2025-09-10 11:08
Global equities sidestep geopolitical worries Gold holds near record, oil prices tick up US PPI, CPI figures this week to give final clues on Fed move Markets factoring in 8% chance of outsized Fed cut next week MUMBAI, Sept 10 (Reuters) - Global shares gained on Wednesday and the dollar steadied ahead of key U.S. inflation data which could impact the Federal Reserve's policy outlook, while geopolitical uncertainty lifted oil prices and kept gold near record highs. The pan-European STOXX 600 (.STOXX) , opens new tab rose 0.4% and equity futures pointed to a positive start on Wall Street, a day after the S&P 500 (.SPX) , opens new tab and Nasdaq (.IXIC) , opens new tab posted new record closing highs. Sign up here. European shares were led higher by gains in Spanish fast-fashion giant Inditex (ITX.MC) , opens new tab, and Novo Nordisk (NOVOb.CO) , opens new tab which rose following the Wegovy maker's announcement of restructuring steps, including job cuts. Buoyant equities and steady currency markets appeared to largely sidestep geopolitical worries spurred by Israel's attack on Hamas leadership in Qatar on Tuesday and after Poland scrambled its own and NATO air defences to shoot down drones following a Russian air attack on western Ukraine. Poland's blue-chip index (.WIG20) , opens new tab was down 1.5%, one of the few regional indices in the red in Europe. "The Pavlovian response of investors has been to fade geopolitical risk," said Ben Laidler, head of equity strategy at Bradesco BBI, referring to pullbacks spurred by previous geopolitical flare ups that proved to be attractive entry points for investors. The broader market sentiment remains bullish despite multiple risks and some of that could be finding an expression in hedges via gold, Laidler said. Gold lingered close to its record high hit in the previous session. It was last up 0.8% at $3,654.36 per ounce. It has risen over 5% so far in September, also helped along by firming of Fed rate cut wagers. "Prospects of continued accommodative monetary policy, increasing geopolitical tensions, ongoing macroeconomic challenges, and concerns over the Fed’s independence are expected to strengthen the investment case for gold," analysts at ANZ said in a note. Traders see a rate cut by the Fed next Wednesday as a sure thing, and even lay 8% odds on a super-sized half-point reduction, the CME Group's FedWatch Tool shows. The final hurdles to those expectations will come on Wednesday and Thursday, in the form of producer and consumer inflation readings, respectively. Analysts reckon that an upside surprise could spur investors to lighten bets on rate cuts later this year but is unlikely to meaningfully change expectations for September. Markets took in their stride a court ruling that temporarily blocked President Donald Trump from removing Federal Reserve Governor Lisa Cook, a case which is likely to end up before the Supreme Court. Investors are keenly following the legal battle as it could upend the central bank's long-held independence. Meanwhile, Stephen Miran, a top White House economic advisor, is expected to clear a U.S. Senate hurdle on Wednesday, advancing his nomination as Federal Reserve governor. U.S. Treasury bonds declined for a second day on Wednesday, pushing yields higher. The 10-year Treasury yield ticked up to 4.0932%, after climbing almost 3 basis points on Tuesday. Bond yields rise when prices fall. The focus this week is also on the European Central Bank's policy decision due on Thursday. It is widely expected to keep rates unchanged. "We see slightly negative euro risks around the ECB's September meeting, with our economists expecting a slightly dovish press conference, also given ECB market pricing. But we would not expect this meeting to be much of an event for FX," analysts at BofA Global Research said in a note. The euro was last steady at $1.1705 but rose by as much as 0.5% against the Polish zloty to 4.268 zloty, its biggest one-day rise in three months. The U.S. dollar index , which measures the currency against six others, eased slightly to 97.78, paring earlier small gains. In commodities, Brent crude futures rose 0.7% to $67 a barrel, while U.S. West Texas Intermediate crude futures gained 0.8% to $63.13. U.S. President Donald Trump urged EU officials on Tuesday to hit China and India, both major purchasers of Russian oil, with tariffs of up to 100% as part of a strategy to pressure Russian President Vladimir Putin. https://www.reuters.com/world/china/global-markets-wrapup-5-2025-09-10/
2025-09-10 11:00
LITTLETON, Colorado, Sept 10 (Reuters) - Europe's wind turbines are set to take over from solar panels as the main driver of clean electricity supply growth for the rest of 2025, as the end of the Northern Hemisphere summer brings less sunlight but windier conditions at turbine level. So far this year, Europe's wind generation levels have come in well below normal due to lengthy wind droughts, which have led to a rare year-over-year drop in Europe's total clean electricity supplies. Sign up here. Total European wind-powered electricity supplies from January through August were down 6% from the same months in 2024, data from think tank Ember shows, while total clean electricity supplies were down 2%. The forecast for European wind power output, however, is positive, with LSEG models calling for a sharp rise in regional wind power output over the second half of September. If those higher wind generation levels are sustained through the winter - historically an active period for wind output in Europe - Europe's total clean electricity output could still climb to a new record this year. SEASONAL PEAKS AND TROUGHS Solar has been the star of Europe's electricity generation system so far in 2025, with solar-powered electricity output up by more than 20% from a year ago to all-time highs. Solar electricity output in Europe scaled successive record highs in May and June this year, data from Ember shows, as expanded capacity resulted in steadily-higher generation across the continent. However, solar generation levels have now peaked for the year, with output in July and August both posting declines from the prior month as cloudier skies and less daylight trimmed generation from solar farms. Thankfully for the clean power advocates, electricity generation from wind farms tends to climb steadily after the summer as the change of seasons ushers in breezier conditions. The complementary nature of solar and wind generation patterns normally means that Europe's total clean electricity production is quite stable throughout the year, even with the large swings in solar and wind production from summer to winter. This year, however, the stretch of below-normal wind generation during the opening half of 2025 has raised concerns that output from wind farms will remain stunted for the rest of the year as well, and deal a blow to clean power growth efforts. WIND'S LETDOWN Wind speeds across continental and northern Europe during the first half of 2025 averaged around 4% to 8% below long-term averages, according to risk consultancy DNV. Those below-average wind speeds were especially evident during the opening four months of 2025, when Europe's wind-powered electricity supplies were consistently below the year-before levels. Wind electricity generation from January through April averaged around 10 terawatt hours (TWh) or 16% lower compared to the same months in 2024, Ember data shows. Some countries in Europe recorded even steeper falls in wind generation this year, including Germany and the United Kingdom, which are Europe's largest wind power producers by capacity. Germany's wind electricity output during January to April averaged 30% below the year-before totals, while output in the UK averaged 20% lower. ON THE RISE? Wind watchers are closely tracking wind output forecasts for the coming autumn and winter, as any sustained below-par wind generation will likely require regional utilities to boost use of fossil fuels for power and heat generation. However, the latest forecast models suggest a notable upturn in regional wind generation can be expected over the coming weeks. Collective wind generation across continental Europe looks set to rise from around 40,000 MWh to 60,000 MWh per day so far in September to roughly 60,000 MWh to 110,000 MWh per day during the second half of the month, LSEG data shows. Longer-term forecasts also call for sharply higher supply compared to recent levels. In Germany, wind power output averaged around 10,700 MWh per day in August, but is expected to average around 15,200 MWh in September, nearly 19,000 MWh a day in October, and climb to more than 24,000 MWh a day by December. In the UK, average output was around 5,100 MWh a day in August, and is set to average around 7,000 MWh in September, 8,500 MWh in October, and rise to around 10,500 MWh per day in December. If those forecasts hold true, those output levels would be roughly on a par with the long-term average in Germany and roughly 10% above the long-term average in the UK, LSEG data shows. Those output forecasts would also likely be enough to ensure that Europe's total supplies of clean electricity scale new highs in 2025, despite the early-year dip in wind production. Any underperformance by wind farms over the coming months, however, would lead to lower overall clean electricity supplies and likely trigger higher fossil fuel generation by utilities during Europe's peak power demand and heating seasons. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/europes-wind-output-closely-tracked-solar-peak-passes-2025-09-10/
2025-09-10 10:59
BERLIN, Sept 10 (Reuters) - The German government is examining several options for both SEFE and Uniper (UN0k.DE) , opens new tab, the energy firms Germany nationalised during Europe's energy crisis, including a separate sale or a possible listing, the economy ministry said on Wednesday. "The federal government is examining various options with an open mind," a spokesperson for the ministry said. Sign up here. Gazprom Germania, now operating under the name SEFE, was nationalised by Berlin in 2022 after the group's former Russian parent ditched the division, which is a vital part of Germany's gas supply. The company had to be rescued with a 6.3-billion-euro ($7.37 billion) bailout after Russia suspended gas supplies. Uniper was bailed out also in 2022 when the government injected a total of 13.5 billion euros. Berlin has been preparing to reduce its 99.12% holding as soon as this year, sources have told Reuters. Under European Union requirements, Berlin must reduce its stake in both companies to no more than 25% plus one share by 2028. ($1 = 0.8547 euros) https://www.reuters.com/sustainability/boards-policy-regulation/germany-mulls-several-options-sefe-uniper-including-sale-or-ipo-2025-09-10/
2025-09-10 10:54
Sept 10 (Reuters) - Futures tied to Canada's main stock index were subdued on Wednesday, as investors paused after a record rally in the previous session and awaited U.S. producer price data due later in the day for insights into tariff-induced inflation. Futures on the S&P/TSX index gained 0.06% to 1,721.50 points by 06:26 a.m. ET (1026 GMT). Sign up here. The S&P 500 U.S. benchmark index also notched a record high close on Tuesday after a downward U.S. payrolls revision supported expectations that the Federal Reserve will soon cut interest rates to shore up economic growth. U.S. producer prices report will be in focus later in the day to assess the impact of President Donald Trump's tariff policies and whether it could help make the case for a jumbo 50-basis-point cut at the Fed's meeting next week. In commodities, prospects of a Fed rate cut helped underpin the price of gold that hovered near an all-time high on Wednesday. Oil prices also rose, while copper held steady. Meanwhile, expectations that the Bank of Canada will resume its easing cycles have supported market sentiment since last Friday, following disappointing jobs data. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/markets/europe/tsx-futures-steady-following-record-rally-2025-09-10/
2025-09-10 10:52
Sept 10 (Reuters) - Italian engineering group Saipem (SPMI.MI) , opens new tab has won a $1.5 billion contract to continue the development of Turkey's largest offshore natural gas field, it said on Wednesday. The contract, awarded by Turkish Petroleum OTC, covers the third phase of a project to develop the Sakarya field, focusing on the construction of a floating production unit and a new trunkline connecting it to an onshore facility on the mainland. Sign up here. Saipem had already been involved in Sakarya's first and second phases of development. The new contract will last up to three years, with the offshore work taking place in 2027, the company said. https://www.reuters.com/business/energy/italys-saipem-awarded-15-billion-contract-turkeys-largest-gas-field-2025-09-10/
2025-09-10 10:47
US officials voice concern about foreign technology in transportation infrastructure Advisory says undocumented radios were found in foreign-made inverters and batteries Advisory comes amid escalating US warnings about Chinese technology WASHINGTON, Sept 10 (Reuters) - U.S. officials say solar-powered highway infrastructure including chargers, roadside weather stations, and traffic cameras should be scanned for the presence of rogue devices – such as hidden radios – secreted inside batteries and inverters. The advisory, disseminated late last month by the U.S. Department of Transportation’s Federal Highway Administration, comes amid escalating government action over the presence of Chinese technology in America's transportation infrastructure. Sign up here. The four-page security note, a copy of which was reviewed by Reuters, said that undocumented cellular radios had been discovered “in certain foreign-manufactured power inverters and BMS,” referring to battery management systems. The note, which has not previously been reported, did not specify where the products containing undocumented equipment had been imported from, but many inverters are made in China. There is increasing concern from U.S. officials that the devices, along with the electronic systems that manage rechargeable batteries, could be seeded with rogue communications components that would allow them to be remotely tampered with on Beijing’s orders. In May, Reuters reported that American energy officials had become concerned after experts found rogue communication devices in some Chinese inverters and batteries. Later that month, industry group Green Power Denmark said that unexplained electronic components had been found in imported equipment for Denmark's energy supply network. The U.S. Cybersecurity and Infrastructure Security Agency referred questions to the Department of Transportation, which said in a statement that the advisory "summarizes public and unclassified reporting to ensure agencies are implementing practical mitigation steps for transportation operators." It referred further questions back to the Cybersecurity and Infrastructure Security Agency. The Chinese Embassy in Washington said in a statement that it opposed "the distortion and smear of China's achievements in the field of energy infrastructure." In its advisory, the Federal Highway Administration warning cited federal and state-level reporting about “undocumented cellular radios” found inside inverters and batteries and that national-level assessments had determined that they could pose a risk. The August 20 advisory said the devices were used to power a range of U.S. highway infrastructure, including signs, traffic cameras, weather stations, solar-powered visitor areas and warehouses, and electric vehicle chargers. The risks it cited included simultaneous outages and surreptitious theft of data. The alert suggested that relevant authorities inventory inverters across the U.S. highway system, scan devices with spectrum analysis technology to detect any unexpected communications, disable or remove any undocumented radios, and make sure their networks were properly segmented. Separately, Washington has also raised concerns over the presence of Chinese autos on U.S. highways, worrying that Chinese companies could collect sensitive data while testing autonomous vehicles in the United States. In January, the Commerce Department finalized rules that will effectively bar nearly all Chinese cars and trucks from the U.S. market by late 2026, as part of a crackdown on vehicle software and hardware from China. https://www.reuters.com/legal/government/us-warns-hidden-radios-may-be-embedded-solar-powered-highway-infrastructure-2025-09-10/
