2025-10-24 06:09
US sanctions hit Russian-owned Serbian oil firm NIS on October 9 NIS unable to receive 1 million barrel crude cargo from Croatia Serbia's only oil refinery faces closure without fresh supplies Serbian fuel stocks full, but will only cover to year end LONDON/BELGRADE, Oct 24 (Reuters) - U.S. sanctions on Russian-owned NIS have prevented the Serbian oil group from receiving a crude cargo that could have bought time for Serbia's sole refinery, which faces closure without new supplies, sources with knowledge of the matter said. The sources, who spoke on condition of anonymity due to the sensitivity of the situation, told Reuters that Serbia has just days before the NIS (NIIS.BEL) , opens new tab oil refinery at Pancevo will be forced to stop processing crude. Sign up here. NIS did not respond to Reuters' requests for comment. Serbia's President Aleksandar Vucic warned on October 9 that without deliveries, the refinery, which supplies most of the country's oil products, including gasoline and jet fuel, would struggle to operate beyond November 1. However, Vucic said that fuel storages are full and existing stocks of oil products should keep Serbia supplied until year end. "There will be no shortages of crude oil, its derivatives and no energy crisis," he told Serbs last week. Russia and Serbia are still working to find a solution that would lift the U.S. sanctions, announced in January to target NIS' majority Russian ownership, which came into effect on October 9 after a final waiver expired. Vucic is facing a wave of anti-government demonstrations and may now have to try to secure extra barges of emergency oil when cold winter weather hits the Balkan country. US SANCTIONS DISRUPT CARGO The Maran Helios tanker carrying 1 million barrels of Kazakh KEBCO crude bound for NIS in Serbia arrived at Croatia's Omisalj on October 9, data from analytics group Kpler shows. But the fuel did not then make it to Serbia, a source close to the matter said. Croatian pipeline operator Janaf (JANF.ZA) , opens new tab, which had been given an extension to continue transporting oil to Serbia until October 15, said in a statement this week that it had delivered everything in its system owned by NIS on October 8. Janaf said it had no further oil due for delivery to Serbia after this date, suggesting it had not taken receipt of the Kazakh KEBCO crude cargo which NIS had bought. Reuters could not determine if the cargo will be stored at Omisalj or resold to a different buyer, after it finally discharged on Tuesday after hovering off the port for about two weeks, Kpler data showed. SERBIA FACES FUEL CRUNCH The crude which NIS was due to have received would have been enough to run the Pancevo refinery for around 10 days, according to Reuters calculations. While two sources told Reuters that Serbia's fuel stocks are almost full, the country will become increasingly reliant on imports as they start to run down. "For me it's not even a question. The refinery must work, and petrol stations must stay operational," Nadezda Kokotovic, former head of NIS' EU liaison office, told Reuters. https://www.reuters.com/business/energy/russia-owned-nis-stopped-getting-oil-cargo-amid-serbia-fuel-crunch-sources-say-2025-10-24/
2025-10-24 05:28
NEW YORK, Oct 24 (Reuters) - The U.S. dollar was almost flat on Friday after dipping following fresh inflation data that showed U.S. consumer prices increased less than expected in September, keeping the Federal Reserve on track to cut interest rates again next week. The Consumer Price Index rose 0.3% last month and 3.0% in the 12 months through September. Economists polled by Reuters had forecast the CPI increasing by 0.4% for the month and rising 3.1% year-on-year. Sign up here. The U.S. dollar index was last down 0.021% at 98.934, after earlier falling as much as 0.2%, still on track for a modest weekly gain. "The headline was a bit softer than expected," said Marc Chandler, chief market strategist at Bannockburn Capital Markets. "The dollar was sold on the news, even though the market had nearly 100% confidence before the report that the Fed would cut rates, not only next week, but in December." The CPI report was published despite an economic data blackout because of the government shutdown. The figure, used by the Social Security Administration to calculate its cost-of-living adjustment for millions of retirees and other benefits recipients, was initially due on October 15. The euro rose and was last up 0.06% at $1.163. Business activity in the euro zone grew at a faster pace than expected in October, led by the bloc's services industry, a survey showed on Friday. ALL EYES ON TRADE Trade war worries were back on the agenda after U.S. President Donald Trump said all trade talks with Canada were terminated over an advertisement by the province of Ontario which featured a recording of former President Ronald Reagan speaking negatively about tariffs. The Canadian dollar was last slightly weaker at 1.40 per U.S. dollar, but market reaction overall was fairly subdued. Investors' focus remained on the looming meeting between Trump and Chinese President Xi Jinping next week. The proposed Trump-Xi meeting in South Korea has spurred some expectations of a resolution to the on-again-off-again trade war between the world's top two economies. "I think expectations are quite high for the Trump-Xi meeting, with the upside risk of a significant de-escalation following the face-to-face meeting," said Ben Bennett, head of investment strategy for Asia at L&G Asset Management. New U.S. sanctions on Russian suppliers Rosneft (ROSN.MM) , opens new tab and Lukoil (LKOH.MM) , opens new tab over Russia's war in Ukraine pushed up oil prices. That weighed on currencies tied to oil imports, including the yen. The yen's performance is also linked to the policies of Japan's new Prime Minister Sanae Takaichi, widely viewed as a fiscal and monetary dove. The yen weakened to a two-week low and last fetched 152.85 per U.S. dollar. Data earlier on Friday showed Japan's core consumer prices stayed above the central bank's 2% target, keeping alive expectations of a near-term rate hike. Takaichi is preparing an economic stimulus package that is likely to exceed last year's $92 billion to help households tackle inflation, government sources familiar with the plan told Reuters on Wednesday. Sterling was down 0.15% at $1.33, after stronger-than-expected retail sales that were boosted by demand for gold from online jewellers. It was down about 1% this week after soft inflation data had investors adding to expectations for a rate cut from the Bank of England this year. https://www.reuters.com/world/asia-pacific/dollar-calm-traders-brace-us-inflation-data-2025-10-24/
2025-10-24 05:27
MUMBAI, Oct 24 (Reuters) - The Indian rupee surrendered all of its intraday gains to end little changed on Friday as optimism over trade talks faded after an Indian minister signalled caution over ongoing negotiations. The rupee had earlier risen to 87.6350 per dollar, its highest level since late August, breaking past the key resistance level of 87.70 on likely inflows and the lingering impact of the central bank's persistent dollar sales near the 88 mark. Sign up here. The currency ended at 87.8450, little changed from 87.8400 on Thursday. However, things took a turn after Trade Minister Piyush Goyal said India will not rush into signing any trade agreements and will reject conditions from countries that restrict its trading choices. "The first half of the session belonged to rupee bulls on the back of foreign inflows, but the second half saw dollar bulls claw back," a dealer at state-run bank said. India is negotiating a long-pending free trade agreement with the European Union, while trade talks with the U.S., which has imposed 50% tariffs on domestic goods, are also underway. "The rupee opened higher as we head for a deal with U.S. with expectations of reducing tariffs. But with Piyush Goyal commenting that India will not accept conditions or rush through trade deals, the rupee lost most of its gains," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. Traders also said that a pickup in equity inflows have supported the rupee in last few days. Foreign investors are net buyers of Indian shares so far in October. Meanwhile, Asian currencies were mixed on Friday, with traders awaiting the release of September U.S. inflation data later in the day. The report was originally scheduled for October 15 and has been delayed due to a U.S. government shutdown. Markets have fully priced in a 25 basis-point rate cut by the Federal Reserve next week, with the data expected to shape expectations for another reduction in December. https://www.reuters.com/world/india/rupee-inch-up-before-us-inflation-remains-hemmed-by-rbi-importer-flows-2025-10-24/
2025-10-24 05:18
Oct 24 (Reuters) - Norwegian aluminium producer Norsk Hydro (NHY.OL) , opens new tab reported an 18.6% fall in third-quarter core profit on Friday, hit by lower alumina prices and a stronger Norwegian crown, partly offset by higher production volumes. Adjusted earnings before interest, taxes, depreciation and amortisation fell to 6.0 billion crowns in the July–September period from 7.4 billion crowns a year earlier. Sign up here. Analysts on average had expected it to report a core profit of 6.36 billion crowns, according to a company-compiled consensus , opens new tab. The return of U.S. tariffs on aluminium has upended trade flows, lifting regional premiums and amplifying costs for American buyers. Canada, the main supplier to the U.S. market, has diverted part of its output to Europe after Washington doubled tariffs to 50% in June, while the higher U.S. Midwest premium has lifted costs for American buyers but supported prices elsewhere. With Chinese smelters churning out near-record volumes of aluminium and looking to offload surplus abroad, barriers in the West have offered short-term relief to companies like Hydro by lifting regional premiums and curbing low-cost competition. UBS and J.P. Morgan said the miss was mainly due to weaker performance in the aluminium metal division, while noting that Hydro's near-term outlook remained softer than expected. High energy costs and an uncertain trade backdrop continue to weigh on producers, many of which are urging Brussels to curb scrap exports amid strong U.S. demand. Analysts say aluminium markets are gradually tightening after years of oversupply and sanctions, raising the prospect of firmer prices in the medium term. Prices need to stay above $3,000 a ton to prevent shortages, Citi said last month. Hydro CFO Trond Olaf Christophersen told analysts that current prices could force high-cost Chinese refiners to curtail output, tightening the alumina market. Hydro shares were down 1% at 0715 GMT after falling as much as 3.7% in early trading, underperforming Oslo's benchmark index (.OSEBX) , opens new tab. https://www.reuters.com/business/aluminium-producer-norsk-hydros-q3-core-profit-lags-expectations-2025-10-24/
2025-10-24 05:14
JAKARTA, Oct 24 (Reuters) - The Indonesian government has started relocating residents living in areas surrounding the Modern Cikande Industrial Estate, a site found to have been contaminated with radioactive Caesium-137, a spokesman told Reuters on Friday. The effort was initiated after Indonesia detected high levels of Caesium-137, a man-made radionuclide, at the sprawling industrial zone near the capital Jakarta. Sign up here. "At this first stage, we are allocating 19 families with a total of 63 individuals. Why now? Because it's time to clean up their houses from contamination," said Bara Hasibuan, spokesman for the special task force set up to handle the issue. In the next stage, the task force aims to move another eight families with a total of 28 people by next week, he added. The task force also said it had finished the decontamination process at 20 out of the 22 facilities at the industrial estate that contained traces of Caesium-137. The contamination was first detected in a batch of shrimp shipped to the United States in August by a local company. The United States has imposed new certification requirements for imports of shrimp and spices from Indonesia. Caesium-137 enters the environment as a result of past nuclear tests or accidents like Chernobyl and Fukushima, but it is also used in some industrial applications like oil well logging. Indonesia has no nuclear weapons or nuclear power plants. https://www.reuters.com/business/healthcare-pharmaceuticals/indonesia-moves-residents-near-site-contaminated-with-caesium-137-task-force-2025-10-24/
2025-10-24 04:39
A look at the day ahead in European and global markets from Rocky Swift Friday brings a moment of calm before the storm. A host of summits, earnings and central bank events loom next week. Sign up here. The focus before the weekend will be U.S. consumer price data for September, a lone economic light shining through the darkness of the second-longest U.S. government shutdown. So far. Coming in from furlough, Bureau of Labor officials are expected to say that the U.S. core consumer price index held steady at 3.1%, a reading that's unlikely to impact a widely anticipated rate cut from the Federal Reserve next week. Then begins a whirlwind of leaders' meetings centred around the Asia-Pacific Economic Cooperation (APEC) CEO Summit, including a planned face-to-face between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea. Markets were soothed by a White House announcement of the meeting, amid escalating tensions between the economic superpowers and a Nov. 1 deadline for an additional 100% U.S. tariff to be imposed on Chinese imports. But proving every silver lining has a cloud, Trump took to social media to pick another fight with Canada, declaring that trade negotiations with America's northern neighbour were "TERMINATED." European equity futures signal a steady start to markets. Oil and gold settled down after a volatile week. Asian stocks gained following an earnings beat by Intel (INTC.O) , opens new tab and a positive Wall Street close. The earnings calendar is light today, but next week brings a deluge, with five of the Magnificent Seven reporting results, including Apple (AAPL.O) , opens new tab and Microsoft (MSFT.O) , opens new tab. Newly elected Japanese Prime Minister Sanae Takaichi is due to speak later in the session as her government reportedly considers a sizable stimulus package and just days away from her first meeting with Trump. Friday data showed Japan's core consumer prices remained above the central bank's 2% target, keeping alive expectations of a near-term interest rate hike ahead of a Bank of Japan policy meeting next week. Key developments that could influence markets on Friday: - U.S. earnings: Procter & Gamble, HCA Healthcare, General Dynamics - Europe earnings: Saab AB, Sanofi - U.S. data: core CPI for September, S&P Global flash PMIs for October, University of Michigan final print of October consumer sentiment - Europe data: Britain retail sales for September, France consumer confidence for October - Flash PMIs for Euro Zone, France, Germany, and Britain https://www.reuters.com/world/china/global-markets-view-europe-2025-10-24/
