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Iron ore prices rise on signs of eased US-China trade tension
Iron ore prices rose on Wednesday as signs of easing U.S. China trade tensions, and the expectation that Beijing will unveil more stimulus measures to boost economic growth, outweighed worries about a rising ore supply or a decreasing steel demand. After U.S. president Donald Trump stated on Monday that he expects to reach a fair deal with Chinese President Xi Jinping, hopes grew of a deescalation in the trade spat. Trump said that he will visit China in early 2019, at Beijing's request. By 0207 GMT, the most-traded iron ore contract for January on China's Dalian Commodity Exchange rose by 0.78% to $775 yuan (US$108.80) a metric ton. As of 0157 GMT, the benchmark November iron ore traded on Singapore Exchange was up 0.42% at $104 per ton. Analyst Zhuo Guiqiu at Jinrui Futures said that the rise was driven by a macroeconomic factor, as a reduction in U.S. - China trade tensions is expected. This has sparked heightened risk-on sentiment. Investors also bet on more China stimulus after a series of disappointing data. The Communist Party's four-day meeting behind closed doors that began Monday will culminate in an outline of the next five-year strategy. The price increases were tempered by the expectation of a growing supply in the remainder of the year and the seasonal slowdown of steel demand. Vale, the largest iron ore miner in the world, produced 94.4 millions metric tons (the equivalent of steelmaking material) during the third quarter. This is a 3.8% increase on an annual basis and the highest production since the final three months of 2018 Rio Tinto (RIO.L) has also stocked up 2 million tonnes of high-grade ore in Guinea at its Simandou Project for a shipment scheduled to take place mid-November. Both coke and coal, which are used in the production of steel, grew by 0.59%. The benchmarks for steel on the Shanghai Futures Exchange have gained ground. Rebar gained 0.33%. Hot-rolled coil increased by 0.47%. Wire rod gained 0.21%. Stainless steel gained 0.28%. $1 = 7.1230 Chinese Yuan (Reporting and editing by Amy Lv, Colleen Waye)
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Hong Kong stocks rise on signs of eased Sino-US tensions
Hong Kong and China stock prices rebounded on Monday sharply after a large selloff last Friday, as signs that Sino-U.S. tensions are easing boosted bets that U.S. president Donald Trump would once again retreat from his tariff threat. Investors also have their eyes on the Chinese Communist Party's leadership meeting, which will map out China's 5-year vision. On Monday, authorities released economic data for the third quarter that were in line with expectations. Hong Kong's Hang Seng Index, the benchmark index, jumped over 2% on Monday, driven by technology shares. It was its best day for two months. Both the blue-chip CSI300 and Shanghai Composite Index rose by nearly 1%. Scott Bessent, U.S. Treasury secretary, said that he expected to meet with Chinese Vice Premier He Lifeng this week in Malaysia to prevent an escalation in U.S. Tariffs on Chinese Goods which Trump claimed was unsustainable. Last week, China's and Hong Kong's stocks experienced their largest weekly decline since April after Trump threatened to impose 100% tariffs on Chinese imports as a retaliation for Beijing imposing new export controls on rare-earth minerals. Yuan Yuwei is a hedge fund manager with Water Wisdom Asset Management. She said that Trump will certainly back down. He said that a hard decoupling would increase U.S. inflation, and cause pain to ordinary Americans. China's supply chain and social system could help China stay in the game longer. China's economy expanded at a slower pace than expected in the third quarter of this year, according to official data released on Monday. The focus is now on the fourth plenum. This gathering, which will take place from Monday to Friday and include President Xi Jinping, will examine a roadmap for China between 2026-2030. Megan Ie is a senior equity analyst with GIB Asset Management in London. She said that the five-year plan was China's strategic map, which "tells where leaders will be directing talent, capital and subsidies." Investors will be able to gain confidence if policymakers use the same messages about innovation, self-sufficiency and commitment to capital markets. China's chipmaking, robot and artificial intelligence sectors all rebounded strongly on Monday after a recent correction. The Hang Seng Tech Index in Hong Kong jumped by more than 3%. (Shanghai Newsroom; Editing done by Subhranshu Sahu, Lincoln Feast)
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The US plans to replenish strategic reserves and maintain gains in oil production.
The oil prices rose for the second consecutive day on Wednesday. This was boosted by supply risks related to sanctions, hopes for a U.S. China trade agreement, and news that America is looking for oil to fill its strategic reserves. Brent crude futures rose by 18 cents or 0.29% to $61.50 a barrel as of 1:37 GMT. U.S. West Texas intermediate crude futures climbed by 21 cents or 0.37% to $57.45. Oil prices have recovered from a five-month low that was hit on Monday. This bounce is due to producers pumping in more oil and trade tensions affecting demand. News that the planned summit between U.S. president Donald Trump and Russian president Vladimir Putin has been put on hold, and fears of supply disruptions fueled by Western pressures on Asian oil purchases have heightened supply risks. Mukesh S. Sahdev, CEO and founder of energy market consulting firm XAnalysts, said that despite the general bearish sentiment, a glut of oil and weak demand in the Middle East, Venezuela, Colombia, and Russia still prevents the oil price from falling below $60. Investors will also be closely monitoring the progress of U.S. China trade talks, as officials from both nations are expected to meet in Malaysia this week. Donald Trump, the U.S. president, said on Monday that he hopes to reach a fair deal with Chinese President Xi Jinping when he meets him in South Korea next. In a Wednesday note, ANZ analysts said that the U.S. plan for replenishing its strategic reserves was also supported by oil. The U.S. Department of Energy announced on Tuesday that it was looking to purchase 1 million barrels of oil to be delivered to the Strategic Petroleum Reserve. It is hoping to take advantage of the relatively low prices of oil to replenish the stockpile. Market sources cited American Petroleum Institute data on Tuesday to confirm that U.S. crude oil, gasoline, and distillate stockpiles fell in the past week. (Reporting and editing by Muralikumar Aantharaman in Singapore, Siyi Liu)
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Mayor of Kyiv says that Russian missiles have caused fires and scattered debris in Kyiv.
Vitali Klitschko, the mayor of Kyiv, said that Russian missiles fired at night ignited fires in several districts and scattered debris, shattering glass and damaging cars. Klitschko, who posted on Telegram, said that emergency services were dispatched at several sites to clean up the debris left by the air weapons, but there had been no reports of casualties. Witnesses heard what sounded as if air defence units were in operation. It was not immediately known the size of the attack and the primary target. Klitschko claimed that the attack was carried out using ballistic missiles. Russia has not yet commented. Mykola Kashnyk, the governor of the region, told Telegram that a house in the area surrounding Kyiv caught fire due to the Russian attack. An elderly woman was injured. Since 2022 when Russia launched a full-scale invasion, it has continued to attack Ukrainian energy installations. It maintains that these facilities are legitimate targets in the war. The attack on Ukraine Tuesday killed four people, left hundreds of thousands of people without electricity and many others without water. Kyiv claimed that this was the latest in a series of attacks by Moscow to disrupt its neighbour's power system in advance of winter. Reporting by Gleb Garanich in Kyiv, Sergiy Karazy from Melbourne and Lidia Kelly from Kyiv; editing by Chris Reese & Jamie Freed
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Australia and New Zealand prepare for heat and fierce winds
The weather in Australia and New Zealand will continue to be hot and windy this week. On Wednesday, the meteorological agencies warned that conditions would worsen over the next few days. MetService, New Zealand's weather forecaster, said that gusts of up to 150 kilometres per hour (93 miles an hour) could be experienced along the South Island’s east coast on Thursday, and as high as 140 kilometres per hour in Wellington, New Zealand’s capital. Authorities warned people to stay inside, avoid traveling and prepare for potential power and communication outages. The warnings come after strong winds and heavy rainfall on Tuesday, which left thousands of people without power. A man was killed in Wellington Park when a branch from a tree fell on him. Winds on Tuesday fanned wildfires in Hawke's Bay, on the North Island and near Kaikoura, on the South Island. Ken Cooper, Assistant National Commander of Fire and Emergency New Zealand, said that 14 buildings were destroyed near Kaikoura. This included five homes. The area remains closed and there are evacuation centres. Officials haven't estimated the size of the fire. FENZ reported that in Hawke's Bay, they were making progress on the four vegetation fires despite the windy conditions. They were also monitoring the weather. The Bureau of Meteorology in Australia said that extreme heat could be a record-breaker across the central regions, bringing heatwaves and increased fire danger. Sydney will reach 39 degrees Celsius on Wednesday. (Reporting and editing by Stephen Coates; Lucy Craymer)
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Celebrities join Prince William of the UK in Brazil to celebrate Earthshot Prize
The Prince of Wales and the former Formula One champion Sebastian Vettel are among the celebrities who will join him at his award ceremony in Brazil next month for his multimillion dollar environmental prize. In 2020, the British heir-to-the-throne established the Earthshot Prize with the goal of finding innovative solutions for pressing environmental issues. The winners of this year's Earthshot Prize will be announced on November 5 at an event in Rio de Janeiro that is sure to attract a lot of attention. The night's performers will include Brazilian musicians Gilberto Gil and Seu Jorge, as well as Canadian pop singer Shawn Mendes, and Minogue, who was selected by William's dad King Charles to be an artist whose song brings him joy. Organisers announced this on Wednesday. Luciano Huck, a Brazilian TV host, will be the event's host. Other presenters include Brazilian gymnast Rebeca André, Brazil's top Olympian Cafu and four-time F1 World Champion Vettel. In 2022, the German driver who was increasingly vocal about sustainability and environmental issues, saying that climate change made him doubt his job, retired. Winners receive cash prizes for their projects Earthshot's CEO Jason Knauf stated that "with two weeks left, we are delighted to announce the support from global artists, performers and Brazilian talent who will be joining us in Rio." The organizers also released a trailer titled "Meet the World's True Action Heroes", which was voiced in Hollywood by actor Matthew McConaughey. Earthshot aims to find innovative solutions to climate change and other environmental issues. Five winners will receive 1 million pounds ($1.3million) each for their projects. William will represent his father at the UN Climate Summit COP30 in Brazil. William has been campaigning on environmental issues since more than 50 years. (Reporting and Editing by Ros Russel)
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Vale expects iron ore production to reach its highest level in 2025 after the strongest quarter since 2018.
Vale, a Brazilian mining company, reported Tuesday that it had achieved its highest quarterly production of iron ore since 2018. It also said that its three main business units are on track to meet the upper bands of their 2025 production targets. Vale, the largest iron ore miner in the world, produced 94.4 millions metric tons of steelmaking material during the third quarter. This is a 3.8% rise on an annual basis and the highest production since the final three months of 2018. Vale's performance was boosted both by the record-breaking production in the S11D project, located in the north of Brazil, and the ramping up of other projects. Iron ore production is expected to reach 325-350 million tons by 2025, according to the company. Production totaled 245.7 millions tons in the first nine months. Vale's sales and output report stated that its iron ore and copper businesses are "tracking towards the upper-end of the production guidance ranges for 2025." Sales of iron ore including pellets rose by 5.1% on an annual basis to 86.8 million tons during the third quarter. The realized price of iron fines also increased by 4.2%, to $94.4 per tonne. Reporting by Andre Romani, Sao Paulo; Editing by Natalia Siniawski & Richard Chang
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Prolec JV to be owned by GE Vernova for $5.28 Billion in grid supply push
GE Vernova announced on Tuesday that it will pay $5.28 Billion to purchase the remaining 50% of the transformer maker Prolec GE, as artificial intelligence is driving grid equipment demand. The joint venture partner Xignux will be purchased by a company that is owned equally by cash and debt. This purchase should close in mid-2026 subject to regulatory approvals. The demand for electricity in the U.S. has increased dramatically as Big Tech and Silicon Valley startups compete to scale AI technologies behind services like ChatGPT. According to the U.S. Energy Information Administration, power consumption in 2025-2026 will reach record levels. This is due to cryptocurrency mining as well as increased demand by households and businesses. The CEO Scott Strazik said, "This acquisition is in line with our financial and strategic objectives. It is also beneficial to our customers as it strengthens our presence in North America where the demand for grid equipment has been growing rapidly." Prolec GE was established as a joint venture in 1995 by Xignux & General Electric. It announced earlier this year that it would invest $140 million and create 330 jobs in Goldsboro in North Carolina over the next three-year period, surpassing $300 million of U.S. investments and Mexico investments. About 10,000 employees are employed by the grid equipment manufacturer in seven factories around the world, including five in America. After-hours trading saw a slight increase in GE Vernova shares. On October 22, the company will also report its third-quarter results. Morgan Stanley acted on behalf of GE Vernova as a financial advisor, and Skadden Arps Slate Meagher & Flom acted as legal counsel. J.P. Morgan Securities advised Xignux, and Sidley-Austin served as Xignux's legal counsel.
RPT-Hard right desires more EU power to reflect most likely election gains
From his office in a. far-off annexe, French rightwing legislator JeanPaul Garraud has. his sights set on a spot much better to the decisionmaking. heart of the European Parliament. The chair of France's Rassemblement National (RN) legislators. anticipates nationalist and eurosceptic celebrations to surge in the June. 69 EU assembly election, providing a first taste of impact. in Brussels and Strasbourg, if other right and centreright. parties deal with them.
Polls forecast extreme best celebrations will gain throughout the EU,. consisting of France, Germany and Italy where lots of seats are at. stake, as voters irritated by a cost of living and energy. crisis, illegal migration, and rattled by a changing. geo-political landscape look for alternatives beyond mainstream. celebrations.
We will be in a different position and will not be. obstructed ... We could have positions in the committees or a. president or vice-president in the European Parliament, Garraud. informed , expecting new impact as the chamber. thinks about issues important to the far-right.
What I am sure of is that we will have a majority in a. specific number of votes, Garraud said, adding this might permit. the blocs of far-right parties to thin down green policies or. constraints of free trade. And above all, less migration,. he stated, highlighting a crucial issue for the extreme right.
Surveys forecast the two radical ideal groups Identity and. Democracy (ID) and the European Conservatives and Reformists. ( ECR) will include 30-50 seats, to rise to 22-25% from 18% now.
Support is not restricted to a conventional base of disgruntled. older men. A recent German survey revealed 22% of under-30s would. elect the nation's far-right AfD. Registered nurse's president is. 28-year-old Jordan Bardella, a telegenic poster on TikTok, the. brief video platform bit utilized by the mainstream. A lot of the parties are heavy users of social media, which. mainstream groups warn will bombard EU voters with lies.
In the French port of Dunkirk, long a leftwing bastion, some. parents fret about what messages young people are exposed to.
Jean-Francois Engrand, 53, stated his 2 step-children were. tempted to vote registered nurse by messages about immigrants getting cash. for absolutely nothing. It's scary. They're being bombarded. They do not. examine the info they get on their phones, he stated.
DIFFICULT RIGHT SHUT-OUT
Corina Stratulat, associate director of think tank the. European Policy Centre, stated radical, populist celebrations were. filling a growing gap between the mainstream and distrustful. citizens in an age of perma-crisis from pandemic to war in. Ukraine and energy cost spikes.
Efforts to fill the gap have backfired. French President. Emmanuel Macron's party is polling at about 16%, half that of. REGISTERED NURSE. Critics state his highlighting of immigration and crime has. assisted the right and driven away left-leaning citizens.
Green policies, declared in 2019 after school environment. strikes, have also become a conservative target.
People know the green deal can bite and that the next. 5 years will be vital for its application, stated Armida. van Rij, senior research study fellow at Chatham Home.
The centre-right European People's Celebration (EPP), the Social. Democrats and the centrist liberals have so far shut out the. hard right, dividing up leading EU jobs and creating policy. agreement. They are anticipated to have a majority, albeit decreased,. after the 2024 vote.
Garraud states a shut-out will not be possible this time,. while Nicola Procaccini, co-chair of the ECR group, sees Italy's. federal government of his and Prime Minister Giorgia Meloni's Sibling. of Italy, the additional right Lega and centre-right Forza Italia. as a model.
I think this is the method to go, he said, pointing to a. situation in which the tough right would have far greater state on. policy and who staffs the European Commission.
CHINA, RUSSIA HYPERLINKS?
The EPP, most likely to stay the greatest group in parliament,. has actually eliminated working with the AfD. Its parliamentary chief. Manfred Weber said he would inform citizens of its true nature as. ambassadors of Putin and of Xi.
Garraud said claims that his celebration and ID allies such. as the AfD were pro-Russian or accepted cash were simply. efforts by competitors to demonise the right. Last month saw the arrest of an aide of the AfD's lead prospect. on suspicion of spying for China and a report that its number. two received money from a website with links to the Kremlin, an. allegation he denies.
The message about foreign interference is starting to. resonate, with a German survey revealing 75% of respondents seeing. it as a danger. AfD support has since a little dipped. At the AfD's EU election campaign launch in Donaueschingen,. numerous of the 500-odd attendees were certain the arrest was. timed to harm the party's opportunities. In the wealthy corner of. southwest Germany, lots of advocates railed against an. out-of-touch mainstream that had actually backed COVID-19 lockdowns and. mask requireds.
It was the coronavirus pandemic that radicalised me, stated. Justus, a besuited production engineer in his early 20s with a. neatly cut beard, who showed up with equally dapper good friends in. a BMW convertible. Van Rij said it was important to compare the AfD. along with its disparate ID allies like registered nurse and the broadly less. radical ECR, most likely to be guided by Italy's Meloni, whose. assistance European Commission President Ursula von der Leyen might. require to secure a second term.
The ECR might have a bigger impact, she said.
Stratulat said the EPP would play a central role. It might. partner with the difficult right on a few problems, such as migration,. or merely move rightwards itself, such as over green measures.
The Greens state the future of green policies and European. security will be vital election issues.
Do you want Russian and Chinese influence and weakening. Europe? ... For them a strong Europe is the most significant threat. So. they wish to compromise Europe. And let's be sincere, the far right. will deteriorate Europe, Greens co-leader Bas Eickhout stated.
(source: Reuters)