Latest news with #GMT
Yahoo
25 minutes ago
- Automotive
- Yahoo
Renault shares tumble 16% after guidance cut, interim CEO appointment
(Reuters) -Shares in Renault were down 16% at 0719 GMT after the French carmaker lowered its 2025 guidance and named finance chief Minto as an interim CEO. It aims to achieve a full-year operating margin of 6.5%, compared with a target of at least 7% previously. It also aims for free cash flow of 1 billion to 1.5 billion euros ($1.16 billion to $1.74 billion), versus more than 2 billion previously. ($1 = 0.8602 euros) Sign in to access your portfolio
Shafaq News
an hour ago
- Business
- Shafaq News
Oil edges higher on summer demand hopes from US and China
Shafaq News Oil prices rose on Wednesday, boosted by expectations of firm summer demand in the world's two largest consumers, the United States and China, though gains were capped by analysts' caution about the wider economy. Prices have seesawed in a tight range as signs of steady demand from an increase in travel during the Northern Hemisphere summer have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures rose 13 cents, or 0.2%, to $68.84 a barrel by 0411 GMT. U.S. West Texas Intermediate crude futures were up 25 cents, or 0.4%, at $66.77. That reversed two days of declines as the market downplayed the potential for supply disruptions after U.S. President Donald Trump threatened tariffs on purchases of Russian oil. Major oil producers are pointing to signs of better economic growth in the second half of the year while data from China showed consistent growth. "Strong seasonal demand is currently providing upward momentum to oil prices, as summer travel and industrial activity peak," LSEG analysts said in a note. "Increased gasoline consumption, especially in the U.S. during the Fourth of July holiday period, has signalled robust fuel demand, helping offset bearish pressures from rising inventories and tariff concerns." China data showed growth slowed in the second quarter, but less than feared, in part because of frontloading to beat U.S. tariffs. That eased some concerns about the economy of the world's largest importer of crude. The data also showed that China's crude oil throughput in June jumped 8.5% from a year earlier, indicating stronger fuel demand. However, some analysts saw the price rebound as temporary. Much of the steadying of crude markets after two volatile sessions resulted from a mild technical correction rather than any significant shift in underlying fundamentals, said Phillip Nova's senior market analyst Priyanka Sachdeva. "Investors should monitor inflation and interest rate expectations in the United States as Trump's continued push for broader tariffs could be inflationary and could dampen fuel demand in the medium term," she added. OPEC's narrative remained more optimistic, Sachdeva said, pointing to the cartel's monthly report on Tuesday that forecast that the global economy would do better in the year's second half, boosting the oil demand outlook. Brazil, China and India are exceeding expectations while the U.S. and EU are recovering from last year, it added. "The technicals may offer short-term relief, but fundamentally, the market lacks momentum," Sachdeva added. "Until clarity emerges on global growth, policy direction, and real demand recovery, especially from Asia, the crude complex looks set to drift sideways."
Business Recorder
an hour ago
- Business
- Business Recorder
Gold rebounds as US dollar, Treasury yields retreat
Gold rose on Wednesday, helped by a slight pullback in the dollar and bond yields, while investors digested data showing an increase in U.S. consumer prices last month and waited for further clarity on U.S. President Donald Trump's trade policy. Spot gold was up 0.5% at $3,337.29 per ounce, as of 0550 GMT. U.S. gold futures edged 0.2% higher to $3,343.90. The dollar index eased from a one-month peak, making gold more attractive for other currency holders. Benchmark U.S. 10-year Treasury yields retreated from multi-week highs. 'Many countries are still negotiating with the U.S. on the tariffs. There are still a lot of uncertainties in the market and many are looking for safe havens,' said Brian Lan, managing director at GoldSilver Central, Singapore. Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1. However, Trump said on Monday he was open to further negotiations. U.S. consumer prices increased in June by the most in five months amid higher costs for some goods, suggesting tariffs were starting to have an impact on inflation and potentially keeping the Federal Reserve on the sidelines until September. Gold firms as trade tensions buoy safe-haven demand Following the data, Trump said that consumer prices were low and the Fed should bring down interest rates now. The U.S. central bank will probably need to leave rates where they are for a while longer to ensure inflation stays low in the face of upward pressure from the Trump administration's tariffs, Dallas Fed Bank President Lorie Logan said. Gold, often considered a safe haven during times of economic uncertainties, tends to do well in a low-interest-rate environment. Market focus now shifts to the U.S. Producer Price Index data due at 1230 GMT on Wednesday for more cues. Elsewhere, spot silver gained 0.3% to $37.83 per ounce. Platinum rose 0.3% to $1,375.63 and palladium climbed 0.2% to $1,208.91.
Business Recorder
an hour ago
- Business
- Business Recorder
Iron ore rises on improving China-Australia ties
SINGAPORE: Iron ore futures climbed on Wednesday, buoyed by strengthening ties between top producer Australia and leading consumer China, though gains were capped by concerns over persistent weakness in China's property sector. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 1.11% higher at 773.5 yuan ($107.71) a metric ton, as of 0303 GMT. The benchmark August iron ore on the Singapore Exchange was 0.84% higher at $99.75 a ton. After a meeting in Beijing, Australian Prime Minister Anthony Albanese and Chinese President Xi Jinping agreed to a new Policy Dialogue on Steel Decarbonisation that would give Australia insight into Chinese government planning. Albanese also said a decade-old free trade agreement with China, Australia's largest trade partner, would be reviewed. With Australia's exports to China dominated by iron ore, Albanese travelled with executives from mining giants Rio Tinto , BHP, and Fortescue, who met Chinese steel industry officials on Monday. Top iron ore producer Rio Tinto reported a 13% quarter-on-quarter increase in shipments and its strongest second-quarter production since 2018. Iron ore futures rise on strong China trade data Demand for steel in the manufacturing industry remains high, while expectations of supply-side policy actions have also driven prices, broker Galaxy Futures said in a note. Still, weak fundamentals weigh on market sentiment. Amid a persistent slowdown in China's property market, crude steel output in June fell 9.2% from the year before, leaving first-half production at its weakest since 2020. This has offset positive sentiment building up in recent weeks on signs of robust demand, analysts from ANZ said in a note. Other steelmaking ingredients on the DCE fell, with coking coal and coke down 0.6% and 0.96%, respectively. Most steel benchmarks on the Shanghai Futures Exchange lost ground. Rebar dipped 0.26%, hot-rolled coil decreased 0.25%, wire rod eased 0.09% and stainless steel gained 0.12%.
Business Recorder
an hour ago
- Business
- Business Recorder
Yuan steady as firm midpoint counters dollar strength
SHANGHAI: China's yuan held steady against the dollar on Wednesday, as a firmer-than-expected official midpoint offset the pressure from the U.S. currency's climb to a multi-week high on reduced bets for imminent Federal Reserve rate cuts. The dollar rose against major currencies, hovering near the highest level since June 20, after U.S. inflation suggested tariffs are pushing prices up, dampening expectations for Fed policy easing and driving Treasury yields higher. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.1526 per dollar, 388 pips firmer than a Reuters' estimate, the largest deviation since May 9. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day. The spot yuan opened at 7.1800 per dollar and was last trading at 7.1815 as of 0226 GMT, 5 pips lower than the previous late session close and 0.4% weaker than the midpoint. 'Headline risk remains two-way with U.S.-China trade talks set to intensify in the coming month,' Citi analysts said in a note. U.S. tariff developments have been a key driver of dollar-yuan moves in recent months. China's yuan holds steady amid stimulus hopes after Q2 GDP data The Trump administration's emphasis on national security and strategic priorities is likely to keep U.S.-China relations strained, Citi analysts said, adding that their Washington-based policy experts expect a decision soon on the Section 232 investigation into critical minerals, an area where China dominates global rare earths production. Nvidia's planned resumption of sales of its H20 AI chips to China is part of U.S. negotiations on rare earths, Commerce Secretary Howard Lutnick said on Tuesday, and comes days after its CEO met President Donald Trump. UBS analysts raised their 2025 GDP growth forecast for China to 4.7% and said the yuan may strengthen in the near term. However, they warned that a slowing economy and lingering tariff-related uncertainties could push the dollar-yuan exchange rate to 7.1–7.2 by year-end. China's economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs. The dollar's six-currency index was 0.015% higher at 98.6. The offshore yuan traded at 7.184 yuan per dollar, down about 0.01% in Asian trade.
