2025-09-29 11:11

Sept 29 (Reuters) - Ares Management (ARES.N) , opens new tab said on Monday its infrastructure funds have bought Meade Pipeline for about $1.1 billion, adding a key natural gas asset to its U.S. energy business as demand for power and gas surges. The investment management company is buying it from affiliates of XPLR Infrastructure (XIFR.N) , opens new tab, a leading independent power producer formed by NextEra Energy (NEE.N) , opens new tab. Sign up here. The deal deepens Ares' bet on energy infrastructure as utilities and investors look to secure reliable supplies of lower-cost fuel to backstop intermittent renewables. "Driven by electrification, industrial activity and increasing LNG exports, we are witnessing tremendous growth in power and natural gas demand," said Steve Porto, partner at Ares Infrastructure Opportunities. Meade owns a 40% stake in the Central Penn Line, a 180-mile pipeline that carries gas from the Marcellus and Utica shale basins in Pennsylvania to demand centers in the U.S. Northeast, Mid-Atlantic and Southeast. Williams' (WMB.N) , opens new tab Transcontinental Gas Pipe Line, or Transco, co-owns and operates the system under long-term leases. The Central Penn Line, which began operations in 2018, can move about 2.3 billion cubic feet per day, including capacity from its Leidy South expansion completed in 2022. https://www.reuters.com/business/energy/ares-management-acquire-meade-pipeline-11-billion-2025-09-29/

2025-09-29 10:54

Sept 29 (Reuters) - Sterling was on track for a second straight session of gains against both the dollar and the euro on Monday, as investors paused after two weeks of losses fuelled by concerns over the UK's economic and fiscal outlook. The dollar dropped on Monday amid concerns over a potential government shutdown, as investors await a batch of U.S. economic releases that could offer further clues on the Federal Reserve's policy path. Sign up here. Analysts said a surprise jump in UK public borrowing unveiled this month and signs of slowing momentum in both the manufacturing and services sectors were key factors weighing on sentiment. Sterling rose 0.26% to $1.3434 on Friday, trimming some of the past two weeks' 1.15% losses. Over the same period, the U.S. dollar index , which tracks the greenback against a basket of major currencies, fell around 0.6%. "There will be a lot of focus on the Labour Party conference, which kicks off in Liverpool today,” said Chris Turner, head of forex strategy at ING, saying UK growth and "parlous" public finances were weighing on the British currency. "Any signs that the government will cede ground to the left wing of the party by, say, withdrawing the two-child cap on benefits would be taken poorly by Gilts and sterling,” he added. Yields on 30-year UK government bonds dropped on Monday after hitting 5.583% on Friday, a three-week high. They had reached 5.752% in early September, the highest since the late 1990s. British finance minister Rachel Reeves told the BBC ahead of her speech at the governing Labour Party's conference on Monday that tough choices would be needed to stick to her fiscal rules. MUFG sees scope for the Bank of England to cut interest rates in December as the economy slows and inflation subsides. Markets were pricing in a 25 basis-point BoE rate cut by April 2026 and around a 25% chance of such a move in December. They also indicated 39 bps of easing by the end of next year. BoE interest-rate setter Swati Dhingra said Britain's high inflation rate is likely to ease off, and the central bank should move more quickly to cut borrowing costs. The euro dropped 0.15% to 87.16 pence , its lowest since September 22. Traders expected the European Central Bank to keep rates higher for longer and priced in a depo rate of around 1.95%, flat from current levels, at the end of 2026 from the current 2%. https://www.reuters.com/world/uk/sterling-rebounds-after-recent-selloff-awaits-us-data-2025-09-29/

2025-09-29 10:48

Sept 29 - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. Buoyant world stock markets seem oblivious to the possibility that the U.S. government may be forced to shut down operations , opens new tab this week just as the third quarter comes to a close , opens new tab on Tuesday. But gold also raced to a new high above $3,800 an ounce as the dollar fell back once more. Republicans urge Democrats to agree to short-term bill to keep US government open Senate Democrats demanded that any legislation undo cuts to healthcare programs. With President Donald Trump due to meet top Democratic and Republican leaders in Congress on Monday to discuss extending government funding beyond month end, the most immediate impact of a shutdown could be to postpone the release of the critical September employment report that's due on Friday. In the absence of a payrolls report, markets will have to feed off the rest of the week's labor market data - starting with August job openings tomorrow - and absorb the implications of last week's consumer spending rise that catapulted U.S. GDP growth trackers to as high as 3.9%. That rate of growth and the loosest financial conditions in four years question the need for further rate cuts and a stream of Federal Reserve speakers are scheduled for Monday. U.S. stock futures are up again ahead of today's bell, with Japan underperforming overseas as the yen rose on speculation about an interest rate hike there. Today's Market Minute * Donald Trump will host Israeli Prime Minister Benjamin Netanyahu at the White House on Monday, with the U.S. president pushing a Gaza peace proposal after a slew of Western leaders embraced Palestinian statehood in defiance of American and Israeli opposition. * Moldova's pro-European ruling party won a resounding victory over its Russian-leaning rival in a key parliamentary election, results showed on Monday, a major boost for the country's bid to join the EU and break away from Moscow's orbit. * China's new visa programme aimed at attracting foreign tech talent kicks off this week, a move seen boosting Beijing's fortunes in its geopolitical rivalry with Washington as a new U.S. visa policy prompts would-be applicants to scramble for alternatives. * Tech giants are ploughing money into artificial intelligence. But, writes Panmure Liberum investment strategist Joachim Klement in his latest piece for ROI, rising long-term Treasury yields could jeopardise the investment boom , opens new tab in data centres and other infrastructure. * Ukraine's repeated strikes on Russian energy infrastructure have dealt a serious blow to Moscow's vital fuel exports just as Western sanctions are tightening. But if these attacks are too successful, writes ROI energy columnist Ron Bousso, they risk raising Trump's ire. Chart of the day Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.6% last month - slightly faster than forecast but enough to push the Atlanta Fed's third-quarter GDP growth estimate to a 3.9% rate from a 3.3% pace earlier. Today's events to watch (all times EDT) * U.S. August pending home sales (10:00 AM EDT); Dallas Fed manufacturing survey (10:30 AM EDT) * Federal Reserve Board Governor Christopher Waller, New York Fed President John Williams, Cleveland Fed President Beth Hammack, Atlanta Fed boss Raphael Bostic and St. Louis Fed chief Alberto Musalem all speak; European Central Bank chief economist Philip Lane speaks; Bank of England Deputy Governor Dave Ramsden speaks * U.S. corporate earnings: Carnival * UK finance minister Rachel Reeves speaks at ruling Labour Party annual conference * Canada's Prime Minister Mark Carney visits London 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-2025-09-29/

2025-09-29 10:15

MUMBAI, Sept 29 (Reuters) - The Indian rupee closed near its all-time low on Monday as lingering foreign portfolio outflows and corporate dollar demand kept up pressure on the South Asian currency. The rupee settled at 88.76 against the U.S. dollar, its weakest ever closing level and down slightly from its close at 88.7175 on Friday. The currency declined to an all-time low of 88.7975 last week. Sign up here. After starting the session with a modest uptick, the local currency drifted lower through the session, averting a sharper decline due to dollar sales by multiple state-run banks, which traders said were likely on behalf of the Reserve Bank of India (RBI). The RBI has frequently intervened to support the rupee over recent sessions as worries over the impact of steep U.S. tariffs on Indian goods and tighter immigration policies hurt the local currency. Concerns over further depreciation of the rupee have prompted importers to step up hedging, keeping the rupee's upticks short-lived, an FX salesperson at a foreign bank said. The rupee's weakness has persisted even as the dollar slipped broadly. On the day too, the dollar index eased 0.2% to 97.92 but this offered little comfort to the rupee. Meanwhile India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab closed nearly flat after rising early in the session. Foreign investors have net sold nearly $2 billion of local stocks so far this month, pushing up year-to-date outflows to nearly $17 billion. "Relentless FPI outflows ... combined with strong importer hedging and delta hedge demand from option sellers (who must buy USD to maintain their positions), are creating significant technical and capital pressure that is pushing the pair (USD/INR) toward new highs," said Anindya Banerjee, head of currency and commodity research at Kotak Securities. Elsewhere, Asian currencies were mostly stronger as investors awaited U.S. economic data for cues on the Federal Reserve's rate path while also keeping an eye on a looming U.S. government shutdown. https://www.reuters.com/world/india/rupee-anchored-near-record-low-outflows-corporate-dollar-demand-2025-09-29/

2025-09-29 08:00

STOCKHOLM, Sept 29 (Reuters) - A monetary policy easing cycle in Sweden that has seen eight interest rate cuts since spring last year, including a quarter-point cut last week, is probably over, minutes of the Riksbank's most recent monetary policy meeting showed on Monday. The Riksbank cut its policy rate to 1.75% from 2.00% on September 23 arguing underlying inflation was heading toward the 2.0% target - and probably lower - leaving room for rate-setters to give a sluggish economy a final boost. Sign up here. "Even though some risks remain, the arguments in favour of lowering the interest rate and thereby providing further stimulus to demand in the economy outweigh the counterarguments," Riksbank Governor Erik Thedeen said. "As I now judge the situation, this will probably be the last cut in this interest rate cycle." Sweden's central bank has been weighing above-target headline against an economy that has stuttered since the start of the year. With a final rate cut, the central bank hopes growth will now pick up, while inflation should continue on a downward path as temporary and technical factors wash out of the figures. However, the situation remains finely balanced. "One risk of today’s rate cut is that ... a policy rate of 1.75 per cent is too low, given the growth potential in the Swedish economy," Thedeen said. "If demand were to become unexpectedly strong next year, and this were to threaten price stability, we will have to start rate rises earlier than we currently plan and have expressed in the policy rate path." The Riksbank publishes its next policy decision on November 5. https://www.reuters.com/world/swedish-central-bank-done-with-easing-after-cut-minutes-meeting-show-2025-09-29/

2025-09-29 07:48

ZURICH, Sept 29 (Reuters) - The Swiss National Bank and the European Central Bank are exploring interlinking their instant payment services, Switzerland's central bank said on Monday. "This initiative supports the general goal of making cross-border payments faster, cheaper, more transparent and more accessible," the SNB said in a statement. Sign up here. The exploration phase will evaluate interlinking the Swiss Interbank Clearing (SIC) System and TIPS, the Eurosystem's TARGET Instant Payment Settlement service, the SNB said. The exploration phase will continue through 2026. Its aim is to assess the feasibility and economic viability of such an interlinking, the statement said. It would allow for cross-currency instant payments, which are payments originating in one currency area to be credited to an account in the other currency area within seconds, the SNB said. https://www.reuters.com/business/finance/snb-ecb-explore-linking-up-instant-payment-systems-2025-09-29/