their planned U.S. House map that would create five GOP-leaning seats. Republicans currently hold 25 of the state's 38 seats. Pritzker, who has been one of Trump's most outspoken critics during his second term, had been in quiet talks with Texas Democrats for weeks about offering support if they chose to leave the state to break quorum. Last week, the governor hosted several Texas Democrats in Illinois to publicly oppose the redistricting effort, and California Gov. Gavin Newsom held a similar event in his state. Pritzker also met privately with Texas Democratic Party Chair Kendall Scudder in June to begin planning for the possibility that lawmakers would depart for Illinois if they did decide to break quorum to block the map, according to a source with direct knowledge who requested anonymity to discuss private conversations. Now, with many Texas Democrats holed up in Illinois and blocking the gerrymandered map proposal, the stage may be set for a high-profile showdown between Pritzker and Trump. The Republican president is looking to avoid a repeat of his first term, when Democrats flipped the House two years into his presidency, and he hopes the new Texas map will aid that effort. Trump officials have also looked at redrawing lines in other states, such as Missouri, according to a person familiar with conversations but unauthorized to speak publicly about them. Cappelletti and DeMillo write for the Associated Press. AP writer Nadia Lathan in Austin, Texas, contributed to this report.
