2025-07-08 12:32
MOSCOW, July 8 (Reuters) - Lukoil-Perm, a subsidiary of Russian oil producer Lukoil (LKOH.MM) , opens new tab, said on Tuesday that an empty oil reservoir had exploded at an oil processing facility in the north-west Komi Republic, but that nobody had been injured. It said that a preliminary assessment indicated that the blast had occurred due to a chemical reaction with oxygen. Sign up here. https://www.reuters.com/business/energy/russias-lukoil-perm-says-empty-reservoir-has-exploded-an-oil-facility-2025-07-08/
2025-07-08 12:19
Eternity C freighter targeted by sea drones and rocket-propelled grenades fired from speedboats Liberian-flagged vessel is adrift and listing, sources say Yemen's Iran-aligned Houthis resume attacks on ships linked to Israel in Red Sea Shipping traffic in Red Sea down 50% since Houthi attacks began in 2023 LONDON/ATHENS, July 8 (Reuters) - Four seafarers on the Liberian-flagged, Greek-operated bulk carrier Eternity C were killed in a drone and speedboat attack off Yemen, an official with knowledge of the issue said on Tuesday, the second incident in a day after months of calm. The Red Sea, which passes Yemen's coast, has long been a critical waterway for the world's oil and commodities but traffic has dropped since the Iran-aligned Houthi militia began targeting ships in November 2023 in what they said was solidarity with Palestinians against Israel in the Gaza war. Sign up here. The deaths on the Eternity C, the first involving shipping in the Red Sea since June 2024, bring the total number of seafarers killed in attacks on vessels plying the Red Sea to eight. The Houthis have not commented on the Eternity C. The vessel's operator, Cosmoship Management, was not immediately available to comment on the reported fatalities. A source with knowledge of the matter said one more injured crew member had died on board following the attack. An official with Aspides, the European Union's mission assigned to help protect Red Sea shipping, also said at least two other crew members were injured. Liberia's shipping delegation had told a United Nations meeting earlier that two crew members had been killed. Eternity C, with 22 crew members - 21 Filipinos and one Russian - on board, was attacked with sea drones and rocket-propelled grenades fired from manned speed boats, maritime security sources told Reuters. The ship was now adrift and listing, the sources said. Two maritime security firms, including Greece-based Diaplous, are preparing to mount a rescue mission for the crew trapped on Eternity C. According to sources, Greece was in diplomatic talks with Saudi Arabia over the incident. Hours before the latest attack, the Houthis had claimed responsibility for a strike on another Liberia-flagged, Greek-operated bulk carrier, the MV Magic Seas, off southwest Yemen on Sunday, saying the vessel sank. They subsequently released a video of what they said was their attack on the Magic Seas. The footage included the Mayday call, multiple explosions, and the ultimate submersion of the ship. Reuters could not independently verify the footage. The vessel's manager said the information about the sinking could not be verified, but Ambrey managing director Joshua Hutchinson told Reuters the maritime security firm had a response vessel in the area and confirmed the Magic Seas had gone down. All crew on the Magic Seas were rescued by a passing merchant vessel and arrived safely in Djibouti on Monday, Djibouti authorities said. "Just as Liberia was processing the shock and grief of the attack against Magic Seas, we received a report that Eternity C again has been attacked, attacked horribly and causing the death of two seafarers," Liberia's delegation told a session of the International Maritime Organization. Since November 2023, the Houthis have disrupted commerce by launching hundreds of drones and missiles at vessels in the Red Sea, saying they were targeting ships linked to Israel. While the Houthis reached a ceasefire with the United States in May, the militia has reiterated they will keep attacking ships it says are connected with Israel. "After several months of calm, the resumption of deplorable attacks in the Red Sea constitutes a renewed violation of international law and freedom of navigation," IMO Secretary-General Arsenio Dominguez said on Tuesday. "Innocent seafarers and local populations are the main victims of these attacks and the pollution they cause." 'ELEVATED RISKS' Both the Eternity C and Magic Seas were part of commercial fleets whose sister vessels have made calls to Israeli ports over the past year. "The pause in Houthi activity did not necessarily indicate a change in underlying intent. As long as the conflict in Gaza persists, vessels with affiliations, both perceived and actual, will continue to face elevated risks," said Ellie Shafik, head of intelligence with the Britain-based maritime risk management company Vanguard Tech. Filipino seafarers - who form one of the world's largest pools of merchant mariners - have been urged to exercise their right to refuse to sail in "high-risk, war-like" areas, including the Red Sea after the latest strikes, the Philippines’ Department of Migrant Workers said on Tuesday. Shipping traffic through the region has declined by around 50% from normal levels since the first Houthi attacks in 2023, according to Jakob Larsen, chief safety and security officer with shipping association BIMCO. "This reduction in traffic has persisted due to the ongoing unpredictability of the security situation. As such, BIMCO does not anticipate the recent attacks will significantly alter current shipping patterns," Larsen said. Monday's attack on Eternity C, 50 nautical miles southwest of the Yemeni port of Hodeidah, was the second on merchant vessels in the region since November 2024, according to an official at Aspides. https://www.reuters.com/world/two-crew-dead-after-attack-greek-vessel-red-sea-liberian-shipping-delegation-2025-07-08/
2025-07-08 11:38
ATHENS, July 8 (Reuters) - Greece shut the Acropolis for several hours in the afternoon on Tuesday, as the Mediterranean country baked in its second major heatwave of the season, with temperatures set to soar as high as 41 degrees Celsius (107.6 degrees Fahrenheit). Last week, large parts of Western Europe sweltered in a severe heatwave that left 8 dead and triggered forest fires and health alerts across the region. Sign up here. In Athens, temperatures were expected to reach 38 C, forcing authorities to close the Acropolis, its most visited ancient site, on a rocky hill offering barely any shade, at midday from 1000 GMT until 1400 GMT. Defying the heat, some tourists visited the monument before it shut. "It's extremely hot. So yeah, we had to take extra measures. We have little fans for the children. I have the hat, the glasses. We've been drinking lots of water," said John Howell, 58, a Scottish tourist. With hot air and humidity worsening conditions, authorities ordered some businesses in Thessaloniki, Greece's second largest city, and other areas on the mainland and southern Peloponnese peninsula, to limit outdoor work for employees in the afternoon. Builders, food delivery riders, couriers and shipyards workers are among those having to pause work from midday until 5 p.m. to avoid heat stress, the labour ministry said. The heatwave conditions will continue until Wednesday, the Greek meteorological service said, and authorities in the wider Athens and other areas will be on alert for wildfires as gale-force winds were expected. Worldwide, 2024 was the warmest year on record, with global temperatures exceeding 1.5 Celsius above the pre-industrial era for the first time. Greece, which sits on Europe's southernmost edge, also had its warmest winter and summer last year on record, incuding a 16-day heatwave in July, the longest ever, according to scientists. https://www.reuters.com/business/environment/greece-shuts-acropolis-part-day-heat-soars-bans-outdoor-work-2025-07-08/
2025-07-08 11:36
Indexes: Dow off 0.37%, S&P 500 falls 0.07%, Nasdaq up 0.03% Tesla stock rises after steep losses in previous session Minutes of Fed June rate meeting due on Wednesday Solar stocks fall as Trump seeks to end tax credits July 8 (Reuters) - The S&P 500 ended Tuesday's choppy session slightly lower as investors waited for clarity on U.S. trade policy after President Donald Trump's latest tariff threats dampened hopes around talks with some trade partners. Wall Street equities had sold off sharply on Monday after Trump warned of sweeping new tariffs on goods from key trading partners such as Japan and South Korea and a range of smaller countries starting in August. Sign up here. Tuesday's moves in U.S. indexes were less pronounced than in the previous session but the benchmark S&P 500 and the tech-heavy Nasdaq spent the session flitting between red and green as investors sought direction from tariff headlines. Trump appeared to broaden his global trade war with the announcement on Tuesday that he would put a 50% tariff on imported copper while he said that long-threatened levies on semiconductors and pharmaceuticals were coming soon. The U.S. president said trade talks have been going well with the European Union and China but added that he was only days away from sending a tariff letter to the EU. "It's almost like markets are waiting to exhale," while investors wait for more tariff news, said Carol Schleif, chief market strategist at BMO Private Wealth in Minneapolis, Minnesota. "The fact that markets are holding in pretty tight, still just an eyelash away from all-time highs, shows investors are willing to give headlines the benefit of the doubt," she said. And while investors wait for the second-quarter earnings season to begin in mid-July, they are likely relieved by the passage into law last week of the U.S. government's spending plan, including some business-friendly tax policies, according to Schleif. The Dow Jones Industrial Average (.DJI) , opens new tab fell 165.60 points, or 0.37%, to 44,240.76, the S&P 500 (.SPX) , opens new tab lost 4.46 points, or 0.07%, to 6,225.52 and the Nasdaq Composite (.IXIC) , opens new tab gained 5.95 points, or 0.03%, to 20,418.46. Among the S&P 500's 11 major industry groups, only five showed any gains. The energy index (.SPNY) , opens new tab had the biggest advance, finishing up 2.72%, while the more defensive consumer staples (.SPLRCS) , opens new tab and utilities sectors (.SPLRCU) , opens new tab both fell more than 1% on the day. While investors were wary of making big moves in larger stocks, the Russell 2000 small-cap index (.RUT) , opens new tab outperformed with a 0.66% gain. The market's cautious reaction to trade headlines contrasted with the wild volatility that was unleashed after Trump's April 2 "Liberation Day" tariff announcements, which pushed the Nasdaq down sharply to confirm a bear market and sent the Dow and the S&P 500 into a correction. Since then, Wall Street has rebounded to regain lost ground, with the Nasdaq and the S&P 500 powering to fresh record highs last week, as a solid labor market report helped ease fears of a recession. BofA Global Research and Goldman Sachs raised their year-end targets for the S&P 500 index (.SPX) , opens new tab, broadly driven by reduced policy uncertainty, resilient corporate earnings and potential interest rate cuts. Minutes of the Fed's June rate-setting meeting are scheduled for release on Wednesday, potentially providing more clarity on when the central bank might resume its policy-easing cycle. In mega-cap shares, Tesla (TSLA.O) , opens new tab gained 1.3% after its stock recorded its steepest single-day fall in roughly a month on Monday. In other individual stocks, U.S. copper miner Freeport-McMoRan (FCX.N) , opens new tab appeared to benefit from the idea of steep import tariffs on the metal, with the stock ending up 2.5%. Moderna (MRNA.O) , opens new tab was the S&P 500's biggest percentage gainer, jumping 8.8% after leading medical organizations filed a lawsuit against U.S. Health Secretary Robert F. Kennedy Jr. and Department of Health and Human Services, arguing that current COVID-19 vaccine policies pose a threat to public health. Shares of solar stocks fell after Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects. SunRun (RUN.O) , opens new tab sank 11.4% while Enphase Energy (ENPH.O) , opens new tab lost 3.6% and SolarEdge Technologies (SEDG.O) , opens new tab dropped 1%. Advancing issues outnumbered decliners by a 1.51-to-1 ratio on the NYSE, where there were 156 new highs and 25 new lows. On the Nasdaq, 2,797 stocks rose and 1,669 fell as advancing issues outnumbered decliners by a 1.68-to-1 ratio. The S&P 500 posted 17 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 83 new highs and 51 new lows. On U.S. exchanges 17.03 billion shares changed hands compared with the 18.31 billion moving average for the last 20 sessions. https://www.reuters.com/business/finance/goldman-sachs-lifts-sp-500-return-forecasts-fed-outlook-large-cap-stocks-2025-07-08/
2025-07-08 11:32
MUMBAI, July 8 (Reuters) - India's Multi Commodity Exchange (MCEI.NS) , opens new tab will launch the country's first electricity futures contracts on Thursday, providing power generators, distribution companies, and large industrial consumers with a tool to hedge their risks. The exchange will initially launch cash-settled contracts for the current and next three-month periods, but they will subsequently be available for all 12 calendar months, MCX said in a statement on Tuesday. Sign up here. The exchange's managing director Praveena Rai said the goal is to address the sector's needs, deepen energy markets, and support sustainable, market-driven power pricing. Weather has always heavily affected India's power demand, with needs peaking during summer heat and easing with the moderate temperatures accompanying the seasonal monsoon rains. However, increasingly erratic weather patterns, with more heatwaves and untimely rainfall, have made demand harder to predict. Currently, Indian utilities rely mainly on long-term power purchase agreements spanning up to 25 years for base load requirements, supplemented with short-term purchases through power exchanges for peak demand. Expensive long-term power purchases, subsidised supply, and electricity losses due to poor infrastructure, however, have left India's distribution companies with debts of around $9.5 billion, according to the government. India's National Stock Exchange will open trading of similar monthly electricity futures from July 14, the bourse operator said last week. https://www.reuters.com/sustainability/climate-energy/indias-mcx-launch-electricity-futures-hedge-against-weather-driven-demand-shifts-2025-07-08/
2025-07-08 11:30
NAPERVILLE, Illinois, July 7 (Reuters) - U.S. Crop Watch corn conditions have made unprecedented strides this season, though producers’ early thoughts on yield potential are only slightly better than in recent years. Their soybean expectations are relatively much more modest because of the difficult start for some areas as well as uncertainties about next month’s weather. Sign up here. The first couple of Crop Watch corn fields have begun pollination, and most others should be entering that stage within the next two or three weeks. Recent weather has been very supportive and condition ratings show it. The 11 Crop Watch producers have been assigning condition scores to their fields each week on a 1-to-5 scale, similar to the U.S. Department of Agriculture’s system where 1 is very poor, 3 is average and 5 is excellent. This week they added yield scores, also on a 1-to-5 scale. These reflect the producers’ best guess of current yield potential where 3 is around farm average, 4 is solidly above average and 5 is among the best crops ever. Condition and yield scores may differ since conditions are a visual assessment that do not incorporate yield assumptions. The 11-field, unweighted average corn condition score made its biggest jump of the season, to 4.11 from 3.98 a week earlier. That marks the sixth consecutive weekly improvement for corn health. Prior to this year, Crop Watch corn conditions had never even recorded a four-week string of gains. The 4.11 is similar to the same weeks in 2021, 2022 and 2023. Over the past six weeks, the corn fields in South Dakota and Ohio have notched the most notable increases. Average soybean conditions last week also made their third consecutive increase and biggest one of the year, rising to 3.52 from 3.3. Crop Watch corn and soybean conditions each improved in six of the 11 locations this week, and none of the producers lowered ratings. Crop Watch corn yield potential starts out at 4.07, identical to the same week in 2022 and slightly above the comparable 2021 and 2023 readings. Last year featured the worst initial score, a 3.34. Consistency is this year’s biggest strength as 10 of the 11 corn fields carry a yield score of 4 or above. North Dakota sits at a 2 because of excessive moisture, thin plants and slow growth. On the other hand, soybeans’ starting yield score of 3.48 is the lowest of the last five years for Crop Watch. Many of the fields were planted a bit late and had challenging weather early on, and only five fields carry a 4-plus yield rating. Producers know that bean yields could still be big if August delivers rain. They will have to wait and see how that forecast begins to shape up. But for now, they are largely pleased with the near-term weather outlook for corn given moderate to warm temperatures and scattered rain chances. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Enjoying this column? Check out Reuters Open Interest (ROI) , opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI , opens new tab can help you keep up. Follow ROI on LinkedIn , opens new tab and X. , opens new tab https://www.reuters.com/markets/commodities/crop-watch-producers-set-initial-yield-expectations-ratings-rise-2025-07-07/
