2025-04-08 12:47
April 8 (Reuters) - BP (BP.L) , opens new tab has decided to halt plans to produce clean jet fuel at its Castellon oil refinery in Spain, Bloomberg News reported on Tuesday, citing a person familiar with the matter. The decision to pause the biofuel investment was driven by weaker-than-anticipated growth in the market, the report said. Sign up here. BP did not immediately respond to a Reuters request for comment. In February, BP unveiled plans to increase its oil and gas investments and slash spending on renewables, as part of its efforts to boost returns and improve financial performance. https://www.reuters.com/sustainability/bp-halts-plans-make-clean-jet-fuel-spain-plant-bloomberg-news-says-2025-04-08/
2025-04-08 12:36
Futures up: Dow 3.15%, S&P 500 2.9%, Nasdaq 2.78% Broadcom gains after launching new share buyback plan Major health insures rise after Medicare payment rate boost April 8 (Reuters) - Wall Street's main indexes were set to open higher on Tuesday after a bruising selloff that has wiped out trillions of dollars since last week, as investors await any sign of the U.S. opening up for negotiations over some of the aggressive tariffs. Most megacap and growth stocks rose in premarket trading, with Nvidia (NVDA.O) , opens new tab adding 4.5%, and Amazon.com (AMZN.O) , opens new tab and Tesla (TSLA.O) , opens new tab rising close to 4% each. Sign up here. Since the reciprocal tariff announcement on April 2, concerns over a global trade war and fears of a recession in the U.S. have gripped Wall Street, with the three major indexes hitting around one-year lows. The Nasdaq (.IXIC) , opens new tab confirmed a bear market on Friday, while the S&P 500 and the Dow (.DJI) , opens new tab are down more than 15% from their record-high closes. The benchmark index neared bear market territory on Monday, before cutting some losses. "A bounce was inevitable at some stage... the reason is we've had a very rapid fall and that equity investors are still hoping that representations from countries will attempt to try and strike a trade accord with America," said Russ Mould, investment director at AJ Bell. Markets continued to remain under a cloud of uncertainty after China said on Tuesday it will never accept the "blackmail nature" of the U.S. to Trump's threat to ratchet up tariffs on imports from China to more than 100%. This was in response to China's decision to impose retaliatory tariffs to match 'reciprocal' U.S. duties. U.S. Treasury Secretary Scott Bessent said in an interview to CNBC on Tuesday tariff negotiations are the result of calls from other countries, not sliding financial markets, and China's escalation is a big mistake. President Trump will be personally involved in trade negotiations, Bessent said. At 08:13 a.m. ET, Dow E-minis were up 1,201 points, or 3.15%, S&P 500 E-minis were up 148 points, or 2.9%, and Nasdaq 100 E-minis were up 488 points, or 2.78%. Worries that the aggressive U.S. tariffs could spur inflation and hamper global growth have led to greater pricing of interest-rate cuts by the Federal Reserve. Traders see more than 96 basis points of easing by the December, implying three fully priced in 25-bps cuts and a 84% chance of a fourth such a reduction, according to LSEG data. A consumer price inflation reading is also due on Thursday, which could offer more clues on the inflation trajectory. The CBOE Volatility index (.VIX) , opens new tab - seen as Wall Street's 'fear gauge' - retreated to 39.78 points after rising to more than 60 on Monday - levels last seen back in August. Among individual stocks, chipmaker Broadcom (AVGO.O) , opens new tab advanced 7.4% after the company said it was launching a new share buyback program of up to $10 billion. Health insurer UnitedHealth Group (UNH.N) , opens new tab gained 7.4% after the U.S. announced 5.06% increase in payment rates to private insurers for 2026 Medicare Advantage health plans. Humana (HUM.N) , opens new tab soared 14.8%, while Elevance Health (ELV.N) , opens new tab also gained 8.1%. CVS Health (CVS.N) , opens new tab jumped 9.4%. The insurer named UPS executive Brian Newman as its chief financial officer. https://www.reuters.com/markets/us/futures-rise-after-heavy-losses-hopes-talks-over-tariffs-2025-04-08/
2025-04-08 12:35
SANTIAGO, April 8 (Reuters) - Consumer prices in Chile rose 0.5% in March from the previous month, data from statistics agency INE showed on Tuesday, in line with market expectations in a Reuters poll of economists. Annual inflation in the world's largest copper producer hit 4.9%, INE added, accelerating from the 4.7% registered the previous month and above the central bank's 2% to 4% target range. Sign up here. The rise was led by the higher cost of food and non-alcoholic beverages as well education, the report said, adding that 9 of the 13 sectors surveys showed an increase in prices. Transportation though, registered a notable decrease in prices, aided by a drop in fuel prices for personal vehicles as well as bus fares. The numbers came a day after the central bank released its meeting minutes for its March decision to hold the interest rate steady at 5%. In its statement, the bank said that holding the rate steady was the only option due to global uncertainty and the "significant risks facing the inflationary outlook". https://www.reuters.com/world/americas/chiles-inflation-picks-back-up-march-led-by-food-education-2025-04-08/
2025-04-08 12:34
BRASILIA, April 8 (Reuters) - Brazil's public sector gross debt rose in February from the previous month, central bank data showed on Tuesday, driven by the country's heavy interest burden. The debt load reached 76.2% of gross domestic product (GDP), up from 75.7% in January, in line with economists' projections in a Reuters poll. Sign up here. Under the methodology used by the International Monetary Fund, the ratio climbed to 88.7% of GDP from 87.1%, as the IMF includes all government bonds held by the central bank, while the Brazilian central bank only considers those sold to the market in repo operations. According to the central bank, the increase in gross debt - a key indicator of a country's solvency - was mainly due to interest payments during the month. As it battles inflation running above the official 3% target, Brazil has faced high debt servicing costs amid an aggressive monetary tightening cycle. Since September, policymakers have raised interest rates by 375 basis points to 14.25%. The public sector posted a primary deficit, which excludes interest payments, of 18.973 billion reais ($3.23 billion) in February, narrower than the 31.5 billion reais shortfall expected by economists in a Reuters poll. The result was helped by a 9.244 billion reais surplus from regional governments and a 299 million reais surplus from state-owned companies. The central government's primary deficit reached 28.517 billion reais in February and 14.194 billion reais in 12 months, equivalent to 0.12% of GDP. President Luiz Inacio Lula da Silva's administration is targeting a zero primary deficit this year, with a tolerance margin of 0.25% of GDP. ($1 = 5.8718 reais) https://www.reuters.com/world/americas/brazils-gross-debt-hits-762-gdp-february-amid-high-interest-costs-2025-04-08/
2025-04-08 12:24
FRANKFURT, April 8 (Reuters) - U.S. tariffs will be a massive drag on global growth and the European Central Bank will do its part to support Europe but the solution lies in more unity on the continent, ECB policymaker Joachim Nagel said on Tuesday. Stocks have fallen sharply since U.S. President Donald Trump unveiled tariffs targeting most nations and markets are now pricing in a possible recession in some of the world’s biggest economies as trade fragmentation raises costs and slows activity. Sign up here. "Global growth prospects have deteriorated massively," Nagel said in an emailed statement. "Monetary policy in Europe will do its part ... We are already well on our way to achieving our inflation target this year." The ECB has cut interest rates six times in the past year and a long list of policymakers have already made the case for another move on April 17 as weaker growth, lower energy costs, higher corporate bond yields and a stronger euro are all pointing in the direction of a further slowdown in inflation. "At the upcoming meeting of the ECB Governing Council next week, we will make responsible decisions based on the data and information available," Nagel added. Nagel said the turmoil strengthens the case for Europe to become even more cohesive, including via a banking and capital-markets union. "Ultimately, there must be a Europe that stands closer together," Nagel said. He called for a new German government to be formed rapidly and to invest in sectors including infrastructure and digital technology. https://www.reuters.com/markets/europe/ecbs-nagel-says-global-growth-deteriorated-massively-2025-04-08/
2025-04-08 12:14
LONDON, April 8 (Reuters) - British finance minister Rachel Reeves said on Tuesday she would meet U.S. Treasury Secretary Scott Bessent "shortly" as part of broader talks over a new economic partnership that London hopes will reduce its tariff levy. Reeves, speaking to parliament as global markets stabilised following days of turmoil, said the government was seeking to build stronger trade ties with the U.S., while also providing stability for families, businesses and investors at home. Sign up here. U.S. President Donald Trump imposed a 10% tariff on most imports from Britain and a 25% tariff on key sectors such as cars and steel. "All of the decisions that we make as a government will be underpinned by the stability of our non-negotiable fiscal rules," she said, "A trade war is in nobody's interest. It is why we must remain pragmatic, cool-headed, and pursue the best deal with the United States that is in our national interest." Trump's global tariff programme has sent shockwaves through financial markets, but Reeves said Bank of England Governor Andrew Bailey had confirmed that markets were functioning effectively and that banks remained resilient. On Monday, British 30-year borrowing costs rose by the most in a single day since October 2022, when they were suffering in the aftermath of then Prime Minister Liz Truss' "mini-budget". Gilt prices were more stable on Tuesday and an auction also ran smoothly. Trump's announcement of tariffs last week has also prompted governments around the world to seek closer trading ties with other partners, to help protect their industries. Reeves said she had in recent days spoken to her counterparts in Canada, Australia, Ireland, France, Spain and to the European Commission. She is also due to meet India's finance minister this week to discuss their trade deal talks. Reeves said that Trump's tariffs would have huge implications for the world economy. Reeves is due to travel to Washington next week for a gathering of top finance officials from around the world at the International Monetary Fund and World Bank when Bessent is expected to meet some of his counterparts. https://www.reuters.com/world/uk/uk-finance-minister-markets-are-functioning-effectively-2025-04-08/
