2025-09-22 07:00

MUMBAI, Sept 22 (Reuters) - The Indian rupee weakened slightly on Monday, pressured by weakness in Indian IT stocks following the imposition of steep U.S. visa fees, which may threaten the firms' long-standing business models. The rupee was at 88.16 as of 10:45 a.m. IST, down 0.1% from its close at 88.09 on Friday. Sign up here. Indian IT stocks (.NIFTYIT) , opens new tab were down 2.8% after the U.S. introduced a $100,000 fee for new H-1B visa applications post Indian market hours on Friday. The broader equity benchmark indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab, slipped 0.2% and 0.1%, respectively. At a macro level, the change in visa policies could impact India's software service exports, professional and management consultancy services exports, and remittance inflows into the country, according to analysts at Citi. "In the near-term, it remains to be seen whether these additional visa fees could become a hurdle in arriving at a trade deal," the analysts said in a note. India's Trade Minister Piyush Goyal is slated to visit Washington on Monday for trade talks, nearly a week after a U.S. delegation met trade officials in India. Traders also pointed to broad-based dollar demand weighing on the rupee alongside a firmer dollar. Against a basket of peers, the dollar was last at 97.79, holding onto a four-day string of gains. A slew of speeches from U.S. Federal Reserve officials through the week will be closely watched for clues on the U.S. rate outlook after the central bank delivered a long-anticipated rate cut last week. Dollar-rupee far forward premiums eased slightly with the 1-year implied yield down 2 bps at 2.33%, retreating from a four-month high hit last week. https://www.reuters.com/world/india/rupee-weighed-down-by-us-visa-fee-jolt-eyes-trade-talk-progress-2025-09-22/

2025-09-22 07:00

Mercuria hires ex-Goldman Sachs trader for uranium operations Natixis and Citibank also moving into uranium trading market Nuclear fuel demand to double by 2040, industry body says LONDON, Sept 19 (Reuters) - Mercuria has become the first major commodity house to launch physical trading in uranium, joining banks Natixis and Citibank, as an expected nuclear energy boom fuels interest in the niche market, three sources with knowledge of the matter told Reuters. Mercuria began uranium trading earlier this year, the sources said. Natixis also rolled out uranium trading this year, while Citibank (C.N) , opens new tab is working on entering the space, two of the sources said. Sign up here. All three sources asked not to be named, since the information is still confidential. Citi and Natixis, which is part of French financial group BPCE, declined to comment. The three newcomers will compete with Goldman Sachs (GS.N) , opens new tab and Macquarie (MQG.AX) , opens new tab, which have long been the only banks operating in the market worth some $15 billion annually. Institutions expect to profit from a wave of planned new nuclear plants that will need to be financed and supplied with fuel, analysts and consultants said. NUCLEAR FUEL DEMAND TO DOUBLE BY 2040 Demand for the fuel used to power nuclear reactors is expected to more than double by 2040, according to the World Nuclear Association, as governments seek to meet zero-carbon targets and technology firms scramble to source energy for AI. Geneva-based Mercuria, a major presence in energy markets, has expanded heavily in metals in recent years, using a cash windfall from high oil and gas prices. In December, the group poached Louis Csango from Goldman Sachs, which has a long history in uranium trading, to head its uranium operation and also work in gas and power. It makes sense for Mercuria to leverage the uranium business with its existing power desk, because information on utilities could be useful in both areas, traders said. "There's a lot of interest from not just the traditional European trade houses but also from the U.S. side and there's a few banks making their way to the sector," said Bram Vanderelst at trading firm Curzon Uranium, one of the biggest in the sector. He declined to provide names. Goldman Sachs and Macquarie have boosted activity in recent years along with some hedge funds in the newly buoyant sector. HISTORICALLY HIGH URANIUM PRICES SEEN RISING Uranium is a relatively small market compared to others like oil, gas, copper and aluminium traded by Mercuria and commodity banks. Total global utility demand for uranium oxide concentrate (U3O8) was about 175 million pounds last year, of which 47 million or 27% was traded on the spot market, according to consultancy UxC. U3O8 or yellowcake is a fine powder packaged in steel drums that is produced when uranium ore is chemically processed. "If the market doubles in size in terms of nuclear power and uranium, I'm sure there will be more opportunity for traders," said Jonathan Hinze, president of UxC. "It's not a market you just break into easily, it takes a few years to maybe get your footing in the market," he added. The spot price of uranium has more than doubled over the past five years to $77 a pound, but is well down from a peak of $106 touched in February 2024, the strongest since November 2007. Analyst Arkady Gevorkyan at Citi expects the spot price to hit $100 a pound next year as miners may not be able to keep up with demand. "The last 20 years, supply has always been lower than demand, but the market has been balanced by secondary supplies. Now that era is coming to an end relatively fast," he said. https://www.reuters.com/business/energy/commodity-trader-mercuria-bets-boom-with-foray-into-uranium-sources-say-2025-09-19/

2025-09-22 07:00

MADRID, Sept 22 (Reuters) - Spanish power utility Iberdrola (IBE.MC) , opens new tab expects its net profit to surpass 6.4 billion euros ($7.52 billion) this year and rise further to reach 7.3 billion euros in 2028, newspaper Expansion reported on Monday. Iberdrola booked a net profit of 5.61 billion euros in 2024. Sign up here. The company is due to release a new three-year strategic plan on Wednesday and Expansion said it had access to some of details. Iberdrola did not immediately respond to requests for comment. ($1 = 0.8513 euros) https://www.reuters.com/sustainability/climate-energy/iberdrola-sees-net-profit-64-billion-euros-2025-73-billion-2028-expansion-2025-09-22/

2025-09-22 06:52

Gold hits record high of $3,728.22/oz Investors await PCE data on Friday Silver at more than 14-year high Sept 22 (Reuters) - Gold surged to a record high on Monday, buoyed by investors' heightened expectations of a dovish rate-cut path, ahead of remarks by multiple Federal Reserve officials and key inflation data later in the week. Spot gold rose 1.2% to $3,726.42 per ounce, as of 1132 GMT, after hitting a new record high of $3,728.22 earlier in the session. U.S. gold futures for December delivery climbed 1.5% to $3,760.90. Sign up here. "I would expect gold to reach new record highs this week with Fed officials likely to indicate further rate cuts, but also being data-dependent on the pace and magnitude of cuts," said UBS analyst Giovanni Staunovo. Several Federal Reserve officials are slated to speak this week, with Chair Jerome Powell set to deliver remarks on Tuesday, as investors closely monitor their commentary for clues about the future direction of monetary policy. The market is also focused on the release of the U.S. core personal consumption expenditure price data, due on Friday, for cues on the pace of further rate cuts. The Fed lowered interest rates by 25 basis points last week, its first cut since December, and signalled openness to further easing. Investors are now expecting two more 25-bps rate cuts this year, one each in October and December, with a 92% and 81% chance, respectively, according to the CME FedWatch tool , opens new tab. "There is a shift in the factors supporting gold. So far it was central banks and Asian demand, now we are also starting to see Western investors looking to add gold, visible in gold ETF holdings, driven by expectations of falling U.S. rates," Staunovo said. Bullion has gained more than 42% this year, driven by broader geopolitical and economic uncertainty, central bank buying and monetary policy easing. Spot gold may test resistance at $3,705 per ounce, and a break above that could lead to a gain into a range of $3,719 to $3,739. "We continue to see further upside, with gold expected to reach $3,900 by mid-2026," Staunovo said. Spot silver rose 1.6% to $43.76 per ounce, a more than 14-year high. Platinum gained 1.1% to $1,419.42 and palladium rose 1.9% to $1,170.75. https://www.reuters.com/world/india/gold-holds-firm-near-record-high-markets-eye-fed-policy-signals-2025-09-22/

2025-09-22 06:20

BANGKOK, Sept 22 (Reuters) - Thailand's new government is setting up a multi-agency team to counter the baht's rise to four-year highs, which is a risk for the key economic drivers of tourism and exports, and said on Monday it also wanted to urgently tackle high debt levels. Finance Minister Ekniti Nitithanprapas said a team including people from the finance ministry, the Anti-Money Laundering Office, the Securities and Exchange Commission and the Bank of Thailand had been set up to address the baht's rise, trace unidentified capital flows and oversee currency moves. Sign up here. Ekniti said the government wanted to revive the economy, aiming for a short-term recovery with long-term impact. "We are emphasising restructuring the economy," he said, after meeting with the Thai Bankers' Association. "Especially household debt, which has been a persistent issue." The baht 's rise to four-year highs against the U.S. dollar is seen as a threat to exports and tourism, as Southeast Asia's second-largest economy grapples with U.S. tariffs and high household debt. Prime Minister Anutin Charnvirakul, after the meeting, said he wanted lenders to back the government's efforts to tackle debt and support business. "The main issue is debt," he said, as it was stopping businesses from operating effectively. "We've asked the association to help inject liquidity into the market." Payong Srivanich, chairman of the Thai Bankers' Association, said there was sufficient liquidity but the challenge was ensuring funds reached the intended groups. Southeast Asia's second-largest economy is projected to expand by 1.8% to 2.3% this year, according to the state planning agency. Last year's growth of 2.5% lagged its regional peers. https://www.reuters.com/en/thai-pm-anutin-asks-more-liquidity-banks-2025-09-22/

2025-09-22 06:15

Global LNG capacity to grow by 60% by 2030, US to make up half of additions LNG market expected to enter period of heavy oversupply At the same time, growing demand for domestic US power generation to boost gas costs LONDON, Sept 22 (Reuters) - The breathtaking expansion of U.S. gas exports in the last decade has reshaped global markets, but a looming global oversupply along with rising power prices domestically could leave the industry exposed on both sides of its value chain. The U.S. has become the world's top exporter of liquefied natural gas (LNG), thanks to its abundant gas supplies from onshore shale. Energy Secretary Chris Wright expects LNG to overtake oil as the top U.S. export in the coming years. Sign up here. President Donald Trump's administration has touted LNG purchases as the best way for countries to reduce their trade deficits, and Europe’s purchases of U.S. LNG are playing a key role in efforts to end the region’s reliance on Russian energy. The super-chilled fuel has therefore become a critical political tool as well as an economic juggernaut. But the U.S. LNG industry risks being a victim of its own success. The rapid build-out of American gas liquefaction capacity in recent years is poised to create a huge global supply glut, possibly comparable to last decade’s surge in U.S. shale oil output, which led to one of the biggest downturns in the sector's history. Global LNG capacity is set to increase by a staggering 60% by the end of the decade from 550 bcm in 2024 to 890 bcm in 2030, according to LSEG estimates. U.S. capacity is expected to make up half of that global growth. Demand growth is unlikely to match that pace. While supply and demand is largely in balance this year, the market is expected to tip into an oversupply of nearly 50 bcm in 2026 and as much as 200 bcm in 2030, based on current LSEG projections. Such a gap would have a profound impact on the industry. First, global gas prices will likely decline, particularly in Asia and Europe. This, in turn, could generate new demand from price-sensitive power generators and heavy industry. For producers, low LNG prices would obviously cut into profit margins. Since U.S. feedstock gas costs are higher than those of Qatar, the world's second-largest producer, American producers may have to curtail some production, ceding market share. “There will definitely be an LNG glut, but the depth and length depend on liquefaction project attrition rates and Qatar’s LNG marketing strategy,” said Seb Kennedy, founding editor of analysis platform Energy Flux. DOMESTIC PRESSURE The issue in the domestic U.S. gas market is quite different. While an LNG supply glut should weigh on global prices, domestic U.S. gas prices could actually rise in coming years due to slower deployment of renewable power and a spike in energy demand driven by the artificial intelligence boom. Trump's "Big Beautiful" tax bill, signed into law on July 4, slashed around $500 billion worth of tax credits for low-carbon energy projects that were introduced by former President Joe Biden. The tax credit cuts led research firm Wood Mackenzie , opens new tab to reduce its estimates for solar power deployment by 35% by 2030 compared with forecasts one year ago. Wind capacity additions over the next decade are expected to be almost one-quarter lower than previous estimates. At the same time, U.S. electricity demand could spike in the coming year, due to the growth of data centres powering the AI industry. They are expected to account for nearly half of U.S. electricity demand growth through the end of the decade, according to the IEA. If the entire incremental demand indicated by the IEA’s most aggressive AI growth scenario is met by gas-fired power, it would require an additional 100 bcm of supply by 2035, an amount larger than the planned increase in LNG export capacity during this period. Regardless of which scenario plays out, the growth in electricity demand and lower renewables deployment should increase demand for power, putting data centres in direct competition with LNG plants. The U.S. Energy Information Administration already forecasts benchmark Henry Hub gas prices will rise from $2.94 per million British thermal units (mmbtu) in 2025 to $3.43 per mmbtu in 2030. The figures could be larger if demand for gas grows aggressively. POLITICAL PRESSURE We may already be seeing this upward price pressure play out. U.S. electricity prices rose on average nationally by 4.5% between January and June 2025 from a year earlier, according to EIA data. Some states saw much larger increases: prices in Maine, Utah and Connecticut all rose by at least 15% over the period. Texas and Louisiana, which host the vast majority of the country's LNG plants, reported price increases of 3.0% and 7.5%, respectively. Mounting pressure on gas prices from LNG plants and the power sector might not be a political hot potato yet. But if data centre demand grows, rising domestic gas prices could become an issue ahead of U.S. mid-term elections next year or presidential elections in 2028. To lower prices, the Trump administration could restrict the volume of gas supplies available for export, prioritizing the country's AI push. So even though the U.S. LNG industry is growing rapidly in scale and importance, this dynamic could crash with harsh market realities in the coming years. Want to receive my column in your inbox every Monday and Thursday, along with additional energy insights and links to trending stories? Sign up for my Power Up newsletter here. Enjoying this column? Check out Reuters Open Interest (ROI), , opens new tabyour essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI , opens new tab can help you keep up. Follow ROI on LinkedIn , opens new tab and X. , opens new tab https://www.reuters.com/markets/commodities/us-lng-industry-risks-becoming-victim-its-own-success-2025-09-22/