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☆ Morning Bid: US debt drama crashes Japan's G7 party
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin Buckland. But almost everyone also wants to hear from her that the United States can sort out its own debt ceiling conundrum and avoid a potentially disastrous default. The United States isn't the only concern either. Chinese inflation data showed consumer prices almost flat-lining in April, while factory gate deflation deepened. Ten-year Treasury yields continued to tick lower in Tokyo, putting the U.S. dollar under pressure against the yen.

☆ Oil prices climb on positive US fuel demand data
▼ + stars: | 2023-05-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

May 11 (Reuters) - Oil prices bounced back on Thursday after dropping by more than a dollar a barrel the previous day, supported by stronger fuel demand data from the United States, the world's top oil consumer. Brent crude futures rose by 56 cents, or 0.7%, to $76.97 a barrel by 0330 GMT, while U.S. crude futures rose 53 cents, also up 0.7%, to $73.09. A sharper-than-expected drop in U.S. gasoline inventories boosted prices, reflecting stronger demand for transport fuels in the U.S. The latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates, which can have the knock-on effect of reducing oil demand. Distillate stocks also declined, while U.S. jet fuel demand rose to its highest level since December 2019.

☆ GM, VW face idled capacity risk in China without faster EV transition -Greenpeace
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File PhotoSHANGHAI/BERLIN, May 11 (Reuters) - Automakers including Volkswagen and General Motors could have considerable unused production capacity for conventionally powered vehicles in China by 2030 if they do not speed up their transition to electric vehicles (EV), Greenpeace said on Thursday. By the end of 2021, China had total annual production capacity for 40.89 million passenger vehicles of all fuel types with a utilisation rate of 52.5%, showed data from the China Passenger Car Association. If the sales rate reaches 70%, the average unused capacity utilisation rate for ICE production would rise to two thirds, Greenpeace said, basing its estimates on public information about planned capacity and projected sales. GM and Volkswagen will face the largest pressure with over 3 million units of idled capacity for ICE cars in China, presenting a major risk for those automakers, Greenpeace said. Volkswagen pointed to its rising sales in China and said it expects to profit from the country's growing demand for cars.

May 11 (Reuters) - Oil prices rose in early Asian trade on Thursday after strong demand for fuels in the U.S. outweighed concerns about the possibility of the world's biggest oil producer and consumer defaulting on its debt. Latest U.S. data showed consumer prices rose in April, increasing the likelihood that the Federal Reserve will maintain higher interest rates which can have the knock-on effect of reducing oil demand. Rising global interest rates have weighed on oil prices in recent months, with traders concerned about recession. However, fuel demand in the U.S. is showing signs of strength. U.S. jet fuel demand rose to its highest level since December 2019.

☆ Panasonic sees record profit on robust battery demand, U.S. tax credit
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

The net profit outlook would be up 23% from the prior record for net profit of 284.1 billion yen, set in the year ending in March 2019. The company sees operating profit of 430 billion yen for the year through March 2024, versus 288.6 billion yen a year earlier. That beats the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv. For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

☆ China's BYD cuts starting price for Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), on Wednesday cut the starting price of its best-selling Seal sedan by 10%, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest auto market with lower-priced products. That includes a rear-wheel drive Seal Champion Edition with a 550-km (342-mile) driving range per charge at a starting price of 189,800 yuan ($27,459). BYD, China's best-selling electrified vehicle maker, launched the Seal sedan under its Ocean series in July 2022 with a sporty design style and intelligent features. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. It has outgrown Germany's Volkswagen as the best-selling passenger vehicle brand in China in the last two quarters.

☆ Panasonic sees higher profit this year on robust battery demand
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

TOKYO, May 10 (Reuters) - Japanese electric vehicle (EV) battery maker Panasonic Holdings Corp (6752.T) on Wednesday forecast a higher operating profit this year as it expects robust auto battery sales in the United States. Panasonic expects operating profit of 430 billion yen ($3.18 billion) for the year through March 2024, versus 288.6 billion yen a year earlier. That would compare to the 383.96 billion yen average of 20 analyst estimates compiled by Refinitiv. For the fourth quarter of the year ended March 31, Panasonic posted operating profit of 54.4 billion yen. That compared with 83.4 billion yen a year prior and the 59.49 billion yen average of 12 analyst estimates.

☆ City will be 'unstoppable' at home against Real, says Grealish
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Manchester City will be "unstoppable" at home when they host Real Madrid in the second leg of their Champions League semi-final, winger Jack Grealish said. City earned a 1-1 draw in the first leg in the Spanish capital on Tuesday after Kevin De Bruyne's stunning low strike cancelled out Vinicius Jr's opener for Real. The reigning Premier League champions are unbeaten at home since November and will hope to stretch that record in the second leg on May 17. Grealish said the team "learned so much" since they were knocked out by Real in the Champions League semi-finals last season. Real goalkeeper Thibaut Courtois said the second leg will be like a "final" for the Spanish side, who are record 14-times Champions League winners.

[1/2] The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. The fourth-quarter earnings come after the Vision Fund unit posted four consecutive quarters of investment loss, with investors debating whether the value of privately held stakes have further to fall. Portfolio firms of the Vision Fund unit whose shares climbed during January-March include e-commerce firm Coupang Inc (CPNG.N) and robotics firm AutoStore Holdings Ltd (AUTO.OL). What matters is Arm for SoftBank to demonstrate it can get results as an investment company," said SMBC Nikko Securities analyst Satoru Kikuchi. Still, SoftBank executives are unlikely to offer meaningful new information about the Arm listing on Thursday, Kikuchi said.

☆ China's BYD launches lower-priced versions of Seal EV; aims to extend lead
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, May 10 (Reuters) - BYD Co Ltd (002594.SZ), launched on Wednesday five lower-priced versions of its Seal sedan, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world's largest market for new-energy cars. That is also 18% cheaper than the rear-wheel drive version of Tesla Inc's (TSLA.O) Model 3 in China with a driving range of 556 kilometres, against which the Seal model seeks to compete. China's EV market is in the throes of a price war started by Tesla earlier this year, with several EV makers including BYD following the U.S. automaker's example by cutting prices for best-selling models this year to defend market share. The EV price war is also drawing sales away from internal combustion engine vehicles as the price gap between the technologies narrows. BYD has so far led the new energy vehicle (NEV) market with its various offerings of battery-only and plug-in hybrid models priced under 300,000 yuan.

☆ RBNZ proposes collecting more financial entity data on cyber incidents
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

WELLINGTON, May 8 (Reuters) - The Reserve Bank of New Zealand is proposing collecting financial entity data on cyber incidents to better understand cyber risks and resilience in the financial sector, it said in a statement on Monday. The central bank said it is proposing introducing mandatory reporting of material cyber incidents with 72 hours of detection, reporting of all cyber incidents periodically even if they are not material, and a regular survey on cyber resilience. The central bank is currently seeking feedback on the proposal before deciding whether to implement the new rules. RBNZ Director of Prudential Policy Kate Le Quesne said collection of this information will improve the bank's understanding of cyber resilience in the financial sector. Reporting by Lucy Craymer; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Iran hangs two men for blasphemy
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 8 (Reuters) - Iran has executed two people who had been sentenced to death for blasphemy, the judiciary's news website Mizan reported on Monday. Yousef Mehrdad and Sadrollah Fazeli Zare were executed for crimes including blasphemy, insulting the religion of Islam, the prophet and other sanctities, Mizan reported. The two were running dozens of online anti-religion platforms dedicated to the hatred of Islam, the promotion of atheism and insults to sanctities, Mizan reported. U.N. experts have called on majority Shi'ite Muslim Iran to stop persecution and harassment of religious minorities pointing out an Iranian policy of targeting dissenting beliefs or religious practices, including Christian converts and atheists. Reporting by Elwely Elwelly; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand defence spending set to increase by around $472 million
▼ + stars: | 2023-05-08 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, May 8 (Reuters) - The New Zealand Defence Force will get an additional NZ$748 million ($472.14 million) over four years, as the government tries to stop the loss of military personnel and ensure the country’s military can operate alongside allies and partners. Andrew Little said in a statement that the government would invest a further NZ$419 million in defence force salaries and NZ$328 million to upgrade assets and infrastructure over four years. Chief of Defence Force Air Marshal Kevin Short said in an email that the new funding was the most meaningful funding allocation the military had received in many years, and was great news. In the last two years, the Regular Force - full-time military personnel - has lost 29.8% of its personnel, excluding those who have served less than two years. That number is expected to hit 32.6% by June 30 if nothing is done as the defence force has struggled to match private-sector wages.

SYDNEY, May 8 (Reuters) - Australia's 30 biggest pension funds increased their investments in key coal, oil and gas producers by 50% in 2022 despite the funds' long term commitments to net zero carbon emissions, environmental activist group Market Forces said. Superannuation or retirement funds raised their investment to more than A$34 billion ($23 billion) in companies most responsible for expanding fossil fuels, Market Forces said. Market Forces only named AustralianSuper, which it said had increased its stake in Woodside Energy Group Ltd (WDS.AX), Australia's top independent gas producer, by about 19 times in 2022. In an emailed response, AustralianSuper said it had raised its stake as gas was a key part of an "orderly energy transition" ahead. It estimated more than A$140 billion of Australians' retirement savings are invested in fossil fuel companies through the funds, which have more than 9% of members' share investments in these firms on average.

☆ Oil prices rebound after recession fear, Russia exports fuelled earlier losses
▼ + stars: | 2023-04-27 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, April 27 (Reuters) - Oil prices rose on Thursday, paring earlier losses that were fuelled by U.S. recession fear and increased Russian oil exports dulling the impact of OPEC production cuts. "Crude oil slumped, as prospects of weaker economic growth offset a bullish inventory report," ANZ Research said in a client note. "The market is also questioning the validity of OPEC's recent production cut amid strong exports of Russian crude." Energy Information Administration (EIA) data showed U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' average forecast of a 1.5 million drop in a Reuters poll. Oil loading from Russia's western ports in April will be the highest since 2019, above 2.4 million barrels per day, despite Moscow's pledge to cut output, sources have said.

☆ Column: Europe raises green energy climate hurdles with red tape revamp: Maguire
▼ + stars: | 2023-04-25 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

EMISSIONS TRADING TWEAKSThe European Union's Emissions Trading System (EU ETS) is the region's main device for managing emissions by providing financial incentives to cut pollution while penalising high emitters. This is designed to prevent companies moving heavy polluting parts of their supply chain to areas outside of the EU ETS catchment area, and ensure that companies cannot merely outsource the dirtiest parts of the production phase elsewhere. However, this new mechanism runs the risk of eroding the cost competitiveness of hard-to-decarbonize sectors, such as steel and chemicals producers. The key now for Europe's lawmakers is to ensure that many of these new hurdles can still be cleared by key industries without undermining the economic competitiveness of the entire region. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

That is the biggest net short position since October 2011, and marks the fourth week in five that funds have increased their bet on weaker U.S. stocks. Reuters ImageA short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. It has been a mixed bag with almost a fifth of the S&P 500 firms having reported. The S&P 500 has rebounded nearly 10% from the March banking shock lows, and if the options market is any guide, traders are sanguine about the near-term outlook. The VIX index of implied volatility - the Wall Street "fear index" - last week hit its lowest since November 2021.

☆ South Koreans tap cash-giving apps to help offset rising living costs
▼ + stars: | 2023-04-24 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

As many as three in four adults earn cash through such applications, showed a recent survey by job portal Incruit. Retiree Han Sun-jae, 77, said he had made some 50,000 won ($37.91) so far through the Toss app. The trend shows people are going the extra mile to help overcome an increasingly dire economic situation, experts said. "While the effort to make pocket money is commendable, it could also leave people vulnerable to personal data use," said Lee Eun-hee, a consumer studies professor at Inha University. ($1 = 1,318.79 won)Reporting by Hyunsu Yim; Additional reporting by Ju-min Park; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Asia stocks off to slow start in earnings-rich week
▼ + stars: | 2023-04-24 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.1%, while Japan's Nikkei (.N225) nudged up 0.2%. S&P 500 futures and Nasdaq futures both eased 0.2% ahead of a busy week of earnings. The U.S. House of Representatives could this week vote on a Republican plan to raise the debt ceiling in exchange for spending cuts. Figures on U.S. wages and economic growth due this week will likely reinforce the case for further tightening. Oil prices also lost ground last week, though planned production cuts from OPEC offer some support.

☆ China EV maker BYD to build $290 mln battery component plant in Chile
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, April 21 (Reuters) - China's BYD Co Ltd (002594.SZ), , the world's largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile's northern Antofagasta region, said Chilean economic development agency CORFO. The South American country's government has named BYD Chile a qualified lithium producer, CORFO said, giving it access to preferential prices for lithium carbonate quotas. BYD, which supplies electric buses for Chile's public transportation system, did not immediately respond to requests for comment on Friday. The plant will produce 50,000 tonnes per year of lithium iron phosphate (LFP) for cathodes, using lithium carbonate as an input. read moreReporting by Farah Master in Hong Kong and Zhang Yan in Shanghai; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Purchasing managers of the world, diverge
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

Softening second-tier data in the U.S. on Thursday put a bid under bonds for the first time in a few weeks, while bitcoin was clobbered. Purchasing manager's index data are the next set of economic figures due as market focus flings back on growth. British (GBPMMF=ECI) and euro zone (EUPMMF=ECI) manufacturing surveys are seen stuck in contraction territory. European and British services PMIs are seen steady and staying in expansion mode. British retail sales are expected to fall, adding up to a somewhat confounding picture.

☆ Disney announces groundbreaking for affordable housing in Florida
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Walt Disney World said on Wednesday it would break ground next year on a planned affordable housing development in Central Florida. The unit of Walt Disney Co (DIS.N) said it plans to provide 1,400 housing units on 80 acres (32.4 hectares) of land "a few miles away" from the Magic Kingdom and near schools and shopping. Tensions between Florida Governor Ron DeSantis and Disney began last year, when the company publicly opposed the state's legislation barring instruction of sexual orientation and gender identity in the classroom. Disney responded by pushing through a developer's agreement and restrictive covenants that would limit the new board's actions for decades. The Governor responded by calling on the state lawmakers to pass a bill that would nullify the company's efforts.

☆ Oil prices fall as strengthening dollar prompts weak demand concern
▼ + stars: | 2023-04-20 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, April 20 (Reuters) - Oil prices fell on Thursday as muted U.S. economic data and expectations of interest rate hikes pushed up the U.S. dollar, prompting fear of a stronger dollar hurting global oil demand by making it more expensive. West Texas Intermediate crude (WTI) for May delivery lost 28 cents, or 0.35%, to trade at $78.88 at 0005 GMT. "This unsettled markets, magnifying recent concerns that monetary tightening has weakened demand for oil. , , ,The crude stockpile decline was far steeper than analysts' estimate of 1.1 million barrels, and the American Petroleum Institute's estimates late on Tuesday of 2.7 million barrels. "WTI crude is back below the $80 level and it could continue drifting lower if the strong dollar trade resumes," Edward Moya, senior market analyst at OANDA, said in a client note.

read moreTSMC forecast revenue of $15.2 billion to $16 billion in the quarter ending June 30, down from $18.16 billion a year prior. TSMC, Asia's most valuable listed company, said first-quarter revenue dropped 4.8% year-on-year, in line with the company's previous forecast. Net revenue from China grew to 15% from 12%, while net revenue from North America fell to 63% from 69%. read moreThe chipmaker forecast 2023 capital expenditure of $32-36 billion, unchanged from a previous estimate. CEO Wei said TSMC was evaluating the possibility of building a speciality fabrication plant in Europe for auto chips.

☆ Asian stocks ease, dollar subdued as investors tread with caution
▼ + stars: | 2023-04-20 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.16% lower, while Japan's Nikkei (.N225) was up 0.07%. China's blue-chip CSI 300 Index (.CSI300) was down 0.16%, while the Shanghai Composite Index (.SSEC) eased 0.22%. Traders are bracing for meetings from central banks in the next few weeks as easing worries over the banking sector brings inflation and monetary policy back into focus. In currency markets, the U.S. dollar index fell 0.039%, with the euro up 0.04% to $1.0958. The yen weakened 0.08% to 134.83 per dollar, while sterling was last trading at $1.2432, down 0.05% on the day.

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