2025-08-14 10:57

NEW DELHI, Aug 14 (Reuters) - Indian state refiners have started making enquiries with trading firms about purchases of Russia's Urals crude oil as discounts widen, three people with knowledge of the matter said on Thursday, ahead of a high-profile meeting of U.S. and Russian leaders on Friday. Indian state refiners - Indian Oil Corp (IOC.NS) , opens new tab, Hindustan Petroleum Corp (HPCL.NS) , opens new tab, Bharat Petroleum Corp (BPCL.NS) , opens new tab and Mangalore Refinery Petrochemical Ltd (MRPL.NS) , opens new tab - paused Russian oil purchases last month as discounts narrowed. Sign up here. The state refiners, which account for more than 60% of India's 5.2 million barrels per day of refining capacity, buy Russian oil on a delivered basis. Spot discounts for Russian Urals crude delivered to India in October have widened to about $2.70 per barrel from $1-$1.50 per barrel in late July, the sources said. The wider discount makes delivery of Urals cheaper than it was in July. India became the largest customer of Russian seaborne oil from 2022, after Western countries shunned Russian oil and imposed sanctions on Moscow for its invasion of Ukraine. U.S. President Donald Trump last month threatened sanctions on buyers of Russian exports unless Russia agrees to a peace deal with Ukraine. Trump and Russian President Vladimir Putin will discuss a possible deal to end the war in Ukraine when they meet on Friday in Alaska. "We will wait for the outcome of Trump-Putin talks that will give us some indications," one of the sources said. State-run Bharat Petroleum Corp (BPCL.NS) , opens new tab aims to continue using Russian oil to meet up to 35% of its processing needs if there are no new sanctions, Vetsa Ramakrishna Gupta, its finance head, told an analyst call on Thursday. BPCL's Russian oil purchases slowed in July as discounts narrowed, he added. Indian state refiners have turned to spot purchases from countries including Brazil, West Africa, and the United States to replace lower Russian oil supplies. Russian Urals crude is priced at a discount to Brent crude oil, a widely used oil pricing benchmark. Russian oil accounts for more than a third of India's overall purchases. Unlike state refiners, private companies, including Reliance Industries (RELI.NS) , opens new tab and Nayara Energy, have term contracts to buy Russian oil. https://www.reuters.com/business/energy/indian-state-refiners-eye-russian-oil-discounts-widen-sources-say-2025-08-14/

2025-08-14 10:55

FTSE 100 flat, FTSE 250 down 0.1% UK economy slows less than expected Diploma falls after finance chief steps down Aug 14 (Reuters) - Britain's FTSE 100 was nearly flat on Thursday as advances in defence stocks offset declines in energy and mining shares, while investors assessed the country's latest GDP figures. As of 1018 GMT, the blue-chip index (.FTSE) , opens new tab was down 0.06%, after three consecutive sessions of gains, while the domestically focused midcap (.FTMC) , opens new tab index also declined 0.1% Sign up here. Investors parsed Wednesday's British GDP data for the second quarter, which showed the economy slowed less than expected despite U.S. trade tariffs and a weaker jobs market. Much of the slowdown is due to manufacturers frontloading goods in the previous quarter to avoid tariffs, said George Brown, senior economist at Schroders. "This drag should ease in the third quarter, even against a tougher global trade backdrop," he said. "We expect the Bank of England to keep rates on hold for the remainder of the year." The energy sector (.FTNMX601010) , opens new tab was the main drag on the FTSE 100, down 1.3% Harbour Energy (HBR.L) , opens new tab led the losses, falling 4.5%, while oil majors Shell (SHEL.L) , opens new tab and BP (BP.L) , opens new tab each fell over 1%. Industrial metal miners (.FTNMX551020) , opens new tab also retreated 1% amid weakness in copper and iron ore prices. The aerospace and defence (.FTNMX502010) , opens new tab index led the gains, up 2.2%. Among individual stocks, British Gas owner Centrica (CNA.L) , opens new tab rose 2.5% after announcing it will jointly buy National Grid's (NG.L) , opens new tab Grain LNG terminal with U.S.-based Energy Capital Partners for about 1.5 billion pounds ($2.04 billion). Insurer Aviva (AV.L) , opens new tab jumped 3.5% to a 17-year high after raising its interim dividend and reporting a 22% rise in half-year operating profit, boosting the life-insurer's index (.FTNMX303010) , opens new tab 1.6%. The non-life insurers index (.FTNMX303020) , opens new tab also advanced 1.3%, with Admiral Group (ADML.L) , opens new tab rising 4.8% after reporting a 67% jump in half-year pretax profit. Technical products distributor Diploma (DPLM.L) , opens new tab fell 3.4% after finance chief Chris Davies stepped down over personal conduct issues. ($1 = 0.7365 pounds) https://www.reuters.com/world/uk/ftse-100-pauses-after-three-day-rally-gdp-data-focus-2025-08-14/

2025-08-14 10:36

Norway's policy rate on hold, as expected Central bank eyes cut later this year Says job of fighting inflation not fully completed Currency strengthens slightly after announcement ARENDAL, Norway, Aug 14 (Reuters) - Norway's central bank kept its policy interest rate on hold at 4.25% on Thursday, as unanimously predicted by analysts in a Reuters poll, and reiterated plans to cut borrowing costs later this year. Norges Bank, in a surprise decision, cut its key interest rate in June by 25 basis points to 4.25%, the first reduction in more than five years, and said there were more cuts to come due to a more benign inflation outlook. Sign up here. "If the economy evolves broadly according as envisaged, we will lower the policy rate further in the course of the year," Governor Ida Wolden Bache told Reuters. "We have not now made a decision about what to do in September (the next rate meeting). That will depend on the data coming in." She underlined that it was difficult to interpret current data and there remained significant uncertainty about how U.S. tariffs would impact inflation. "There is still uncertainty about the trade regime globally, and not least about the effects of those tariff increases that we have seen," Bache said in an interview. "What we've seen so far is that growth among our main trading partners has, if anything, been higher than anticipated. But the numbers are difficult to interpret at the moment, and it remains to be seen how large those effects will be." The monetary policy committee in June predicted it would make one or two quarter-point rate cuts in the second half of the year. "The information we have received so far indicates that the outlook for the Norwegian economy has remained broadly in line with the outlook in June," Bache told a press conference earlier. All 26 analysts in an August 8-11 poll expected rates to stay on hold this week and were unanimous in predicting a cut in September to 4.00%, and most also anticipated a cut in December to end 2025 on 3.75%. "This is what we, and others expected... We believe the next rate cut will come as soon as September," said Oeystein Doerum, chief economist for the Norwegian Confederation of Enterprises. The Norwegian crown currency initially strengthened against the euro following the 0800 GMT announcement, but later gave up most gains to trade at 11.90 per euro at 1012 GMT. Before the June cut, the Norwegian policy stance had long contrasted with other Western central banks, most of which started cutting rates last year as growth slowed and inflation eased. While the job of tackling Norwegian inflation has not been fully completed, the central bank does not want to restrict the economy more than needed. "It will likely be appropriate to continue with a cautious normalisation of the policy rate ahead," Bache said. https://www.reuters.com/business/finance/norway-central-bank-keeps-rate-hold-eyes-cut-this-year-2025-08-14/

2025-08-14 10:12

LONDON, Aug 14 (Reuters) - The pound rose to a fresh three-week high against the dollar on Thursday even as the greenback advanced against other major currencies, after UK GDP figures for July showed the economy slowing less than expected in the second quarter. At 0937 GMT, the pound was 0.1% higher at $1.135875, sitting at a three-week high against the dollar . Meanwhile, the dollar rose against the euro and Swiss franc. Sign up here. Against the euro, sterling rose 0.22% to 86.01 pence . Official figures published on Thursday showed Britain's economy slowed less than expected between April and June after a strong start to the year, despite the shock of U.S. import tariffs and a weaker jobs market, offering help to finance minister Rachel Reeves in meeting her budget goals. Francesco Pesole, FX strategist at ING, said while the numbers were generally positive they matter more for gilts and for the government heading into the autumn budget. "The BoE hasn't really looked at GDP numbers closely because they're volatile and backward-looking, and they're really looking much more closely at inflation and jobs." UK labour data on Tuesday showed weakness in hiring but persistent wage growth, a headache for the Bank of England, which is faced with the tricky task of balancing a slowing economy and stubborn inflation. The next batch of inflation figures is due on August 20 after last month's CPI figures for June showing UK inflation rising to 3.6% - its highest since January 2024. "The fact that policymakers are pondering how to respond to the challenging combination of a rather weak real economy and persistent inflation has bolstered the pound," wrote Commerzbank analysts in a note. "...these doubts reinforce the view that the BoE is not leaning towards a dovish stance." Money markets expect the BoE to hold rates steady at 4.25% at its next meeting on September 18 . https://www.reuters.com/world/uk/sterling-ticks-higher-against-dollar-economy-slows-less-than-expected-2025-08-14/

2025-08-14 10:02

Aug 14 (Reuters) - After years of sitting on the sidelines, U.S. crypto companies are lining up to go public, buoyed by friendly policies under President Donald Trump's second administration that have pushed the value of global cryptocurrencies to a record $4.2 trillion. Bullish (BLSH.N) , opens new tab, a cryptocurrency exchange operator that counts billionaire Peter Thiel among its backers, was the latest to tap U.S. public markets on Wednesday, raising over $1.1 billion. Sign up here. Analysts point to rising mainstream adoption and deep-pocketed corporate backers as forces reshaping the sector's fundraising landscape and boosting demand for new crypto stocks. INDUSTRY BELLWETHER Circle (CRCL.N) , opens new tab went public in June in a blowout NYSE debut, with shares more than doubling at the open to value the stablecoin issuer at about $18 billion. Stablecoins are a type of cryptocurrency pegged to a fiat currency, usually the dollar. "More than anything, Circle's trading has really been the biggest green light for the industry," said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital. Days after that IPO, the U.S. Senate passed the landmark Genius Act establishing a regulatory framework for stablecoins, fueling a rally in the stock. Circle's shares closed the previous session at $153.16, versus its IPO price of $31 apiece. The company is now worth around $35 billion, according to LSEG-compiled data. "Positive trading and a friendly regulator make for a powerful combo," Kennedy added. CRYPTO MARKET MOMENTUM The growing roster of IPO candidates underscores how far the sector has come since the 2022 collapse of crypto exchange FTX triggered a crypto winter, crushing valuations and investor confidence. After years of write-downs and retrenchment, the rebound in prices and sentiment is driving companies to tap public markets. "Private investors are likely seeking liquidity. Many VCs and private equity firms have held these positions for years," said Kat Liu, vice president at IPO research firm IPOX. "These are no longer purely speculative businesses." The passage of the Genius Act, coupled with Circle's blockbuster market debut, has spurred a wave of other crypto firms to press ahead with listing plans. BitGo, Grayscale and Gemini are among those that have already submitted confidential filings to list their shares. Analysts also view crypto exchange Kraken as a potential IPO candidate in the sector. SPAC DEALS While a handful of crypto companies have gone public via IPOs, many are opting to merge with special purpose acquisition companies, which typically undergo less scrutiny. A SPAC is a publicly-listed shell company with a pool of capital. A private company can list its shares via a merger with a SPAC. The SPAC route has mostly been popular among smaller startups aiming to emulate Michael Saylor's Strategy (MSTR.O) , opens new tab, which pioneered the "crypto holding company" model. By holding tokens such as bitcoin and ether on their balance sheets, these companies position themselves as an indirect vehicle for investors to gain crypto exposure. Bitcoin , the world's largest cryptocurrency, is forecast to continue climbing and end the year at $200,000. Standard Chartered expects ether , the second-largest, to finish 2025 at $7,500. Bitcoin closed at $120,181.98 and ether at $4619.73 on Tuesday. "These treasury strategy trades are going to continue for a while. And as long as they trade at a premium, you're going to see people raise money," said Joe Nardini, head of investment banking at B. Riley Securities. US IPO REBOUND The broader U.S. IPO market has also steadily recovered this year, after stalling briefly in April due to uncertainty created by Trump's sweeping tariffs. There have been 216 IPOs on U.S. exchanges so far this year, the most since 2021, raising a total of $39.83 billion, compared with 118 offerings in the same period a year ago, according to Dealogic data. Bankers expect a strong fall IPO window, with high-profile startups such as buy now, pay later lender Klarna and software firm Genesys set to hit the market. Firefly Aerospace's (FLY.O) , opens new tab soaring space-tech debut alongside Chime's (CHYM.O) , opens new tab and Figma's (FIG.N) , opens new tab first-day surges have injected fresh momentum into a market hungry for standout new offerings. Still, bankers warn the IPO market remains highly sensitive to shifts in sentiment and broader volatility. https://www.reuters.com/business/finance/trump-fueled-crypto-frenzy-sparks-rush-wall-street-ipos-2025-08-14/

2025-08-14 09:52

Interim targets to serve as 'commitment and anchor' Targets set at 24% this year and 16% next year Central bank cut rates by 300 basis points last month Inflation fell to 33.5% in July ISTANBUL, Aug 14 (Reuters) - Turkey's central bank announced interim targets for inflation in a new communication strategy on Thursday, setting a target of 24% for end-2025 and 16% for end-2026. Presenting the bank's quarterly inflation report in Istanbul, Governor Fatih Karahan said inflation was currently projected to be between 25% and 29% in 2025 and between 13% and 19% in 2026. Sign up here. "We have decided to change the framework for presenting medium-term forecasts," Karahan said. "We will present 'interim targets' that will not be changed unless extraordinary circumstances occur between report periods." "The 'year-end interim targets' will serve as a commitment and anchor," he said. Last month, Turkey's central bank cut interest rates by 300 basis points to 43%, resuming an easing cycle that had been disrupted by political turmoil earlier this year, as markets have since calmed and disinflation continued. Annual consumer price inflation fell to 33.52% in July, sustaining a downward trend after hitting a peak of 75% in May last year. The bank was keeping its 24% end-2025 inflation forecast as its interim target for the year, with interim targets of 16% and 9% set for 2026 and 2027 respectively, Karahan said, adding that forecasts will continue to be announced in inflation reports. "Interim targets will serve as a reference in determining the endogenous monetary policy path, ensuring that inflation converges to the interim targets within the control horizon," he said, noting that this period was between 12 and 24 months. He said the bank foresees inflation stabilising at 5% in the medium term. "During the disinflation process, we will maintain our tight monetary policy stance to achieve our interim targets," he said. The lira was little changed at 40.79 against the dollar after the report's release. Before last month's rate cut, the bank had hiked its policy rate to 46% from 42.5% in April, reversing an easing cycle that had begun in December, following market volatility over the arrest in March of Istanbul Mayor Ekrem Imamoglu, who is President Tayyip Erdogan's main rival. https://www.reuters.com/world/middle-east/turkish-central-bank-sets-new-interim-targets-inflation-2025-08-14/