व्यापार

By Jesús Aguado, Andres Gonzalez and Tommy Reggiori Wilkes MADRID/LONDON (Reuters) -BBVA has 8 billion euros ($9.4 billion) in capital for a mandatory cash offer for Sabadell should it fail to convince enough of its smaller rival's shareholders to accept its hostile offer, Chief Executive Officer Onur Genc said. In an interview with Reuters on Friday, Genc said his base case was that BBVA would get more than 50% of shares in Sabadell to clinch the all-share 17 billion euro ($19.96 billion) takeover offer. Sabadell's shareholders have until October 10 to decide. If BBVA secures more than 30% but less than 50% of Sabadell shares, it must make a mandatory offer in cash to remaining investors, or walk away from a deal it has been trying to complete since April 2024. A combined entity would become one of the largest lenders in Europe by assets, with about 1 trillion euros. Should it decide to make a mandatory cash offer, "we don't need to raise capital in our view", Genc said. Whether BBVA makes such an offer would depend on several factors, including the percentage of shareholders it would need to buy Sabadell out, he said. "If it's between 30% and 50%, it might, it might not happen. Depends on the take-up, depends on the price, depends on market conditions," Genc said. If BBVA needed to buy out 70% of shares in cash, currently with a market value of 11.7 billion euros, the 8 billion euros would not be enough and it would need alternative sources of finance such as raising capital, something its chairman has ruled out. MOST PROBABLE OUTCOME, ACCORDING TO CITI Citi assigned a 45% probability that the take-up would be in the 30%-to-50% range. BBVA's CEO said the bank estimated it would end 2025 with a core tier-1 capital ratio of 13.75%, which would imply excess capital of 7 billion euros above its 12% solvency target, without including the suspended 1 billion euro share buy-back. Jefferies analysts believe a cash bid for the remaining capital would be more realistic if the take-up rate approaches 50%. A mandatory offer would be conducted at the same price as the current offer, Genc said, although the fair-value price would be set by the supervisor. Shareholders of Sabadell are widely dispersed and around 40% are retail investors. BBVA's chances of clinching the deal improved after it increased the bid and David Martinez, Sabadell's largest individual shareholder, agreed to tender his 3.86% stake although Sabadell's board reiterated that BBVA's improved bid undervalued the lender. ($1 = 0.8514 euros) (Reporting by Jesús Aguado; Editing by Edmund Klamann)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Jesús Aguado, Andres Gonzalez and Tommy Reggiori Wilkes MADRID/LONDON (Reuters) -BBVA has 8 billion euros ($9.4 billion) in capital for a mandatory cash offer for Sabadell should it fail to convince enough of its smaller rival's shareholders to accept its hostile offer, Chief Executive Officer Onur Genc said. In an interview with Reuters on Friday, Genc said his base case was that BBVA would get more than 50% of shares in Sabadell to clinch the all-share 17 billion euro ($19.96 billion) takeover offer. Sabadell's shareholders have until October 10 to decide. If BBVA secures more than 30% but less than 50% of Sabadell shares, it must make a mandatory offer in cash to remaining investors, or walk away from a deal it has been trying to complete since April 2024. A combined entity would become one of the largest lenders in Europe by assets, with about 1 trillion euros. Should it decide to make a mandatory cash offer, "we don't need to raise capital in our view", Genc said. Whether BBVA makes such an offer would depend on several factors, including the percentage of shareholders it would need to buy Sabadell out, he said. "If it's between 30% and 50%, it might, it might not happen. Depends on the take-up, depends on the price, depends on market conditions," Genc said. If BBVA needed to buy out 70% of shares in cash, currently with a market value of 11.7 billion euros, the 8 billion euros would not be enough and it would need alternative sources of finance such as raising capital, something its chairman has ruled out. MOST PROBABLE OUTCOME, ACCORDING TO CITI Citi assigned a 45% probability that the take-up would be in the 30%-to-50% range. BBVA's CEO said the bank estimated it would end 2025 with a core tier-1 capital ratio of 13.75%, which would imply excess capital of 7 billion euros above its 12% solvency target, without including the suspended 1 billion euro share buy-back. Jefferies analysts believe a cash bid for the remaining capital would be more realistic if the take-up rate approaches 50%. A mandatory offer would be conducted at the same price as the current offer, Genc said, although the fair-value price would be set by the supervisor. Shareholders of Sabadell are widely dispersed and around 40% are retail investors. BBVA's chances of clinching the deal improved after it increased the bid and David Martinez, Sabadell's largest individual shareholder, agreed to tender his 3.86% stake although Sabadell's board reiterated that BBVA's improved bid undervalued the lender. ($1 = 0.8514 euros) (Reporting by Jesús Aguado; Editing by Edmund Klamann)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Emily Chow and Trixie Yap SINGAPORE (Reuters) -Oil prices rose around 1.5% on Monday after OPEC+ announced a more modest monthly increase in production than expected, tempering some concerns about supply additions, though analysts expect near-term gains to be capped by a soft demand outlook. Brent crude futures rose 91 cents, or 1.4%, to $65.44 a barrel by 0315 GMT, while U.S. West Texas Intermediate crude was at $61.77, up 89 cents, or 1.5%. "The price jump has primarily been boosted by OPEC+'s decision for a lower-than-expected production hike next month as the group intended to buffer the recent slump in oil markets," said independent analyst Tina Teng. On Sunday, the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers said it would raise production from November by 137,000 barrels per day (bpd), the same modest monthly increase as in October, amid persistent concerns over a looming supply glut. In the run-up to the meeting, sources said Russia was advocating for an output increase of 137,000 bpd to avoid pressuring prices, but Saudi Arabia would have preferred double, triple or even quadruple that figure to regain market share more quickly. "OPEC+'s decision to increase production by another 137,000 bpd in November could be manageable in light of rising supply disruptions due to tightening sanctions by the U.S. and Europe against Russia and Iran," ANZ analysts said in a note on Monday. "Meanwhile, Ukraine continued to intensify its attacks on Russian energy facilities, targeting the Kirishi refinery, one of Russia's largest refineries, with an annual processing capacity exceeding 20 million tonnes," the analysts added. The Group of Seven nations' finance ministers said last week they would take steps to increase pressure on Russia by targeting those who are continuing to increase purchases of Russian oil and facilitating circumvention of sanctions, as part of efforts to cut off Russian revenues due to Moscow's invasion of Ukraine. However, analysts expect weak demand fundamentals in the fourth quarter to cap near-term price gains. "With the absence of any fresh bullish catalysts and growing ambiguity on the demand outlook, oil prices are likely to stay capped despite OPEC+’s smaller-than-feared output hike," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "The reality is that the market is gradually shifting toward a phase of oversupply, with seasonal demand expected to taper off into winter and macro data offering little upside impulse," she added. The refinery maintenance season globally, mostly starting this month, is likely to weigh on demand. [REF/OUT] "As the shoulder season progresses… a ramp-up in refinery maintenance should create a significant surplus, spurring a selloff in oil," BMI analysts said in a client note. (Reporting by Emily Chow; Editing by Jamie Freed & Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Gregor Stuart Hunter SINGAPORE (Reuters) -The yen tumbled against the U.S. dollar by the most in five months in early trading on Monday after Sanae Takaichi won the LDP leadership election at the weekend, setting the country on course for more expansionary fiscal policy and complicating the task facing the Bank of Japan. The yen sank 1.6% to 149.81 yen on the dollar, its biggest one-day slide since May 12, wiping out gains it made in the past week as markets resumed trading in Asia. Against the euro, the Japanese currency fell 1.4% to 175.63 yen, nearing its weakest since the creation of the European single currency. "The coming days will be important to gauge her policies and from other potential members in her likely cabinet," Paul Mackel, global head of FX research at HSBC, wrote in a research note. "While we see room for the JPY to recover, there are limits given the domestic policy uncertainty." A former economic security and internal affairs minister with an expansionary fiscal agenda for the world's fourth-largest economy, Takaichi's victory puts her on course to become the country's first female prime minister. Her expansionist economic policy has reduced bets that the central bank will hike interest rates this month. Takaichi's win "will likely lead to some weakness in the yen," said Mahjabeen Zaman, head of FX Research at ANZ in Sydney. "There's a lot of political and fiscal uncertainty in the near term and maybe the BOJ may be cautious, despite the data supporting a little bit more of a hawkish stance," she said on a podcast. Long-dated Japanese government bonds sold off, with the 40-year JGB yield jumping 12 basis points to 3.529%. The yen swaps market on Monday now indicates a 41% likelihood of a rate hike by December, down from 68% on Friday. "We're in the eye of the storm," said Chris Weston, head of research at Pepperstone Group in Melbourne, as traders seek clues on how aggressively Takaichi will seek to ease fiscal policy. "If markets get a whiff that she's going to do Abenomics-lite, it could keep bond buyers out of the market," he said. "She does need to tread a careful path if she goes down that road. She'll be very cognisant of the UK's example." With many markets in Asia closed for holidays, the dollar index was last down 0.1% at 98.029, extending recent losses. The dollar has weakened steadily against its major peers this year as traders attempt to gauge the economic impact of U.S. President Donald Trump's policies and attacks on the independence of the Federal Reserve. Market activity signals that easing at the Fed's October meeting is a near-certainty, with Fed funds futures implying a 94.6% probability of a 25-basis-point rate cut, according to the CME Group's FedWatch tool. Speculators are also pricing a 70% chance that the government shutdown lasts beyond October 15, according to contracts on the betting website Polymarket. The euro stood at $1.1723, down 0.2% so far in Asia, after French Prime Minister Sebastien Lecornu on Sunday named Roland Lescure, a close ally of President Emmanuel Macron, as finance minister in a new government that political rivals threatened to topple quickly if it failed to break with past Macron policies. The kiwi reversed earlier losses and was last up 0.1% at $0.5834, reversing a six-day winning streak ahead of the Reserve Bank of New Zealand's meeting on Wednesday, where it is narrowly expected to cut its key interest rate by 25 basis points to 2.75%. The Australian dollar fetched $0.6607, up 0.1% in early trade. Sterling was changing hands at $1.3449, down 0.2% so far on the day. The offshore yuan traded at 7.14 yuan per dollar, 0.1% weaker in early trade. (Reporting by Gregor Stuart HunterEditing by Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Junko Fujita and Rocky Swift TOKYO (Reuters) -Japan's Nikkei share gauge surged past the 47,000 level for the first time on Monday, while the nation's currency and long-term bonds slumped after a party vote positioned fiscal dove Sanae Takaichi to become the next prime minister. The Nikkei 225 Index soared 4.6% to 47,852.29, after earlier passing the 46,000 for the first time ever. The broader Topix gauge was up 2.7%. The 30-year Japanese government bond (JGB) plunged, sending the yield to the brink of a record high. Meanwhile, the yield on the two-year note slid, reflecting expectations of later rate hikes by the Bank of Japan. The yen depreciated more than 1% against the dollar and traded at an all-time low versus the euro. Takaichi was considered to have the most expansionist fiscal and monetary agenda among five candidates in the Liberal Democratic Party race to replace hawkish Prime Minister Shigeru Ishiba. "The Nikkei was on course to reach as high as 48,000 by year-end, but because Takaichi was chosen as the LDP leader, it shot up toward that level already," said Hitoshi Asaoka, the chief strategist at Asset Management One. "The market welcomes her spending policy, but whether she can achieve that goal is not certain, as the LDP is still a minority party. The Nikkei may retreat once before year-end." NEW POLICY DYNAMICS Takaichi began eyeing cabinet posts on Monday, with media reporting she planned to install former defence minister Minoru Kihara as chief cabinet secretary and bring back ex-foreign minister Toshimitsu Motegi as the country's top diplomat. Her pick for finance minister, which will be closely watched by investors, was unclear. In the lead-up to the LDP race, a "Takaichi trade" emerged – long on stocks and bearish on Japanese government bonds, particularly longer maturities – positioning for a win by the veteran lawmaker who is a devotee of the "Abenomics" stimulus policies of the late Shinzo Abe. Yields on two-, five-, and 10-year JGBs had all reached levels not seen since the financial crisis in 2008 in recent weeks on bets the BOJ could raise rates as early as this month's meeting. Long-term JGB yields had fallen, flattening the so-called yield curve. In a run-off vote on Saturday, Takaichi beat farm minister Shinjiro Koizumi, who was seen as more laissez-faire on monetary policy. "The market had bet that Koizumi would win, and they were positioned for curve flattening," said Miki Den, the senior Japan rate strategist at SMBC Nikko Securities. "But because the bet on Koizumi was so strong, it will take time to unwind the flattening positions." The yen sank 1.6% to 149.81 yen versus the dollar and weakened to 175.63 against the euro, an all-time low. The yen swaps market on Monday indicated a 41% likelihood of a rate hike by December, down from 68% on Friday. The Topix Banks index slumped 2%, the only decliner among 33 industry groups, on expectations for lower lending margins if the central bank delays rate increases. Mitsubishi Heavy Industries, a major defence contractor, jumped 13% on expectations of more military spending under a Takaichi administration. Yields on long-term debt face upward pressure on expectations Takaichi will push for more deficit spending, adding to concerns about Japan's creditworthiness. The yield on the 40-year JGB, the longest tenor, soared 13 bps to 3.51%. The 30-year yield rose 13 basis points to 3.28%, just shy of the record high 3.285% reached last month in the wake of Ishiba's resignation.  An auction of 30-year JGBs on Tuesday will be closely watched for signs of concerns about Japan's finances and debt management under Takaichi. Despite a modest issuance amount, the debt sale "is expected to be weak because investors —wary of higher term-premia after Ms. Takaichi's ascent and possible fiscal stimulus— are reluctant to add long-duration risk," Shoki Omori, the chief desk strategist at Mizuho Securities, wrote in a note. After her LDP victory, Takaichi told a press conference the government and central bank must work closely to ensure Japan's economy achieves demand-driven inflation backed by rising wages and corporate profits. (Reporting by Junko Fujita and Rocky Swift; Additional reporting by John Geddie and Kevin Buckland; Editing by Sam Holmes)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Kevin Buckland TOKYO (Reuters) -Japanese stocks surged more than 4% to an all-time high while the yen skidded on Monday after fiscal and monetary dove Sanae Takaichi was elected as leader of the ruling party, putting her on course to become the nation's first female prime minister. Gold climbed to a record peak above $3,900, while leading cryptocurrency bitcoin rallied to a lifetime high on Sunday, with investors increasingly turning to alternative assets as a store of value as the U.S. government shutdown frayed nerves. Japan's Nikkei soared as much as 4.3% to an unprecedented 47,734.04 in the first 15 minutes of trading after Takaichi bested the more moderate Shinjiro Koizumi in the Liberal Democratic Party's leadership vote on Saturday, stoking expectations for fiscal stimulus. The yen slumped 1.6% to the cusp of 150 per U.S. dollar while short-dated Japanese government bond yields slid to a two-week low as traders pared back bets on when the Bank of Japan will resume raising interest rates. Market-implied odds of a BOJ hike by year-end fell to 41% from 68% on Friday. A year ago, Takaichi criticized the BOJ's decision to raise rates as "stupid", although her recent rhetoric has been more restrained, saying only that central bank policy should be aligned with the government. "We believe concerns among some investors that the next administration might pursue extreme fiscal expansion or exert political pressure on the BOJ are overblown," Morgan Stanley MUFG Securities economists wrote in a research report, noting that Takaichi's stance "appears closely aligned" with BOJ Governor Kazuo Ueda's "cautious approach" to policy normalization. Most other major share markets around the region were closed for holidays, including mainland China, South Korea and Taiwan. Hong Kong's Hang Seng declined 0.3%, ahead of a holiday on Tuesday. Australia's benchmark eased 0.1%, though trading was thinned by holidays in several states including New South Wales and Queensland. U.S. S&P 500 futures pointed 0.2% higher, after the cash index rose to a record high on Friday. The U.S. dollar made up some ground on European currencies, capitalizing on its momentum against the yen to rebound from last week's 0.5% decline against a basket of major peers. The euro lost 0.25% to $1.1714, and sterling slipped 0.23% to $1.34385. Gold last changed hands around $3,904 after advancing as much as 0.9% earlier to a record $3,919.59. Bitcoin traded around $123,590 following its jump to $125,653.32 on Sunday. "The shutdown matters this time around," said Geoffrey Kendrick, head of digital assets research at Standard Chartered Bank. "This year, bitcoin has traded with 'U.S. government risks,' as best shown by its relationship to (the) U.S. Treasury term premium," he added. "I suspect bitcoin will rise throughout the shutdown," and will soon reach $135,000, Kendrick predicted. Oil prices rose after OPEC+ announced on Sunday it would increase production by 137,000 barrels per day (bpd) from November, the same modest monthly increase as in October, amid persistent concerns over a looming supply glut. In the run-up to the meeting, sources said Russia was advocating for an output increase of 137,000 bpd to avoid pressuring prices, but Saudi Arabia would have preferred double, triple or even quadruple that figure to regain market share more quickly. Brent crude futures rose 1.3% to $65.39 a barrel, while U.S. West Texas Intermediate crude was at $61.71, up by 1.4%. (Reporting by Kevin Buckland)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Junko Fujita and Rocky Swift TOKYO (Reuters) -Japan's Nikkei share gauge surged past the 47,000 level for the first time on Monday after fiscal dove Sanae Takaichi was elected to lead the ruling party and become the next prime minister. The Nikkei 225 Index surged 3.9% to 47,566.84, after earlier passing the 46,000 for the first time ever. The broader Topix gauge was up 2.3%. The yield on the two-year Japanese government bond fell 4 basis points (bps) to 0.9%, reflecting expectations of later rate hikes by the Bank of Japan. The yen slid more than 1% against the dollar and euro. Takaichi was considered to have the most expansionist fiscal and monetary agenda among five candidates in the Liberal Democratic Party race to replace hawkish Prime Minister Shigeru Ishiba. "The Nikkei was on course to reach as high as 48,000 by year-end, but because Takaichi was chosen as the LDP leader, it shot up toward that level already," said Hitoshi Asaoka, the chief strategist at Asset Management One. "The market welcomes her spending policy, but whether she can achieve that goal is not certain, as the LDP is still a minority party. The Nikkei may retreat once before year-end." Takaichi began eyeing cabinet posts on Monday, with media reporting she planned to install former defence minister Minoru Kihara as chief cabinet secretary and bring back ex-foreign minister Toshimitsu Motegi as the country's top diplomat. Her pick for finance minister, which will be closely watched by investors, was unclear. In the lead-up to the LDP race, a "Takaichi trade" emerged – long on stocks and bearish on Japanese government bonds, particularly longer maturities – positioning for a win by the veteran lawmaker who is a devotee of the "Abenomics" stimulus policies of the late Shinzo Abe. In recent weeks, yields on two-, five-, and 10-year JGBs have all reached levels not seen since the financial crisis in 2008 on bets the BOJ could raise rates as early as this month's meeting. But those expectations are now being unwound. The yen swaps market on Monday indicated a 41% likelihood of a rate hike by December, down from 68% on Friday. The Topix Banks index slumped 2%, the only decliner among 33 industry groups, on expectations for lower lending margins if the central bank delays rate increases. Mitsubishi Heavy Industries, a major defence contractor, jumped 13% on expectations of more military spending under a Takaichi administration.   The yield on the 40-year JGB, the longest tenor, soared 14 bps to 3.52%. Yields on long-term debt are facing upward pressure on expectations Takaichi will push for more deficit spending, adding to concerns about Japan's creditworthiness. After her LDP victory, Takaichi told a press conference the government and central bank must work closely to ensure Japan's economy achieves demand-driven inflation backed by rising wages and corporate profits. (Reporting by Junko Fujita and Rocky Swift; Editing by Sam Holmes)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Gregor Stuart Hunter SINGAPORE (Reuters) -The yen tumbled against the U.S. dollar by the most in five months in early trading on Monday after Sanae Takaichi won the LDP leadership election at the weekend, setting the country on course for more expansionary fiscal policy and complicating the task facing the Bank of Japan. The yen sank 1.5% to 149.73 yen on the dollar, its biggest one-day slide since May 12, wiping out gains it made in the past week as markets resumed trading in Asia. Against the euro, the Japanese currency fell 1.3% to 175.39 yen, nearing its weakest since the creation of the European single currency. A former economic security and internal affairs minister with an expansionary fiscal agenda for the world's fourth-largest economy, Takaichi's victory puts her on course to become the country's first female prime minister. Her expansionist economic policy has reduced bets that the central bank will hike interest rates this month. Takaichi's win "will likely lead to some weakness in the yen," said Mahjabeen Zaman, head of FX Research at ANZ in Sydney. "There's a lot of political and fiscal uncertainty in the near term and maybe the BOJ may be cautious, despite the data supporting a little bit more of a hawkish stance," she said on a podcast. With many markets in Asia closed for holidays, the dollar index was last at 98.073, retracing some recent losses. The dollar has weakened steadily against its major peers this year as traders attempt to gauge the economic impact of U.S. President Donald Trump's policies and attacks on the independence of the Federal Reserve. Market activity signals that easing at the Fed's October meeting is a near-certainty, with Fed funds futures implying a 94.6% probability of a 25-basis-point rate cut, according to the CME Group's FedWatch tool. Speculators are also pricing a 70% chance that the government shutdown lasts beyond October 15, according to contracts on the betting website Polymarket. The euro stood at $1.1710, down 0.3% so far in Asia, after French Prime Minister Sebastien Lecornu on Sunday named Roland Lescure, a close ally of President Emmanuel Macron, as finance minister in a new government that political rivals threatened to topple quickly if it failed to break with past Macron policies. The kiwi was 0.1% weaker at $0.5823, reversing a six-day winning streak ahead of the Reserve Bank of New Zealand's meeting on Wednesday, where it is narrowly expected to cut its key interest rate by 25 basis points to 2.75%. The Australian dollar fetched $0.65909, down 0.1% in early trade. Sterling was changing hands at $1.34325, down 0.3% so far on the day. The offshore yuan traded at 7.14 yuan per dollar, little changed in early trade. (Reporting by Gregor Stuart HunterEditing by Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Gregor Stuart Hunter SINGAPORE (Reuters) -The yen tumbled against the U.S. dollar by the most in five months in early trading on Monday after Sanae Takaichi won the LDP leadership election at the weekend, setting the country on course for more expansionary fiscal policy and complicating the task facing the Bank of Japan. The yen sank 1.5% to 149.73 yen on the dollar, its biggest one-day slide since May 12, wiping out gains it made in the past week as markets resumed trading in Asia. Against the euro, the Japanese currency fell 1.3% to 175.39 yen, nearing its weakest since the creation of the European single currency. A former economic security and internal affairs minister with an expansionary fiscal agenda for the world's fourth-largest economy, Takaichi's victory puts her on course to become the country's first female prime minister. Her expansionist economic policy has reduced bets that the central bank will hike interest rates this month. Takaichi's win "will likely lead to some weakness in the yen," said Mahjabeen Zaman, head of FX Research at ANZ in Sydney. "There's a lot of political and fiscal uncertainty in the near term and maybe the BOJ may be cautious, despite the data supporting a little bit more of a hawkish stance," she said on a podcast. With many markets in Asia closed for holidays, the dollar index was last at 98.073, retracing some recent losses. The dollar has weakened steadily against its major peers this year as traders attempt to gauge the economic impact of U.S. President Donald Trump's policies and attacks on the independence of the Federal Reserve. Market activity signals that easing at the Fed's October meeting is a near-certainty, with Fed funds futures implying a 94.6% probability of a 25-basis-point rate cut, according to the CME Group's FedWatch tool. Speculators are also pricing a 70% chance that the government shutdown lasts beyond October 15, according to contracts on the betting website Polymarket. The euro stood at $1.1710, down 0.3% so far in Asia, after French Prime Minister Sebastien Lecornu on Sunday named Roland Lescure, a close ally of President Emmanuel Macron, as finance minister in a new government that political rivals threatened to topple quickly if it failed to break with past Macron policies. The kiwi was 0.1% weaker at $0.5823, reversing a six-day winning streak ahead of the Reserve Bank of New Zealand's meeting on Wednesday, where it is narrowly expected to cut its key interest rate by 25 basis points to 2.75%. The Australian dollar fetched $0.65909, down 0.1% in early trade. Sterling was changing hands at $1.34325, down 0.3% so far on the day. The offshore yuan traded at 7.14 yuan per dollar, little changed in early trade. (Reporting by Gregor Stuart HunterEditing by Shri Navaratnam)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -President Donald Trump on Sunday urged U.S. mortgage financing companies Fannie Mae and Freddie Mac to "get Big Homebuilders going," saying without providing evidence that U.S. builders were "sitting on 2 Million empty lots, a RECORD." It was unclear exactly what action Trump expected builders or the mortgage giants to take. Trump met in August with top U.S. bank executives to discuss his administration's plans to privatize the finance firms, which guarantee over half the nation's mortgages and have been under federal conservatorship since the 2008 financial crisis. (Reporting by Julia Harte; editing by Rami Ayyub)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)