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Mexico Beach towns prepare for storms when Polo hits the coast
Residents of Mexico's Pacific coast beach towns prepared for heavy rains and dangerous surf as Hurricane Polo, an intense Category 4 storm, moved northwestward offshore. The hurricane threatened flooding and mudslides on the southwest coast. US National Hurricane Center: Polo will continue to move slowly along the coast, between fishing town Zihuatanejo (and port hub Manzanillo), with maximum sustained wind speeds of 145mph (230kph). This is at 3 pm local time. It was predicted that the center of the storm would track along the edge southwestern Mexico until Thursday morning, before turning out to sea. The outer rainbands of the hurricane were already hitting the coast where tropical storm watches and warnings were still in effect. In the resort town of Acapulco the beach was battered by rough surf, the bay was swept with rain and the palm trees were bent. Merchants strengthened stall roofs while boats remained in the bay. Andrea Tenorio, a local resident, said, "As soon as they warned us yesterday, I began to get my documents in order, and started packing my belongings half-way, just in case." She stated that a nearby elementary was being used as a temporary shelter. Tenorio, when asked if she was afraid, said that Hurricane Otis haunted the residents. She said, "With Otis we were left traumatized." "We've never been able overcome it." Hurricane 'Otis' slammed Acapulco as a Category 5-storm in October 2023, killing dozens of people and destroying the coastal town. The NHC stated that Polo will bring 4 to 6 inches of rain (10 to 15cm) to the coastal state of Guerrero, with some areas receiving up to 8 inch (20cm). This could trigger dangerous flooding and mudslides in mountainous regions. Parts of Michoacan and Jalisco were expected to receive significant but lower rainfall. The NHC stated that "Fluctuations of intensity are expected, but Polo will remain a powerful major hurricane for the next few day,"
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Both parties of senators ask Trump to release emergency heater oil due to price surge
Two US Senators from Maine, a state that is heavily reliant upon 'home heating oil', have asked President Donald Trump to tap into the emergency fuel stockpile of the country as diesel prices are soaring and pushing up household costs. In a letter sent to Trump on Tuesday, Senators Susan Collins (a Republican) and Angus King (an independent who is a member of the Democratic caucus) asked him to release the home heating oil held in the Northeast Home Heating Oil Reserve. This would protect Mainers against the high prices which are imposing a financial burden. Collins, who has a tight race to win her seat in the midterm elections in November, said in a press release that the cost of energy was a "huge problem in my state" and tapping the reserve would "help put downward pressure on the prices." The senators said that Maine households pay about $675 more than last year to fill a heating oil tank. They cited a Maine Department?Energy Resources study. Diesel, which is similar in price to heating oil has risen to an all-time high of $6.50 per gallon due to the conflict in Iran and Ukraine that has impacted fuel production and petroleum shipments. The White House didn't immediately answer a question about the letter. Collins joined Senator?Jack Reed of Rhode Island in asking that the administration release money from its home heating program to assist low-income families. Bill Clinton created the reserve in 2000, which stores 1 million barrels in four locations from Maine to New Jersey. The reserve holds approximately 10 days worth of heating oil in the region. It has not been used since 2012 when it was used to fuel emergency responders after Hurricane Sandy. Trump's budget for last year proposed closing the reserve. It is costly to maintain. The rising diesel price has prompted calls for a ban?on the export of the fuel. However, the White House denied on Wednesday a report that the administration was preparing to ban diesel exports for 90 days.
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US stocks drop as 10-year Treasury yield reaches highest level since 2007
On 'Wednesday', US shares dropped and 10-year Treasury yields rose to their highest levels since 2007. This was after data revealed that US business activity had risen?to more than five-year highs in September. Fueled by an increase in new orders. S&P Global said that its US Composite PMI Output Index (which tracks manufacturing and service sectors) increased to 58.4 in this month. This is the highest level recorded since July 2021. Will Compernolle is a macro-strategist at FHN. The yields are at multi-year highs due to traders pricing in the possibility of more Federal Reserve interest rate increases, while inflation remains stubbornly above the central banks' 2% target. The yield on the 2-year Treasury bond, which is sensitive to interest rates, rose by 11.4 basis points, from 4.947% to 4.891%. This was the highest level since May 2024. The benchmark 10-year rate jumped 13.89 basis point to 5.106%. This is the highest yield since 2007 and its biggest increase in a single day since April 2025. Fed funds futures traders now price in a 66% probability of an October rate increase, up from a 53% chance earlier in the day. Fed Governor Michael Barr, who added to the hawkish tone, said the central bank had taken an important step to "recalibrate", short-term borrowing rates to bring down inflation. He also indicated that future rate increases will be necessary. Analysts said that a break through technical levels? amplified the rate rise. Compernolle stated that "it appears for now that the technical boundaries which had held yields in check for the past few weeks have just been?broken. Once this momentum begins, it could make traders very reluctant to get in front of the market." In the midst of the recent bond market crash, the US Treasury Department saw very low demand for its auction of $70 billion in 5-year notes. The notes sold at their highest yield since 2007. Stocks fell as yields rose. Rates can affect equities by increasing the cost of corporate investment as well as by luring investors back to the bond market. The Dow Jones Industrial Average dropped 0.68%, and the S&P 500 fell 0.75%. The Nasdaq Composite fell 1.13% after reaching a record-high on Tuesday. The pan-European STOXX 600 Index fell by 0.44% and an MSCI global index fell by 0.73%. This ended four days of consecutive gains. Focus on GEOPOLITICS The mood was further dampened on Wednesday by the comments of Iranian leaders, who highlighted that US and Iran are still far apart in their efforts to reach a peace agreement. After Iranian President Masoud Pezeshkian said that Tehran would not bow to US pressure, a senior Iranian official stated that diplomacy must continue despite the fact the two sides are still divided over how to end the conflict. In his speech at the same forum, President Donald Trump threatened on Tuesday to "annihilate Iran", but also stated that his envoys held productive discussions with mediators who were seeking to end conflict. Cole Smead is the CEO and portfolio manager of Smead Capital Management. He said, "We have been through a number of starts and stoppages like this." We're in an incredibly momentum-driven market. "I don't believe most people are comfortable with stepping into the way of headlines." US crude climbed 2.3% to $92.60 per barrel. Brent rose 4.28% to $103.50 a barrel. Investors also look forward to a meeting between Trump and Chinese president Xi Jinping, which is expected to take place in 'Washington. There, tensions regarding trade, technology, and Tehran will be played out amid pomp and ceremony. DOLLAR GAINS The prospect of higher rates boosted the dollar's value against the Canadian, British and Euro dollars to new highs. The euro fell 0.55% at $1.1384, and reached $1.1367 - the lowest level since July 28. Dollar was 0.61 percent stronger against yen, at 158.33. Speculators were wary that a push beyond 160.00 would invite more Japanese intervention. Spot gold dropped 1.64%, to $4283.40 per ounce.
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White House denies reports that the US was considering a ban on diesel exports
A White House official denied on Wednesday a report that claimed the US was preparing to ban diesel exports for 90 days in order to curb record fuel prices. The price of diesel has risen to a record high of $6.50 per gallon due to the conflict in Iran and Ukraine, which is affecting oil and fuel deliveries. This poses a risk for President Donald Trump as he prepares for the midterm elections. US Energy Secretary Chris Wright stated earlier that such an ban would not be effective and could increase gasoline and jet fuel costs. The US is currently discussing voluntary measures. Wright responded to the Politico article that said the US is planning a 90-day export ban. He said, "Nobody?is?considering?a ban on fuel shipments." Wright did not provide any further details.
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Official: Colombia could adopt Argentina's tax incentives to encourage investment
Armando Cuello, the Deputy Minister of Energy in Colombia, said that the country could adopt a model for tax incentives similar to one used in Argentina to 'attract large scale investments in energy and mining. Cuello, speaking at an economic forum in Bogota said Colombia was studying if it could replicate "aspects" of Argentina's Incentive Regime for Large Investments (RIGI), which offers tax, foreign exchange and customs benefits to major projects. The program was launched in 2024 by the Argentine president Javier Milei. Cuello stated that there was a 'political will' to create an investment-friendly environment, which he knew would take time. Abelardo De La Espriella, the Colombian president, announced that his government will resume signing hydrocarbon exploration contracts, and allow fracking. This is a reversal of a ban placed by former President Gustavo Petro. Cuello stated that the lack of?new project development during the previous administration had pushed Colombia's?energy sector into crisis. He said that the country's?deficit in power had increased to 8.6%, from?7.2% just a week before. He said that the government is taking every?possible step to prevent widespread?power outages during?the El Nino phenomenon affecting Latin America.
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US diesel futures drop after White House denies export ban report
US ultra-low sulfur?diesel?futures fell 4% on?Wednesday?after Politico reported the White House was preparing a 90-day ban on diesel exports, which Trump Administration denied. According to AAA, the average US diesel price is nearing record levels at $6.52 per gallon. This puts pressure on farming, transportation, and other industries that depend on this fuel. The wars in Iran and Ukraine has led to a sharp drop in exports by some of the largest?producers, such as Russia and Saudi Arabia. White House officials said that a report that the US is considering a temporary flat export ban wasn't correct. The October futures contract traded at $4.7437 per gallon last, down 4% after falling more than 6% earlier. Trump announced on Tuesday that he supports a ban of diesel exports. Republican candidates running in some of the most tight races in November had called for this measure to help curb fuel prices. Diesel's surge' has coincided with a drop in US?diesel stocks to less than 95 million barrels or 13% below the seasonal average of the last five year. US Energy Secretary Chris Wright stated on Wednesday, however, that a ban on US diesel exports will not work and may increase gasoline and jet fuel costs. Wright stated that the administration is working with the refinery industry to increase supply of US diesel in "a simpler, voluntary and cooperative manner, without using blunt tools that would reduce the refining process." He said that any plan will be voluntary. He didn't elaborate on the plan and said that no decisions had been taken. A ban on exports of diesel would increase prices for?diesel worldwide. After Trump's remarks, the European diesel?refining industry saw its margins reach a new record on Wednesday. Analysts have warned that it could also hurt the margins of US refineries and push prices down in the United States. If a ban were to be imposed, refineries would most likely reduce the amount of crude that they process. Analyst and traders say that if US refineries reduce runs, this would lead to a reduction in the supply of gasoline, and other products. This could potentially push up prices for these fuels. U.S. Interior Secretary Doug Burgum stated earlier this month that a ban on oil, diesel or gasoline exports may lead to retaliatory measures from other countries. This could harm consumers in California, whose energy imports are partially dependent on.
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Analysts say that the US ban on diesel exports would harm global fuel markets
Analysts said that a US diesel export ban would be a self-defeating measure. It would not only do little to ease high US fuel costs, but it could also worsen economic disruptions and supply problems around the world. Donald Trump, the US president, reportedly said on Tuesday that he supported a ban. According to AAA, the average US diesel price has risen to a record $6.51 per gallon. Diesel is essential to the global economic system because it powers the transportation equipment, farm machinery and machinery that makes and moves goods. Fuel prices are high, and they increase the cost of transporting everything from consumer goods and groceries to industrial materials. This is already a major problem for Trump and Republicans as we head into the midterm elections in November. Why are diesel prices high? The price of diesel has risen around the globe due to a combination of factors, including supply disruptions caused by the Ukrainian strike on Russia's refining facilities, damage inflicted on Middle East refineries as a result the US-Iran conflict, and low inventory. In July, Russia, the second largest exporter in the world, banned diesel imports until at least September. The US-Iran War has also affected or stopped diesel exports through the Strait of Hormuz, and in the Red Sea. In August, the US exported a record number of barrels per day (bpd) of diesel. This is up from 1 million bpd before the Iran War began in February. According to Kpler, the top buyers are Brazil, Chile Mexico, Peru, Morocco France and United Kingdom. Will US Fuel Prices Rise or Fall After 'THE Ban? A ban on crude oil would probably cause US refineries reduce the amount they process. Analyst and traders have said that if US refineries reduce runs, they will also lower the amount of gasoline produced and increase prices. Capital Economics wrote in a report that an oil ban could be counterproductive because a diesel surplus in the US would force refiners in America to reduce their supply of oil products. This could happen within weeks. The American Petroleum Institute (API), a major trade association, warned that restricting US diesel exports could have a devastating impact on fuel markets both in the US as well as abroad. It would also destabilize refinery operation and worsen a global crisis of refining. Energy economist Philip Verleger said that a ban on the use of ethanol could increase world prices up to 100%. WHAT WOULD A ban affect?EUROPE and ASIA? The European diesel price has reached record levels and the Asian prices are not far behind. The European Union would be a net importer of diesel, and have limited options to meet the demand, given the Russian ban. Europe's dependence on US diesel will increase in 2026 as Middle Eastern exports to Saudi Arabia and United Arab Emirates decline. Consultants FGE NexantECA predicted that global prices would rise further because buyers in Latin America and Europe would have to compete with each other for a limited pool of supplies. Citi analysts warned that even a partial ban in the US could cause product shortages across Europe, South America and Australia, as well as Africa. The market was not cooled by higher?Chinese Diesel exports in July or August, according to the report. Asia, which is home to some of world's largest?refinerys complexes, produces typically more diesel than they need. India, as the region's main supplier, may be the first to increase exports to Europe. WHAT ARE THE IMPLICATIONS POLITICALLY AND GEOPOLISTICALLY? Some Republican Senate candidates who are in the most competitive races for the November 3 elections have called on the administration to implement an export ban to reduce the high cost of goods for Americans. Jim Mitchell, Director of Oil Trading Analytics at Wood Mackenzie, said that the report was more of a political sounding than a real reality. Mitchell also said that the move would harm some of America's key allies in Europe. Verleger said that the world would no long view the United States of America as a reliable energy source.
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De Laurentiis wished to "shoot" Infantino then applauded the World Cup show
Aurelio De Laurentiis, Napoli's President, has a talent for turning football politics into cinema. FIFA President Gianni Infantino was cast as both villain and hero in his latest monologue about the state of football. De Laurentiis, speaking after receiving the lifetime achievement award of Italy's Foreign Press Association, did not directly attack Infantino. The Italian has been called to resign following an investigation into a plan in which private investors could have purchased shares for the World Cup or other competitions. The Napoli owner instead offered a "barbed" assessment of FIFA's rise to prominence and its global reach before admitting that he was impressed with the staging of the 'World Cup' this year. De Laurentiis, speaking at the Rome ceremony, said: "Infantino does his work from his own point of view." What are we to say about a former secretary who, after becoming president, is allowed to travel the world with the FIFA badge and meet Trump, Putin, and everyone else? We must say that he is just doing his job. "I wanted to shoot Infantino, but after seeing how he organised things, I decided to hold my hand up and say, 'Well done'." EUROPE FOOTBALL POWER STRUCTURES De Laurentiis' Napoli, which he rescued from bankruptcy over two decades ago, has won two Serie A championships and five domestic cups. He was less kind about?European soccer's power structure. He said: "Sport in Europe is in crisis, not in the United States. The shining beacon is still there. What is the purpose of the Europa League? What is the Conference League? The Conference League is a way to collect votes to re-elect those in 'all those organisations that are above any legislative oversight because they do what they want, and if you even raise your head, they will immediately cut it off. "Look what's happening at FIFA and what has happened at UEFA over the years. A series of videos from a few year ago tells the tale of FIFA's troubles ..." De Laurentiis reiterated his desire that Napoli have a "family-friendly" stadium, and said that hard-core Ultras had "no place" in this vision. "I'm against ultras. Football must be about passion and education for children." De Laurentiis pointed out that you can't have 'ultras,' or hooligans, who are modeled after the Mafia. It's a serious problem until our police chiefs, and ministers of the government, get it under control.
Brazil's Congress approves rules for local carbon credits market
Brazil's lower house of Congress approved a costs on Tuesday that sets guidelines for a carbon market in the nation, with the text now pending only approval from President Luiz Inacio Lula da Silva to end up being a. law.
The bill, which had actually already gotten the thumbs-up from. the Senate, proposes two kinds of carbon credits markets: a. managed one, with a cap of emissions for particular sectors of. the economy, and a so-called volunteer market.
WHY IT is necessary
Companies typically purchase such credits to balance out a portion of. their greenhouse gas emissions, basically spending for jobs. that cut climate pollution.
Brazil hosts part of the Amazon rainforest, whose defense. researchers state is essential to curbing climate change due to the fact that of the. vast amount of co2 its trees absorb.
EXTRA CONTEXT
Brazil's approval comes a week after nations at the United. Nations COP29 environment talks in Azerbaijan agreed to guidelines that. might enable a U.N.-backed international carbon market to be. introduced as quickly as next year.
(source: Reuters)