2025-09-05 00:53
BEIJING, Sept 5 (Reuters) - China's finance ministry announced on Friday that 940 million yuan ($131.42 million) had been allocated in agricultural disaster relief, in conjunction with the country's agriculture and water resources ministries, following record-breaking rains. The funding is to be used to replant washed-out crops, repair agricultural production facilities to ensure grain production and accelerate the repair of reservoirs across the country, the statement added. Sign up here. ($1 = 7.1529 Chinese yuan) https://www.reuters.com/business/environment/china-allocated-131-million-agricultural-disaster-relief-finance-ministry-says-2025-09-05/
2025-09-05 00:47
Sept 5 (Reuters) - Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes. Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29. Sign up here. Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further raising production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters. Another boost would mean that OPEC+, which pumps about half of the world's oil, would be starting to unwind a second layer of output cuts of about 1.65 million barrels per day, or 1.6% of world demand, more than a year ahead of schedule. Meanwhile, U.S. crude storage posted a surprise build of 2.4 million barrels last week as refineries headed into maintenance season. Analysts had estimated a 2-million-barrel draw in a Reuters poll, while the American Petroleum Institute industry group said stocks rose by around 600,0000 barrels. U.S. President Donald Trump told European leaders on Thursday that Europe must stop buying Russian oil, a White House official said. Any cuts to Russia's crude exports could push global oil prices higher. https://www.reuters.com/world/middle-east/oil-prices-ease-investors-await-opec-output-decision-2025-09-05/
2025-09-05 00:37
VLADIVOSTOK, Russia, Sept 5 (Reuters) - The head of Russia's State Atomic Energy Corporation Rosatom Alexei Likhachev said on Friday the company was ready to discuss with the U.S.'s Westinghouse the issue of nuclear fuel at Ukraine's Zaporizhzhia nuclear power plant, RIA news agency reported. In June, Russia asked the U.N. nuclear watchdog to mediate between Moscow and Washington to resolve the question of what to do with U.S. nuclear fuel stored at the Ukrainian power plant controlled by Russian forces. Sign up here. Westinghouse and U.S. energy officials had previously raised intellectual property concerns with Russia in connection with the fuel issue, according to Likhachev. https://www.reuters.com/world/russia-is-ready-discuss-nuclear-fuel-ukraines-zaporizhzhia-with-us-ria-2025-09-05/
2025-09-04 23:46
Investigation follows referral from housing finance agency head Cook is accused of listing multiple properties as primary residences Case may impact Fed's independence in setting interest rates Sept 4 (Reuters) - The U.S. Justice Department has launched a criminal mortgage fraud probe into Federal Reserve Governor Lisa Cook and has issued grand jury subpoenas out of both Georgia and Michigan, according to documents seen by Reuters and a source familiar with the matter. The investigation, which followed a criminal referral from Federal Housing Finance Agency Director Bill Pulte, is being conducted by Ed Martin, who was tapped by Attorney General Pam Bondi as a special assistant U.S. attorney to assist with mortgage fraud investigations involving public officials, along with the U.S. Attorneys' offices in the Northern District of Georgia and the Eastern District of Michigan, according to the person, who spoke anonymously since the matter is not public. Sign up here. Pulte, who was appointed by Trump, has accused Cook of committing fraud by listing more than one property as a primary residence when she applied for mortgages, potentially to secure lower interest rates. Cook owns properties in Michigan, Georgia and Massachusetts. Trump terminated Cook over Pulte's allegations, prompting her to file a lawsuit challenging his effort to oust her. Cook's lawyer, prominent Washington attorney Abbe Lowell, said the Justice Department was scrambling to invent new justifications for Trump's overreach in firing the Fed governor. "He wants cover, and they are providing it. The questions over how Governor Cook described her properties from time to time, which we have started to address in the pending case and will continue to do so, are not fraud, but it takes nothing for this DOJ to undertake a new politicized investigation, and they appear to have just done it again," Lowell said. The case, which will likely end up before the U.S. Supreme Court, has ramifications for the Fed's ability to set interest rate policy without regard to politicians' wishes, widely seen as critical to any central bank's ability to keep inflation under control. Trump has demanded that the U.S. central bank cut rates immediately and aggressively, berating Fed Chair Jerome Powell for his stewardship of monetary policy. The central bank is expected to deliver a rate cut at its September 16-17 meeting. In one of her recent legal filings challenging Trump's actions, Cook said she listed mortgages on three properties on forms submitted to the White House and U.S. Senate in the vetting process for her appointment to the Fed in 2022. Any inconsistencies were known when she was confirmed and cannot give Trump grounds to fire her now. Mortgages obtained for primary residences and second homes can come with cheaper financing than those for investment properties, which have a higher default rate and are typically subject to tighter underwriting by lenders. The rates that Cook obtained on her mortgages were higher than the prevailing national averages at the time. While it is not known when Cook locked in her mortgages, borrowers typically fix their rate a month or two before the purchase. Cook is the third public official to be targeted in a criminal investigation over mortgage fraud allegations. Martin, who also presides over the "Weaponization Working Group" and serves as pardon attorney, is also pursuing criminal probes into Democratic U.S. Senator Adam Schiff as well as New York Attorney General Letitia "Tish" James. There are also grand juries convened in those two cases, which started prior to Martin's new appointment as a special assistant U.S. attorney, according to the source and documents seen by Reuters. Although the Justice Department is reviewing all three mortgage cases involving Schiff, James and Cook, proving criminal liability will be difficult, a person familiar with the matter told Reuters. One challenge is that in many instances, even if a person wrongfully claims a home to be a primary residence, the mortgage company is often aware of all the facts and does not believe the home is being used as such. Mortgage fraud, the person added, is about duping a bank into providing better terms for a loan. https://www.reuters.com/legal/government/us-justice-department-opens-criminal-mortgage-fraud-probe-into-fed-governor-cook-2025-09-04/
2025-09-04 23:18
Salesforce drops after downbeat revenue forecast American Eagle Outfitters surges on strong sales forecast US jobs data for August due on Friday Indexes: Dow up 0.8%, S&P 500 up 0.8%, Nasdaq up 1% NEW YORK, Sept 4 (Reuters) - The S&P 500 posted a closing record high on Thursday as labor market data did not change expectations for an interest rate cut by the Federal Reserve, a day ahead of the key U.S. monthly jobs report. Also boosting the market were shares of Broadcom (AVGO.O) , opens new tab, Amazon (AMZN.O) , opens new tab and Meta Platforms (META.O) , opens new tab. Chip company Broadcom, considered a major artificial intelligence player, closed up 1.2% just before releasing its quarterly results. The stock edged higher in after-hours trading, when Broadcom forecast Sign up here. Amazon.com finished up 4.3%. Shares of other consumer discretionary companies also rose sharply, with the sector (.SPLRCD) , opens new tab gaining 2.3% on the day. JetBlue Airways (JBLU.O) , opens new tab said it will partner with Amazon subsidiary Project Kuiper, a low Earth orbit satellite broadband internet network, to improve its onboard Wi-Fi. Meta Platforms rose 1.6%. Earlier on Thursday, data showed that the number of Americans filing new applications for unemployment benefits increased more than expected last week, while hiring by private employers slowed in August, further evidence that labor market conditions were softening. But investors are especially keen to see the U.S. monthly jobs report due on Friday. "The labor market data we're going to get - payrolls - tomorrow I don't see really changing anything significantly because (Fed Chair Jerome) Powell has effectively already told us we're getting a cut unless it's really, really out of bounds," said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina. The Dow Jones Industrial Average (.DJI) , opens new tab rose 350.06 points, or 0.77%, to 45,621.29, the S&P 500 (.SPX) , opens new tab gained 53.82 points, or 0.83%, to 6,502.08 and the Nasdaq Composite (.IXIC) , opens new tab gained 209.97 points, or 0.98%, to 21,707.69. Investors are pricing in a 95% probability of a 25 basis-point cut, CME's FedWatch Tool showed. The move was largely expected after July's bleak payrolls figures and Powell's dovish comments. Bucking the day's trend, Salesforce (CRM.N) , opens new tab shares fell 4.9% after the company forecast third-quarter revenue below Wall Street estimates on Wednesday, signaling lagging monetization for its AI agent platform. September is historically a weak month for stocks, with the S&P 500 losing 1.5% on average since 2000, according to LSEG data. While AI-linked companies have driven market gains in recent years, their momentum slowed last month. Last week, shares of AI leader Nvidia NVDA.O , opens new tab fell after Sino-U.S. trade uncertainties prompted the company to exclude potential China sales from its quarterly forecast. Among other gainers in the consumer space, American Eagle Outfitters (AEO.N) , opens new tab shares jumped 38% after the apparel company forecast third-quarter comparable sales above estimates on Wednesday. Advancing issues outnumbered decliners by a 2.79-to-1 ratio on the NYSE. There were 303 new highs and 61 new lows on the NYSE. On the Nasdaq, 2,741 stocks rose and 1,878 fell as advancing issues outnumbered decliners by a 1.46-to-1 ratio. Volume on U.S. exchanges was 14.68 billion shares, compared with the 16.07 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/sp-500-registers-record-high-close-data-keeps-rate-cut-views-intact-2025-09-04/
2025-09-04 22:10
BRASILIA, Sept 4 (Reuters) - Brazilian state-run lender BRB (BSLI3.SA) , opens new tab is weighing a fresh proposal for assets of Banco Master, a person familiar with the matter said, after the central bank blocked its initial bid, sending BRB shares tumbling on Thursday. BRB, controlled by the Federal District government, said late on Wednesday the regulator had rejected a deal struck in March that would have given it 49% of Master's common shares and 100% of its preferred shares, for a total 58% stake. Sign up here. BRB preferred shares closed 5.6% lower on Thursday, as Brazil's benchmark stock index (.BVSP) , opens new tab rose 0.8%. According to a person familiar with the talks, who asked not to be named as the plans are private, BRB has not yet had full access to the central bank's decision and is not convinced it must abandon the transaction. The bank may seek a structure that shields it from taking on liabilities tied to the part of Master not included in the purchase, the source added. However, another source familiar with the deal said the regulator's concerns go "well beyond" that point. A third source noted that Master needs significant fresh capital to stabilize its balance sheet. BRB and Master did not immediately respond to requests for comment. The central bank said it would not comment. BRB had emphasized from the start it would acquire only what it deemed the healthy assets of its mid-sized peer Master, which drew market attention in recent years with aggressive growth fueled by issuing high-yield debt. Over time, BRB narrowed the scope of its proposal, saying in late August it aimed to acquire just 24 billion reais ($4.4 billion) in assets and exclude 51.2 billion reais' worth of assets - more than double the amount initially expected to be left out. That cut the estimated value of the deal to 1.8 billion reais, from an initial 2 billion reais. Master's funding relied heavily on high-yield debt sold through investment platforms, marketed as covered by Brazil's deposit insurance fund, which guarantees up to 250,000 reais per investor in case of bank failure. Proceeds were invested in illiquid or hard-to-price assets, including court-ordered receivables from governments and stakes in troubled companies targeted for turnaround. ($1 = 5.4212 reais) https://www.reuters.com/business/finance/brb-weighs-new-bid-master-after-brazil-central-bank-blocks-deal-source-says-2025-09-04/
