2025-07-23 15:20

July 23 (Reuters) - Goldman Sachs (GS.N) , opens new tab and BNY (BK.N) , opens new tab have joined hands to launch digital tokens that mirror shares of money market funds, deepening Wall Street's push to bring blockchain technology into traditional finance. Investors can now buy and sell money market fund shares on BNY's LiquidityDirect platform, with a digital record of those shares created on Goldman's blockchain system, the two financial giants said on Wednesday. Sign up here. The move marks an early step toward modernizing the infrastructure that underpins most of the financial ecosystem. If adopted broadly, it could make it easier and faster for institutional investors to use these assets as collateral and reduce trade settlement times. BlackRock (BLK.N) , opens new tab, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management are among the companies participating in the initial rollout. Other asset managers are also exploring tokenization. In January, Apollo (APO.N) , opens new tabpartnered with , opens new tab Securitize to launch a feeder fund that would channel capital from crypto-native investors into its global credit fund. GAINING TRACTION While it is still a subject of debate, tokenization's potential to drastically reshape the investing landscape has drawn strong interest. It is being touted as the next breakthrough for bridging the gap between traditional and digital finance, with supporters saying it could open up an asset class that has long been out of reach for retail investors. "We're at the precipice of doing something very special, and that's really the democratization of markets," said Chris Perkins, president of crypto investment firm CoinFund. The growing interest in tokenization coincides with the renewed optimism in the crypto industry, which has rallied in recent months and gained momentum after the Genius Act was passed earlier this month. Critics, however, say tokenization could allow companies to bypass the guardrails put in place to protect retail investors. Companies may also not consent to having their securities tokenized. Earlier this month, OpenAI objected to Robinhood's (HOOD.O) , opens new tab tokens tied to its private shares. https://www.reuters.com/markets/wealth/goldman-bny-team-up-launch-tokens-tied-money-market-funds-2025-07-23/

2025-07-23 13:26

July 23 (Reuters) - U.S. President Donald Trump on Wednesday reiterated his criticism of Federal Reserve Chairman Jerome Powell amid his ongoing call for lower rates, and called on the central bank's board to act. "Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a Country). This stubborn guy at the Fed just doesn’t get it — Never did, and never will. The Board should act, but they don’t have the Courage to do so!" Trump wrote on his social media platform. Sign up here. https://www.reuters.com/world/us/trump-again-calls-fed-board-act-says-powell-doesnt-get-it-2025-07-23/

2025-07-23 12:48

Euro STOXX 600 adds 1%; auto shares jump Wall Street set for gains Asia, EU shares relieved by US-Japan trade deal U.S.-China to discuss tariff extension in Stockholm Investors await Google, Tesla results LONDON, July 23 (Reuters) - Share markets climbed on Wednesday, buoyed by investor hopes of a wave of trade agreements with the United States after Japan struck a deal that lowers U.S. tariffs on its autos, sending Japanese stocks to a one-year high. President Donald Trump on Tuesday said a trade deal with Tokyo would include Japan paying a lower-than-threatened 15% tariff on shipments to the U.S. It followed an agreement with the Philippines that will see the U.S. collect a 19% tariff rate on imports from there. Sign up here. Trump also said EU representatives would be visiting for trade negotiations on Wednesday. That stirred hopes for a deal with Europe, even as the EU was reportedly refining countermeasures in case of a deadlock before the August 1 deadline. Euro STOXX 600 (.STOXX) , opens new tab added 0.9%, with auto shares (.SXAP) , opens new tab surging 3.4%. UK shares (.FTSE) , opens new tab hit a record high, climbing 0.5%. The trade deal news has "raised hopes that the U.S. might be about to reach deals with other countries that avoid the higher tariffs on August 1," Deutsche Bank analysts wrote in a note. The positive mood was set to reach Wall Street, too, where S&P 500 futures were up 0.4%, while Nasdaq futures added 0.2%. Japan's Nikkei (.N225) , opens new tab climbed 3.7% as automaker shares surged on news the deal would cut the U.S. auto tariff to 15%, from a proposed 25%. Mazda Motor (7261.T) , opens new tab rose 18%, while Toyota Motor (7203.T) , opens new tab jumped 14%. South Korean automakers also rose as the Japan deal fuelled optimism over potential progress in tariff negotiations between South Korea and the United States. The dollar remained weak, having lost ground overnight. It fell 0.3% against the Japanese yen to 146.25 yen after sliding 0.5% on Tuesday. The dollar index , which tracks the currency against major peers, was little changed at 97.48. Analysts noted the trade deal reduced a major risk to the fragile Japanese economy, providing more scope for the Bank of Japan to raise interest rates to fight inflation. That hit the bond market, with yields for 10-year JGBs rising 8.5 basis points to 1.585%. The yen steadied as Japan's Prime Minister Shigeru Ishiba denied reports he planned to step down following a bruising upper house election defeat. Ishiba said media reports that he had already decided to resign were "completely unfounded." EXTENDED DEADLINES In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Chinese blue-chips (.CSI300) , opens new tab ended flat, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab added 1.5%. U.S. corporate earnings reports were showing signs that Trump's trade war was hitting profit margins. General Motors (GM.N) , opens new tab tumbled 8.1% after the automaker reported a $1 billion hit from tariffs to its quarterly results. Investors are awaiting results from Tesla (TSLA.O) , opens new tab and Google's parent Alphabet (GOOGL.O) , opens new tab - two of the Magnificent 7 stocks that have driven much of the market rally fuelled by AI optimism. Elsewhere, the euro dipped 0.1% to $1.1737, after rising 0.5% the previous day. The European Central Bank is expected to hold rates steady on Thursday after eight consecutive rate cuts. Oil prices fell for a fourth session. U.S. crude fell 0.7% to $64.48 per barrel. Brent dropped the same amount to $68.11 per barrel. https://www.reuters.com/business/autos-transportation/global-markets-wrapup-5-2025-07-23/

2025-07-23 12:43

July 23 (Reuters) - NextEra Energy (NEE.N) , opens new tab beat Wall Street estimates for second-quarter adjusted profit on Wednesday, boosted by robust growth in its renewables division amid soaring power demand from AI data centers and hyperscalers. Power consumption in the U.S. is expected to reach record highs in 2025 and 2026, according to the U.S. Energy Information Administration. Sign up here. This surge is fueled by growing electricity needs from AI and cryptocurrency data centers, as well as increasing electrification of homes and businesses. The S&P index tracking utilities (.SPLRCU) , opens new tab also rose 3.5% in the quarter ended June 30. Florida Power & Light, the company’s regulated utility, reported net income of $1.28 billion, up 4% from a year earlier. NextEra Energy Resources (NEER), the renewables arm, added about 3.2 gigawatts of new renewables and storage to its backlog during the quarter, including more than 1 gigawatt serving hyperscalers. The unit’s backlog now totals about 30 gigawatts. NextEra, which operates solar, wind, natural gas, and nuclear energy centers, said in June that renewable energy is critical to meeting rapidly growing U.S. power demand, citing challenges in expanding natural gas capacity. NEER reported a net income of $983 million in the second-quarter, compared with $552 million a year ago. The company, which is the largest electric utility holding company by market capitalization, reported operating revenue of $6.70 billion, missing analysts' average estimate of $7.38 billion, according to data compiled by LSEG. NextEra also said it expects to grow its dividends per share at a roughly 10% rate per year through at least 2026. The Florida-based company earned $1.05 per share on an adjusted basis, compared with analysts' average estimate of $1.01 per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/nextera-energy-beats-quarterly-profit-estimates-renewables-growth-ai-driven-2025-07-23/

2025-07-23 12:28

July 23 (Reuters) - Miner Freeport-McMoRan (FCX.N) , opens new tab beat Wall Street estimates for second-quarter profit on Wednesday, as higher copper and gold prices helped offset lower production. The company's shares rose 1.6% to $40.54 in pre-market trade. Sign up here. The results come against the backdrop of U.S. President Donald Trump's threat to impose a 50% tariff on copper imports, from August 1. Freeport could be a big beneficiary, seeing as much as $1.6-billion boost to annual profit, given its position as the largest U.S. producer with more expansion options than rivals. Following the announcement, COMEX copper prices jumped roughly 25% above global benchmarks, widening the price spread between domestic and international markets. Freeport, which supplies about 70% of U.S. refined copper, said it expects to sell 1.3 billion pounds from its domestic mines in 2025. The company said U.S. tariffs in effect and announced so far have not had a material impact on second-quarter, but warned of a roughly 5% increase in the cost of U.S. purchases if suppliers pass along tariff-related expenses. Quarterly average realized price for copper was $4.54 per pound, up 1.3% from a year earlier, while average realized price for gold was $3,291 per ounce, up about 43%. However, second-quarter copper production dropped around 7% to 963 million recoverable pounds, from a year earlier. The company reported an adjusted profit of 54 cents per share for the three months ended June 30, compared with analysts' average estimate of 45 cents, according to data compiled by LSEG. https://www.reuters.com/business/freeport-mcmoran-beats-quarterly-profit-higher-copper-gold-prices-2025-07-23/

2025-07-23 12:19

Spot gold hit highest level since June 16 earlier in the session US, China to discuss tariff deadline extension Spot silver at highest since September 2011 July 23 (Reuters) - Gold prices edged lower on Wednesday as a U.S.-Japan trade agreement announced by U.S. President Donald Trump lifted investor risk appetite, while a firmer dollar and higher Treasury yields added further pressure. Spot gold was down 0.1% at $3,428.69 per ounce as of 1147 GMT, after hitting its highest point since June 16 earlier in the session. Sign up here. U.S. gold futures also slipped 0.1% to $3,441.90. Trump struck a trade deal with Japan that lowered tariffs on auto imports and spared Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. "Spot gold is paring some of its gains as the U.S.-Japan trade deal diluted demand for safe havens. The U.S. dollar's slight rebound is also weighing on bullion, though it's only natural that bullion bulls take a breather after the 3-day rally," said Han Tan, chief market analyst at Nemo.Money. The U.S. dollar index (.DXY) , opens new tab was up 0.1% against its rivals, making greenback-priced bullion more expensive for other currency holders, while benchmark 10-year U.S. Treasury yields rebounded from near-two-week lows. U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the deadline for negotiating a trade deal, U.S. Treasury Secretary Scott Bessent said. Meanwhile, the European Commission said it remained focused on achieving a negotiated outcome in trade talks with the U.S. Gold, often considered a safe-haven asset, tends to do well during times of economic uncertainties and geopolitical tension. Elsewhere, spot silver rose 0.3% to $39.39 per ounce, its highest level since late September, 2011. "Silver’s supply-demand fundamentals are attractive and warrant a re-rating of prices higher and now that it is at a fresh 14-year high, it remains to be seen whether the conviction is sufficient to breach the psychologically important $40 level," independent analyst Ross Norman said. Platinum fell 0.4% to $1,436.38 and palladium was down 0.3% at $1,270.93. https://www.reuters.com/world/china/safe-haven-gold-edges-lower-us-japan-trade-deal-eases-some-uncertainty-2025-07-23/