US judge confirms Red Tree's offer as starting bid in Citgo parent's shares auction
The offer had been recommended by a court officer overseeing the auction due to its certainty of closure.
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Reuters
30 minutes ago
- Reuters
Wall Street stocks outperform Europe on megacap earnings boost
NEW YORK/ LONDON, July 31 (Reuters) - Wall Street outperformed European equities on Thursday, boosted by megacap earnings reports, even as data showed signs of rising inflation and investors watched for last-minute trade deals ahead of U.S. President Donald Trump's August 1 deadline. U.S. Treasury yields briefly pared declines in choppy trading after data showed that U.S. inflation in June as tariffs on imports started raising the cost of some goods, supporting economists' expectations that price pressures would pick up in the second half of the year. The Federal Reserve kept rates steady on Wednesday, and chair Jerome Powell said that the central bank needed to wait for more data before deciding whether to adjust rates in September, drawing further criticism from Trump on Thursday. "Anybody hoping for the Fed to move more aggressively in the near term continues to be disappointed that it comes back to both the inflation and the job story. The PCE data this morning reinforced the inflation worries the Fed still has and helps explain why it's in no hurry to move at this point," said Jim Baird, Chief Investment Officer with Plante Moran Financial Advisors. But while Powell's comments had sent equities lower on Wednesday, U.S. indexes rebounded on Thursday after better-than-expected results from Microsoft (MSFT.O), opens new tab and Meta Platforms (META.O), opens new tab. "A couple of solid earnings reports last night suggest that one of the key themes that's been driving the stock market this year is still seemingly intact. You've seen a nice rebound in tech today, or nice surge in tech today. "The AI theme, the enthusiasm around the technology sector still appears to be intact. So that's a positive catalyst for the market," said Baird. On Wall Street, indexes lost some steam as the session progressed. At 11:14 a.m., the Dow Jones Industrial Average (.DJI), opens new tab fell 123.28 points, or 0.28%, to 44,338.00. The S&P 500 (.SPX), opens new tab rose 13.57 points, or 0.21%, to 6,376.47 and the Nasdaq Composite (.IXIC), opens new tab rose 119.18 points, or 0.56%, to 21,248.86, both around session lows. In Europe, however, the broad Stoxx 600 (.STOXX), opens new tab benchmark was weighed down by miners after U.S. September Comex copper futures fell 22%, the biggest decline on record, after Trump said the U.S. would impose a 50% tariff on copper pipes and wiring. The pan-European STOXX 600 (.STOXX), opens new tab index was down 0.73% while MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab fell 1.07 points, or 0.11%, to 933.26. Earlier, Chinese stocks also retreated after official PMI gauges showed weaker than expected economic activity in July. China's blue chip CSI 300 had ended 1.8% lower, its biggest single day drop since April 7, and Hong Kong's (.HSI), opens new tab index closed 1.6% lower. In currencies, the U.S. dollar had a mixed performance on the day. The dollar index , which measures it against a basket of currencies, including the yen and the euro, rose 0.05% to 99.83. The euro was up 0.34% at $1.1443. But against the Japanese yen , the dollar strengthened 0.59% to 150.39. The Bank of Japan held interest rates steady and increased its inflation forecast. The Korean won weakened 0.2% against the dollar to 1,395.78 per dollar after rising earlier following Trump's announcement that the U.S. would charge a 15% tariff on imports from South Korea, which would in return invest $350 billion in U.S. projects and purchase $100 billion in U.S. energy products. In Treasuries, the yield on benchmark U.S. 10-year notes fell 4.6 basis points to 4.332%, from 4.378% late on Wednesday while the 30-year bond yield fell 5.1 basis points to 4.8624%. The two-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 1.9 basis points to 3.918%, from 3.937% late on Wednesday. In oil markets, prices fell after rising for the prior three sessions as investors weighed the supply risks from Trump's push for a to the war in Ukraine through more tariffs and a surprise build in U.S. crude stocks put pressure on prices. U.S. crude fell 1.71% to $68.79 a barrel and Brent fell to $72.47 per barrel, down 1.04% on the day. Gold prices rose as traders turned to the safe haven asset amid ongoing tariff uncertainty, ahead of the August 1 tariff deadline. Spot gold rose 0.63% to $3,295.33 an ounce.
Reuters
an hour ago
- Reuters
Medical products maker Baxter cuts 2025 forecast; shares plunge to 19-year low
July 31 (Reuters) - Baxter International (BAX.N), opens new tab slashed its 2025 profit forecast and posted disappointing quarterly earnings on Thursday, as lingering fallout from Hurricane Helene and continued hospital fluid conservation weighed on its medical products business. Shares of the medical products maker tumbled about 23% in morning trading, hitting their lowest level since 2006. Noting the "softness in demand" for IV fluids - used to deliver medications or nutrients directly into a patient's bloodstream - CFO Joel Grade told analysts, "While we never want to lower expectations, our overall objective is reducing the outlook to capture more of the potential downside risks." Baxter has voluntarily halted shipments of its Novum IQ Large Volume Pump after reports of two deaths and multiple injuries, and said it does not expect to resume shipments before year-end. The medical products maker now expects adjusted earnings of between $2.42 and $2.52 per share, down from its prior view of $2.47 to $2.55 per share. Analysts had expected $2.52 per share. Hurricane Helene damaged Baxter's North Carolina plant last year, disrupting IV solution production and prompting hospitals to conserve fluids. While supply has since been restored, demand remains subdued, the company said. The company said volume declines in IV solutions significantly impacted operating income and profit per share, with the outlook assuming fluid conservation to remain at 20% below normal levels for the rest of 2025. "Many investors had feared this scenario given the lack of a pre-announcement following a new CEO in early July," JPMorgan analyst Robbie Marcus said. Second-quarter adjusted earnings came in at 59 cents per share, missing estimates of 61 cents. Revenue was $2.81 billion, just shy of the $2.82 billion expected. Baxter's pharmaceuticals unit also underperformed, with injectable drug sales down 1% and anesthesia sales falling by low double digits globally. On tariffs, Baxter lowered its estimated 2025 impact to $40 million, from a previous $60 million to $70 million.
Reuters
an hour ago
- Reuters
Argentina oil and gas exports rise 36% in first half of year, business group says
BUENOS AIRES, July 31 (Reuters) - Argentina's oil and gas exports rose 36% to $3.7 billion in the first half of the year, compared to the same period last year, Argentina's Chamber of Hydrocarbons Exploration and Production said in a statement on Thursday. The group added it expected exports to bring in more than $6 billion this year, and surpass a goal of $25 billion by the end of the decade.
