2025-07-08 22:07

MADRID, July 9 (Reuters) - Spanish renewable developer Solarig will invest more than 300 million euros ($351.51 million) through the end of the decade to build and operate more than 20 biomethane plants in Italy, it said on Wednesday. The investment will be deployed through the company's biomethane subsidiary Biorig, which is also developing , opens new tab 20 plants in Spain. Sign up here. Biomethane can be produced from organic waste like food scraps or damaged crops. The portfolio in Italy will reach production of 90 million cubic meters a year, or almost 1 terawatt hour every year, the company said, enough to cover consumption for 360,000 Italian households. "Our goal is to become one of the leading biomethane producers in Europe, and to make this business one of Solarig's strategic pillars in the coming years, alongside the development of renewable energy projects," Biorig Director General Manuel Alonso said. ($1 = 0.8535 euros) https://www.reuters.com/sustainability/climate-energy/spains-solarig-invest-more-than-350-million-biomethane-plants-italy-2025-07-08/

2025-07-08 21:40

July 8 - TRADING DAY - Making sense of the forces driving global markets By Alden Bentley, Editor in Charge, Americas Finance and Markets Sign up here. Jamie is enjoying some well-deserved time off, but the Reuters markets team will still keep you up to date on what markets were focused on today and why they took a breather. I'd love to hear from you so please feel free to reach out at [email protected] , opens new tab Today's Key Market Moves Today's Key Reads From 'fantastic' to 'spoiled': How Japan's trade effort to woo Trump backfired Gold ETFs drew largest inflow in five years during first half of 2025, WGC say In the Fed's hunt for a reason to cut rates, surveys and tariffs make answers elusive Investors put 'Liberation Day' lessons to work, scarred by tariff tumult Trump says steep copper tariffs in store as he broadens his trade war No tariff clarity, or market movement Investors let the fluid tariff situation simmer on Tuesday, sitting on their hands a day after knocking stock indexes back from record highs as U.S. President Donald Trump warned that new levies would hit a range of trading partners, including Japan and Korea. While Wall Street was in sideways mode seemingly fatigued by tariff headlines, the beaten down dollar posted the second of back-to-back gains and Treasury yields ticked higher for the fifth day running. The new date to watch is August 1 with Trump showing again his eagerness to allow time to reach deals by pushing back the deadline, which had been Wednesday since he postponed April's ill-received opening tariff gambit. In the meantime the market will stay ready for surprising turns from the White House and otherwise be waiting for economic data, the Federal Reserve and other known unknowns to incentivize trade. No major indicators are on the calendar this week, and the only set pieces to look for Wednesday are the auction of $39 billion of 10-year notes, the Treasury's benchmark U.S. debt instrument, and the release of minutes from the Fed's last meeting when they held the policy rate at 4.25%-4.5%, where it has been since December. Futures show investors expect cuts beginning in September. Last week, we saw the unemployment rate fell in June, while inflation has ticked up, also the wrong direction for easing soon. The June transcript won't reveal policymakers in great discord. They weren't very divided in their economic projections, with 10 seeing several cuts this year and nine effectively pushing easier monetary policy into 2026. Powell has insisted that any cuts will depend on the data. Meanwhile, the market will wait for the numbers and probably take the minutes in stride too. What could move markets tomorrow? Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. Trading Day is also sent by email every weekday morning. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here. https://www.reuters.com/world/china/global-markets-trading-day-2025-07-08/

2025-07-08 21:27

Trump announces 50% tariff on copper imports Says new tariffs coming for semiconductors, pharmaceuticals President says talks with EU and China are going well Japan, South Korea scramble to minimize tariff damage WASHINGTON/TOKYO, July 8 (Reuters) - U.S. President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide. One day after he pressured 14 trading partners, including powerhouse U.S. suppliers like South Korea and Japan, with sharply higher tariffs, Trump reiterated his threat of 10% tariffs on products from Brazil, India and other members of the BRICS group of countries. Sign up here. He also said trade talks have been going well with the European Union and China, though he added he is only days away from sending a tariff letter to the EU. Trump's remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been shaken by the tariffs he has imposed or threatened on imports to the world's largest consumer market. U.S. copper futures jumped more than 10% after Trump's announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminum and automobile imports, though it was unclear when the new tariffs might take effect. U.S. pharmaceutical stocks also slid following Trump's threat of 200% tariffs on drug imports, which he said could be delayed by about a year. Other countries, meanwhile, said they would try to soften the impact of Trump's threatened duties after he pushed back a Wednesday deadline to August 1. Trump's administration promised "90 deals in 90 days" after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close. Trump said countries have been clamoring to negotiate. "It's about time the United States of America started collecting money from countries that were ripping us off ... and laughing behind our back at how stupid we were," he said. He said late Tuesay that "a minimum of seven" tariff notices would be released on Wednesday morning, and more in the afternoon. He gave no other details in his Truth Social post. Trading partners across the globe say it has been difficult to negotiate even framework agreements with the U.S. given the haphazard way new tariffs are announced, complicating their internal discussions about concessions. HIGHEST LEVELS SINCE 1934 Following Trump's announcement of higher tariffs for imports from the 14 countries, U.S. research group Yale Budget Lab estimated consumers face an effective U.S. tariff rate of 17.6%, up from 15.8% previously and the highest in nine decades. Trump's administration has been touting those tariffs as a significant revenue source. Treasury Secretary Scott Bessent said Washington has taken in about $100 billion so far and could collect $300 billion by the end of the year. The United States has taken in about $80 billion annually in tariff revenue in recent years. The S&P 500 finished slightly lower on Tuesday, a day after Wall Street markets sold off sharply following Trump's new tariffs announcement. Trump said he will "probably" tell the European Union within two days what rate it can expect for its exports to the U.S., adding that the 27-member bloc had been treating his administration "very nicely" in trade talks. The EU, the largest bilateral trade partner of the U.S., aims to strike a deal before August 1 with concessions for key export industries such as aircraft, medical equipment and spirits, according to EU sources. Brussels is also considering an arrangement that would protect European automakers with large U.S. production facilities. However, German Finance Minister Lars Klingbeil warned that the EU was prepared to retaliate if necessary. "If we don't reach a fair trade deal with the U.S., the EU is ready to take counter measures," he said in the lower house of parliament. Japan, which faces a possible 25% tariff, wants concessions for its large automobile industry and will not sacrifice its agriculture sector, a powerful domestic lobby, for the sake of an early deal, top trade negotiator Ryosei Akazawa said on Tuesday. South Korea, which also faces a possible 25% tariff, said it planned to intensify trade talks over the coming weeks "to reach a mutually beneficial result." Washington and Beijing agreed to a trade framework in June, but with many of the details still unclear, traders and investors are watching to see if it unravels before a separate, U.S.-imposed August 12 deadline or leads to a lasting detente. "We have had a really good relationship with China lately, and we're getting along with them very well. They've been very fair on our trade deal, honestly," Trump said, adding that he has been speaking regularly with Chinese President Xi Jinping. Trump said the United States would impose tariffs of 25% on goods from Tunisia, Malaysia and Kazakhstan; 30% on South Africa and Bosnia and Herzegovina; 32% on Indonesia; 35% on Serbia and Bangladesh; 36% on Cambodia and Thailand; and 40% on Laos and Myanmar. https://www.reuters.com/world/asia-pacific/japan-south-korea-seek-soften-tariff-blow-before-august-deadline-2025-07-08/

2025-07-08 21:08

Trump says BRICS aims to hurt US dollar Brazil's Lula pushes back against criticism of BRICS No date set for BRICS tariff WASHINGTON/BRASILIA, July 8 (Reuters) - U.S. President Donald Trump said on Tuesday the U.S. would "pretty soon" charge a 10% tariff on imports from BRICS countries, drawing another complaint from Brazil President Luiz Inacio Lula da Silva, who just hosted the bloc's annual summit. Trump, who raised the tariff threat on Sunday, said in a Tuesday cabinet meeting at the White House that the duty was on the way: "Anybody that's in BRICS is getting a 10% charge pretty soon ... If they're a member of BRICS, they're going to have to pay a 10% tariff ... and they won't be a member long." Sign up here. The BRICS group expanded last year beyond Brazil, Russia, India, China and South Africa to include members such as Iran and Indonesia. Leaders at the summit in Rio de Janeiro voiced indirect criticism of U.S. military and trade policies. Asked about Trump's tariff threat, Lula told journalists at the BRICS summit on Monday that the world does not want an emperor. After a state visit from Indian Prime Minister Narendra Modi, Lula on Tuesday expressed further disagreement. "We will not accept any complaints about the BRICS summit. We do not agree with the U.S. president insinuating he's going to put tariffs on BRICS countries," he told journalists in Brasilia. Trump gave no specific date for the BRICS tariff to kick in. On Monday, a source familiar with the matter said the Trump administration would charge the tariff only if countries adopted anti-American policies, differentiating actions from statements like the one adopted by the BRICS leaders on Sunday. Trump claimed without evidence on Tuesday that the group was set up to hurt the United States and he U.S. dollar's role as the world's reserve currency. He said he would not allow that to happen. "BRICS was set up to degenerate our dollar and take our dollar ... take it off as the standard," he said. "And that's okay if they want to play that game, but I can play that game too." Trump said losing the dollar's role as the world's reserve currency would be like "losing a war, a major world war. We would not be the same country any longer." Brazil in February nixed plans for a common currency agenda during its presidency year. https://www.reuters.com/business/autos-transportation/trump-says-brics-nations-get-10-tariff-pretty-soon-2025-07-08/

2025-07-08 21:03

PARIS, July 8 (Reuters) - France's intelligence chief said on Tuesday that all aspects of Iran's nuclear program have been pushed back several months after American and Israeli air strikes, but there is uncertainty over where its highly-enriched uranium stocks are. "The Iranian nuclear program is the material, it is highly-enriched uranium, it is a capacity to convert this uranium from the gaseous phase to the solid phase. It is the manufacturing of the core and it is the delivery," Nicolas Lerner, who heads the DGSE intelligence service, told LCI television. Sign up here. "Our assessment today is that each of these stages has been very seriously affected, very seriously damaged and that the nuclear program, as we knew it, has been extremely delayed, probably many months." Lerner, who was speaking for the first time on national television, said a small part of Iran's highly-enriched uranium stockpile had been destroyed, but the rest remained in the hands of the authorities. "Today we have indications (on where it is), but we cannot say with certainty as long as the IAEA does not restart its work. It's very important. We won't have the capacity to trace it (the stocks)," Lerner said. Other intelligence assessments have also suggested that Iran retains a hidden stockpile of enriched uranium and the technical capacity to rebuild. Lerner echoed those comments saying there was a possibility Iran could press ahead with a clandestine programme with smaller enrichment capacities. "That's why France is so attached to finding a diplomatic solution to this nuclear crisis," he said. https://www.reuters.com/world/europe/french-intelligence-chief-no-certainty-whereabouts-irans-uranium-stocks-2025-07-08/

2025-07-08 20:59

Comex copper futures jumped after Trump's announcement Chile foreign ministry says US did not notify it on tariffs Global copper demand seen rising 3% this year, Codelco says Chile sends most of its copper exports to China SANTIAGO, July 8 (Reuters) - Chile, the world's No. 1 copper producer, is in wait-and-see mode after U.S. President Donald Trump announced a surprise 50% tariff on imports of the red metal, with the Andean nation blindsided while its top miner held out hope of exemptions. In a call with Reuters shortly after Trump's remarks, the chairman of Chilean state miner Codelco Maximo Pacheco said the firm wanted to know which copper products would be included and if the tariff would hit all countries. Sign up here. "What we need to do is understand what this is about. What products are affected? Because he referred to copper in general terms. But copper includes a variety of products," Pacheco said on Tuesday in his first comments since the announcement. "Then, we have to see whether this will apply to all countries or only some. We've always known that exceptions are made, and therefore, I think it's premature to comment." U.S. Comex copper futures jumped more than 12% to a record high after Trump announced the planned tariffs. Chile is the single biggest copper supplier to the U.S., a market that makes up less than 7% of its refined copper exports. Chile sends much of its copper to China, which dominates global copper refining. Still, SONAMI President Jorge Riesco said tariffs could cause market uncertainty and price volatility that could hit Chile and other supplier countries. He said the high prices driven by U.S. companies stockpiling copper ahead of possible tariffs were likely to be temporary, and warned that the U.S. would struggle to expand its own supply. "The U.S. lacks the capacity for self-sufficiency and relies heavily on copper smelting and refining in China," Riesco said in a statement. Chile's foreign ministry said the Andean nation had not received any formal official communication regarding the implementation of U.S. copper tariffs. "We continue to be in contact and dialogue on this and other matters with the competent authorities and technical teams," the ministry said in a statement. Chile, along with Canada and Peru, had previously pushed back against a probe by the Trump administration into imports of the metal and said they should not face tariffs. Codelco's Pacheco said the U.S. would need growing amounts of copper, which goes into electric vehicles, military hardware, the power grid and many consumer goods. "The United States is a country that needs a lot of copper, and it will continue to need even more copper," he said, adding it was getting harder to ramp up production. Codelco, the world's biggest copper producer, has seen output hit a 25-year low in recent years. Pacheco estimated global demand would increase some 3% this year, which was creating a supply gap on top of flat output. "The global copper supply is increasingly hard to raise. In fact, I believe that this year, it will be hard to produce more copper than last year," he said. "We also have to consider the reality of what's happening in the market." https://www.reuters.com/world/americas/worlds-top-copper-producer-chile-wait-and-see-mode-after-trump-tariff-bombshell-2025-07-08/