2025-08-19 20:28

WASHINGTON, Aug 19 (Reuters) - Attorneys general from California and several other U.S. states led by Democrats on Tuesday urged President Donald Trump's administration to abandon its plan to rescind the long-standing finding that greenhouse gas emissions endanger human health, a move that would remove the legal foundation for all U.S. greenhouse gas regulations. If finalized, repeal of the finding by Trump's Environmental Protection Agency would end current limits on greenhouse gas pollution from vehicle tailpipes, power plants, smokestacks and other sources. This would hamper future U.S. efforts to combat global warming. Sign up here. California Attorney General Rob Bonta said the proposal is unlawful and "relies on a draft, unvetted, scientifically unsound report from the Department of Energy to attempt to override the abundant and growing science supporting its endangerment finding and motor vehicle GHG emissions standards for over 15 years." The Trump administration is moving on a series of fronts to dismantle rules requiring automakers to build more electric-powered and fuel-efficient vehicles. It is holding virtual hearings this week to take public comments on its proposal. EPA Administrator Lee Zeldin has said repealing the endangerment finding will save Americans money and unravel two decades of regulation aimed at reducing carbon dioxide, methane and other greenhouse gases from cars, power plants, oil production and other sources. The EPA plans to repeal all greenhouse gas emission standards for light-duty, medium-duty, and heavy-duty vehicles and engines after it removes the scientific finding justifying those rules. Arizona Attorney General Chris Mayes said "the EPA is obligated to consider the cost of climate change by using rigorous, peer-reviewed methods. Instead, the EPA is proposing to bury its head in the sand and ignore the mounting costs of climate change for all Americans." Massachusetts Attorney General Andrea Campbell called the EPA proposal deeply flawed and said it seeks to eliminate "all motor vehicle greenhouse gas emission standards in one fell swoop." Michigan Attorney General Dana Nessel said the EPA proposal "suggests we allow the federal government to ignore its own scientific determinations and abdicate their legal duty to take action, and this simply cannot stand. No state is safe from the threats posed by climate change and the pollutants that are causing it." https://www.reuters.com/legal/government/california-other-state-ags-urge-trump-epa-drop-plan-kill-greenhouse-gas-rules-2025-08-19/

2025-08-19 20:23

Traders evaluate diplomatic signals between Russia and Ukraine European defence stocks fall as traders take profit Markets eye Fed's Jackson Hole symposium for policy hints Bonds steady after recent selloff LONDON/SAN FRANCISCO, Aug 19 (Reuters) - Wall Street stocks fell, European equities rose and oil edged down on Tuesday as traders assessed the previous day's White House talks on the war in Ukraine, and looked ahead to a key meeting of central bankers. U.S. President Donald Trump said he hoped Russia's Vladimir Putin would move forward on ending the war in Ukraine but conceded the Kremlin leader may not want to make a deal. Sign up here. On Monday, Trump told Ukrainian President Volodymyr Zelenskiy the United States would help guarantee Ukraine's security in any agreement to end Russia's war there, though the extent of any assistance was not immediately clear. Declines in Nvidia (NVDA.O) , opens new tab and other heavyweight artificial intelligence stocks pulled the S&P 500 (.SPX) , opens new tab down 0.6% and the Nasdaq (.IXIC) , opens new tab down 1.5%. The Dow Jones Industrial Average (.DJI) , opens new tab ended roughly flat after briefly touching an all-time high. Europe's broad STOXX600 index rose 0.7% (.STOXX) , opens new tab, outperforming Asian stocks (.MIAPJ0000PUS) , opens new tab, which fell slightly. Europe's gains were capped by declines in defence names, with the STOXX Europe Total Market Aerospace & Defense index (.SXPARO) , opens new tab down 2.6%, as traders saw the talks as a chance to take profit in the sector after a strong run. With any breakthrough in talks, "I think European stocks are likely the biggest winners, and within that framework, I think industrial companies, construction for rebuilding materials, and financial companies," said Michael Arone, chief investment strategist at State Street Investment Management. Losers could include shares in energy and defence after their recent gains, he said. Energy markets were also assessing the chance of an end of the war in Ukraine, and oil prices fell on speculation that progress in the talks could lead to the lifting of sanctions on Russian crude, boosting supply. The moves were not dramatic though, and some analysts said developments were unlikely to jolt oil and gas markets significantly. Brent crude futures were down 57 cents at 66.06 a barrel, with U.S. crude down 77 cents at $62.65. EYES ON THE FED The other main event for markets this week is the Federal Reserve's August 21-23 Jackson Hole symposium, where Chair Jerome Powell is due to speak on the economic outlook and the U.S. central bank's policy framework. His remarks will be closely watched as the Fed grapples with sticky inflation and signs of slowing growth. Futures markets imply at least two 25 basis point rate cuts this year, reflecting a view that the Fed will not view inflation as a long-term problem. "There's an anxiety about Powell's comments at Jackson Hole," said Ross Mayfield, investment strategist at Baird Private Wealth Management. "Some investors fear the Fed is going to be a bit behind the curve and higher interest rates have a big impact on growth stocks." Trump has been pressuring the Fed to cut rates dramatically, and has publicly speculated about replacing Powell before his term ends next year. "The question is to what degree is the Fed happy to ignore the inflation data because they think it is distorted by tariffs," said Ian Samson, portfolio manager at Fidelity International. "If you look out one year, you're not going to have Powell as Fed chair, there are a couple of governors to replace, so the balance is clearly going towards people who are willing to look through tariffs, and thus continue to lower interest rates." Such a scenario would likely bode well for equities, help shorter-dated government bonds, and weigh on the dollar, though the impact for longer-dated bonds is less clear, said Samson, adding that he was largely avoiding the long end of the U.S. yield curve. The S&P 500 will end 2025 just below current near-record levels, reflecting tempered optimism amid ongoing concerns over the economic impact of Trump's global tariffs and uncertainty surrounding Fed's rate cuts, according to a new Reuters poll. Longer-dated yields have been rising worldwide in recent months. German and British 30-year yields have tested multi-decade highs, and the latter rose sharply late on Monday. Bond markets were calmer on Tuesday. U.S., German and British government bond yields all fell across their respective curves, with the benchmark 10-year Treasury yield down 3 basis points at 4.31%. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was last up 0.15% on the day. Gold dipped 0.4% to $3,317.71 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-6-2025-08-19/

2025-08-19 20:21

TSX ends down 0.4% at 27,823.88 Technology sector loses 1.7% Materials group ends 1.8% lower Canada's inflation rate eases to 1.7% in July TORONTO, Aug 19 (Reuters) - Canada's main index fell on Tuesday as technology and metal mining shares lost ground, but the decline was limited after domestic inflation data bolstered expectations for the Bank of Canada to cut interest rates in the coming months. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 98.97 points, or 0.4%, at 27,823.88, remaining below the intraday record high of 28,063.73 it notched last Wednesday. Sign up here. "Ever since we cracked 28,000 briefly last week, the TSX has been going sideways," said Elvis Picardo, a portfolio manager at Luft Financial, iA Private Wealth. "One really needs a new catalyst for the next leg up." Canada's annual inflation rate eased to 1.7% in July from 1.9% in the prior month, helped by lower gasoline prices. "There is little doubt that the Canadian economy is slowing, but the Bank of Canada clearly telegraphed that future rate cuts would be contingent on inflation," Picardo said. Investors see a roughly 70% chance that the BoC resumes its easing campaign by October, up from 56% before the data. The TSX is set to extend its record-setting run this year and next as lower borrowing costs, along with potentially greater clarity on U.S. tariffs, offset expected pressure on corporate profits, a Reuters poll found. The technology sector fell 1.7% as U.S. tech shares lost ground, and the materials group, which includes metal mining shares, was down 1.8%. Gold and copper prices fell, while the price of oil settled 1.7% lower at $62.35 a barrel. Energy (.SPTTEN) , opens new tab fell 0.8%, with shares of uranium producer Energy Fuels Inc down 17.5%. Industrials (.GSPTTIN) , opens new tab were a bright spot, adding 1.1%, with shares of Air Canada (AC.TO) , opens new tab up 1.15% after unionized flight attendants reached an agreement with the carrier, ending a strike. Real estate (.GSPTTRE) , opens new tab added 1% as bond yields fell. Canada's 10-year yield eased 4.7 basis points to 3.443%. https://www.reuters.com/markets/europe/tsx-slips-investors-await-fresh-catalyst-support-bull-market-2025-08-19/

2025-08-19 20:19

Speculation of more railroad mergers mounts after Union Pacific deal CSX says it is open to all ways to boost the stock price Ancora pressures CSX for merger or board fight Commerce secretary supports efficient railway travel through consolidation NEW YORK, Aug 19 (Reuters) - Hedge fund Toms Capital Investment Management requested to meet with the board at CSX(CSX.O) , opens new tab after recently buying a stake in the U.S. railroad operator, people familiar with the matter said, raising speculation the firm may push for a possible merger. Run by Benjamin Pass, Toms Capital invested in the railroad during the second quarter as Union Pacific (UNP.N) , opens new tab was hammering out the finishing details of its $71.5 billion acquisition of Norfolk Southern (NSC.N) , opens new tab that was announced last month. Sign up here. Since news of that deal, which would be the largest ever buyout in the U.S. railroad sector, speculation has been mounting that more big mergers are likely to follow, especially as the Trump administration eases antitrust concerns. CSX said it is open to all ways to boost the stock price for shareholders. "We’ve said it before and we’ll say it again: CSX welcomes all opportunities for us to enhance value for our shareholders. CSX appreciates the input of its shareholders and engages regularly with them as it executes on its goals to drive value through profitable growth and industry-leading customer service," a company spokesman said. Toms Capital held 5.6 million shares of common stock in CSX as of June 30, a new filing showed. Unlike some activist investors, the hedge fund prefers to stay in the background and push for changes out of the limelight, rather than launching public and noisy campaigns. Co-founder Pass, however, has a history of pushing for mergers at companies like U.S. Steel and Band-Aid and Tylenol maker, Kenvue (KVUE.N) , opens new tab. A representative for Toms Capital declined to comment. Also on Tuesday, Ancora Holdings, another activist fund, urged CSX to announce plans to pursue a merger of its own or risk facing a board fight with the firm, according to a letter sent CSX's independent board members and seen by Reuters. Ancora, which last year won board seats at Norfolk Southern in a bitter proxy fight, also took aim at CSX CEO Joe Hinrichs, blaming him for "anemic shareholder returns", poor personnel selection and "disastrous operational performance." "Shareholders cannot afford more missteps as CSX plays catch-up in the rail consolidation race," the letter said. Ancoraalso established a position in CSX during the second quarter and has been considering more purchases, a person familiar with the firm's trading patterns said. A spokesman for Ancora declined to comment. CSX is no stranger to activist investors and previously worked with investor Mantle Ridge, whose founder Paul Hilal, now serves on the CSX board. CSX, which has a market value of $68 billion, saw its stock gain roughly 1.5% on Tuesday and it has climbed 13.5% this year. GOVT SUPPORT FOR CONSOLIDATION CSX is currently the largest railroad in the eastern U.S., operating over 20,000 miles (32,200 km) of track in 26 U.S. states, plus Washington D.C. and two Canadian provinces. Investors have said CSX needs to find a partner of its own now, raising the possibility of potential talks with other railways, including its West Coast peer BNSF. Owned by Warren Buffett's Berkshire Hathaway (BRKa.N) , opens new tab, a merger of the two would create a $200 billion coast-to-coast rail network and mark the most significant consolidation in the sector in decades. The Union Pacific deal, which values Norfolk Southern at $85 billion after its debt is factored in, if approved by regulators, would create the first coast-to-coast freight rail network with approximately 50,000 miles of track across 43 states. Commerce Secretary Howard Lutnick indicated early support for consolidation, saying in an interview with CNBC on Tuesday that U.S. railway travel needs to be more efficient. “Whether that should be through a merger or in any other way, I’ll leave that to the regulators and the overseers,” Lutnick said. “But the concept of making it more efficient to get across the country is obviously something that we applaud. How to get there, I don't know.” https://www.reuters.com/sustainability/sustainable-finance-reporting/toms-capital-seeks-csx-meeting-after-buying-stake-sources-say-2025-08-19/

2025-08-19 20:15

RIO DE JANEIRO, Aug 19 (Reuters) - Brazil's Transpetro, the logistics subsidiary of state-run oil firm Petrobras (PETR3.SA) , opens new tab, is set to relaunch a tender for building barges after low interest in a May bidding process, Transpetro Chief Executive Sergio Bacci said on Tuesday. In May the firm put up the tender for the four barges intended for fuel transportation operations, four push boats and one tug boat, but only one shipbuilder put up bids, at a price point considered too high by Transpetro, said Bacci. Sign up here. Now the idea is to relaunch the tender including a total of 20 barges, which could make it more attractive to builders, said Bacci on the sidelines of an event in Rio de Janeiro. "We're finalizing the process," said Bacci. "We should release the bidding for the barges in September." In the May announcement, the firm had said it planned to commission 20 barges, 20 push boats and four tug boats by the end of 2026. Bacci did not make clear whether the new tender would also include the remaining push boats and tug boats the firm aims to procure. At the time, Bacci said the new barges would allow Transpetro to become a leading operator for transportation of oil, derivatives and biofuels in Brazil. https://www.reuters.com/business/energy/petrobras-subsidiary-relaunch-tender-barges-brazil-2025-08-19/

2025-08-19 20:06

NEW YORK, Aug 19 (Reuters) - BP (BP.L) , opens new tab said on Tuesday operations at its 440,000-barrel-per-day refinery in Whiting, Indiana, were affected due to flooding caused by a severe thunderstorm overnight. BP did not say which units at the refinery, the largest in the U.S .Midwest, were impacted and whether production was affected. Sign up here. "The Whiting refinery's operations were impacted by the significant thunderstorms overnight in Northwest Indiana that led to flooding and severe conditions in the surrounding neighborhoods," the company said. "Materials are being burned in the flares to maintain safe operations." Multiple units at the Whiting refinery were shut early on Tuesday morning due to flooding, consultancy Wood Mackenzie said on Tuesday. The units affected include the 115,000-bpd and the 80,000-bpd fluid catalytic cracker unit, the 115,000-bpd and the 70,000-bpd crude distillation unit, the 60,325-bpd vacuum distillation unit, the 24,300-bpd hydrotreater, the 55,500-bpd diesel hydrotreater, the 100,000-bpd cat feed hydrotreater, and the 85,000-bpd naphtha hydrotreater. Response and operations crews were on-site to manage impacts from the storms, BP said. The Whiting refinery produces a wide range of liquid fuels, including gasoline, diesel and jet fuel. https://www.reuters.com/business/energy/bp-says-whiting-refinery-operations-affected-by-flooding-2025-08-19/