2025-10-24 06:14
Third-quarter profit beats expectations Buyback lifted by 20% Hydrocarbon production up 6% year on year MILAN, Oct 24 (Reuters) - Italian energy group Eni (ENI.MI) , opens new tab said on Friday it would increase its share buyback by 20% after better-than-expected third-quarter results. The company reported an adjusted net profit of 1.25 billion euros ($1.46 billion) in the third quarter, beating an analyst consensus of 1.02 billion euros and coming in just below the 1.27 billion-euro profit posted in the same period of last year. Sign up here. Eni said it would raise its full-year 2025 share buyback by 20% to 1.8 billion euros. BUYBACK INCREASE BUCKS INDUSTRY TREND The move comes a few weeks after Eni's bigger rival TotalEnergies (TTEF.PA) , opens new tab said it would cut its share repurchases from the fourth quarter to contend with lower oil prices. BP (BP.L) , opens new tab and Chevron (CVX.N) , opens new tab have also reduced buybacks this year. The Italian group said it could improve investor reward thanks to the disposal of minority stakes in a number of businesses and projects that had attracted interest from funds and industrial partners. It had also put costs under tight control to response to a fall in oil and gas prices. Efficiency measures are now expected to have a beneficial effect of 4 billion euros in the full year from a previous estimate of 3 billion euros. Pro-forma group leverage - measuring total debt in relation to equity and taking into account proceeds from agreed disposals - stands at around 12%, near historic lows. STRONG HYDROCARBON PRODUCTION "Strong (hydrocarbon) production growth allows us to raise our annual guidance towards 1.72 million barrels per day, confirming the acceleration trend continuing in the coming months thanks to the new fields under development in Congo, United Arab Emirates, Qatar and Libya," said CEO Claudio Descalzi. He added that the creation of a joint venture with Petronas in Indonesia and Malaysia is expected to create one of the main players on Asia's liquefied natural gas market. Hydrocarbon production in the third quarter was equal to 1.756 million barrels of oil equivalent per day, 6% higher than last year and above an analyst consensus. Eni lifted to its estimates for full-year cash generation to 12 billion euros from 11.5 billion. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/eni-ups-share-buyback-after-better-than-expected-q3-results-2025-10-24/
2025-10-24 06:12
US stocks post record closing highs US CPI data shows inflation rose slightly less than expected Dollar near unchanged, while oil prices settle slightly lower NEW YORK, Oct 24 (Reuters) - Major stock indexes rose on Friday, with all three major U.S. stock indexes posting record closing highs after news that U.S. inflation rose less than expected last month, while the U.S. dollar index was nearly flat. The U.S. Consumer Price Index rose 0.3% last month, slightly less than the expected 0.4%, after climbing 0.4% in August. That reinforced expectations that the Federal Reserve will cut interest rates at its policy meeting next week. Sign up here. "Today's inflation data shows that we're not in a crisis like 2022. Prices are growing, but at a controlled pace. That's good news if you're hoping the Fed will continue to cut interest rates," said Callie Cox, chief market strategist at Ritholtz Wealth Management in Charlotte, North Carolina. The Fed is expected to reduce rates two more times this year, with a quarter-percentage-point cut baked in for the October 28-29 meeting, according to LSEG calculations using rate futures. The Canadian dollar barely reacted to U.S. President Donald Trump saying on social media that he was ending all trade negotiations with Canada. The Canadian dollar was last nearly flat versus the greenback. Upbeat earnings reports also boosted Wall Street indexes. Ford Motor (F.N) , opens new tab shares jumped 12.2% after the company beat third-quarter profit expectations. Analysts now expect third-quarter S&P 500 earnings growth of 10.4% year-on-year overall. That is up from estimated growth of 8.8% for the quarter at the start of the month, according to LSEG. The Dow Jones Industrial Average (.DJI) , opens new tab rose 472.51 points, or 1.01%, to 47,207.12, the S&P 500 (.SPX) , opens new tab rose 53.25 points, or 0.79%, to 6,791.69 and the Nasdaq Composite (.IXIC) , opens new tab rose 263.07 points, or 1.15%, to 23,204.87. The S&P 500 and the Nasdaq recorded their largest weekly percentage gains since August, while the blue-chip Dow logged its biggest Friday-to-Friday jump since June. Five of the so-called Magnificent Seven U.S. companies at the center of the artificial intelligence boom, including Apple (AAPL.O) , opens new tab and Microsoft (MSFT.O) , opens new tab, are due to report earnings next week. U.S. stock markets have surged this year, and some analysts see signs of a bubble. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 6.28 points, or 0.63%, to 1,001.37 and hit an all-time high of 1,002.96. European shares also closed at a record high on Friday, boosted by the cooler U.S. inflation data. The pan-European STOXX 600 (.STOXX) , opens new tab index ended up 0.23%. The dollar index , which measures the greenback against a basket of currencies, fell 0.02% to 98.92, with the euro up 0.1% at $1.1629. Against the Japanese yen , the dollar strengthened 0.14% to 152.8. Euro zone business activity unexpectedly grew faster in October, data showed. Euro zone government bond yields rose. U.S. Treasury yields were little changed to modestly higher. The benchmark 10-year yield briefly turned lower after the CPI data but was last up 1.2 basis points (bps) at 4% . The yield, however, was down about 1 bp on the week, its fourth straight weekly decline. Oil prices, which had risen 5% on Thursday after the U.S. sanctioned major Russian oil companies, eased on Friday as skepticism crept into the market about the Trump administration's commitment to the sanctions. U.S. crude fell 29 cents to settle at $61.50 a barrel and Brent eased 5 cents to settle at $65.94. Spot gold fell 0.57% to $4,101.29 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-24/
2025-10-24 06:09
US sanctions hit Russian-owned Serbian oil firm NIS on October 9 NIS unable to receive 1 million barrel crude cargo from Croatia Serbia's only oil refinery faces closure without fresh supplies Serbian fuel stocks full, but will only cover to year end LONDON/BELGRADE, Oct 24 (Reuters) - U.S. sanctions on Russian-owned NIS have prevented the Serbian oil group from receiving a crude cargo that could have bought time for Serbia's sole refinery, which faces closure without new supplies, sources with knowledge of the matter said. The sources, who spoke on condition of anonymity due to the sensitivity of the situation, told Reuters that Serbia has just days before the NIS (NIIS.BEL) , opens new tab oil refinery at Pancevo will be forced to stop processing crude. Sign up here. NIS did not respond to Reuters' requests for comment. Serbia's President Aleksandar Vucic warned on October 9 that without deliveries, the refinery, which supplies most of the country's oil products, including gasoline and jet fuel, would struggle to operate beyond November 1. However, Vucic said that fuel storages are full and existing stocks of oil products should keep Serbia supplied until year end. "There will be no shortages of crude oil, its derivatives and no energy crisis," he told Serbs last week. Russia and Serbia are still working to find a solution that would lift the U.S. sanctions, announced in January to target NIS' majority Russian ownership, which came into effect on October 9 after a final waiver expired. Vucic is facing a wave of anti-government demonstrations and may now have to try to secure extra barges of emergency oil when cold winter weather hits the Balkan country. US SANCTIONS DISRUPT CARGO The Maran Helios tanker carrying 1 million barrels of Kazakh KEBCO crude bound for NIS in Serbia arrived at Croatia's Omisalj on October 9, data from analytics group Kpler shows. But the fuel did not then make it to Serbia, a source close to the matter said. Croatian pipeline operator Janaf (JANF.ZA) , opens new tab, which had been given an extension to continue transporting oil to Serbia until October 15, said in a statement this week that it had delivered everything in its system owned by NIS on October 8. Janaf said it had no further oil due for delivery to Serbia after this date, suggesting it had not taken receipt of the Kazakh KEBCO crude cargo which NIS had bought. Reuters could not determine if the cargo will be stored at Omisalj or resold to a different buyer, after it finally discharged on Tuesday after hovering off the port for about two weeks, Kpler data showed. SERBIA FACES FUEL CRUNCH The crude which NIS was due to have received would have been enough to run the Pancevo refinery for around 10 days, according to Reuters calculations. While two sources told Reuters that Serbia's fuel stocks are almost full, the country will become increasingly reliant on imports as they start to run down. "For me it's not even a question. The refinery must work, and petrol stations must stay operational," Nadezda Kokotovic, former head of NIS' EU liaison office, told Reuters. https://www.reuters.com/business/energy/russia-owned-nis-stopped-getting-oil-cargo-amid-serbia-fuel-crunch-sources-say-2025-10-24/
2025-10-24 05:28
NEW YORK, Oct 24 (Reuters) - The U.S. dollar was almost flat on Friday after dipping following fresh inflation data that showed U.S. consumer prices increased less than expected in September, keeping the Federal Reserve on track to cut interest rates again next week. The Consumer Price Index rose 0.3% last month and 3.0% in the 12 months through September. Economists polled by Reuters had forecast the CPI increasing by 0.4% for the month and rising 3.1% year-on-year. Sign up here. The U.S. dollar index was last down 0.021% at 98.934, after earlier falling as much as 0.2%, still on track for a modest weekly gain. "The headline was a bit softer than expected," said Marc Chandler, chief market strategist at Bannockburn Capital Markets. "The dollar was sold on the news, even though the market had nearly 100% confidence before the report that the Fed would cut rates, not only next week, but in December." The CPI report was published despite an economic data blackout because of the government shutdown. The figure, used by the Social Security Administration to calculate its cost-of-living adjustment for millions of retirees and other benefits recipients, was initially due on October 15. The euro rose and was last up 0.06% at $1.163. Business activity in the euro zone grew at a faster pace than expected in October, led by the bloc's services industry, a survey showed on Friday. ALL EYES ON TRADE Trade war worries were back on the agenda after U.S. President Donald Trump said all trade talks with Canada were terminated over an advertisement by the province of Ontario which featured a recording of former President Ronald Reagan speaking negatively about tariffs. The Canadian dollar was last slightly weaker at 1.40 per U.S. dollar, but market reaction overall was fairly subdued. Investors' focus remained on the looming meeting between Trump and Chinese President Xi Jinping next week. The proposed Trump-Xi meeting in South Korea has spurred some expectations of a resolution to the on-again-off-again trade war between the world's top two economies. "I think expectations are quite high for the Trump-Xi meeting, with the upside risk of a significant de-escalation following the face-to-face meeting," said Ben Bennett, head of investment strategy for Asia at L&G Asset Management. New U.S. sanctions on Russian suppliers Rosneft (ROSN.MM) , opens new tab and Lukoil (LKOH.MM) , opens new tab over Russia's war in Ukraine pushed up oil prices. That weighed on currencies tied to oil imports, including the yen. The yen's performance is also linked to the policies of Japan's new Prime Minister Sanae Takaichi, widely viewed as a fiscal and monetary dove. The yen weakened to a two-week low and last fetched 152.85 per U.S. dollar. Data earlier on Friday showed Japan's core consumer prices stayed above the central bank's 2% target, keeping alive expectations of a near-term rate hike. Takaichi is preparing an economic stimulus package that is likely to exceed last year's $92 billion to help households tackle inflation, government sources familiar with the plan told Reuters on Wednesday. Sterling was down 0.15% at $1.33, after stronger-than-expected retail sales that were boosted by demand for gold from online jewellers. It was down about 1% this week after soft inflation data had investors adding to expectations for a rate cut from the Bank of England this year. https://www.reuters.com/world/asia-pacific/dollar-calm-traders-brace-us-inflation-data-2025-10-24/
2025-10-24 05:27
MUMBAI, Oct 24 (Reuters) - The Indian rupee surrendered all of its intraday gains to end little changed on Friday as optimism over trade talks faded after an Indian minister signalled caution over ongoing negotiations. The rupee had earlier risen to 87.6350 per dollar, its highest level since late August, breaking past the key resistance level of 87.70 on likely inflows and the lingering impact of the central bank's persistent dollar sales near the 88 mark. Sign up here. The currency ended at 87.8450, little changed from 87.8400 on Thursday. However, things took a turn after Trade Minister Piyush Goyal said India will not rush into signing any trade agreements and will reject conditions from countries that restrict its trading choices. "The first half of the session belonged to rupee bulls on the back of foreign inflows, but the second half saw dollar bulls claw back," a dealer at state-run bank said. India is negotiating a long-pending free trade agreement with the European Union, while trade talks with the U.S., which has imposed 50% tariffs on domestic goods, are also underway. "The rupee opened higher as we head for a deal with U.S. with expectations of reducing tariffs. But with Piyush Goyal commenting that India will not accept conditions or rush through trade deals, the rupee lost most of its gains," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Traders also said that a pickup in equity inflows have supported the rupee in last few days. Foreign investors are net buyers of Indian shares so far in October. Meanwhile, Asian currencies were mixed on Friday, with traders awaiting the release of September U.S. inflation data later in the day. The report was originally scheduled for October 15 and has been delayed due to a U.S. government shutdown. Markets have fully priced in a 25 basis-point rate cut by the Federal Reserve next week, with the data expected to shape expectations for another reduction in December. https://www.reuters.com/world/india/rupee-inch-up-before-us-inflation-remains-hemmed-by-rbi-importer-flows-2025-10-24/
2025-10-24 05:18
Oct 24 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL) , opens new tab reported an 18.6% fall in third-quarter core profit on Friday, hit by lower alumina prices and a stronger Norwegian crown, partly offset by higher production volumes. Adjusted earnings before interest, taxes, depreciation and amortisation fell to 6.0 billion crowns in the July–September period from 7.4 billion crowns a year earlier. Sign up here. Analysts on average had expected it to report a core profit of 6.36 billion crowns, according to a company-compiled consensus , opens new tab. The return of U.S. tariffs on aluminium has upended trade flows, lifting regional premiums and amplifying costs for American buyers. Canada, the main supplier to the U.S. market, has diverted part of its output to Europe after Washington doubled tariffs to 50% in June, while the higher U.S. Midwest premium has lifted costs for American buyers but supported prices elsewhere. With Chinese smelters churning out near-record volumes of aluminium and looking to offload surplus abroad, barriers in the West have offered short-term relief to companies like Hydro by lifting regional premiums and curbing low-cost competition. UBS and J.P. Morgan said the miss was mainly due to weaker performance in the aluminium metal division, while noting that Hydro's near-term outlook remained softer than expected. High energy costs and an uncertain trade backdrop continue to weigh on producers, many of which are urging Brussels to curb scrap exports amid strong U.S. demand. Analysts say aluminium markets are gradually tightening after years of oversupply and sanctions, raising the prospect of firmer prices in the medium term. Prices need to stay above $3,000 a ton to prevent shortages, Citi said last month. Hydro CFO Trond Olaf Christophersen told analysts that current prices could force high-cost Chinese refiners to curtail output, tightening the alumina market. Hydro shares were down 1% at 0715 GMT after falling as much as 3.7% in early trading, underperforming Oslo's benchmark index (.OSEBX) , opens new tab. https://www.reuters.com/business/aluminium-producer-norsk-hydros-q3-core-profit-lags-expectations-2025-10-24/
