2025-11-28 06:12
S&P 500, Dow eke out monthly gains; Nasdaq registers November drop CME Group outage disrupts futures trading, affecting market liquidity Fed rate cut bets solidify Signs of strength mixed with caution in early Black Friday sales reports NEW YORK, Nov 28 (Reuters) - U.S. stocks ended higher in a truncated, post-holiday session on Friday that was complicated by an outage at an exchange operator as investors closed the book on a tumultuous month and kicked off the holiday shopping season. The three major U.S. stock indexes made modest advances on the day, benchmark Treasury yields strengthened, and gold advanced. Sign up here. "Today was your standard low volume upward bias around the holiday, but it wrapped up a very solid week for investors as optimism over the economy and potential cuts are back in the air," said Ryan Detrick, chief market strategist at Carson Group in Omaha. All three indexes advanced during the holiday-shortened week, on growing optimism that the U.S. Federal Reserve will cut interest rates at its December meeting. For the month, the S&P 500 and the Dow posted marginal gains. The Nasdaq, however, posted a 1.5% decline in November, as risk appetite was soured by simmering worries over inflated tech stock valuations. "It was a roller coaster of a month," Detrick added. "We went from hearing this was the worst November since the great financial crisis, to now the best Thanksgiving week for stocks since 2012." "And now we still believe Santa will come to town with a potential end-of-year rally." CME OUTAGE RESOLVED An outage at CME Group, the world's largest exchange operator, caused mayhem in financial markets as trading was frozen on its currency platform and futures, affecting foreign exchange, commodities, Treasuries and stocks. The issue was resolved with less than an hour to go before the U.S. market opened. U.S. equities trading ends at 1 p.m. ET (1800 GMT), while the bond market closes an hour later. The crucial holiday shopping season is officially in full swing and appears to be off to a solid start. Overall online shopping on Thanksgiving rose 5.3%, according to Adobe Analytics, and while other early sales figures were promising, an air of caution was expressed by some shoppers who are mindful of overspending when inflation remains elevated and the labor market seems to be softening. "The outlook for the consumer this holiday season is mixed," Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York said. "Fed futures indicate a 25-basis-point cut on the Fed funds rate, but that percentage will bounce around between now and the Fed meeting. There's certainly some concern about the consumer and the economy." The Dow Jones Industrial Average (.DJI) , opens new tab rose 289.30 points, or 0.61%, to 47,716.42, the S&P 500 (.SPX) , opens new tab rose 36.48 points, or 0.54%, to 6,849.09 and the Nasdaq Composite (.IXIC) , opens new tab rose 151.00 points, or 0.65%, to 23,365.69. European shares ended the session with modest gains for the day and month, notching their longest monthly winning streak since March 2024 as rising bets of a Fed rate cut and progress toward a Russia-Ukraine ceasefire buoyed sentiment. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 4.29 points, or 0.43%, to 1,004.99. The pan-European STOXX 600 (.STOXX) , opens new tab index rose 0.25%, while Europe's broad FTSEurofirst 300 index (.FTEU3) , opens new tab rose 5.64 points, or 0.25%. The dollar headed for its worst weekly performance since late July on rising odds of further monetary easing from the Fed. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.07% to 99.46, with the euro up 0.04% at $1.16. Against the Japanese yen , the dollar weakened 0.1% to 156.15. U.S. Treasury yields advanced on a low-volume day. The yield on benchmark U.S. 10-year notes rose 1.7 basis points to 4.015%, from 3.998% late on Wednesday. The 30-year bond yield rose 2.1 basis points to 4.6648% from 4.644% late on Wednesday. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 1.4 basis points to 3.495%, from 3.481% late on Wednesday. Front-month oil futures were mixed, with WTI posting a gain and Brent edging lower in the wake of the CME outage, while investors kept an eye on protracted peace negotiations between Russia and Ukraine and looked ahead to the outcome of an OPEC+ meeting on Sunday for clues regarding potential output changes. U.S. crude rose 0.65% to $59.03 a barrel and Brent fell to $63.29 per barrel, down 0.08% on the day. Gold prices were poised for monthly gains on Fed rate cut optimism. Spot gold rose 1.51% to $4,220.46 an ounce. U.S. gold futures rose 1.41% to $4,223.90 an ounce. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-11-28/
2025-11-28 05:59
A look at the day ahead in European and global markets from Ankur Banerjee On perhaps the slowest trading day of the year, investors are dealing with an outage on CME Group platform affecting currencies, commodities and equities futures, spicing up what has so far been a tepid session. Sign up here. While traders are able to execute trades on other platforms, CME Group's platforms are popular in the currency world. Conflicting comments have flooded the newsroom so far from the trading floor. It's either a "nightmare" or everyone needs to "calm down". If the outage stretches well into European hours, expect people to get more concerned especially those looking to square their month-end books. A month that brought fears over AI bubble to the fore is coming to an end with investors shrugging off those worries for now, choosing instead to get excited about the prospect of an interest rate cut from the Federal Reserve next month. That has left stocks generally upbeat this week although still on course for a monthly decline, while the U.S. dollar is headed for its worst week in four months as markets convince themselves that a rate cut is coming. With the U.S. markets closed for the Thanksgiving holiday on Thursday and set for a short trading session on Friday, investors are unlikely to place major bets (an outage may help with that too). The economic calendar includes inflation data for France and Germany and traders will be interested in seeing where prices are headed but for now markets are focused on what the Fed is going to do next. Traders have priced in an 85% chance of a cut in December, compared with 39% a week earlier, CME FedWatch showed. Now the pricing has switched because of the dovish tone from some of the policymakers. Who's to say it won't change if hawks come out? Key developments that could influence markets on Friday: Economic events: Germany import and export data for October, November inflation data for France and Germany https://www.reuters.com/world/china/global-markets-view-europe-2025-11-28/
2025-11-28 05:59
MOSCOW, Nov 28 (Reuters) - Russian President Vladimir Putin greeted Hungarian Prime Minister Viktor Orban in Moscow on Friday on a rare visit by an EU and NATO leader, saying he would still be happy for Budapest to host a Russia-U.S. summit with President Donald Trump. Orban said he wanted detailed talks on Russian oil and gas supplies, calling them vital for Hungary's energy security. Sign up here. The Hungarian leader, meeting Putin for the 14th time, has kept close ties with the Kremlin despite Russia's war in Ukraine, which prompted 19 rounds of EU sanctions and a sharp cut in reliance on Russian energy. He has often questioned Western military aid for Kyiv. Orban, who also has warm relations with Trump, was set to host a Putin-Trump summit in October before the U.S. leader pulled out, saying he did not want it to be a waste of time. In televised remarks, Putin told Orban he would still welcome the meeting in Budapest and thanked him for offering the venue. The talks came as Trump's envoy Steve Witkoff prepares to meet Putin in Moscow next week in a renewed push to end the war. "We very much hope that the peace proposals on the table will lead to a ceasefire and peace," Orban said. Earlier, he said on Facebook he was visiting Moscow "to ensure Hungary’s energy supply is secured for the winter and next year." The U.S. gave Hungary an exemption from sanctions this month to use Russian oil and gas, after Orban pressed his case for a reprieve during a friendly meeting with Trump in Washington. In a potentially unwelcome development for Moscow, Hungary also signed a pact on nuclear power cooperation with the U.S. to buy fuel and technology for storing spent fuel at Paks I, a Russian-built plant south of Budapest. Russia's Rosatom is building an extension to the plant, a 2014 project delayed for years. Hungary imported 8.5 million metric tons of crude oil and more than 7 billion cubic metres of natural gas from Russia this year, its foreign ministry said on Friday. Putin described Hungary's position on the Ukraine war as "balanced" and said that bilateral trade had fallen by 23% last year due to "external restrictions", but recovered by 7% in 2025. https://www.reuters.com/business/energy/hungarys-orban-meet-putin-talks-energy-ukraine-peace-efforts-2025-11-28/
2025-11-28 05:35
MUMBAI, Nov 28 (Reuters) - The Indian rupee logged a monthly fall and closed just shy of its record low on Friday, largely supported by intervention by the central bank which countered pressure from outflows and a pickup in appetite to wager against the currency. The rupee closed at 89.4575 against the U.S. dollar, down 0.6% on the month and a whisker away from its record low of 89.49 hit on November 21. Sign up here. Traders pointed to broad-based dollar demand which ran into central bank's intervention, keeping the currency pinned near its all-time low for much of the session. Earlier this week, the International Monetary Fund reclassified India's foreign exchange framework as a "crawl-like arrangement", two years after branding it "stabilised". The rupee has been pressured by a widening goods trade deficit, weakness in portfolio inflows and concerns over "the central bank's ability to intervene given that it is already significantly short (on USD/INR) in the non-deliverable forwards market," Abhishek Goenka, chief executive at FX advisory firm IFA Global, said. India's merchandise trade deficit hit a record high in October amid a surge in gold imports and a decline in exports to the U.S. following the imposition of up to 50% tariffs. India expects to secure a trade deal with the U.S. before the end of this year as "most issues have been resolved, India's trade secretary said on Friday. Elsewhere, the dollar index was up 0.2% at 99.75, on course for a weekly fall as investors held firm to wagers that the Federal Reserve will cut interest rates next month. Asian currencies were trading mixed with the offshore Chinese yuan hovering near its strongest level in a over a year while the Korean won was down 0.5%. The focus now turns to India's GDP growth data for the July-September quarter due later in the day. https://www.reuters.com/world/india/rupee-risk-all-time-low-leans-central-bank-support-2025-11-28/
2025-11-28 02:43
RIO DE JANEIRO, Nov 27 (Reuters) - Brazilian state-run oil firm Petrobras has lowered its dividend forecast and cut expected investments by almost 2% in a new five-year business plan announced Thursday, as it grapples with lower crude prices. Petrobras expects to dole out between $45 billion and $50 billion during the 2026-2030 period in ordinary dividends, a filing showed. In its previous five-year plan to 2029, released last year, the firm had expected to give shareholders up to $55 billion. Sign up here. There was no mention of extraordinary dividends in the new plan, while the previous one estimated up to $10 billion could be disbursed during the 2025-2029 period. The cut in investments to $109 billion comes as Petrobras faces lower Brent oil prices, that it now expects to hover around $63 a barrel for next year, below the $77 estimate it had set for 2026 in the previous plan. This marks the first drop in investments of the state-run firm under President Luiz Inacio Lula da Silva's current administration. The last time investment was cut was the 2021-2025 plan, under former President Jair Bolsonaro's administration, when Petrobras was undergoing a series of divestments. Reuters reported on Wednesday, citing sources, that Petrobras' expected investments were set to drop to around $109 billion in the new plan. Since taking office, Lula has pushed the oil firm to invest more in order to boost the country's economy. Next year, the leftist leader is set to seek a fourth, non-consecutive term as president. Despite lowering investments overall, Petrobras raised investments in exploration and production activities by about $1 billion to $78 billion for the period, while keeping refining, transportation and marketing investments at around $20 billion. Petrobras also said it expects to reach peak oil production within the period of 2.7 million barrels per day (bpd) in 2028. Peak total production within the plan's timeframe would be 3.4 million barrels of oil and gas equivalent per day (boed) in 2028 and 2029, based on annual projections with a margin of variation of plus or minus 4%. https://www.reuters.com/business/energy/brazils-petrobras-approves-109-billion-business-plan-2026-2030-source-says-2025-11-28/
2025-11-27 23:45
TOKYO, Nov 28 (Reuters) - Securing energy from overseas, including from the Sakhalin Project, is extremely important for Japan's energy security, Japan's industry ministry said late on Thursday when asked about U.S. sanctions on a key shareholder in the Sakhalin-1 project. Last month, Washington sanctioned Russian oil majors Rosneft (ROSN.MM) , opens new tab, a Sakhalin-1 shareholder, and Lukoil (LKOH.MM) , opens new tab in the most recent step to force the Kremlin to end the war in Ukraine. The waiver to end , opens new tab operations expired on November 21. Sign up here. "Japan government continues to recognize that securing energy from overseas, including the Sakhalin Project, is extremely important for Japan's energy security," the Ministry of Economy, Trade and Industry said in a statement to Reuters. "We will take necessary measures to ensure that Japan's stable energy supply is not compromised," the statement added but declined to comment specifically on the sanctions' impact on the project where METI is a shareholder. U.S. ExxonMobil (XOM.N) , opens new tab, which used to own a 30% stake in Sakhalin-1, left Russia in 2022 after the Kremlin's full-scale invasion of Ukraine in February of that year. Before Exxon's exit, Rosneft and India's ONGC Videsh (ONVI.NS) , opens new tab owned a 20% stake in the project each and another 30% was controlled by the SODECO consortium involving METI, Marubeni (8002.T) , opens new tab, Itochu (8001.T) , opens new tab, Japan Petroleum Exploration (1662.T) , opens new tab and Inpex (1605.T) , opens new tab. https://www.reuters.com/sustainability/boards-policy-regulation/energy-overseas-including-sakhalin-1-important-energy-security-japan-says-2025-11-27/
