2025-10-23 17:48

Oct 23 (Reuters) - Wall Street is on track for another bumper year, with its profit from securities trading and underwriting expected to exceed $60 billion, the Office of the New York State Comptroller said in a report. The industry's profitability was driven by higher supervisory fees and a jump in underwriting activities, while also benefiting from a rise in interest income amid elevated rates, according to the report. Sign up here. State Comptroller Thomas DiNapoli expects the growth rate in profit and bonuses in the sector to help generate higher-than-expected city and state tax collections. The industry's soaring fortunes continue from the prior year, when profits soared 90% to $49.9 billion, the fourth-highest level on record, despite concerns over inflation, interest rates and tariffs. A multi-year rally in various asset classes, including equities and cryptocurrencies, has led to heightened trading and underwriting activity in a number of securities, boosting income at financial firms. The industry's profit of $30.4 billion for the first half of 2025 was at a much quicker pace, compared with the year-earlier period, according to the report. "The securities industry has not only weathered these challenges, but has shown robust performance growth in 2025," the report said. Securities trading and account supervision helped financial firms to capitalize on the market uncertainty as investors made changes to their portfolios. Volatility in the markets often leads to higher activity, which bodes well for trading firms. The Cboe Daily Volatility index (.VIX) , opens new tab, which measures equity market risk, saw an average daily close of 19.3 in 2025 through September, as per the report. That level was well above the 2023 and 2024 numbers. Activity in cryptocurrency and bond issuance also picked up in 2025, it added. https://www.reuters.com/business/wall-streets-bumper-year-boost-tax-collections-ny-state-comptroller-says-2025-10-23/

2025-10-23 17:00

Global hedge funds reach 8,464, highest since 2015, per HFR $33.7 billion new investor money in Q3, highest since 2007 Equity hedge funds lead with $18 billion inflows in Q3 LONDON, Oct 23 (Reuters) - Global hedge fund capital rose to a record of almost $5 trillion in the third quarter and the number of hedge funds is at a decade peak, reflecting an influx of new money into the sector, a report by Hedge Fund Research (HFR) showed on Thursday. Global hedge funds numbered 8,464 as of the end of the third quarter, said research firm HFR, which tracks hedge funds, their returns and the size of the industry. Sign up here. The growth coincides with an almost $34 billion of new investor money allocated to hedge funds in the third quarter, the highest quarterly net asset inflow since the third quarter of 2007, said HFR's report. Total global hedge fund industry capital rose for an eighth consecutive quarter in the third quarter to a record $4.98 trillion, HFR said. The number of new hedge funds and the size of existing funds has grown sharply in recent years, with fund leverage ratios hitting a five-year high earlier this year, Reuters . In the latest quarter, the largest U.S. banks led by JPMorgan Chase (JPM.N) , opens new tab, Goldman Sachs (GS.N) , opens new tab, and Bank of America (BAC.N) , opens new tab flagged big profits from the booming business of prime brokerage, which involves lending cash and securities to hedge funds to help execute large trades. "The hedge fund industry has experienced historic growth and performance in recent months," said HFR president Kenneth J. Heinz in the note, adding the growth had been driven by a combination of "powerful trends" including merger and acquisitions and increasing cryptocurrency investment. Investors such as pension funds, family offices and sovereign wealth funds allocate portions of their portfolios to hedge funds. This brought the total year's new client inflows for the year to $71 billion, the strongest year so far for inflows in the first three quarters since 2014, said HFR. Equity hedge funds saw the highest net amounts for the third quarter, with a new $18 billion of flows, followed by relative value hedge funds which trade the price of one financial asset against another, the report said. Net inflows are investment money from allocators and these figures do not include the performance values of leveraged trading assets which can rise and fall depending on market performance. https://www.reuters.com/sustainability/boards-policy-regulation/hedge-funds-now-manage-record-almost-5-trillion-says-hfr-2025-10-23/

2025-10-23 14:04

Ukraine's GDP growth forecast cut due to war 'Power banking' initiative to ensure services during blackouts Monetary policy easing expected in early 2026 KYIV, Oct 23 (Reuters) - Ukraine's central bank kept its key policy rate unchanged at 15.5% on Thursday and cut its growth forecast for this year, with Russian strikes on energy infrastructure and wartime staff shortages set to significantly constrain business activity. The central bank cut its forecast for gross domestic product growth to 1.9% in 2025 from the 2.1% expected previously. The growth forecast for 2026 was revised to 2% from 2.3% earlier. Sign up here. "The economy continues to grow, but the growth pace will remain moderate due to the effects of the war," Governor Andriy Pyshnyi told an online media briefing. "The energy deficit caused by the recent destruction of infrastructure and gas production facilities, combined with labour shortages, will significantly limit business activity." RUSSIA ATTACKS POWER SECTOR BEFORE WINTER Russia has attacked the Ukrainian power sector and energy facilities in consecutive winters since its full-scale invasion of Ukraine in February 2022. Moscow has again stepped up its missile and drone attacks on energy facilities across Ukraine as winter looms, and hundreds of thousands of people were left without electricity this week following Russian strikes on Kyiv. Pyshnyi said a central bank initiative called "Power banking" would ensure uninterrupted banking services to the population even in the case of long blackouts. Earlier in the war, the central bank and commercial banks set up a network of banking branches across the country, which are equipped with back-up generators and internet access. "The central bank has focused on the issue, realising that the autumn will be difficult," Pyshnyi said. "The attacks, their intensity and the depth of the energy system damage have increased. This is the challenge we have prepared for." Pyshnyi said the central bank would stick to relatively tight monetary conditions. He expected that the central bank might start easing its monetary policy in the first quarter of 2026. He said that, despite consumer price inflation slowing in recent months, inflation expectations remained high and inflation risks had grown, particularly those related to energy shortages and higher budgetary needs. Consumer price inflation slowed to 11.9% year-on-year in September, from 13.2% in August, official data showed. The central bank expects inflation to reach 9.2% at the end of 2025 and slow further to 6.6% in 2026 and to a target of 5% in 2027. The central bank has kept its key rate unchanged since March 2025. https://www.reuters.com/world/europe/ukraine-keeps-key-rate-hold-cuts-growth-forecast-amid-energy-challenges-2025-10-23/

2025-10-23 13:36

BRUSSELS, Oct 23 (Reuters) - The European Commission adopted its 19th package of sanctions against Russia on Thursday over its full-scale invasion of Ukraine in 2022. The package includes a ban on imports of Russian liquefied natural gas, sanctions on Central Asian banks, Chinese refineries and Russia's shadow fleet network. Here are the details: Sign up here. ENERGY MEASURES FINANCIAL MEASURES OTHER MEASURES https://www.reuters.com/business/energy/whats-eus-19th-package-russia-sanctions-2025-10-23/

2025-10-23 13:07

Oct 23 (Reuters) - Canadian retail sales grew by 1.0% in August from July at C$70.40 billion ($50.30 billion), on higher sales at motor vehicle and parts dealers, Statistics Canada said on Thursday. Sales likely decreased 0.7% in September, the agency said in a flash estimate. In August, sales were up in six of the nine subsectors, representing 80.1% of retail sales. In volume terms, retail sales increased by 1.0%. Sign up here. (Percent changes) Aug Aug Jul(rev) Jul(prev) mo/mo yr/yr mo/mo mo/mo Total +1.0 +4.9 -0.7 -0.8 Excluding autos/parts +0.7 +4.5 -1.1 -1.2 NOTE: All figures are seasonally adjusted. ($1=$1.3997 Canadian) Keywords: CANADA ECONOMY/RETAIL https://www.reuters.com/world/americas/canada-august-retail-sales-grow-10-seen-down-07-september-2025-10-23/

2025-10-23 12:49

BERLIN, Oct 23 (Reuters) - Germany's economy ministry said on Thursday that it assumes measures taken by the United States are not intended to target Russian oil firm Rosneft's German subsidiaries, which are held in trust by the German government. "The same applies to the refineries and other companies in which Rosneft's German subsidiaries hold stakes (in particular PCK Schwedt, BAYERNOIL, and MiRO)," said a ministry spokesperson in an email to Reuters. Sign up here. U.S. President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia's largest oil companies, Lukoil (LKOH.MM) , opens new tab and Rosneft (ROSN.MM) , opens new tab, in Washington's toughest measures against Russian business during the war with Ukraine. https://www.reuters.com/business/energy/german-ministry-assumes-us-sanctions-do-not-target-rosnefts-german-subsidiaries-2025-10-23/