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Prince William of Britain calls for optimism about the environment at EarthShot Prize
Prince William of Britain expressed optimism about the global environmental challenges on Wednesday at an event with a star studded crowd in Rio de Janeiro to celebrate the fifth edition EarthShot Prize. William's visit to Latin America is just a few days before Brazil hosts the UN Climate Summit COP30 in next week. William, who founded the award in 2020 after being inspired by his visit to Namibia, said: "I can understand why some people might be discouraged during these uncertain times." I understand that so much work remains to be done. This is not the time to be complacent. The optimism I felt back in 2020 still remains. The award, named in honor of John F. Kennedy’s “moonshot” goal, was designed to encourage significant environmental progress over a decade which has now reached the midpoint. Five winners will receive 1 million pounds ($1.3million) each for their projects. The ceremony featured performances by pop stars Shawn Mendes and Kylie Minogue, Brazilian musicians Gilberto, Seu Jorge, and Anitta as well as former Formula One World Champion Sebastian Vettel. The British Prime Minister Keir starmer and London Mayor Sadiq Kan also attended. William will represent his father King Charles at the UN Climate Summit. During his visit, he visited Rio landmarks and announced initiatives for Indigenous Communities and environmental activists. Reporting by Andre Romani, Sao Paulo; Michael Holden, London; editing by Clarence Fernandez
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Iron ore prices steady after four-day drop amid concerns about oversupply
Dalian iron ore prices held steady after a four-day decline, but lingering fears about an oversupply weighed on the market sentiment. As of 0318 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.39% higher. It was 775.5 Yuan ($108.87). The benchmark December Iron Ore at the Singapore Exchange fell 0.16% to $103.35 per ton. Atilla WIDNEL, Navigate Commodities' managing director in Singapore, says that the rally and optimism following the Fourth Plenum are now diminishing. The markets have few concrete details about "anti-involutionary" measures or long term steel capacity reforms. The anti-involution campaign is a Chinese initiative to curb overcapacity, and unsustainable low prices in many industries. Mills have not been motivated to permanently close down their plants. This has led to concerns about the possibility of an oversupply for now. Atilla said that the relatively high output of steel during a period of low demand has a negative impact on steel prices, margins and input costs, such as iron ore. Analysts at ANZ believe that the environmental production-cutting warning for Hebei Province is likely to have an impact on blast furnace operations. Galaxy Futures, a Chinese broker, says that global iron ore supplies remained high in the third quarter and are expected to remain at similar levels for the fourth. SteelHome data shows that the total iron ore stocks across Chinese ports increased by 1.53% in a week to 135.6 million tonnes as of October 31. Coking coal and coke both gained 2.1% and 1.78 % respectively. The benchmarks for steel on the Shanghai Futures Exchange are mixed. Hot-rolled coil and rebar both rose by 0.3%. Wire rod and stainless steel fell by 0.16%. ($1 = 7.1230 Chinese yuan). (Reporting and editing by Mrigank Dahniwala.)
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Shanghai copper prices rise after a four-day drop as the selling pressure eases
Shanghai copper prices rose on Thursday, after they had hit a low of more than a week in the previous session. However, weak Chinese demand limited gains. As of 0802 GMT, the most active copper contract traded on the Shanghai Futures Exchange rose 0.97%, trading at 86260 yuan (12,110.07 USD) per metric tonne. The benchmark three-month futures on the London Metal Exchange were also up 0.57%, to $10 758.50 per ton. Analysts at Sucden Financial wrote in a report that copper's consolidation was more likely to be the result of "unwinding overextended positions than a change in fundamental narrative". Analysts see a possible deficit in 2026. This is still a major factor in the price of red metal. After a four-day drop, the selling pressure on the Shanghai contract has eased. The metal had reached a new historic high of 89.270 yuan per ton. The London benchmark also gained after a four day loss, after it reached a record high last week of $11,200 on tight global supplies. The traders are now awaiting further economic data, especially from China. There was disappointment in the manufacturing PMI for October. The trade readings will be released on Friday, and the lending data will be released next week. Other base metals in the SHFE rose by 0.73%. Tin gained 0.57%. Lead lost 0.57%. Nickel shed 0.34%. Zinc was not changed. Thursday, November 6 DATA/EVENTS (GMT) 0700 Germany Industrial Output MM Sep 0700 Germany Industrial Production YY SA Sep 0930 UK S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT Oct 1200 UK BOE Bank Rate Nov ($1 = 7.1230 Chinese yuan renminbi) (Reporting by Dylan Duan and Lewis Jackson; Editing by Harikrishnan Nair). Thursday, November 6, DATA/EVENTS 0700 Germany Output MM Sept 0700 Germany Production YY SA September 0930 UK S&P Global PMI: MSC Composite - OUTPUT 1030 UK BOE Bank rate Nov (1200 UK BOE Rate Nov) ($1 = 7.1230 Chinese Yuan Renminbi). (Reporting and editing by Dylan Duan; Harikrishnan Nair.
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Oil prices fall as low demand and oil glut weigh on the market
The oil prices were mostly flat on Thursday morning, after having settled at two-week lows the previous session. This was due to the pressure of a weaker global demand and an oversupply of crude oil. Brent crude futures rose 2 cents or 0.03% to $63.54 a bar at 0127 GMT. U.S. West Texas intermediate futures were unchanged at $59.60. J.P. Morgan said that the global oil demand had increased by 850,000 barrels a day through November 4. This is below the 900,000 barrels a day growth projected earlier. The note stated that "high-frequency indicators indicate that U.S. petroleum consumption remains subdued," pointing out weak travel activity as well as lower container shipments. Oil prices dropped in the previous session after the U.S. Energy Information Administration reported that U.S. crude stockpiles rose by 5.2m barrels, to 421.2m barrels, last week. This was compared to expectations of a 603,000 barrel rise. Capital Economics wrote in a report that they believe the downward pressure on oil will continue, confirming their forecast below consensus of $60 per barrel by the end of 25 and $50 per barrel by the end 26. The global oil price fell for a third consecutive month in October, as OPEC and its allies continued to increase production while non-OPEC producers also increased their output. (Reporting from Tokyo by Katya Glubkova; editing by Tom Hogue).
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Axia Energia, Brazil's largest energy company, reports a Q3 loss on the sale of Eletronuclear and announces dividends
Axia Energia, a Brazilian power company, announced a loss for the third quarter of the year after accounting non-cash expenses incurred from the sale of its Eletronuclear shares. It also announced the payment dividends to its shareholders. Why it's important The results show Axia's ongoing reorganization as it leaves the nuclear sector and streamlines its operations while maintaining shareholder returns, despite the accounting losses. The company's dividend decision was based on a strong performance and stable power prices. KEY NUMBERS Axia's Board approved 4.3 billion Reais ($795.72 Million) in dividends, despite Axia reporting a loss of 5.45 Billion Reais for the period July-September. The net profit was 2.2 billion reais adjusted, which is a decline of 68% from the previous year. The company recorded a non-cash charge of 7.0 billion reais from the sale of Eletronuclear to the J&F Group. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), which is the company's measure of profit, fell by 50.8% compared to a year ago, reaching 5.9 billion reais. CONTEXT Axia, formerly Eletrobras sold its stake in Eletronuclear last month to Ambar Energia. The company is controlled by JBS, which is the largest meatpacker in the world. It was for 535 millions reais. ($1 = 5,4039 reais). (Reporting and writing by Leticia Fucichima, Editing by Brendan O'Boyle).
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Brazil announces plan to increase climate finance up to $1.3 trillion per year
After a full year of discussions, COP30 hosts Brazil laid out a plan on Wednesday to increase climate finance from $1.3 trillion a years to $1.3 trillion a day. They also faced early signs that the political landscape was becoming more challenging as the Amazonian City of Belem prepared to host world leaders. The document, which is almost 100 pages long, has been dubbed Baku to Belem Roadmap. It was created after months of discussions with various stakeholders following the conclusion of the event held in Azerbaijan last year. As emissions continue to increase, some of the world's poorest nations are at greater risk from extreme weather events. The European Union has agreed to a last-minute deal that will reduce emissions by 90 percent by 2040, but only if it is weakened by the inclusion of flexibility. Jeroen Gérard, director of Climate Group's European office said that the EU made a dangerous choice today. It's a dismayed signal of leadership going into the COP30 conference next week. The site for the talks is still under construction. However, the area reserved for the speeches of the leaders was nearly ready. Construction crews were making final repairs and placing plants and furniture. The British government has also put Brazil to the test by refusing to commit any money to the Tropical Forests Facility, a plan that would protect the world's forests. This is seen as the host country's flagship goal, which aims to raise over $125 billion. Sources said that the decision was disappointing to Brazilian President Luiz inacio Lula da So, especially since Britain helped to create it, and Lula personally wrote to Keir starmer, Prime Minister, last Friday, to ask for an investment. According to anonymous sources, Lula also met separately with Ursula von der Leyen (President of the European Commission), Alexander Stubb (President of Finland), and Ding Xuexiang (Vice Premier of the State Council of China) to solicit contributions. A Global Blueprint for Cooperation The authors of the Roadmap, who are slashing global development aid, called it "a blueprint for cooperation and concrete results". Mukhtar Babaev, President of COP29 who oversaw the Roadmap at a recent press conference, warned that it is important to recognize the magnitude of the problem. "We try to interfere in the normal functioning world economy. We are attempting direct forces of global finance. This is a huge task. "Success requires great political will." We will all need to be relentless in our efforts. "Countries cannot reduce emissions or adapt to the rising temperatures without capital", he said. The report suggests that multilateral banks could help reduce the debt burden for developing countries by taking on more risk and giving more grants. The resources are there, the science is solid, and the moral imperative cannot be denied. The report stated that the only thing left is to resolve to act. "We must turn the unimaginable to the inevitable and make this decade's accelerated implementation one where humanity's response matches its responsibility." Rob Moore, Associate Director, Public Banks & Development, at the think tank E3G said that the document "lays the gauntlet down" and clearly outlined what was required. For it to be effective, we need to see wealthy countries and international institutions of finance respond and take responsibility for the delivery. We must leave COP30 having a plan to turn these words into action. (Reporting and editing by Aurora Ellis; Lisandra Paraguassu, Simon Jessop)
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Ameren raises annual forecast as data centers drive power demand
Ameren Corp, an utility company, beat Wall Street expectations for its third-quarter profits on Wednesday. It also raised its profit forecasts for the year citing increased rates and strong demand. U.S. utilities are seeking higher rates due to the extreme weather conditions and the growing demand for data centers. According to a study backed by the Department of Energy, the power demand for data centers is expected to triple within the next three to four years. This could consume up to 12% of all electricity in the U.S. Ameren expects a 2025 adjusted profit between $4.90 and $5.10 per common share. This is up from the previous expectation of $4.85 - $5.05. According to LSEG data, the company forecasts a profit between $5.25 and $5.45 for 2026, which is higher than estimates of $5.33. Ameren Missouri, Ameren Illinois and their rate-regulated utilities serve 2.4 million customers for electric and over 900,000. Electric sales at Ameren Missouri's unit increased 3.5% during the third quarter to 9,563 Kilowatthours. Total electric sales in Illinois grew 1.3%. The revenue for its gas segment, however, fell by 1.4%, to $136 millions, from $138.8 million the year before. The St. Louis-based company exceeded analysts' expectations by $2.17 per shares. (Reporting by Dharna Bafna in Bengaluru; Editing by Tasim Zahid)
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Stocks rise after positive economic and earnings data; Treasury yields increase
The major stock indexes rose on Wednesday, as U.S. payrolls and corporate earnings were better than expected. Treasury yields also increased following the economic data of the day. According to a survey of economists, the private payrolls in the United States increased by 42,000 positions in October. This was more than double what most economists expected, which was a gain of 28,000 jobs. Some industries, such as professional services, have lost jobs for the third consecutive month. In addition to the payroll numbers for private employers, data revealed that U.S. service sector activity increased in October due to a strong increase in new orders. The longest government shutdown in U.S. history is the result of a congressional impasse. Investors and the Federal Reserve, who rely heavily on data, are now forced to rely solely on indicators from the private sector. After a sharp drop on Tuesday, an index of semiconductors rose 3%. Advanced Micro Devices shares ended the day 2.5% higher following a positive revenue forecast given by the company on Tuesday. Amgen, a drugmaker, reported earnings that exceeded estimates. Its shares rose 7.8%. Peter Cardillo is the chief market economist of Spartan Capital Securities, based in New York. The ADP National Employment Report suggested that the fears about the job market might have been overstated if the numbers were to match the official figures. Investors also paid close attention to the Supreme Court of the United States raising doubts about the legality and sweeping tariffs imposed by President Donald Trump in a case that has implications for the global economic system. The Dow Jones Industrial Average rose by 225.76, or 0.48% to 47,311.00. The S&P 500 gained 24.74, or 0.37% to 6,796.29. And the Nasdaq Composite grew 151.16, or 0.65% to 23,499.80. According to LSEG, analysts now expect S&P 500 earnings to grow 16.2% on an annual basis for the period July-September, which is more than twice the growth expected at the beginning. The MSCI index of global stocks rose by 1.07 points or 0.11% to 997.89. The STOXX 600 Index rose by 0.23%. This year, the stock market has been swept by a wave of enthusiasm for generative artificial Intelligence. It is compared to the dotcom boom. The yields on U.S. Treasury bonds rose following the unexpected data that showed economic resilience. Treasury Department said Wednesday that it expects to maintain its nominal coupon and floating rate note auction size for the next few quarters but is beginning to look at future increases. Benchmark 10-year yields increased by almost seven basis points, to 4.159%. The dollar's value against the major currencies was not much different. Since last week, when the Fed reduced interest rates by 25 basis point and Fed Chair Jerome Powell stated that a December rate cut was not predetermined, the dollar has strengthened against euro. The dollar index fell by 0.01%, to 100.16, measuring the greenback in relation to a basket of currencies, including the yen, the euro and others. The pound was essentially flat against the dollar on the day. Market pricing indicates that the Bank of England will meet on Thursday. With a one-in-3 chance of a rate cut of 25 basis points, any decision the BoE makes could trigger a reaction in the pound. After recovering from its earlier losses, the leading cryptocurrency Bitcoin rose 3% to approximately $103,144. It fell 6.1% Tuesday, to fall below $99,000 for first time since June 22, for the first. The oil prices dropped as concerns about global oversupply trumped data that showed a strong demand for fuel in the United States. U.S. crude oil fell 96 cents, settling at $59.60 per barrel. Brent crude dropped 92 cents, settling at $63.52.
Bunge revenue tops estimates on grain, oilseed volumes; 2024 outlook undamaged
Bunge went beyond Wall Street expectations for thirdquarter profit on Wednesday as big international harvests supplied the grain trader and processor enough volumes of soy, corn and other crops to blunt a hit from lower margins.
The international grains merchant had expected a profit lift from a. spike in crop sales by U.S. farmers, who are collecting a record. soybean crop and their second-largest corn crop ever.
Bunge firmed its 2024 adjusted earnings-per-share outlook to. a minimum of $9.25 from around $9.25 formerly as. results from its Agribusiness and its Refined and Specialty Oils. were much better than anticipated, though down from the exact same quarter. last year. Shares were down 0.7% at mid-morning at $87.20.
Bunge and agribusiness competitors including. Archer-Daniels-Midland Co and Cargill Inc have. seen earnings decrease and margins wear down as rates for staple. crops like corn and soybeans have actually slid to near four-year lows.
Quarterly adjusted revenues in Agribusiness, Bunge's biggest. segment, fell 22% from a year previously despite a 5.5% increase in. sales as weak oilseed processing margins in The United States and Canada and. Asia more than balance out better lead to South America.
Improved and Specialized Oils adjusted earnings dropped 21% amid. a 2.4% bump in volumes.
Chief Executive Greg Heckman stated the outcomes exceeded. expectations.
We saw shifting margin environments across the globe, with. enhanced margins in some areas offsetting more muted. conditions in others, he said.
The outcomes come as Bunge is waiting to close a $34 billion. acquisition of Glencore-backed Viterra. Investors have. approved the offer and Bunge has received conditional clearance. from EU regulators, but the company is still waiting on. approvals from Canadian and Chinese regulators.
Bunge expects to close the deal by early 2025, Heckman. stated.
Bunge reported an adjusted revenue of $2.29 per share for the. quarter ended Sept. 30, compared with experts' estimate of. $ 2.15 per share, according to information put together by LSEG.
The business's full-year adjusted revenue outlook of a minimum of. $ 9.25 per share disappointed the $9.43 expected by analysts.
(source: Reuters)