Latest News
-
Dalian iron ore hits over two-week low on higher worldwide supply
Dalian iron ore futures prices dropped on Thursday to their most affordable in more than two weeks, as higher supplies from leading miners exceeded assistance from fresh propertysector stimulus steps in top customer China. The most-traded January iron ore agreement on China's Dalian Product Exchange (DCE) ended early morning trade 3.47%. lower at 766.0 yuan ($ 107.54) a metric lot. The agreement had earlier dropped as much as 3.84% to 762.0. yuan, its weakest level considering that Sept. 30. The benchmark November iron ore on the Singapore. Exchange was 2.33% lower at $102.3 a heap, since 0330 GMT. BHP, the world's largest noted miner, beat. first-quarter iron ore output price quotes, stimulated by relieving. bottlenecks at its Western Australia operations. On Tuesday,. Brazilian miner Vale reported its greatest quarterly. iron ore production considering that 2018. On the back of substantially increased Brazilian deliveries,. the total volume of iron ore shipped to worldwide destinations from. 19 ports and 16 mining companies in Australia and Brazil rose 3.7%. week-on-week in the Oct. 7-13 week after 3 straight weeks of. declines, Chinese consultancy Mysteel said. On the other hand, China revealed fresh stimulus procedures for its. ailing property sector, a crucial user of steel. China will expand a white list of housing tasks. eligible for funding and increase bank lending for such. developments to 4 trillion yuan ($ 562 billion), Minister of. Housing and Urban-Rural Development Ni Hong stated. Other steelmaking components on the DCE toppled, with. coking coal and coke down 4.91% and 4.27%,. respectively. Steel benchmarks on the Shanghai Futures Exchange posted. losses. Rebar slid 3.45%, hot-rolled coil. shed 2.77%, wire rod lost 1.35% and stainless-steel. dropped 1.03%.
-
Beam Launches New System to Advance 3D Mapping for Offshore Wind
Beam, a company created by the merger of Rovco and Vaarst, has unveiled SubSLAM X3, a new underwater perception system designed to enhance the monitoring and maintenance of offshore wind farms.SubSLAM X3 offers real-time, high-resolution 3D mapping and is set to improve the efficiency and accuracy of underwater operations, according to Beam.The system integrates artificial intelligence (AI), robotics, and advanced simultaneous localization and mapping (SLAM) technologies.This integration is said to be critical for streamlining the development, construction, and maintenance phases of offshore wind projects.The system provides 4K resolution video and precise 3D reconstructions, allowing for detailed inspection of underwater assets and intelligent autonomous control of underwater vehicles. The newly designed SubSLAM X3 is more compact and lightweight than its previous version, making it suitable for integration into smaller observation-class remotely operated vehicles (ROVs) as well as larger work-class ROVs.Despite its reduced size, the system is capable of operating at depths up to 3000 meters and features enhanced sensor technology for improved image quality, especially in low-light conditions."SubSLAM X3 represents a significant leap forward in our ability to serve the offshore wind industry. This system not only enhances our capabilities in terms of data collection and asset inspection but also significantly reduces the operational footprint required for such activities. It's about doing more with less, safely and sustainably,” said Ross Hilditch, Senior Product Manager at Beam.
-
Gold flirts with record highs ahead of US information
Gold increased on Thursday to hover below record levels, underpinned by unpredictability surrounding the U.S. elections and expectations of more rate cuts by significant central banks, while investors looked forward to a slew of U.S. data for even more direction. Spot gold increased 0.3% to $2,682.14 per ounce by 0221 GMT. Costs had climbed to a session high of $2,685.16 on Wednesday, shy of the record $2,685.42 scaled on Sept. 26. U.S. gold futures gained 0.2% to $2,697.40. Investors are looking for safe-haven gold as a hedge amid unpredictability over the U.S. elections. A Trump presidency must assistance gold as it may raise trade tensions and expand the deficit spending, stated Kelvin Wong, OANDA's senior market expert for Asia Pacific. In the extremely short-term, costs could deal with resistance at $ 2,700 levels. Republican presidential candidate Donald Trump on Tuesday defended his protectionist trade policies and other financial proposals. The U.S. retail sales and industrial production information for September, along with weekly unemployed claims data, are all due later on in the day. If the retail sales data misses expectations, it might provide next leg higher for gold, experts at SP Angel said in a. note. Traders see a 92% possibility of a 25-basis-point rate cut by the. U.S. reserve bank next month, the CME FedWatch tool revealed. The European Reserve bank is likely to lower rates once again,. arguing inflation in the euro zone is now significantly under. control. British inflation slowed dramatically last month, which. reinforced bets on a Bank of England rate cut next month. Lower interest rates and geopolitical tensions tend to enhance. bullion, which is considered a safe property and yields no. interest. Somewhere else, the mayor of a major town in south Lebanon was. among 16 individuals eliminated when an Israeli airstrike ruined its. local headquarters. Area silver rose 0.4% to $31.79 per ounce. Platinum. gained 1.2% to $1,005.00 and palladium firmed 0.5%. to $1,028.72.
-
'Trump trade' lifts dollar, Asia stocks await China news
storyp1> SINGAPORE, Oct 17 (Reuters) Asian shares steadied on Thursday ahead of a housing policy instruction in China that has actually raised expectations of support for the ailing property sector, while the dollar stood near 21/2 month highs on the possibility of a Donald Trump presidency. International bonds rallied after a remarkably large drop in British inflation and as the European Central Bank is expected to announce its first back-to-back rate cut in 13 years. Results at chipmaking giant TSMC2330. TW will be in focus after a soft outlook from devices provider ASMLASML.AS. Japan's Nikkei . N225 was up 0.2% in early trade and Australian shares . AXJO increased 1% to hit a record high, led by the banking sector which had actually also carried out strongly on Wall Street. The U.S. dollar stood near more than two-month highs as prediction markets showed Republican Trump leading the U.S. presidential race. U.S. futures ESc1 wobbled lower after the main U.S. indexes closed at or near record levels on Wednesday. It's probably just in the last two or 3 days that the idea of a Trump success is getting the U.S. dollar quote, stated Damien McColough, head of rates technique at Westpac, with Trump's tariff, tax and immigration policies viewed as inflationary, unfavorable for bonds and positive for the dollar. There's also the principle of a strong economy and less Fed rate cuts, so the 2 merge, he said. Trump and the Republicans are likewise viewed as likely to apply a softer touch to cryptocurrency guideline. Bitcoin BTC= has actually rallied in current sessions. Bitcoin is up 15% in a week to $67,615. Gold XAU= hovered at $2,677 an ounce, simply short of record levels. Chinese markets rose modestly at the open, with the Shanghai Composite . SSEC up 0.5% in early trade while Hong Kong's Hang Seng . HSI was 2% higher. STERLING SLIPS Worldwide economic information on Thursday and Friday is likewise most likely to be market-moving. In Asia, the Australian dollar AUD=D3 bounced from a one-month low after information showed net employment blowing past projections and pressing out rate cut bets. AUD/ The Aussie dollar was last up 0.5% at $0.6697 and three-year Aussie bond futures YTTc1 fell 8 ticks. U.S. retail sales data is due later Thursday, and China on Friday is because of release third-quarter gross domestic product numbers. On Wednesday, British inflation slowed greatly to an annualised 1.7%, reinforcing bets that the Bank of England might cut rates two times before Christmas. 0 #BOEWATCH Rates markets have actually priced a near 90% possibility of two 25 basis point rate cuts before year's end and the news sent out sterling GBP=D3 down 0.6% to its most affordable given that Aug. 20 and assisted push gilt and international bond yields lower.GB/ GVD/EUR US/ Standard 10-year U.S. yieldsUS10YT=RR were stable at 4.03%in Asia and two-year yields US2YT=RR held at 3.95%. Sterling traded at$1.2993, near its overnight low. GBP/ My guess is that London will most likely sell GBP strongly ... when they stroll in,stated Spectra Markets president Brent Donnelly in a note to clients, as traders absorb the across-the-board downturn in rate pressures. Elsewhere in foreign exchange trade, the euro EUR= EBS was at$1.0862 and pinned near its most affordable since early August and the yen traded at 149.40 per dollar JPY=EBS. In product trade, Brent unrefined futures LCOc1 steadied at$74.57 a barrel after 4 sessions of losses after industry information revealed an unforeseen drop in U.S. unrefined stockpiles recently. O/R World FX rates YTD http://tmsnrt.rs/2egbfVh Asian stock exchange https://tmsnrt.rs/2zpUAr4 (Reporting by Tom Westbrook in Singapore; Editing by Jamie Freed)To check out Reuters Markets and Finance news, click https://www.reuters.com/finance/markets. For the state of play of Asian stock exchange please click: 0 #. INDEXA
-
Oil inches up after surprise drop in US crude stockpiles
Oil prices increased in early Asian trade on Thursday, paring sharp losses over the previous 2 sessions, after industry information revealed an unexpected drop in U.S. unrefined stockpiles last week. Brent unrefined futures increased 45 cents, or 0.6%, to $ 74.67 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude futures were at $70.84 a barrel, up 45 cents, or 0.6%. Both crude standards settled on Wednesday, closing at their least expensive levels since Oct. 2 for a second day in a row. The criteria are down 6-7% so far this week after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Firm cut demand forecasts for 2024 and 2025. Rates have actually also fallen as danger premiums have cooled with worries having actually relieved that a retaliatory attack by Israel on Iran might interfere with oil products, though unpredictability stays over conflict in the Middle East. We are now playing a waiting video game for 2 things. First of all the China NPC standing committee to expand the information and the size of the fiscal stimulus plan which I believe is coming, Tony Sycamore, IG market analyst in Sydney, stated. Investors are awaiting further information from Beijing on its broad strategies announced on Oct. 12 to revive its ailing economy. The 2nd is Israel's action to Iran. It's coming, we understand that but we don't know when, Sycamore said, including that both aspects bring upside dangers for crude oil. In the U.S., crude oil and fuel stocks fell last week, market sources said, pointing out American Petroleum Institute figures on Wednesday, against expectations of an accumulation in crude stockpiles. Unrefined stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources stated on condition of anonymity. Fuel inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said. 10 experts surveyed approximated usually that crude inventories rose by about 1.8 million barrels in the week to Oct. 11. The Energy Information Administration, the analytical arm of the U.S. Department of Energy, will release its information at 11:00 a.m. EDT (1500 GMT) on Thursday. Also supporting oil prices, the European Reserve Bank is likely to lower interest rates again on Thursday, the first back-to-back rate cut in 13 years, as it shifts focus from cooling inflation in the euro zone to securing economic growth.
-
16 dead in Israeli strike on Lebanese town structure
storyp1> BEIRUT, Oct 17 (Reuters) The mayor of a significant town in south Lebanon was among 16 people eliminated when an Israeli airstrike destroyed its local headquarters in the biggest attack on an official Lebanese state structure considering that the Israeli air project started. Lebanese officials denounced the occurrence, which also injured more than 50 individuals in Nabatieh, a provincial capital, stating it was proof that Israel's project against the Hezbollah armed group was now shifting to target the Lebanese state. The Israelis deliberately targeted a meeting of the local council to go over the city's service and relief situation to aid people displaced by the Israeli campaign, caretaker Prime Minister Najib Mikati stated. The U.N. objective in Lebanon (UNIFIL) stated its peacekeepers observed an Israeli tank firing at their watchtower near southern Lebanon's Kfar Kela on Wednesday morning. Two cameras were damaged, and the tower was damaged, UNIFIL said. There was no instant comment from the Israeli armed force on the UNIFIL statement. Israel has actually formerly gotten in touch with the United Nations to move members of the UNIFIL peacekeeping force in southern Lebanon out of the combat zone for their security. UNIFIL says its soldiers have actually come under Israeli attack a number of times, though Israel has actually disputed accounts of those events. Israeli Defence Minister Yoav Gallant, on a see to northern Israel near the border, said Israel would not stop its attack on Hezbollah to enable negotiations. We will hold negotiations just under fire. I stated this on day one, I stated it in Gaza and I am stating it here, he stated according to a statement from his workplace. Pentagon primary Lloyd Austin on Wednesday spoke with Gallant and strengthened the importance of taking all necessary steps to make sure the security and security of UNIFIL forces and the Lebanese Army, according to the Department of Defense. Israel launched its ground and air project in Lebanon to dismantle Hezbollah after a year throughout which the Iran-backed militant group fired throughout the border in support of the Palestinian militants Hamas in Gaza. In recent weeks Israel has actually assassinated Hezbollah's senior leadership and pressed into southern border towns, saying its aim is to make it safe for 10s of thousands of Israelis to go back to homes in Israel's north evacuated under Hezbollah fire. Israel first issued an evacuation notice for Nabatieh, a city of tens of countless people, on Oct. 3. At the time, the city's Mayor Ahmed Kahil informed Reuters he would not leave. Inquired about Israeli strike on Nabatieh, State Department spokesperson Matthew Miller declined to discuss the circumstances of particular strikes however stated the U.S. understands Hezbollah operates from places like civilian homes and supported limited strikes to target the group. Clearly, we 'd not wish to see entire towns damaged. We do not wish to see civilian homes damaged, Miller said. Israel said on Wednesday it struck lots of Hezbollah targets in the Nabatieh area and its navy also hit dozens of targets in southern Lebanon. It stated it had taken apart a tunnel network utilized by Hezbollah's elite Radwan Forces in the heart of a town near the border with Israel, publishing a video revealing several explosions rocking a cluster of structures. Lebanese officials said it was the small town of Mhaibib. STRIKES RESUME ON SOUTHERN BEIRUT SUBURBS Israeli warplanes on Wednesday likewise hit Beirut's southern suburbs, in the very first attack on the city because Oct. 10, when 2 strikes near the city centre eliminated 22 people and brought down whole structures in a largely populated neighbourhood. Israeli operations in Lebanon have eliminated at least 2,350 people over the last year, according to the health ministry, and more than 1.2 million individuals have been displaced. The U.N. says a quarter of the nation is under evacuation orders. The toll does not compare civilians and contenders however consists of hundreds of women and children. Around 50 Israelis, both soldiers and civilians, have actually been eliminated in the very same duration, according to Israel. Having actually long implicated UNIFIL of failing in its mission to keep armed fighters out of the border location, Israel adopted a more conciliatory tone earlier on Wednesday. The State of Israel places fantastic significance on the activities of UNIFIL and has no objective of damaging the organization or its personnel, Foreign Minister Israel Katz said in a declaration. The 10,000-strong peacekeeper force comprises contingents from 50 nations, consisting of 2,500 Italian, French and Spanish soldiers, triggering strain in between Israel and some of its most popular European allies.
-
OECD-backed group requires international pact to resolve water crisis
storyp1> SINGAPORE, Oct 17 (Reuters) Countries require a new global pact to repair an installing water crisis that could cut economic development by a minimum of 8% and put half the world's food supplies at threat by 2050, an OECDbacked commission said on Thursday. Climate modification, devastating land use and chronic mismanagement has put the international water cycle under unmatched tension, stated the Global Commission on the Economics of Water (GCEW), a two-year research initiative set up by the Netherlands in 2022. Densely populated areas like northwestern India, northeastern China and southern and eastern Europe are especially vulnerable to water scarcities, it stated. Federal governments should collaborate to create incentives to transform how water is consumed and ensure that investment in vital infrastructure reaches the ideal places, GCEW stated in its final report. We are going to need to set common goals for water sustainability, said Singapore President Tharman Shanmugaratnam, GCEW co-chair. Ultimately, it will need a worldwide water pact. It is going to take a number of years to arrive, but we are going to begin that procedure, he said at a briefing ahead of the report's launch. The report stated international water products can no longer be depended on, partially as a result of shifting rainfall patterns, with each 1 degree Celsius of warming estimated to increase atmospheric moisture retention by 7%. For the very first time, we are really changing the really source of all freshwater - specifically rainfall, stated Johan Rockstrom, director of the Potsdam Institute for Environment Impact Research study and another commission co-chair. As well as blue water in rivers and lakes, the commission took a look at green water included in soils and plant life. After evaporating, green water provides around half of global rains in a process known as atmospheric rivers. Rising temperatures have actually developed a vicious circle, with lower soil moisture intensifying droughts and wildfires and causing more destruction and biodiversity loss, more disrupting those climatic river streams, the commission stated. Regions relying on high levels of irrigation might struggle with water storage capacity declines. On existing patterns, worldwide cereal production might fall by as much 23%. Financing systems are needed to motivate financial investment in water infrastructure, especially in more vulnerable countries, and banks need to likewise make lending conditional on protecting water products, the report said. International efforts are also required to price water correctly and redeploy an approximated $600 billion in annual farming aids that encourage overconsumption and the planting of water-intensive crops in unsuitable regions, stated Ngozi Okonjo-Iweala, Director General of the World Trade Organization and another GCEW co-chair. While multilateral cooperation is required to attend to dangers to worldwide water products, growing lacks could exacerbate geopolitical stress, stated Genevieve Donnellon-May, a scientist at the Oxford Global Society think tank, who studies water politics. One concern is that growing water deficiency could result in less transboundary cooperation, both at a subnational level ... and also between countries, she said.
-
One Direction vocalist Liam Payne discovered dead in Buenos Aires, regional media reports
storyp1> Oct 16 (Reuters) Former One Instructions vocalist Liam Payne died outside a hotel in the Argentine capital Buenos Aires, local media reported on Wednesday, stating the 31yearold British musician was discovered dead after falling from the hotel's 3rd flooring. Pointing out authorities, leading local papers La Nacion and Clarin reported that police were called to the hotel in the capital's leafy Palermo area reacting to an emergency situation call that mentioned an aggressive man who could be under the impacts of drugs and alcohol. Ambulance workers later verified the death of the vocalist, who was discovered in an interior hotel patio, according to the report. Liam Payne increased to global fame as part of the since-disbanded pop band One Direction, together with Harry Styles, Zayn Malik, Niall Horan and Louis Tomlinson. The kid band got its start after ending up 3rd on the British version of the X Aspect music competitors show in 2010, however the group broke up in 2016 as its members pursued different jobs including solo professions.
Asia stocks stall on China real estate plan, 'Trump trade' lifts dollar
storyp1> SINGAPORE, Oct 17 (Reuters) Asian shares gave back early gains on Thursday as a real estate policy rundown in China underwhelmed investors, while the dollar stood near 21/2 month highs on the possibility of a Donald Trump presidency.
International bonds were firm following a surprisingly big drop in British inflation and as the European Central Bank is expected to make its first back-to-back rate cut in 13 years.
Results at chipmaking giant TSMC2330. TW will be in focus, after a soft outlook from equipment supplier ASMLASML.AS that battered chip stocks.
Japan's Nikkei . N225 slipped 0.6% and falling property shares in China relaxed the more comprehensive market's early-morning gains. The Shanghai Composite . SSEC was flat and Hong Kong's Hang Seng called back a 2% gain to trade 0.6% greater at 0325 GMT.
China's CSI300 real estate index . CSI000952 shed 5% to hand back 2 days of gains.
China's housing minister assured to enhance builders' access to financing for completing thousands of projects and the reserve bank's deputy governor stated cuts to down payments had already enhanced confidence and sales.
But there was no new gesture to thrill markets about a significant revival for a sector where a crackdown on designers' borrowing has set off a wave of defaults, while declining rates have shaken families' faith in the property class.
Property designer Sunac China 1918. HK, taking the recent rally as a cue to raise capital, helped to dampen the mood. Hong Kong-listed mainland designers . HSMPI were down 3%.
Some financiers took the opportunity to capitalize fortunately today, leading to a pullback, said Kenny Ng, expert at China Everbright Securities International.
Australian shares . AXJO likewise reduced from a record high as mining stocks slipped and iron ore rates fell in Singapore SZZFX4. U.S. equities futures ESc1 wobbled lower after the primary indexes closed at or near record levels on Wednesday.
DOLLAR GAINS
Foreign exchange markets, on the other hand, have sent out the dollar greater tracking an enhancement in Republican Donald Trump's fortunes in prediction markets for the U.S. governmental race.
Trump's tariff, tax and migration policies are viewed as inflationary, and hence negative for bonds and favorable for the dollar. The euro was at $1.0862 and pinned near its most affordable since early August. The yen traded at 149.40 per dollar JPY=EBS.
It's most likely only in the last two or three days that the concept of a Trump victory is getting the U.S. dollar quote, said Damien McColough, head of rates technique at Westpac.
There's also the principle of a strong economy and less Fed rate cuts, so the 2 merge, he stated. Trump and the Republicans are seen as most likely to use a softer touch to cryptocurrency policy. Bitcoin BTC= has rallied in current sessions.
Bitcoin is up 15% in a week to $67,615. Gold XAU= hovered at $2,677 an ounce, just short of record levels.
The Australian dollar AUD=D3 bounced from a one-month low in Asia after data showed net employment blowing previous projections and pressing out rate cut bets.
U.S. retail sales data is due in the future Thursday. Data on Wednesday revealed that British inflation slowed greatly to an annualised 1.7%, boosting bets that the Bank of England could cut rates two times before Christmas. 0 #BOEWATCH
Rates markets have actually priced a near 90% chance of 2 25-basis-point rate cuts before year's end and the news sent out sterling GBP=D3 down 0.6% to its most affordable because Aug. 20, while assisting to press gilt and international bond yields lower.GB/ GVD/EUR US/ Benchmark 10-year U.S. yieldsUS10YT=RR were constant at
4.03%in Asia and two-year yields US2YT=RR held at 3.95%. Sterling traded at$1.2993, near its overnight low. GBP/ In product trade, Brent crude futures LCOc1 steadied at$74.57 a barrel after 4 sessions of losses. Industry information showed an unexpected drop in U.S. crude stockpiles recently. O/R World FX rates YTD http://tmsnrt.rs/2egbfVh Asian stock markets https://tmsnrt.rs/2zpUAr4( Reporting by Tom Westbrook in Singapore; Modifying by Jamie Freed and Edmund Klamann )To read Reuters Markets and
Finance news, click https://www.reuters.com/finance/markets. For the state of play of Asian stock markets please click on: 0 #. INDEXA (source: Reuters)