2025-10-01 18:54
LONDON, Oct 1 (Reuters) - Billionaire investor Cliff Asness's AQR Capital Management finished the third quarter with positive returns in several of its funds, a person familiar with the matter said on Wednesday. The $165 billion hedge fund gained 4.0% in September in its flagship multi-strategy fund, Apex Strategy, which has generated a 15.6% return from the start of the year to September 30. Sign up here. The fund posted a 2.9% return for the month in its AQR Delphi Long-Short Equity Strategy, bringing the overall performance to a positive 14.3% for the year. AQR's Managed Futures Full Volatility Strategy posted a 9.3% return for the month of September, garnering a 17.7% return year-to-date. The hedge fund's Helix Strategy, which follows trends in a diverse set of harder-to-access markets, had a positive 6.3% performance for the month of September and is up 13% for the year to date. These results beat a wider collection of systematic hedge funds, whose algorithms ride market trends until they peter out. An index that tracks these kinds of trend funds is down on average over 2% for the year so far, according to Societe Generale's (SOGN.PA) , opens new tab indices. https://www.reuters.com/markets/europe/billionaire-asness-aqrs-multi-strategy-fund-surges-156-so-far-2025-source-says-2025-10-01/
2025-10-01 17:56
Coinbase accused of concealing SEC, bankruptcy risks Judge allows claims specifically alleging wrongdoing Coinbase committed to defending against remaining claims Oct 1 (Reuters) - A federal judge said Coinbase (COIN.O) , opens new tab shareholders may pursue a narrowed lawsuit accusing the largest U.S. cryptocurrency exchange operator of concealing business risks, including whether it would be sued by the Securities and Exchange Commission. In a Tuesday night decision, U.S. District Judge Brian Martinotti in Newark, New Jersey rejected requests by Coinbase, top executives and directors for a full dismissal of claims based on dozens of statements made over two years in regulatory filings, earnings calls, blog posts and tweets. Sign up here. Shareholders said Coinbase defrauded them into believing it was improbable the SEC would accuse it in court of operating an unregistered securities exchange, and misrepresented the risk they could lose assets if Coinbase filed for bankruptcy. Martinotti said shareholders cannot pursue claims based solely on "group pleading," where statements in group-published documents such as press releases do not suggest any particular defendant intended to commit fraud. "Where plaintiffs have appropriately provided defendant-by-defendant particularity, the claims must remain," he added. Martinotti's 59-page decision does not say which statements he dismissed, because the parties did not identify which may involve group pleading. "Judges are not like pigs, hunting for truffles buried in briefs," the judge said in a footnote. In a statement, Coinbase called the decision a "significant step forward," and said it is committed to vigorously defending against any remaining claims. Lawyers for the shareholders did not immediately respond to requests for comment. Coinbase's share price fell 12% on June 6, 2023 after the SEC sued the company for allowing trading in tokens that the regulator said should have been registered as securities. Shares also fell more than 26% on May 11, 2022 after Coinbase added disclosures and reported a larger-than-expected revenue decline. The proposed class action led by Swedish pension fund Sjunde AP-Fonden covers Coinbase shareholders from April 14, 2021 to June 5, 2023. In February, the SEC ended its lawsuit against Coinbase, as the Trump administration eases regulatory oversight of the cryptocurrency industry. The case is In re Coinbase Global Inc Securities Litigation, U.S. District Court, District of New Jersey, No. 22-04915. https://www.reuters.com/legal/government/coinbase-face-narrowed-shareholder-lawsuit-2025-10-01/
2025-10-01 17:43
Oct 1(Reuters) - Gold scored another record high on Wednesday, taking this year's gains to 47% on mounting expectations for further cuts to U.S. interest rates, safe-haven demand and a weakening dollar. Silver has followed suit and is up 63% this year, hovering just shy of its record high. Sign up here. BULL RUN GATHERS PACE Spot gold hit a record $3,895.09 an ounce and was last trading at $3,864.16 at 1520 GMT. Bullion, which offers no yield but attracts investors in times of geopolitical and economic uncertainty, registered a robust 27% gain last year. "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 (WGC) trade association. "What’s important now is that this safe-haven demand is layered on top of structural allocation trends — meaning gold isn’t just reacting to events, but also gaining traction as a core holding in portfolios." On the U.S. policy front, the Federal Reserve cut interest rates for the first time this year in September, with markets pricing in two more cuts in 2025. Conflict in the Middle East and the Russian war in Ukraine have stoked market jitters and economic uncertainty, as have fears over the U.S. Federal Reserve's independence under the influence of President Donald Trump. Gold's rally has also been underpinned by central bank buying, rising inflows into gold exchange-traded funds (ETFs), a weaker dollar and strong demand as a hedge against uncertainty. "As long as uncertainty levels are high, ETF flows (into gold) should continue ... I see gold prices passing through $4000/oz by the turn of the year," said Michael Haigh, global head of commodities research at Societe Generale. Global gold ETF demand has rebounded to 587.8 metric tons so far this year, recovering from a net outflow of 6.8 tonnes in 2024, the WGC says. SILVER FOLLOWS BULLISH TRACK Silver climbed to $47.83 an ounce for its highest since May 2011. Its record high is the $49.51 peak hit in April 2011. Silver's rally is supported by the same macroeconomic factors driving gold as well as by strong industrial demand, a tight spot market and speculative momentum. The gold-silver ratio stands around 82, its lowest since late October last year, signalling a relative strengthening of silver against gold. "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. Silver supply growth has lagged demand growth for the past few years and recent CME premiums to London spot prices have encouraged deliveries into the COMEX system, he added. Industrial use accounts for nearly 60% of global demand , opens new tab for silver and 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. CME silver stocks have jumped by more than 60% to 530.2 million ounces since the start of the year while the metal remains on track for a fifth straight annual supply deficit. https://www.reuters.com/world/india/gold-blazes-past-3800-record-run-silver-nears-fresh-peak-2025-10-01/
2025-10-01 17:33
LONDON, Oct 1 (Reuters) - The U.S. dollar, long renowned for its strength, has been weakened by President Donald Trump’s stiff tariffs, his attacks on the Federal Reserve and his distancing from allies and global institutions. The dollar still makes up for the bulk of central bank foreign exchange reserves, according to latest IMF data. It's not expected to lose that position anytime soon given the United States' dominance in the global economy, trade and debt markets. Sign up here. Still, the dollar index, which measures the value of the greenback against a basket of major world currencies suffered its worst first half of the year since the early 1970s. And shifts in U.S. policy mean the dollar's standing is under scrutiny, with gold as well as the likes of the euro and Chinese yuan lining up to benefit from the dollar's woes. Our live dashboard continually tracks the dollar’s performance, taking stock of its current standing and charting where it may be headed next. https://www.reuters.com/world/africa/tracking-fate-king-dollar-2025-10-01/
2025-10-01 15:53
Running, training, basketball show growth in Q1 Q1 digital business revenues fall 12% Tariffs weigh on margins Oct 1 (Reuters) - Nike CEO Elliott Hill vowed to return the company to its sportswear roots when he took the helm last year in a much-touted change and his efforts are bearing fruit, but a sluggish recovery in China and uncertainty over tariffs remain a drag. The company, which reported a surprise rise in quarterly revenue and topped Street's low profit expectations, has aggressively cleared out aged inventory, as well as some lifestyle product lines, to focus on more innovative shoes focused on sports. Sign up here. "Nike is in the early innings of its turnaround and momentum is building," said Jefferies analyst Randal Konik in a note. The company said on Tuesday its order book for spring was up year-over-year, driven by its sports category as launches such as Vomero and Pegasus and P-6000 running bring back customers. Running, training, and basketball categories each reported double-digit growth in the quarter in North America, enabling a return to sales growth in the region after about a year. "We think retailers—like the combined Foot Locker and Dick's Sporting Goods—are reacting positively to Nike's new running shoe lineup," said Morningstar analyst David Swartz. Nike's (NKE.N) , opens new tab shares were up about 4.5% in early trading on Wednesday as investors welcomed a 2% reduction in inventory. "I am very pleased with inventory levels. Units are down more than dollars as inflation starts to come through. They have largely cleared through older franchises," said Mari Shor, senior equities analyst at Columbia Threadneedle. THE PRESSURE POINTS Progress will not be linear, Hill warned on a post-earnings call, with tariffs now expected to cost about $1.5 billion, versus the $1 billion Nike estimated previously, and weigh on margins already strained by heavy discounting to clear stock. China, which makes up about 15% of Nike's total revenue, remains a challenging market with intense competition from cheaper local brands such as Anta and Li-Ning adding to a weaker economic recovery and a struggling wholesale business. "We can invest to keep the marketplace clean and healthy, but it's an expensive operating model if sell-throughs don't improve to the levels that we need to see on a season-in, season-out basis," said Chief Financial Officer Matthew Friend on a post-earnings call. Customer engagement also remains weak in the company's digital business, with revenue falling 12% in the quarter. Hill said the global digital business was still working to find solid ground with the company paring back promotions on the channel. Nike's direct-to-consumer business is not expected to return to growth in fiscal 2026, executives said, as the unit recovers from steep discounts to clear out inventory of some of its classic labels such as Air Force One and Air Jordans. Tariffs and still-high inflation are also dampening consumer sentiment ahead of the all-important holiday shopping season. Meanwhile, Nike is gearing up for the key soccer World Cup in North America next year with intensive marketing efforts and product innovation. "I originally thought that Nike would be further along. I was looking at this fall as the real breakout point but it's clearly not going to happen until calendar '26," said Swartz. https://www.reuters.com/business/retail-consumer/nike-rebound-gains-momentum-china-tariffs-cast-cloud-2025-10-01/
2025-10-01 15:14
SAO PAULO, Oct 1 (Reuters) - Brazilian cryptocurrency firm OranjeBTC is scheduled to begin trading on the local stock exchange B3 next week as it tries to challenge the dominance of fintech Meliuz (CASH3.SA) , opens new tab, the first listed firm to have a bitcoin treasury strategy in the country. OranjeBTC's goal is to attract more local investors, thus expanding its treasury reserve, and teach stockholders about the bitcoin market using their own learning platform, founder and CEO Guilherme Gomes said. Sign up here. Certain types of investors who may be prohibited by regulation from buying bitcoins directly can invest in the asset through publicly traded companies, Gomes said. "Bitcoin will change financial systems as we know it, and will reshape markets," he said. "Our main focus is bitcoin at the highest level." Before arriving at the Sao Paulo stock exchange, OranjeBTC attracted the backing of some well-known international investors, including Mexican entrepreneur Ricardo Salinas, the owner of Banco Azteca, Gomes said. Other backers include Gemini (GEMI.O) , opens new tab co-founders Cameron and Tyler Winklevoss, crypto brokerage FalconX, and Adam Back, a leading name in bitcoin mining. OranjeBTC currently owns a treasury reserve of 3,650 bitcoins, Gomes said. At current prices, that would be valued at more than $420 million. Instead of a traditional IPO, the company will go public in a “reverse initial public offering” by listing shares through a recently acquired education-focused subsidiary, Intergraus, that already trades on B3, Gomes said. https://www.reuters.com/world/americas/billionaire-backed-bitcoin-firm-oranjebtc-begin-trading-brazilian-exchange-2025-10-01/
