2025-07-21 11:51
NEW DELHI, July 21 (Reuters) - India's infrastructure output (ININFR=ECI) , opens new tab accelerated to a three-month high of 1.7% year-on-year in June, government data showed on Monday. The index, which tracks activity across eight sectors and makes up 40% of the country's industrial production, rose at a revised 1.2% in May, compared to the initial estimate of 0.7%. Sign up here. In March, the infrastructure output grew 4.5% year-on-year. KEY NUMBERS * Crude oil output dropped 1.2% year-on-year in June against a fall of 1.8% in May * Natural gas production fell 2.8% year-on-year in June after a 3.6% decline in May * Cement output rose 9.2% year-on-year in June compared with a revised 9.7% increase in May * Steel production increased 9.3% year-on-year in June after a revised 7.4% growth in May * Fertilizer production fell 1.2% year-on-year in June after a drop of 5.9% in May * Coal production fell 6.8% year-on-year in June against an increase of 2.8% in the previous month * Electricity generation declined 2.8% year-on-year in June against a revised drop of 4.7% in May * Refinery products output rose 3.4% in June after a 1.1% growth in the previous month https://www.reuters.com/world/india/indias-infrastructure-output-accelerates-three-month-high-june-2025-07-21/
2025-07-21 11:45
July 21 (Reuters) - Figma is targeting a valuation of $13.65 billion in its U.S. initial public offering, as the cloud-based design software firm prepares for a debut that could inject fresh momentum into a tech listings market already roaring back to life. The San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion through a sale of nearly 37 million shares priced between $25 and $28 each, it said on Monday. Sign up here. The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe (ADBE.O) , opens new tab was terminated due to regulatory hurdles in Europe and the UK. While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in check. However, an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle (CRCL.N) , opens new tab, which debuted with eye-popping gains last month and has continued surging since. As a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media discussion. The company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing showed. Figma is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software interfaces. Its customers include ServiceNow (NOW.N) , opens new tab, Workday (WDAY.O) , opens new tab and SAP (SAPG.DE) , opens new tab. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold. "Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory Ventures. The company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational." Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering. https://www.reuters.com/technology/figma-aims-137-billion-valuation-tech-ipos-bounce-back-2025-07-21/
2025-07-21 11:43
Eurpoean stocks falter, EU mulls US countermeasures Wall St futures firm before tech earnings blitz Yen stronger after Japanese upper house elections Euro underpinned as ECB seen on hold SYDNEY/LONDON, July 21 (Reuters) - European shares were softer on Monday as markets awaited developments in trade talks, as well as a European Central Bank policy meeting later this week, while U.S. futures were brighter ahead of some major tech earnings. The European Union is exploring a broader set of possible counter-measures against the United States as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats. Sign up here. Investors had been hoping for some progress in trade talks ahead of U.S. President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the EU. The pan-European benchmark STOXX 600 (.STOXX) , opens new tab index was down 0.2% as was the UK's blue-chip FTSE 100 (.FTSE) , opens new tab. The euro was 0.2% higher at $1.1652 . S&P 500 futures edged 0.2% higher, while Nasdaq futures were up 0.3%. U.S. indexes are already around record highs in anticipation of more solid quarterly earnings reports. But tariff uncertainty is also casting a shadow over markets, with Trump's August 1 deadline fast approaching. "Let's say that tariffs are pushed off again from August 1, which I think is the rosiest outcome at this point, then I don't think markets will spike another 10% higher. I'm thinking more that we get a grind higher for the rest of the year," said Oliver Blackbourn, multi-asset portfolio manager at Janus Henderson. Markets, meanwhile, are gearing up for a host of big tech company results this week, including Google owner Alphabet (GOOGL.O) , opens new tab, Tesla (TSLA.O) , opens new tab and IBM (IBM.N) , opens new tab. "They are going to be key for sentiment because frankly there's not a lot else to drive things," said Michael Brown, senior research strategist at Pepperstone. "We saw the banks deliver decent results last week, so you'd certainly be looking for the big tech names to keep up with that to reinforce the bull case (for equities)," he said. Investors also expect upbeat news for defence groups RTX (RTX.N) , opens new tab, Lockheed Martin (LMT.N) , opens new tab and General Dynamics (GD.N) , opens new tab. Higher government spending around the globe has seen the S&P 500 aerospace and defence sector rise 30% this year, while defence stocks in Europe have also hit record highs (.SXPARO) , opens new tab. MARKETS UNFAZED BY JAPANESE POLITICS The yen firmed on Monday as markets shrugged off the Japanese ruling coalition's defeat in upper house weekend elections. Japan's ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power ahead of the tariff deadline. Ishiba vowed to stay on, which along with a market holiday, limited the reaction. The yen was 0.77% firmer at 147.655 to the dollar and up 0.5% against the euro . "The loss was within the range of expectations, and actually the outlook was even more pessimistic," said Nissay Research Institute chief economist Tsuyoshi Ueno. "In terms of negotiations with the U.S., it is easy to doubt whether a government with such a weak foundation is reliable as a negotiating partner," he added. "For the Bank of Japan, if there is political instability, it will be difficult to raise interest rates, and pressure on the yen will continue." The BOJ still has a bias to raise rates further, but markets imply little chance of a move until late October. Elsewhere, euro zone government bond yields eased ahead of euro zone PMI data and the ECB meeting later this week, at which it is expected to leave rates at 2% following a string of cuts. The euro dipped 0.5% last week, moving off a recent near-four-year top of $1.1830. The dollar index was 0.3% lower at 98.11 . U.S. Treasury yields fell, leaving the yield on the benchmark 10-year note down 5.5 basis points at 4.3757%. Most Federal Reserve policymakers, including Chair Jerome Powell, have indicated leaving U.S. rates unchanged right now is warranted in order to gauge the inflationary impact of tariffs. Markets imply almost no chance of a move in July and place a chance of 61% on a September cut and an 80% chance for October. Powell's reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on edge. In commodity markets, gold firmed 0.6% to $3,368 an ounce , with all the recent action in platinum , which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia over its war in Ukraine could curb its exports. Brent eased 0.27% to $69.09 a barrel. https://www.reuters.com/world/china/global-markets-wrapup-5-2025-07-21/
2025-07-21 11:29
Lutnick is confident US will secure trade deal with EU Inflation, strong data cloud Fed rate cut expectations, ANZ says China's imports of gold, platinum fall in June from prior month July 21 (Reuters) - Gold prices firmed on Monday, bolstered by a weaker U.S. dollar, while investors sought clarity on trade developments ahead of an August 1 U.S. tariff deadline. Spot gold was up 0.5% at $3,369.17 per ounce by 1114 GMT. U.S. gold futures rose 0.5% to $3,376.30. Sign up here. "The modest support...comes from a weaker U.S. dollar. With the tariff August 1 deadline coming closer, the market focus will be if trade deals are announced, or tariffs are implemented," said UBS commodity analyst Giovanni Staunovo. The dollar eased 0.3% against a basket of other major currencies (.DXY) , opens new tab, making gold less expensive for their holders . U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident the United States can secure a trade deal with the European Union, but August 1 is a hard deadline for tariffs to kick in. Gold, often considered a safe-haven asset during economic uncertainty, tends to do well in a low interest rate environment. The U.S. Federal Reserve's next policy meeting is scheduled for July 29-30, following its decision to hold rates steady last month. "Elevated inflation expectations and strong economic data are weighing on expectations around the number of Fed rate cuts this year. Despite this, the buy-on-dip strategy remains in place, protecting downside risks for gold prices," ANZ analysts said in a note. Last week, Fed Governor Christopher Waller said he still believed that the U.S. central bank should cut rates next week. Data showed that top consumer China's imports of gold fell for a second successive month in June. China's imports of platinum in June fell 6.1% from the prior month. Spot silver gained 0.8% to $38.47 per ounce, platinum rose 1.6% to $1,444.11 and palladium was 2.1% higher at $1,266.91. https://www.reuters.com/world/china/gold-rises-weaker-us-dollar-investors-await-trade-developments-2025-07-21/
2025-07-21 11:10
July 21 (Reuters) - Futures tracking Canada's benchmark index edged higher on Monday, rebounding from the previous session's losses, as investors were optimistic about the potential for trade deals between the U.S. and its key trading partners. Futures on the S&P/TSX index were up 0.2% at 1,629.3 points by 06:39 a.m. ET (1039 GMT). Sign up here. Canada's main stock index closed lower on Friday, dragged down by weakness in industrial stocks, as investors reacted to trade uncertainty following a report that President Donald Trump was eyeing new tariffs on European Union products. U.S. Commerce Secretary Howard Lutnick said on Sunday he was confident that Washington could secure a trade deal with the EU, but August 1 is a hard deadline for tariffs to kick in. However, traders awaited clarity on U.S.-EU trade talks and looked for additional trade deals ahead of Trump's August 1 tariff deadline. Meanwhile, domestic investors will assess the Bank of Canada's Business Outlook Survey, due later in the day, for business expectations amid tariff-related uncertainty. Among commodities, gold prices firmed and copper prices rose, while oil prices dipped slightly on Monday. In the U.S., several industrial and tech firms are set to report their earnings this week, with Alphabet (GOOGL.O) , opens new tab and Tesla (TSLA.O) , opens new tab kicking off the results season for the "Magnificent Seven" stocks. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory https://www.reuters.com/markets/europe/tsx-futures-inch-up-trade-optimism-2025-07-21/
2025-07-21 11:04
EU sanctions target Russian crude supply Iran nuclear talks could affect oil market dynamics U.S. tariffs on EU imports could influence oil demand LONDON, July 21 (Reuters) - Oil prices dipped slightly on Monday, with the latest European sanctions on Russian oil expected to have minimal impact on supplies while U.S. tariffs ensure demand concerns remain. Brent crude futures dropped 20 cents, or 0.3%, to $69.08 a barrel by 1100 GMT after settling 0.35% down on Friday. U.S. West Texas Intermediate crude eased by 6 cents, or 0.1%, to $67.28 after a 0.3% decline in the previous session. Sign up here. The European Union on Friday approved the 18th package of sanctions against Russia over the war in Ukraine, which also targeted India's Nayara Energy, an exporter of oil products refined from Russian crude. "The latest round of EU sanctions aren't necessarily going to change the oil balance. That's why the market is not reacting much," said Harry Tchiliguirian at Onyx Capital Group. "Russians have been very good at circumventing these kinds of sanctions." Kremlin spokesperson Dmitry Peskov said on Friday that Russia had built up a certain immunity to Western sanctions. The EU sanctions followed U.S. President Donald Trump's threats last week to impose sanctions on buyers of Russian exports unless Russia agrees to a peace deal within 50 days. ING analysts said the part of the package likely to have an impact is the EU import ban on refined oil products processed from Russian oil in third countries, though it said it could prove difficult to monitor and enforce. Iran, another sanctioned oil producer, is due to hold nuclear talks with Britain, France and Germany in Istanbul on Friday, an Iranian Foreign Ministry spokesperson said on Monday. That follows warnings by the three European countries that a failure to resume negotiations would lead to international sanctions being reimposed on Iran. In the U.S., the number of operating oil rigs fell by two to 422 last week, the lowest total since September 2021, Baker Hughes said on Friday. U.S. tariffs on European Union imports are set to kick in on August 1, though U.S. Commerce Secretary Howard Lutnick said on Sunday that he was confident the United States could secure a trade deal with the bloc. "Tariff concerns will continue to weigh in the lead up to the August 1 deadline, while some support may come from oil inventory data if it shows tight supply," said IG market analyst Tony Sycamore. "It feels very much like a $64-$70 range in play for the week ahead." Brent crude futures have traded between a low of $66.34 a barrel and a high of $71.53 after a ceasefire deal on June 24 halted the 12-day Israel-Iran war. https://www.reuters.com/business/energy/oil-prices-inch-down-expected-minimal-sanctions-impact-2025-07-21/
