2025-07-31 20:01

Pakistan's first US crude purchase announced after landmark trade deal Deal diversifies crude sourcing, reduces reliance on Middle Eastern suppliers Cnergyico plans refinery upgrades, expects demand growth Cnergyico may import at least one US crude cargo per month if viable KARACHI/SINGAPORE, Aug 1 (Reuters) - Pakistan's largest refiner Cnergyico (CNER.PSX) , opens new tab will import 1 million barrels of oil from Vitol in October, its vice chairman Usama Qureshi told Reuters on Friday, marking the country's first-ever purchase of U.S. crude following a landmark trade deal. The West Texas Intermediate light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in the second half of October, Qureshi said. Sign up here. "This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could import at least one cargo per month," he said, adding that the shipment was not meant for resale. The deal follows months of multiple negotiations which first began in April, he said, after U.S. President Donald Trump threatened to impose 29% tariffs on imports from Pakistan. Qureshi said Pakistan's finance and petroleum ministries encouraged local refineries to explore U.S. crude imports after the April tariff announcement. Vitol did not immediately respond to a request for comment sent outside of office hours. On Thursday, Pakistan hailed a trade deal struck with the U.S., its top export market. Pakistan said the agreement would lead to lower tariffs and increased investment, without specifying the level of duties to be levied on Pakistani shipments. A key China ally, Pakistan has been warming up to Trump after he threatened tariffs. It has credited U.S. diplomatic intervention for ending recent hostilities with neighbouring India and nominated Trump for the Nobel peace prize. Oil is Pakistan's biggest import item and its shipments were valued at $11.3 billion in the year ended June 30, 2025, accounting for nearly a fifth of the country's total import bill. The import deal will help Pakistan diversify its crude sourcing and reduce reliance on Middle Eastern suppliers, who account for nearly all of its oil imports. "Gross refining margin is on par with gulf grades, and no blending or refinery tweaks are required," Qureshi said. Cnergyico can process 156,000 barrels of crude per day and operates the country's only single-point mooring terminal near Karachi, enabling it to handle large tankers unlike other refiners in Pakistan. The company plans to install a second offshore terminal to allow larger or more frequent shipments, and upgrade its refinery over the next five to six years, Qureshi said. The refiner, which has been operating at an average refinery run rate of 30-35% due to tepid local demand, is betting on growth in demand for oil products. "We expect run rates to rise as domestic demand strengthens and local production is prioritised over imported fuels," Qureshi said. Trump said on Wednesday the U.S. would also cooperate with Pakistan to develop the South Asian country's "massive oil reserves", without providing further details. https://www.reuters.com/business/energy/pakistan-get-first-us-oil-shipment-cnergyico-seals-import-deal-2025-07-31/

2025-07-31 19:56

Campari to issue investor update in November CEO tells Reuters weak dollar is a further challenge Not much room to hike U.S. retail prices, CEO says Too much uncertainty to shift production to the States, CFO says MILAN, July 31 (Reuters) - Italian spirits group Campari (CPRI.MI) , opens new tab on Thursday warned of an up to 45 million euro ($51 million) hit from U.S. tariffs to earnings this year, as it reported a 2.9% increase in second-quarter adjusted operating profit. European wine and spirits will face a 15% U.S. import tariff until a different deal is agreed in talks expected to continue in the autumn, the European Commission and EU diplomats said earlier on Thursday. Sign up here. Campari, whose products include the popular Aperol aperitif, sees a negative impact from U.S. tariffs ranging from 4 million euros, were tariffs on EU products to be lifted, to 45 million euros, excluding offsetting actions. The company is not considering any "meaningful" increase in prices given low U.S. consumer confidence, CFO Paolo Marchesini told analysts. He added that shifting production to the United States in such an uncertain environment was not an option either. CEO Simon Hunt said the weakening dollar, with the U.S. currency losing more than 10% of its value against the euro since January, posed a further challenge. "I don't think there's a lot of pricing movements at the moment because the devalued dollar means that actually whatever tariffs come through are then getting an additional hit when it gets to shelf," he told Reuters. Hunt also said the group, which last month agreed to sell its historic Cinzano vermouth and its Frattina grappa brands for 100 million euros, was still working on streamlining its portfolio. "We have a number of discussions that are ongoing with potential acquirers of some brands that we don't see as a great fit with us going forward ... but we are not in a hurry", he said on a phone interview. Campari's adjusted earning before interest and tax (EBIT) totalled 352 million euros in the first half, above the 326 million euros of a Visible Alpha consensus. Organic net sales rose 3.5% in the second quarter. In the first half, they were flat at 1.53 billion euros. The group confirmed its 2025 guidance and said that the third quarter would be key to have a clearer picture, allowing Campari to update investors on strategic priorities in November. ($1 = 0.8748 euros) https://www.reuters.com/markets/europe/italys-campari-flags-possible-tariff-hit-says-no-room-hike-us-prices-2025-07-31/

2025-07-31 19:53

US stock index end lower even with Meta, Microsoft boost Dollar rises against yen as BOJ holds rates steady, ups inflation forecast Mexico's peso gains on tariff news Investors await more trade clarity from August 1 deadline NEW YORK/LONDON, July 31 (Reuters) - The U.S. dollar index rose on Thursday while MSCI's global equities gauge fell as stronger-than-expected megacap earnings reports were balanced against signs of rising inflation and investor anxiousness ahead of President Donald Trump's deadline for trade agreements. Trump gave Mexico a 90-day reprieve from higher tariffs to negotiate a broader trade deal but was expected to issue higher final duty rates for most other countries as the clock wound down on the Friday deadline. Sign up here. Earlier in the day, an economic data release showed U.S. inflation increased in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. Thursday's data also showed fewer-than-expected Americans applied for unemployment benefits, while second-quarter U.S. labor costs increased slightly more than expected on a pick-up in wage growth. The Federal Reserve kept rates steady on Wednesday, and Chair Jerome Powell said the central bank needed to wait for more data before deciding whether to adjust rates in September, sending equities lower on the day and drawing further criticism from Trump. Indexes saw some support earlier on Thursday from better-than-expected results from Microsoft (MSFT.O) , opens new tab and Meta Platforms (META.O) , opens new tab but by the end of the day, gains had evaporated. With the economic data appearing to support the Fed's more hawkish stance and an anxious wait for Friday's payroll report along with Trump's tariff deadline, investors had an awful lot to handle this week, said Kevin Gordon, senior investment strategist at Schwab. "This is one of those weeks where it's almost too much information to digest, so the market is ignoring it all and staying in a tight range," Gordon said. However, he noted megacap strength was countering weakness elsewhere in the market including in small-cap companies, which have less latitude to cope with higher prices. "You really only have communications services and parts of technology that are holding you up today. Breadth is generally pretty weak," the strategist said. The Russell 2000 (.RUT) , opens new tab small cap index ended down 0.93% while the S&P 600 small cap index (.SPCY) , opens new tab fell 1.17%. On Wall Street, the Dow Jones Industrial Average (.DJI) , opens new tab fell 330.30 points, or 0.74%, to 44,130.98 and the S&P 500 (.SPX) , opens new tab was down 23.51 points, or 0.37%, to 6,339.39 with only two of its 11 major industry sectors showing gains for the day. The Nasdaq Composite (.IXIC) , opens new tab fell 7.23 points, or 0.03%, to 21,122.45. For the month, the S&P 500 gained 2.17% and the Nasdaq rose 3.7%, while the Dow added 0.08%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab fell 5.31 points, or 0.57%, to 929.02. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index finished down 0.75%, at a more than one-week low. European investors were disappointed by corporate earnings reports from the likes of Sanofi and Ferrari, while beverage makers slid as they were a 15% U.S. tariff. US DOLLAR EYES MONTHLY GAIN In currencies, the U.S. dollar was eyeing its first monthly gain for 2025 against major currencies, underpinned by hopes for clarity on trade policy and U.S. economic resilience. For the day, the dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.26% to 100.05. The euro was up 0.08% at $1.1413 and the Mexican peso strengthened 0.23% versus the dollar at 18.854. But against the Japanese yen , the dollar strengthened 0.84% to 150.76 after the Bank of Japan held interest rates steady and increased its inflation forecast. The Korean won weakened 0.21% against the dollar after Trump's announcement that the U.S. would charge a 15% tariff on imports from South Korea, which would in return invest $350 billion in U.S. projects and purchase $100 billion in U.S. energy products. In U.S. Treasuries, longer-dated yields were lower before the anticipated July jobs report, reversing an increase on Wednesday following Powell's comment. The yield on benchmark U.S. 10-year notes fell 0.6 basis points to 4.372%, from 4.378% late on Wednesday, while the 30-year bond yield fell 1.5 basis points to 4.8979%. But the 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 2 basis points to 3.957%, from 3.937% late on Wednesday. In oil markets, prices fell 1% after rising in each of the prior three sessions as investors considered the extension of an existing trade deal between the U.S. and Mexico and a surprise build in U.S. crude stocks put pressure on prices. U.S. crude settled down 1.06%, or 74 cents at $69.26 a barrel while Brent settled at $72.53 per barrel, down 0.97%, or 71 cents on the day. Gold prices rose as traders turned to the safe-haven asset on tariff uncertainty. Spot gold rose 0.51% to $3,291.55 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-8-2025-07-31/

2025-07-31 19:41

BOJ revises up inflation forecasts; yen strengthens slightly Dollar buoyant with year's first monthly gain in sight Fed reiterates patient approach on rates South Korea to face 15% US tariffs, more trade deals awaited NEW YORK/LONDON, July 31 (Reuters) - The U.S. dollar was headed for its first monthly gain for 2025 against major currencies on Thursday, underpinned by easing trade tensions and U.S. economic resilience. The dollar rose against the yen , trading at its highest level since May 28. It is on track to gain about 5% for July, making it the biggest monthly increase since December 2024. It was last up 0.83% at 150.765. Sign up here. In a widely expected move, the Bank of Japan on Thursday kept short-term interest rates steady at 0.5% by a unanimous vote, but revised up its inflation forecasts for the next few years. That came after the Federal Reserve left U.S. interest rates unchanged on Wednesday, ignoring persistent calls by President Donald Trump to lower borrowing costs. Fed Chair Jerome Powell also indicated he was in no rush to cut rates. The greenback has been bolstered by a hawkish Fed and U.S. economic resilience, with uncertainty over Trump's chaotic tariffs easing after an array of trade deals. The dollar index was up 0.16% at 99.949 after rising nearly 1% in the previous session. It is on track for the first monthly gain in 2025. "There's been a clash and a friction between what the Fed is seeing and deciding to do, and what the White House and perhaps a lot of people in the equity market want the Fed to do," said Juan Perez, director of trading of Monex USA in Washington. "If we had left the hawkish tone, the hawkish stance, and the hawkish press conference altogether, it makes sense to see the U.S. dollar rise - which it did. But today, because of the friction between the Fed and the White House, the dollar is once again hitting the brakes," Perez added. Data showed that the number of Americans filing new applications for unemployment benefits increased just marginally last week, suggesting that the U.S. labor market remained stable. The euro has been one of the biggest casualties of the dollar's ascent this month, as investors have rushed to unwind bets laid on earlier this year on the premise that the European market may offer better opportunities. The euro was last up 0.19% at $1.1426, having hit a seven-week low on Wednesday. Still, it remained on track to lose nearly 3% this month. "I think there was too much optimism in the price of the euro. And I think that's come back this week. There's been a lot of commentary about how the EU conceded to the U.S. on this trade deal and that's been a dose of reality for the Europeans," Rabobank strategist Jane Foley said. The dollar weakened 0.31% against the Swiss franc to 0.812 franc but it is on track to gain 2.36% for the month. The European Union's agreement on Sunday to 15% tariffs on U.S. exports has cleared up a lot of uncertainty. BOJ Governor Kazuo Ueda also said the U.S.-Japan trade deal reduced uncertainty on the outlook and heightened the likelihood of Japan durably hitting the BOJ's 2% inflation target - a prerequisite for further rate hikes. New U.S. trade deals included one with South Korea, which Trump said on Wednesday would pay a 15% tariff on U.S. imports. That was lower than a threatened 25% and the Korean won strengthened on the news and last stood at 1,395.21 per dollar. Trump on Wednesday also slapped a 50% tariff on most Brazilian goods and said the United States is still negotiating with India. But he gave Mexico a 90-day reprieve ahead of his Friday deal deadline. "We do however continue to expect that the tariff rates now being announced and codified will ultimately prove to be more dollar negative, even if some of the bilateral announcements (particularly on the EU) likely catalysed the striking dollar rebound so far this week," Goldman Sachs analysts led by Stuart Jenkins wrote in an investor note. https://www.reuters.com/world/africa/dollar-set-first-monthly-gain-2025-trade-deals-ease-uncertainty-2025-07-31/

2025-07-31 19:14

July 31 (Reuters) - Robinhood's (HOOD.O) , opens new tab earnings highlight how the app once at the center of the meme-stock mania has evolved into a broader platform to keep retail investors engaged even during market turbulence. The trading platform reported a surge in volumes across equities, options and cryptocurrencies in its second quarter, with momentum continuing in July despite market jitters over tariffs and high interest rates. Sign up here. That marks a sharp contrast from 2022, when Robinhood's business was closely tethered to retail stock buying. After the Federal Reserve kicked off its rate-hiking cycle in March, the firm's trading revenue slumped by nearly half from a year earlier, as many small investors moved to the sidelines. "In 2021, when we went public, it felt to me like we were much more fragile than today," Robinhood CEO Vlad Tenev said on the earnings call on Wednesday. "But now the road map, if you look at things that we expect to deliver in the short-term, medium-term and long-term, is pretty packed," he added, referring to new products such as tokenization and perpetual futures. For the second-quarter, Robinhood reported transaction-based revenue of $539 million, up 65% from a year earlier. Options soared 46% and equities climbed 65%. Crypto revenue nearly doubled. The company has also deepened its crypto presence with a $200 million acquisition of Bitstamp in June, boosting revenue. "Retail engagement remains strong on the platform," analysts at Piper Sandler wrote in a note, adding that the variety of products was supporting the engagement, with equity and options trading volumes tracking at record levels in July, while crypto volumes are near a six-month high. MEME-STOCK FRENZY Earlier this month, a wave of meme-stock mania sent shares of several highly shorted companies, such as donut chain Krispy Kreme (DNUT.O) , opens new tab, retailer Kohl's (KSS.N) , opens new tab and action camera maker GoPro (GPRO.O) , opens new tab, soaring on retail purchases but without any clear catalyst. The moves echoed the 2021 retail trading frenzy, when individual investors used Robinhood to buy shares of video game retailer GameStop (GME.N) , opens new tab, squeezing hedge funds that had taken short positions against the stock. While there have been some instances of elevated volumes this year, Robinhood CFO Jason Warnick said that the platform enjoys steady engagement even during quieter periods. "Some months will be higher than others. But we feel really good about the acquisition of new customers and the high retention rate," he added. CRYPTO BOOST Crypto trading has soared since the election of Donald Trump as U.S. president for a second term. Volumes have declined from a burst after the election, but analysts see the crypto market remaining sharply above pre-election levels. "We believe the Bitstamp acquisition solidifies Robinhood's crypto roadmap and increases crypto's future contribution to Robinhood's overall earnings, which has most frequently trended to about 10%-20% of revenue," analysts at J.P. Morgan said. Robinhood shares recently touched record highs and the company now has a market capitalization close to $94 billion. Wall Street's average rating on the stock is "buy", with at least seven brokerages raising their price targets after the market-beating earnings report. (This story has been refiled to remove an image with no changes to text) https://www.reuters.com/business/robinhood-outgrows-meme-frenzy-era-retail-trading-matures-2025-07-31/

2025-07-31 18:44

SEC Chair Paul Atkins unveils crypto rulemaking plans Atkins' proposals align with Trump's crypto-friendly stance 'Project Crypto' to modernize securities rules for digital assets July 31 (Reuters) - The head of the U.S. securities regulator unveiled sweeping plans to overhaul capital markets regulations on Thursday to accommodate cryptocurrencies and blockchain-based trading, in a major win for the digital asset industry, which has long pushed for tailored rules. Securities and Exchange Commission Chair Paul Atkins laid out numerous pro-crypto plans in remarks delivered in Washington, including that he has directed commission staff to craft guidelines to determine when a crypto token is a security as well as proposals for a wide range of disclosures and exemptions. Sign up here. Atkins also said he has asked SEC staff to work with firms looking to offer tokenized securities -- blockchain-based shares of stocks or funds that have become an increasing focus of many major crypto players. "This represents more than a regulatory shift — it is a generational opportunity," Atkins said in a speech before the America First Policy Institute, a think tank that was created to support President Donald Trump's policy agenda. If enacted, Atkins' proposals would represent a broad shift for U.S. securities regulation, potentially enabling crypto to become more enmeshed with traditional finance. Details of his plans for crypto come just a day after a cryptocurrency working group formed by Trump called on the SEC to create new rules specific to digital assets and outlined the administration's stances on market-defining crypto legislation. In a landmark report, the White House encouraged the SEC and the Commodity Futures Trading Commission to use their existing authorities to "immediately enable the trading of digital assets at the federal level." On the campaign trail last year, Trump courted crypto cash by pledging to be a "crypto president" and promote the adoption of digital assets. That is in stark contrast to former Democratic President Joe Biden's regulators, who, in a bid to protect Americans from fraud and money laundering, cracked down on the industry. The Biden administration's SEC sued exchanges Coinbase (COIN.O) , opens new tab, Binance, and dozens more, alleging they were flouting U.S. laws. Trump's SEC has since dropped those cases. Influential crypto executives had accused the Biden administration of being hostile to digital assets, and routinely expressed frustration with the lawsuits Biden’s SEC brought against several crypto companies, many of which alleged that most crypto tokens were unregistered securities. ‘PROJECT CRYPTO’ Atkins, who worked with crypto firms in recent years before heading the SEC, said the agency’s crypto rulemaking will be housed under a new initiative dubbed “Project Crypto,” which he said will seek to broadly modernize securities rules and regulations. Project Crypto will move to swiftly implement the White House’s recommendations laid out in Wednesday’s report, Atkins said. Those include establishing an "innovation" exemption from securities laws to allow market participants to engage in new business models, and providing guidance as to how digital assets can be considered commodities. Atkins said he has asked SEC staff to draft “clear and simple rules of the road” for crypto distributions, custody and trading, and that in the meantime, the regulator will consider using interpretative and exemptive authorities to provide regulatory flexibility for crypto issuers, exchanges and other intermediaries before new rules are formally adopted. Atkins also said that most cryptocurrencies are not securities, a designation that requires registration with the SEC along with certain disclosures. Crypto firms have tried to avoid that designation, because current regulations require securities to be traded separately from other assets, like commodities. But that could soon change, Atkins said, adding that he has directed SEC staff to develop a framework that allows for certain crypto assets that are deemed to be securities to be traded alongside tokens that are not securities. The extensive agenda Atkins laid out for crypto on Thursday is a major change in fortunes for the crypto industry, which spent millions of dollars in last year’s election to support Trump and other Republican congressional candidates. Atkins' plans for crypto answer nearly all of the crypto industry's major wishlist items. The crypto sector has for years argued that existing U.S. regulations are inappropriate for cryptocurrencies and has called for Congress and regulators to write new ones that clarify when a crypto token is a security, commodity, or falls into another category, such as stablecoins. Trump's support for the crypto industry has sparked conflict-of-interest concerns, which at times have threatened to derail congressional crypto legislation that the industry has said is critical to its future. Trump's family has launched cryptocurrency meme coins, and the president also holds a stake in World Liberty Financial, a crypto platform. The White House has denied that any conflicts of interest are present. https://www.reuters.com/sustainability/boards-policy-regulation/us-securities-regulator-lays-out-sweeping-plans-accommodate-crypto-2025-07-31/