2025-07-31 12:29

TVS first-quarter profit jumps 35% on-year Firm explores alternatives for rare-earths July 31 (Reuters) - TVS Motor (TVSM.NS) , opens new tab, India's top electric two-wheeler maker by sales, beat quarterly profit estimates on Thursday on strong local sales and exports, and said it plans to seek alternative sources for rare-earth magnets in light of China's export ban. The company, which also makes three-wheelers, had earlier flagged short- to medium-term challenges in securing magnets, which are key for electric motors and components. Sign up here. China, which produces about 90% of the world's rare earth magnets, imposed export curbs in April. While some shipments to the U.S. and Europe have resumed, Indian firms are still awaiting Beijing's nod. TVS is looking at "HRA-free, cerite-based, magnet-free" alternatives - which do not include heavy rare earth elements - and also at alternate countries, chief executive officer K N Radhakrishnan said in a post earnings conference call. On Wednesday automakers Mahindra and Mahindra (MAHM.NS) , opens new tab and Hyundai India (HYUN.NS) , opens new tab shrugged off medium-term issues from the export ban, with Mahindra saying it was using alternatives such as light rare-earths and ferrites. TVS Motor's overall two-wheeler sales rose 17% to about 1.2 million units in the quarter ending June 30, fuelled by a rising share of premium models, such as the Apache series, which account for roughly 25% of total revenues. Its electric vehicle sales surged 35% in the June quarter, while exports, which make up nearly a fourth of the company's overall revenue, grew 39%. The Jupiter scooter maker's profit jumped 34.9% from a year earlier to 7.79 billion rupees ($88.92 million) in the June quarter, beating analysts' estimate of 7.63 billion rupees, per data compiled by LSEG. Revenue from operations rose 20.4% to 100.81 billion rupees, above analysts' estimate of 99.36 billion rupees. Analysts said TVS is moving to a "richer product mix," where high-margin offerings like high engine capacity bikes and scooters are gaining traction over entry-level models. This shift helped push its core earnings higher, with operating EBITDA margin expanding to 12.5% in the first quarter, up from 11.5% a year earlier. ($1 = 87.6060 Indian rupees) https://www.reuters.com/world/india/indias-tvs-motor-beats-quarterly-profit-view-seeks-rare-earth-alternatives-2025-07-31/

2025-07-31 12:25

BOJ revises up inflation forecasts; yen strengthens slightly Dollar buoyant with year's first monthly gain in sight Fed reiterates patient approach on rates South Korea to face 15% US tariffs, more trade deals awaited LONDON, July 31 (Reuters) - The dollar headed for its first monthly rise of 2025 on Thursday, fuelled by investor confidence in the resilience of the U.S. economy as trade war fears fade, while a more upbeat signal from the Bank of Japan unsettled the yen. At the conclusion of its two-day policy meeting, the BOJ kept short-term interest rates steady at 0.5% in a unanimous vote, but upgraded its inflation forecasts for all three years through fiscal 2027 and said risks to the price outlook were "roughly balanced". Sign up here. The yen initially rallied, as traders priced in a stronger chance of a rate rise later this year, before reversing course to trade roughly unchanged on the day. In the broader market, the dollar traded around two-month highs after Federal Reserve Chair Jerome Powell on Wednesday indicated he was in no rush to lower rates and offered little insight on when they might fall again. The greenback was also on track for its first monthly gain for the year, bolstered by a hawkish Fed and U.S. economic resilience, with uncertainty over U.S. President Donald Trump's chaotic tariffs easing after an array of trade deals. The euro has been one of the biggest casualties of the dollar's ascent this month, as investors have rushed to unwind bets laid on earlier this year on the premise that the European market may offer better opportunities. The European Union's agreement this month to 15% tariffs on U.S. exports has cleared up a lot of uncertainty, but at the same time, delivered a blow to confidence. "I think there was too much optimism in the price of the euro. And I think that's come back this week. There's been a lot of commentary about how the EU conceded to the U.S. on this trade deal and that's been a dose of reality for the Europeans," Rabobank strategist Jane Foley said. She added that the dollar had lagged an improvement in other U.S. assets in recent weeks, as the S&P 500 has hit record highs and long-term bond yields have retreated from the year's peaks. "There were signs that the rotation trade that we saw in the early part of the year of pulling assets out of the U.S. was over. And yet, despite all of this... the dollar remained in the doldrums ... from that point of view, this (upward) direction in the dollar was necessary. We needed to get back to a more neutral position," Foley said. The euro was last up 0.36% at $1.144, having hit a seven-week low on Wednesday. Still, it remained on track to lose nearly 3% this month. Against a basket of currencies, the dollar dipped slightly to 99.77 , set for a monthly gain of about 3%. BOJ HINTS AT HIKES In Japan, the BOJ said persistent rises in food costs could affect public perceptions of future price moves and speed up underlying inflation. "Underlying inflation still remains short of our 2% target, but is expected to rise moderately," Governor Kazuo Ueda told a news conference, in comments some analysts viewed as a possible signal for a rate rise. "There is definitely a clear justification for them to hike rates," said Khoon Goh, head of Asia research at ANZ. "Now, the fact that Japan has finally reached a deal with the U.S. does remove some element of that uncertainty for themselves. So I think the question is whether the BOJ is now prepared to hike in October." The yen softened slightly, leaving the dollar up 0.2% at 149.85, having fluctuated between a 0.2% gain on the day to a 0.6% loss. New U.S. trade deals included one with South Korea, which Trump said on Wednesday would pay a 15% tariff on its U.S. imports. The Korean won strengthened on the news and last stood at 1,393 per dollar. Trump on Wednesday also slapped a 50% tariff on most Brazilian goods and said the United States is still negotiating with India. The blitz of tariff announcements comes ahead of an August 1 deadline for countries to secure trade deals or face steep levies. https://www.reuters.com/world/africa/dollar-set-first-monthly-gain-2025-yen-choppy-after-boj-2025-07-31/

2025-07-31 12:19

July 31 (Reuters) - Intercontinental Exchange (ICE.N) , opens new tab, the parent of the New York Stock Exchange, beat second-quarter profit estimates on Thursday, as elevated volatility drove record revenue. Exchanges thrive during bouts of market volatility as investors frequently rebalance portfolios to seize opportunities and hedge against risks, driving up trading volumes. Sign up here. U.S. President Donald Trump's sweeping tariffs triggered volatility in April, while tensions in the Middle East exacerbated in June. The volatility index (.VIX) , opens new tab, a barometer for market uncertainty and Wall Street's most-watched gauge of investor anxiety, spiked to record levels in April before easing as optimism over potential trade deals calmed markets. The company's revenue from trading in energy-related products jumped 27% to $595 million, while total net revenue surged 10% to record $2.54 billion in the quarter. On an adjusted basis, ICE earned record $1.81 per share in the quarter, topping Wall Street expectations of $1.77, according to estimates compiled by LSEG. Shifting OPEC+ commitments and policy changes in the U.S. have also supported energy trading volumes at exchange operators like ICE. ICE's energy average daily volume (ADV) surged 27% to a quarterly record, with gains across segments including Brent, gasoil, natural gas, and other crude and refined products. Volatility in oil and gas markets led traders and investors to buy and sell more futures and options tied to Brent crude, U.S. natural gas and European gas, while new markets for carbon and renewable credits added further activity. Meanwhile, ICE's listings business posted a 1% rise in quarterly revenue, anchored by large offerings such as stablecoin issuer Circle (CRCL.N) , opens new tab. After a brief lull in April, the U.S. IPO market saw a sharp pickup in activity during the second quarter as companies that had delayed their listings amid tariff tensions moved ahead on their listings. An increase in the number of IPOs helps exchanges, which charge fees for stock listings. https://www.reuters.com/business/finance/nyse-parent-ices-profit-beats-estimates-volatility-fuels-record-revenue-2025-07-31/

2025-07-31 12:01

US stock futures surge on Meta, Microsoft earnings BOJ holds rates steady, ups inflation forecast keeping rate hike bets alive, but yen weakens Copper sees biggest one day decline on record LONDON/SINGAPORE, July 31 (Reuters) - U.S. futures rose on Thursday, outperforming other markets as traders mulled a raft of economic indicators including central bank rate decisions, inflation data and last-minute trade deal talks ahead of U.S. President Donald Trump's August 1 deadline. The next data point is U.S. PCE inflation data, the Federal Reserve's preferred gauge, which will be parsed for signs of any effect of Trump's policies on inflation. Sign up here. The Fed kept rates steady on Wednesday, and chair Jerome Powell said it was necessary to wait for more data before its next move, drawing further criticism from Trump on Thursday. U.S. share futures were trading sharply higher ahead of that data on Thursday, boosted by better-than-expected results from Microsoft (MSFT.O) , opens new tab and Meta Platforms (META.O) , opens new tab after the bell on Wednesday. "Meta and Microsoft have delivered the kind of earnings most companies can only dream of,” said Dan Coatsworth, investment analyst at AJ Bell. "They’ve smashed market forecasts by a country mile and caused investors to scream with joy." Nasdaq futures were 1.25% higher and S&P 500 futures up 0.9%. , Earnings were also in focus in Europe, where the region's banks (.SX7P) , opens new tab rose 0.75% on Thursday after positive results from France's Societe Generale (SOGN.PA) , opens new tab, while defence names rose 2.9% (.SXPARO) , opens new tab thanks to a surge in Rolls-Royce. (RR.L) , opens new tab The broad Stoxx 600 (.STOXX) , opens new tab benchmark was flat however, weighed down by miners after U.S. September Comex copper futures tumbled 22% to $4.37 a lb. That was the biggest fall on record after Trump said the U.S. would impose a 50% tariff on copper pipes and wiring, though this fell short of the expectation of sweeping restrictions. Chinese stocks also retreated after official PMI gauges showed weaker than expected economic activity in July. China's blue chip CSI 300 ended 1.8% lower, its biggest single day drop since April 7, and Hong Kong's (.HSI) , opens new tab index closed 1.6% lower. BOJ FOCUS Earlier in the day there was lots to digest in Asia where the Bank of Japan held interest rates steady and increased its inflation forecast, casting cautious optimism on Japan's economic prospects. Japan's shorter-dated bond yields at one point rose to their highest since early April, but walked that back after the BOJ's policy statement led market participants to scale back expectations for any future interest rate hike. The yen also relinquished early gains and was last weaker on the day at 149.783 per U.S. dollar, its softest since early April, while the Nikkei index (.N225) , opens new tab closed up just over 1%. The dollar's gains on the yen were cancelled out by losses on the euro, which rose 0.37% as traders pared back bets on European Central Bank rate cuts, sending short-dated bond yields higher. Investors in Asia also considered the implications of a trade deal between the U.S. and South Korea as well as whether Trump's initial announcement of a 25% tariff for India should be taken seriously, especially as it was announced in the middle of trade negotiations. Shares in India recovered earlier losses, with the benchmark Nifty 50 (.NSEI) , opens new tab just in positive territory. The Korean won gained 0.3% after Trump said the U.S. would charge a 15% tariff on imports from South Korea, which would in return invest $350 billion in U.S. projects and purchase $100 billion in U.S. energy products. The announcement is the latest in a series of trade deals rushed out before Friday's deadline to avert the imposition of Trump's April 2 "Liberation Day" tariff blitz. Brent crude futures for September , set to expire on Thursday, declined 40 cents to $72.86 a barrel. U.S. West Texas Intermediate crude for September CLc1 fell 33 cents to $69.66. Both benchmarks chalked up 1% gains on Wednesday. https://www.reuters.com/world/china/global-markets-wrapup-5-2025-07-31/

2025-07-31 11:40

July 31 (Reuters) - Intercontinental Exchange (ICE.N) , opens new tab reported an increase in second-quarter profit on Thursday, as it benefited from strong trading volumes in its energy business. The New York Stock Exchange parent reported adjusted earnings of $1 billion, or $1.81 per share, for the quarter ended June 30, compared with $876 million, or $1.52 per share, a year earlier. Sign up here. Exchanges thrive during bouts of market volatility as investors frequently rebalance portfolios to seize opportunities and hedge against risks, driving up trading volumes. U.S. President Donald Trump's sweeping tariffs triggered volatility in April, while tensions in the Middle East exacerbated in June. The volatility index (.VIX) , opens new tab, a barometer for market uncertainty and Wall Street's most-watched gauge of investor anxiety, spiked to record levels in April before easing as optimism over potential trade deals calmed markets. The company's revenue from trading in energy-related products jumped 27% to $595 million, while revenue from ICE's exchange business, the biggest driver of its revenue came at $1.42 billion in the quarter. Shares of the NYSE parent were up 0.7% in premarket trading. https://www.reuters.com/business/finance/nyse-parent-ices-second-quarter-profit-rises-robust-trading-volume-2025-07-31/

2025-07-31 11:38

July 31 (Reuters) - Canadian oil and gas producer Cenovus Energy (CVE.TO) , opens new tab lowered the upper end of its full-year upstream production forecast on Thursday, citing the impact from a temporary shut-in of its Rush Lake facilities. The company said it responded to a steam release from a casing failure in an injection well in early May, and as a result, the Rush Lake facilities in west-central Saskatchewan have been temporarily shut-in. Sign up here. Cenovus forecast 2025 upstream production to be between 805,000 barrels of oil equivalent per day and 825,000 boepd, compared with 805,000 to 845,000 boepd projected previously. For the second quarter, its total upstream production was 765,900 boepd, down from 800,800 boepd a year earlier, reflecting planned turnarounds, maintenance at offshore facilities and short-term production impacts from wildfire activity at Christina Lake. Wildfires across Alberta in May disrupted operations for several oil producers such as Cenovus, Canadian Natural Resources (CNQ.TO) , opens new tab and MEG Energy (MEG.TO) , opens new tab, prompting temporary shutdowns and evacuations at multiple sites. Cenovus' total downstream throughput for the quarter was 665,800 barrels per day, compared with 622,700 bpd a year ago. Benchmark Brent crude prices were lower during the April-June quarter, from a year earlier, weighed down by weak global demand, market volatility due to tariffs and increased oil supply from OPEC+. Calgary, Alberta-based Cenovus posted a net income of C$851 million ($614.57 million), or 45 Canadian cents per share, during the three months ended June 30, compared with C$1.0 billion, or 53 Canadian cents per share, a year earlier. ($1 = 1.3847 Canadian dollars) https://www.reuters.com/business/energy/canadas-cenovus-energy-cuts-2025-production-forecast-2025-07-31/