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By Rocky Swift TOKYO (Reuters) -The yen weakened to a two-month low against the dollar on Tuesday as attention in Japan turned to who may join the administration of fiscal dove Sanae Takaichi after her party leadership victory. With the yen also trading at an all-time low against the euro, Japan's finance minister said authorities were watching out for excessive moves in currency markets. Takaichi, expected to become Japan's next prime minister, chose former premier Taro Aso as vice president of her ruling party. The euro remained on a fragile footing following the resignation of France's prime minister and European Central Bank officials said a rate cut may be necessary. Traders will be on watch for speeches from Federal Reserve policymakers later in the day as a U.S. government shutdown squelches other data signals. As markets await more clarity on how Takaichi will structure her government, Japanese officials may try to talk the yen down from recent extremes, said Bart Wakabayashi, the Tokyo branch manager of State Street. "We'll see if the expected policies that she is tied to will come through," Wakabayashi said of Takaichi. The 150 yen per dollar mark is "a very important level, psychologically and economically." "From an economic and corporate competitive perspective, where is the Bank of Japan and the Ministry of Finance comfortable? I do believe it's at a lower level," he added. The yen lost 0.05% to 150.37 per dollar and earlier touched 150.62, the weakest level since August 1. Japan's currency also skidded to 176.35 per euro, a fresh all-time low, before rebounding slightly. Takaichi was considered to be the most dovish among five candidates in Japan's Liberal Democratic Party race on Saturday to replace hawkish Prime Minister Shigeru Ishiba. Along with her appointment of Aso to her inner circle on Tuesday, she chose former finance minister Shunichi Suzuki as secretary-general of the LDP. There remains considerable uncertainty if Takaichi, as prime minister, will be able to fully implement her agenda of looser fiscal and monetary policy, said Carl Ang, a fixed income analyst at MFS Investment Management. "One consideration is fiscal conservative Taro Aso and his faction, which were instrumental to Takaichi’s success at the LDP leadership election," Ang added. Reacting to the yen's swoon, Japanese Finance Minister Katsunobu Kato on Tuesday reiterated that currencies should move in a stable manner reflecting fundamentals.  A closely watched auction of 30-year Japanese government bonds went smoothly on the day after yields on the debt jumped to a record high. The euro slid against the dollar and the pound in the previous session after France's new Prime Minister Sebastien Lecornu and his government resigned on Monday. The ECB may need to reduce borrowing costs slightly if the risk of inflation going too low increases, but interest rates are appropriate now, the central bank's top brass said on Monday. The dollar index, which measures the greenback against a basket of currencies, was steady at 98.15. The euro was little changed at $1.1706 after a 0.3% drop on Monday. Sterling weakened 0.05% to $1.3474. The White House on Monday backed off President Donald Trump's assertion that government employees were already being laid off due to the shutdown, but warned job losses could result as the standoff looked set to stretch into a seventh day. The shutdown delayed last Friday's closely watched monthly jobs report for September and is set to postpone other key releases until the government reopens. Market attention is now focused on the Fed itself for signs of the timing and extent of more easing. Fed Vice Chair for Supervision Michelle Bowman and newly installed fellow Governor Stephen Miran are due to speak later on Tuesday, while Wednesday brings minutes from the Federal Open Market Committee's meeting for September. Markets are pricing in additional 25 basis-point rate cuts in both October and December, with probabilities of 92.5% and 81.5%, respectively, according to the CME FedWatch tool. In cryptocurrencies, bitcoin fell 0.8% to $124,313.30, while ether was little changed at $4,690.04. (Reporting by Rocky SwiftEditing by Shri Navaratnam)

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By Anjana Anil and Siyi Liu (Reuters) -Oil prices extended gains on Tuesday as a smaller-than-expected November output hike by OPEC+ helped to ease some fears of a growing supply glut. Brent crude futures advanced 23 cents, or 0.35%, to $65.70 a barrel by 0356 GMT. U.S. West Texas Intermediate crude climbed 21 cents, or 0.34%, to $61.90. Both contracts settled more than 1% higher in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers – known as OPEC+ – decided to increase its collective oil production by 137,000 barrels per day starting in November. The move was in contrast to market expectations for a more aggressive reintroduction of supply, a sign that the group remains cautious about increasing its production share in the global oil market amid predictions of a supply surplus in the fourth quarter as well as next year, said ING analysts. "Brent had fallen by around $5 per barrel last week in response to earlier expectations of a larger supply boost, so this mild rebound seems reasonable," said Anh Pham, a senior analyst at LSEG. "For now, the market still appears capable of accommodating the extra volume, and we have yet to see a shift into contango at the front of the curve," he added. OPEC+ has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5% of global demand. Geopolitical factors have kept a floor under prices, with conflict between Russia and Ukraine impacting energy assets and creating uncertainty over Russian crude supply. Russia's Kirishi oil refinery halted its most productive distillation unit, CDU-6, following a drone attack and subsequent fire on October 4, with its recovery likely to take about a month, two industry sources said on Monday. Still, oil prices have come under pressure amid output increases from both OPEC+ and non-OPEC+ producers. Moreover, any slowdown in demand due to weak economic growth triggered by U.S. trade tariffs is likely to exacerbate the surplus, analysts said. (Reporting by Anjana Anil in Bengaluru and Siyi Liu in Singapore; Editing by Christopher Cushing and Kim Coghill)

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By Abhirup Roy (Reuters) -Tesla is expected to unveil on Tuesday a more affordable version of its best-selling Model Y SUV, as the electric vehicle maker seeks to reverse falling sales and waning market share amid rising global competition. Chief Executive Elon Musk for years has promised mass market vehicles, though last year he canceled plans to build an all-new $25,000 EV, Reuters first reported. The car expected this week is an "affordable" vehicle based on current manufacturing and design platforms. Tesla posted two clips on X over the weekend, igniting excitement among Tesla fans. One video shows headlights peering out of the dark and another shows what looks like a wheel spinning for a few seconds, followed by "10/7", the U.S. format for the date October 7. Neither Tesla nor influencers have indicated that an in-person event is in the works, in contrast to previous major Tesla launches. Still, analysts, investors and fans expect the company to make some kind of announcement. Major questions include the car's price, driving range and efforts to strip down costs. Late last year, Musk said the vehicle would be priced below the "key threshold" of $30,000 including U.S. EV tax credits. In the United States, prices effectively rose by $7,500 at the end of last month, when the credit ended. That helped goose quarterly sales to a record, but expectations are that they will slow down for the rest of the year, unless the affordable car comes to the rescue. "The desire to buy the car is very high. (It's) just (that) people don't have enough money in the bank account to buy it," Musk said in July during Tesla's second-quarter earnings call. "So the more affordable we can make the car, the better." Musk initially promised that production of the vehicle would start by the end of June. But Tesla only made what it called "first builds" of the car, it said in July, adding that it would be available for customers sometime in the last three months of the year. Tesla has already been grappling with slowing sales of its aging lineup as competition has grown rapidly, especially in China and Europe, where Musk's far-right political views also have undermined brand loyalty. Earlier this year, Tesla launched a refreshed version of the Model Y with improvements including new light bars and a rear touchscreen. Musk has been pivoting the company toward artificial intelligence, focusing on robotaxis and humanoid robots. Tesla has said it will launch more affordable vehicles in its lineup but has not provided details. Sources have told Reuters the EV maker also plans to roll out a stripped-down version of its Model 3 midsize sedan. Affordable cars will also be key to Tesla delivering 20 million vehicles over the next decade – one of the several operational and valuation milestones set by the company's board as part of its proposed $1 trillion pay package for Musk. (Reporting by Abhirup Roy in San Francisco; editing by Peter Henderson and Richard Chang)

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(Reuters) -Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported on Monday. (Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala)

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(Reuters) -Elon Musk has appointed former Morgan Stanley banker Anthony Armstrong as the new chief financial officer of his artificial intelligence group xAI, the Financial Times reported on Monday. Armstrong will lead the finance operations for both xAI and social media platform X, the report said, citing several people familiar with the matter. xAI did not immediately respond to a Reuters request for comment. (Reporting by Shivani Tanna in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)

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(Reuters) -Constellation Brands posted a smaller-than-expected drop in second-quarter sales on Monday, aided by steady demand for beer, even as the company's key Hispanic consumers reel from the Trump administration's immigration policies. Spirit makers in the U.S., such as Constellation, Molson Coors and Brown-Forman, have grappled with persistently weak demand for alcoholic beverages, while doubling of tariffs on aluminum cans to 50% is expected to further erode their margins.  The brewer reaffirmed its full-year sales and profit outlook, having sharply cut it last month as economic pressures and immigration concerns prompt Latino consumers in the U.S.— a key group for its Corona and Modelo brands — to scale back spending on dining out and social gatherings. Shares of the company, which have lost 37% of their value this year, were up about 4% in extended trading. U.S. President Donald Trump has stepped up immigration raids, particularly in parts of the country with larger Latino populations, which have prompted panic in immigrant communities as well as protests. CEO Bill Newlands said the company was navigating a "challenging socioeconomic environment that has dampened consumer demand," but its beer business outperformed the industry. Constellation Brands' beer division, which accounts for the majority of its total revenue, saw a 2.7% fall in quarterly depletion volume — the rate at which products are sold — while shipments dropped 8.7%. Its net sales fell 15% to $2.48 billion in the quarter ended August 31, but edged past analysts' estimates of $2.46 billion, according to data compiled by LSEG. It logged quarterly profit of $3.63 per share, above estimates of $3.38 per share. The company expects organic sales to decline in the range of 4% to 6% in fiscal 2026. Comparable earnings per share is projected between $11.30 and $11.60. (Reporting by Anshi Sancheti and Savyata Mishra in Bengaluru; Editing by Shailesh Kuber and Alan Barona)

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By David Shepardson WASHINGTON (Reuters) -The Trump administration said on Monday that funds from a U.S. government program that subsidizes commercial air service to rural airports are set to expire Sunday because of an ongoing partial government shutdown. The U.S. Transportation Department said the subsidies in the Essential Air Service program will end Sunday after the department transferred unrelated funding from the Federal Aviation Administration as an advance unless a government funding standoff is resolved. USDOT will stop reimbursing carriers on Sunday under the program and told them they can stop flights they had signed contracts to fly, according to a notice seen by Reuters. The government told airlines if they fly Essential Air Service flights beyond Sunday during the government shutdown they "do so at their own risk as the department may not be able to pay the contracted subsidy." The department is in the process of alerting communities of the potential impacts. The government has about $350 million in annual funding. In May, the White House proposed cutting funding by $308 million for Essential Air Service, which is popular with Republican lawmakers because it provides services to rural, largely Republican areas. To be eligible, the program requires a subsidy per passenger of less than $650, unless the community is 175 miles or more from the nearest major airport. During the first Trump administration, the White House proposed killing the Essential Air Service program, but Congress opted to boost funding. The program generally subsidizes two round trips a day with 30- to 50-seat aircraft, or additional frequencies with smaller aircraft. The department says under the program about 65 communities in Alaska receive service and 112 communities in the other 49 states and Puerto Rico that otherwise may not receive any airline service.  "Every state across the country will be impacted," Transportation Secretary Sean Duffy said at a press conference, noting it has bipartisan support. "We don't have the money for that program moving forward." (Reporting by David Shepardson; Editing by Aurora Ellis)

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By David Shepardson WASHINGTON (Reuters) -President Donald Trump said Monday that all medium- and heavy-duty trucks imported into the United States will face a 25% tariff rate starting November 1, a significant escalation of his effort to protect U.S. companies from foreign competition. Trump last month had said heavy truck imports would face new duties on Oct. 1 on national security grounds, saying the new tariffs were to protect manufacturers from "unfair outside competition" and that the move would benefit companies such as Paccar-owned Peterbilt and Kenworth and Daimler Truck-owned Freightliner. Under trade deals reached with Japan and the European Union, the United States has agreed to 15% tariffs on light-duty vehicles but it is not clear if they will face that rate for larger vehicles. The Trump administration has also allowed producers to deduct the value of U.S. components from tariffs paid on light-duty vehicles assembled in Canada and Mexico. Larger vehicles include everything from delivery trucks, garbage trucks, public utility trucks, transit, shuttle, and school buses and tractor-trailer trucks as well as semi-trucks and heavy-duty vocational vehicles. The U.S. Chamber of Commerce earlier urged the Commerce Department not to impose new truck tariffs, noting the top five import sources are Mexico, Canada, Japan, Germany, and Finland "all of which are allies or close partners of the United States posing no threat to U.S. national security." Mexico is the largest exporter of medium- and heavy-duty trucks to the United States. A study released in January said imports of those larger vehicles from Mexico have tripled since 2019 to around 340,000 today, according to government statistics. Under the North American free trade deal USMCA, medium- and heavy-duty trucks move tariffs free if at least 64% of a heavy truck's value originates in North America, via parts like engines and axles, raw materials such as steel, or assembly labor. Tariffs could also affect Chrysler-parent Stellantis which produces heavy-duty Ram trucks and commercial vans in Mexico. Stellantis had been lobbying the White House not to impose steep tariffs on its Mexican-made trucks. Sweden's Volvo Group is building a $700 million heavy-truck factory in Monterrey, Mexico, due to start operations in 2026.  Mexico is home to 14 manufacturers and assemblers of buses, trucks, and tractor trucks, and two manufacturers of engines, according to the U.S. International Trade Administration. Mexico opposed new tariffs, telling the Commerce Department in May that all Mexican trucks exported to the United States have on average 50% U.S. content, including diesel engines. Last year, the United States imported almost $128 billion in heavy vehicle parts from Mexico, accounting for approximately 28% of total U.S. imports, Mexico said. (Reporting by David Shepardson, Christian Martinez and Susan Heavey; editing by Costas Pitas and Chizu Nomiyama )

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By Mike Scarcella WASHINGTON (Reuters) -The U.S. Supreme Court declined on Monday to halt key parts of a judge's order requiring Alphabet's Google to make major changes to its app store Play, as the company prepares to appeal a decision in a lawsuit brought by "Fortnite" maker Epic Games. The justices turned down Google's request to temporarily freeze parts of the injunction won by Epic in its lawsuit accusing the tech giant of monopolizing how consumers access apps on Android devices and pay for transactions within apps. A federal appeals court in July upheld the judge’s sweeping order against Google. The injunction issued last year by U.S. District Judge James Donato requires Google to allow users to download rival app stores within its Play store and make Play's app catalog available to competitors. Those provisions do not take effect until July 2026. The judge also said Google must allow developers to include external links in apps, enabling users to bypass Google's billing system. That part of the injunction is due to take effect later this month. Google said in a statement that while it was disappointed by the Supreme Court's order, the company will continue its appeal. Epic Games chief executive Tim Sweeney said in a post on social media platform X that starting later this month, app developers will be "legally entitled" to steer Google Play users to out-of-app payment options without fees and other "friction." Donato issued his order in a lawsuit that Epic filed in 2020 against Google, alleging its restrictive app store rules violated antitrust law. Epic won a jury trial in San Francisco in 2023. Google has denied any wrongdoing. Google has called Donato's order unprecedented, and said it would cause reputational harm, safety and security risks and put the company at a competitive disadvantage if allowed to take effect. Google in its Supreme Court filing said the changes would have enormous consequences for more than 100 million U.S. Android users and 500,000 developers. Google said it plans to file a full appeal to the Supreme Court by October 27, which could allow the justices to take up the case during their nine-month term that began on Monday. Epic has said Google is relying on what it called "flawed security claims" to justify its control over Android devices. Epic had urged the justices to allow Donato's injunction to take effect "so consumers and developers can benefit from competition, choices and lower prices." In July, a three-judge panel of the San Francisco-based 9th U.S. Circuit Court of Appeals upheld the injunction, ruling that the record in Epic's lawsuit was "replete with evidence that Google's anticompetitive conduct entrenched its dominance." Google faces other lawsuits from government, consumer and commercial plaintiffs challenging its search and advertising business practices.  (Reporting by Mike Scarcella in Washington; Additional reporting by Andrew Chung in Washington; Editing by Will Dunham and Muralikumar Anantharaman)

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By Adwitiya Srivastava (Reuters) -Australia's corporate regulator on Tuesday approved Cboe Global Markets' application to operate as a listing market in the country, enabling it to compete directly with the Australian Securities Exchange (ASX) and others. Shares of bourse operator ASX fell as much as 1.7% to A$57.850, their lowest level since mid-June 2024. Cboe Australia, the local unit of the Chicago-headquartered exchange operator, launched in 2011 and can now list new companies, offering domestic investors increased access to investment options such as initial public offerings and dual-listed foreign entities. "This move will provide more choice for companies to list in Australia, build more links to offshore markets and create more options for investors," Australian Securities and Investments Commission (ASIC) Chair Joe Longo said in a statement. Heightened competition in Australian equities markets has already led to reduced trading costs and broader access to products like exchange-traded funds (ETFs), the regulator highlighted. Cboe Australia currently has 20% of Australia's equity market turnover, representing almost A$2 billion ($1.32 billion) of trades each day, ASIC said. The exchange operator told Reuters in an emailed response that it was pleased to have received the regulator's approval. "Cboe Australia’s new listing powers could force the ASX to sharpen its pencil when it comes to fees, so any lowering of trading costs would be a positive outcome for consumers," said Tim Waterer, chief market analyst at KCM Trade.  "Albeit that this could be a gradual rather than instant process."  The approval comes amid ongoing regulatory scrutiny of the ASX's ability to maintain stable and secure market infrastructure.  In June, ASIC launched a broad investigation into the country's main stock exchange operator, following years of tension over a failed software upgrade and recurring trade-processing glitches. Following this approval, there are now four markets, including Cboe, licensed to list securities in Australia, ASX, National Stock Exchange of Australia (NSX) and Sydney Stock Exchange (SSX), the regulator said. ($1 = 1.5119 Australian dollars) (Reporting by Adwitiya Srivastava in Bengaluru; Editing by Shailesh Kuber, Sam Holmes and Subhranshu Sahu)

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