2025-08-25 21:52

Aug 25 (Reuters) - The Utah Office of Energy Development, TerraPower and land development firm Flagship Companies signed an agreement on Monday to explore sites for a nuclear reactor project and an energy storage plant amid soaring demand for power. The parties said they expect to make recommendations for a site by the end of the year. Sign up here. U.S. nuclear power is experiencing a renaissance after decades of stagnation, driven by record demand from data centers used for artificial intelligence technologies and the electrification of industries such as transportation and manufacturing. The agreement also supports Utah Governor Spencer J. Cox's Operation Gigawatt, a strategic effort to build an energy ecosystem that serves Utah and the Western U.S., the companies said in a statement. President Donald Trump signed executive orders in late May, directing the U.S. Nuclear Regulatory Commission to cut down on regulations and fast-track new licenses for reactors and power plants. In June, TerraPower had raised $650 million in a funding round that included founder Bill Gates and the venture capital arm of chipmaker Nvidia (NVDA.O) , opens new tab, and said it expects to get regulatory approval for its $4 billion nuclear reactor next year. The company's $4-billion Natrium nuclear reactor is located in Wyoming on the site of an old coal plant. Bellevue, Washington-based TerraPower has been developing an advanced nuclear reactor that uses liquid sodium as a coolant instead of water. The Natrium reactor has the added benefit of using significantly less water than the current light water reactor fleet and small modular reactor designs, making it well suited for water-constrained regions, the company said in statement. https://www.reuters.com/business/energy/bill-gates-backed-terrapower-utah-explore-nuclear-reactor-sites-amid-power-2025-08-25/

2025-08-25 21:29

SANTIAGO, Aug 25 (Reuters) - Chile's mining regulator Sernageomin has added requirements for Codelco to restart areas affected by a deadly collapse at its El Teniente copper mine in July, according to a document seen by Reuters on Monday. The regulator will now require a follow-up and monitoring plan for the stability and safety of mining operations across all underground deposits of Codelco's El Teniente mine, according to a Sernageomin document. Sign up here. In a statement this weekend, Codelco said it had received approval from Sernageomin to restart its Andes Norte and Diamante sections of El Teniente, but the document detailing the authorization obtained by Reuters on Monday revealed the increased requirements for sectors still shuttered by the collapse. Sernageomin had already requested analysis of potential causes and control measures report to prevent new incidents; as well as a mine recovery and repair plan; and a technical report assessing existing fortification systems with proposals for improvement. Codelco, the world's largest copper producer, cut its copper forecast for this year due to the impact of the accident, which killed six workers. The collapse mainly affected the new Andesita development, but Andes Norte, which had begun extraction, and Diamante were also halted as part of the investigation. https://www.reuters.com/world/americas/chile-regulator-raises-bar-restart-zones-shuttered-by-codelco-mine-collapse-2025-08-25/

2025-08-25 21:25

Argentina's stock market benchmark drops 4%; peso down near 3% 2038 sovereign USD bond touches lowest level in over four months Milei's popularity and economic agenda could be affected, analyst says BUENOS AIRES, Aug 25 (Reuters) - Argentina's international dollar bonds touched multi-month lows on Monday while stocks and the peso fell as corruption allegations threatened to embroil people close to President Javier Milei, whose economic policies have boosted financial markets. Local media published audio recordings last week in which a voice that sounds like that of Diego Spagnuolo, then-head of the disability agency, can be heard discussing bribery within the agency. He alludes to Karina Milei, the president's sister and chief of staff, as receiving bribery payments. Sign up here. Spagnuolo was later fired by the president. Government officials have not confirmed the authenticity of the audio, and cabinet chief Guillermo Francos has said that, according to Milei, Spagnuolo never mentioned the alleged bribery. On Friday, various properties, including Spagnuolo's residence, were raided as part of a government investigation. Milei did not address the allegations in a speech on Monday, but said he was unconcerned about what he called attacks from the opposition ahead of midterm elections. Opposition legislators, however, called for the chief of Argentina's Health Ministry, which oversees the disability agency, to answer questions about the matter in Congress. The 2038 sovereign Argentine note fell 2.4 cents on Monday to 67.37 cents on the dollar after touching its lowest level in over four months, according to LSEG data. The 2041 issue fell nearly 3 cents. Argentina's stock market benchmark (.MERV) , opens new tab fell 4% on Monday following a 3.8% decline last week. The peso was down almost 3% against the U.S. dollar at 1,356 per greenback. Marcelo Garcia, director for the Americas at New York-based risk consultancy Horizon Engage, said foreign investors worry over whether a potential decline in Milei’s popularity would get in the way of his economic agenda. “It affects the government’s capacity to be reputable enough to continue to introduce tough reform in the next two years,” Garcia said. “The Milei political strategy of continued confrontation with everyone requires him to be very popular.” Garcia added that the disability bribery scandal is particularly sensitive because it hits at the stigma that Milei "doesn’t care for the weak and the poor.” A spokesperson for Milei's government did not respond to a request for comment about the bribe allegations. The scandal comes weeks ahead of a key local election in the Buenos Aires province and national midterm elections in October, where Milei's party is hoping to increase its presence in the opposition-controlled Congress. https://www.reuters.com/world/americas/argentinas-financial-markets-tumble-amid-government-corruption-allegations-2025-08-25/

2025-08-25 21:02

ORLANDO, Florida, Aug 25 (Reuters) - TRADING DAY Making sense of the forces driving global markets Sign up here. By Jamie McGeever, Markets Columnist Investors on Monday wound back some of Friday's sharp market swings sparked by Fed Chair Jerome Powell's dovish pivot, a reversal that saw the dollar spike higher, Wall Street close lower and the U.S. yield curve flatten. More on that below. In my column today, I look at Powell's Jackson Hole speech on Friday, and argue that his opening the door to a rate cut next month is not a sign that he caved to political pressure from U.S. President Donald Trump. If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. Today's Key Market Moves Today's Talking Points: * China stock boom China's equity whoosh accelerated on Monday, with benchmark indexes climbing another 2%. The blue-chip CSI 300 index is at a four-year peak, and the Shanghai Composite index is now the highest in over a decade. Hong Kong's benchmark indexes are joining the party too - the Hang Seng hit a near four-year high on Monday and the Hang Seng tech index jumped more than 3% to its highest since March. Optimism around tech, stimulus from Beijing and a U.S. trade deal appear to be fueling the buying frenzy. * High supply The U.S. Treasury auctions a total of $183 billion of coupon debt this week, starting on Tuesday with $69 billion of two-year notes. The sales come at a critical juncture. A resumption of the Fed's easing cycle next month is on the cards even though inflation is above target and sticky. Yield curves have steepened, although the 2s/10s curve has leveled off in recent weeks. But ultra-long yields are firm - the 2s/30s curve is near its steepest since January 2022. Washington has indicated it wants to front-load its rising new issuance and shorten the maturity profile of its debt. This week will be another test of investor demand against a backdrop of high economic, policy and market uncertainty. * Deal me in On the face of it, strong activity in the world of corporate takeovers, deals and M&A is a sign of a healthy economy. But it can also be a warning of excess froth and exuberance in financial markets. Which applies to the U.S. right now? Wall Street is at record highs and financial conditions are the loosest in years. Inflation is above target and tariffs have yet to properly hit. But the labor market is creaking, growth has slowed sharply, and Powell has just opened the door to a rate cut next month. That's the backdrop to a flurry of M&A activity recently and Wall Street banks hiring dozens of senior bankers to handle the wave of dealmaking. Is this justified or not? The next few months could be crucial. Powell plays best hand he can from a politically stacked deck Federal Reserve Chair Jerome Powell is coming under fire for appearing to cave to political pressure in his Jackson Hole speech on Friday, which opened the door to an interest rate cut next month, a shift from his more hawkish stance only a few weeks ago. But the charge is unfair. The heat is based not just on the economic justifications for his apparent about-face, but the politics, namely the accusation that he 'caved' to President Donald Trump's incessant pressure to lower borrowing costs. Powell was in a no-win situation. He essentially had three potential avenues to go down when delivering the near-term policy outlook, all of which left him open to charges of political motivation. First, he could have maintained the somewhat-hawkish steer he provided in his July 30 press conference when he signaled that the rate-setting committee was in no rush to adjust policy and that more data was needed to justify a move. But two days later came the unequivocally weak July unemployment data, including downward revisions to May and June's job figures that were among the largest on record outside of a crisis or recession. This, unsurprisingly, sent the market's expectations for rate cuts soaring. If Powell had simply held the July 30 line in his Jackson Hole speech despite the new data, he wouldn't have come across as mildly hawkish but unabashedly tight. Moreover, he would likely have been accused of politically motivated stubbornness, with pundits arguing that he was refusing to budge simply because he wanted to show Trump that he would not buckle under presidential pressure. That same charge would, of course, have also been leveled if he had taken the second route, signaling that the uncertain inflation dynamics made any thoughts of a rate cut now far too premature. That takes us to the third option. That's the one Powell took when he indicated that the time to adjust policy was likely approaching because of the worrying signs of weakness in the labor market. This isn't a commitment to ease policy, but an acknowledgement that it's a strong possibility. It's also a signal that the incoming economic data, specifically the August employment and CPI inflation reports, will largely determine whether the Fed cuts rates on September 17. None of that suggests political interference is at play. LABOR OF DOVE The market seems to agree. If rates traders believed easing now was a policy error – given that inflation is still above target and could rise further – longer-dated yields should have risen. They didn't. The 10-year yield actually fell nearly 8 basis points. Ten-year inflation swaps also dropped slightly to 2.43%, roughly where they have been trading, on average, over the past three months. Tellingly, Powell's speech also failed to dramatically alter the market's monetary policy expectations. U.S. rate futures closed on Friday roughly where they had traded for most of last week, pricing in around an 80% chance of a rate cut in September and a near-100% probability of another one by December. In short, not much to see here. Not yet, anyway. To be sure, the economic case against Powell's dovish shift is a strong one. Inflation is currently around 3%, and has been consistently above the Fed's 2% target for more than four years. Inflation expectations are also higher than the Fed would like, even before factoring in any potential pass through from Trump's tariffs. In addition, financial conditions are looser than they have been in years, with stocks and other assets hitting record highs. So why consider cutting interest rates? The argument appears to be based on two beliefs: first that tariffs will be a one-time hit to prices and thus should not lead to an inflationary spiral; and second that unemployment has the potential to shoot up quickly, meaning the Fed is wise to get ahead of the curve. Powell is clearly in an unenviable position. The two sides of the Fed's dual mandate - maximum employment and stable prices - are in tension, with data indicating looming risks on both sides. And this conundrum has been made doubly difficult by the public political pressure. Powell was caught between Trump and a hard place. He did the best he could. What could move markets tomorrow? Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/global-markets-trading-day-graphic-2025-08-25/

2025-08-25 20:56

WASHINGTON, Aug 25 (Reuters) - The U.S. on Monday proposed adding copper and potash among others to the draft critical minerals list for 2025, for their importance to the economy and national security. The Geological Survey, a branch of the U.S. Department of the Interior, released the draft list in the Federal Register and it will be open for public comment for 30 days. Sign up here. Inclusion on the list, which is typically updated every three years, can make projects eligible for federal funding, subject to a streamlined permitting process, or more competitive due to fees placed on imports, according to the Bipartisan Policy Center. Copper is widely used in transportation, defense, and the U.S. power grid, which needs revamping amid the first rise in electricity demand in two decades on the rise in data centers and artificial intelligence. Potash is a potassium-rich salt mostly used to make fertilizer. Silver, lead, and silicon were also added to the draft list. The draft list provides a roadmap to reduce U.S. dependence on imports and expand domestic production, said Secretary of the Interior Doug Burgum. Executive orders signed by President Donald Trump this year directed the Interior Department to see whether coal used to make steel, also known as met coal, and uranium, the fuel for nuclear power plants, should be put on the list. Those were not put on the draft list, but Interior said public comment was welcomed on inclusion of met coal and uranium on the final list. https://www.reuters.com/business/us-interior-department-proposes-adding-copper-critical-minerals-list-2025-08-25/

2025-08-25 20:56

Trump administration will move to vacate project approval in Maryland lawsuit by Sept. 12 US Wind says project is legally sound Trump has made a series of moves to stymie offshore wind development Aug 25 (Reuters) - The Trump administration intends to withdraw federal approval for US Wind’s wind farm off the coast of Maryland, according to a document filed in federal court on Friday. In the filing, in U.S. District Court in Delaware, attorneys from the Department of Justice asked the court to stay a lawsuit by a Delaware homeowner challenging the Interior Department's approval last year of the Maryland Offshore Wind Project. Sign up here. The action is the latest in a series of moves the administration of U.S. President Donald Trump has made to stymie development of offshore wind and other clean energy facilities. The Biden administration approved the US Wind project in September of last year. It was expected to one day produce enough power for 718,000 homes. The Trump administration, by September 12, will move in a separate lawsuit brought by officials in Ocean City, Maryland to vacate approval of the facility's construction and operations plan, the filing said. That lawsuit is pending in federal court in Maryland. "If Interior’s motion is granted, the agency action that Plaintiff challenges will be vacated, and thus his claims will be entirely moot," the filing said. On his first day in office in January, Trump suspended new offshore wind leasing pending an environmental and economic review of projects. He has repeatedly criticized wind energy as ugly, unreliable and expensive. Advocates of wind energy say it is an important element in efforts to reduce carbon emissions blamed for global warming. Most recently, the Interior Department last week issued a stop-work order on a nearly completed project off the coast of Rhode Island, citing national security concerns. An Interior Department spokesperson had no comment on the court filing. US Wind said its project was on strong legal footing. “Our construction and operations plan approval is the subject of ongoing litigation, but we remain confident that the federal permits we secured after a multi-year and rigorous public review process are legally sound,” said Nancy Sopko, vice president of external affairs for US Wind. https://www.reuters.com/business/energy/trump-administration-plans-cancel-approval-maryland-offshore-wind-project-2025-08-25/