2025-07-28 20:34

S&P 500 barely manages a record close, European indexes dip Euro slides and dollar rallies after trade agreement US-China talks continue aim for truce extension Megacap earnings and Fed, BOJ policy meetings due this week NEW YORK, LONDON, July 28 (Reuters) - A global equities gauge fell on Monday while the euro took a tumble and U.S. Treasuries sold off as investors cautiously greeted a trade agreement between the U.S. and European Union at the start of an action-packed week for markets. The weekend's framework trade deal, which European Commission President Ursula von der Leyen described as the best the bloc could get, will impose a 15% import tariff on most EU goods while the EU is set to spend $600 billion on U.S. investments and open up some important parts of its market. Sign up here. While the accord may avert a damaging standoff between the trading partners, which account for almost a third of global trade, some European capitals complained it was lopsided in favor of Washington. "The brunt of it is being felt by the euro because when you really step back, Europe gave up a lot. Relatively speaking, the U.S. didn't give up anything," said Jack Janasiewicz, portfolio manager at Natixis Investment Managers Solutions. Equity investor enthusiasm over the trade deal likely faded as market participants looked into the details and questioned how Europe's requirement for spending on U.S. defense and energy would be enforced, Janasiewicz added. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab fell 2.78 points, or 0.30%, to 938.48. The index, representing stocks from 47 countries, had boasted five record closes out of the prior six trading sessions. Monday's tepid equity action followed a series of record highs for the S&P 500 and Nasdaq, thanks to solid quarterly earnings and bets on megacaps and artificial intelligence stocks as well as optimism that the U.S. would ultimately reach agreements with its trading partners. On Wall Street the 500 (.SPX) , opens new tab barely managed to squeak another record close, its sixth in a row, by finishing up 1.13 points, or 0.02%, at 6,389.77. The Nasdaq Composite (.IXIC) , opens new tab also managed a record close with a gain of 70.27 points, or 0.33%, to 21,178.58. The Dow Jones Industrial Average (.DJI) , opens new tab fell 64.36 points, or 0.14%, to 44,837.56, still short of its early December record close. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index closed down 0.22%, while Europe's broad FTSEurofirst 300 index (.FTEU3) , opens new tab fell 0.15%. Phil Orlando, chief market strategist at Federated Hermes, said that removing uncertainty was a relief along with the 15% tariff rate, which was lower than some of "the ridiculous numbers" being talked about in early April. "You've got some certainty going forward, and you've got numbers that seem reasonable," he said. Orlando said investors should be patient since the S&P 500 had already risen about 32% from its April lows. He pointed to U.S. inflation and payroll reports and a U.S. Federal Reserve meeting all due in the week ahead, along with earnings reports from megacaps including Apple (AAPL.O) , opens new tab, Microsoft (MSFT.O) , opens new tab and Amazon (AMZN.O) , opens new tab. Europe's agreement follows U.S. pacts with Japan, Indonesia and the Philippines made last week. Other countries were still scrambling to make deals ahead of U.S. President Donald Trump's August 1 deadline. Top U.S. and Chinese economic officials met in Stockholm on Monday for more than five hours of talks aimed at resolving longstanding economic disputes at the centre of a between the world's top two economies, seeking to extend a truce by three months. In currencies, the dollar rose against major currencies after the weekend's trade pact, with investors also looking to this week's U.S. and Japanese central bank meetings. The euro was down 1.27% at $1.1591. Against the Japanese yen , the dollar strengthened 0.62% to 148.57. The dollar index <=USD>, which measures the greenback against a basket of currencies including the yen and the euro, rose 1.07% to 98.65. In U.S. Treasuries, yields rose following the trade deal and U.S. bond auctions. The next U.S. Federal Reserve policy meeting kicks off on Tuesday and the Fed is not expected to change interest rates this week. The central bank has been cautious on rate cuts as officials want to determine the impact of tariffs on inflation before making decisions. The yield on benchmark U.S. 10-year notes rose 2.8 basis points to 4.414%, from 4.386% late on Friday while the 30-year bond yield rose 3.3 basis points to 4.9616%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 1.1 basis points to 3.928%. In energy markets, oil prices rallied more than 2% after the U.S.-EU deal and Trump's announcement that he would set for Russia to end its war in Ukraine or face severe tariffs. U.S. crude settled up 2.38% or $1.55, at $66.71 per barrel while Brent finished at $70.04 per barrel, up 2.34%, or $1.60 on the day. In precious metals, gold fell to a near three-week low as the trade accord lifted the dollar and risk sentiment, while investors awaited fresh cues on rate policy from this week's Fed meeting. Spot gold fell 0.56% to $3,317.31 an ounce. U.S. gold futures fell 0.74% to $3,309.20 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-7-2025-07-28/

2025-07-28 20:32

US, EU avert trade war with 15% tariff deal Nike rises after JP Morgan upgrade Chinese, U.S. officials resume trade talks Indexes: Dow off 0.14%, S&P 500 up 0.02%, Nasdaq up 0.33% NEW YORK, July 28 (Reuters) - The S&P 500 edged higher to eke out a record high close for a sixth straight session on Monday, while the Nasdaq also advanced to a closing record in choppy trade as investors gauged the U.S.-EU trade pact and prepared for a week of major market catalysts. U.S. President Donald Trump and European Commission President Ursula von der Leyen unveiled a trade framework on Sunday, slashing EU import tariffs to 15% - half the previously threatened rate that was scheduled to take effect on August 1. Still, France denounced the deal as a "submission." Sign up here. The deal is the latest announcement in recent days on U.S. trade agreements with countries such as Japan and Indonesia. Top U.S. and Chinese economic officials resumed talks in Stockholm to resolve a trade war between the world's two largest economies. "It's feel-good in the sense that it doesn't represent Armageddon, if the draconian tariffs went into place," said Scott Welch, chief investment officer at Certuity in Potomac, Maryland. "But it's much too soon to pass judgment on the long-term effects on how that will play out. It's better than the alternative for sure, and so I hope they continue." The Dow Jones Industrial Average (.DJI) , opens new tab fell 64.36 points, or 0.14%, to 44,837.56, the S&P 500 (.SPX) , opens new tab gained 1.13 points, or 0.02%, to 6,389.77 and the Nasdaq Composite (.IXIC) , opens new tab gained 70.27 points, or 0.33%, to 21,178.58. The benchmark S&P 500 index has now notched six straight daily closing records, en route to its 15th closing record of the year. Stocks have rebounded strongly from a selloff that began in early April when Trump announced a slew of tariffs. Mounting enthusiasm over the potential for AI technology has helped lift stocks, along with the realization of some trade pacts and early indications corporate earnings season may be better than anticipated. Investors now await a policy announcement from the Federal Reserve on Wednesday. The central bank is widely expected to keep U.S. rates unchanged even as Trump has ramped up pressure on Fed Chair Jerome Powell to lower borrowing costs. Also on deck this week were a slew of corporate earnings, including results from heavyweights Meta (META.O) , opens new tab, Microsoft (MSFT.O) , opens new tab, Amazon (AMZN.O) , opens new tab and Apple (AAPL.O) , opens new tab, which could sway broader investor sentiment in either direction. Along with the Fed meeting and earnings, a number of economic indicators are scheduled to be released this week, including the Personal Consumption Expenditure report (PCE) - the Fed's preferred inflation measure - and the government payrolls report to gauge how tariffs may have affected consumer prices and the labor market. Nike (NKE.N) , opens new tab climbed 3.89% after J.P. Morgan upgraded the stock to "overweight" from "neutral" and said investors should "just buy it". Energy (.SPNY) , opens new tab, up 1.15% was the best performing S&P sector on the session, buoyed by a jump of more than 2% in oil prices while real estate (.SPLRCR) , opens new tab, down 1.75%, and materials (.SPLRCM) , opens new tab, off 1.44%, were the worst performing. Declining issues outnumbered advancers by a 1.81-to-1 ratio on the NYSE, and by a 1.48-to-1 ratio on the Nasdaq. The S&P 500 posted 26 new 52-week highs and five new lows, while the Nasdaq Composite recorded 68 new highs and 54 new lows. Volume on U.S. exchanges was 17.58 billion shares, compared with the 17.84 billion average for the full session over the last 20 trading days. https://www.reuters.com/business/autos-transportation/sp-nasdaq-again-close-record-highs-trade-choppy-2025-07-28/

2025-07-28 20:27

US president meets Starmer at Trump's Scottish golf course UK-US 'special relationship' strong under Trump Trump outlines differences on energy and tax Starmer defends London mayor from Trump criticism EDINBURGH/TURNBERRY, Scotland, July 28 (Reuters) - U.S. President Donald Trump spoke warmly about the "special relationship" with Britain on Monday, lavishing praise on Prime Minister Keir Starmer, King Charles, and his own mother's Scottish homeland from the ballroom of his Turnberry golf club. But mixed in with the compliments were warnings for Starmer on energy policy, immigration, and tax, as well as a pointed attack on London Mayor Sadiq Khan, Starmer's political ally. Sign up here. Seated side-by-side, Starmer and Trump fielded more than an hour of questions from media in a whirlwind tour of global affairs that included setting a new deadline for Russia to agree a ceasefire in Ukraine and announcing food centres to ease starvation in Gaza. When it came to the Anglo-American relationship, Trump's often outspoken - and sometimes confrontational approach - to such media appearances was replaced with a charm offensive. "The prime minister, he's been so supportive of us and so strong and so respected, and I respect him much more today than I did before, because I just met his wife and family. He's got a perfect wife, and that's never easy to achieve," Trump said. Starmer, who spoke for only a small fraction of the 72 minutes the two spent in the gaze of the world's media, reciprocated the compliments freely in what was the latest chapter of a burgeoning friendship between the two leaders, who hail from opposing sides of the political spectrum. "It's fantastic to be here - thank you for your hospitality - and to see this amazing golf course. I'll invite you to a football ground at some stage, and we can exchange sports," Starmer joked. DEFENDING KHAN However, the British leader jumped in when Trump - who argued publicly with London mayor Khan during his first term as president - said Khan was doing a bad job running the British capital and called him a "nasty person". "He's a friend of mine, I should add," Starmer interjected, before Trump continued: "I think he's done a terrible job." Starmer listened to Trump talk about cutting immigration - an area in which the British leader is seen by the public as failing. Trump said that policy was key to his 2024 U.S. election win, alongside his promises to reduce taxes and boost the economy. Starmer's government, only a year after winning a landslide victory, is facing a fiscal crunch caused by a stagnant economy, and many analysts expect tax increases later this year to plug the gap. On energy, the two talked up the potential of small nuclear reactors, but set out opposing positions on other sources of power. Trump gently urged Starmer to make more of Britain's oil and gas resources and renewed criticism of the offshore wind turbines that dot the coast near his golf course, and which form a key part of Starmer's plans for a carbon-free energy system. "Wind is a disaster," Trump said. "It's a very expensive energy, it's a very ugly energy and we won't allow it in the United States." Starmer replied: "We believe in a mix." STATE VISIT Smoothing over their differences on policy, the two looked ahead to Trump's next visit in September when he will be hosted by King Charles for a state visit. "I hate to say it, but nobody does it like you people in terms of the pomp and ceremony," Trump said. "I'm a big fan of King Charles. I've known him for quite a while. Great guy, great person." After accepting an invitation presented to him during Starmer's visit to the White House in February, Trump will become the first world leader in modern times to undertake two state visits to Britain. "This is going to be a historic occasion, and we're all very much looking forward to it," Starmer said. In May, Washington and London announced the first bilateral trade deal made in the wake of steep new tariffs on global imports imposed by Trump. Trump's visit concludes on Tuesday, when he will open a new golf course near Aberdeen named after his mother, Mary Anne MacLeod, who was born and raised on a Scottish island before emigrating to the United States. https://www.reuters.com/world/trump-starmer-trade-compliments-defend-differences-2025-07-28/

2025-07-28 20:12

Sanctions could jeopardise Serbia's crude supplies NIS imports 80% of oil via Croatia's Janaf pipeline BELGRADE, July 28 (Reuters) - Serbia has secured a fifth postponement of planned U.S. sanctions against Russian-owned oil firm NIS (NIIS.BEL) , opens new tab, which operates the country's only oil refinery, Serbian Energy Minister Dubravka Djedovic Handanovic said on Monday. The postponement would be a month long, and a longer extension was not possible, she said in a written statement. Sign up here. "Our top priority is to maintain a stable supply of oil derivatives, and ... to remove NIS from OFAC sanctions list. The most important factor for that is progress in the dialogue between the U.S. and Russia," Djedovic Handanovic said. The U.S. Treasury's Office of Foreign Assets Control initially placed sanctions on Russia's oil sector on January 10, and gave Gazprom Neft 45 days to exit ownership of NIS. The U.S. Treasury Department did not immediately respond to requests for comment. On Thursday, Belgrade sought an additional 180-day postponement from the U.S. NIS - in which Gazprom Neft (SIBN.MM) , opens new tab owns a 44.9% stake, Gazprom (GAZP.MM) , opens new tab 11.3%, and the Serbian government 29.9% - operates Serbia's sole refinery, in the town of Pancevo, just outside Belgrade. The facility has an annual capacity of 4.8 million tons and covers most of the Balkan country's needs. Sanctions could jeopardise its supplies of crude. Serbia sold a 51% stake in NIS to Gazprom in 2008 for 400 million euros ($464 million). On February 26, Gazprom Neft transferred a stake of around 5.15% in NIS to Gazprom in an attempt to ward off sanctions. NIS imports about 80% of its oil needs through Croatia's pipeline operator Janaf. The remainder is covered by its crude oil production in Serbia. https://www.reuters.com/business/energy/serbia-secures-fifth-postponement-us-sanctions-against-nis-oil-firm-2025-07-28/

2025-07-28 20:09

LUANDA, July 28 (Reuters) - Protests in Angola's capital over a hike in the price of diesel turned violent on Monday, with local media reporting that several people had been killed and many arrested following looting incidents and clashes with police. The Southern African oil-producing country hiked the diesel price by one-third this month as part of a long-running government drive to curb costly subsidies and shore up public finances. Sign up here. Minibus taxi associations have hiked fares by up to 50% and went on a three-day strike starting Monday. The Novo Jornal newspaper reported on its website that at least three people had been killed in the protests, including a police officer. The police used tear gas and smoke grenades, also firing shots into the air to try to restore calm, Novo Jornal said. The police said in a statement that shops in the capital Luanda had been looted. The statement said police had made arrests but did not give the number. Angola's finance minister told Reuters in October that fuel subsidies amounted to around 4% of economic output last year and that the government would continue removing them in phases. A petrol price hike in 2023 also triggered deadly protests. https://www.reuters.com/business/energy/angola-fuel-hike-protests-turn-violent-local-media-report-2025-07-28/

2025-07-28 19:48

Venture Global on track to become biggest U.S. LNG exporter Company FIDs third project in six years Third LNG project to get financial go ahead since return of President Donald Trump July 28 (Reuters) - U.S. liquefied natural gas company Venture Global (VG.N) , opens new tab said on Monday it has decided to go ahead with the construction of its CP2 export facility in Louisiana after it closed $15.1 billion in financing for the first phase of the project. Venture Global's stock rose 5% as investors cheered the decision, which promises to boost the company's export capacity by more than 70% within two years. It is the third positive final investment decision for a U.S. LNG export project since January. It also will help cement the U.S. position as top global supplier of the superchilled fuel. Sign up here. "We are extremely proud to have taken FID on our third greenfield project in under six years with over $80 billion in capital markets transactions executed to date," Venture Global CEO Mike Sabel said. With an expected production of 28 million metric tons per annum (MTPA), CP2 will lift Venture Global's export capacity 67.2 million MTPA by 2027, from 39.2 million MTPA now, according to company filings. That would make it the country's top LNG export company ahead of Cheniere Energy (LNG.N) , opens new tab. A mere startup three years ago, Venture Global has quickly become a major U.S. LNG exporter by producing LNG even as its export facilities remain under construction. Last month its two existing plants, Plaquemines and CP1, exported over 2 million MT, according to data from financial firm LSEG. The announcement followed positive financial decisions on two other U.S. LNG export facilities this year. Cheniere approved its midscale Trains 8 & 9, and Woodside Energy (WDS.AX) , opens new tab gave the go-ahead on its Louisiana project. Several other proposed LNG projects await a decision. The industry has enjoyed strong global demand and policy support from U.S. President Donald Trump, who returned to office in January promising to unleash U.S. energy. He also reversed a freeze on new export permits. The U.S. is the world's top LNG exporter with total capacity expected to reach 115 million MTPA this year, according to the U.S. Energy Information Administration. Venture Global said the lender group for the construction financing included Bank of America, Barclays and BayernLB, among other U.S., Europe and Asia-based banks. Venture Global said it now has a total contracted capacity of 43.5 MTPA across all three of its projects in Louisiana. The company's stock also got a boost from the European Union's pledge of $750 billion worth of strategic purchases, part of a sweeping trade pact. Below is a list of other U.S LNG projects that could get to FID before the end of the year. https://www.reuters.com/business/energy/venture-global-okays-construction-cp2-lng-project-shares-rise-5-2025-07-28/