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US tells France, Germany to release diesel stocks or face US export ban, sources say
Reuters · 2026-10-01
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class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Climate & Energy</a></li><li><a data-testid="Body" href="/sustainability/land-use-biodiversity/" data-subnav="Sustainability_Land Use & Biodiversity" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Land Use & Biodiversity</a></li><li><a data-testid="Body" href="/sustainability/society-equity/" data-subnav="Sustainability_Society & Equity" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Society & Equity</a></li><li><a data-testid="Body" href="/sustainability/sustainable-finance-reporting/" data-subnav="Sustainability_Sustainable Finance & Reporting" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Sustainable Finance & Reporting</a></li><li><a data-testid="Body" href="/sustainability/the-switch/" data-subnav="Sustainability_The Switch" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">The Switch</a></li><li><a data-testid="Body" href="/sustainability/reuters-impact/" data-subnav="Sustainability_Reuters Impact" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters Impact</a></li><li><a data-testid="Body" href="/sustainability/cop/" data-subnav="Sustainability_COP31" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">COP31</a></li></ul></div></div></div></div></div></div><span data-focus-scope-end="true" hidden=""></span></div></li><li class="nav-bar-module__nav-item__EUpy4"><div class="nav-bar-module__nav-button__mCZoN"><button data-testid="Text" type="button" tabindex="0" data-react-aria-pressable="true" aria-haspopup="true" aria-expanded="false" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__extra_small__8Buss nav-bar-module__button__YVhxE">More<svg xmlns="http://www.w3.org/2000/svg" fill="none" viewbox="0 0 15 9" aria-hidden="true" focusable="false" role="presentation" data-testid="IconChevronDown" class="nav-bar-module__arrow__D1LfD nav-bar-module__more__C7bEy chevron-down"><path d="M14.093.337c-.411-.45-1.028-.45-1.44 0L7.2 6.3 1.749.337c-.411-.45-1.028-.45-1.44 0a1.16 1.16 0 0 0 0 1.576l6.171 6.75c.206.225.515.337.72.337.205 0 .515-.112.72-.338l6.172-6.75a1.16 1.16 0 0 0 0-1.575h.001Z"></path></svg></button></div><div class="nav-bar-module__hidden__1Qi40" data-testid="moreSectionDropdownContainer" role="presentation"><span data-focus-scope-start="true" hidden=""></span><div class="nav-bar-module__dropdown__bsmM6" id="react-aria-_R_l7ila_"><div class="nav-dropdown-module__container__X8zm-" data-testid="NavDropdownContainer"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__submenu__-HR75"><div class="nav-dropdown-module__inner__VS6zv"><div class="nav-dropdown-module__more-sections__9LctJ"><div class="nav-dropdown-module__group-container__B7ZaS"><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/legal/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Legal</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/legal/government/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Government</a></li><li><a data-testid="Body" href="/legal/legalindustry/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Legal Industry</a></li><li><a data-testid="Body" href="/legal/litigation/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Litigation</a></li><li><a data-testid="Body" href="/legal/transactional/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Transactional</a></li><li><a data-testid="Body" href="/legal/us-supreme-court/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">US Supreme Court</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/commentary/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Commentary</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/commentary/breakingviews/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Breakingviews</a></li><li><a data-testid="Body" href="/commentary/reuters-open-interest/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">ROI: Reuters Open Interest</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/technology/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Technology</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/technology/artificial-intelligence/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Artificial Intelligence</a></li><li><a data-testid="Body" href="/technology/cybersecurity/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cybersecurity</a></li><li><a data-testid="Body" href="/technology/space/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Space</a></li><li><a data-testid="Body" href="/technology/disrupted/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Disrupted</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/investigations/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Investigations</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/sports/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Sports</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/sports/world-cup/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">World Cup</a></li><li><a data-testid="Body" href="/sports/athletics/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Athletics</a></li><li><a data-testid="Body" href="/sports/baseball/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Baseball</a></li><li><a data-testid="Body" href="/sports/basketball/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Basketball</a></li><li><a data-testid="Body" href="/sports/cricket/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cricket</a></li><li><a data-testid="Body" href="/sports/cycling/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Cycling</a></li><li><a data-testid="Body" href="/sports/formula1/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Formula 1</a></li><li><a data-testid="Body" href="/sports/golf/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Golf</a></li><li><a data-testid="Body" href="/sports/nfl/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">NFL</a></li><li><a data-testid="Body" href="/sports/nhl/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">NHL</a></li><li><a data-testid="Body" href="/sports/soccer/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Soccer</a></li><li><a data-testid="Body" href="/sports/tennis/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Tennis</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/science/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Science</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/lifestyle/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Lifestyle</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/lifestyle/culture-current/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Culture Current</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/city-memo/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">City Memo</a></h2></section></div><div class="nav-dropdown-module__group-container__B7ZaS"><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/graphics/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Graphics</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/chart-of-the-week/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Chart of the Week</a></li></ul></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/pictures/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Pictures</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/wider-image/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Wider Image</a></h2></section><section data-testid="MoreDropdown" class="nav-dropdown-module__more-section-group__6-L2e nav-dropdown-module__has-children__Wpz3R"><h2 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS"><a data-testid="Body" href="/podcasts/" class="text-module__text__0GDob text-module__graphite__fZRmg text-module__medium__2Rl30 text-module__body__9d61E body-module__base__o--Cl body-module__body_alt__0ewNU nav-dropdown-module__section-link__Mvj6r">Podcasts</a></h2><ul class="nav-dropdown-module__subsections__ElxDL"><li><a data-testid="Body" href="/podcasts/reuters-world-news/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters World News</a></li><li><a data-testid="Body" href="/podcasts/reuters-morning-bid/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf nav-dropdown-module__subsection-link__T9-bB">Reuters Morning Bid</a></li><li><a data-testid="Body" href="/podcasts/reuters-econ-world/" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf 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type-label-module__exclusive__63t6j kicker-with-badge-module__badge__Q5q6V"><p data-testid="Body" class="text-module__text__0GDob text-module__tr-orange-2024__EFtqJ text-module__bold__chuBM text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body_bold__ruT7x type-label-module__text__-O6C7">EXCLUSIVE</p></div></div><h1 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_article__2yUro heading-module__base__p-zaD heading-module__heading_article__h3IXH headline-module__headline__L8lWb">US tells France and Germany to release diesel stocks or face US export ban, sources say</h1><div data-testid="InfoContent" class="info-content-module__info__FR-5y default-article-header-module__info-content__EOcyE"><div data-testid="AuthorName" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu"><span data-testid="Text" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__tag_label__4kwMu">By </span><a data-testid="AuthorNameLink" referrerpolicy="no-referrer-when-downgrade" href="/authors/kate-abnett/" rel="author" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu link-module__link__INqxZ link-module__underline_on_hover__YTwYC author-name-module__author__09Ri8">Kate Abnett</a><span data-testid="Text" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__tag_label__4kwMu">, </span><a data-testid="AuthorNameLink" referrerpolicy="no-referrer-when-downgrade" href="/authors/jarrett-renshaw/" rel="author" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu link-module__link__INqxZ link-module__underline_on_hover__YTwYC author-name-module__author__09Ri8">Jarrett Renshaw</a><span data-testid="Text" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__tag_label__4kwMu"> and </span><a data-testid="AuthorNameLink" referrerpolicy="no-referrer-when-downgrade" href="/authors/john-irish/" rel="author" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__tag_label__4kwMu link-module__link__INqxZ link-module__underline_on_hover__YTwYC author-name-module__author__09Ri8">John Irish</a></div><time data-testid="DateLine" datetime="2026-10-01T09:20:10.662Z" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20"><span class="date-line-module__date__Q468B">October 1, 2026</span><span class="date-line-module__date__Q468B">7:51 AM UTC</span><span class="date-line-module__date__Q468B">Updated ago</span></time><div 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sizes="(min-width: 1024px) 560px, (min-width: 1440px) 700px, 100vw" width="5846" height="3833" alt="Fuel tanks with diesel are seen at the InfraLeuna industrial site, in Leuna"></div></div><div data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__ultra_small__6-vhY body-module__full_width__kCIGb body-module__ultra_small_body__WelUC primary-image-module__caption__BFvVU"><span>Fuel tanks with diesel are seen at the InfraLeuna industrial site, in Leuna, Germany April 2, 2025. REUTERS/Lisi Niesner/File Photo <a data-testid="Link" target="_blank" referrerpolicy="no-referrer-when-downgrade" href="https://www.reutersconnect.com/item/fuel-tanks-with-diesel-are-seen-at-the-infraleuna-industrial-site-in-leuna/dGFnOnJldXRlcnMuY29tLDIwMjU6bmV3c21sX1JDMk9QREE3VFdZNg%3D%3D/?utm_medium=rcom-article-media&utm_campaign=rcom-rcp-lead" rel="noopener" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76 collapsible-caption-module__license__CPQvV">Purchase Licensing<span><span class="link-module__suffix__ObiNY"> Rights</span><svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 32 32" aria-hidden="true" focusable="false" role="presentation" data-testid="NewTabSymbol" class="link-module__new-tab-symbol__d53s7 link-module__move-left__CCZH6 collapsible-caption-module__symbol__943UJ" fill="#666" width="0" height="0"><path fill="currentColor" d="M15 6c.6 0 1 .4 1 1s-.4 1-1 1H9c-.6 0-1 .4-1 1v14a1.1 1.1 0 0 0 .2.6c.1.2.4.4.8.4h14c.6 0 1-.4 1-1v-6c0-.6.4-1 1-1s1 .4 1 1v6a3 3 0 0 1-3 3H9a3 3 0 0 1-2.2-.9A3 3 0 0 1 6 23V9a3 3 0 0 1 3-3Zm10 0 .4.1.5.5.1.4v6c0 .6-.4 1-1 1s-1-.4-1-1V9.4l-5.3 5.3a1 1 0 0 1-.7.3 1 1 0 0 1-.7-.3 1 1 0 0 1 0-1.4L22.6 8H19c-.6 0-1-.4-1-1s.4-1 1-1Z"></path></svg><span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">, opens new tab</span></span></a></span></div></figure></div><div class="article-body-module__content__bnXL1"><div data-testid="ContextWidget" class="context-widget-module__container__b9mKr context-widget-module__with-scroll__CmEdD article-body-module__context_widget__sq1EI"><div data-testid="TabContainer" class="context-widget-module__tabcontainer__O1B-s context-widget-module__right-gradient__QLuno"><ul role="tablist" class="context-widget-module__tabs__AIjL0"><li data-testid="summary-tab" role="tab" aria-selected="true" tabindex="0" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf context-widget-module__tab__lRw-D context-widget-module__selected__Et295">Summary</li></ul></div><div data-testid="ContextWidgetContent" class="context-widget-module__content__lI1uo"><ul data-testid="Summary" class="summary-module__summary__QjADA"><li data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz">US wants EU to release 120 million barrels of diesel, one source says</li><li data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz">EU has become increasingly reliant on US fuel imports</li><li data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz">Trump seeks to bring down fuel prices</li></ul></div></div><div data-testid="paragraph-0" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">WASHINGTON/BRUSSELS/PARIS, Oct 1 (Reuters) - The Trump administration has told Germany and France to draw down emergency diesel inventories to help to ease global fuel prices or face a potential US diesel export ban, said three people close to the discussions.</div><div data-testid="paragraph-1" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The warning marks an escalation of pressure on Europe as US President Donald Trump considers a potential diesel export ban to bring down US fuel prices ahead of November's midterm elections.</div><p data-testid="promo-box" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__promo-box__hVl8h"> Sign up <a data-testid="Link" referrerpolicy="no-referrer-when-downgrade" href="undefined?location=article-paragraph&redirectUrl=%2Fbusiness%2Fenergy%2Fus-tells-france-germany-release-diesel-stocks-or-face-us-export-ban-sources-say-2026-10-01%2F" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC">here.</a></p><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-2" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">The US administration has been particularly frustrated with France and Germany, which US officials believe have not fully followed through on earlier commitments to release emergency oil and petroleum stocks, Reuters has reported previously.</div><div data-testid="paragraph-3" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"It is in Europe’s best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers," one of the sources, a US official, told Reuters.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-4" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">A second source, based in a European capital, said that the US has asked the EU to release 120 million barrels of diesel in the next six months.</div><figure data-testid="graphic-0" class="article-body-module__element__5eCce article-body-module__graphics__mCT3Z"></figure><div data-testid="paragraph-5" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">US Energy Secretary Chris Wright told reporters on Wednesday that the US administration expected announcements soon from Europe about new diesel supplies.</div><div data-testid="paragraph-6" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">"We've lost some diesel exports from the Middle East, although we're restoring those, and we've lost diesel exports from China," he said. "So that's a lot of interruptions."</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-7" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Germany's economy ministry did not respond immediately to a request for comment. France's energy ministry declined to comment.</div><div data-testid="paragraph-8" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">An official at the Elysee Palace said that French President Emmanuel Macron and Trump had not discussed the issue when they met on the sidelines of the UN General Assembly in New York last week.</div><div data-testid="paragraph-9" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">However, the official said that Macron would convene a video conference of leaders of G7 countries to address rising fuel prices and the global availability of refined products, including the coordination of the release of reserves in conjunction with the International Energy Agency.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div data-testid="paragraph-10" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__full_width__kCIGb body-module__small_body__gOmDf article-body-module__paragraph__Ts-yF">Europe has become increasingly dependent on US fuel after banning Russian imports over Russia's invasion of Ukraine and after the US-Israeli war against Iran disrupted supplies from the Middle East.</div><div data-testid="element" class="article-body-module__element__5eCce"></div><div class="article-body-module__element__5eCce"><p data-testid="Advisory" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__full_width__kCIGb body-module__extra_small_body__Bfz20 article-body-module__advisory__v0OH7">Adds US energy secretary, Elysee official and requests for comment in paragraphs 6-10, plus graphic</p></div><div class="article-body-module__element__5eCce"><p data-testid="SignOff" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__full_width__kCIGb body-module__extra_small_body__Bfz20 sign-off-module__text__LQAMP">Reporting by Jarrett Renshaw in Washington, Kate Abnett in Brussels and John Irish in Paris; additional reporting by Forrest Crellin and Michel Rose in Paris, Christian Kraemer in Berlin
Writing by Dmitry Zhdannikov
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class="author-bio-module__author-info__Q4uAb"><a data-testid="Heading" tabindex="0" rel="author" href="/authors/kate-abnett/" referrerpolicy="no-referrer-when-downgrade" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS author-bio-module__name__LMaZa">Kate Abnett</a><p data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__body__9d61E body-module__base__o--Cl body-module__body__FsjGW author-bio-module__company__eMPr7">Thomson Reuters</p></div></div><p data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 author-bio-module__description__9ynkB">Kate Abnett covers EU climate and energy policy in Brussels, reporting on Europe’s green transition and how climate change is affecting people and ecosystems across the EU. Other areas of coverage include international climate diplomacy. Before joining Reuters, Kate covered emissions and energy markets for Argus Media in London. She is part of the teams whose reporting on Europe’s energy crisis won two Reuters journalist of the year awards in 2022.</p><div class="author-bio-module__social__WLpHF" data-testid="SocialIcon"><ul class="social-links-module__container__u-Ga0 social-links-module__condensed__eEJwK social-links-module__wrap-links__Zxr2b" aria-label="Social media links"><li class="item"><a aria-label="Email Kate Abnett" target="_blank" href="mailto:Kate.Abnett@thomsonreuters.com" class="button-module__link__A3sD0 button-module__secondary__70gBu button-module__round__QDFgq button-module__w_auto__Sem-F" data-testid="Social"><span class="button-module__container__7hKTY"><div class="social-module__container__gCKQP"><svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 21 18" aria-labelledby="EmailIconId" role="presentation" class="social-module__symbol__FX9eO" focusable="false" aria-hidden="true"><title id="EmailIconId">Email</title><path d="M20.125 9c.449 0 .819.347.87.795L21 9.9v5.4c0 1.438-1.093 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link-module__link__INqxZ link-module__underline_on_hover__YTwYC">Energy<span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><div data-testid="Title" class="title-module__title__Lr6MH story-card-module__area-headline__N6EZa"><a data-testid="TitleLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/chinese-refiners-suspend-oct-fuel-exports-petrochina-cancels-cargoes-sources-say-2026-10-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span data-testid="TitleHeading" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">Chinese refiners suspend October fuel exports, one cancels cargoes, sources say</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/chinese-refiners-suspend-oct-fuel-exports-petrochina-cancels-cargoes-sources-say-2026-10-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_default__-okuC image-module__container__dqGwP story-card-module__image-link__4wq06"><div data-testid="Image" class="image story-card-module__image__NNKq2"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img 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text-module__ultra_small__6-vhY story-card-module__area-date__p9wlR"> ago</time><span data-testid="KickerLabel" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__kicker__jiI-y story-card-module__area-kicker__CYVuk"><a data-testid="KickerLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC">Energy<span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><div data-testid="Title" class="title-module__title__Lr6MH story-card-module__area-headline__N6EZa"><a data-testid="TitleLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/oil-prices-barely-changed-investors-assess-us-iran-peace-talks-gulf-exports-2026-10-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span data-testid="TitleHeading" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">Oil prices rise 2% as China suspends fuel exports</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/oil-prices-barely-changed-investors-assess-us-iran-peace-talks-gulf-exports-2026-10-01/" class="text-module__text__0GDob 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story-card-module__transition-no-date-for-desktop__b65V6 story-card-module__transition-no-date-for-tablet__2zqMx story-card-module__transition-media-on-right-for-mobile__ygju8 read-next-v2-module__story-card__Bus22" data-are-authors="true" data-has-multiple-authors="true" data-dir="ltr" data-testid="StoryCard" tabindex="-1"><time data-testid="DateLineText" datetime="2026-09-30T13:36:34.925Z" class="text-module__text__0GDob text-module__medium-grey__yZtlg text-module__light__ZYtNU text-module__ultra_small__6-vhY story-card-module__area-date__p9wlR"> ago</time><span data-testid="KickerLabel" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__kicker__jiI-y story-card-module__area-kicker__CYVuk"><a data-testid="KickerLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC">Energy<span style="border:0;clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><div data-testid="Title" class="title-module__title__Lr6MH story-card-module__area-headline__N6EZa"><a data-testid="TitleLink" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/opec-oil-producers-set-keep-output-targets-steady-sunday-meeting-sources-say-2026-09-30/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_on_hover__YTwYC"><span data-testid="TitleHeading" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS title-module__heading__ZrRzk">OPEC+ oil producers set to keep output targets steady at Sunday meeting, sources say</span></a></div><figure class=" image-container no-caption story-card-module__area-media__N2Hg6" data-testid="MediaImage"><a data-testid="MediaImageLink" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade" href="/business/energy/opec-oil-producers-set-keep-output-targets-steady-sunday-meeting-sources-say-2026-09-30/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_default__-okuC image-module__container__dqGwP story-card-module__image-link__4wq06"><div data-testid="Image" class="image story-card-module__image__NNKq2"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" 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story-collection-module__with-hero__npPIU" data-testid="StoryCollection"><li class="story-collection-module__list-item__nvJUz story-collection-module__hero__gKDSI story-collection-module__default__k3Xt2 story-collection-module__with-spacing__OhP-U" id="QQTO3X5BXJKUJEBAZSPTGQT5UI" data-testid="one_hero_and_two_columns"><div data-testid="MediaStoryCard" class="media-story-card-module__hero__UeoFK story-card"><div class="media-story-card-module__placement-container__1ZSB1"><a href="https://www.reuters.com/legal/transactional/investors-wary-slowdown-us-corporate-profit-boom-2026-10-01/" aria-hidden="true" tabindex="-1" referrerpolicy="no-referrer-when-downgrade"><div class="media-story-card-module__image-container__fJn9a"><div data-testid="Image" class="image"><div class="styles-module__image-container__E0mCm styles-module__cover__SgyOM styles-module__center_center__bzABO styles-module__apply-ratio__u0jXJ styles-module__transition__joucY" style="--aspect-ratio:1.5"></div><noscript><img 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wary of slowdown in US corporate profit boom</a></h3><span data-testid="Label" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__light__ZYtNU text-module__default__R2Ckt label-module__label__Sv2H2 kicker_hero media-story-card-module__section__PyVDc"><span data-testid="Text" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW">ANALYSIS</span> · <time datetime="2026-10-01T09:34:51.699Z">October 1, 2026 · 9:34 AM UTC</time> · ago</span><p data-testid="Body" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__large__03GSP body-module__base__o--Cl body-module__large_body__NQgnj media-story-card-module__description__DzXN2">A massive year for corporate profit growth is driving US stock market gains, but investors' hesitancy that the good times will roll on without a hitch is seeping into equity valuations.</p></div></div></li><li 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0);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px;white-space:nowrap">category</span></a></span><a data-testid="Heading" href="https://www.reuters.com/business/dow-futures-hit-three-month-low-yields-surge-micron-earnings-offer-support-2026-10-01/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6__-zrtS media-story-card-module__headline__ZWaRz">Dow futures hit three-month low as yields surge, Micron earnings offer support</a><div class="media-story-card-module__date-line__37fk5"><time data-testid="Label" datetime="2026-10-01T09:17:35.817Z" class="text-module__text__0GDob text-module__inherit-color__PhuPF text-module__regular__qJJtA text-module__extra_small__8Buss label-module__label__Sv2H2 label-module__small__0kHqa date">9:17 AM UTC</time></div></div></div></li><li class="story-collection-module__list-item__nvJUz 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class="site-footer-module__link-group__Hxt4R"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">Browse</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/world/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">World</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/business/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Business</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/markets/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Markets</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sustainability/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Sustainability</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/legal/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Legal</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/breakingviews/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Breakingviews</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/technology/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Technology</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/investigations/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Investigations</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/sports/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Sports</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/science/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Science</span></a></li><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="/lifestyle/" class="text-module__text__0GDob text-module__dark-grey__UFC18 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href="https://www.reuters.com/video/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Videos</span></a></li><li class="link-group-module__item__Za3t6"><div data-testid="Media" class="link-group-module__symbol__vLvQd media-module__symbol__O-kyE media-module__none__3jUM3"><svg xmlns="http://www.w3.org/2000/svg" viewbox="0 0 21 18" aria-hidden="true" focusable="false" role="presentation"><path d="M13.1256562,0 C13.3881562,0 13.6506562,0.17954776 13.825875,0.3597705 L15.3135937,2.69996625 L18.375,2.69996625 C19.8627187,2.69996625 21,3.8697266 21,5.3999325 L21,15.3000337 C21,16.8302396 19.8627187,18 18.375,18 L2.625,18 C1.13728125,18 0,16.8302396 0,15.3000337 L0,5.3999325 C0,3.8697266 1.13728125,2.69996625 2.625,2.69996625 L5.6877187,2.69996625 L7.1754375,0.3597705 C7.3506562,0.18022275 7.6131562,0 7.8756562,0 L13.1256562,0 Z M12.6013125,1.79952751 L8.3140312,1.79952751 L6.8263125,4.1397233 C6.6510937,4.319271 6.3885937,4.4994938 6.1260937,4.4994938 L2.6263125,4.4994938 C2.1013125,4.4994938 1.75153125,4.8592643 1.75153125,5.3992575 L1.75153125,15.2993588 C1.75153125,15.839352 2.1013125,16.1991225 2.6263125,16.1991225 L18.3763125,16.1991225 C18.9013125,16.1991225 19.2510937,15.839352 19.2510937,15.2993588 L19.2510937,5.3992575 C19.2510937,4.8592643 18.9013125,4.4994938 18.3763125,4.4994938 L14.8765312,4.4994938 C14.6140312,4.4994938 14.3515312,4.319946 14.0890312,4.1397233 L12.6013125,1.79952751 Z M10.5013125,5.3999325 C12.95175,5.3999325 14.8765312,7.3796828 14.8765312,9.9001012 C14.8765312,12.4205197 12.95175,14.40027 10.5013125,14.40027 C8.050875,14.40027 6.1260937,12.4205197 6.1260937,9.9001012 C6.1260937,7.3796828 8.0515312,5.3999325 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0-1.775-.781-1.775-1.74Zm1.775.435a.44.44 0 0 0 .444-.435.44.44 0 0 0-.444-.435.44.44 0 0 0-.443.435.44.44 0 0 0 .443.435Z"></path></svg></div><a data-testid="Link" target="_self" referrerpolicy="no-referrer-when-downgrade" href="https://www.reuters.com/graphics/" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ link-module__underline_on_hover__YTwYC link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Graphics</span></a></li><li class="link-group-module__item__Za3t6"><div data-testid="Media" class="link-group-module__symbol__vLvQd media-module__symbol__O-kyE media-module__none__3jUM3"><svg viewbox="0 0 21 21" fill="none" xmlns="http://www.w3.org/2000/svg" aria-hidden="true" focusable="false" role="presentation"><path fill-rule="evenodd" clip-rule="evenodd" 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link-group-module__link__BcHeN"><span data-testid="LinkGroupItem" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__heading_6__u1KdJ">Podcasts</span></a></li></ul></section><div class="site-footer-module__about-and-stay-informed__JeYTS"><section data-testid="LinkGroup" class="about"><h3 data-testid="Heading" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__light__ZYtNU text-module__heading_6__u1KdJ heading-module__base__p-zaD heading-module__heading_6_light__klgho link-group-module__label__mDGn2">About Reuters</h3><ul class="link-group-module__list__yrOzI link-group-module__vertical__vGvtx"><li class="link-group-module__item__Za3t6"><a data-testid="Link" target="_blank" referrerpolicy="no-referrer-when-downgrade" href="https://reutersagency.com/about/" rel="noopener" class="text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__default__R2Ckt link-module__link__INqxZ 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Other areas of coverage include international climate diplomacy. Before joining Reuters, Kate covered emissions and energy markets for Argus Media in London. She is part of the teams whose reporting on Europe’s energy crisis won two Reuters journalist of the year awards in 2022.","topic_url":"/authors/kate-abnett/","role":"European Climate and Energy Correspondent"},{"id":"jarrett.renshaw@thomsonreuters.com","name":"Jarrett Renshaw","first_name":"Jarrett","last_name":"Renshaw","company":"Reuters","thumbnail":{"url":"https://cloudfront-us-east-2.images.arcpublishing.com/reuters/H24NV3AFCZCWPC463OG3JRYY7U.jpg","type":"image","resizer_url":"https://www.reuters.com/resizer/v2/https%3A%2F%2Fcloudfront-us-east-2.images.arcpublishing.com%2Freuters%2FH24NV3AFCZCWPC463OG3JRYY7U.jpg?auth=4dd3566d980534ddab2fb815cfdf9f08e04ca3d4f4dd0c88f6e42931b1e77167"},"social_links":[{"site":"email","url":"mailto:jarrett.renshaw@thomsonreuters.com"}],"byline":"Jarrett Renshaw","topic_url":"/authors/jarrett-renshaw/"},{"id":"john.irish@thomsonreuters.com","name":"John Irish","first_name":"John","last_name":"Irish","company":"Reuters","thumbnail":{"url":"https://cloudfront-us-east-2.images.arcpublishing.com/reuters/H24NV3AFCZCWPC463OG3JRYY7U.jpg","type":"image","resizer_url":"https://www.reuters.com/resizer/v2/https%3A%2F%2Fcloudfront-us-east-2.images.arcpublishing.com%2Freuters%2FH24NV3AFCZCWPC463OG3JRYY7U.jpg?auth=4dd3566d980534ddab2fb815cfdf9f08e04ca3d4f4dd0c88f6e42931b1e77167"},"social_links":[{"site":"email","url":"mailto:john.irish@thomsonreuters.com"}],"byline":"John Irish","topic_url":"/authors/john-irish/"}],"badges":[{"badge":"exclusive","url_type":"none"}],"display_time":"2026-10-01T07:51:14.244Z","updated_time":"2026-10-01T09:20:10.662Z","excerpt":{"content":"The Trump administration has told Germany and France to draw down emergency diesel inventories to help to ease global fuel prices or face a potential US diesel export ban, said three people close to the discussions.","type":"paragraph"},"content_elements":[{"content":"The Trump administration has told Germany and France to draw down emergency diesel inventories to help to ease global fuel prices or face a potential US diesel export ban, said three people close to the discussions.","type":"paragraph"},{"content":"The warning marks an escalation of pressure on Europe as US President Donald Trump considers a potential diesel export ban to bring down US fuel prices ahead of November's midterm elections.","type":"paragraph"},{"content":"The US administration has been particularly frustrated with France and Germany, which US officials believe have not fully followed through on earlier commitments to release emergency oil and petroleum stocks, Reuters has reported previously.","type":"paragraph"},{"content":"\"It is in Europe’s best interest to work with the United States as we pursue multiple pathways to boost the supply of refined products and lower costs for consumers,\" one of the sources, a US official, told Reuters.","type":"paragraph"},{"content":"A second source, based in a European capital, said that the US has asked the EU to release 120 million barrels of diesel in the next six months.","type":"paragraph"},{"id":"dwpkmeoqgpm","type":"graphic","url":"https://www.reuters.com/graphics/OIL-EUROPE/dwpkmeoqgpm/index.html","title":"Europe's emergency oil stocks come under U.S. scrutiny","slugline":"OIL-EUROPE/","description":"EU countries hold 109 million tonnes of emergency crude and fuel stocks. Washington has urged Europe to draw down more inventories as diesel prices surge following disruptions linked to the Iran war and Ukrainian attacks on Russian refineries.","byline":"Reuters Staff","graphic_type":"interactive","resizer_url":"https://www.reuters.com/resizer/v2/https%3A%2F%2Fwww.reuters.com%2Fgraphics%2FOIL-EUROPE%2Fdwpkmeoqgpm%2Findex.html_2.jpg?auth=e06cb1e4a751c6386c58968cf23b3199455d7bd49c5999efb3109bdfec131412","preview_image":{"url":"https://www.reuters.com/graphics/OIL-EUROPE/dwpkmeoqgpm/index.html_2.jpg"},"embed":{"declaration":"<iframe title=\"Europe's emergency oil stocks come under U.S. scrutiny\" aria-label=\"Reuters interactive chart\" id=\"datawrapper-chart-WV26A\" src=\"https://www.reuters.com/graphics/OIL-EUROPE/dwpkmeoqgpm/media-embed.html\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"608\"></iframe>\n <script type=\"text/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"])for(var e in a.data[\"datawrapper-height\"]){var t=document.getElementById(\"datawrapper-chart-\"+e)||document.querySelector(\"iframe[src*='\"+e+\"']\");t&&(t.style.height=a.data[\"datawrapper-height\"][e]+\"px\")}}))}();\n <\/script>"},"topic_codes":[{"rcs_id":"M:NT","n2000":["MTGFX"],"short_name":"Graphics"}]},{"content":"US Energy Secretary Chris Wright told reporters on Wednesday that the US administration expected announcements soon from Europe about new diesel supplies.","type":"paragraph"},{"content":"\"We've lost some diesel exports from the Middle East, although we're restoring those, and we've lost diesel exports from China,\" he said. \"So that's a lot of interruptions.\"","type":"paragraph"},{"content":"Germany's economy ministry did not respond immediately to a request for comment. France's energy ministry declined to comment.","type":"paragraph"},{"content":"An official at the Elysee Palace said that French President Emmanuel Macron and Trump had not discussed the issue when they met on the sidelines of the UN General Assembly in New York last week.","type":"paragraph"},{"content":"However, the official said that Macron would convene a video conference of leaders of G7 countries to address rising fuel prices and the global availability of refined products, including the coordination of the release of reserves in conjunction with the International Energy Agency.","type":"paragraph"},{"content":"Europe has become increasingly dependent on US fuel after banning Russian imports over Russia's invasion of Ukraine and after the US-Israeli war against Iran disrupted supplies from the Middle East.","type":"paragraph"}],"promo_items":{"images":[{"url":"https://cloudfront-us-east-2.images.arcpublishing.com/reuters/PWB33BK5JFOOHPA4IKERIZ32P4.jpg","caption":"Fuel tanks with diesel are seen at the InfraLeuna industrial site, in Leuna, Germany April 2, 2025. 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Look, I think it's the question that, you know, all of markets are trying to grapple with at the moment. You know, as you look at it today, I think, you know, really, from an economic standpoint, you're in somewhat of an inflationary boom. So, you know, GDP growth is robust. You know, there are inflationary pressures obviously coming from energy. I think, interestingly, with inflation, when you kind of strip out energy and food, actually, you know, inflation looks to be, you know, contained. So, you know, it's a difficult question. I think it's very difficult for central banks. You know, they'll be looking at the various data points trying to decide whether they want to kind of more aggressively raise rates or maybe pause. Well, Harry, you mentioned the robust GDP readings, But U.S. consumer confidence fell in September to the lowest level since 2014. So is the remarkably resilient U.S. economy finally starting to crack? So on the one side, you have, you know, those upper echelons of kind of U.S. society who have done enormously well through the wealth effects, have done enormously well through exposure to AI. And then, you know, you have the remainder who are dealing with, you know, mortgage rates that are going past 7%. They're dealing with diesel that's approaching $7. And, you know, you can just look at the kind of reliance, you know, of manufacturing of kind of industry of the lower end consumer on diesel, and it's quite high. So, you know, that part of part of consumer is facing a difficult time. And so, you know, despite the fact you get these good GDP figures, despite the fact that, you know, jobs growth is all right. It's not amazing, but it's all right. You know, they're definitely starting to feel the pain. For more data to piece through, US job openings have fallen to a five-month low, suggesting that employers are becoming more cautious about hiring. So will we see that caution feed through to Friday's NFP print? You know, when you look at the figures, it doesn't necessarily point to a kind of awfully negative situation. It doesn't necessarily point to an awfully strong situation. I think if you've got a weak number, you know, maybe that will give, you know, the Fed a bit of kind of wiggle Room in terms of where rates go, at least in the short term. I think, you know, where, you know, They might pay more attention to is, you know, corporate earnings growth is incredibly strong. You know does that mean that CFOs you know perhaps give a bit more budget uh to hire new staff so you know if that is the case then you know maybe there will be a tightening of the labor market maybe you do get some wage inflation and coming back to that rate rates point maybe then that does Cause um you know uh the fed to raise rates at a more meaningful level so i think with all these kind of situations we're seeing at the moment there's kind of arguments on both sides there's things to be kind of cautious of but there's things to be optimistic about really you know That's what you're reading in research at the moment that you know there are very good arguments on either side but you know for me i think i think the risks are certainly growing Let's turn to stocks now and Aura has become the latest company to delay a US IPO, pointing to uncertainty in the new issues market. But the stock market is holding up, so why is the IPO market sounding a note of caution? You know, on the kind of concern side, you've got, you know, rates volatility is picking up. People are maybe a bit more cautious on these certainly longer duration equities. And then you've just got kind of market technicals. So you've obviously got SpaceX that had its IPO. But if you look at kind of the lockup windows, they're starting to kind of, you know, be released. So there's a lot of issuance coming into the market. You've got Anthropic as well coming later in the year. So, you know, maybe it's sensible for them just to maybe take a step back, you know, maybe wait a bit of time until the market technicals are a bit more in their favor. But, you know, there's there is a question in terms of, OK, you may wait, but, you know, in one environment, maybe in a year's time, is that going to be, you know, it's hard to say. So finally, Harry, historically, what happens next with stocks has been a mixed bag. Particularly in periods of major market stress. So could Wall Street be heading for a bumpy finish to the end of the year? I think the likelihood is the volatility is going to be elevated into the air. I think, you know, rates are definitely an input into that volatility. But, you know, you can't discount the kind of earnings trajectory that certainly the US market and you look at, you know, the likes of emerging markets as well. So, you know, my hunch is do you want to stand in the way of that? Probably not. And I think, you know, you're looking at the S&P valuations at the moment. You know they've come down off their peaks over the past year so in part that's a reflection of you know a more uncertain environment um but you've still got this kind of really attractive earnings growth picture so um it's a slightly non-commercial answer i think uh maybe a bit of insurance policy in terms of your asset allocation, but, um, you know, earnings, uh, sort of the winners at the moment. That was Harry Eastwood from Artemis Investment Management. Don't forget, you can watch more videos on Reuters.com."},"published_time":"2026-09-30T10:59:11Z","updated_time":"2026-09-30T10:59:12Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6abcea8ee4b00e902ff5c85e","caption":"AI worries, a tightening Fed, looming U.S. midterms and war in the Middle East are piling pressure on investors as they ask whether equities can keep shrugging off the risks in the fourth quarter. Harry Eastwood from Artemis Investment Management told Reuters that a bumpy road may be ahead, but traders shouldn’t overlook an increasingly attractive earnings-growth picture.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6abcea8ee4b00e902ff5c85e"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/789218/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"Markets","name":"Markets","regions":["US"]},{"id":"MarketsNow","name":"Markets Now","regions":["US"]},{"id":"market-talk","name":"Market Talk","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW645730092026RP1:4"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, SEP 30"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"Economy, Nonfarm, IPO, Consumers, Jobs, Treasuries, Interest Rates, Yields, Williams, Bonds, Fed"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Market Talk: Stocks should brace for 'elevated volatility'"},{"key":"external-asset-id","value":"285_RW645730092026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only.. For Reuters customers only."},{"key":"upstream-description","value":"AI worries, a tightening Fed, looming U.S. midterms and war in the Middle East are piling pressure on investors as they ask whether equities can keep shrugging off the risks in the fourth quarter. Harry Eastwood from Artemis Investment Management told Reuters that a bumpy road may be ahead, but traders shouldn’t overlook an increasingly attractive earnings-growth picture."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW645730092026RP1"},{"id":"RW633529092026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW633529092026RP1","title":"U.S. stocks end lower as yields stay near multi-decade highs","description":"US stocks ended the session slightly lower on Tuesday, as government bond yields continued their ascent ahead of inflation and labor market data, while investors assessed comments from Federal Reserve officials for the path of interest rates. Lisa Bernhard reports.","duration":126.1,"transcript_data":{"transcript":"Wall Street ended slightly lower on Tuesday, with the Dow dropping about a quarter of a percent the S&P 500 shedding less than two-tenths of a percent and the Nasdaq ticking down marginally. Longer-dated US Treasury yields rose, with the 30-year bond hitting more than 5.6% its highest since June of 2002. The yield on the benchmark 10-year Treasury note climbed to nearly 5.3%, its highest level since June of 2007. Mike Mussio is president of FBB Capital Partners. 'Interest rates matter when we start seeing five handles on long term Treasuries. All of a sudden investors have to start thinking about some of those fundamental evaluation classes that they took in their undergraduate and MBA programs and start thinking about what the true value of some of these earnings are when the discount rates go higher, valuations come lower.' AI-related stocks were in focus Tuesday as Anthropic's IPO prospectus showed how the AI lab has grown sharply in the last year but also posted wider losses. The company is targeting a more than $2 trillion valuation, possibly setting a benchmark for how Wall Street measures AI leaders. Shares of Meta gained more than 3%, even after OpenAI unveiled its always-on agents called dots that chase user goals across apps on their own seen as a competitor to Meta's newly-released Muse. Among other movers, credit scorer Fair Isaac plunged more than 26% after Federal Housing Finance Agency Director Bill Pulte said government-sponsored mortgage enterprises Fannie Mae and Freddie Mac will move to a single pricing grid. Investors now turn their attention to several key economic releases due this week, including monthly inflation and jobs data, which are likely to shape the Fed's path on interest rates."},"published_time":"2026-09-29T22:56:34Z","updated_time":"2026-09-29T22:56:34Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6abc4198e4b00e902ff5c63d-1790722527329","caption":"US stocks ended the session slightly lower on Tuesday, as government bond yields continued their ascent ahead of inflation and labor market data, while investors assessed comments from Federal Reserve officials for the path of interest rates. Lisa Bernhard reports.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6abc4198e4b00e902ff5c63d-1790722527329"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/789162/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"Markets","name":"Markets","regions":["US"]},{"id":"MarketsNow","name":"Markets Now","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW633529092026RP1:4"},{"key":"byline","value":"NEW YORK, NEW YORK + BETHESDA, MARYLAND, USA + VARIOUS"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, SEP 29"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"stock market, dow, s&p, nasdaq, bond yields"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"U.S. stocks end lower as yields stay near multi-decade highs"},{"key":"external-asset-id","value":"285_RW633529092026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: Must not obscure courtesy. No resales. Digital: Must not obscure courtesy. No resales.. For Reuters customers only."},{"key":"upstream-description","value":"US stocks ended the session slightly lower on Tuesday, as government bond yields continued their ascent ahead of inflation and labor market data, while investors assessed comments from Federal Reserve officials for the path of interest rates. Lisa Bernhard reports."},{"key":"upstream-channel-code","value":"CLE548"}],"usn":"RW633529092026RP1"},{"id":"RW633429092026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW633429092026RP1","title":"Why Nvidia sees its own stock as 'a pretty good value'","description":"Mike Mussio, president of FBB Capital Partners, said that Nvidia's \"compelling\" $150 billion share buyback sent a \"strong signal\" to the market that AI chipmaker believes its stock price should be higher.","duration":130.1,"transcript_data":{"transcript":"So interesting, what has happened this year with earnings is the earnings of specifically technology companies, but the market overall, but specifically technology companies have accelerated so fast and the expectations have moved so fast that the the share prices actually haven't kept up or haven't kept the same kind of spread that they had a year ago or even at the beginning of the year and so you you're what's happening is you're getting acceleration in the e or the earnings and the price hasn't moved as much as the earnings. And so the actual valuation is measured by the price to earnings multiple is actually lower in a lot of these stocks than it was a year a year-and-a-half ago. And what you're getting from Nvidia and Jensen this week is acknowledging a $150 billion capital available for a buyback. That's a pretty strong signal to the market that Nvidia sees, you know, who's investing in all up and down the AI channel, by the way that they're seeing their own stock is a pretty good value. And in fact Nvidia is trading, I think, at 20 or 21 times next year's earnings, that's as expensive as the market or at an equal valuation to the market and you're talking about a company that's projecting to grow sales 70% next year which is many multiples of the average expectation for the market. On the other side, there is a little bit of a reckoning happening on the more defensive sectors that have kind of traded up with the market of these rich multiples. So, if you're looking anything pretty much across the consumer space, utilities, retail, consumer discretionary restaurants, you know, a lot of these were trading at multiples that were higher than where like these growth drivers like Nvidia were and now you see that many of them have lost 20-30% of their value. just in the last three to six months. And so the market, this is tied back to kind of that interest rate thing, in terms of the discount rate is up. What's the real value of earnings to kind of a slow or steady grower versus somebody that has accelerating growth. And so there is some of this sector rotation that's happening, not unwarranted based on valuation."},"published_time":"2026-09-29T20:33:32Z","updated_time":"2026-09-29T20:33:34Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6abc2019e4b00e902ff5c610-1790713939872","caption":"Mike Mussio, president of FBB Capital Partners, said that Nvidia's \"compelling\" $150 billion share buyback sent a \"strong signal\" to the market that AI chipmaker believes its stock price should be higher.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6abc2019e4b00e902ff5c610-1790713939872"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/789156/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"Markets","name":"Markets","regions":["US"]},{"id":"MarketsNow","name":"Markets Now","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW633429092026RP1:4"},{"key":"byline","value":"BETHESDA, MARYLAND, USA"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, SEP 29"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"stocks, bonds, yields, markets"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Why Nvidia sees its own stock as 'a pretty good value'"},{"key":"external-asset-id","value":"285_RW633429092026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: None. Digital: None.. For Reuters customers only."},{"key":"upstream-description","value":"Mike Mussio, president of FBB Capital Partners, said that Nvidia's \"compelling\" $150 billion share buyback sent a \"strong signal\" to the market that AI chipmaker believes its stock price should be higher."},{"key":"upstream-channel-code","value":"CLE548"}],"usn":"RW633429092026RP1"},{"id":"RW633329092026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW633329092026RP1","title":"Market expert sees bond market as 'bigger than AI'","description":"Mike Mussio, president of FBB Capital Partners, said that soaring US Treasury yields present an opportunity to invest in fixed income that \"has not been here for over 20 years.\"","duration":97.23,"transcript_data":{"transcript":"Bonds are bigger than AI at this moment in the last several trading days because interest rates have crept higher than they've been in some cases, almost 25 years. So for investors, this isn't terrible news, right? There's a little bit of equity market volatility. We've seen more red than green here in the last several trading days. But equities are still, as a whole, are only a fraction off of their all-time highs. The flip side of that is, if you look at year-to-date, because rates have gone up, bond prices have come down. So total returns in that asset class, the fixed income asset class are generally flat to negative while equities are up. So this is a good time for people to be thinking about how much in my portfolio should I have in fixed income? What you do know with a bond that you never know with a stock is there is a a finite period of time that you hold that instrument, and that if you buy it today, and it is a the entity is a going concern at the moment that the promise ends, which is the promise to pay you coupon payments and then mature. So say three years, five years, seven years, you will get your money back and you will get those coupon payments. So regardless of what happens to the bond price between here and there, your return over that holding period will equate to that yield. And right now, those yields on investment grade corporate paper on the longer end is five and a half to six percent on the shorter end is five and a half percent. That's something people should be looking at particularly if you have concerns about AI and the AI investment and where share prices are, the stock market level."},"published_time":"2026-09-29T20:19:19Z","updated_time":"2026-09-29T20:19:22Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6abc1cebe4b0142a92dbf737-1790713082673","caption":"Mike Mussio, president of FBB Capital Partners, said that soaring US Treasury yields present an opportunity to invest in fixed income that \"has not been here for over 20 years.\"","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6abc1cebe4b0142a92dbf737-1790713082673"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/789155/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"Markets","name":"Markets","regions":["US"]},{"id":"MarketsNow","name":"Markets Now","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com"},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW633329092026RP1:4"},{"key":"byline","value":"BETHESDA, MARYLAND, USA"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, SEP 29"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"stocks, bonds, yields, markets, AI"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Market expert sees bond market as 'bigger than AI'"},{"key":"external-asset-id","value":"285_RW633329092026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"Broadcast: None. Digital: None.. For Reuters customers only."},{"key":"upstream-description","value":"Mike Mussio, president of FBB Capital Partners, said that soaring US Treasury yields present an opportunity to invest in fixed income that \"has not been here for over 20 years.\""},{"key":"upstream-channel-code","value":"CLE548"}],"usn":"RW633329092026RP1"},{"id":"RW625229092026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW625229092026RP1","title":"Inside ETFs: Can cybersecurity keep up with rogue AI?","description":"Cybersecurity stocks are soaring as investors bet that the rise of cutting-edge AI will bring a new wave of threats and new demand for protection. Christian Magoon from Amplify ETFs told Reuters that governments, businesses and consumers can’t afford to let cybersecurity spending fall, giving the sector a rare defensive edge in the growth-stock world.","duration":303.66,"transcript_data":{"transcript":"AI is creating a whole new market for fear. Can you cash in on the cure? What's the price of P(doom)? It's the buzzword of the moment. A made-up mathematical function measuring the probability that AI could cause mass destruction. And as fears rise, so have cybersecurity stocks. With some more than doubling in just six months. AI is giving hackers powerful new tools. And with cyber threats multiplying, Organisations are hurling money at the problem. So, should your portfolio do the same Well let's ask Christian Magoon, CEO of Amplify ETFs. So Christian the rapid gains have made security stocks some of the most expensive in the market. So can earnings and revenue growth actually justify these nose bleeding valuations? Yeah, Peter, we think that they will continue to rise because we're seeing great guidance going forward on their sales and their revenue numbers. And that's just because the amount of data in the different pathways that need to be secured is growing every day, whether that's AI agents, more people using AI in their businesses or corporations, and governments as well, just increasing AI spending. So as AI rises, so does the business opportunity for cybersecurity stocks. Well AI is evolving faster than regulation, so is the cyber security industry actually keeping pace or investors kidding themselves that they can? Well, it's definitely one of the challenges for cybersecurity because it is an arms race between the attackers and the protectors. And the best cybersecurity firms are going to be incorporating AI in strategic partnerships to get ahead of the hackers. No doubt, though, hackers will be winning in many cases because of the increased abilities AI gives them. So this is going to be an ongoing hot war going forward for many years to come. Well the tailwinds are obvious, but let's flip the script. But what happens if AI capex slows or sophisticated AI attacks become less of a headline? How vulnerable are these stocks to a reversal in the narrative? Well, the interesting part about these stocks is they really have kind of two different engines that are helping them grow. On one side, it is AI spending and just more things happening on the digital world. The other side, though, is there's a certain amount of defensiveness in spending on cybersecurity that's always going to be there. Governments, corporations and individuals just can't afford to cut back on cybersecurity spending. So we think for a growth sector, it has a very unique amount of defensiveness, which I think investors can appreciate when they're just looking at many of these traditional growth areas that don't have much defensiveness and can be cyclical at times. Well, the model companies are creating the tech behind the new threats, but they may also be best placed to defend against them. So could the AI companies themselves displace traditional cybersecurity vendors? It is a threat to traditional cybersecurity companies that AI could replace them. We think it's more likely that there could be increased mergers and acquisition activity in this space because there are some best in class cybersecurity solutions that are already using AI as a vendor to become more automated. So we think it's more likely that this increases the demand for cybersecurity in terms of mergers and acquisitions going forward, which could also be another growth catalyst for the space. Still though, Christian, most attacks still centre on human vulnerabilities, but as autonomous AI agents become more common, has the composition of your fun changed? Will you continue to stick with the same names Yeah, we continue to really get more concentrated in the cybersecurity ETF hack. We started out with more than 60 different holdings. Many years ago, Fund is over 10 years old. Today, it's roughly around 25 holdings. There's more pure play names than ever before. And within those pure play areas, there's companies that lean towards kind of the future and incorporating AI and their solutions. We're trying to focus on purity, and the market has certainly brought forward more companies that are purely focused on cybersecurity. So finally, Christian, Washington is looking to mobilise the private sector against foreign cyber adversaries. Does that risk pulling security firms deeper into international digital conflicts? Is government support now vital to the sector Yeah, government support is vital to the sector. There is a lot of state and non-state actors that are attacking infrastructure that is really nation-state oriented. So there's going to be a huge component of government spending in this sector. And I think it will only continue. There's nations that may not have, for example, nuclear weapons, But they have those versions of cybersecurity attacks on the way that are constantly testing and probing systems. And therefore, governments have to be on their toes, and that really benefits these private cybersecurity stocks. That was Christian Magoon from Amplify ETFs Don't forget, you can watch more videos on Reuters.com."},"published_time":"2026-09-29T14:56:02Z","updated_time":"2026-09-29T14:56:03Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6abbd071e4b0142a92dbf608","caption":"Cybersecurity stocks are soaring as investors bet that the rise of cutting-edge AI will bring a new wave of threats and new demand for protection. Christian Magoon from Amplify ETFs told Reuters that governments, businesses and consumers can’t afford to let cybersecurity spending fall, giving the sector a rare defensive edge in the growth-stock world.","type":"image","resizer_url":"https://ajo.prod.reuters.tv/api/v2/img/6abbd071e4b0142a92dbf608"},"source":{"hls":"https://ajo.prod.reuters.tv/v3/playlist/789123/master.m3u8"},"channels":[{"id":"6ffc0233e09c26943b265ef3abd575b2d872818b","name":"Business","regions":["US"]},{"id":"HPUS","name":"RCOM Homepage US","regions":["US"]},{"id":"inside-etf","name":"Inside ETFs","regions":["US"]},{"id":"Markets","name":"Markets","regions":["US"]},{"id":"MarketsNow","name":"Markets Now","regions":["US"]}],"advert_info":{"advert_params":[{"key":"adfriendly","value":true}],"advert_zone":"/4735792/reuters.com","sponsor_logo":{"sponsored":true,"ad_unit_path":"/4735792/reuters.com/video/insideetfs","mobile_ad_unit_path":"/4735792/app.reuters/video/insideetfs"}},"meta_data":[{"key":"link","value":"tag:reuters.com,2026:newsml_RW625229092026RP1:4"},{"key":"byline","value":"London, UK"},{"key":"hidden","value":"false"},{"key":"region","value":"Remote"},{"key":"dateline","value":"Reuters, Reuters, SEP 29"},{"key":"lmp-feed","value":"lp"},{"key":"copyright","value":"(c) 2026 Thomson Reuters, unless otherwise identified. Full statement available at https://www.thomsonreuters.com/en/policies/copyright.html"},{"key":"package-mood","value":"Neutral"},{"key":"package-notes","value":"Cisco, OpenAI, Broadcom, Anthropic, Cybersecurity, Trump, Crowdstrike, Hacks, Congress, Nvidia, Defence, AI"},{"key":"package-format","value":"Other"},{"key":"publisher-name","value":"reuters.com"},{"key":"upstream-title","value":"Inside ETFs: Can cybersecurity keep up with rogue AI?"},{"key":"external-asset-id","value":"285_RW625229092026RP1"},{"key":"package-no-social","value":"Yes"},{"key":"package-restrictions","value":"For Reuters platforms only. . For Reuters customers only."},{"key":"upstream-description","value":"Cybersecurity stocks are soaring as investors bet that the rise of cutting-edge AI will bring a new wave of threats and new demand for protection. Christian Magoon from Amplify ETFs told Reuters that governments, businesses and consumers can’t afford to let cybersecurity spending fall, giving the sector a rare defensive edge in the growth-stock world."},{"key":"upstream-channel-code","value":"vty454"}],"usn":"RW625229092026RP1"},{"id":"RW618729092026RP1","type":"video","subtype":"application/x-mpegURL","external_id":"RW618729092026RP1","title":"Market Talk: 'Bond markets have overshot'","description":"The cost of borrowing continues to push higher, as markets price in four more hikes in this cycle from both the Federal Reserve and the Bank of England. Rory McPherson of Magnus Fund Management told Reuters he thinks markets have got carried away, as U.S. mortgage rates over 7% are already weighing on the consumer. ","duration":328.6,"transcript_data":{"transcript":"Soaring bond yields and oil prices are testing global equity markets. September has seen the cost of government borrowing spiral across the developed world. The yield on the US 10-year has seen its biggest monthly jump since 2022 and is hovering near a 19-year high of 5.27%. Higher oil prices have driven investors to reprice inflation and interest rate expectations, While government bonds are also competing with massive bond issuance from AI companies. Rory McPherson is Chief Investment Officer at Magnus. Rory, a higher cost of borrowing piles pressure, of course, on governments, But also corporate and household budgets. When will this start to weigh on the resilience of the US economy? The US economy remains remarkably resilient. So if we look at recent measures of GDP forecasts, We've got them clocking at around 5% for the third quarter, so extremely strong. I suppose the question for consumers and equity markets is when do bond yields start to become a problem? And for that, we'd look to the reaction function from the Federal Reserve, And if they push through on what the market is expecting in terms of much higher bond yields. So the message we got from Kevin Warsh last week and the dot plot is that it's more of a gradual increase in interest rates. The bond market at the moment is pricing a pretty aggressive increase in interest rates, which, of course, puts pressure on the consumer. What do you think, though? Can the Fed push rates as high as the market is pricing without triggering a crash? I think they've got a very difficult balance to tread. They've got to get the credibility of the market and the confidence of the market, That they're independent and they're reacting to higher inflation, which remains persistently above target. I'd note that most of the rise that we've seen in bond yields has been driven by rises in the oil price as opposed to inflation expectations. So inflation expectations have actually stayed relatively calm, which is good news for investors. Growth expectations are picked up which is good news for investors. The worry, the risk in markets is that the longer the higher oil price persists and the uncertainty around that those inflation expectations, Which being very well behaved start to move up in line with where bond yields are and that would put pressure on the Fed to start hiking more aggressively. We don't get much out of Kevin Warsh but the message that we've got is one of gradual rate increases, Which I think will be taken well by the consumers and the equity markets. As the bonds look more attractive, though, of course they come into competition with equities. When are you expecting this to hit the equity market? The equity market has digested the movement in bond yields really well. And it's interesting because you've got two different forces pulling the equity market at the moment. And since kind of mid-August, when we had the big ramp-up in bond yields, We've had the leadership move over from almost everything else in the equity market back to the technology sector and the MAG7. So it really comes down to an earnings story for us. And I suppose we are starting to see those MAG7 stocks. So Meta would be an example last week. Stocks that are not trading on expensive valuations now, kind of mid-20s, Ford PE levels, and Nvidia are the Ford PE in the teens. They need to start monetizing their AI investments. We're starting to see that come through. That helps the equity market. And also, it's the rest of the market to benefit from AI and keep on the earnings trajectory that we've seen. So we just had a blockbuster earning season in the second quarter. Third quarter expectations are quite high. And, you know, expected earnings growth is about 30% for the US. So that's really going to be the test for the market is can we get that earnings delivery? We think we will get that earnings delivery as we look into next year. And I suppose, we'd look at the market now and think US market on 19 times forward earnings is actually 10% cheaper than it was since last year. So we don't see it on extreme valuation. So if we can get those earnings coming through, that I think can be a path through higher bond yields. But I guess I'd come back to. Staying with AI for a moment, Rory, Anthropic has unveiled its IPO, warning of existential risks to humanity, But also plans to spend $518 billion on cloud and computing costs in the coming years. What does that sound like to investors? Would you buy in? We won't be participating in the IPO, but more money on compute is more money into the AI trade. And that's been one of the things that's picked up the market, if you like, over the course of the last six weeks has been that pivot back to AI and tech, As you've had the more interest rate sensitive parts of the market struggle. So there's a lot to like about the stock market at the moment because you've got this continued investment in compute, in AI which benefits, What is a really chunky part of the stock market, 40% of most markets but equally you've got everything else we think trading on undemanding valuations, And which if we get a bit of a pause in some of this bond year-old action can start delivering like it has done for the course of this year. That was Rory McPherson of Magnus, don't forget you can watch more videos on Reuters.com"},"published_time":"2026-09-29T10:55:11Z","updated_time":"2026-09-29T12:27:32Z","thumbnail":{"url":"https://ajo.prod.reuters.tv/api/v2/img/6abb97ffe4b0326f6505b086-1790684596604","caption":"The cost of borrowing continues to push higher, as markets price in four more hikes in this cycle from both the Federal Reserve and the Bank of England. 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