2025-09-09 21:02

Congress faces September 30 deadline for extending funding Democratic Representative DeLauro calls White House request 'extreme' Move comes amid Trump-Congress battle over who controls spending WASHINGTON, Sept 9 (Reuters) - The White House is seeking legislation that would extend current federal funding until January 31, avoiding a partial government shutdown beginning October 1, Republican U.S. House of Representatives Majority Leader Steve Scalise said on Tuesday. “That was a suggestion," Scalise told reporters, adding, “We're still working on the dates and how long it would extend, but that hasn't been finalized yet.” Sign up here. A stopgap funding bill, if approved by Congress, would continue federal funding of many Washington programs at the current fiscal year's level, although there potentially could be add-ons for "emergency" accounts, such as for Federal Emergency Management Agency disaster relief efforts. Individual lawmakers could also seek other new initiatives. Some sort of government funding bill is needed by September 30, the end of the current fiscal year when funding expires for a range of federal programs. The White House had no immediate comment. Congress and President Donald Trump are fighting over around $1.6 trillion in "discretionary" government spending out of nearly $7 trillion overall when taking into account programs such as Social Security that are automatically funded, according to Congressional Budget Office estimates. Some of the largest expenditures are for military programs and interest payments on a national debt of $37.4 trillion - an amount that is becoming increasingly worrying to fiscal experts. So far, Congress has not agreed on any of the dozen discretionary appropriations bills to operate an array of agency programs in the fiscal year beginning October 1. This does not include safety-net programs such as Medicare and Medicaid health insurance for the poor, elderly and disabled. Representative Rosa DeLauro, the senior Democrat on the House Appropriations Committee, called the White House move an "extreme request." "This is the latest example of the White House trying to thwart the bipartisan appropriations process that invests in our constituents. Any spending package must protect Democratic priorities and Congress's power of the purse," DeLauro said. Republicans currently hold a 219-212 House majority and a 53-47 majority in the Senate, where they would need at least seven Democrats to vote in favor of a continuing resolution or "CR" to meet that chamber's 60-vote threshold to advance most legislation. The need for prompt action by Congress to avert an interruption in government services comes as Trump has taken actions that some lawmakers and observers contend are eroding lawmakers' power of the purse as set forth in the U.S. Constitution. His administration has so far withheld over $412 billion of congressionally approved spending, according to data compiled by Democratic Senator Patty Murray and DeLauro. The Trump administration expects federal agencies to shed about 300,000 workers this year, Office of Personnel Management Director Scott Kupor said in August. That would be the result of firings, early retirements, resignations and buyouts and would represent a 12.5% decrease in the federal workforce since January. In late 2018 and early 2019 Trump presided over the longest government shutdown in U.S. history: 35 days as he demanded Congress fund the construction of a wall along the U.S.-Mexico border. It ended without Congress meeting his demand. https://www.reuters.com/world/us/white-house-seeks-keep-funding-autopilot-through-january-31-avoid-shutdown-2025-09-09/

2025-09-09 20:46

Equity investors shrug off payrolls revision lower Investors wait on key inflation readings Wednesday and Thursday Expectations for Fed rate cuts intact after jobs review Wall Street indexes gain with record S&P, Nasdaq closes Political turmoil in many countries complicates outlook for FX bond markets NEW YORK/LONDON, Sept 9 (Reuters) - MSCI's global equity index rose on Tuesday while the dollar firmed and Treasury yields climbed ahead of key inflation reports following a sharp downward revision in March U.S. employment levels. The U.S. Labor Department said the economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, suggesting job growth was already stalling before President Donald Trump's aggressive tariffs on imports. Sign up here. While the report painted a less rosy picture of the U.S. jobs market, investors noted it does not provide any information about job creation since March. Expectations that the Federal Reserve would start cutting interest rates this month remained intact after the revision. But investors still plan on closely watching inflation data due out on Wednesday and Thursday, before the Fed makes its next policy decision on September 17. "The more constructive way to look at this is that the economy has been just fine with half the job creation, and that's what the market has been digesting today," said Julia Hermann, global market strategist at New York Life Investments. "The combination of a strong legacy of earnings, a constructive earnings outlook, paired with marginal Fed support between now and the end of the year, is the most constructive reason to continue participating in the equity market," she added. RATE CUT BETS INTACT Bets on a 25 basis point cut were intact while the probability for a jumbo 50 basis point reduction was at 8%, per CME's FedWatch tool. On Wall Street, all three major indexes gained ground and the S&P 500 (.SPX) , opens new tab managed a record closing high finishing up 17.46 points, or 0.27%, at 6,512.61. The Dow Jones Industrial Average (.DJI) , opens new tab rose 196.39 points, or 0.43%, to 45,711.34. The Nasdaq Composite (.IXIC) , opens new tab also boasted a record closing high for its second day in a row, climbing 80.79 points, or 0.37%, to 21,879.49. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 2.22 points, or 0.23%, to 961.10. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index finished up 0.06%. Emerging market stocks (.MSCIEF) , opens new tab rose 12.06 points, or 0.94%, to 1,294.26. Political uncertainty in various countries has rattled currency and bond markets in the past few sessions. French President Emmanuel Macron named loyalist Sebastien Lecornu, as his fifth prime minister in less than two years after opposition parties united to kick out center-right Prime Minister Francois Bayrou over his unpopular plans for budget tightening. Investors were also mulling the resignation of Japan's prime minister, a defeat for Argentinian President Javier Milei's ruling party in local elections, and the abrupt replacement of Indonesia's finance minister. After tumbling more than 13% on Monday, Argentina's main stock index (.MERV) , opens new tab fell 0.3% on Tuesday. DOLLAR HIGHER In currencies, the dollar gained against most currencies except against the yen, recovering from the previous day's losses, as investors consolidated positions ahead of key inflation reports this week. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.43% to 97.81, with the euro down 0.49% at $1.1704. Against the Japanese yen , the dollar weakened 0.06% to 147.42. In Treasuries, yields rose as a long-end bond-buying frenzy abated, while the downward revision in jobs data validated a weakening labor market outlook that was already making a case for several rate cuts this year. The benchmark U.S. 10-year note yield rose 3.6 basis points to 4.082% from 4.046% late on Monday. The 30-year bond yield rose 3.6 basis points to 4.7263%. The 2-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 5.5 basis points to 3.55%, from 3.495%. In commodities, oil extended gains and settled higher after the Israeli military said it carried out an attack on Hamas leadership in the Qatari capital Doha. U.S. crude settled up 0.59%, or 37 cents, at $62.63 a barrel, and Brent ended the session at $66.39 per barrel, up 0.56% or 37 cents. Gold continued its record rally on expectations for a U.S. interest rate cut while investors looked ahead to the U.S. inflation data. Spot gold fell 0.12% to $3,631.12 an ounce. U.S. gold futures fell 0.17% to $3,631.90 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-7-graphic-2025-09-09/

2025-09-09 20:43

Sept 9 (Reuters) - U.S. liquefied natural gas producer NextDecade (NEXT.O) , opens new tab said on Tuesday it has reached a positive final investment decision for the fourth liquefaction plant, known as a train, of its Rio Grande export project in Texas. Shares of the company rose nearly 2% in extended trading. Sign up here. The announcement marks the fourth positive FID for an LNG development project in the United States — the world's largest exporter of the superchilled fuel. LNG developers typically reach an FID on projects once they have secured enough supply deals to obtain the necessary financing for construction. NextDecade has been signing multiple LNG deals from the Brownsville, Texas facility, which is under construction and has a potential capacity of about 48 million tonnes per annum, to strengthen its position in the international market. https://www.reuters.com/business/energy/nextdecade-greenlights-train-4-rio-grande-lng-project-2025-09-09/

2025-09-09 20:41

NEW YORK, Sept 9 (Reuters) - Stablecoin issuer Figure Technologies increased the size and raised the price range of its initial public offering on Tuesday as retail investors bid up crypto-related stocks, confirming a Reuters report. The company is now marketing the IPO at a price range of $20 to $22 a share – up from its previous range of $18 to $20 a share. It also raised the number of shares to 31.5 million from around 26 million. Sign up here. At the top end of the new pricing range, Figure's IPO will raise roughly $693 million and value the company at $4.66 billion. Figure's IPO initially would have raised as much as $526 million and valued the company at $4.1 billion. The blockchain firm is scheduled to start trading on the Nasdaq on Thursday under the symbol FIGR. The Trump administration's embrace of the crypto industry has prompted investors to pour money into digital assets, especially following the successful debuts of crypto exchange Bullish (BLSH.N) , opens new tab and stablecoin issuer Circle (CRCL.N) , opens new tab in recent weeks. Co-founded in 2018 by technology entrepreneur Mike Cagney, Figure operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets. The company says it funds home equity loans in just 10 days, compared to the industry average of 42 days. It swung to a profit of $29 million for the six months ended June 30, compared with a loss of $13 million in the same period a year earlier. Goldman Sachs, Jefferies, and BofA Securities are the joint lead bookrunning managers for Figure's IPO. Billionaire investor Stanley Druckenmiller's Duquesne Family Office has indicated interest in buying up to $50 million worth of shares from Figure's offering. https://www.reuters.com/business/stablecoin-issuer-figure-technologies-upsizes-ipo-crypto-interest-soars-2025-09-09/

2025-09-09 20:33

Key sites bombed in June still off-limits to inspectors Deal aimed at paving the way for inspections to resume Iran must also account for enriched uranium stockpile Europeans threaten to re-impose sanctions if no progress DUBAI/VIENNA, Sept 9 (Reuters) - Iran and the U.N. nuclear watchdog said on Tuesday they had reached a deal on resuming inspections at sites including those bombed by the U.S. and Israel but gave no specifics, and Tehran warned the West the deal was off if sanctions were re-imposed. The agreement, struck between International Atomic Energy Agency chief Rafael Grossi and Iranian Foreign Minister Abbas Araqchi at a meeting in Cairo, should in principle pave the way for a full resumption of inspections interrupted by the military strikes on Iran's nuclear facilities in June. Sign up here. Diplomats warned, however, that the devil was in the detail and neither Grossi not Araqchi provided any at a joint press conference on their agreement covering what the IAEA has been calling "modalities" on how inspections can resume. "In Cairo today, (I) agreed with Iran's Foreign Minister ... on practical modalities to resume inspection activities in Iran," Grossi said on X at the same time at the press conference. "This is an important step in the right direction." The agreement comes against the backdrop of an ongoing threat by European powers to re-impose wide-ranging sanctions against Iran that were lifted under a 2015 nuclear deal between Iran and major powers. Those European powers - France, Britain and Germany, known as the E3 - have initiated the so-called "snapback" process that is due to run until late this month. They have said they will only hold off on completing it if Iran allows inspections to resume, accounts for its highly enriched uranium stockpile and holds nuclear talks with the United States. Tuesday's framework deal is aimed at moving towards addressing those first two conditions, but it is unclear whether enough can or will be achieved by this month's deadline to satisfy the Europeans and fend off snapback for the time being. "Let me emphasize: in the event of any hostile action against Iran — including the reinstatement of cancelled U.N. Security Council resolutions — Iran will consider these practical steps null and void," Araqchi said in a statement, referring to sanctions resolutions. While Iran's enrichment sites have been badly damaged or destroyed, it is less clear what has happened to the stockpile, which includes uranium enriched to up to 60% purity, a short step from the roughly 90% of weapons grade. Iran had enough material enriched to that level before the attacks, if enriched further, for 10 nuclear weapons, according to an IAEA yardstick and data from a quarterly IAEA report sent to member states last week. Soon after the U.S. and Israeli attacks, Iran's parliament passed a law suspending cooperation with the IAEA and stipulating that any inspections must be approved by Iran's Supreme National Security Council. Grossi told Reuters in an interview last week that the talks were aimed at reconciling the new obligations that the new Iranian legislation placed on Tehran with Iran's long-standing obligations as a party to the nuclear Non-Proliferation Treaty policed by the IAEA, which Grossi said remained unchanged. https://www.reuters.com/world/middle-east/iran-iaea-announce-agreement-resuming-nuclear-inspections-2025-09-09/

2025-09-09 20:28

Nebius soars on $17.4 billion deal with Microsoft UnitedHealth sees in-line top-rated Medicare plan memberships Albemarle slides on lithium supply easing concerns S&P 500 +0.27%, Nasdaq +0.37%, Dow +0.43% Sept 9 (Reuters) - The S&P 500 and Nasdaq notched record high closes on Tuesday, while UnitedHealth rallied, and a downward payrolls revision supported expectations the Federal Reserve will soon cut interest rates to shore up economic growth. The U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, the government said, suggesting that job growth was already stalling before President Donald Trump launched his global tariffs. Sign up here. Financial markets have priced in a 25 basis point cut at the Fed's policy meeting next week, and futures trading suggests a nearly 10% chance of a 50 basis point cut, according to CME's FedWatch tool. Recent nonfarm payroll data for July and August also pointed to weakening labor market conditions. "This does nothing to dissuade the Fed from moving 25 basis points," said Paul Nolte, a market strategist at Murphy & Sylvest in Chicago, about the payrolls revision. "We don't know month by month and won't for a few more months yet, but it points out that labor is weak." UnitedHealth (UNH.N) , opens new tab jumped after it said it expects enrollment in top-rated Medicare insurance plans to be in line with its expectations, which could mean bigger payments from the government to the health insurer. JPMorgan Chase (JPM.N) , opens new tab rose 1.7% after a senior executive said investment banking revenue will grow in the low double digits for the third quarter and that markets revenue would grow in the high teens percentage rate for the third quarter. "That's all good news, signs of a good, thriving economy. M&A is coming back after Trump's Liberation Day put a screeching halt to that," said Jed Ellerbroek, a portfolio manager at Argent Capital, referring to U.S. tariffs announced in April. The S&P 500 climbed 0.27% to end the session at 6,512.61 points, its highest close ever. The Nasdaq gained 0.37% to 21,879.49 points, also a record high close. The Dow Jones Industrial Average rose 0.43% to 45,711.34 points. Eight of the 11 S&P 500 sector indexes rose, led by communication services (.SPLRCL) , opens new tab, up 1.64%, followed by a 0.71% gain in utilities (.SPLRCU) , opens new tab. Year to date, the S&P 500 has gained about 11%, while the Nasdaq is up 13%. Shares of Apple (AAPL.O) , opens new tab fell 1.5% after the company unveiled new iPhones that failed to excite investors. Broadcom (AVGO.O) , opens new tab dipped 2.6% after the world's second most valuable chipmaker gained in the five previous sessions. Investors will focus on a producer inflation report on Wednesday and consumer prices data on Thursday to gauge the impact of Trump's tariff policies, and whether a case could be made for more aggressive interest rate cuts. Nebius (NBIS.O) , opens new tab soared almost 50% after the AI infrastructure firm signed a $17.4 billion deal with Microsoft (MSFT.O) , opens new tab. Rival CoreWeave (CRWV.O) , opens new tab jumped 7%. Class B shares of Fox Corp fell 6.7% and News Corp dipped 4.5%. Rupert Murdoch and his children reached an agreement that will give the eldest son, Lachlan Murdoch, control over the media empire. Albemarle (ALB.N) , opens new tab plunged 11.5% due to easing supply concerns as Chinese battery company CATL is expected to resume production at a lithium mine. In extended trade, Oracle (ORCL.N) , opens new tab surged 12% following its quarterly report. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.4-to-one ratio. The S&P 500 posted 19 new highs and no new lows; the Nasdaq recorded 100 new highs and 64 new lows. Volume on U.S. exchanges was relatively light, with 15.6 billion shares traded, compared to an average of 16.1 billion shares over the previous 20 sessions. https://www.reuters.com/business/sp-500-nasdaq-notch-record-high-closes-investors-bet-rate-cut-2025-09-09/