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☆ India cuts GST on molasses to 5%, says some millet products exempt
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Oct 7 (Reuters) - Top officials on India's Goods and Services Tax (GST) Council on Saturday said some millet products would be exempted from the levy, and that the GST on molasses would be cut to 5% from 28%. Finance Minister Nirmala Sitharaman said the council had decided to exempt GST on some millet flour products, on which it currently stands at 18%. The council, which includes the federal finance minister and state finance ministers, has also approved a 5% GST rate for millet sold in prepackaged and labelled form. Sitharaman said she hoped the cut to GST on molasses would benefit sugarcane farmers. Reporting by Nikunj Ohri; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Nirmala Sitharaman, Sitharaman, Nikunj Ohri, Jan Harvey Organizations: India's Goods, Services Tax, Thomson Locations: DELHI, prepackaged

☆ Ireland trims 2023 budget surplus, corporate tax forecasts
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

DUBLIN, Oct 7 (Reuters) - Ireland is set to collect 0.6% less tax than expected this year following a recent fall in corporate receipts and deliver a lower than forecast budget surplus that Tuesday's budget will further eat into, finance ministry data showed on Saturday. Ireland has collected record levels of tax in recent years, driven by a fast-growing economy and booming corporate tax returns. Instead they are now expected to rise by 4% to 23.6 billion euros. The finance ministry also cut the forecast for 2024 to 24.5 billion euros from 25.1 billion euros. As a result it lowered the 2023 projected budget surplus to 9.6 billion euros or 1.8% of gross domestic product (GDP), from the 10 billion euros forecast in July.

Persons: Michael McGrath, Padraic Halpin, Alex Richardson Organizations: DUBLIN, Ministers, Thomson Locations: Ireland

☆ Many factors to consider if FX moves are 'excessive' -Japan finmin
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

Japanese Finance Minister Shunichi Suzuki speaks during the presidency press conference at the G7 meeting of finance ministers and central bank governors, at Toki Messe in Niigata, Japan, Saturday, May 13, 2023. Shuji Kajiyama/Pool via REUTERS/File Photo Acquire Licensing RightsTOKYO, Oct 6 (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Friday there were many factors to consider in determining whether moves in the foreign exchange market were "excessive", adding that there were no changes in how the government would deal with them. Investors often think excessive volatility can be measured over a period of one day or so. "There's no change in the government stance," Suzuki said, when asked about intervention and what defines an excessive move. The minister added that authorities should make a comprehensive judgment on what constitute excessive moves, taking various factors into account.

Persons: Shunichi Suzuki, Shuji, Masato Kanda, Suzuki, Tetsushi Kajimoto, Satoshi Sugiyama, Jacqueline Wong, Jamie Freed Organizations: Toki, Rights, Japanese Finance, Thomson Locations: Niigata, Japan

How the $13 trillion economy's slowdown will affect other emerging markets is still an unanswered question for investors. "Lower for longer Chinese growth is shaping a new regime of investments," Amundi's head of emerging markets Yerlan Syzdykov told Reuters. The World Bank trimmed its 2024 China growth forecast to 4.4% from 4.8%. 6/DEVELOPING REFORMThe World Bank, IMF and other multilateral development banks are under pressure to boost lending to poorer countries to fund development and tackle climate change. China and other large emerging economies have long demanded a greater say in the global financial architecture, which is still dominated by parameters set out by the 1944 Bretton Woods meeting, where the IMF and World Bank were established.

Persons: Abdelhak, Joseph Cuthbertson, Syzdykov, Anna Gelpern, Gregory Smith, Smith, Mehmet Simsek, Tayyip Erdogan, Erdogan, drubbing, Timothy Ash, Jorgelina, Rosario, Rachel Savage, Marc Jones, Karin Strohecker, Christina Fincher Organizations: International Monetary Fund, World Bank, Palais des, REUTERS, Federal Reserve, International Monetary, PineBridge Investments, Reuters, Bank, Ukraine, U.S, Kyiv, Paris Club, IMF, American, London, G Investments, JPMorgan, Egypt IMF, Fitch, Reuters Graphics Reuters, Finance, BlueBay Asset Management, Thomson Locations: Palais, Palais des Congres, Marrakech, Morocco, Argentina, Pakistan, Kenya, Egypt, CHINA, China, UKRAINE, Ukraine, Zambia, Sri Lanka, Ghana, Georgetown, Nigeria, TURKEY, Ankara, New York, Washington, London, Woods

☆ Yen gets reprieve as dollar dented by private payrolls report
▼ + stars: | 2023-10-05 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Having come off its nearly 11-month high, the dollar index , which tracks the greenback against six peers, held near overnight levels, settling at around 106.55. Longer dated U.S. Treasury yields eased from 16-year highs after the data and remained lower in the Asian day. Besides the lower U.S. Treasury yields, the yen also drew support from an overnight drop in oil prices, said Kyle Rodda, markets analyst at Capital.com, though he added that it was likely to be a "short-term reprieve." The Australian dollar fetched $0.63655 , up over 0.6%, while the kiwi was up around 0.5% to $0.59445 against the greenback.

Persons: Florence Lo, Moh Siong Sim, Shunichi Suzuki, Kyle Rodda, Rodda, Brigid Riley, Gerry Doyle, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Treasury, Federal Reserve, ADP, Bank of Singapore, Bank of, Japan, Finance, Japanese Finance Ministry, Sterling, Australian, greenback Locations: U.S, Bank of Japan, Tokyo, OPEC

☆ Yen gets some relief as dollar pulls back after private payrolls report
▼ + stars: | 2023-10-05 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The dollar index , which tracks the greenback against six peers, held near overnight levels at 106.53. Longer dated U.S. Treasury yields eased from 16-year highs after the data and remained lower in the Asian morning. Elsewhere, the euro was up 0.18% so far in Asia at $1.0524 , keeping above this week's fresh low of $1.0448. The Australian dollar fetched $0.6361 , up over 0.5% in early trade, while the kiwi similarly ticked up 0.5% to $0.5943 against the greenback.

Persons: Florence Lo, Moh Siong Sim, Shunichi Suzuki, Kyle Rodda, Sterling, Brigid Riley, Gerry Doyle, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Treasury, Federal Reserve, ADP, Bank of Singapore, Bank of, Japan, Finance, Australian, greenback, Thomson Locations: U.S, Bank of Japan, Tokyo, Asia

☆ S.Korea's accelerating inflation set to keep policy restrictive for longer
▼ + stars: | 2023-10-05 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 5 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, above market expectations, official data showed on Thursday, supporting prospects of the central bank maintaining its restrictive policy for some time. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. The central bank also said inflation, which was slightly higher in September than its projection, would still ease to around 3% by the end of the year. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Ahn Jae, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Shinhan Securities, of Korea, Statistics, CPI, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea

☆ HS2: Britain's high-speed rail fiasco reflects grim economic reality
▼ + stars: | 2023-10-05 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

“Our plan will drive far more growth and opportunity here in the north than a faster train to London ever would,” he said Wednesday. Some of the alternatives Sunak highlighted were predicated on the delivery of HS2, said Henrietta Bailey, CEO of Greater Birmingham Chambers of Commerce. “This is the biggest and most damaging U-turn in the history of UK infrastructure,” the High Speed Rail Group, which represents companies such as Siemens, Hitachi and Bombardier, said in a statement. “The decision … sends a hugely disappointing message about our commitment to completing major infrastructure projects in the UK,” said Stephen Phipson, chief executive of Make UK, which represents manufacturing firms. The country must hope that his latest policy reversal doesn’t deter investors and further undermine a struggling UK economy, perpetuating a doom-loop of weak growth and underinvestment.

Persons: Rishi Sunak, Sunak, ”, Henrietta Bailey, Stephen Phipson, Mark Allen, ” Sunak, —, Liz Truss, he’s, Sunak blinked, James Mason, ” — Hanna Ziady Organizations: London CNN —, Leeds, Birmingham Chambers of Commerce, HS2 —, Conservative, Speed Rail Group, Siemens, Hitachi, Bombardier, Make, Investors, Treasury, Business Locations: England, United Kingdom, London, Germany, France, Italy, China, Japan, Edinburgh, Birmingham, Manchester, Britain, West, North Yorkshire

☆ US Budget Fight Could Create Opening for China in the Pacific
▼ + stars: | 2023-10-05 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +4 min

The Biden administration had hoped to see Congress endorse by Sept. 30 new 20-year funding programs for Micronesia, the Marshall Islands and Palau, which after decades of relative neglect now find themselves at the center of a U.S. battle for influence with China in the Northern Pacific. The stopgap "continuing resolution" (CR) that prevented a federal government shutdown does not include approval for this new program, however, and while it maintains federal services to the COFA states, it leaves holes in other parts of their budgets. "Both are countries that recognize Taiwan and are key components of U.S. defense architecture in the Pacific," she said. Paskal said Palau's funding under its existing COFA had dwindled as it approached its final year and it had been banking on funds from the new package to help cover budget deficits. The Washington embassies of Palau and the Marshall islands did not immediately respond to requests for comment.

Persons: David Brunnstrom WASHINGTON, Biden, Cleo Paskal, Paskal, Kaleb Udui, Marshall, Washington, David Brunnstrom, Don Durfee, Josie Kao Organizations: U.S, Congress, Marshall, Northern Pacific, Free Association, Washington, Foundation for Defense, Democracies, U.S . Congress, Palau's Finance, Howard, COFA, . State Department, State Department, Pacific, Forum Summit Locations: U.S, Micronesia, Palau, China, Northern, Marshall Islands, Taiwan, Beijing, Washington

☆ US budget fight could create opening for China in the Pacific
▼ + stars: | 2023-10-05 | by ( David Brunnstrom | ) www.reuters.com time to read: +4 min

The stopgap "continuing resolution" (CR) that prevented a federal government shutdown does not include approval for this new program, however, and while it maintains federal services to the COFA states, it leaves holes in other parts of their budgets. "Both are countries that recognize Taiwan and are key components of U.S. defense architecture in the Pacific," she said. Paskal said Palau's funding under its existing COFA had dwindled as it approached its final year and it had been banking on funds from the new package to help cover budget deficits. The Washington embassies of Palau and the Marshall islands did not immediately respond to requests for comment. Reporting by David Brunnstrom; Editing by Don Durfee and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Biden, Cleo Paskal, Paskal, Kaleb Udui, Marshall, Washington, David Brunnstrom, Don Durfee, Josie Kao Organizations: U.S, Congress, Marshall, Northern Pacific, Free Association, Washington, Foundation for Defense, Democracies, U.S . Congress, Palau's Finance, Howard, COFA, . State Department, State Department, Pacific, Forum, Thomson Locations: U.S, Micronesia, Palau, China, Northern, Marshall Islands, Taiwan, Beijing, Washington

☆ South Korea Sept consumer inflation accelerates for second month
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

Office workers pick up lunch boxes at a convenience store in Seoul, South Korea, June 24, 2022. REUTERS/ Heo Ran/File Photo Acquire Licensing RightsSEOUL, Oct 4 (Reuters) - South Korea's consumer inflation accelerated for a second month in September, outpacing market expectations, official data showed on Thursday. It was the second consecutive month the annual rate quickened, from a 25-month low of 2.3% in July, and marked the fastest annual rise in five months. Finance Minister Choo Kyung-ho said after the data release that inflation would likely stabilise again from October with seasonal factors easing. Broken down by sector, prices of petroleum products jumped 4.0% over the month, agricultural prices climbed 4.1%, while public utility prices added 5.3%.

Persons: Heo, Choo Kyung, Jihoon Lee, Ed Davies, Tom Hogue Organizations: REUTERS, Rights, Statistics, CPI, Bank of, Thomson Locations: Seoul, South Korea, Rights SEOUL, Statistics Korea, Bank of Korea's

Treasury yields later receded on a cooler-than-expected U.S. private payrolls report that helped stocks on Wall Street rebound from Tuesday's sharp sell-off. "The market was so over-sold that it was looking for a catalyst to rally on and found it in ADP." The yield on 10-year Treasury notes touched 4.884%, a fresh 16-year high, while 30-year Treasury yields rose above 5% for the first time since August 2007. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAustralian, Canadian and British government bond yields have also surged this week. Gold prices crept lower for the eighth consecutive session as elevated Treasury yields amid expectations that the Fed will keep rates higher for longer weighed on investor sentiment.

Persons: Kim Rupert, Rupert, Rhys Williams, Brendan McDermid, Kit Juckes, Brent, Herbert Lash, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Will Dunham, Mark Potter Organizations: Treasury, ADP, Management, Institute for Supply Management, Federal Reserve, Dow Jones, Nasdaq, Bank of Japan, New York Stock Exchange, REUTERS, Rights Australian, U.S ., Thomson Locations: San Francisco, Bryn Mawr , Pennsylvania, U.S, New York City, Asia, Pacific, Japan, Tokyo, Russia, London, Sydney

European stocks (.STOXX) tumbled as much as 0.6% before clawing back some ground, with indexes in France (.FCHI) and Germany (.GDAXI) both posting losses. Thirty-year Treasury yields also rose above 5% for the first time since August 2007. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) had fallen 1.3%, its second straight daily drop of over 1%. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Reporting by Tom Wilson and Tom Westbrook; Editing by Simon Cameron-Moore and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Sandrine Perret, it's, Mel Siew, Kit Juckes, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Mark Potter Organizations: U.S ., Nikkei, REUTERS, LONDON, Bank of Japan, Muzinich, Co, THE, Federal, Treasury, Brent, . West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, France, Germany, Unigestion, Asia, Pacific, Singapore

☆ Choppy waters as Europe navigates China-US rivalry
▼ + stars: | 2023-10-04 | by ( Mark John | ) www.reuters.com time to read: +6 min

The fracturing of the rules and bonds tying the global economy together - so-called "geo-economic fragmentation" - seemed implausible only a few years ago. Nowhere is it more pressing than for Europe, whose wealth has always relied on trade, from its rapacious colonial history through to its reinvention as self-styled champion of WTO rules. Both the United States and Europe have been hardening their stance towards Beijing while stressing the rules of world trade must be fairly applied. The main EU concern is that the U.S. proposals could break WTO rules by discriminating against third parties. "And we really hope ... that after the election in the United States this is going to continue."

Persons: Jon Nazca, Gordon Brown, Brown, Brad Setser, Biden, Joe Biden, Donald Trump, Trump, Wang Huiyao, Petra Sigmund, Philip Blenkinsop, Joe Cash, Belen Carreno, Mark John, Catherine Evans Organizations: Triple, Majestic, APM, REUTERS, Trade Organization, USA, International Monetary, European, Reuters, for, Thomson Locations: Algeciras, Spain, China, Europe, America, American, United States, Moroccan, Marrakech, Beijing, Washington, Brussels, U.S, EU, for China, IMF, Madrid

☆ Asia stocks slump as bond selloff spooks markets
▼ + stars: | 2023-10-04 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

The spike in Treasury yields lifted the dollar to new heights with only the yen showing some fight amid speculation the Japanese authorities might be intervening behind the scenes. The yen breached the 150-per-dollar level in the London afternoon on Tuesday before suddenly shooting to 147.3. There was no confirmation from Tokyo, where Japan's finance minister and top currency diplomat have made no direct comment on the move. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Brent crude futures were last steady at $90.87 a barrel, having hit an 11-month high of $97.69 last week.

Persons: Issei Kato, it's, Mel Siew, Ryota Abe, Kit Juckes, Tom Westbrook, Jamie Freed, Kim Coghill Organizations: U.S ., REUTERS, Japan's Nikkei, Muzinich, Co, Sumitomo Mitsui Banking Corporation, New Zealand, Federal, Treasury, Brent, Thomson Locations: Tokyo, Japan, Asia, SINGAPORE, London, Pacific, Singapore, Taiwan, Malaysian

BANGKOK (AP) — Asian markets were sharply lower on Wednesday after Wall Street tumbled as it focused on the downside of a surprisingly strong job market: the likelihood that interest rates will stay high. Expectations that interest rates will stay high are pressuring stocks as Treasury yields rise in the bond market. High yields also make borrowing more expensive for companies and households across the economy, which can hurt corporate profits. Investors increasingly are taking the Federal Reserve at its word that it will keep its main interest rate high for a long time in order to drive down inflation. Several other challenges are also tugging at Wall Street besides higher yields.

Persons: China Evergrande, Australia's, Dow, Stocks, Brent, Shunichi Suzuki Organizations: Nikkei, Dow, Nasdaq, Big Tech, Microsoft, Nvidia, Treasury, Federal Reserve, Fed, New York Mercantile Exchange, Japanese Finance Locations: BANGKOK, South Korea, Hong, China, Bangkok, Japan

☆ Yen cowers near 150 as Japanese intervention chatter runs rife
▼ + stars: | 2023-10-04 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. Japanese authorities last year intervened to prop up the yen for the first time since 1998. Other currencies similarly fell against the yen in the previous session, with the euro losing more than 1.5% to a low of 154.39 yen. The Aussie stood at 94.03 yen , after having fallen to an over one-month low of 93.16 yen on Tuesday. Sterling edged 0.02% lower to $1.2076, languishing near the previous session's close to seven-month low of $1.20535.

Persons: Florence Lo, James Malcolm, Shunichi Suzuki, Masato Kanda, Janet Yellen, Rodrigo Catril, Raphael Bostic, Loretta Mester, Rae Wee, Sam Holmes, Stephen Coates Organizations: U.S, REUTERS, Rights, UBS, Japanese Finance, Tokyo, Treasury, New Zealand, Sterling, National Australia Bank, Atlanta Fed, Cleveland Fed, Thomson Locations: Rights SINGAPORE, Asia, Washington, Japan

☆ Japan warns it will take 'appropriate' steps on excessive yen falls
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +3 min

Japan will take appropriate steps against excessive moves in the yen "without ruling out any options", Finance Minister Shunichi Suzuki said on Wednesday, keeping markets on alert over the chance of yen-buying intervention. Suzuki told reporters he would not comment on whether Tokyo intervened in the exchange rate market overnight to prop up the yen. Japan's top currency diplomat Masato Kanda told reporters early on Wednesday that authorities were looking at various factors, including implied volatility, in determining whether yen moves were excessive. He declined to comment on whether the overnight yen moves were excessive. He added that Japan was acting in accordance with an agreement with its G7 and G20 partners, which includes a commitment to the stance that excessive exchange rate moves are undesirable.

Persons: Shunichi Suzuki, Suzuki, Masato Kanda, that's, Kanda, Fumio Kishida, Yoshimasa Maruyama Organizations: Tokyo Stock Exchange, Tokyo, Bank of Japan, Nikko Securities Locations: Tokyo, Japan, Asia

☆ Morning Bid: Yen back near 150 as intervention chatter swirls
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Tokyo has not confirmed any such move to support the yen , with both Japan's finance minister and its top currency diplomat making no direct comment. Tokyo last intervened to buy yen in September and October last year, when the currency eventually slumped to a 32-year low of 151.94 per dollar. In Asian hours, the yen was back just below the 150 mark and last at 149.27 per dollar. They continue to sell bonds, sending yields higher with the 10-year Treasury yield at a fresh 16 year peak. The benchmark 10-year Japanese government bond yield also clung to a 10-year high.

Persons: Kim Kyung, Ankur Banerjee, Kevin McCarthy, Edmund Klamann Organizations: National Printing Bureau, Bank of Japan, REUTERS, Ankur, Reuters, U.S . House, Ofcom, Labs, Thomson Locations: Tokyo, Japan, United States, U.S, Germany, France, Italy

☆ Britain’s Sunak issues rallying cry for a party that is already planning life without him
▼ + stars: | 2023-10-04 | by ( Luke Mcgee | ) edition.cnn.com time to read: +11 min

While the party establishment loathes Farage, Conservative members greeted him with open arms and requests for selfies after he arrived on Monday afternoon. The Conservative Party has always been a broad church, with competing factions jostling for supremacy. But Conservative Party members are rather different to the general public. Supporters applaud as Britain's Prime Minister Rishi Sunak speaks during the Conservative Party annual conference on Wednesday. Bookmakers' odds on the next UK general election are displayed outside the Manchester venue for the Conservative Party Conference on October 4, 2023.

Persons: Rishi Sunak, Boris Johnson, Liz Truss, –, steadying, ” Sunak, Sunak, Nigel Farage, loathes Farage, Hannah McKay, Kemi Badenoch, don’t “, Justin Tallis, Jeremy Hunt, Jon Super, Brexit, Johnson, didn’t, “ He’s, ”, Braverman, Grant Shapps, Suella Braverman, James, Stefan Rousseau, Christopher Furlong, Rishi Organizations: England CNN — British, Conservative Party, Conservative, CNN, Conservatives, Euroskeptic, Independence Party, European Union, selfies, Britain's UK Independence Party, PM, Labour Party, European, Human, Labour, British, Getty, Conservative Party Conference Locations: Manchester, England, “, North, Midlands, London, Sunak

☆ Developing countries facing a debt crunch
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

EGYPTNorth Africa's largest economy needs to repay some $100 billion of hard-currency debt over the next five years. Egypt has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022. Its progress in restructuring both domestic debt and $30 billion in external debt has been fairly swift and it secured a $3 billion IMF bailout in May. The next tranche of a $2.9 billion IMF bailout package could be delayed over a potential government revenue shortfall. A repair plan finally appeared imminent after Zambia clinched a $6.3 billion debt rework deal with the Paris Club creditor nations and China, its other big bilateral lender, in June.

Persons: Moody's, William Ruto's, Kais Saied, Libby George, Shri Navaratnam Organizations: World Bank, African Development Bank, IMF, UAE, SRI, SRI LANKA Sri, European Union, Zambia, Paris Club, Sri, Thomson Locations: Marrakech, EGYPT, Cairo, Egypt, ETHIOPIA, Ethiopia, China, GHANA Ghana, Accra, KENYA, Kenya, LEBANON Lebanon, PAKISTAN Pakistan, Saudi Arabia, SRI LANKA, SRI LANKA Sri Lanka, TUNISIA, Tunisia, UKRAINE Ukraine, Ukraine, United States, ZAMBIA, Zambia

☆ What Macron means when he says he wants to 'take back control' of French power prices
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

PARIS, Oct 4 (Reuters) - French President Emmanuel Macron said last week his government would "take back control" of electricity prices by the end of the year, without spelling out what steps he would take. "There is a point that is key for our competitiveness, and we will announce it in October, and that is to take back control of electricity prices," Macron said. "We'll be able to announce in October electricity prices that are in line with our competitiveness," he said, adding this would apply to households and businesses. However, French officials say Germany is undermining a traditional French strength due to fears cheap nuclear electricity could provide French businesses with a competitive advantage over German companies. Under the current system, called marginal pricing, European electricity prices are linked to the most expensive power producing asset.

Persons: Emmanuel Macron, Macron, We'll, Bruno Le Maire, Michel Rose, Elizabeth Pineau, Benjamin Mallet, Leigh Thomas, Forrest Crellin, Kate Abnett, Julia Payne, Mark Potter Organizations: Union, EDF, EU, European Commission, French Finance, Reuters, Thomson Locations: Ukraine, Paris, France, Brussels, Germany, Russia, Europe, Bulgaria, Croatia, Czechia, Hungary, Poland, Romania, Slovakia, Slovenia, Luxembourg, Austria, Spain

And if you do, you should stand with me," Sunak said, referring to what he described as 30 years of political short-termism. "It may be helpful, but it won't be sufficient" to help them win the next election. Chris Hopkins, political research director at the polling firm Savanta, said he could not see how Sunak could win. Cabinet ministers have given speeches to sparsely populated rooms and some party members have openly talked what they may do in opposition. Writing by Elizabeth Piper; editing by Kate Holton and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Sunak, Goldman Sachs, Andy Street, Suella Braverman, pollsters, John Curtice, Chris Hopkins, Savanta, Liz Truss, Nigel Farage, Steve Tuckwell, Elizabeth Piper, Kate Holton, Philippa Fletcher Organizations: Conservative, Conservatives, Labour, University of Strathclyde, European Union, Republican Party, London's Labour, Thomson Locations: MANCHESTER, England, Manchester, British, Birmingham, West Midlands, United States

☆ Morning Bid: Bond steamroller flattens all
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +5 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. That's all on top of the ongoing rethink of the Fed's long-term rate horizon and increasingly high-pressure economy. Hit from all sides, the Treasury market is simply in ructions - catalysed perhaps by technical, speculative and positioning factors too. Ten-year yields hit a whopping 4.88% early on Wednesday - an increase of 80 basis points in little over a month. And implied volatility in the bond market (.MOVE) hit its highest since May.

Persons: Florence Lo, Mike Dolan, Kevin McCarthy, Michelle Bowman, Austan Goolsbee, Jeffrey Schmid, St, Louis Fed, Kathleen O'Neill Paese, Mehmet Simsek, Bernadette Baum Organizations: U.S, REUTERS, Congress, riven, Federal Reserve, Bank of, Treasury, Nasdaq, Reserve Bank of New, P Global, U.S . Federal Reserve, Chicago Fed, Kansas City Fed, Turkish, Thomson, Reuters Locations: U.S, Washington, Asia, Europe, Reserve Bank of New Zealand, Kansas, London

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. "It has all the hallmarks of intervention in all honesty," said Michael Brown, market analyst at Trader X in London. The dollar fell 0.71% to 149.165 yen hovered near break-even against the euro . The yen is a particular casualty of the dollar's march to 10-month highs and the rise in Treasury yields, given a yawning gap between U.S. and Japanese interest rates. Gold prices languished near a seven-month low, weighed down by a robust dollar and elevated bond yields as the likelihood of U.S. rates staying higher for longer dominated sentiment.

Persons: Brendan McDermid, Michael Brown, Ronald Temple, Raphael Bostic, Bostic, Shunichi Suzuki, Suzuki, Brent, Ankur Banerjee, Jamie Freed, Susan Fenton, Jan Harvey, Deepa Babington, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Global, Federal Reserve, Trader, Labor, Survey, Lazard, U.S, Dow Jones, Nasdaq, Atlanta Fed, Thomson Locations: New York City, U.S, London, New York, Japan, Singapore

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