2025-10-16 20:30

Salesforce rises after strong revenue forecast Weak Travelers results hit insurance stocks US-China trade tensions remain front and center S&P 500 -0.63%, Nasdaq -0.47%, Dow -0.65% Oct 16 (Reuters) - Wall Street closed lower on Thursday, with signs of weakness in regional banks spooking investors already on edge over U.S.-China trade tensions. Shares of Zions Bancorporation (ZION.O) , opens new tab tumbled 13% after the regional bank disclosed an unexpected loss on two loans in its California division, adding to growing investor unease about hidden credit stress as lenders navigate economic uncertainty with interest rates still relatively high. Sign up here. Western Alliance (WAL.N) , opens new tab slumped 10.8% after it said it initiated a fraud lawsuit against one of its borrowers. Jitters about commercial lending emerged following the September collapses of U.S. auto parts supplier First Brands and car dealership Tricolor. "I think that there's some level of minimal nervousness associated with the credit markets," said Ron Albahary, chief investment officer at LNW in Philadelphia. "If you've been doing this long enough, you don't ignore anything that might be a yellow flag in the credit markets." With the S&P 500 recently at record highs, investors were also watching for developments between Washington and Beijing after their trade war escalated last week. U.S. President Donald Trump has threatened 100% tariffs on China starting November 1, as well as other new trade measures against the world's second-largest economy following Chinese curbs on exports of rare earth minerals. "With the added uncertainty of U.S. and China trade and increased rhetoric and what that could mean for the economy and for the markets, I think that's adding to market instability," said Tom Hainlin, an investment strategist at U.S. Bank Wealth Management in Minneapolis. TSMC (2330.TW) , opens new tab, the world's largest manufacturer of advanced semiconductors, gave a bullish outlook for spending on artificial intelligence. Still, heavyweight AI-related stocks dipped, with Palantir (PLTR.O) , opens new tab and Meta Platforms (META.O) , opens new tab both off 0.8%, and Tesla (TSLA.O) , opens new tab losing 1.5% . Salesforce (CRM.N) , opens new tab jumped 4% after the business software seller forecast revenue of more than $60 billion for 2030, above Wall Street estimates. Optimism about AI and expectations of U.S. interest rate cuts have lifted Wall Street to record highs this year. The S&P 500 has gained 12% so far in 2025, and it is valued at an elevated 23 times expected earnings, a five-year high, according to LSEG. Robust earnings from major U.S. banks this week offered fresh signs of economic resilience at a time when official macroeconomic reports remain delayed due to an ongoing government shutdown. Analysts on average see S&P 500 aggregate earnings up 9.2% in the third quarter, versus expectations of an 8.8% increase two weeks ago, according to LSEG I/B/E/S. The S&P 500 insurance index (.SPXIN) , opens new tab dropped after industry bellwether Travelers Companies (TRV.N) , opens new tab posted quarterly revenue below estimates, with its stock falling nearly 3%. Insurer Marsh & McLennan (MMC.N) , opens new tab reported flat operating margins and slowing growth in its risk and insurance business, and its stock dropped 8.5%. The S&P 500 declined 0.63% to end the session at 6,629.07 points. The Nasdaq declined 0.47% to 22,562.54 points, while the Dow Jones Industrial Average declined 0.65% to 45,952.24 points. Ten of the 11 S&P 500 sector indexes declined, led lower by financials (.SPSY) , opens new tab, down 2.75%, followed by a 1.12% loss in energy (.SPNY) , opens new tab. Data showed the Philadelphia Fed Business Index for October declined 12.8 points, compared with a rise of 8.5 estimated by the economists polled by Reuters. Fed Governor Christopher Waller said he supported an additional interest rate cut in October due to mixed readings on the state of the job market. Hewlett Packard Enterprise (HPE.N) , opens new tab slumped 10% after the technology company forecast annual profit and revenue below Wall Street expectations. J.B. Hunt (JBHT.O) , opens new tab shares jumped 22% after the trucking firm reported third-quarter profits. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 2.7-to-one ratio. The S&P 500 posted 29 new highs and 16 new lows; the Nasdaq recorded 113 new highs and 109 new lows. Volume on U.S. exchanges was relatively heavy, with 22.4 billion shares traded, compared to an average of 20.5 billion shares over the previous 20 sessions. https://www.reuters.com/business/wall-street-futures-gain-after-tsmcs-results-support-renewed-ai-optimism-2025-10-16/

2025-10-16 20:21

GEORGETOWN, Oct 16 (Reuters) - Guyana's Vice President said on Thursday the country will not take any possible gas development off the negotiation table, including Exxon Mobil's (XOM.N) , opens new tab future offshore projects. Exxon's eighth project, Longtail, is expected to be the first to develop non-associated gas in Guyana, and two more discoveries, Haimara and Pluma, could follow. An Exxon executive said this month that turning gas into liquefied natural gas (LNG) might not be a priority for the company in some projects. Sign up here. "(Gas) is a priority for us," Vice President Bharrat Jagdeo said during his weekly conference, adding that Guyana wants to monetize its gas reserves. A consortium led by Exxon, which controls all oil and gas output in the South American country, in February began applications to request government approval for Longtail, hoping to have the project authorized next year for a 2030 start-up. Longtail is expected to produce up to 1.5 billion cubic feet per day of natural gas and 290,000 barrels per day of condensate through a floating production facility that will have capacity to export, the group told the government this year. However, Exxon's gas strategy in Guyana, which could involve LNG, has not been fully designed yet. https://www.reuters.com/business/energy/guyana-not-taking-any-gas-development-off-table-vice-president-says-2025-10-16/

2025-10-16 20:19

Oct 16 (Reuters) - CSX (CSX.O) , opens new tab reported third-quarter profit and revenue above Wall Street estimates on Thursday as improving intermodal volumes and higher pricing in merchandise helped offset the impact from lower coal prices, sending the railroad operator's shares up 3%. Weakness in the coal market has remained a headwind for the East Coast railroad operator due to lower demand as consumers turn to cheaper natural gas stockpiles for energy. Sign up here. "Our domestic coal business continues to see steady trends through the year," said COO Mike Cory in an earnings call. Demand for coal is expected to rise after U.S. President Donald Trump signed executive orders earlier this month that aim to boost coal production, benefiting railroad operators. On an adjusted basis, CSX reported per-share profit of 44 cents, above analysts' average estimate of 42 cents apiece, according to data compiled by LSEG. The company reported revenue of $3.59 billion in the quarter ended September 30, slightly above analysts' average estimate of $3.58 billion. However, quarterly revenue decreased 1% year-over-year, impacted by lower export coal prices and a decline in merchandise volumes, which were partially offset by increases in other revenues, higher merchandise pricing and intermodal volume growth, CSX said. Coal revenue declined 11% for the quarter on 3% lower total volume. The Jacksonville, Florida-based company forecast fiscal-year 2025 capital expenditure of $2.5 billion, excluding hurricane rebuild spending. Earlier this year, CSX drew up interline and intermodal service agreements with BNSF Railway and the Canadian National Railway. Peer Union Pacific announced in July it would acquire rival Norfolk Southern in an $85 billion deal. The tie-up, if approved, could reshape the U.S. freight rail industry by creating the first coast-to-coast single-line network. https://www.reuters.com/sustainability/sustainable-finance-reporting/railroad-operator-csx-beats-quarterly-estimates-strong-intermodal-volumes-2025-10-16/

2025-10-16 20:18

Oct 16 (Reuters) - Gold soared past $4,300 an ounce for the first time on Thursday as tensions between the U.S. and China pushed investors to safe haven assets, while rising expectations of a Federal Reserve rate cut this month amplified the momentum. Spot gold hit a record $4,312.00 per ounce while U.S. gold futures for December also hit a record high of $4,328.70 per ounce. Sign up here. https://www.reuters.com/world/india/gold-marches-past-4300oz-fed-rate-cut-bets-sino-us-tensions-2025-10-16/

2025-10-16 19:36

South Africa hands over G20 presidency to US next year G20 finance officials agree more work needed on debt sustainability G20 calls for bigger voice for borrowing countries WASHINGTON, Oct 16 (Reuters) - The Group of 20 major economies, led this year by South Africa, said on Thursday the risk of a systemic debt crisis appears to be broadly contained, but many vulnerable low- and middle-income countries still faced high financing costs and other challenges limiting their ability to boost growth. G20 finance officials issued a declaration on debt during the annual meetings of the International Monetary Fund and World Bank in Washington, calling for further work to boost debt sustainability, increase transparency and give borrowing countries more of a voice in the process. Sign up here. The leaders pledged to continue strengthening the G20 Common Framework for Debt Treatments in a "predictable, timely, orderly and coordinated manner," noting that several borrowing countries required "further international assistance." That line came amid indications from senior IMF and World Bank officials that the emphasis was now on countries "growing their way out of debt" instead of holding out for debt relief. The G20 declaration, its first separate communique on debt since the COVID-19 pandemic, was highly anticipated, amid huge cuts to development aid by the United States, which will take over the G20 presidency next year, and other rich countries. But some debt relief activists said it fell short. "Today’s G20 Ministerial Declaration on Debt Sustainability, led by the South African Presidency, is inadequate and unambitious – falling far short of what is needed to tackle the worst debt crisis the world has ever seen," said Iolanda Fresnillo with the European Network on Debt and Development. She said the statement included no new initiatives and revealed the shortcomings of the G20 for addressing real crises. Eric LeCompte, executive director of Jubilee USA Network, said unsustainable debt remained a G20 priority, noting that developing countries spent $921 billion on interest payments alone - not principal - in 2024, a 10% jump from 2023, with more increases expected this year. "We see a consensus around the severity of debt payment challenges, but not yet a consensus on how to solve the debt challenges," he said. "Countries cannot borrow their way out of this crisis." Duncan Pieterse, director-general of South Africa's National Treasury, said G20 officials agreed to further strengthen the voice of borrowing countries in debt discussions, a key demand made by South Africa during its leadership of the G20 this year. He said officials were heartened by progress made on Common Framework restructuring cases, including faster resolution than in early cases like Chad, but more work was needed. "Certainly there has been progress. It remains on the agenda of the G20 and it remains a discussion for further refinement, including how preferential creditor status is handled," he said. Top U.S. and Chinese officials joined a meeting on Wednesday of the Global Sovereign Debt Roundtable at the IMF-World Bank meetings, where participants underscored the continued commitment of the world's two largest economies to keep addressing persistent debt issues facing developing countries. Global debt is at record levels, but many emerging markets have actually reduced their debt-to-GDP ratios, although they still face crushing debt service payments and have been crowded out of capital markets by advanced economies. https://www.reuters.com/world/china/g20-vows-keep-focus-developing-countries-debt-issues-2025-10-16/

2025-10-16 18:19

BOGOTA, Oct 16 (Reuters) - Colombia's Senate gave final approval to the government's 546.9 trillion peso ($140.2 billion) 2026 budget on Wednesday, sending it to the president to sign after prior approval in the lower house. The Senate passed the budget with 50 votes in favor and 27 against. Sign up here. The budget for 2026, as approved by Congress, is 10 trillion pesos ($2.56 billion dollars) less than what President Gustavo Petro's government originally proposed, while still higher than the 511 trillion pesos budgeted for 2025. To fully finance the approved budget, a tax reform generating 16.3 trillion pesos will also need to be passed. (1 dollar = 3,902.16 Colombian pesos) https://www.reuters.com/world/americas/colombian-senate-approves-140-bln-2026-budget-sending-presidents-desk-2025-10-16/