Usa Financial News

India will cut the floor price for basmati rice exports in the coming days, sources familiar with the matter said, after millers and traders complained about a sharp drop in overseas sales of the premium aromatic grain. India will lower the basmati floor price to $850 a metric ton, down from $1,200 a ton, to help millers and traders ship out the rice grade, said the sources, who didn't wish to be identified as they are not authorised to talk to media. Last month, India fixed the floor price, or the minimum export price (MEP), for basmati rice shipments at $1,200 a metric ton. Authorities said the MEP was imposed to help New Delhi ensure that non-basmati rice was not exported as basmati rice. In July, India surprised buyers by imposing a ban on the export of widely consumed non-basmati white rice, following a ban on broken rice exports last year. «The decision to lower the basmati MEP would help farmers who were losing money on account of falling exports,» said Prem Garg, president of the Indian Rice Exporters Federation. «The move will also help India retain its pre-eminent position in the global basmati rice market.» Since basmati rice is not widely consumed in India, and the new season crop will start arriving in the market from next month, India would have faced a glut of the superior grade, Garg said. «A large stockpile would have hammered prices and hurt farmers and India's rice sector, so the move to lower the MEP will be quite helpful,» he said. India and Pakistan exclusively grow premium, aromatic basmati rice.

By Mike Scarcella

Citi analysts upgraded steel stocks Cleveland-Cliffs (NYSE:CLF) and Steel Dynamics (NASDAQ:STLD) to Buy from Neutral in a note Monday, stating that flat rolled steel prices are at a floor.

US Treasury yields were higher on Monday, with the benchmark 10-year Treasury yield building on three straight weeks of gains on expectations the U.S. Federal Reserve will keep interest rates at higher levels for longer than initially anticipated. Chicago Fed President Austan Goolsbee said on Monday that inflation remaining entrenched above the central bank's 2% target remains a bigger risk than tight Fed policy slowing the economy more than needed. The yield on 10-year Treasury notes was up 9 basis points to 4.525% after climbing to 4.533%, its highest since October 2007. «Essentially, the yield curve is going to start pricing in a recession, that is usually what happens when the yield curve steepens as much as it does,» said Tom di Galoma, co-head of global rates trading at BTIG in New York. «You had the big inversion move, we've been inverted for a good 15 to 18 months, and now the curve is steepening out, and that is a bit because the long-end has just kind of given way to higher rates.»Goldman Sachs last week pushed out its expectations for a Fed rate cut from the second quarter of next year to the fourth quarter of 2024. Expectations for another 25 basis point hike by the Fed at its November meeting have shrunk to 18.4%, down from 34.1% a week ago. The yield on the 30-year Treasury bond was up 12 basis points to 4.642%. Economic data was light on Monday but investors will get a look at several data points on the housing market this week, along with the final reading of second quarter gross domestic product and personal consumption expenditures. A closely watched part of the U.S.

Bitcoin’s (BTC) weakness on Sep. 24 shows that the bears remain in control. Sellers are trying to pull the price below $26,000 but the bulls are likely to defend the level with vigor. Buyers are trying to achieve a positive monthly close for Bitcoin in September for the first time since 2016.

By Lucia Mutikani

By Iain Withers

Reuters report. Brent crude futures increased 0.18% or 17 cents to settle at $93.44 per barrel on Monday.

United States is all set to get its largest Hindu temple next month on October 8. The BAPS Swaminarayan Akshardham is located 90 km south of Times Square in New Jersey. The 183-acre temple took nearly 12 years to be built and its construction has involved more than 12,500 volunteers from across the US. As per reports, the temple has one main shrine, 12 sub-shrines, nine shikhars (spire-like structures), and nine pyramidal shikhars.

DWS has been embroiled in a greenwashing scandal since 2021, when its former group sustainability officer Desiree Fixler alleged the firm was misrepresenting its ESG credentials.

Gatestone Institute senior fellow Gordon Chang says Americans will soon have to 'worry about attacks' on military bases, shopping centers or reservoirs. 

WASHINGTON (Reuters) — U.S. Democratic Senator Bob Menendez on Monday denied wrongdoing and vowed to stay in Congress on Monday after prosecutors charged him and his wife with taking bribes from three New Jersey businessmen.

DeSantis and Ramaswamy surrogates discuss how their candidates are preparing for the second GOP debate on ‘Maria Bartiromo’s Wall Street.’

Bitcoin (BTC) hugged $26,000 at the Sep. 24 Wall Street open as a weekly close “nosedive” brought lasting consequences.

By Robert Harvey and Natalie Grover

Mark Cuban, an American Shark Tank host and Billionaire, has been reported to be a victim of a malicious attack that took over $900k from his Metamask Wallet in a whisker. Mark was shocked and wondered how the white-capped hackers managed to drain virtual currencies from his wallet. This indicates that individual investors and entrepreneurs should conduct a background check of a crypto organization. 

Hackers stole around $200 million from crypto firm Mixin early on Saturday, the company said on social media platform X on Monday, in what researchers say is the largest crypto theft so far this year. Mixin, which lists its location on LinkedIn as Hong Kong, said the database of its network's cloud service provider was «attacked by hackers, resulting in the loss of some assets» and that «the funds involved are approximately US$200 million».

Mortgage delinquency rates remain at a historic low. ( iStock )

Speaker Kevin McCarthy has turned to a strategy that so far has preserved his tenuous hold on House leadership, but also marked his tenure by chaos

The Biden administration has awarded $1.4 billion to projects improving railway safety and boosting rail capacity

Oil prices are up, and that affects people far and wide