2025-10-29 11:15
Oct 29 (Reuters) - Refiner Phillips 66 (PSX.N) , opens new tab beat Wall Street estimates for third-quarter profit on Wednesday, helped by stronger fuel margins and record volumes in its pipeline business. Shares of the company rose 1% in premarket trade. Sign up here. U.S. refining margins have rebounded from multi-year lows, recovering after last year's slump, when profits cooled from post-pandemic highs and supply shocks triggered by Russia's invasion of Ukraine in 2022 faded. Quarterly U.S. refinery margins on an average jumped about 25% from multi-year lows. The recovery has helped top refiners including Valero Energy (VLO.N) , opens new tab post stronger-than-expected quarterly results. Phillips 66's realized margin rose to $12.15 per barrel in the quarter, up about 46% from a year earlier, while the refining segment reported adjusted earnings of $430 million, compared with a loss of $67 million a year earlier. The refiner's midstream segment, which transports products such as gasoline, diesel and natural gas liquids through its pipelines, reported adjusted earnings of $697 million, up about 4% from a year earlier. The company said its refining segment's income was partially offset by higher environmental costs primarily associated with the planned idling of the Los Angeles Refinery. Phillips 66 said it has ceased processing crude oil at the Los Angeles Refinery on October 16, with remaining units expected to be idled by year end. The refiner's crude capacity utilization in the quarter was at 99%, compared with 94% from a year earlier, while turnaround expenses fell about 74% to $36 million. It reported an adjusted profit of $2.52 per share for the three months ended September 30, compared with analysts' average estimate of $2.17 per share, according to data compiled by LSEG. https://www.reuters.com/business/energy/phillips-66-beats-quarterly-profit-estimates-strong-refining-margins-2025-10-29/
2025-10-29 11:01
MUMBAI, Oct 29 (Reuters) - Silver premiums in India have fallen sharply as demand eased following the last two weeks' festive rush, prompting potential buyers to delay purchases, bullion dealers told Reuters. Earlier this month, premiums in the world's largest consumer of silver climbed as high as 10% over official domestic prices amid strong demand, forcing some physically-backed exchange-traded funds to temporarily suspend new subscriptions. Sign up here. "The rush to buy silver is over. Demand has slowed, and premiums have returned to normal levels," said Chirag Thakkar, chief executive of Amrapali Group Gujarat, a leading silver importer. BUYERS TURN WARY Silver premiums over official domestic prices have come down to 25 to 40 cents per ounce this week from more than $5 earlier this month, dealers said. Indians were celebrating the Dhanteras and Diwali festivals earlier this month, when buying gold and silver is considered auspicious and among the busiest bullion-buying days in the country. During the price rally, investors eagerly pursued silver, often paying higher premiums than usual, said a Mumbai-based bullion dealer with a private bank. "Now, sentiment has changed due to the recent price correction. Investors are waiting for prices to settle before making purchases," the dealer said. Domestic silver prices have corrected to 147,000 rupees ($1,672) a kg after hitting a record high of 170,415 rupees earlier this month. Silver prices have risen 68% so far this year. This price rally attracted a record inflow of 53.42 billion rupees into silver ETFs in September and more than doubled India's silver imports from August, reaching 1,012 metric tons. In the second week of October, ETFs struggled to procure silver in the local market due to shortages, but supplies are now sufficient, said a fund manager, who declined to be named. Flows into silver ETFs have also slowed over the past few days, he said. Earlier this month, rising Indian demand also pushed up silver lease rates, the cost of borrowing physical silver in London. ($1 = 87.8950 Indian rupees) https://www.reuters.com/world/india/indias-silver-demand-eases-premiums-fall-after-festive-surge-2025-10-29/
2025-10-29 10:57
TORONTO, Oct 29 (Reuters) - Canada's main stock index fell on Wednesday as the Bank of Canada cut interest rates to support a faltering economy and investors worried that an upcoming federal budget could show hefty deficit spending. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 274.90 points, or 0.9%, at 30,144.78. Sign up here. The Bank of Canada signaled an end to its interest rate cutting cycle after lowering its benchmark rate to a three-year low of 2.25%, and cut its 2025 growth forecast to 1.2% from 1.8% in January. "The worrying thing is (interest rates) were cut because our economy is weakening as this trade dispute continues" with the United States, said Michael Sprung, president at Sprung Investment Management. "The other thing that is really on investors' minds in Canada is the budget next week, rumors have it that it could be an extremely high deficit again." Canada is due to present its federal budget on Tuesday. Economists forecast the government's fiscal deficit for the 2025-26 fiscal year will be between C$70 billion ($49.91 billion) and C$100 billion, a massive jump from the projected C$43 billion for the fiscal year that ended March 2025. The U.S. benchmark S&P 500 finished close to flat after the Federal Reserve cut interest rates but Fed Chair Jerome Powell said another rate cut in December is far from assured. Consumer staples (.GSPTTCS) , opens new tab posted the biggest decline among the 10 major sectors, falling 3.7%. Technology lost 1.7%, with shares of Constellation Software Inc (CSU.TO) , opens new tab down nearly 8%. Industrials (.GSPTTIN) , opens new tab declined 1.6% and heavily weighted financials (.SPTTFS) , opens new tab ended 1.3% lower. Energy was a bright spot (.SPTTEN) , opens new tab. It added 1% as the price of oil settled 0.55% higher at $60.48 a barrel. The materials group (.GSPTTMT) , opens new tab, which includes metal-mining shares, also notched gains, adding 0.3%, as copper prices rose. ($1 = 1.4024 Canadian dollars) https://www.reuters.com/business/tsx-futures-steady-boc-fed-rate-decisions-awaited-2025-10-29/
2025-10-29 10:54
MONROVIA, Oct 29 (Reuters) - Liberia has replaced its mining minister and top mining regulator, the office of President Joseph Boakai announced, as the West African nation and iron ore producer pursues talks with Washington on investments in its critical minerals sector. The new minister, R. Matenokay Tingban, served as deputy mining minister under former President Ellen Johnson Sirleaf. Sign up here. The decision to appoint him in place of the previous minister, Wilmot J.M. Paye, is part of moves to improve governance and efficiency, Boakai's office said in a statement on Monday, without elaborating. A second statement on Tuesday named a new head for the state mining regulator. The changes come as Liberia seeks to attract foreign investment into its mining industry, which recently identified deposits of lithium, cobalt, manganese and rare earths, minerals vital for electric vehicles and renewable energy technologies. U.S. Secretary of State Marco Rubio met Liberian Foreign Minister Sara Beysolow Nyanti in Washington on October 17 to discuss expanding U.S. participation in mining, the State Department said. Tingban will oversee a ministry central to Liberia's plans to boost investor confidence under Boakai's "ARREST Agenda", a five-year national development strategy. Boakai also appointed new deputies at the mines and education ministries. Some of the appointments require Senate confirmation. Iron ore remains Liberia's top mineral export, with ArcelorMittal (MT.LU) , opens new taboperating , opens new tab its largest mine and rail network, though gold has recently become a critical foreign exchange earner. Other players in the minerals sector include Ivanhoe (IVN.TO) , opens new tab, Bea Mountain (Avesoro), MNG Gold and Hummingbird Resources. https://www.reuters.com/sustainability/climate-energy/liberia-replaces-mines-minister-amid-talks-us-investments-2025-10-29/
2025-10-29 10:52
MUMBAI, Oct 29 (Reuters) - The rising popularity of U.S. dollar stablecoins will be an important phenomenon next year and could raise challenges for monetary policy globally, India's Chief Economic Adviser V. Anantha Nageswaran said on Wednesday. "The presence of a dollar stablecoin will bring with it its own challenges for monetary policy, monetary transmission and for seigniorage benefits of any country," Nageswaran said at an event in Mumbai. Sign up here. Seigniorage refers to the difference between the face value of money and the cost of producing and distributing it. The presence of a widely used instant domestic payments system like the Unified Payments Interface (UPI), reduces the need for stablecoins in India as compared to advanced economies like those in the European Union, Nageswaran said. Stablecoins will become one more source of competition for banks in terms of acting as financial intermediaries and in attracting customer deposits, he said. U.S. dollar stablecoins have gained popularity globally on the back of friendly regulations in the U.S. and the global market capitalisation of such tokens that are pegged to the U.S. dollar has climbed to over $300 billion. India, for its part, is leaning towards not creating legislation to regulate cryptocurrencies in the country, Reuters reported in September. https://www.reuters.com/world/india/us-dollar-stablecoins-raise-challenges-global-monetary-policy-india-chief-2025-10-29/
2025-10-29 10:46
Discounts on Iranian oil offered to China rise to widest in more than a year US, UK and EU imposed wave of sanctions on top Russian producers Sanctions prompt some buyers in China and India to pause purchases SINGAPORE, Oct 29 (Reuters) - The discounts on Iranian oil offered to China have hit their widest in more than a year, as tightening sanctions on Russia and Iran squeeze buying from independent refiners already constrained by a shortage of crude import quotas, trade sources said on Wednesday. The United States, Britain and the EU recently imposed a wave of trade restrictions on top Russian oil producers and other industry players, aiming to pressure Russian President Vladimir Putin to end the Ukraine war. Sign up here. The sanctions have prompted some buyers in China and India, the two biggest Russian oil buyers, to pause their purchases, causing a sharp decline in prices for Russian crude and adding unsold Russian shipments on to already ample Iranian supplies, trade sources said. LOGISTICS DISRUPTED AND FEARS RAISED AMONG BUYERS The latest disruptions come on top of earlier sanctions by Washington targeting entities it said were involved in the Iranian oil trade, including four Chinese refiners as well as ports and vessels. Combined, the measures have disrupted logistics and increased sanctions fears among buyers, traders said. They pointed to a stand-off between buyers and sellers of Iranian oil this week. "There was just too much supply, and the market is directionless," said a China-based trader. The sources declined to be named because they are not authorised to speak to media. Offers for Iranian Light crude slipped to discounts wider than $8 a barrel to benchmark ICE Brent for December arrival, compared with a discount of about $6 in September and around $3 in March. Bids sank to discounts of around $10 a barrel, as buyers sought lower prices to make up for sanctions risks and potential issues at Chinese ports when discharging cargoes, the trade sources said. Imports of Iranian oil, which account for about 14% of China's crude imports, fell to 1.2 million barrels per day in September, the lowest since May and below the 1.38 million bpd average this year, Kpler data showed. China regulates crude imports by independent refiners under a strict quota system. The refiners had largely run out of quota for this year by end-September, market sources said. Refiners are looking to next month for the possibility that Beijing will issue fresh quotas, which it has done in November in the past few years. https://www.reuters.com/business/energy/iranian-oil-discounts-china-widen-sanctions-quota-shortage-2025-10-29/
