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Toyota Targets 10% Profit Jump, Robust EV Sales As Chip Woes Recede

FILE PHOTO: A Toyota Tacoma is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo

TOKYO, May 10 (Reuters) – Toyota Motor Corp (7203.T) on Wednesday said it expects operating profit to climb 10% this business year, with a five-fold jump in pure electric vehicle (EV) sales amid an easing in global supply chain disruption from a shortage of chips.

The growth plan was unveiled by new CEO Koji Sato, installed last month, and signals a more aggressive push towards electrification by the Japanese firm that has previously pursued a go-slow approach to all-electric cars, arguing its strategy would provide more consumer choice.

Full coverage: REUTERS

Oil Falls On Higher U.S. Oil Stocks, Inflation Data In Focus

May 10 (Reuters) – Oil prices fell on Wednesday, ending a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation.

Brent crude dropped 69 cents, or 0.9%, to $76.75 a barrel at 0643 GMT, while U.S. West Texas Intermediate (WTI) crude fell 67 cents, or 0.9%, to $73.04.

In a possible sign of weakening demand, U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5, while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute reported on Tuesday according to market sources.

Full coverage: REUTERS

Saudi Aramco To Supply Full Oil Volumes To Asia In June, But Some Seek Less

SINGAPORE, May 10 (Reuters) – Saudi Aramco has told customers in North Asia they will receive full volumes of crude oil that they have requested in June, several sources with knowledge of the matter said on Wednesday.

But, some Chinese refiners have requested for lower supply volumes in June, said the sources.

It is not known how much less crude that the Chinese refiners asked for in June. Two of the sources estimated it could be up to 5 million barrels less than May.

Full coverage: REUTERS

Stocks Stuck, Oil Sags As U.S. Inflation And Debt Woes Loom

SINGAPORE, May 10 (Reuters) – Stocks were lethargic and oil slid on Wednesday ahead of U.S. consumer price data that could damage hopes for interest rate cuts later this year, while President Joe Biden’s failure to break a deadlock on the debt ceiling also dampened markets.

Europe’s benchmark STOXX index fell 0.3%, echoing a decline in MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), and S&P 500 futures also sagged.

Full coverage: REUTERS

Morning Bid: Markets On Hold For U.S. CPI

A look at the day ahead in European and global markets from Tom Westbrook.

Sterling and the euro seem to be losing steam as currency markets tuck themselves in for a nap. JP Morgan’s G7 FX volatility index (.JPMVXYG7) stands at a one-year low, with financial markets in holding patterns as they await developments in key areas of focus.

Frontlines in Ukraine remain frozen. U.S. debt ceiling talks are deadlocked.

Full coverage: REUTERS

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