2025-07-24 07:15
ECB rate decision due later in the day Risk sentiment lifted by progress in trade talks Dollar at more than two-week low Trump to visit Fed on Thursday July 24 (Reuters) - Gold prices extended losses on Thursday, as easing trade tensions dampened demand for safe-haven assets, overshadowing support from a weaker dollar. Spot gold was down 0.3% at $3,375.76 per ounce, as of 0644 GMT, after dropping 1.3% in the previous session. U.S. gold futures were down 0.5% at $3,381.20. Sign up here. "Yesterday, gold prices were seen building up for the next bullish run until the news came out on trade front, triggering some profit-taking," said Brian Lan, managing director at GoldSilver Central, Singapore. "We've seen the dollar has also weakened quite a bit, and of course, this also supports gold. So, I think this is a small retracement at this moment. We are, in fact, still quite bullish on gold." Signalling progress on the tariff front, U.S. President Donald Trump struck a trade deal with Japan that lowers tariffs on auto imports. The European Union and the United States are nearing an agreement that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Risk sentiment in the wider financial markets rose on the back of progress in trade talks and hopes that more deals could be in the offering. Offering support to gold, the U.S. dollar index (.DXY) , opens new tab fell to a more than two-week low, making greenback-priced bullion less expensive for other currency holders. Investors were also looking forward to a rate decision from the European Central Bank due later in the day. The U.S. weekly jobless claims numbers due on Thursday and S&P Global's flash PMI data will be in focus to gauge economic health ahead of the Federal Reserve's monetary policy decision next week. Trump, a critic of Federal Reserve Chair Jerome Powell, will visit the U.S. central bank later in the day, the White House said. Spot silver slipped 0.4% to $39.13 per ounce, platinum eased 0.3% to $1,407.90 and palladium dropped 1% to $1,265.44. https://www.reuters.com/world/china/gold-slips-easing-trade-tensions-offset-support-soft-dollar-2025-07-24/
2025-07-24 06:51
LONDON, July 24 (Reuters) - British Gas owner Centrica (CNA.L) , opens new tab said on Thursday its adjusted operating profit halved in the first half of this year, due to mild weather, falling wholesale energy prices and weaker returns from gas storage. The company said its operating profit for the six months ended June 30 fell to 0.5 billion pounds from just over 1 billion in the same period last year. Sign up here. Core profit or EBITDA also fell, to 0.9 billion pounds from 1.4 billion. "The first half of 2025 has seen more challenging conditions for British Gas Energy residential and Centrica Energy, with lower commodity prices and spreads impacting our Infrastructure businesses," the company said in a statement. British Gas, Centrica's retail energy arm, was impacted by warmer than normal weather, which impacted energy demand, while its gas and power trading business had fewer opportunities to deploy capital given wholesale price volatility, driven by news about U.S. tariffs, EU regulation, and geopolitical factors. However Centrica still plans to raise its full-year dividend per share for 2025 to 5.5 pence, as announced previously in February, up 22% from the previous year. "There is still much more to do across the group, including improving our commercial performance in services & solutions," CEO Chris O'Shea said in a statement, as the division's customer base fell 2% in the first half of the year. Earlier this week Centrica announced it had signed an agreement to acquire a 15% equity stake in Britain's new nuclear project Sizewell C. The group's total funding obligation is capped at 1.3 billion pounds and the investment will generate a return on equity of 10.8% through the construction and initial operations phase, it said. ($1 = 0.7371 pounds) https://www.reuters.com/business/energy/centricas-first-half-profit-falls-due-mild-weather-lower-energy-prices-2025-07-24/
2025-07-24 06:38
LONDON, July 24 (Reuters) - Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures had gained 52 cents, or 0.76%, to $69.03 a barrel by 1040 GMT. U.S. West Texas Intermediate crude futures climbed 60 cents, or 0.9% to $65.85 per barrel. Sign up here. "The U.S. crude inventory draw and the trade efforts are adding some support to prices," said Janiv Shah, an analyst at Rystad. Two European diplomats said on Wednesday that the EU and the United States were moving towards a trade deal that could include a 15% U.S. baseline tariff on EU imports and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal. On the supply side, U.S. Energy Information Administration data on Wednesday showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Oil had also seen some support from a suspension of Azeri crude exports from the Turkish port of Ceyhan and a brief halt to loadings at Russia's main Black Sea ports which has since been resolved. BP (BP.L) , opens new tab said that organic chlorides were detected in some of the oil tanks in the terminal at Ceyhan, adding that oil loading continued from some of the tanks with chloride levels assessed to be within normal specifications, while export activities via the BTC pipeline also continued. But analysts expect oil price gains to remain limited. "Uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities, predicting WTI would likely remain range-bound between $60 and $70 a barrel. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. "Next to watch would be the demand indicators as we are in the peak season and any upside or downside would impact refining margins," Shah added. https://www.reuters.com/business/energy/oil-prices-gain-us-trade-optimism-drop-crude-inventories-2025-07-24/
2025-07-24 06:37
LONDON, July 24 (Reuters) - Global miner Anglo American (AAL.L) , opens new tab on Thursday reported a 13% fall in copper production in the first half of the year to 342,200 metric tons, and a 26% fall in rough diamonds, as demand remains sluggish. The London-listed miner still expects to mine 690,000-750,000 tons of copper this year, down from 773,000 in 2024. The metal is used in electrical wiring and its demand is expected to increase for electric vehicles and renewable energy infrastructure. Sign up here. The miner is restructuring its business to mainly focus on copper, as well as iron ore, following BHP's (BHP.AX) , opens new tab failed attempt to take it over last year. It has demerged its platinum business and has agreed, though not yet completed, the sale of its nickel and coking coal assets. These businesses are now expected to be reported as discontinued operations in the company's 2025 half-year results on July 31. Despite a production halt caused by a fire at one of the mines included in the $3.78 billion sale to Peabody Energy ((BTU.N) , opens new tab) in April, the miner still expects the transaction to be completed. On Thursday, it said a formal process for the sale of diamond unit De Beers is advancing, despite the current challenging market conditions. Its first-half rough diamond production dropped 26% to 7.22 million carats. Anglo had previously cut its production forecast for 2025 to a range of 20 million to 23 million carats, from 30 million to 33 million, as demand remains low and inventories high. Iron ore production increased by 2% to 31.38 million tons in the first half. https://www.reuters.com/business/anglo-americans-copper-diamond-production-falls-first-half-2025-07-24/
2025-07-24 06:33
https://www.reuters.com/business/autos-transportation/hapag-lloyd-posts-31-lower-net-profit-h1-lowers-top-fy-forecast-2025-08-14/
2025-07-24 06:30
MADRID, July 24 (Reuters) - Spain's Repsol (REP.MC) , opens new tab said on Thursday its second-quarter adjusted profit beat expectations despite a 175 million euro ($206 million) hit from a massive blackout in April and other smaller power-supply issues. The April 28 blackout that caused traffic chaos in cities and left thousands stranded on trains and in elevators across the Iberian peninsula also cut power supply to Repsol's chemical plants and refineries. Sign up here. Some of its facilities also suffered from external power supply issues on April 22 and June 16. Since it can take one or two weeks for such plants to be fully operational after these events, the utilisation ratios fell significantly in the quarter. "All businesses, both quarterly and half-yearly, have improved their results, except for Industrial, which was impacted by the general blackout on April 28 in Spain," Chief Executive Josu Jon Imaz said in a statement. The company said it was already considering potential legal action once responsibilities related to the outage are officially determined. Spain's antitrust and energy watchdog is carrying out a probe into the blackout but hasn't said when it will release its findings. Repsol booked a quarterly adjusted profit of 702 million euros, compared with 859 million euros a year earlier and a company-provided average forecast of 500 million euros. Net profit fell to 237 million euros from 657 million euros a year earlier. The Spanish firm also said that it is selling its 40% stake in U.S. renewables developer Hecate. ($1 = 0.8494 euros) https://www.reuters.com/business/energy/repsol-beats-expectations-second-quarter-despite-blackout-hit-2025-07-24/
