2025-09-24 07:56

KARACHI/SINGAPORE, Sept 24 (Reuters) - Pakistan's largest oil refiner Cnergyico (CNER.PSX) , opens new tab has ordered a second shipment of U.S. crude after finding its debut purchase commercially viable, its vice chairman said on Wednesday, paving the way for more imports. Vitol will deliver a 1 million-barrel cargo of West Texas Light (WTL) crude in November under Cnergyico's term supply arrangement with the European trader, Vice Chairman Usama Qureshi said. Sign up here. "This is our second cargo, our trading team evaluated various crude for November and found WTL's gross refining margin to be slightly better than (Gulf) crude," Qureshi said. "If economics remain favourable, we intend to keep importing." The decision comes weeks after the first-ever U.S. crude cargo for Pakistan set sail from Houston on the Suezmax tanker Pegasus, chartered by Vitol, ship-tracking data from Kpler showed. The ship is due to dock in Karachi in late October. Pakistan signed a landmark trade deal with Washington in August that paved the way for U.S. energy imports in exchange for lower tariffs on Pakistani exports. President Donald Trump has pushed foreign partners to boost U.S. oil purchases under such agreements. The country has until now sourced almost all its crude from Middle Eastern suppliers. Cnergyico, which operates Pakistan's only single-point mooring terminal capable of handling large tankers, is considering more U.S. purchases of at least 1 million barrels if market conditions stay supportive, Qureshi said. However, a rise in shipping costs and higher spot premiums for West Texas Intermediate crude, a benchmark U.S. crude stream, have threatened to shut the arbitrage for November-loading U.S. crude cargoes to Asia. Cnergyico also plans to expand capacity with a second offshore terminal and long-term upgrades, Qureshi said, betting on a rise in domestic fuel demand. https://www.reuters.com/business/energy/pakistans-cnergyico-orders-second-us-oil-cargo-eyes-more-2025-09-24/

2025-09-24 07:48

To invest 58 billion euros through 2028, 2/3 in power grids Additional 45 billion of investments expected by 2031 Targets adjusted net profit of 7.6 billion euros by 2028 MADRID, Sept 24 (Reuters) - Spanish utility Iberdrola (IBE.MC) , opens new tab is planning more than 100 billion euros ($117 billion) of investments through 2031 as it intensifies its shift towards the more regulated business of power grids in countries such as Britain and the United States. Europe's largest utility presented on Wednesday its strategic update through 2028 and an outlook of what to expect until 2031: a big increase in power network investments and a more selective approach to renewable energy generation projects. Sign up here. The plan is in line with its previous pledge to increase annual investments to around 15 billion euros from around 12 billion euros and builds on a strategic shift launched in 2022. Iberdrola will invest 58 billion euros through 2028 - two thirds of which in power networks mainly in Britain and the U.S. - and expects additional investments of around 45 billion euros between 2029 and 2031. On renewables, the largest share of investments will fund offshore and onshore wind projects, mostly already under construction. "This plan aims to transform Iberdrola's profile into a more regulated company, with networks as a vector for growth," Executive Chairman Ignacio Sanchez Galan said. Iberdrola is targeting an adjusted net profit of 7.6 billion euros per year by 2028, about 2 billion euros more than in 2024. Financial goals include 52 billion euros in cash flow generated during the period and 13 billion in asset sales and partnerships, three quarters of which have been completed. It will hire 15,000 people. Shareholders will see rewards grow in line with returns, with some 20 billion euros in dividends between 2025 and 2028, equivalent to between 65% and 75% of earnings and with a floor of 0.64 euros per share. As a result of the investments, the value of Iberdrola's grid assets, whose returns are regulated and guaranteed, is expected to reach 70 billion euros in 2028 and top 90 billion euros by 2031. In its 2031 outlook, the firm sees earnings growth of at least a mid-to-high single-digit percentage. ($1 = 0.8480 euros) https://www.reuters.com/sustainability/climate-energy/europes-top-utility-iberdrola-invest-68-bln-with-growing-focus-us-uk-grids-2025-09-24/

2025-09-24 07:38

MUMBAI, Sept 24 (Reuters) - The Indian rupee is coming under increased strain with rising dollar demand linked to gold imports coinciding with concerns over the impact of a U.S. visa fee hike, according to bankers. Dollar demand from jewellers has risen nearly three times the normal level in recent days, a banker at mid-sized private sector lender said. Others noted that the spike reflects heavy gold buying during the ongoing Dusherra festival, a celebration traditionally marked by jewellery purchases. Sign up here. Additionally, demand is being driven by stockpiling ahead of Diwali next month, a major Hindu festival when gold buying typically peaks across India. The import duty on gold is set fortnightly. Since gold prices have risen since the last revision, the duty is expected to increase next week. Therefore, to avoid higher duties, jewellers are front-loading imports ahead of Diwali, a banker said. "Individually, the size of this demand will not sway the market," the banker added. "However, when you stack it against the U.S. visa fee news and the broader stress (on the rupee), the flows have a bigger impact than they would on their own." The United States has imposed a $100,000 fee for new H-1B visas, a move that may slow the deployment of Indian IT workers and weigh on services exports and remittances. "Remittances are an important source of foreign currency receipts for India, equal to $120 billion or 3.4% of GDP." Capital Economics said in a note, adding that a quarter of these remittances originate in the U.S. The rupee had already been under pressure before the visa fee increase, weighed down by steep U.S. tariffs on Indian goods and subdued portfolio inflows. "We were already forecasting a widening in the current account deficit and further weakness in the rupee over the coming quarters on account of the punitive tariff on goods exports to the US.," Capital Economics said. "A fall in remittance flows (relative to GDP) would exacerbate both trends." The rupee hit a record low of 88.7975 to the dollar on Tuesday and was set to fall further on Wednesday before the central bank intervened to provide support. It was quoting at 88.7325 at 12.52 am IST. https://www.reuters.com/world/india/gold-linked-dollar-demand-meets-us-visa-fee-jolt-piling-pressure-indian-rupee-2025-09-24/

2025-09-24 06:58

Wall Street, MSCI index fall Fed Chair Powell gives no new direction on rate cuts European defence stocks jump after Trump's comments on Ukraine US new home sales show upside surprise Gold falls while oil and Treasury yields rise NEW YORK/LONDON, Sept 24 (Reuters) - MSCI's global equities gauge fell on Wednesday while the dollar rose and gold prices dipped, as investors digested cautious comments from Federal Reserve Chair Jerome Powell about when the central bank might next cut U.S. interest rates. In his first remarks since the Fed meeting ended with a rate cut last week, Powell on Tuesday underlined the need for policymakers to balance the competing risks of high inflation and a weaker jobs market in their next monetary policy decisions. Sign up here. Traders were still pricing in a rate cut in October, according to CME Group's FedWatch , opens new tab tool. "Despite a fairly quiet day in terms of major directional market drivers, equities have trended lower on anxiety over whether or not the Fed cuts rates at each meeting for the balance of this year," said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California. He pointed to Powell's comments along with economic data released on Wednesday and anxiety ahead of an inflation reading due Friday. Wednesday's data showed sales of new U.S. single-family homes surged in August by 20.5% to a seasonally adjusted annualized rate of 800,000 units. Economists polled by Reuters had forecast a drop to 650,000 units. July sales were revised upward to 664,000 units from the 652,000 previously reported. The stronger-than-expected housing market data could suggest an economy where the Fed would not need to cut rates, Goldman said. Investors will have to wait until Friday for the Personal Consumption Expenditures August report, which includes the Fed's preferred inflation measure. With some investors also pointing to Powell's comment on Tuesday that asset prices appeared fairly highly valued, Wall Street marked its second straight day of declines on Wednesday after pushing to record highs on Monday. The Dow Jones Industrial Average (.DJI) , opens new tab fell 171.50 points, or 0.37%, to 46,121.28, the S&P 500 (.SPX) , opens new tab fell 18.95 points, or 0.28%, to 6,637.97 and the Nasdaq Composite (.IXIC) , opens new tab fell 75.62 points, or 0.33%, to 22,497.86. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab fell 3.21 points, or 0.33%, to 978.95. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index closed down 0.19%. In contrast, European defence stocks (.SXPARO) , opens new tab closed 1.5% higher after U.S. President Donald Trump said he believed Ukraine could retake all its land occupied by Russia, marking a sudden shift in rhetoric in Kyiv's favour. Gold prices eased from the previous session's record highs as the U.S. dollar firmed while investors hunkered down for the upcoming economic data releases, seeking further cues on the Fed's policy path. Spot gold fell 0.86% to $3,731.62 an ounce. U.S. gold futures fell 0.36% to $3,767.10 an ounce. In currencies, the U.S. dollar gained against the yen, the Swiss franc and the euro after struck a cautious tone, while the New Zealand dollar eased following the appointment of a new central bank chief. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.66% to 97.87. The euro was down 0.66% at $1.1737 while against the Japanese yen , the dollar strengthened 0.83% to 148.85. Against the Swiss franc , the dollar strengthened 0.54% to 0.795. New Zealand's kiwi weakened 0.77% versus the greenback to $0.5811. In government bond markets, U.S. Treasury yields inched higher, driven by an increase in corporate and government bond supply, while investors were still digesting Powell's comments. The yield on benchmark U.S. 10-year notes rose 2.9 basis points to 4.147%, from 4.118% late on Tuesday while the 30-year bond yield rose 1.5 basis points to 4.7517%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 3.4 basis points to 3.604%. Oil prices surged to a seven-week high and settled up more than 2%, as a surprise drop in added to a sense in the market of tightening supplies amid export issues in Iraq, Venezuela and Russia. U.S. crude settled up 2.49%, or $1.58, at $64.99 a barrel and Brent settled at $69.31 per barrel, up 2.48%, or $1.68, on the day. In cryptocurrencies, bitcoin gained 1.36% to $113,558.60. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-09-24/

2025-09-24 06:58

COPENHAGEN, Sept 24 (Reuters) - Denmark's central bank on Wednesday cut its GDP forecasts for 2025-2027, citing a negative impact from U.S. trade tariffs and weaker growth in the pharmaceuticals industry, where weight-loss drug maker Novo Nordisk (NOVOb.CO) , opens new tab has seen rising competition. It now sees gross domestic product growing by 2% in both 2025 and 2026 against previous predictions, given in March, of 3.6% and 2.3%, respectively. It cut the GDP outlook for 2027 to 1.7% growth from 2%. Sign up here. "Higher tariffs in the U.S. reduce global trade, which will dampen growth in the Danish economy," Nationalbanken said in a statement. "Growth in the Danish pharmaceutical industry is also expected to be lower than in previous years," it added. Novo Nordisk, the maker of blockbuster drug Wegovy has had a miserable year with stalling sales growth, profit warnings and a $400 billion share price plunge that triggered layoffs of some 9,000 people, more than half of them in Denmark. https://www.reuters.com/business/finance/denmarks-central-bank-cuts-growth-outlook-citing-us-tariffs-pharmaceuticals-2025-09-24/

2025-09-24 06:48

Ukraine intensifies strikes as peace talks stall Same complex hit last week, Ufa refinery targeted this month Salavat produces fuels, plastics, ammonia MOSCOW, Sept 24 (Reuters) - The Salavat petrochemical complex, one of Russia's largest which is located in Bashkortostan region, was attacked by Ukrainian drones, the local governor said on Wednesday via his channel on Telegram, the second such attack in less than a week. "Gazprom Neftekhim Salavat has been subjected to another terrorist drone attack. We are assessing the extent of the damage. All emergency services are on scene, and firefighting measures are underway," Radiy Khabirov said. Sign up here. The drones also attacked the same complex, controlled by energy giant Gazprom (GAZP.MM) , opens new tab, last week. Ukraine has intensified drone attacks on Russia's vast oil and gas infrastructure in the past weeks, targeting refineries and export-bound pipelines, as peace talks with Moscow have stalled. Russia is seeing shortages of certain fuel grades as the attacks have reduced refinery runs, and as high borrowing costs mean private filling stations cannot afford to stockpile fuel, according to traders and retailers. Ukrainian drones earlier this month also hit an oil refinery in Ufa, Bashkortostan's regional capital, about 1,400 kilometres (870 miles) from the Ukrainian border. The Salavat petrochemical complex produces gasoline, diesel, kerosene and other petroleum products as well as liquefied gases, butyl alcohols, polyethylene, polystyrene and ammonia. https://www.reuters.com/business/energy/ukraines-drones-again-attack-russias-major-petrochemical-complex-2025-09-24/