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(Reuters) -Oil prices rose on Friday after four straight sessions of declines but were on track for their steepest weekly fall since late June due to market expectations that the OPEC+ group could hike output further despite oversupply concerns. Brent crude futures gained 43 cents, or 0.7%, to $64.54 a barrel by 0500 GMT. U.S. West Texas Intermediate crude climbed by 41 cents, or 0.7%, to $60.89 a barrel. On a weekly basis, Brent has plunged 8%, while WTI is 7.4% lower. OPEC+ could agree to raise oil production by up to 500,000 barrels per day in November, triple the increase for October, as Saudi Arabia seeks to reclaim market share, sources told Reuters this week. "If OPEC+ do go ahead and announce a 500,000 bpd increase this weekend, it's likely a big enough increase to send crude oil lower again, initially to support at $58.00, before a test of this year's lows (of around) $55.00," said Tony Sycamore, an analyst at IG.    Potentially higher OPEC+ supply, slowing global crude refinery runs due to maintenance and a seasonal dip in demand in the months ahead are set to accelerate oil stock builds in the U.S. and elsewhere, analysts say. The Energy Information Administration said on Wednesday that U.S. crude oil, gasoline and distillate inventories rose last week as refining activity and demand softened. "We believe September marked a turning point, with the oil market now heading towards a sizeable surplus in Q4 2025 and into next year," JPMorgan analysts said in a note. The Group of Seven nations' finance ministers said on Wednesday they will take steps to increase pressure on Russia by targeting those who are continuing to boost purchases of Russian oil. (Reporting by Sudarshan Varadhan; Editing by Jamie Freed and Jacqueline Wong)

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By Laura Matthews and Saqib Iqbal Ahmed NEW YORK (Reuters) -The long-awaited resumption of the Federal Reserve's rate-cutting cycle is likely to cheapen hedging of dollar exposure for foreign investors and increase their motivation to guard more of their U.S. assets against further currency weakness. In September, the U.S. central bank lowered interest rates by an expected 25 basis points to 4.00-4.25% on labor market concerns and indicated more cuts would follow later this year. That cut narrows the interest-rate differential between the U.S. and other developed countries, which helps to lower the hedging costs for foreign pensions, sovereign funds and other institutional investors, managers and analysts said. The ICE U.S. Dollar Index is down about 10% this year, partially driven by foreign investors increasing hedging activity on worries about the impact of U.S. trade and tariff policies on their U.S. assets, market participants said. "There are some people that are watching it, that have been waiting for the resumption of the cutting cycle by the Fed," said Van Luu, global head of solutions strategy for fixed income and foreign exchange for Russell Investments in London. "Now they are inclined to raise the hedge ratio, and they're waiting for the right moment or they're waiting for some kind of catalyst." Hedging is a way to limit losses on an existing portfolio by using financial instruments such as derivatives to create an offsetting position. Since it often involves selling dollars via forwards or swaps, any rise in hedging activity can spell additional weakness for the beleaguered greenback. NEW-FOUND NEED TO HEDGE High hedging costs and a bullish view on the buck were two major factors suppressing FX hedging ratios in recent years, according to a June report from the Bank for International Settlements. Years of dollar strength meant foreign investors could leave U.S. assets unhedged since it boosted their overall returns and was a source of diversification. Now that's set to change. With the greenback down significantly this year and with more potential weakness on the horizon, hedging could help blunt the hurt from unfavorable FX moves. Markets are pricing in about two more quarter-point rate cuts this year, which could incentivize investors who want to ramp up their hedges but have found the cost to do so a deterrent. GUARDING MORE BUSINESS AGAINST CURRENCY SWINGS Foreigners currently have more than $30 trillion invested in U.S. stocks and bonds, according to Morgan Stanley, $8 trillion of which is held by European investors. Rising concerns over Fed leadership, its independence, and U.S. policy uncertainty have helped keep pressure on the dollar, even as U.S. stocks have rallied. The S&P 500 is up about 14% for the year, near a record high. "The strong gains in U.S. (stock) market and the very sharp U.S. dollar falls are unusual but they’re not unheard of – we think an increase in hedging is part of the reason for this divergence," said Steve Dooley, head of market insights at Convera in Melbourne. A July research note from Deutsche Bank showed that equity investors in Germany and Austria have increased their hedge ratios to 60-70% from 20-30% at the start of the year. A new report from the Danish central bank showed that insurance companies and pension funds are shielding more than three quarters of their dollar investments from currency swings. The Deutsche note stated that some high-profile pension funds plan to top up those ratios after the summer. "I think foreign investors are still inclined to hedge away their dollar exposure," Thierry Wizman, global FX and rates strategist at Macquarie in New York, said. "So they will come out again at some point in the next few weeks … you're going to see another round of dollar hedging by foreign institutions," he said. Research from MillTechFX also shows that 86% of European corporates are currently hedging their forecastable currency risk, up from 67% in 2023, with their mean hedge ratio rising to 49% from 43%.  Joseph Hoffman, chief executive officer at Mesirow Currency Management, said the shift among international investors is not mainly about short-term interest-rate advantages, but is driven "more by a bearish structural view on the dollar rooted in the Fed’s policy, heightened political uncertainty, and persistent fiscal deficits." WHAT'S MY COST? Still, a lower cost of hedging will likely draw those investors who may have held off boosting hedges due to price considerations. For instance, the 4% annual hedging cost for investors in Japan and Switzerland, based on current interest rates, remains a big hurdle. It costs other euro-based investors around 2% annually. "I think there's like a psychological level that if the hedge cost goes to 1% or below, which is on the horizon for EUR investors over the next 12 months, people wouldn't worry about it as such," said Russell's Luu. (Reporting by Laura Matthews and Saqib Iqbal Ahmed in New York; Editing by Alden Bentley and Andrea Ricci)

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By Raphael Satter WASHINGTON (Reuters) -Oracle said on Thursday that customers of its E-Business Suite of products "have received extortion emails," confirming a warning first issued on Wednesday by Alphabet's Google. In a blog post, the California-based tech company said its investigation found that hackers had made potential use of previously identified software vulnerabilities and urged customers to upgrade their products. Oracle did not immediately respond when asked how many clients were affected. Google has described the hacking campaign as "high volume," but declined to go into detail. Cynthia Kaiser, the head of cybersecurity firm Halcyon's Ransomware Research Center, previously told Reuters that her company had seen extortion demands ranging from millions to tens of millions of dollars, with the highest coming in at $50 million. In a message to Reuters, the ransomware group tied by Google to the extortion campaign, cl0p, said Oracle had "bugged up," but added: "We not prepared to discuss details at this time." The group's members and location are not publicly known. But security researchers have long identified the group as Russia-linked or Russian-speaking. It is a ransomware-as-a-service group, meaning that it hires out its software and infrastructure for other cybercriminals in return for a cut of the proceeds. Japanese cybersecurity firm Trend Micro previously described cl0p as "a trendsetter for its ever-changing tactics." (Reporting by Raphael Satter; Editing by Thomas Derpinghaus.)

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By Dawn Chmielewski LOS ANGELES, October 3 (Reuters) -Superstar Taylor Swift's latest studio album, "The Life of a Showgirl," arrives Friday with a promotional blitz that includes midnight sales at Target stores, a release party at movie theaters around the globe and pop-up experiences in New York and Los Angeles. The release follows "The Tortured Poets Department," Swift's 11th studio album, which debuted at No. 1 on the Billboard 200 album chart, and sold the equivalent of 8 million albums in the United States, according to Luminate, a firm that tracks music sales.  "She occupies a very rare position in today's fragmented music landscape: she is an active superstar with a massive and loyal fan base," said Tatiana Cirisano, vice president of music strategy for MIDiA Research. These passionate followers, who self-identify as "Swifties," help the artist break through the fragmented music landscape, and rise to the top of the charts, said Cirisano. "So few can get such a massive number of people listening to the same thing at once. So, it would surprise me a lot if the new release did not reach her usual level of success," she said.   Swift has been building anticipation for the new album since August 11, when she posted a countdown on her website that kept fans waiting until 12:12 a.m. ET on August 12, when she revealed  the name of her 12th album "The Life of a Showgirl." The next day, Swift appeared on the "New Heights" podcast hosted by her fiancé, Kansas City Chiefs tight end Travis Kelce, and his brother, retired Philadelphia Eagles lineman Jason Kelce. The Top-10 rated sports and pop-culture podcast provided a friendly platform for Swift to talk about her forthcoming album, which she said had been inspired by the joy she felt while performing around the world on her record-setting Eras Tour. The August 13 episode has surpassed 23.4 million views on YouTube. Swift has emerged as a cultural and economic force. Her globe-trotting Eras Tour was the highest-grossing tour of all time, surpassing $2 billion in ticket sales by the time it concluded in December 2024, according to Pollstar, a trade publication that tracks the concert industry. That figure does not include the boost to hotel and Airbnb rentals, restaurant tabs and merchandise sales.  Academics have said Swift rivals other pop icons, like Elvis or Michael Jackson, in terms of her cultural impact — whether it's driving tune-in to NFL gamesor leading voter registration drives. Business partners have been eager to tap into the phenomenon that's been dubbed "Swiftonomics." AMC Theatres announced plans to distribute "The Official Release Party of a Showgirl," an 89-minute film that features the first music video from the album, "The Fate of Ophelia,"  behind-the-scenes footage from the making of the music video, and Swift's reflections on songs from the album. The film will be in limited release, from Friday through Sunday, in more than 50 markets. Retailer Target plans to open some stores at midnight Friday to sell a limited-edition vinyl pressing of the album with a "gold shimmer," and three CDs featuring exclusive album and poster art. Music streaming service Spotify opened a three-day pop-up in New York City on Tuesday, to let Swift fans step into the world of the album, with song lyrics hidden among displays that included a dressing room and other trappings of a concert tour. On Friday, TikTok opened its own "Life of a Showgirl" installation in Los Angeles. Taylor Nation, the artist's promotional team, released a schedule of promotional appearances to tout the new album, including stops on "The Graham Norton Show" on Friday, "The Tonight Show Starring Jimmy Fallon" on Monday and "Late Night with Seth Meyers" on Wednesday.  (Editing by Patricia Reaney)

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A look at the day ahead in European and global markets from Ankur Banerjee: The U.S. shutdown and political gridlock in Washington show no signs of ending any time soon. That hasn't stopped stocks and gold striking fresh record highs, as investors mainly focus on the Federal Reserve sticking the rate-cut path. While the risk of a drawn out shutdown could muddle the policy path, for now, markets are shrugging that off and taking a risk-on approach. Traders don't have to bide their time for the U.S. jobs report on Friday due to the shutdown, although manufacturing data from across Europe may sway the markets and underscore the impact of tariffs. But we have been saying that for a while and data so far has shown limited impact. Data earlier this week showed U.S. manufacturing activity edged up in September, though new orders and employment were subdued as factories grappled with the fallout from President Donald Trump's sweeping tariffs. So perhaps, more of the same is in store for Europe. That may not deter the stock markets where the pan-European STOXX 600 closed at a record high on Thursday, taking its yearly gains to 12%. Futures indicate another strong open. The surge in global stocks is led by the ever-present AI mania and the rising wagers of the Fed cutting rates again this year. With no government data, traders have turned to alternative private reports that show a sluggish labour market. That has reinforced the view that the Fed will lower rates again, as traders almost fully price in a cut later this month. Gold prices, as a result, have been on a tear, with the yellow metal heading for a seventh straight week in the black, bringing yearly gains to an eye-watering 47%. Investor attention will also be on any further deals that may be unveiled after Trump announced a deal with Pfizer CEO Albert Bourla earlier this week to cut drug prices in exchange for relief from planned tariffs on imported pharmaceuticals. The Trump administration is pursuing deals across up to 30 industries, involving dozens of companies deemed critical to national or economic security, sources told Reuters. Key developments that could influence markets on Friday: Economic events: September PMIs for France, Germany, UK and euro zone. (By Ankur Banerjee; Editing by Sam Holmes)

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(Reuters) -Telstra, Australia's no.1 telecom firm, has been fined A$18 million ($11.87 million) by the Federal Court for lowering internet speed plans for about 9,000 customers without informing them, the country's competition watchdog said on Friday. Australian telecom firms are facing heightened scrutiny over governance, particularly after Optus' two back-to-back emergency call outages last month affected thousands of customers, with the first outage linked to four deaths. The Australian Competition and Consumer Commission (ACCC) said on Friday that Telstra migrated 8,897 customers of its low-cost value brand, Belong, to a lower-speed plan without notifying them that their maximum upload speed had been halved. The migration occurred during October-November 2020, the regulator said. "Telstra's failure to inform customers that their broadband service had been changed denied them the opportunity to decide whether the changed service was suitable for their needs," ACCC Commissioner Anna Brakey said in a statement. In addition to the penalty, Telstra has either already compensated or will compensate all affected customers with a credit or payment of A$15 for each month they were on the lower upload speed plan, the regulator said on Friday. Telstra has accepted the court's findings and is completing remediation for one group of customers, a company spokesperson told Reuters in an emailed response. Telstra shares were trading 0.7% lower, as of 0408 GMT, while the broader benchmark was up 0.5%. ($1 = 1.5161 Australian dollars) (Reporting by Nikita Maria Jino in Bengaluru; Editing by Subhranshu Sahu)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Dawn Chmielewski LOS ANGELES, October 3 (Reuters) -Superstar Taylor Swift's latest studio album, "The Life of a Showgirl," arrives Friday with a promotional blitz that includes midnight sales at Target stores, a release party at movie theaters around the globe and pop-up experiences in New York and Los Angeles. The release follows "The Tortured Poets Department," Swift's 11th studio album, which debuted at No. 1 on the Billboard 200 album chart, and sold the equivalent of 8 million albums in the United States, according to Luminate, a firm that tracks music sales.  "She occupies a very rare position in today's fragmented music landscape: she is an active superstar with a massive and loyal fan base," said Tatiana Cirisano, vice president of music strategy for MIDiA Research. These passionate followers, who self-identify as "Swifties," help the artist break through the fragmented music landscape, and rise to the top of the charts, said Cirisano. "So few can get such a massive number of people listening to the same thing at once. So, it would surprise me a lot if the new release did not reach her usual level of success," she said.   Swift has been building anticipation for the new album since August 11, when she posted a countdown on her website that kept fans waiting until 12:12 a.m. ET on August 12, when she revealed  the name of her 12th album "The Life of a Showgirl." The next day, Swift appeared on the "New Heights" podcast hosted by her fiancé, Kansas City Chiefs tight end Travis Kelce, and his brother, retired Philadelphia Eagles lineman Jason Kelce. The Top-10 rated sports and pop-culture podcast provided a friendly platform for Swift to talk about her forthcoming album, which she said had been inspired by the joy she felt while performing around the world on her record-setting Eras Tour. The August 13 episode has surpassed 23.4 million views on YouTube. Swift has emerged as a cultural and economic force. Her globe-trotting Eras Tour was the highest-grossing tour of all time, surpassing $2 billion in ticket sales by the time it concluded in December 2024, according to Pollstar, a trade publication that tracks the concert industry. That figure does not include the boost to hotel and Airbnb rentals, restaurant tabs and merchandise sales.  Academics have said Swift rivals other pop icons, like Elvis or Michael Jackson, in terms of her cultural impact — whether it's driving tune-in to NFL gamesor leading voter registration drives. Business partners have been eager to tap into the phenomenon that's been dubbed "Swiftonomics." AMC Theatres announced plans to distribute "The Official Release Party of a Showgirl," an 89-minute film that features the first music video from the album, "The Fate of Ophelia,"  behind-the-scenes footage from the making of the music video, and Swift's reflections on songs from the album. The film will be in limited release, from Friday through Sunday, in more than 50 markets. Retailer Target plans to open some stores at midnight Friday to sell a limited-edition vinyl pressing of the album with a "gold shimmer," and three CDs featuring exclusive album and poster art. Music streaming service Spotify opened a three-day pop-up in New York City on Tuesday, to let Swift fans step into the world of the album, with song lyrics hidden among displays that included a dressing room and other trappings of a concert tour. On Friday, TikTok opened its own "Life of a Showgirl" installation in Los Angeles. Taylor Nation, the artist's promotional team, released a schedule of promotional appearances to tout the new album, including stops on "The Graham Norton Show" on Friday, "The Tonight Show Starring Jimmy Fallon" on Monday and "Late Night with Seth Meyers" on Wednesday.  (Editing by Patricia Reaney)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Raphael Satter WASHINGTON (Reuters) -Oracle said on Thursday that customers of its E-Business Suite of products "have received extortion emails," confirming a warning first issued on Wednesday by Alphabet's Google. In a blog post, the California-based tech company said its investigation found that hackers had made potential use of previously identified software vulnerabilities and urged customers to upgrade their products. Oracle did not immediately respond when asked how many clients were affected. Google has described the hacking campaign as "high volume," but declined to go into detail. Cynthia Kaiser, the head of cybersecurity firm Halcyon's Ransomware Research Center, previously told Reuters that her company had seen extortion demands ranging from millions to tens of millions of dollars, with the highest coming in at $50 million. In a message to Reuters, the ransomware group tied by Google to the extortion campaign, cl0p, said Oracle had "bugged up," but added: "We not prepared to discuss details at this time." The group's members and location are not publicly known. But security researchers have long identified the group as Russia-linked or Russian-speaking. It is a ransomware-as-a-service group, meaning that it hires out its software and infrastructure for other cybercriminals in return for a cut of the proceeds. Japanese cybersecurity firm Trend Micro previously described cl0p as "a trendsetter for its ever-changing tactics." (Reporting by Raphael Satter; Editing by Thomas Derpinghaus.)

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By Rocky Swift TOKYO (Reuters) -The yen edged lower on Friday, trimming its sharpest weekly gain in more than four months, as traders considered the impact of potential rate increases by the Bank of Japan and a leadership election this weekend. BOJ Governor Kazuo Ueda reiterated that the central bank would continue raising interest rates if the economy and prices move in line with its forecast. Markets are also focused on a Liberal Democratic Party election on Saturday that will determine Japan's next prime minister. The dollar rebounded overnight despite a closure of the U.S. government that has halted the publication of key economic data, including the closely watched monthly jobs report for September that was due to be released on Friday. Canada's currency held near a four-month low on a slide in oil prices. "The government shutdown has not had a major short-term impact, but if anything, underlying pressure remains toward a weaker dollar," said Hirofumi Suzuki, the chief currency strategist at SMBC. "That said, with yen-depreciation pressure likely to linger ahead of this weekend's LDP leadership election, the pair is likely to hover around current levels," he added. The yen slid 0.2% to 147.52 per dollar, still on track for a 1.3% advance this week that would be the biggest since mid-May. The dollar index, which measures the greenback against a basket of key currencies, tacked on 0.1% to 97.895. The euro was little changed at $1.1721. Markets were keeping a close eye on speeches by BOJ officials this week after the central bank's tankan survey on Wednesday showed confidence among big manufacturers improved for the second straight quarter. Governor Ueda said the central bank expects the global economy to resume a moderate recovery path but much will depend on the U.S. economic outlook. Deputy governor Shinichi Uchida said on Thursday that the business mood is improving and corporate profits remain high even as U.S. tariffs weigh on exports.  Ueda's comments "could be used to guide the market further towards a rate hike at the BOJ's next meeting on October 30th," IG Markets analyst Tony Sycamore wrote in a note. In the U.S. overnight, a Chicago Fed report that combines private and available public data estimated the September jobless rate was 4.3%, the same as in August and evidence that a feared rapid rise in unemployment had not yet begun. But details of the report, along with other data, pointed to sluggishness in the labor market. The ADP National Employment report on Wednesday showed private payrolls decreased by 32,000 in September, boosting expectations that the Federal Reserve will cut interest rates two more times this year. Traders see a 25-basis-point cut at the Fed's October meeting as almost certain and are pricing in a 90% probability of an additional cut in December, according to the CME Group’s FedWatch Tool. Dallas Fed President Lorie Logan on Thursday said the central bank appropriately cut rates last month to guard against the risk of a sharp deterioration in the job market, but said that so far the cooling has been gradual and signalled she is not eager to cut rates further. The Canadian dollar weakened to a four-month low against its U.S. counterpart on Thursday as the price of oil fell more than 2% and investors worried about negotiations to renew a U.S.-Mexico-Canada trade agreement. The Canadian currency traded little changed at 1.3962 per U.S. dollar after touching 1.3986 on Thursday, its weakest intraday level since May 16. (Reporting by Rocky SwiftEditing by Shri Navaratnam)

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By Raphael Satter WASHINGTON (Reuters) -Oracle said on Thursday that customers of its E-Business Suite of products "have received extortion emails," confirming a warning first issued on Wednesday by Alphabet's Google. In a blog post, the California-based tech company said its investigation found that hackers had made potential use of previously identified software vulnerabilities and urged customers to upgrade their products. Oracle did not immediately respond when asked how many clients were affected. Google has described the hacking campaign as "high volume," but declined to go into detail. Cynthia Kaiser, the head of cybersecurity firm Halcyon's Ransomware Research Center, previously told Reuters that her company had seen extortion demands ranging from millions to tens of millions of dollars, with the highest coming in at $50 million. In a message to Reuters, the ransomware group tied by Google to the extortion campaign, cl0p, said Oracle had "bugged up," but added: "We not prepared to discuss details at this time." The group's members and location are not publicly known. But security researchers have long identified the group as Russia-linked or Russian-speaking. It is a ransomware-as-a-service group, meaning that it hires out its software and infrastructure for other cybercriminals in return for a cut of the proceeds. Japanese cybersecurity firm Trend Micro previously described cl0p as "a trendsetter for its ever-changing tactics." (Reporting by Raphael Satter; Editing by Thomas Derpinghaus.)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)