2025-02-18 22:21
CHICAGO, Feb 18 (Reuters) - The U.S. Department of Agriculture will not restrict cattle imports from Mexico after another discovery of a damaging pest called New World screwworm in a cow south of the border, the agency said on Tuesday. U.S. cattle supplies tightened in recent months after Washington in late November blocked Mexican livestock shipments over the discovery of screwworm in a cow in Mexico. Another case of screwworm was found in a cow in Mexico's Tabasco state last week, according to the World Organization for Animal Health. The pest can infest livestock, wildlife and in rare cases, people. Maggots from screwworm flies burrow into the skin of living animals, causing serious and often fatal damage. The USDA said on February 1 it would lift the ban it imposed in November under new protocols to assess the health of animals before they enter the U.S. from Mexico. The agency will not take additional action based on the latest detection, USDA said on Tuesday in response to a question about whether it would halt imports again. "The comprehensive pre-clearance inspection and treatment protocol is now in place and will ensure safe movement of cattle and bison into the United States and mitigate the threat of New World screwworm," USDA said. The latest discovery pushed up feeder cattle futures at the Chicago Mercantile Exchange as some traders anticipated USDA might halt imports from Mexico again. U.S. cattle supplies are at their lowest levels in 74 years and beef prices are high after ranchers slashed their herds because drought reduced the amount of land available for grazing. Sign up here. https://www.reuters.com/business/healthcare-pharmaceuticals/usda-will-not-ban-cattle-imports-mexico-over-latest-screwworm-case-agency-says-2025-02-18/
2025-02-18 21:46
Feb 19 (Reuters) - A look at the day ahead in Asian markets. Two interest rate decisions and Chinese house prices top the Asia-Pacific calendar on Wednesday, with markets still pretty buoyant even as investors navigate the increasingly powerful crosscurrents of global trade and geopolitical uncertainty. Wall Street's big three indices were little-changed on Tuesday but the S&P 500 eked out a new closing high, as did the MSCI World index. Markets are in a holding pattern, taking a 'wait and see' approach to tariffs and potential Russia-Ukraine truce. When it comes to U.S. monetary policy, the Federal Reserve is adopting a similar stance too. The Reserve Bank of New Zealand on Wednesday is expected to lop another 50 basis points off borrowing costs to counter slowing growth, while Bank Indonesia , opens new tab is set to hold rates to shore up the weak exchange rate, according to Reuters polls. These decisions come a day after the Reserve Bank of Australia cut rates for the first time in four years but warned it was too early to declare victory over inflation and signaled caution over the prospects of further easing. Like all their G10 FX peers, the Australian and New Zealand dollars have risen against the U.S. dollar this year although the 'kiwi' has cooled a bit this week ahead of the RBNZ decision. Indonesia's rupiah is flat this year, making it one of the worst performers among key emerging currencies. Despite the uncertainty around U.S. President Donald Trump's tariffs and protectionist trade agenda, emerging market sentiment remains upbeat. Investors seem willing to stay in riskier assets, which have been winning trades so far this year, for longer than had perhaps been expected. Emerging market debt and Chinese equities are two areas have performed well this year, and attracted huge inflows in January, Institute of International Finance figures showed on Tuesday. Optimism on Chinese stocks, especially tech, is spreading as investors bet that the emergence of AI startup DeepSeek and President Xi Jinping's meeting with the country's tech entrepreneurs mark a bright, new dawn for the sector. Hedge funds are pouring money in, and global investment banks are upgrading their outlooks. The danger is bullish sentiment and positions get too stretched, but the market doesn't appear to be at that stage yet. Still, tense U.S.-Sino relations and escalating global trade tensions cannot be ignored, and on Tuesday China condemned Washington at the World Trade Organization, warning that its tariffs could upend world trade and risk global recession. Meanwhile, the rise in Japanese Government Bond yields shows no sign of slowing, as markets bet on the Bank of Japan raising rates again this year. Yields are the highest since 2008, and have now risen 13 out of the last 14 trading sessions. Here are key developments that could provide more direction to Asian markets on Wednesday: - New Zealand, Indonesia rate decisions - China house prices (January) - HSBC earnings (full-year 2024) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-graphics-2025-02-18/
2025-02-18 21:39
Feb 18 (Reuters) - EQT (EQT.N) , opens new tab beat analysts' estimate for fourth-quarter profit on Tuesday, as the natural gas producer benefited from higher prices and sales of the commodity. Natural gas prices rose in the quarter, hitting a two-year peak, helped by an increase in the amount of gas flowing to liquefied natural gas export plants. The prices also received a boost from forecast for more cold weather in January, which is expected to increase heating demand. EQT's average realized price for natural gas was up 9.5% over the year earlier at $3.01 per thousand cubic feet equivalent (Mcfe) during the quarter. Total sales volume was up 7.3% at 605,183 millions of cubic feet equivalent. Shares of the company were up 1.9% in extended trading. EQT expects to spend between $1.95 billion and $2.12 billion in the current year, lower than analysts' estimate of $2.39 billion, as it plans to reduce debt. The company, which accumulated a debt pile after its $14 billion purchase of pipeline operator Equitrans Midstream in July, said its total debt was at $9.3 billion, as of December 31. Last year, EQT sold minority stakes in some of its pipelines for $3.5 billion to Blackstone (BX.N) , opens new tab through a joint venture. It also sold its remaining interest in its non-operated natural gas assets in northeast Pennsylvania to Equinor (EQNR.OL) , opens new tab for $1.25 billion. EQT posted an adjusted profit of 69 cents per share for the quarter ended December 31, compared with analysts' average estimate of 49 cents per share, according to data compiled by LSEG. Sign up here. https://www.reuters.com/business/energy/eqt-beats-fourth-quarter-profit-estimates-higher-natural-gas-prices-2025-02-18/
2025-02-18 21:38
Feb 18 (Reuters) - Occidental Petroleum (OXY.N) , opens new tab said on Tuesday that it had struck two deals in the current quarter to divest some upstream assets to undisclosed buyers for a total of $1.2 billion, although its current-quarter production forecast fell short of expectations. The transactions, which include Rockies non-operated assets and Permian Basin assets that are not part of the company's near-term development plan, are expected to close by the end of the current quarter. The company said it planned to use the proceeds from the transactions to reduce debt, which rose after it closed the $12 billion acquisition of privately held CrownRock in August last year. The company also reported an adjusted profit of 80 cents per share in the fourth quarter, beating analysts' average estimate of 70 cents per share, according to data compiled by LSEG, helped by an 18.6% rise in production at 1.46 million barrels of oil equivalent per day (MMboepd) from the previous year. Occidental also raised its quarterly dividend by 9% to 24 cents per share. However, the oil and gas firm's current-quarter production forecast of between 1.37 and 1.41 MMboepd fell short of Wall Street expectations of 1.43 MMboepd. ROTH analysts said in a note that they expect a slight negative reaction on Wednesday, hurt by "the slowing of its chemicals business, its lower long-term production growth rate vs. peers, and its strategy of selling assets in a weaker environment." Occidental also reported a fourth-quarter loss of $297 million on Tuesday, compared with a profit of $1.03 billion from a year earlier, as it was hurt by environmental liability and lower prices. Shares were down 1.4% at $48.14 in extended trading. The company expects to spend between $7.4 billion and $7.6 billion in the current year, up about 10% from last year at mid-point. Sign up here. https://www.reuters.com/markets/commodities/occidental-petroleum-reports-fourth-quarter-loss-2025-02-18/
2025-02-18 21:29
Feb 18 (Reuters) - Oil major BP (BP.L) , opens new tab is considering a potential sale of its lubricants business, Castrol, which could be worth about $10 billion in a deal, Bloomberg News reported on Tuesday, citing people familiar with the matter. A sale of the business is one of the many options BP is considering, the report said, adding that the unit is also among the assets that Elliott Management has identified for potential disposals. Elliott declined to comment and BP did not immediately respond to a Reuters request for comment. Last week, Reuters reported that Elliott is pushing the oil company to take radical action to transform its performance after building a 5% stake, which includes a big divestment programme. It is engaging with the company in advance of its Capital Markets Day, scheduled for February 26. The company might announce the potential divestment during its Capital Markets Day, Bloomberg added. Last Monday, BP's shares were on track for their biggest daily gain in two years after Reuters reported that the activist shareholder will press for board changes and strategy shifts in order to boost returns. Last Wednesday, the company posted a year-on-year 61% drop in fourth-quarter profits, the weakest period since the fourth quarter of 2020, when pandemic lockdowns shrank demand for oil. BP's lubricant brand Castrol serves customers in over 150 countries in the automotive, marine, industrial, aerospace and energy production sectors, according to BP's website , opens new tab. Sign up here. https://www.reuters.com/markets/commodities/bp-weighs-sale-10-billion-castrol-lubricants-unit-bloomberg-news-reports-2025-02-18/
2025-02-18 21:29
Feb 18 (Reuters) - Oil and gas firm Devon Energy (DVN.N) , opens new tab beat analysts' estimate for fourth-quarter profit on Tuesday, as higher production helped counter the impact from lower prices. Total oil production in the U.S. rose to a record high of 13.6 million barrels per day in December, data from the U.S. Energy Information Administration showed, as improved efficiencies helped oil producers pump more. Devon's production jumped 28% over the year earlier to 848,000 barrels of oil equivalent per day (boepd) during the quarter. The output was aided by the contribution from the Williston Basin business, which the company acquired from Grayson Mill Energy in a $5 billion deal. The company's assets in the Rockies and Eagle Ford basins exceeded estimates on "strong new well productivity and solid base performance", Devon's outgoing CEO Rick Muncrief said. Muncrief will be succeeded by Clay Gaspar, currently Devon's chief operating officer, on March 1. Devon's total revenue from sales of oil, gas, midstream and natural gas liquids was $4.4 billion, a 6% increase over the prior-year quarter. That compares with analysts' estimate of $4.21 billion. The company's quarterly average realized prices came in at $40.32 per boe, lower than the $45.07 per boe a year earlier. Devon expects to produce between 805,000 and 825,000 boepd in 2025. It expects to spend $3.8 billion to $4.0 billion in this year, with more than half of the amount to be allocated to the Delaware basin. Devon spent $3.87 billion in 2024. The company's net income fell to $639 million during the fourth quarter, from $1.15 billion a year earlier, largely due to higher expenses. Devon posted an adjusted profit of $1.16 per share for the quarter ended December 31, compared with analysts' average estimate of $1 per share, according to data compiled by LSEG. It also raised its quarterly dividend by 9%. Sign up here. https://www.reuters.com/business/energy/devon-energy-beats-fourth-quarter-profit-estimate-higher-production-2025-02-18/
