Dollar Slides to Multiyear Lows as U.S.-China Tariff War Escalates
The DXY Dollar Index against a basket of major currencies fell to a three-year low of 99.314 in European morning trade, sliding to a 10-year low against the Swiss Franc and a three-year low against the euro.
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Business Wire
27 minutes ago
- Business Wire
Best's Market Segment Report: Reinsurers' Disciplined Capital Deployment and Underwriting Remain Key Foundations
BUSINESS WIRE)--A recalibration of the global reinsurance market since the January 2023 renewal period has led to a more-durable market structure characterized by reduced earnings volatility and stronger margins, supporting AM Best 's continued positive outlook on the industry. The Best's Market Segment Report, 'Reinsurers' Disciplined Capital Deployment and Underwriting Remain Key Foundations,' starts off AM Best's look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo. Other reports, including AM Best's ranking of top global reinsurance groups and in-depth looks at the insurance-linked securities, Lloyd's, life/annuity, health and regional reinsurance markets, will be available during August and September. According to this report, the shift since the January 2023 renewal in how risk is priced, shared and retained across the reinsurance industry has carried forward and translated into a second-straight year of solid results in 2024. The European 'Big Four' reinsurers posted a discounted combined ratio of 86.4% under IFRS 17; the discounting on average lowers the combined ratio by approximately eight percentage points. The U.S. and Bermuda composite reported an undiscounted combined ratio of 89.5% under U.S. GAAP. These results confirm that underwriting profitability has not only rebounded but is being sustained in the current reinsurance cycle. 'Reinsurers' risk-adjusted capitalization levels remain robust, reflecting retained earnings and disciplined capital management, and the strong underwriting profitability is being augmented by a surge in investment income given elevated interest rates,' said Michael Lagomarsino, senior director, AM Best. 'The absence of material new global reinsurance entrants also is ensuring that structural market discipline is maintained, distinguishing the current environment from previous market cycles.' According to the report, most global reinsurers have maintained their strong performance through the first half of 2025, despite global weather-related insured losses that will likely top USD 100 billion. These losses are primarily driven by the California wildfires, which many reinsurers are marking in the range of USD 30-50 billion. 'Assuming no further material weather events in the second half of 2025, the combination of disciplined underwriting, rate adequacy and robust investment income should deliver full-year operating results exceeding the cost of capital,' said Dan Hofmeister, associate director, AM Best. Global reinsurers also face headwinds other than climate change, including social inflation, growing geopolitical tensions and trade disputes, and these challenges underscore the importance of the market's improved structural foundations and explain why AM Best's outlook, though positive, remains closely scrutinized. 'The question now facing the industry is whether the improvements in terms and conditions represent a durable shift,' said Steven Chirico, director, AM Best. 'The lessons of past cycles suggest caution, but reinsurer sentiment has ensured tighter exposure management and market disciple in the current cycle.' To access the full copy of this market segment report, please visit For global reinsurance reports ahead of Rendez-Vous de Septembre, as well as video coverage of the event, please visit AM Best's Reinsurance Information center. Lastly, AM Best will host its annual reinsurance market briefing at Rendez-Vous de Septembre on Sept. 7, 2025, at 10:15 a.m. (CEST) in Monte Carlo. For more information, please visit the event website.
28 minutes ago
US, Philippines discuss missile system deployments as tensions rise
MANILA, Philippines -- The United States is discussing the possible deployment of more missile launchers to the Philippines to strengthen deterrence against aggression in the disputed South China Sea and other Asian security hotspots, but no final decision has been reached by both sides, Manila's ambassador to Washington said Thursday. The U.S. military delivered a mid-range missile system called the Typhon, a land-based weapon that can fire the Standard Missile-6 and the Tomahawk Land Attack Missile, to the northern Philippines as part of joint combat exercises in April last year. That was followed by the transport by the U.S. military of an anti-ship missile launcher in April this year to the northernmost Philippine province of Batanes, just a sea border away from Taiwan. Beijing strongly protested the installation of the U.S. missile systems, saying they were aimed at containing China's rise and warning that these would threaten regional stability. China has asked the Philippines to withdraw the missile launchers from its territory, but officials led by President Ferdinand Marcos Jr. had rejected the demand. Ambassador Jose Manuel Romualdez said without elaborating that the possible deployment by the U.S. of more Navy Marine Expeditionary Ship Interdiction System or NMESIS missile launchers"was being discussed for consideration by both sides.' The anti-ship missile systems could be installed along Philippine coastal regions facing the South China Sea and outlying regions to beef up deterrence against aggression, he said. 'This is part of the strong U.S. and Philippines defense partnership,' Romualdez told The Associated Press. Romualdez spoke on the sidelines of a trade and investment conference in Manila, where he and Philippine Foreign Secretary Theresa Lazaro encouraged major U.S. companies to invest in a wide array of industries — from energy and telecommunications to infrastructure and navy shipbuilding — in the Philippines, the oldest treaty ally of the U.S. in Asia. 'When U.S. companies invest here, it's not just about returns on capital — it's about returns on alliance,' Romualdez told U.S. business executives at the conference. 'A stronger Philippine economy means a more capable and reliable defense partner for the United States.' 'At a time when America is diversifying supply chains and rethinking global strategy, we are a natural choice – and a strategic necessity,' Romualdez said. 'I ask you to carry this message to the Trump administration: `Every U.S. dollar invested in the Philippines strengthens America's position in the Indo-Pacific.'' U.S. Defense Secretary Pete Hegseth flew to Manila in March in his first visit to Asia and said the Trump administration would work with allies to ramp up deterrence against threats across the world, including China's increasingly aggressive actions in the South China Sea. The U.S. was not gearing up for war, Hegseth said then, but underscored that peace would be won 'through strength.' China claims virtually the entire South China Sea. The Philippines, Vietnam, Malaysia, Brunei and Taiwan also have overlapping claims to the resource-rich and busy waters, but confrontations have spiked between Chinese and Philippine coast guard and naval forces in recent years. On Wednesday, the U.S. briefly deployed two warships in what it called a 'freedom of navigation' operation off the disputed Scarborough Shoal in the South China Sea where two Chinese navy and coast guard ships collided earlier in the week while trying to drive away a smaller Philippine coast guard vessel. The high-seas accident sparked alarm among Asian and Western countries. 'Freedom of navigation is essential for the trillions of dollars worth of commerce that passes through these waters,' the U.S. ambassador to the Philippines, MaryKay Carlson, told reporters on the sidelines of the Manila investment conference. 'It's about commerce. It's about lives and livelihoods.'
Yahoo
31 minutes ago
- Yahoo
Jefferies and TD Cowen Maintain ‘Buy' Ratings on Sable Offshore Corp. (SOC)
Sable Offshore Corp. (NYSE:SOC) is included in our list of the 13 Hot Oil Stocks to Buy Now. An oil rig towering over an expansive horizon of land and sky. On July 20, 2025, Jefferies maintained a 'Buy' rating on Sable Offshore Corp. (NYSE:SOC) with a $38 price target. The analyst attributed its bullish stance to Superior Court of California Judge Donna Geck's ruling. The ruling now allows the company to resume pipelines 324 and 325 and begin first oil sales in August. With this update, Sable Offshore will resume operations at its Santa Ynez Unit. However, delay in the removal of the injunction is expected. Meanwhile, on July 18, 2025, TD Cowen also maintained its 'Buy' rating on Sable Offshore Corp. (NYSE:SOC) with a $40 target. The court decision is expected to boost the company's near-term production and cash flow, driving analyst sentiment. Sable Offshore Corp. (NYSE:SOC), based in the U.S., operates as an independent oil and gas company. It is included in our list of the hot stocks to buy. While we acknowledge the potential of SOC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and 7 Best Potash Stocks to Buy According to Analysts. Disclosure: None. Sign in to access your portfolio
