2025-09-22 06:05

Sept 22 (Reuters) - At least a third of surveyed companies have paused or delayed stainless steel orders because of U.S. import tariffs of up to 50%, while more than half are reassessing their sourcing strategy, Finnish steelmaker Outokumpu said on Monday. Outokumpu President and CEO Kati ter Horst told Reuters the slowing global demand means current European Union import quotas are too high, and that she expects the European Commission to announce in October measures to curb imports of steel from rivals to protect domestic producers. Sign up here. The measures will replace current safeguards due to end next summer and might come into effect even a quarter earlier, she added. WHY IT MATTERS A third of businesses switched steel suppliers as of May, while the addition in August of hundreds of derivative products to the U.S. list of goods subject to the levies created uncertainty for equipment and machinery buyers, ter Horst said. Outokumpu operates the only mine in Europe and North America that extracts chromium, a critical mineral used in stainless steel and exempted from U.S. tariffs. It has developed a low-emissions alloy containing 99% chromium, compared with 53% previously, and plans to scale up production to one ton a day in an upcoming pilot plant, from one kilo currently, ter Horst said. CONTEXT EU lawmakers expect import quotas and the CBAM mechanism, imposing costs at the EU border on the CO2 emissions embedded in imported steel to help decarbonisation, after green steel projects around Europe have been delayed or canceled due to worsening demand and high energy costs. Ter Horst said that long term stainless steel trends remain positive as buyers, hoping to reduce a combined $2.5 trillion a year in corrosion costs and meet climate targets, see the material as more sustainable and stronger than normal steel. Growing defence spending also supports the trend, she said. https://www.reuters.com/sustainability/climate-energy/one-third-firms-paused-or-delayed-stainless-steel-orders-due-tariffs-outokumpu-2025-09-22/

2025-09-22 05:37

Wall St marks record closes with a few tech stocks taking charge Indian stocks slip after Trump's H-1B visa move Oil prices settle slightly lower on oversupply concerns Gold hits fresh records, Treasury yields rise Dollar falls as traders look for monetary policy cues NEW YORK/LONDON, Sept 22 (Reuters) - MSCI's global stock index rose to record levels on Monday for a third consecutive session with a few U.S. technology stocks leading on Wall Street while gold prices rallied to fresh records and the dollar pulled back. Investors were digesting mixed messages about future interest rate cuts from Federal Reserve officials, as well as the latest U.S. immigration news after U.S. President Donald Trump said on Friday that U.S. companies would need to pay $100,000 for new H-1B worker visas, a potential blow to the U.S. tech sector. Sign up here. Wall Street indexes built on last week's string of records, marking their third record closing highs in a row. The bulk of the gains were from megacaps Nvidia (NVDA.O) , opens new tab and Apple Inc (AAPL.O) , opens new tab after Nvidia announced a $100 billion investment and analysts said demand for Apple's latest iPhone appeared strong. "Right now we're depending on very narrow leadership. Also the market's been going straight up all month, all quarter and since April started. You can have some consolidation and it's perfectly appropriate," said Michael O'Rourke, chief market strategist at JonesTrading in Stamford, Connecticut. Fed Governor Stephen Miran said on Monday that the Fed is misreading how tight it has set monetary policy and will put the job market at risk without aggressive rate cuts, a view countered by three of his colleagues who said that the central bank needs to remain cautious about inflation. St. Louis Fed President Alberto Musalem said that after last week's rate cut there may be limited room for further reductions, given that inflation is still above the Fed's 2% target. And Atlanta Fed President Raphael Bostic said he does not currently see the need for further interest rate cuts this year due to inflation concerns, according to an interview published by the Wall Street Journal on Monday. Cleveland Fed President Beth Hammack said she felt policy at this point was not that restrictive and that the Fed needs to be careful about easing due to inflation. "Most of the Fed speakers except for Miran are on the hawkish side, but the market is up so it's not affecting the market," O'Rourke said. However, with more Fed officials including Chair Jerome Powell due to speak and key inflation data due out later in the week, Carol Schleif, chief market strategist at BMO Private Wealth Management, said that the trading week could be volatile. On Wall Street all three major indexes had opened lower. But by the end of the session, the Dow Jones Industrial Average (.DJI) , opens new tab had risen 66.27 points, or 0.14%, to 46,381.54, while the S&P 500 (.SPX) , opens new tab closed up 29.39 points, or 0.44%, at 6,693.75. The technology-heavy Nasdaq Composite (.IXIC) , opens new tab climbed 157.50 points, or 0.70%, to 22,788.98. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 3.69 points, or 0.38%, to 985.44. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index closed down 0.13%. Meanwhile, Argentine financial assets rallied on Monday, with stocks rising the most in six months and closing up 7.5%, according to provisional closing data. Its international dollar bonds rose more than 6 cents and the peso strengthened after Washington pledged full support for Argentina's right-wing government ahead of key midterm elections next month. India's benchmark indexes lost ground after Trump's H-1B announcements, as India's $283 billion information technology sector, which gets more than half its revenue from the U.S., is expected to feel the pain in the near term. The move follows Trump's doubling of tariffs on imports from India last month to as much as 50%, partly due to New Delhi's purchases of Russian oil. In currencies, the U.S. dollar was poised to snap a three-day winning streak against the euro and the Swiss franc as investors monitored the Fed comments. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.4% to 97.33. The euro was up 0.47% at $1.1799 while against the Swiss franc , the dollar weakened 0.4% to 0.792. Against the Japanese yen , the dollar weakened 0.12% to 147.76. In U.S. Treasuries, yields were little changed as the market appeared to have settled down following the Fed interest rate cut last week for the first time in 2025. The yield on benchmark U.S. 10-year notes rose 1.3 basis points to 4.152%, from 4.139% late on Friday, while the 30-year bond yield rose 1.4 basis points to 4.7704%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2.5 basis points to 3.607%. In energy markets, oil prices were close to flat as worries of oversupply were countered by geopolitical tensions in Russia and the Middle East. U.S. crude settled down 0.06%, or 4 cents, at $62.64 a barrel and Brent ended the session at $66.57 per barrel, down 0.16% or 11 cents on the day. In precious metals, gold prices hit fresh record highs, buoyed by investors' heightened expectations of a dovish rate-cut path, ahead of remarks by Fed officials and key inflation data later in the week. Spot gold rose 1.71% to $3,746.83 an ounce. U.S. gold futures rose 2.09% to $3,748.20 an ounce. "There's a continued flow of safe-haven demand amid geopolitical matters that are still kind of wobbly, including the Russia-Ukraine war. Last week's Fed interest rate cut and probably more Fed rate cuts coming by the end of the year" are also supporting prices, said Jim Wyckoff, senior analyst at Kitco Metals. In cryptocurrencies, bitcoin fell 2.77% to $112,229.90. https://www.reuters.com/sustainability/sustainable-finance-reporting/global-markets-wrapup-1-2025-09-22/

2025-09-22 05:23

Jerome Powell among Fed speakers this week Dollar weakens against yen and Swiss franc Dollar index poised to snap a 3-day rising streak BoJ caution on rate hikes due to political uncertainty Euro set to gain against dollar after three straight sessions of losses NEW YORK, Sept 22 (Reuters) - The U.S. dollar was poised to snap a three-day winning streak against the euro and Swiss franc on Monday, as investors digested a barrage of comments from Federal Reserve officials about its latest monetary policy stance. The dollar hovered near levels seen before last week’s decision by the Fed to begin cutting interest rates. The current pricing is consistent with the central bank’s messaging, which highlighted rising concerns over the U.S. labour market as the key driver of policy, analysts said. Sign up here. “The lack of significant data until Friday’s core Personal Consumption Expenditures (PCE) inflation release leaves investors open to rethinking Fed rate cuts and the plan ahead,” said Bob Savage, head of markets macro strategy at BNY. The dollar was last down 0.38% to 0.792 against the Swiss franc , on track to snap three straight sessions of gains. St. Louis Federal Reserve President Alberto Musalem said he supported the rate cut at last week's Fed meeting as a precautionary move to protect the job market, but said there may be "limited room" for further reductions given inflation above the Fed's 2% target. Changes in immigration, tax and regulatory policies are set to drive down underlying interest rates in the U.S., and make current monetary policy far too restrictive for what the economy needs to keep inflation at the Fed's 2% target, Federal Reserve Governor Stephen Miran said on Monday. Miran last week dissented when the Fed cut the benchmark rate by a quarter of a percentage point, saying that a half-point cut was warranted. Fed chair Jerome Powell speaks in Rhode Island on Tuesday. "This whole week seeing a relative dearth of data and with the US Q2 earnings season having largely ended, traders may struggle to find direction for the better part of this week outside of worries about new "emergencies" and in the forthcoming Fed speeches, starting today," Macquarie FX analyst Thierry Wizman said in an investor note. U.S. President Donald Trump criticised the Fed, urging the central bank to cut interest rates more aggressively. "Today is more of a consolidating day," said Marc Chandler, chief market strategist at Bannockburn Forex in New York. "We had a strong dollar bounce after the FOMC meeting that has sort of stalled. I kind of thought we'd get a bit more of dollar gains ahead of the next batch of jobs data. It's a light economic week but what's of interest is that in the FOMC there's such a wide dispersion of views and this week over half the Fed are speaking and the highlight might be (Jerome) Powell tomorrow." The euro was up 0.44% at $1.1796, poised to snap three consecutive sessions of losses against the dollar. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.39% to 97.34. It is on track to snap three straight sessions of gains. The Swedish crown rose 0.75% to 9.356 versus the dollar before the central bank policy meeting on Tuesday. The dollar dropped 0.17% to 147.69 against the Japanese yen , poised for the second straight session of losses. The Bank of Japan's hawkish shift in rhetoric last week fuelled speculation of a near-term rate hike but failed to support the currency. Analysts said that political uncertainty ahead of the Liberal Democratic Party leadership election scheduled for October 4 was a factor in the Bank of Japan's caution over further rate hikes. Sterling rose against the dollar on Monday as investors paused following Friday's selloff driven by fiscal concerns. The pound was up 0.37% at $1.3516. The Australian dollar rose 0.12% to $0.6599, reversing losses in early trade. (This story has been refiled to change 'market' to 'markets' in the headline) https://www.reuters.com/world/middle-east/dollar-firms-ahead-deluge-fed-speakers-2025-09-22/

2025-09-22 05:22

DAKAR, Sept 21 (Reuters) - The Democratic Republic of Congo will lift its ban on cobalt exports from October 16 and manage global supply by imposing annual export quotas, the country’s strategic minerals regulator said on Sunday. Miners will be allowed to ship up to 18,125 tons of cobalt for the rest of 2025, with annual caps of 96,600 tonnes in 2026 and 2027, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets said. Sign up here. Congo, which produced about 70% of global cobalt output last year, suspended exports in February after prices fell to a nine-year low. The move was extended in June, prompting force majeure declarations from major producers including Glencore (GLEN.L) , opens new tab and China’s CMOC Group (603993.SS) , opens new tab. Congo’s largely unregulated artisanal mining sector accounts for a significant share of cobalt output, complicating traceability and compliance for global buyers. The move to a quota system comes amid escalating conflict in eastern Congo, where the government says illegal mineral exploitation is fueling violence by M23 rebels. The new system, backed by Glencore but opposed by CMOC, aims to reduce inventories and support prices. Quotas will be allocated based on historical exports of the critical electric battery material. Glencore declined to comment. CMOC was not immediately available for comment. Congo's regulator said 10% of future volumes will be reserved for strategic national projects and quotas could be revised based on market conditions or progress in local refining. The regulator can buy back cobalt stocks exceeding the quarterly authorized quotas per company, said the statement signed by its chairman. https://www.reuters.com/world/africa/congo-replace-cobalt-export-ban-with-quotas-oct-16-2025-09-21/

2025-09-22 05:14

KILELER, THESSALY, Greece, Sept 19 (Reuters) - Greek sheep farmers are in despair in central Greece as sheeppox destroys their flocks, while the Greek authorities are warning of a possible nationwide ban on the movement of animals. The outbreak of the highly infectious virus in the country is threatening to drive up food prices and affect the production of feta, Greece's famous crumbly cheese. Sign up here. Giorgos Tasioulis, fighting back tears, stands in front of his empty sheep sheds. "Our unit... is now back to zero, our family is back to zero," the 45-year-old father of three says. Just weeks earlier, all 900 of his sheep were culled and buried only meters from his farm in Kileler municipality, central Greece. Tasioulis had invested nearly 2 million euros ($2.35 million) since 2020 to modernise his breeding unit. Now it is silent. Across Thessaly, Greece’s agricultural heartland, sheeppox is wiping out flocks. More than 260,000 sheep and goats — roughly 2% of the national herd — have been culled in the last 12 months, forcing 1,100 farms to shut down, based on government figures. Kileler was hit hardest, with 40,000 animals gone and 80 breeding units closed since July. "The situation is an absolute disaster," Tasioulis says. A few kilometers away, another breeder Vagelis Karajiolis is still holding on, but barely. "Every morning I wonder what we will find at the farm, if there will be an infection," he said, "We can't sleep at night." Thessaly produces 15% of Greece’s sheep and goat meat and nearly a third of its milk and feta cheese. But the region has been battered. In 2023, storm Daniel , opens new tab flooded huge parts of the plain, destroying crops and killing livestock. "When we thought we had recovered a bit, the sheeppox came and finished us off," Karajiolis said. Authorities have launched a 10-day emergency plan, sending veterinarians to farms and setting up disinfection zones. But this came too late for many farmers. "Unfortunately, at that time the tough measures that should have been taken were not implemented," says Dimitris Mpaloukas, head of the Breeders Federation of Thessaly. Greece's Rural Development and Food Minister Kostas Tsiaras urged farmers not to hide infections. "Responsibility is needed from all those involved as our livestock is at risk," he said earlier on Friday speaking on public broadcaster ERT. "Because of the pox, they killed all the sheep," said 80-year-old cheesemaker Nikos Karakanas, looking at his empty milk tanks. "I had 10 employees, now I have none," he said. ($1 = 0.8518 euros) https://www.reuters.com/business/environment/greek-sheep-farmers-devastated-by-sheeppox-outbreak-flocks-culled-2025-09-19/

2025-09-22 04:40

Sept 22 (Reuters) - Goldman Sachs raised its year-end target for the S&P 500 (.SPX) , opens new tab to 6,800 from an earlier 6,600, implying a 2.04% upside from its last close as it cited a dovish U.S. Federal Reserve and resilient corporate earnings. In a note late on Friday Goldman also raised its 6-and-12-months return forecasts to 5% and 8%, implying levels of 7,000 and 7,200. Sign up here. The Fed last week cut interest rates for the first time since December and signaled further reductions at its October and December meetings amid rising unemployment and signs of a weakening labor market. Analysts at Goldman have said earlier they expect quarter-point cuts at both meetings, in line with most major brokerages. Earlier this year, major brokerages had cut their targets below 6,000 after U.S. President Donald Trump's "Liberation Day" tariffs in April spurred fears of recession and sparked a global equity selloff. But tariff rollbacks and hopes of Fed easing have since soothed investors, lowered recession risks and pushed stocks to record highs. https://www.reuters.com/business/goldman-sachs-lifts-sp-500-indexs-annual-target-2025-09-22/