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Court of Auditors says that EDF fleet maintenance will cost more than 100 billion Euros by 2035.
The French Court of Auditors reported on Monday that EDF, a French utility, will have to invest over 100 billion euros (116 billion dollars) between 2014-2035 in order to extend the lifespan of its fleet of nuclear reactors. EDF must balance these costs against the cost of building six additional next-generation (EPR2) nuclear reactors. The final cost estimate is expected by the end the year, with an investment decision in the second half 2026. According to the court, EDF should be able to profit from the renovations if the production forecasts are met. It added that the renovation costs should also remain competitive in comparison to the EPR2 programme of construction, as this is seen to be a way of replacing some reactors which will not meet requirements for an extension. EDF has declined to comment. EDF is expecting to produce between 350-370 terawatts hours of electricity by 2026-2027. This will be higher than in recent years, following a major maintenance program in 2022. Bernard Fontana, the new CEO of EDF, has said that he hopes to have his fleet producing 400 TWh again by 2030. France's nuclear fleet is responsible for 70% of the country's electricity production. This has helped to lower the power prices in France compared to neighbours such as Germany and Britain, which rely heavily upon gas-fired plants.
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Dollar firmer as copper slips in macro concerns
The copper price fell on Monday due to a stronger dollar, the fading of hopes for a further Federal Reserve rate reduction, and macro-economic concerns. As of 1036 GMT, the benchmark three-month price for copper at the London Metal Exchange had fallen by 0.5% to $10,797.50 a metric ton. Metals used in construction, manufacturing and power are considered to be a good indicator of global economic health. In a note, Neil Welsh, the head of metals for Britannia Global Markets said that the base metals market was largely defined as a quiet one, with participants waiting on delayed U.S. data and clarity regarding monetary policy. Fed policymakers are concerned about inflation and question whether another rate reduction is needed before the end the year. The U.S. announced that it would begin releasing economic data, including the September job report, which had been delayed due to the government shutdown. The dollar index grew by 0.1%. The dollar index rose 0.1%. The sentiment is also being held back by the macro signals coming from China, which is the world's largest metals consumer. Recent industrial data have been mediocre even though major infrastructure and green-energy investments are supporting long-term industrial metals demand. Tom Price, an analyst at Panmure Liberum, said that the decline in copper was all macro-related. If you compare the signals for copper, the price is high and limited to a narrow range. All the other signals are also deteriorating. Last time, the cash LME copper contract traded at a discount of $15 per ton to the forward three-month contract This indicates that there is no immediate need for metal. Aluminium dropped 0.6% to $2.842 per ton. Zinc grew 0.2% to $3,000, while nickel fell by 0.9% to $14.755 after reaching its lowest level since April. Tin rose 0.2% to $35,790. After 42,025 tonnes of lead were deposited into the LME warehouse system in Kaohsiung, lead prices fell 0.3%, to $2,056. (Reporting and editing by Rashmi aich, Shilpi majumdar and Shilpi Aich; Additional reporting by Dylan Duan, Lewis Jackson and Lewis Jackson)
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Ethiopia reports three deaths in Marburg virus epidemic
Ethiopia's Health Ministry announced on Monday that three people have died after contracting the Marburg virus. Three more deaths may be related to this highly contagious disease. Ethiopia confirmed an outbreak of Marburg on Friday in a city in Southern Ethiopia Region, a highly contagious, haemorrhagic disease. At least six cases were identified. The ministry released a statement saying that the reference laboratory of the Ethiopian Public Health Institute has confirmed three... deaths from the virus. The ministry added that three additional deaths are being investigated to determine if they have a connection with the virus. The ministry didn't give an updated number of confirmed cases, but did say that 129 people in contact with those cases were isolated and being monitored. Marburg is a virus from the same family as Ebola. It can cause severe headaches, and even lead to hemorrhaging. In previous outbreaks, Africa has seen fatality rates of up to 80%. This is usually within 8-9 days after the onset of symptoms. The disease is spread by contact with body fluids, such as blood and saliva, or handling wild animals infected with the virus. Reporting by Dawit Endshaw; writing by Elias Biryabarema. Editing by George Obulutsa, Bate Felix and George Obulutsa.
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Russian rouble falls as corporate forex sales decline
On Monday, the Russian rouble fell against the U.S. Dollar and the Chinese yuan as the corporate sales of foreign currencies, which had supported the rouble over the past few weeks, decreased. The rouble fell more than 0.4% against the dollar at 1050 GMT and was down 0.2% against the yuan at 1140 on the Moscow Stock Exchange. The traders believe that the currency sales of Russia's two major oil companies, Rosneft & Lukoil - both sanctioned in the U.S. - have supported the rouble. The traders did, however, note the recent irregularity of corporate forex sales. The U.S. has set a deadline of November 21 for the closing down of transactions with these companies. Many traders think that both companies have repatriated their earnings and converted them into roubles before the deadline. The flows are not logical. It seems to depend on their internal accounting, and perhaps some of their ideas," said a trader who declined to identify himself. According to analysts polled, the rouble is expected to fall to 94.2 dollars per rouble in 12 months. Vladimir Yevstifeev, Zenit Bank, said that most forecasts indicate a gradual weakening in the rouble due to reduced exports and a decrease in volume of currency sales. (Reporting and editing by Joe Bavier; Gleb Brynski)
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EDF, OpCore to develop 4-billion-euro data centre in France
The companies announced on Monday that EDF, a French utility, and OpCore - a joint venture of telecoms group Iliad with InfraVia Capital Partners - have entered exclusive negotiations for the development of a hyperscaled data centre. The project, which would be located on the site of EDF's former coal-fired plant at Montereau-Vallee-de-la-Seine, is expected to cost around 4 billion euros ($4.64 billion) and would create one of Europe's largest computing hubs with several hundred megawatts of capacity. Old power plants in Europe are being converted into data centres, to meet the demand for AI computing. Existing grid connections and industrial sites can be used to accelerate deployment and reduce costs. In a press release, French Economy Minister Roland Lescure stated that "this investment shows France intends lead the artificial-intelligence revolution." "We are reaffirming that we will reindustrialise France, create jobs and make France a digital power." The first phase of the fast-track grid connections scheme in France is expected to be operational by 2027. EDF issued a request for interest in the repurposing of industrial land into strategic digital infrastructure earlier this year. The Montereau plant, which was shut down in 2004 will be redeveloped, with an emphasis on energy efficiency, according to the companies. $1 = 0.8618 Euros (Reporting and editing by Alex Richardson, Joe Bavier).
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In an attack on a Nigerian school, gunmen kill the vice principal and abduct female students
According to a security report, gunmen attacked the government boarding schools in Nigeria's Kebbi State early on Monday morning, killing the vice-principal and kidnapping an unknown number of female students. Around 1 am local time, the assailants stormed Government Girls Comprehensive Secondary school in Maga, Maga, with rifles. A teacher, who asked to remain anonymous for safety reasons, said that Hassan Yakubu Makuku, vice principal, was killed by the attackers while he was resisting them. He also reported that a security guard had been injured. Teacher: The gunmen fled to the neighboring state Zamfara, with the students abducted. Security forces have not yet commented on the incident. No group has claimed to be responsible for it. Armed gangs have repeatedly abducted students from schools in Northwest Nigeria, seeking ransom money despite the government's promises to improve security. Reporting by Ahmed Kingimi, Writing by Chijioke Ahuocha, Editing by Bate Felice
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Yum China announces strong expansion plans for KFC, Pizza Hut and other KFC restaurants
Yum China Holdings (the parent company of KFC in China and Pizza Hut there) said on Monday that it would continue to run a vigorous campaign in order to improve profitability and open new stores in the future. Smaller cities will be a key target. Yum China stated that by 2028 KFC plans to have over 17,000 stores in China, with an operating profit of 10 billion yuan (1,41 billion dollars). The company will use lower-capex store models in order to expand into smaller, untapped cities. The group expects to double the operating profit for Pizza Hut in China by 2029, compared to 2024. Joey Wat, CEO of Yum China, said that despite a highly competitive market, the company sees a huge potential in China and is aiming to reach a third of the country's population by the middle term. Wat stated that while the macroeconomic climate remains difficult, Yum China has seen some signs of improvement in October and November. Customers still care about price and value for money but you can sense that overall sentiment is becoming more optimistic.
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China's Lithium Demand Booms after Ganfeng Chairman Predicts 2026
China's Lithium price surged Monday after the Chairman of the major Chinese producer Ganfeng lithium Group Co predicted demand growth of 30% to 40% for battery metal in 2026. The Guangzhou Futures Exchange's most traded lithium carbonate contract rose 9%, reaching a high of 95,200 Yuan ($13401.28) a metric ton. This is the highest price since June 2024. The peak was reached after the local media outlet Cailian published Li Liangbin's comments in a speech at a conference. Li said that the demand for lithium carbonate could increase its price to more than 150,000 yuan per ton or even 200,000 yuan. In China, lithium carbonate prices are rising, with an increase of more than 17% this month. Investors predict that the energy storage industry will be booming. The rise in prices is also attributed to supply concerns caused by the delayed reopening CATL's flagship Jianxiawo Lithium Mine in Yichun City, Jiangxi Province. As reported previously, CATL continued to use external sources of lithium ore in November to produce lithium carbonate as Jianxiawo Mine remained closed. Shares of Tianqi Lithium rose 9.87%, Chengxin Lithium rose 10.01% and Ganfeng Lithium shares increased 7.48%. ($1 = 7.1038 Chinese Yuan Renminbi). (Reporting and editing by Lewis Jackson and Dylan Duan)
Stocks and bonds remain steady as Nvidia's earnings test looms
Stocks and bond rates held steady on Monday as markets took a breather after a wobble last week in tech stocks that could be repeated or reversed when $5 trillion chipmaker Nvidia releases earnings on Wednesday.
Investors are also awaiting the headline U.S. job data, due on Thursday. However, the report could do little more than confirm private market surveys that showed the labour market was slowing.
The benchmark European index of 600 large stocks gained 0.1% during a subdued morning trading session. Wall Street is expected to follow suit as S&P futures moved up 0.6% and Nasdaq futures rose 1%.
After policymakers sounded hesitant, the expectation of a U.S. rate cut in December has fallen to less that 50%. This has put pressure on the stock market, particularly in the volatile and rate-sensitive technology sector.
ASIA STOCKS CHINA-JAPAN TENSION SNAKES
After China warned its citizens to avoid Japan, the Nikkei index in Asia fell by 0.2%. Tourism and retail stocks were also down.
Shares of department store operator Isetan Mitsukoshi, Muji parent Ryohin Keikaku, and cosmetics manufacturer Shiseido have declined by around 10%.
In Australia, the Australian bourse was flat due to a 0.6% drop for BHP following Britain's High Court finding it responsible for a Brazilian dam collapse. Hong Kong and China's indexes both fell by around 1%.
Data revealed that Japan's economy contracted in the first quarter of this year due to tariffs imposed by the United States. A Nikkei article on a $110 Billion stimulus plan weighed down on bonds, sending yields on 20-year bonds to their highest level in 26 years.
Analysts also see risks for the yen if confidence in fiscal discipline is shaken. This was evident in Britain, where stocks, bonds, and sterling fell on news that Finance Minister Rachel Reeves would not be pursuing tax increases.
The yield on the 10-year U.S. Treasury note was unchanged at 4.1347%. Germany's benchmark 10-year bond, which is the standard for the Euro zone, also remained steady at 2.715%, after reaching its highest level since October 7, at 2.718%.
Wall Street indexes recovered on Friday from a steep selling off to post a mixed closing, with the S&P 500 registering a slight drop and the Nasdaq registering a modest gain.
NVIDIA EARNINGS AND US JOBS SLOW DOWN IN FOCUS
This week, the headline U.S. release will be Thursday's September jobs report.
Private surveys have already indicated a slowdown in the labour market, so these figures are likely to be too old.
The Fed's more hawkish officials will not change their tune if it only confirms this. The CPI data will be crucial for them, as they are more concerned about inflation risks.
On Friday, the expectation of a rate cut was dampened when Kansas City Fed president Jeffrey Schmid and Dallas Fed president Lorie Logan questioned whether it would be necessary to reduce rates next month.
Home Depot, Target and Walmart report their earnings this week in the U.S. All eyes are on Nvidia, as the market response will be a test for the recent rally.
Nvidia's shares have increased by about 1,000% in value since the launch ChatGPT, which took place in November 2022. Nvidia's market value surpassed $5 trillion last month after a gain of over 40% year-to date.
The U.S. Dollar was slightly higher in foreign exchange. It held the euro at $1.16, and crept up on the other majors.
Gold has dropped to $4,072 per ounce. However, the precious metal's price has increased by 55% since January 1, when it was $2,624 per ounce. This is due to a rise in demand for safe havens, geopolitical tensions, and expectations that rates will fall.
Brent crude futures fell 0.64% to $63.98 after loading resumed in a Russian hub that had been hit by an attack from Ukraine.
Bitcoin, which in recent months has acted as a barometer for the mood of technology stocks, is suffering its biggest weekly drop since March. It lost more than 10 percent last week. It was up 2% at $95,517 on Monday. Reporting by Lawrence White, London; Tom Westbrook, Singapore; and Jamie Freed and Christopher Cushing.
(source: Reuters)