2025-09-19 20:50

Sept 19 (Reuters) - The Trump administration has sided with Canadian pipeline operator Enbridge (ENB.TO) , opens new tab in its legal battle against Michigan, filing a court statement last week that challenges the state's efforts to shut down the Line 5 oil pipeline. Enbridge has been locked in a long-running dispute with Michigan over the aging Line 5 pipeline, which ships 540,000 barrels per day of crude and refined products from Superior, Wisconsin, to Sarnia, Ontario. Sign up here. The Calgary-based company is proposing to build a roughly 4-mile (6-km) tunnel for the pipeline, which crosses through the Straits of Mackinac in the Great Lakes. The project faces opposition from Native American tribes and environmental groups, who fear it poses a risk to the Great Lakes. Enbridge said in a statement that it remains confident in the Michigan Public Service Commission's permitting process, which approved the tunnel project. https://www.reuters.com/world/us/us-justice-department-files-statement-interest-enbridge-michigan-case-2025-09-19/

2025-09-19 20:38

TSX ends up 1.1% at 29,768.36 Surpasses Thursday's record closing high Materials sector jumps 3.9% as gold price climbs Barrick Mining climbs 9.7% Sept 19 (Reuters) - Canada's main stock index rose to another record high on Friday as gold mining shares climbed and investors cheered the Bank of Canada's recent move to support the domestic economy. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 314.83 points, or 1.1%, at 29,768.36, surpassing Thursday's record closing high. Sign up here. For the week, the index was up 1.7%, its seventh straight weekly gain. That is the longest such streak since February 2024. "The Bank of Canada's recent rate cut was a shot in the arm that the market was looking for," said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel. "It's a clear signal that the bank is confident in the inflation trajectory and is now pivoting to support economic expansion. And in our view, this has fundamentally repriced risk for investors and provided a clear tailwind for Canadian equities." Canadian retail sales fell 0.8% in July but an advanced indicator pointed to sales rebounding by 1% in August. On Wednesday, the BoC reduced its key policy rate to a three-year low of 2.5% and said it was prepared to cut further if risks to the economy rose. The materials sector (.GSPTTMT) , opens new tab, which includes fertilizer companies and metal mining shares, jumped 3.9%, as the price of gold moved closer to another record high. Gold and copper producer Barrick Mining Corporation (ABX.TO) , opens new tab was the top-performing stock, with its shares climbing 9.7%. "The surge in gold stocks reflects a disciplined focus on cost management among Canadian producers," Kuntzevitsky said. "We really feel that investors are rewarding companies with strong operational efficiencies that can turn higher gold prices directly into shareholder value." The consumer staples sector (.GSPTTCS) , opens new tab gained 1.3% and heavily weighted financials (.SPTTFS) , opens new tab were up 0.9%. Just two of 10 major sectors ended lower, including energy (.SPTTEN) , opens new tab. Energy lost 2.2% as the price of oil settled 1.4% lower at $62.68 a barrel on worries about large supplies and declining demand. https://www.reuters.com/markets/europe/tsx-futures-inch-down-after-record-rally-2025-09-19/

2025-09-19 20:36

Indexes up: Dow 0.37%, S&P 500 0.49%, Nasdaq 0.72% FedEx results top targets on cost-cutting, shares jump Lennar drops on weak forecast Trump, Xi make trade progress in first call since June Sept 19 (Reuters) - All three of Wall Street's main indexes registered record closing highs for a second straight day on Friday, with trading volume hitting its highest level since April, as FedEx (FDX.N) , opens new tab rose after upbeat earnings. The S&P 500 and the Nasdaq notched their third straight week of gains, boosted by the Federal Reserve's first rate cut of 2025 on Wednesday and indications of further monetary policy easing. Sign up here. Volume on U.S. exchanges on Friday was 27.78 billion shares, compared with the 17.41 billion average for the full session over the last 20 trading days. Trading volume in early April broke U.S. records as the market was whipsawed in the wake of U.S. President Donald Trump's tariff announcements. Shares of parcel delivery company FedEx popped 2.3% after it reported quarterly profit and revenue above analyst estimates on Thursday, as cost-cutting and strength in domestic deliveries helped offset weaker international volumes. Apple (AAPL.O) , opens new tab rose 3.2% following a price target raise from J.P. Morgan, while gains in Palantir Technologies (PLTR.O) , opens new tab and Oracle (ORCL.N) , opens new tab also drove the S&P 500 technology (.SPLRCT) , opens new tab sector up 1.19%. Seven of the 11 S&P sector indexes rose, while energy (.SPNY) , opens new tab stocks were the biggest drag. Wall Street wavered earlier in the day as investors continued to digest the Fed's outlook and get a read on Stephen Miran, its newest governor and White House economic adviser, who spoke on CNBC on Friday morning. "Certainly if the idea is the Fed is moving in a direction to relax the inflation target, that is definitely a recipe for running hot, and that's good for stocks," said Scott Ladner, chief investment officer at Horizon Investments. The Dow Jones Industrial Average (.DJI) , opens new tab rose 172.85 points, or 0.37%, to 46,315.27, the S&P 500 (.SPX) , opens new tab gained 32.40 points, or 0.49%, to 6,664.36 and the Nasdaq Composite (.IXIC) , opens new tab gained 160.75 points, or 0.72%, to 22,631.48. For the week, the S&P 500 rose 1.2%, the Nasdaq climbed 2.2% and the Dow added 1.05%. The small-cap Russell 2000 index (.RUT) , opens new tab dropped 0.71% after briefly hitting an intraday record high. It notched a record close on Thursday, its first since November 2021. "Small caps have been trading inversely with rates, and it's just the idea of small caps benefiting disproportionately from lower interest rates," Ladner said. Meanwhile, Trump and Chinese counterpart Xi Jinping spoke by phone, after which Trump said that the two leaders made progress on a TikTok deal and agreed to a face-to-face meeting as soon as next month in South Korea. Also on Friday, the Senate blocked a short-term funding bill, increasing the likelihood of a U.S. government shutdown. Wall Street's three main indexes are in positive territory so far in September - a month traditionally deemed bad for U.S. equities. The benchmark S&P 500 has shed 1.4% on average in the month since 2000, according to data compiled by LSEG. In other stock news, Lennar (LEN.N) , opens new tab fell 4.2% after the homebuilder reported a lower third-quarter profit and forecast fourth-quarter home deliveries below estimates. Paramount Skydance (PSKY.O) , opens new tab jumped 5.9% after a CNBC report laid out more details about the media company's potential bid for Warner Bros Discovery (WBD.O) , opens new tab, which rose 3.4%. An offer could come later than previously expected, according to CNBC. Declining issues outnumbered advancers by a 1.43-to-1 ratio on the NYSE, and by a 1.42-to-1 ratio on the Nasdaq. The S&P 500 posted 30 new 52-week highs and 17 new lows while the Nasdaq Composite recorded 151 new highs and 54 new lows. https://www.reuters.com/business/us-stock-futures-steady-indexes-set-weekly-gains-fedex-up-2025-09-19/

2025-09-19 20:16

Housing stock index outperforming broader market in Q3 30-year mortgage rate down to lowest since Oct 2024 Economic data in coming week includes new, existing home sales NEW YORK, Sept 19 (Reuters) - As the U.S. Federal Reserve restarts interest rate cuts, housing shares are one of the areas of the stock market that may benefit, and they have perked up in recent weeks as markets priced in more monetary easing. On Wednesday, the U.S. central bank lowered its benchmark rate for the first time since December and indicated more cuts would follow as it tries to shore up a shaky labor market. Sign up here. The Fed's move stands to help interest-rate sensitive areas such as small-cap and consumer discretionary shares. Homebuilder stocks could also benefit if monetary easing translates into lower mortgage rates and more robust economic activity that helps the struggling housing sector, investors said. "The Fed is rebooting the easing cycle," said Angelo Kourkafas, senior global investment strategist at Edward Jones. "If we think about areas that may stand to benefit from that... homebuilders is one of them." The S&P 500 (.SPX) , opens new tab ended on Friday at record high levels, up over 13% on the year, after the Fed cut its benchmark rate by a quarter of a percentage point to the 4-4.25% range. On Thursday, the small-cap Russell 2000 (.RUT) , opens new tab posted a record-high close for the first time in nearly four years. Some investors hope the restart of monetary easing will boost economically sensitive stocks, broadening market leadership beyond the megacap technology companies that have driven indexes higher. The PHLX Housing index (.HGX) , opens new tab has jumped 15% so far this quarter, against an over 7% gain for the S&P 500, although the housing gauge still trails the benchmark stock market index on a year-to-date basis. Big gainers this quarter include DR Horton (DHI.N) , opens new tab, up over 30%, and KB Home (KBH.N) , opens new tab and Toll Brothers (TOL.N) , opens new tab, both up over 20%. Home improvement retailers Lowe's (LOW.N) , opens new tab and Home Depot (HD.N) , opens new tab are up about 20% and 13% so far in the quarter. The Mortgage Bankers Association said this week that the contract rate on a 30-year, fixed-rate mortgage fell to 6.39% in the week ended September 12, the lowest since early October 2024, while analysts at Keefe, Bruyette & Woods projected that the mortgage rates could approach 6% by year-end. The Fed's move to lower interest rates comes amid signs of struggle in the housing market. U.S. single-family homebuilding plunged to a near 2-1/2-year low in August, data on Wednesday showed. Fed Chair Jerome Powell described housing sector activity as "weak" in a press conference after the central bank's policy decision. "If you can get some of those mortgage rates to come down, maybe that breathes a little bit of life back into the housing market," said Jack Janasiewicz, lead portfolio strategist at Natixis Investment Managers Solutions, adding that getting mortgage rates down in the 5% range was an important threshold. Investors cautioned that a lower Fed funds rate may not reduce mortgage rates by the same extent, because mortgage rates are more tied to the 10-year U.S. Treasury yield , which is influenced by broader factors. The 10-year Treasury yield was last around 4.13%, down from 4.6% in May. The extent of Fed rate reductions this year remains unclear, as persistently firm inflation could prompt the central bank to keep rates higher. Data in the coming week will shed more light on the housing market, including on existing and new home sales. "A good housing turnover is generally good for economic activity," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest Wealth Management. "So we'd like to see those numbers rising consistently." Economic data next week includes an updated read of second-quarter gross domestic product, manufacturing and services sector reports, and the personal consumption expenditures price index, a closely watched inflation gauge, while investors will also be watching remarks from Powell on Tuesday. With the central bank noting it is not on a preset path and a disparity among Fed members about the expected trajectory of rates, "this likely means there will be volatility around forthcoming economic data — especially data on the labor market and inflation," Seth Basham, director of equity research at Wedbush, said in a note. https://www.reuters.com/business/finance/wall-st-week-ahead-us-housing-shares-shine-fed-restarts-rate-cuts-2025-09-19/

2025-09-19 20:14

WASHINGTON, Sept 19 (Reuters) - The Trump administration said late Friday it has struck a deal to restore federal control of Washington Union Station in the nation's capital. Last month, the U.S. Department of Transportation announced it planned to reclaim management of Washington's Union Station, one of the country's biggest rail hubs, in President Donald Trump's latest move to increase federal control. Under a new agreement between U.S. passenger railroad Amtrak, the Union Station Redevelopment Corporation and the Federal Railroad Administration, the federal government will take control of the station. "Reasserting control of the facility will free up Amtrak to focus on its core mission of providing rail transportation," the FRA said Friday. Sign up here. USDOT said it will improve security with a short-term focus on addressing a backlog of capital projects and a long-term vision of Union Station that uses private investment. The majestic but worn Beaux-Arts style station, which opened in 1907, is owned by the federal government but has been run by a non-profit corporation working with Amtrak, the government-owned passenger rail service. Washington Mayor Muriel Bowser last month praised the decision, saying the city could not afford $8 billion or more to renovate the station. https://www.reuters.com/world/us/trump-administration-strikes-deal-regain-control-washington-union-station-2025-09-19/

2025-09-19 19:29

MEXICO CITY, Sept 19 (Reuters) - Mexico's economic growth is expected to continue slowing in 2025 before ticking up slightly next year, the International Monetary Fund said on Friday, while warning that fiscal and structural measures are needed to secure long-term economic stability. WHY IT'S IMPORTANT The outlook for Latin America's second-largest economy is clouded by trade tensions, infrastructure gaps, and fiscal vulnerabilities, the international lender said in a statement after a staff visit to Mexico. Sign up here. The IMF noted that risks to the country's financial stability appear to be low, and that the economic outlook could improve if U.S. demand is stronger than expected, and if Mexico secures a favorable review of its trade pact with the U.S. and Canada. BY THE NUMBERS The IMF projects GDP to grow by 1.0% this year, from 1.4% in 2024, before ticking up to 1.5% in 2026. Mexico's public gross debt-to-GDP ratio could rise to 61.5% by 2030 under current policies, the IMF said. KEY QUOTES "Mexico's record of very strong policies and policy frameworks has also proved to be an important asset as the country navigates the uncertain economic environment. Growth is expected to accelerate somewhat in 2026 although the effect of tariffs and trade uncertainty will continue to be felt." "Further deficit reduction and policy measures are needed going forward to prevent further upward drifts in public debt and create fiscal space to respond to possible shocks," the IMF said. CONTEXT Mexico's government forecasts growth next year of between 1.8% and 2.8%, while its budget deficit falling slightly to 4.10% next year. WHAT’S NEXT The IMF recommends Mexico target a 2.5% fiscal deficit by 2027 and adopt measures to enhance fiscal credibility. https://www.reuters.com/world/americas/imf-sees-mexico-growth-improving-mildly-2026-urges-debt-cuts-2025-09-19/