2025-09-17 11:43
Sept 17 (Reuters) - Canadian mining company Ivanhoe Mines (IVN.TO) , opens new tab said on Wednesday it will raise $500 million from Qatar Investment Authority (QIA) in a private placement, giving the sovereign wealth fund a 4% stake. QIA will buy 57.5 million Ivanhoe shares at C$12 apiece, below the stock's closing price of C$13.19 on Tuesday. Sign up here. The proceeds will support growth opportunities in critical minerals exploration and development as well as general corporate purposes, the miner said. Ivanhoe operates three principal projects in southern Africa, including its flagship Kamoa-Kakula copper mine in the Democratic Republic of Congo, one of the world's largest high-grade copper deposits. The deal gives QIA customary rights including the option for board representation if its stake exceeds 10%. Ivanhoe's major shareholders Zijin Mining (601899.SS) , opens new tab and CITIC Metal Africa can maintain their equity through matching investments, the company said. QIA had also invested in miners such as Glencore (GLEN.L) , opens new tab in 2018 and TechMet in 2024. https://www.reuters.com/world/middle-east/canadas-ivanhoe-mines-secures-500-million-investment-qatar-wealth-fund-2025-09-17/
2025-09-17 11:35
Dollar wins respite before expected Fed rate cut Canada also set to cut rates due to weak labour market Indonesia delivers surprise rate cut LONDON, Sept 17 (Reuters) - World stocks held just below recent record highs, gold retreated and the dollar won a reprieve, ahead of a widely anticipated Federal Reserve rate cut later on Wednesday taking place against a backdrop of concern about the future of Fed independence. European shares ceded early gains (.STOXX) , opens new tab, U.S. stock futures dipped , , Japan's blue-chip Nikkei index (.N225) , opens new tab pulled back from record highs and the dollar rallied a day after taking a beating on Fed easing bets. Sign up here. The Fed is expected to cut interest rates by a quarter of a percentage point to the 4.00%-4.25% range later on Wednesday, with the focus on any comments from Fed Chair Jerome Powell on the outlook for monetary policy. The September meeting also takes place under unusual circumstances - Steven Miran, on leave from the Trump administration, has joined the Fed board while Fed governor Lisa Cook has so far fought off efforts by President Donald Trump to oust her. "A (25 bp) rate cut is fully priced in. There were some questions around a 50 bp cut given the doves on the board but I think that's less likely," said Nina Stanojevic, senior investment specialist at St. James’s Place. "What will be interesting is the narrative that comes out of the meeting and where the trajectory of rates is going to be." The dollar index , which tracks the dollar against a basket of currencies of other major trading partners, edged up 0.2% after falling on Tuesday to the lowest since early July. The euro slipped 0.25% to $1.1840, after touching $1.1867 on Tuesday, its highest level since September 2021. But the dollar was a touch softer at around 146.33 yen following a 0.6% slide in the previous session . "A dovish shift in the Fed’s stance would lead to more monetary policy easing in 2026 than may be warranted", ABN AMRO analysts said in a note. "This could also partly explain the extent of rate cuts currently priced in by market." Money markets price in almost 70 bps of Fed easing by year-end. STAYING FIRM World stocks held just below Monday's record highs (.MIWD00000PUS) , opens new tab, while in Asia Hong Kong's benchmark Hang Seng Index (.HSI) , opens new tab jumped 1.8%, buoyed by signs of progress of a deal to allow the Chinese-owned social media platform TikTok to keep operating in the U.S. News that Japan's exports fell for a fourth straight month in August highlighted the toll on major economies from the wide-ranging tariffs imposed by the Trump administration. The Bank of Canada is also expected to cut rates on Wednesday to contend with a flagging labour market and trade frictions. In Europe, data showing UK inflation holding at 3.8% in August reinforced expectations for no rate change at Thursday's Bank of England meeting. Sterling was a touch softer around $1.3637 . Elsewhere, Indonesia's central bank delivered another surprise interest rate cut, its sixth cut since it kicked off an easing cycle in September last year, saying economic growth needed to be strengthened. Indonesian markets have been unsettled by two weeks of protests and unrest across many cities from late August and then last week's abrupt sacking of respected finance minister Sri Mulyani Indrawati. Oil prices eased, after rising more than 1% in the previous session, though geopolitical concerns provided a floor for the market. Brent crude futures were last down 0.8%, to $67.89 a barrel, while U.S. West Texas Intermediate crude futures eased a similar amount to $64. Spot gold eased 0.75% to $3,665 per ounce, after the yellow metal crossed $3,700 for the first time in the previous session. https://www.reuters.com/world/china/global-markets-wrapup-4-2025-09-17/
2025-09-17 11:32
DUBAI, Sept 17 (Reuters) - Abu Dhabi National Oil Company's international investment arm XRG said on Wednesday that an investor group it was leading had withdrawn an indicative $18.7 billion offer to buy Australian gas producer Santos (STO.AX) , opens new tab. The consortium, led by XRG alongside Abu Dhabi sovereign fund ADQ and private equity firm Carlyle, will not make a binding offer for Santos, XRG said in a statement, capping a months-long takeover saga. Sign up here. Santos did not immediately respond to a request for comment. https://www.reuters.com/business/energy/adnoc-led-consortium-pulls-bid-australias-santos-2025-09-17/
2025-09-17 11:32
Yen rises with LDP leadership vote in Japan in the spotlight Powell’s remarks in focus after near-certain rate cut Investors watching for signals on Fed’s easing path Fed meets as questions over its independence grow Sept 17 (Reuters) - The U.S. dollar firmed against the euro but weakened versus the yen on Wednesday as investors waited to see whether Federal Reserve Chair Jerome Powell would confirm market expectations for a dovish policy path at a press conference later in the day. The dollar fell to a four-year low against the common currency on Tuesday, as investors turned their attention to the Federal Reserve’s policy meeting, where a 25-basis-point rate cut is widely expected. Sign up here. Markets are pricing in 68 basis points of Fed easing moves by year-end and a total of 147 bps by the end of 2026. The spotlight will also be on whether policymakers considered a bigger 50 bps cut at a time when President Donald Trump pushes ahead with efforts to overhaul a pillar of the U.S. economy, stoking concerns about the central bank's independence. The euro eased by 0.29% to $1.1834, after hitting a four-year high of $1.18785 on Tuesday. Sterling eased by 0.05% to $1.3640, still not far from 2-1/2-month highs after British inflation data matched expectations. Fed Chair Powell "will offer balance. He'll highlight again the downside risk to employment growth, but refrain from signalling a long string of cuts after September," said Thierry Wizman, global forex and rates strategist at Macquarie Group. "That could rally the dollar, hurt gold, and cause a tremor tomorrow in the tectonic drift higher in tech stocks," he added. The dollar index , which measures the U.S. currency against six others, was up 0.18% at 96.81 after hitting 96.554 on Tuesday, its lowest since early July. The index is down nearly 11% this year, with investors bracing for further losses after a recent pause. "If the Fed were to sound a little more hawkish this week, that could lift the dollar. But I'd argue the effect would be temporary, as doubts would linger over whether the Fed may need to accelerate its rate-cutting cycle," said Paul Mackel, global head of forex research at HSBC. "That's because some U.S. employment indicators have clearly been cooling," he added. The Fed began a two-day meeting on Tuesday with a new governor on leave from the Trump administration, Stephen Miran, joining the deliberations, and a second policymaker at the table still facing efforts by Trump to oust her. A federal appeals court on Monday blocked Fed Governor Lisa Cook's firing, paving the way for Cook, an appointee of former President Joe Biden, to participate fully in the policy meeting this week. "How dovish Stephen Miran’s dot will be is likely to draw close attention from markets," HSBC's Mackel said. The U.S. Senate recently confirmed Miran to the Fed's Board of Governors, expanding Trump's influence over the world's most important central bank. YEN IN THE SPOTLIGHT The Japanese yen firmed to 146.205 per dollar, its strongest in eight weeks ahead of the Bank of Japan policy meeting, where the central bank on Friday is expected to stand pat on rates. The yen was last up 0.14% at 146.28. The spotlight is on an October 4 vote where the ruling Liberal Democratic Party will elect a new leader to replace outgoing Prime Minister Shigeru Ishiba. "This (a strong yen versus dollar) may be because the more moderate Shinjiro Koizumi is entering the LDP leadership race against Sanae Takaichi, who is seen as yen bearish for her views on loose monetary and fiscal policy," said Chris Turner, head of forex strategy at ING. The Swiss franc eased 0.14% to 0.7870 against the U.S. dollar, near the decade high it touched in the previous session at 0.7857. https://www.reuters.com/world/middle-east/dollar-rises-four-year-low-versus-euro-powell-remarks-focus-2025-09-17/
2025-09-17 11:24
EU's von der Leyen plans faster phase-out of Russian energy EU had planned to phase out Russian oil and gas by Jan. 1 2028 Poland urges fellow EU members to move quickly WARSAW, Sept 17 (Reuters) - Poland has urged European Union member states that are still buying Russian energy to end those imports by the end of 2026 and will offer them help towards that effort, Energy Minister Milosz Motyka said on Wednesday. The Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy energy supplies from Russia after other EU nations cut ties following Russia's full-scale invasion of Ukraine in 2022. The European Commission will propose speeding up the phasing out of Russian fossil imports, the EU executive head Ursula von der Leyen said on Tuesday after a call with U.S. President Donald Trump. The bloc had previously planned to end purchases of Russian oil and gas by January 1, 2028. The Polish minister said this should happen two years earlier, particularly in light of recent events such as a Russian drone incursion on Poland's territory last week. "I appeal to you to agree on a common goal of completely phasing out imports of Russian crude oil by the end of 2026," Motyka wrote to EU nations' energy ministers. "Such a decision would strengthen the coherence of our actions, set a clear time horizon, and demonstrate our determination to become independent from oil supplies posing political and strategic risks." The EU has imposed sanctions on most Russian oil imports but not on gas due to opposition from Slovakia and Hungary, which receive Russian pipeline supplies and maintain closer ties with Moscow. Motyka's deputy and Poland's top energy security official Wojciech Wrochna said that U.S. liquefied natural gas flowing via Poland could help eliminate Russian gas from Europe. "I had a very good meeting with U.S. energy secretary Chris Wright yesterday, U.S. gas flowing south via Poland could help eliminate Russian gas," Wrochna told reporters. Poland's Orlen (PKN.WA) , opens new tab started shipping U.S. gas to Ukraine this spring to help Kyiv replenish stores ahead of winter. Slovakia remains reliant on Russian imports and it has not used a gas link with Poland to secure alternative supplies. https://www.reuters.com/business/energy/poland-urges-eu-end-russian-oil-imports-by-2026-citing-geopolitical-risks-2025-09-17/
2025-09-17 11:14
TOKYO, Sept 17 (Reuters) - Kansai Electric Power (9503.T) , opens new tab will resume surveys at its Mihama nuclear power station in western Japan in November on the feasibility of building a successor unit after they were halted following the Fukushima disaster. The renewed surveys, first announced in July, mark Japan's first concrete step towards building a new reactor since the disaster at Tokyo Electric Power's (9501.T) , opens new tab Fukushima plant, triggered by the Great East Japan Earthquake in March 2011. Sign up here. The surveys, expected to run through around 2030, will start with extensive geological studies inside and outside the plant site to identify suitable areas, followed by assessments of topography and ground conditions, the company said. Kansai Electric said it will then weigh the findings alongside the development of advanced light-water reactors, regulatory policies, and business environment before deciding on a new unit. Surveys for a replacement reactor at Mihama were carried out from late 2010 but halted after the Fukushima disaster. The new round will be more extensive to meet stricter safety regulations implemented after the disaster, a company spokesperson said. At Mihama in Fukui prefecture, No. 1 and No. 2 units are being decommissioned, leaving No. 3 as the only one in operation. Since 2022, Mitsubishi Heavy Industries (7011.T) , opens new tab and four utilities, including Kansai Electric, have been jointly developing a next-generation reactor. Kyushu Electric Power (9508.T) , opens new tab, Shikoku Electric Power (9507.T) , opens new tab and Hokkaido Electric Power (9509.T) , opens new tab are also part of the consortium designing the 1.2-gigawatt advanced light-water reactor known as "SRZ-1200." https://www.reuters.com/sustainability/boards-policy-regulation/japans-kansai-electric-resume-surveys-nuclear-reactor-replacement-mihama-halted-2025-09-17/
