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Scientists say that Swiss glaciers have melted rapidly after a heatwave and light snowfall.
Monitoring body GLAMOS reported on Wednesday that Switzerland's glaciers have melted significantly over the last 12 months, resulting in their fourth largest reduction in ice volumes on record. According to the report of GLAMOS, the Swiss Commission for Cryosphere Observation, a winter with little or no snow, particularly in the northeastern part, and heatwaves in June caused the glaciers' ice mass to decrease by 3%. Matthias Huss, director of GLAMOS whose reports cover October-September's hydrological year, said: "This is a lot." The trend is clear, even though the ice loss was less than in 2022 or 2023 when the glaciers fell by 5.9% and 4.4%, respectively. Huss, who spoke with a group of Valais residents during a trip to the Rhone glacier, said that Switzerland had experienced its worst decade in terms of ice melting. A quarter of the volume of glaciers has been lost since 2015. The Rhone Glacier, which was Europe's largest glacier during the Ice Age has shrunk rapidly, losing an average of 1.5 meters this year. According to GLAMOS about 100 glaciers have disappeared in Switzerland between 2016 and 2022. It is predicted that the majority could disappear before the end of this century. "Unfortunately, we cannot do much to save the glaciers... "They will retreat regardless, even if today's climate stabilizes," said Huss. If carbon dioxide emissions fell to zero worldwide in the next 30 year, up to 200 Swiss high-altitude glaciers could be saved. This year, Swiss glaciers under 3,000 metres were particularly affected. Silvretta Glacier, a once healthy glacier in northern Switzerland, experienced a massive ice melt after the lowest snowfall since the measurements began 100 years ago. Huss warned that shrinking glaciers also contributes to destabilisation of mountain ranges. This can cause avalanches, including those of ice and rock. For example, the glacier collapse in Valais that wiped out the village of Blatten this May. Reporting by Cecile and Denis Balibouse, Writing by Olivia Le Poidevin at Geneva; Editing done by Edwina.
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Kuwait raised over $11 billion in bond sales as investors pile into Gulf debt
Kuwait, the world's largest oil producer, has raised $11.25bn from a three part bond issue, which attracted a large number of investors for its first U.S. Dollar issue since 2017. This marks a strong return on global debt markets following years of political gridlock in Kuwait. The Gulf State was the last sovereign in the region to tap into the bond market. Strong global appetite for bonds and low borrowing costs enable governments to diversify their funding sources and plug budget deficits, as well as invest in economic diversification. Kuwait sold $3.25bn in a portion of three years at 40 basis points over U.S. Treasuries. $3bn in a portion of five years at 40 bps and $5bn in a portion for ten years at 50bps. Fixed-income news service IFR reported that the order books at launch were more than $23 billion, which allowed prices to be tightened from initial guidance. Investors were reassured by the low level of debt in Kuwait, despite concerns over its governance, public finances and oil dependency. Justin Alexander, Gulf analyst at GlobalSource Partners and director at Khalij Economics, confirmed this. Kuwait's estimated sovereign wealth assets are more than $1 trillion. Kuwait does not reveal exact figures. In March, it passed a new law on public debt after the old one had expired. The borrowing limit was raised to 30 billion dinars (98.24 billion dollars) from the previous 10 billion dinars and the option of longer terms for borrowing was also included. Kuwait's directly-elected parliament and appointed governments have been in conflict for years, preventing the passage of this law as well as other reforms. Last year, the emir disbanded parliament for up to 4 years. This allowed the government to implement reforms. Oil revenue was almost 90% of the government's revenue last year, despite plans to diversify away from hydrocarbons. (Reporting and editing by Jamie Freed; Rachna uppal)
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On Independence Day, Nigeria's President says that the worst is over amid increasing hardship
Bola Tinubu, the Nigerian president, declared on Wednesday that "the worst is over", following a painful series of economic reforms which have left millions with rising costs and a deepening in poverty. Tinubu, in a speech marking Nigeria's 65th Independence Day defended the decision of his administration to eliminate fuel subsidies and to unify the foreign currency rate. These moves sparked inflation and anger among the public, but he claimed that they were necessary to "reset the economy". Tinubu stated that "less than three years after those difficult, but necessary decisions were made, they are now bearing fruit." He noted that the second quarter GDP growth was 4.23%, the fastest in the last four years. In addition, inflation in August fell to 20.12% - the lowest level in the past three years. Tinubu also cited five consecutive quarters with trade surpluses. He also cited a rebound in the oil production, which has risen to 1,68 million barrels a day. Tinubu also cited a growth in external reserves, which have risen to $42,03 billion, their highest level since 2019. The President said that the government has disbursed 330 Billion Naira ($222.90 Million) to 8 million households in need under its Social Investment Programme and is expanding infrastructure on rail, roads and airports. Critics questioned, however, the transparency of this cash transfer scheme. The disbursement was announced by the Finance Minister two weeks ago. This prompted calls for the creation of a public list of recipients. Tinubu may have a positive tone, but the IMF's latest Article IV assessment warns of persistently high prices and increasing poverty. World Food Programme has been forced to close 150 nutrition centers in the northeast due to funding cuts from international donors. Tinubu stated that "we are racing against the clock" despite the fact that critics, including Peter Obi of the opposition party, claim his spending priorities do not match the magnitude of the country's economic and humanitarian challenges. The speech comes at a time of growing unrest in the labour movement over the recent dismissal 800 workers from the Dangote Oil Refinery, a privately owned company, for having unionized. Tinubu's claims of increased oil production could be threatened by the dispute. Reporting by Isaac Anyaogu, Editor Neil Fullick.
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The US government shutdown and OPEC+ production increase are the main topics of discussion.
After two days of drops, oil prices stabilized on Wednesday as investors weighed OPEC+'s plans to increase output next month. They also considered the impact of a U.S. shutdown of government that could affect economic activity and fuel consumption. Brent crude futures, for delivery in December, rose by 28 cents at 0500 GMT to $66.31 per barrel. U.S. West Texas Intermediate Crude rose by 26 cents a barrel to $62.63. Brent and WTI settled both more than 3% lower on Monday, marking their biggest daily declines since 1 August. They both fell further by 1.5% on Tuesday. The market is concerned about a possible supply overhang as OPEC slowly revives production. Three sources familiar with the discussions said that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies could agree to increase oil production in November by as much as 500,000 barrels daily (bpd), triple the October increase, as Saudi Arabia tries to regain market share. Two sources claim that eight members of this group, who pump about half of the oil in the world, are considering an increase of 274,000 bpd to 411,000, according to the two sources. According to a third source, the increase could be as high as 500,000 bpd. OPEC posted on X that reports in the media about plans to increase output by 500,000 bpd are misleading. An industry report that showed U.S. crude stocks fell, while gasoline and distillate inventory rose in the last week added to pressure on prices. According to Tuesday's estimates by the American Petroleum Institute, market sources cited by American Petroleum Institute have estimated that crude stocks dropped 3.67 million barrels during the week ending September 26. Sources said that gasoline inventories rose 1.3 million barrels, while distillate stocks increased 3 million barrels compared to last week. Sachdeva, SS WealthStreet, said that while U.S. crude stocks have been declining, the rate of decline has slowed down, tempering bullishness. Deep partisan differences prevented Congress and White House from reaching an agreement on funding. The 15th shutdown of the federal government since 1981, agencies warned, would stop the release of the closely-watched September employment report. It would also slow down air travel, halt scientific research, deny pay to U.S. soldiers, and result in the furloughing of 750,000 federal employees at a cost of $400,000,000 per day. Concerns about fuel demand were also heightened by data on the factory activity in Asia - the world's largest oil-consuming region. Surveys showed that manufacturing activity declined in most major economies during September. This was due to a combination of factors, including weak Chinese demand, soft U.S. economic growth, and the looming U.S. Tariffs. Reporting by Mohi Nairayan from New Delhi; additional reporting by Laila Kearney. Editing by Lincoln Feast, Christian Schmollinger and Christian Schmollinger.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. ArcelorMittal : The steel producer ArcelorMittal has announced that it will issue 650 million euros of notes with a 3.250% interest rate due on September 30, 2030. Proceeds from the sale of these notes will be used to refinance existing debt and for corporate purposes. Former French Finance Minister Bruno Le Maire says that ASML, a Dutch chip-equipment manufacturer, has invested 1.3 billion euros ($1.5 billion) in French startup Mistral AI. This could signal the beginning of more consolidation within the fragmented European technology ecosystem. Credit Agricole : Credit Agricole has launched a share-buyback program for up to 22,886,191 shares of ordinary stock, which will run from October 1, 2025 to November 13, 2025. EU/DENMARK: The European Union will discuss Wednesday, in Copenhagen, proposals for a “drone wall” to protect the continent. This comes just days after unidentified unmanned planes forced Denmark's airports to temporarily close due airspace invasions. RENAULT/STELLANTIS: The number of new car registrations in France increased by 0.97% from the previous year to 140.354 vehicles in September, according to data released on Wednesday by French auto body PFA. Sanofi: Sanofi, a French pharmaceutical company, is being investigated by the European Commission over possible antitrust violations after unannounced visits to its facilities in France and Germany. The company announced this on Tuesday. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report..... (Reporting by Gdansk Newsroom)
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MORNING BID EUROPE-Washington goes dark
Stella Qiu gives us a look at what the future holds for European and global markets. The U.S. Government has now entered its 15th government shutdown since 1981, and second under Donald Trump. He took the opportunity to threaten dismissal of more federal employees. The biggest federal exodus since 1980 is about to happen this week. Over 150,000 employees will be leaving the payroll after a buyout. The FAA will furlough about a quarter its staff during the shutdown, so if you are planning to fly in the U.S. soon, be aware. Trump's new tariffs will also go into effect on Wednesday. These include the tariffs on big trucks and patented drugs. The administration has stated that tariffs will be collected even if the government shuts off. All of this is set to increase concerns at the Federal Reserve over a slowing labour market. Investors bet that the Fed will cut rates this month despite the lack of economic information. Prices are 96% higher than they were just one day ago. S&P futures and Nasdaq Futures both fell 0.5% today - a small move given the rally in share markets this year. S&P 500 futures have averaged 12 gains, 9 losses and a median increase of 0.1% during the 21 previous shutdowns. This uncertainty has provided gold bulls with a good excuse to promote the idea of purchasing assets outside the control of the government, causing the metal to reach a new record of $3.875 per ounce. Silver and platinum have also been on an upswing. The Asian session has been mixed, as Chinese markets are closed for the National Day holiday. Japan's Nikkei fell 1% but Taiwan rose 1% and South Korea gained 0.8%. Investors are not frightened by the lack of data due to the shutdown, but they do worry about the data vacuum. There's no payrolls report for you to bet on. The ADP National Employment Report will be released later today. The forecasts predict a modest increase of 50,000 jobs in the private sector as the labour markets continues to cool. The JOLTS report released on Tuesday showed that hiring was weak. It is not clear whether this weakness is due to AI or tariffs, but it could be something longer-lasting. The euro zone's inflation data for September is expected to show an increase in inflation to 2.2%, up from the previous 2%. The risks could be on the upside, after German inflation was higher than expected. The hot number could indicate that the European Central Bank has likely finished easing in this cycle, and give a reason for going long on euros. The following are key developments that may influence the markets on Wednesday. Eurozone HICP Flash Inflation Readings for September -- ISM US Manufacturing survey ADP Private Payrolls
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BHP allocates $555 Million to increase copper production in South Australia
BHP announced on Wednesday that it will invest over A$840 Million ($555.16 millions) in its Olympic Dam Copper operations in South Australia, as the miner prepares for an investment decision to be made by mid-2027. Olympic Dam, one of BHP’s three copper-growth projects, is located in South Australia. Olympic Dam is a project that holds a large deposit of gold, copper and uranium. This makes it crucial for BHP's and Australia's roles as major global suppliers of copper. Copper is a critical metal for the transition to low-carbon living. Over the last three years, the project has consistently produced over 300,000 tons of copper per year. BHP, world's biggest listed miner is preparing to announce a final decision on an expansion of the Olympic Dam smelter/refinery by mid-2027. The goal is to double South Australia's copper production to 650,000 tonnes by mid-2030s. The A$840m investment will fund a number of key initiatives including an underground tunnel access, a backfill system and expanded ore passage capacity. It will also help to improve smelter efficiency. BHP stated that "together, these projects will improve efficiency and future growth options for South Australia's Copper Province", BHP. The company stated that the investment will create 200 construction jobs and reinforce South Australia's status as a global copper supplier.
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Gold hits record highs as US shutdown begins, stocks fall and stock prices decline
Wall Street futures fell, gold reached a record-high and Asian stocks wilted on Wednesday as the deadline for the U.S. Government shutdown passed. This is expected to delay release of important jobs data and cloud the interest rate outlook. The government shutdown has no way out. Agencies warned that there was no clear solution. It would prevent the release of an employment report for September, which is closely watched. This would also lead to the furloughing of 750,000 federal employees at a cost of $400,000,000 per day. S&P 500 and Nasdaq Futures both fell by 0.5%. Gold prices rose to $3,875 per ounce in the third consecutive session, reaching a new record high. European futures were largely unchanged. Investors may give greater weight to the ADP National Employment Report, due later today. Forecasts predict a modest increase of 50,000 jobs in the private sector. "Typically, a shut down is not important for the markets. The 2018-2019 shutdown lasted over a full month and actually led to a rise in Wall Street, according to Kyle Rodda. Rodda said that the markets face two issues. The first is the delayed release of non-farm payroll data. He said that the other issue is that "U.S. president Trump has also threatened permanently to lay-off employees, which could turn this shutdown into a small labour market shock." The Federal Reserve is now expected to cut rates in October by 96%, up from 90% a day ago, and there's a 74% chance that they will do so again in December. Anthony Saglimbene is the chief market strategist for Ameriprise. He said that if shutdown continues, inflation reports from September could be affected by mid-October. He said that a prolonged period in which the U.S. Bureau of Labor Statistics was not fully operational could impact data collection efforts and the quality of data for other reports. The Nikkei 225 index of Japan fell over 1% on Wednesday after a 11% increase in the previous quarter. South Korean shares increased by 0.6% to add to the 11.5% gains in the previous quarter. Data showed that exports in September rose at their fastest rate in 14 months. Taiwan's stocks gained 1.3%. The island's chief tariff negotiator stated on Wednesday that Taiwan would not accept a deal to have half of all semiconductor production take place in Washington. Chinese markets are closed, including Hong Kong. Overnight Wall Street closed the quarter in a positive way, with a higher closing price. The data showed that U.S. employment declined in August, while job openings were marginally higher. Consumer confidence also fell more than expected. The dollar index on the foreign exchange market held steady at 97.84 after three consecutive days of losses. It was unchanged at 147.98, with little reaction to a Bank of Japan report showing that Japanese companies expect prices to increase by an average of 2.4% per year in the future, which is above the 2% central bank target. Asia's Treasury yields remained stable. The benchmark 10-year Treasury yield in the U.S. was unchanged at 4,1561% after rising 1 basis point overnight. After two days of declines, oil prices stabilized on Wednesday as investors weighed the possibility of OPEC+ plans to increase output next month with the shrinking U.S. inventories. U.S. crude climbed 0.1% to $62.46 per barrel while Brent rose 0.2% to $66.16.
As US government shutdown occurs, stocks fall and gold reaches record levels.
Wall Street futures dropped, gold reached a record-high and the dollar eased as the U.S. Government shut down most of its operations on Wednesday, potentially delaying the release crucial jobs data which could cloud the interest rate outlook.
The government shutdown, which has no way out of its impasse regarding a funding agreement, will halt the release a closely-watched September employment report. It could also lead to the furloughing of 750,000 federal employees at a cost of $400,000,000 per day.
S&P 500 and Nasdaq Futures both fell 0.5% on Tuesday. Gold prices rose to $3,875 per ounce in the third consecutive session, reaching a new record high. European futures showed little change.
Investors may give greater weight to the ADP National Employment Report, due later today. Forecasts predict a modest increase of 50,000 jobs in the private sector.
"Typically, a shut down is not important for the markets. The 2018-2019 shutdown lasted over a full month and actually led to a rise in Wall Street, according to Kyle Rodda.
Rodda said that the markets face two issues. The first is the delayed release of non-farm payrolls. He said that "President Trump has also warned of permanently laying off workers which could turn this shutdown into a mini labour market shock".
The Federal Reserve is now expected to cut rates in October by 96%, up from 90% a day ago, and there's a 74% chance that they will do so again in December.
Anthony Saglimbene is the chief market strategist for Ameriprise. He said that if shutdown continues, inflation reports from September could be affected by mid-October.
He said that a prolonged period in which the U.S. Bureau of Labor Statistics was not fully operational could impact data collection efforts and the quality of data for other reports.
The Nikkei 225 index of Japan fell 1% on Wednesday after a 11% increase in the previous quarter. South Korean shares increased by 0.8% to add to their 11.5% gains in the previous quarter. This was after data revealed that exports rose in September at the fastest rate in 14 months.
Taiwan's stocks gained 1%. The island's chief tariff negotiator stated on Wednesday that Taiwan would not accept a deal to have half of all semiconductor manufacturing take place in Washington.
Chinese markets are closed, including Hong Kong.
Overnight Wall Street closed the quarter in a positive way, with a higher closing price. The data showed that U.S. employment increased slightly in August, but hiring decreased and consumer confidence dropped more than expected.
The dollar index fell for the fourth consecutive day on foreign exchange markets. It was down last by 0.2% at 97.62.
After a Bank of Japan report showed that confidence among large Japanese manufacturers had improved for the second quarter, it was down 0.3% to 147.53yen. This increased the likelihood of an interest rate increase as early as this month.
Asia's Treasury yields were stable. The benchmark 10-year Treasury yield in the United States was unchanged at 4.1522% after rising 1 basis point overnight.
The oil prices rose on Wednesday, after two days of consecutive losses. Investors weighed the potential plans of OPEC+ to increase output next month with the possibility of shrinking U.S. inventories.
U.S. crude oil climbed 0.4% to $62.64 per barrel while Brent rose 0.4% at $66.32.
(source: Reuters)