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Stocks surge on positive earnings; sanctions against Russia boost oil
The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. Oil prices rose 5% following Washington's sanctions against major Russian companies Rosneft, and Lukoil for the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indices. The MSCI All-World Index, however, fell 0.1% and is now heading towards its third consecutive day of decline. Chinese stocks recovered from a drop of 1.1% to close at 0.3%. Sources said that the White House is considering a plan of reducing software exports to China as a retaliation to Beijing's recent round of export restrictions on rare earths. Investors are on the defensive as Trump's Asia trip (next Monday) is causing geopolitical tensions, according to Charu Chanana of Saxo Bank, Singapore. Positive Earnings Surprises As earnings season begins, global equity markets are beginning to ease off their record highs. Although there have been some disappointing results or outlooks for megacaps, the majority of companies have so far surpassed analysts' expectations. Futures for the S&P 500 index and Nasdaq lost 0.1% of their gains, reversing previous gains. Tesla, the first company of the Magnificent Seven to announce earnings, saw its shares drop around 3% on Thursday in premarket trade after it missed profit expectations despite record revenue for the third quarter. There was still plenty of tech to be excited about. Shares of IonQ Computing, Rigetti Computing, and D-Wave Quantum jumped more than 20% after a report in the Wall Street Journal stating that the U.S. Government is in negotiations with several quantum-computing firms to exchange stakes for federal funding. After Donald Trump imposed sanctions on Ukraine, oil rose up to 5.5% and reached a two-week-high of $66.04 per barrel. The EU approved the 19th set of sanctions against Moscow, which included a ban on Russian gas imports. Last week, Britain imposed sanctions on Rosneft and Lukoil. DO NOT UNDERESTIMATE THE MAGIC OF RATE CUTS Investors' firm belief that the Federal Reserve will soon be on a rate-cutting frenzy helps to ease some of the anxiety over geopolitical tensions and trade conflicts. The markets show that traders expect U.S. interest rates to fall from 4% now to 3% in June. "Never underestimate a Fed which cuts rates, and also the magic word: ending QT," IG Chief Market Analyst Chris Beauchamp, referring the central bank's programme of quantitative tightening, in which it reduces its holdings of Government Bonds to tighten up credit conditions. The dollar index which compares the U.S. dollar to six other currencies, rose 0.1% last week. It has been steadily rising since August when it hit a three-and-a half year low. Investors are more confident that the Fed will protect the economy. Gold, on its way to its largest weekly decline since May, rose 0.5% in the last 24 hours at $4,114 per ounce. Overnight, the price briefly approached $4,000 as investors took profits before this week's U.S. inflation report.
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Russia's Nornickel maintains 2025 nickel production forecast
Nornickel (Russia), one of the largest nickel producers in the world and the biggest palladium producer, maintained on Thursday its nickel production forecast for 2025, which is 196,000-204,000 tons. Nornickel reported that nickel production rose 18% in the third quarter compared to the previous three month period, when the company reduced shipments from its Dudinka Port in the Arctic because of seasonal flooding. Nornickel explained that the increase in raw material processing was due to the higher volume of materials processed during second quarter. The company also said that palladium production fell 6% to 617,00 ounces in the third quarter. This was due to a halt in navigation at Dudinka Port because palladium is a metal with a longer cycle of production. The company blamed the decline of nickel and palladium in the first nine month of the year of 4% and 6 % respectively on the need to upgrade Western mining equipment. Evgeniy Fedorov, Nornickel's Chief Operation Officer said that the adjustment was a result of a temporary drop in ore production due to the gradual switch to new mining equipment by Polar Division under the program for import substitution. (Reporting and writing by Anastasia Lyrchikova, editing by Andrew Osborn and Kirsten Donovan).
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Asia Diesel Spot Premiums Hit Two-Year High on Firm Fundamentals
Asia's 10ppm sulphur diesel spot premiums LSEG data on Thursday showed that oil prices surged to a 2-year high. This was boosted by a strong first-month market and a reaction from the markets to new U.S. sanctions against two Russian oil exporters. The data revealed that spot market premiums were around $2.22 per barrel. This was an increase of more than $1.60 from September 1. However, there were few deals on the window for cargoes with a 10ppm quality. Last seen at these levels was in early October of 2023. Multiple trade sources reported that the 10ppm diesel premiums are on an upward trend since early September. This is due to limited supplies in the first month, which coincide with planned refinery maintenance, and regional production problems. The traders also said that several procurement tenders held by Southeast Asia-based buyers in early October were supportive. LSEG data also showed that front-month spreads had reached a slightly higher level than a 3-month high, of almost $2 a barrel. Traders say that the 6% increase in ICE Gasoil Futures today afternoon was also a positive factor for Asian markets. The east-west spreads have widened back to a discount of slightly over $41 per metric tonne, which is a month-wide discount. (Reporting and editing by Tomasz Janovski and Harikrishnan Nair.)
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Dow exceeds losses estimates with cost-cutting and new US capacity
Chemicals company Dow reported a smaller-than-expected adjusted quarterly loss in the third quarter on Thursday, as cost cuts and higher volumes from new U.S. Gulf Coast assets helped offset weakness in global chemical prices. In premarket trading, Dow shares were up 6.5% to $23,10. The company said that it had achieved more than half its $6.5 billion planned near-term cash assistance, including $1 billion of capital expenditure cuts and an accelerated delivery of costs reduction targets by the end of 2026. Jim Fitterling, Dow's CEO, said that Dow's cost-discipline and its new polyethylene and alkoxylation facilities in the U.S. Gulf Coast have helped to lift margins in key markets. The global chemical market is still under pressure due to the weak demand, increasing production costs and stricter environmental regulations. This is especially true in Europe. Companies are forced to review their strategies and optimize their operations. Dow says that addressing regional challenges including European shutdowns will result in an adjusted core profit increase of nearly $200 millions beginning mid-2026. The company forecasts a fourth-quarter net sale of $9.4 Billion, which is below the analysts' expectation of $10.2 Billion. Fitterling reported in September that it had observed stable volumes and strong export capabilities, as well as low-cost positions, during the third quarter of the year, in the United States. He said that after a drop in prices due to uncertainty over tariffs during the second quarter, the market for polyethylene is now poised to move upwards. According to data compiled and analyzed by LSEG, the Michigan-based firm reported an adjusted loss per share of 19 cents for the quarter that ended on September 30. This was lower than analysts' estimates of a loss average of 29 cents. The company's quarterly net sales were $9.97 billion. This was below the analysts' average estimate of $10.23billion. (Reporting and editing by Tasimzahid and Krishna Chandra Eluri in Bengaluru)
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F-35s, fixing and fires: Ukraine, Gaza Wars threaten climate
Climate damage: Russia must pay! Rebuilding Gaza will increase emissions Massive gaps in military emissions data Emma Batha Researchers estimate that the first three years of the conflict generated 237 million tons of greenhouse gasses (GHG). This is equivalent to the annual emissions of Belgium Austria and Ireland combined or 120 million cars running on fossil fuels. This is pushing us into the wrong direction, at a time we need to drastically cut emissions," said Lennard de Klerk of Climate Research, the lead author of a report that tallied the war's emission, published in this month. De Klerk stated that the cost of climate damage due to the war, in which hundreds and thousands of people were killed on both sides, already exceeded $43 billion. When post-conflict rebuilding is taken into account, a separate study on the Israeli-Hamas conflict in Gaza estimated the carbon footprint of the first 15 month's war topped 32 millions tons. This is equivalent to the annual emissions from Ivory Coast. Benjamin Neimark led the research of UK and U.S. based experts. The projected reconstruction emissions were a real shock. This was a shocking revelation and it made us sit up. The groundbreaking studies will be presented at the sidelines next month's COP30 Climate Summit in Brazil. Researchers say that conflicts and climate changes create a destructive cycle. Not only do wars cause climate change but climate change also fuels conflict in fragile areas as the competition for water and other resources intensifies. WILDFIRES De Klerk was surprised that wildfires accounted for a fifth (of the war's) carbon footprint after Russia's invasion in 2022. Unrelenting shelling caused thousands of fires that ravaged farmland and forests. Some of these fires were likely made worse by landmines or unexploded ordnance scattered across the landscape. According to the report of the Initiative on GHG Accounting of War (an international research team headed by de Klerk), nearly 850,000 hectares of land were burned last year. He said that the amount of rain was more than 20 times higher than the average annual rainfall. The summer of 2024, due to climate changes, was exceptionally dry. This allowed fires to spread. As the Gaza war expanded, missile attacks across the Lebanon-Israel frontier also caused fires that destroyed forests and farmland. Firefighters in war zones face many dangers, as in Ukraine. RECONSTRUCTION Emissions have also increased due to the destruction of energy infrastructure both in Ukraine and Gaza. The Russians' attacks on oil depots have caused tons of fuel to burn, and the gas and electricity infrastructure has released powerful GHGs such as methane or sulphur-hexafluoride (SF6) which has a potential global warming 24,000 times higher than CO2. Solar panels provided a quarter (one of the largest shares) of Gaza's electricity before Israel attacked the enclave in October 2023. The destruction of solar infrastructure has led to a greater reliance on diesel generators, which are polluting. Neimark stated that the carbon footprint from post-war reconstruction of Gaza, which has seen the deaths of 68,000 people, will dwarf the emissions caused by the conflict. According to U.N. estimations, Israel's intensive bombardment destroyed over 90% of Gaza's housing, and has turned it into a wasteland. 60 million tons worth of debris were created. Concrete and steel are used in huge quantities to rebuild homes and infrastructure. These materials have a high carbon footprint. Neimark said that the loss of farmland and orchards, as well as shrubland in an area already susceptible to climate change effects, has increased the risk of desertification. The two wars have also increased global emissions far from the frontlines. Commercial flights have been forced to reroute due to airspace closures, increasing fuel consumption. De Klerk stated that flights from London to Tokyo take nearly three hours more. The Middle East unrest has also disrupted the international shipping in the Red Sea. This is due to the longer routes, and the increased speed of sailing. MILITARY DATA HOLE This new research about Gaza and Ukraine is a part of an overall push to increase transparency regarding global military emissions. Even during peacetime, the carbon footprint of armies is large - from maintenance of bases to transporting troops and equipment. Military exercises, weapons production, and military exercises all add up. According to the Conflict and Environment Observatory (a UK non-profit), about 5,5% of greenhouse gas emissions are attributed to militaries around the world. However, countries are not required by international climate bodies to report their military emission. Experts warn that the lack of data could lead us to underestimate the amount of emissions needed to keep the temperature rise to 1.5 degrees Celsius. Many countries are increasing their defence spending to respond to multiple crises. This is causing concern that this will increase emissions from military equipment and divert funds away from climate change efforts. Climate scientists say that militaries should be required to report their emissions. Neimark stated that "we can't begin making meaningful cuts until we have adequate baselines."
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Valero Energy's profit beats expectations for the third quarter on higher margins
Valero Energy, a U.S. refiner, surpassed Wall Street's expectations on Thursday for its third-quarter profits. This was due to a rebound in the refining margins. After two years of record profits, the refining margins rebounded in 2024 from their multi-year lows. This was due to refiners taking advantage of supply shortages that were caused by geopolitical tensions affecting Ukraine. U.S. refinery profit margins measured by the 3-2-1 Crack Spread In the third quarter, grew by nearly 29% in average compared to a year ago, aided by high diesel and gasoline margins, boosted both from robust demand and low inventory. The company reported that its average daily throughput volume increased to 3.1 millions barrels in the third quarter from 2.9million bpd one year ago. Valero’s refining profit per barrel was $13.14 compared to $9.09 one year ago. According to LSEG data, the company's adjusted profit for the three-month period ended September 30 was $3.66, compared to analysts' expectations for $3.05.
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Russian rouble strengthens vs dollar despite US oil sanctions
Analysts say that the Russian rouble could be supported in the short term by the United States' sanctions against Russia's largest oil companies. In his latest policy change on Moscow's conflict in Ukraine, U.S. president Donald Trump imposed sanctions against Rosneft (Russian oil company) and Lukoil (Indian oil company). This caused global crude prices to increase by over 4%. India also considered cutting Russian imports. The rouble had been trading flat against the Yuan at the Moscow Stock Exchange at 0950 GMT. Sofya Donnets, T-Investments, said that sanctions are a factor in foreign currency revenues. However, until November 21, a rapid inflow of currencies is possible as sanctioned firms bring in money. She added, "We expect some volatility in the short term." The U.S. gave Rosneft, Lukoil and their subsidiaries until November 21, to end operations. Analysts at VTB said that "Lukoil will be more inclined than Rosneft to repatriate their funds back to Russia. This includes not only the current revenue in foreign currencies but also previous accumulated resources." This could be a major support for the rouble in the future." The Russian stock exchange fell by 3.5%. Lukoil was among the top five losers with its shares dropping by more than 4%. Rosneft's shares dropped by 3%. Around half of Russia's oil production is produced by these two companies. Analysts say the measure may force Russia to discount its oil further on the world market to offset the risk secondary U.S. sanctions. However, this could be mitigated if global oil prices rise, which would support the rouble. (Reporting and editing by Ed Osmond, Gleb Bryanski)
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Greek divers remove ghost nets that destroy marine life
Divers have been working to remove abandoned fishing gear, or "ghost nets", from the coastline of Sapientza Island. These nets silently choke marine ecosystems. These nets are draped like curtains on the seabed and trap unknowing sea creatures. They slowly decompose into microplastics and poison the water and choke life. Divers worked quickly and efficiently to attach inflatable lift bags onto the heavy nets. Alexander Stavrakoulis said, as he scanned the horizon: "The ghost net creates a zone that is dead -- a zone where nothing lives." "Life is becoming outdated. It is important to remove these ghost nets as soon as you can. The legacy of farm-fishing threatens many of the sites in Sapientza. It is known for its pristine water and rich marine biodiversity. Aegean Rebreath, an environmental group, launched the cleanup in order to remove ghost nets at known hotspots. The nets are invisible to casual swimmers. They drift along with the currents and entangle everything they come into contact with. Plastics that are too small to be seen but toxic to eat can become microplastics as they degrade. Stavrakoulis said, "We can't just sit back and watch the sea life disappear." We have a duty to act. It's a great way to give back to the environment. George Sarellakos (46), founder of Aegean Rebreath, claimed that Greece's decades-old legal gaps had allowed abandoned fishing farms and discarded equipment to destroy marine habitats without being checked. He said: "Years have passed, but this phenomenon is still not addressed by any policy." What we need is an actual legal framework to prevent this from happening again. (Reporting and writing by TV, edited by Patricia Reaney; Ivana Sekularac).
As rain returns, victims of the Valencia floods are feeling the mental effects
Jose Manuel Gonzalez still panics when he hears rain, even though he spent 6 hours holding on to a traffic signal as floods in Valencia, Spain, destroyed everything in their way, including his brother.
Gonzalez, 58 said that he wakes up often in shock. He can't shake the memory of the night he saw his daughter holding on to her life on the awning of an Alfafar shop, in Valencia, which was one of the most affected areas.
He feels responsible for the elderly mother who is devastated because his brother drowned in a torrent of rushing water while he was trying to rescue a lady from a vehicle that night.
He said that even a single drop of rain was "like an alert, something that goes off, like a blinking light in my mind, as if to warn me about something."
He was diagnosed with post-traumatic disorder (PTSD). Doctors prescribed tranquilizers to help him gather his thoughts and remember that he's safe in the rain.
According to the United Nations, weather-related natural catastrophes are on the increase. Many of these disasters are exacerbated due to climate change. According to studies, the time taken for floods to be cleaned up can cause stress and mental issues in victims.
Psychological damage and fear of the rain
Health experts warn that governments must not only plan for the physical damage caused by floods, but also the psychological harm they can cause to victims. According to a study published in 2015 in the Disaster Medicine and Public Health Preparedness Journal by Cambridge University Press, almost one fifth of people experience PTSD following flooding.
According to the EU's Copernicus Climate Change Service, some parts of Europe had their wettest ever year in 2024. Storms and flooding affected an estimated 413,000 individuals. This resulted in at least 335 deaths and at least 21 billion euros of damage.
The Spanish government, in response to the Valencia floods created the Special Mental Health Emergency Unit (USME), along with local mental health services that have treated thousands of people.
According to a survey of 2,275 adults conducted by the health department of the regional government, almost 28% of those affected by floods had PTSD.
We have people who do not want to bathe, go to sea or even be near water. Julieta Mondo is a psychologist with USME.
She added, "Trauma is a constant reminder to your brain that the rain can be dangerous."
She said that the treatment involves reassuring people of their normal reaction to water and gradually exposing those who are afraid to it.
She said that more women are affected by the psychological effects of floods, because they tend to be the primary caregivers at home. They struggle to balance caring for children and their own emotions when it rains.
Arantxa Ferrer lived in La Torre, an area across the river from Valencia. Eleven people were killed on her street. After her apartment on the ground floor began to fill with water, she escaped through her terrace and climbed into a neighbor's flat.
MEDICATION AND THERAPEUTICS TO ALLEVIATE POST-TRAUMATIC STRESS
She said that she was unable to sleep immediately after the flooding. She could only hear the sounds of people screaming and water when she closed her eyes. With the help of therapy and medication to relieve her PTSD, she is now able to tolerate the sound and sight of rain. She has even ventured outside to see the river which broke its banks, causing destruction and death to her neighbours.
Ferrer, 47, a marketing executive, says her doctor told her to "go to the windows, watch the rain falling, and listen to it", to overcome her fear of the sound.
Juan Benet, her neighbour whose sister had died in the floods was less convinced of the benefits of therapy. He said that he was approached by an army psychologist who wanted to talk to him, but felt no connection to the therapist because he hadn't been through what he did.
He pointed at his heart and head, saying, "It did nothing for me and it will never do anything for you, because it's here and there." "This won't go away."
The rainy season has returned to Valencia with the end of summer. The authorities have issued several red warnings about the potential for torrential rainfall and flooding, but it didn't happen.
Gonzalez, who runs a company that provides psychometric tests to drivers, says he is struggling to get back to being the fun-loving person he used to be before the floods. He said that he and his partner had stopped traveling and that he has difficulty understanding questions when they are asked.
He said, "I'm ready to move on but I can't be the person I used to be without anti-anxiety medications." "Everything is frightening to me." "I can't stop it. All because of post-traumatic Stress."
(source: Reuters)