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World food prices back down in March after two-year high: FAO

http://www.reuters.com/article/us-global-economy-food-idUSKBN1781BF #

Published: 6 April 2017

World food prices were back down in March after hitting a two-year high last month, with cereal harvests expected to be robust and markets stable this year, the United Nations food agency said on Thursday.

Prices for food products fell for five straight years due to ample supply, a slowing global economy and a strong U.S. dollar but in the last two months the index rose and reached 175.5 points in February, a record high since the same period in 2015.

In March the Food and Agriculture Organization’s (FAO) price index, which measures monthly price changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 171 points, down 2.8 percent compared to the previous month.

All food prices were down due to large supplies and the expectation of strong harvests, but meat ones were up 0.7 percent due to high demand for bovine and pig meat from Asia.

FAO forecasts global cereal production to be 2,597 million this year, just under the record output in 2016, because of a reduction in global wheat production and planting cuts expected in Australia, Canada and the United States.

The inching down with respect to last year is mainly due to an expected reduction in global wheat production, due to fall 2.7 percent this year.

Consumption of cereal is expected to grow by 0.8 percent in 2017 to 2,597 million tonnes as the use of grains for biofuels and to feed animals will grow less than in the past.

(Reporting by Giulia Segreti)

Business, Economics, International news, News

Uncertainty over Brexit negotiations keeps sterling under pressure

Published: 6 April 2017

By Ritvik Carvalho | LONDON

Some British sterling money in coins and bank notes is seen September 2, 2005. BANKG REUTERS/Catherine Benson

Britain’s pound edged lower against the dollar on Thursday, as investors saw uncertainty surrounding Britain’s departure from the European Union outweighing some signs of economic resilience.

The pound bounced on Wednesday on stronger-than-expected services data, which gave investors a sign Britain’s dominant services sector — key to its economy — was still thriving.

But it reversed some of those gains on Thursday, as investors took the view that until either Britain or the EU shows signs of softening their negotiating stances, Brexit would be negative for the British economy.

Sterling was off 0.1 percent at $1.2479 by 0902 GMT. It was also 0.1 percent lower at 85.85 pence per euro.

“The moment I’ll turn my view around and turn materially long on sterling is when I know the European Union is willing to give Britain a good deal on services — financial services to be more specific,” said Jordan Rochester, currency strategist with Nomura.

“Confidence on both sides is pretty firm, so the initial talks are going to be slow and it’s not until mid-May when those talks start so we’re a good six weeks away from them.”

Sterling has lost nearly a fifth of its value against the dollar since Britain voted to leave the EU last June.

Since then, investors have broadly stayed bearish on the currency despite initial signs of resilience from the economy that confounded expectations of a slowdown, worried about long-term uncertainty surrounding Brexit.

Speculators took their bets against the pound versus the dollar to record high levels last month, and although they have since trimmed those short positions, they remain close to those levels. [IMM/FX]

European Council President Donald Tusk will meet British Prime Minister Theresa May in London on Thursday.

The EU’s chief negotiator, Michel Barnier, on Wednesday insisted that Britain must stop pressing for immediate parallel talks with the bloc on a post-Brexit free trade deal, and first agree on withdrawal terms.

Investors are now eyeing the EU summit on April 29, where EU directives for Brexit negotiations will be ratified.

“The ebb and flow of Brexit negotiations looks well underway, with PM May seemingly softening some of the red lines (e.g. free movement) during a transition period post-Brexit. Yet cable (sterling/dollar) could well trade well within $1.23-26 for a couple more weeks,” ING strategists wrote in a note to clients.

(Reporting by Ritvik Carvalho Editing by Jeremy Gaunt.)

International news, News

U.S. weekly jobless claims post largest drop in almost two years

http://www.reuters.com/article/us-usa-economy-idUSKBN1781JE #

Published: 6 April 2017

New applications for U.S. unemployment benefits recorded their biggest drop in nearly two years last week, pointing to a further tightening in the labor market.

Initial claims for state unemployment benefits declined 25,000 to a seasonally adjusted 234,000 for the week ended April 1, the Labor Department said on Thursday. The drop was the largest since the week ending April 25, 2015.

The prior week’s data was revised to show 1,000 more applications received than previously reported.

Claims have now been below 300,000, a threshold associated with a healthy labor market for 109 straight weeks. That is the longest stretch since 1970 when the labor market was smaller.

The labor market is currently near full employment.

Economists polled by Reuters had forecast first-time applications for jobless benefits falling to 250,000 last week.

A Labor Department analyst said there were no special factors influencing last week’s claims data. Claims for Louisiana were estimated.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 4,500 to 250,000 last week.

Last week’s claims data has no bearing on March’s employment report, which is scheduled for release on Friday. Claims rose during the survey week for March’s nonfarm payrolls, suggesting some moderation in the pace of job growth after two straight months of employment gain in excess of 230,000.

A survey on Wednesday showed a measure of services sector employment slipping in March, but remaining at a level consistent with growing payrolls. Another report, however, showed private payrolls surged by 263,000 jobs in March.

According to a Reuters survey of economists, nonfarm payrolls likely increased by 180,000 jobs last month after rising 235,000 in February. The unemployment rate is seen steady at 4.7 percent.

Thursday’s claims report also showed the number of people still receiving benefits after an initial week of aid decreased 24,000 to 2.03 million in the week ended March 25. The four-week moving average of the so-called continuing claims fell 7,750 to 2.02 million, the lowest level since 2000.

((Reporting by Lucia Mutikani; Editing by Andrea Ricci))

International Sports, Sports

Brazil top FIFA rankings for first time in seven years

http://www.reuters.com/article/us-soccer-fifa-rankings-idUSKBN178111 #

Published: 5 April 2017

Five-times world champions Brazil have returned to what they will consider their rightful place at the top of the FIFA rankings for the first time in seven years.

Brazil have enjoyed a impressive revival since Tite replaced Dunga as their national team coach last year, winning all nine matches they have played under his leadership including eight World Cup qualifiers.

They continued their run in March with a 4-1 win in Uruguay and 3-0 win over Paraguay to become the first side to book their place at next year’s World Cup in Russia with four games to spare.

Brazil, who replaced arch-rivals Argentina at the top, previously led the rankings going into the 2010 World Cup where they were eliminated by the Netherlands in the quarter-finals.

Since then, they have suffered a string of embarrassments, with elimination by Paraguay at successive Copa America tournaments in 2011 and 2015 and their infamous 7-1 loss to Germany in the 2014 World Cup semi-final.

Argentina lost their place after last week’s 2-0 defeat in Bolivia which has left them struggling to qualify for the 2018 World Cup.

Four of the top five teams in the rankings announcement by FIFA on Thursday, are from South America. Chile are fourth, Colombia fifth and Germany sandwiched in between in third.

Egypt are Africa’s best-placed team in 19th while Asia’s top side are 28th-placed Iran.

Top ten rankings (previous month’s places in brackets)

1. Brazil (2)

2. Argentina (1)

3. Germany (3)

4. Chile (4)

5. Colombia (7)

6. France (6)

7. Belgium (5)

8. Portugal (8)

9. Switzerland (9)

10. Spain (10)

(Writing by Brian Homewood; editing by Sudipto Ganguly)

International Sports, Sports

Pacquiao to fight Australia’s Horn in July

http://www.reuters.com/article/us-boxing-pacquiao-idUSKBN17809D #

Published: 5 April 2017

Filipino boxing champion Manny Pacquiao smiles during a brief conference upon his arrival at the Ninoy Aquino International Airport in Manila April 14, 2016. REUTERS/Romeo Ranoco
Picture Supplied by Action Images

Filipino great Manny Pacquiao will defend his WBO welterweight title against unbeaten Australian Jeff Horn in Brisbane in July after a bout with Amir Khan fell through, local media reported.

“We’re not able to fight Amir Khan because of Ramadan, so we decided to take this fight in the interim,” Pacquiao’s adviser Michael Koncz said in comments published by News Corp media.

“We signed it, so yeah, we’re excited about it. But again, my preference was to fight Amir Khan. That didn’t work out. We had this on the table so we decided to take it.”

Eight-division world champion Pacquiao agreed to an April fight against Briton Khan in the United Arab Emirates but his promoter Bob Arum said last month it had been postponed after the $38 million offer for the bout failed to materialize.

The July 2 fight against Horn will be the 38-year-old Pacquiao’s first since his unanimous decision victory for the title over American Jessie Vargas in Las Vegas last November.

“Manny will train and do the best he can and hopefully we get the fight over with very quickly, we get out of there, we say ‘hi’ to the Australian fans and media and come home,” Koncz said.

“Frankly and honestly, and nothing against Jeff Horn — I’ve never met the kid, I don’t know him personally — but the name recognition is I guess why the fans picked Amir Khan.”

In February, Philippines senator Pacquiao (59-6-2) asked fans on Twitter who he should fight next in a four-man poll and 48 percent of the respondents voted for Khan.

Horn (16-0-1) won seven percent behind Briton Kell Brook (24 percent) and American Terence Crawford (21).

(Reporting by Ian Ransom; Editing by John O’Brien)