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Banks drag Australian shares and overshadow mining record
The Australian share market edged down on Tuesday, as a decline in banks overshadowed a record-high in mining stocks. Rio Tinto, however, hit a new two-week-high after the miner announced a sequential 6% increase in its third quarter iron ore shipment, just missing expectations. By 0007 GMT, the S&P/ASX 200 index had fallen 0.1% to 8,877.80. The benchmark index ended Monday 0.8% lower. The local mining index rose 3.5%, reaching a new record high. This was due to higher iron ore prices. Positive data overshadowed concerns about renewed Sino-U.S. tensions. Rio Tinto's shares rose as much as 3,8%, as the company's copper production surpassed its full-year projection. However, it warned that a strong quarter in the fourth quarter would be needed to achieve the lower end of the annual target for iron ore shipment. BHP and Fortescue, two of its peers, rose by 2.9% and 2.6%. Gold stocks rose 4.1% and reached a new record as bullion broke through the $4,100 mark for the first-time on renewed U.S. China trade tensions. The gold miners Northern Star Resources (Northern Star Resources) and Evolution Mining (Evolution Mining) both added 4,1% and 3,8% respectively. The benchmark was weighed down by the banks, which fell as much as 1,4%. Three of the "Big Four'" banks lost between 1,7% and 1.8%. The sub-index for real estate fell by 1.3%, while discretionary stocks dropped 1.8%. Local traders are eagerly awaiting the unemployment statistics, which will be released on Thursday, to determine what interest rate decision the central bank will make. The benchmark S&P/NZX50 index in New Zealand fell by 1%, to 13,224.46. The Reserve Bank of New Zealand announced that it would ease restrictions on mortgage loan-to value ratios as of December 1, as house prices have now fallen to a level within which they can be considered sustainable. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
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Report: World falling behind deforestation targets with farms and fires driving the loss
According to the 2025 Forest Declaration Assessment, the world is far behind its global goal of reversing deforestation in 2030. The losses are primarily driven by agricultural expansions and forest fires. In 2024, the report stated that the world lost permanently 8.1 million hectares of forest (about 20 million acres), an area roughly the size of England. This puts the planet 63% below the goal set out by 140 countries in their 2021 Glasgow Leaders' Declaration on Forests and Land Use. Climate Focus, a consultancy, coordinated the Forest Declaration Assessment, which brings together think tanks, advocacy groups, research organizations and non-governmental organisations. The Amazon rainforest was particularly affected, and will release nearly 800 million tons of CO2 in 2024. "Major Fire Years Used to Be Outliers. Now They're The Standard" Erin Matson is the lead author of Forest Declaration Assessment. She said that these fires were largely caused by humans. They're related to land clearing and climate change-induced dryness, as well as to a lack of law enforcement. In previous reports, it was also revealed that Amazon fires caused unprecedented forest losses. Brazil led the tropical forest loss while Bolivia saw its forest loss increase by 200% between 2024 and 2026. The global forest assessment of this year also revealed that permanent agriculture was responsible for 86% of global deforestation on average over the past decade. The report also listed coal and gold mining as major sources of deforestation. Matson added that over $400 billion of agricultural subsidies is driving deforestation. She said that the incentives were "completely backwards", noting that international public financing for forest protection, restoration and conservation averaged only $5.9 billion per year. The report estimates $117 billion up to $299 billion of financing will be needed to achieve the 2030 goals. Matson, who is a member of the Brazilian delegation to the COP30 (the United Nations Climate Change Conference) that will begin in Brazil in November, points out the proposed Tropical Forest Forever Facility. This facility aims to raise $125 Billion in funding to support long-term forest financing as a means to stem forest losses. The fund would be funded by private investors and governments. It could distribute $3.4 billion per year, with 20% of that going to local and indigenous communities. Matson stated that a successful launch by the Tropical Forest Forever Facility (TFFF) could help to provide long-term, reliable financing to keep forests standing. "So, looking at the deforestation picture globally, it's dark. But we might be in the darkness just before dawn," Matson said.
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Rio Tinto expects a strong Q4 in order to meet its annual iron ore production forecast. Copper is gaining steam
Rio Tinto on Tuesday reported softer-than-anticipated third-quarter iron ore shipments and warned it would require a vigorous year-end push to attain the lower end of its annual target, even as copper output races to the top of its forecast. Four cyclones disrupted the schedules Early this year Rio Tinto forecasts its 2025 iron-ore shipment at the lower end its range of 323 million to 338 millions tonnes (Mt). Rio Tinto said that the cyclones had impacted 13 Mt of shipments during the first quarter, and was on track for about half to be recovered. Visible Alpha's consensus estimate for the third quarter was 85.5 Mt. This is a slight under-estimate. As Rio reallocated materials from its SP10 product, the company saw a 50% increase in quarterly shipments of its newly introduced 60.8% Pilbara Blend. SP10 only accounted for 9% of the total shipments in this quarter. This is a sharp drop from 29% during the previous period. This was the first quarter under the new CEO, Simon Trott. He is the former head of iron ores. In August, he announced the simplification of the structure of the company into three divisions, global iron ore and aluminium, lithium and copper. Rio Tinto, like its competitors, is increasing the production of copper. Copper is expected to become more in demand as we transition to cleaner forms of energy. Rio is on track to increase copper production by over 50% this year as a result of the increased output at the Mongolian mine. On the back of the strong performance at Amrun, the miner reported its second consecutive record quarter in bauxite output. It also raised its full-year estimation to a range between 59 Mt and 61 Mt. (Reporting by Rishav Chatterjee & Rajasik Mukherjee in Bengaluru; Editing by Pooja Desai)
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Backwardation in US oil futures narrows to a 20-month low amid fears of a glut
The front-month U.S. Crude Oil Futures contract ended Monday's trading with the smallest premium over the seven-month contract since January 2024, as OPEC+ increases supply and seasonal refinery maintenance pressures the demand for immediate barrels. The market term for immediate delivery fetching a higher premium than later deliveries suggests that investors are losing money by selling their oil on the spot market, as the near-term supply appears to be abundant. For the first time since January, U.S. crude oil futures would be in a contango if the spread reversed from a premium into a discount. WTI crude futures settled for November delivery at $59.49 a barrel on Monday. The May 2026 contract settled for $59.02 a barrel, creating an additional 47 cents per barrel for the prompt barrels The narrowest since last January 16th. Andrew Lipow, President of Lipow Oil Associates, said that the narrowing of the gap is indicative of an excess of supplies in the short term and then a concern about tightening of supplies when future demand increases. Lipow said, "We're seeing an increase in supply from OPEC+. This, combined with reports that more oil is in floating storage, puts pressure on the curve at the front, along with seasonal refinery maintenance. OPEC+ (the Organization of Petroleum Exporting Countries plus its allies) has increased their oil production targets this year by over 2.7 million barrels a day, which is equivalent to around 2.5% of the global demand. This has stoked supply glut concerns. Shohruh Zhritdinov said that this is flattening WTI's curve, as the market now prices in less tightness for early 2026, according to a Dubai oil trader. According to the Energy Information Administration, the average U.S. refinery usage for a four-week period fell to 92.5%, its lowest level since the first half of June when the U.S. driving season began. Zukhritdinov stated that "physical builds and refinery delays equate to a lower need to pay for prompt barrels." (Reporting and editing by David Gregorio in Houston, Georgina McCartney from Houston)
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Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a new high. As of 01:47 pm, spot gold had risen 2.2%, to $4,106.48 an ounce. After hitting a new record of $4,116.77 at 1747 GMT ET (1747 GMT), spot gold was up 2.2% to $4,106.48 per ounce. U.S. Gold Futures for December closed 3.3% higher, at $4133. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Gold could continue to rise. "We could see prices above $5,000 by 2026," said Phillip Streible. Chief market strategist at Blue Line Futures. Streible said that the structural support of the market is provided by steady central bank purchases, strong ETF inflows as well as U.S. China trade tensions. The geopolitical front saw U.S. president Donald Trump reinitiate trade tensions with China, ending a tense truce between two of the world's largest economies. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in low interest rate environments. Standard Chartered's forecast for next year has been raised to $4,488 on average. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "We believe this rally will continue, but a short-term correction is better for a long-term trend." Spot silver climbed 3.1% to $51.82, reaching a record high earlier in the session of $52.12. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the relative strength of the two metals, is 80 for gold and 83 in the case of silver. Palladium rose 5.2% to 1,478.94, while platinum gained 3.9%. Reporting by Noel John in Bengaluru, Pablo Sinha, Sherin Elizabeth Varighese, and Kavya Varghese; Additional reporting and editing by Joe Bavier and Alexander Smith; Shreya Biwas.
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Officials say that 19 people were killed by rebels affiliated with the Islamic State in eastern Congo.
Two local officials reported on Monday that suspected Islamic State-backed terrorists killed 19 civilians during an overnight attack in eastern Congo. This has exacerbated the insecurity of this mineral-rich area. Alain Kiwewa is the Lubero territory military administrator, where Mukondo lies, and he told reporters that the death toll may rise. The ADF has not immediately claimed responsibility. Also known as the Islamic State Central Africa Province, (ISCAP), it has been responsible for several attacks in recent weeks, including a September attack on a funeral in which more than 60 people were killed. ADF could not be reached for comment immediately. Assailants from Mukondo were wearing uniforms that looked like those of the Congolese Army, which enabled them to enter Mukondo without being noticed. The attackers then used guns, knives, and clubs to attack people, according to a local priest who refused his name out of security concerns. Espoir Kambale, a leader of the civil society in the region, put the death toll at 19. He also said that eight people were injured and 26 homes had been burned. Kambale said, "We ask ourselves how the terrorists came and attacked us when we thought the village was secure." The population is in a panic. "Some residents fled to the bush and never returned." The ADF began as a Ugandan rebel force, but is now based in the Congolese forests since the late 90s. It has also been recognised as an affiliate by the Islamic State. The recent attacks by the M23 rebels, who are backed by Rwanda, have increased security concerns in eastern Congo. This has prompted U.S. president Donald Trump's administration, to attempt to broker peace. Reporting by Congo Newsroom; Writing by Ayen deng Bior; editing by Rob Corey-Boulet, Lisa Shumaker and Lisa Shumaker
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EU lawmakers oppose cuts to the reach of sustainability laws
The European Parliament’s Legal Committee backed plans on Monday to weaken the EU’s Corporate Sustainability Law, which has been criticized by companies who claim that complying with these rules will hinder the competitiveness for European industries. Corporate Sustainability Due Diligence Directive (CSDDD), adopted by the European Union last year, requires companies to address human rights and environment issues in their supply chain or face a fine of 5% global turnover. The European Parliament's Legal Committee voted on Monday to approve proposals that would only make the rules compulsory for companies with at least 5,000 employees and a turnover of 1.5 billion euros. CSDDD is currently applicable to companies that have 1,000 employees or more and a turnover of over 450 millions euros. The committee also supported dropping the requirement that companies have "transition plans." CUTTING BUSINESS COSTS The (conservative-leaning) European People's Party's aim has always been to reduce costs and simplify rules for businesses," said Jorgen Warsborn, the legislator who drafted the approved text on Monday. "Our vote will bring more predictability to our businesses in a world that is unpredictable," said Jorgen Warborn, the lawmaker who drafted the text approved on Monday. The committee asked that the European parliament begin negotiations with EU countries on final rules without a vote by the entire assembly. The committee could force a vote by a group of legislators equivalent to 10% of the assembly. Some of the proposed changes are already likely to be implemented. EU countries have already stated that they support changing the law so that it only applies to companies with at least 5,000 employees. CSDDD is one of the most controversial parts of Europe’s green agenda. Countries such as the United States and Qatar have demanded changes. The EU, they argue, is going too far by imposing these requirements on foreign firms. TotalEnergies and other European companies have called on the EU to scrap the law completely, warning that it could harm the competitiveness of the EU. Investors and activists have reacted negatively to the move, claiming that it undermines corporate accountability while reducing Europe's capacity to attract investment towards meeting climate goals. Amandine van den Berghe, senior lawyer at nonprofit law firm ClientEarth, said: "If these changes are adopted in the end, this law would be stripped of its purpose to serve short-term political convenience." What is a cornerstone for responsible business in Europe has been turned into a bargaining chip. (Reporting from Kate Abnett in Brussels and Inti landauro; Editing by Benoit van Overstraeten, Matthew Lewis).
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Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a record high. As of 12:17 pm, spot gold had risen 2.4%, to $4,114.31 an ounce. After hitting a new record of $4,116.77 at 1617 GMT ET (1617 GMT), gold prices have risen 2.4% to $4114.31 per ounce. U.S. Gold Futures for December Delivery rose by 3.3% to $4133.90. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Gold could continue to rise. "We could see prices above $5,000 by 2026," said Phillip Streible. Chief market strategist at Blue Line Futures. Streible said that the structural support of the market is provided by the steady central bank purchases, the firm ETF inflows as well as the U.S. China trade tensions. Streible added that on the geopolitical side, U.S. president Donald Trump reignited the trade tensions between China and the United States last Friday, ending a tense truce. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in environments with low interest rates. Bank of America analysts and Societe Generale expect gold to hit $5,000 by 2026. Standard Chartered's forecast has been raised to $4,488 on average next year. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "This rally is strong, but a short-term correction will be better for a long-term trend." Spot silver increased 3.1% to $51.82, reaching a record high earlier in the session of $52.07. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the strength of the relationship between two assets, is 80 for gold. Palladium rose 6.5%, to $1496.52. Platinum gained 5%, to $1666. Reporting by Noel John in Bengaluru, Pablo Sinha in Mumbai and Sherin-Elizabeth Varghese; Additional reporting and editing by Joe Bavier & Alexander Smith.
US oil executive censure puts spotlight on shale-OPEC conferences
A U.S. regulator's censure of a top U.S. oil executive over private conferences with the Company of the Petroleum Exporting Countries (OPEC) group of oil producers has put a spotlight on suppers attended by lots of shale executives.
The U.S. Federal Trade Commission (FTC) on Thursday barred former Leader Natural Resources CEO Scott Sheffield from signing up with the board of Exxon Mobil, which is obtaining Pioneer for $60 billion in stock.
The FTC implicated the 72-year-old executive of leading a. coordinated effort with other U.S. oil firms and with OPEC to. keep production artificially low and increase oil companies'. revenues.
In its problem, the FTC indicated conferences that shale and. OPEC authorities held over a number of years, including a series of. personal suppers at a Houston energy conference.
Executives who attended formerly had explained to . the meetings as going over oil need, spare production capability. and investor requirements.
Leader stated Sheffield had acted in the very best interests of. the oil industry, its financiers, and stated his actions assisted. lift U.S. oil production and exports.
The FTC's grievance shows a basic misconception. of the U.S. and international oil markets and misreads the nature and. intent of Mr. Sheffield's actions, the business stated, protecting. its former chief as a leading and globally appreciated. market authority.
The first shale-OPEC supper, in March 2017, was arranged by. then-OPEC Secretary General Mohammed Barkindo after OPEC had. stopped working in a cost war to halt U.S. shale's fast market share. gains and wished to comprehend how the industry ran, the. FTC said.
Subsequent dinners at the CERAWeek energy conference in. Houston brought OPEC together with shale executives consisting of. Hess CEO John Hess, Occidental Petroleum CEO. Vicki Hollub, Devon Energy CEO Rick Muncrief, and. Chesapeake Energy chief Domenic Dell' Osso, to name a few.
Spokespeople for the business did not react to requests. for remark.
I'm seeing a series of conferences where OPEC is reaching out. and spending more time with United States independents than I have seen. over my whole career, Sheffield said in 2017, according to the. FTC complaint.
OPEC members had actually been astonished by how rapidly U.S. business had recuperated from losses during an OPEC-initiated. cost war between 2014 through 2016 that had actually resulted in lots of. U.S. energy insolvencies.
But the shale market quickly bounced back with heavy. financial investments and led the U.S. to become the world's biggest oil. producer in a couple of years. It produced a record 12.9 million. barrels each day in 2015.
In 2017, OPEC cut its production, minimizing a market excess. that lowered international prices, and handed a victory to U.S. producers. The excess returned in 2020 after demand plunged on. COVID-19 shutdowns.
Sheffield was singing about his desire to move away from the. boom-bust cycles that afflicted the U.S. oil company, and became. an outspoken supporter for focusing on investor returns over. production gains.
He discussed his contacts with Saudi Aramco authorities and. other members of the shale suppers went to OPEC meetings in. Vienna. In a March 2023 interview, Sheffield stated. Pioneer had twice hosted Saudi officials and discussed the. business's operations and company practices to them.
They can get the same information from a lot of service. companies, he stated. However they like to talk with producers ... we. have so much data..
(source: Reuters)