2025-09-11 06:46
JAKARTA, Sept 11 (Reuters) - The death toll from this week's floods on the Indonesian island of Bali has risen to 14 people from nine, a government official said on Thursday, though the rain has stopped and water levels are receding in most areas. Two people are missing in the tourist hub's capital of Denpasar and 125 rescuers have deployed in the search for them, disaster mitigation agency spokesperson Abdul Muhari said. He added that more than 500 people have been evacuated to schools and mosques. Sign up here. Torrential rains on Tuesday and Wednesday caused floods in Denpasar and six of Bali's eight regions, blocking major roads, including access to the island's international airport. There were also landslides in some areas. Most of the deaths occurred when people were swept away after rivers burst their banks, Abdul said. No foreigners were among the casualties, the agency said. There were no reports of flight cancellations on Thursday. Rescuers are still pumping water out of several flooded buildings and around 500 military personnel have been deployed to clear streets of mud, debris and rocks. "The peak of the rain has passed and generally the waters have receded. Now, we are focusing on clearing mud from the streets," Abdul said. Heavy rain also caused flooding in Indonesia's East Nusa Tenggara where four people were killed. https://www.reuters.com/business/environment/bali-floods-kill-14-search-continues-two-missing-2025-09-11/
2025-09-11 06:38
Oversupply is offsetting geopolitical concerns EIA reports bigger than expected rise in oil stocks US consumer prices data due later on Thursday LONDON, Sept 11 (Reuters) - Oil prices held steady on Thursday as worries over softening U.S. demand and broad oversupply risks were offset by concerns over attacks in the Middle East and the Russian war in Ukraine. Brent crude futures were down 13 cents, or 0.2%, at $67.36 a barrel by 0729 GMT while U.S. West Texas Intermediate crude futures lost 17 cents, or 0.3%, to $63.50. Sign up here. The benchmark contracts gained more than $1 each on Wednesday after Israel's attack on Hamas leadership in Qatar the previous day and the mobilisation of Polish and NATO air defences to shoot down suspected Russian drones that had strayed into Poland's airspace during an attack on western Ukraine. The gains were a continuation of an upward trend for oil prices for much of this month after touching a three-month low on September 5. While geopolitical conflicts provide some support to oil prices, the market was more concerned with oversupply, PVM Oil Associates analyst Tamas Varga said in a note. "Tighter sanctions on Russian crude buyers, notably China and India, could provide further ammunition for oil bulls, but such measures remain at the level of rhetoric for now," he added. U.S. crude inventories rose by 3.9 million barrels in the week to September 5, the Energy Information Administration said, against expectations of a draw of 1 million barrels. A softer U.S. economy, meanwhile, has raised expectations that the Federal Reserve will cut interest rates next week. "Traders are taking a more cautious stance ahead of the upcoming U.S. inflation report (later on Thursday), with expectations of more significant Federal Reserve rate cuts already factored in, which could be unsettled by a warmer than expected CPI report," said IG market analyst Tony Sycamore. On the supply side, the Organization of the Petroleum Exporting Countries and allies, a group collectively known as OPEC+, on Sunday decided to raise production from October. While the increases are smaller than in previous months and some expectations, the move adds to the oil market weakness. Oil prices are set to drop significantly in the months ahead because rising output will lead to large inventory builds, the EIA said this week. https://www.reuters.com/business/energy/oil-prices-ease-concerns-about-weaker-us-demand-oversupply-2025-09-11/
2025-09-11 06:38
Sept 11 (Reuters) - Spanish power utility Iberdrola (IBE.MC) , opens new tab has bought a 30.29% stake in its Brazilian business Neoenergia (NEOE3.SA) , opens new tab from Brazil's Previ pension fund for 11.95 billion reais ($2.21 billion), it said on Thursday. The acquisition increases Iberdrola's stake in Neoenergia to 83.8%, it said. Neoenergia is Brazil's largest power utility in terms of customers. Sign up here. The deal is a new step in Iberdrola's growth strategy based on the electricity networks business, in which it has 1.4 million kilometres (870,000 miles) of power lines in the U.S., Britain, Brazil and Spain, Iberdrola added. Like other utilities, Iberdrola has focused on grid investments as it seeks steady returns. JP Morgan analysts contrasted the Brazil deal with Iberdrola's decision to dispose of its Mexican assets for $4.2 billion. Iberdrola exited Mexico on concerns about the legal and tax stability. "The company strengthens its position in a core country and exits a country where growth potential was questionable," the analysts said in a note. https://www.reuters.com/business/energy/iberdrola-raises-stake-brazilian-business-neoenergia-84-22-billion-2025-09-11/
2025-09-11 06:35
US consumer inflation data due at 1230 GMT Producer Price Index falls below expectation in August Trump administration appeals ruling blocking removal of Fed Governor Cook Sept 11 (Reuters) - Gold prices edged lower on Thursday, hovering near record highs, as investors awaited U.S. consumer inflation data due later in the day following weaker-than-expected producer price figures that reinforced expectations of a rate cut next week. Spot gold was down 0.2% at $3,632.48 per ounce, as of 0621 GMT. Bullion hit a record high of $3,673.95 on Tuesday. Sign up here. U.S. gold futures for December delivery fell 0.3% to $3,669.80. "Gold seems to be consolidating recent gains as markets wait for U.S. Consumer Price Index data and what it'll mean for Fed rate cut expectations," said Ilya Spivak, head of global macro at Tastylive. U.S. producer prices unexpectedly fell in August due to lower trade services margins and modest increases in goods costs. Investors are now focused on U.S. CPI data, due at 1230 GMT, with a Reuters poll forecasting a 0.3% monthly increase in August following a 0.2% rise in July. CPI is expected to have grown 2.9% year-on-year, compared with 2.7% in July. Weaker-than-expected nonfarm payroll data last week, along with revised estimates revealing 911,000 fewer jobs in the 12 months through March, have reinforced expectations of monetary easing. Weekly jobless claims data, also due at 1230 GMT, will offer further insights into the labor market. "The trend points higher, but a hot CPI report may boost the dollar, hurt gold prices in the short term, forcing a pullback. Losses may be limited however as markets are unlikely to abandon rate cut bets even if they push them further out along the timeline," Spivak said. The Fed is widely anticipated to cut interest rates by 25 basis points at its meeting next Wednesday, while investors also priced in a slim possibility of 50-basis-point reduction, as per CME FedWatch tool. Lower interest rates typically support non-yielding gold. Meanwhile, U.S. President Donald Trump's administration appealed on Wednesday a federal judge's ruling that temporarily blocked the dismissal of Fed Governor Lisa Cook. Elsewhere, spot silver was down 0.3% at $41.07 per ounce. Platinum fell 0.2% to $1,383.10 and palladium rose 0.3% to $1,175.86. https://www.reuters.com/world/india/gold-consolidates-after-record-peak-us-cpi-data-focus-2025-09-11/
2025-09-11 06:34
SINGAPORE, Sept 11 (Reuters) - Pakistan's largest refiner Cnergyico (CNER.PSX) , opens new tab expects to boost fuel oil exports by 35% to 40% during the fiscal year ending June 2026 as high taxes have cut into domestic sales, its vice chairman said. Pakistan levied additional taxes of about 40% on domestic sales of fuel oil in June, on top of a consumption tax of 18%, effectively shutting its refiners out of the domestic market. Sign up here. The company has exported 80,000 tons, or 95% of its production, from July to date, versus 55% in the last fiscal year that ended in June, Usama Qureshi told Reuters on the sidelines of the APPEC conference. Sales of fuel oil, mainly used by ships, typically make up 10% to 15% of the refiner's annual revenue. Cnergyico exported 247,000 metric tons (1.57 million barrels) in the fiscal year ended June, and an increase of 35% to 40% would boost annual exports to 333,000 tons to 346,000 tons. Pakistan's fuel oil exports jumped to an all-time high of 242,000 tons in August, data from analytics firm Kpler showed. Cnergyico is upgrading its refinery complex to reduce fuel oil production and boost fuel sales to the domestic market, in line with Pakistan's policy guidelines to upgrade refineries to produce cleaner fuels, Qureshi said in an interview. "We will be importing more sweet crude and upgrading the refinery to produce cleaner diesel and gasoline, and also plan to set up fuel oil cracking facilities to boost gasoline production," Qureshi added. Cnergyico mainly imports so-called sour crude, with high sulphur content, from the Middle East, and booked Pakistan's first-ever purchase of U.S. crude last month. U.S. crude grades typically contain low levels of sulphur, and produce less fuel oil when refined. Domestic sales of fuel oil are typically more profitable, while export revenue depends on fuel oil cracks, Qureshi said. The company sold fuel oil to traders who exported it to destinations such as southern Europe, Singapore and the United Arab Emirates. Pakistan has a significant fuel oil-based power generation capacity, but utilisation has plunged this decade, due to lower power demand, higher solar adoption and increased generation from other clean energy sources such as nuclear. https://www.reuters.com/business/energy/pakistans-top-refiner-cnergyico-boost-fuel-oil-exports-domestic-sales-plummet-2025-09-11/
2025-09-11 06:22
Japan's Nikkei, Taiwanese shares hit record highs Investors hope for good U.S. CPI figures after benign PPI Fed rate cut next week fully priced in, small chance of 50 bps Oil trims gains, gold slips from all-time highs SYDNEY, Sept 11 (Reuters) - Sharemarkets in Japan, Taiwan and South Korea set records on Thursday, boosted by technology stocks, while investors wagered U.S. inflation data would be benign enough to ensure a rate cut next week and perhaps two more by year-end. European stocks, however, braced for a more subdued open, with EUROSTOXX 50 futures little changed ahead of a rate decision from the European Central Bank. The ECB is widely expected to hold rates steady but the focus is on whether it will keep the door ajar for further policy easing. Sign up here. Meanwhile, oil prices trimmed overnight gains after Poland downed suspected Russian drones in its airspace and as the U.S. pushed the EU to impose new sanctions on buyers of Russian oil. Gold also slipped further away from all-time highs. Michael Brown, a senior research strategist at Pepperstone, said for stocks, the path of least resistance is clearly higher. "The list of bullish catalysts is still piling up – solid economic growth, strong earnings growth & guidance, corporate buybacks gathering pace, calmer tones prevailing on trade and optimism around the AI theme having returned with a vengeance," Brown said. Japan's Nikkei (.N225) , opens new tab gained 1.2% to hit a record as tech, energy and utilities firms jumped. South Korean shares (.KS11) , opens new tab rose 0.6%, while the rally in Taiwan faded somewhat, with stocks last flat for the day. SoftBank (9984.T) , opens new tab rose almost 10% after Stargate Project partner Oracle (ORCL.N) , opens new tab soared 36% overnight in its biggest one-day percentage gain since 1992 as the 48-year-old tech giant forecast a demand surge from AI firms for its cloud computing services. Chinese blue chips (.CSI300) , opens new tab jumped 1.8%, while Hong Kong's Hang Seng index trimmed earlier losses to be off 0.3%. Both Nasdaq futures and S&P 500 futures were little changed. Overnight, a benign reading on U.S. producer prices led markets to price in more chance of three interest rate cuts from the Federal Reserve this year. Investors have fully priced in a quarter-point move from the Fed at next week's meeting, with an 8% chance of a 50 basis-point cut. With PPI out of the way, investors are now focused on the consumer price index for August due out later in the day. A Reuters poll showed the headline CPI likely rose 2.9% from a year earlier, the biggest increase since January, while the core measure likely held at 3.1%. "Unless CPI delivers a significant upside shock, investors are likely to maintain their dovish outlook," said Julien Lafargue, chief market strategist at Barclays Private Bank. "This shift in inflation dynamics could prove pivotal for the U.S. Fed, which now faces fewer constraints in pursuing a more aggressive rate-cutting cycle. With inflation appearing less of a threat, the Fed may find room to stimulate the economy more assertively." In foreign exchange, movement was muted with the U.S. dollar struggling for direction. The dollar index was last flat at 97.84 , a touch above a seven-week trough of 97.25. The Australian dollar hit a 10-month top of $0.6636 overnight before steadying at $0.6607 on Thursday. In the bond market, 10-year Treasury yields edged up 2 basis points to 4.0531%, having fallen 4 bps overnight as a solid 10-year note auction alleviated some concern about investor appetite for long-term U.S. debt. An even more telling gauge will be the Treasury's $22 billion sale of 30-year bonds on Thursday. The 30-year yield rose 2 bps to 4.7028%, having come down more than 30 basis points since it briefly topped 5% a week ago. In commodity markets, oil prices slipped on Thursday, having settled up over $1 overnight. U.S. crude eased 0.3% to $63.45 a barrel, while Brent was also down 0.3% at $67.26. Spot gold prices slipped 0.3% to $3,630 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-2-2025-09-11/
