Trump signs executive order to extend China tariff deadline for 90 days, CNBC reports
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Reuters
44 minutes ago
- Reuters
Oil prices little changed as industry report points to slowing US demand
Aug 13 (Reuters) - Oil prices were little changed on Wednesday after falling in the previous session after an industry report showed U.S. crude stockpiles climbed last week illustrating the end of the seasonal summer demand period is nearing. Brent crude futures gained 3 cents to 66.15 a barrel at 0102 GMT after dropping 0.8% in the previous session. U.S. West Texas Intermediate crude futures fell 3 cents to $63.14 after declining 1.2%. Crude inventories in the U.S., the world's biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly. Should the U.S. Energy Information Administration data set for release later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The demand season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September. Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year which also weighed on prices. But both expect output in the U.S., the world's largest producer, to decline in 2026 while other regions will increase oil and natural gas production. U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report. The Organization of the Petroleum Exporting Countries' monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged. The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing on sanctions Russian supply, which had been supporting prices. U.S. President Donald Trump and Russian President Vladimir Putin are due to meet in Alaska on Friday to discuss ending the war. "Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall," ANZ senior commodity strategist Daniel Hynes wrote in a note.
Reuters
44 minutes ago
- Reuters
Treasury Wine profit rises on strong Penfolds demand in China, shares jump
Aug 13 (Reuters) - Australia's Treasury Wine Estates ( opens new tab reported 16% growth in its annual underlying profit on Wednesday, driven by robust demand for its flagship Penfolds business in China and strong contribution from its Treasury Americas portfolios. Shares of the country's largest standalone winemaker jumped over 5% in early trade to A$8.06, its highest level in more than two weeks. It was among the top gainers in the ASX 200 benchmark index (.AXJO), opens new tab, which traded largely flat at 0008 GMT. Treasury Wine reported full-year 2025 underlying net profit after tax of A$470.6 million ($307.2 million), higher than the A$407.5 million reported last year, though it missed Visible Alpha's estimate of A$472.1 million by a whisker. Operating earnings for its flagship Penfolds brand rose 13% for the year, fuelled by strong demand in China for the iconic label following the easing of steep import tariffs that had kept it off shelves for more than three years. However, the winemaker flagged a shift in alcohol consumption behaviour in China as large-scale banqueting gives way to smaller-scale occasions, resulting in slower depletion of its Penfolds stock in the key market. "Our industry research over the year has led us to become more cautious on Neutral-rated Treasury's ability to deliver its Penfolds guidance in FY26 and FY27 due to China weakness," Citi analysts wrote. "Today's incrementally more cautious tone on this region could lead to some of the China bulls on the stock to moderate their growth expectations." Treasury Wine forecasts Penfolds operating earnings to grow by low to mid double-digit in fiscal 2026 and is targeting 15% growth in 2027. Meanwhile, Treasury Americas, which includes both premium and luxury ranges, reported a 34% increase in operating earnings to A$308.6 million, with earnings expected to grow modestly in 2026. Treasury Wine also announced an on-market share buy-back of up to A$200 million this fiscal year. Its annual sales revenue climbed more than 7% to A$2.94 billion. It announced a final dividend of 20 Australian cents per share, higher than the 19 Australian cents apiece it paid last year. ($1 = 1.5319 Australian dollars)
The Guardian
an hour ago
- The Guardian
Real Madrid hit out at plan for Barcelona and Villarreal to play La Liga match in Miami
Real Madrid say they are opposed to plans by their bitter rivals Barcelona to play a league match in the US this season, saying the move 'sets an unacceptable precedent'. Barcelona and Villarreal are seeking permission from the football authorities to play in Miami in December. Fan groups of the clubs have already threatened legal action if the plan progresses, and now Real have expressed their opposition to the move. 'Real Madrid would like to express to its members, supporters and football fans in general its strongest rejection of the proposal to play outside Spain the match … between Villarreal and Barcelona,' the club said in a statement. 'The measure, promoted without prior information or consultation with the clubs participating in that competition, violates the essential principle of territorial reciprocity that governs two-round league competitions [one game at home and the other at the opposing team's], altering the competitive balance and granting an undue sporting advantage to the applicant clubs. 'The integrity of the competition requires that all matches be held under the same conditions for all teams. Unilaterally modifying this regime breaks the equality between contenders, compromises the legitimacy of the results and sets an unacceptable precedent that opens the door to exceptions based on interests other than strictly sporting, with a clear impact on sporting integrity and the risk of adulteration of the competition. 'If this proposal is carried out, its consequences would be so serious that they would mean a before and after for the world of football.' Real said they had asked Fifa not to authorise the staging of the game without the prior consent of all La Liga clubs, and had asked Uefa to urge the Spanish football federation (Rfef) to withdraw the request. Villarreal had earlier pledged that season ticket holders would be offered free travel and entry if the league game was moved to Miami. The club also said those who cannot go, or do not wish to go, would receive a 20% discount on the total cost of their season ticket. If Villarreal and Barcelona ultimately get the green light, La Liga will be the first of Europe's top five leagues to stage a match overseas. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion The Villarreal president, Fernando Roig, told the club's official website: 'Reaching the United States is an opportunity we must seize. We have to expand the brand of our football and of Villarreal CF. Many clubs agree on the need to internationalise and to look for ways to generate more revenue so we can get closer to other leagues, such as the Premier League.' Rfef gave its approval to the plan on Monday. The matter has now been referred to European football's governing body Uefa to begin the procedures and obtain the necessary authorisation from Fifa, world football's governing body. The Premier League chief executive, Richard Masters, said last year his competition had no plans to move matches overseas but accepted Fifa moves to review the rules meant the 'door was ajar' for other leagues to do so.
