2025-12-01 12:28
ISTANBUL, Dec 1 (Reuters) - A Turkish-owned oil tanker that was damaged near Senegal's coast last week was hit by four external explosions but there were no injuries or pollution, its manager said on Monday. The vessel, Mersin, was at anchor near Dakar when the four explosions occurred at 2345 GMT on November 27, resulting in seawater entering the engine room, Istanbul-based Besiktas Shipping said in a written statement. Sign up here. The cause of the explosions was not clear. "The situation was immediately brought under control, and we confirm that all crew members are safe; there are no injuries, no loss of life, and no pollution," the Besiktas Shipping statement said of the Mersin's situation. "The vessel remains safe and stable, and it poses no navigational or safety risks to its surroundings," it added. On November 28, the day after the blasts aboard the Mersin in the Atlantic, Ukrainian naval drones hit two sanctioned tankers in the Black Sea, near Turkey's coast, as they headed to a Russian port to load oil, an official said on Saturday. Kyiv is trying to pile pressure on Russia's vast oil industry. Though the Panamanian-flagged Mersin has also been involved in shipping Russian oil, according to shipping data firm Kpler, there was no indication of any Ukrainian connection. Besiktas Group is the registered owner of the tanker, according to shipping database Equasis. The incident, which had led to the vessel issuing a distress signal, prompted the deployment of tugboats and specialized teams from Senegal's navy and maritime authority as they sought to prevent a potential oil spill. Besiktas Shipping said it was working in full cooperation with the insurers and Senegalese authorities, managing the consequences of the incident and supporting the technical and forensic investigations. https://www.reuters.com/world/middle-east/damaged-turkish-tanker-off-senegal-was-hit-by-explosions-manager-says-2025-12-01/
2025-12-01 12:23
MOSCOW, Dec 1 (Reuters) - The Kremlin said on Monday that a Ukrainian weekend attack on Caspian Pipeline Consortium (CPC) infrastructure was outrageous given its international significance and international participation. The CPC project, which includes Russian, Kazakh and U.S. shareholders, said on Saturday that one of the three mooring points at its Novorossiysk terminal in Russia had been damaged by a Ukrainian drone attack and that operations had been halted. Sign up here. In a call with reporters, Kremlin spokesman Dmitry Peskov called the Ukrainian attack "outrageous" and also criticised Ukrainian sea drone attacks on oil tankers in the Black Sea, something he said was an assault on the interests of Turkey and the ships' owners. U.S. oil major Chevron (CVX.N) , opens new tab, a shareholder in CPC, said late on Sunday that loadings of its Tengizchevroil venture's crude oil were continuing at the Russian port of Novorossiysk. https://www.reuters.com/business/energy/kremlin-says-ukrainian-strike-cpc-terminal-was-outrageous-given-its-2025-12-01/
2025-12-01 11:50
Bitcoin's possible correlation with stock market watched Crypto-negative factors add pressure on bitcoin, says Jefferies Record outflows from US bitcoin ETFs in November, LSEG data shows NEW YORK/LONDON, Dec 1 (Reuters) - Bitcoin slumped on Monday, with the world's largest cryptocurrency down about 6% and on track for its biggest daily percentage fall since early November, as risk aversion drove investors out of digital and other assets. Bitcoin was last down 6% at $85,788 and earlier fell as much as 8% to $83,879.01. Sign up here. The day's move followed bitcoin's biggest monthly drop since mid-2021. Bitcoin shed more than $18,000 in November, as a record amount of money rushed out of the market, making this its largest dollar loss since May 2021, when a number of cryptocurrencies collapsed. Adding to bearish sentiment around bitcoin on Monday, Strategy (MSTR.O) , opens new tab - the largest corporate holder of bitcoin - cut its earnings forecast for 2025, citing the weak run in bitcoin. Strategy's shares fell 3.3%. Over the last 24 hours, crypto liquidations in both long and short positions totalled nearly $1 billion, according to CoinGlass. FADING CRYPTO ENTHUSIASM "Bitcoin seems to be suffering from a fading enthusiasm across crypto as well as the tech world," said Juan Perez, director of trading at Monex USA in Washington. "The negativity at the moment seems tied to growing concerns about increased market concentration and questionable sustainability of overall growth in that sector, considering the issues of infrastructure as well as less cooperation in trade globally," he said. Ether also fell on Monday and was last 8.8% lower at $2,756. It lost some 22% in value in November, the most since February's 32% slide. Stocks recently sold off on concerns about exuberance over the artificial intelligence trade and lofty valuations in technology shares. Stocks were mostly lower on Monday, with MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab last down about 0.40%. The S&P 500 (.SPX) , opens new tab ended down 0.5%. RISK INDICATOR Given its short lifespan, there is not much seasonality to guide traders' expectations for how bitcoin usually behaves in December. On average, bitcoin has tended to rise by around 9.7% in December, ranking it third in terms of performance. October is typically the strongest month, with an average gain of 16.6%, and September the weakest month, with an average loss of 3.5%. Some strategists were keeping a close eye on bitcoin's correlation with the stock market. Some see bitcoin as a possible leading indicator for risk assets. Joe Saluzz, co-founder of Themis Trading in Chatham, New Jersey, said crypto and stocks may be linked via exchange-traded funds but are not always correlated. For example, the stock market was down moderately on Monday while crypto-related assets sold off, he said. XTB research director Kathleen Brooks said in a note: "Bitcoin tends to be a leading indicator for overall risk sentiment right now, and its slide does not bode well for stocks at the start of this month." "There is no obvious driver (on Monday). However, the sharp decline in volatility last week, the VIX fell back below the average for the last 12 months, may have unnerved some investors who remain concerned about an uncertain outlook into year-end," she said. CME bitcoin futures also showed the growing bearishness. Bitcoin futures that expire in three months' time traded at their smallest premium to those that expire this month in at least a year, signaling investors were less inclined to bank on a sustained price rise. NEGATIVES STACKING UP Jefferies strategist Mohit Kumar said a number of crypto-negative factors added to the pressure on bitcoin on Monday. S&P Global downgraded its rating of Tether, the world's largest stablecoin last week, citing an increase in higher-risk assets in its reserves and "persistent gaps in disclosure," which Tether said it "strongly disagrees" with. Other crypto company shares were down as well, with Coinbase Global (COIN.O) , opens new tab falling 4.8%. Since hitting a record $4.3 trillion in size, the crypto market has lost over $1 trillion in value, according to CoinGecko. Marc Chandler, chief market strategist at Bannockburn Capital Markets in New York, said the key is that "people are talking about" what is happening to bitcoin. "I see a lot of people trying to tie the selloff in crypto to the selloff in the other asset markets. But we need to test the narrative. It's just not clear ... but we have to pay attention to it." https://www.reuters.com/business/finance/bitcoin-falls-5-below-90000-investors-ditch-risk-assets-2025-12-01/
2025-12-01 11:35
LONDON, Dec 1 (Reuters) - A look at the day ahead in U.S. and global markets by Dhara Ranasinghe, Editor, Financial Markets EMEA. What matters in U.S. and global markets today. Sign up here. Trade in the final month of a turbulent 2025 is underway and the readout from markets is that it's unlikely to be a quiet end to the year. Also, check out the latest episode of the new Morning Bid , opens new tab daily podcast. Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week. For more from Mike Dolan, check out his column today on how White House adviser Kevin Hassett could become the Federal Reserve's "shadow chair" for five months. Today's Market Minute A far from quiet end to the year Everywhere you look the risks are stacking up hard and fast, but for now, let's stick to the immediate horizon. If bitcoin can be seen as a proxy for Wall Street, then Monday's 5% drop in the crypto currency back below $90,000 does not bode well. The currency is set for its biggest one-day fall in almost a month, fitting in with the risk off mode taking hold across world markets, with Asian and European shares (.STOXX) , opens new tab lower and U.S. equity futures pointing decidedly down . There doesn't appear to be a single catalyst for the risk-off mood, although for some the answer lies in the heaviest selling in Japanese government bonds in four months on the prospect of a Bank of Japan rate hike as early as this month. The BOJ will consider the "pros and cons" of raising rates at its next policy meeting, Governor Kazuo Ueda said on Monday, giving the strongest signal yet of a December hike. That's given a boost to the battered yen , while rate sensitive two-year bond yields rose to their highest since 2008 and the blue-chip Nikkei tumbled almost 2% (.N225) , opens new tab. Central bank direction also remains in focus on Wall Street as the December 10 Fed meeting looms, against a backdrop of flip-flopping from traders over whether rates will be cut. Adding to the uncertainty is an expectation that U.S. President Donald Trump could soon announce the next Fed chair, meaning markets could be caught between hanging on the words of current Fed chief Jerome Powell as well as his successor. Just before the Thanksgiving break, Treasury Secretary Scott Bessent indicated that Trump would likely announce the nominee before Christmas with White House aide Kevin Hassett seen as the front runner. Late on Sunday, Trump said he knows who he will pick as next Fed chair. Signs meanwhile that in progress in U.S. trade negotiations failed to translate into a significant recovery in orders among Asia's manufacturing powerhouses may also help explain caution across world stock markets. A raft of purchasing managers' indexes (PMIs) on Monday showed declines in activity in China, Japan, South Korea and Taiwan. In China, the world's largest manufacturer, factory activity slipped back into contraction, a , a day after Beijing's official measure showed activity falling for the albeit at a slower pace. Euro zone manufacturing activity also slipped back into contraction territory in November, Monday data showed. U.S. and Ukrainian officials meanwhile held what both sides called productive talks on Sunday about a Russia peace deal, with Secretary of State Marco Rubio expressing optimism about progress despite challenges to ending the more than three-year-long war. Chart of the day Bitcoin is back below $90,000, extending losses after its steepest monthly decline since the 2021 crypto crash, as renewed risk aversion drove investors out of stocks and digital assets. Today's events to watch - U.S. November ISM index - Treasury Bill auction 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. Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. https://www.reuters.com/business/finance/global-markets-view-usa-2025-12-01/
2025-12-01 11:29
DUBAI, Dec 1 (Reuters) - A new mechanism adopted by OPEC+ to assess members' maximum output capacity will ultimately help to stabilise markets and reward those who invest in production, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The OPEC+ group approved the mechanism to assess members' maximum production capacity to be used for setting baselines from 2027, against which their output targets are set, OPEC said on Sunday. Sign up here. Prince Abdulaziz said the mechanism was "fair and transparent" for determining production levels. "Now we have the most detailed, the most technical, transparent approach of how we can move forward in the future in managing the market and how to attend to production", he said. "Yesterday was probably one of the most successful days in my personal career and I am very grateful and thankful for the support of our friends in Russia," he said during the launch of a Saudi-Russian business forum in Riyadh. The meetings on Sunday of OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, also agreed to leave oil output levels unchanged for the first quarter of 2026. The evaluation of members' maximum production capacity is scheduled to take place between January and September 2026, according to sources following the meetings, allowing for 2027 output quotas to be set. "It will also be a mechanism that will reward those who invest and those who believe there is growth, and would put us in the lead amongst the other producers," Prince Abdulaziz said. OPEC+ has been discussing the production capacity and quotas issue for years in talks that had proved difficult because some members such as the United Arab Emirates have increased capacity and want higher quotas. Other members such as African countries have seen declines in production capacity but are resisting quota cuts. Angola quit the group in 2024 over a disagreement about its production quotas. https://www.reuters.com/business/energy/opec-meetings-outcome-turning-point-saudi-energy-minister-says-2025-12-01/
2025-12-01 11:29
Tornqvist to step down, sell stake in management buyout Leadership change aims at reset amid scrutiny over Russia links Pedersen named CEO as Gunvor seeks stronger US ties, expansion LONDON, Dec 1 (Reuters) - Global commodity trading house Gunvor's (GGL.UL) CEO Torbjorn Tornqvist will step down and sell his full shareholding in a management buyout, weeks after the U.S. dubbed the firm the "Kremlin's puppet" over its past Russian links. The firm said on Monday that Americas head Gary Pedersen, hired by the company just last year, will assume the top role. Sign up here. "The buyout has been advanced at this time to establish a definitive reset and path forward for a company, for which misperceptions about its past have become an impossible distraction," Gunvor said in a statement. That was a reference to the U.S. Treasury last month calling Gunvor the "Kremlin's puppet" and sinking what would have been Gunvor's biggest ever deal to acquire U.S.-sanctioned Russian oil major Lukoil's (LKOH.MM) , opens new tab international assets. Gunvor said at the time that the Treasury's statement was "fundamentally misinformed and false" and it welcomed "the opportunity to ensure this clear misunderstanding is corrected." SWITCH AT THE HELM SPELLS END OF AN ERA The leadership transition marks the end of Tornqvist's 25-year leadership of Swiss-based Gunvor, in a deal that could be worth billions of dollars. Tornqvist's shareholding stood at 84.79% at the end of 2024, according to the group's results, when the company had an equity value of $6.5 billion. Tornqvist has already stepped down as CEO and will exit the company's board when the deal closes, Gunvor said. Gunvor did not specify the buyout value of Tornqvist's shares, or give a time frame for the buyout deal, which it said was first conceived in 2022. TORNQVIST CO-FOUNDED GUNVOR IN 2000 "I’m ready and the company is ready for this transition, which we have worked on for some time. For a trading house of Gunvor's size and complexity, a broad-based, inclusive partnership is the right model," Tornqvist said. Tornqvist, 72, co-founded Gunvor in 2000 with business partner Gennadiy Timchenko, and grew the company into the largest trader of Russian oil in the 2000s. Gunvor has since expanded into new markets, including in recent years moving into U.S. gas and power, amid a wider trend of top trading houses allocating their record earnings , opens new tab towards expansion in different geographies and commodities markets. GUNVOR EYES US EXPANSION Pedersen's promotion coincides with a push by Gunvor to smooth its ties with the U.S., which has seen the firm hold active talks to invest in U.S. oil and gas-producing assets in recent weeks. Pedersen joined Gunvor last year from hedge fund Millennium Management, where he was a senior portfolio manager for refined products since 2022. His appointment came as Tornqvist undertook a broader shake-up of Gunvor's senior leadership, and the company said he was hired "with the intention of eventually assuming global leadership." "The time is right for this transition. A generational shift has been well underway, and we have the financial strength, liquidity, and depth of leadership to continue to advance our global growth strategy," Pedersen said. Under Pedersen, Gunvor's Americas arm has sought to grow its investments in U.S. shale gas production, joining other trading firms in betting that more control of the North American supply chain will pay dividends if AI growth and LNG plant expansions boost demand over the coming years. Gunvor's U.S. portfolio currently has an enterprise value exceeding $4 billion and is a key growth area, a company spokesperson told Reuters recently. https://www.reuters.com/sustainability/boards-policy-regulation/gunvor-ceo-torbjorn-tornqvist-step-down-management-buyout-2025-12-01/
