2025-08-15 22:11
SAO PAULO, Aug 15 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Friday that foreign companies that want to do business in Brazil are welcome, speaking at the opening ceremony for a factory for Chinese automaker GWM (601633.SS) , opens new tab in the state of Sao Paulo. "Count on the Brazilian government. Whoever wants to leave, leave. Whoever wants to come, we welcome you with open arms," Lula said at the ceremony. Sign up here. During his speech, Lula criticized the 50% tariffs on Brazilian goods imposed by U.S. President Donald Trump, and said that his country is facing an "unnecessary turbulence." Lula said in an interview with Reuters earlier this month that he would initiate a conversation at the BRICS group of developing nations, which includes China, about how to tackle Trump's tariffs. The leftist leader noted that in the past automakers Ford (F.N) , opens new tab and Mercedes (MBGn.DE) , opens new tab have decided to scale back their operations in Brazil, but celebrated the arrival of other companies, like China's GWM (601633.SS) , opens new tab. Brazil is always open to negotiating business, he stressed. GWM's Brazilian arm has capacity to produce 50,000 vehicles per year and is expected to generate more than 2,000 jobs in the future when it begins exporting vehicles to Latin America, according to a press release. Brazil's auto exports are expected to grow 38.4% in 2025 compared to 2024, reaching 552,000 units, data from automakers association Anfavea showed last week. https://www.reuters.com/business/autos-transportation/brazil-is-open-business-lula-says-chinese-factory-opening-2025-08-15/
2025-08-15 21:38
Aug 15 (Reuters) - Cryptocurrency exchange Gemini said its revenue fell and its loss widened in the first six months of 2025, according to its regulatory filing for a U.S. IPO made public on Friday, as it joins a wave of digital asset companies seeking to tap public markets. Terms of the offering were not disclosed. Sign up here. The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier. Activity in the U.S. IPO market has rebounded in recent months following a slowdown earlier in the year, caused by uncertainty over trade policy changes, with several new listings receiving an overwhelming response from investors. Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle (CRCL.N) , opens new tab and cryptocurrency exchange Bullish (BLSH.N) , opens new tab. Bullish's debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global (COIN.O) , opens new tab. Gemini will become the third public crypto exchange once it goes public. Gemini, which supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June. The company, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup are acting as lead bookrunners. The Winklevoss twins rose to prominence after suing Facebook (META.O) , opens new tab, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock. https://www.reuters.com/business/finance/crypto-exchange-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/
2025-08-15 21:21
Japan remains largest non-U.S. holder of Treasuries US equities experience huge foreign inflows in June US net capital inflows see big 75% drop in June NEW YORK, Aug 15 (Reuters) - Foreign holdings of U.S. Treasuries rose to record levels in June, topping $9 trillion for a fourth straight month, data from the Treasury Department showed on Friday. Holdings of U.S. Treasuries climbed to $9.13 trillion in June, up from $9.05 trillion in May. Compared with a year earlier, Treasuries owned by foreigners were up nearly $1 trillion, or 10% higher. Sign up here. However, on a transaction basis, the U.S. experienced outflows of $5 billion after buying roughly $147 billion in Treasuries in May, the largest since August 2022. In April, there was an outflow of $40.8 billion as President Donald Trump's back-and-forth tariff policies roiled markets. Japan remained the largest non-U.S. holder of Treasuries, with a record $1.147 trillion in June, up $12.6 billion from the previous month's $1.134 trillion. UK investors, the second-largest owner of U.S. government debt, raised their pool of Treasuries to another record of$858.1 billion, up 0.6% from $809.4 billion in May. The UK overtook China as the second-largest non-U.S. holder of Treasuries in March. The UK is widely viewed as a custody country, generally a proxy for hedge fund investments. Other countries used by hedge funds for custody services include the Cayman Islands and the Bahamas. Treasury holdings of China, the third-largest owner of U.S. government debt, were little changed at$756.4 billion, compared with $756.3 billion in May, which was the lowest since February 2009 when the country's stock of Treasuries dropped to$744.2 billion. China's holdings were way below their largest level of more than $1.3 trillion held between 2012 and 2016. China, the world's second-largest economy, has been gradually dumping Treasuries to bolster its currency, the yuan. Analysts said a slowing Chinese economy, post-COVID challenges, and trade barriers have diminished China's inflows from exports. Data also showed that other foreign investors in Asia like Hong Kong and India reduced their cache of Treasuries to $242.6 billion and $227.4 billion, respectively. Foreign investors, meanwhile, also poured back into U.S. equities, injecting inflows of $163.1 billion in June that followed $115.8 billion in purchases in May. Data also showed that the net capital inflow into the United States totaled just $77.8 billion, down 75% from the revised$318.1 billion in May, which was the largest since September 2024. https://www.reuters.com/business/foreign-holdings-us-treasuries-climb-record-913-trillion-june-2025-08-15/
2025-08-15 20:58
Dow edges higher after hitting record intra-day high Benchmark S&P 500 and Nasdaq fall Crude oil prices shed $1 as Trump-Putin meeting begins US dollar weakens, gold prices rise US Treasury bond prices rises across board NEW YORK/LONDON, Aug 15 (Reuters) - Global stocks were flat but still traded near record highs on Friday as U.S. President Donald Trump and his Russian counterpart Vladimir Putin held high-stakes talks in Alaska over Ukraine. U.S. Treasury bond prices fell across the board with markets anticipating a Federal Reserve interest rate cut. Sign up here. The Dow hit an intra-day record high during the session, becoming the last of Wall Street's main indexes to climb to a new peak this week. The benchmark S&P 500 and the Nasdaq dropped, dragged down mainly by technology, financials, industrials and utilities stocks. The Dow Jones Industrial Average (.DJI) , opens new tab rose 0.08%, the S&P 500 (.SPX) , opens new tab fell 0.29% and the Nasdaq Composite (.IXIC) , opens new tab fell 0.40%. "This market continues to move higher and the story is just earnings and margins," said Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey. "The inflation numbers that we saw this week were mostly services and in a services-based economy like ours, this is good for profit margins." Data showed that U.S. retail sales increased solidly in July, rising 0.5% from the prior month, after an unexpected spike in producer price data on Thursday renewed inflation concerns and pared market expectations for Federal Reserve rate cuts this year. European shares touched a near five-month high before pulling back, as investors drew encouragement from a largely positive earnings season. The pan-European STOXX 600 (.STOXX) , opens new tab index finished flat at 0.06%. The MSCI All Country World Index (.MIWD00000PUS) , opens new tab consolidated recent gains. It was last flat at 951.70, just shy of the record level of 954.21 set on Wednesday. Trump and Putin met face to face in Alaska in a high-stakes meeting that could determine whether a ceasefire can be reached in the deadliest war in Europe since World War Two. Trump has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks with Putin go well. Details and the longevity of any agreement will be key, and for now investors are on standby. Ukraine's government bonds - key indicators of the mood - have largely stalled in recent days at a still-distressed 55 cents on the dollar. "There's still a small degree of risk premium in European markets because of the war. Any type of resolution will ultimately pare that back," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, adding that oil and other commodity prices could also react. "But I think that the market has learnt not to expect too much from these negotiations. Ultimately, Zelenskiy and the Europeans are not invited. They will need to be involved in any final negotiation," Ramjee added. The two-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 1.1 basis points to 3.751%, paring earlier losses. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.32%. In currency markets, the dollar weakened 0.38% to 146.72 against the Japanese yen and was down 0.15% at 0.806 against the Swiss franc . The euro was up 0.48% at $1.1702. The dollar index , which tracks the greenback against a basket of six major currencies, was last trading down 0.34% at 97.85. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-to-June quarter, beating analyst estimates. Brent crude fell 1.5% to settle at $66.85 per barrel. U.S. crude fell 1.8% to settle at $62.80. Spot gold rose 0.09% to $3,338.65 an ounce. U.S. gold futures settled almost flat at $3,382.60. Cryptocurrency markets stabilised after bitcoin touched a record $124,480.82 on Thursday. It was down 0.78% at $117,033.52. https://www.reuters.com/world/china/global-markets-wrapup-6-2025-08-15/
2025-08-15 20:47
NEW YORK, Aug 15 (Reuters) - A U.S. appeals court on Friday granted Argentina's request to put on temporary hold a judge's order that it turn over its 51% stake in oil and gas company YPF (YPFDm.BA) , opens new tab to partially satisfy a $16.1 billion judgment won by two investors. In a brief order, the 2nd U.S. Circuit Court of Appeals in Manhattan stayed U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. Sign up here. Friday's order provides a reprieve for Argentine President Javier Milei's government, which warned of irreparable harm and economic instability if it gave up its stake in YPF, the country's largest energy company. Argentina is separately appealing the $16.1 billion judgment, which Preska awarded in September 2023 to Petersen Energia Inversora and Eton Park Capital Management. The investors are represented by litigation funder Burford Capital (BURF.L) , opens new tab, which would share in their damages. Lawyers for Petersen and Eton Park did not immediately respond to requests for comment. Friday's order did not provide reasons for the stay, which should last at least a few months. Argentina's next legal filing related to YPF is due on September 25, court records show. The dispute stemmed from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol (REP.MC) , opens new tab without making a tender offer to minority shareholders. Argentina had argued that the YPF shares were immune from turnover under the federal Foreign Sovereign Immunities Act. The U.S. government sided with Argentina, saying a resolution of the dispute should not be rushed and potentially interfere with relations between the countries. Lawyers for the investors countered that a commercial activity exception to immunity, together with Argentina's "many years" of evasion, justified a turnover. In her June 30 order, Preska said Argentina's control over the YPF shares triggered the exception, and the country could not simply invoke its own laws to prevent a turnover. A spokesperson for the Argentine government said the country welcomed Friday's order, and confident the $16.1 billion damages award would also be overturned. https://www.reuters.com/business/energy/us-appeals-court-sides-with-argentina-keeps-ypf-share-turnover-hold-2025-08-15/
2025-08-15 20:47
Indexes: Dow up 0.08%, S&P 500 down 0.29%, Nasdaq off 0.4% UnitedHealth surges after Berkshire Hathaway investment Bank of America shares down on Berkshire share sale Applied Materials drops on weak China demand forecast Investors monitor Trump-Putin summit at Alaska NEW YORK, Aug 15 (Reuters) - The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth's shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve's next monetary policy move. A meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin was also on the radar, with markets hoping it could pave the way for a resolution to the Ukraine conflict and determine the outlook for crude prices. The two leaders began a meeting in Alaska on Friday afternoon. Sign up here. UnitedHealth Group (UNH.N) , opens new tab rose almost 12%, its biggest single-day percentage rise since March 2020, after Warren Buffett's company (BRKa.N) , opens new tab revealed a new investment in the health insurer, while Michael Burry's Scion Asset Management also turned more bullish on the company. Rising costs in the broader healthcare sector and about a 40% slump in UnitedHealth's shares this year have left the Dow (.DJI) , opens new tab lagging its Wall Street peers on the road to record highs. The price-weighted index last scaled an all-time high on December 4. The healthcare sector (.SPXHC) , opens new tab gained 1.65% on Friday, tracking its best weekly performance since October 2022. The Dow Jones Industrial Average (.DJI) , opens new tab rose 34.86 points, or 0.08%, to 44,946.12, the S&P 500 (.SPX) , opens new tab lost 18.74 points, or 0.29%, to 6,449.80 and the Nasdaq Composite (.IXIC) , opens new tab lost 87.69 points, or 0.40%, to 21,622.98. More broadly, Wall Street's main stock indexes recorded their second week of gains, buoyed by expectations that the Fed could restart its monetary policy easing cycle with a 25-basis-point interest rate cut in September. The central bank last lowered borrowing costs in December and said U.S. tariffs could add to price pressures. However, recent labor market weakness and signs that tariff-induced inflation was yet to reflect in headline consumer prices have made investors confident of a potential dovish move next month. "The question is, has the tariff gotten into the price of goods yet? And it appears that there hasn't," said Joe Saluzzi, co-head of equity trading at Themis Trading. Saluzzi also said while markets have largely priced in a September rate cut, investors might be overlooking risks, with low volatility and rich valuations pointing to a sense of complacency. In a mixed day for economic data, a report showed retail sales in July rose as expected, but consumer confidence and factory production numbers indicated tariffs were taking a toll on other pockets of the economy. "Today is a normal pullback given the recent strong gains," said Eric Teal, chief investment officer at Comerica Wealth Management. "We will have to wait for the personal consumption expenditures data which the Fed prefers and has been running a bit hotter than CPI of late to see how much inflation is finding its way into the system." Chicago Fed President Austan Goolsbee was also cautionary in his remarks. Trump has said he will unveil tariffs on steel and semiconductors next week. Among other stocks that were on the move, Applied Materials (AMAT.O) , opens new tab tumbled 14% after the chip equipment maker issued weak fourth-quarter forecasts. Shares of Bank of America (BAC.N) , opens new tab dropped 1.6% after Berkshire Hathaway reduced its stake in the second-biggest U.S. lender by 4.2% to 605.3 million shares. It still owns about an 8% stake in BofA. Intel (INTC.O) , opens new tab rose 2.9% after a report said the Trump administration was in talks for the U.S. government to potentially take a stake in the chipmaker. Declining issues outnumbered advancers by a 1.3-to-1 ratio on the NYSE. There were 244 new highs and 45 new lows on the NYSE. On the Nasdaq, declining issues outnumbered advancers by a 1.36-to-1 ratio. The S&P 500 posted 10 new 52-week highs and no new lows while the Nasdaq Composite recorded 79 new highs and 81 new lows. Volume on U.S. exchanges was relatively light, with 16.3 billion shares traded, compared to an average of 18.2 billion shares over the previous 20 sessions. For the week, the S&P 500 gained 0.94%, the Nasdaq rose 0.81%, and the Dow climbed 1.74%. The Russell 2000 Small Cap Index (.RUT) , opens new tab rose 3.13%. https://www.reuters.com/world/us/dow-ends-higher-after-unitedhealth-gains-other-indexes-slip-rate-cut-uncertainty-2025-08-15/
