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Reuters
an hour ago
- Reuters
US reorders arms deliveries to free up more Patriots for Ukraine, WSJ reports
July 18 (Reuters) - U.S. President Donald Trump's administration has moved Germany ahead of Switzerland for the next Patriot air-defense systems off the production line, which will allow Germany to send two Patriots it already has to Ukraine, the Wall Street Journal reported on Friday citing three U.S. officials. Reuters could not immediately verify the report.
Reuters
2 hours ago
- Reuters
Equities edge down, US dollar dips with tariffs; earnings, economic data in focus
NEW YORK/LONDON, July 18 (Reuters) - U.S. equities were slightly lower on Friday, a day after the S&P 500 and the Nasdaq scored record closes, as investors looked ahead to corporate earnings and monitored the latest U.S. tariff threats as they digested economic data, while the dollar weakened and U.S. Treasury yields fell. U.S. consumer sentiment improved in July and inflation expectations declined, but households still saw substantial risk of price pressures increasing in the future, the University of Michigan's Surveys of Consumers released on Friday showed. Another report showed U.S. single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter. On Thursday, news of stronger-than-expected U.S. retail sales and jobless claims data suggested modest improvements in economic activity, helping to push equities higher. On Friday, the mood dimmed after the Financial Times reported that U.S. President Donald Trump is pushing for a minimum tariff of 15% to 20% in any deal with the European Union, was unmoved by the latest EU offer to reduce car tariffs, and would keep duties there at 25% as planned. "Tariff headlines this afternoon reminded investors that volatility is likely to persist through the start of August." said Lindsey Bell, Chief Investment Strategist at 248 Ventures. "Investors may be taking some money off the table going into the weekend given lingering tariff uncertainty and a market that has a premium valuation after reaching new highs." She noted that these concerns were on display in shares of American Express (AXP.N), opens new tab and Netflix (NFLX.O), opens new tab, which both fell after solid earnings reports and forecasts as both companies had extended valuations ahead of the results. Still, many investors had high hopes for upcoming earnings and were making bullish bets ahead of July equity option expirations, said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. "Today's action is all about option expiration as investors make bets on the meat of earnings season, which comes in the next few weeks when all the growth and technology companies report," said Zaro, noting that beyond earnings, investors want to benefit from a strong performance trend in megacap names. "There's a fear of missing out." On Wall Street at 02:32 p.m. the Dow Jones Industrial Average (.DJI), opens new tab fell 218.65 points, or 0.49%, to 44,265.84, the S&P 500 (.SPX), opens new tab fell 5.42 points, or 0.09%, to 6,291.94 and the Nasdaq Composite (.IXIC), opens new tab rose 1.58 points, or 0.01%, to 20,887.80. MSCI's gauge of stocks across the globe (.MIWD00000PUS), opens new tab rose 0.74 points, or 0.08%, to 927.03. Earlier, Europe's STOXX 600 (.STOXX), opens new tab index closed down 0.01%, and was off 0.06% for the week. In currencies, the U.S. dollar slipped on the day but was still angling for a weekly gain, as investors weighed signs that tariffs may be starting to fuel inflation pressures and monitored Federal Reserve policy as Trump increases pressure on Chair Jerome Powell. The euro pared some gains after the FT report on a toughening U.S. stance on European import tariffs. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.04% to 98.47. The euro was up 0.24% at $1.1623 versus a $1.1671 high for the session so far. Against the Japanese yen , the dollar strengthened 0.1% to 148.75 as polls showed Japanese Prime Minister Shigeru Ishiba's coalition was in danger of losing its majority in an election on Sunday. U.S. Treasuries prices rose, dragging their yields lower, after comments from Federal Reserve Governor Christopher Waller pushed for a rate cut later this month, while technical buying also contributed to the move higher. In contrast, most officials who have spoken publicly have indicated a desire to hold rates steady and traders are betting on a 95.3% probability that rates will stay where they are after the month-end meeting, according to CME Group's FedWatch, opens new tab tool. The yield on benchmark U.S. 10-year notes fell 3.7 basis points to 4.426%, from 4.463% late on Thursday while the 30-year bond yield fell 1.9 basis points to 4.9947% from 5.014%. The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, fell 4.6 basis points to 3.871%, from 3.917% late on Thursday. In commodities, crude oil futures held steady as mixed U.S. economic news offset worries the European Union's latest for its war in Ukraine could reduce oil supplies. U.S. crude settled down 0.3%, or 20 cents at $67.34 a barrel while Brent ended at $69.28 per barrel, down 0.35% or 24 cents on the day. Gold prices rose on Friday as a weaker U.S. dollar and ongoing geopolitical and economic uncertainty boosted demand for the safe-haven metal, while platinum prices eased after reaching their highest level since 2014. Spot gold rose 0.41% to $3,352.13 an ounce and spot.
Reuters
2 hours ago
- Reuters
Oil steadies as mixed US economic and tariff news offset new Russia sanctions
NEW YORK, July 18 (Reuters) - Crude oil futures were little changed on Friday on mixed U.S. economic and tariff news and worries about oil supplies following the European Union's latest sanctions against Russia for its war in Ukraine. Brent crude futures fell 24 cents, or 0.3%, to settle at $69.28 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to end at $67.34. That put both crude benchmarks down about 2% for the week. In the United States, single-family homebuilding dropped to an 11-month low in June as high mortgage rates and economic uncertainty hampered home purchases, suggesting residential investment contracted again in the second quarter. In another report, however, U.S. consumer sentiment improved in July, while inflation expectations continued to decline. Lower inflation should make it easier for the U.S. Federal Reserve to reduce interest rates, which could cut consumers' borrowing costs and boost economic growth and oil demand. Separately, U.S. President Donald Trump is pushing for a minimum tariff of 15% to 20% in any deal with the European Union, the Financial Times reported on Friday, adding that the administration is now looking at a reciprocal tariff rate that exceeds 10%, even if a deal is reached. "Currently envisioned reciprocal tariffs, coupled with announced sectoral levies, could push the U.S. effective tariff rate above 25%, surpassing 1930s peaks ... In coming months, the tariffs should increasingly be manifest in inflation," analysts at U.S. bank Citigroup's Citi Research said in a note. Rising inflation can raise prices for consumers and weaken economic growth and oil demand. In Europe, the EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries. "New sanctions on Russian oil from the U.S. and Europe this week were met by a muted market reaction," analysts at Capital Economics said in a note. "This is a reflection of investors doubting President Trump will follow through with his threats, and a belief that new European sanctions will be no more effective than previous attempts." The EU will also no longer import any petroleum products made from Russian crude, though the ban will not apply to imports from Norway, Britain, the U.S., Canada and Switzerland, EU diplomats said. EU foreign policy chief Kaja Kallas also said on X that the EU has designated the largest Rosneft ( opens new tab oil refinery in India as part of the measures. India is the biggest importer of Russian crude while Turkey is the third-biggest, Kpler data shows. "This shows the market fears the loss of diesel supply into Europe, as India had been a source of barrels," said Rystad Energy's vice president of oil markets, Janiv Shah. In other news, U.S. oil major Chevron (CVX.N), opens new tab closed its $55 billion acquisition of U.S. energy firm Hess (HES.N), opens new tab on Friday after winning a landmark legal battle against larger U.S. oil major rival Exxon Mobil (XOM.N), opens new tab to gain access to the largest oil discovery in decades off Guyana.
