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Stocks rebound while dollar, Treasury yields fall after US data

MSCI’s global equities index staged an afternoon rebound on Friday as investors repositioned for month-end, while the dollar fell with Treasury yields as data showed a modest rise in U.S. inflation in April. After spending most of the session in the red, the MSCI All Country World Price Index turned positive ahead of a rebalance of the index. When Wall Street trading ended, the global index was up 0.57% at 785.54 after falling as low as 776.86 earlier. “When you get an upside reversal it’s always a good sign if ...

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Failed Wall Street trades rate roughly stable under faster settlement

The rate of U.S. failed trades stood at 1.90% on Wednesday, a big test day for the recently implemented faster settlement cycle, roughly stable from Friday’s number, Depository Trust & Clearing Corporation (DTCC) showed this morning. The average fail rate in May for the period prior to the faster settlement was 2.01%, DTCC said in a statement. Market participants were expecting it to increase to 4.1% after T+1 implementation, from 2.9%, according to research firm ValueExchange. The affirmation rate, another indicator the industry closely watches to show trades participants have ...

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Europe Gasoline/Naphtha-Gasoline margins slip on high inventories

Northwest European gasoline refining margins fell sharply to about $15 a barrel on Friday as data showed sharp stocks in inventories in the Atlantic basin. Around 6,000 metric tons of Eurobob E10 traded, with BP selling to Varo. That compared with 10,000 tons that traded in the previous session. Another 6,000 tons of Eurobob E5 traded in the Argus window, with TotalEnergies and Shell selling to ExxonMobil, Gunvor and Varo. Gasoline stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub rose by nearly 10% during the ...

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China grants quotas under outbound investment scheme QDII after 10-month hiatus

China’s foreign exchange regulator granted fresh quotas under outbound investment scheme QDII for the first time in 10 months in May, as a fragile domestic economy drives demand for foreign assets. But the small increase of quotas under the Qualified Domestic Institutional Investor (QDII) program – totalling just $2.27 billion – reflects regulators’ caution that additional money outflows could further pressure a weakening yuan. At the end of May, QDII quotas totalled $167.79 billion, the State Administration of Foreign Exchange (SAFE) said in a statement late on Friday. That compares ...

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South Korea buys feed wheat and soymeal, passes on corn

Snapshot of the global export markets for grains, oilseeds and edible oils as reported by government and private sources as of the end of business on Friday: FEED WHEAT SALE: South Korea’s Major Feedmill Group (MFG) purchased an estimated 63,000 metric tons of animal feed wheat in an international tender on Friday seeking up to 132,000 metric tons, European traders said. SOYMEAL SALE: The Korea Feed Association (KFA) in South Korea purchased around 60,000 metric tons of soymeal to be sourced optionally from the United States, South America or China ...

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North Sea Crude-Forties offered lower, WTI steady

North Sea Forties crude differentials remained under pressure on Friday from ample supply, while U.S. WTI Midland was steady. PLATTS WINDOW * Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP). * No deals, a trade source said. * Forties: Shell offered a June 17-21 cargo CIF Rotterdam at dated Brent plus 50 cents, down 5 cents from a similar offer on Thursday. * The offer equated to around dated minus 72 cents on a FOB equivalent basis, according ...

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Europe Distillates-Diesel margins drop amid tepid demand

Northwest European diesel barge refining margins dropped below $16 a barrel on Friday amid high imports and tepid demand in the region. Eight barges traded in the afternoon window, with Shell and Mercuria selling to Exxon, Glencore and Vitol. That compared with seven barges traded on Wednesday. Traders said that diesel demand in northwest Europe has been tepid in recent days. Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub edged 2.7% lower to 2.26 million metric tons during the week to Thursday, data from ...

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US Cash Grains-Corn basis steady-firm as futures sag, slowing farmer sales

Basis bids for corn were steady to stronger in the U.S. Midwest on Friday, firming at river terminals and a processing site as Chicago Board of Trade (CBOT) corn futures fell for a fourth straight session, chilling farmer grain sales, merchandisers said. * Demand for corn from U.S. Gulf exporters helped support grain bids at Midwest river elevators that load barges for shipment toward New Orleans. The corn basis firmed by 3 cents at Morris, Illinois, on the Illinois River, and at Davenport, Iowa, on the Mississippi River. * U.S. ...

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US Cash Crude-Grades mixed, support to come from rising refinery demand

Physically traded U.S. domestic crude grades were mixed on Friday, dealers said, but could receive a boost next week with an uptick in refinery demand and a drop in the U.S. oil rig count. U.S. oil refiners are expected to have about 104,000 barrels per day (bpd) of capacity offline in the week ending May 31, increasing available refining capacity by 66,000 bpd, research company IIR Energy said. Offline capacity is expected to fall to 60,000 bpd in the week ending June 7, and then rise to 66,000 bpd in ...

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Spain shows strong appetite for Ukrainian corn in first 6 months of MY 2023-24

Spain, Europe’s leading corn importer, showed robust demand for Ukrainian corn in the current marketing year 2023-24 (October-September), as the country’s import of Ukrainian corn was up 68% in the first six months of MY 2023-24 from the volume imported in the same period of MY 2022-23, data by S&P Global Commodity Insights showed. Strong Spanish feed demand is one of the major drivers behind the rise in Ukrainian corn prices. Platts, part of Commodity Insights, assessed Black Sea corn at $207/mt May 30, a 10-month high, when it was ...

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CIF/FOB Gulf Grain-Corn barge basis steady-firm, soybean bids weak

Basis bids for corn shipped by barge to U.S. Gulf Coast terminals and loaded for export were steady to higher on Friday, supported by solid overseas demand and lower futures prices, traders said. U.S. corn is competitively priced in global export markets. Buyers in Spain who normally source Ukrainian corn this time of year have been inquiring about U.S. prices this week, a trader said. The U.S. Department of Agriculture (USDA) said net old-crop U.S. corn sales dipped to 810,200 metric tons last week, although season-to-date sales are more than ...

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South Korea’s MFG buys 63,000 T feed wheat in tender, traders say

South Korea’s Major Feedmill Group (MFG) purchased an estimated 63,000 metric tons of animal feed wheat in an international tender on Friday seeking up to 132,000 metric tons, European traders said. The wheat was sought for arrival in South Korea in two consignments of between 40,000 and 66,000 tons around July 30 and Aug. 15, with the seller free to decide the volume to be offered in this range. One consignment was bought at an estimated $288.00 a ton cost and freight (c&f) included plus a $1.50 a ton surcharge ...

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South Korea exports rise for eighth month, growth slows slightly

South Korea’s exports rose for an eighth straight month in May, led by robust chip sales though overall growth in shipments lagged market expectations, trade data showed on Saturday. Overseas sales by Asia’s fourth-largest economy rose 11.7% year-on-year to $58.15 billion, a 22-month high, slowing from a gain of 13.8% in the prior month and undershooting a rise of 14.2% tipped in a Reuters survey of economists. Exports of chips grew for a seventh consecutive month, rising 54.5%, along with gains in other IT products such as display panels, computers ...

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S&P cuts France’s credit rating on deficit overshoot

Standard & Poor’s cut its rating on France’s sovereign debt on Friday, delivering a painful rebuke of the government’s handling of the strained budget days before an EU parliamentary election. S&P cut the country’s long-term sovereign debt rating to “AA-” from “AA”, citing expectations that higher-than-expected deficits would push up debt in the euro zone’s second-biggest economy. The downgrade makes S&P the second of the three big ratings agencies to lower its view on French debt in little more than a year, after Fitch cut its rating to AA- in ...

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ECB’s Centeno says May inflation uptick still allows to cut rates

An acceleration in inflation in the euro zone in May exceeded forecasts by 0.1 percentage points, which is not a significant deviation that should still allow the European Central Bank to start cutting interest rates, ECB policymaker Mario Centeno said on Friday. “We have some confidence today that inflation is converging towards 2% and this will allow us to change the monetary policy cycle, allowing us to transmit more confidence to the economy,” he told an audience of students. “We already knew that inflation was going to accelerate a little ...

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