Orange Juice Hits Four-Month High as Brazil Tariffs Risk Supply
The most active contract rose as much as 8.7% to $3.1385 a pound, the highest since March 6. Futures of orange juice have rallied since Trump's announcement last week of the tariff, which risks upending trade in commodities ranging from coffee to beef.
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42 minutes ago
- Yahoo
Mortgage rates dip to lowest level in three weeks
Mortgage rates retreated this week, with the 30-year fixed rate averaging 6.76 percent, compared to 6.81 percent the previous week, according to Bankrate's latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week low 30-year 6.76% 6.79% 6.90% 6.79% 6.20% 15-year 5.92% 5.95% 6.24% 6.01% 5.40% 30-year jumbo 6.76% 6.76% 6.97% 6.83% 6.36% The 30-year fixed mortgages in this week's survey had an average total of 0.30 discount and origination points. Discount points are a way to lower your mortgage rate, while origination points are fees lenders charge to create, review and process your loan. Learn more: Will mortgage rates go down this upcoming week? Shop smarter for mortgage rates Bankrate connects you to the latest lender offers, tailored to you. Find your low rate today. Explore mortgage rates Monthly mortgage payment at today's rates The national median family income for 2025 is $104,200, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in June 2025 was $435,300, according to the National Association of Realtors. Based on a 20 percent down payment and a 6.76 percent mortgage rate, the monthly payment of $2,261 amounts to 26 percent of the typical family's monthly income. 'Affordability is still a challenge,' says Lisa Sturtevant, chief economist at Bright MLS, a listing service in the Mid-Atlantic region. 'Some buyers are waiting both for rates and prices to come down before they get into the market.' What will happen to mortgage rates in 2025? Last month, the Federal Reserve decided to leave the federal funds rate untouched. Mortgage rates didn't respond to the Fed's three consecutive cuts last year — a reminder that fixed mortgage rates are not set directly by the Fed but by investor appetite, particularly for 10-year Treasury bonds. When there's uncertainty in the market, investors buy Treasury bonds, which in turn drives yields — and, often, mortgage rates — downward. Shop Top Mortgage Rates A quicker path to financial freedom Personalized rates in minutes Your Path to Homeownership President Donald Trump's tariff policies were blamed for an increase in inflation, which moved up to 2.7 percent in June from 2.4 percent in May. The Fed's inflation target is 2 percent. In addition, as of Wednesday afternoon, 10-year Treasury yields were just below 4.4 percent. Learn more: How are mortgage rates set? Methodology The national survey of large lenders is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We've conducted this survey in the same manner for more than 30 years, and because it's consistently done the way it is, it gives an accurate national apples-to-apples comparison. Our rates differ from other national surveys, in particular Freddie Mac's weekly published rates. Each week Freddie Mac surveys lenders on the rates and points based on first-lien prime conventional conforming home purchase mortgages with a loan-to-value of 80 percent. 'Lenders surveyed each week are a mix of lender types — thrifts, credit unions, commercial banks and mortgage lending companies — is roughly proportional to the level of mortgage business that each type commands nationwide,' according to Freddie Mac.
Yahoo
an hour ago
- Yahoo
Dip in Asian currencies, outflows likely to keep up pressure on rupee
By Jaspreet Kalra MUMBAI (Reuters) -The Indian rupee is expected to open weaker on Friday and trade with a modest depreciation bias amid a dip in its regional peers and lingering pressure from portfolio outflows as investors gird for an upcoming news-heavy week. The 1-month non-deliverable forward indicated the rupee will open around 86.48-86.50 versus the U.S. dollar, compared with 86.4050 in the previous session. Asian currencies were down between 0.1% and 0.3%, while the dollar index ticked up to 97.5, as investors braced for U.S. President Donald Trump's tariff deadline, a Federal Reserve policy decision, and key U.S. economic data releases, all due next week. The rupee is expected to trade with a slight downward bias and could test support near 86.70-86.80 in the near term, a trader at a state-run bank said. While there is "nascent" interbank interest in taking long bets on the rupee, that is largely on the back of the market expecting some positive announcement on U.S.-India trade negotiations, the trader added. While optimism about U.S. trade deals with China and the European Union has picked up after an agreement with Japan, the prospects of a deal for India ahead of the August 1 deadline have dimmed. Britain and India signed a free trade agreement on Thursday, with India's trade minister saying that he remains confident of concluding a trade deal with the U.S. while downplaying the significance of the looming deadline. "Beyond tariffs and the rush to close the art of the deal, one continuing theme that we see in Asia and many countries outside the U.S. is the acceleration in moves to diversify away from or at least hedge with the U.S.," MUFG said in a note. In addition to the wait for a trade agreement with the U.S., foreign portfolio outflows have been a pain point for the rupee with overseas investors pulling out about $500 million from local stocks over July so far. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.60; onshore one-month forward premium at 12.50 paisa ** Dollar index up 0.1% at 97.58 ** Brent crude futures up 0.5% at $69.5 per barrel ** Ten-year U.S. note yield at 4.4% ** As per NSDL data, foreign investors sold a net $382mln worth of Indian shares on July 23 ** NSDL data shows foreign investors sold a net $41.7mln worth of Indian bonds on July 23
Yahoo
an hour ago
- Yahoo
DeepSeek, Trump's Plan Steer Agenda at China's Top AI Forum
(Bloomberg) -- Star founders, Beijing officials and deep-pocketed financiers converge on Shanghai by the thousands this weekend to attend China's most important AI summit. At the top of the agenda: how to propel Beijing's ambitions to leapfrog the US in artificial intelligence — and profit off that drive. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Can This Bridge Ease the Troubled US-Canadian Relationship? Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom The World Artificial Intelligence Conference, which has featured Elon Musk and Jack Ma in years past, was devised to showcase the cutting-edge of Chinese technology. This year's attendance may hit a record as it's taking place at a critical juncture in the US-Chinese tech rivalry. This week, US President Donald Trump unveiled his so-called AI Action Plan — a sort of call to arms to ensure the country keeps its lead in the post-ChatGPT epoch. At the same time, the emergence of DeepSeek in January galvanized a generation of Chinese developers to ride a nationwide investment and innovation wave. From Alibaba Group Holding Ltd. to fledgling firms such as Minimax, the country's aspirants in the field have since moved aggressively to try and close the gap with the likes of OpenAI and Google. 'While many recognize DeepSeek's achievements, this represents just the beginning of China's AI innovation wave,' said Louis Liang, an AI sector investor with Ameba Capital. 'We are witnessing the advent of AI mass adoption, this goes beyond national competition.' The Shanghai conference rundown for now remains largely unknown — as it has in years past just days before kickoff. Chinese Premier Li Qiang will attend, and tech leaders from Tencent Holdings Ltd. to ByteDance Ltd. and startups like Zhipu AI and Moonshot are likely to turn out in force. Here's what we can expect from the summit starting Saturday. DeepSeek's Aura Neither the startup nor its reclusive founder Liang Wenfeng feature in the advance literature for the event. And yet, the two-year-old firm is likely to be one of the topics du jour. Since its low-cost, high-performance AI model humbled much of Silicon Valley, the industry has watched China closely for another seismic moment. In a field notorious for splashing billions of dollars on Nvidia Corp. chips and data centers, DeepSeek's no-frills approach inspired a re-think of traditional models. And it challenged what till then was unquestioned US supremacy in bleeding-edge technology: Xi Jinping himself turned out in public in February to congratulate Liang and his fellow tech entrepreneurs. China craves another big breakthrough. Downloads and usage of DeepSeek models have slowed, as has the pace of new model rollouts that peaked over the spring at once every few days. Now, much of the industry talk centers on why DeepSeek's R2 — the followup to its seminal R1 — hasn't yet emerged. Local media have blamed everything from Liang's perfectionist streak to performance glitches. Trump's, and Xi's, Ambitions The conference gets underway days after the US leader signed executive orders to loosen regulations and expand energy supplies for data centers. 'From this day forward, it'll be a policy of the United States to do whatever it takes to lead the world in artificial intelligence,' Trump told executives and lawmakers at a DC event. Among the attendees was Jensen Huang, whose Nvidia is one of the companies at the heart of the global AI movement. Much has been made in Washington of China's seemingly meteoric ascent in AI, with observers saying the country is now perhaps just months behind the US in terms of AI sophistication. That's a wafer-thin margin compared with sectors such as semiconductors, where America is regarded as many years or even generations ahead. Trump's newly announced action plan is likely to spur Chinese companies into accelerating their own plans to go global, in part by aggressively open-sourcing their platforms. Beijing wants AI to become a $100 billion industry by 2030. At the Communist Party's April Politburo study session, Xi emphasized that China must push for breakthroughs in critical areas like high-end chips and AI research. Rise of the Robots Chinese humanoid makers are expected to showcase their most advanced models. Last week, UBTech posted a video of its Walker S2 humanoid walking to a battery station, removing the pack from its back, placing it on the recharge pad before fitting itself with a new battery. While obviously edited and choreographed, it encapsulated the advances that Chinese firms have made in a wide-open field — and their lofty ambitions. Unitree teased a bargain-basement price of under $10,000 for its androids. And just this week, TikTok-owner ByteDance posted a video of its ByteMini robot painstakingly hanging a shirt on a clothes rack — a simple human exercise yet an intricate dance for a machine. They join the likes of AgiBot and UBTech in collectively driving a promising field in which American companies have so far failed to stake out a clear lead, despite decades of effort. The Chinese companies 'are targeting hundreds to thousands of units to be delivered this year, racing to establish the ecosystem,' Morgan Stanley analyst Sheng Wong said in a note this week. Show the Money Venture capitalists and dealmakers will be hunting for emerging tech leaders. And not all of them are Chinese. China's largest venture capital houses are tapping the market for at least $2 billion in new funds. At least six of the country's most prominent VC firms — including Lightspeed China Partners and Monolith Management — are creating dollar-denominated funds designed to allow overseas investors to pool bets on Chinese companies. That's a wave of fundraising that hasn't been seen among Chinese VCs for years. It's unfolding as global investors reassess the country's startup landscape and economy, which are showing signs of revival after years of Covid-era stagnation and regulatory headwinds. Organizers promise a breakout event that will feature startup pitches and live demos for dealmakers. Startups by the hundreds are expected to fill a 70,000 sq-meter exhibition hall, showing off everything from autonomous delivery drones to machines that dispense toilet paper. Missing Global Touch Attendees are unlikely to spot US companies — at least not in major fashion. In 2024, Tesla Inc. popped up with its Cybertruck and Optimus robot. This year's speaker lineup doesn't (yet) include Musk but does list industry pioneer Geoffrey Hinton and Yoshua Bengio, the Canadian scientist who pioneered artificial neural networks. With the US-China tech rivalry accelerating, many American companies remain wary of drawing the spotlight. Still, Beijing is likely to take the opportunity to continue pushing its international agenda. One of the conference centerpieces is a 'High-Level Meeting on Global AI Governance' to discuss the challenges in deploying AI responsibly. To many observers, it's also emblematic of China's overarching goal of setting global standards. 'Since 2018, China has used WAIC to stake its claim on global AI technical and political leadership,' said Tom Nunlist, associate director of the Beijing-based consultancy Trivium. 'With the race to AI now neck and neck between the US and China, that play is more compelling than ever.' --With assistance from Vlad Savov. (Updates with video of ByteDance's mini-robot from the 14th paragraph.) Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan Confessions of a Laptop Farmer: How an American Helped North Korea's Wild Remote Worker Scheme A Rebel Army Is Building a Rare-Earth Empire on China's Border ©2025 Bloomberg L.P.
