2025-09-09 10:56
BUDAPEST, Sept 9 (Reuters) - Hungary's foreign minister said on Tuesday that he would sign a new long-term gas purchase agreement later in the day with oil and gas major Shell (SHEL.L) , opens new tab, which would be the country's "largest volume and longest western supply contract ever". Foreign Minister Peter Szijjarto did not give any further details in his statement. Sign up here. Hungary currently has a long-term gas supply deal with Russia to cover most of its gas needs. "Later today we will announce the signing of a new long term contract with Shell," Szijjarto said, without revealing the timeframe or volumes. "But with this, are we going to be able to live without Russian gas? No, because of geographical and infrastructural conditions. Not until we have proper infrastructure development in the region." A six-year purchase contract with Shell was concluded in 2020 for 250 million cubic metres of natural gas annually, between 2021 and 2027. This was Hungary's first long-term liquid natural gas deal with a Western energy company. "Hungary has a long history of LNG deliveries from Shell, and today's announcement will further confirm that this cooperation is working well," an active trader from the Central European gas market said, adding that Hungary was nonetheless the single biggest buyer of Russian gas within the European Union. Earlier this year Slovakia and Hungary rejected European Commission plans to phase out Russian gas and other energy imports, deepening a rift with Brussels over their relations with Moscow. Hungary, which has been receiving Russian gas from the south via Bulgaria and Serbia through the Turkstream pipeline, increased its purchases from Gazprom last year. Szijjarto said earlier this month that Hungary had imported some 5 billion cubic meters of gas via the Turkstream pipeline via Serbia by the end of August, which he said means this year's gas imports via Turkstream could hit a record high. Hungary, which ships gas to Slovakia via an interconnector, also buys gas from Romania, and smaller volumes via the HAG pipeline which runs from Austria into Hungary. https://www.reuters.com/business/energy/hungary-sign-new-gas-supply-contract-with-shell-minister-says-2025-09-09/
2025-09-09 10:37
LONDON, Sept 9 (Reuters) - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. Global stocks pushed higher on Tuesday as U.S. rate cut fever built and a wave of European merger activity helped offset the week's political upheavals in France and Japan. With U.S. long-term bond yields sliding to four-month lows on Monday ahead of the week's big debt auctions, the dollar fell to a seven-week low as expectations of big downward revisions to U.S. jobs data through last March reinforced bets on deeper Federal Reserve rate cuts. U.S. stock futures nudged higher, after the tech-heavy Nasdaq clocked a record close on Monday. Gold extended its record-breaking rally. In today’s column, I discuss whether the ECB’s complex structure may shield it from the political pressures facing other central banks - and whether that's a good thing. Today's Market Minute * French President Emmanuel Macron is seeking his fifth prime minister in less than two years after opposition parties united to kick out centre-right Prime Minister Francois Bayrou over his unpopular plans for budget tightening. * London-listed miner Anglo American said on Tuesday it has agreed a merger with Canada's Teck Resources in what would be the biggest mining sector M&A deal in more than a decade.* Elon Musk's SpaceX said on Monday it will buy wireless spectrum licenses from EchoStar for its Starlink satellite network for about $17 billion, a major deal crucial to expanding Starlink's nascent 5G connectivity business. * Tesla's U.S. market share dropped to a near eight-year low in August as buyers chose electric vehicles from a growing stable of rivals over the aging lineup offered by CEO Elon Musk's company, according to data from research firm Cox Automotive shared exclusively with Reuters. * Long-term bond yields spiked globally last week, stoking fears about the ability of governments to finance their deficits. Sensible fiscal policies in Europe may stop this "doom loop" in 2026, writes Panmure Liberum investment strategist Joachim Klement, but there is little reason to believe the U.S. will be so lucky. * The recent wave of Ukrainian drone attacks on Russian oil refineries and export facilities could boost global refining profit margins - particularly those in the U.S. - just as the peak summer demand season fades. Read the latest from ROI energy columnist Ron Bousso. Chart of the day: The New York Fed's August survey of consumers showed expectations of finding a new job within three months of losing one at the lowest in over a decade, while inflation expectations over one and three years were 3% or above. Today's events to watch -- Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab (The opinions expressed here are those of the author, a columnist for Reuters) https://www.reuters.com/business/finance/global-markets-view-usa-2025-09-09/
2025-09-09 10:26
MEXICO CITY, Sept 8 (Reuters) - Mexico expects its budget deficit to fall slightly in 2026 to 4.10%, as GDP growth is seen ticking up, the finance ministry said during the government's budget presentation. Mexico's government has been under pressure to narrow the deficit, which it now expects will close 2025 at 4.32%, while maintaining a pledge to boost social programs and shore up the finances of highly indebted state oil firm Pemex. Sign up here. "Although the international environment still presents risks stemming from uncertainty and trade tensions, it also opens up opportunities that we must seize," Finance Minister Edgar Amador said during the presentation late on Monday. The government forecasts Latin America's second-largest economy to expand between 1.8% and 2.8% - an increase of 1.3 percentage points on both ends of the range. That is rosier than both the IMF's growth forecast, which sees a 1.4% expansion in 2026, and the Bank of Mexico's most recent forecast of 1.1% growth. The ministry also put its inflation forecast for end-2026 at 3.0%, meeting the target set by the Bank of Mexico, which sees inflation converging to target in the third quarter next year. Along with a slowdown in inflation, the ministry points to a relaxation of the country's monetary policy. "The Bank of Mexico's benchmark interest rate is expected to close at 7.25%, 75 basis points below the original forecast," the budget draft projected for 2025, adding that the rate is expected to continue declining to 6% through 2026. Banxico, as the Bank of Mexico is known, brought its benchmark interest rate to its lowest level in three years last month with a 25 basis points cut that brought the rate to 7.75% in a divided decision. Pemex is slated to receive some 263.5 billion Mexican pesos ($14.14 billion) from the government in 2026 to help the firm meet its debt and loan payments, according to the document. After President Claudia Sheinbaum said last week that her government was considering imposing tariffs on countries such as China that have no trade agreement with Mexico, the budget proposal said the country's 'General Import Tax' would be reviewed for 2026 to encourage national development, without giving any detail. The draft budget also announced new "healthy taxes" to serve as disincentives for unhealthy products, which would boost taxes on products like soft drinks, video games, and nicotine pouches. The budget proposal will now be debated by lawmakers in Congress, where Sheinbaum's party and its allies hold strong majorities in both chambers. ($1 = 18.6348 Mexican pesos) https://www.reuters.com/world/americas/mexico-sees-budget-deficit-lower-2026-growth-ticks-up-despite-uncertainty-2025-09-09/
2025-09-09 10:25
MUMBAI, Sept 9 (Reuters) - The rupee advanced on Tuesday, supported by weaker U.S. jobs data that firmed up expectations of a Federal Reserve rate cut, before losing traction around the 88 per dollar level. The rupee has been among the worst performing Asian currencies this year, pressured by the punitive U.S. tariffs on Indian goods that have dented sentiment and fuelled sustained dollar demand. Sign up here. The rupee rose 0.18% to 88.1025 against 88.2650 on Friday, when it fell to a record low of 88.36. The Indian FX market was closed on Monday. Most Asian currencies traded higher on Tuesday except for Indonesian rupiah, which was down 1.04% after the abrupt ouster of the nation's influential finance minister. The dollar index was down 0.08%. On the session, the rupee briefly breached the 88 mark, hitting an intraday high of 87.9550. The 87.95 level, which marks a prior all-time low, remains a key threshold. "While softer U.S. data and potential Fed policy shifts could provide some support to the rupee, India’s trade and tariff headwinds may cap any recovery, keeping upside risks intact," said Amit Pabari, managing director at CR Forex. Weak U.S. jobs growth in August has heightened expectations that the U.S. central bank will cut rates by at least 25 basis points next week, with total cuts of around 75 basis points expected for the remainder of the year. https://www.reuters.com/world/india/tariff-worries-stall-rupee-rally-after-us-jobs-data-boost-2025-09-09/
2025-09-09 10:06
Sept 9 (Reuters) - Sterling gained against the dollar and the euro on Tuesday as traders slightly raised the odds of an outsized rate cut by the Federal Reserve next week while political developments in France weighed on the euro. Sterling was up 0.3% at $1.3585, hovering near its strongest level since mid-August. Sign up here. Investors are awaiting U.S. job revisions data due later in the day which could point to the jobs market in worse shape than initially thought, shoring up the case for even deeper Federal Reserve interest rate cuts. "Markets are positioning for next week’s Federal Open Market Committee (FOMC) and Bank of England meetings, where the Fed will likely signal more cuts this year and the BOE will likely hint at delaying cuts to 2026," Philip Wee, senior FX strategist at DBS, said in a note. Money markets have fully priced in a 25-basis point cut by the Fed but an uptick on the odds of an outsized 50-basis point cut weighed on the dollar and pushed it down to a near seven-week low against a basket of major peers on Tuesday. The dollar index was last down 0.1% at 97.26. The euro, meanwhile, slipped 0.2% against sterling to 0.8662. The ouster of French Prime Minister Francois Bayrou on Monday kept the euro on the defensive even as analysts say the developments are not sufficient to trigger a fall in the common currency. Looking ahead, though, analysts reckon that sterling could remain sensitive to fiscal developments in the UK, worries over which have cooled since long-dated gilt yields climbed to their highest levels since 1998 last week. Sterling is likely to be "particularly susceptible to jitters at the long end of the curve", said Jane Foley, head of FX strategy at Rabobank. British finance minister Rachel Reeves is scheduled to announce the budget on November 26. https://www.reuters.com/world/uk/sterling-firms-fed-cut-bets-weigh-dollar-political-worries-bog-down-euro-2025-09-09/
2025-09-09 09:11
Toss to launch finance app in Australia this year Sees overseas growth eventually outpacing home market Plans won-based stablecoin once rules allow SEOUL, Sept 9 (Reuters) - South Korean fintech unicorn Toss plans to launch its "all-in-one" finance app in Australia this year and expand to other markets, and aims to issue a won-based stablecoin once regulations allow, said founder and CEO Lee Seung-gun. Toss has shown that a startup can take on big banks and brokers, said the dentist-turned-entrepreneur, who predicts overseas growth to eventually outpace growth at home. Sign up here. "We proved in Korea that a startup can compete head-on with entrenched players," Lee said in an interview on Tuesday. "A similar model can work globally, especially in countries where users juggle multiple bank accounts or fintech apps. We want to bring them into one seamless experience." Toss has attracted more than 30 million users in South Korea since its founding in 2015, Lee said. Its first major overseas push will be in Australia, where a fragmented banking system and open-banking rules allow room for a one-stop platform, he said. The fintech has set up an Australian unit which plans to start core services such as peer-to-peer money transfer by year-end. It is reviewing other territories, with Singapore serving mainly as a regional hub rather than a retail market, Lee said. "Our long-term vision is not another financial holding company, but a global internet company built on financial services," he said. Reuters reported in July, citing people with knowledge of the listing plans, that Toss aims to list in the U.S. in the second quarter of 2026 with a valuation of more than $10 billion. Some market watchers said at that time the valuation could exceed $15 billion, which would make the IPO the biggest in the U.S. by a South Korean company since 2021. The unicorn - a startup valued at over $1 billion - has been approached by global funds that view it as one of the few fintechs to deliver on the super app concept, Lee said without commenting on potential listing plans or valuation. At home, Toss is in a "perfect position" to lead in the creation of a digitally native form of the Korean won, Lee said, as the government works to introduce legislation to ensure stringent oversight and consumer protection. The financial regulator is set to draft a bill on the regulatory framework within this year in line with a government campaign pledge to allow companies to issue stablecoin - a digital currency the value of which is linked to another asset such as gold or the won. "We will issue and distribute won-based stablecoin - that I can say for sure," Lee said. Toss is in regular discussion with authorities to prepare the infrastructure needed, he said. https://www.reuters.com/business/finance/south-korean-fintech-toss-plans-global-push-starting-australia-aims-issue-won-2025-09-09/
