2025-11-24 11:36
LONDON, Nov 24 (Reuters) - What matters in U.S. and global markets today U.S. stocks look set to build on Friday's jump with investor hopes resting on a Fed rate cut materialising in December, but the question is how much further prices can bounce? Sign up here. I'll get into all the market-moving news below, but first we have exciting news! We've just launched theMorning Bid daily podcast, which will be available in audio and video. Subscribe to hear and see ROI editor-at-large Mike Dolan and other 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 Japan's fiscal experiment and the warnings it has for the U.S. Treasury. , opens new tab Today's Market Minute Will the Fed come to stock markets' rescue? U.S. stocks look set to build on Friday's jump with all investor hopes resting on a Fed rate cut materialising in December, but the question is how much further they can bounce? Futures tied to the S&P 500 were up 0.3% in London trade and those on the tech-heavy Nasdaq index were up 0.5%, set to add to roughly 1% jumps on Friday, when investors cheered comments by influential Fed policymaker John Williams that the bank can cut interest rates "in the near term". Traders now see a roughly 60% chance that the Fed will cut rates in December, up from around 40% on Thursday. Yet those futures, which had been up around 1% earlier, have already cut their gains well before the U.S. open. Both indexes are still set for their biggest monthly drops since March, with the Nasdaq still down over 6%. Besides the concerns around AI valuations that drove that selloff in the first place, optimism around a Fed cut doesn't change that October and November's payroll data -- key to rates expectations -- will only be released after the bank's December meeting. And policymakers are split on the path ahead. Boston Federal Reserve President Susan Collins said on Saturday she's still leaning against a December rate cut. U.S. markets will also have to digest retail sales, producer price and jobless claims data this week. They looked subdued otherwise, with the dollar down 0.2% against a basket of currencies, while Treasury yields were largely steady after sizeable drops last week. In a sign that risk sentiment remains fragile, Bitcoin dropping 2% to around $86,000, though it has bounced off Friday's low that had left it near the key $80,000 level below which losses may accelerate. Markets remain on alert for intervention in the Yen by Japanese authorities, who tend to move in quiet periods with lower liquidity. The yen edged lower against the dollar on Monday, nearing last week's 10-month lows. Thanksgiving could be an opportunity, but analysts are already questioning how effective a move might be. In Europe, Ukraine peace talks remain front and centre after the U.S. and Ukraine agreed to modify an earlier proposal seen as too favourable to Moscow. European defense stocks, while sitting on huge gains this year, continued to slide on Monday, dropping to their lowest since August. Geopolitics aside, the big focus is on Britain's much anticipated Wednesday budget, when finance minister Rachel Reeves will have to convince investors that she can deliver credible belt-tightening plans after U-turning on plans to raise income tax levels. But there is some good fiscal news too. Italy saw its credit rating upgrade from Moody's in 23 years on Friday. Chart of the day U.S. equity markets have a long way to come back after last week, still sitting on heavy losses in November that have set them up for their worst monthly performance since March, when tariff worries rattled markets ahead of the big intra-month swing in April. Today's events to watch * Two-year U.S. Treasury auction offering $69 billion * U.S. corporate earnings include Agilent Technologies, Symbotic Inc, Keysight Technologies, Woodward Inc, Zoom 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-2025-11-24/
2025-11-24 10:59
LONDON, Nov 24 (Reuters) - The pound held steady against the dollar on Monday, with investors cautious about the currency ahead of Britain's budget announcement this week. Finance Minister Rachel Reeves will announce her long-awaited budget on Wednesday, seeking to reassure investors that the government can be trusted to be fiscally prudent while honouring pre-election promises not to raise taxes on working people. Sign up here. Sterling last traded at $1.3095 , flat on the day after losing 0.5% last week. "The potential downside risks for the UK economy related to the budget are going to keep all eyes on sterling. So that's our real focus," said Nick Rees, head of macro research at Monex Europe. He said the focus would be not only on the announcement itself but on the overall forecast for the economy, which would likely trigger a reaction in the pound. Until then, Rees said markets would "hold fire", noting that the pound had not reacted on Friday to softer economic data. That data showed business growth almost ground to a halt this month and that retail sales had tumbled in October, as a closely watched gauge of household sentiment also fell. However, the data did boost traders' expectations of an interest rate cut next month from the Bank of England. Markets are currently pricing in nearly a 90% chance of a 25-basis-point easing. Elsewhere, the pound was down 0.2% at 88.06 pence per euro but was firmer against a weakening yen as traders watched for any signs of official buying from Tokyo to stem the slide in the Japanese currency. Sterling was last up 0.2% at 205.22 yen, after last week rising to its highest since July 2024. https://www.reuters.com/world/uk/pound-steady-markets-await-britains-budget-2025-11-24/
2025-11-24 10:37
India seeing many IPOs as markets scale new highs Sembcorp filed for an IPO in 2018 but withdrew months later Axis, Citi, HSBC appointed as bankers for India IPO, sources say Sembcorp targetting a Mumbai listing in 8-9 months MUMBAI, Nov 24 (Reuters) - Singapore's Temasek-backed Sembcorp Industries (SCIL.SI) , opens new tab has started talks over an initial public offering of its India unit in Mumbai and appointed three investment banks, including Citi and HSBC, three sources familiar with the matter said. Talks are at an early stage and no decision has been made on the size of the offering. The move marks Sembcorp’s second attempt to list its India business after withdrawing a draft prospectus in January 2019 to inject new equity. Sign up here. Sembcorp's Indian arm, Sembcorp Green Infra, operates businesses in wind, solar and energy storage, and competes with the likes of Adani Green Energy (ADNA.NS) , opens new tab and Avaada Group. Indian markets are trading near record highs and have seen a surge in listings. Companies have raised more than $16 billion so far in 2025, making India the world’s third-largest IPO market, according to Dealogic. The IPO, targeted for launch within eight to nine months in Mumbai, will be advised by Citi (C.N) , opens new tab, HSBC and India’s Axis Capital, the sources said, declining to be named as the matter is confidential. Citi and HSBC declined to comment, while Sembcorp and Axis did not respond to requests for comment. Sembcorp's renewed India IPO plans have not been previously reported. Sembcorp Green Infra sold its thermal power assets in India for $1.47 billion to Tanweer Infrastructure Pte in 2023. It has further expanded its renewable energy portfolio and signed a deal in October to acquire ReNew Power's solar energy unit for about $188 million. Sembcorp's India unit made a profit of $40 million in the year ending March 31, 2024, with revenues of $252 million, regulatory disclosures show. https://www.reuters.com/sustainability/climate-energy/singaporean-energy-firm-sembcorp-plans-ipo-indian-unit-sources-say-2025-11-24/
2025-11-24 10:37
Nov 24 (Reuters) - UBS expects copper prices to rise into next year, citing tightening supply from persistent mine disruptions and strong long-term demand from electrification and clean-energy investment, the bank said in a note on Friday. In its updated projections, UBS raised its March 2026 price forecast by $750 per metric ton to $11,500, increased its June and September 2026 targets by $1,000 a ton to $12,000 and $12,500, respectively, and introduced a new December 2026 target of $13,000 per ton. Sign up here. UBS also raised its market deficit forecasts to 230,000 tons in 2025, up from 53,000 tons previously, and to 407,000 tons in 2026, up from 87,000 tons before, saying falling inventories and persistent supply risks will keep conditions tight. The bank said mine disruptions this year, including production issues at Freeport-McMoRan's Grasberg mine in Indonesia, slower output recovery in Chile, and recurring protests in Peru underscore structural supply constraints that are likely to extend into 2026. Last week, Freeport-McMoRan (FCX.N) , opens new tab said it planned to restore production at Indonesia's Grasberg copper and gold mine by July after a fatal incident forced operations to halt two months ago. UBS trimmed its refined copper production growth estimates to 1.2% for 2025 and 2.2% for 2026, citing grade declines and operational challenges. It expects global copper demand to grow 2.8% in both 2025 and 2026, supported by electric vehicles, renewable energy, power-grid investment and data centres. The bank said any price weakness should be short-lived and recommended remaining long copper or using volatility-selling strategies. The most-active copper contract on the Shanghai Futures Exchange < SCFcv1> closed daytime trade up 0.09% at 86,080 yuan ($12,112.68) per metric ton. https://www.reuters.com/business/finance/ubs-raises-copper-outlook-mine-disruptions-deepen-supply-deficits-2025-11-24/
2025-11-24 10:35
SINGAPORE, Nov 24 (Reuters) - China's state oil trader Unipec, a vehicle of refining giant Sinopec Corp , has signed a term deal to supply about 60,000 metric tons of jet fuel to Lufthansa annually, Sinopec said on Monday. The supplies will feed Lufthansa's supply chains at airports in Belgium and Germany, Sinopec said in its inhouse newspaper. Sign up here. Unipec's jet fuel supplies have until now covered aviation hubs in Western Europe and North Africa, with annual supplies, including sustainable aviation fuel (SAF), exceeding 5 million metric tons for the fourth year in a row, Sinopec said. Unipec's SAF sales in Europe reached 120,000 tons this year, after deals for term supplies signed with both Lufthansa and KLM Royal Dutch Airlines. https://www.reuters.com/business/energy/chinas-unipec-agrees-jet-fuel-term-supply-deal-with-lufthansa-2025-11-24/
2025-11-24 09:14
Russia's oil and gas revenue to fall to $6.59 bln in November Stronger rouble, cheaper oil behind the fall MOSCOW, Nov 24 (Reuters) - Russian state oil and gas revenue may fall in November by around 35% from the corresponding month in 2024 to 520 billion roubles ($6.59 billion) due to cheaper oil and a stronger rouble, Reuters calculations showed on Monday. The decline in proceeds is painful for Russia, which has heavily boosted defence and security spending since launching its military campaign in Ukraine, which it calls a special military operation, in February 2022. Sign up here. Oil and gas revenue has been the most important source of cash for the Kremlin, making up a quarter of total federal budget proceeds. The revenue, gained from taxing profits, is also set to decline by 7.4% from October, excluding cyclical payments. For the first 11 months as a whole, oil and gas revenue is seen falling by 22% to 8 trillion roubles. According to Reuters calculations, the price of Russian oil for tax purposes declined in January-November, to stand at $57.3 per barrel, compared to $68.3 in the same period last year. At the same time, the rouble has strengthened to 81.1 per dollar from 91.7 in January-November 2024. The Finance Ministry will publish its estimates on December 3. Ukraine and its backers in Western Europe have repeatedly said they want to force Russia, the world's second largest oil exporter, to stop its war by undermining its economy. The U.S. Treasury said on November 17 that U.S. sanctions against Russian oil majors Rosneft (ROSN.MM) , opens new tab and Lukoil (LKOH.MM) , opens new tab were already reducing Moscow's oil revenues and were likely to reduce the quantity of Russian oil sold in the long term. President Vladimir Putin has repeatedly said that Russia will never be forced into doing anything and that, though sanctions can cause pain to the Russian economy, it can survive and even prosper without the West. The Finance Ministry had initially expected to earn 10.94 trillion roubles from oil and gas sales this year, but falling oil prices led it to revise down that expectation last month, to 8.65 trillion roubles. Oil and gas revenue reached 11.13 trillion roubles last year. ($1=78.9500 roubles) https://www.reuters.com/business/energy/russias-oil-gas-revenue-may-fall-november-by-35-reuters-calculations-show-2025-11-24/
