2025-09-02 12:00
Sept 2 (Reuters) - Dow (DOW.N) , opens new tab said on Tuesday it has sold an additional stake in its infrastructure venture to its partner Macquarie Asset Management for $540 million as the chemical maker looks to focus more on its core business. The deal raises Macquarie's stake in the venture, Diamond Infrastructure Solutions, to 49%, and brings Dow's total proceeds from the transaction to about $3 billion. Sign up here. The announcement is part of Dow's earlier agreement with the Australian asset management firm, through which they created the venture to be an infrastructure provider to the chemical maker and other industrial customers. Earlier this year, the company closed a 40% stake sale in some U.S. Gulf Coast infrastructure assets to a fund managed by Macquarie for $2.4 billion. Dow has been reevaluating its ownership of non-product producing assets across its global portfolio, including power and steam production and pipelines. Diamond Infrastructure is an infrastructure provider to Dow and other industrial customers at its five locations in Texas and Louisiana. https://www.reuters.com/business/dow-sells-additional-stake-infrastructure-venture-540-million-2025-09-02/
2025-09-02 11:56
30-year British gilt yield at highest since 1998 French 30-year OAT yield highest since 2011 Pound and yen both under pressure European stocks, U.S. futures both slide Gold hits record high before retreating LONDON/SINGAPORE, Sept 2 (Reuters) - Long-dated bond yields in Europe hit multi-year highs on Tuesday as investors grow increasingly worried about the state of finances in countries around the world, while stocks slid, the dollar gained, and gold touched a fresh record high. As markets suffered a sharp September back-to-school shock, the Japanese yen also tumbled after a close aide to Prime Minister Shigeru Ishiba said on Tuesday he would resign from his post. Sign up here. Later in the day, U.S. business activity data will be the first in a raft of important economic figures to come this week. Britain's 30-year bond yield rose nearly 6 basis points to 5.697%, its highest since 1998, France's rose a similar amount to 4.513%, its highest since 2009, and Germany's was at its highest since 2011 at 3.41%. , , Bond yields move inversely to prices, and yields especially on super-long-dated 30-year bonds have been soaring around the world, with investors concerned about the scale of debt in countries from Japan to the United States. "The pain trade in bond markets seamlessly carried over from August into September," said Kenneth Broux, head of corporate research FX and rates at Societe Generale. "And the flurry of new primary issuance that awaits investors in the coming days and weeks threatens to exacerbate the global sell-off in the long end." More than 100 billion euros ($117 billion) is planned in European bond issuance in September and October. The U.S. 30-year yield was also up 6 bps at 4.8% but that was only its highest since July, while benchmark 10-year Treasury yields rose 6 bps to 4.28%. But Britain and France are in particular focus. French Prime Minister Francois Bayrou looks set to lose a confidence vote next week as opposition parties balk at his cuts to government spending, while British finance minister Rachel Reeves is expected to raise taxes in her autumn budget in order to remain in line with her fiscal targets. Sterling also tumbled sharply, down 1.3% on the dollar at $1.3370, and at its weakest in nearly a month on the euro. , Currencies were volatile elsewhere too, and the dollar was last up nearly 1%on the yen, at 148.6 as dovish-leaning remarks from a Bank of Japan official and the resignation of a key ruling party official pulled down the Japanese currency. The euro also slid 0.7% to $1.631. and Broux said the dollar was seeing some safe-haven properties for the first time since April's tariff shock. "It is only one day of course," he said noting the moves could provide "an attractive entry point if (nonfarm payrolls) surprises to the downside on Friday and the clamour grows for the Fed to cut." All that hurt stocks, and Europe's broad Stoxx 600 share benchmark was down 1%, with rate-sensitive real estate stocks down nearly 3%. (.SX86P) , opens new tab U.S. share futures fell 0.7% BUSY WEEK FOR US DATA Still to come is U.S. business activity data, the first instalment in a packed week of economic figures which will either underscore expectations the Federal Reserve will cut rates later this month, or put them into question. The most important of the week's data is Friday's U.S. nonfarm payrolls report, which will be preceded by data on job openings and private payrolls, providing investors and the Fed a clearer picture of the labour market that has become the centre of policy debate. Markets widely expect the Fed to lower interest rates later this month, pricing in an 89% chance of a 25-basis-point cut. The prospect of near-term Fed cuts, long-term worries about inflation, and global market jitters combine to a perfect environment for precious metals. Gold rose as high as $3,508.5 an ounce early on Tuesday, its highest on record, while silver rose to a 14-year high. , Both then retreated in European trading hit by a rebound in the dollar. Oil prices rose as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine. Brent crude rose 1.5% to $69.17 a barrel. https://www.reuters.com/world/china/global-markets-wrapup-4-2025-09-02/
2025-09-02 11:51
PARIS, Sept 2 (Reuters) - Brazil has made a formal request to become a member country of the International Energy Agency (IEA), said the IEA on Tuesday, in a move which would reinforce Brazil's importance in global energy markets. The IEA said it had a received a letter at its Paris headquarters from Brazilian government ministers, requesting that Brazil be able to start the process of accession to the IEA. Sign up here. Brazil, whose oil and gas production hit a record in July, is currently an association country member of the IEA, which has 32 countries with full membership status. "Brazil is a cornerstone of the global energy system today and its importance is only set to increase in the years ahead. We look forward to discussing next steps with Brazil and our member governments," said IEA executive director Fatih Birol. https://www.reuters.com/business/energy/brazil-asks-become-member-country-international-energy-agency-2025-09-02/
2025-09-02 11:48
Sept 2 (Reuters) - Energy firm Commonwealth LNG said on Tuesday it has received the final non-free trade agreement export authorization from the U.S. Department of Energy (DOE) for its export facility in Louisiana. The LNG export facility is located in the Cameron Parish and is expected to have a capacity of 9.5 million tonnes per annum. Sign up here. Commonwealth said the permit allows it to advance towards a final investment decision later this year with first LNG production expected in 2029. In May, the DOE said it will begin issuing final orders on pending applications to export liquefied natural gas to countries without a free trade agreement with the U.S. https://www.reuters.com/business/energy/commonwealth-lng-receives-final-export-permit-louisiana-facility-2025-09-02/
2025-09-02 11:47
Russia agrees to supply 44 bcm via existing pipeline Memorandum signed on Power of Siberia 2 through Mongolia Price for gas via Power of Siberia 2 lower than Europe Price for Power of Siberia still to be agreed - Miller MOSCOW, Sept 2 (Reuters) - Russia agreed to supply more natural gas to China and signed a memorandum on building the vast Power of Siberia 2 pipeline, but has yet to agree on pricing for one of the world's most expensive gas projects, Gazprom said on Tuesday. The "no limits" partnership between China, the world's biggest consumer of energy, and Russia, the world's biggest producer of natural resources, has strengthened since the West imposed sanctions to punish Russia for the war in Ukraine. Sign up here. By deepening ties with his "old friend" Russian President Vladimir Putin, Chinese President Xi Jinping is showing he can resist U.S. pressure to turn its back on Moscow. However, the lack of progress on pricing for Power of Siberia 2 indicates that he is also demanding steep discounts from Russia. Since losing a lucrative chunk of the European gas market, Russia has pivoted towards China. Gazprom has been seeking an agreement for years on the Power of Siberia 2 pipeline, capable of delivering 50 billion cubic metres (bcm) per year to China through Mongolia from the Arctic gas fields of Yamal. Alexei Miller, the CEO of Gazprom (GAZP.MM) , opens new tab, told Russian news agencies that an agreement had been reached to increase supplies via the existing Power of Siberia pipeline, which runs from Eastern Siberia to China, to 44 billion cubic metres (bcm) a year from 38 bcm. "Today, a legally binding memorandum was signed on the construction of the Power of Siberia 2 gas pipeline and the Soyuz Vostok transit gas pipeline through Mongolia," Miller said. Soyuz Vostok is designed to be the portion of the Power of Siberia 2 pipeline, traversing Mongolia. GAS PRICE LOWER THAN EUROPE But the price of gas supplied via the pipeline - one of the key factors for understanding the cost of building the pipeline and how those costs will be shared amongst the parties involved - will be agreed separately, Miller was quoted by the TASS state news agency as saying. The price, Miller said, would be lower than the price charged by Gazprom to European buyers due to the vast distances and terrain over which pipelines had to be built. It was also not clear who will build the pipeline. After Putin met Xi and Mongolian President Ukhnaagiin Khurelsukh in Beijing, the Kremlin said that 22 agreements had been signed during Chinese talks, including a deal on strategic cooperation between Gazprom and China National Petroleum Corporation, but it gave no details. Building a gas pipeline from the vast Bovanenkovo and Kharasavey gas fields of northern Russia across the wilderness of Siberia to Mongolia and then to China would be the world's biggest and most capital-intensive gas project, Miller said. Reuters reported last month that China was seeking to buy more Russian gas through an existing pipeline as talks between the two countries had failed to make significant progress on building a new link. NEW ERA Putin and Xi, who have both pushed back against the perceived humiliations of the 1991 collapse of the Soviet Union and centuries of European colonial dominance of China, say the world is entering a new era with the West in decline. Kirill Babaev, head of the China and Contemporary Asia Institute in Moscow, a think-tank that advises the Russian government on China, said the Beijing meetings had shown that the West had failed to isolate Russia. He said despite the unknowns over the pipeline, the project now had the political blessing of the leaders of Russia, China and Mongolia. China is Russia's biggest trading partner, the biggest purchaser of Russian crude and Russian gas, the second-biggest purchaser of Russian coal and the third-biggest purchaser of Russian LNG, according to the Kremlin. Gazprom supplies natural gas to China through a 3,000 km (1,865 mile) pipeline called Power of Siberia under a 30-year, $400 billion deal launched at the end of 2019 and supplies are expected to reach the planned capacity of 38 bcm this year. Miller said there had also been an agreement to increase the gas China buys through a pipeline from Sakhalin Island in Russia's Far East to 12 bcm annually from a prior agreement for 10 bcm. But Russia's gas exports to China are still a small fraction of the record 177 bcm it delivered to Europe in 2018-19 annually. https://www.reuters.com/business/energy/russia-signs-up-vast-new-china-pipeline-price-unclear-2025-09-02/
2025-09-02 11:47
Aims to raise as much as $317 million Positive move for broader market, analyst says Follows on the heels of strong Bullish IPO Sept 2 (Reuters) - Gemini is seeking a valuation of up to $2.22 billion in its U.S. initial public offering, the cryptocurrency exchange said on Tuesday, as digital asset platforms capitalize on renewed investor appetite for public market debuts. The New York-based company, founded by twins Cameron and Tyler Winklevoss in 2014, plans to sell 16.67 million shares at $17 to $19 each, with a target to raise as much as $317 million at the top of the range. Sign up here. The IPO filing comes as U.S. public offering activity experiences a strong resurgence, fueled by robust market conditions and impressive first-day trading performances that have whetted investor appetite and encouraged more private companies to go public. Recent debutants, including digital bank Chime Financial (CHYM.O) , opens new tab and a space technology firm Firefly Aerospace (FLY.O) , opens new tab, drew robust investor demand on their first day of trading. Gemini's listing would make it the third publicly traded digital asset exchange, after Bullish (BLSH.N) , opens new tab - which had a blockbuster debut earlier this year - and Coinbase (COIN.O) , opens new tab, the largest listed U.S. crypto exchange. "After Circle and Bullish's successful IPOs, alongside a strong overall market and higher crypto prices, it does feel like an opportune time for crypto-related companies to consider going public," said Bo Pei, analyst at US Tiger Securities. Digital assets have made steady inroads into mainstream finance, with U.S. regulators approving spot bitcoin ETFs last year and Coinbase joining the benchmark S&P 500 (.SPX) , opens new tab earlier in 2025. The Winklevoss brothers rose to prominence after settling a 2008 legal dispute with Facebook (META.O) , opens new tab and CEO Mark Zuckerberg. The pair earned the nickname "bitcoin twins" after investing part of their Facebook settlement in bitcoin, making them among the world's first cryptocurrency billionaires. Gemini expects to list on the Nasdaq under the ticker "GEMI." Goldman Sachs and Citigroup are lead bookrunners on the deal. https://www.reuters.com/business/winklevoss-twins-backed-gemini-targets-22-billion-valuation-us-ipo-2025-09-02/
