Latest news with #RoshanThomas
Yahoo
29-05-2025
- Business
- Yahoo
Bullish bets surge on Asian currencies as US-China thaw, trade deals rattle dollar: Reuters poll
By Roshan Thomas (Reuters) - Investors piled up bullish bets on Asian currencies, including the yuan, as easing U.S.-China tariff tensions, new trade deals and a growing unease with U.S. policies prompted them to pull out of dollar assets, a Reuters poll showed on Thursday. Investors sought long positions across the board, with those in the Taiwanese dollar and Philippine peso climbing to their highest since the end of 2020, according to the fortnightly poll of 10 respondents. All responses were collected before a U.S. trade court on Wednesday blocked President Donald Trump's sweeping tariffs, ruling he overstepped his authority by imposing duties on countries with trade surpluses against the United States. Long bets on the Chinese yuan were the highest since October last year - a month before Donald Trump was re-elected as the President of the United States - buoyed by signs of renewed dialogue on trade between Washington and Beijing after months of posturing and threats. The yuan rose 1% this month. Trump's tariff flip-flops and the mounting worries over a ballooning U.S. deficit have dented confidence in American assets, piling pressure on the dollar and driving investors toward Asian currencies. "Asian currencies are likely to stay firm against the U.S. dollar (USD) due to diversification outflows from USD assets into Asia, with investors being concerned over U.S. trade policy and its fiscal trajectory given proposed tax cuts", said Wei Liang Chang, market strategist at DBS Bank. Southeast Asian leaders have also reached an understanding that any bilateral agreements they might strike with the United States on trade tariffs would not harm the economies of fellow members. Parisha Saimbi, an FX strategist at BNP Paribas, said Asian currencies would remain somewhat supported, helped by the U.S.-China de-escalation and bilateral trade deals being reached. Meanwhile, the Taiwanese dollar has gained more than 6% in May to record its best ever monthly gain. Taiwan's president dismissed "false" claims of currency talks with Washington earlier in May, after the Taiwan dollar spiked on speculation the U.S. had pushed for its appreciation, fuelling market jitters over potential FX policy shifts. The South Korean won has also jumped more than 4% this month amid a broad dollar selloff, with Seoul officials confirming currency policy was on the table during recent talks with U.S. counterparts in Milan, fuelling speculation of joint FX moves. Bullish bets returned to the Indonesian rupiah for the first time since October 2024, as some investors looked past ongoing fiscal concerns and bet on policy direction stabilising. Elsewhere, bullish bets on the Malaysian ringgit and Thai baht rose to their strongest levels since October 2024. The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long U.S. dollars. The figures include positions held through non-deliverable forwards (NDFs). The survey findings are provided below (positions in U.S. dollar versus each currency): DATE USD/CNY USD/KRW USD/SGD USD/IDR USD/TWD USD/INR USD/MYR USD/PHP USD/THB 29-May-25 -0.67 -1.20 -1.34 -0.32 -1.50 -0.08 -1.04 -1.19 -1.14 15-May-25 0.00 -0.22 -0.54 0.70 -1.01 -0.19 -0.15 -0.68 -0.45 01-May-25 0.20 -0.06 -0.67 1.27 -0.53 -0.58 -0.40 -1.02 -0.61 17-Apr-25 0.57 0.19 -0.26 1.33 0.06 -0.20 0.04 -0.65 -0.30 03-Apr-25 0.47 1.13 0.54 1.20 1.14 0.01 0.33 -0.15 0.40 20-Mar-25 0.24 0.72 0.15 0.97 0.85 1.09 0.42 -0.13 0.08 06-Mar-25 0.77 1.00 0.34 1.36 0.71 1.47 0.45 0.20 0.48 20-Feb-25 0.88 0.83 0.31 1.06 0.59 1.22 0.37 0.31 0.02 06-Feb-25 1.15 1.01 0.86 1.25 1.14 1.98 0.62 0.93 0.23 Sign in to access your portfolio
Yahoo
29-05-2025
- Business
- Yahoo
Bullish bets surge on Asian currencies as US-China thaw, trade deals rattle dollar: Reuters poll
By Roshan Thomas (Reuters) - Investors piled up bullish bets on Asian currencies, including the yuan, as easing U.S.-China tariff tensions, new trade deals and a growing unease with U.S. policies prompted them to pull out of dollar assets, a Reuters poll showed on Thursday. Investors sought long positions across the board, with those in the Taiwanese dollar and Philippine peso climbing to their highest since the end of 2020, according to the fortnightly poll of 10 respondents. All responses were collected before a U.S. trade court on Wednesday blocked President Donald Trump's sweeping tariffs, ruling he overstepped his authority by imposing duties on countries with trade surpluses against the United States. Long bets on the Chinese yuan were the highest since October last year - a month before Donald Trump was re-elected as the President of the United States - buoyed by signs of renewed dialogue on trade between Washington and Beijing after months of posturing and threats. The yuan rose 1% this month. Trump's tariff flip-flops and the mounting worries over a ballooning U.S. deficit have dented confidence in American assets, piling pressure on the dollar and driving investors toward Asian currencies. "Asian currencies are likely to stay firm against the U.S. dollar (USD) due to diversification outflows from USD assets into Asia, with investors being concerned over U.S. trade policy and its fiscal trajectory given proposed tax cuts", said Wei Liang Chang, market strategist at DBS Bank. Southeast Asian leaders have also reached an understanding that any bilateral agreements they might strike with the United States on trade tariffs would not harm the economies of fellow members. Parisha Saimbi, an FX strategist at BNP Paribas, said Asian currencies would remain somewhat supported, helped by the U.S.-China de-escalation and bilateral trade deals being reached. Meanwhile, the Taiwanese dollar has gained more than 6% in May to record its best ever monthly gain. Taiwan's president dismissed "false" claims of currency talks with Washington earlier in May, after the Taiwan dollar spiked on speculation the U.S. had pushed for its appreciation, fuelling market jitters over potential FX policy shifts. The South Korean won has also jumped more than 4% this month amid a broad dollar selloff, with Seoul officials confirming currency policy was on the table during recent talks with U.S. counterparts in Milan, fuelling speculation of joint FX moves. Bullish bets returned to the Indonesian rupiah for the first time since October 2024, as some investors looked past ongoing fiscal concerns and bet on policy direction stabilising. Elsewhere, bullish bets on the Malaysian ringgit and Thai baht rose to their strongest levels since October 2024. The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht. The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long U.S. dollars. The figures include positions held through non-deliverable forwards (NDFs). The survey findings are provided below (positions in U.S. dollar versus each currency): DATE USD/CNY USD/KRW USD/SGD USD/IDR USD/TWD USD/INR USD/MYR USD/PHP USD/THB 29-May-25 -0.67 -1.20 -1.34 -0.32 -1.50 -0.08 -1.04 -1.19 -1.14 15-May-25 0.00 -0.22 -0.54 0.70 -1.01 -0.19 -0.15 -0.68 -0.45 01-May-25 0.20 -0.06 -0.67 1.27 -0.53 -0.58 -0.40 -1.02 -0.61 17-Apr-25 0.57 0.19 -0.26 1.33 0.06 -0.20 0.04 -0.65 -0.30 03-Apr-25 0.47 1.13 0.54 1.20 1.14 0.01 0.33 -0.15 0.40 20-Mar-25 0.24 0.72 0.15 0.97 0.85 1.09 0.42 -0.13 0.08 06-Mar-25 0.77 1.00 0.34 1.36 0.71 1.47 0.45 0.20 0.48 20-Feb-25 0.88 0.83 0.31 1.06 0.59 1.22 0.37 0.31 0.02 06-Feb-25 1.15 1.01 0.86 1.25 1.14 1.98 0.62 0.93 0.23
Mint
23-05-2025
- Business
- Mint
Australian shares rise on the back of banks, energy stocks
May 23 (Reuters) - Australian shares edged higher on Friday, as gains in energy and bank stocks offset losses in miners and gold, with investors closing out a week shaped by the Reserve Bank of Australia's second interest rate cut in more than four years. The S&P/ASX 200 index rose 0.3% to 8,370.4 by 0046 GMT. The benchmark gained 0.3% for the week and is on track to record its second straight week of gains. The Aussie dollar was 0.1% weaker against the U.S. dollar to A$0.64 on the day. The Reserve Bank of Australia on Tuesday cut interest rates by 25 basis points to 3.85% — its second reduction since 2020, following its first cut in over four years at the February meeting. Financials sub-index was on the rise and advanced by 0.8%, with shares of National Australia Bank and Commonwealth Bank of Australia up 0.8% and 0.5% respectively. Westpac and ANZ gained 0.6% and 0.7% respectively. Energy stocks followed and were up 0.6%. Earlier in the day, Reuters reported U.S. President Donald Trump would sign executive orders as soon as Friday to boost the nuclear energy industry by streamlining approvals for new reactors and reinforcing fuel supply chains. Uranium miners, which have operations in the U.S., rose, with shares of Boss Energy , Paladin Energy and Deep Yellow emerging as top gainers on the benchmark. Stocks were up 11.7%, 9.2% and 7.8% respectively. Countering gains, miners were down 0.4% as iron ore prices were rangebound. Shares of mining giants BHP, Rio Tinto and Fortescue lost 0.2%, 0.9% and 1.6% respectively. Gold stocks fell by 0.7% despite a rise in bullion prices. New Zealand's benchmark S&P/NZX 50 index fell 0.2% to 12,637.74. Investors are now on the lookout for Reserve Bank of New Zealand's next cash rate decision, due on May 28. (Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)
Mint
20-05-2025
- Business
- Mint
Miners, banks lead Australian shares higher ahead of RBA rate decision
May 20 (Reuters) - Australian shares climbed on Tuesday, driven by broad-based gains in mining stocks and banks, as investors awaited the Reserve Bank of Australia's policy decision later in the day. The S&P/ASX 200 index was up 0.7% at 8,356.7, as of 0033 GMT. The benchmark closed 0.6% lower on Monday. The Reserve Bank of Australia is set to deliver its closely watched interest rate decision later in the day. Economists surveyed by Reuters reckon the RBA will cut by 25 basis points, and market pricing indicates a 99.8% probability. The financials sub-index gained 1.2%, with shares of National Australia Bank and Westpac up 1.7% and 1.6%, respectively. ANZ and Commonwealth Bank of Australia advanced 1.2% and 1.1%, respectively. The mining sector rose 0.6%, with shares of major miners BHP and Fortescue gaining 0.5% and 0.8%, respectively. Rio Tinto said Chile's state-owned copper producer Codelco on Monday has selected the global mining giant as a partner for its Maricunga lithium project. Shares of Rio were up 0.7%. Shares of gold miners St Barbara and Northern Star Resources were up 1.6% and 0.6%, respectively. Energy stocks rose 0.6%, supported by Woodside Energy and Santos, up 0.2% and 0.8% respectively, as oil prices climbed on concerns over a potential breakdown in U.S.-Iran nuclear talks, dimming prospects for increased Iranian oil supply. In company news, Australia-based enterprise software firm TechnologyOne surged 10%, becoming the benchmark's top gainer after reporting a 31% increase in first-half results and raising its fiscal 2025 profit outlook to 13% to 17%. New Zealand's benchmark S&P/NZX 50 index rose 0.6% to 12,702.42. Around the globe, Japan's Nikkei was up 0.85%. The U.S. S&P 500 index and the Nasdaq were mostly steady on Monday. (Reporting by Roshan Thomas in Bengaluru; Editing by Sherry Jacob-Phillips)
Yahoo
09-04-2025
- Business
- Yahoo
CK Hutchison invested $1.7 billion in Panama, surpassing obligations, it says
By Marianna Parraga and Roshan Thomas (Reuters) - A company controlled by Hong Kong-based CK Hutchison has invested $1.7 billion in two ports near the Panama Canal, it said on Wednesday, surpassing the amount required under its contract, which is being audited by Panamanian authorities. Panama Ports Company (PPC), in which CK Hutchison owns a 90% stake, had its 25-year operating concession for the Balboa and Cristobal ports renewed in 2021. The Panamanian government launched an audit of the contract in January, potentially complicating a high-profile deal by a group led by U.S. investment firm BlackRock for most of CK Hutchison's global port business, including the two ports. Comptroller General Anel Flores said this week that the audit had already found that Panama "left $1.3 billion on the table" due to tax incentives and benefits granted to CK Hutchison. CK Hutchison has denied any wrongdoing or irregularities, and on Wednesday it outlined how it had gone beyond the financial conditions of the agreement. It said its investments in Panama had surpassed not only the $50 million required in the original concession contract signed in 1997, but they had also eclipsed a $1 billion requirement contained in a 2005 addendum. "During the term of the concession, PPC has paid the State $668 million ... far exceeding the contributions of any other port operator in Panama," it said. Tax exemptions granted to PPC by the government were "precisely the same tax exemptions granted to all other port operators in Panama," it added. "Panama Ports Company continues to call for respectful coordination and consultation to protect the concession," the company said. CK Hutchison, the telecoms-to-retail conglomerate owned by Hong Kong tycoon Li Ka-shing, has found itself caught in a highly politicized tug of war since U.S. President Donald Trump returned to office. Trump has repeatedly threatened to take control of the Panama Canal due to the presence of Chinese and Hong Kong firms in the Central American country's maritime business and praised the $22.8 billion BlackRock deal. Chinese authorities have criticized it however, and China's market regulator is launching an antitrust review of it. Panama's contract audit is nearing completion, state comptroller Flores said this week. Since February, Panama's Supreme Court and the attorney general's office have also started reviews of the concession and the conditions of its renewal.
