2025-09-22 10:43
FTSE 100 down 0.11%%, FTSE 250 down 0.12% Auto stocks slide tracking losses in European peers Gold stocks shine as gold hits record high Airlines down on cyberattack at European airports Sept 22 (Reuters) - London stocks edged lower on Monday, pressured by weakness in automakers and a stronger pound, as investors awaited comments from several Federal Reserve officials later in the day. The benchmark FTSE 100 (.FTSE) , opens new tab was down 0.11% at 1006 GMT, while the domestically-focused FTSE 250 (.FTMC) , opens new tab fell 0.12%. Sign up here. British automobiles and parts (.FTNMX401010) , opens new tab stocks fell 1.6%, tracking losses in the broader European automobile sector (.SXAP) , opens new tab after Porsche (P911_p.DE) , opens new tab scaled back plans for its electric vehicle rollout, prompting the luxury sportscar maker and its parent Volkswagen (VOWG.DE) , opens new tab to slash their 2025 profit outlooks. British luxury carmaker Aston Martin (AML.L) , opens new tab slipped 3.2%. Sterling's strength against the greenback also weighed on export-oriented firms, as investors paused after Friday's selloff driven by fiscal concerns. The Bank of England left key interest rates unchanged last week as it contended with sticky inflation and uncertainty around jobs and growth. Caution dominated broader sentiment after a report on Friday showed Britain’s borrowing exceeded official forecasts, adding pressure on Finance Minister Rachel Reeves ahead of her November budget. Precious metal miners (.FTNMX551030) , opens new tab rose 5.1%, the most among sectors, as gold hit a record high on rising expectations of a more dovish rate path. Miner Fresnillo (FRES.L) , opens new tab was among the top gainers in the FTSE 100 with a 4% rise while Hochschild (HOCM.L) , opens new tab jumped 8.8%. Other miners, including Glencore (GLEN.L) , opens new tab and Rio Tinto (RIO.L) , opens new tab, added 1.2% and 1.4%, respectively. An index of industrial metal miners (.FTNMX551020) , opens new tab edged up 1.3%, tracking gains in copper prices. London-listed airlines declined due to delays at European airports following a reported cyberattack. EasyJet (EZJ.L) , opens new tab, British airways owner IAG (ICAG.L) , opens new tab and Wizz Air (WIZZ.L) , opens new tab, fell between 1.3% and 1.5%. British food ingredients maker Tate & Lyle (TATE.L) , opens new tab fell about 6%, the most on the FTSE 250, after Morgan Stanley downgraded the stock to “underweight” from “equal-weight.” Investors will watch for remarks from at least five Fed officials later Monday, while Chair Jerome Powell is due to speak Tuesday after last week's 25-basis-point rate cut. https://www.reuters.com/world/uk/london-stocks-edge-lower-sterling-climbs-automakers-slip-2025-09-22/
2025-09-22 10:40
LONDON, Sept 22 (Reuters) - Ecuador is on course to produce more than 650,000 metric tons of cocoa in the upcoming 2025/26 season and could surpass Ghana as the world's second largest grower of the chocolate ingredient, the chairman of the country's cocoa exporters association said. Anecacao's Ivan Ontaneda told Reuters via email that thanks to soaring world cocoa prices , farmers - backed by the public and private sector - are investing more and more in their plots and getting increased yields. Sign up here. Cocoa prices more than doubled last year, reaching record highs above $12,000 a ton following failed harvests and disease in West African producers Ivory Coast and Ghana, which supply about half of the world's cocoa. An increase in production in South America, where Ecuador is the leading grower, has helped to fill the supply gap, and prices have fallen by about a third this year. They remain however at historically elevated levels. Farmers in Ecuador get around 90% of the world price, according to Ontaneda. In Ivory Coast and Ghana, by contrast, farmers receive about 60-70% of the world price at best. "Ecuador’s production has shown steady growth (for) years. Ghana's production has been volatile," said Ontaneda. A Reuters poll released earlier this month forecast that Ghana, which is battling illegal gold mining on cocoa farms and struggling to rein in the spread of swollen shoot disease, will produce just 600,000 tons of cocoa in 2025/26. Cocoa in Ecuador is grown in agroforestry systems that support biodiversity and are crucial to preventing the spread of disease common in monoculture farming, as seen in West Africa. These systems include growing cocoa alongside shade trees, plantains, coffee and fruit trees. Cocoa farms in Ecuador are currently yielding an annual 800 kg per hectare, Ontaneda noted, adding the country produced more than 570,000 tons in the 2024/25 season and expects to reach 800,000 tons by the end of the decade. The average cocoa yield in West African countries, including Ghana, is just under 500 kg per hectare, according to industry data. https://www.reuters.com/world/americas/ecuador-set-become-worlds-no-2-cocoa-grower-industry-head-says-2025-09-22/
2025-09-22 10:36
What matters in U.S. and global markets today By Anna Szymanski Sign up here. While investors last week welcomed the Federal Reserve’s first rate cut of 2025 and signals of further easing, sentiment is more cautious today, with U.S. stock futures easing slightly before the bell. President Donald Trump said on Friday that U.S. companies would need to pay $100,000 for new H-1B worker visas, , opens new tab a potential blow for the dominant U.S. tech sector. Investors will hear from a host of Fed officials this week as everyone awaits the release of the Fed's favored inflation gauge on Friday. Mike's off this week, but check out his column today explaining why the ECB could have a "contingency cut" in its pocket and what that means for dollar bets. Market Minute * India's $283 billion information technology sector will have to overhaul its decades-old strategy of rotating skilled talent into U.S. projects following U.S. President Donald Trump's move to impose a $100,000 fee for new H-1B visas from Sunday, according to tech veterans, analysts, lawyers and economists. * South Korea's economy could fall into crisis rivalling its 1997 meltdown if the government accepts current U.S. demands in stalled trade talks , opens new tab without safeguards, President Lee Jae Myung told Reuters. , opens new tab * U.S. tariffs imposed in August risk slashing up to one-fifth of Vietnam's exports to the United States, making it the worst-hit country in Southeast Asia, according to estimates by the United Nations Development Programme. * The breathtaking expansion of U.S. gas exports in the last decade has reshaped global markets, but, writes ROI energy columnist Ron Bousso, a looming global oversupply along with rising power prices domestically could leave the industry exposed on both sides of its value chain. * China's onshore equity markets are booming, outperforming many of their developed market counterparts this year, writes Emmer Capital Partners Founder Manishi Raychaudhuri in his latest piece for ROI. But he argues that whether this is the beginning of a true Chinese equity boom will likely depend on government stimulus and corporate discipline. , opens new tab Chart of the day After the Trump administration said on Friday that it would ask companies to pay $100,000 per year for H-1B working visas, some big tech companies and banks, including Microsoft, Amazon, Alphabet and Goldman Sachs, warned employees to stay in the U.S. or quickly return. However, the White House on Saturday clarified that this is a one time, not an annual fee, and that it will not be applied to existing visa holders re-entering the country. Today's events to watch Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/sustainability/sustainable-finance-reporting/global-markets-view-usa-2025-09-22/
2025-09-22 10:24
Trump allies would gain influence over social media app US-China work toward deal to transfer TikTok US assets Lachlan Murdoch set to control conservative media empire WASHINGTON, Sept 21 (Reuters) - President Donald Trump said on Sunday that media mogul Lachlan Murdoch and business leaders Larry Ellison and Michael Dell would be involved as U.S. investors in a proposed deal to keep TikTok operating in the United States. Trump has said that the United States and China have made progress on a deal requiring TikTok's American assets to be transferred to U.S. owners from China's ByteDance. Sign up here. The proposed investors would give Trump allies in corporate America influence over a widely popular social media app, which counts 170 million U.S. users and helps shape public discourse on politics and culture. Under the expected deal, TikTok's U.S. assets would be majority-owned by American investors and operated in the United States by a board of directors with national security and cybersecurity credentials, Reuters reported on Saturday, citing a White House official. ByteDance's current shareholders include Susquehanna International Group, General Atlantic, and KKR (KKR.N) , opens new tab. ByteDance would hold less than 20% of the stock of a joint venture controlling TikTok's U.S. operations, the official added. Trump praised the group in an interview with Fox News' "The Sunday Briefing" program, calling them prominent people and "American patriots." "I think they're going to do a really good job," Trump said, crediting TikTok with helping build his support among young voters in the 2024 presidential election. Murdoch, the CEO of Fox Corp, recently cemented long-term control of his family's media empire that includes Fox News and the Wall Street Journal after settling a years-long legal battle with his siblings. The family patriarch, 94-year-old Rupert Murdoch, may also be involved in the deal, Trump said. Any investment in TikTok U.S. would come through Fox Corp, two people familiar with the matter told Reuters. The Murdochs would not invest as individuals, nor would News Corp, parent company of the Wall Street Journal and the New York Post, these sources said. Rupert and Lachlan Murdoch are known for their conservative views and their news outlets attract right-leaning audiences, but they have occasionally drawn Trump's ire. Trump sued the Wall Street Journal and Rupert Murdoch for defamation over a July report that said Trump signed a 2003 birthday greeting for late financier and convicted sex offender Jeffrey Epstein that included a sexually suggestive drawing and a reference to shared secrets. The newspaper has defended its reporting and vowed to fight the lawsuit. Ellison, the co-founder of Oracle and a major Republican donor, has long been linked to a potential TikTok deal. Dell is the CEO of Dell Technologies (DELL.N) , opens new tab. Dell did not immediately respond to a request for comment. The Trump administration has declined to enforce a 2024 U.S. law enacted during the Biden administration requiring TikTok's divestiture by January 2025 over fears its U.S. user data could be accessed by the Chinese government. Trump has included negotiations over the app as part of wide-ranging economic talks with China. The Trump administration has made a series of unusual interventions in U.S. business, including taking a 10% stake in Intel Corp (INTC.O) , opens new tab and allowing AI chip giant Nvidia (NVDA.O) , opens new tab to sell its H20 chips to China in exchange for receiving 15% of those sales. Trump has defended those moves as benefiting U.S. interests. Critics, including some business leaders and Republican lawmakers, have called the interventions a stark departure from the norms of American capitalism and said they risk hurting the competitiveness of the U.S. economy. https://www.reuters.com/world/china/trump-says-chinas-xi-approved-tiktok-deal-2025-09-19/
2025-09-22 10:19
MUMBAI, Sept 22 (Reuters) - The Indian rupee closed slightly weaker on Monday as new U.S. visa norms weighed on markets and dragged IT stocks lower, with traders expecting the currency to stay under pressure until there is progress on U.S.-India trade talks The rupee closed at 88.3075 against the U.S. dollar, down 0.2% on the day. Sign up here. India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab ended lower by 0.5% each. Domestic listed IT stocks (.NIFTYIT) , opens new tab fell nearly 3% after U.S. President Donald Trump imposed a $100,000 fee on new H-1B visa applications, raising costs and threatening growth in their biggest market. "India stands out as the key country which could be negatively affected disproportionately by these visa changes," MUFG said in a note. "From an FX perspective, we think this development gives us more confidence that the Indian Rupee will underperform Asian FX and core G10 crosses," the note added. Worries over steep U.S. tariffs have weighed on the rupee, down 3% this year versus 3%–6% gains in the offshore yuan and Korean won. On Monday, traders cited dollar demand from foreign and private banks pressuring the rupee even as the greenback slipped against major peers. The dollar index was last down 0.2% at 97.47 as traders looked ahead to a slew of speeches from Federal Reserve officials throughout the week that could provide further clues to the U.S. rate outlook. Money markets are currently pricing in a near 92% chance of a rate cut by the Federal Reserve in October, per CME's FedWatch tool. https://www.reuters.com/world/india/rupee-slips-h-1b-visa-fee-hit-indian-stocks-drags-sentiment-2025-09-22/
2025-09-22 10:01
MUMBAI, Sept 22 (Reuters) - Walmart-backed Indian fintech firm PhonePe's PHOP.NS losses narrowed in the year ended March 2025 to 17.2 billion rupees ($194.78 million), the company said in a regulatory filing, ahead of the firm's widely anticipated initial public offering. The company reported a loss of 19.96 billion rupees in the year ended March 2024. Sign up here. PhonePe, among the most widely used apps in India to make payments via the country's popular unified payments interface (UPI), is preparing for a public listing on the country's stock exchanges, the firm said in a statement released earlier this year. It has more than 600 million registered users across 40 million merchants and processes over 310 million online transactions daily. Its revenue from operations rose 40% to 71.15 billion rupees ($805.63 million). ($1 = 88.3037 Indian rupees) https://www.reuters.com/world/india/walmart-backed-phonepes-losses-shrink-ahead-anticipated-listing-2025-09-22/
