2025-09-05 11:57
BERLIN, Sept 5 (Reuters) - BMW (BMWG.DE) , opens new tab Chief Executive Oliver Zipse said the European Union’s planned phase-out of combustion engines by 2035 was a "big mistake", calling for a shift to emission measures that capture a vehicle's entire supply chain. Zipse said in an interview with Politico, published on Friday, that setting a fixed date for the transition risked ignoring emissions across the value chain, including battery production and fuel sourcing. Sign up here. He urged EU regulators to allow climate-friendly fuels beyond 2035, saying fuel producers must also be held accountable. "We do ourselves no favours by setting arbitrary future dates by which all industries must adapt," he said in the interview, extracts from which were published on Friday morning. "The absurdity of the current rules is that the fuel makers - the Shells and the BPs - face no targets." Despite problems facing the industry such as higher tariffs, weak demand and Chinese competition, Zipse said BMW remains on track to sell more than 2.5 million vehicles in 2025. “We are ahead of last year’s numbers as of August,” he said, noting growth particularly in Europe. He was speaking ahead of the IAA motor show in Munich, Europe's biggest, at which the Bavarian-based company will launch the first model of a new class of electric vehicles. https://www.reuters.com/sustainability/climate-energy/bmw-ceo-calls-eus-2035-combustion-engine-ban-big-mistake-sees-strong-2025-sales-2025-09-05/
2025-09-05 11:51
Sept 5 (Reuters) - Justin Sun, one of the biggest known backers of President Donald Trump's World Liberty Financial crypto venture, said on Friday that his tokens had been frozen, without giving further details. Sun had spent at least $75 million on World Liberty Financial tokens, known as $WLFI, according to his posts on X. The tokens became publicly tradable on Monday and fell in value. Sign up here. In a post on X addressed to "the World Liberty Financials team", Sun said: "during the course of operations, my tokens were unreasonably frozen" and asked the team to unlock them. China-born crypto entrepreneur Sun did not specify what the operations were, how many tokens were frozen or who had frozen them. A spokesperson for World Liberty Financial did not immediately respond to a request for comment outside U.S. business hours. "Tokens are sacred and inviolable—this should be the most basic value of any blockchain. It’s also what makes us stronger and more fair than traditional finance," Sun said on X. "I call on the team to respect these principles, unlock my tokens, and let’s move forward together toward the success of World Liberty Financials." Sun did not respond to a message from Reuters asking for more information. World Liberty had previously said that early investors would be able to sell up to 20% of their token holdings. The tokens were trading at around 19 cents on Friday, according to CoinGecko, having initially traded above 30 cents at their debut. Reuters reported in February that the U.S. Securities and Exchange Commission is exploring a resolution to its civil fraud case against Sun. https://www.reuters.com/business/finance/trump-crypto-backer-justin-sun-says-his-world-liberty-tokens-frozen-2025-09-05/
2025-09-05 11:50
BEIJING, Sept 5 (Reuters) - China on Friday placed initial anti-dumping duties of up to 62.4% on pork imports worth over $2 billion from the European Union, deepening trade tensions that spiked when the bloc imposed tariffs on China-made electric vehicles. The Ministry of Commerce's preliminary investigation into pork products found evidence of dumping that damaged the domestic industry and approved duties starting on September 10, according to a release on Friday. Sign up here. Companies that collaborated with the investigation, among them Spanish, Danish and Dutch firms, received duties ranging from 15.6% to 32.7%. All other firms were assigned 62.4%. Launched in June last year, the investigation is widely seen as retaliation for EU tariffs on electric vehicles and has hit major producers such as Spain, the Netherlands and Denmark. The European Commission said the investigation was based on "questionable allegations and insufficient evidence" and that it had not yet determined its response. "But I can categorically assure you that we will take all the necessary steps to defend our producers and industry," a spokesperson said. China also has an anti-subsidy case looking into EU dairy exports and anti-dumping measures on EU brandy, which allows exporters to avoid duties if they commit to sell at no lower than a set minimum price. Beijing has pressed Brussels to replace EV tariffs with a similar price commitment by China-based producers, but negotiations between the two sides have failed to yield an agreement. Friday's decision is bad news for producers who had hoped Beijing’s decision to extend the investigation for six months in June this year meant a deal over the bloc’s electric vehicle tariffs was in the offing. A significant portion of the bloc's pork shipments to China consists of offal - including pig ears, noses and feet - highly valued in Chinese cuisine but with few alternative destinations. "This is worrying news for us. We're concerned about the impact this will have on prices on the European market," said Anne Richard, director of French pork industry association INAPORC. The decision is only preliminary and could theoretically be changed when the investigation ends in December. There is also precedent for China extending investigations after levying tariffs, as in the case of Canadian canola. Even Rogers Pay, an analyst at Beijing-based Trivium China who specialises in agriculture, said with just a few months left the odds of finding a negotiated solution were "increasingly slim". https://www.reuters.com/world/china/china-slaps-initial-duties-eu-pork-imports-2025-09-05/
2025-09-05 11:49
Gold up 3% this week after hitting a record high on Wednesday US non-farm payrolls data due at 1230 GMT Trump says India, Russia appear "lost" to "deepest, darkest China" Silver heads for third straight week of gains Sept 5 (Reuters) - Gold prices were heading for their strongest weekly gain in three months on Friday, having vaulted to a record high above $3,500 per ounce, with traders now on alert for a key U.S. jobs report that could strengthen expectations for a bullion-supportive Federal Reserve interest rate cut. The U.S. non-farm payrolls report is due at 1230 GMT. With traders largely pricing in a September Fed rate cut, the data could cement those expectations further. Sign up here. Spot gold rose 0.3% to $3,554.80 per ounce as of 11:13 GMT. Prices are up 3% so far this week, having hit a record $3,578.50 on Wednesday, steered by a potent mix of rate cut bets and safe-haven demand driven by global geopolitical and economic uncertainty. U.S. gold futures for December delivery gained 0.1% at $3,610.30. "The strength in gold can last with new highs possible this and next year, although maybe for the moment we've seen the highs and may consolidate now because some profit-taking would be expected at these levels," Philip Newman, managing director at consultancy Metals Focus, told Reuters. Analysts have also flagged the independence of the Fed as a key factor in shaping gold’s trajectory - an issue thrust into the spotlight after U.S. President Donald Trump attempted to fire Fed Governor Lisa Cook and put repeated pressure on the central bank to slash rates. "Geopolitics are a bit quieter now, but markets are very mindful of Trump and weaponisation of import tariffs, waiting to see if he is going to react on improved relations between China and India," Newman added. Meanwhile, Trump said India and Russia appear to have been "lost" to China, following the Shanghai Cooperation Organisation meeting in Beijing this week where their leaders stood alongside Chinese President Xi Jinping. Bullion, which doesn’t pay interest, tends to shine when rates are low and uncertainty is high, making it a go-to asset for investors seeking safety. Among other metals, spot silver rose 0.2% to $40.77 per ounce and was heading for its third straight weekly gain. Platinum firmed 0.9% to $1,380.22, while palladium was down 0.7% at $1,119.69. https://www.reuters.com/world/india/gold-heads-strongest-week-three-months-focus-key-us-jobs-report-2025-09-05/
2025-09-05 11:46
European stocks rise, after S&P record high Traders wait for U.S. jobs data, focus on rate cut expectations Oil prices in third day of declines PARIS, Sept 5 (Reuters) - European equities rose on Friday while long-dated bond yields eased, as expectations for U.S. rate cuts helped markets overcome concerns about fiscal deficits in various countries. The S&P 500 hit a new all-time high on Thursday after weekly jobs data showed more jobless claims than expected. Asian stocks tracked Wall Street higher overnight. Sign up here. The MSCI World Equity Index was up 0.3% on the day (.MIWD00000PUS) , opens new tab at 1127 GMT while Europe's STOXX 600 was up 0.3% (.STOXX) , opens new tab, set to end the week slightly higher overall after recovering from a dip earlier in the week. The FTSE 100 was up 0.3% (.FTSE) , opens new tab and France's CAC 40 was up 0.1% (.FCHI) , opens new tab. Wall Street looked set to continue the gains with S&P 500 futures up 0.2% and Nasdaq futures 0.5% higher on the day. Markets are all but certain of a quarter-point cut at the conclusion of the Fed's two-day rate-setting meeting on September 17, according to LSEG data. Traders will be looking to the monthly U.S. jobs report due later in the session to confirm their expectations. A weaker labour market boosts stocks because it raises expectations that the Federal Reserve will cut rates. "We have already seen yesterday the sign that perhaps there will be a weakening in jobs, paving the way for a done deal in September," said Francesco Sandrini, head of multi-asset strategies at Amundi. Today's numbers "can confirm to some extent an easing stance of the Federal Reserve," Sandrini added. Fed Chair Jerome Powell had already reinforced rate cut speculation with an unexpectedly dovish speech at last month's Fed symposium in Jackson Hole. "Unless it's an absolutely stellar payrolls print, it's hard to see too much that's going to change the market away from locking in a September cut," said Ken Crompton, head of rates strategy at National Australia Bank. "Beyond that, the terminal rate and how you get there, that's arguably still up for grabs." Market sentiment has recovered in recent days after global stocks fell earlier this week and long-date bond yields in Europe hit their highest in years, as investors became concerned about the state of various countries' finances, particularly Britain and France. Yields eased on Friday, with France's 30-year yield at 4.3873%, down from a peak of 4.523% on Wednesday , and the UK's 30-year yield at 5.553%, after borrowing costs hit their highest level since 1998 earlier in the week. The benchmark 10-year German yield was at 2.7051% . German industrial orders unexpectedly fell in July, data on Friday showed. Yields on 30-year Treasuries were at 4.8533%, having touched their lowest in three weeks during Asian trading. The U.S. dollar eased, with the dollar index down 0.2% at 98.023 , while the euro was up 0.3% at $1.1683 . After months of negotiations, the U.S. signed a deal to impose lower auto tariffs on Japan. The dollar was down 0.2% against the yen, with the pair at 148.21 . Oil prices were in their third day of declines. Brent crude futures fell 0.6% to $66.56 a barrel, while U.S. West Texas Intermediate crude eased 0.8% to $63.00. The European Union's energy commissioner said the EU would welcome U.S. President Donald Trump's plan to stop buying Russian oil. Gold was steady at $3,546.24, having hit a record peak of $3,578.50 on Wednesday. https://www.reuters.com/world/china/global-markets-wrapup-4-2025-09-05/
2025-09-05 11:30
LONDON, Sept 5 (Reuters) - The pound rose versus a broadly weaker dollar on Friday, but headed for its third weekly decline in a row after a week marked by gilt market turbulence amid growing investor jitters over Britain's finances. At 1040 GMT on Friday, sterling was 0.3% higher at $1.3481, but on track for a weekly decline of 0.2%. The pound was flat against the euro , which held at 86.73 pence. Sign up here. The dollar was weaker across the board as traders await key U.S. payrolls data due later which are expected to firm up the case for an interest rate cut by the Federal Reserve. Sterling has been in focus this week, after British government bonds, known as gilts, sunk amid a broader bond market sell-off as focus shifted to rising debt levels in major economies. Yields on 30-year British government bonds , or gilts, briefly shot up this week to their highest since 1998. This week the date for the next UK budget was set for November 26, with finance minister Rachel Reeves under pressure to keep the government's finances on track. In a note, Ruth Gregory, deputy chief UK economist at Capital Economics said many of the conditions which have led to fiscal crises in the past are now in place in the UK, but that this does not mean a fiscal crisis in the UK is imminent or inevitable. "The missing ingredient is a trigger. If a UK fiscal crisis does erupt, it’s as likely to come from a change in perceptions or personnel as economic data or policy," she wrote. "This underlines the need for the government to continue to commit to fiscal discipline to keep the bond market onside." Official figures on Friday showed British retail sales volumes rose by a higher-than-expected 0.6% in July, leaving them up 1.1% on the year. Economists polled by Reuters had forecast a 0.2% monthly rise in sales volumes and a 1.3% increase compared with a year earlier. Francesco Pesole said while the figure was higher than expected, the previous month was also revised down, limiting any market impact, and it is also not what the market is focused on. "It's very focused on inflation to gauge whether the Bank of England (BoE) views that inflation is actually a bit hot to keep cutting rates at the same pace," said Pesole. Money markets are placing a 98% chance of a 25 basis point cut at the BoE's next meeting in September . https://www.reuters.com/world/uk/sterling-ticks-higher-heads-weekly-loss-after-gilt-turbulence-2025-09-05/
