2025-07-30 11:23
EL ARENAL, Spain/AROUCA, Portugal, July 30 (Reuters) - Thousands of firefighters struggled to put out a dozen wildfires raging in northern Portugal and central Spain through the night and into Wednesday, in the largest wave of blazes in the Iberian Peninsula so far this year after weeks of summer heat. The largest wildfire has been burning in the wooded, mountainous Arouca area - some 300 km (185 miles) north of Lisbon - since Monday, leading to the closure of the scenic trails of Passadicos do Paiva, a popular tourist attraction. Sign up here. Some 800 firefighters and seven waterbombing aircraft tackled the blaze. "There was a huge effort during the night, so now we have a somewhat calmer situation," Civil Protection Commander Helder Silva told reporters, cautioning that shifting strong winds and a difficult terrain meant their work was far from over. "It's a very large wildfire in areas with difficult access," he said. Further north, a blaze has been raging since Saturday in the Peneda-Geres national park near the Spanish border, enveloping nearby villages in thick smoke that led to orders for residents to stay at home. Portuguese firefighters managed to control two large fires that started on Monday in the central areas of Penamacor and Nisa. Authorities said the Penamacor blaze had destroyed 3,000 hectares (7,413 acres) of forest. In Spain's central province of Avila, shifting gusts of wind hindered efforts by firefighters and a special military unit, emergency services said. Residents in the village of El Arenal, about 100 km (62 miles) west of Madrid, were advised to remain indoors due to heavy smoke. In Mombeltran near Avila, farmer Blas Rodriguez fought back tears as he walked among scorched trees, his olive grove devastated by the fire. "This land belongs to my father. It burnt 16 years ago but the olive trees were spared from the fire... this time there is no way to save them, everything is completely burnt," he told Reuters. In the western province of Caceres, the fire has affected 2,500 hectares, prompting evacuations from homes scattered across the Caminomorisco area, authorities said. Hot and dry summers are common across the region, but more intense heatwaves have contributed to destructive wildfires in recent years amid fast-rising temperatures around the globe. Portugal and Spain had the hottest June on record. https://www.reuters.com/sustainability/climate-energy/portugal-spain-fight-wave-wildfires-2025-07-30/
2025-07-30 11:22
Trump vows sanctions unless Russia makes progress on peace deal U.S. also warns China over Russian oil China unlikely to comply with U.S. sanctions, analysts say LONDON, July 30 (Reuters) - Oil prices fell nearly 1% on Wednesday as investors awaited developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. The most active Brent crude futures lost 68 cents, or 0.95%, to $71 a barrel by 1103 GMT while U.S. West Texas Intermediate crude slipped by 70 cents, or 1%, to $68.51. Sign up here. The Brent crude September contract that expires on Wednesday was down 69 cents, or 0.95%, at $71.82. Both contracts had settled on Tuesday at their highest since June 20. "Events in the last few days have moved the needle a touch more, but we still appear to be somewhat rangebound and testing the next resistance level," said Rystad Energy analyst Janiv Shah. Trump had said on Tuesday that he would start imposing measures on Russia, such as secondary tariffs of 100% on trading partners, if it did not make progress on ending the war within 10 to 12 days, moving up from an earlier 50-day deadline. The United States also warned China, the largest buyer of Russian oil, that it could face huge tariffs if it kept buying, Treasury Secretary Scott Bessent told a news conference in Stockholm. JP Morgan analysts wrote that while China was unlikely to comply with U.S. sanctions, India has signalled it would do so, which could affect 2.3 million barrels per day (bpd) of Russian oil exports. "Oil prices reacted strongly yesterday, so there is some profit booking," said UBS commodity analyst Giovanni Staunovo, adding that data from the American Petroleum Institute from Tuesday was also bearish for crude. "Market participants are also taking into account that low prices and secondary sanctions/tariffs on Russia won’t work at the same time." U.S. crude and distillate stocks rose last week while gasoline inventories fell, market sources said, citing API data. "Depending on the outcome of the U.S.-Russia discussions, tariff implementation and the OPEC+ meeting and announcement on unwinding (of output cuts), the market could see some movement," Rystad's Shah added. https://www.reuters.com/business/energy/oil-prices-fall-profit-taking-market-weighs-up-supply-risks-2025-07-30/
2025-07-30 11:21
SINGAPORE/NEW DELHI, July 30 (Reuters) - Supertanker Kalliopi was in the process of discharging Iraqi oil for India's Nayara Energy on Wednesday, the first delivery of crude for the refiner since it was sanctioned by the European Union, five sources familiar with the matter said. More than half of the two million barrels of Basrah volume on board the vessel had been discharged, one of the sources said, with the unloading expected to be completed on Thursday, a second source said. Sign up here. The supertanker is the first to deliver crude to Nayara's Vadinar refinery in the past 12 days, Kpler ship-tracking data showed. Nayara did not immediately respond to a Reuters request for comment. The EU unveiled new sanctions on Russia and its energy trade that targeted the company on July 18. Another tanker, Nusa Merdeka, has delayed discharging Russian crude oil at Nayara's port, one of the sources said. The tanker was scheduled to discharge Urals on July 26 at Vadinar but has since been hovering near the anchorage, the person said. It was not immediately clear why the tanker did not discharge on schedule. Last week, the oil tanker Omni carrying Russian Urals crude diverted away from Nayara Energy's Vadinar port to discharge its cargo at the port of Mundra in India. Nayara, which is majority owned by Russian companies, has reduced crude runs at its 400,000 barrels-per-day site to 70-80%, Reuters reported on Tuesday. Meanwhile, product tankers carrying fuel loaded from Nayara Energy's Vadinar site are afloat without discharging cargoes as shippers and traders avoid dealing with it. https://www.reuters.com/business/energy/supertanker-delivers-oil-sanctioned-nayara-energys-vadinar-refinery-sources-say-2025-07-30/
2025-07-30 11:13
MOSCOW/SINGAPORE, July 30 (Reuters) - Premiums for ESPO Blend crude oil loading from Russia's Kozmino port in late August to early September for delivery into China have held firm as buyers seeking to meet robust demand ignore the threat of increased U.S. tariffs, four traders said on Wednesday. Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine peace deal or face secondary tariffs of 100% in 10 to 12 days. Sign up here. This set the deadline for Russia at August 7 to August 9, while ESPO cargoes loading in September are being traded. Traders said Russian oil trade continued as usual. ESPO Blend's premium to international benchmark ICE Brent was at $2-2.20 per barrel for cargoes loading at end-August and early September as increased refining margins boosted Chinese buying interest, they added. They said independent refiners in the eastern Shandong province have slightly increased their crude processing rates as margins have improved. State oil majors also operated at higher rates this month. The traders, who could not be identified because they were not authorised to speak publicly, said ESPO is considered the most economical crude for Chinese refiners as Middle East crude prices have strengthened. Unipec, the trading arm of Chinese state-run Sinopec (600028.SS) , opens new tab, bought 7-8 cargoes of August-loading ESPO, trade sources said last week, which they said was an increase without giving numbers for previous months. Sinopec did not immediately respond to a Reuters' request for comment. Shandong Yulong Petrochemical has also made a rare purchase of Russia's Urals crude, traders said last week. A decline in exports of Russian Sokol crude produced at Sakhalin Island in August due to maintenance at the oilfield has also supported ESPO prices, traders said. Most Sokol crude is exported to China with the rest going to India, data from analytics firm Kpler showed. https://www.reuters.com/business/energy/russian-espo-oil-premiums-hold-firm-china-despite-us-tariff-threat-2025-07-30/
2025-07-30 10:57
LONDON, July 30 (Reuters) - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. World markets have hunkered down for three days of economic health checks, corporate readouts and policy decisions that may define the remainder of the summer, with U.S. trade worries easing somewhat following a series of framework deals that should enable better planning ahead. Global stocks and U.S. futures flatlined on Wednesday, with the Federal Reserve due to hold the line in interest rates again later in the day just as U.S. GDP and jobs updates stream in alongside the first set of megacap earnings from Microsoft and Meta. The dollar took a breather too after a strong two-day rally. I’ll review today’s news and then discuss why the International Monetary Fund's upgraded forecast for the global economy on Tuesday suggests the world is navigating Washington's trade war better than many had feared, for better or worse. * The big macro market mover late Tuesday was a sharp drop in Treasury yields ahead of Wednesday's Fed meeting and the Treasury's quarterly refunding announcement. This followed strong demand at a series of hefty debt auctions this week, most notably record take-up of 7-year notes on Tuesday. The drop in 10-year yields to their lowest point since July 3 was all the more impressive against the surge in crude oil prices to their highest level in over a month. * The second quarter U.S. GDP estimate now takes center stage, with the narrower-than-forecast June trade deficit released on Tuesday pushing up the Atlanta Fed's estimate , opens new tab of growth to 2.9% from 2.4% earlier. Other releases showed U.S. June job openings softening but consumer confidence brightening this month, with the monthly payrolls and June PCE inflation gauge due on Friday * The Fed is expected to stand pat later despite likely dissents from President Donald Trump's two appointees on the board. The Bank of Canada is likely to hold steady too. The Bank of Japan delivers its verdict on Thursday. While the trade picture appears to be clearing up for monetary policymakers ahead of Friday's deadline for trade deals, the inflation fallout remains foggy. * With investors deep in the weeds of the earnings season, attention turns squarely to the artificial intelligence theme after the bell on Wednesday with Microsoft and Meta's updates. Apple and Amazon are due Thursday. UPS and Whirlpool lost more than 10% on Tuesday amid tariff-related hits. In Europe, pharma giant Novo Nordisk was still reeling from a near 25% share price plunge on Tuesday - its biggest ever one-day drop - after it slashed its outlook amid the stiff competition facing its main obesity drug. Today's Market Minute * U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks aimed at defusing an escalating trade war between the world's two biggest economies. * U.S. President Donald Trump said a trade deal with India has yet to be finalised and warned of possible higher tariffs ahead of an August 1 deadline to seal an agreement. * Trump's trade tariffs are ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.S., according to conversations with 11 industry executives, representatives, experts and traders. * Retail investors are often late to Wall Street parties, only catching the rally once "smart money" is looking for the exit. But that doesn't appear to be the case this time around, claims ROI columnist Jamie McGeever. * If you consider it good practice to consult more than one news source, you may have been confused by the reporting of the latest U.S. Consumer Price Index release. And, writes Income Securities Advisor publisher Marty Fridson, the various interpretations of how that report affected stock prices might have truly left you scratching your head. Chart of the day U.S. President Donald Trump's approval rating dropped another one percentage point to 40% over the second half of July, the lowest of his second term in office, a Reuters/Ipsos poll found. As ever, the partisan split was extreme - with 83% of Republicans and just 3% of Democrats approving of his performance. About one-third of independents approved. Overall, 38% of respondents approved of Trump's handling of the economy and 43% of respondents approved of his record on immigration. Today's events to watch * ADP's U.S. July private sector payrolls (8:15 AM EDT), US Q2 GDP estimate (8:30 AM EDT) June pending home sales (10:00 AM EDT); Mexico Q2 GDP (8:00 AM EDT) * Bank of Canada policy decision (9:45 AM EDT) * Federal Reserve's Federal Open Market Committee policy decision (2:00 PM EDT) and press conference from Fed Chair Jerome Powell (2:30 PM EDT) * U.S. Treasury's quarterly refunding announcement (8:30 AM EDT) * U.S. corporate earnings: Microsoft, Meta, Qualcomm, Ford, Kraft Heinz, eBay, Prudential Financial, Verisk, MGM Resorts, Hershey, Humana, Ventas, Equinix, Altria, Western Digital, Cognizant, Lam Research, Smurfit Westrock, Albermarle, Everest, Align, AvalonBay, FirstEnergy, Bunge, Fortive, ADP, IDEX, F5, Garmin Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-07-30/
2025-07-30 10:38
Rouble, stock market fall after Trump comments Falling rouble lifted shares in some exporting firms Investors are lining up to buy forex Some weakening of the rouble is welcomed by markets MOSCOW, July 30 (Reuters) - Russian markets reacted cautiously to U.S. President Donald Trump's threat to impose new sanctions, with analysts saying on Wednesday a weaker rouble and higher oil prices as a result of his measures may support the economy in the short term. Trump said on Tuesday the United States would start imposing tariffs and other measures on Russia "10 days from today" if Moscow showed no progress toward a peaceful settlement in Ukraine. Oil prices gained more than 3% on his remarks. Sign up here. The rouble has dropped 4.3% since July 24 to 81.9 to the U.S. dollar on Wednesday. Russia's stock market has fallen by 3.4% since July 24. A weaker rouble boosts export competitiveness by making Russian goods cheaper globally and increases revenue from oil exports priced in dollars. "The uncertainty of new U.S. sanctions will continue to weigh on the sentiment of Russian investors," said Alexei Antonov from Alor brokerage. The rouble has rallied by up to 45% against the dollar this year, thanks to the central bank's tight monetary policy and hopes for easing tensions between Russia and the U.S. after talks held in Saudi Arabia in February. The rouble's appreciation lowered the revenue of Russian commodity firms from oil and gas majors to metals and fertilizer exporters. Such firms make up about 60% of the stock market, which is off-limits to Western investors because of sanctions. FUNDAMENTAL SUPPORT Shares in some exporting companies rose after the rouble started sliding, with oil firm Rosneft, Russia's biggest, gaining over 2% since the start of the week, and nickel producer Nornickel rising by over 5% on July 29. "Fundamental support for the Russian exporters' stocks is provided by soaring oil prices and a significantly weakened rouble," said BCS brokerage analyst Mikhail Zeltser. The central bank's decision on July 25 to cut its key interest rate as inflation eased also helped the rouble's fall. A weaker rouble will support the state budget, the main target of Trump's measures, by increasing the rouble-denominated value of Russia's energy revenue even if that shrinks due to new sanctions. Energy made up 27% of Russia's state budget revenue in the first half, down from around 30% in 2023 and 2024. Although some weakening of the rouble to around 90 to the dollar is welcomed by the market, a more significant slide towards 100 and beyond is seen as harmful for the economy. Some analysts recalled November 2024, when the rouble weakened sharply after the U.S. imposed new sanctions. The rouble lost 11% between November 22 and November 27. Finam analysts said Russian investors were lining up to buy foreign currency to hedge the risk of falling export revenues in case Trump imposes secondary sanctions on buyers of Russian oil, such as China and India. "In part, the concerns are not unfounded. It was precisely (former U.S. President Joe) Biden's farewell sanctions package at the end of last year that caused the rouble to plummet," Finam analysts wrote in their research note. https://www.reuters.com/business/weak-rouble-higher-oil-may-help-russia-if-trumps-tariffs-hit-analysts-say-2025-07-30/
