2025-08-15 23:34
Aug 15 (Reuters) - San Francisco Federal Reserve Bank President Mary Daly, in an interview following economic reports showing stronger-than-expected retail sales and an unexpected jump in wholesale prices last month, signaled that she is still on board for beginning to ease policy as soon as next month. A softening labor market, an economy that's slowing but not slow, as weighed against inflation that is still above the Fed's goal "would warrant a couple of cuts sometime this year," Daly told Fox Business' Maria Bartiromo in the interview, which aired late on Friday. "Of course, we will wait to see the data and maybe it'll be fewer, maybe it'll be more, but ultimately, I think two remains a good projection. Sign up here. "What I don't want to do is be so worried that inflation might come up again or be persistent that we wait for that clarity and don't support the labor market," she said. https://www.reuters.com/business/feds-daly-two-rate-cuts-more-or-less-appropriate-this-year-2025-08-15/
2025-08-15 22:22
Filing comes 2 days after strong Bullish debut IPO proceeds to repay third-party debt Plans to list on Nasdaq under "GEMI" ticker Aug 15 (Reuters) - Gemini’s revenue fell and losses widened in the first half of 2025, the cryptocurrency exchange said in a U.S. IPO filing, joining a wave of digital-asset firms seeking to tap public markets. Terms of the offering were not disclosed in the filing, made public on Friday. Sign up here. The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier. U.S. IPO activity has rebounded in recent months following a slowdown earlier this year caused by uncertainty over trade policy changes, with several new listings drawing strong investor demand. Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle (CRCL.N) , opens new tab and cryptocurrency exchange Bullish (BLSH.N) , opens new tab. Bullish's debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global (COIN.O) , opens new tab. Gemini will become the third public crypto exchange once it goes public. "The question for investors regarding Gemini revolves around the business mix and moat of trading versus custody, how they differentiate on trust and growth, and what they do that Coinbase can’t copy by Tuesday," said Michael Ashley Schulman, partner and CIO at Running Point Capital. Gemini said it will use IPO proceeds for general corporate purposes and to repay all or part of its third-party debt. The exchange also supports stablecoins on its platform, a segment that has drawn attention following last month’s signing of the GENIUS Act, a new U.S. law establishing a regulatory framework for stablecoins. Gemini issues the Gemini Dollar (GUSD), a stablecoin pegged 1:1 to the U.S. dollar. The company, which also supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June. Gemini, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup are acting as lead bookrunners. The Winklevoss twins rose to prominence after suing Facebook (META.O) , opens new tab, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock. REGULATORY BOOST Regulatory clarity under the Trump administration, rising institutional adoption, and increasing ETF inflows have bolstered investor confidence and helped integrate crypto into mainstream finance. In a watershed moment for the industry, Coinbase became the first blockchain-focused company to join the S&P 500 earlier this year. Block (XYZ.N) , opens new tab, which facilitates bitcoin purchases, joined the index in July. The shift marks a turnaround for an industry that spent more than a decade under heavy regulatory scrutiny worldwide. "We've seen a shift from speculation to sustainability. Institutional investors are looking for proof points - real clients, regulated products, and long-term market alignment. This is how the sector matures, and it will likely set the stage for other crypto firms keen to list their shares," said Nick Jones, founder of crypto firm Zumo. https://www.reuters.com/business/finance/winklevoss-twins-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/
2025-08-15 22:11
SAO PAULO, Aug 15 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Friday that foreign companies that want to do business in Brazil are welcome, speaking at the opening ceremony for a factory for Chinese automaker GWM (601633.SS) , opens new tab in the state of Sao Paulo. "Count on the Brazilian government. Whoever wants to leave, leave. Whoever wants to come, we welcome you with open arms," Lula said at the ceremony. Sign up here. During his speech, Lula criticized the 50% tariffs on Brazilian goods imposed by U.S. President Donald Trump, and said that his country is facing an "unnecessary turbulence." Lula said in an interview with Reuters earlier this month that he would initiate a conversation at the BRICS group of developing nations, which includes China, about how to tackle Trump's tariffs. The leftist leader noted that in the past automakers Ford (F.N) , opens new tab and Mercedes (MBGn.DE) , opens new tab have decided to scale back their operations in Brazil, but celebrated the arrival of other companies, like China's GWM (601633.SS) , opens new tab. Brazil is always open to negotiating business, he stressed. GWM's Brazilian arm has capacity to produce 50,000 vehicles per year and is expected to generate more than 2,000 jobs in the future when it begins exporting vehicles to Latin America, according to a press release. Brazil's auto exports are expected to grow 38.4% in 2025 compared to 2024, reaching 552,000 units, data from automakers association Anfavea showed last week. https://www.reuters.com/business/autos-transportation/brazil-is-open-business-lula-says-chinese-factory-opening-2025-08-15/
2025-08-15 21:38
Aug 15 (Reuters) - Cryptocurrency exchange Gemini said its revenue fell and its loss widened in the first six months of 2025, according to its regulatory filing for a U.S. IPO made public on Friday, as it joins a wave of digital asset companies seeking to tap public markets. Terms of the offering were not disclosed. Sign up here. The company reported a net loss of $282.5 million on a total revenue of $68.6 million in the six months ended June 30, compared with a net loss of $41.4 million on a revenue of $74.3 million year earlier. Activity in the U.S. IPO market has rebounded in recent months following a slowdown earlier in the year, caused by uncertainty over trade policy changes, with several new listings receiving an overwhelming response from investors. Digital asset companies have also featured prominently in the IPO market in recent months, including blockbuster debuts from stablecoin issuer Circle (CRCL.N) , opens new tab and cryptocurrency exchange Bullish (BLSH.N) , opens new tab. Bullish's debut on Wednesday made it the second listed cryptocurrency exchange in the country after Coinbase Global (COIN.O) , opens new tab. Gemini will become the third public crypto exchange once it goes public. Gemini, which supports more than 70 cryptocurrencies and operates in over 60 countries, confidentially filed for an IPO in June. The company, which was founded in 2014 by billionaire twins Tyler and Cameron Winklevoss, plans to list on Nasdaq under the ticker symbol "GEMI." Goldman Sachs and Citigroup are acting as lead bookrunners. The Winklevoss twins rose to prominence after suing Facebook (META.O) , opens new tab, and its CEO Mark Zuckerberg, alleging he stole their idea for the social network. They settled in 2008 for cash and Facebook stock. https://www.reuters.com/business/finance/crypto-exchange-gemini-reveals-lower-revenue-wider-loss-us-ipo-filing-2025-08-15/
2025-08-15 21:21
Japan remains largest non-U.S. holder of Treasuries US equities experience huge foreign inflows in June US net capital inflows see big 75% drop in June NEW YORK, Aug 15 (Reuters) - Foreign holdings of U.S. Treasuries rose to record levels in June, topping $9 trillion for a fourth straight month, data from the Treasury Department showed on Friday. Holdings of U.S. Treasuries climbed to $9.13 trillion in June, up from $9.05 trillion in May. Compared with a year earlier, Treasuries owned by foreigners were up nearly $1 trillion, or 10% higher. Sign up here. However, on a transaction basis, the U.S. experienced outflows of $5 billion after buying roughly $147 billion in Treasuries in May, the largest since August 2022. In April, there was an outflow of $40.8 billion as President Donald Trump's back-and-forth tariff policies roiled markets. Japan remained the largest non-U.S. holder of Treasuries, with a record $1.147 trillion in June, up $12.6 billion from the previous month's $1.134 trillion. UK investors, the second-largest owner of U.S. government debt, raised their pool of Treasuries to another record of$858.1 billion, up 0.6% from $809.4 billion in May. The UK overtook China as the second-largest non-U.S. holder of Treasuries in March. The UK is widely viewed as a custody country, generally a proxy for hedge fund investments. Other countries used by hedge funds for custody services include the Cayman Islands and the Bahamas. Treasury holdings of China, the third-largest owner of U.S. government debt, were little changed at$756.4 billion, compared with $756.3 billion in May, which was the lowest since February 2009 when the country's stock of Treasuries dropped to$744.2 billion. China's holdings were way below their largest level of more than $1.3 trillion held between 2012 and 2016. China, the world's second-largest economy, has been gradually dumping Treasuries to bolster its currency, the yuan. Analysts said a slowing Chinese economy, post-COVID challenges, and trade barriers have diminished China's inflows from exports. Data also showed that other foreign investors in Asia like Hong Kong and India reduced their cache of Treasuries to $242.6 billion and $227.4 billion, respectively. Foreign investors, meanwhile, also poured back into U.S. equities, injecting inflows of $163.1 billion in June that followed $115.8 billion in purchases in May. Data also showed that the net capital inflow into the United States totaled just $77.8 billion, down 75% from the revised$318.1 billion in May, which was the largest since September 2024. https://www.reuters.com/business/foreign-holdings-us-treasuries-climb-record-913-trillion-june-2025-08-15/
2025-08-15 20:58
Dow edges higher after hitting record intra-day high Benchmark S&P 500 and Nasdaq fall Crude oil prices shed $1 as Trump-Putin meeting begins US dollar weakens, gold prices rise US Treasury bond prices rises across board NEW YORK/LONDON, Aug 15 (Reuters) - Global stocks were flat but still traded near record highs on Friday as U.S. President Donald Trump and his Russian counterpart Vladimir Putin held high-stakes talks in Alaska over Ukraine. U.S. Treasury bond prices fell across the board with markets anticipating a Federal Reserve interest rate cut. Sign up here. The Dow hit an intra-day record high during the session, becoming the last of Wall Street's main indexes to climb to a new peak this week. The benchmark S&P 500 and the Nasdaq dropped, dragged down mainly by technology, financials, industrials and utilities stocks. The Dow Jones Industrial Average (.DJI) , opens new tab rose 0.08%, the S&P 500 (.SPX) , opens new tab fell 0.29% and the Nasdaq Composite (.IXIC) , opens new tab fell 0.40%. "This market continues to move higher and the story is just earnings and margins," said Talley Leger, chief market strategist at The Wealth Consulting Group in New Jersey. "The inflation numbers that we saw this week were mostly services and in a services-based economy like ours, this is good for profit margins." Data showed that U.S. retail sales increased solidly in July, rising 0.5% from the prior month, after an unexpected spike in producer price data on Thursday renewed inflation concerns and pared market expectations for Federal Reserve rate cuts this year. European shares touched a near five-month high before pulling back, as investors drew encouragement from a largely positive earnings season. The pan-European STOXX 600 (.STOXX) , opens new tab index finished flat at 0.06%. The MSCI All Country World Index (.MIWD00000PUS) , opens new tab consolidated recent gains. It was last flat at 951.70, just shy of the record level of 954.21 set on Wednesday. Trump and Putin met face to face in Alaska in a high-stakes meeting that could determine whether a ceasefire can be reached in the deadliest war in Europe since World War Two. Trump has said a second summit involving Ukrainian President Volodymyr Zelenskiy could follow if the talks with Putin go well. Details and the longevity of any agreement will be key, and for now investors are on standby. Ukraine's government bonds - key indicators of the mood - have largely stalled in recent days at a still-distressed 55 cents on the dollar. "There's still a small degree of risk premium in European markets because of the war. Any type of resolution will ultimately pare that back," said Shaniel Ramjee, co-head of multi-asset at Pictet Asset Management, adding that oil and other commodity prices could also react. "But I think that the market has learnt not to expect too much from these negotiations. Ultimately, Zelenskiy and the Europeans are not invited. They will need to be involved in any final negotiation," Ramjee added. The two-year note yield, which typically moves in step with interest rate expectations for the Fed, rose 1.1 basis points to 3.751%, paring earlier losses. The yield on benchmark U.S. 10-year notes rose 2.7 basis points to 4.32%. In currency markets, the dollar weakened 0.38% to 146.72 against the Japanese yen and was down 0.15% at 0.806 against the Swiss franc . The euro was up 0.48% at $1.1702. The dollar index , which tracks the greenback against a basket of six major currencies, was last trading down 0.34% at 97.85. Japanese GDP data released on Friday showed the economy expanding by an annualised 1.0% in the April-to-June quarter, beating analyst estimates. Brent crude fell 1.5% to settle at $66.85 per barrel. U.S. crude fell 1.8% to settle at $62.80. Spot gold rose 0.09% to $3,338.65 an ounce. U.S. gold futures settled almost flat at $3,382.60. Cryptocurrency markets stabilised after bitcoin touched a record $124,480.82 on Thursday. It was down 0.78% at $117,033.52. https://www.reuters.com/world/china/global-markets-wrapup-6-2025-08-15/
