Marshalls Sees Dim Prospects for UK Housing Market Recovery
Though mortgages have become more affordable through successive interest rate cuts by the Bank of England, the lack of confidence in the UK economy is 'holding people back' as they await the autumn budget for more clarity, Chief Executive Officer Matt Pullen said in an interview.
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Yahoo
21 minutes ago
- Yahoo
Sugar Prices Continue Higher After Reports of Lower Cane Yields in Brazil
October NY world sugar #11 (SBV25) today is up +0.46 (+2.79%), and October London ICE white sugar #5 (SWV25) is up +11.30 (+2.38%). NY sugar prices today extended the 3-session rally and edged to a new 2-month high, taking out the previous high posted in mid-July. More News from Barchart Coffee Prices Settle Sharply Higher as Supplies Tighten Grain Traders Await Key USDA Report on August 12. Big US Corn, Soybean Crops Expected. What Game Is Being Played in Grains Early Monday Morning? Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Sugar prices are seeing strength on smaller sugar supplies from Brazil. Covrig Analytics said last Friday that reports of smaller cane yields from Brazil's sugar farmers may knock Brazil's 2025/26 sugarcane production below 600 MMT, much lower than Brazilian government crop forecasting agency Conab's forecast of 663.4 MMT. An excessive short position by funds could exacerbate any short-covering rally in sugar futures. Last Friday's weekly Commitment of Traders (COT) report showed funds increased their net-short positions in NY sugar futures by +25,923 positions to 151,004 short positions in the week ending August 5, the most in almost 6 years. Last Tuesday, sugar prices fell to 5-week lows on signs of stronger sugar production in Brazil. On July 31, 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 exports from India is negative for sugar 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 Tuesday that cumulative monsoon rain in India was 500.8 mm as of August 4, or 4% above normal. 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 retreated through early July, with NY sugar falling to a 4.25-year low 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. 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 Sign in to access your portfolio
Yahoo
21 minutes ago
- Yahoo
Gatwick passengers warned of severe August delays amid baggage screener strike
Holidaymakers flying from Gatwick Airport could face severe delays as baggage screeners prepare to strike over pay, the UK's largest union has warned. The walkout, set for later this month and covering the August bank holiday, is expected to disrupt travel for thousands of passengers. Baggage screeners will strike from August 22 to August 26 and from August 29 to September 2, Unite the Union has said. All flights out of Gatwick will face disruption during these times, the union said, warning industrial action will intensify if the dispute is not resolved. Unite general secretary Sharon Graham said'ICTS has more than enough money to offer these workers a fair pay rise. Not doing so is just corporate greed. 'ICTS' Gatwick workers will receive Unite's complete backing for as long as it takes during their strikes for fair pay.' Unite has said workers, employed by ICTS, are amongst the lowest paid workers at the airport and earn just above the minimum wage. Despite this, ICTS's turnover has grown by 110 per cent since 2020, reaching £170.59 million in 2024, the union said. It made a profit before tax of £6.1 million in 2024, a 46.9 per cent increase compared to the year before. Unite regional officer Ben Davis said: 'ICTS is entirely responsible for the disruption that will be caused to Gatwick passengers during the strike action. It can well afford to put forward an acceptable pay offer and that is what needs to happen. 'Despite performing a critical role, these workers are amongst the lowest paid at the airport. Gatwick should be stepping in and pressuring ICTS to put an improved offer forward.' A spokesperson for Gatwick said the airport does not anticipate significant disruption if strikes were to go ahead. They said: 'We are working with our suppliers to avoid any impacts and we expect to operate a normal summer holiday flight schedule for our airlines and passengers on these dates. Of course, we hope ICTS and their union can reach a resolution before then.' ICTS has been contacted by The Standard for comment.
Bloomberg
24 minutes ago
- Bloomberg
Uzbek Gold Miner Said to Eye $20 Billion Value in Dual Listing
Save Navoi Mining & Metallurgical Co., one of the world's largest gold producers, has picked banks to lead a potential initial public offering in London and Tashkent, Uzbekistan, hoping to capitalize on a recent rally in the price of the precious metal, according to people familiar with the matter. The Uzbekistan state-backed miner is seeking a valuation of around $20 billion including debt, two of the people said, citing a nearly 30% surge in the price of gold this year and trading multiples of other gold miners. Gold miners including Newmont Corp. and Barrick Mining Corp. have seen their share prices soar this year amid the run-up in gold prices.
