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Denmark's growth forecast for 2025 is slashed due to the Novo Nordisk crisis
Denmark's Economy Ministry announced on Friday that it has reduced its economic growth forecast for 2025 to 1.4%, from 3%. The ministry cited weaker prospects of pharmaceutical giant Novo Nordisk, and tariffs placed on Danish exports to the U.S. The ministry stated that the pharmaceutical industry faces increasing competition on the market for weight loss products. This has lowered growth expectations. Novo Nordisk's spokesperson declined to make any comment. The six-million-strong Nordic nation has benefited from Novo Nordisk's rapid expansion. It is the maker of Wegovy, a weight loss drug, and Ozempic, a diabetes treatment. The economic growth of Denmark was among the best in Europe last year. This growth was largely due to Novo Nordisk which contributed one-fifth to the employment growth in the country. Denmark is also home to major companies such as shipping group Maersk and brewer Carlsberg. Toymaker Lego, wind turbine manufacturer Vestas and toymaker Lego are all located in Denmark. The country has a highly export-oriented, sensitive economy, but it is aided by a large surplus of savings and strong public finances. Novo Nordisk has cut its sales and operating profit estimates for the full year again this month. The company, which makes the obesity drug Wegovy, is struggling to convince investors that it can compete with the U.S. competitor Eli Lilly in the obesity drug boom. The company that employs 34,000 people in Denmark is now facing layoffs, despite having nearly doubled their total workforce over the past five years. According to the ministry, tariffs on goods exported to the United States, Denmark’s largest export market, will also slow down growth. The ministry said that exports to the United States have seen a significant drop in the first six months of this year after a surge in the final six months of 2024. Exports will grow only 0.9% by 2025, compared to the 4.3% forecast in May. The ministry has increased its forecast of GDP growth for 2026 from 1.4% to 2.1%, largely due to the expectation that private and public expenditure will increase. Reporting by Soren Jeppesen in Bengaluru, Jacob GronholtPedersen in Copenhagen, and Bipasha dey, with editing by Cynthia Osterman and William Maclean
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Data shows that China received its first Arctic LNG 2 cargo before Putin's visit.
Ship-tracking data provided by Kpler and LSEG revealed that China received its first liquefied gas cargo this week from a Russian sanctioned project. This was just days before the meeting between Russian President Vladimir Putin and Chinese President Xi Jinping. Putin will be one of more than 20 world leaders including Indian Prime Minister Narendra modi who will attend on Sunday and Monday the Shanghai Cooperation Organisation Summit in China's northern city port Tianjin, where he expects to meet Xi for a revival of trade between the two countries. After meeting with U.S. president Donald Trump earlier this month in Alaska to discuss a possible peace agreement, the meeting is expected mark another diplomatic victory for Russia. The U.S., European Union and other countries have imposed sanctions on Russia for its full-scale attack in Ukraine in 2022. Data from Kpler & LSEG revealed that the tanker Arctic Mulan LNG - carrying LNG from the Arctic LNG 2 Project, which is the target of the sanctions - berthed in China's Beihai LNG Terminal, located in southern Guangxi, on Thursday. The cargo was delivered from a Russian storage facility that only receives cargoes for Novatek's Arctic LNG 2 Project. This is the first time since the project began last year that supercooled fuel has reached a final user. In a LinkedIn post, Anne-Sophie Corbeau said, "China and Russia have tested the waters." Corbeau is a researcher at Columbia University’s Center on Global Energy Policy. If this deal goes through with no reaction from the U.S., it could send a message to China and other buyers saying that they are ok buying sanctioned Arctic LNG 2 loads. India may be the next to get a Russian LNG shipment, especially if it comes at a good price. PipeChina, operator of the Beihai LNG Terminal, did not respond immediately to a comment request. Arctic Mulan remains near the Beihai LNG Terminal. It has been impossible to locate any contact details for the registered owner of Arctic Mulan, its commercial manager or its ship. Siamak Adibi is the director of gas and LNG supply analysis at FGE. She said that while it may be a politically greenlighted project, Russia and China are unlikely to proceed without assurances that cargo deliveries won't trigger sanctions risks for terminal operators or have further consequences for Russia. Arctic LNG 2 was to be Russia's biggest LNG plant, with a total output of 19,8 million tons of LNG per year from three trains. Adibi stated that if sanctions were lifted on Arctic LNG 2, 12 million additional tons of LNG per year could be available to the market in a relatively short time, which would provide additional relief for supply.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Air France-KLM Air France-KLM, a French-Dutch airline, issued a 500 million euro note as part of its EMTN program. The note has a 5-year maturity and a coupon rate of 3.75%, while the yield is 3.866%. Carrefour Carrefour, the French retailer, issued a bond of 500 million euros, maturing and settling in December 2028. The coupon rate was 2.875%. Orange French telecom Orange has issued new bonds worth 900 million euro, including a 12-year bond maturing in 2037. The coupon is 3.75%. Schneider Electric Electrical equipment manufacturer Schneider Electric issued 3.5bn euros in EMTN bond across four tranches. A variable-coupon tranche matures in September 2027. Vinci, a French construction and concessions company, reported an increase of 1.0% in the motorway traffic between July 2025 and July 2026. Airport passenger traffic increased 3.6% during this period. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
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What the impact of the de minimis exemption on U.S. consumers and businesses
Arriana McLymore & Helen Reid NEW YORK, Aug 29 - The Trump administration ended Friday duty-free imports to the United States of packages valued at less than $800. This so-called de minimis exemption has been a source of controversy. Shipments surge dramatically Global sellers will likely charge higher prices to U.S. customers. On July 30, President Donald Trump announced the end of duty-free parcels for all countries. This will take effect a month after. Tariffs increase the cost of shipments from overseas retailers to the U.S. unless they absorb the tariff costs. This move by the administration expands a move made in May to impose tariffs against these shipments coming from China and Hong Kong. It affects retailers like Shein and Temu who primarily ship out of China. What does the new rule mean for U.S. consumers and small U.S. companies that deal with suppliers overseas? WHY THE MOVE? The Trump administration has taken action against de minimis, claiming that the exemption allowed drug traffickers to send fentanyl-containing parcels into the country. Retailers and industry groups in the United States also oppose the exemption, believing that it gives an unfair advantage to foreign companies like Shein and Temu and some third-party Amazon sellers. Amazon, Shein, and Temu all declined to comment. Prices of goods at Walmart and Target, for example, already reflect the tariffs that retailers pay when they import the products, making them more expensive. What does it mean? The de minimis exclusion enabled an ecommerce boom across borders as U.S. consumers snapped up bargains such as $12 dresses on Temu. Orders valued under $800 were exempt from duty until May 2. In fiscal 2024 1,36 billion shipments were declared as de minimis, with a value of $64.6 Billion. In 2024, according to U.S. Government data, approximately 73% of the de minimis packages that enter the U.S. originate from China. What are the most affected countries? CBP data shows that Canada, Mexico, and the United Kingdom were the next largest senders. Red Stag Fulfillment, a logistics provider, said that other important sources include South Korea. India, Vietnam, and Thailand. Red Stag reported that since the China exemption was removed on May 2, the de minimis volume has already dropped by a third. Customers of small British businesses who sell online to U.S. customers have been alerted to price increases. Merchant & Mills announced, in an Instagram message, that it will increase its U.S. price by 15% for duties. WHAT ARE THE RAPID EFFECTS? This change has caused chaos in the postal services around the world. Australia Post, Britain’s Royal Mail and Germany’s DHL have all halted shipments to America while they adapt. It's difficult for the post office to enter an environment in which they must collect duties when they have never collected duties before, said Clint Reid. Reid is CEO and founder of Zonos whose software allows businesses to calculate, collect, and remit duty. U.S. Customs and Border Protection announced that it would take the necessary steps to implement the Order. As U.S. Customs demands information about the origin and nature of goods, sellers will have to increase their paperwork. The Trump administration temporarily halted its initial ban of de minimis shipments to the United States in February as U.S. Customs piled up packages. WHAT DOES IT MEANS FOR ONLINE RETAILERS Shein and Temu, two of the biggest ecommerce companies in China, have had plenty of time to adjust to this change. Although prices have begun to rise on Shein, the most recent change may place it in a stronger position than its rivals. Yao Jin is an associate professor at Miami University. Jin stated that "it is now economically feasible to ship out from China, on a comparative basis. This is because the costs of shipping directly from other countries have also increased." HOW WILL SMALL BUSINESSES BE AFFECTED BY THE BANKRUPTCY? Some small businesses plan to raise their prices in order to offset tariff costs. Platforms such as eBay and Etsy where small businesses and individuals sell anything from vintage soccer shirts and electronics to consumers, advise sellers to inform their customers of tariff-related increases in price.
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Prices of oil fall due to demand concerns, but are still heading for a weekly gain
The oil prices dropped on Friday, but they are expected to rise for the week. This is due to the expectation of lower demand, as the summer ends in the United States - the largest consumer of oil - and the uncertainty over the Russian supply. Brent crude futures expiring on Friday fell by 53 cents (0.8%) to $68.09, while the contract that is more active for November dropped 48 cents (0.7%) to $67.50. West Texas Intermediate crude futures (WTI) were down 51 cents or 0.8% at $64.09. Brent is expected to gain 0.6% per week, while WTI will rise by 0.8%. Prices rose after the Ukrainian attack on Russian oil export facilities earlier this week, and after German Chancellor Friedrich Merz announced on Thursday that there would be no meeting between Russian president Vladimir Putin and Ukrainian president Volodymyr Zelenskiy. Prices have been impacted by the fact that the U.S. summer driving period is ending with Labor Day on Monday, and the availability of more supplies from major producers after the voluntary output reductions are over. We expect a rise in global oil stocks in the coming months due to a combination of OPEC+'s rising supply and a seasonal drop in global refining activities from September. In a note, Commonwealth Bank of Australia commodities analysts Vivek Dhar and Vivek Agar predicted that Brent oil futures would fall to $63/bbl by Q4 2025. The U.S. is worried that the U.S. could respond to the Russian attack on Kyiv, the Ukrainian capital early Thursday morning which killed 23 people. Investors are reluctant to make large investments because of uncertainty over U.S. and European sanctions following Russia's attack on Ukraine and the possible impact of U.S. Tariffs on India. Investors will also be watching India's response after Trump imposed tariffs of up to 50% on Indian imports, which doubled the U.S. pressure to stop buying Russian crude oil. Traders said that despite the pressure from the United States, Russian oil exports will continue to increase to India in September. Refining sources say that Saudi Arabia, which is the world's largest oil exporter, could cut crude oil prices in October for Asian buyers due to a glut of oil and a weaker demand. The Druzhba Pipeline, which supplies Russian crude oil to Hungary and Slovakia via the Druzhba Oil Terminal, has been restored after a disruption caused by an attack on Russia by Ukraine last week. (Reporting and editing by Yuka Obayashi, Sudarshan Varadan and SonaliPaul)
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Prices of oil fall due to demand concerns but are headed for a weekly gain
The oil price fell on Friday, but is expected to rise for the week. This is due to the expectation of lower demand from the U.S.A., which is the largest oil consumer in the world, and the uncertainty surrounding the Russian supply. Brent crude futures expiring on Friday fell by 50 cents (0.7%) to $68.12 while the contract that is more active for November dropped 46 cents (0.7%) to $67.52. West Texas Intermediate crude futures (WTI) were down 45 cents or 0.7% at $64.15. Both benchmarks rose on Thursday. Brent is expected to gain 0.6% this week, while WTI will rise by 0.8%. Prices rose earlier this week following the Ukrainian attack on Russian oil export facilities, but dropped dramatically as the market anticipated the end to the summer driving demand in the U.S. with Labor Day on Monday. Also, as major producers began to increase their output after the voluntary production cuts ended. Hiroyuki Kikakawa, the chief strategist at Nissan Securities Investment (a division of Nissan Securities), said that concerns about the U.S. driving season ending after Labour Day holiday had weighed on the markets. Investors are still hesitant to make large investments because of the uncertainty over U.S. and European sanctions on Russia after its attack on Ukraine and about possible U.S. Tariffs on India. Sources said that following the Ukrainian attack on Russia's Ust-Luga Terminal, its main export location on the Baltic Sea of its Urals crude oil, operations will be reduced by half in September, to approximately 350,000 barrels per daily, The U.S. is worried that the U.S. could respond to the Russian attack on Kyiv, the Ukrainian capital early Thursday morning which killed 23 people. Investors will also be watching India's response after Trump increased tariffs by up to 50% on Indian imports, following his Wednesday announcement that he would no longer buy Russian oil. Traders said that despite the pressure from the United States, Russian oil exports will continue to increase to India in September. Refining sources say that Saudi Arabia, which is the world's largest oil exporter, could cut crude oil prices in October for Asian buyers due to a glut of oil and weak demand. The Druzhba Pipeline, which supplies Russian crude oil to Hungary and Slovakia via the Druzhba Oil Terminal, has been restored after an interruption caused by an attack on Russia by Ukraine last week. (Reporting and editing by Christian Schmollinger; Yuka Obayashi)
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Virgin Australia announces 28% increase in annual profit
Virgin Australia announced a nearly 28% increase in its underlying profit for the full year on Friday. This was its first result after relisting. The strong performance of its airline and loyalty programs segments drove this. Virgin, Australia's second largest airline in terms of market share, after Qantas Airways was delisted from the stock exchanges in 2020, after Bain Capital, a private equity firm, rescued Virgin from administration. The company Return to the Homepage The Australian Securities Exchange valued the company at A$2.32 Billion on a fully diluted base in June of this year, after it had an IPO. The company's Airlines division saw its earnings grow by more than 36% for the year ending June 30. This was due to an increase in seats filled with a better passenger mix. Velocity, the company's loyalty program, saw its earnings rise 10.5% on the back of a growing number of active members. According to the airline, its pro forma underlying profit after taxes for the year was A$331 (215.08 millions) in line with its forecast provided at the time it filed its IPO.
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Brazil updates sector trade agreements with Mexico
Geraldo Alckmin, the Brazilian Vice-President, said that Brazil and Mexico will sign complementary trade agreements in August next year. This was after a Thursday meeting with Mexican President Claudia Sheinbaum. Alckmin, speaking at a Mexico City press conference, said that the authorities had signed preliminary agreements on agriculture, health, and biofuels. Brazil wants to export more beef to Mexico. Mexico recently surpassed the U.S.A. as the second most popular destination for Brazilian meat. Brazil is looking to ship more beef to Mexico, which recently overtook the U.S. as the No. Alckmin stated that Mexico demands "traceability" for livestock and Brazil is working to meet this requirement. Alckmin stated, "We want the sale of Brazilian goods to continue while Brazil makes its transition towards traceability. This is something we both agreed upon." Alckmin called the meeting "very good", and added that the two also discussed biofuels, and possible battery production. Alckmin stated that Sheinbaum was interested in the Brazilian biofuel mandate which requires more biofuels to be mixed with fossil fuels. He said that Mexico and Brazil can work together in order to produce electric vehicle batteries. Brazilian motor manufacturer WEG operates in Mexico. He refused to name the Brazilian companies that could be part of an agreement for Mexico to produce ethanol, but said Brazil was interested in providing technology to make it happen. Alckmin stated that the sectorial agreements would refresh deals signed two decades ago. He added that Brazil could not negotiate a free-trade agreement with Mexico outside of the Mercosur bloc. (Reporting and editing by Kylie Madry Ana Isabel Martinez, Nia Williams, Alistair Bell, and Nia William;
Sources say that the Russian oil refinery in Novokuibyshevsk halted its operations following drone attacks.
Two industry sources confirmed that the primary oil processing has been stopped at Russia's Novokuibyshevsk oil refinery since August 2, following an attack by a Ukrainian drone last week.
This was the first drone attack on a major Russian refinery since March 2025.
The announcement came after U.S. president Donald Trump set a 10- to 12-day deadline for Moscow and Kiev to reach a ceasefire or face consequences. This underscored his frustration with the ongoing 3-1/2-year conflict.
Steve Witkoff, the U.S. Special Envoy to Israel, is expected to visit Russia in this week's time after his current trip to Israel.
Novokuibyshevsk has a refining capacity that is 8,3 million metric tonnes of oil per annum (or about 160,000 barrels of oil per day).
Rosneft didn't respond to our request for a comment immediately.
Sources claim that the attack on the Novokuibyshevsk Refinery damaged the CDU-11, which is the primary oil refinery unit.
The refinery is divided into two main units. CDU-11 has a daily capacity of 18,900 tons and CDU-9 has a daily capacity of 4,700 tonnes.
The refinery planned on stopping CDU-9 from August until early September for major maintenance.
Sources claim that the Novokuibyshevsk refinery processed about 18,000 tonnes of crude oil per a day.
According to industry sources, last year the refinery processed 5,74 million tons crude oil and produced 1,10 million tonnes of motor gasoline, 1,64 million tonnes of diesel fuel, as well as 1.27 millions tons of fuel oil. Reporting by In Moscow; Editing Bernadettebaum
(source: Reuters)