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☆ Oil prices mixed amid uncertain demand, supply concerns
▼ + stars: | 2022-10-20 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

REUTERS/Nick Oxford/File PhotoSINGAPORE, Oct 20 (Reuters) - Oil prices were mixed on Thursday as investors balanced caution over tightening supply against concerns that a global slowdown could curb demand. "Oil prices are being whipsawed by a number of drivers in Q4 2022," said Commonwealth Bank commodities analyst Vivek Dhar in a note. Upward pressure though is coming from OPEC+ supply cuts and imminent EU sanctions on seaborne imports of Russian oil and refined production." Global recession concerns and the potential for another aggressive U.S. rate hike were clouding the outlook for oil prices, said CMC Markets analyst Leon Li. "Therefore, oil prices would return to a downtrend after a short-term rebound," he said.

☆ Australia's jobs engine brakes in Sept, supports slower rate hikes
▼ + stars: | 2022-10-20 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

SYDNEY, Oct 20 (Reuters) - Australian employment posted a disappointingly small rise in September in a hint that a very tight labour market might finally be loosening, lessening pressure for faster increases in interest rates. The miss on jobs supports the Reserve Bank of Australia's (RBA) decision this month to slow the pace of rate hikes to quarter-point moves, having already lifted rates by 250 basis points since May. The jobless rate held near 48-year lows at 3.5% in September, while the participation was just off record highs at 66.6%. This is a major reason why markets fully expect another rate rise of 25 basis points in November. The RBA has argued it can afford to go slower than the Fed since wages in Australia are growing at half the pace of those in the United States, even with a very tight labour market.

Amid resistance from France, Spain and Italy had previously broached the idea of building an underwater pipeline between the two countries. Iberdrola, which is building Europe's largest green hydrogen plant in Puertollano in central Spain, declined to comment on the pipeline announcement. Cepsa CEO Maarten Wetselsaar told Reuters the agreement put Spain at the heart of Europe's plan to diversify away from Russian energy. As for natural gas, Spain has six terminals allowing it to bring in liquefied natural gas and convert it into its gaseous form, and three storage facilities, while Portugal has one. The United States and Nigeria are among key suppliers of LNG to Spain, which also receives piped gas from Algeria.

☆ Soaring food prices push UK inflation back to 40-year high
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 19 (Reuters) - The biggest jump in food prices since 1980 pushed British inflation back into double digits last month, matching a 40-year high hit in July in a new blow for households grappling with the cost-of-living crisis. The Office for National Statistics said the consumer price index (CPI) increased by 10.1% in annual terms in September. Hotel prices also increased in September, the ONS said. "Today's release highlights the danger that underlying inflation remains strong even as the economy weakens," said Paul Dales, chief UK economist at consultancy Capital Economics. He pointed to rising core inflation, a measure that excludes volatile food and energy prices, which hit a new 30-year high of 6.5%.

☆ FOREX Dollar holds near 32-year peak vs yen despite intervention risks; sterling licks wounds
▼ + stars: | 2022-10-19 | by ( Kevin Buckland | ) www.reuters.com time to read: +5 min

The dollar pushed as high as 149.395 yen overnight for the first time since August 1990, before last trading at 149.305 in the Asian session. read moreThe dollar index - which measures the currency against six peers including the yen, sterling and euro - added 0.2% to 112.19, after dropping to the lowest since Oct. 6 at 111.76 overnight. Meanwhile, sterling was little changed at $1.1318, licking its wounds after a 0.34% decline in the previous session. Economists in a Reuters poll predict another 75 basis-point rate hike from the European Central Bank on Thursday of next week. The currency last traded 0.08% higher at $0.56905, close to the previous session's two-week high of $0.5719.

☆ Oil prices rise as investors seek riskier assets and on China demand outlook
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices were also buoyed as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. That is equal to about 104 million barrels. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the final tranche of the 180 million barrels release announced earlier this year, a senior U.S. official said. Gasoline inventories declined by about 2.2 million barrels while distillate stockpiles dropped by 1.1 million, the sources said.

☆ Dollar firm near 32-peak vs yen despite intervention risks; sterling treads water
▼ + stars: | 2022-10-19 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The euro hovered close to a two-week high. read moreThe dollar, which currently reigns as the safe-haven currency of choice, has sagged this week amid the bear rally in equities globally following some upbeat earnings. read moreThe euro was about flat at $0.9857, hanging just under Tuesday's high of $0.98755, a level last seen on Oct. 6. read moreThe New Zealand dollar remained elevated following Tuesday's blowout consumer price data, which raises expectations for continued aggressive tightening by the Reserve Bank. The currency last traded 0.19% higher at $0.5695, close to the previous session's two-week high of $0.5719.

☆ Most Asian shares extend rally, markets await UK inflation data
▼ + stars: | 2022-10-19 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged up 0.2%, but further gains were capped by slight falls in Chinese shares. Japan's Nikkei (.N225) advanced 0.4%, Australia's resources-heavy shares (.AXJO) gained 0.4%, while South Korea (.KS11) rebounded 0.5%. Register now for FREE unlimited access to Reuters.com RegisterU.S. S&P 500 futures rose 0.8% and the Nasdaq futures jumped 1.3%. Netflix Inc (NFLX.O) reversed customer losses that had hammered its stock this year and projected more growth ahead, sending shares 14% higher in after-hours trading. Chris Turner, global head of markets at ING, said a quiet week for U.S. data could also see the dollar correction extend a little.

☆ Oil prices rise on supply woes
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +4 min

read moreThe OPEC+ production cut, which comes ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market. The European Union's sanctions on Russian crude and oil products will take effect in December and February, respectively. To plug the gap, the Biden administration is planning to release more oil from the SPR to dampen fuel prices before next month's congressional elections. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the remainder of the 180 million barrels release announced earlier this year, a senior U.S. official said. In Europe, EU's emergency oil stocks, including crude oil and petroleum products, recovered slightly in July after two coordinated releases drained the levels to a record low in June, but were still 3.7% lower than in July 2021, the bloc's statistic office said on Tuesday.

☆ Column: Wet, windy & mild weather wanted this winter in Europe
▼ + stars: | 2022-10-19 | by ( Gavin Maguire | ) www.reuters.com time to read: +5 min

Register now for FREE unlimited access to Reuters.com RegisterBut helping to offset that has been increased pollution across Europe, where power producers and industry have scrambled to replace reduced Russian natural gas supplies with high-emitting coal and liquefied natural gas (LNG) imports. European natural gas imports by main sourceImporters have managed to replenish natural gas stockpiles to try to prepare for greater heating demand later this year, but power producers will be relieved by the curtailed demand for warmth so far. Weather forecasts deteriorate in accuracy farther out, but historically it is clear that the winter months tend to generate more wind power than other seasons. So power producers will also be hoping for blustery conditions to kick in, especially in wind-heavy economies like Germany, which in 2021 got roughly 20% of its electricity from wind power, according to data from BP. For European citizens, wet and windy weather may not sound like the ideal conditions for a comfortable winter.

☆ Netflix will start charging for password sharing in early 2023, potentially adding up to $3 for each additional user
▼ + stars: | 2022-10-19 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Netflix will begin charging for password sharing beginning in early 2023. The "extra member" feature will allow additional users to have their own sub-account for a fee. The streaming giant announced on Tuesday it officially will begin charging for account sharing early next year, after hinting at a crackdown in recent months. The move comes as other streaming companies begin identifying ways to prevent and limit password sharing. According to a March survey from the Leichtman Research Group, an estimated one-third of US Netflix subscribers currently share their log-ins.

☆ UK house prices rise 13.6% y/y in August
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Oct 19 (Reuters) - British house prices increased by 13.6% year-on-year in August, the Office for National Statistics said on Wednesday. House price growth slowed from a 16% surge in July which reflected how prices in the same month last year were hit by the end of a tax break for home-buyers. A Reuters poll published in August showed the surge in British house prices is expected to end next year as the cost-of-living crisis and rising interest rates put the brakes on the market. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ana Nicolaci da Costa; Editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

The eight people trapped in the Hideaway Village motel realized that they may die as geysers shot up through the buckling floors and the deadbolts holding their doors shut snapped like toothpicks under Hurricane Ian’s assault. After the motel crashed and the roof above the women gave way, a motel employee next door pulled them out of the water. The wrecking of the Hideaway Village motel, pieced together through interviews with survivors, reveals how the storm’s death count could have easily been much higher than 135 people, according to an NBC News tally. Hurricane Ian tore the roof off the Hideaway Village motel. But on Sept. 27, the women arrived at the Hideaway Village motel, full of energy, under the impression that the storm’s threats were overstated, Maston said.

☆ New Zealand Q3 inflation smashes expectations, boosts case for hawkish hikes
▼ + stars: | 2022-10-18 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Annual inflation ran at 7.2% in the third quarter, sitting just below a three-decade high, Statistics New Zealand said in a statement on Tuesday. Inflation slowed slightly from 7.3% in the second quarter but far outpaced expectations in a Reuters poll for a 6.6% annual rise. "With the RBNZ having the inflation bit between its teeth, all options are likely to remain on the table." Smith said they had changed their OCR forecast and were now expecting a 75-basis-point rate hike in November, and two further 50 bp rate hikes in February and April 2023. Statistics New Zealand added that annual non-tradable inflation - products made in New Zealand for domestic consumption - rose 6.6%, the highest since it began tracking that data in June 2002.

☆ Can sustainable soya farming come fast enough to save the Cerrado?
▼ + stars: | 2022-10-18 | by ( Mark Hillsdon | Mark Hillsdon Is A Manchester-Based Freelance Writer Who Writes On Business | Sustainability For The Ethical Corporation | ) www.reuters.com time to read: +12 min

“Crop finance is a key part of soy farmers' business models and there is a huge appetite and market for green finance,” he explains. It’s a message consistent with the UK Soy Manifesto, which now covers 60% of the soy coming into the UK. Unlocking green investment means this can now happen, he adds, by supporting sustainable agriculture and protecting forests in a financially sustainable way that rewards farmers. And ultimately it is the involvement of these traders in screening out “bad soy” on which any sustainable soy scheme succeeds or fails. The Retail Soy Group’s roadmap commits members to deforestation-free soy with a cut-off-date of August 2020, but soy traders aren’t following these guidelines, says Wijeratna.

☆ EXCLUSIVE China's state banks seen acquiring dollars in swaps market to stabilise yuan - sources
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

Six banking sources told Reuters the country's major state-owned banks were spotted swapping yuan for U.S. dollars in the forwards market and selling those dollars in the spot market, a playbook move used by China in 2018 and 2019 as well. One of the sources noted the size of the dollar selling operation was "rather huge". "The big banks want to acquire dollar positions from the swap market to stabilise the spot market," said another source. State banks usually trade on behalf of the central bank in China's FX market, but they can also trade for their own purposes or execute orders for their corporate clients. At the same time, the move helps state banks to procure dollars at a time when rising U.S. yields have made dollars scarce and expensive.

☆ Asia shares ease, major test looms for UK bonds
▼ + stars: | 2022-10-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Concerns about financial stability added to the corrosive mix with all eyes on UK bonds, now that the Bank of England's (BoE's) emergency buying spree is over. "Monday's market action will provide a test, not only for the survival of Truss' low-tax vision, but also her political future." Sterling was quoted up 0.4% at $1.1219 , but off the early high with trading sparse in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 1.2% and back toward last week's 2-1/2 year low. In currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%.

☆ China showed 'significant' Q3 rebound but faces challenges-state planner
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 17 (Reuters) - China's economy showed a significant recovery in the third quarter and employment is generally stable, said an official at China's economic state planner on Monday, but the economy still faces many challenges and difficulties. The comments come as the world's second-largest economy has grappled with stringent COVID-19 curbs and a deepening property crisis. "The improvement of the Chinese economy will be consolidated as the effects of macro policies continue to be released," said Zhao Chenxin, deputy head of the National Development and Reform Commission, at a news conference. China will unswervingly promote the opening up of its markets and give greater space for economic development in Hong Kong and Macau, Zhao added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Kevin Yao; Editing by Christopher Cushing and Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ Asia shares slip, testing times for UK bonds
▼ + stars: | 2022-10-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Concerns about financial stability added to the corrosive mix with all eyes on UK bonds now that the Bank of England's (BoE's) emergency buying spree is over. "Monday's market action will provide a test, not only for the survival of Truss' low-tax vision, but also her political future." Sterling was quoted up 0.6% at $1.1233 , but trading was sparse with little liquidity in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 1.2% and back toward last week's 2-1/2 year low. read moreIn currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%.

☆ Exclusive: China's state banks seen acquiring dollars in swaps market to stabilise yuan
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

One of the sources noted the size of the dollar selling operation was "rather huge". "The big banks want to acquire dollar positions from the swap market to stabilise the spot market," said another source. State banks usually trade on behalf of the central bank in China's FX market, but they can also trade for their own purposes or execute orders for their corporate clients. A third source noted that the state banks' trades appeared to be managed so that the country's closely-watched $3 trillion foreign exchange reserves will not be tapped for intervention. At the same time, the move helps state banks to procure dollars at a time when rising U.S. yields have made dollars scarce and expensive.

This was the fourth straight week that funds have reduced their collective bet on rising U.S. interest rates. A short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise. Funds are now holding the smallest net short three-month SOFR position since July, and it has pretty much halved in the last six weeks. There have only been 11 weeks of bigger net short positions since the contract's launch over 30 years ago. "With 2s already at 4.5% and the terminal Fed funds rate in March 2023 almost at 5%, it seems unlikely that 2s can sell-off much more in the near term.

☆ China seen partially rolling over policy loans at steady rate - Reuters poll
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

But some still expect the People's Bank of China (PBOC) to ease banks' reserve requirements next month, to aid an economy hit by the COVID-19 pandemic and property market woes. Most of the 27 participants in the poll conducted this week said they predicted the PBOC will partially renew 50 billion yuan ($6.98 billion) worth of policy loans that mature on Saturday. Traders point out that China's banking system is not short of cash - evidenced by the fact that market rates are lower than policy rates, curbing demand for central bank loans. "We don't expect policy rate cuts until pressure on the currency eases," wrote Zichun Huang, an economist at Capital Economics. Zhou Maohua, analyst at China Everbright Bank, said September's robust credit expansion also made monetary easing less urgent.

☆ Battery maker Envision AESC seeking potential investors to fund expansion-CEO
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +3 min

ZAMA, Japan, Oct 14 (Reuters) - Chinese renewable energy group Envision's battery business is seeking potential investors, as it looks to fund a planned 30-fold expansion in its battery production capacity for electric vehicles (EV), the unit's chief executive said. Envision AESC has also said it plans to supply batteries for Honda Motor Co (7267.T) and Mercedes-Benz (MBGn.DE). The company hopes to break into the top-tier EV supply rankings by leveraging its more than a decade of battery production experience. Matsumoto said the company is aiming to expand its share in the global EV battery market by roughly five times to about 15% by 2025 or 2026. Solid-state battery technology involves a high-capacity energy storage device that improves on lithium-ion batteries, replacing the liquid or gel-form electrolyte with a solid, conductive material.

"We expect probably in 2023 the semiconductor industry will likely decline, but TSMC also is not immune," Wei told a media call. TOOL DELAYSTSMC, Asia's most valuable listed firm, cut its capital expenditure (capex) for 2022 to around $36 billion. "We say 2023 is still a growth year for TSMC, and the overall industry probably will decline," said Wei. Revenue for the quarter climbed 36% to $20.23 billion, versus TSMC's prior estimated range of $19.8 billion to $20.6 billion. Shares in TSMC have fallen almost 36% so far this year, giving it a market value of $323.7 billion.

TSMC's business has swelled thanks to a global chip shortage that was sparked by pandemic-fuelled sales of smartphones and laptops. Register now for FREE unlimited access to Reuters.com RegisterRevenue for the quarter climbed 36% to $20.23 billion, versus TSMC's prior estimated range of $19.8 billion to $20.6 billion. Shares in TSMC have fallen almost 36% so far this year, giving it a market value of $323.7 billion. The stock fell 0.6% on Thursday, compared with a 2.1% fall for the benchmark index (.TWII). TSMC has said it has seen little impact from the current down cycle in the chip sector and expected its capacity to remain tight because long-term demand for TSMC's chips was "firmly in place".

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