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Gold drops over 2% at a three-week low amid signs of an easing US-China Trade Woes
Gold dropped more than 2% on Tuesday to a 3-week low, as investors focused their attention on the Federal Reserve's policy meeting. As of 1140 GMT spot gold fell 1.4% to $3,924.99 an ounce, its lowest level since the 6th. U.S. Gold Futures for December Delivery fell 2% to $3.940.20 an ounce. "Hopes that a full-out war between the U.S.... and China will not happen... are driving a rally in risky assets such as shares." Ricardo Evangelista, an ActivTrades analyst, said that the trade war is negatively impacting demand for safe haven assets such as gold. Donald Trump, the U.S. president, said on Monday that he believed a trade deal would be reached between China and the United States. He also announced a series of deals with four Southeast Asian countries on minerals and trade. On Sunday, top Chinese and U.S. economists hammered out the framework for a trade agreement that Trump and his Chinese counterpart Xi Jinping will decide upon when they meet Thursday. On Tuesday, Asian shares continued to consolidate recent gains as the risk appetite remained high amid hopes of a thawing in global trade tensions. Investors are waiting for any comments from Jerome Powell, Chair of the Fed, regarding the future. As gold is not a yielding asset, it benefits from low interest rates. Spot prices rose by 53% in the past year, peaking at $4,381.21 per pound on October 20. This week, they fell 3.2%. Citi analysts reduced their forecast of gold prices for the next three months to $3.800/oz (down from $4,000/oz), while Capital Economics lowered its forecast to $3.500/oz by 2026. The spot price of silver dropped 0.9%, to $46.47 an ounce. Platinum fell 1.6%, to $1565.20, and palladium declined 2.4%, to $1368.48. This is a three-week low. (Reporting from Ishaan Varghese and Sherin Arora in Bengaluru, and editing by Sherry J. Phillips, Subhranshu S. Sahu, and Sonia Cheema.)
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UK actress Prunella scales, 93 years old, died after a long illness.
Her sons released a statement Tuesday confirming that Prunella scales died at the age of 93. She was best known as Sybil Fawlty, the iconic character in "Fawlty Towers", a comedy series. Sybil was married to John Cleese’s Basil Fawlty in the two series of the show made in 1975-1979. It was a comedy set in a dysfunctional Torquay hotel. The popular culture continues to reference and broadcast it. Her two sons released a statement saying that "our darling mother Prunella scales died peacefully yesterday at home in London." She watched Fawlty Towers on the day she died. Scales and actor Timothy West were married for 61 years. He died last November. She was suffering from dementia. Radio Times magazine named Fawlty Towers as the best British TV sitcom ever in 2019. In 2016, it was adapted into a stage production in Australia, and then moved to London’s West End in the year 2024. Sybil's braying laugh was compared by Basil to that of "someone machine gunning a seal" in the show. She has a seven-decade long acting career that includes multiple roles, dating back to the 1950s. One of her most memorable roles was in "Marriage Lines", a 1960s sitcom. She appeared in "Howards End", an Oscar-winning 1992 film, with her son Samuel West. Scales and husband traveled on their narrowboat during the "Great Canal Journeys TV series" in the 2010s. She began her acting career in Bristol at The Old Vic Theatre School after she was born in Surrey. (Reporting and editing by Paul Sandle; Additional reporting by Sam Tabahriti; Sarah Young, additional reporting).
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Wall St Futures Pause with Focus on Earnings Rush, Fed Decision
U.S. index futures hovered around record highs Tuesday after rallying the previous two sessions. Investors focused on corporate earnings, including UnitedHealth and UPS. Amazon has announced that it will reduce its corporate workforce of 14,000 employees. Sources claim Paramount is also planning to begin job cuts. The third quarter earnings season has begun. AI updates, particularly among major tech companies, are being scrutinized to justify their high valuations and large investments. Microsoft, Alphabet (Apple), Amazon, and Meta will all report their earnings later this week. UnitedHealth's shares rose by 2.7% in premarket trading after the healthcare giant increased its profit forecast for the year and reported better than expected quarterly earnings. Peers Elevance Health and Centene each gained more than 1 percent. United Parcel Service, a global economic bellwether, climbed 9.6% following a forecast of fourth-quarter revenues that exceeded Wall Street expectations. Fedex, the rival company, gained 2.3%. Around 87% of the 143 S&P 500 companies that reported last week beat analyst expectations. Artificial intelligence is a major factor in the Wall Street bull market rally, which celebrated its third anniversary this month. Fed officials will discuss interest rates later today and the plans to end "quantitative tightening", which Jerome Powell hinted earlier. The central bank will announce its decision on Wednesday. The markets are pricing in the expectation that the U.S. Central Bank will lower borrowing rates by 50 basis points before the end of the year. John Velis, BNY Mellon’s Americas Macro Strategist said in a report that "the rates view is fully priced into the market which assigns 100% probability of an increase this week." We expect little in terms of clear guidance for the December meetings and beyond 2026 given the lack of data from the government due to the shutdown and the unlikely likelihood that it will be resolved anytime soon. At 7:05 a.m. At 07:05 a.m. ET, Dow E Minis were up 53, or 0.1%. S&P 500 E Minis were down 0.75, or only 0.01%. Nasdaq E Minis were up 13,75, or just 0.05%. The U.S. Government has been closed for almost a month. This delays important economic data, and forces traders to rely solely on corporate and private announcements. On Tuesday, the Conference Board's Consumer Confidence Report, as well as surveys by Richmond and Texas Federal Reserves are expected to be published. PayPal shares soared 12.7% among the top movers after the payments company announced a partnership to allow ChatGPT to users to check out immediately. Royal Caribbean Group's shares fell 7.6% following a disappointing profit forecast for the fourth quarter. D.R. Horton's quarter-end profit was lower, sending the shares down by 3.4%. NextEra Energy increased by 2.1% following a nuclear deal reached with Google. Investors believe that Donald Trump, the U.S. president, will sign a long-awaited deal with China on his Asia tour. Trump signed an agreement with Japan for the mining and processing of rare earths and critical minerals. Reporting by Johann M Cherian in Bengaluru and Twesha Dkshit; Editing and proofreading by Pooja Deai and Devika Syamnath
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As sanctions threaten Russian supplies, Asia's refining margins are on the rise.
Analysts and trade sources reported that Asian oil refinery profits had risen to their highest level in 20 months. This was due to a strong diesel performance, which has been boosted by a tightening of the outlook following US sanctions against two major Russian suppliers. Singapore's complex refinery margin, a proxy of Asia's refining profitability rose to almost $9 a barrel Tuesday, a record high since February 2024. LSEG data shows that the margin was about $2 a barrel at the beginning of October. The global diesel market has been the main driver of strength in recent weeks, with a strong demand and tighter supplies. On Tuesday, the price of refining cracks used to refine 10ppm gasoil benchmarked at sulphur reached $26 per barrel. This is a record high for more than 1 1/2 years. The European market has followed a similar pattern, rallying due to supply concerns and benchmark diesel margins On Monday, oil prices rose to their highest level since mid-February of 2024. US SANCTIONS RUSSIAN OPEC EXPORTERS The markets were further boosted last week by U.S. Sanctions on Russian Oil Exporters Rosneft & Lukoil. In a recent research note, ING commodities strategists stated that "the latest sanctions against Russia threaten diesel flow as Russia exports approximately 1 million barrels of diesel per day." There is also a risk that Indian refiners will reduce their run rates if they cease to buy Russian oil. This would result in lower export volumes of middle-distillate from India", ING added. Diesel supplies from India were shifting to Europe before the latest sanctions as refineries reached peak maintenance and production dropped. According to June Goh of Sparta Commodities Senior Oil Market Analyst, the current diesel rally is a result of reduced Russian diesel exports as a result Ukrainian drone attacks and seasonal refinery turnarounds, along with limited Chinese clean products export quotas in Q4. "Also, the distillate arbitrages in the Arab Gulf and West Coast India are pointing East and tightly shutting into Europe. The diesel shortage in Europe is expected to be more severe, said Goh. The short-term sentiment was also boosted by the market talk that fewer spot shipments from Asian suppliers including South Korea China and Taiwan for November shipments. Other parts of the Barrels The profit on processing a barrel gasoline has risen nearly 30% to $13 per barrel this month, due to the tight supply caused by unplanned outages in Southeast Asia, while margins are narrowing in other regions as winter approaches, traders reported. Energy Aspects' monthly outlook on middle distillates stated that "Strong margins will keep refinery operations high and a rising OPEC+ supply, particularly medium sours, is expected to improve crude slate optimisation, and boost clean products yields." The margins on fuel oil and naphtha remained mediocre this month. Low-sulphur cracks are down, while high-sulphur cracks are ranging.
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Copper drops on profit-taking ahead of Fed meeting, US-China discussions
The price of copper fell on Tuesday, as investors held on to their gains following Monday's rally that led to a record-high. Investors are now focused on the Federal Reserve rate announcement and a meeting between U.S. president Donald Trump and his Chinese counterpart Xi Jinping. At 1015 GMT, the benchmark three-month copper price on London Metal Exchange fell 1.1% to $10.910.50 a metric ton. The metal reached $11,094 Monday, only a few cents short of its record high of $11,104.50. This was driven by the hope that Trump and Xi would reach a deal on Thursday to ease U.S. China trade tensions. Traders said that investors were making profits following the rise in copper prices. WORSE DOLLAR SUPPORTS There seems to be disappointment among bulls. Tom Price, Panmure Liberum analyst, said that copper "just keeps hitting a wall". He noted how open arbitrage to send metal to the U.S. continues to increase Comex inventories. . Price stated that "no one is concerned about the short-term supply." The LME cash copper contract was almost $24 cheaper than the forward three-month contract There is little immediate need for metal. The Yangshan Copper Premium is a premium in China The price of copper per ton was $35, down from $58 in late September. Brokers expect the Fed will trim its short-term lending rate by 25 basis point at its meeting that ends on Wednesday. Chair Jerome Powell could also indicate whether an additional reduction in December is likely. Price noted that the U.S. shutdown of the government is a drag on the dollar. Dollar-denominated commodities are more affordable to holders of other currencies when the dollar is weaker. Price explained that there were three factors which should push copper prices above their previous record. Price said, "Even if I'm a bearish on the long-term outlook for Copper, I think that this could be a pretty buoyant few weeks." Aluminium dropped 0.6%, to $2.856 per ton. Zinc fell 1.1%, to $3.020.50. Nickel fell 0.7%, to $15.165. Tin fell 0.2%, to $35.820. Lead lost 0.4%, to $2.016. (Reporting from Tom Daly. Lewis Jackson and Dylan Duan contributed additional reporting. Sherry Jab-Phillips, Mark Potter and Sherry Jacob Phillips edited the article.
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Police report that Israeli forces killed three Palestinian militants on the West Bank
A police spokesperson confirmed that Israeli security forces had killed three Palestinian militants on Tuesday in the West Bank occupied. Hamas, a militant Palestinian group, said that two of the three men died in an encounter with Israeli forces. According to Israel's police, and military, the Israeli forces fired at militants planning attacks near the Jenin Refugee Camp, then struck them by air. The Jenin camp has been left in ruins and abandoned after a large-scale Israeli military operation in January. This area has historically been a stronghold for militant groups such as Hamas and Islamic Jihad. Reporting by Maayan Loubell in Jerusalem, Nidal Al-Mughrabi near Jenin and Raneen Sawafta in Cairo; Editing and production by Kim Coghill & Hugh Lawson
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Delhi uses cloud seeding for rain and pollution control
Manjinder Singh Sirsa, the Environment Minister in Delhi's capital territory, said that authorities began to seed clouds in the city on Tuesday in order to bring artificial rain in and reduce pollution levels. The city has been struggling with poor air quality for several days. This method aims to increase rainfall by adding chemical particles around the water droplets that form in clouds. This is the first attempt in the Indian capital. Although cloud seeding has been used by several countries to increase rain and improve air quality, or to water crops during a drought, it was not until now that the technique had been tried. Studies have shown mixed results on the effectiveness of cloud-seeding. Sirsa stated that the Indian Institute of Technology believed rainfall could occur anywhere between 15 minutes and four hours after the seeding procedure, in any amount. He said that if the trials are successful, then a long-term strategy will be implemented until February. Images shared by IIT-Kanpur show substances being released as flares are attached to an airplane while it is flying in a cloudy atmosphere. Delhi and the surrounding areas are susceptible to pollution each winter, as the cold, heavy air traps dust from construction, vehicle emissions and smoke from fires in crops, causing respiratory problems for many of Delhi's 20 million residents. According to the Central Pollution Control Board (CPCB), an air quality index between 0 and 50 is considered 'good.' The air quality in the city remained'very bad' on Tuesday afternoon with a reading 304. Manindra Agrawal is a scientist from IIT-Kanpur. She said that artificial rain caused by cloud seeding could reduce pollution by up to 50%. However, it may be necessary to repeat the process. "If it rains pollution will come down (but) it'll rise again because... the source hasn't gone." "Whenever there is cloud cover, you have to repeat the procedure," he said. (Reporting and editing by YPrajesh, Kim Coghill, and Sakshi Dayal)
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German economist: US sanctions against Russia exclude Rosneft Germany
The German economy minister said on Tuesday that U.S. officials had written assured that Rosneft's German assets would not be subject to new energy sanctions, as they are no longer controlled by Russia. Katherina Reiche, Economy Minister, said that the United States released a "Letter Of Comfort" yesterday night acknowledging the separation of Rosneft Germany's operations from its Russian parent. Germany sought clarification from Washington following the introduction of sanctions by President Donald Trump, which prohibit western banks and clients from engaging in business with listed Russian companies. Berlin argued that the refineries are under German state trusteeship from 2022 and "decoupled" (from the parent group) while essential to the nation's supply of fuel. The PCK refinery, located in Schwedt and one of the largest in Germany, accounts for more than 12% of the fuel processing capacity of the country. PCK Schwedt is a major employer for Brandenburg. The region has seen a rise in support for the extreme right Alternative for Germany party (AfD). (Written by Ludwig Burger and edited by Kirsti Knolle).
Scientists use a climate "time machine" in Amazon to prepare for the COP30
Scientists in Brazil's Amazon have created a "time-machine" that pumps carbon dioxide into the canopy of the rainforest to simulate future atmospheric conditions to gauge the biome's adaptation. This is an open question which will be discussed next month at the COP30 United Nations Climate Summit hosted by Brazil.
The AmazonFACE project, near Manaus, Amazon's largest city, features six steel tower rings that loom over the jungle canopy. Each ring is surrounded by groups of 50-70 mature trees.
After baseline testing, the scientists will fumigate three of the rings using carbon dioxide in levels that simulate climate forecasts over the next decade, with the remaining samples serving as control samples.
"We are trying to create an atmosphere of the future," Carlos Quesada said, a coordinator for INPA (National Institute for Amazon Research), which is leading this experiment along with Universidade Estadual de Campinas.
Scientists say that the preservation of tropical rainforests such as the Amazon is crucial to reducing the worst impacts of climate change. Scientists say that the preservation of tropical rainforests like the Amazon is vital to curbing the worst effects of climate change.
FACE (Free-Air CO2 Enrichment) will allow Quesada to study the effects of elevated levels of carbon dioxide on rainforest giants and the surrounding plant life. The Brazilian federal government and United Kingdom are supporting the project.
AmazonFACE is a new frontier for forestry engineer Gustavo Carvalho. FACE has been tested around the globe, including in the United States where the Department of Energy conducted temperate biomes tests.
Carvalho, under the shade provided by the Amazon canopy, said: "This is the very first time that a forest of this magnitude has been experimented in the tropical regions."
Carvalho explained that baseline testing is underway. Sensors record every 10 minutes the forest's reaction to changing conditions. They show how the trees absorb carbon dioxide and release oxygen and water vapour in response to rainstorms, sunshine and storms.
In the future, artificial microclimates will be created with higher levels of carbon dioxide.
Carvalho explained that if a model predicts (a certain amount of carbon dioxide in the air) in 2050-2060, we will increase the amount to this amount to see how the forest reacts. "We will have a small area in the forest where we can enter to know what the future holds."
(source: Reuters)