2025-07-09 22:06
July 10 (Reuters) - Solar power was the European Union's largest source of electricity for the first time in June, overtaking nuclear and wind while coal's contribution fell to an all-time low, data from energy think tank Ember showed on Thursday. Solar generated 22.1% of the EU's electricity last month, up from 18.9%% a year earlier, as record sunshine and continued solar installations pushed output to 45.4 terawatt hours (TWh). Nuclear followed closely at 21.8% and wind contributed 15.8% of the mix. Sign up here. At least 13 EU countries, including Germany, Spain and the Netherlands, recorded highest-ever monthly solar generation, Ember said. "This milestone shows how rapidly the EU's power system is changing," said Chris Rosslowe, senior energy analyst at Ember and lead author of the report. "Solar is stepping up when it's needed most – during summer heatwaves and peak demand." Coal's share of the EU electricity mix fell to a record low of 6.1% in June, compared to 8.8% last year, with 28% less electricity generated than a year earlier. Germany and Poland, which together generated nearly 80% of the 27-country bloc's coal-fired electricity in June, also saw record monthly lows. Coal accounted for 12.4% of Germany's electricity mix and 42.9% of Poland's. Spain, nearing a full phase-out of coal, generated just 0.6% of its electricity from coal in the same period. Wind power also set new records in May and June, rebounding after poor wind conditions resulted in a weak start to the year. But despite record solar and wind output in June, fossil fuel usage in the first half of 2025 grew 13% from last year, driven by a 19% increase in gas generation to offset weak hydro and wind output earlier in the year. Electricity demand in the EU rose 2.2% in the first half of the year, with five of the first six months showing year-on-year increases. The next challenge for Europe's power system is to expand battery storage and grid flexibility to reduce its reliance on fossil fuels during non-solar hours, Ember said in the report. https://www.reuters.com/business/energy/solar-tops-eu-power-mix-first-time-june-ember-says-2025-07-09/
2025-07-09 21:26
July 9 - TRADING DAY - Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Sign up here. Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what markets were focused on today and why investors shifted their focus from tariffs to a big milestone for AI chip-leader Nvidia. I'd love to hear from you so please feel free to reach out at [email protected] , opens new tab Today's Key Market Moves Today's key reads: Nvidia clinches historic $4 trillion market value on AI dominance Trump issues new tariff notices as EU pushes for US trade deal Investors set for first US earnings quarter under Trump tariff war Trump says U.S. interest rate is at least 3 points too high Fed minutes show narrow support for rate cut later this month Wall Street digests Fed minutes with tariffs in focus, Nvidia hits $4 trillion valuation Nvidia becomes first $4 trillion stock U.S. stock indexes were buoyed on Wednesday by AI confidence thanks to Nvidia (NVDA.O) , opens new tab, which became the first company to reach a market cap of $4 trillion. While most of the Magnificent Seven stocks were up (only Tesla (TSLA.O) , opens new tab was down in late trade), reaching the milestone for the most-mega of megacaps was the chief distraction from trade headlines. It overshadowed U.S. President Donald Trump delivering on Tuesday's promise to announce 50% tariffs on copper, while again threatening tariffs on imported chips and pharmaceuticals. Trump issued final tariff notices to seven minor trading partners - 20% on goods from the Philippines, 30% on goods from Sri Lanka, Algeria, Iraq, and Libya, and 25% on Brunei and Moldova - while his administration inched closer to a deal with its biggest trading partner, the European Union. If traders have become desensitized to Trump's daily pronouncements, they similarly hardly reacted to the minutes from the Fed's June meeting that showed a couple of officials felt interest rates could fall as soon as this month, while most others remained worried about the potential inflation fallout from the tariff war. The only other scheduled event was the Treasury's sale of $39 billion in 10-year notes, which went well and saw the yield on the benchmark US debt instrument fall afterward. The dollar backed off a two-week high against the Japanese yen . Japan, which depends on exports, stands out among major U.S. trading partners as being the farthest from reaching a trade deal with Washington. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. https://www.reuters.com/world/china/global-markets-trading-day-2025-07-09/
2025-07-09 21:02
July 9 (Reuters) - APA Corp (APA.O) , opens new tab said on Wednesday it curtailed about 10 million of cubic feet per day (MMcfpd) of U.S. natural gas production and 750 barrels per day of U.S. natural gas liquids output during the second quarter due to weak prices. The U.S. oil and gas producer also completed the sale of its New Mexico assets in June, a deal announced in May. Sign up here. APA said the transaction reduced its second-quarter U.S. production by about 1,800 barrels of oil equivalent per day, roughly 33% of which was oil. Net proceeds from the sale, after adjustments and costs, totaled approximately $575 million. APA expects second-quarter average realized natural gas prices in the U.S. to be $1 per thousand cubic feet (Mcf) and $4 per Mcf globally. https://www.reuters.com/business/energy/apa-curtails-us-natgas-ngl-production-second-quarter-weak-prices-2025-07-09/
2025-07-09 20:55
TSX ends up 0.3% at 26,972.32 Materials sector rises 0.8% as gold moves higher Eight of 10 major sectors notch gains Copper producers decline after tariff threat July 9 (Reuters) - Canada's main stock index rose on Wednesday, with the materials group leading a broad-based advance as gains for U.S. technology shares fed recent investor exuberence. The S&P/TSX composite index .GSPTSE , opens new tab ended up 68.75 points, or 0.3%, at 26,972.32, moving closer to Friday's record closing high. Sign up here. "It's still a momentum driven market," said Michael Dehal, a senior portfolio manager at Dehal Investment Partners at Raymond James. "Strength in the (U.S.) tech sector is spilling over to most other sectors, including the TSX." Wall Street climbed after artificial intelligence-linked chipmaker Nvidia (NVDA.O) , opens new tab briefly reached a $4 trillion valuation. The materials sector, which includes fertilizer companies and metal mining shares, rose 0.8% as the price of gold clawed back some of the previous day's decline. Gains for the sector were kept in check by declines for copper producers, including a 9.4% drop for the shares of Ero Copper Corp (ERO.TO) , opens new tab. On Tuesday, U.S. President Donald Trump said he would impose a 50% tariff Real estate (.GSPTTRE) , opens new tab added 0.5%, with H&R Real Estate Investment Trust (HR_u.TO) , opens new tab shares up 4.2% after the Globe and Mail reported that asset manager Blackstone and U.S. equity funds were in talks to buy the company's assets. Canadian lender EQB (EQB.TO) , opens new tab said former finance head Chadwick Westlake will return as its CEO, just months after he left to join software firm OpenText OTEX.TO , opens new tab. OpenText shares ended down 4.3%. Still, technology added 0.4% as did industrials. Just two of the 10 major sectors ended lower, including energy. Energy was down 0.1%, while the price of oil settled 0.1% higher at $68.38 a barrel. https://www.reuters.com/sustainability/sustainable-finance-reporting/tsx-futures-tick-higher-investors-await-tariff-updates-2025-07-09/
2025-07-09 20:12
NEW YORK, July 9 (Reuters) - A top U.S. securities regulator known for her supportive stance on the cryptocurrency industry said on Wednesday that new models for trading securities known as "tokenization" must still meet regulations for other securities. Hester Peirce, a Republican commissioner on the Securities and Exchange Commission who has been nicknamed "crypto mom," said in a statement: "As powerful as blockchain technology is, it does not have magical abilities to transform the nature of the underlying asset. Tokenized securities are still securities." Sign up here. Tokenizing equities is a process by which shares of a company are converted into a digital token, similar to how cryptocurrencies are traded. Instead of holding the securities directly, investors hold tokens that represent ownership of the securities. Such tokens could be created by the security issuer itself, or by an entirely unrelated third party. Anyone who buys a third-party token could face unique risks, she said. Crypto firms and others have been increasingly discussing the prospect of tokenizing securities as a new way to facilitate trading. Coinbase (COIN.O) , opens new tab recently told Reuters it was seeking a U.S. green light from the SEC to offer blockchain-based stocks. SEC Chairman Paul Atkins, also a Republican, said in a CNBC interview last week that the agency should encourage innovation when asked about the prospect of tokenizing securities. Critics say the new technology could become a way to evade SEC oversight and expose retail investors to new risks. https://www.reuters.com/sustainability/boards-policy-regulation/secs-crypto-mom-says-tokenized-securities-are-still-securities-2025-07-09/
2025-07-09 19:44
Trump says he will announce 50% copper tariffs Chile, Mexico ship their copper largely to China Governments awaiting clarity on US measures Copper exporters prepared to seek new markets SANTIAGO/MEXICO CITY, July 9 (Reuters) - Top officials in Chile and Mexico said on Wednesday they could seek markets elsewhere to avoid tariffs from the Trump administration, a day after U.S. President Donald Trump said he would soon announce a 50% tariff on the red metal. Mexico and Chile export the bulk of their copper to China. Sign up here. "Chilean copper will keep finding new markets," Chilean Foreign Minister Alberto van Klaveren told a press conference, after President Gabriel Boric said earlier in the day that he had yet to hear from the U.S. and called for official communication. "Clearly these measures worry us," van Klaveren added, pointing to market uncertainty on global supply flows. "The U.S. is going to keep needing copper because the U.S. doesn't have the capacity to replace the copper it imports from Chile and other countries," he told the conference. Chile is the single biggest copper supplier to the U.S., a market that makes up about 11% of its total copper exports, and less than 7% of its refined copper exports. Boric said he was awaiting official communication from the U.S. government, including whether the tariffs would include copper cathodes, and questioned "whether this will actually be implemented or not." Chile's Mining Minister Aurora Williams told Reuters it was too early to say whether Chile would request an exemption. Copper imports account for nearly half of the metal consumed in the United States, whose government is seeking to build up domestic production. Chile is the United States' top refined copper supplier, while Mexico ranks fifth. Mexico's President Claudia Sheinbaum said in a morning press conference that Mexico could redirect the copper it typically sends to the U.S. to avoid tariffs. She noted that Mexican officials would be in Washington on Friday for previously planned talks on trade, security and immigration. "Copper is needed in many places around the world, so there are some options there," she said in her daily press conference in Mexico City. "Our responsibility is to seek the best possible negotiation with the U.S. and at the same time look for other options for national production and exports to other destinations." Copper is considered an economic bellwether commodity due to its widespread use across construction and infrastructure sectors. The news is likely to set off a scramble to ship copper into the United States before tariffs go into effect, expected by the end of July or August 1. https://www.reuters.com/world/americas/chile-mexico-brace-trump-copper-tariff-announcement-2025-07-09/
