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☆ Stellantis plans to expand battery capacity to 400 GWh
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Pascal Rossignol/File Photo Acquire Licensing RightsMILAN, Sept 8 (Reuters) - Carmaker Stellantis (STLAM.MI) aims to expand its battery building capacity to 400 GWh to support growing production of electric vehicles, its head of global propulsion systems said on Friday. We believe we need to go to 400 gigawatt hours of capacity around the world," Bly said during the inaugurating the group's new Battery Technology Center in Turin, Italy. Bly, however, did not specify whether the group planned to build more gigafactories on top of those already announced to expand the capacity. As part of its effort to boost capacity, Stellantis on Friday said it had invested 40 million euros ($43 million) in its Turin's Battery Technology Center, in the Mirafiori complex, which will be focused on in-house testing and development of EV battery packs for upcoming group vehicles. More than 100 people will be employed in the Turin's Battery Technology Center, mostly retrained Stellantis workers, the group said adding that a similar facility for North America was being built in Windsor, Canada.

Persons: Pascal, Micky Bly, Stellantis, Bly, Giulio Piovaccari, Federico Maccioni, Keith Weir Organizations: REUTERS, Global Propulsion Systems, Battery Technology, ACC, Mercedes, Battery Technology Center, Turin's Battery Technology Center, Thomson Locations: Hordain, France, Turin, Italy, Germany, U.S, Canada, North America, Windsor , Canada

☆ First funding tranche for Verkor battery gigafactory near complete- co-founder
▼ + stars: | 2023-09-06 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

PARIS, Sept 6 (Reuters) - Verkor should complete the first tranche of fundraising for its future battery gigafactory in Dunkirk, France, in the coming weeks, co-founder and chief customer officer Philippe Chain told Reuters. The Grenoble-based startup's gigafactory is one of four electric vehicle battery factories planned in northern France. Verkor has already raised around 350 million euros, mainly for a new innovation centre, a pilot production line already in operation and a "battery school" to train future employees. Construction of the gigafactory has begun and it will have an initial annual production capacity of 16 gigawatt hours (GWh) - including 12 for Renault (RENA.PA), which owns more than 20% of Verkor. Taiwan's ProLogium also plans a gigafactory in Dunkirk with a capacity of 30 GWh in 2030.

Persons: Philippe Chain, Verkor, Taiwan's ProLogium, Nick Carey, Gilles Guillaume, David Evans Organizations: European Union, Renault, Automotive Cells Company, ACC, Mercedes, TotalEnergies, Thomson Locations: Dunkirk, France, Munich, Grenoble

NAIROBI, Kenya (AP) — Climate change is “relentlessly eating away” at Africa’s economic progress and it’s time to have a global conversation about a carbon tax on polluters, Kenya’s president declared Tuesday as the first Africa Climate Summit got underway. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt crisis for many. Africa has more than 30 of the world’s most indebted countries, Kenya’s Cabinet secretary for the environment, Soipan Tuya, said. Africa’s GDP should be revalued for its assets, which include the world's second-largest rainforest and biodiversity, African Development Bank President Akinwumi Adesina said. “It is an African story, and I daresay it’s a global story, too.”___Follow AP’s coverage of the climate at https://apnews.com/climate-and-environment and of Africa at https://apnews.com/hub/africa

Persons: William Ruto, Tuya, John Kerry, Kerry, Joe Biden, ” Ruto, ”, Ruto, “ It’s, Sahle, Zewde, Akinwumi Adesina, Adesina, Martha Lusweti, Antonio Guterres, Ursula Von der Leyen, lullabies, Sierra, Julius Maada Organizations: Africa Climate Summit, European Union, Kenyan, United, United Arab Emirates, Development Bank, ”, International Monetary Fund Locations: NAIROBI, Kenya, Africa, China, United States, U.S, United Arab, United Nations, Europe, U.N, Africa's, Nigeria's Niger Delta, Uganda, Tanzania, South Africa, Nigeria, Egypt, Congo, africa

☆ 'Very robust strategy': Fund manager makes a case for dividend stocks and names 5 to buy
▼ + stars: | 2023-09-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Dividend stocks aren't evergreen, but investing in them over several years can pay off, according to one portfolio manager. He isn't the only one to appreciate dividend stocks right now. Neuberger Berman senior portfolio manager Sandy Pomeroy told CNBC earlier in August that dividend stocks haven't been this cheap since the tech boom of the 1990s. CME : Kirby expects the derivatives exchange will "benefit" from volatility in September, a traditionally weak month for stocks. TotalEnergies : The stock has a 5.5% dividend yield, 12% free cash yield, and a "great balance sheet," Kirby said.

Persons: Ben Kirby, Neuberger Berman, Sandy Pomeroy, Kirby, TSMC, Charles Schwab Organizations: Thornburg Investment Management, CNBC, Stock, Big Tech, CME, Kirby Locations: Taiwan

☆ Europe's Gabon-exposed stocks slide after military coup
▼ + stars: | 2023-08-30 | by ( Danilo Masoni | ) www.reuters.com time to read: +2 min

MILAN, Aug 30 (Reuters) - Shares in European oil producers, miners and other companies with large exposures to Gabon plummeted on Wednesday after a military coup raised concerns over their operations in the resource-rich African country. "Shares are reacting to concerns over the backdrop in Gabon," said Investec equity analyst Alex Smith in London. However, Assala Energy, which current owner Carlyle (CG.O) has agreed to sell to Maurel, said its oil production in Gabon was unaffected. "Note Gabon production represents around 20% of group production. Oslo-listed Panoro Energy (PENR.OL) and BW Energy (BWE.OL) were down 5% and 7%, respectively, and U.S.-based Vaalco Energy (EGY.N) fell 13.8%.

Persons: Maurel, Eramet, Alex Smith, Ali Bongo, Carlyle, Investec's Smith, Danilo Masoni, Alun John, Kirsten Donovan Organizations: MILAN, Military, REUTERS, Staff, Rights, Assala Energy, Energy, BW Energy, Vaalco Energy, Thomson Locations: Gabon, London, France, Frankfurt, Germany, Gabonese, Mouila, OPEC, Oslo, U.S, Gabon's

☆ Column: US offshore wind sector faces key test after weak Gulf auction
▼ + stars: | 2023-08-30 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsLITTLETON, Colorado, Aug 29 (Reuters) - The low interest in the first-ever auction of offshore wind farm development rights in the Gulf of Mexico marks a potentially serious setback for U.S. President Joe Biden's green energy agenda, and the U.S. offshore wind sector in general. U.S. officials had touted the auction as a key milestone in Biden's agenda to make offshore wind a cornerstone of U.S. efforts to fight fossil-fuel-driven climate change. In addition to lower wind speeds and hurricane risks, potential wind farm developers in the Gulf waters must also accommodate relatively lower local power market prices than other parts of the United States, which greatly undermines wind power earning potential in the region. As offshore wind power systems are still in their relative infancy compared with other power sources, the average cost of power generated from offshore sites can be twice the cost of that from a gas-fired plant. Without a viable offshore wind sector, those industries may now struggle to secure the quantities of green hydrogen they may be anticipating in coming decades, and so could look for ways to support the wind sector's development in the years ahead.

Persons: Brian Snyder, Joe Biden's, Biden, hesitancy, Gavin Maguire, Matthew Lewis Organizations: U.S . Coast Guard, REUTERS, Offshore, U.S ., Gulf, Shell, Reuters, Thomson Locations: Rhode, LITTLETON , Colorado, Gulf, Mexico, U.S, Louisiana, Northeast, Texas, United States, U.S . East Coast , New York, New Jersey, Gulf Coast, Gulf of Mexico, Littleton , Colorado

☆ US LNG projects win higher processing fees as interest rates climb
▼ + stars: | 2023-08-30 | by ( Curtis Williams | ) www.reuters.com time to read: +3 min

Snow covered transfer lines are seen at the Dominion Cove Point Liquefied Natural Gas (LNG) terminal in Lusby, Maryland March 18, 2014. REUTERS/Gary Cameron/File Photo Acquire Licensing RightsHOUSTON, Aug 30 (Reuters) - Long-term buyers of U.S. liquefied natural gas (LNG) are willingly agreeing to higher liquefaction fees at newer export projects, according to analysts and developers familiar with the matter. The U.S. emerged in 2022 as the world's second largest LNG exporter on plentiful supplies of natural gas and relatively low processing costs per metric ton of LNG. But rising interest rates and higher construction costs have pushed up liquefaction fees, also known as tolling fees. Other developers are turning to increased equity investment in new projects to reduce the impact of higher interest rates on finance costs, said Poten's Feer.

Persons: Snow, Gary Cameron, Lyle Hanna, Jason Bennett, Baker Botts, Bennett, it's, Jason Feer, NextDecade, Feer, Poten's Feer, Curtis Williams, Marguerita Choy Organizations: REUTERS, Rights, Commonwealth LNG, LNG, U.S, Henry, Poten, Partners, Reuters, of Fossil Energy, Carbon Management, Cheniere Energy, Thomson Locations: Lusby , Maryland, U.S, Ukraine, Rio Grande, Houston

☆ First US offshore wind auction in Gulf of Mexico attracts paltry interest
▼ + stars: | 2023-08-29 | by ( Nichola Groom | ) www.reuters.com time to read: +4 min

RWE is among the world's largest offshore wind developers, with an extensive portfolio in Europe, and has also secured leases off the coasts of California and New York. The Southeast also has low power prices that could make it harder for higher-cost offshore wind generation to compete for electricity contracts. Texas does not have an offshore wind target. "Today's auction results show the important role state public policy plays in offshore wind market development," Liz Burdock, CEO of the Business Network for Offshore Wind, said in a statement. They included offshore wind development arms of European energy companies Equinor (EQNR.OL) and Shell (SHEL.L), who also have oil and gas operations in the Gulf.

Persons: Karen, Steve Nesius, Biden administration's, Germany's, RWE, Liz Burdock, Joe Biden's, ”, Elizabeth Klein, Nichola, Marguerita Choy, Nick Zieminski Organizations: REUTERS, ASA, Texas, U.S . Bureau of Ocean Energy Management, Carolinas, Business Network, Offshore, of Ocean Energy Management, Shell, . Developers, Thomson Locations: Dauphin Island , Alabama, Gulf of Mexico, Louisiana, New York, New Jersey, California, Europe, U.S, Gulf, Mexico, Texas, of Mexico

☆ Morgan Stanley names cash-rich global stocks with 'better downside protection'
▼ + stars: | 2023-08-28 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Morgan Stanley named a raft of European stocks with strong balance sheets, lots of cash or high shareholder returns. High cash flow and shareholder returns The bank also screened for companies with "resilient high free cash flow." "Self-financing companies should be better able to weather any prolonged macroeconomic weakness, deploying capital effectively and seizing opportunities that come along the way," Morgan Stanley said. "Cash-rich companies with high free cash flow yields should also have better downside protection, while providing upside potential if management is able to deploy its cash effectively," the bank said. Those firms also have "positive free cash flow and net income growth expected over the next 2 years," the bank said.

Persons: Morgan Stanley, Burberry, — CNBC's Michael Bloom Organizations: CNBC, JD Sports, Sanofi, Airbus, MTU Aero Engines, SAP, WPP, Publicis Groupe, InterContinental Locations: Europe

☆ First US Gulf offshore wind auction to fuel region's green hydrogen push
▼ + stars: | 2023-08-28 | by ( Nichola Groom | ) www.reuters.com time to read: +5 min

It is considered "green" if produced with renewable energy and "gray" if the process is fueled with carbon-emitting natural gas. "When we get to the Gulf, (offshore wind) will start becoming much more disconnected from the grid," said Cheryl Stahl, principal project manager at risk assessment firm DNV. In comments to BOEM on the planned Gulf sale earlier this year, those three companies noted the potential of offshore wind to produce green hydrogen in the region. "The Gulf of Mexico is uniquely situated to facilitate and benefit from green hydrogen production via offshore wind," Shell said in April, pointing to the region's existing port and pipeline infrastructure as well as new federal funding for green hydrogen development. The American Clean Power Association, a trade group that represents offshore wind and other renewable energy developers, also said in its comments to BOEM that green hydrogen would "increase market viability of offshore wind."

Persons: Biden, Cheryl Stahl, John Filostrat, Shell, TotalEnergies, Alon Carmel, Joe Biden's, Lacy McManus, McManus, Nichola, Marguerita Choy Organizations: Department's, of Ocean Energy Management, Companies, Shell, Clean Power Association, PA Consulting, New, New Orleans Inc, Thomson Locations: U.S, Gulf Coast, Gulf of Mexico, Gulf, Louisiana, Texas, Mexico, New York, New Jersey, New Orleans, South Louisiana

Zhang Yaoyu, PCI's global head of LNG trading, declined to comment on the company's traded volume, but said trading was part of the company's overall strategy. By 2026, Chinese companies are expected to have contracted LNG supplies of more than 100 million tons a year. That could mean a surplus of up to 8 million tons that year, according to consultancy Poten & Partners, or a deficit of 5 million to 6 million tons based on estimates from pricing agency ICIS. Qatar, which will be China's largest supplier for 2026, however, offers traditional LNG contracts that are restricted to a single destination or country. These openings in the market and a more liberalised domestic gas market have also prompted smaller Chinese gas distributors and importers to expand into the trading space.

Persons: Dado Ruvic, Toby Copson, Copson, it's, Zhang Yaoyu, Zhang, Jason Feer, Feer, Chen Aizhu, Emily Chow, Marwa Rashad, Yuka Obayashi, Tom Hogue Organizations: REUTERS, 2026 Companies, Shell, BP, International Energy Agency, Offshore Oil Corp, China Gas Holdings, HK, Qatar, Trident LNG, Sinochem, PetroChina International, Poten, Partners, Rystad Energy, Reuters Graphics Reuters, Reuters, PCI, U.S, Beijing Gas, Zhejiang Energy, JOVO Energy, Thomson Locations: Qatar, US, Europe, Asia SINGAPORE, London, Singapore, U.S, Oman, Canada, Mozambique, Shanghai, China, Japan, Beijing, Central Asia, Russia, Southeast Asia, South Korea, Ukraine, ENN, Tokyo

London/Hong Kong CNN —H&M has decided to stop operating in Myanmar following an increase in allegations of labor abuses at garment factories in the country. As of March, H&M sourced from 41 factories with nearly 42,000 workers in the country, according to company figures. Its withdrawal comes after new allegations published by the Business and Human Rights Resource Centre (BHRRC), a workers’ advocacy group. The organization has been tracking cases of alleged labor and human rights abuses against garment workers in the country for years. “Things are getting worse for garment workers — and quickly,” the organization said.

Persons: Hong Kong CNN —, ” “, ”, doesn’t, Inditex, Spencer, Primark, “, BHRRC Organizations: Hong Kong CNN, CNN, Business, Human Rights Resource, Chevron, Initiative, Human Rights, Reuters Locations: Hong Kong, Myanmar, Swedish, Zara, Stockholm, TotalEnergies, British, ”

☆ Europe's biggest companies reported a combined €100 billion loss from leaving Russia, report says
▼ + stars: | 2023-08-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the invasion of Ukraine last year, companies have been scrambling to cut ties with Russia. An FT survey found that companies lost €100 billion attempting to leave the state. European companies have lost more than €100 billion in Russia since its invasion of Ukraine, according to the Financial Times. If energy and utilities were excluded from the survey, the largest writedowns come from Germany's chemical and automotive industries. In December 2022, Russia started forcing those companies selling their assets to dispose of them at a 50% discount, leading to a scramble among domestic businessmen for bargain-bin assets.

Persons: Putin, TotalEnergies –, Yale, Nabi Abdullaev, Vladimir Putin Organizations: Kremlin, Morning, Financial, BP, Shell, Danone Locations: Ukraine, Russia, Danone's

☆ Cramer's Lightning Round: Stanley Black & Decker is a buy
▼ + stars: | 2023-08-03 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Stock Chart Icon Stock chart icon Pioneer's year-to-date stock performance. Stock Chart Icon Stock chart icon Stanley Black & Decker's year-to-date stock performance. Stanley Black & Decker : "...they're doing incredibly well, I can't believe that the stock's back under $100, because I think you [buy, buy, buy]." Stock Chart Icon Stock chart icon Allegro Microsystems' year-to-date stock performance. Stock Chart Icon Stock chart icon TotalEnergies' year-to-date stock performance.

Persons: Nikola, what's, It's, Stanley Black, Decker, TotalEnergies, Jim Cramer's Organizations: Clean Holdings, Linde, Microsystems Locations: PXD

SummaryCompanies BP hikes dividend by 10%Will repurchase $1.5 billion of sharesWeak refining, oil trading and high maintenance weighLONDON, Aug 1 (Reuters) - BP's (BP.L) second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%. BP's underlying replacement cost profit, its definition of net income, missed expectations of $3.5 billion in a company-provided survey of analysts. It fell from $8.5 billion a year earlier and from $5 billion in the first quarter. BP's gearing, or debt-to-capital ratio, stood at 21.7% in the second quarter, compared with 19.6% in the first quarter and 21.9% a year earlier. For the third quarter, BP expects oil prices to be supported by OPEC supply cuts alongside above-historical-average refining margins helped by lower inventories and U.S. demand.

Persons: Bernard Looney, Looney, Biraj Borkhataria, Ron Bousso, Jason Neely Organizations: Rivals Chevron, Exxon Mobil, Shell, BP, Reuters, Reuters Graphics Reuters, RBC, Thomson Locations: Ukraine, Germany

☆ Oil major BP posts 70% drop in second-quarter profit, raises dividend by 10%
▼ + stars: | 2023-08-01 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

LONDON — Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry. The British energy major posted second-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.6 billion. Analysts had expected BP to report second-quarter profit of $3.5 billion, according to estimates collated by Refinitiv. Oil majors have failed to match the bumper profits posted during the same period of last year amid weaker commodity prices. British rival Shell and French oil major TotalEnergies on Thursday reported a steep drop in second-quarter profit, while U.S.-based Exxon Mobil's second-quarter profit slumped 56% year-on-year.

Persons: Refinitiv, we've, Bernard Looney, CNBC's Organizations: Oil, BP, London, Shell, Exxon Mobil's Locations: U.S

SummaryCompanies Q2 profits slump 56% at Shell, 49% at TotalEnergies y/yOil, gas, LNG prices much lower in 2023 vs 2022TotalEnergies sees LNG prices recover somewhat in winterShell slows pace of share buyback programmeLONDON/PARIS, July 27 (Reuters) - Shell (SHEL.L) and TotalEnergies (TTEF.PA) reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakened. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges. Reuters GraphicsShell's shares were down 1.9% at 0755 GMT and TotalEnergies' slipped 0.4%, compared with a 1% decline in the European index of oil and gas companies (.SXEP). Prices for liquefied natural gas (LNG), a key product for both groups, dropped to $11.75 per million British thermal units (mmBtu) from around $33. Both Shell and TotalEnergies had flagged shrinking profit from refining crude oil into fuel and chemicals in the quarter.

Persons: TotalEnergies, Shell, Wael Sawan, Patrick Pouyanne, Ron Bousso, Shadia, America Hernandez, Susan Fenton Organizations: Shell, Reuters Graphics, Brent, Thomson Locations: PARIS, Ukraine, TotalEnergies

The earnings, which missed forecasts, follow bumper earnings in 2022 after energy prices surged in the wake of Russia's invasion of Ukraine, but were in line with its second-quarter performance two years ago. In June, Shell announced it would buy back at least $5 billion in shares in the second half of the year. Shell shares were down 1.7% by 0730 GMT, compared with a 1% decline for the broader European energy index (.SXEP). Reuters GraphicsWEAKER QUARTERThe lower results mainly reflected lower liquefied natural gas (LNG) trading results, lower oil and gas prices, lower refining margins, and lower sales volumes, compared with the previous quarter, Shell said. Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages have eased.

Persons: Shell, Wael Sawan, Sawan, Jefferies, Giacomo Romeo, TotalEnergies, Norway's, Ron Bousso, Christina Fincher, Jason Neely Organizations: Shell, Reuters Graphics, Benchmark Brent, Thomson Locations: Ukraine

☆ Oil giant Shell posts sharp drop in second-quarter profit on weaker commodity prices
▼ + stars: | 2023-07-27 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Picture Alliance | Picture Alliance | Getty Imageswatch nowShares of the London-listed oil major slipped 2% on Thursday morning. 'Softening oil and gas environment'French oil major TotalEnergies also reported weaker-than-expected earnings on Thursday, posting second-quarter adjusted net income of $5 billion. TotalEnergies CEO Patrick Pouyanne said the firm's "robust" earnings came during a "favorable but softening oil and gas environment." Norwegian oil and gas giant Equinor had on Wednesday reported a 57% decline in year-on-year second-quarter profit as oil and gas prices slipped from last year's high levels. Oil and gas prices were under pressure in the first half of the year, however, as global economic jitters outweighed supply-demand fundamentals.

Persons: downgrades, Stuart Lamont, Patrick Pouyanne Organizations: Getty, RBC Brewin, Shell, BP, Exxon Mobil, Chevron Locations: London, Ukraine, U.S

☆ Shell and TotalEnergies profits cut in half by lower oil prices
▼ + stars: | 2023-07-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

Shell, Europe’s largest oil company by revenue, reported adjusted earnings of $5.1 billion during the April-to-June period — less than half the $11.5 billion it reported a year ago. The result was also driven by lower production volumes and lower margins in its oil refining business, Shell said in a statement Thursday. French oil company Total (TOT)Energies posted adjusted net income of $5 billion Thursday, a 49% drop on the same period a year ago. Energy companies enjoyed bumper profits last year off the back of soaring oil and gas prices, and shareholders were rewarded handsomely. In the first half of the year, Shell invested $3.9 billion in oil and natural gas exploration and production.

Persons: Shell, TotalEnergies, “ Shell, Wael Sawan Organizations: London CNN — Shell, Shell, Energy, BP, Chevron, ExxonMobil, TotalEnergies, Energy Solutions, International Energy Agency Locations: Ukraine, London, Europe, Sawan, North America

☆ Morning Bid: Soft landing swings into view
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

After Wednesday's 25 basis point hike, markets seem to think so. Traders in Asia cheered a glimpse of the fabled soft landing with Jerome Powell saying the Fed no longer expects a U.S. recession. Stocks rose and the dollar fell across the board. The Bank of Japan is then up on Friday, with perhaps the most unpredictable central bank decision of the week. European futures rose 0.3% and U.S. futures also added 0.3%.

Persons: Brigid Riley, Jerome Powell, Christine Lagarde, Klass, HSI, Muralikumar Organizations: Traders, European Central Bank, Bank of Japan, Renault, Intel, Ford, MasterCard, Reuters Graphics Reuters, Thomson Locations: Asia, U.S, France, United States

☆ Morning Bid: ECB to follow Fed hike, Meta surges
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

Fed Chair Jerome Powell remained equivocal about whether there was one more policy rate rise left this year and said Fed staff were no longer forecasting a recession - but futures markets continue to see a less than 50% chance of another move. Global stocks (.MIWD00000PUS) hit their highest since April last year on Thursday, with European stocks up more than 1% ahead of the ECB decision. The euro pushed higher against a softer dollar ahead of the announcement and press conference from ECB chief Christine Lagarde. The yen also firmed as the Bank of Japan is expected to keep its easy policy unchanged on Friday. The euro zone's biggest bank BNP Paribas (BNPP.PA), by contrast, beat Q2 estimates and the stock jumped 4%.

Persons: Mike Dolan, Meta, Jerome Powell, Dow Jones, Christine Lagarde, Willis Towers Watson, Giorgia Meloni, Joe Biden, Toby Chopra Organizations: Federal Reserve, European Central Bank, Fed, Treasury, Boeing, Dow, Wall, ECB, Bank of, Shell, Barclays, BNP, Central Bank, Intel, Ford, Boston Scientific, Myers Squibb, Honeywell, Xcel, Eastman Chemical, Pentair, Mastercard, P Global, Hershey, Digital Realty, Northrop Grumman, Weyerhaeuser, Cincinatti, Verisign, Comcast, Southwest Airlines, HCA, . Federal Reserve Board, Washington Reuters Graphics Reuters, Reuters, Exxon, Chevron, Thomson Locations: U.S, Bank of Japan, Asia, Hong Kong, China, Abbvie, Bristol, Edison, Kansas, Basel III, Washington

☆ TotalEnergies Q2 net income falls as LNG, refining profits slump
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +1 min

Companies TotalEnergies SE FollowPARIS, July 27 (Reuters) - French oil company TotalEnergies (TTEF.PA) posted a drop in second-quarter net income on Thursday, reflecting lower natural gas prices and slimmer refining margins in Europe as energy markets calm. Adjusted net income fell to $5 billion compared with $6.5 billion in the first quarter, and $9.8 billion during the same period last year. Analysts had expected $5.2 billion in net income, according to a consensus established by Eikon Refinitiv. Total confirmed some $2 billion in share buybacks for the third quarter as expected. The company said European refining was impacted by higher Chinese exports and a quicker-than-expected reorganisation of Russian exports following an embargo on oil and oil products imposed by the European Union.

Persons: Eikon Refinitiv, America Hernandez, Silvia Aloisi, Jon Boyle Organizations: Analysts, European Union, Thomson Locations: PARIS, Europe, Ukraine

☆ Oil up as supply tightness view offsets concerns from rate hikes
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Thursday as investors focused on expectations of tighter supplies from top oil producers, helping reverse earlier losses that were driven by worries that the hike in interest rates by the U.S. will hurt demand. The promise of economic stimulus in China, the world's second-biggest oil consumer, also lent support to the market. Brent crude futures were up 36 cents, or 0.4%, at $83.28 barrel by 0101 GMT, while U.S. West Texas Intermediate, or WTI, crude rose to $79.26, up 48 cents, or 0.6%. The European Central Bank is also expected to raise interest rates for the ninth time in a row on Thursday, which may not be the end to the policy tightening amid persistent inflation. Oil prices have rallied for four weeks, buoyed by signs of tighter supplies, largely linked to output cuts by Saudi Arabia and Russia, as well as Chinese authorities' pledges to shore up the world's second-biggest economy.

Persons: Cushing, Brent Organizations: TotalEnergies, Brent, U.S, West Texas, Federal Reserve, European Central Bank, ANZ Research, Commonwealth Bank of Australia Locations: Leuna, Germany, U.S, China, Saudi Arabia, Russia

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