2025-10-01 11:44
Oct 1 (Reuters) - Conagra Brands (CAG.N) , opens new tab beat Wall Street estimates for first-quarter sales and profit on Wednesday, helped by resilient demand for its pantry staples such as Slim Jim meat snacks and Act II popcorn. Consumers opting to cook at home due to rising living costs have helped boost sales for packaged foods companies such as Conagra. Sign up here. However, tariff-led inflation and macroeconomic uncertainty have been posing a threat to the company's sales, along with competition from cheaper private-label brands. "We continue to navigate a challenging environment as we're still dealing with persistent inflation and tariffs, both of which have drifted higher than our original expectations," CEO Sean Connolly said in a statement. "Against that backdrop, consumer sentiment remains weak and we still see value-seeking behavior." Reiterating its annual forecasts, Conagra said it expects an overall rise of about 7% in the cost of goods sold, including a 3% hit from tariffs. The company said the forecast includes a 50% tariff rate on imported tin plate steel and aluminum, along with a 30% rate on limited imports from China. Shares of the company rose about 2% in premarket trading, paring earlier gains, after the company said tariff-driven pricier inventory would weigh on the current quarter's operating margins. Conagra posted revenue of $2.63 billion for the quarter ended August 24, beating analysts' average estimate of $2.62 billion, according to data compiled by LSEG. Its quarterly adjusted earnings of 39 cents per share also exceeded expectations of 33 cents. https://www.reuters.com/business/retail-consumer/conagra-beats-quarterly-sales-estimates-2025-10-01/
2025-10-01 11:43
NEW DELHI, Oct 1 (Reuters) - India's northeastern state of Assam has withdrawn its flagship clean energy policy announced in February, according to a document reviewed by Reuters and sources with direct knowledge of the matter, clouding millions of dollars of planned investments. Earlier this year, Assam, the largest state in India's northeast, sought to attract investments to a region that has lagged in renewable energy adoption by offering financial incentives and waivers. Sign up here. The February policy offered subsidies on power transmission and eased bank guarantee requirements to support clean energy projects in the state. An internal memo dated July 18, reviewed by Reuters, said the integrated clean energy policy was withdrawn following a cabinet decision, without specifying the reason for its reversal. Assam's power department did not respond to a Reuters email seeking comment on the policy withdrawal. The Assam government has not issued an official withdrawal of the clean energy policy, industry sources said. Energy companies including NTPC Green (NTPG.NS) , opens new tab, Larsen & Toubro (LART.NS) , opens new tab, Singapore-listed Sembcorp (SCIL.SI) , opens new tab, and Abu Dhabi-based Ocior have bid for green hydrogen projects in Assam, the sources and bid documents reviewed by Reuters said. Inconsistent policies from state governments pose challenges to planned investments, said a senior NTPC official, who did not want to be identified due to the sensitive nature of the matter. In June, Reuters reported that Assam had put its flagship green hydrogen policy on hold, surprising investors. https://www.reuters.com/sustainability/climate-energy/indias-assam-state-scraps-clean-energy-policy-threatening-renewable-investment-2025-10-01/
2025-10-01 11:43
Oct 1 (Reuters) - French President Emmanuel Macron said on Wednesday it was "a good thing" that France was investigating a suspected infraction by the oil tanker Boracay, which is suspected of belonging to the so-called "shadow fleet" involved in the Russian oil trade. French authorities have been tight-lipped about the vessel, which is currently at anchor near the western city of Saint Nazaire. The Brest prosecutor said on Tuesday that a probe had been opened after the crew failed to provide proof of the vessel's nationality and failed to comply with orders, but gave no further details. Sign up here. The Kremlin said on Wednesday it had no information about the vessel, but added the Russian military had to act sometimes to restore order when foreign countries had taken what spokesman Dmitry Peskov described as "provocative actions." Macron, speaking in Denmark at a summit of European Union leaders, said the collective assessment was that Russia's "shadow fleet" contains 600 to 1,000 ships. Shadow fleet tankers typically have opaque ownership and insurance and are often more than 20 years old. The Boracay is listed under British and European Union sanctions against Russia. It was detained by Estonian authorities earlier this year for sailing without a valid country flag. It left the Russian port of Primorsk on September 20, according to MarineTraffic data. It sailed through the Baltic Sea and over the top of Denmark before entering the North Sea and transiting west through the Channel. Ship tracking data show that the 2007-built tanker was being shadowed by a French warship after it rounded France's northwestern tip, before altering course and heading east towards the French coast. France's Navy, the Brest prosecutor and other maritime authorities did not respond to questions on Wednesday. https://www.reuters.com/world/macron-applauds-probe-suspected-shadow-fleet-tanker-anchored-off-french-coast-2025-10-01/
2025-10-01 11:42
JAKARTA, Oct 1 (Reuters) - Indonesia expects to soon sign a deal with Freeport-McMoRan (FCX.N) , opens new tab to give a local partner a 12% stake in its Indonesian unit PT Freeport Indonesia, the investment minister said on Wednesday, without giving a precise date. The state mining holding company MIND ID so far owns 51% of PT Freeport Indonesia, which runs operations at Grasberg, the world's largest gold mine and second-largest copper mine. Sign up here. "This is just an administrative process but we have already agreed on all of points (of discussions)... Once it is done, we can proceed with the signing," Minister Rosan Roeslani told reporters. He added that the 12% will be "free of charge". On Tuesday, Phoenix-based Freeport said it was still in discussion with the Indonesian government regarding the rights to operate the Grasberg copper and gold mine beyond 2041 when an existing deal expires. Freeport Indonesia had no immediate comment when asked about the Indonesian investment minister's comments on Wednesday. Indonesia mining minister Bahlil Lahadalia last week said it was important to reach a deal to extend the Freeport mining permit to ensure the company could start investing in exploration for future resources to be extracted from Grasberg. Also last week, Freeport declared force majeure at Grasberg after torrential mudslides that killed two workers. Grasberg may not return to pre-accident operating rates until at least 2027, Freeport said. Concerns about the impact on supply have driven up global prices of copper. https://www.reuters.com/world/asia-pacific/indonesia-expects-deal-soon-with-freeport-mcmoran-divestment-plan-2025-10-01/
2025-10-01 10:38
LONDON, Oct 1 (Reuters) - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. With Washington closed , opens new tab after Tuesday's congressional impasse, markets are left in a bit of quandary about how to interpret the hiatus and which economic data to focus on if this week's key jobs reports are furloughed along with government workers. The only thing investors have to go on is how markets behaved during previous closures, pretty nonchalantly for the most part and explaining why buoyant Wall Street stocks ended higher within a whisker of new records again on Tuesday as the deadline loomed. But the uncertainty isn't great at a time when domestic politics is in flux and the economy is hard to read, with the lack of key data as a result of the shutdown possibly stoking additional volatility on less-reliable private sector economic readouts. As a result, the VIX volatility gauge has popped higher towards 17 early on Wednesday as the final quarter of the year got underway, stock index futures backed away about from their latest highs, the dollar was softer and gold rallied again to new records. Compounding the sense of suspended animation in world markets, Chinese markets began their Golden Week holiday on Wednesday. Elsewhere, the euro was firmer as core euro zone inflation readings for September came in slightly hotter than forecast and encouraged bets that the European Central Bank is done easing for this cycle. In today's column, I discuss how AI's megacap‑led investment boom is tying the real economy more tightly to a single crowded trade. , opens new tab If AI is a bubble, the U.S. economy could be in trouble if it bursts. Today's Market Minute * The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal, setting off what could be a long, grueling standoff that could lead to the loss of thousands of federal jobs. , opens new tab * U.S. Defense Secretary Pete Hegseth slammed "fat generals" and diversity initiatives that he said led to decades of decay in the military and told a rare gathering of commanders on Tuesday they should resign if they do not support his agenda. * Pfizer and President Donald Trump on Tuesday said they had cut a deal in which the U.S.-based drugmaker agreed to lower prescription drug prices in the Medicaid program to what it charges in other developed countries in exchange for tariff relief. * The London Metal Exchange’s zinc inventory is now so depleted that it would cover less than one day's worth of global consumption. ROI metals columnist Andy Home explains why this market may need a Chinese booster. * Experts may disagree about which minerals and metals are genuinely critical, but one thing is certain, writes ROI columnist Clyde Russell. The prices of many of them are currently weak and not reflecting their supposed importance to the global energy transition. Chart of the day The long history of temporary U.S. government shutdowns on funding impasses shows that they rarely affect longer-term economic or market trends. The length of the delay likely dictates any short-term volatility. Today's events to watch * U.S. September private sector payrolls survey by ADP (8:15 AM EDT) US September manufacturing surveys from S&P Global (945: AM EDT) and ISM (10:00 AM EDT), US August construction spending (10:00 AM EDT) * Richmond Federal Reserve President Thomas Barkin speaks; Bank of Canada meeting minutes * U.S. corporate earnings: Conagra Brands * Denmark hosts informal summit of EU leaders in Copenhagen to discuss common defence policy and support for Ukraine 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-2025-10-01/
2025-10-01 10:27
Oct 1 (Reuters) - Tesla's (TSLA.O) , opens new tab new car sales in Spain rose 3.4% in September from the same month in 2024 to 2,992 vehicles, registration data released by industry group ANFAC showed on Wednesday. Between January and September, sales of Tesla cars in Spain increased 9.5% from the same period a year earlier, while total sales of electrified vehicles, a category that includes both fully electric vehicles and hybrids, grew by 98%. Sign up here. https://www.reuters.com/business/retail-consumer/new-tesla-sales-spain-rise-34-september-other-ev-sales-surge-2025-10-01/
