2025-08-09 01:42

Aug 8 (Reuters) - U.S. President Donald Trump is considering reclassifying marijuana as a less dangerous drug, the Wall Street Journal reported on Friday, citing people familiar with the matter. At a $1 million-a-plate fundraiser at his New Jersey golf club earlier this month, Trump told attendees he was interested in making such a change, the people, who declined to be named, told the newspaper. Sign up here. The guests at Trump's fundraiser included Kim Rivers, chief executive of Trulieve, one of the largest marijuana companies, who encouraged Trump to pursue the change and expand medical marijuana research, the report said. https://www.reuters.com/business/healthcare-pharmaceuticals/trump-weighs-reclassifying-marijuana-less-dangerous-drug-wsj-reports-2025-08-09/

2025-08-08 23:49

Agreement includes US rights to South Caucasus transit corridor Deal marks first resolution of frozen conflicts near Russia since Cold War Lifts restrictions on defense cooperation between Azerbaijan and the United States WASHINGTON, Aug 8 (Reuters) - Azerbaijan and Armenia signed a U.S.-brokered peace agreement on Friday during a meeting with U.S. President Donald Trump that would boost bilateral economic ties after decades of conflict and move them toward a full normalization of relations. The deal between the South Caucasus rivals - assuming it holds - would be a significant accomplishment for the Trump administration that is sure to rattle Moscow, which sees the region as within its sphere of influence. Sign up here. "It's a long time - 35 years - they fought and now they're friends, and they're going to be friends for a long time," Trump said at a signing ceremony at the White House, where he was flanked by Azerbaijani President Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan. Armenia and Azerbaijan have been at odds since the late 1980s when Nagorno-Karabakh, a mountainous Azerbaijani region mostly populated by ethnic Armenians, broke away from Azerbaijan with support from Armenia. Azerbaijan took back full control of the region in 2023, prompting almost all of the territory's 100,000 ethnic Armenians to flee to Armenia. Trump said the two countries had committed to stop fighting, open up diplomatic relations and respect each other's territorial integrity. The agreement includes exclusive U.S. development rights to a strategic transit corridor through the South Caucasus that the White House said would facilitate greater exports of energy and other resources. Trump said the United States signed separate deals with each country to expand cooperation on energy, trade and technology, including artificial intelligence. Details were not released. He said restrictions had also been lifted on defense cooperation between Azerbaijan and the United States, a development that could also worry Moscow. Both leaders praised Trump for helping to end the conflict and said they would nominate him for the Nobel Peace Prize. Trump has tried to present himself as a global peacemaker in the first months of his second term. The White House credits him with brokering a ceasefire between Cambodia and Thailand and sealing peace deals between Rwanda and the Democratic Republic of the Congo, and Pakistan and India. However, he has not managed to end Russia's 3-1/2-year-old war in Ukraine or Israel's conflict with Hamas in Gaza. Trump on Friday said he would meet Russian President Vladimir Putin in Alaska on August 15 to work on ending the war in Ukraine. ENDING SANCTIONS EVASION BLIND SPOT U.S. officials said the agreement was hammered out during repeated visits to the region and would provide a basis for working toward a full normalization between the countries. The peace deal could transform the South Caucasus, an energy-producing region neighboring Russia, Europe, Turkey and Iran that is criss-crossed by oil and gas pipelines but riven by closed borders and longstanding ethnic conflicts. Iran welcomed the agreement "as an important step toward lasting regional peace", but warned against any foreign intervention near its borders that could "undermine the region’s security and lasting stability". In a statement posted on X, Iran's foreign ministry said Tehran was ready to work with both countries through bilateral channels and regional frameworks. Brett Erickson, a sanctions expert and adviser to Loyola University's Chicago School of Law, said the agreement would help the West crack down on Russian efforts to evade sanctions. “The Caucasus has been a blind spot in sanctions policy," he said. "A formal peace creates a platform for the West to engage Armenia and Azerbaijan ... to shut down the evasion pipelines.” Tina Dolbaia, an associate fellow at the Center for Strategic and International Studies, said Friday's signing was a big symbolic move, but many questions remained, including which U.S. companies might control the new transit corridor and how involved Armenia and Azerbaijan would be in its construction. She said Russia would likely be irritated by being excluded from the agreement and the U.S. role in the corridor. "Now the fact that ... Armenians are shaking hands with Azerbaijanis, and they are talking about U.S. involvement in this corridor - this is huge for Russia," she said. Olesya Vartanyan, an independent regional expert, said the deal added greater predictability to the region, but its long-term prospects would depend on continued U.S. engagement. "Armenia and Azerbaijan ... have a much longer track record of failed negotiations and violent escalations than of peaceful resolutions," she said. "Without proper and continued U.S. involvement, the issue will likely get deadlocked again, increasing the chances of renewed tensions." Senior U.S. administration officials said the agreement marked the end to the first of several frozen conflicts on Russia's periphery since the end of the Cold War, sending a powerful signal to the entire region. Armenia plans to award the U.S. exclusive special development rights for an extended period on the transit corridor, U.S. officials told Reuters this week. The so-called Trump Route for International Peace and Prosperity has already drawn interest from nine companies, including three U.S. firms, one official said on condition of anonymity. Daphne Panayotatos, with the Washington-based rights group Freedom Now, said it had urged the Trump administration to use the meeting with Aliyev to demand the release of some 375 political prisoners held in the country. Azerbaijan, an oil-producing country that hosted the United Nations climate summit last November, has rejected Western criticism of its human rights record, describing it as unacceptable interference. https://www.reuters.com/world/trump-announces-peace-agreement-between-azerbaijan-armenia-2025-08-08/

2025-08-08 21:45

US, Russia aim to reach a deal to halt the war in Ukraine Latest US tariffs raise concerns over economic activity Trump threatens further sanctions on buyers of Russian oil US oil rig count rises by one to 411 HOUSTON, Aug 8 (Reuters) - Oil held steady on Friday as markets awaited a meeting in coming days between Russian president Vladimir Putin and his U.S. counterpart Donald Trump, but prices marked their steepest weekly losses since late June on a tariff-hit economic outlook. Brent crude futures settled 16 cents, or 0.2%, higher at $66.59 a barrel, while U.S. West Texas Intermediate crude futures were unchanged at $63.88. Sign up here. Brent fell 4.4% over the week, while WTI finished 5.1% lower than last Friday's close. U.S. crude fell over 1% earlier in the session after Bloomberg News reported that Washington and Moscow were aiming to reach a deal to halt the war in Ukraine that would lock in Russia's occupation of territory seized during its military invasion. U.S. and Russian officials are working towards an agreement on territories for a planned summit meeting between Trump and Putin as early as next week, the report said, citing people familiar with the matter. The potential meeting raises expectations of a diplomatic end to the war in Ukraine, which could lead to eased sanctions on Russia, and comes as trade tensions have been on the rise between Trump and buyers of Russian oil. This week, Trump threatened to increase tariffs on India if it kept purchasing Russian oil. Trump also said China, the largest buyer of Russian crude, could be hit with tariffs similar to those levied against Indian imports. "Various non-oil considerations are at play, including fears over the impact of tariffs and the headlines flying over the last few days regarding a Trump and Putin meeting in the near term," said Neil Crosby, an energy market analyst at Sparta Commodities. "Headline risk is particularly strong currently with flip-flopping regarding who will turn up to a meeting over Ukraine and under what circumstances." Higher U.S. tariffs on imports from a host of trade partners went into effect on Thursday, raising concern over economic activity and demand for crude oil, ANZ Bank analysts said in a note. OPEC+ agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share, adding to supply. The U.S. oil rig count, an indicator of future supply, rose by one to 411 this week. "Bearish sentiment has returned this week as key OPEC+ members announced a second 'quadruple' output unwind for September (thus fully restoring their extra voluntary cuts of 2.2 mmb/d) and President Trump's sweeping import tariffs took effect against most countries," analysts at FGE NexantECA said. Trump on Thursday also said he will nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a newly vacant seat at the Federal Reserve, fuelling expectations of a more dovish policy ahead. Lower interest rates reduce consumer borrowing costs and can boost economic growth and demand for oil. The dollar firmed on Friday but headed for a weekly fall. A stronger dollar hurts demand for dollar-denominated crude from foreign buyers. Money managers cut their net long U.S. crude futures and options positions in the week to August 5, the U.S. Commodity Futures Trading Commission (CFTC) said. https://www.reuters.com/business/energy/oil-steadies-reports-us-russia-deal-ends-week-about-5-lower-2025-08-08/

2025-08-08 21:37

WASHINGTON, Aug 8 (Reuters) - U.S. Treasury Secretary Scott Bessent is leading a search for a successor to Federal Reserve Chair Jerome Powell, with an expanded list that includes a longtime economic consultant and a past regional Fed president, a source familiar with the process told Reuters on Friday. The list includes St. Louis Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush, the source said, confirming an earlier report by the Wall Street Journal that said there were now about 10 contenders for the spot. President Donald Trump last week said he had narrowed the list to four. Sign up here. National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh remain under consideration, along with current Fed governor Christopher Waller, the source told Reuters. Trump has pressured Powell all year to cut interest rates, building on his past comments critical of the Fed chief that emerged during his first term as president shortly after he elevated Powell to the Fed chair role. Powell's term ends in May. Critics have said the president should let Fed chair Powell complete his term without interference. Hassett, Warsh and Waller have all signaled support for lower rates, which Trump had indicated would be a requirement for the job. Bullard, who left the St. Louis Fed last year to be dean of Purdue University's business school, was Waller's boss before Trump plucked the regional Fed's research director from under Bullard to serve on the Fed Board. As recently as May he said he thought the Fed would probably be able to cut rates by September. The recent monetary policy views of Sumerlin were not immediately clear. It was also not clear what a broader list of candidates would mean for the timing of an appointment. The president moved quickly to name an ally to the Fed Board this week after Fed Governor Adriana Kugler, a Biden appointee who did not support rate cuts, unexpectedly resigned as of the end of this week. Council of Economic Advisers Stephen Miran will serve out the remaining months of Kugler's term, which ends on January 31. Trump has indicated a search continues for someone who could fill the Fed Board role for a 14-year term beginning February 1. (This story has been corrected to fix the spelling of Reuters in paragraph 1) https://www.reuters.com/business/finance/bessent-leads-broad-search-fed-chair-that-includes-bullard-sumerlin-2025-08-08/

2025-08-08 21:12

Investors evaluate Trump interim pick for Fed governor Gilead jumps on full-year outlook raise Indexes: Dow up 0.5%, S&P 500 up 0.8%, Nasdaq up 1% NEW YORK, Aug 8 (Reuters) - U.S. stocks ended higher and the Nasdaq notched a record closing high for the second straight day on Friday as technology-related shares, including Apple, gained and as investors were optimistic about potential interest rate cuts. The three major indexes also registered solid gains for the week. Sign up here. Apple (AAPL.O) , opens new tab shares climbed 4.2% on Friday and were up 13.3% for the week in their biggest weekly percentage gain since 2020. U.S. President Donald Trump on Wednesday said Apple would invest an additional $100 billion in the U.S., bringing its total commitment to $600 billion over the next four years. The S&P 500 technology (.SPLRCT) , opens new tab and communication services (.SPLRCL) , opens new tab indexes led sector gains for the S&P 500 on Friday and the indexes also posted record high closes. Also helping the S&P 500, shares of Gilead Sciences (GILD.O) , opens new tab jumped 8.3% after it raised its full-year financial outlook. Recent weaker economic data has underpinned expectations for rate cuts, while investors are evaluating Trump's interim pick for a Federal Reserve governor. The president late in Thursday's session nominated Council of Economic Advisers Chair Stephen Miran to a short-term board seat following Adriana Kugler's abrupt exit last week, as he narrowed his shortlist to succeed Fed Chair Jerome Powell, whose term ends on May 15. Miran, who is often aligned with Trump, has previously suggested Powell was "too late" in lowering rates. "There are certainly investors who think if the Fed is going to cut rates then the overarching theme is, don't fight the Fed on lower rates," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. "The other side of the equation has really been the tariffs, and how the tariffs turn out remains uncertain." Expectations for a rate cut of at least 25 basis points by the Fed at its September meeting stand at 89.4%, according to CME's FedWatch Tool, up from 80.3% a week ago. Futures are pointing to at least two cuts by year-end. Trump's higher tariffs on imports from dozens of countries kicked in this week. The Dow Jones Industrial Average (.DJI) , opens new tab rose 206.97 points, or 0.47%, to 44,175.61, the S&P 500 (.SPX) , opens new tab gained 49.45 points, or 0.78%, to 6,389.45 and the Nasdaq Composite (.IXIC) , opens new tab gained 207.32 points, or 0.98%, to 21,450.02. It was the Nasdaq's 18th record closing high for 2025, with the index now up about 11% for the year so far. The S&P 500 ended just shy of a record closing finish. For the week, the S&P 500 rose 2.4%, the Dow gained 1.3% and the Nasdaq climbed 3.9%. A look at inflation trends will test the U.S. stock market's rally in the coming week, with some investors saying equities could be set for a pullback. The monthly U.S. consumer price index report is due on Tuesday. Investors also are monitoring U.S.-India trade relations as New Delhi shelved fresh U.S. arms and aircraft purchases, according to three Indian officials, after Trump hiked tariffs on Indian exports to 50% this week. Among other gainers Friday, shares of Expedia (EXPE.O) , opens new tab rose 4.1% after the company raised its annual forecast for gross bookings and revenue growth. With results in now from more than 450 of S&P 500 companies, estimated earnings growth for the second quarter was at 13.2% on Friday, up from 5.8% on July 1, according to LSEG. Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE. There were 272 new highs and 88 new lows on the NYSE. On the Nasdaq, 2,442 stocks rose and 2,157 fell as advancing issues outnumbered decliners by a 1.13-to-1 ratio. Volume on U.S. exchanges was 16.18 billion shares, compared with the 18.27 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/nasdaq-posts-record-closing-high-with-tech-gains-rate-cut-optimism-2025-08-08/

2025-08-08 21:03

TORONTO, Aug 8 (Reuters) - The Canadian government said on Friday it will join some of its closest allies in lowering the price cap for Russian oil over its continued war in Ukraine, the country's finance department said in a statement on Friday. Canada will lower the price cap for seaborne Russian-origin crude oil to $47.60 from $60 per barrel, the statement said. Sign up here. The price cap move brings Canada in line with the European Union and the United Kingdom, who announced in July they would lower the cap as they target Russia's oil revenues and ramp up pressure on Moscow over the war. “By further lowering the price cap on Russian crude oil, Canada and its partners are ratcheting up the economic pressure and limiting a crucial source of funding for Russia’s illegal war," Finance Minister Francois-Philippe Champagne said. https://www.reuters.com/business/energy/canada-joins-allies-lowering-price-cap-russian-oil-2025-08-08/