2025-09-12 04:33

Sept 11 (Reuters) - Transit tech firm Via Transportation (VIA.N) , opens new tab and select existing investors raised $492.9 million in a U.S. initial public offering on Thursday, becoming the latest addition to the September rebound in IPO activity. The New York-based company sold about 10.7 million shares at $46 each, priced above its marketed range of $40 to $44 apiece, giving Via a valuation of $3.65 billion. Sign up here. Activity in the U.S. IPO market has rebounded in the autumn window of 2025, driven by an ebullient stock market, growing expectations of rate cuts and strong debuts by several big names. Investor anxiety over U.S. President Donald Trump's tariffs, which forced several companies to shelve their IPO plans, has also started to recede, in a welcome development for those looking to tap the public markets. U.S.-listed shares of Swedish fintech firm Klarna (KLAR.N) , opens new tab rose 30% at open on Wednesday, in one of the hotly anticipated debuts of the year. Founded in 2012, Via's technology combines on-demand shared rides and intelligent routing to optimize public transit systems in hundreds of cities across more than 30 countries. Rising urban congestion and environmental concerns have led to calls on administrations worldwide to develop sustainable mixed-mode public transit systems. Via first confidentially filed for an IPO in late 2021. The company was valued at $3.5 billion in a 2023 funding round led by venture firm 83North. Goldman Sachs, Morgan Stanley, Allen & Company and Wells Fargo are the lead underwriters for Via's offering. The company plans to list its shares on the New York Stock Exchange on Friday under the "VIA" ticker symbol. Several other companies, such as the Winklevoss twins' cryptocurrency exchange Gemini and Blackstone-backed engineering and maintenance service provider Legence, are also set to go public on Friday. https://www.reuters.com/technology/via-transportation-raises-493-million-us-ipo-valued-365-billion-2025-09-12/

2025-09-12 04:13

Long-dated bond slump seen rippling into tech, FX - investors Japan sells overseas stocks as rate hike bets boost yen French budget tumult could cap euro rally - analysts LONDON, Sept 12 (Reuters) - Escalating fears about government finances everywhere from Britain to Japan have so far been contained mostly within bond markets, but big investors are preparing for stress to spread across assets from big tech to housing and currencies. Budget-driven tumult in France, Britain and Japan, and ballooning U.S. debt have sapped demand for lending long-term to governments. Sign up here. Here are some potential scenarios for how money managers see rising bond yields impacting corporate financing costs, currencies and equity valuations: 1/PAIN BROADENS Governments' 30-year bond yields, which rise as debt prices fall, are near multi-year highs in Germany and the United States where they are around 5%. . Such borrowing costs have hit 16-year highs in France and record peaks in Japan . Britain's 30-year yields are around 5.5% and recently hit 27-year highs, heightening fears about the sustainability of public finances. Long-dated borrowing costs traditionally influence equity and housing markets and corporate financing rates. RBC Bluebay Asset Management fixed income CIO Mark Dowding said fiscally troubled nations' currencies were vulnerable and was betting against Britain's pound . "Every move up in yields leads people to lose a bit more confidence, that pushes yields up further and you end up in a bit of a doom loop," Dowding said. In Canada, where economic weakness is pressuring public finances, 30-year yields are near 14-year highs and speculative bets against the nation's currency at a five-month peak. 2/ EUROPE WOBBLES A rush into European assets to diversify away from the United States has stalled as French budget tumult weighs on European stocks, (.STOXX) , opens new tab which have lagged MSCI's world index (.MIWO00000PUS) , opens new tab since June. "French-driven negative sentiment is not only affecting France but the rest of Europe," Fidelity multi-asset manager George Efstathopoulos said. Carmignac investment committee member Kevin Thozet expected the euro, up around 13% so far this year to $1.17, to now trade sideways . Thozet was also cautious on European banks (.SX7P) , opens new tab after a heady 45% year-to-date gain for the sector and considering the risk of French loan losses. 3/ TECH'S CROWN SLIPS With big tech companies shoveling cash into multi-decade AI investments, their shares should be sensitive to changes in the cost of long-term capital, investors said. Global tech stocks (.dMIWO0IT00PUS) , opens new tab have underperformed MSCI's global index in the last month and been outpaced by banks, whose profits are boosted by higher debt rates, over 12 months. "We're watching for which segments of the market are getting impacted," by long term rates, Pictet multi-asset co-head Shaniel Ramjee said, including big tech, real estate and UK stocks. 4/ WATCH JAPAN Japanese investors own over $3 trillion of overseas assets thanks to a multi-decade carry trade involving recycling the weak yen into dollar assets and banking easy exchange rate profits. "They made roughly 10% a year, basically incredibly low-risk and low-volatility, and it's been an amazing and wonderful trade," Zennor Asset Management CIO David Mitchinson said. But now, Japan's inflation is surging, and mounting speculation that the Bank of Japan could soon deliver a further rate hike has helped lift the yen about 7% against a broadly soft dollar year-to-date . Japan's investors are still buying overseas bonds but they are ditching foreign stocks. "I expect the domestic (Japanese) money goes into domestic stocks," Artemis head of investments Toby Gibb said, adding he was topping up on Japanese equities (.TOPIX) , opens new tab too. https://www.reuters.com/business/finance/global-markets-debt-graphic-2025-09-12/

2025-09-12 03:16

Joint statement makes no fresh FX demands from US Says FX intervention should be reserved for excess volatility Japan, US had separate channel to discuss FX in trade talks TOKYO, Sept 12 (Reuters) - The United States and Japan reaffirmed their commitment to "market determined" exchange rates, while agreeing that foreign exchange interventions should be reserved for combating excess volatility, according to a joint statement released on Friday. The latest agreement also notably made no new demands by the Trump administration on Tokyo around foreign exchange or other matters, a point analysts say will give Japan some relief as it navigates tricky bilateral ties with Washington. Sign up here. The U.S. Treasury Department and the Japanese Finance Ministry "reaffirmed that exchange rates should be market determined and that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability," the statement said. They agreed that foreign exchange interventions "should be reserved for combating excess volatility and disorderly movements in exchange rates," it added. They also reconfirmed they had avoided exchange rate intervention to gain competitive trade advantages, an implicit approval that massive yen-buying Japan conducted in 2022 and 2024 was not unfair currency manipulation. The statement mostly reaffirmed existing foreign exchange commitments agreed among the Group of Seven major economies. There had been some concern in Tokyo that the U.S. would call on Japan to prop up the yen in trade negotiations. Finance Minister Katsunobu Kato told reporters that the two countries decided to issue a joint statement on foreign exchange to reflect the discussions that he and U.S. Treasury Secretary Scott Bessent have had as part of broader trade negotiations. They chose this timing as the two countries this month published a separate joint statement clarifying details of their tariff deal, Kato said. The tariff negotiations with the United States have been led by Economy Minister Ryosei Akazawa, while the two countries had agreed that any discussions on currency rates have to be held between Kato and Bessent. Under the agreement, Washington will reduce tariffs to 15% on most Japanese imports in exchange for Japan's $550 billion U.S.-bound investment package, which includes government-backed loans and guarantees. The foreign exchange market showed little immediate reaction to the statement. "The statement is significant for Japan in a sense that they reaffirmed the previous agreements, with no fresh demand being made from the United States," said Yuji Saito, executive advisor to SBI FX Trade. Prior to the trade agreement, the market had feared that Tokyo could come under pressure to strengthen the yen versus the dollar and give U.S. manufacturers a competitive advantage. U.S. President Donald Trump has in the past criticised Japan for intentionally maintaining a weak yen. Bessent has said in August the Bank of Japan will likely raise interest rates as it is behind the curve in dealing with inflation, in his most explicit comment on Japan's monetary policy. "The statement doesn't contain anything that is directly disadvantageous to the Japanese government," Ueno Tsuyoshi, senior economist at NLI Research Institute, said, adding it leaves room for Japan to conduct yen intervention. "At the same time, it doesn't bind Trump either, leaving questions about how effective or enforceable it really is," he said. https://www.reuters.com/markets/us/us-japan-reaffirm-fx-commitments-leave-room-interventions-2025-09-12/

2025-09-12 03:01

MUMBAI, Sept 12 (Reuters) - The Indian rupee is poised to find relief at open on Friday after a key U.S. inflation data came in line with expectations, reinforcing bets that the Federal Reserve will restart interest rate cuts next week. Sustained dollar demand from importers is, however, likely to temper the local currency's advance. Sign up here. The one-month non-deliverable forward indicated the rupee will open in the 88.36-88.38 range to the U.S. dollar, compared with 88.4425 on Thursday when it hit a lifetime low. "The U.S. inflation read is helpful for EM currencies overall," a currency trader at a Mumbai-based bank said. "However, with the rupee having printed a new low yesterday, you have to be very wary to take the other side. When a currency makes lows, the hurdle for reversing direction and trend is very high," a Mumbai-based FX trader said. The rupee's slide to new lows on Thursday was unexpected after it looked to be in a range around the 88 handle. Relentless dollar buying from importers and likely an outflow, pushed the move and shows little sign of abating, the trader added. 25 BPS FED CUT NEXT WEEK A measure of U.S. inflation, core CPI, matched expectations, keeping intact the already high odds of a 25-basis-point Fed rate cut next week. Alongside data pointing to softness in the labor market, it left no doubts over the rate cut path, bolstering risk appetite and weighing on the dollar. "The weakening of the jobs market is now the Fed's priority," ING Bank said in a note, and pointed out that the impact of tariffs was "not particularly evident" in Thursday's report. Economists have been watching U.S. inflation for evidence that President Donald Trump's tariffs are pushing prices higher. The Fed last lowered rates in December 2024. With a quarter-point cut fully priced in for next week, investors expect two more reductions this year. KEY INDICATORS: ** One-month non-deliverable rupee forward at 88.47; onshore one-month forward premium at 12 paise ** Dollar index up at 97.62 ** Brent crude futures down 0.7% at $65.9 per barrel ** Ten-year U.S. note yield at 4.03% ** As per NSDL data, foreign investors bought a net $510mln worth of Indian shares on Sept. 10 ** NSDL data shows foreign investors sold a net $41mln worth of Indian bonds on Sept. 10 https://www.reuters.com/world/india/relief-rupee-with-us-inflation-keeping-fed-track-restart-rate-cuts-2025-09-12/

2025-09-12 02:59

Sept 11 (Reuters) - Cryptocurrency firm Gemini Space Station raised $425 million in an initial public offering on Thursday, pricing its stock above a marketed range. The company led by the billionaire twins Tyler and Cameron Winklevoss sold around 15.2 million shares for $28 apiece, after marketing them for $24 to $26, it said in a statement, confirming an earlier report by Reuters. Sign up here. The IPO values Gemini at $3.33 billion on a non-diluted basis, according to a Reuters calculation. The price range was lifted earlier this week from $17 to $19, underscoring robust investor demand. New York City-based Gemini had capped IPO proceeds at $425 million, in a rare move, even as the offering drew orders more than 20 times the shares available, Reuters reported earlier in the day. Record high prices for digital assets and regulatory wins have transformed the once beleaguered sector into an anchor for the IPO market, which has resumed a long-awaited recovery this fall after U.S. tariffs delayed listing plans in April. Nasdaq (NDAQ.O) , opens new tab had committed to a $50 million investment in a private placement at the time of the IPO. Reuters was the first to report on the investment. Gemini will begin trading on Nasdaq on Friday under the ticker "GEMI". Crypto listings are gathering momentum. Stablecoin issuer Figure Technology raised $787.5 million in an upsized U.S. IPO on Wednesday. Earlier this year, CoinDesk owner Bullish (BLSH.N) , opens new tab and stablecoin issuer Circle (CRCL.N) , opens new tab both enlarged their offerings. The Securities and Exchange Commission under President Donald Trump has eased oversight of the crypto sector, which has frequently seen ventures from entities connected to him and his family. Gemini has benefited as well, with the Winklevoss twins moving closer in April to resolving an SEC lawsuit claiming they failed to register a cryptocurrency asset lending program before offering it to retail investors. The case has not been resolved. A status report from both sides is due by September 15. In another display of the sector's proximity to Washington, Trump's Commodity Futures Trading Commission nominee accused Tyler Winklevoss on Wednesday of lobbying the White House to stall his nomination after a text exchange. https://www.reuters.com/business/crypto-exchange-gemini-prices-ipo-above-range-raise-425-million-2025-09-11/

2025-09-12 00:35

More than half of generating capacity restored Officials hope to restore full service on Thursday Residents say they are frustrated HAVANA, Sept 11 (Reuters) - The Cuban Energy and Mining Ministry said on Thursday 80% of the capital, Havana, had power and most of the country's energy grid had been reestablished 24 hours after it crashed, leaving 9.7 million residents in the dark. "Electricity coverage has been increasing, and we are generating approximately 1000 Megawatts (MW) that will increase today," the ministry's electricity director Lazaro Guerra said during a morning state television broadcast. Sign up here. "The restoration process is going well. ... We are in the concluding stage of the restoration of the electrical system," he said. POWER SYSTEM IN A LONG-TERM CRISIS That system has been in crisis for years and has an effective capacity of just under 2000 megawatts and a national demand of over 3,000 MW. Even before Wednesday's collapse the vast majority of residents were experiencing daily blackouts of 16 hours or more. Cuba's oil-fired power plants, already obsolete and struggling to keep the lights on, reached a full crisis last year as oil imports from Venezuela, Russia and Mexico dwindled. The grid failure follows four nationwide blackouts since late last year. Communist Party authorities have launched a crash program with China to install 1000 MW of solar power this year and another 1,000 MW after that. The country has also been facing fuel, food and other shortages as part of its worst economic crisis in decades. "The electrical system seems to be going through a very difficult situation, but we think ... measures can be taken that may contribute to an improvement," said Sergio Serrano, a self-employed Havana resident. Housewife Thalia Martinez was not so sure. "I don't understand what the state is doing about it. ... It is the people who suffer, the children, the mothers, the grandparents, the elderly, and that is super bad," she said. https://www.reuters.com/sustainability/boards-policy-regulation/cuban-capital-back-normal-recovery-moves-forward-national-blackout-2025-09-11/