2025-07-09 07:32
VIENNA, July 9 (Reuters) - Oil markets are absorbing OPEC+ production increases without building inventories, which means they are thirsty for more oil, United Arab Emirates' Energy Minister Suhail al-Mazrouei said on Wednesday. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep gasoline prices lower. Sign up here. OPEC+ began to unwind cuts of 2.17 million barrels per day in April with a boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July. On Saturday, the group approved a 548,000 bpd jump for August. Mazrouei said he was not worried about supply overhang even after the latest production rises. "You can see that even with the increases for several months we haven’t seen a major buildup in inventories, which means the market needed those barrels," he said. "What we want is stability and you cannot be short-sighted just by looking at the price. We need the price to be right for investments to happen," he said, adding that countries with big oil reserves were still not investing enough. https://www.reuters.com/business/energy/uae-says-oil-markets-are-absorbing-more-barrels-without-stocks-rising-2025-07-09/
2025-07-09 07:28
HAMBURG, July 9 (Reuters) - Trials to reopen the Mosel river in western Germany to domestic freight shipping have initially been successful with ships able to use a damaged lock for sailing in both directions, navigation authorities said on Wednesday. Shipping was stopped on the river, a key transit route for grains and rapeseed between Germany and France, after an accident involving a passenger vessel last week damaged a lock at Sankt Aldegund between the cities of Koblenz and Trier in western Germany. Sign up here. If use of a damaged lock continues successfully in the coming days, shipping could be normalised on the river, inland waterways navigation agency WSA said. The lock is examined after each vessel transit and has been holding up well. In addition, a diver will examine the lock below water at least once a week, the agency said. A similar lock accident that halted shipping in December on the river, called the Moselle in France, led futures exchange operator Euronext to suspend physical delivery to river ports in eastern France for its rapeseed futures. https://www.reuters.com/markets/commodities/german-tests-reopen-mosel-river-shipping-successful-authorities-say-2025-07-09/
2025-07-09 07:27
BRUSSELS, July 9 (Reuters) - The European Union is working closely with U.S. President Donald Trump's administration to reach a trade deal, but Brussels is getting ready for all scenarios, European Commission President Ursula von der Leyen said on Wednesday while addressing the European Parliament. "We stick to our principles, we defend our interests, we continue to the work in good faith, and we get ready for all scenarios", Von der Leyen said. Sign up here. https://www.reuters.com/business/energy/eu-parliament-approves-deal-looser-gas-storage-rules-2025-07-08/
2025-07-09 07:24
ATHENS, July 9 (Reuters) - The Liberia-flagged, Greek-operated bulk carrier Eternity C has sunk after a Houthi attack off Yemen, four maritime security sources told Reuters on Wednesday, and efforts to rescue the crew were under way. Some of the crew were in lifejackets in the water and at least five people have been rescued so far, two of the sources said. Sign up here. https://www.reuters.com/world/europe/greek-ship-sinks-off-yemen-after-houthi-attack-crew-being-rescued-sources-say-2025-07-09/
2025-07-09 07:19
July 9 (Reuters) - European shares nudged higher on Wednesday, supported by defence stocks, as investors awaited signs of progress on a trade accord with the United states. The pan-European STOXX 600 index (.STOXX) , opens new tab was up 0.2% at 546.94 points, as of 0706 GMT. Other major regional indexes also traded higher. Sign up here. U.S. President Donald Trump said on Tuesday that he will "probably" tell the European Union within two days what rate it can expect for its exports to the United States, adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. Trump also announced plans to impose a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals would be introduced soon. He threatened a 200% levy on drug imports, which he said could be delayed by about a year. Trump has pushed back the previous tariff deal deadline to August 1, a date he called final, declaring there would be "no more extensions." Earlier in the day, the Financial Times reported that EU negotiators are nearing a trade deal with Trump that would cement higher tariffs than those granted to the UK. European defence (.SXPARO) , opens new tab stocks rose 1.1%, while banks (.SX7P) , opens new tab were up nearly 1%. Energy shares (.SXEP) , opens new tab advanced 0.8%. Shares of EssilorLuxottica (ESLX.PA) , opens new tab rose 5.1% on reports that Meta Platforms (META.O) , opens new tab has acquired a nearly 3% stake in the eyewear maker. https://www.reuters.com/markets/europe/european-shares-edge-higher-investors-eye-us-trade-signals-2025-07-09/
2025-07-09 07:03
US remains largest foreign destination for Temasek's capital Temasek continues to believe in China's longer-term prospects Increased focus on investing in areas like infrastructure, AI SINGAPORE, July 9 (Reuters) - Singapore's state investor Temasek reported on Wednesday an 11.6% year-on-year jump in its net portfolio value to a record S$434 billion ($340 billion), and said risks around U.S. immigration, tariff and fiscal tightening policies had likely peaked. U.S. President Donald Trump opened a new phase on Monday in his trade war, telling partners from powerhouse suppliers such as Japan and South Korea to minor players including Malaysia that they face higher tariffs from August 1. Sign up here. "We still have to be watchful of the tariff developments over the next few weeks and months," Lim Ming Pey, Temasek's joint head of corporate strategy, told Reuters in a briefing. Temasek's chief investment officer Rohit Sipahimalani said tariffs were not expected to return to the levels seen on Trump's "Liberation Day" on April 2, while some earlier risks such as fiscal tightening that would slow U.S. growth had eased with the passage of his sweeping tax-cut and spending bill. "Generally speaking, the slowdown in growth that we're seeing right now because of tariff uncertainty, we should see a recovery in growth towards the end of the year, particularly as the Fed cuts rates and more deregulation happens, and there's more clarity around tariffs," Sipahimalani said. "The challenge in the U.S. is valuations." Nevertheless, Lim said Temasek saw "bright spots, such as the U.S.'s world-class capabilities in AI, which will have a transformative impact across all sectors." The U.S. continues to be the largest destination for Temasek's capital, the company said. The Americas made up 24% of its portfolio at the end of its financial year on March 31, versus 22% on the same date a year ago. CHINA The rise in Temasek's net portfolio value was the second consecutive annual increase, and largely driven by the strong performance of its listed Singapore-based companies and direct investments in China, India and the United States. Temasek continues to believe in the longer-term prospects of China, Lim said. China is Temasek's third largest market in terms of underlying exposure at 18% as at end-March, after Singapore at 27% and the Americas at 24%. "We see opportunities in the green economy and life sciences innovation, and also in leading domestic brands which continue to scale and grow in a resilient manner," she added. Moving forward, Temasek said it was increasing focus on investing in companies with stable cash flows and earnings, as well as access to large domestic markets that are better shielded from tariffs and geopolitical risks. It is also focusing on infrastructure and artificial intelligence. "We do not only make investments ourselves, we also invest in AI-related funds," Chia Song Hwee, Temasek's deputy CEO, said. Temasek's investments in the AI sector include companies such as Nvidia (NVDA.O) , opens new tab, Databricks and Veeam. It recently joined a consortium backed by Microsoft (MSFT.O) , opens new tab, BlackRock (BLK.N) , opens new tab and tech investment company MGX to invest and expand AI infrastructure, according to BlackRock's investor day presentation slides in June. ($1 = 1.2766 Singapore dollars) https://www.reuters.com/world/china/temaseks-portfolio-value-hits-record-high-says-us-risks-likely-peaked-2025-07-09/
