2026-01-02 12:41

TSX ends up 0.5% at 31,883.37 Energy adds 1.8% Shares of Denison Mines target="_blank">(DML.TO) jump 13.7% Technology loses 1% Jan 2 (Reuters) - Canada's main stock index began 2026 on a positive note on Friday despite downbeat domestic manufacturing data, as shares of uranium producers climbed. The S&P/TSX Composite Index (.GSPTSE) , opens new tab ended up 170.61 points, or 0.5%, at 31,883.37, rebounding after declines in the previous four sessions. Sign up here. For the week, the TSX was down 0.4%. It posted a 2025 gain of 28.25%, its biggest annual advance in 16 years, as surging gold prices, lower borrowing costs and optimism around technology companies offset headwinds for the domestic economy. The Canadian manufacturing sector contracted for an 11th consecutive month in December, as trade uncertainty contributed to a steeper decline in output and new orders. "As we think about global market drivers, AI will remain a dominant theme, but we see solid reasons why markets are going to broaden both within tech and beyond tech," said Angelo Kourkafas, senior global investment strategist at Edward Jones. Technology (.SPTTTK) , opens new tab was one of just two major sectors to end lower, falling 1%. The advancing sectors were led by energy (.SPTTEN) , opens new tab, which rose 1.8% even as the price of oil settled 0.2% lower at $57.32 a barrel. Shares of Denison Mines (DML.TO) , opens new tab jumped 13.7% after the uranium miner said it was ready to launch its flagship Phoenix ISR project. Energy Fuels (UUUU.A) , opens new tab shares were up 15.4%. Industrials (.GSPTTIN) , opens new tab added 0.7%, heavily weighted financials (.SPTTFS) , opens new tab were up 0.6%, while the materials group (.GSPTTMT) , opens new tab, which includes metal-mining shares, ended 0.2% higher as gold prices rose. Hundreds of miners began a strike on Friday at Capstone Copper's (CS.TO) , opens new tab Mantoverde copper and gold mine in northern Chile after talks between the main union and the company on new labor contracts broke down. Shares of Capstone were down 1.5%. https://www.reuters.com/business/tsx-futures-rise-first-trading-day-2026-precious-metal-prices-rebound-2026-01-02/

2026-01-02 11:57

LIBREVILLE, Jan 2 (Reuters) - Gabon's President Brice Oligui Nguema has replaced his finance minister, Henri-Claude Oyima, according to a decree, as the oil-producing Central African country grapples with a liquidity squeeze and rising arrears. Gabon has become increasingly reliant on regional capital markets to meet its financing needs, though appetite for its debt "has weakened substantially", ratings agency Fitch said last month, when it downgraded the country's long-term foreign-currency issuer default rating. Sign up here. Oyima, a prominent banker and businessman, was named finance minister in May, after Nguema won the first presidential election since he took power in a coup in 2023. A presidential decree released late on Thursday said technical adviser Thierry Minko would be taking over as "minister of economy, finance, debt and shareholdings, responsible for combating the high cost of living". The decree said another senior official, Marc Abeghe, would be in charge of the budget at the ministry. Fitch's decision to downgrade Gabon's long-term foreign-currency issuer default rating cited a widening fiscal deficit and a dearth of official creditor financing. The agency said it expected government debt to increase from 72.9% of gross domestic product in 2024 to 80.4% in 2025, 85.5% in 2026 and 86.7% in 2027. Gabon's presidency said in December it was planning to introduce a new housing tax in 2026 to improve public lighting, road maintenance and city cleanliness. https://www.reuters.com/world/africa/gabon-replaces-finance-minister-debt-worries-mount-2026-01-02/

2026-01-02 11:51

India's Russian oil imports expected to dip below 1 million bpd, two govt sources say Russia supplied 35% of Indian oil imports in 2025 - Kpler data India's Russian oil imports have declined from June 2025 peak India seeking relief from 50% U.S. import tariff rate NEW DELHI, Jan 2 (Reuters) - India is asking refiners for weekly disclosures of Russian and U.S. oil purchases, people familiar with the matter told Reuters, adding that they expect Russian crude imports to dip below 1 million barrels per day as New Delhi seeks to clinch a trade deal with Washington. India became the biggest buyer of discounted Russian seaborne crude following the 2022 outbreak of the Ukraine war. But those purchases have fuelled a backlash from Western nations, which have targeted Russia's energy sector with sanctions, arguing that oil revenues help fund Moscow's war effort. Sign up here. The United States, which was already looking to narrow its trade deficit with India, doubled import tariffs on Indian goods to 50% last year as punishment for its heavy purchasing of Russian oil. The two countries are currently negotiating a potential trade deal, though those talks have been fraught at times. INDIA WANTS 'TIMELY, ACCURATE DATA' TO SHOW WASHINGTON The oil ministry's Petroleum Planning and Analysis Cell (PPAC) is asking refiners to provide weekly information on their imports from Russia and the U.S., stating that the information is required by Prime Minister Narendra Modi's office, five industry and government sources told Reuters. "We want timely and accurate data on Russian and U.S. oil imports so that, when the U.S. asks for information, we can provide verified figures instead of them relying on secondary sources," said one of the sources, a government official. The sources, who all declined to be named as they were not authorised to speak to media on the matter, did not expect the data to be made public. Modi's office, the oil ministry and its PPAC unit did not immediately respond to requests for comment. The origins of Indian firms' oil purchases are typically reflected in monthly customs data and by private sector analytics firms. This marks the first time the government has sought such information from refiners on a weekly basis. Major Indian refiners, including Reliance Industries (RELI.NS) , opens new tab and Indian Oil Corp (IOC.NS) , opens new tab, did not immediately respond to requests for comment. RUSSIAN OIL AT ISSUE IN DIFFICULT TRADE TALKS Though many major world economies have succeeded in striking trade deals with Washington that reduced U.S. President Donald Trump's initial crippling tariff rates, talks between New Delhi and Washington have so far failed to produce an agreement. Negotiations collapsed in late July after India resisted opening its market for U.S. farm products and declined to acknowledge Trump's role in mediating during a brief conflict between India and Pakistan. Trump, meanwhile, doubled the tariff rates on Indian goods in August. Trump and Modi have continued to talk, however, and negotiations have resumed, though India's Russian oil purchases remain a stumbling block. While Trump said in October that Modi had pledged to stop buying Russian oil, New Delhi has publicly resisted U.S. pressure, arguing that Russian imports are vital to its energy security. Two of the sources, both of them government officials, said refiners have not been expressly instructed to cut Russian oil purchases. However, they and the industry sources said they expect imports to average below 1 million bpd in the coming months. Stricter U.S. and European Union sanctions have already slowed Russian oil flows to India, which fell to a three-year low of about 1.2 million bpd in December, according to sources and analytics firm Kpler. That marks a roughly 40% drop from a June peak of around 2 million bpd. Trump has made energy purchases an imporAtant aspect of many of his trade deals. And India is also looking to increase purchases of U.S. crude after the country's refiners already stepped up imports of U.S. gas, industry sources said. The U.S. accounted for 6.6% of Indian crude imports in 2025, Kpler data showed. Russia supplied 35%. https://www.reuters.com/business/energy/india-asks-refiners-weekly-russian-oil-import-data-it-seeks-us-trade-deal-2026-01-02/

2026-01-02 11:02

UK pound stable in light trading post-holidays Bank of England policy to dictate pound in 2026 UK factory activity grows LONDON, Jan 2 (Reuters) - The British pound was little changed against both the dollar and euro on Friday, with little news to drive the currency either way as 2026 gets off to a slow start. Sterling was last trading at $1.3447 versus the dollar , down slightly from a three-month high of $1.3533 it hit last week. Against the euro, the pound was also little changed at 87.1 pence . Sign up here. Trading has been light around the Christmas and New Year period in Britain, with activity unlikely to pick up fully until next week. The direction of the currency has largely been shaped by an easing of concerns surrounding the UK budget and Bank of England policy over the last few weeks. The BoE lowered its interest rate in a tight 5-4 vote last month, but policymakers hinted that they could slow their already gradual pace of easing in 2026. Money market traders are not fully pricing in another rate cut from the central bank until June. Traders are pricing in just 40 basis points of easing in 2026, implying about a 60% chance of a second quarter-point rate cut by the end of the year. The outlook for monetary policy will depend on how the economy evolves, with signs of a slowing labour market and stagnant economic growth in the second half of last year. A survey on Friday showed Britain's factory activity grew at its fastest pace in 15 months in December, though that was less than previously forecast. The S&P Global Purchasing Managers' Index for manufacturing rose to 50.6, up from 50.2 in November but below an initial reading for December of 51.2. "All told, we think the PMI paints a picture of stability within the manufacturing sector," said Elliott Jordan-Doak, senior UK economist at Pantheon Macroeconomics. A final PMI for Britain's more dominant services sector is due to be released on Tuesday next week. https://www.reuters.com/world/uk/sterling-struggles-direction-first-trading-day-2026-2026-01-02/

2026-01-02 10:47

LONDON, Jan 2 (Reuters) - Britain's factory sector grew at its fastest pace in 15 months in December, though by less than previously thought, while confidence dipped despite some relief over finance minister Rachel Reeves' budget, a survey showed on Friday. The S&P Global Purchasing Managers' Index for manufacturing rose to 50.6, up from 50.2 in November but below an initial "flash" reading for December of 51.2. Sign up here. Prior to November, the PMI had been in contraction territory for 13 months in a row. Stock-building accounted for some of December's growth and the survey added to the picture of an economy struggling to find momentum in late 2025. The Bank of England last month forecast zero growth in the fourth quarter when businesses were awaiting possible new tax increases in Reeves' budget in late November. She announced 26 billion pounds ($35 billion) of tax hikes but delayed most of them and largely spared businesses, unlike in her first budget in 2024. New orders grew in December, albeit only slightly, for the first time since September 2024. And there were signs of stabilisation in exports and hiring, which have been weak, the PMI showed. Rob Dobson, director at S&P Global Market Intelligence, said that in addition to the end of uncertainty about the budget, factories had been helped by carmaker Jaguar Land Rover (TAMO.NS) , opens new tab returning to normal after a cyber-attack shutdown. "The start of 2026 will show if growth can be sustained after these temporary boosts subside," Dobson said. Last month's interest rate cut by the BoE might help demand, he said, but the PMI's measure of business optimism fell in December for the first time in three months. High costs, increased taxation, reduced international competitiveness, geopolitical uncertainty and the possible impact of government policies were listed as causes for concern. The survey's measures of inflation picked up. Businesses pointed to higher labour costs, which rose when Reeves hiked a payroll tax in her 2024 budget, for their higher prices. A final PMI for Britain's services sector is due to be released on Tuesday. The preliminary version of that survey touched its highest in two months. ($1 = 0.7412 pounds) https://www.reuters.com/world/uk/uk-factories-pick-up-bit-speed-outlook-worries-remain-2026-01-02/

2026-01-02 09:47

FTSE 100 rose nearly 22% in 2025, best year since 2009 Miners, defence, banks among the biggest gainers Crossing symbolic threshold could boost sentiment towards UK LONDON, Jan 2 (Reuters) - London's blue-chip FTSE 100 (.FTSE) , opens new tab index hit the symbolic 10,000 points mark for the first time on Friday, reflecting a wider surge in global equities and providing a strong start to 2026 for a stock market that had lagged behind peers for years. The benchmark crossed the milestone early on the first trading day of 2026. It gained nearly 22% in 2025, its best year since 2009, outperforming Europe's broad STOXX 600 (.STOXX) , opens new tab index and the S&P 500, (.SPX) , opens new tab. Sign up here. "It's nice to be going into 2026 with a good news story," said Danni Hewson, head of financial analysis at AJ Bell. "We've been talking down UK stocks for an awfully long time so to begin the year on the front foot, and for the momentum of 2025 to continue into 2026, psychologically that is going to have an impact." The FTSE 100 was last trading a fraction shy of the 10,000 level, up 0.4% on the day. STOCKS AROUND THE WORLD RALLIED IN 2025 Stocks around the world surged in 2025, driven in part by a rally in companies connected with artificial intelligence, though British stock markets are little exposed to the sector. Instead, its biggest gainers in 2025 included miners such as Fresnillo (FRES.L) , opens new tab, boosted by record precious metal prices, and gains in defence companies, such as Babcock (BAB.L) , opens new tab and Rolls-Royce (RR.L) , opens new tab as Europe increased defence spending. Banks, including Lloyds (LLOY.L) , opens new tab, were also strong, boosted by elevated interest rates alongside decent economic growth. AN ARBITRARY NUMBER THAT COULD SPUR INTEREST British markets have suffered from a lack of initial public offerings in recent years, while companies have left the market, through being bought, delisting or moving their primary listings away from London. Political instability, bond market volatility and post-Brexit uncertainty added to negativity, and with relatively few tech and AI-connected companies listed in London, British-focused fund managers have struggled to ward off sentiment that the greatest excitement is elsewhere. "This (10,000) is an arbitrary number, but it is something that could get international investors more interested in the FTSE - so it is quite a big deal," said Rory McPherson, CIO at financial planning firm Wren Sterling. "The FTSE has a wide sectoral base and appealing valuations." Investors also say the UK could offer diversification from high-flying tech stocks, as concerns about an AI bubble persist. Dealmakers anticipate London could attract more IPOs this year, notably from Norwegian software company, although higher share prices could make London-listed stocks less attractive to acquirers after cheap valuations helped to make them the second most targeted globally last year. British finance minister Rachel Reeves posted on social media platform X: "The FTSE 100 breaking through 10,000 points for the first time is a vote of confidence in Britain’s economy and a strong start to 2026." Still, the blue-chip index in 2025 trailed other markets such as Japan (.N225) , opens new tab, Hong Kong (.HSI) , opens new tab, South Korea (.KS11) , opens new tab, Spain (.IBEX) , opens new tab and Italy (.FTMIB) , opens new tab. And while the FTSE 100, weighted heavily towards internationally focused companies, has outperformed, the domestically focused mid-cap FTSE 250 (.FTMC) , opens new tab has lagged, rising roughly 9% in 2025. https://www.reuters.com/business/finance/britains-ftse-100-index-hits-10000-mark-first-time-2026-01-02/