2025-07-25 07:00
MILAN, July 25 (Reuters) - Italian energy group Eni (ENI.MI) , opens new tab said on Friday its second-quarter earnings fell 25% year-on-year as lower oil prices and a weaker dollar overshadowed a better-than-expected performance at its gas business. Adjusted net profit came in at 1.13 billion euros ($1.33 billion) between April and June, down from 1.52 billion euros in the same period of last year, but above an analyst consensus of 0.93 billion euros compiled by the company. Sign up here. Despite an adverse economic backdrop, the state-controlled group was able to cut its leverage before lease liabilities - a measure of total debt in relation to equity - to 19% from 22% in the same period last year. Including the proceeds expected from recent asset sales, its pro-forma leverage dropped to a historical low of 10%. The group increased its annual cash benefit target - or cost-saving goal - to 3 billion euros from 2 billion euros previously, after putting in place mitigation measures for more than 1 billion euros in the months between April and June. "We believe our strong financial position, unique and differentiated strategy and ability to be flexible and agile, mean we are well positioned to navigate the current market volatility," said Eni CEO Claudio Descalzi in a statement, adding the group will continue to reward investors. The state-controlled group stuck to its 1.5 billion euro share buyback plan and dividend policy. It raised its expectation for underlying cash flow from operations (CFFO) in the full year to around 11.5 billion euros from 11 billion. It also improved its expectations for its gas and LNG division for this year and confirmed its outlook for its low-carbon units Enilive and Plenitude. ($1 = 0.8517 euros) https://www.reuters.com/business/energy/italys-eni-reports-25-drop-second-quarter-profit-cuts-debt-2025-07-25/
2025-07-25 06:58
Close to a year's rain dumped in Baoding 19,453 people evacuated, bridge and road access affected Hebei sees higher-than-average annual rainfall in recent years Beijing to brace for heaviest rainfall in recent weeks Some trains in Inner Mongolia suspended for safety BEIJING, July 25 (Reuters) - Storms in northern China have poured nearly a year's rainfall on Baoding, an industrial city on the doorstep of the capital Beijing, forcing over 19,000 people out of their homes as streets began to go under water and roads were being cut off. As much as 447.4 mm (17.6 inches) of rain fell in Yi, in the western part of Baoding, in the 24 hours to early Friday morning, and records were reset at a number of weather stations in Hebei province, which Baoding is part of. Sign up here. Official records show annual rainfall in Baoding averages above 500 mm. A total of 19,453 people from 6,171 households were evacuated, the China Meteorological Administration (CMA) said in a social media post. The forecaster did not mention where the residents were moved to, but shared a short clip showing two policemen in neon rain jackets boot-deep on a waterlogged street as rains poured down at night. The forecaster compared the amount of precipitation to the exceptional rainfall brought by a powerful typhoon in 2023, which inundated the capital Beijing with rains unseen since records began 140 years ago. Baoding's Zhuozhou, which suffered devastating floods in those rains two years ago, saw access to several bridges and roads cut off after the storms unleashed more than 190 mm of rain by Friday morning. Northern China has witnessed record-breaking rainfall in recent years, exposing densely populated cities including Beijing to flood risks. Some scientists link the higher rainfall in China's usually arid north to global warming. Hebei province recorded 640.3 mm in annual rainfall last year, 26.6% more than its decades-long average, according to CMA's 2024 climate bulletin on the province. The report said Hebei has been recording consecutive above-average annual precipitation since 2020. Last summer, Baoding, together with neighbouring cities Zhangjiakou, Langfang, Xiongan and Cangzhou had 40% more than the usual seasonal precipitation, with some localised areas within Baoding recording 80% more rains, the report showed. The intensifying rainfall forms part of the broader pattern of extreme weather across China due to the East Asian monsoon, which has caused disruptions in the world's second-largest economy. Chinese authorities are watchful of extreme rainfall and severe flooding as they challenge China's ageing flood defences, threaten to displace millions and wreak havoc on a $2.8 trillion agricultural sector. Baoding maintained a red alert for heavy rains on Friday morning, while Hebei upgraded its emergency response preparedness. About 160 km (100 miles) from Baoding, Beijing was not spared the impact. Rains were forecast to intensify, potentially accumulating to more than 50 mm over a six-hour period from Friday afternoon till Saturday morning in a number of districts, state broadcaster CCTV said. The capital is expected to see the heaviest rainfall since its flooding season began, potentially triggering flash floods, debris rushing down mountains, landslides and other secondary disasters, CCTV reported. Elsewhere in the country's north, heavy rains disrupted railway service in Inner Mongolia as authorities suspended several passenger trains passing through high-risk areas from Friday to Tuesday. https://www.reuters.com/sustainability/climate-energy/storms-dump-nearly-year-rain-northern-china-19000-evacuated-2025-07-25/
2025-07-25 06:44
HAMBURG, July 25 (Reuters) - Rain has sharply raised water levels on the river Rhine in Germany, allowing ships to take on bigger loads and only northern sections of the river are still too shallow for cargo vessels to sail at full capacity, commodity traders said on Friday. Dry weather and a heatwave in June and July meant the river became too shallow for vessels to sail fully loaded. Ship operators imposed surcharges on freight rates to compensate for vessels sailing partly empty, increasing costs for cargo owners. Sign up here. The impact of the heatwave had been stronger than expected as fields which drain into smaller streams and rivers feeding into the Rhine were especially dry. Shallow water levels continue to hinder shipping in northern sections of the river in Germany, including Duisburg and Cologne, but vessels can sail around 70% full, traders said. The chokepoint of Kaub and southern sections of the river have returned to normal levels allowing vessels to sail fully loaded, they said. More rain forecast in river catchment areas in coming days is expected to raise river levels close to normal, traders said. The Rhine is an important shipping route for commodities such as grains, minerals, ores, chemicals, coal and oil products, including heating oil. German companies faced supply bottlenecks and production problems in summer 2022 after a drought led to unusually low water levels on the river. https://www.reuters.com/business/environment/rhine-river-levels-rise-germany-after-rain-ships-load-more-cargo-2025-07-25/
2025-07-25 06:44
Focus on Fed policy meeting due next week Dollar heads for biggest weekly drop in a month Silver on track for a weekly gain July 25 (Reuters) - Gold prices edged lower on Friday, as signs of progress in trade negotiations between the U.S. and its trading partners weighed on safe-haven demand, although an overall weaker dollar limited losses for bullion. Spot gold was down 0.3% at $3,356.75 per ounce, as of 0623 GMT. U.S. gold futures fell 0.4% to $3,358.60. Sign up here. "Basically we are seeing some profit-taking from short-term bullish speculators due to the fact that we now start to see this trade-deal optimism in the market," OANDA senior market analyst Kelvin Wong said. "However, the dollar is in a weakening bias and on top of that, we still have the Fed rate cuts pretty much alive at this juncture, which are supporting gold near $3,360 level." The European Union and the United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the U.S., mirroring a framework agreement Washington struck with Japan. The S&P 500 and the Nasdaq notched record closing highs overnight as signs of easing global trade tensions lifted risk sentiment among investors. Offering respite to gold, the U.S. dollar index (.DXY) , opens new tab was headed for its worst week in a month, making greenback-priced gold less expensive for other currency holders. Data showed U.S. jobless claims unexpectedly fell last week, signalling a steady labour market despite sluggish hiring making it harder for the unemployed to find work. The Federal Reserve is also widely expected to leave rates unchanged at its July 29–30 meeting, but markets continue to price in a potential rate cut in September. Elsewhere, spot silver eased 0.3% to $38.96 per ounce, but was on track for a weekly gain, up 2% for the week. Platinum fell 0.7% to $1,398.17 and palladium slipped 0.1% to $1,226.64. https://www.reuters.com/world/china/gold-subdued-trade-optimism-weighs-soft-dollar-caps-losses-2025-07-25/
2025-07-25 06:32
India dealers widen discount to $15/oz this week China's imports of gold fall in June from prior month Indian buyers are awaiting a bigger drop in prices July 25 (Reuters) - Physical gold demand in key Asian hubs was subdued this week, as rising prices dampened sentiment, prompting dealers in top consumer China and India to offer steep discounts to attract buyers. Indian dealers offered discounts of up to $15 an ounce over official domestic prices this week, which include a 6% import and 3% sales tax, up from a discount of up to $10 last week. Sign up here. "Buyers are struggling to understand the broader trend. Prices were rallying at the beginning of the week but suddenly corrected mid-week," said a Chennai-based jeweller. Domestic gold prices were trading around 98,500 rupees per 10 grams on Friday after rising to 100,555 rupees earlier this week. Jewellers were reluctant to purchase gold at current prices or even place orders for jewellery production, as retail demand has remained negligible for more than a month, said a Mumbai-based bullion dealer at a private bank. In China, dealers offered gold between a discount of $5 and a premium of $4 per ounce above international rates. "The physical demand is quite low because prices rose above $3,400. Price are too high, we are seeing some liquidation, selling interest. People are hesitant to buy at the moment," said Peter Fung, head of dealing at Wing Fung Precious Metals. China's imports of gold extended declines for a second successive month in June, customs data showed on Sunday. In Hong Kong, gold was sold at par to a premium of $1.50, while in Singapore gold traded between at-par prices and a $2.50 premium. "We've seen some clients who came to purchase, reason being they're worried that the prices will continue to shoot further up. But I think more of a selling at this point of time," said Brian Lan, managing director at Singapore-based GoldSilver Central. In Japan, bullion was sold at a discount of $0.50 to a $0.70 premium over spot prices. https://www.reuters.com/markets/asia/asia-gold-high-prices-stifle-gold-demand-top-asian-hubs-india-widens-discount-2025-07-25/
2025-07-25 06:31
LONDON, July 25 (Reuters) - British consumers shopped more in June after a sharp drop in May as hot weather helped to boost the sales of drinks, clothes and car fuel, official figures showed on Friday. Retail sales volumes rose by a month-on-month 0.9%, a partial rebound from May's 2.8% plunge which was the biggest fall since December 2023. Sign up here. However, the increase was smaller than the median forecast of 1.2% in a Reuters poll of economists. Many British households are feeling the squeeze again from an inflation rate that rose to 3.6% in June with food prices rising faster. A survey published earlier on Friday showed consumer confidence dipped this month ahead of possible tax increases later this year and households added to their savings. In the three months to June, sales volumes rose by 0.2%, the weakest such increase since the three months to February, the Office for National Statistics said. ONS senior statistician Hannah Finselbach said the warm weather last month helped supermarket retailers who reported an increase in drink purchases and fuel sales rose. "Looking at broader trends, retail sales are up slightly across the latest quarter but are down when compared with pre-pandemic levels," Finselbach said. British retailers have highlighted the impact of the country's weather on their sales recently. Supermarket group Sainsbury's (SBRY.L) , opens new tab reported better-than-expected quarterly trading with food and clothing boosted by warm temperatures. But fast food retailer Greggs (GRG.L) , opens new tab warned on profit complaining that June's heatwave hit overall footfall. Sterling was little changed against the U.S. dollar immediately after the data was published. Britain's economy has stumbled after a strong start to 2025 with overall output contracting in April and May. The Bank of England is expected to cut interest rates by a quarter of a percentage point on August 7 as it responds to a jobs market slowdown. However, inflation pressures have thwarted bets on faster cuts to borrowing costs in the coming months. https://www.reuters.com/business/retail-consumer/uk-sunshine-warmed-up-retail-sales-june-ons-says-2025-07-25/
