2025-09-11 17:25

SAO PAULO, Sept 11 (Reuters) - Global agricultural machinery manufacturer Deere & Co.'s (DE.N) , opens new tab sales in Brazil could fall by a single-digit percentage in 2026 amid global uncertainties related to U.S. President Donald Trump's tariffs and high interest rates in the South American country, an executive said on Thursday. "Today, a positive scenario would be (like) 2025, but (sales are) likely to decline," Antonio Carrere, vice president of sales and marketing at the company's Brazil unit, told Reuters on the sidelines of an industry event, adding that a 5% or 6% decline was possible. Sign up here. Deere & Co., maker of the green and yellow John Deere tractors, reported a drop in third-quarter profit in August and warned of a bigger hit from Trump's tariffs than it had previously expected. The company does not publicly disclose a sales breakdown by country or region, Carrere said, adding that global sales are $55 billion. The executive mentioned Brazil's high financial cost, citing interest rates sometimes reaching 18%, describing them as "making things difficult for the client." He also mentioned political tension related to the trial of former President Jair Bolsonaro at Brazil's Supreme Court, as well as testy relations between Trump and Brazilian President Luiz Inacio Lula da Silva. "Agribusiness is an industry of high and long-term investments. The moment I have uncertainties in the mix, it creates discomfort for the client," he said. "It's getting worse. How bad will it get? Only time will tell." https://www.reuters.com/world/americas/deere-co-brazil-sales-could-fall-amid-global-trade-tensions-executive-says-2025-09-11/

2025-09-11 17:22

ECB holds rates at 2%, lowers inflation projections Fed set to resume easing next week, Trump calls for more Markets suspect Switzerland unlikely to take rates negative LONDON, Sept 11 (Reuters) - The U.S. Federal Reserve is an outlier among central banks in developed markets, as it looks set to resume rate cuts just as many of its peers are reaching the end of their easing cycles. The European Central Bank (ECB) left rates unchanged on Thursday, while Japan is expected to hike rates before the year is out. Sign up here. Here's where 10 major central banks stand: 1/ SWITZERLAND The Swiss National Bank meets on September 25. After it cut its key rate to 0% in June, investors have pondered whether a return to negative territory is likely. Chairman Martin Schlegel said this week that the bar is high but he does rule out such a move. Inflation holding above the bottom of the SNB's 0-2% target band in August means traders do not anticipate negative rates at the current time. 2/ CANADA A weak economy due to U.S. tariffs, unemployment at a four-year high and lower inflation put pressure on the Bank of Canada to resume rate cuts next Wednesday. The BoC has cut rates by 225 basis points (bps) since June 2024 but held steady since March. Markets price in roughly two more 25 bp rate cuts by January. 3/ SWEDEN Sweden's Riksbank has also cut rates substantially, despite sticky core inflation, but looks set to remain on hold on September 23. Its deputy governor says that latest figures show growth and inflation moving in the right direction. 4/ NEW ZEALAND Domestic and global growth headwinds could pave the way for the Reserve Bank of New Zealand to cut rates in October and probably once more by year-end, a Reuters poll of economists shows. The RBNZ cut its policy rate by 25 bps to a three-year low of 3% last month. 5/ EURO ZONE The ECB held its key rate at 2% on Thursday and said that it now sees inflation at 1.9% in 2027, below the 2% target. Markets think it is possible the ECB could cut rates again, putting the chances of that happening by mid-2026 at around 50%. The ECB halved its the rate to 2% in the year to June but has been on hold ever since, saying the euro zone economy is in a "good place". 6/ UNITED STATES The Fed looks set to cut rates by 25 bps next week, having been on hold all year on concerns about the inflationary impact of tariffs. Weakening jobs data means a rate cut is now fully baked in and some banks do not rule out a bigger 50 bp cut. In total, nearly 70 bps of cuts are priced in by year-end. President Donald Trump has repeatedly urged the Fed to cut rates more. Investors are also watching the fate of Fed governor Lisa Cook whom Trump has moved to fire. A federal judge on Tuesday temporarily blocked this. 7/ BRITAIN The Bank of England meets next Thursday and traders see no change to borrowing costs or any further easing this year. Analysts have also pushed back BOE rate-cut expectations, citing stubborn inflation, the highest among the Group of Seven advanced economies. The BoE cut rates by 25 bps in August, its fifth move this cycle. 8/ AUSTRALIA The Reserve Bank of Australia has cut rates by 75 bps since February, though strong second-quarter GDP data means markets have pared back bets on more easing. Traders price in one more 25 bp cut this year, and another in early 2026. 9/ NORWAY Norges Bank has made just one 25 bp rate cut this cycle. Markets see one more cut this year, most likely next week, though hot underlying inflation data on Wednesday has called this into question. 10/ JAPAN The Bank of Japan, the sole major central bank in tightening mode, has had its task complicated by Prime Minister Shigeru Ishiba's resignation. The uncertainty leaves the central bank almost certain to hold rates next week, and makes an October hike harder, though they could still squeeze one in by year-end. Also watch next week whether the BOJ reduces its purchases of super-long-dated government bonds. https://www.reuters.com/business/finance/global-markets-cenbank-graphic-2025-09-11/

2025-09-11 16:56

Sept 11 (Reuters) - (This Sept. 11 story has been corrected to say that the stock opened at $36 per share, not $44 per share, in paragraph 2) Figure Technology (FIGR.O) , opens new tab was valued at $7.62 billion after its shares jumped 44% in their Nasdaq debut on Thursday, adding to a run of strong first-day performances by crypto-linked firms as the digital-assets industry edges closer to the mainstream. Sign up here. The New York-based company's stock opened at $36 per share, compared with the offer price of $25. Figure and some of its backers raised $787.5 million in an upsized IPO by selling 31.5 million shares, pricing above a previously increased range of $20 to $22 apiece. U.S. IPOs are set to have their busiest week since 2021, as record-high equity markets encourage a broad slate of listings after tariff-driven volatility shut new issues in April. As the crypto mania spurred by regulatory wins tempers down, companies that stuck to hoarding digital assets have suffered sharp drops in their stock price, suggesting investors continue to look for fundamentals. "Blockchain never loses an opportunity to shoot itself in the foot," Figure co-founder Mike Cagney told Reuters in an interview, adding that treasury strategies do not represent the full potential of the technology. Figure was co-founded in 2018 by Cagney, who previously launched and scaled SoFi Technologies (SOFI.O) , opens new tab. It facilitated $6 billion in home equity lending for the twelve months ended June 30, up 29% from a year ago. Figure developed the Provenance blockchain to originate, verify and process home-equity loans, positioning itself at the intersection of housing finance and crypto. Cagney told Reuters that 10 out of the top 20 mortgage companies use Figure's technology to originate loans. "There are 20 or more large banks already using Provenance," David Chao, general partner at DCM Ventures, an early investor in Figure, told Reuters in an interview. Cryptocurrency exchange Gemini, backed by the Winklevoss twins, is also set to go public in New York on Friday. https://www.reuters.com/business/blockchain-lender-figure-valued-76-billion-shares-jump-nasdaq-debut-sept-11-2025-09-12/

2025-09-11 16:50

NEW YORK, Sept 11 (Reuters) - Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has drawn over 20 times as many orders for its planned U.S. initial public offering as there are available shares, people familiar with the matter said on Thursday. The strong demand, ahead of the IPO's pricing later on Thursday, shows investors' huge appetite for crypto company listings. Sign up here. Gemini and its bankers have stopped taking new orders for shares and, in an unusual move, the IPO proceeds will be capped at $425 million, the sources said. Any further price increase will instead reduce the number of shares sold, the people added, asking not to be identified as the information is not public. Without the cap, Gemini would have been set to raise as much as $433 million in the first-time share sale, based on its filings with the U.S. Securities and Exchange Commission. That figure excludes the $50 million Nasdaq (NDAQ.O) , opens new tab has committed to invest in a private placement at the time of the IPO. Reuters was first to report on the investment. A representative for Gemini did not respond to a request for comment. SHARE PRICE ALREADY RAISED ON STRONG DEMAND The company has already raised the proposed price of the 16.67 million shares being sold to between $24 and $26 each, up from a range of $17 to $19, due to strong demand. At the top of the range, Gemini would have a market value of over $3 billion, according to Reuters calculations based on filings. Crypto listings are gathering momentum. Stablecoin issuer Figure Technology raised $787.5 million in an upsized U.S. IPO on Wednesday. CoinDesk owner Bullish (BLSH.N) , opens new tab and stablecoin issuer Circle (CRCL.N) , opens new tab both enlarged their offerings earlier this year. Regulatory victories under a pro-crypto White House, rising corporate adoption, and inflows from exchange-traded funds have fueled a wave of listings, with the sector's market value recently surpassing $4 trillion. Gemini is expected to start trading on Friday. Goldman Sachs (GS.N) , opens new tab and Citigroup (C.N) , opens new tab are the lead bookrunners for the IPO. The company plans to list its shares on the Nasdaq under the symbol "GEMI". https://www.reuters.com/business/ipo-winklevoss-founded-crypto-exchange-gemini-over-20-times-oversubscribed-2025-09-11/

2025-09-11 15:44

Deposit rate unchanged at 2% as expected Market starting to price out last rate cut Debate over more easing to simmer for months Economy holding up but tariffs impact not yet fully felt FRANKFURT, Sept 11 (Reuters) - The European Central Bank left interest rates unchanged on Thursday as expected and maintained an upbeat view on growth and inflation, dampening expectations for any further cut in borrowing costs. The ECB halved its key rate in the year to June but has been on hold at 2% since, arguing that the economy of the 20-country euro zone is in a "good place" even if all policy options, including additional easing, could not be ruled out. Sign up here. Recent data has confirmed this sanguine view, giving policymakers time to understand how U.S. tariffs, higher German government spending, looming Federal Reserve rate cuts and political turmoil in France might impact growth and inflation. "We continue to be in a good place," ECB President Christine Lagarde told a press conference, adding that inflation was where the ECB wanted it to be and the domestic economy solid. Uncertainty about global trade had eased after a number of U.S. tariff deals, she said, including the European Union's own agreement which set a 15% duty on most U.S. imports of EU goods. Sources with direct knowledge of the discussion said rate cut talk was not over but that it would still take months for the ECB to gain clarity, meaning the next proper debate on whether more support is needed is likely to be in December. While the ECB still sees inflation dipping below its 2% target next year, investors curbed rate-cut bets after Lagarde said risks were more balanced. "Two things have clearly moved out of our radar screen when it comes to downside risk," Lagarde said. "The first one is the risk of European retaliation, the second thing ... is that trade uncertainty has clearly diminished." Money markets are now pricing in just a 40% chance of one last rate cut by next spring, less than before Thursday's decision, even while they expect the Fed to ease U.S. borrowing costs six times by the end of 2026. INFLATION BELOW TARGET The ECB now sees inflation at 1.9% in 2027 - below the 2.0% projected in June - with core inflation at 1.8%, also below the central bank's 2% target. Lagarde played down the significance of such a miss, saying: "We have indicated very clearly in our strategy that minimal deviations, if they remain minimal and not long-lasting, will not necessarily justify any particular movement." The public debate is in any case focused on just a single rate cut, indicating that the ECB is almost done with changes to monetary policy and that rates are likely to stay around current levels for an extended period. "We do not believe the ECB's reaction function is geared towards fine-tuning policy, and, in our baseline, expect a prolonged period of inaction on policy rates," Pimco Portfolio Manager Konstantin Veit said. Lagarde in her press conference described risks to the economy as "more balanced" than in June but said the inflation outlook was still more uncertain than usual. Hawkish Governing Council members, who oppose further easing, say the economy has been unexpectedly resilient in the face of trade tensions and that growth is well supported by buoyant private consumption. But their more dovish colleagues argue that tariffs have yet to fully work their way through the economy and could dampen an already low growth rate, reversing the rise in consumption. They say the Fed's looming rate cuts could also put downward pressure on prices by supporting the euro against the dollar. Fresh political chaos in Paris, which has pushed French bond yields sharply higher, is another headache for the ECB. It has tools to intervene, but only for an "unwarranted and disorderly" rise in borrowing costs, which economists say is clearly not the case now, given France's high debt and feeble economic growth. Asked to comment on France and the possibility of ECB intervention, Lagarde said on Thursday that euro zone sovereign bond markets were orderly and functioning with smooth liquidity. https://www.reuters.com/markets/europe/ecb-holds-rates-unchanged-still-in-good-place-2025-09-11/

2025-09-11 15:30

FRANKFURT, Sept 11 (Reuters) - European Central Bank policymakers see their December meeting as the most realistic time frame to debate whether an another interest rate cut is needed to buffer the euro zone economy from the impact of U.S. tariffs, three sources told Reuters. The ECB left rates unchanged on Thursday and maintained an upbeat view on growth and inflation, dampening expectations for any further cut in borrowing costs. Sign up here. But sources on the ECB's Governing Council said the debate on a rate cut was not over just yet, although policymakers probably won't have enough information by their next meeting in October 29 to make a proper assessment. This meant that the December 18 meeting was seen as the more likely date to discuss a reduction in borrowing costs, also in light of incoming inflation and growth data and the next batch of projections. An ECB spokesperson declined to comment. https://www.reuters.com/business/finance/ecb-governors-eye-december-next-chance-any-cut-sources-2025-09-11/