Euro slips, but off lows as France faces hung parliament - CNA

:The euro slipped on Monday, but came off of overnight lows against the dollar after France's election pointed to a hung parliament.

The U.S. dollar crept up from a more than three-week low after U.S. payrolls data on Friday boosted bets that the Federal Reserve will soon start cutting interest rates.

French President Emmanuel Macron on Monday asked his prime minister to stay in the role for now, pending what will be difficult negotiations to form a new government after a surprise left-wing surge in elections that delivered a hung parliament.

“We're still waiting to see if the coalition can get the 240 to 250 lawmakers together to have any semblance of a, what is it, I think in France, a working government. We're in wait-and-see mode there,” said Garth Appelt, Head of Foreign Exchange & Emerging Markets Derivatives, Mizuho Americas in New York.

Some concerns about a potential French exit from the eurozone were also eased after eurosceptic Marine Le Pen’s National Rally failed to win a majority, said Helen Given, FX trader at Monex USA in Washington DC.

"There was a small risk that France would actually start to move towards exiting the Eurozone" if the National Rally had won, Given said. "People are just happy to have it off the table."

The euro was last down 0.11 per cent at $1.0824. It briefly reached $1.0845, the highest since June 12, after dipping to a low of $1.07915 earlier in the day.

The dollar index, which measures the U.S. currency against the euro, sterling, yen and three other major rivals, gained 0.04 per cent to 104.99. It earlier fell to 104.80, the lowest since June 13.

The greenback fell on Friday after June's employment report showed solid jobs gains in the month, but softer details under the hood.

Government and healthcare services hiring made up about three-quarters of the payrolls gain and the unemployment rate hit a 2-1/2-year high of 4.1 per cent.

The economy also created 111,000 fewer jobs in April and May than previously estimated, while annual wages increased at the slowest pace in three years.

Traders will pay close attention to comments by Fed Chairman Jerome Powell when he testifies before Congress on Tuesday and Wednesday for signs that a rate cut is getting closer.

Traders see two cuts this year as likely and are pricing in a 76 per cent likelihood of this first rate cut at the Fed's September meeting, with a subsequent cut expected by December, according to the CME Group's FedWatch Tool.

This week's main U.S. economic release will be consumer price data for June on Thursday.

The dollar gained slightly against the Japanese yen, following data earlier on Monday showing that Japanese workers saw their average base pay climb 2.5 per cent in May, the fastest pace in 31 years.

The Bank of Japan said wage hikes were broadening across the economy due to tight labor market conditions, signaling its confidence the country was making progress toward durably achieving its 2 per cent inflation target.

The optimistic assessment may heighten the case for the central bank to raise interest rates as soon as its next meeting on July 30 to 31.

“You're starting to see more and more discussions about the BOJ lifting off a little bit in terms of hiking policy. They're thinking that the BOJ is getting much closer to the hiking window, whether it be this month or the next meeting," said Appelt.

The dollar was last up 0.02 per cent at 160.76 yen, after last week reaching a 38-year high of 161.96.

Sterling was steady, after earlier reaching a 3-1/2 week top versus the dollar and the euro. The British currency has gained since the Labour Party's landslide election victory last week, which ended 14 years of Conservative rule. It was last up 0.02 per cent at $1.281.

The Aussie dollar fell 0.18 per cent versus the greenback at $0.6737, having earlier reached $0.67615, the highest since Jan. 3.

In cryptocurrencies, bitcoin fell 0.08 per cent to $56,312.

(Reporting By Karen Brettell; Additional reporting by Kevin Buckland and Amanda Cooper; Editing by Arun Koyyur and Josie Kao)

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2024-07-08 20:24:08Z
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France's election upset, explained - CNA

Macron could decide who to form a government with, but it'll be subject to a confidence vote in the National Assembly.

Hence, it needs to be someone a majority of lawmakers can agree with.

Analysts said Macron was likely to try and form a centre-left coalition, but without the hard-left LFI. However, this would require the NFP to break up. For now, it remains unclear if the alliance will stay united and agree on what course to take. `

Amid this political gridlock, none of the three parties will be able to deliver their campaign promises, said experts.

This includes vows to the European Union that France will take control of its debt and deficit, said Nestorovic.

“If it's Macron's centrist party with its own coalition, we can expect to have a similar policy as in the past, but right now we don't know who is going to rule,” he said.

“The leftist coalition (wants) to fully apply their own programme. But I cannot imagine that Macron’s party, or those from the centre or right, will agree. If there’s a majority, they can deliver … but I don't think that will happen in reality.”

He added that while there was “huge uncertainty” at the moment, things will become clearer in weeks to come as the new Assembly finds some structure, and negotiations begin.

What does it mean for the wider far-right movement?

Analysts said results indicated the French’s determination to keep the far-right out of government, even at the cost of a hung parliament.

But at the same time, this doesn't discount fears of a far-right resurgence in Europe.

Across the continent, there have been breakthroughs by right-leaning nationalist and conservative parties in recent polls.

Last week in the UK, a left-leaning party won by a huge majority but some ground was also ceded to a hard-right faction.

Six out of 27 EU nations have far-right parties in government.

Perhaps most prominently, the Alternative for Germany (AfD) – which wants to curb immigration – has been gaining traction in German politics.

Moyer said that with the centre and left splitting votes, the far-right could continue to make gains.

“We are seeing a wave of far-right nationalism rising across Europe, with a larger than expected turnout of people supporting these parties,” he said.

“With this vacuum that exists, this is an opportunity for these populist leaders to rise and fill the gaps.”

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2024-07-08 11:46:00Z
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Euro steadies as investors weigh up French gridlock; dollar soft - CNA

TOKYO/LONDON :The euro steadied on Monday, recovering overnight losses that stemmed from projections from France's election which pointed to a hung parliament, while the dollar remained soft.

The dollar remained on the back foot following surprisingly soft U.S. payrolls data on Friday, which boosted bets for the Federal Reserve to soon start cutting interest rates.

Sterling rose to 3-1/2 week highs versus the dollar and the euro, building on the gains following the Labour Party's landslide election victory last week, which ended 14 years of Conservative rule.

The Australian dollar benefited from greenback weakness to push to a six-month peak.

The yen held above last week's near 38-year trough to the dollar, but weakened from the day's highs.

The euro was flat at $1.0828, having earlier slid as much as 0.4 per cent, as investors weighed up the consequences of a hung French parliament.

That was among several surprises in projected results, including the likely first-place finish for the leftist New Popular Front (NFP) alliance, and third-place showing for Marine Le Pen's nationalist, eurosceptic National Rally (RN), which had been the frontrunner going into Sunday's vote.

Polling agencies forecast the left would get between 184 and 198 seats - well short of the 289 seats needed for an absolute majority. President Emmanuel Macron's centrist alliance was expected to get 160 to 169 seats, and the RN and its allies 135 to 143 seats.

"The shock of a far-right party gaining a majority was avoided in the short term, but the rise of left-wing parties and increasing political uncertainties could raise concerns over French fiscal deficits and euro zone stability in the medium term," said Ken Cheung, director of FX strategy at Mizuho Securities.

NO SIGNIFICANT CHANGE

The euro weakened slightly against the Swiss franc, which had been an early beneficiary of investor concern around the implications for the wider euro zone from potential instability in France.

The single European currency was last down 0.1 per cent at 0.9702 francs, its lowest in a week, but remained within sight of last week's one-month high.

"In our view, these election results are unlikely to have a long-lasting negative impact, given there will be essentially no significant change in the political situation in the National Assembly," Nomura senior macroeconomist Andrzej Szczepaniak said, adding that euro/Swiss should "grind towards parity" over the summer.

The dollar index, which measures the U.S. currency against the euro, sterling, yen and three other major rivals, was flat at 104.95, stabilising after a near 1 per cent slump last week, exacerbated by Friday's softer U.S. jobs data.

Traders currently set about 76 per cent odds for a rate cut at the Fed's September meeting, up from 64 per cent a week ago, according to the CME Group's FedWatch Tool. A subsequent cut is predicted by December.

The dollar was last up 0.1 per cent at 160.93 yen, still below last week's high of 161.96.

Sterling rose 0.1 per cent to $1.2825, its highest since June 12.

The Aussie dollar was down 0.1 per cent at $0.6741, having earlier edged as high as $0.67615 for the first time since Jan. 4, as the risks of another central bank rate hike contrasted with increasing bets on a near-term cut by the U.S. Fed.

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2024-07-08 09:23:50Z
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Boeing to plead guilty to fraud in US probe of fatal 737 MAX crashes - CNA

Boeing is set to plead guilty to making knowingly false representations to the Federal Aviation Administration about having expanded a key software feature used on the MAX to operate at low speeds. The new software saved Boeing money by requiring less intensive training for pilots.

The Maneuvering Characteristics Augmentation System (MCAS) is a software feature designed to automatically push the airplane’s nose down in certain conditions. It was tied to the two crashes that led to the FAA grounding the plane for 20 months, an action that cost Boeing US$20 billion and was lifted by the government in November 2020.

As part of the deal, Boeing's board of directors will meet with relatives of those killed in the MAX crashes, the filing said.

DOJ officials modified their process for selecting an independent monitor in response to backlash from one of the lawyers representing victims' relatives, who argued the families should select the candidate instead of the government choosing from a pool of candidates Boeing would propose, according to the court filing.

US officials adjusted their plea offer to Boeing to stipulate they would select the pool of qualified candidates based on a public solicitation to which anyone can apply, including candidates the families support.

Lawyers for some of the families of the people killed in the two MAX crashes said they intended to exercise their right to oppose the deal.

"The families intend to argue that the plea deal with Boeing unfairly makes concessions to Boeing that other criminal defendants would never receive and fails to hold Boeing accountable for the deaths of 346 persons," they said in a separate court filing.

The agreement does not shield any executives, the DOJ filing said, though charges against individuals are seen as unlikely due to the statute of limitations. A former Boeing chief technical pilot was charged in connection with the Boeing fraud agreement but acquitted by a jury in 2022.

The agreed penalty will be Boeing's second fine of US$243.6 million related to the fatal crashes - bringing the full fine to the maximum allowed. The company paid the fine previously as part of 2021's US$2.5 billion settlement. The US$243.6 million fine represented the amount Boeing saved by not implementing full-flight simulator training for MAX pilots.

Families of the victims of those crashes slammed the previous agreement and this year pressed the Justice Department to seek as much as US$25 billion from Boeing.

This year, the DOJ has held several meetings to hear from the victims' families as they investigated Boeing's breach of the 2021 deal.

The DOJ and Boeing are working to document the full written plea agreement and file it in federal court in Texas by Jul 19, the DOJ said in the court filing. 

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2024-07-08 05:35:00Z
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Brothers, aged 2 and 3, in critical condition after eating snack laced with rat poison [WATCH] - New Straits Times

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Brothers, aged 2 and 3, in critical condition after eating snack laced with rat poison [WATCH]  New Straits TimesView Full coverage on Google News
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2024-07-08 05:08:05Z
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Elevated levels of PFAS 'forever chemicals' found in common foods; Citi axes 500 S'pore jobs: Singapore live news - Yahoo Singapore News

PFAS ‘forever chemicals’ found in food and drink products such as coffee, rice and eggs. (Photo: Getty Images)

Food is considered a primary exposure route for PFAS chemicals.

New research indicates that consumption of white rice, coffee, eggs, and seafood correlates with higher levels of toxic PFAS chemicals in human plasma and breast milk.

The study, which involved samples from 3,000 pregnant women, suggests that coffee and white rice may be more contaminated than other foods.

Additionally, there is a notable association between red meat consumption and elevated levels of PFOS, a particularly harmful PFAS compound.

The study's authors emphasise the widespread presence of PFAS and the numerous ways they can infiltrate the food supply.

PFAS, a class of approximately 16,000 compounds used in various products for their water, stain, and heat resistance, are notorious for not breaking down naturally, leading to their accumulation in humans.

These "forever chemicals" have been linked to severe health issues, including cancer, birth defects, and thyroid disease.

Read more here.

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2024-07-08 03:45:00Z
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French political leaders react to upset election result - CNA

"I say tonight with gravity that depriving millions of French people of the possibility of seeing their ideas brought to power will never be a viable destiny for France. 

"Tonight, by deliberately trying to paralyse our institutions, Emmanuel Macron has not simply pushed the country towards uncertainty and instability, he has deprived the French people of any response to their day-to-day difficulties for many months to come. 

"In the midst of a purchasing power crisis, with insecurity and disorder hitting the country hard, France is deprived of a majority, of a government to act, and therefore of a clear course to turn France around".

GERALD DARMANIN, INTERIOR MINISTER, KEY FIGURE IN MACRON'S CENTRIST CAMP

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2024-07-07 19:16:53Z
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