2025-09-10 06:31

GDANSK, Sept 10 (Reuters) - Poland's biggest energy utility PGE (PGE.WA) , opens new tab reported a second-quarter net loss of 9.61 billion zlotys ($2.65 billion) on Tuesday, in line with the company's estimates as impairments on its tangible assets took a toll. WHY IT'S IMPORTANT PGE is the biggest state-controlled Polish utility, with market capitalisation of 24.83 billion zlotys. Sign up here. The substantial loss, driven by write-downs on its conventional assets, highlights the financial cost of Poland's energy transition and underscores the urgency behind the company's strategic pivot away from fossil fuels and toward its new investment plan. CONTEXT PGE, like other Polish utilities, is navigating structural shifts in the country's energy landscape as it transitions away from coal. In June, it unveiled a new strategy to invest 235 billion zlotys by 2035 in renewable, gas-fired power plants, and energy storage. The company had previously announced it expected a net hit of around 11.6 billion zlotys in the first-half from impairments on its tangible assets, mainly related to its conventional energy segment. BY THE NUMBERS The company's reccuring earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first half of the year was 7.60 billion zlotys. Sales revenue for the quarter stood at 13.80 billion zlotys. ($1 = 3.6291 zlotys) https://www.reuters.com/sustainability/climate-energy/pge-swings-quarterly-net-loss-asset-write-downs-2025-09-10/

2025-09-10 06:30

Sept 10 (Reuters) - The impact of U.S. tariffs on the Indian economy will be partially offset by recent consumption tax cuts that are expected to boost domestic demand, India's Chief Economic Advisor said on Wednesday. The goods and services tax (GST) cuts announced by Prime Minister Narendra Modi's government would have "compensating effects" on India's economy, V. Anantha Nageswaran said. Sign up here. The net impact of higher tariffs and lower domestic taxes will be a drop of 0.2%-0.3% points on GDP growth estimates for the year, he said. India's GDP growth for the current financial year is projected at 6.3%-6.8%. "GST reforms will play a very good offsetting role, by substituting domestic demand for whatever the export demand that may not materialise from the United States," Nageswaran said. The initial impact of U.S. tariffs on Indian goods in the current financial year will be limited, but prolonged tariff uncertainty from the 25% penalty duty imposed by the United States on India for buying Russian oil could weigh on the South Asian economy, he said. https://www.reuters.com/world/india/indias-tax-reforms-partially-offset-tariff-hit-gdp-growth-economic-adviser-says-2025-09-10/

2025-09-10 06:29

LONDON, Sept 10 (Reuters) - A sense of normality has returned to the copper market now the threat of U.S. import tariffs on refined metal has been deferred. Physical copper is still flowing into CME warehouses after the rush to move metal to the United States but the CME spot premium over the London Metal Exchange (LME) is now stabilizing around the $100 per ton level, which is pretty much where it was before the tariff scare. Sign up here. Fund managers, however, are still fighting shy of the metal after the roller-coaster ride in the first part of the year. Investor positioning on the CME copper contract shrank to a decade-low in August and has edged up only slightly since. Investors remain net long but largely thanks to a complete collapse in short positions. Bulls, meanwhile, are only tentatively dipping their toes back in the water. The tariff heat may have gone out of the market, but there is still little light on price direction as physical arbitrage flows muddy the fundamental picture. Fund managers have evidently decided there is easier money to be made in other commodity sectors, particularly precious metals. BEAR EXODUS Fund positioning, long and short, on the CME copper futures contract sank to just 51,685 contracts on August 18, which was the lowest level of participation since 2013. The mass departure of investors resulted in average daily volumes slumping by 42% to 53,776 contracts, the lowest activity rate since December 2021. Trading in the CME's main copper options contract fell even more, by 56% year-on-year. Particularly noticeable has been the exodus of short-position holders among the investment community. Outright short positions have collapsed from a February high of 72,858 contracts to just 11,792, the lightest bear positioning since 2011. The first half of the year was a scary time to be short CME copper as the U.S. price soared to a record premium over the LME international price. It wasn't easy being a bull either, given the extreme volatility in the U.S. premium trade. Fund long positions are also much reduced relative to the first months of 2025. They hit a three-year low of 35,447 contracts last month but have since picked up to 46,443 contracts. THE LURE OF GOLD Funds are still evidently bruised from the tariff tumult and remain wary of copper, or at least the CME copper price, which will continue to be highly sensitive to any change in tariff policy. President Donald Trump's administration has left the door open to a possible phase-in of refined copper import tariffs from 2027, which in Trump-time is a very long time indeed. Nor is the copper market generating any clear technical signals, which are the lifeblood of momentum funds. The London Metal Exchange (LME) copper price has been trading a $9,500-10,000 per ton range since May and the CME price is also now churning sideways after the tariff implosion at the end of July. Fundamental signals have been distorted by the massive relocation of copper to the United States, where CME inventory of 277,400 tons is now higher than LME and Shanghai Futures Exchange stocks combined. Until copper regains directional impetus, upwards or downwards, there are richer pickings for investors in the super-hot gold and silver markets. By nominal value, managed money accounts now hold 47% of their total commodity exposure in gold and 7% in silver, according to Ole Hansen, head of Commodity Strategy at Saxo Bank. With gold prices hitting another record high of $3,659 per ounce on Tuesday and silver trading above the $40-per ounce level for the first time since 2011, it could be a while before funds commit again to copper. The opinions expressed here are those of the author, a columnist for Reuters. https://www.reuters.com/markets/commodities/bruised-funds-retreat-copper-after-tariff-turbulence-2025-09-10/

2025-09-10 06:26

Sept 10 (Reuters) - Australian lender ANZ Group (ANZ.AX) , opens new tab raised its year-end gold price forecast to $3,800 per ounce on Wednesday and expects prices to peak near $4,000 by next June, supported by strong investment demand for bullion. Gold prices rose to an all-time high $3,673.95 on Tuesday and has gained 38% so far this year, bolstered by a soft dollar, strong central bank buying, dovish monetary settings and heightened global uncertainty. Sign up here. "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," ANZ analysts said in a note. Central bank gold purchases are estimated to remain in the range of 900 metric to 950 metric tons in 2025, implying expected purchases of 485 tons–500 tons in second half of the year, the bank said. China's central bank added gold to its reserves in August, extending purchases of bullion into a 10th straight month. "Rising risks to the labour market will likely prompt the U.S. Fed to maintain its easing stance through to March 2026. This will exert downward pressure on U.S. Treasury yields, which normally enhances the appeal of gold," ANZ said. The Australian lender also raised its year-end silver price target to $44.7 per ounce, citing support from gold's bull run and firm ETF inflows. Spot silver rates climbed to a 14-year high of $41.65/oz on Monday. https://www.reuters.com/business/anz-hikes-gold-price-forecast-3800-solid-investment-demand-2025-09-10/

2025-09-10 06:21

Sept 10 (Reuters) - ExxonMobil (XOM.N) , opens new tab expects the European Union to sign multi-decade U.S. gas contracts under its pledge to buy billions of dollars of American energy, the Financial Times reported on Wednesday. The EU in July pledged to buy $750 billion of U.S. energy by 2028 as part of a sweeping trade pact with Washington. Sign up here. The EU declined to comment to Reuters. Peter Clarke, senior vice president of Exxon's liquefied natural gas business, told the FT that Europe's expanding LNG infrastructure made it "logical" to commit to longer-term supply, noting Exxon sells about 80% of its LNG under such contracts. Europe is now “the most important market” for U.S. LNG exports, and the next step will be for the continent “to figure out how it supports long-term contracting,” the newspaper quoted him as saying. The U.S. supplied 50% of the EU’s liquefied natural gas imports in 2024, along with 17% of oil and 35% of coal, according to Eurostat. Any expansion in energy trade is likely to center on LNG, with the U.S. the world's top exporter of the fuel. "We have seen in the data quite a big increase in LNG imports to Europe, year on year, it’s up about 20 per cent," Clarke told FT, adding that 55% of the imports were from the United States. https://www.reuters.com/business/energy/exxon-expects-eu-sign-long-term-us-gas-deals-ft-reports-2025-09-10/

2025-09-10 06:18

Sept 10 (Reuters) - Australia's Woodside Energy (WDS.AX) , opens new tab said on Wednesday it had entered an agreement with Malaysia's state-owned Petronas (IPO-PETO.KL) , opens new tab to supply 1 million metric tons of liquefied natural gas per annum for 15 years, starting 2028. Sign up here. https://www.reuters.com/business/energy/woodside-energy-petronas-ink-15-year-lng-supply-deal-2025-09-10/