2025-10-21 11:43
NEW DELHI, Oct 21 (Reuters) - India's infrastructure output (ININFR=ECI) , opens new tab grew at its slowest pace in three months in September, weighed by a decline in coal, natural gas and refinery products. The index, which tracks activity across eight sectors and makes up 40% of the country's industrial production, grew at 3% year-on-year in September versus a revised 6.5% growth in August. The infrastructure output was 2.2% in June. Sign up here. KEY NUMBERS * Crude oil output fell 1.3% year-on-year in September against a revised increase of 2.4% in August. * Natural gas production declined 3.8% year-on-year in September as compared to a 2.2% fall in the previous month. * Cement output rose 5.3% year-on-year in September after a revised 5.4% increase in August. * Steel production rose 14.1% year-on-year in September after a revised increase of 13.6% in August. * Fertiliser production increased 1.6% year-on-year in September versus 4.6% rise in the previous month. * Coal production fell 1.2% year-on-year in September as compared to a growth of 11.4% in August. * Electricity generation increased 2.1% in September year-on-year versus a growth of 4.1% in August. * Refinery products output fell 3.7% in September year-on-year as compared to a growth of 3% in August. * Infrastructure output grew 2.9% year-on-year in April-September against a growth of a revised 4.3% a year ago. https://www.reuters.com/world/india/indias-september-infrastructure-output-grows-3-yy-2025-10-21/
2025-10-21 11:31
MILAN, Oct 21 (Reuters) - French utility EDF has picked Intesa Sanpaolo IMI (ISP.MI) , opens new tab and Lazard (LAZ.N) , opens new tab as financial advisers to study strategic options for its Italian subsidiary Edison (EDNn.MI) , opens new tab, two sources familiar with the matter told Reuters on Tuesday. Under the leadership of new CEO Bernard Fontana, state-owned EDF has started reviewing its assets as it seeks to raise money to meet government demands for investments in new nuclear reactors. Sign up here. EDF is considering an initial public offering or bringing on board a financial sponsor or selling a stake in Edison, sources have previously told Reuters, with one of the people saying EDF would keep a majority holding in the unit in any deal. Edison could be worth between 7 billion and 10 billion euros ($8 billion-$12 billion), sources have said. EDF, Lazard, Intesa and Edison declined to comment. Italian daily Il Sole 24 Ore reported on Tuesday that Intesa and Lazard were in pole position to become EDF's advisers. In September, Edison CEO Nicola Monti said the Italian group was ready to list on the Milan bourse should its parent company decide to press ahead with such a plan. Edison already has the corporate structure in place and procedures necessary for its stock to trade publicly. When it acquired full control of Edison and took it private in 2012, EDF kept Edison's savings shares listed in Milan. These are a special class of shares that offer a higher dividend than ordinary shares but do not give holders voting rights at shareholder meetings. Edison reported revenue of 15.4 billion euros and a core profit of 1.7 billion euros last year. ($1 = 0.8575 euros) https://www.reuters.com/business/energy/frances-edf-picks-advisers-study-options-italian-unit-edison-sources-say-2025-10-21/
2025-10-21 11:27
SAO PAULO, Oct 21 (Reuters) - Brazilian planemaker Embraer's (EMBR3.SA) , opens new tab firm order backlog stood at a record $31.3 billion at the end of the third quarter, up 38% from a year earlier, according to a securities filing. The company delivered 62 aircraft in the period, a 5% increase from the 59 deliveries in the same quarter of 2024, it said. Sign up here. https://www.reuters.com/business/aerospace-defense/brazils-embraer-ends-third-quarter-with-record-backlog-313-billion-2025-10-21/
2025-10-21 11:24
Oct 21 (Reuters) - Aerospace and defense giant RTX (RTX.N) , opens new tab raised its full-year profit and revenue forecast on Tuesday, as rising demand for its missiles and aftermarket services bolstered its ability to weather negative fallout from tariffs. Shares of the company rose 6.3% before the bell, as it also beat Wall Street expectations for third-quarter results. Sign up here. U.S. President Donald Trump's global tariff offensive had pushed RTX to slash its profit outlook in July, and the company expects $500 million in tariff costs this year. U.S. Commerce Secretary Howard Lutnick, meanwhile, said in August that the Trump administration was considering taking stakes in defense contractors. "We're not having those conversations with the government. What we are having conversations with the government about is their need for increased capacity," RTX Chief Financial Officer Neil Mitchill told Reuters in an interview. STRONG SALES FOR DEFENSE, AVIATION PRODUCTS Raytheon, RTX's defense unit, has seen strong demand as geopolitical tensions have escalated. It reported a 10% rise in sales, predominantly from higher sales for its Patriot air defense systems, which are being used on the battlefield in Ukraine. A shortage of new commercial jets is also driving sales at maintenance and repair service providers like RTX, who are banking on airlines flying older, cost-intensive fleets. RTX, which makes the GTF engines and competes with CFM International, has benefited from booming demand from planemakers as they ramp up production. The company's aerospace and avionics division, Collins Aerospace, posted revenue of $7.62 billion in the quarter, up 8% from a year earlier. Sales at its Pratt and Whitney unit, which produces engines for Airbus (AIR.PA) , opens new tab A320neo jets, rose 16% to $8.42 billion. RTX now expects its full-year adjusted sales between $86.5 billion and $87 billion, from its previous forecast of between $84.75 billion and $85.5 billion. It also raised its adjusted profit forecast to between $6.10 and $6.20 per share for 2025, from $5.80 to $5.95. The Arlington, Virginia-based company's total revenues rose 12% to $22.48 billion in the third quarter. Analysts on average had expected $21.31 billion, according to data compiled by LSEG. Its adjusted per-share profit was $1.70, also above expectations of $1.41. https://www.reuters.com/business/aerospace-defense/rtx-raises-2025-forecast-strong-demand-offsets-tariff-worries-2025-10-21/
2025-10-21 11:14
Oct 21 (Reuters) - Halliburton (HAL.N) , opens new tab beat Wall Street estimates for third-quarter profit on Tuesday, helped by steady demand for its oilfield equipment and services in North America. Quarterly revenue from its North America segment was $2.4 billion, flat from a year earlier, but above analysts' average estimate of $2.17 billion. Sign up here. Halliburton said the results were supported by increased stimulation activity in U.S. land and Canada, and higher completion tool sales and increased wireline activity in the Gulf of America. The Houston-based company's shares were up 1.3% at $22.90 in premarket trading. Last week, peer SLB (SLB.N) , opens new tab also beat expectations on strong North America demand, but flagged that it does not expect to see a significant pickup in North American drilling activity due to high production costs at some shale basins. The oil and gas rig count, an early indicator of future output, stood at 548 in North America in the third quarter, up 8 from the previous quarter, according to Baker Hughes data. While North American activity remains stable, international spending, long viewed as the next growth engine, is showing signs of uneven recovery, particularly in the Middle East. Halliburton reported an 8% drop in revenue year-over-year in Middle East/Asia. In July, the company said its international revenue in 2025 is expected to contract by mid-single digits from a year earlier, primarily due to less activity in Saudi Arabia and Mexico. Halliburton reported an adjusted profit of 58 cents per share for the quarter ended September 30, beating analysts' estimate of 50 cents, according to LSEG data. https://www.reuters.com/business/energy/halliburton-beats-third-quarter-profit-estimates-2025-10-21/
2025-10-21 10:53
Oct 21 (Reuters) - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. While U.S. and world markets got a bounce to start the week, spurred by optimism on trade, hopes for an end to the Washington shutdown and some relief from regional bank jitters, the Wall Street rally has stuttered early on Tuesday just as a deluge of corporate updates looms. The election of Liberal Democratic Party leader and fiscal expansionist Sanae Takaichi as Japan's first female prime minister on Tuesday sustained Monday's surge in the Nikkei stock benchmark at record highs, but attention quickly switched to her pick for finance minister. The yen continued to weaken even after media reports that Satsuki Katayama was in the frame for the job and has previously advocated a much stronger currency. China's stocks recorded their biggest gain in six weeks, meantime, as U.S. President Donald Trump expressed optimism about a potential fair trade deal with Chinese President Xi Jinping before the latest deadline on draconian tariffs hits on November 1. U.S. Treasury Secretary Scott Bessent is set to meet Chinese Vice Premier He Lifeng this week. This week's Communist Party meeting on a new five-year economic plan has also buoyed markets there. Back stateside, there was some hope for an end to what's now set to be a 21-day government shutdown, now matching the second longest on record, after White House economic adviser Kevin Hassett said it could end as soon as this week. Regional bank jitters also eased a touch as one of the names in the headlines last week, Zions Bancorp, reported decent earnings overnight despite taking a hefty loss on two loans and its stock rose 2% in after-hours trading. But Wall Street stock futures fell back slightly before Tuesday's bell, however, as the corporate earnings really kick in. Netflix tops the diary, but big industrial and defense names are also reported. Helped by a drop in crude oil prices to 5-month lows on Monday, U.S. Treasury yields were softer and the dollar was stronger - mainly on the falling yen. In a rare move these days, gold prices fell over 1% from this week's new records. * Argentina's peso continued to weaken even after the central bank there signed a $20 billion exchange-rate stabilization agreement with the U.S. Treasury Department, six days ahead of a key midterm election. A group of U.S. banks, including JPMorgan, Bank of America and Goldman Sachs is hesitant to lend $20 billion to Argentina without guarantees or collateral, the Wall Street Journal reported. * Euro zone banks may come under pressure if U.S. dollar funding - the lifeblood of financial markets - were to dry up, the European Central Bank's chief economist Philip Lane said on Tuesday amid concern over Trump's policies. Dollar funding fears have been at the back of central bankers' minds since Trump announced a wave of trade tariffs and began putting pressure on the Fed earlier this year. * Trump's backing of Australia's critical minerals will bring much-needed financial support to the industry, but experts say the U.S. president will have to wait longer to shift the supply chain away from China and weaken its market dominance. Goldman Sachs flagged mounting risks to global supply chains of rare earths and other minerals in a note on Monday that emphasized China's dominance - as it controls 69% of rare earth mining, 92% of refining and 98% of magnet manufacturing. In today's column, I take a look at the peculiar market mood, which seems simultaneously bullish and nerv , opens new taby. Today's Market Minute Chart of the day Gold slipped back from its latest record high on Tuesday after an extraordinary 2025 that's seen it gain up to 66% - on course for its best year since 1979. Investment fund demand for gold exposure has been a key feature and data on exchange traded gold fund flows just show how much that has swelled this year. Today's events to watch * Canada September consumer prices (8:30 AM EDT) * Federal Reserve Board Governor Christopher Waller speaks; European Central Bank President Christine Lagarde speaks * U.S. corporate earnings: Netflix, Omnicom, Texas Instruments, Lockheed Martin, Northrop Grumman, Pentair, Halliburton, General Motors, Paccar, Capital One, Nasdaq, 3M, Equifax, EQT, Intuitive Surgical, Quest Diagnostics, Coca-Cola, Philip Morris, Chubb, Danaher, Elevance, RTX, Genuine Parts, Pultegroup Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-10-21/
