2025-10-06 18:59
Oct 6 (Reuters) - Delek US Holdings (DK.N) , opens new tab has sued London-based Marex Group (8UU.F) , opens new tab and Texas-based BTX Energy, accusing them of supplying contaminated crude oil that damaged one of its U.S. refineries and caused more than $30 million in losses. In a filing in Texas' Chambers County district court, Delek said it began buying crude from Pinnacle Fuel in January, with deliveries handled through BTX Energy's terminal in Winnie, Texas. Sign up here. By February, Delek detected unusually high levels of organic chlorides in its Heavy Naphtha Hydrotreater unit, according to the complaint. Marex declined to comment and BTX Energy did not immediately respond to a request for comment. Delek says tests showed chloride concentrations as high as 5,668 parts per million, nearly 1,000 times above contractual limits, which damaged refinery units, forced lower processing rates and contaminated about 300,000 barrels of clean oil. Marex, which acted as the guarantor of Pinnacle's supply contract, has filed a petition to move the case from the Chambers County court to a federal court. https://www.reuters.com/legal/litigation/delek-sues-marex-btx-over-30-million-refinery-damage-tainted-crude-2025-10-06/
2025-10-06 18:50
Peso weakens, stocks and bonds rise amid US aid anticipation Economy Minister Caputo in Washington for Bessent talks President Milei faces political challenges, leading midterms candidate resigns BUENOS AIRES, Oct 6 (Reuters) - Argentina's peso weakened marginally on Monday while stocks edged up and bond prices rose in anticipation of news of financial aid from the U.S. Treasury and as political tensions in Argentina escalate before the country's midterm elections later this month. International dollar bonds rose between 0.7 and 2.5 cents each across maturities, continuing the volatile trend of the past few weeks, and remain far from historic highs set in January and revisited in late June. Sign up here. Sovereign bonds in the local market rose an average of 1.2%, driven by portfolio restructuring in the face of speculative buying, traders said. The interbank peso fell 0.35% to 1,429.5 per dollar and the S&P Merval stock index (.MERV) , opens new tab ticked up 0.3%. Economy Minister Luis Caputo has been in Washington for several days, according to his office, to negotiate with U.S. Treasury Secretary Scott Bessent a multimillion-dollar currency swap to boost investor confidence. So far, no developments have been announced and it is unclear whether he has met with Bessent or with International Monetary Fund officials. U.S. President Donald Trump will also meet with Milei , opens new tab on October 14, during the week that the World Bank and the IMF will convene in Washington. "The market is waiting for more than just signals; more details about the loan or program are needed to calm tensions and guarantee the financial program regardless of the election outcome," said economist Roberto Geretto of AdCap, a consulting group in Buenos Aires. On Sunday, the leading candidate on the midterms ticket for Milei's party in the Buenos Aires province resigned, after facing public scrutiny for ties to a businessman under investigation in the U.S. for drug trafficking. Milei has been in political hot water for weeks, with his popularity falling amid a corruption scandal that ensnared his sister and confidante, and a public tired of the government's austerity measures. In another setback last week, Argentina's opposition-controlled Senate voted to override Milei's vetoes of bills boosting funding for public universities and pediatric healthcare. https://www.reuters.com/business/finance/argentina-markets-tenterhooks-ahead-news-us-support-2025-10-06/
2025-10-06 18:48
NEW YORK, Oct 6 (Reuters) - Bitcoin hit a new record high on Monday as the world's largest cryptocurrency by market value continued to benefit from strong investor demand. The rally since the start of the year has been fueled by institutional investors, friendlier policies under U.S. President Donald Trump, and a bitcoin's increasing connection with global financial systems. Sign up here. Bitcoin rose as high as $125,835.92 after climbing above $125,000 for the first time on Sunday. It was last up 2.02% at $125,253.63, on course for the second straight session of gains. It has risen more than 33% this year. "Bitcoin is the hurdle rate. If you can't beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders," wrote Anthony Pompliano, founder and CEO of Professional Capital Management, in a letter to investors on Monday. Bitcoin's ascent has coincided with the weakness of the U.S. dollar against major peers as Trump's tariffs on U.S. trade partners and uncertainty about their impact have prompted investors to diversify away from U.S. assets. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 98.09. It is down nearly 10% this year. "Bitcoin has surged ever since it briefly broke below $110,000 just over a week ago. The current rally means that Bitcoin has added around 13% since 28th September," wrote David Morrison, senior market analyst at FCA-regulated fintech and financial services provider Trade Nation, in emailed comments. "Its daily MACD (Moving Average Convergence Divergence) has turned up sharply, and while this indicates a rise in upside momentum, it may be that bitcoin will need to consolidate before it has a chance to push up further." https://www.reuters.com/business/bitcoin-hovers-near-all-time-high-2025-10-06/
2025-10-06 17:03
MILAN, Oct 6 (Reuters) - Tether plans to file its own list of candidates for the board of Italian soccer club Juventus (JUVE.MI) , opens new tab at an annual shareholder meeting next month, the crypto giant said on Monday in e-mailed responses to questions from Reuters. Tether built a 10.7% stake in Turin-based Juventus during this year, becoming the club's second shareholder after the Agnelli family's investment company Exor (EXOR.AS) , opens new tab, which owns 65% of the club. Sign up here. Investors at Milan-listed Juventus will vote upon the company's board renewal at the club's annual shareholder meeting on November 7. Tether also said it intended to put forward some "governance changes" at the meeting, without elaborating. The crypto firm added it planned to contribute to a capital increase worth up to 110 million euros ($129 million) which the board of loss-making Juventus proposed last month. Exor has already paid nearly 30 million euros for that capital increase. ($1 = 0.8544 euros) https://www.reuters.com/sustainability/sustainable-finance-reporting/crypto-giant-tether-propose-candidates-juventus-board-2025-10-06/
2025-10-06 16:06
Oct 6 (Reuters) - Gold prices surged to record highs above $3,900 per ounce on Monday on expectations of further U.S. rate cuts, and as investors fleeing economic and political uncertainty piled into the safe-haven precious metal. Spot gold hit an all-time peak of $3,958.57 an ounce and has climbed 48% so far this year, adding to last year's gain of 27%. Sign up here. "Investors are navigating everything from shifting Fed policy to global political developments and gold is playing its traditional role as a store of value," said Joseph Cavatoni, senior market strategist at the World Gold Council. The Federal Reserve cut interest rates for the first time this year in September, with markets pricing in two more cuts this year. Lower interest rates reduce the opportunity cost of holding assets such as gold, which pays no interest or dividends, while also weakening the dollar. Conflict in the Middle East, the Russia-Ukraine war and concerns around the Fed's independence have also driven safe-haven demand for gold. Adding to the uncertainty, France's new Prime Minister Sebastien Lecornu and his government resigned on Monday, hours after taking office, while the U.S. government shutdown entered its sixth day. Momentum for gold's rally to records has also come from central bank buying and rising inflows into physical gold exchange-traded funds (ETFs). "As long as uncertainty levels are high, ETF flows should continue," said Michael Haigh, global head of commodities research at Societe Generale. Global gold ETF demand rose to 587.8 metric tons between January and September, compared to a 6.8-ton outflow for the full-year 2024, according to the WGC. SILVER'S BULLISH TACK Silver climbed to $48.55 an ounce, its highest since May 2011. Its rally is supported by the same factors as gold, as well as strong industrial demand and a tight spot market. "Silver is a bit of a catch-up trade as it has been underperforming gold for several quarters prior to mid-2025," said Aakash Doshi, global head of gold strategy at State Street Investment Management. The metal's inclusion on a draft list of U.S. critical minerals has sparked speculation over potential tariffs, drawing close attention from the market. Silver is on track for a fifth year of structural market deficit, which is expected to amount to 117.6 million troy ounces in 2025, according to the Silver Institute. https://www.reuters.com/world/india/gold-blazes-through-3900oz-new-records-investors-flee-uncertainty-2025-10-06/
2025-10-06 15:19
(Reuters) - The pound benefited from weakness elsewhere on Monday, reaching its strongest in nearly four weeks on the euro, and an over one-year top on the tumbling Japanese yen, with both currencies hit by domestic political developments. Britain-specific news was fairly thin on the ground, but the euro dropped to 86.74 pence, its lowest since September 18, after France's new Prime Minister Sebastien Lecornu and his government resigned on Monday, just hours after Lecornu had announced his cabinet line-up. Sign up here. Euro/sterling is the most traded currency pair globally not involving the U.S. dollar, and was caught up in the selloff in French stocks and bonds. Traders are waiting to see what President Emmanuel Macron's next steps will be. "The President may be forced to announce a new dissolution (of Parliament) in the coming days, which could increase upward pressure on French interest rates and the underperformance of the CAC 40, with a significant risk of tensions spreading to other assets such as French banks, the euro and peripheral spreads," said Michaël Nizard, head of multi-asset and overlay, at Edmond de Rothschild Asset Management in emailed comments. Sterling yen is less heavily traded, but it too was in focus on Monday, with the pound reaching as high as 202.23 yen, its highest since July last year. . It was last up 1.6% at 201.81. The yen weakened sharply after Sanae Takaichi, a proponent of an expansionist economic stance and loose monetary policy, won the presidency of Japan's ruling party and is now set to become the country's prime minister. That caused traders to push back bets on Bank of Japan rate hikes, weakening the currency. Versus the dollar, the pound was down 0.15% at $1.345. British economic data is thin on the ground this week, but a raft of data next week will set the tone for Bank of England policy for the rest of this year. Traders are also increasingly focused on late November's UK budget. https://www.reuters.com/business/japanese-french-politics-help-sterling-gain-euro-yen-2025-10-06/
