2025-07-30 20:35
BOGOTA, July 30 (Reuters) - An explosives attack in northern Colombia has forced the suspension of crude oil pumping through the Cano Limon-Covenas pipeline, operator Cenit, a subsidiary of state-run oil producer Ecopetrol, said on Wednesday. The attack occurred in a rural area in the Arauquita municipality and left no injured or dead, but caused Cenit to activate emergency protocols to contain the oil spill, the firm said. Sign up here. Cenit did not attribute the attack to any organization, but the nation's armed forces say that the National Liberation Army (ELN), a guerrilla group, as well as dissidents who splintered off from the Revolutionary Armed Forces of Colombia (FARC), are present in the area. The Cano Limon-Covenas pipeline, able to pump up to 210,000 barrels of crude a day over 773 kilometers, is a frequent target of attacks, according to Cenit. https://www.reuters.com/business/energy/explosives-attack-suspends-crude-pumping-through-colombias-cano-limon-covenas-2025-07-30/
2025-07-30 20:35
WASHINGTON, July 30 (Reuters) - U.S. President Donald Trump said on Wednesday his administration struck a deal with Pakistan in which Washington will work with Islamabad in developing the South Asian nation's oil reserves. "We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves," Trump wrote on social media. Sign up here. "We are in the process of choosing the Oil Company that will lead this Partnership." Trump's social media post did not provide further details on the deal between the U.S. and Pakistan. The Pakistani embassy in Washington had no immediate comment. Last week, Pakistani Foreign Minister Ishaq Dar said the United States and Pakistan were "very close" to a trade deal that could come within days, after he met with Secretary of State Marco Rubio on Friday. Under Trump, Washington has attempted to renegotiate trade agreements with many countries that he threatened with tariffs over what he calls unfair trade relations. Many economists dispute Trump's characterization. The U.S. State Department and Pakistan's foreign ministry, in separate statements after Rubio's meeting with Dar, said last week the two top diplomats stressed in their discussion the importance of expanding trade and ties in critical minerals and mining. "Our teams have been here in Washington discussing, having virtual meetings and a committee has been tasked by the prime minister to fine tune now," Dar said last week about U.S.-Pakistan talks. https://www.reuters.com/world/asia-pacific/trump-says-us-pakistan-have-concluded-trade-deal-2025-07-30/
2025-07-30 20:31
TSX ends down 0.6% at 27,369.96 Posts biggest decline since May 21 BoC holds key interest rate at 2.75% Materials group falls 2.1% as copper tumbles July 30 (Reuters) - Canada's main stock index fell on Wednesday, with the materials sector leading broad-based declines as metal prices fell and the Federal Reserve stopped short of signaling a move to interest rate cuts. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 169.92 points, or 0.6%, at 27,369.96., after posting a record closing high on Tuesday. It was the index's biggest decline since May 21. Sign up here. "Quite the action-packed day," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "The Fed announcement had quite an impact on U.S. markets because there was some expectation about a potential timetable for rate cuts which wasn't forthcoming." The Federal Reserve held interest rates steady on Wednesday in a split decision that gave little indication of when borrowing costs might be lowered and drew from two of the U.S. central bank's governors. U.S. economic growth rebounded more than expected in the second quarter, but that measurement grossly overstated the economy's health as declining imports accounted for the bulk of the improvement and domestic demand increased at its slowest pace in 2-1/2 years. The BoC also remained on the sidelines. It left its benchmark interest rate at 2.75% for the third straight policy decision and said that the risk of a severe and escalating global trade war had diminished. The materials group (.GSPTTMT) , opens new tab, which includes metal mining shares, dropped 2.1% as gold and copper prices fell, with the latter down nearly 20%. Heavily weighted financials (.SPTTFS) , opens new tab were down 0.6% and technology ended 0.5% lower. Eight of the index's 10 major sectors lost ground. Capital Power Corp (CPX.TO) , opens new tab was among the biggest decliners. Its shares were down 6.9%% after the company reported a quarterly loss. https://www.reuters.com/markets/europe/tsx-posts-biggest-decline-10-weeks-fed-boc-remain-sidelined-2025-07-30/
2025-07-30 20:31
Fed keeps rates unchanged, two governors dissent U.S. GDP up 3% in Q2 Indexes: Dow off 0.38%, S&P 500 off 0.12%, Nasdaq up 0.15% Market expectations for September rate cut fall below 50% July 30 (Reuters) - U.S. stocks closed well off earlier highs after a choppy session on Wednesday, as Federal Reserve Chair Jerome Powell chilled expectations the central bank might be poised to cut rates at its September meeting. In keeping rates unchanged, as was widely expected, the central bank said "the unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated," in a split decision that saw two governors dissent. Sign up here. Stocks were modestly higher before the Fed statement as investors assessed the first reading of second-quarter economic growth, which was stronger than expected, but underlying details indicated an economy that was likely losing strength. However, stocks retreated after Powell said it was too soon to say whether the Fed would cut rates at its next meeting in September and noted that current policy was modestly restrictive but has not been holding back the economy. "There wasn't too much of a change in the statement here, still showing concerns about how these tariff policies will come through and probably yet to rely on the data that's come through, you can see that just in the GDP report, how much noise is going on in each of these releases right now," said JP Powers, chief investment officer at RWA Wealth Partners in Boston. "If I were Powell, I don't know how much he thinks about his legacy, but I think he's going to err on the side of probably being too late to cut rates here on his way out rather than risk any flare-up just as he's heading off into the sunset." The Dow Jones Industrial Average (.DJI) , opens new tab fell 171.71 points, or 0.38%, to 44,461.28, the S&P 500 (.SPX) , opens new tab lost 7.96 points, or 0.12%, to 6,362.90 and the Nasdaq Composite (.IXIC) , opens new tab gained 31.38 points, or 0.15%, to 21,129.67. The S&P had risen as much as 0.4% on the session before fading. After market expectations for a September rate cut climbed to about 68% following the Fed statement, they fell below 50% in the wake of Powell's comments, according to the LSEG data. Earlier data in the ADP employment report showed private payrolls grew by 104,000 in July, topping forecasts of 75,000, the latest in a string of labor market data this week before Friday's government payrolls report. Megacap companies Microsoft (MSFT.O) , opens new tab and Meta Platforms (META.O) , opens new tab were both up more than 6% in extended trade after reporting quarterly results while investors were still awaiting earnings from Amazon (AMZN.O) , opens new tab and Apple (AAPL.O) , opens new tab on Thursday. The recent batch of corporate earnings initially helped buoy equities, with Teradyne (TER.O) , opens new tab surging 18.9% as one of the best performers on the S&P 500 after its quarterly results. Solid earnings from a host of consumer-facing names also put the resilience of shoppers on display. Starbucks (SBUX.O) , opens new tab posted better-than-expected third-quarter sales, although its shares edged down 0.2%, while Hershey (HSY.N) , opens new tab gained 1.4% after the chocolate and snacks company reported results that topped forecasts. VF Corp (VFC.N) , opens new tab, parent of Vans, beat quarterly revenue estimates and closed up 2.6%. Still, the tariff overhang remained, as President Donald Trump said the U.S. would impose a 50% tariff on copper pipes and wiring, although that fell short of the more draconian measures expected, and excluded copper input materials such as ores, concentrates and cathodes. The tariff weighed heavily on the S&P 500 materials (.SPLRCM) , opens new tab sector, which fell 2%, as Freeport-McMoRan (FCX.N) , opens new tab shares tumbled 9.5%. Declining issues outnumbered advancers by a 2.52-to-1 ratio on the NYSE, while advancing issues outnumbered decliners by a 2.05-to-1 ratio on the Nasdaq. The S&P 500 posted 31 new 52-week highs and 15 new lows, while the Nasdaq Composite recorded 73 new highs and 104 new lows. Volume on U.S. exchanges was 17.66 billion shares, compared with the 17.87 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/equities-retreat-powell-dampens-fed-sept-cut-hopes-2025-07-30/
2025-07-30 20:28
MEXICO CITY, July 30 (Reuters) - Grupo Mexico, a major copper producer, is looking to decide on investments for projects in the United States within the next three to five years, an executive said on a call on Wednesday, as Washington prepares to levy tariffs on some copper products. U.S. copper prices plunged on Wednesday after an order signed by President Donald Trump fell short of the sweeping restrictions expected and left out copper input materials such as ores, concentrates and cathodes. Sign up here. Grupo Mexico had earlier said it saw the proposed tariffs as an opportunity to invest some $6 billion in expanding copper projects in Arizona run by its local subsidiary Asarco, including reopening a mothballed smelting operation. "Now with the recent developments, we're continuously evaluating if we should or we should not restart our Hayden operation," Leonardo Contreras, finance chief of Grupo Mexico's mining division told analysts in a conference call. "We will continue to monitor on how these global changes happen on a daily basis," Contreras added. The tariff was intended to promote domestic development but the United States depends on imports for nearly half of its refined copper needs, and homegrown projects often take years to get off the ground. Chile, Canada and Mexico are currently its main suppliers, though China buys the bulk of their exports. Grupo Mexico said that although the trade war between the U.S. and China could affect global economic growth and consequently demand for copper, it maintained a "very positive" outlook for long-term copper growth in Asia. https://www.reuters.com/world/china/grupo-mexico-evaluating-us-investments-after-scaled-back-copper-tariff-2025-07-30/
2025-07-30 20:25
July 30 (Reuters) - Albemarle (ALB.N) , opens new tab, the world's largest producer of lithium for rechargeable batteries, posted a surprise second-quarter profit on Wednesday, helped by rising demand for the metal. Shares of the company rose 5.6% after the bell. Sign up here. Lithium's use in electric vehicles, large-scale battery storage and other electronic applications has grown rapidly, with demand up 24% last year and likely to grow 12% annually for the next decade, according to data from consultancy Fastmarkets. However, prices have fallen more than 90% in the past two years due in part to oversupply in China, fueling layoffs, corporate buyouts and project delays across the globe. The Charlotte, North Carolina-based company reported an adjusted profit of 11 cents per share, compared with analysts' expectations of 82 cents loss per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/albemarle-posts-surprise-second-quarter-profit-2025-07-30/
