2025-08-14 10:02

Aug 14 (Reuters) - After years of sitting on the sidelines, U.S. crypto companies are lining up to go public, buoyed by friendly policies under President Donald Trump's second administration that have pushed the value of global cryptocurrencies to a record $4.2 trillion. Bullish (BLSH.N) , opens new tab, a cryptocurrency exchange operator that counts billionaire Peter Thiel among its backers, was the latest to tap U.S. public markets on Wednesday, raising over $1.1 billion. Sign up here. Analysts point to rising mainstream adoption and deep-pocketed corporate backers as forces reshaping the sector's fundraising landscape and boosting demand for new crypto stocks. INDUSTRY BELLWETHER Circle (CRCL.N) , opens new tab went public in June in a blowout NYSE debut, with shares more than doubling at the open to value the stablecoin issuer at about $18 billion. Stablecoins are a type of cryptocurrency pegged to a fiat currency, usually the dollar. "More than anything, Circle's trading has really been the biggest green light for the industry," said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital. Days after that IPO, the U.S. Senate passed the landmark Genius Act establishing a regulatory framework for stablecoins, fueling a rally in the stock. Circle's shares closed the previous session at $153.16, versus its IPO price of $31 apiece. The company is now worth around $35 billion, according to LSEG-compiled data. "Positive trading and a friendly regulator make for a powerful combo," Kennedy added. CRYPTO MARKET MOMENTUM The growing roster of IPO candidates underscores how far the sector has come since the 2022 collapse of crypto exchange FTX triggered a crypto winter, crushing valuations and investor confidence. After years of write-downs and retrenchment, the rebound in prices and sentiment is driving companies to tap public markets. "Private investors are likely seeking liquidity. Many VCs and private equity firms have held these positions for years," said Kat Liu, vice president at IPO research firm IPOX. "These are no longer purely speculative businesses." The passage of the Genius Act, coupled with Circle's blockbuster market debut, has spurred a wave of other crypto firms to press ahead with listing plans. BitGo, Grayscale and Gemini are among those that have already submitted confidential filings to list their shares. Analysts also view crypto exchange Kraken as a potential IPO candidate in the sector. SPAC DEALS While a handful of crypto companies have gone public via IPOs, many are opting to merge with special purpose acquisition companies, which typically undergo less scrutiny. A SPAC is a publicly-listed shell company with a pool of capital. A private company can list its shares via a merger with a SPAC. The SPAC route has mostly been popular among smaller startups aiming to emulate Michael Saylor's Strategy (MSTR.O) , opens new tab, which pioneered the "crypto holding company" model. By holding tokens such as bitcoin and ether on their balance sheets, these companies position themselves as an indirect vehicle for investors to gain crypto exposure. Bitcoin , the world's largest cryptocurrency, is forecast to continue climbing and end the year at $200,000. Standard Chartered expects ether , the second-largest, to finish 2025 at $7,500. Bitcoin closed at $120,181.98 and ether at $4619.73 on Tuesday. "These treasury strategy trades are going to continue for a while. And as long as they trade at a premium, you're going to see people raise money," said Joe Nardini, head of investment banking at B. Riley Securities. US IPO REBOUND The broader U.S. IPO market has also steadily recovered this year, after stalling briefly in April due to uncertainty created by Trump's sweeping tariffs. There have been 216 IPOs on U.S. exchanges so far this year, the most since 2021, raising a total of $39.83 billion, compared with 118 offerings in the same period a year ago, according to Dealogic data. Bankers expect a strong fall IPO window, with high-profile startups such as buy now, pay later lender Klarna and software firm Genesys set to hit the market. Firefly Aerospace's (FLY.O) , opens new tab soaring space-tech debut alongside Chime's (CHYM.O) , opens new tab and Figma's (FIG.N) , opens new tab first-day surges have injected fresh momentum into a market hungry for standout new offerings. Still, bankers warn the IPO market remains highly sensitive to shifts in sentiment and broader volatility. https://www.reuters.com/business/finance/trump-fueled-crypto-frenzy-sparks-rush-wall-street-ipos-2025-08-14/

2025-08-14 09:52

Interim targets to serve as 'commitment and anchor' Targets set at 24% this year and 16% next year Central bank cut rates by 300 basis points last month Inflation fell to 33.5% in July ISTANBUL, Aug 14 (Reuters) - Turkey's central bank announced interim targets for inflation in a new communication strategy on Thursday, setting a target of 24% for end-2025 and 16% for end-2026. Presenting the bank's quarterly inflation report in Istanbul, Governor Fatih Karahan said inflation was currently projected to be between 25% and 29% in 2025 and between 13% and 19% in 2026. Sign up here. "We have decided to change the framework for presenting medium-term forecasts," Karahan said. "We will present 'interim targets' that will not be changed unless extraordinary circumstances occur between report periods." "The 'year-end interim targets' will serve as a commitment and anchor," he said. Last month, Turkey's central bank cut interest rates by 300 basis points to 43%, resuming an easing cycle that had been disrupted by political turmoil earlier this year, as markets have since calmed and disinflation continued. Annual consumer price inflation fell to 33.52% in July, sustaining a downward trend after hitting a peak of 75% in May last year. The bank was keeping its 24% end-2025 inflation forecast as its interim target for the year, with interim targets of 16% and 9% set for 2026 and 2027 respectively, Karahan said, adding that forecasts will continue to be announced in inflation reports. "Interim targets will serve as a reference in determining the endogenous monetary policy path, ensuring that inflation converges to the interim targets within the control horizon," he said, noting that this period was between 12 and 24 months. He said the bank foresees inflation stabilising at 5% in the medium term. "During the disinflation process, we will maintain our tight monetary policy stance to achieve our interim targets," he said. The lira was little changed at 40.79 against the dollar after the report's release. Before last month's rate cut, the bank had hiked its policy rate to 46% from 42.5% in April, reversing an easing cycle that had begun in December, following market volatility over the arrest in March of Istanbul Mayor Ekrem Imamoglu, who is President Tayyip Erdogan's main rival. https://www.reuters.com/world/middle-east/turkish-central-bank-sets-new-interim-targets-inflation-2025-08-14/

2025-08-14 09:32

LONDON, Aug 14 (Reuters) - British goods exports to the United States fell to their lowest level in more than three years in June, according to official data published on Thursday that showed the hit from U.S. President Donald Trump's initial import tariff blitz. Sales of British goods to the United States fell to 3.9 billion pounds ($5.3 billion) during the month, down by 0.7 billion pounds from May and about 20% lower than a monthly average of 4.9 billion pounds in 2024. Sign up here. The last time Britain exported fewer goods to the United States - including sales of precious metals which can be volatile - was in February 2022, the Office for National Statistics said. British Prime Minister Keir Starmer and Trump agreed a trade deal which came into force on June 30 to cut high tariffs on cars and aerospace parts but leaves a 10% tariff on most exports with steel not yet covered. The ONS reported decreases in exports of all commodities to the United States in June with machinery and transport equipment - including cars which were hit by higher initial U.S. duties - down by 0.2 billion pounds. The ONS last week said a third of exporting businesses with 10 or more employees reported an impact from the U.S. tariffs. British imports of U.S. goods increased by 0.2 billion pounds in June, driven by higher aircraft sales, Thursday's data showed. In the April-to-June period, British exports to the United States fell by more than a quarter, reflecting how many manufacturers rushed to send their products across the Atlantic before Trump's first tariffs blitz in April. ($1 = 0.7364 pounds) https://www.reuters.com/business/autos-transportation/uk-goods-exports-us-fell-3-year-low-june-before-trade-deal-2025-08-14/

2025-08-14 07:42

MUMBAI, Aug 14 (Reuters) - Indian rupee options markets suggest traders aren't too anxious about Friday's meeting between the presidents of the U.S. and Russia, with near-term implied volatility at its lowest this month and option pricing showing no bias toward rupee weakness. One-month implied volatility on the dollar/rupee stood at 4.35% on Friday, the lowest this month, while the spot/week implied hovered near monthly lows. Sign up here. Further, the cost of buying options that benefit from a rupee decline was roughly the same for those that profit from its rise, pointing to a lack of clear directional conviction. "Options markets are in no rush to price in a big move on the rupee, which is understandable considering the recently subdued realised volatility," said a rupee volatility trader at a mid-sized private sector bank. "Being long volatility doesn't pay off often, especially when the Reserve Bank of India (RBI) appears to be defending a level." The rupee was quoting at 87.55 to the U.S. dollar, down 0.% from Wednesday. It had touched 87.8850 last week after U.S. President Donald Trump imposed additional tariffs on Indian goods over New Delhi's Russian oil purchases. The RBI had stepped in to prevent the currency from breaching the all-time low of 87.95, a level bankers believe the central bank will continue to defend. The Trump-Putin meeting on Friday in Alaska carries more weight for the rupee than for most of its Asian peers, amid escalating trade tensions with the U.S., which have culminated in potential 50% tariffs on Indian goods. A 25% levy is already in place, with the additional 25% scheduled to take effect on August 27. "If tariffs of 50% were to be sustained, we see USD/INR rising to 89.50 levels by June 2026, implying outright INR underperformance against major currency pairs including Asian FX," MUFG Bank said. Indian financial markets will be shut on Friday, leaving any immediate reaction to be reflected only in Monday's trading. https://www.reuters.com/world/india/are-rupee-traders-jittery-about-trump-putin-meet-options-suggest-not-really-2025-08-14/

2025-08-14 07:42

Half-year core earnings surge to $2.23 billion Interim dividend of 16.6 cents per share, vs 7.9 cents year-ago Company to boost copper output, key for green energy transition 2025 capex seen at $3.9 billion, focus on Centinela concentrator LONDON, Aug 14 (Reuters) - Chilean miner Antofagasta (ANTO.L) , opens new tab posted a nearly 60% jump in half-year core earnings on Thursday, on higher production and prices its customers paid for energy transition material copper. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the first six months rose to $2.23 billion from $1.39 billion last year, slightly above analysts' consensus expectations. Sign up here. Antofagasta, majority owned by Chile's Luksic family, announced a dividend of 16.6 cents per share, up from an interim dividend of 7.9 cents last year. The company is expanding output of copper, key for the power and construction industries and for green energy transition applications. Some analysts predict copper prices will hit records above $12,000 a metric ton before the end of the decade, up around 20% from current levels, as the EV sector grows and on emerging applications such as AI-powered data centres. Antofagasta bucked the trend of other FTSE100 mining companies which reported lower results, with global trade concerns weighing on prices of most industrial metals this year. CEO Ivan Arriagada said the company expects more than 30% growth in output in the medium term. Shares were flat in early London trading, in line with the wider resources sector. "Antofagasta has produced a remarkably clean set of results," said RBC Capital Markets analysts, noting the company expects capital expenditure to speed up in the second half. The producer estimates 2025 capex at $3.9 billion, up from $2.7 billion in 2024, on works on its Centinela concentrator. Antofagasta operates four copper mines in Chile, and seeks to develop the Twin Metals project in Minnesota, which was stalled after President Joe Biden's administration blocked permits over environmental concerns. Arriagada on July 10 said he saw "an opportunity" to advance Twin Metals, following President Donald Trump's move to impose a 50% import tariff on copper. https://www.reuters.com/world/americas/antofagasta-half-year-earnings-surge-60-higher-copper-demand-prices-2025-08-14/

2025-08-14 07:38

Centrica and ECP to jointly buy UK's largest LNG terminal LNG crucial for Europe post-Russia-Ukraine conflict Deal expected to close in fourth quarter, pending approvals Aug 14 (Reuters) - British Gas owner Centrica (CNA.L) , opens new tab will jointly buy National Grid's (NG.L) , opens new tab Grain LNG terminal with U.S.-based infrastructure investor Energy Capital Partners (ECP), it said on Thursday, for an enterprise value of about 1.5 billion pounds ($2.04 billion). The LNG terminal, owned and operated by a National Grid subsidiary, is located on the Isle of Grain in Kent, in southeast England. It is the largest LNG import terminal in Europe by tank capacity and one of the largest in the world. Sign up here. "The Isle of Grain terminal is a strategic asset that will support the UK’s energy security for many decades to come, keeping energy flowing reliably and affordably to households and businesses across the country as we transition to net zero," Centrica CEO Chris O'Shea said in a statement. LNG has become a vital source of gas for Europe, especially after the Russia-Ukraine conflict and as the subsequent Western sanctions on Russia disrupted energy markets. The resulting price surge continues to weigh on British consumers. Centrica said its 50% share of the equity investment in the terminal was about 200 million pounds, with roughly 1.1 billion pounds of the total deal value being debt related to the project. The agreement, first reported by the Financial Times on Wednesday, follows Centrica's bid in July to hold a 15% stake in the planned Sizewell C nuclear project. ECP is one of the largest private owners of natural gas generation and infrastructure assets in the U.S., which has become a major export hub for LNG. Subject to regulatory and national security approvals, the LNG transaction is expected to close in the fourth quarter of this year, Centrica said. ($1 = 0.7365 pounds) https://www.reuters.com/business/energy/centrica-energy-capital-partners-buy-national-grids-lng-terminal-2-bln-2025-08-14/