2025-10-01 11:42

JAKARTA, Oct 1 (Reuters) - Indonesia expects to soon sign a deal with Freeport-McMoRan (FCX.N) , opens new tab to give a local partner a 12% stake in its Indonesian unit PT Freeport Indonesia, the investment minister said on Wednesday, without giving a precise date. The state mining holding company MIND ID so far owns 51% of PT Freeport Indonesia, which runs operations at Grasberg, the world's largest gold mine and second-largest copper mine. Sign up here. "This is just an administrative process but we have already agreed on all of points (of discussions)... Once it is done, we can proceed with the signing," Minister Rosan Roeslani told reporters. He added that the 12% will be "free of charge". On Tuesday, Phoenix-based Freeport said it was still in discussion with the Indonesian government regarding the rights to operate the Grasberg copper and gold mine beyond 2041 when an existing deal expires. Freeport Indonesia had no immediate comment when asked about the Indonesian investment minister's comments on Wednesday. Indonesia mining minister Bahlil Lahadalia last week said it was important to reach a deal to extend the Freeport mining permit to ensure the company could start investing in exploration for future resources to be extracted from Grasberg. Also last week, Freeport declared force majeure at Grasberg after torrential mudslides that killed two workers. Grasberg may not return to pre-accident operating rates until at least 2027, Freeport said. Concerns about the impact on supply have driven up global prices of copper. https://www.reuters.com/world/asia-pacific/indonesia-expects-deal-soon-with-freeport-mcmoran-divestment-plan-2025-10-01/

2025-10-01 10:38

LONDON, Oct 1 (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. With Washington closed , opens new tab after Tuesday's congressional impasse, markets are left in a bit of quandary about how to interpret the hiatus and which economic data to focus on if this week's key jobs reports are furloughed along with government workers. The only thing investors have to go on is how markets behaved during previous closures, pretty nonchalantly for the most part and explaining why buoyant Wall Street stocks ended higher within a whisker of new records again on Tuesday as the deadline loomed. But the uncertainty isn't great at a time when domestic politics is in flux and the economy is hard to read, with the lack of key data as a result of the shutdown possibly stoking additional volatility on less-reliable private sector economic readouts. As a result, the VIX volatility gauge has popped higher towards 17 early on Wednesday as the final quarter of the year got underway, stock index futures backed away about from their latest highs, the dollar was softer and gold rallied again to new records. Compounding the sense of suspended animation in world markets, Chinese markets began their Golden Week holiday on Wednesday. Elsewhere, the euro was firmer as core euro zone inflation readings for September came in slightly hotter than forecast and encouraged bets that the European Central Bank is done easing for this cycle. In today's column, I discuss how AI's megacap‑led investment boom is tying the real economy more tightly to a single crowded trade. , opens new tab If AI is a bubble, the U.S. economy could be in trouble if it bursts. Today's Market Minute * The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, grueling standoff that could lead to the loss of thousands of federal jobs. , opens new tab * U.S. Defense Secretary Pete Hegseth slammed "fat generals" and diversity initiatives that he said led to decades of decay in the military and told a rare gathering of commanders on Tuesday they should resign if they do not support his agenda. * Pfizer and President Donald Trump on Tuesday said they had cut a deal in which the U.S.-based drugmaker agreed to lower prescription drug prices in the Medicaid program to what it charges in other developed countries in exchange for tariff relief. * The London Metal Exchange’s zinc inventory is now so depleted that it would cover less than one day's worth of global consumption. ROI metals columnist Andy Home explains why this market may need a Chinese booster. * Experts may disagree about which minerals and metals are genuinely critical, but one thing is certain, writes ROI columnist Clyde Russell. The prices of many of them are currently weak and not reflecting their supposed importance to the global energy transition. Chart of the day The long history of temporary U.S. government shutdowns on funding impasses shows that they rarely affect longer-term economic or market trends. The length of the delay likely dictates any short-term volatility. Today's events to watch * U.S. September private sector payrolls survey by ADP (8:15 AM EDT) US September manufacturing surveys from S&P Global (945: AM EDT) and ISM (10:00 AM EDT), US August construction spending (10:00 AM EDT) * Richmond Federal Reserve President Thomas Barkin speaks; Bank of Canada meeting minutes * U.S. corporate earnings: Conagra Brands * Denmark hosts informal summit of EU leaders in Copenhagen to discuss common defence policy and support for Ukraine 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-2025-10-01/

2025-10-01 10:27

Oct 1 (Reuters) - Tesla's (TSLA.O) , opens new tab new car sales in Spain rose 3.4% in September from the same month in 2024 to 2,992 vehicles, registration data released by industry group ANFAC showed on Wednesday. Between January and September, sales of Tesla cars in Spain increased 9.5% from the same period a year earlier, while total sales of electrified vehicles, a category that includes both fully electric vehicles and hybrids, grew by 98%. Sign up here. https://www.reuters.com/business/retail-consumer/new-tesla-sales-spain-rise-34-september-other-ev-sales-surge-2025-10-01/

2025-10-01 10:25

BoE to consult on regulation for stablecoins, as industry grows Bailey strikes slightly more conciliatory tone on stablecoins after warnings Crypto industry concerned about BoE's more cautious stance LONDON, Oct 1 (Reuters) - Any stablecoin that becomes widely used as a means of payment in Britain needs to be regulated like money in a standard bank, Bank of England Governor Andrew Bailey said on Wednesday, meaning it would need depositor protections and access to BoE reserve facilities. The comments made in an article in the Financial Times newspaper represent a slight shift in tone by Bailey, a long-standing sceptic of cryptocurrencies. Sign up here. He said it would be "wrong to be against stablecoins as a matter of principle", but he also said their main current use as a way to enter and exit cryptocurrency trades did not amount to a standard money-like means of payment. Bailey confirmed the BoE would publish a consultation paper on stablecoins in the coming months. "In doing so, we will set out that widely used UK stablecoins should have access to accounts at the BoE in order to reinforce their status as money," he said. He also raised the possibility of "banks and stablecoins coexisting and non-banks carrying out more of the credit provision role", but said that such a shift would need careful consideration. Stablecoins are digital tokens designed to keep a constant value. They are often backed by traditional assets such as the U.S. dollar or government debt. They have surged in popularity and their demand is expected to increase further after the U.S. passed its GENIUS Act in July that sets federal rules for stablecoins. In an interview with The Times newspaper, also in July, Bailey said the technology risked pulling money out of the banking system and undermining credit creation. Crypto industry figures have expressed concern about the BoE's caution and say issues include caps on stablecoin holdings the BoE has proposed, the share of backing assets eligible to earn interest, and the criteria the BoE will use to determine which stablecoins fall under its remit. In Wednesday's article, Bailey said stablecoins should be risk-free with backing assets, protected by insurance and resolution schemes, and readily exchangeable for cash without relying on crypto-currency exchanges. https://www.reuters.com/sustainability/boards-policy-regulation/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01/

2025-10-01 10:13

MUMBAI, October 1 (Reuters) - The Indian rupee nudged higher on Wednesday in a modest advance that was still enough to notch its best day in two weeks after the Reserve Bank of India kept policy rates unchanged and the dollar slipped broadly as the U.S. government shut down. The rupee closed at 88.69 against the U.S. dollar, up 0.1% on the day, the most since September 17. The rupee hasn't gained in nine out of the last 10 sessions. Meanwhile the dollar slipped to a one-week low against major peers. Sign up here. Though the rupee appeared on course to open below its all-time low of 88.80 early in the session, likely intervention by the central bank helped limit the pressure on the currency, traders said. State-run banks were spotted offering dollars consistently early in the session, most likely on behalf of the RBI, a trader at a large private bank said. The central bank kept its policy rate unchanged on Wednesday, signalling room to lower rates in December as it assesses the impact of domestic tax cuts and punitive U.S. tariffs on the South Asian economy. "We see a gradual depreciation of the INR over the medium term as an appropriate response to external demand risks," analysts at ANZ said in a note. Current projections indicate the possibility of another rate cut in December 2025, the note added. India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and the Nifty 50 (.NSEI) , opens new tab ended higher by 0.9% each, led by gains in banking stocks (.NSEBANK) , opens new tab after the central bank unveiled a raft of measures to boost bank lending to capital markets and large corporates. The central bank also announced measures to boost the rupee's international usage. Meanwhile, the dollar index was down 0.2% at 97.6 after dipping to a one-week low earlier as a U.S. government shutdown unsettled markets and risked delaying data seen key to gauge the future path of Fed policy rates. Asian currencies were flat to slightly higher. https://www.reuters.com/world/india/rupee-logs-best-day-two-weeks-dollar-droops-rbi-holds-rates-2025-10-01/

2025-10-01 09:59

LONDON, Oct 1 (Reuters) - The pound rose against the dollar on Wednesday, as the U.S. currency came under broad pressure after the government in Washington DC shut down over funding to add to investor caution around U.S. assets. The shutdown carries the risk of delaying key economic reports that filter into the Federal Reserve's decisions to adjust monetary policy. Sign up here. The central bank meets later this month and, should the shutdown persist, could find itself without meaningful official data. With that in mind, investors will use private sector measures for guidance, such as the ADP monthly employment report later on Wednesday. Sterling wrapped up September with a 0.4% loss against the dollar, but is still up 7.7% this year, putting it on course for its strongest showing against the U.S. currency since 2017's 9.5% rally. Against the euro, it has struggled, as the single European currency gained 0.8% last month, bringing the increase for 2025 to 5.6%. LOOKING PAST THE DATA UK data this week has shown the economy virtually stagnated in the second quarter of this year, while the current account deficit blew past expectations in that time to its widest since the start of the year. "Investors appeared willing to look past these figures, given the overriding U.S. narrative. We, however, remain cautious," analysts at Monex said. "Sterling rallies are likely to be capped by domestic headwinds and a Bank of England that we think should be inching toward further easing, especially after the November budget has been delivered." The pound was last up 0.2% on the day at $1.3475, while weakening against the euro, which rose 0.12% to 87.365 pence. British house prices rose slightly faster than expected last month, increasing 0.5% in September after a 0.1% drop in August, major mortgage lender Nationwide Building Society said on Wednesday. According to Nationwide data, Britain's house-price-to-earnings ratio, a key metric of home affordability, is at 5.8, around its worst in a decade. Real wage growth, meanwhile, has slowed to a rate of 1%, from 3.4% a year ago, as inflation has remained sticky, while workers' earnings have increased more modestly. British consumers are struggling with persistent inflation, a high tax burden that could potentially increase with finance minister Rachel Reeves' budget next month, and a weakening labour market. https://www.reuters.com/world/uk/sterling-edges-up-dollar-hobbled-by-us-shutdown-2025-10-01/