2025-09-17 04:32

A look at the day ahead in European and global markets from Rocky Swift After weeks of market gyration and agonising over every speck of U.S. data, the day is finally upon us when the Federal Reserve delivers its appraisal of how much stimulus the world's biggest economy needs to keep humming along. Sign up here. Markets have priced in a near certainty the Fed will cut its key interest rate by a quarter of a percentage point to the 4.00%-4.25% range today. But they also anticipate the U.S. central bank will go further with nearly 150 basis points of easing through the end of next year. So all eyes will be on Fed Chair Jerome Powell's comments as well as the central bank's "dot plot" of economic projections, all due after markets close in the United States. Expectations of a dovish take from the Fed, fuelled also by threats from President Donald Trump, have driven global shares and gold to unprecedented highs at the cost of U.S. Treasuries and the dollar, languishing at a four-year low against the euro. The Fed deck isn't stacked quite as Trump had hoped. Stephen Miran, head of the White House's Council of Economic Advisers, was sworn into his Fed position on Tuesday morning, while an appeals court separately declined to let Trump fire Fed Governor Lisa Cook. The president will take in the Fed's decision from London, where he arrived late on Tuesday to seal investment deals and bask in the royal glow of King Charles at Windsor Castle. Also on the docket is the Bank of Canada, which is expected to cut rates as trade frictions roil labour markets on both sides of the American border. Meanwhile, data from Japan showed a fourth consecutive monthly decline in exports in August, highlighting the toll on major economies from the wide-ranging tariffs imposed by the Trump administration. In Asian markets, stocks started out subdued before turning up, led higher by Hong Kong's Hang Seng Index (.HSI) , opens new tab, which surged 1.4%. Equity futures indicated positive openings in Europe, while U.S. stock futures were flat. Key developments that could influence markets on Wednesday: - Fed, Bank of Canada policy meetings - U.S. housing starts for August - British consumer price index (CPI) for August - Euro zone consumer price data for August, final - Germany's reopening of 23-year and 31-year government debt auctions - Meta opens its annual Connect conference at its Menlo Park, California-based headquarters - StubHub, WaterBridge Infrastructure go public in New York https://www.reuters.com/world/china/global-markets-view-europe-2025-09-17/

2025-09-17 04:23

MUMBAI, Sept 17 (Reuters) - The Indian rupee is poised to build on its recent recovery on Wednesday, supported by a drop in the dollar and U.S. Treasury yields, with the market focus firmly on the Federal Reserve's upcoming policy verdict. The Fed is set to cut rates for the first time since December, with a 25-basis-point move fully priced in and a slim chance of a larger 50-basis-point reduction. Sign up here. The 1-month non-deliverable forward indicated the rupee will open in the 87.86-87.90 range versus the U.S. dollar, compared with 88.0525 in the previous session. The rupee, higher for three straight sessions, is likely looks set to extend its recovery for a fourth day on Wednesday. The currency hit an all-time low of 88.4550 last Friday. The dollar's retreat and soft U.S. yields have forced traders to temper their confident near-term bearish calls on the rupee, with position unwinding adding to the currency’s recovery. "It would seem to me that a large part of the heavy, weak hands long dollar positions have already been pared. This means that a new move lower (on dollar/rupee) from here needs a real Fed surprise," a currency trader at a bank said. He added that sustaining levels past 88.00 looked doubtful for the rupee and that 87.80 was a major support for the pair. FED IN SPOTLIGHT The Fed is poised to cut borrowing costs against the backdrop of a weakening U.S. labor market. The August jobs report disappointed, while there were sizeable downward revisions to job additions for the 12 months through March. The Fed is expected to follow up on Wednesday’s move with further cuts, with investors now pricing in a 125–150 basis point easing cycle, per ING Bank. The pivot has led to a consensus that the dollar will weaken through the rest of the year, ING said. The dollar index dropped 0.7% on Tue and is not too far away from its lowest level this year. The 2-year U.S. yield is down to 3.50%. KEY INDICATORS: ** One-month non-deliverable rupee forward at 88.01; onshore one-month forward premium at 13.5 paise ** Dollar index at 96.71 ** Brent crude futures down 0.1% at $68.4 per barrel ** Ten-year U.S. note yield at 4.03% ** As per NSDL data, foreign investors sold a net $38.1mln worth of Indian shares on Sep. 15 ** NSDL data shows foreign investors sold a net $48.9mln worth of Indian bonds on Sep. 15 https://www.reuters.com/world/india/rupee-recovery-pick-pace-with-fed-set-kick-off-rate-cuts-2025-09-17/

2025-09-17 00:39

Sept 17 (Reuters) - Australia's Orion Minerals (ORN.AX) , opens new tab said on Wednesday it has signed a non-binding term sheet with a unit of global miner Glencore (GLEN.L) , opens new tab for $200 million–$250 million funding for its Prieska copper-zinc project in South Africa. The diversified metal developer said that the deal includes an offtake agreement with Glencore to sell 100% of zinc and copper concentrates, among others, from the mine for a period ranging between five and 10 years. Sign up here. Orion will receive the funding in two tranches for the construction and commencement of early works at the mine, with the first drawdown targeted in November. The company said the first tranche of the funding will enable Orion to move swiftly into first production and first cash flow from the project. Conditions for the provision of funding include a completion of satisfactory due diligence, which Glencore has already commenced, Orion added. "In parallel with the due diligence process with Glencore, we will continue discussions with our current funding partners," the company's chief executive Tony Lennox said. https://www.reuters.com/world/asia-pacific/australias-orion-minerals-signs-deal-with-glencore-unit-up-250-million-funding-2025-09-17/

2025-09-17 00:30

MELBOURNE, Sept 17 (Reuters) - BHP (BHP.AX) , opens new tab will suspend operations and cut 750 jobs at a Queensland coking coal mine it shares with a unit of Mitsubishi, blaming low prices and high state government royalties that have dented its returns, it said on Wednesday. BHP Mitsubishi Alliance's (BMA) Saraji South, part of the Saraji Mine Complex, will be placed into a period of care and maintenance from November 2025, it said in a statement. BHP owns the mine jointly with Mitsubishi Development, a unit of Mitsubishi Corp (8058.T) , opens new tab. Sign up here. The Saraji complex produced 8.2 million metric tons of coking coal in the year to June 2025. "As joint owners of BMA, BHP and Mitsubishi Development do not want to see operations paused or jobs lost, but these are necessary decisions in the face of the combined impact of the Queensland Government’s unsustainable coal royalties and market conditions ," BMA Asset President Adam Lancey said in a statement. BHP said while medium-term demand for the company's hard coking coal was strong, maintaining operations in lower margin areas of the mine footprint was not sustainable under current conditions. Queensland raised royalties in July 2022 to 20% for coal priced above A$175 ($117) a ton, 30% for prices above A$225 and 40% for prices over A$300. Previously, the top tier was a 15% royalty on prices over A$150 a ton. Prices of coking coal, which soared above $600 a ton following Russia's invasion of Ukraine in 2022 have normalised, last trading at $188.80. BMA is the largest private sector employer in central Queensland and in the 2025 fiscal year paid more than A$6.4 billion to suppliers, it said in a statement. ($1 = 1.4959 Australian dollars) https://www.reuters.com/world/asia-pacific/bhp-suspend-operations-cut-jobs-australian-coking-coal-mine-2025-09-17/

2025-09-16 23:08

LIMA, Sept 16 (Reuters) - At least 900 tourists were stranded near Peru's ancient Inca citadel of Machu Picchu on Tuesday, the country's tourism minister said, after a passenger train service was suspended due to a protest. Train operator PeruRail said service had been suspended on Monday because the route in Peru's mountainous Cusco region had been blocked by "rocks of various sizes" as local residents clashed with authorities and bus companies. Sign up here. Protesters say there is a lack of transparency and fairness in the process of replacing tourist bus operator Consettur after its concession expired, paving the way for different local businesses to benefit from the vital industry. Tourism Minister Desilu Leon told local radio that 1,400 tourists had been evacuated on Monday but some 900 remained stranded in Aguas Calientes, the closest town to the nation's most-visited cultural site. The protest began last week after the concession ended of Consettur, the bus company that ferries tourists from Aguas Calientes to the entrance of the 15th-century Inca citadel. A neighboring district commissioned another bus company to provide services in its place, but protesters in Aguas Calientes prevented it from operating. Meanwhile, PeruRail's local unit said "third parties" had excavated part of its rail route, which affected the track's stability and slowed down the evacuation of tourists. New7Wonders, a campaign group which highlights global sites of major cultural heritage, said in a statement over the weekend that it had sent a letter to Peru's government warning that if the conflict escalates, Machu Picchu's credibility as one of the new Wonders of the World could be affected. A global poll organized by the group had in 2007 selected Machu Picchu as a world wonder, alongside the Great Wall of China, India's Taj Mahal and Mexico's Chichen Itza. https://www.reuters.com/world/americas/peru-protest-strands-hundreds-tourists-near-machu-picchu-2025-09-16/

2025-09-16 23:07

HOUSTON, Sept 16 (Reuters) - Puerto Rico has negotiated a $4 billion liquefied natural gas contract with New Fortress Energy (NFE.O) , opens new tab, Governor Jenniffer Gonzalez said on Tuesday in a post on social media. The supply deal, which comes after talks for a much larger contract broke down in July, reduced the term to seven years from 15 years - with the option to extend for an additional three years - and also eliminated exclusivity clauses. Sign up here. Gonzalez said prices for the LNG cargoes were more competitive, with some premiums reduced. "This agreement contributes to the process of Puerto Rico's energy transition, reducing dependence on more polluting fossil fuels," said Josue Colon, who was appointed to oversee the territory's energy sector earlier this year. The agreement is now pending approval by Puerto Rico's Financial Oversight and Management Board. New Fortress Energy, whose shares rose 45% in Tuesday trading, said in a separate statement that the long-term LNG supply for Puerto Rico's power system could reach up to 75 trillion British Thermal Units (TBtu) per year, with a minimum annual take-or-pay volume of 40 TBtu. NFE expects to ship the LNG from a floating facility that began turning U.S. natural gas into LNG in Altamira, Mexico, last year. The volumes will be priced at 115% of benchmark Henry Hub prices, plus an additional $6.50 or $7.95 per million Btu. "Puerto Ricans pay far too much for electricity today and this long-term agreement provides cheaper and cleaner fuel for existing power plants for years to come," NFE's CEO Wes Edens said. https://www.reuters.com/legal/litigation/puerto-rico-inks-4-billion-lng-contract-with-new-fortress-energy-2025-09-16/