2025-08-28 20:41
The S&P/TSX composite index closed up 0.01% to 28,434.8 points The financial sector index lost 0.22% at market close Lenders TD Bank, CIBC follow peers, top analysts' forecast Aug 28 (Reuters) - Canada's main stock index closed almost flat on Thursday as investors took profits on gains seen over the last few days, especially in banking stocks after two days of robust gains. A higher trading in technology stocks and a late-hour reversal in energy shares helped to offset some losses from profit booking-led sales. The S&P/TSX composite index (.GSPTSE) , opens new tab edged slightly higher to close up 0.01% to 28,434..8 points, but still hovered around the record high level which was seen on Wednesday. "It's been a good run... so it looks like a little bit of profit taking," Martin Pelletier, senior portfolio manager at TriVest Wealth Counsel. The main index has given a return of 14.5% this year with over 4.5% coming in August alone after fears around U.S. tariffs receded, hopes of a trade deal increased and investors and analysts realized the worst-case scenario of the impact of tariffs on the Canadian economy is likely unfounded. The financials index (.SPTTFS) , opens new tab, representing top lenders in the country, gave up some gains after two solid days of upswing and the energy index, composed of oil and gas stocks, stayed volatile. Sign up here. The index, which accounts for almost a third of the weight in the composite index and is its biggest constituent, lost 0.22% at market close despite lenders TD Bank (TD.TO) , opens new tab and CIBC (CM.TO) , opens new tab topping analysts' expectations. Both the lenders beat profit forecasts and posted lower than expected loan loss provisions. Shares of CIBC were up roughly 2%, while TD Bank lost 4.5%. The Bank of Montreal (BMO.TO) , opens new tab, the Bank of Nova Scotia (BNS.TO) , opens new tab and the Royal Bank of Canada (RY.TO) , opens new tab had posted similar stellar earnings this week, boosting investor hopes the local economy was getting better after an initial impact of tariffs. Statistics Canada will release second quarter GDP number on Friday along with an advanced estimate for July growth and investors will be watching that closely to gauge the health of the economy in the coming months and prospects of a rate cut in Canada next month. The energy sector (.SPTTEN) , opens new tab was up 0.4% as gains in crude oil price later in the day reversed losses seen for most of the day in oil and gas shares, while consumer discretionary shares (.GSPTTCD) , opens new tab led the sectoral losses with a 0.08% fall. "The big question is, is this going to hold heading into September and October months which is seasonally a weaker period of time," said Pelletier, pointing to possible triggers for the TSX coming only from a trade deal between the U.S. and Canada. South of the border, Nvidia's shares were down 0.82% as uncertainty over its China businesses clouded a better-than-expected revenue forecast for the next quarter. https://www.reuters.com/markets/europe/toronto-stock-exchange-closes-almost-flat-investors-take-profit-2025-08-28/
2025-08-28 20:31
MOKOPANE, South Africa, Aug 28 (Reuters) - Valterra Platinum (VALJ.J) , opens new tab will start trial mining at an underground pit at its Mogalakwena open-pit mine in South Africa late next year, the general manager for the project said on Wednesday. Mogalakwena in Limpopo province, north of Johannesburg, is the world's largest open-pit platinum group metals (PGM) mine, comprising five open pits. The ore body of its Sandsloot pit, where the underground mine is being developed, has higher grades of ore. Sign up here. Platinum miners in South Africa have faced declining ore grades for years. To keep production going, companies have had to mine deeper underground, which makes operations more expensive and risky. The mine is the crown jewel of Valterra's portfolio, contributing about 50% of the company's PGM production. The project to develop the Sandsloot underground mine is a nod of confidence in the future of PGMs, used primarily in autocatalysts and jewellery. Prices of the white metals have mostly slid in the past two years, with demand hit by the rise of battery electric vehicles, which don't require them, leading miners to cut supply. In July, the company said it has begun the feasibility study for the underground project with a targeted completion and investment decision in the first half of 2027. "We're also envisioning a trial mining ...in the back end of 2026," Stephan Nothnagel, General Manager of Mogalakwena underground mining studies told reporters during a media tour of the mine on Wednesday. "If it meets our capital allocation we will be able to truck the first ore out of the top part of the ore body to the surface," Nothnagel said, adding that ramping up to a 3.6 to a 4.5 million tonne a year operation was possible beyond 2030. With the underground mine, Valterra hopes to achieve its targeted 10% to 50% overall increase in Mogalakwena concentrate production, it said in July. Martin Poggiolini, executive head of corporate strategy, and Agit Singh, Valterra's head of processing operations, said the company is scaling up demand across existing markets such as hydrogen production and fuel-cell electric vehicles and creating demand in new segments. "So we have really good confidence in the fundamentals around the PGM sector in the short term and certainly in the longer term," Singh said. https://www.reuters.com/world/africa/valterra-platinum-plans-start-underground-trial-mining-late-2026-2025-08-28/
2025-08-28 20:25
US naval buildup targets Latin American drug cartels Venezuela's Maduro condemns US military presence as a threat Aug 28 (Reuters) - Tensions between the United States and Venezuela are rising amid a large U.S. naval buildup in the Southern Caribbean and nearby waters, which U.S. officials say aims to address threats from Latin American drug cartels. U.S. President Donald Trump has made cracking down on drug cartels a central goal of his administration, part of a wider effort to limit migration and secure the U.S. southern border. Sign up here. While U.S. Coast Guard and Navy ships regularly operate in the Southern Caribbean, this buildup is significantly larger than usual deployments in the region. A U.S. official, speaking on the condition of anonymity, said on Thursday that seven U.S. warships, along with one nuclear-powered fast attack submarine, were either in the region or were expected to be there in the coming week. Venezuelan President Nicolas Maduro has denounced the moves. The Pentagon has not indicated publicly what exactly the U.S. mission will be, but the Trump administration has said it can now use the military to go after drug cartels and criminal groups and has directed the Pentagon to prepare options. Venezuela on Thursday complained to U.N. Secretary-General Antonio Guterres about the U.S. naval buildup, accusing Washington of violating the founding U.N. Charter. "It's a massive propaganda operation to justify what the experts call kinetic action - meaning military intervention in a country which is a sovereign and independent country and is no threat to anyone," Venezuela's U.N. Ambassador Samuel Moncada told reporters after meeting with Guterres. On Thursday, the White House said Trump was ready to use "every element of American power to stop drugs from flooding into our country." "Many Caribbean nations and many nations in the region have applauded the administration's counter drug operations and efforts," White House press secretary Karoline Leavitt told reporters. The Trump administration designated Mexico's Sinaloa Cartel and other drug gangs, as well as the Venezuelan criminal group Tren de Aragua, as global terrorist organizations in February. Part of the buildup is the USS San Antonio, USS Iwo Jima, and USS Fort Lauderdale. The ships are carrying 4,500 service members, including 2,200 Marines, sources have told Reuters. The U.S. military has also been flying P-8 spy planes in the region to gather intelligence, officials have said, though they have operated in international waters. "Our diplomacy isn't the diplomacy of cannons, of threats, because the world cannot be the world of 100 years ago," said Maduro, whose government said last week it would send 15,000 troops to states along its western border with Colombia to combat drug trafficking groups. Maduro has also called for civil defense groups to train each Friday and Saturday. Maduro's government regularly accuses the opposition and foreigners of conspiring with U.S. entities such as the CIA to harm Venezuela, accusations the opposition and the U.S. have always denied. It characterizes sanctions as "economic war." https://www.reuters.com/world/americas/us-venezuela-tensions-rise-us-warships-arrive-southern-caribbean-2025-08-28/
2025-08-28 20:20
WASHINGTON, Aug 28 (Reuters) - The Federal Aviation Administration plans to cancel leases on its satellite offices in the Washington area as it consolidates its operations and moves its headquarters staff into a building housing the U.S. Transportation Department. FAA Administrator Bryan Bedford said in an email to staff seen by Reuters the move would improve collaboration. "We will work more effectively when we're together, rather than spread across six different office locations," Bedford wrote. USDOT said Tuesday it plans to relocate thousands of FAA employees at its headquarters to the department's main office in Washington and consolidate agency IT and other systems. Sign up here. https://www.reuters.com/business/aerospace-defense/faa-plans-close-satellite-offices-washington-it-consolidates-operations-2025-08-28/
2025-08-28 19:33
Fed's Williams signals rate cut is possible Governor Cook sues President Trump Euro resilient despite prospect of French government collapse NEW YORK, Aug 28 (Reuters) - The dollar weakened against major currencies on Thursday, as traders added to bets that the Federal Reserve will cut interest rates next month after New York Fed chief John Williams signaled such a move was possible. The U.S. currency has been under renewed pressure from President Donald Trump's ramped-up campaign to exert more influence over monetary policy, and as he attempted to fire Lisa Cook, one of the Fed's governors. Sign up here. Cook filed a lawsuit on Thursday, claiming Trump has no power to remove her from office. Although the dollar did trim some of its losses after Thursday's data showed improvement in jobless claims and gross domestic product expanding slightly more than expected, it was still treading water in U.S. afternoon session as traders await other critical pieces of data. "It's not a picture of an economy that's about to weaken significantly," said Francesca Fornasari, head of currency solutions at Insight Investment. "Everything, ultimately, is going to hinge on what the Fed does, and non-farm payrolls. I suspect next week's number is going to be quite closely watched." The currency fell against the euro even after France's prime minister on Monday unexpectedly called a confidence vote for next month, which looks likely to result in the fall of his minority government. The euro was 0.43% higher at $1.1688. Sterling also rose 0.13% to $1.3516. Williams said in a CNBC interview on Wednesday that it was likely rates can fall at some point but policymakers must see what upcoming data indicate about the economy to decide if a cut at the Fed's September 16-17 meeting is appropriate. Key among data releases before that meeting are the PCE price index on Friday - the Fed's preferred inflation measure - and the monthly payrolls report a week later. Traders currently lay around 85% odds of a quarter-point rate cut next month, according to CME's FedWatch tool. "We're all pretty keenly focused on where is the labor market at the moment, and how is that going to feed into the Fed at a moment when it seems like they're at a transition point back towards the easing cycle," said Brian Daingerfield, head of G10 FX strategy, NatWest Markets. "The details of the non-farm payroll report, to me, feel like that's going to be the moment at which tips the balance in one way or the other." Trump's push to place hand-picked, dovish-leaning candidates on the central bank's decision-making committee also pulled short-term yields lower, even though his attack on Governor Cook could spark a protracted legal battle after she sued to keep her job. The dollar index , which gauges the currency against six major peers, was last trading down 0.34% at 97.830, following two days of declines. Against the yen, the dollar fell 0.40% to 146.815 yen. Japan's chief trade negotiator Ryosei Akazawa canceled a trip to Washington at the last minute on Thursday, delaying an announcement of the details of Japan's $550 billion investment pledge in the United States as part of a tariff deal. A government spokesperson said the decision was taken after talks with the U.S. side revealed some points that need further discussion "at the administrative level". The dollar slipped to its lowest level against China's offshore yuan since November, last down 0.46% to 7.1190 yuan in offshore trading . https://www.reuters.com/world/middle-east/dollar-weakens-september-fed-cut-bets-grow-2025-08-28/
2025-08-28 19:33
Crude rises as traders await Trump statement on Russia-Ukraine India oil imports from Russia set to rise in September Russian oil supplies through Druzhba pipeline restart NEW YORK, Aug 28 (Reuters) - Oil prices settled higher on Thursday, bouncing off early losses after the White House said U.S. President Donald Trump was not happy when he learned that Russia attacked Ukraine with missiles and drones overnight. Brent crude futures settled up 57 cents, or 0.8%, at $68.62 a barrel, while U.S. West Texas Intermediate crude futures rose 45 cents, or 0.7%, to close at $64.60 a barrel. Sign up here. Russia hit Ukraine with deadly missiles and drone strikes early on Thursday, killing at least 21 people in Kyiv, city officials said. Meanwhile, the Ukrainian military said it used drones to hit two Russian oil refineries overnight. Trump will make a statement on the situation later on Thursday, White House press secretary Karoline Leavitt told reporters. Both oil benchmarks were down about 1% earlier in the session, but turned positive after her comments. Traders are also watching for India's response to pressure from the U.S. to stop buying Russian oil, after Trump doubled tariffs on imports from India to as much as 50% on Wednesday. Russian oil exports to India are set to rise in September, dealers said, defying the U.S. pressure. Oil prices were under pressure earlier in the session as traders braced for lower fuel demand after the U.S. Labor Day long weekend. Crude oil supply is also set to rise due to an OPEC+ plan to raise September output by 547,000 barrels per day. Weaker demand and higher supply will cause oil inventories to rise, Ritterbusch and Associates said in a note. "That will be weighing on energy futures across the spectrum as summer turns into fall, and as gasoline demand tapers off and refiners shift to the lower-priced winter grade product," they said. Further pressuring oil prices, Russian crude supplies to Hungary and Slovakia through the Druzhba pipeline have restarted after an outage caused by a Ukrainian attack in Russia last week, Hungarian oil company MOL and Slovakia's economy minister said on Thursday. https://www.reuters.com/business/energy/oil-settles-higher-traders-await-trump-statement-russia-ukraine-2025-08-28/
