2025-08-13 18:10

Bullish shares more than double in NYSE debut Crypto exchange prices IPO at $37 vs previously lifted range of $32-$33 Market reaction reflects positively for other crypto firms looking to list Bullish valued at ~$13.16 billion in NYSE debut Aug 13 (Reuters) - Cryptocurrency exchange operator Bullish (BLSH.N) , opens new tab was valued at about $13.16 billion after its shares more than doubled in their NYSE debut on Wednesday, underscoring investor confidence in the sector and lifting prospects for future U.S. listings by other digital asset firms. The parent of crypto news website CoinDesk raised $1.11 billion in its IPO, valuing the company at $5.4 billion — another sign of mainstream adoption in a market that recently topped $4 trillion. Sign up here. "Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process," said Jeff Zell, senior research analyst at IPO Boutique. The stock opened at $90 and was trading over 150% its IPO price of $37 in afternoon trading. It went as high as $118, before paring gains slightly to trade at $92.60. A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs. Exchange operator Gemini and asset manager Grayscale are also among the crypto firms that have confidentially filed to go public. "We've gone public today, and there's a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class," Bullish President Chris Tyrer told Reuters in an interview. Bullish is close to concluding a two-year process to obtain a virtual currency license known as a "BitLicense" in New York, which would allow the company to operate in the state, Tyrer said. The BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and capital. Peter Thiel-backed Bullish plans to convert a significant portion of the IPO proceeds to stablecoins — a slice of the crypto space that has boomed since U.S. President Donald Trump signed the Genius Act, creating a regulatory regime for the dollar-pegged cryptocurrencies. INSTITUTIONAL FOCUS Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase (COIN.O) , opens new tab, which became the first crypto player to be included in the benchmark S&P 500 (.SPX) , opens new tab index in May. Founded in 2020, Bullish targets institutional clients, whose crypto holdings are expected to rise as a new White House order aims to allow alternative investments in 401(k) retirement plans. "A pure institutional strategy positions Bullish for more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven," said Michael Hall, co-chief investment officer and founding partner at Nickel Digital Asset Management. Bullish CEO Tom Farley was previously the president of the NYSE. "For a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates," Hall said. https://www.reuters.com/business/finance/crypto-exchange-bullish-valued-nearly-132-billion-blowout-nyse-debut-2025-08-13/

2025-08-13 17:43

By Promit Mukherjee and David Ljunggren OTTAWA, Aug 13 (Reuters) - Ahead of the Bank of Canada's July 30 interest rate decision, governors were divided on how much monetary policy could aid growth under current economic conditions, minutes of the meeting showed on Wednesday. Sign up here. The BoC kept its key policy rate unchanged at 2.75% for the third time in a row but said it could cut rates if the economy weakened as a result of U.S. tariffs and inflationary pressures were kept under control. "Monetary policy works to control inflation by influencing demand and is not well suited to shocks that push prices up because of a decline in aggregate supply," said the minutes. "In this context, there was some debate about what monetary policy could do to support the economy." The bank said the worst case tariff scenario had not transpired and noted there were no signs inflation expectations were becoming de-anchored. The minutes showed some members of the seven-person rate-setting team felt the BoC might have already provided all the support it could by bringing the rates to the middle of its so-called neutral range. The neutral rate is the point where the key rate is just enough to not stimulate or restrict economic growth, and the bank estimates this rate to be within the 2.25% and 3.25% range. "Given the lagged effects of monetary policy, there was a risk that further easing might take effect only as demand was recovering, which could add to price pressures," the meeting noted. But others believed that more support would likely be needed "given the estimated amount and persistence of slack in the economy, particularly if the labor market softened further". Members agreed the spillovers from lower export demand into business investment, employment and household spending had been limited so far. The BoC also discussed how much government spending could partially offset tariff-led weakness. But given the uncertainty and the path of trade negotiations between the U.S. and Canada, they would need to wait to draw firm conclusions on how the economy and inflation would evolve, forcing them to look "over a shorter horizon than usual." The bank's next rate decision will be on Sept. 17. Money markets see the odds of another pause are roughly 67% since most analysts and economists think the worst impact of tariffs on the Canadian economy is likely over. (Reuters Ottawa editorial) Keywords: CANADA CENBANK/ https://www.reuters.com/world/americas/bank-canada-divided-impact-monetary-policy-given-tariffs-say-minutes-2025-08-13/

2025-08-13 16:27

Benchmark S&P 500, Nasdaq hit record European shares gain Oil prices drop, gold rises Nikkei attains record high above 43,000 Dollar falls to two-week low NEW YORK, Aug 13 (Reuters) - An index of global equity markets reached a new record for the second straight day on Wednesday, propelled partly by bullish sentiment on Wall Street as investors positioned for a likely interest rate cut from the U.S. Federal Reserve. The MSCI All Country World Index (.MIWD00000PUS) , opens new tab rose to as high as 954.21, hitting a record high after reaching a new peak in the previous session. Sign up here. The benchmark S&P 500 and the Nasdaq hit new record highs for the second straight session as well and the Dow was also advancing. Healthcare, consumer discretionary and financials stocks were leading gains while industrials and consumer staples were the main drag. The Dow Jones Industrial Average (.DJI) , opens new tab rose 0.57%, the S&P 500 (.SPX) , opens new tab rose 0.16% and the Nasdaq Composite (.IXIC) , opens new tab rose 0.16%. European stocks (.STOXX) , opens new tab advanced 0.47%, while Japan's Nikkei (.N225) , opens new tab rose for the sixth straight day, breaking the 43,000 level for the first time and hitting a fresh high. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab rose 1.6%. "It's largely just a continuation from what we saw yesterday, with inflation obviously being the driver of the rally," said Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston. U.S. inflation readings, which on Tuesday showed the consumer price index rising slightly less than forecast in the year through July, indicated President Donald Trump's import tariffs had yet to filter down to consumer prices. That helped Wall Street scale new heights, supported by the increasing likelihood that the Federal Reserve will cut interest rates next month. "It's hard to really glean any sort of trends from that report other than maybe just some noise. I think on the whole, it's better than feared and that was enough to kind of spur expectations that the Fed has kind of the green light to go in September," Melson added. Traders are pricing in a nearly 100% chance of a Fed cut in September, up from about 57% a month ago, according to the CME FedWatch tool. Also boosting market optimism was Trump's signing of an executive order pausing triple-digit levies on Chinese imports for another 90 days. Treasury Secretary Scott Bessent said he thought an aggressive half-point cut was possible given recent Bureau of Labor Statistics revisions showing job growth had slowed to a crawl in May, June and July, though initial estimates had shown stronger employment growth that Fed officials used to argue that the labor market remained in good shape. U.S. Treasury bond prices rose across the board, with the 2-year note yield, which typically moves in step with interest rate expectations for the Fed, dropping 6.1 basis points to 3.67%. The yield on benchmark U.S. 10-year notes fell 6.2 basis points to 4.231%. The dollar weakened 0.47% to 147.14 against the Japanese yen and was down 0.3% to 0.804 against the Swiss franc . The euro was up 0.37% at $1.1716. The dollar index , which tracks the greenback against a basket of major peers, fell for a second day to its lowest in two weeks. It was last down 0.33% at 97.70. Oil prices fell ahead of Trump's meeting with Russian President Vladimir Putin. Brent crude futures dropped 1.21% to $65.33 a barrel, while U.S. West Texas Intermediate crude futures fell 1.4% to $62.29 a barrel. Spot gold rose 0.51% to $3,361.82 an ounce. U.S. gold futures rose 0.43% to $3,363.40 an ounce. https://www.reuters.com/world/china/global-markets-update-5-2025-08-13/

2025-08-13 12:59

About 7,700 people evacuated near Greek city of Patras Volunteer firefighter died and several hospitalised in Spain Pope Leo moves St. Peter's Square weekly audience indoors due to heat PATRAS, Greece,/MADRID, Aug 13 (Reuters) - Wildfires fanned by a heatwave and strong winds continued to rage across southern Europe on Wednesday, burning houses, farms and factories and forcing the evacuation of thousands of residents and tourists. Flames and dark smoke billowed over a cement factory that was set alight by a wildfire that swept through olive groves and forests and disrupted rail traffic on the outskirts of the Greek city of Patras, in the northern Peloponnese west of Athens. Sign up here. "What does it look like? It looks like doomsday. May God help us and help the people here,” said Giorgos Karvanis, a volunteer who had come from Athens to Patras to help. Authorities ordered residents of a town of about 7,700 people near Patras to evacuate on Tuesday and issued new alerts on Wednesday, advising residents of two nearby villages to leave their homes. On the Greek islands of Chios, in the east, and Cephalonia, in the west, both popular with tourists, authorities told people to move to safety as fires spread. In Spain, a volunteer firefighter died from severe burns and several people were hospitalised as state weather agency AEMET warned that almost all of the country was at extreme or very high risk of fire. The 35-year-old man had been attempting to create firebreaks near the town of Nogarejas, in the central Castile and Leon region, when he was trapped in the blaze, regional officials said. Firefighters hosed down blazing houses and warehouses in villages in Castile and Leon, where more than 5,000 people were evacuated. The leader of the Galicia region in the northwest, Alfonso Rueda, called the situation there "complicated" and said the weather was not helping. Six active fires were affecting a combined 10,000 hectares (38 square miles) in Galicia's Ourense province. SUSPECTED ARSON Spanish Environment Minister Sara Aagesen told SER radio station that many fires across the country were suspected to be intentionally caused by arsonists due to their "virulence", but added it was too early to say how many. In Albania, Defence Minister Pirro Vengu said it was a "critical week", with several major wildfires burning across the country. In the southern city of Delvina, evacuees returned to their homes but authorities remained vigilant. Attempts to douse the fires have been hampered by a heatwave across large parts of the continent. Spain was in its 10th day of a heatwave that peaked on Tuesday with temperatures as high as 45 degrees Celsius (113 degrees Fahrenheit), and which AEMET expected to last until Monday, making it one of the longest on record. Pope Leo moved his weekly audience from St. Peter's Square to an indoor venue in the Vatican, "to stay a little bit out of the sun and the extreme heat" as Italy's health ministry issued extreme heat warnings for 16 cities on Wednesday, with temperatures forecast to peak at 39C (102F) in Florence. https://www.reuters.com/sustainability/climate-energy/wildfires-fanned-by-heatwave-rage-across-europe-burning-houses-factories-2025-08-13/

2025-08-13 12:43

Indonesia expands role of military in agriculture and health Thousands of soldiers tasked with boosting agricultural productivity Rights groups fear Indonesia moving back towards military rule JAKARTA, Aug 13 (Reuters) - Indonesia has set up 100 army battalions to help with agriculture projects under President Prabowo Subianto's food security initiative, an official said on Wednesday, underscoring the growing role of the military in civilian life. Since being inaugurated as president last year, Prabowo, a former special forces commander, has expanded the role of the military, including using soldiers to deliver his flagship free school meals project and to manufacture medicines for public use. Sign up here. The battalions, consisting of thousands of soldiers, will be installed across Indonesia to work on agriculture and health projects, especially in remote areas, Brigadier General Wahyu Yudhayana, army spokesperson told Reuters. "Our roles are as the enablers, to fill the gap when the projects are not delivered due to certain limitations or problems," Yudhayana said. Indonesia passed a change to legislation in March that allows the military a bigger role in government, a move that has raised fears among rights groups of a return to authoritarianism. Yudhayana said the battalions would work to make idle land productive, improve irrigation systems and increase food production. Some have voiced concern that the military lacks farming expertise, but Yudhayana said the agriculture ministry would train the soldiers, equipping them with the required skills. Made Supriatma, a visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore, said it was the first time in its democratic era that Indonesia had set up military units dedicated to agriculture and farming. Rather than enlist soldiers, the government should have improved agricultural productivity by empowering farmers, he argued. "This is a serious threat to democracy because these people will create their own structure. The military will have more roles," he said. https://www.reuters.com/world/asia-pacific/indonesia-boosts-role-military-food-security-initiative-2025-08-13/

2025-08-13 12:24

Strong winds and heatwave hamper firefighting efforts Environment minister says arsonists may have started several fires More than 5,000 people evacuated in Castile and Leon region 'Extreme' risk of wildfires forecast for Wednesday MADRID, Aug 13 (Reuters) - A volunteer firefighter died from severe burns and several people were hospitalised in dozens of wildfires that raged across Spain on Wednesday, fuelled by strong winds and scorching heat. At least six large fires were still out of control, according to regional emergency services. Sign up here. "The fire situation remains serious. Extreme caution is essential," Prime Minister Pedro Sanchez said on X. Wildfires have so far burned almost 99,000 hectares (245,000 acres) in Spain this year and extreme heat is making the situation worse. A 10-day heatwave is expected to last until Monday, state weather agency AEMET said, forecasting an "extreme" risk of wildfires on Wednesday. "We are at the most challenging point of the season," AEMET said on X. The man who was killed was a 35-year-old volunteer firefighter who had been attempting to create firebreaks near the town of Nogarejas, in the central Castile and Leon region, when he was trapped in the blaze, regional officials said. That fire had two active fronts that were still out of control, as weather services forecast another day of strong winds and thunderstorms. More than 5,000 people have been evacuated in the region and efforts were focused on preventing the flames from reaching smaller towns. Environment Minister Sara Aagesen told SER radio station that many fires across the country were suspected to be intentionally caused by arsonists due to their "virulence", but added it was too early to say how many. On Monday, another fire killed a man working at a horse stable on the outskirts of Madrid and reached some houses and farms before it was contained. The leader of the Galicia region in the northwest, Alfonso Rueda, called the situation there "complicated" and said the weather wasn't helping. Six active fires were affecting a combined 10,000 hectares in Galicia's Ourense province. https://www.reuters.com/sustainability/climate-energy/volunteer-firefighter-dies-spain-wildfires-rage-2025-08-13/