Germany lowers gas security alert level as supply bottlenecks ease
Germany's gas supply is secure and the conditions for the alert level according to its emergency plan no longer exist, Reiche said, adding that given the stable situation, it was not necessary for the government to refill the country's gas storage facilities through its trading hub.
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Reuters
2 hours ago
- Reuters
Canadian dollar hits a six-day low ahead of pivotal US inflation data
TORONTO, Aug 11 (Reuters) - The Canadian dollar weakened to a six-day low against its U.S. counterpart on Monday, as the greenback notched broad-based gains ahead of a key U.S. inflation report this week and after speculators raised their bearish bets on the loonie to a two-month high. The loonie was trading 0.2% lower at 1.3784 per U.S. dollar, or 72.55 U.S. cents, after touching its weakest intraday level since last Tuesday at 1.3795. The U.S. dollar (.DXY), opens new tab rose against a basket of major currencies, a day before the deadline for Washington and Beijing to strike a tariff deal and the release of U.S. consumer price index data that could help determine whether the Federal Reserve lowers borrowing costs next month. "CAD remains tethered to USD direction," Amo Sahota, director at Klarity FX in San Francisco, said in a note. Recent Canadian data has raised expectations for a Bank of Canada interest rate cut, but slow summer trading has limited the impact on the currency, Sahota said. Canada's economy shed 40,800 jobs in July, giving back some of the substantial gains seen in the prior month, data on Friday showed. Investors see a 36% chance the BoC cuts rates at its next policy decision on September 17, up from 17% at the start of the month. Also on Friday, data from the U.S. Commodity Futures Trading Commission showed that net short positions in the Canadian dollar have increased to 79,420 contracts, the highest since June, from 76,433 in the prior week. The price of oil clawed back some of last week's steep decline, rising 0.5% to $64.18 a barrel. Oil is one of Canada's major exports. Canadian bond yields edged lower across the curve. The 10-year was down nearly one basis point at 3.376%, after earlier touching its lowest level since July 4 at 3.353%.
Reuters
4 hours ago
- Reuters
India pushes ahead with US trade talks despite tariff hike to 50%
NEW DELHI/MUMBAI, Aug 11 (Reuters) - India hopes trade talks with the U.S. will continue even as the U.S. hiked tariffs on its exports to 50% due to New Delhi's purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs. Last week, President Donald Trump imposed an additional 25% tariff on Indian goods due to Delhi's continued purchase of Russian oil, bringing the total duty on Indian exports to the U.S. to 50% - among the highest of any American trading partner. "Our relations with the U.S. are multi-dimensional, and should not be seen only through the prism of trade," one of the lawmakers said, citing the foreign secretary's briefing to the panel. Shashi Tharoor, an opposition Congress party leader, who heads the panel, said trade talks would continue. "As of now, there is no change in the existing plans for the sixth round," he said, referring to a scheduled visit of a U.S. trade delegation to New Delhi from August 25. Earlier, junior finance minister, Pankaj Chaudhary told lawmakers that about 55% of India's merchandise exports to the United States would covered by the new tariff. His estimate factored in the initial 25% levy, he said in a written response to a lawmaker's query. "The Department of Commerce is engaged with all stakeholders" for their assessment of the situation, Chaudhary added. Goods trade between the United States and India - the world's biggest and fifth-largest economies, respectively - was worth about $87 billion in the last fiscal year, according to Indian government estimates. The panel separately voiced concerns over Pakistani army chief Field Marshal Asim Munir's reported remarks on nuclear threats in South Asia during a visit to the U.S. "Nuclear blackmail will not work with India, and no party, or representative disagrees with this view," Tharoor said, adding the external affairs ministry had condemned the comments.
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4 hours ago
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Mercedes CEO Says We Need A Reality Check Over Combustion Bans
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The Mazda CX-5 has always been the crossover for people who actually like driving. Does the 2025 model still live up to this expectation? Mercedes Is Concerned About Combustion Restrictions Mercedes, like most other automakers, had once committed to going all-electric by the end of this decade, but weak demand for EVs has forced the company to rethink those targets. Now, Mercedes-Benz CEO Ola Källenius said that even Europe's planned 2035 combustion ban is too ambitious, reports Reuters. 'We need a reality check. Otherwise, we are heading at full speed against a wall,' the CEO told German newspaper Handelsblatt, adding that Europe's car market could 'collapse' if the ban is approved after its review later this year. 2025 Audi S3 vs Mercedes-AMG CLA 35: the executive decision Watch More Käallenius Wants A Different Approach Source: Mercedes This comes after Mercedes-AMG revealed plans to develop a new V8 engine that has no defined 'natural end date,' citing customer demand for more combustion-powered products. Regular, non-AMG Mercedes products will also have a gas option for a long time to come. 'Of course, we have to decarbonize, but it has to be done in a technology-neutral way,' Källenius said. 'We must not lose sight of our economy.' This mirrors earlier comments made by the CEO, after he said in June that he believes 'the most rational approach in the current situation is for an established manufacturer to do both [EV and gas] and not neglect one technology.' Porsche has also walked back plans for going all-electric, thanks to weak demand, and like Mercedes, it sees a varied product offering as key to sustained sales. Essentially, Mercedes and other automakers in Europe are happy to continue developing EVs for those who want them, but they believe that while a ban on combustion cars would lead to a sharp rise in sales just before gas cars are outlawed, disaster would soon follow as consumers look to other brands. View post: Mercedes-Benz Confirms EV Pricing Cut Ahead News Mercedes-Benz Confirms EV Pricing Cut Ahead Price drops of up to $15,000 indicate the EQ line might have a pricing problem. Steven Paul Lots To Come From Mercedes Earlier this month, Källenius revealed that Mercedes-Benz intends to launch an onslaught of 18 new vehicles by 2027, with half of them being all-electric and the other half featuring combustion engines of various descriptions. The CEO says this will be 'probably the most intense amount of launches in a three-year period in the history of [Mercedes].' These vehicles will be ready to live until 2035, but it's clear that the company wants to sell them long after that. With the Trump administration reversing the vast majority of CAFE standards fines and nixing tailpipe emissions rules, Mercedes now hopes that a similarly tolerant view of gas power will take hold in Europe, and given the influx of remarkably good yet well priced EVs from China on the Old Continent, it's quite possible that local lawmakers will change their tune on the combustion ban to sustain the European auto industry. Source: Mercedes-Benz About the Author Sebastian Cenizo View Profile
