2025-08-18 18:16
HOUSTON, Aug 18 (Reuters) - A U.S. judge on Monday authorized a court officer overseeing an auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to receive and negotiate improved bids this week before confirming or changing the winner recommendation he made last month. A final winner recommendation in the complex court-organized auction is expected to be submitted by the end of this month, Judge Leonard Stark said in a hearing. Sign up here. https://www.reuters.com/legal/litigation/us-court-reopens-citgo-parent-auction-bids-winner-be-recommended-this-month-2025-08-18/
2025-08-18 18:11
Trump says U.S. would "help out" Europe in providing security to Ukraine Palladium gains after hitting lowest level since July 10 Powell to speak at Fed's annual conference, scheduled for August 21–23 Aug 18 (Reuters) - Gold prices were largely steady on Monday, as investors focused on U.S. President Donald Trump's meeting with Ukrainian and European leaders, and the Federal Reserve's annual symposium in Jackson Hole this week. Spot gold was marginally down at $3,333.32 per ounce at 01:42 p.m. ET (1742 GMT), after hitting its lowest level since August 1 earlier in the session. Sign up here. U.S. gold futures for December delivery settled 0.1% lower at $3,378. The U.S. dollar gained 0.3%, making greenback-priced bullion more expensive for other currency holders. Trump said the U.S. would "help out" Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine, as he and President Volodymyr Zelenskiy began a hastily arranged White House meeting to discuss a path to peace. The European leaders will meet with Trump afterwards in the White House's East Room at 3 p.m. EDT (1900 GMT), according to the White House. The meeting between Trump and Zelenskiy follows Trump's meeting with Putin on Friday, where the two leaders agreed to pursue a peace deal without implementing a ceasefire. "There was not much reaction in gold to the Putin-Trump meeting. I think we'll continue in this price range. The next inflection point is the Federal Reserve (conference)," said Marex analyst Edward Meir. Minutes from the U.S. central bank's July policy meeting are due on Wednesday, ahead of the Fed's annual conference in Jackson Hole, Wyoming, scheduled for August 21–23. Fed Chair Jerome Powell is expected to speak at the event. Investors will be watching out for Powell's remarks on the economic outlook. While markets have already priced in a 25 basis point cut, there's an outside chance of a 50 basis point reduction, which could drive gold prices higher, Meir said. Gold tends to perform strongly in environments with low interest rates and heightened uncertainty. Elsewhere, spot silver rose 0.1% at $38.02 per ounce, while platinum fell 0.1% to $1,334.10. Spot palladium gained 1% to $1,122.86 after falling to its lowest level since July 10 earlier in the session. https://www.reuters.com/world/china/gold-prices-steady-investors-assess-trumpzelenskiy-meeting-2025-08-18/
2025-08-18 17:48
BRASILIA, Aug 18 (Reuters) - Brazil's central bank is still assessing whether the benchmark interest rate at 15% is appropriate to bring inflation down to its 3% target, economic policy director Diogo Guillen said on Monday. Policymakers kept rates unchanged in late July at a near 20-year high after 450 basis points in hikes since last September. They signaled borrowing costs would remain steady for a "very prolonged" period. Sign up here. Speaking at an event hosted by Warren Investimentos, Guillen stressed that the guidance signaled more rate holds. "We are still evaluating whether this is the appropriate rate to bring inflation to target," he said. "Once that rate is determined, it will remain unchanged for a very long period." Guillen acknowledged recent downside surprises in consumer prices readings, but said the key issue with inflation is it remains above target, with expectations and projections also unanchored from the official goal. Prices were up 5.23% in the 12 months through July, down from 5.35% in the previous month and below forecasts. Guillen emphasized economic growth is losing steam, as expected following the central bank's tightening stance. https://www.reuters.com/world/americas/brazil-central-bank-still-assessing-if-15-interest-rate-is-appropriate-says-2025-08-18/
2025-08-18 17:16
Loonie trades in a range of 1.3784 to 1.3831. Price of oil increases 0.5% Housing starts rise 4% in July 10-year yield hits a near three-week high TORONTO, Aug 18 (Reuters) - The Canadian dollar was barely changed against its U.S. counterpart on Monday as oil prices rose and investors awaited domestic inflation data that could guide expectations for the Bank of Canada policy outlook. The loonie was trading nearly unchanged at 1.3814 per U.S. dollar, or 72.39 U.S. cents, after moving in a range of 1.3784 to 1.3831. Sign up here. Canada's consumer price index report for July is due on Tuesday. Economists expect the annual rate of increase in consumer prices to ease to 1.8% from 1.9% in June, but measures of underlying inflation that are closely tracked by the BoC are forecast to remain well above the central bank's 2% target. "Tomorrow’s Canadian inflation report should remain too hot for comfort," Karl Schamotta, chief market strategist at Corpay, said in a note. "The central bank’s preferred trim and median core measures are likely to hold close to the 3% threshold for now as retaliatory tariffs and still-resilient consumer spending levels translate into upward pressure on prices." Investors see a 68% chance that the BoC would leave interest rates unchanged at its next policy decision on September 17. The central bank has been on hold since lowering the benchmark rate to 2.75% in March. The price of oil , one of Canada's major exports, was up 0.5% at $63.11 a barrel, while the U.S. dollar (.DXY) , opens new tab notched gains against a basket of major currencies. Canadian housing starts unexpectedly rose in July, advancing 4% from the previous month, data from the national housing agency showed. Data on Friday from the U.S. Commodity Futures Trading Commission showed that speculators have raised their bearish bets on the Canadian dollar to the highest level since June. The Canadian 10-year yield was up 2.7 basis points at 3.489%, after earlier touching its highest level since July 30 at 3.506%. https://www.reuters.com/world/americas/canadian-dollar-steadies-ahead-domestic-inflation-data-2025-08-18/
2025-08-18 13:29
Swedish policy rate seen on hold at 2.00% Ten of 19 analysts see no more cuts this year Nine analysts see final cut in September Link to poll data: STOCKHOLM, Aug 18 (Reuters) - Sweden's central bank will keep its policy rate unchanged at 2.0% on August 20 with analysts almost evenly divided over whether the Riksbank has done easing in this cycle or whether there is one more cut to come this year, a poll by Reuters showed on Monday. None of the analysts in the poll saw a change in the policy rate this week as the Riksbank balances a stuttering economy with headline inflation running well above the central bank's 2% goal. Sign up here. Ten of 19 analysts expected no change this year or through at least the first half of 2026. "Economic ... growth remains weak," Nomura said in a note. "However, above-target inflation should prevent further policy rate cuts." Sweden's economy has stalled, expanding a meagre 0.1% in the second quarter after a small contraction in the first three months of the year. Cutting the key rate in mid-June, the Riksbank said it might be possible to ease policy further this year to boost growth. However, inflation has proven stubborn with headline consumer prices running too hot. In July, inflation was 3.0%. Central banks are trying to work out whether current price pressures will be temporary, giving them room to help struggling households and businesses, or more long-lasting. In Sweden, rate-cut enthusiasts argue that seasonal and technical factors will mean inflation will fall back after the summer, while growth will continue to disappoint amid geopolitical uncertainty. Nine analysts saw a cut in September this year. "Our base case remains one last cut in September," Bank of America said in a note. "The big picture remains a very clear inflation undershoot next year." The Riksbank will publish its rate decision on August 20, but will not update its forecasts - including its forecast for the rate path ahead. https://www.reuters.com/markets/currencies/swedish-central-bank-seen-keeping-rates-hold-this-week-reuters-poll-shows-2025-08-18/
2025-08-18 13:06
LONDON, Aug 18 (Reuters) - Hedge funds bought U.S. stocks at the fastest pace in seven weeks during the week to August 15, in anticipation of a long awaited interest rate cut expected from the Federal Reserve in September, according to a Goldman Sachs (GS.N) , opens new tab client note. Hedge funds bought indices and financial products that rise and fall on economic health, said the Goldman note seen by Reuters on Monday. Sign up here. That move into U.S. shares comes ahead of the Federal Reserve's annual central bank gathering in Jackson Hole later this week at which Fed chief Jerome Powell could shed more light on the rate outlook. Investors price in a roughly 85% chance of a 25-basis-point Fed cut next month, money market pricing suggests. Recent data has suggested that while U.S. tariffs have not filtered into headline consumer prices yet, jobs market weakness could nudge the central bank to take a more dovish stance. According to the Goldman note, speculators dumped defensive stocks meant to do well in harsher economic circumstances, such as health care and consumer staples. They also exited trades on utilities stocks which are often used as a proxy for interest rate trading. Utilities, staples and health care stocks were sold in the largest amounts in four months, said Goldman. Financials stocks were also modestly net sold yet saw the largest increase in gross trading activity since November 2024 and the second largest in five years. All geographic regions benefited from hedge fund stock buying except for Europe. https://www.reuters.com/markets/wealth/hedge-funds-snap-up-us-stocks-ahead-likely-fed-rate-cuts-says-goldman-sachs-2025-08-18/
