2025-09-19 05:28

Gold hit record high of $3,707.40/oz on Wednesday India gold premiums hit 10-month high Palladium heads for weekly loss Sept 19 (Reuters) - Gold prices moved higher on Friday and headed for a fifth consecutive weekly gain, with market attention focused on further cues after the U.S. Federal Reserve delivered its first rate cut of the year. Spot gold was up 0.8% at $3,672.08 per ounce by 1:36 pm EDT (1736 GMT). Prices are up 0.8% so far this week. U.S. gold futures for December delivery settled 0.7% higher at $3,705.80. Sign up here. The U.S. central bank cut its key interest rate by 25 basis points on Wednesday but tempered the move with warnings about persistent inflation, casting doubt over the pace of future easing. Following the decision, spot gold prices hit a record high of $3,707.40 before retreating in volatile trading. "Gold remains pretty strong here and is just seeing a pause after the Fed. The bullish trend remains intact with new highs inevitable and realistically we could see $4,000 before year-end," said RJO Futures market strategist Bob Haberkorn. Fed Bank of Minneapolis President Neel Kashkari said job market risks warranted this week's rate cut and likely reductions at the central bank's next two meetings. Lower interest rates reduce the opportunity cost of holding non-yielding assets like gold. The metal also tends to perform well during periods of uncertainty and has gained nearly 40% so far this year. Physical gold premiums in India rose to a 10-month high this week as record prices near a festive season failed to deter investors from buying bullion in anticipation of further gains, while discounts in China widened to a five-year peak. Elsewhere, spot silver rose 2.2% to $42.70 per ounce and platinum firmed 1.4% to $1,403.02. Palladium steadied at $1,150.04 and headed for a weekly loss. "What I'm seeing is that many investors are now turning to platinum and silver as they are more affordable than gold," said Haberkorn. https://www.reuters.com/world/india/gold-flat-investors-await-more-fed-cues-after-widely-expected-cut-2025-09-19/

2025-09-19 05:18

Sept 19 (Reuters) - Anglo American (AAL.L) , opens new tab said on Thursday it had cut a "small number" of jobs at its office in Brisbane in Australia and nearby coal mines as part of the miner's efforts to simplify its operations and adapt to lower coal prices and rising costs. The unspecified number of layoffs in Queensland comes a day after larger peer BHP (BHP.AX) , opens new tab slashed 750 jobs at a coking coal mine in the same region, citing low coal prices and high state government royalties that have dented its returns. Sign up here. The Isaac Regional Council, a local government body, told Reuters that over 200 roles at Anglo American Australia were affected since Tuesday. Australia's ABC News first reported the news. "These changes are essential to secure the future of our steelmaking coal operations in Central Queensland," said Ben Mansour, vice president for people and corporate relations at Anglo American Australia, adding that most of the cuts were through voluntary redundancies. In July 2022, the Queensland government raised royalties to 20% for coal priced above A$175 ($115.6) a ton, with a top tier of 40% for prices over A$300, putting pressure on coal miners in the state. Previously, the top tier was a 15% royalty on prices over A$150 a ton. Anglo American operates five coal mines in Queensland's Bowen Basin, which produce steelmaking coal, according to the company's website. Last year, it sold 33% in one of its Australian steelmaking coal mines for $1.1 billion, to focus on core copper assets. The company announced last week a proposed merger with Canada's Teck Resources (TECKb.TO) , opens new tab, in what will be the second-largest mining deal ever. ($1 = 1.5142 Australian dollars) https://www.reuters.com/business/world-at-work/anglo-american-cuts-small-number-jobs-australias-brisbane-2025-09-18/

2025-09-19 05:17

Dollar index nearly flat for the week Sterling falls as Britain's borrowing shoots past forecasts Yen appreciates as BOJ votes to hold but hawkishness grows NEW YORK, Sept 19 (Reuters) - The dollar strengthened on Friday, extending its rebound against most major currencies, as traders reviewed the near-term outlook after the Federal Reserve cut interest rates this week but signaled gradual easing in the future. The U.S. Dollar Currency Index , which tracks the greenback against six major peers, rose 0.3% to 97.662. The gauge, which fell 1% on Monday and Tuesday on expectations the Fed might flag a rapid series of rate cuts, was about flat for the week. Sign up here. On Wednesday, the Fed delivered an expected rate cut but signaled little urgency to lower borrowing costs quickly in the coming months. The Fed's rate forecast, or the so-called "dot plot," showed projections of two more rate reductions this year. "It's really a week of two halves," said Marc Chandler, chief market strategist at Bannockburn Forex. "The votes, the actual dots, were not as dovish as the statement and the concerns about the labor market suggested." The U.S. currency may have room to rebound further after facing selling pressure in the days ahead of the Fed decision. "What we're telling our clients is that this is just a counter-trend move. If you have to sell dollars, you'll have a better level shortly," Chandler said. STERLING SLIDE Sterling fell on Friday after Britain's borrowing surged past official forecasts, further complicating the country's fiscal outlook, while the yen firmed after the Bank of Japan held rates steady, with dissent on the board. The pound was one of the worst performers among G10 currencies, mirroring investors' concerns that British finance minister Rachel Reeves may not be able to keep her budget under control. The currency eased 0.6% to $1.3468 , on pace for its biggest two-day drop since early April. "Despite a better reading from UK August retail sales data, poor UK government borrowing data have highlighted the difficulties Chancellor Reeves faces in delivering the UK budget in November," said Jane Foley, head FX strategist at Rabobank. Data published early on Friday showed British retail sales rose by a stronger-than-expected 0.5% in August, helped by sunny weather, but sales growth in July was revised slightly down. The borrowing figures - the highest for the first five months of a financial year since 2020 - could pave the way for further tax increases. Even before Friday's data, Reeves had been expected to announce new tax increases in her November 26 budget to stay on track to meet her fiscal rules and avoid fresh upheaval in financial markets. BOJ DISSENT UNDERPINS YEN In the BOJ, the unexpected dissent by two board members against the decision to hold rates steady unsettled investors and shifted their focus back on how soon the BOJ will next raise rates. "This was unexpected, and suggests that perhaps policy rate hikes may be coming sooner than anticipated," said David Chao, global market strategist for Asia-Pacific at Invesco in Singapore. The Japanese central bank's next meeting on October 30 will be the "best chance" for a rate hike for the rest of 2025, he added. After a volatile session, the yen was nearly unchanged on the day at 147.975 against the dollar. . Investors remain unsure whether the BOJ's policy path will be affected by the October 4 leadership race in Japan's ruling Liberal Democratic Party to replace outgoing Prime Minister Shigeru Ishiba. The New Zealand dollar extended its slump from the prior session, falling 0.4%, a day after a strikingly weak reading on the economy pushed yields sharply lower as markets ramped up wagers for bigger rate cuts ahead. Cryptocurrency bitcoin was 2% lower at $115,379. https://www.reuters.com/world/middle-east/dollar-steadies-investors-consider-post-fed-outlook-focus-turns-boj-meeting-2025-09-19/

2025-09-19 05:09

LITTLETON, Colorado, Sept 19 (Reuters) - Texas and California are driving U.S. clean power supplies to record highs so far in 2025, and are building a widening lead over the rest of the country in terms of the share of total power generated from clean energy sources. Combined clean power output from the main power systems in California and Texas hit new highs during January to August and increased by 10% from the same months in 2024, data from LSEG shows. Sign up here. That clean output growth sharply exceeded the 2.6% rise in clean generation in the rest of the U.S., and helped total combined power generation levels in California and Texas expand by nearly twice as much as total power supplies elsewhere. Texas and California also lead the U.S. in new combined installations of solar and battery storage capacity so far in 2025, which looks set to further concentrate clean energy supply growth in those states. With federal support for building new clean energy generation capacity set to drop sharply, other states may now fall further behind Texas and California in terms of both clean and total power generation momentum. This could yield lopsided national power growth, with states that have already built out hefty clean capacity footprints outpacing states that have been slower to adopt clean generation capacity in recent years. FORGING AHEAD Close to 74% of the wholesale power supplies generated within the California Independent System Operator (CAISO) came from clean sources during January to August, according to data from LSEG. That was by far the highest clean generation share on record for California, and compares to a 68% clean share for the same months last year and a 60% share for that period in 2023. The Electric Reliability Council of Texas (ERCOT) - which covers most of Texas - generated 46.5% of its power from clean sources during January to August. That share was also a record and is up from 43% last year and a 41% share in 2023. The total volume of clean power generated by CAISO during January to August increased by 4% from the same months in 2024 to a record 3.8 million megawatt hours (MWh), LSEG data shows. ERCOT's clean generation during January to August was 6.4 million MWh, which was 14% more than the same months the year before and also a new high. The combined clean generation total from those two states was 10.2 million MWh, which marked a 10% rise from the year before. Clean power generation in the rest of the U.S. during January to August was 39.9 million MWh, which was a also a record but marked only a 2.6% increase from the same months in 2024. EXPANDING SHARE As California and Texas expanded clean power generation more quickly than the rest of the country, their combined share of total national clean power generation climbed to a new high of 20.4% so far in 2025. That share compares to a 19.3% for January to August in 2024, and to a 19% share during January to August of 2023. The steep growth pace of clean power supplies in CAISO and ERCOT means that clean power sources accounted for a record 54% of the combined total power generation in CAISO and ERCOT during January to August, while fossil fuels accounted for a 46% share. That compares to a 39% clean, 61% fossil fuel power generation mix within the rest of the U.S. generation system, LSEG data shows. The CAISO and ERCOT systems have also built out much of the new U.S. solar and battery storage capacity over the past year, accounting for 36% of new national solar and 66% of new battery storage capacity, according to data portal Cleanview. Those additions put CAISO and ERCOT in a strong position to continue outperforming the rest of the country in terms of harnessing and deploying clean power, just as power operators in other states grapple with reduced federal support for new clean power. That means there is a growing risk that Texas and California can more easily than other states keep up with the power demand growth seen nationally, which in turn could lead to a divergence in power market dynamics between ERCOT, CAISO and elsewhere. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/texas-california-widen-clean-power-lead-over-rest-us-2025-09-19/

2025-09-19 04:46

A look at the day ahead in European and global markets from Ankur Banerjee An expected hold from the Bank of Japan rounded out the central bank bonanza this week that has left stocks ripping higher and the currency market subdued, with the dollar staying soft as investors remain uneasy about the global rates outlook. Sign up here. The BOJ's decision, though, was not unanimous with two dissents suggesting policymakers are at odds over when to hike next. Focus will now be on BOJ Governor Kazuo Ueda's press conference where markets will look for clues on the rate outlook and more details on the central bank's plans to sell its holdings of ETFs and real-estate investment trusts (REIT). The yen firmed immediately after the decision although nothing to get out of bed for, while the Nikkei (.N225) , opens new tab slipped after touching another record high earlier in the session. Elsewhere, Asian markets tracked Wall Street higher after the Federal Reserve cut rates as expected earlier this week, although comments from Chair Jerome Powell were measured and did not hint at a rapid lowering of borrowing costs. Just don't tell the stock market that. Taiwan's benchmark index (.TWII) , opens new tab hit another record high on Friday after Wall Street's main indexes scaled record peaks. European futures indicate a subdued open after a strong session on Thursday. The Bank for International Settlements, which acts as an umbrella group for the world's central banks, warned this week that record global share prices appear increasingly disconnected from the rising concerns about government debt levels in bond markets. The dollar has been steady although investors expect the greenback to be weaker in the near term. Bear in mind, the U.S. currency is down more than 10% this year so how much further it falls from here might be limited. With little economic data on tap during European hours, the spotlight will remain on interest rates and some whipsawed reaction to the BOJ decision through the session. European tech stocks (.SX8P) , opens new tab will also be in focus after Nvidia (NVDA.O) , opens new tab said it would pour $5 billion into Intel (INTC.O) , opens new tab, throwing its weight behind the struggling U.S. chipmaker. Key developments that could influence markets on Friday: Economic events: UK retail sales for August, Germany August producer prices https://www.reuters.com/world/china/global-markets-view-europe-2025-09-19/

2025-09-19 03:13

MUMBAI, Sept 19 (Reuters) - The Indian rupee is poised to open lower on Friday, dragged by lingering strength in the dollar and higher U.S. Treasury yields following the mixed Federal Reserve outcome, while the previous session's unfavourable tone will further weigh on sentiment. The 1-month non-deliverable forward indicated the rupee will open in the 88.20-88.22 range versus the U.S. dollar, compared with 88.1275 in the previous session. Sign up here. The rupee came under renewed pressure on Thursday after a brief respite in the prior sessions, failing to sustain its climb past the 88 mark. The local unit's inability to sustain its advance underscored the fragile sentiment around the currency amid dollar strength, traders said. Price action on the rupee "remains whippy within a broad 88 handle", a currency trader at a bank said. Just when the setup had begun to look constructive for the rupee, momentum quickly turned against the currency. Meanwhile, in a positive development for the rupee, Bloomberg Index Services is seeking views from investors on whether Indian government bonds should be included in its flagship global aggregate index, according to a notice sent to investors seen by Reuters. The dollar index inched up in Asian hours to near 97.50, extending a 0.7% advance over the past two sessions. The dollar had initially slipped after the Fed's 25-basis-point rate cut on Wednesday and projections that signalled more reductions ahead. However, it soon found support from U.S. Treasury yields, which like the dollar, regained after their post-Fed decline. Analysts said the move reflected Fed Chair Jerome Powell's press conference, which they said sounded less dovish than the projections suggested. U.S. jobless claims data out on Thursday contributed to the selloff in Treasuries. The number of Americans filing new applications for unemployment benefits fell last week, reversing the prior week's jump. https://www.reuters.com/world/india/rupee-set-weaken-extended-climb-dollar-us-yields-after-fed-verdict-2025-09-19/