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Reuters
7 minutes ago
- Reuters
Dollar gains as Trump hosts Ukraine talks
NEW YORK, Aug 18 (Reuters) - The dollar gained on Monday as U.S. President Donald Trump hosted talks on ending Russia's war in Ukraine, and traders pared bets on a September rate cut before a speech on Friday by Federal Reserve Chair Jerome Powell. Trump met with Ukrainian President Volodymyr Zelenskiy on Monday before holding talks with the leaders of Britain, Germany, France, Italy, Finland, the European Union and NATO. Trump said that the United States would "help out" Europe in providing security for Ukraine as part of any deal to end the war in Ukraine and expressed hope that Monday's summit could eventually lead to a trilateral meeting with Russian President Vladimir Putin, adding that he believes Putin wants the war to end. Traders are also focused on Powell's appearance later this week at the U.S. central bank's annual economic policy symposium in Jackson Hole, Wyoming, for any new indications on whether a rate cut is likely next month. Powell has said he is reluctant to cut rates on expectations that Trump's tariff policies will lead to higher inflation this summer. Traders pared bets on a cut at the Fed's September 16-17 meeting after producer price inflation was hotter than expected in July. They had ramped up bets on a cut after consumer price inflation data for last month showed limited pass through from the trade levies. Fed fund futures traders are now pricing in a 83% probability of a September rate cut, after last week briefly fully pricing in a move. Powell is unlikely to lock himself into a monetary path before seeing August's round of data. 'I don't think that he can be definitive after being so cautious for so long. But I do think he has a clear opening on the labor market,' said Lou Brien, strategist at DRW Trading in Chicago. 'If the labor market weakens, he can move on that without having to wait for inflation, and that has historically been the way the Fed goes. They talk tough on inflation. They react to the labor market. The last jobs number was weaker than expected, the revisions were weaker than expected, and that makes it more than one report,' Brien said. A gauge of U.S. homebuilder sentiment fell unexpectedly in August, slipping back to its lowest level in more than two-and-a-half years, data on Monday showed. The euro was last down 0.31% on the day at $1.1661. Against the Japanese yen , the dollar strengthened 0.41% to 147.79. Citigroup said on Monday that its U.S. dollar positioning indicator has moved from showing a small short to zero, "pointing to no notable current net investor positioning in the currency." "Conflicting leveraged and real money USD positions have led to unusually low conviction levels this August. At face value this is consistent with low realized and declining implied FX volatilities in a market that has seen no clear USD direction for nearly two months," Citi analyst Kristjan Kasikov said in a report. Sterling weakened 0.35% to $1.3504. In cryptocurrencies, bitcoin fell 0.95% to $116,598.
Reuters
32 minutes ago
- Reuters
Petrobras favors corn over cane for ethanol, may exclude Raizen, sources say
RIO DE JANEIRO, Aug 18 (Reuters) - Brazil's Petrobras ( opens new tab is leaning toward corn as the raw material for a renewed foray into ethanol, potentially sidelining sugarcane and beleaguered sugar producer Raizen ( opens new tab, three Petrobras sources familiar with the matter said, citing preliminary evaluations. Energy company Petrobras, majority-owned by Brazil's government, has previously said its potential return to ethanol would involve buying minority stakes in other companies, similar to past investments. While sugarcane ethanol has not been definitively ruled out, corn ethanol is gaining favor in Petrobras, the sources told Reuters over the weekend, citing falling production costs driven by corn crop growth and rapid expansion in the industry. Sugarcane ethanol output, however, has stagnated amid competition for the raw material from the sugar industry. Petrobras is also eyeing increased corn output in Brazil's northern regions, where ethanol supplies are low but corn production is rising, the sources said. "We're closer to corn than cane. The outlook is better. We're talking to several corn producers," one of the sources said, without naming any companies that Petrobras was talking to. Petrobras declined to comment when contacted through its press office. Two other Petrobras sources said discussions about re-entering the ethanol sector remain in early stages. "The return to ethanol is certain, but there's nothing concrete with anyone," one of those sources said, warning to expect delays to any eventual deal. The company sources spoke on condition of anonymity because they were not authorized to speak to the media. Raizen, a joint venture between Cosan ( opens new tab and Shell (SHEL.L), opens new tab that produces sugar and sugarcane ethanol, was hit by bad news last week when it reported a swing to a first-quarter loss and mounting net debt. On Monday, Raizen shares rebounded from a 16% drop last week, fueled by reports over the weekend suggesting that Petrobras may be considering a stake in the company. Raizen said it would not comment on the matter when asked about those reports. "They want to sell to us, but talks haven't even started here," one of the Petrobras sources said, referring to Raizen.
Daily Mail
32 minutes ago
- Daily Mail
Cruelty claims knock £150m off pork producer Cranswick after second Mail probe at its farms
More than £150million was wiped off Cranswick's value after a second Mail on Sunday investigation into animal cruelty at its farms. Shares in the pork producer tumbled as much as 5 per cent yesterday after an exposé revealed workers at Somerby Top Farm in Lincolnshire routinely hitting pigs and overseeing botched killings of piglets. Tesco, Sainsbury's, Asda and Morrisons cut ties with the site following the harrowing footage recorded by the Animal Justice Project. However, the supermarkets are still sourcing meat from other farms owned by Cranswick, one of Britain's biggest pork producers. It is the second time this year that The Mail on Sunday has exposed shocking animal abuse at one of the FTSE 250 firm's suppliers. The share price slump in early trading wiped £155million off the value of Cranswick. The shares clawed back some of the losses to close down 0.8 per cent. Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'This is both a reputational risk for Cranswick and a supply worry. 'Recurring controversies can signal to investors that there is a deeper problem with policy implementation.' In May, the newspaper obtained footage that appeared to show farm workers in Lincolnshire grabbing piglets by their hind legs and smashing them to the ground. The harrowing videos filmed by the Animal Justice Project at Northmoor Farm, also in Lincolnshire, showed sows being kicked and beaten as well as botched killings. The report claimed that piglets are killed if they are the runts of the litter and not growing fast enough to be profitable. Following the horrific revelations, Cranswick suspended workers at the farm and carried out an 'urgent and thorough investigation'. But new footage from Somerby Top Farm showed workers hitting pigs with boards, paddles and their fists, deliberately targeting areas such as their snout and eyes. One piglet was left dying for 33 hours as other piglets cannibalised an open wound. A Cranswick spokesman said: 'We find the treatment of the pigs in the footage distressing to watch and we apologise unreservedly for this lapse in our standards. 'It does not in any way reflect the operating practices at our farms today.'
