Aurelia Butler

Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

TOKYO (Reuters) – The dollar drifted lower on Tuesday, extending the previous day’s losses against the euro and sterling, as market jitters over the risks of a far-right French government receded.The U.S. currency failed to get a lift from a rise in Treasury yields overnight, with investors awaiting a key retail sales report and comments from Federal Reserve officials to better gauge the timing and pace of interest rate cuts.The Australian dollar hovered close to the middle of its trading range over the past month with the Reserve Bank of Australia seen holding rates steady later in the day.The U.S. dollar index, which measures the currency against the euro, sterling and four other major peers, edged slightly lower to 105.26 in early Asian trading hours, continuing its retreat from Friday’s 1 1/2-month high of 105.80.The index’s rally was mostly driven by a sharp euro selloff, after French President Emmanuel Macron called a shock snap election last week in response to his ruling centrist party’s trouncing by Marine Le Pen’s eurosceptic National Rally in the European Parliament elections.”It’s becoming clear that a hung parliament is the market’s base case, and calmer heads would argue that any government that does involve Le Pen’s RN party is unlikely to rock the fiscal boat too intently,” said Chris Weston, head of research at Pepperstone.”Le Pen has a Presidential election to win in 2027, and that can only happen if the party win the respect of the bond market.”The euro added 0.04% to $1.0738, adding to the previous session’s 0.26% rise. Sterling gained 0.06% to $1.2712.The dollar was little changed at 157.66 yen.The greenback has been pulled in both directions, with mild U.S. inflation readings contrasting with an overall hawkish stance by Fed officials at last week’s policy meeting, when they trimmed their previous median projection for three quarter-point rate cuts this year to one.Philadelphia Fed President Patrick Harker revealed on Monday that he is in the single-cut camp, but left the door open to changing his view depending on incoming data.A long list of Fed officials take to the podium at various venues later in the day, including the Boston Fed’s Susan Collins and the Richmond Fed’s Thomas Barkin.Well before that, the Reserve Bank of Australia is widely expected to hold rates steady for a fifth straight meeting later on Tuesday, with the majority of economists in a Reuters poll forecasting a first cut coming in the fourth quarter.”Financial markets are pricing almost no chance of a change to the Reserve Bank of Australia’s cash rate today (and) we agree,” Commonwealth Bank of Australia (OTC:CMWAY) economist Kristina Clifton wrote in a note.”Unless there is a material change in the post‑meeting statement, we expect the RBA’s announcement to have no material impact on AUD.”The Aussie added 0.08% to $0.66175. New Zealand’s kiwi dollar also rose 0.08% to trade at $0.6136. More

(Reuters) -U.S. Federal Reserve Chair Jerome Powell is scheduled to give his semiannual testimony on monetary policy on July 9 at the Senate Banking Committee, the office of Senator Sherrod Brown, the committee’s chair, said on Monday.If scheduling proceeds as it has historically, Powell would deliver the same testimony at the House Financial Services committee the following day. Spokespeople for that committee did not immediately respond to a request for information. Both hearings are typically hours-long affairs, with lawmakers from both sides of the aisle grilling Powell on a range of topics from interest-rate policy to the state of the banking system. Powell was first appointed as Fed Chair by former president Donald Trump and reappointed for a second term by President Joe Biden. At all turns he seeks to assert the central bank’s independence from politics, with any interest-rate decisions driven entirely by the state of the economy.The Fed last week kept the policy rate in the 5.25%-5.5% range, and signaled it may cut borrowing costs only once this year. If that forecast – which assumes slow downward progress on inflation and no big cracks in the labor market – pans out, the Fed could be expected to remain on the sidelines until after the November presidential election. Brown and other Democrats have called on the Fed to cut rates to make homes more affordable. A rate cut before the election could help Biden, a Democrat, in his rematch against Trump, a Republican who has said that he thinks the Fed may lower interest rates to help sway the election. More

Standard DigitalWeekend Print + Standard Digitalwasnow $75 per monthComplete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

(Reuters) – A look at the day ahead in Asian markets.The start of the trading week has shown that it is becoming increasingly difficult to navigate, never mind predict, markets right now, with many asset correlations being weakened by strong cross-currents of news flow and drivers.Some markets, like the S&P 500 and Nasdaq, are taking on a momentum of their own, and others, like the U.S. Treasury market and the dollar, are sending contradictory signals.Rising U.S. bond yields on Monday failed to support the dollar, the relentless tech and AI boom delivered record highs for two of Wall Street’s three main indexes yet again, while a near-2% slump in Japan’s Nikkei came out of the blue.This is the rather fragmented backdrop to the Asian market open on Tuesday, which is further complicated by the political turmoil in France that is rocking French assets and markets across the euro zone.Will investors in Asia take their cue on Tuesday from higher Treasury yields, the lower dollar, the U.S. tech frenzy or the ongoing deterioration in Chinese data and sentiment? The economic calendar across the continent is light, but the main event is a big one – the Reserve Bank of Australia’s interest rate decision, and guidance from the accompanying statement and press conference from Governor Michele Bullock. Economists polled by Reuters are unanimous in their view that the RBA will hold its cash rate at 4.35% for a fifth straight meeting. With inflation remaining above the central bank’s 2% to 3% target since late 2021 and the jobless rate easing to 4%, an early rate reduction seems unlikely.A near 90% majority, 38 of 43, predicted interest rates to remain unchanged next quarter, followed by a 25 basis point cut to 4.10% in the final quarter of this year.Australian rates markets are even more hawkish – traders are pricing in only 15 basis points of easing this year, and barely 50 bps in total by the end of 2025. Excluding the Bank of Japan, which is in the early stages of tightening policy, that’s among the most hawkish pricing for any G10 central bank. In China, meanwhile, stocks are at a two-month low and the yuan is its weakest this year after a weak batch of data on Monday – especially house prices – did little to lift the economic gloom.Trade tensions are intensifying too. China has opened an anti-dumping investigation into imported pork and its by-products from the European Union, a tit-for-tat response to curbs on its electric vehicle exports.Warren Buffett’s Berkshire Hathaway (NYSE:BRKa), meanwhile, has trimmed its stake in China’s BYD (SZ:002594), the world’s largest seller of electric vehicles. The change in stake is tiny, but potentially symbolic of foreigners’ angst at the brewing trade wars.    Here are key developments that could provide more direction to markets on Tuesday:- Australia interest rate decision- Singapore non-oil trade (May)- Fed’s Barkin, Collins, Kugler, Musalem, Logan, Goolsbee speak More

Trafigura Trading LLC, a Houston firm that is part of Trafigura Beheer BV, violated U.S. law and regulations by trading gasoline with material nonpublic information, by manipulating an oil pricing benchmark and by requiring current and former employees to sign agreements that barred them from sharing company information, including with regulators, the CFTC said in a statement on Monday.The agreements with employees illegally impeded them from voluntarily communication with the CFTC’s enforcement staff during their investigation. The charge marked the first time the CFTC has brought an action against a firm for impeding whistleblower communications, the regulator said.Trafigura, which neither admitted nor denied the CFTC’s findings, said it has voluntarily sought to boost its compliance program and has agreed to modify its non-disclosure provisions in employment and severance agreements.Between 2014 and 2019, Trafigura traded gasoline while possessing material nonpublic information it knew or should have known was misappropriated from a Mexican trading firm, regulators said. The firm in February 2017 also manipulated a fuel oil benchmark to benefit its futures and swaps positions, the CFTC said. In 2021, Reuters revealed that the trading arm of Mexican state energy company Pemex temporarily banned new business with Trafigura as investigations into the energy trader’s conduct in several countries deepened. Neither the CFTC nor Trafigura named Pemex in its recent statements by name. Pemex did not immediately respond to a request for comment. Back then, Pemex traders in Mexico told Reuters they had been asked to honor existing deals but not take on new ones. Two months after the ban, the energy ministry suspended at least five Trafigura import permits. A federal court later lifted the suspensions. More