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Euronext Wheat Holds Firm as Exports Weigh
Euronext wheat rose again on Friday, in line with Chicago. The market had recovered from its early-week lows. The most active March milling grain futures contract on Euronext’s Paris-based exchange settled?0.9% higher, at 191.00 euro ($221.52) per metric ton. Euronext monitored the strength of Chicago wheat after it fell on Thursday. The European market was also helped by the drop of the euro against the dollar to its lowest level since November. The weaker euro will make western European grain more affordable for export. This could be a boost in a time when global supplies are abundant, including Argentina. Free-on-board, or FOB, Argentine 11,5% protein wheat finished the week?again at the world's cheapest price of $216-$220 a tonne for February shipment. Russian was around $223$225. French, Romanian, and Ukrainian wheat were all in the same range of $228-$230 per ton. The cost of shipping in the Black Sea has increased due to the military conflict between Russia and Ukraine, which targets vessels and ports. A German trader reported that the price of French 11.5% protein grain was around $244 per ton (cost and freight included) for shipment to Egypt in February, as opposed to $245 for Russian wheat and $247-248 a ton for Ukrainian or Romanian wheat. The results of the Saudi tender for 595,000 tonnes are expected to be announced on Monday. Export sales were hampered by the slow selling of farmers who were unhappy with current prices. A Polish trader stated that it was difficult to argue for higher prices when Poland has large quantities of wheat that must be exported during the second half of this season, or stored in carryover stock. Exporters offered to buy Polish 12,5% protein wheat for around 815 zloty (?193 euros) per ton, with delivery to port silos in January/February. This was little changed from the previous week. According to traders, in France, the wheat premium was held steady by a combination of limited farmer sales and steady demand from Morocco and the European Union. The barley premiums at Rouen's main export hub remained above the wheat level, and supplies are dwindling after a busy?exporting season that included a rare shipment into Iraq this week. The May futures for rapeseed on Euronext rose 0.5% to 467 euros per ton, after reaching a new monthly high. A trade agreement between Canada & China helped boost Canadian prices. ($1 = $0.8622 euros) Reporting by Gus Trompiz and Michael Hogan, Hamburg; Editing Leroy Leo
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Holiday schedule for US economic and other data
Martin Luther King Jr. Federal holiday on Monday, 19th January will affect the release of major economic, energy, and commodities reports during the week beginning January 18. The schedule is below. The times are in GMT/EST. Some Treasury announcements may be subject to change. Monday, January 19, 2019 Martin Luther King Jr. Day. Closed federal government offices, Federal Reserve and International Monetary Fund. Stock and bond markets. Tuesday, January 20, 2019 The U.S. Department of Agriculture publishes weekly U.S. Export Inspections for Grains, Oilseeds, 1110/1600. NOTE: Delay from Monday due holiday Treasury Department announces weekly sale of 4-, 8, and 17-week Bills, 1100/1600 Treasury Department offers weekly sales of 3- and 6-month bills at 1130/1600 Treasury Department sells 52-week notes at 1300/1800 Wednesday, January 21 Mortgage Bankers Association releases weekly Mortgage Application Survey, 0700/1200 Redbook releases weekly retail sales index 0855/1355. Note: this report is delayed from Tuesday due to the holiday. National Association of Realtors releases Pending Home Sales for the month of December, 1000/1500 Commerce Department releases Construction Spending Report for October, 1 000/1500. NOTE: Report to include initial September estimates Treasury Department sells 17-week bills every week, 1130/1600 Treasury Department sells?bonds of 20-year maturity, 1300/1800 The American Petroleum Institute releases a?weekly National Petroleum Report, 1630/2130. Note: This report is delayed from Tuesday because of the holiday. Thursday, January 22, 2019 Commerce Department releases updated estimates of Q3 gross domestic product and Q3 corporate profits, 0830/1330. Note: The GDP report replaces normal third estimate GDP. Labor Department releases weekly jobless claims, 830/1330 Commerce Department releases Personal Income for November 1000/1500. The data includes the initial October estimates. Energy Information Administration releases weekly U.S. Underground Natural Gas Stocks, 1030/1530 Treasury Department Weekly Announcement of 3-month and 6-week Bill Sale Offerings; 2-, 5-, and 7-year 'notes'; 2-year floating rate Notes, 1100/1600 Treasury Department sells 4- and 8 week bills every Wednesday, 1130/1600 EIA releases weekly petroleum stock and output data at 1200/1700. Note: Time change on Wednesday due to holiday. Federal Reserve Bank of Kansas City releases?Manufacturing Survey of January, 1100/1600 Federal Reserve Bank of Dallas releases Trimmed Mean PCE Price Index (November) at no fixed time. The data will include the initial October estimates Freddie Mac issues weekly U.S. mortgage rates, ?1200/1700 Treasury Department Sells Treasury Inflation Protected Securities for 10 Years, 1300/1800 Federal Reserve Weekly Balance Sheet, 1630/2130 Friday, January 23, 2019 USDA Releases Weekly Export Sales, 0830/1330. Due to the holiday, export sales are released on Fridays. S&P Global issues Manufacturing PMI preliminary January, 945/1445 Consumer Sentiment Index released by University of Michigan, final January, 1000/1500 USDA releases monthly Cattle on feed, Cold Storage, 1500/2000. (Compiled by Washington Newsroom).
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US manufacturing production increases on the back of primary metals, but outlook is unclear
U.S. Factory Production Surprisingly Increased in December, amid a surge of primary metals production that offset a decrease at motor vehicle assembly plant. However, activity contracted in fourth quarter due to the challenges posed by import tariffs. Manufacturing is expected to improve this year, as President Donald Trump's import duties begin to ease and new tax legislation that made bonus depreciation permanent, among other benefits, comes into effect. A boom in artificial intelligence investments is also expected to provide support. However, some economists warn that the manufacturing environment remains fragile due to weak factory surveys. There are many reasons why capital expenditure plans have been delayed. Shannon Grein is an economist with Wells Fargo. She said that they expect traditional investments to recover this year. "Trade policy is likely to remain a concern, but we don't expect as many changes in tariff rates as last year." The Federal Reserve announced on Friday that manufacturing output increased by 0.2% in December after a 0.3% increase, which was upwardly revised. The Federal Reserve said on Friday that economists polled had predicted production in the 10.1% sector would fall by 0.2%, after previously reporting a unchanged reading for November. In December, the production at factories increased by 2.0%?on an annual basis. It dropped by 0.7% annually in the fourth quarter, after increasing at a pace of 2.8% in the quarter from July to September. Trump's import duties have hurt the manufacturing industry. He has ironically justified them as necessary to restore a declining domestic industrial base. The rest of the manufacturing sector has suffered, with 68,000 jobs being lost in 2025. Economists argue that a manufacturing revival is impossible due to structural issues. These include worker shortages which are exacerbated by Trump's immigration crackdown. The production of primary metals increased by 2.4%. Electrical equipment, appliances, and components were all up in production as well as aerospace and other transportation. Motor vehicle production fell 1.1% for the fourth consecutive month. In December, motor vehicle production fell 2.8% on an annual basis. NO GENUINE SIGN OF RESHORING Economists dismissed the increase in manufacturing output 'in the last two months of 2025' as unsustainable. They argued that the rise was due to the front-loading by domestic and foreign producers of U.S. made goods in anticipation of higher tariffs. "With the data available now, it is fair to say that any manufacturing boost from tariffs last year was driven by a front-running strategy and short-lived. There are limited signs of reshoring," Bradley Saunders said, North America economist for Capital Economics. Durable goods production increased by 0.1%. The nondurable manufacturing sector increased by 0.3%. This was boosted by the production of food and beverage, tobacco, as well as plastics, rubber, and petroleum and coal. Some economists warned that tariff uncertainty still persists. The U.S. Supreme Court is expected to rule on the legality Trump's tariffs. The manufacturing surveys are largely subdued. Tariffs have been cited as an obstacle in many of them, which is consistent with economists' predictions that output will be flat to falling over the next few months. The increased uncertainty over tariffs and federal government policies will likely discourage manufacturers from investing in extra capacity needed for the recovery to extend its legs, said Samuel Tombs. The manufacturing output will not change much from its current level by the end of this calendar year. The rise in manufacturing last month, combined with an increase of 2.6% in utility output due to the weather, lifted overall industrial production by 0.4%. This is in line with November's gains. In December, mining output decreased by 0.7%. In December, industrial output increased by 2.0% compared to the previous year. The fourth quarter saw a growth of 0.7%. The capacity utilization rate for the industrial sector has increased from 76.1% to 76.3% in November. This is 3.2 points below the average for 1972-2024. The operating rate for the manufacturing industry remained unchanged at 75.6%. This is 2.6 points below the long-term average. A separate report shows that homebuilder confidence declined in January. The National Association of Home Builders/Wells Fargo Housing Market Index dropped two points this month to 37, and has been below 50 for 21 consecutive months. The NAHB stated that most responses were received before Trump's last-week order for the Federal Housing Finance Agency – which oversees mortgage giants Freddie Mac & Fannie Mae – to purchase $200 billion in bonds issued by both companies. The goal is to lower mortgage rates in order to increase housing affordability. However, economists and real estate agents argue that a lack housing inventory is what is holding back the housing market. The tariffs on building materials, appliances and other goods have increased the price, while the crackdown on immigration, which includes raids of construction sites, has reduced labor supply. Carl Weinberg is the chief economist of High Frequency Economics. He said that despite the short supply of housing, a rapid homebuilding recovery is unlikely until the corrosive uncertainties about costs, tariffs, and other policies are resolved.
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European shares are down as miners and luxury stocks weigh.
The European share market was subdued Friday due to weakness in mining and luxury stocks. This marked a gloomy end to a week that had been dominated by?the beginning of a busy earning season along with geopolitical concerns. The pan-European STOXX 600 index finished at 614.38, while the luxury index fell 3.2%. This was its largest daily drop since early October. Richemont, one of the biggest losers, fell 5.4%, after BofA Global Research cut its recommendation for the Swiss jewellery firm to neutral from buy, and advised investors to "wait", citing inflated valuations following a recent rally. "European stocks are not cheap, but neither are they expensive." Michael Field, Morningstar's chief European equity analyst, said that the margin of safety investors previously had is no longer there. The STOXX 600 still posted its fifth consecutive weekly gain. This is its longest winning streak, dating back to May 2025. As prices of precious metals, crude oil and other safe-haven commodities soared in recent days due to geopolitical tensions in Venezuela and Iran, the index reached multiple records. These tensions seemed to have abated on Friday, with mining stocks falling 1.9%. Richard Flax is the chief investment officer at Moneyfarm. Defence stocks gained 1% and helped to limit the losses in the STOXX Index. Analysts said that the weight-loss drug Wegovy had made an "encouraging start" after its launch in this month. The healthcare index rose 0.6%. The British health regulator has approved a higher dosage of Wegovy to treat obesity patients, and Berenberg has also increased its price target for the stock. This week, we've seen a variety of earnings reports from companies like BP, BE Semiconductor and?Richemont. According to LSEG, fourth quarter earnings are expected to drop 4.1% compared to a year ago. Consumer cyclicals will be the hardest hit. HSBC shares dipped 0.4%. The lender announced that it would be undertaking a strategic review to streamline its global operations. The Norwegian defence equipment manufacturer's shares rose 9.5% on Friday after two brokerages raised their price targets. Reporting by Niket Nishant, Avinash P, and Johann M Cherian from Bengaluru. Editing by Mrigank Dahniwala and Devika Syamnath.
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TSX drops as mining and tech stocks fall
Canada's main index of stocks fell on Friday as the mining sector suffered from a cooling in metal prices, and technology shares also retreated. However, the benchmark index was still on course for its second consecutive week of gains. As of 10:54 a.m., the S&P/TSX composite index was down by 0.3% to 32,941.12?points. ET. Materials index, which includes metal miner companies, fell 1.7% after gold, silver, and copper prices dropped from record highs. Endeavour Silver The TSX fell by the most amount of any other stock. Blackline Safety, a safety technology company, has seen its share of the information technology sector drop by 1.9% Los Angeles After a day, the rate of 4.3% is calculated. Reporting fourth-quarter results. Energy shares gained?0.8% due to rising oil prices, helping offset some losses. Crude gained nearly 1% despite the decreasing likelihood of an American military strike against Iran. MDA Space, a space technology company, was the standout. Its stock jumped 13.6% when Morgan Stanley upgraded it to "overweight" (from "equal weight") This week, energy is expected to be the best performing sector, followed by material, despite Friday's losses. Canada and China have also struck an initial trade deal Tariffs for electric vehicles and canola will be slashed. Both nations promise to?dismantle barriers and forge new strategic ties. "I am not sure that this will move the?markets." "Canola is not really produced by publicly traded companies, even though it's a big cash crop," said Brian Madden of First Avenue Investment Counsel. "Chinese sales of electric vehicles in Canada will probably not have a major impact on stock markets." Investors are also awaiting the release of domestic inflation figures for December, due Monday.
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Kyiv only has half the electricity needed, says mayor
Vitali Klitschko, the mayor of Kyiv, said that Ukraine's capital Kyiv only has about?half as much electricity as it needs?as it is facing its worst wartime energy crisis after waves of Russian attacks against its infrastructure. Klitschko stated that Kyiv is one of Eastern Europe’s largest cities and requires 1,700 Megawatts to power its services for 3.6 million residents. Klitschko stated that the current energy crisis is the greatest challenge the capital has faced in the almost?four years following the Russian invasion of February 2022. In an interview at his office in the heart of Kyiv, Klitschko, the former heavyweight boxing world champion, stated that it was the first time in the history of the city when, during such severe frosts and power shortages, the majority of the city had no heating. Klitschko said that Ukraine's international partner had sent in more generators, and he added that repair teams were working around the clock to restore heat after a russian strike last week cut off supplies?to 6,000 apartment blocks. He said that about 100 buildings are still without heating. Ukraine declared an emergency energy situation this week, as its grid collapsed under Russian bombings, bitter cold temperatures and wartime damage. (Reporting and editing by Daniel Flynn; Olena Hartmash)
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Kyiv only has half the electricity needed, says mayor
Vitali Klitschko, the mayor of Kyiv in Ukraine's capital, said that Kyiv only has half the electricity it needs as it is facing its worst?wartime energy crises following waves of?Russian attacks against its infrastructure. Klitschko stated that Kyiv is one of the largest cities in Eastern Europe and requires 1,700 Megawatts per day of electricity to run its services. Klitschko stated that the current energy crisis is the greatest challenge facing the capital since the Russian invasion of February 2022. In an interview at his office in the heart of Kyiv, Klitschko said, "This is the first time ever in the history of our city that we have had such severe frosts and a shortage of electricity." Klitschko stated that Ukraine's international partners had sent in more generators, and repair teams?worked around the clock to restore heat after a Russian strike knocked out supply to 6,000 apartment buildings last week. He said that about 100 buildings are still without heating. Ukraine declared an emergency energy situation this week, as its grid collapsed under Russian bombings, bitter cold temperatures, and wartime damage. (Reporting and editing by Daniel Flynn; Olena Harmash)
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Wall Street soars at the end of a choppy week as chipmakers make a jump
Wall Street's major indexes were higher on Friday, as chipmakers took the lead in a volatile and busy week. It was also the beginning of the fourth quarter earnings season. Memory chip makers led the gains. Micron, Seagate Technology, and SanDisk all saw their shares rise between?2% to 7%. This is a continuation of their explosive growth in 2025. The iShares Semiconductor ETF rose 2.1% on the Friday, extending its rally of nearly 12% so far this season, which has easily beaten Nasdaq's 1.2% gain. This shows investor confidence in AI-driven chip demand. Even after S&P 500 and Dow set new records on Monday, U.S. stock prices were limping towards modest weekly losses. The S&P is now just 30 points short of the 7,000-point mark - an?mark analysts have deemed as a possible pocket of technical resistance. The market was weighed down by concerns over the impact of a proposed cap on credit card rates for a year at 10%, despite good quarterly results from major U.S. Banks. "Banks have set up this week to show that consumers are still spending money and there is nothing to worry about. Jason Barsema of Halo Investing said that they will watch to see if this translates into increased consumption. The markets will be closed on Monday in honor of Martin Luther King Jr. Day. However, the earnings season will pick up next week, with Netflix, Johnson & Johnson, and Intel all due to release their results. 9:35 am The Dow Jones Industrial Average gained 67.35, or 0.14 %, to 49.509.79. The S&P 500 rose 18.67, or 0.27 %, to 6,963.14, and the Nasdaq Composite added 114.46, or 0.49 %, to 23644.48. The Defensive Sectors Lead Weekly Gains The top three sectors for weekly gains were consumer staples, utilities and real estate - all considered to be defensive sectors. Financials, on the other hand, plummeted and were heading for their worst weekly performance since October. This defensive move comes at a time when uncertainty has been raised about the Federal Reserve's independent after Jerome Powell, the chair of the Federal Reserve, said that the Justice Department had opened a criminal probe into him on Sunday. Kevin Hassett, White House advisor, tried to calm the controversy by dismissing the investigation and saying that he was expecting "nothing here." This week, the S&P 600 index for mid-cap stocks and the Russell 2000 index for small-cap stocks both saw gains of about 2%. A series of important economic data has reinforced the bets on a Fed rate pause. The remarks of Fed Governors Michelle Bowman & Philip Jefferson will provide a 'clue on voting members thinking before the U.S. Central Bank enters its blackout phase ahead of its policy meeting scheduled for January 27-28. State Street, among other stocks fell 2.7% following a decline in the fourth-quarter profits. After a report stated that U.S. States experiencing a rapid increase in data center construction would sign an agreement to reduce rising electricity prices with the Trump Administration, independent power producers fell. Talen Energy fell 9.6% while Constellation Energy, Vistra and Vistra each dropped over 7%. On the NYSE, declining issues outnumbered advancing ones by a ratio of 1.44 to 1 and by a ratio of 1.17 to 1 on the Nasdaq. The S&P 500 recorded 23 new 52-week lows and six new highs. Meanwhile, the Nasdaq Composite registered 46 new highs with 28 new lows. Medha Singh in Bengaluru and Pranav Kashyap, Shinjini Gianguli and Maju Sam edited the article.
Chip stocks lift S&P 500 in volatile trading ahead of long weekend
The S&P?500 edged up in choppy trades ahead of the long holiday weekend on Friday. Wall Street was looking to wrap up a week of turbulence that marked the?start?of fourth-quarter earnings.
Micron and Seagate Technology, which manufacture memory chips, gained 5,6% and 2,2% respectively in 2025. This is a continuation of their explosive gains from 2025.
After President Donald Trump suggested that he might want to keep Kevin Hassett as his economic adviser, the Treasury yields increased. This lowered market expectations that Hassett will succeed Fed chair Jerome Powell.
The odds of Kevin Warsh, a former Fed governor, becoming the next Fed Chair rose from 44% to 57% on Polymarket. Hassett, a prominent voice for lower interest rates, was the top contender for the Fed’s top position.
This week, investors have also been dealing with concerns about the Federal Reserve's independence following Powell
U.S. prosecutors threatened to indict. Hassett, however,
Play down
The probe said he was expecting "nothing" to be seen.
John Belton said that the administration appears to be reversing some of its (Fed) rhetoric. He added that any attempts to undermine Jerome Powell "may appear to backfire."
Even after S&P 500 & Dow closed at 'new record levels on Monday, U.S. stock markets were lagging behind with modest weekly losses.
The 'fallout' of a proposed cap of 10% on credit card rates for a year weighed down on the shares and markets, despite good quarterly results from major U.S. Banks.
The financial sector is heading for its worst week since October.
At 11:42 am. The Dow Jones Industrial Average gained 5.48 points or 0.01% to 49,447.92. The S&P 500 rose 10.29 points or 0.15% to 6,954.76. And the Nasdaq Composite increased 40.78 or 0.17% to 23,570.80.
The stock market was closed on Monday, Martin Luther King Jr. Day, so investors were hesitant to make big bets before the long weekend.
The Defensive Sectors Lead Weekly Gains
The top three sectors for weekly gains were consumer staples, utilities and real estate - all considered defensive.
This week, money shifted from some of the largest tech companies to more undervalued sectors. The Russell 2000 small-cap index is expected to gain 2% this week and the S&P600 small-cap index by 2%.
Next week, the earnings season will be in full swing with major companies like Netflix, Johnson & Johnson, and Intel reporting their results.
New data shows that U.S. manufacturing production increased unexpectedly in December.
Fed official Michelle Bowman stated that a fragile employment market could quickly deteriorate, and the U.S. Central Bank should be prepared to reduce interest rates again in case it is needed.
After a report stated that U.S. States experiencing a rapid increase in data center construction would sign an agreement with the Trump administration to curb rising energy costs, independent power producers fell.
Talen Energy fell by 6% while Constellation Energy, Vistra, and Vistra Energy all dropped by 5% or 9%.
On the NYSE, declining issues outnumbered advancing ones by a ratio of 1.44 to 1 and by a ratio of 1.17 to 1 on the Nasdaq.
The S&P 500 recorded 23 new 52-week lows and six new highs. Meanwhile, the Nasdaq Composite registered 46 new highs with 28 new lows. Reporting by Medha and Pranav Kashyap from Bengaluru, and editing by Shinjini Ganuli and Maju Sam
(source: Reuters)