Orange Juice Hits Four-Month High as Brazil Tariffs Risk Supply
The most active contract rose as much as 8.7% to $3.1385 a pound, the highest since March 6. Futures of orange juice have rallied since Trump's announcement last week of the tariff, which risks upending trade in commodities ranging from coffee to beef.
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Yahoo
18 minutes ago
- Yahoo
CBA batters ASX as investors dump shares
Australia's sharemarket slumped on Wednesday as investors sold off CBA, Computershare and AGL shares on disappointing financial results. The benchmark ASX 200 dropped 53.70 points, or 0.60 per cent, to 88271.0 while the broader All Ordinaries lost 47.20 points, or 0.52 per cent, to 9103.10. Australia's dollar is trading 0.23 per cent higher, buying 65.44 US cents. Overall, six of the 11 sectors gained, but falls in the utilities and financials offset gains out of materials, healthcare and consumer staples. The drag on the market was led by CBA, with the heavyweight pulling down the entire market, due to being almost 12 per cent of the index. Shares in Australia's largest company plunged 5.41 per cent to $169.12 on its latest profit announcement. The fall comes despite Australia's largest bank saying improving household budgets helped drive it to a monster $10.25bn profit. CBA will also pay out a final dividend of $2.60 per share, taking total dividend payouts for the year to $4.85, which is a new record high for the bank. Despite announcing strong profits, the bank, which has seen its share price climb 30 per cent over the year, was priced for perfection, with analysts saying the result did not match the valuation. IG market analyst Tony Sycamore said CBA was being dumped due to its lofty valuations. 'The falls come as the market continues to question its lofty valuation and as the RBA's rate-cutting cycle reduces the ability of the bank to leverage its large deposit base and as margins are compressed,' he said in a market note. CBA dragged the rest of the financial sector down. NAB shares fell 2.63 per cent to $38.16, Westpac dropped 2.11 per cent to $33.90 and ANZ slipped 0.19 per cent to $31.87. While the banks sold off, the major miners and healthcare shares gained. The miners were boosted by rising iron ore futures prices on the back of China steel production curbs in the north, adding to tightening global supply. BHP gained 1.14 per cent to $41.73, Rio Tinto added 0.96 per cent to $117.84 and Fortescue jumped 1.37 per cent to $19.93. Healthcare heavyweight CSL gained 1.98 per cent to $269.55, while Cochlear was up 0.43 per cent to $313.29 and Ramsay Healthcare added 0.60 per cent to $38.81 on a strong day for the sector. In other company news, Australia's largest winemaker, Treasury Wine Estates, told the market it was lifting its dividends as well as buying $200m worth of stock as part of its latest company announcement. The business said revenue grew by 6.5 per cent to $2.99bn for the 12 months until June 30, while net profit after tax soared 342 per cent to $437m due to one-off items that dragged down last year's performance being removed. Shares rose 1.18 per cent to $7.72. Computershares fell 3.78 to $39.75 after announcing revenue dropped 5.6 per cent to $3.1bn for the year to June 30. Profits rose 72 per cent to $607m. AGL shares plunged 13.11 per cent to $8.88 after the power generation company said there would be a steeper-than-expected 21.2 per cent drop in profits to $640m.
Yahoo
30 minutes ago
- Yahoo
Oil maintains gains ahead of Trump-Putin summit
(Reuters) -Oil prices nudged higher on Friday to fresh one-week highs after U.S. President Donald Trump warned of "consequences" if Russia blocked a Ukraine peace deal, injecting concerns about supply. Sentiment was also boosted by strong economic data out of Japan, which is among the largest global crude importers. Brent crude futures gained 16 cents, or 0.2%, to $67.00 a barrel by (0017 GMT). U.S. West Texas Intermediate crude futures were up 14 cents, also 0.2%, to $64.10. All eyes are on Friday's meeting of Trump and Russian leader Vladimir Putin in Alaska where a ceasefire in the Ukraine war is at the top of the agenda. A continued conflict between Russia and Ukraine supports oil markets by limiting the supply of Russian oil. Trump, however, also said he believes Russia is prepared to end the war in Ukraine. Fresh Japanese government data released on Friday showed the economy expanded an annualised 1.0% in the April-June quarter, compared with a median market forecast for a 0.4% increase. The rise in gross domestic product (GDP) translated into a quarterly increase of 0.3%, compared with a median estimate of a 0.1% increase. Strong economic activity typically spurs oil consumption. Prospects of higher-for-longer U.S. interest rates, however, kept oil prices from rising further. Higher-than-expected inflation data and weak jobs numbers out of the U.S. raised concerns that the Federal Reserve would keep interest rates high, usually a dampener of oil consumption.
Wall Street Journal
32 minutes ago
- Wall Street Journal
Rivian Says It Faces $100 Million Hole After Trump Relaxes Fuel Economy Rules
Electric truck maker Rivian RIVN -1.79%decrease; red down pointing triangle says the rollback of fuel economy rules in the U.S. is holding up $100 million of revenue, a sign of how changes to automotive policy under the Trump administration are starting to hurt the electric-vehicle industry. Rivian and its rivals have generated hundreds of millions of dollars in revenue selling credits tied to the nation's fuel economy rules. But after the Trump administration removed penalties for violating those standards, the nation's top automotive regulator stopped issuing paperwork necessary to finalize those credits, leaving EV makers in the lurch.
