2026-01-16 11:44

BRUSSELS, Jan 16 (Reuters) - The European Commission has imposed anti-dumping duties on imports into the EU of fused alumina from China, it said on Friday, adding that the move was aimed at boosting the EU's industrial autonomy. The Commission said the anti-dumping duties imposed ranged from 88.7% to 110.6%. It also introduced a duty-free tariff rate quota for a limited volume of Chinese imports. Sign up here. Fused alumina is required for producing steel, as well as for glass or ceramics, and it is widely used in defence-related applications. "The measures will tackle injurious dumping onto the EU market of fused alumina, while preventing the emergence of systemic risks for the industrial ecosystem," the Commission said in a statement. "They will ensure security of supply to downstream users of fused alumina and reduce the EU's dependence on China for this strategically important input for European industry," it added. https://www.reuters.com/world/china/eu-imposes-duties-imports-china-fused-alumina-2026-01-16/

2026-01-16 11:38

Everything Mike Dolan and the ROI team are excited to read, watch and listen to over the weekend. From the Editor Sign up here. Hello Morning Bid readers! This week started off with a bang, and the jury is still out on whether it will end with a whimper. Federal Reserve Chair Jerome Powell revealed on Sunday that the Justice Department was threatening to indict him, drawing broad condemnation. But then in a wide-ranging Reuters interview on Wednesday, President Donald Trump said he was not planning to fire Powell, while also signalling that he may hold off on intervening in Iran. Does this mean investors can take a breath until next week? Probably not. ‌By 2026 standards, Monday is a long way away. For starters, Trump has claimed he is in a “wait and see” mode on Iran – where over 2,000 people have been killed according to a human rights agency – and is still threatening to acquire Greenland. The United States also seized another Venezuela-linked tanker, just before Trump met with Venezuelan opposition leader Maria Corina Machado, who gave the U.S. leader her recently awarded Nobel Peace Prize. Washington’s activity in Venezuela may mark the beginning of a broader U.S. attempt to realign Latin America geoeconomically, limiting the ability of Russia and China to use the Western Hemisphere as a pressure point in global commodity markets. Simultaneous geopolitical flare‑ups in Venezuela, Iran and the Black Sea meant energy markets were once again front and center this week. Brent crude prices spiked 9% in the week through Wednesday to a ‌three‑month high above $66 a barrel, only to plunge below $64 on news of Trump’s backtracking on Tehran. All the while a large supply glut still looms, creating a treacherous environment for crude investors. Gold prices also slipped after hitting yet another record high of $4,642.72 an ounce on Wednesday. Despite this pullback, gold may have plenty of tailwinds to support further price increases this year, namely solid central bank appetite and safe-haven demand. The Japanese yen also experienced a bout of volatility this week. The currency fell on Wednesday to an 18-month low around 160 per dollar, but has since strengthened, partly on comments from Japanese Finance Minister Satsuki Katayama about the possibility of joint intervention with the United States ‍to defend the flailing currency. Is more yen volatility likely? Probably, for the simple reason that Japan's economy is returning to something resembling normality for the first time in decades – and investors may take a while to get used to this new reality. Staying on FX, the main dollar index is on track to strengthen this week despite all the domestic and international political turmoil. While the Trump administration last year had some success rolling back the dollar's near 50% rise over the past 15 years, markets suspect that the 7% drop in 2025 may be it. Markets also ⁠got some more information on U.S. inflation this week, with the release on Tuesday of the December Consumer Price Index (CPI). While the report showed a slightly softer-than-expected annual increase in core prices, there's little reason for consumers or policymakers to cheer, as inflation ‍may be stronger than it appears. Major U.S. equity indices, meanwhile, look set to end the week higher, amid the release of mixed quarterly results from banks, and despite a brief mid-week tech-driven sell-off that was halted by the blockbuster earnings release from Taiwanese AI chip juggernaut ‌TSMC. Taipei and ‌Washington also struck a trade deal on Thursday that cut tariffs on many of Taiwan's exports. U.S. stocks are continuing to mostly shrug off Trump’s unorthodox policies, as they did in 2025 – with the exception of the post-“Liberation Day” ructions – but now that Trump is quickly becoming the market activist-in-chief, that might not be the case for long. For more commodities and markets news, check out Reuters Open Interest , opens new tab. You can learn why the future of AI may be more about talent than territory, why the London Metals Exchange has enjoyed such a resurgence from its crisis-induced days of 2022, and why uranium prices may rally this year. As we head into the weekend, check out some reading, listening and watching recommendations from the ROI team. I’d love to hear from you, so please reach out to ⁠me at [email protected] , opens new tab . , opens new tab This weekend, we're reading... ANDY HOME, ROI Metals Columnist: Amanda ⁠van Dyke, founder of the Critical Mineral Hub, offers an incisive take on why the U.S. administration is so fixated on Greenland , opens new tab. It's about rare earths but not in the way you might think. RON BOUSSO, ROI Energy Columnist: Energy analyst Gerard Reid has written a thought-provoking blog post on the causes and lessons of recent power outages , opens new tab. Over the past year, Europe has suffered a series of major blackouts that underscore the challenges economies will face during the energy transition. MIKE DOLAN, ROI Finance & Markets Columnist: The IMF's Finance & Development magazine includes a strong essay from historian Johan Nordberg on his book , opens new tab, Peak Human: What We ‍Can Learn from the Rise and Fall of Golden Ages. He writes, "Leaders promise safety, greatness, and a return to an imagined golden age through protection and control. It is a familiar and tempting story when the future feels uncertain. Yet history tells a different tale." GAVIN MAGUIRE, ROI Global Energy Transition Columnist: Energy software and intelligence firm Orennia offers eight charts that defined 2025. , opens new tab We're listening to... JAMIE MCGEEVER, ROI Markets Columnist: In the latest episode of the Perkins vs. Beamish podcast, "Powell vs Trump – It’s WAR," , opens new tab TS Lombard economists Dario Perkins and Freya Beamish dissect the sudden escalation in tensions between President Trump and Federal Reserve Chair Jerome Powell. And we're watching... MIKE DOLAN, ROI Finance & Markets Columnist: Stocks, bonds and commodities weathered multiple shocks in 2025. ‍Will they show the same resilience in the year ahead? In this episode of The Big View , opens new tab, Peter Thal Larsen and Anna Szymanski, editor-in-charge of Reuters Open Interest, debate inflation, AI and the buy-the-dip mindset. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the authors. 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. https://www.reuters.com/business/finance/global-markets-view-usa-2026-01-16/

2026-01-16 11:27

Jan 16 (Reuters) - Wall Street's largest banks ended 2025 on a strong note and executives struck an upbeat tone for the year ahead, even as U.S. President Donald Trump's proposed cap on credit card interest rates kept the industry on edge. Analysts expect high-profile IPOs and big-ticket deals to sustain momentum for investment ‌banking, while persistent market volatility is set to keep trading strong. Sign up here. Below are key trends from the fourth-quarter results of top U.S. banks: SPOTLIGHT ON CONSUMER BANKING Interest income, a measure of lending profitability, rose across the big banks, supported by healthy loan growth and a decline in deposit costs. Commercial and industrial loans and credit card balances edged higher ‌in the quarter as borrowing demand held up despite elevated interest rates. Trump's proposed 10% cap on credit card interest rates drew a sharp pushback from the industry this week, with executives warning it would restrict credit availability for everyday Americans and weigh on the economy. Credit cards are among the most ‍profitable products as they carry some of the highest interest rates since the debt is unsecured. Credit quality remains a top focus as analysts and investors scrutinized the results for signs of strain in consumer and business health. Charge-offs, or debt that a ⁠bank declares as unlikely to be paid back, reflect how consumers are faring and the state of ‍household finances. INVESTMENT BANKING STRENGTH Mergers and acquisitions rebounded strongly in 2025 and pushed global investment banking revenues above $100 billion, according to data from ‌Dealogic. Bankers ‌are optimistic about another robust year as antitrust headwinds ease, markets hover near record levels and the U.S. economy remains resilient. TRADING MOMENTUM Banks capitalized on market swings, generating revenue from client portfolio rebalancing and increased proprietary trading. Many also benefited from a surge in demand for products that protect against market swings. "Equity trading revenues have been the ⁠story of the earnings ⁠so far, strong gains in the use of leverage/options were big drivers of that growth," said Brian Mulberry, senior client portfolio manager at Zacks Investment Management, which owns several large-cap banking stocks. Volatility is expected to persist in 2026 amid concerns about stretched valuations, a ‍bubble in AI stocks and uncertainty over the Federal Reserve's policy path. STOCK PERFORMANCE "Overall, we are bullish on the big banks as the economy remains stable, labor market is a little softer but not as weak as feared and with stable prices consumers are still spending," Mulberry said. https://www.reuters.com/business/finance/wall-street-banks-fourth-quarter-earnings-five-charts-2026-01-16/

2026-01-16 11:12

Trump says Iran's leadership cancels 800 executions, adding: 'Thank you!' US threats of intervention recede after Iran crackdown eases Heavy security presence reported in Tehran and other cities Sporadic unrest continues, with reports of violence and arrests Putin calls Israeli and Iranian leaders DUBAI, Jan 16 (Reuters) - Iran's deadly crackdown appears to have broadly quelled protests for now, residents said on Friday, as state media reported more arrests in the shadow of repeated U.S. threats to intervene if the killing continues. U.S. President Donald Trump, whose repeated threats to act had included a vow to "take very strong action" if Iran executed protesters, said Tehran's leaders had called off mass hangings. Sign up here. "I greatly respect the fact that all scheduled hangings, which were to take place yesterday (Over 800 of them), have been cancelled by the leadership of Iran. Thank you!" he posted on social media. Iran has not publicly announced plans for such executions or said it had cancelled them. The protests erupted on December 28 over economic hardship and swelled into widespread demonstrations calling for the end of clerical rule, culminating in mass violence at the end of last week. According to opposition groups and an Iranian official, more than 2,000 people were killed in the worst domestic unrest since Iran's 1979 Islamic Revolution. But several residents of Tehran reached by Reuters said the capital had now been comparatively quiet for four days. Drones were flying over the city, but there had been no sign of major protests on Thursday or Friday. Another resident in a northern city on the Caspian Sea said the streets there also appeared calm. The residents declined to be identified for their safety. PROSPECT OF U.S. ATTACK RETREATS The prospect of a U.S. attack has retreated since Wednesday, when Trump said he had been told killings in Iran were easing. But more U.S. military assets were expected to arrive in the region, showing the continued tensions. U.S. allies, including Saudi Arabia and Qatar, conducted intense diplomacy with Washington this week to prevent a U.S. strike, warning of repercussions for the wider region that would ultimately impact the United States, a Gulf official said. Israel's intelligence chief David Barnea was also in the U.S. on Friday for talks on Iran, according to a source familiar with the matter, and an Israeli military official said the country's forces were on "peak readiness". As an internet blackout eased this week, more accounts of the violence have trickled out. One woman in Tehran told Reuters by phone that her daughter was killed a week ago after joining a demonstration near their home. "She was 15 years old. She was not a terrorist, not a rioter. Basij forces followed her as she was trying to return home," she said, referring to a branch of the security forces often used to quell unrest. The U.S. is expected to send additional offensive and defensive capabilities to the region, but the exact makeup of those forces and the timing of their arrival was still unclear, a U.S. official said speaking on condition of anonymity. The U.S. military's Central Command declined to comment, saying it does not discuss ship movements. PAHLAVI CALLS FOR INCREASED PRESSURE Reza Pahlavi, the U.S.-based son of Iran's last shah who has gained increasing prominence as an opposition figure, on Friday urged the international community to ramp up pressure on Tehran to help protesters overthrow clerical rule. "The Iranian people are taking decisive action on the ground. It is now time for the international community to join them fully," said Pahlavi, whose level of support inside Iran is hard to gauge. Trump this week appeared to downplay the idea of U.S. backing for Pahlavi, voicing uncertainty that the exiled royal heir who has courted support among Western countries could muster significant backing inside Iran. Pahlavi met U.S. envoy Steve Witkoff last weekend, Axios reported. Iranian-Kurdish rights group Hengaw said that there had been no protest gatherings since Sunday, but "the security environment remains highly restrictive". "Our independent sources confirm a heavy military and security presence in cities and towns where protests previously took place, as well as in several locations that did not experience major demonstrations," Norway-based Hengaw said in comments to Reuters. REPORTS OF SPORADIC UNREST There were, however, still indications of unrest in some areas. Hengaw reported that a female nurse was killed by direct gunfire from government forces during protests in Karaj, west of Tehran. Reuters was not able to independently verify the report. The state-affiliated Tasnim news outlet reported that rioters had set fire to a local education office in Falavarjan County, in central Isfahan Province, on Thursday. An elderly resident of a town in Iran's northwestern region, where many Kurdish Iranians live and which has been the focus for many of the biggest flare-ups, said sporadic protests had continued, though not as intensely. Describing violence earlier in the protests, she said: "I have not seen scenes like that before." Video circulating online, which Reuters was able to verify as having been recorded in a forensic medical center in Tehran, showed dozens of bodies lying on floors and stretchers, most in bags but some uncovered. Reuters could not verify the date of the video. The state-owned Press TV cited Iran's police chief as saying calm had been restored across the country. A death toll reported by U.S.-based rights group HRANA has increased little since Wednesday, now at 2,677 people, including 2,478 protesters and 163 people identified as affiliated with the government. Reuters has not been able to independently verify the HRANA death toll. An Iranian official told the news agency earlier this week that about 2,000 people had been killed. The casualty numbers dwarf the death toll from previous bouts of unrest that have been suppressed by the state, including in 2009 and 2022. https://www.reuters.com/world/china/iran-protests-abate-after-deadly-crackdown-residents-rights-group-say-2026-01-16/

2026-01-16 11:00

Q4 results due in coming week from Netflix, J&J, Intel Supreme Court to hear arguments on Trump's aim to oust Fed governor S&P 500 near records despite up-and-down week NEW YORK, Jan 16 (Reuters) - Investors will be counting on a strong corporate earnings season to keep the U.S. stock market rally intact as they digest a wave of domestic policy proposals and heightened geopolitical tensions to start the year. After banks and other financial firms kicked ‌off fourth-quarter reports, a more diverse set of companies, including Netflix (NFLX.O) , opens new tab, Johnson & Johnson (JNJ.N) , opens new tab and Intel (INTC.O) , opens new tab, will post results in the coming week. Sign up here. Following robust performance in 2025, major equity indexes have climbed to start the new year, even as they dipped this week and volatility measures crept higher. "Because of the amount of noise we have around geopolitics and policy, it is literally an imperative that earnings actually carry the news cycle," said Art Hogan, chief market strategist at B Riley Wealth. "While the bar is set pretty high for this quarter, those companies that can meet and beat ‌and raise guidance for the full year 2026 are actually going to get rewarded and will probably be a much-needed tailwind for markets." The S&P 500 (.SPX) , opens new tab fell slightly on the week, although the benchmark index remained close to record-high levels. After strong gains in 2025, shares of major banks including JPMorgan (JPM.N) , opens new tab and Wells Fargo (WFC.N) , opens new tab pulled back following their results. Among the factors pressuring bank stocks during the week was President Donald Trump's proposed 10% cap on credit card interest rates, a surprise move ‍that blindsided the industry and also followed the president's new plan to stop Wall Street firms from buying up single-family homes. GRAPPLING WITH DOMESTIC AND INTERNATIONAL DEVELOPMENTS On the international stage, Trump's aggressive moves and words have also kept investors on edge. The latest global focus centered on Iran, where Trump threatened intervention on behalf of protesters in the country though he later was adopting a wait‑and‑see posture. The uncertainty has boosted ⁠safe-haven bids for gold this year while pockets of equity markets such as energy shares have fluctuated, but the major stock indexes have largely been unbothered by news ‍developments so far. "The market has largely shrugged off a lot of the geopolitical and domestic political issues, but there's certainly a lot to be worried about there," said James Ragan, co-chief investment ‌officer and ‌director of investment management research at D.A. Davidson. "There's always a chance that the president tries to get ambitious, set out some bold policies, and the market's going to have to decide whether it's important enough to react to that." U.S. stock markets are closed on Monday for the Martin Luther King Jr. holiday, but earnings rev up after that, headlined by Netflix results on Tuesday. The streaming giant will draw added attention due to its high-stakes battle with Paramount Skydance (PSKY.O) , opens new tab for Warner Bros Discovery (WBD.O) , opens new tab in a deal that stands ⁠to shake up the media landscape. Focus will ⁠be on corporate outlooks, with hopes high for 2026. S&P 500 companies overall are expected to increase earnings by more than 15% in 2026. "I continue to believe that the most important thing right now is earnings," said Chris Fasciano, chief market strategist at Commonwealth Financial Network. "If we continue to get good earnings, I think that will be supportive for the market." FED INDEPENDENCE ALSO IN FOCUS Investors are also waiting for the U.S. ‍Supreme Court to decide on the legality of Trump's global tariffs, a ruling that could set off asset price volatility. The court on Wednesday also will hear arguments over Trump's attempt to remove Federal Reserve Governor Lisa Cook, bringing fresh attention to the central bank's independence amid persistent criticism from Trump that the Fed has not lowered interest rates sufficiently. Such concerns about Fed independence erupted this week after news of a criminal investigation into Fed Chair Jerome Powell. Trump told Reuters this week he has no plans to fire ‍Powell, whose term as chair ends in May, while he is expected to nominate a new Fed leader soon. The end of Powell's chair term "will mark a critical inflection point for the independence narrative," Wedbush strategists said in a report this week. "A lack of Fed independence could stoke inflation fears and make the U.S. debt more expensive to finance." https://www.reuters.com/business/wall-st-week-ahead-investors-bank-us-earnings-strength-policy-noise-grows-louder-2026-01-15/

2026-01-16 10:52

LONDON, Jan 16 (Reuters) - Bank of England Governor Andrew Bailey said financial policymakers had to push back against attempts by populist politicians to discredit them. In remarks published on Friday, Bailey said populism made it harder for global agencies - such as the International Monetary Fund - to spell out risks in the world economy. Sign up here. "Part of the purpose of international agencies is that from time to time they have to tell us what we don't want to hear, let alone act upon," Bailey said in the text of a speech he made at a closed-door meeting of the Bellagio Group of economists, central bankers and finance officials on Tuesday. "Of course, they have to be accountable for the accuracy and quality of the assessment. But, accepting that, we have to call out messenger shooting." He said attempts had been made to encourage a decline in trust of "domestic and international" organisations to make them appear "distant, unresponsive and acting for the benefit of powerful and uncontrollable interests". Bailey, who has previously warned of the dangers of thwarting the IMF's role in flagging the buildup of imbalances in the world economy, did not identify any politicians or countries in his speech. The IMF last year criticised U.S. President Donald Trump's big tax cuts and it supports open international trade. U.S. Treasury Secretary Scott Bessent has accused the Fund of straying too far from its core missions, for example by looking at the impact of climate change. In his speech, Bailey said now was not the time to close the world to the benefits of trade. He also said the importance of rules to make the global finance industry safe was not as widely accepted as it should be. Earlier this week, Bailey signed a statement along with other top central bankers backing Federal Reserve Chair Jerome Powell after the U.S. Justice Department launched a criminal investigation over cost overruns for renovation work at the Fed's headquarters complex. https://www.reuters.com/business/finance/bank-englands-bailey-calls-policymakers-challenge-populists-2026-01-16/