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Siemens Gamesa Halts Port of Esbjerg Offshore Wind Nacelle Plant Plans
Siemens Gamesa has confirmed it has scrapped plans to build an offshore wind turbine nacelle factory at Denmark’s Esbjerg Port.The offshore wind turbine manufacturer confirmed it will not proceed with the development of the nacelle plant at the port of Esbjerg at this time, given the current market opportunities.“Siemens Gamesa has maintained a longstanding presence at the Port of Esbjerg, which is a strategically important location for our offshore wind operations, also in the future.“Like in any other place, we continue to evaluate potential investment opportunities; however, given the current market conditions, any such decision will require greater clarity and stability in the industry,” a spokesperson for the company said.To remind, earlier in October, Danish wind turbine maker Vestas also shelved plans to open its biggest offshore wind turbine factory in Poland, citing weaker-than-expected demand in Europe.Vestas Drops Plans for Second Polish Offshore Wind Turbine Plant
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Venezuela to Suspend Energy Agreements with Trinidad
Venezuela's oil ministry will ask the presidency to suspend a wide cooperation agreement with Trinidad and Tobago for energy development, including joint gas projects in negotiation, the South American country's oil minister said.Trinidad's previous government had been planning numerous joint gas projects with Venezuela, including the 4.2 trillion cubic feet Dragon field to be developed by Shell and the National Gas Company of Trinidad, for which it received a U.S. license earlier this month.However, the new administration of Prime Minister Kamla Persad-Bissessar has not been seen as an ally by Venezuelan President Nicolas Maduro.Since taking office in April, her new government has had a close relationship with the administration of U.S. President Donald Trump, while tensions between Washington and Caracas have escalated.The current relationship between Trinidad and Venezuela, which could complement each other's energy needs, is "hostile," oil minister Delcy Rodriguez said in a broadcast message."In consequence, all gas agreements between Venezuela and Trinidad would be suspended," she said, adding that President Maduro is expected to receive the suspension request soon.Venezuelan officials have criticized the authorization Trinidad received from the U.S. to negotiate the flagship Dragon project with U.S.-sanctioned Venezuela, and said Trinidad would have to pay for any gas supplies.The Dragon development, which lies in Venezuelan waters, has faced long-standing delays amid frequent U.S. policy changes since Washington imposed energy sanctions on Venezuela in 2019.Trinidad's government, Shell, NGC and BP, which are involved in various projects' that include Venezuela, did not immediately reply to requests for comment.Shell is separately developing the Manatee gas project, which crosses the maritime border into Venezuela but had received permission from the Maduro government to be developed on the Trinidad side independently. It was not immediately clear if that project could also be at risk.(Reuters)
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Copper prices rise as US-China optimism persists
The copper price edged up on Tuesday as the market was buoyed by the prospect of a U.S. China trade agreement. A meeting between the two Presidents is just around the corner, which also helped boost the market's sentiment. As of 0250 GMT, the most active copper contract at the Shanghai Futures Exchange rose 0.18% to 88,100 Yuan ($12,368.38), per metric tonne. The benchmark copper price for the three-month period on the London Metal Exchange remained flat at $11,030.50 per ton. The Shanghai and London contracts both extended their gains from the previous day and hovered around 17-month highs. Over the weekend, U.S. officials and Chinese officials hammered out a framework for trade that would deescalate the recent tensions. President Donald Trump and Xi Jinping will decide this later in the week during their meeting in South Korea. Investors are confident that Trump will sign the trade agreement with China. This would mean a reduction in trade tensions. The Chinese yuan has continued to gain strength against the U.S. Dollar. Chinese buyers can now buy commodities that were previously priced in dollars. Nickel, the second-most traded base metal in SHFE, suffered the largest loss. It fell by almost 1%, trading at 121.17 yuan per ton. Nickel gained for three sessions in a row before reversing course early on. Oversupply has continued to plague the battery metal and stifle any upward momentum. There is simply too much nickel in the world. "Whenever nickel gains, it's a good time to cash out, as nobody knows if those gains will continue," said a nickel trader, who requested anonymity because the person is not authorized to talk to the media. The weekly report of SHFE shows that the delivered nickel stocks have increased for a third week in a row, by 4.81%. Zinc rose 0.27% while lead fell 0.60%. Aluminium and tin were trading near their flatline. Other LME metals saw a slight increase in aluminium, a decrease in zinc, 0.15% drop for lead and nickel, and little change for tin. Tuesday, October 28, DATA/EVENTS(GMT)1100 France Unemp SA Class-A September 1400 US consumer confidence October
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Trump and Takaichi reach agreement on critical minerals, rare earths, and supply
The White House announced that U.S. president Donald Trump and Japan prime minister Sanae Takaichi signed a framework deal on Tuesday to secure the supply of rare earths and critical minerals through mining and processing. Both countries want to strengthen the supply chains of rare earths, which are used in everything from electronics to cars and renewable energy. The statement stated that the U.S., Japan, and other countries will cooperate by using economic policy tools, as well as coordinated investment, to develop a diversified, liquid and fair market for rare earths and critical minerals. China processes 90% of rare earths in the world. It has recently increased export restrictions, adding new elements to its control list. They have also tightened their oversight over foreign producers who rely on Chinese material. In contrast, the U.S. has only one rare earth mine that is operational and is racing to secure minerals essential for electric vehicles and advanced manufacturing. Trump will meet Chinese President Xi Jinping Thursday. In their agreement, the U.S.A. and Japan agreed that they would streamline and deregulate processes and timelines for obtaining permits and securing rare earths and critical minerals, and also address unfair trade practices and non-market policies. The White House added that both countries would look at a stockpiling agreement that would be mutually beneficial and would work with other international partners in order to ensure the security of supply chains. (Reporting from Katya Golubkova and Kanishka in Washington DC, and editing by Himani Sarkar & Stephen Coates).
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Gold returns to $4,000 on the back of a weaker US dollar and rate cuts
Gold prices recovered some lost ground Tuesday, rising over the $4,000 per ounce level. A weaker dollar and expectation of further Federal Reserve rates cuts outweighed the pressure from signs that U.S. China trade tensions are thawing. As of 0141 GMT spot gold was up by 0.7% to $4,009.39 an ounce after falling more than 3% Monday, its lowest level since 10 October. U.S. Gold Futures for December Delivery rose by 0.1%, to $4.022.10 an ounce. Gold buyers who were on the sidelines are now tempted to take positions at these prices. We are also seeing some softness in the dollar which gives gold a reprieve," stated KCM Trade Chief Analyst Tim Waterer. Gold is now cheaper for holders of other currencies due to the dollar index's 0.1% decline. Top Chinese and U.S. economists hammered out the framework for a trade agreement that U.S. president Donald Trump and his Chinese equivalent Xi Jinping will decide on this week. Trump told reporters that he believed a deal with China would be made. He also announced in Malaysia a series of deals with four Southeast Asian countries on minerals and trade. This was the first stop on his five-day Asia tour. If Trump and Xi had a productive trade meeting this week, gold could be swimming against the flow to some extent. Waterer noted that this could be countered if the Fed adopts a more dovish tone in its rate-cutting announcement this week. Investors are waiting for any language from Fed chair Jerome Powell that is forward-looking. The Fed is widely expected to lower interest rates by the end of their policy meeting on Tuesday. Both the European Central Bank (ECB) and the Bank of Japan, are expected to keep rates unchanged this week. The gold price has risen by 53% in the past year. It reached a high of $4,381.21 at the end of October, boosted by economic and geopolitical uncertainty, bets on rate cuts, and central bank purchases. Other than that, silver spot fell 0.3% per ounce to $46.74, platinum dropped 1.2% to 1,571.85 and Palladium dropped 0.8% to $1391.15. (Reporting and editing by Sherry Jac-Phillips, Subhranshu Sahu and Brijesh Patel in Bengaluru).
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Oil drops as OPEC plans to increase output offset US-China trade optimism
The oil prices fell on Tuesday, extending the declines from the previous two sessions. This was due to OPEC's plans to increase output, which offset optimism about a possible U.S. China trade deal. Brent crude futures dropped 4 cents, to $65.58 per barrel at 0106 GMT. U.S. West Texas Intermediate Crude Futures fell 9 cents to $61.22. In a morning report, ANZ stated that traders weighed progress in U.S. China trade talks against the broader outlook of supply. OPEC+ - which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia - is leaning toward a modest increase in output for December. Four sources familiar with these talks confirmed this. After reducing production to help support the oil markets for several years, the group began reversing these cuts in April. The prospect of a deal between President Donald Trump and Xi Jinping, the two world's largest oil consumers, who are due to meet in South Korea on Thursday, is expected to support the market. Wang Yi, China's Foreign Minister, told Marco Rubio by phone that Beijing hopes Washington will meet them halfway in order to "prepare high-level interaction" between the US and China. Brent and WTI posted their largest weekly gains in June last week after Trump, for the first time during his second term, imposed sanctions against Russia related to Ukraine, targeting oil companies Lukoil, and Rosneft. Lukoil, Russia's largest oil producer, announced on Monday that it will sell its overseas assets in response to the sanctions. The Russian company has taken the most significant action to date in response to the Western sanctions imposed over Russia's conflict in Ukraine that began in February 2022. The market was shocked by the U.S. decision to sanction two of Russia’s largest oil producers, Rosneft PJSC (PJSC) and Lukoil PJSC (PJSC), which together account for nearly half of Russia’s total crude imports. ANZ said that concerns about a glut of crude oil still remain. Ashitha Shivprasad, Bengaluru (reporting); Sonali Paul (editing)
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Australia retreats as CSL delays spin-off of vaccine division
The Australian share market fell on Tuesday. Biotech giant CSL was the main culprit, as it weighed down the healthcare sub-index. CSL hit a low of nearly seven years after delaying the spin-off of its vaccine division. By 2353 GMT, the S&P/ASX 200 index had fallen 0.3% to 9,032.40. The benchmark closed Monday 0.4% higher. The shares of the biotech giant CSL fell as much as 16.6%, to A$176.23. This is their lowest level since December 24, 2018. After the firm announced that it does not expect to complete the spinoff CSL Seqirus by fiscal 2026 due to increased volatility on the U.S. flu vaccine market. The company was also the biggest loser in the benchmark index, causing the healthcare sub-index to drop as much as 7.9% and reach its lowest level since Nov. 2, 2023. The technology stocks dropped around 3.6%. WiseTech Global shares fell up to 16.3%, reaching A$71.17. This was their lowest level since 7 April, and they were among the worst performers on the benchmark. The Australian corporate regulator is investigating the firm, and so are federal police. They executed a search order for documents relating to alleged share trading by the founder Richard White and other employees. Gold stocks fell 5.6% on the back of falling bullion prices, which were boosted by signs that tensions between the U.S. and China are easing. This reduced gold's appeal as a safe haven. The gold miners Evolution Mining (formerly Northern Star Resources) and Evolution Mining fell by 4.3% and 3.8% respectively. The "Big Four" lenders gained between 1.2% to 2.4%, while the banks saw a gain of 1.6%. Investors in Australia are now waiting for the third-quarter CPI figures, which will be released on Wednesday, before determining how central banks' interest rates will move. New Zealand's benchmark S&P/NZX 50 was mostly flat at 13,392.44 point.
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Two people killed by explosion in underground mine in Australia
An explosion early Tuesday morning in Australia's New South Wales State killed two workers and injured another. The state's premier referred to the incident as a "sobering" reminder of the dangers in the mining industry. Police said that emergency services were dispatched to Cobar, a remote mining town located 700 km (435 mi) northwest of Sydney. They were informed of a serious workplace accident in which people had been injured. The Australian media reported that the incident took place at the Endeavor Silver, Zinc and Lead Mine, owned by Polymetals Resources Ltd. Polymetals didn't immediately respond to an inquiry for comment. The mine was operational since 1982, but closed in 2020 for maintenance. According to its website, Polymetals purchased the site in 2023. They restarted mining this year. The New South Wales Premier Chris Minns stated that while mining safety has improved greatly, deaths in the industry show that it must remain vigilant at all times. Minns, in a press release, said: "This is an incredibly sad day for the Cobar Community and it will be felt throughout the mining industry." (Reporting from Renju Jose, Sydney; editing by Lisa Shumaker).
In altering climate, merchants turning to weather methods
Bigname sellers such as Walmart are progressively utilizing analytics to blunt the impact of among the most unforeseeable efficiency variables of shopping: weather condition.
Weather condition data, as soon as used strictly for inventory planning, is now helping merchants localize marketing and decide when to discount seasonal products such as sweaters.
Walmart, whose stock planning with artificial-intelligence software application includes weather analysis, reduced sunscreen rates a couple weeks earlier than typical this year in parts of the U.S. Weather information forecasting a. wetter-than-usual fall in some U.S. regions was a factor in. its choice, whereas several years earlier, it likely would not. have been, stated Kirby Doyle, a skin-care category replenishment. advisor to the world's greatest seller.
In the beginning, (weather condition data) was just a forecast model. for high-level preparation, stated Doyle, who works for Beiersdorf. , which makes personal-care items. Now we're. infusing it into pre-season planning and throughout the season. to detect the effect of weather condition, and for things like. scheduling promos.
Walmart decreased to comment.
A specific niche group of weather consultants-- from Germany's. Meteonomiqs to U.S. firms Planalytics and Weather condition Trends. International-- is utilizing advancements such as cloud computing. to process once-unimaginable amounts of data.
Demand for such information is growing amidst heightened weather. volatility due to environment modification. The National Retail. Federation, which is chaired by a Walmart executive, provided a. report with Planalytics in July, recommending retailers pay more. attention to weather analysis.
New weather-data tools, centered on prices, might soon be. hitting the market. Planalytics and BearingPoint, a management. consultancy, are partnering to develop software application sellers can. incorporate into their analytical designs for setting rates.
Weather condition is something you can't manage, BearingPoint. managing specialist Ryan Orabone stated at a market workshop. last month to unveil the brand-new initiative. However you can control. the analytics. And prices, you definitely manage.
It is natural for a warm October, like this year's in the. U.S., to trigger retailers to sweat ahead of the vacations. It. needs to get cold for our service to truly perform well in. Q4, Tractor Supply CEO Hal Lawton said last month on a. quarterly call.
The company, which utilizes weather condition analytics, sells. cold-weather products like heating pellets and outerwear.
Weather analytics can assist business like Tractor Supply. choose whether to discount winter season products, stated Planalytics CEO. Fred Fox, whose customers include Cock's Sporting Goods. and Ross Stores.
If November temperature levels in the U.S. drop listed below 2023 levels. - which projections recommend is likely - a discount now might mean. a missed out on chance later on, Fox stated.
As instinctive as that may seem to a retailer, they do not. always get it right.
In August, Lowe's Chief Financial Officer Brandon. Sink pointed out cold, damp weather condition in May as the reason for weaker. sales in the previous quarter.
But that description is inaccurate, said Costs Kirk, founder. of Weather Trends, whose clients consist of Target, Gap. , and Tractor Supply.
May was undoubtedly damp, Kirk's data programs, however not cold. It was. the most popular May in six years for the U.S., he stated, and. third-hottest in 4 years. Invite to the world of retail. excuses not based upon facts, he said.
Lowe's did not respond to a request for comment.
RISING TEMPERATURES, INCREASING NEED
About every 3 weeks in the U.S., a natural catastrophe. triggers $1 billion or more in damages, according to the U.S. National Oceanic and Atmospheric Administration, up from once. every 3 months in the 1980s.
Planalytics, which utilizes computer system designs to assist merchants. understand how weather condition affects sales, is on pace to offer. customers with twice as many designs in 2024 as it did in 2015,. said Evan Gold, the business's executive vice president of. partnerships. Since 2019, that figure has soared ninefold.
Merchants generally see weather condition's impact in foot traffic and. sales, stated Stefan Bornemann, head of Meteonomiqs, whose customers. consist of retailers using the e-commerce platform Shopify . The effect might get bigger, given more serious. weather condition patterns, he said.
Kirk has actually analyzed how sales for an offered product increase or fall. with each degree of temperature modification. Sales of horse blankets. rise 7% per degree colder and Starbucks coffee sales. climb 2%, he stated.
Starbucks did not reply to a request for comment.
Some customers use Kirk's information for so-called dynamic pricing,. the practice of changing prices to demand. If a sales season. looks especially weak, customers may execute small markdowns. early, instead of be required to enforce larger ones later on to. clear excess stock, Kirk stated.
The days of retailers using weather as a reason for a poor. revenues season ought to be over, he included.
Wall Street dislikes that reason, Kirk said. What you're. saying to your investors is, 'We can't manage our organization.'.
(source: Reuters)