2025-12-22 11:50

NEW DELHI, Dec 22 (Reuters) - India's infrastructure output (ININFR=ECI) , opens new tab rose 1.8% year-on-year in November led by strong cement and steel production, government data showed on Monday. The index, which tracks activity across eight sectors and makes up 40% of the country's industrial production, was revised downwards for October to a decline of 0.1% from flat. Sign up here. KEY NUMBERS * Crude oil output fell 3.2% year-on-year in November as compared to a 1.2% year-on-year fall in October. * Natural gas production declined 2.5% year-on-year in November as compared to a fall of 5% in the previous month. * Cement output rose 14.5% year-on-year in November as against a revised 5.2% rise a month ago. * Steel production grew 6.1% year-on-year as against a revised 5.9% rise in October. * Fertiliser production increased 5.6% year-on-year in November as against a 7.4% advance in October. * Coal production rose 2.1% year-on-year in November as against a decline of 8.5% a month ago. * Electricity generation declined 2.2% year-on-year in November as compared to a revised fall of 6.9% a month ago. * Refinery products output declined 0.9% year-on-year in November as against a rise of 4.6% in October. * Infrastructure output rose 2.4% year-on-year in April-November against a revised growth of 4.4% a year ago. https://www.reuters.com/world/india/indias-november-infrastructure-output-grows-18-yy-2025-12-22/

2025-12-22 11:49

FTSE 100 down 0.4%, FTSE 250 down 0.3% UK GDP grew just 0.1% in Q3; Q2 revised lower to 0.2% Consumer staples and beverage stocks lead losses Precious metals & mining index gains on gold price surge Dec 22 (Reuters) - UK stocks edged lower on Monday after three straight days of gains at the start of a holiday-shortened week, as the latest data confirmed Britain's economy grew at a sluggish pace last quarter. The UK's blue-chip FTSE 100 (.FTSE) , opens new tab was down 0.4% at 1121 GMT amid quiet trading, while the domestically focussed midcap FTSE 250 (.FTMC) , opens new tab index eased 0.3% from a seven-week high. Sign up here. Official data showed GDP grew just 0.1% in the third quarter, in line with estimates, with April-June growth revised down to 0.2% from 0.3%. The figures suggest higher taxes and sticky inflation are weighing on activity, despite increased household spending and reduced savings. The slowdown raised concerns about consumer resilience and corporate earnings heading into 2026. Among sectors, consumer staples lagged. Beverage stocks (.FTNMX451010) , opens new tab led losses, down 2.6%, with Coca-Cola UK (CCEPC.L) , opens new tab falling 2.1%. The personal care, drug and grocery sub-index (.FTNMX452010) , opens new tab fell 1%, with Ocado Group (OCDO.L) , opens new tab sliding 3.3% and Tesco (TSCO.L) , opens new tab down 1.3%. Gold miners kept losses in check as Rio Tinto (RIO.L) , opens new tab, Glencore (GLEN.L) , opens new tab, Endeavour Mining (EDV.L) , opens new tab and Fresnillo (FRES.L) , opens new tab benefited from gold surging above $4,400 an ounce for the first time. Despite Monday's dip, the FTSE 100 is on track for its best year since 2009 with a 20.6% year-to-date climb, buoyed by defence and financial stocks. By comparison, Wall Street's benchmark S&P 500 index (.SPX) , opens new tab has risen 16% so far. Among individual stocks, North Sea-focused Harbour Energy (HBR.L) , opens new tab was down 4.7% after the company said it would buy deepwater oil and gas exploration and production company LLOG Exploration for $3.2 billion. AstraZeneca (AZN.L) , opens new tab was down 0.6% after a late‑stage trial testing its blockbuster therapy Imfinzi in combination with its experimental drug ceralasertib failed to improve the overall survival of patients with advanced lung cancer. Trading volumes usually taper off toward year-end with traders away on holidays and markets closed on December 25 and December 26 for Christmas and Boxing Day, respectively. https://www.reuters.com/business/retail-consumer/london-stocks-dip-gdp-data-confirms-slow-growth-ahead-holidays-2025-12-22/

2025-12-22 11:03

Dollar expected to weaken as global growth picks up, Fed cuts rates Central bank divergence may pressure dollar, ECB likely to keep rates steady Near-term dollar rebound possible due to AI enthusiasm, U.S. growth boosts NEW YORK, Dec 31 (Reuters) - A dismal year for the U.S. dollar is ending with signs of stabilization, but many investors believe the currency's decline will resume next year as global growth picks up and the Fed eases further. The U.S. dollar slumped more than 9% this year, against a basket of currencies (.DXY) , opens new tab, its worst showing in eight years, driven by expectations of Federal Reserve rate cuts, shrinking interest rate differentials with other major currencies, and as concerns about U.S. fiscal deficits and political uncertainty swirled. Sign up here. Investors broadly expect the dollar to weaken further as other major central banks stand pat or tighten policy and as a new Fed Chair takes charge - a change that is expected to herald a more dovish tilt for the central bank. The dollar typically falls when the Fed cuts rates as lower U.S. interest rates make dollar-denominated assets less attractive to investors, reducing demand for the currency. "The reality is we still do have an over-valued U.S. dollar from a fundamental standpoint," Karl Schamotta, chief market strategist at global corporate payments company Corpay, said. Getting the dollar's trajectory right is important for investors, given the currency's central role in global finance. A weaker dollar boosts U.S. multinational earnings by increasing the value of overseas revenues when converted back to dollars, even as it enhances the attractiveness of international markets by providing an FX boost beyond the underlying asset performance. Despite the dollar's rebound in recent months - the dollar index is up 2% from its September low - FX strategists have largely maintained forecasts for a weaker dollar in 2026, a Reuters survey conducted from Nov. 28 to Dec. 3 showed. The dollar's real broad effective exchange rate - its value relative to a large basket of foreign currencies, adjusted for inflation - stood at 108.7 in October, down only slightly from a record high of 115.1 in January, showing that the U.S. currency still remains overvalued, according to Bank for International Settlements data. GLOBAL GROWTH Expectations for dollar weakness hinge on converging global growth rates with the U.S. advantage expected to narrow as other major economies gain momentum. "I think what's different is that the rest of the world is just going to grow more next year," said Anujeet Sareen, portfolio manager at Brandywine Global. Germany's fiscal stimulus, China's policy support, and improved growth trajectories in the euro zone are expected to reduce the U.S. growth premium that has supported the dollar in recent years, investors said. "When the rest of the world is starting to look better in terms of growth, that's favorable for the dollar to continue to weaken," Paresh Upadhyaya, director of fixed income and currency strategy at Amundi, the biggest European asset manager, said. Even investors who believe the worst of the dollar's decline is over say any major hit to U.S. growth could weigh on the currency. "If you see any weakness at any point next year, that could probably be bad for markets, but that could definitely affect the dollar too," said Jack Herr, investment analyst at mutual fund company GuideStone Funds, who doesn't foresee major further dollar depreciation as his base case for 2026. CENTRAL BANK DIVERGENCE Expectations for the Fed to continue cutting rates even as other major central banks hold rates or hike could also weigh on the dollar. A sharply divided Fed cut interest rates in December, with the median policymaker view for next year calling for one more quarter-of-a-percentage-point cut. With Jerome Powell set to step aside for President Trump's next Fed chair appointment, the market may also price in a more accommodative central bank next year, given Trump's push for lower rates. Several of the known finalists for the Chair position, including White House economic adviser Kevin Hassett, former Fed Governor Kevin Warsh and current Fed Governor Chris Waller, have advocated for interest rates to be lower than they are now. "Although the market expects limited action from the Federal Reserve next year, we believe the trend is toward lower growth and weaker employment," Eric Merlis, co-head of global markets, Citizens in Boston, who said they are short the U.S. dollar relative to other G10 currencies. Meanwhile, traders reckon the European Central Bank will keep rates steady in 2026, though a rate hike is not completely ruled out. The ECB kept its policy rates steady at its December meeting and revised upwards some of its growth and inflation projections. NOT A STRAIGHT LINE Longer-term views for dollar weakness notwithstanding, a near-term rebound for the dollar is not to be ruled out, investors cautioned. Continued investor enthusiasm around artificial intelligence and the resulting capital flows into U.S. equities could provide near-term support for the dollar. The boost to U.S. growth stemming from the reopening of the government after this year's shutdown and from the tax cuts passed this year, could lift the dollar in the first quarter, Brandywine's Sareen said. "But we're inclined to think that that's not likely a sustained driver of the dollar for the year," he said. https://www.reuters.com/business/dire-year-dollar-has-little-light-end-tunnel-2026-2025-12-22/

2025-12-22 10:54

KYIV, Dec 22 (Reuters) - Russian troops hit port and energy infrastructure in an overnight attack on Ukraine's Odesa region, causing a fire at a major port and disrupting electricity supplies to tens of thousands of people, a senior Ukrainian official said on Monday. Ukraine's Black Sea ports are crucial for its export-driven economy and their security and functionality have been vital for the country's economic survival throughout nearly four years of war in Ukraine since Russia's invasion in February 2022. Sign up here. "Russia is attempting to disrupt maritime logistics by launching systematic attacks on port and energy infrastructure, Deputy Prime Minister Oleksiy Kuleba said on the Telegram app. "Last night, ports and energy facilities were targeted again." Kuleba said that following the attacks, a fire had broken out in the port of Pivdennyi and about 30 containers of flour and vegetable oil were on fire. Port workers and emergency services were tackling the blaze. Because of damage to the energy infrastructure, electricity supplies were disrupted to more than 120,000 customers in the Odesa region, he said. One person had been hurt in the attack, the interior ministry said. Russia did not immediately comment on the overnight attack. In the past few weeks, Russia has increased attacks on Odesa port and the surrounding region, trying to limit Ukraine's access to the Black Sea and disrupt critical logistics routes to the border with Moldova, Ukrainian officials said. Ukraine also targets Russia's maritime logistics, increasingly focusing on shadow-fleet oil tankers that are used to bypass sanctions imposed on Russia over the war. https://www.reuters.com/business/energy/russian-attack-ukraines-odesa-region-causes-fire-port-power-outages-2025-12-22/

2025-12-22 10:51

BRUSSELS, Dec 22 (Reuters) - The European Commission said on Monday it has opened an investigation to assess whether public support that the Czech Republic plans to grant for the construction and operation of two new nuclear units is in line with EU State aid rules. The Czech Republic's competition authority in April cleared the way for the signing of contracts with South Korea worth at least 400 billion Czech crowns ($19.30 billion) for the two units in Dukovany after it rejected appeals by EDF of France. Sign up here. The Commission said in a statement that it had doubts on the appropriateness and proportionality of the Czech government's aid package. It said it also doubted the impact of the support on competition in the market and its compliance with other provisions of EU law. The Czech Republic plans to provide a low-interest repayable state loan of an initial amount between 23 billion euros ($26.99 billion) and 30 billion euros, as well as a two-way contract for difference with a proposed duration of 40 years, according to the Commission. A mechanism to protect the beneficiary of the support EDU II, which is 80% owned by the Czech government, in case of policy changes and adverse impacts, is also planned, the Commission said. ($1 = 20.7230 Czech crowns) ($1 = 0.8521 euros) https://www.reuters.com/business/eu-investigate-czech-state-support-two-new-nuclear-units-2025-12-22/

2025-12-22 10:48

SINGAPORE, Dec 22 (Reuters) - A liquefied natural gas tanker has loaded a cargo from Russia's Portovaya LNG plant that is under Western sanctions over Moscow's war in Ukraine, ship-tracking data showed. The Kunpeng arrived at the Portovaya LNG terminal, was unloaded on December 18 and departed with a cargo on December 21, according to ship-tracking data from analytics firm Kpler. LSEG data also shows the tanker arriving and leaving the terminal on the same dates. Sign up here. This is the first time that the Kunpeng, which is not under sanctions, has picked up an LNG cargo from a designated project. Until last year, the Kunpeng mostly delivered LNG to South Korea from Qatar and Australia, Kpler data showed. Shipping database Equasis lists the tanker's registered owner and its ship or commercial manager as Reveka Marine Ltd, with a registered address in the Marshall Islands. Reuters could not find contact information for Reveka Marine Ltd. Washington placed sanctions on two Russian LNG terminals, including Portovaya, at the start of this year. Its annual export volumes were already low at less than 2 million metric tons per year, shipping mostly to Europe and Turkey and the number of loadings decreased following the sanctions. It nevertheless shipped five cargoes domestically to Kaliningrad, Russia. One cargo, however, was delivered to a tanker in Southeast Asian waters in October, making it the first known ship-to-ship transfer of Russian LNG subject to sanctions. Another LNG shipment was delivered to China's Beihai LNG terminal on December 8 via the Valera tanker, the first delivered cargo from Portovaya to a receiving terminal outside of Russia since the sanctions on Portovaya. Beihai LNG terminal has only received LNG under sanctions from Russia since August. https://www.reuters.com/business/energy/lng-tanker-kunpeng-loads-cargo-russian-plant-under-sanctions-2025-12-22/