2025-08-04 11:40
Aug 4 (Reuters) - Tyson Foods (TSN.N) , opens new tab raised annual revenue forecast and posted better-than-expected results for the third quarter on Monday, betting on resilient demand for meat products, especially chicken, sending its shares rising nearly 5% before the bell. Profit margins jumped in Tyson's chicken and prepared foods businesses, while they worsened in its beef segment. Sign up here. Tight U.S. cattle supplies continue to force Tyson and other meatpackers to pay more money to buy livestock to slaughter into beef. However, the Springdale, Arkansas-based company has seen sustained demand for frozen meat and ready-to-eat food as consumers increasingly opted to cook meals at home in the face of growing uncertainties about tariffs and economic growth. The Ball Park hotdogs maker expects fiscal 2025 revenue to grow between 2% and 3%, compared with its prior forecast of flat-to-up 1%. Tyson said it expects its chicken business to earn an annual adjusted operating income of $1.3 billion to $1.4 billion, up from its previous forecast of $1 billion to $1.3 billion. Its beef business — the largest product segment by sales — is expected to lose $375 million to $475 million in fiscal 2025, compared with the previous loss estimate of $200 million to $400 million. Volumes in Tyson's beef segment were down 3.1% during the quarter ended June 28, but sales grew 6.9% as prices jumped 10%. The segment had an adjusted operating loss of $151 million, including a goodwill impairment charge of $343 million. That compares with losses of $69 million a year earlier. Sales in the chicken segment rose 3.5%, with volumes up 2.4%. The company's quarterly net sales rose 4% to $13.88 billion, compared with analysts' average estimate of $13.56 billion, according to data compiled by LSEG. Tyson earned 91 cents per share, on an adjusted basis, while the estimate was 78 cents. https://www.reuters.com/business/meatpacker-tyson-foods-raises-annual-revenue-forecast-resilient-chicken-demand-2025-08-04/
2025-08-04 11:38
Stocks rise in Europe, US stock futures up US jobs shock leads markets to price in more rate cuts Dollar flat after Friday's sharp reversal Oil slips as OPEC+ increases production SYDNEY/LONDON, Aug 4 (Reuters) - Global stocks rose on Monday, boosted by the prospect of lower interest rates, after a weak U.S. jobs report prompted a dramatic re-assessment of the rate outlook and ignited concern over the reliability of U.S. economic data. Friday's U.S. nonfarm payrolls report for July missed expectations and revised the figures for May and June sharply lower, sparking a selloff on Wall Street and denting the dollar. Sign up here. By Monday, with the chance of a September rate cut from the Federal Reserve at 85%, some stability returned to the broader market, allowing Europe's STOXX 600 (.STOXX) , opens new tab to rise 0.5% in morning trading. The dollar edged up against a basket of six other major currencies. Downward revisions in the payrolls report left the three-month average of jobs growth at 35,000, down from 231,000 at the start of the year. "I guess the biggest takeaway from all that is the net revision. We’ve all seen poor NFP prints in the past, that we can explain away as a ‘one-off’, but such a chunky net downward revision suggests that this could well be a more pronounced weakening in labour market conditions that is underway," Pepperstone market strategist Michael Brown said. President Donald Trump's decision to fire the head of Labor Statistics in response added an extra layer of nervousness over the credibility of U.S. economic data. News that Trump would get to fill a governorship position at the Fed early added to worries about the politicization of interest rate policy. "It opens the prospect of broader support on the Fed Board for lower rates sooner rather than later," Ray Attrill, head of FX research at NAB, said. "Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight." Markets have essentially already eased for the Fed, with two-year Treasury yields down almost 25 basis points on Friday in the biggest one-day drop since August last year. DOLLAR DENTED Wall Street futures , rose 0.5-0.6%, suggesting some recovery after Friday's washout that drove the S&P 500 down (.SPX) , opens new tab 1.6% and the Nasdaq (.IXIC) , opens new tab down 2.2%. The dollar, which fell 1.4% on Friday in its biggest one-day fall since April, rose broadly, leaving the euro down 0.1% at $1.1578. The pound meanwhile edged up to $1.3307 ahead of a widely expected quarter-point rate cut on Thursday from the Bank of England that traders have priced in for some time. The Swiss franc took a beating, leaving the dollar up 0.6% as markets reopened in Zurich after a public holiday on Friday, when Trump announced a 39% tariff on Swiss imports. The dollar was also up 0.1% against the yen at 147.52 , having shed an eye-watering 2.3% on Friday. In commodity markets, gold was little changed at $3,364 an ounce, having climbed more than 2% on Friday, while oil prices extended their latest slide after OPEC+ agreed on Sunday to another large rise in output for September. The increase completely reverses last year's cuts of 2.2 million barrels per day. Brent crude futures were down 1.7% at $68.48 a barrel. https://www.reuters.com/world/china/global-markets-wrapup-5-2025-08-04/
2025-08-04 11:23
Authorities reinforce flood defences, update evacuation plans More than 70,000 Beijing residents relocated All of Beijing on highest flood preparedness level Three dead, four missing at Hebei wellness retreat, Xinhua reports BEIJING, Aug 4 (Reuters) - Beijing had evacuated more than 70,000 residents by Monday afternoon and warned others to brace for a new round of heavy rainfall, a week after catastrophic floods killed dozens in the deadliest deluge to hit the Chinese capital since 2012. Up to 200mm (7.9 inches) of rain could hit parts of Beijing over a six-hour period from midday, weather forecasters warned. The city of 22 million people receives on average 600mm of rainfall each year. Sign up here. The warning comes as authorities rush to reinforce ageing flood defences, fine-tune weather forecasts and update evacuation plans amid reports of bodies being pulled from raging flood waters across the country, including at least three at a wellness camp in Hebei province. At least 44 people died in Beijing after heavy rains from July 23 to 29. Most of the dead were people unexpectedly trapped by rapidly rising waters at a nursing home in Miyun district on the city's northeastern outskirts. The fatalities led authorities to admit to shortcomings in their contingency plans for extreme weather. By noon on Monday, Beijing had placed all of its 16 districts on the highest level of preparedness, in the first citywide state of readiness since July 28, shutting parts of the Great Wall and other outdoor leisure venues and halting operations of below-ground businesses. The risk of flash floods and landslides is "extremely high", authorities said. By 2 p.m. (0600 GMT), the capital had relocated more than 70,000 residents - nearly 14,000 of them from the hilly Mentougou district in the city's west, the state broadcaster reported. In the summer of 2012, 79 people died in Beijing in the city's deadliest flooding in living memory, with the Fangshan district the worst-hit. Beijing's topography has been described by some as a rain "trap", with its mountains to the west and north capturing moist air and amplifying any ensuing rainfall as a result. WELLNESS RETREAT As of Saturday, torrential rains that swept through "Beijing Valley", a riverside wellness retreat in the Hebei city of Chengde adjacent to Beijing, had claimed three lives, with four still missing, China's state news agency Xinhua reported. Around 40 people had gathered on July 27 for an event at the site, where organisers directed them into tents pitched on low-lying land next to a river bend, Caixin Media reported. By 2 a.m. the next morning, floodwaters had risen to knee height, forcing attendees to scramble towards the camp's only exit. The site bore similarities to Camp Mystic in Texas, where at least 28 children were swept to their deaths last month by floodwaters after the Guadalupe River burst its banks amid torrential rain. In China's southern Guangdong province over the weekend, the bodies of five people were recovered after a large-scale search operation involving more than 1,300 rescuers. The five people, who went missing on Friday night, were swept away by water following heavy rainfall in recent days, Xinhua reported on Sunday. https://www.reuters.com/sustainability/climate-energy/beijing-evacuates-residents-expands-storm-alert-deadly-floods-keep-city-edge-2025-08-04/
2025-08-04 11:06
HOUSTON, Aug 4(Reuters) - Venezuela's oil exports declined about 10% in July from the previous month as key partners of state company PDVSA awaited U.S. authorizations to expand operations in the country, according to vessel tracking data and company documents. Washington in late July green lit producer Chevron (CVX.N) , opens new tab to operate in the sanctioned country and export its crude to the U.S. under a restricted license that does not allow any payment to Venezuelan President Nicolas Maduro's administration. Sign up here. Other PDVSA partners are still waiting for similar authorizations. Chevron's chief executive Mike Wirth said on Friday the company expects to resume exports of Venezuelan oil to the U.S. this month under the new license, in a "limited amount." He did not elaborate on the terms of the authorization, which was issued privately to the company. Venezuela exported an average of 727,000 barrels per day (bpd) of crude and refined products last month, below the 807,000 bpd recorded in June. The OPEC country also shipped 227,000 metric tonnes of oil byproducts and petrochemicals in July, in line with the previous month. Direct and indirect oil shipments to China made up for about 95% of total exports, while Venezuela's political ally Cuba received 31,000 bpd of crude, gasoline and jet fuel, the data and documents showed. Chevron's exports of Venezuelan oil have been suspended since April, when PDVSA canceled cargoes it had scheduled for its joint-venture partner over payment problems related to U.S. sanctions on the OPEC country. The company's previous U.S. license and authorizations to other PDVSA partners had been revoked in March by President Donald Trump's administration. Venezuela's oil exports fell slightly in consequence, with more cargoes bound to China. In the last week of July, Venezuela's main oil terminal, the Jose port, emptied out almost completely, which boosted stocks of heavy crude and diluents, one of the documents showed. Since the new license was approved by Washington following a prisoner swap with Caracas and criticism in the U.S. Congress over more Venezuelan barrels going to China, Chevron has been negotiating a new off-taking mechanism with cash-strapped PDVSA. The arrangement is expected to include payments of mandatory royalties and taxes to Venezuela in kind, which could come from a portion of crude jointly produced or through oil swaps, with Chevron supplying Venezuela with diluents, sources close to the talks said. https://www.reuters.com/business/energy/venezuelas-oil-exports-fell-july-partners-awaited-us-authorizations-2025-08-04/
2025-08-04 11:06
McEwen Copper will seek $600 million for infrastructure spending Feasibility study near completion Argentina has pipeline of eight major copper projects SAN JUAN, Argentina, Aug 4 (Reuters) - McEwen Mining (MUX.TO) , opens new tab expects to complete a feasibility study for its Los Azules copper mine in Argentina in two months, paving the way for the Canadian miner to seek $600 million in financing needed to build infrastructure next year, a top executive said in an interview. McEwen's copper division has spent $300 million on the project in the Andes mountains that will ultimately require about $3 billion, Michael Meding, vice president of McEwen Copper, told Reuters. Sign up here. The company is aiming to secure 20% of the total investment, the equivalent of $600 million, as soon as possible next year, he said. Los Azules expects to produce between 180,000 and 200,000 metric tons of copper annually by 2030, one of the eight major copper projects hoping to benefit from projections of soaring demand for the red metal in the coming years. Argentina’s substantial copper deposits are largely untapped, and the country has not produced any copper since the Bajo de la Alumbrera mine, then operated by Glencore (GLEN.L) , opens new tab, closed in 2018. In the coming year, Los Azules plans to expand the on-site encampment, build roads and erect electricity lines. Mine construction is slated to begin in 2027, with production starting in late 2029 or early 2030. "Our main challenge isn't engineering ... it's mobilizing the necessary funding so we can move at the pace we'd like," Meding said. The project also hopes that $277 million of the investment will qualify for an incentive program launched under President Javier Milei known as the Incentive Regime for Large Investments, or RIGI, meant to light a fuse under major investments. McEwen Mining is the biggest owner of Los Azules with a 46.4% share, followed by automotive company Stellantis (STLAM.MI) , opens new tab and global miner Rio Tinto's leaching technology unit Nuton. McEwen recently announced it has produced laboratory-scale cathodes, which Meding called an "important test" for the mine's plans to exclusively produce cathodes. The mine will use a heap leach production method that will allow it to use five-sixths less water than the traditional flotation and concentrate process, along with other techniques that will reduce its environmental impact, Meding said. Los Azules has also committed to becoming carbon neutral by 2038, and plans to use renewable energy, mostly solar, from Argentina's state-owned YPF Luz. (YPFDm.BA) , opens new tab Meding noted that McEwen was competing with other industries, not just mining, to secure funding. "We need to convince big capital now,” he said. https://www.reuters.com/markets/commodities/mcewen-mining-complete-argentina-mine-feasibility-study-two-months-executive-2025-08-04/
2025-08-04 11:04
Latest Trump tariffs unlikely to budge, top negotiator says Trump to nominate new Fed candidate after Kugler's resignation Market expects a rate cut in September Citi raises gold forecast to $3,500/oz over next 3 months Aug 4 (Reuters) - Gold eased on Monday due to slightly firmer U.S. Treasury yields and profit-taking following last week's sharp rally driven by weak U.S. jobs data. Spot gold lost 0.2% to $3,356.91 per ounce, as of 1051 GMT, after rising more than 2% on Friday. Sign up here. However, U.S. gold futures gained 0.3% to $3,410.20. The benchmark 10-year Treasury yield ticked higher from Friday's five-week low, dulling non-yielding bullion's appeal. "The market will remain range bound with today's pullback being in line with some the reversals seen across markets following Friday's big moves, especially yields which are a tad firmer and stocks which have seen a rebound," Saxo Bank's head of commodity strategy, Ole Hansen, said. A rebound in stock markets, alongside a stabilizing dollar, also reflected a buy-the-dip mood following last week's payrolls-driven retreat. U.S. Labor Department data showed nonfarm payrolls rose by 73,000 in July after June's gain was revised down to 14,000. The weaker numbers bolstered expectations for a Federal Reserve rate cut in September, with CME's FedWatch tool , opens new tab showing an 86% probability. FEDWATCH While gold is struggling to break higher, stagflation risks and prospects of further rate cuts are keeping sellers cautious, with a move above $3,430 likely to spark momentum buying, Hansen said. Meanwhile, U.S. President Donald Trump said he would soon nominate a candidate to fill a vacant Fed seat after Governor Adriana Kugler early resignation. On the trade front, Trump's newly imposed tariffs on multiple countries are expected to remain during ongoing negotiations, Trade Representative Jamieson Greer said in comments aired on Sunday. Citi raised its three-month gold price forecast to $3,500 per ounce from $3,300, citing a deteriorating near-term outlook for U.S. growth and inflation. Spot silver rose 0.3% to $37.14 per ounce, platinum fell 0.3% to $1,311.38 and palladium was down 0.8% at $1,199.08. https://www.reuters.com/world/china/gold-eases-yields-rise-investors-book-profits-2025-08-04/
