2025-10-17 13:54

Oct 17 (Reuters) - UBS Global Wealth Management upgraded its stance on global equities to "attractive", citing expected productivity gains from AI spending and a supportive policy backdrop. "Structural trends remain firmly in place. The wave of strategic partnerships among leading AI players reinforces our confidence in a sustained capex cycle and greater revenue visibility", UBS said in a note on Thursday. The AI boom has spurred a wave of high-profile deals involving Big Tech and Silicon Valley startups in recent weeks. Global equities have climbed to record highs, driven by optimism that the U.S. Federal Reserve began cutting interest rates early enough to avoid a recession. The MSCI World Index (.MIWO00000PUS) , opens new tab, which is dominated by U.S. stocks, has risen about 15.5% from its April lows, rebounding after a selloff sparked by recession fears following President Donald Trump's 'Liberation Day' tariffs. The brokerage also raised U.S. equities to "attractive" from "neutral", adding that the rally still has room to run. The U.S. stock market's bull run reached its three-year mark recently, powered by AI enthusiasm and, more recently, expectations of interest rate cuts. However, investor worries over high valuations and bubble risks have grown. Separately, UBS lifted its 2025 year-end target for the U.S. benchmark S&P 500 (.SPX) , opens new tab index to 6,900 from 6,600, aligning with a string of upward revisions from peers, citing resilient corporate earnings and a more dovish Fed. Sign up here. The current target implies about a 4% upside to the index's last close of 6629.07 points. https://www.reuters.com/world/africa/ubs-lifts-global-equities-view-attractive-ai-boost-2025-10-17/

2025-10-17 12:54

Oct 17 (Reuters) - Nuclear technology firm Oklo (OKLO.N) , opens new tab said on Friday it has signed an agreement with Europe-based newcleo to develop advanced fuel fabrication and manufacturing infrastructure in the U.S. Under the agreement, nuclear reactor developer newcleo plans to invest up to $2 billion. Sweden's advanced nuclear technology developer Blykalla is also considering co-investing in the same projects and procuring fuel-related services from them. Sign up here. Shares of Sam Altman-backed Oklo were up 1.7% in premarket trading. Nuclear power in the U.S. has been gaining traction after decades of stagnation, fueled by surging electricity demand from energy-hungry data centers and the electrification of transportation and manufacturing industries. The investments announced on Friday, which will include multiple projects, will be regulated by the U.S. to promote transatlantic cooperation and enhance energy security, with further details on specific projects to be disclosed in upcoming agreements. In September, the U.S. energy department had selected Oklo, along with three other companies for its pilot program to build advanced nuclear fuel lines as part of Trump administration's efforts to strengthen domestic supply chains. Oklo CEO Jacob DeWitte said fissioning surplus plutonium is the best way to eliminate a legacy liability while creating an abundant near-term fuel source. "It can accelerate the deployment of multiple gigawatts of advanced reactors and serve as a bridge fuel until uranium enrichment and recycling scale up," DeWitte said. https://www.reuters.com/business/energy/oklo-receive-up-2-billion-investment-newcleo-2025-10-17/

2025-10-17 12:53

MOSCOW, Oct 17 (Reuters) - The financial situation at Russia's largest natural gas producer Gazprom (GAZP.MM) , opens new tab is stable, Chief Executive Officer Alexei Miller told Russian state TV on Friday. Gazprom incurred a loss of around $7 billion in 2023, its first since 1999, following a plunge in sales to Europe. Sign up here. Russian gas now accounts for just 18% of European imports, down from 45% in 2021, while the region's oil imports from Russia have fallen to 3% from around 30% over that time. https://www.reuters.com/business/energy/finances-russias-gazprom-are-stable-ceo-says-2025-10-17/

2025-10-17 12:52

US-China trade meeting set for next week in Malaysia, Bessent says Trump says he will meet Xi in South Korea WTO chief calling for US, China to ease tensions WASHINGTON, Oct 17 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Friday he expects to meet next week with Chinese Vice Premier He Lifeng in Malaysia to try to forestall an escalation of U.S. tariffs on Chinese goods that President Donald Trump said was unsustainable. Bessent made the announcement during a White House cabinet meeting and later confirmed plans for a meeting after a call with He on Friday evening. Bessent said on X the two officials "engaged in frank and detailed discussions regarding trade between the United States and China." Sign up here. "We will meet in-person next week to continue our discussions," Bessent wrote. China state news agency Xinhua reported that He and Bessent had "candid, in-depth, and constructive discussions on major issues in bilateral economic and trade relations" in a video call, and agreed to a new round of trade talks as soon as possible. The two officials previously met in four European cities over six months to hammer out a tariff truce that brought duties down from triple-digit levels for each country. That agreement expires on November 10. A meeting in Malaysia would shift the venue to a Southeast Asian exporter that trades heavily with both China and the U.S. and whose goods are now subject to a 19% duty imposed by Trump. Malaysia also faces a threatened 100% U.S. tariff on its semiconductors and derivative electronics devices under a national security trade review. Trump earlier on Friday blamed Beijing for the latest impasse, a dispute over China's sweeping new export restrictions on rare-earth minerals and magnets. He has threatened an additional 100% tariff on Chinese imports starting on November 1 unless Beijing scraps the restrictions. Asked whether such a high tariff was sustainable and what that might do to the U.S. economy, Trump replied: "It's not sustainable, but that's what the number is." "They forced me to do that," he said in an interview with Fox Business Network that was broadcast on Friday. Trump also has threatened to impose new U.S. export controls that would halt supplies of "any and all critical software." The new trade actions were Trump's reaction to China dramatically expanding its export controls on rare-earth elements. China dominates the market for such elements, which are essential to tech manufacturing. Bessent and U.S. Trade Representative Jamieson Greer on Wednesday blasted the restrictions as a threat to global supply chains. Trump also confirmed he would meet with Chinese President Xi Jinping in two weeks in South Korea and expressed admiration for the Chinese leader. "I think we're going to be fine with China, but we have to have a fair deal. It's got to be fair," Trump said on FBN's "Mornings with Maria," which was taped on Thursday. Later, as he was preparing to have lunch at the White House with Ukrainian President Volodymyr Zelenskiy to discuss efforts to end its war with Russia, Trump said: "China wants to talk, and we like talking to China." The softening in tone and affirmation of his intent to meet with Xi helped stem Wall Street's early losses on Friday. Major U.S. stock indexes, which have been rattled over the last week by Trump's abrupt re-imposition of steep levies on Chinese imports and by credit worries among regional banks, were up in afternoon trading. WTO URGES DE-ESCALATION OF TRADE SPATS The head of the World Trade Organization urged the U.S. and China to de-escalate trade tensions, warning that a decoupling by the world's two largest economies could reduce global economic output by 7% over the longer term. WTO Director-General Ngozi Okonjo-Iweala told Reuters in an interview the global trade body was extremely concerned about the latest spike in U.S.-China trade tensions and had spoken with officials from both countries to encourage more dialogue. But tensions continued to run high, even as Trump and Xi prepared to meet. Bessent took aim at China's state-driven economic practices in a statement to the IMF's steering committee on Friday, urging the IMF and World Bank to take a tougher stance on China's external and internal imbalances and industrial policies that U.S. officials say have helped China build up excess manufacturing capacity that is flooding the world with cheap goods. And China's Commerce Ministry on Friday accused the U.S. of undermining the rules-based multilateral trading system since the Trump administration took office in 2025, vowing to intensify its use of dispute settlement actions at the WTO. It also urged the U.S. to roll back measures that breach non-discrimination rules and align its industrial and security policies with WTO obligations. Bessent earlier in the week had accused one of He's top aides of being "unhinged" in recent interactions with U.S. trade negotiators. China said on Friday that Bessent's remarks "seriously distort the facts." https://www.reuters.com/world/china/trump-says-100-tariffs-china-not-sustainable-2025-10-17/

2025-10-17 12:35

MUMBAI, Oct 17 (Reuters) - India's gold reserves crossed the $100 billion mark for the first time, according to the Reserve Bank of India's latest foreign exchange reserves data, buoyed by a global price rally even as the central bank's purchases slowed sharply this year. India's gold holdings rose by $3.595 billion to $102.365 billion in the week through October 10, RBI data showed on Friday, while overall foreign exchange reserves declined $2.18 billion to $697.784 billion. Sign up here. The share of gold in India's total reserves climbed to 14.7%, the highest since 1996-97, according to traders. Gold's share in India's foreign exchange reserves has almost doubled over the past decade — from below 7% to nearly 15% — reflecting both steady central bank accumulation and a surge in global bullion prices. That's led to the $100 billion milestone being hit despite a marked slowdown in the RBI's gold purchases this year. The central bank bought gold in only four of the first nine months of 2025, compared with near-monthly additions in 2024, according to World Gold Council data. Cumulative buying from January to September stood at just 4 tons, sharply lower than 50 tons in the same period a year earlier. The share of gold in India's foreign exchange reserves has increased significantly, largely driven by valuation gains from the rising gold price, said Kavita Chacko, research head for India at the World Gold Council. Gold has surged about 65% in 2025, powered by a potent mix of macroeconomic, institutional and psychological drivers. Global central banks continue to accumulate gold as part of reserve diversification away from the U.S. dollar — a trend spurred by heightened geopolitical risks, sanctions pressures and de-dollarisation. India is the world's second-largest consumer of gold and relies on imports to meet demand. Buying gold is deeply rooted in Indian culture, driven by tradition and its role as both an investment and a status symbol. https://www.reuters.com/world/india/india-central-banks-gold-pile-tops-100-billion-surging-bullion-prices-2025-10-17/

2025-10-17 12:34

NEW YORK, Oct 17 (Reuters) - Multiple units were offline at BP's (BP.L) , opens new tab 440,000 barrel-per-day Whiting oil refinery in Indiana, the largest in the U.S. Midwest region, two market sources on Friday said, citing data from Wood Mackenzie. The refinery was actively flaring early on Friday, one of the sources said, citing a Wood Mackenzie camera feed of the plant. Sign up here. BP and Wood Mackenzie did not immediately respond to requests for comment. https://www.reuters.com/world/us/multiple-units-offline-bps-whiting-refinery-sources-say-citing-data-2025-10-17/