2025-08-08 20:55

Markets eye dovish tilt at Fed as Miran nominated Gold futures gain on uncertainty over US tariff Oil prices fall on report of US-Russia truce deal NEW YORK/LONDON, Aug 8 (Reuters) - Global equities rose on Friday as investors clung to the view that U.S. interest rates may fall further this year, with European shares posting their biggest weekly gain in 12 weeks on strength from banking stocks. U.S. gold futures hit a record high on uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold bars. Sign up here. Investors watched for signs of a potential Russia-Ukraine ceasefire after a report that the United States and Russia are aiming to reach a deal to halt the war in Ukraine. President Donald Trump on Thursday the U.S. central bank, nominating Council of Economic Advisers' Chair Stephen Miran for a short-term board seat after Adriana Kugler's abrupt exit. Miran holds similar views to Trump, who has berated Powell for being "too late" in cutting rates, even though growth is holding up and inflation is ticking higher. "It locks in a vote for rate cuts at all the meetings between now and the end of January," said Ray Attrill, head of FX strategy at National Australia Bank in Sydney. "Markets are already travelling with a very strong expectation that there will be a rate cut," he added. "Though there's a question mark over whether he'll succeed in ratification in time for the September meeting." that Fed Governor Christopher Waller was emerging as a leading contender for the role of Fed chair. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 0.52%. On Wall Street, the Dow Jones Industrial Average (.DJI) , opens new tab rose 0.47% to 44,175.61, the S&P 500 (.SPX) , opens new tab added 0.78% to 6,389.45 and the Nasdaq Composite (.IXIC) , opens new tab climbed 0.98% to 21,450.02. The pan-European STOXX 600 index (.STOXX) , opens new tab rose 0.2% to finish the week up more than 2% as largely upbeat corporate results and firming bets of more Fed rate cuts lifted prices from last week's five-week lows. Shares also saw a lift from optimism that hefty U.S. tariffs that kicked in on Thursday would be subject to negotiation. Zurich's SMI index (.SSMI) , opens new tab gained as traders continued to shrug off Switzerland's 39% U.S. tariff coming into effect. "The effective shock (from tariffs) is there. So the question now is: How is it going to impact the economy and the data, and when? Because up to now, let's be fair, it's been less severe than most have anticipated," Lombard Odier economist Samy Chaar said. Overall tariffs may be lower than many had feared back in April, but they are at their highest in at least a century. Relief over lower-than-expected duties may be short-lived as a result. For instance, the European Union now has a 15% tariff rather than the 50% that Trump had threatened, Chaar said. "That's the vulnerability in the market... It is focusing on the good news, which is not getting the 50%, but getting the 15%. And then the problem is that 15% is actually a big shock and, at some point, it's going to show in the data," he said. U.S. Treasury yields rose on Friday, with the yield on the benchmark 10-year note poised for its first weekly gain in three weeks after a series of weak auctions. The released a ruling on its website on Friday, which the gold industry interpreted as meaning that country-specific U.S. import tariffs could apply to the most-traded sizes of gold bars in the U.S. December U.S. gold futures settled 1.1% higher at $3,491.30 per ounce after hitting a record $3,534.10 when the Financial Times first reported the news. Spot gold eased 0.08% to $3,394.24 an ounce. Brent oil futures settled up 0.24% at $66.59 per barrel and U.S. crude settled unchanged at $63.88 per barrel. Expectations of a potential truce between Russia and Ukraine had weighed on oil prices earlier in the U.S. trading session. Both benchmarks were also under pressure from a tariff-hit economic outlook and finished with weekly losses. The yield on benchmark U.S. 10-year notes rose 3.9 basis points to 4.283%. The Japanese yen weakened 0.44% against the greenback. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.31%, with the euro down 0.23%. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab closed down 0.63%, while Japan's Nikkei (.N225) , opens new tab rose 1.85%. https://www.reuters.com/business/media-telecom/global-markets-wrapup-6-2025-08-08/

2025-08-08 20:34

Aug 8 (Reuters) - Argentines are once again chowing down on beef, as an economic turnaround has allowed them to fork over more for steaks, a report from the Rosario exchange said on Friday. The domestic beef market has logged an uptick as wages soar past inflation, the exchange said. Average salaries for registered workers jumped 62.5% in the year to May 2025. Sign up here. Consumer inflation was contained at 39%, although beef prices rose at a steeper 59% over the past 12 months. While still a strain, the inflation rate is a significant drop from the triple-digit annual price increases of the recent past. Austerity policies of libertarian President Javier Milei's have helped cool inflation. The bump in purchasing power went directly to the dinner table, according to the exchange. Consumers in the South American country went from eating an average of 47.6 kg (104.9 lb) of beef in the first six months of last year to 50.2 kg (110.7 lb) in the same period of 2025. "As inflation begins to ease and allows the consumer's pocket to loosen up, albeit slowly ... beef consumption tends to recover the place of preference it has historically occupied within the local consumer's shopping basket," said the study. The increased domestic beef consumption so far this year absorbed a supply glut, as exports fell 19% by volume, hurt by a volatile exchange rate, the report said. "The question going forward is how long (local) consumers will be willing to accept the increased supply without a price adjustment," the exchange said. The country is famed for its beef-eating culture, with steakhouses and asado barbecues a frequent dining option. Argentines had tightened their belts last year due to the high inflation, a recession and rising poverty and unemployment, turning from beef to cheaper meats. https://www.reuters.com/sustainability/sustainable-finance-reporting/argentines-grill-up-more-beef-first-half-2025-wages-soar-2025-08-08/

2025-08-08 20:18

Aug 8 (Reuters) - U.S. President Donald Trump's team is reviewing new contenders to lead the Federal Reserve once Chair Jerome Powell's term ends in May, including a longtime economic consultant and a past regional Fed president, the Wall Street Journal reported on Friday. The 10 or so people on the newly expanded list include former St. Louis Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush, WSJ said, citing officials. Trump last week said he had narrowed the list to four. Sign up here. National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh remain under consideration, along with current Fed governor Christopher Waller, WSJ said. Reuters has previously reported that these three are candidates, but could not immediately verify the rest of the report. Trump has been criticizing Powell all year for not cutting rates, building on disappointment with the Fed chief that emerged during his first term as president shortly after he elevated Powell to the Fed chair role. It was not clear what a broader list of candidates would mean for the timing of an appointment. Treasury Secretary Scott Bessent is helping lead the search. The president moved quickly to name an ally to the Fed Board this week after Fed Governor Adriana Kugler, a Biden appointee who did not support rate cuts, unexpectedly resigned as of the end of this week. Council of Economic Advisers Stephen Miran will serve out the remaining months of Kugler's term, which ends on January 31. Trump has indicated a search continues for someone who could fill the Fed Board role for a 14-year term beginning February 1. https://www.reuters.com/business/finance/trumps-team-expands-search-fed-chair-about-10-names-wsj-reports-2025-08-08/

2025-08-08 20:15

Aug 8 (Reuters) - Danish energy firm Orsted (ORSTED.CO) , opens new tab is considering raising as much as 5 billion euros ($5.83 billion) from a rights offering to shore up its finances, Bloomberg News reported on Friday, citing people familiar with the matter. The fundraising plan could be announced in the coming weeks if Orsted decides to proceed, the report said. Sign up here. Orsted's market value has plunged from its 2021 peak, driven by rising costs and supply chain disruptions. U.S. President Donald Trump's opposition to offshore wind has further eroded investor confidence. The company has onshore wind, offshore wind, solar and storage operations across Texas, the U.S. Midwest and East Coast markets. Orsted declined to comment on the Bloomberg report. There is no certainty a deal will proceed, and the size and timing of any potential offering could shift depending on market conditions, the report added. Rasmus Errboe, who became Orsted's CEO in January, has the challenge of restoring investor confidence and streamlining the company to adapt to the changes the offshore wind industry is facing. In May, the Danish company scrapped its plan to build a major offshore wind farm in Britain, citing a deteriorating global business environment for renewables. During its first-quarter earnings, the company kept its 2025 outlook, excluding new partnerships and cancellation fees, unchanged. It is scheduled to report its half-year 2025 results on August 13. ($1 = 0.8576 euros) https://www.reuters.com/sustainability/climate-energy/energy-firm-orsted-weighs-up-5-billion-euros-rights-issue-bloomberg-news-reports-2025-08-08/

2025-08-08 20:00

US, Russia aim to reach a deal to halt the war in Ukraine Latest US tariffs raise concerns over economic activity Trump threatens further sanctions on buyers of Russian oil US oil rig count rises by one to 411 HOUSTON, Aug 8 (Reuters) - Oil largely held steady on Friday as markets awaited a meeting in coming days between Russian president Vladimir Putin and his U.S. counterpart Donald Trump, but prices marked their steepest weekly losses since late June on a tariff-hit economic outlook. Brent crude futures settled 16 cents, or 0.2%, higher at $66.59 a barrel, while U.S. West Texas Intermediate crude futures were unchanged at $63.88. Sign up here. Brent fell 4.4% over the week, while WTI finished 5.1% lower than last Friday's close. U.S. crude had fallen over 1% after reports that Washington and Moscow were aiming to reach a deal to halt the war in Ukraine that would lock in Russia's occupation of territory seized during its military invasion, Bloomberg News reported on Friday. U.S. and Russian officials are working towards an agreement on territories for a planned summit meeting between Trump and Putin as early as next week, the report said, citing people familiar with the matter. The potential meeting raises expectations of a diplomatic end to the war in Ukraine, which could lead to eased sanctions on Russia, and comes as trade tensions have been on the rise between Trump and buyers of Russian oil. This week, Trump threatened to increase tariffs on India if it kept purchasing Russian oil. Trump also said China, the largest buyer of Russian crude, could be hit with tariffs similar to those levied against Indian imports. "Various non-oil considerations are at play, including fears over the impact of tariffs and the headlines flying over the last few days regarding a Trump and Putin meeting in the near term," said Neil Crosby, an energy market analyst at Sparta Commodities. "Headline risk is particularly strong currently with flip-flopping regarding who will turn up to a meeting over Ukraine and under what circumstances." Higher U.S. tariffs on imports from a host of trade partners went into effect on Thursday, raising concern over economic activity and demand for crude oil, ANZ Bank analysts said in a note. OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, adding to supply. The U.S. oil rig count, an indicator of future supply, rose by one to 411 this week. "Bearish sentiment has returned this week as key OPEC+ members announced a second 'quadruple' output unwind for September (thus fully restoring their extra voluntary cuts of 2.2 mmb/d) and President Trump's sweeping import tariffs took effect against most countries," analysts at FGE NexantECA said. Trump on Thursday also said he will nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a newly vacant seat at the Federal Reserve, fuelling expectations of a more dovish policy ahead. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. The dollar firmed on Friday but headed for a weekly fall. A stronger dollar hurts demand for dollar-denominated crude from foreign buyers. https://www.reuters.com/business/energy/oil-holds-steady-reports-us-russia-deal-2025-08-08/

2025-08-08 19:56

US ruling implies 1 kg gold bars fall under broad import tariffs Ruling is issued by U.S. Customs and Border Protection service Swiss refinery, some non-Swiss industry players stop US deliveries Gold market hopes to see the ruling reversed by the White House LONDON, Aug 8 (Reuters) - The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States. According to a ruling on the U.S. Customs and Border Protection (CBP) service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. Sign up here. The White House intends to issue an executive order in the near future "clarifying misinformation" about tariffs on gold bars and other specialty products, the White House official told Reuters on Friday. U.S. gold futures pared gains after the White House comment. They were last up 0.1% at $3,457 per ounce, reducing a premium over spot gold , the global benchmark, which was steady at $3,398. The CBPruling , opens new tab refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification applied to any country delivering these bars to the U.S. "The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland," Christoph Wild, president of the ASFCMP, told Reuters. "With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S," Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. "Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say "likely"...the possibility remains that this is an error," said independent analyst Ross Norman. A major gold refinery in Switzerland stopped deliveries to the U.S. after seeing the CBP ruling, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland did the same. The White House's upcoming executive order "should hopefully clear things up," said the logistics source. Protecting the U.S. gold futures during this uncertainty are high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. "The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present," said StoneX analyst Rhona O'Connell. https://www.reuters.com/world/us/white-house-clarify-tariffs-gold-bars-industry-stops-flying-bullion-us-2025-08-08/