2025-11-19 11:45
STOCKHOLM, Nov 19 (Reuters) - Finnish petrol station operator Teboil, owned by Russian oil major Lukoil (LKOH.MM) , opens new tab, said on Wednesday it is preparing to shut down all its petrol stations in the country as fuel runs out amid U.S. sanctions against its parent company. Teboil has 430 petrol stations in Finland, according to its website, or roughly one-fifth of the Nordic country's 2,250 stations, according to a 2024 report by an industry group. Sign up here. "Fuel supply in Finland is not threatened, as Teboil does not refine fuel in Finland, but mainly distributes fuel from a Finnish refinery owned by Neste (NESTE.HE) , opens new tab," Finland's Ministry of Economic Affairs and Employment said in an email to Reuters, adding that customers can switch to other retailers. The United States last month hit Lukoil with sanctions over Moscow's war in Ukraine, disrupting the company's international business. Teboil is the first Lukoil-owned international business to say it will close down as a result of the sanctions. Elsewhere, Lukoil has declared force majeure at its prized West Qurna 2 oilfield after Iraq halted all cash and crude payments, while a contractor working for Lukoil cancelled plans to drill for petroleum off Romania, and Bulgaria prepared to take over a Lukoil refinery. "Stations will close in phases once fuel stocks are sold out," Finland's Teboil said in a statement, without giving a timeline. The administration of U.S. President Donald Trump on Friday gave clearance to potential buyers to talk to Lukoil about buying its non-Russian assets, and Teboil had said on Monday it expected Lukoil to sell the chain. Teboil was not immediately available for further comment. Finland's Financial Supervisory Authority last month said banks and other Finnish institutions subject to its regulations should exercise caution in dealing with Lukoil and companies directly or indirectly owned by it. https://www.reuters.com/business/energy/finlands-teboil-prepares-shut-down-operations-amid-lukoil-sanctions-2025-11-19/
2025-11-19 11:42
TSX ends up 0.8% at 30,278.41 Tech sector gains 2.3%, with Shopify up 4.6% Materials group adds 1.3% as gold rises Nov 19 (Reuters) - Canada's main stock index rose on Wednesday, led by gains for technology and mining shares, as metal prices rose and investors awaited a key earnings report from U.S. chipmaker Nvidia. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 241.95 points, or 0.8%, at 30,278.41. It follows two straight days of declines as investors worried that the boom in company spending on artificial intelligence had gone too far. Sign up here. "I think everybody's waiting for Nvidia to report earnings after the bell," said Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth. "Everybody's talking about the biggest company in the world by far and it's going to obviously mean a lot to the tech area." Brookfield Asset Management (BAM.N) , opens new tab has launched a $100 billion AI infrastructure program in partnership with Nvidia (NVDA.O) , opens new tab and Kuwait Investment Authority as demand for computing and energy to support AI applications accelerates. Shares of Brookfield Asset Management were up 2.1%. Investors were also waiting for a delayed U.S. labor report, scheduled for Thursday, which could confirm weakness in the job market and reignite hopes of a Federal Reserve interest rate cut. "The data we will receive on Thursday will give us a little bit more information as to the strength of the (U.S.) economy," Small said. The Toronto market's technology sector rose 2.3%, with shares of e-commerce company Shopify Inc (SHOP.TO) , opens new tab up 4.6%. The materials group, which includes metal mining shares, added 1.3% as gold and copper prices rose. The Bank of Canada called for a coordinated economy-wide approach to boost weak productivity, an issue it said was becoming more pressing in the face of challenges caused by U.S. trade policy. https://www.reuters.com/business/tsx-futures-rise-commodity-boost-investors-await-nvidia-results-2025-11-19/
2025-11-19 11:40
Nov 19 - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-at-Large, Finance and Markets Sign up here. Anticipation of AI giant Nvidia's results , opens new tab after today's closing bell allowed Wall Street stock futures to catch a breath after this week's latest tech-driven selloff. Meanwhile, global markets are also watching another withering slide in Japan's yen and government bond , opens new tab prices. There was no respite for U.S. tech on Tuesday, with anxiety about AI-related valuations, over-spending and increasingly leverage in the sector dragging the S&P500 and Nasdaq into the red for the fourth straight trading day. While rotation of stock sectors saw the small-cap Russell 2000 eke out a small gain, selling on the main indexes was not all about AI. Shares of Home Depot dropped 6% after the home improvement chain gave a forecast for full-year profit that disappointed and missed quarterly earnings estimates. Apart from Nvidia earnings, the other big events of the week will be the long-awaited September payrolls and Walmart results on Thursday. Retailer Target is also due to report later today. Even though the main U.S. index futures regained ground early on Wednesday, the VIX volatility gauge remained elevated above long-term averages and stuck at about 24. Crypto markets also remained on edge, with digital token Bitcoin limping back below $92,000 again after Tuesday's bounce. U.S. macro markets were more subdued by comparison. With a 20-year bond auction due later today, Treasuries caught something of a bid from Tuesday's equity selling - but longer-term yields reversed most of that overnight. Although futures markets now do not fully price another Federal Reserve rate cut until March, the release today of minutes from the Fed's last meeting may give marginally more clarity about what has been read about a more hawkish turn. Shorter-dated Treasury yields stayed lower, however, as jobless claims data on Tuesday showed the number of Americans on jobless benefits surged between mid-September and mid-October, suggesting an elevated unemployment rate in October. That picture was reinforced by ADP's data showing private employers shed an average of 2,500 jobs a week during the four weeks ending November 1. But new jobless claims during that period were unchanged, which cut across speculation that the government shutdown led to an increase in layoffs. Overseas bond markets were more restive on Wednesday, with Japan's yen and Japanese government bond prices falling to new lows amid worries about loosening government fiscal policy and political pressure on the Bank of Japan to resist tightening monetary policy too much. Yields on 10, 30 and 40-year JGB soared to new highs and the yen fell to its weakest against the dollar since January and a record low against the euro. A sale of about 800 billion yen in 20-year JGBs by the Ministry of Finance had a bid-to-cover ratio of 3.28, down from the previous sale but around the average over the past year. The market is nervous, however, about a ruling-party panel's proposal on a supplementary budget exceeding 25 trillion yen ($160.86 billion) to fund Prime Minister Sanae Takaichi's planned stimulus. It also wary about pressure on the Bank of Japan to toe the line. BOJ Governor Kazuo Ueda met key government ministers on Wednesday, including Finance Minister Satsuki Katayama. Katayama said the meeting about maintaining "close coordination" between government and central bank and closely monitoring market with a "high sense of urgency". Elsewhere, British inflation slowed last month for the first time since May, offering relief to the government before next week's annual budget, and boosting the chance of a December rate cut by the Bank of England. Canada's dollar slipped back from its best level of the month, after staging its biggest one-day gain in three months on Tuesday. The move came after the Canadian Parliament this week narrowly voted in favor of Prime Minister Mark Carney's first budget, staving off the risk of a second election in less than a year. In today's column, I take a look at how global investors are viewing the AI investment frenzy as an overspend and fretting about what comes next. Today's Market Minute Chart of the day President Donald Trump's approval rating fell two percentage points to 38% this month, the lowest since his return to power, with Americans registering concerns about his handling of the high cost of living and the investigation into the late convicted sex offender Jeffrey Epstein, a Reuters/Ipsos opinion poll found. Just 26% of Americans say Trump is doing a good job at managing the cost of living, down from 29% in the prior poll. Some 65% of respondents - including one in three Republicans - disapprove of Trump's performance on the cost of living. Today's events to watch * US August trade balance (8:30 EDT) * Federal Open Market Committee issues minutes (1:00 EDT) * Federal Reserve Board Governor Stephen Miran, New York Fed President John Williams, Dallas Fed President Lorie Logan and Richmond Fed boss Thomas Barkin all speak * US corporate earnings: Nvidia, Palo Alto Networks, Target, Lowe's, TJX, Progressive, Williams-Sonoma * US Treasury sells $16 billion of 20-year bonds Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab 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. https://www.reuters.com/business/finance/global-markets-view-usa-2025-11-19/
2025-11-19 11:28
BERLIN, Nov 19 (Reuters) - Airbus chairman Rene Obermann has called on European countries to acquire tactical nuclear weapons in response to the threat posed by Russian Iskander missiles deployed at Kaliningrad that can carry nuclear warheads. "Our Achilles heel seems to be what Russia threatens us with fairly publicly: That's 500 plus tactical nuclear warheads on Iskander 26 missiles stationed right in front of our door in Kaliningrad, in addition to the newly stationed ones in Belarus," Obermann said at the Berlin Security Conference on Wednesday. Sign up here. "Germany, France, Britain and other willing European member states should agree on a common and staged nuclear deterrence program, including very much so the tactical level. I think that would be a massive sign of deterrence." https://www.reuters.com/business/aerospace-defense/airbus-chair-calls-europe-acquire-tactical-nuclear-weapons-2025-11-19/
2025-11-19 11:20
LONDON, Nov 19 (Reuters) - North Sea oil and gas producer Ithaca Energy (ITH.L) , opens new tab said on Wednesday it has agreed to buy a 50% stake in the Tobermory gas discovery from Shell UK (SHEL.L) , opens new tab, located in the West of Shetland basin off Scotland. Shell's interest in Tobermory will form part of Adura, a joint venture with Equinor (EQNR.OL) , opens new tab expected to be launched later this year. That partnership, announced in December 2024, will combine Shell and Equinor's UK offshore oil and gas assets. Sign up here. Wednesday's announcement with Ithaca supports Shell's West of Shetland gas growth strategy, a Shell spokesperson said. Shell and Ithaca already are 50/50 partners in the Tornado discovery. In a sign of Shell's broader shift back to oil and gas production and away from renewables, Shell recently exited the MarramWind and CampionWind projects off the coast of Scotland. Ithaca is one of the largest independent oil and gas companies in the UK Continental Shelf. The company said on Wednesday it was progressing toward a final investment decision in the Cambo and Tornado discoveries. In October 2024, Ithaca announced it had completed a 754 million pound ($993 million) deal to buy nearly all of Eni's (ENI.MI) , opens new tab UK oil and gas producing assets. https://www.reuters.com/business/energy/uks-ithaca-energy-buys-50-stake-tobermory-gas-shell-uk-2025-11-19/
2025-11-19 10:38
Fed independence still a risk - Amundi CIO Mortier Firm is underweight megacap stocks Expects the ECB will cut rates more than markets expect LONDON, Nov 19 (Reuters) - Damage to the independence of the U.S. Federal Reserve remains a risk going into 2026, the chief investment officer of Europe's largest asset manager said on Wednesday. Amundi, which manages 2.3 trillion euros ($2.67 trillion), favours European and emerging market bonds and is underweight megacap stocks, according to Vincent Mortier. Sign up here. "One of the big tail risks you have for next year is a big pressure put on the Fed," Mortier told reporters. "Any changes in Fed governance or Fed independence could be a massive unexpected thing," he said, adding he would not be surprised to see a "much lower" Fed policy rate in 2026. U.S. President Donald Trump has repeatedly attacked Fed Chair Jerome Powell for being too slow to lower rates, despite persistent inflation and steady economic growth. Powell's term ends in May next year and is expected to be replaced by a candidate whose views align more closely with those of the president. Mortier said the firm was underweight so-called megacap equities, but it had not sold down the stocks in most portfolios, hedging them with derivatives that give it the option to sell them instead. Global stocks have come under pressure in recent weeks as concerns mount about AI-related valuations, especially megacaps, a group including the "Magnificent Seven" technology firms. "To be underweight all these megacap names is very painful this year. We cannot be out of this market, but we are happy to spend some performance of some of the assets to buy insurance," he said. The firm expects the U.S. dollar, which has lost over 8% this year against a basket of currencies , to weaken further. Mortier said the benchmark 10-year U.S. Treasury yield would stay anchored around 4%, and expects policymakers to intervene if yields drifted much above here given debt sustainability concerns. Asked how they might do so, Mortier said the U.S. Treasury could favour issuing shorter-dated debt, rather than longer maturities, and the Fed could resume bond-buying if needed. Dollar-pegged stablecoins and plans to ease bank capital requirements are also clear strategies to boost demand for Treasuries, he added. Mortier said he favours positions taking interest rate risk in European bonds, betting the European Central Bank will be "much more dovish" than market expectations that it will keep interest rates on hold next year. ($1 = 0.8630 euros) https://www.reuters.com/business/amundis-mortier-sees-more-dovish-ecb-than-markets-expect-2025-11-19/
