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London's FTSE 100 drops as investors shift to US tech stocks before Fed decision
Investors became cautious in anticipation of the U.S. Federal Reserve interest rate announcement, and UK blue-chips index fell on Wednesday. It was weighed down by banks and healthcare companies, as it missed a 'tech-led rally' that had boosted Wall Street's indexes. The FTSE closed down by 0.5% while the domestically focused FTSE 250 ended little changed. Axel Rudolph is a senior financial analyst with IG. He said that there was a shift away from European and U.K. stock to U.S. tech stocks before earnings, which weighed down the FTSE 100. The FTSE 100 is a relatively smaller technology share compared to its U.S. counterparts. Healthcare stocks dropped 2.4%, and were the largest drag on the FTSE 100. Oxford Nanopore Technology?and AstraZeneca fell 4.9% and 2.7% respectively. Banks also fell by 1.3%. Barclays fell 2% while HSBC Holdings dropped 1.5%. Luxury stocks were also under pressure as French luxury conglomerate LVMH fell 7.9% after its fourth-quarter earnings dashed investors' hopes of a rapid recovery in luxury demand. Its CEO Bernard Arnault was cautious with his outlook. Burberry and Dr. Martens both declined by 4.7% and 1.8% respectively. Gold prices continued to rise above $5,300 an ounce, causing precious metals miners to rebound 2.2% from their losses on Tuesday. Oil prices reaching their highest level since late September also helped to boost energy stocks, which rose 1.2%. Shell and BP both gained around 1%. According to Caribbean energy Minister Roodal moonilal, the companies are looking for U.S. licensing to extract natural gases from fields in Trinidad and Tobago and Venezuela. The focus now shifts to the Fed policy update, which is expected to be released later today. Most traders expect the U.S. Central?Bank to keep interest rates unchanged. Pets at Home rose 5.4% as the pet care retailer kept its full-year forecast, despite lower third-quarter revenues. This was attributed to price cuts made in its retail turnaround strategy. (Reporting and editing by Tharuniyaa in Bengaluru, Sahal Muhammed, and Varun H. K.)
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A new documentary highlights King Charles's work as a nature activist
The historic Windsor Castle, home of Britain's King Charles, will be the site of the first ever film premier at a palace. The filming of "Finding Harmony : A King's Vision", filmed over seven months in 2017, will be shown next month on Amazon Prime. It is described as a personal look at the 77-year old monarch's environmental activism, and his philosophy. Charles is shown reflecting on his experiences. From being ridiculed for speaking to plants, to his hope that the sustainability vision he has embraced in many projects around the world will save the planet. Charles says, "It comes down to the simple fact that we are nature, and not something separate from it. This is how the world has been presenting things for so long." The film was produced in collaboration with his charity, the King's Foundation. "Maybe by the time I leave this mortal coil, there will be more awareness of the need to put things back together." PRAISE AND RIGOR The king, who was constitutionally obliged to remain above politics as both Prince of Wales and King, has been vocal about the need for human behavior to be in harmony and balance with nature. He has received praise and ridicule, and is accused of inappropriate meddling. He says, "All of this was thought to be completely bonkers" at one point. In another scene, he is seen collecting eggs from an hen coop named "Cluckingham Palace". Al Gore is among those who have contributed to the documentary. Judi Dench, Kenneth Branagh, Kate Winslet and Charles and Queen Camilla will be joining them at the 1,000-year old castle, where a special cinema has been created for the occasion. The documentary is meant to be a positive message on the environment. However, it comes at a time where U.S. president Donald Trump (whom the film does not mention) has described climate change as the "greatest con job" of the world. "It is rapidly regressing." Charles says, "I've been saying that for 40 years. But anyway, here we are. "So that's the reason I get a little, anyway." Charles?ruefully says. I can only do as much as I am able to, which isn't very much." Amazon Prime will offer the documentary to all viewers worldwide on February 6. It would be nice to see if we could reach people. But who knows? Charles says. (Reporting and editing by Gareth Jones, Michael Holden)
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Copper and aluminum prices continue to rise as speculation continues
After the U.S. Dollar fell to a?four-year low, speculative traders continued to make?bullish investments in industrial metals. At 1700 GMT, the benchmark three-month copper price on 'the?London Metal Exchange' was up 0.6% to $13,088 per metric ton. Aluminium rose 1.6% to $3.258, reaching its highest level since April 2022. Zinc was up 0.5% to $3.366.50, after hitting its highest level since January 2023. The dollar has stabilized after Tuesday's?lowest level since February 2022. The dollar's weakness makes dollar-denominated commodities more affordable to those who hold other currencies, and this can increase demand. Analysts from brokerage Sucden Financial stated on a Wednesday?webinar that the rally of base metals is being driven more by macro-positioning than metals specific?fundamentals. Robert Montefusco, from Sucden, said: "We've seen the specs of gold and silver?all?piling into the base metals too." Cash LME copper was trading at $95 per ton less than the forward three-month contract The steepest discount in August suggests that metal is not needed for the near future. The Yangshan premium The price of copper in China, the world's largest metals consumer, fell to a 18-month low at $20 per ton. Daria Efanova is the head of research at Sucden. She said that Chinese producers are offloading their copper to the LME in order to reduce risk ahead of the Lunar New Year holidays, which will be held in February. Aluminium prices rose after Goldman Sachs increased its forecast for the first half of this year to $3,150 per ton from $2,575. They cited low inventories and concerns about power availability at new smelters located in Indonesia, as well as robust global demand growth from electric vehicles and power grids. Lead fell 0.1%, while nickel rose 0.8%, to $18,310, and tin increased 1.9%, to $55,905 following a record high of $58,340 set on Tuesday. (Reporting and editing by David Goodman. Additional reporting by Lewis Jackson, Dylan Duan and Dylan Duan)
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Why is fluoride added to US water?
The U.S. Environmental Protection Agency released its plan for determining safe levels of Fluoride in Drinking Water and is soliciting public comments until February 27, 2019. The EPA said it could use the information to update the current fluoride standard for drinking water under the Safe Drinking Water Act. Robert?F, a fluoride critic, has made the issue a top priority. Kennedy Jr., who is the head of the U.S. Department of Health and Human Services and called fluoride an "industrial waste," Fluoride promotes dental health and strengthens enamel. What you need to know about the public health measure of fluoridating drinking water: What is fluoride and what are its benefits? It has been proven that fluoride, which is found in water, soil, and the air, can prevent dental decay. It strengthens the enamel of the tooth, which is its outer hard surface. This makes it more resistant against the acid that bacteria produce to cause decay. Fluoride can also reverse early tooth decay, by replacing minerals and preventing their loss. Before the introduction of fluoridation in community water, American tooth decay was severe and widespread. According to federal officials, after fluoride was added to water supplies in the United States in many locations, tooth decay decreased in children and adults. Complete tooth loss among older adults also became less common. When did water fluoridation as a policy begin? Researchers in the United States noticed that those who lived near water sources that contained high fluoride levels naturally were more likely to have teeth that are resistant to decay. Grand Rapids, Michigan, became the first city to add fluoride in a controlled way to its water in 1945. This was the beginning of a massive public health experiment. Over a period of 15 years, data showed that fluoride reduced tooth decay by more than 60% among 30,000 Grand Rapids children. In the 1950s the U.S. Public Health Service, and the American Dental Association recognized the effectiveness of water fluoridation to reduce cavities. This led to the widespread adoption of fluoride as a component in water supplies in the United States and its eventual inclusion in dental products like toothpaste and mouthwash. Fluoridation is not a federally mandated practice. Municipal governments, city councils and local water authorities are typically the ones who decide whether to fluoridate their water. How widespread is fluoridation in the U.S. According to CDC data, as of 2022, fluoride is present in the community water systems of 63% of Americans. This was before Utah, Florida and other states banned water fluoridation by 2025. According to the American Dental Association 'the average annual cost for U.S. municipalities to fluoridate water supplies ranges from $50 per person in large communities up to $3 per individual for small communities. Fluoride is not added in most countries to public water supplies. In some countries, fluoride is added to salt. Fluoride levels are high in some areas of the world. Are the levels of fluoride regulated? The U.S. Public Health Service suggests that fluoride levels in drinking water should not exceed 0.7 milligrams/liter. It is known that levels above 1.5 mg/L can increase health risks, such as thyroid disease and nerve system damage. According to the U.S. Environmental Protection Agency, this limit is 4.0mg/L. Recently, a federal judge in California ordered the EPA's regulations to be strengthened. What companies make fluoride? The compound Fluorosilicic Acid is most commonly used in water systems because it releases free fluoride quickly when mixed with water. According to the EPA, J.R. Simplot and Nutrien’s PCS Phosphate Company manufacture this product. According to EPA data, the total domestic production in 2019 of fluorosilicic acids from phosphate rocks was around 29 million kilograms (32 thousand tons). What did Kennedy say? Kennedy claims that in the absence conclusive proof, water fluoridation is linked to numerous health problems including cancer. What do public health experts say? The Centers for Disease Control and Prevention in the United States have named fluoridation as one of the top 10 achievements of public health of the 20th Century. They note that it prevents tooth decay irrespective of socioeconomic status, or the ability to access care. The American Dental Association has reiterated their support for water fluoridation in communities to prevent tooth decay. The association stated that studies show community water fluoridation can reduce tooth decay in adults and children by over 25%, even when fluoride is widely available in toothpaste. What questions do recent studies raise about?FLUORIDE'? In October 2024, a review by Cochrane Database of Systematic Reviews based on 157 studies raised questions regarding the benefits of fluoridating public drinking water in rich countries. According to the research, since fluoride has been added to toothpastes since 1975, the benefits of community water fluoridation in terms of reducing tooth decay or increasing the number cavity-free kids may be modest compared to earlier studies. However, new lawsuits are also challenging the manufacturers over the safety of fluoride in toothpaste. Reviewers also concluded that there was not enough evidence available to assess the impact of ending fluoridation on dental health or the effect it would have on disparities in socioeconomic status. Researchers at the U.S. National Institutes of Health analyzed 74 studies in 10 countries and found that children who were exposed to more fluoride had lower IQ scores. Researchers reported that in four studies with a very low bias risk, involving?4,179 kids, urine fluoride levels at levels reportedly found in developed countries, were associated with lower IQs. According to an editorial that was published along with the report, these results "support concern for vulnerable populations who live in communities with water fluoridated." The second editorial, on the other hand, outlines the multiple flaws in the NIH analysis and warns against public policy regarding fluoride being affected by study results.
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US EPA takes action to review fluoride in drinking waters
According to a Federal Register notice published on Wednesday, the U.S. Environmental Protection Agency has begun the first phase of its "expedited" review of safe fluoride levels in drinking water. This is a key priority for the Trump administration’s "Make America Health Again" agenda. According to the notice, the agency's final toxic assessment will help inform possible revisions of fluoride drinking standards under the Safe Drinking Water Act and also support the Centers for Disease Control and Prevention recommendations regarding?fluoride consumption in drinking water. The MAHA movement, which supports Health Secretary Robert F. Kennedy, Jr., has made it a priority to remove the mineral fluoride naturally present in drinking water. Kennedy, a long-time anti-vaccine activist, has implemented MAHA's priorities, such as reducing recommendations for childhood vaccinations, attracting rebukes from major medical groups. Kennedy has opposed the addition of fluoride in public drinking water for improving?dental care, and claimed that 'without scientific evidence' water fluoridation levels at U.S. level is associated with cancer, among other health problems. Kennedy announced last year that he was going to convene a panel of independent health experts in order to make a recommendation about fluoride. He also said that he intended to instruct the CDC not to recommend fluoride for drinking water. In?May, the U.S. Food and Drug Administration announced that it would take fluoride supplements from children's markets. The American Dental Association continues to support community water fluoridation. Studies have shown that it reduces tooth decay in children and adults by over 25%. In 2024, a federal court ordered the EPA to tighten fluoride regulations and to address the risks of fluoridating drinking water to children's IQ. The EPA announced in April that it would speed up the next fluoride assessment, as required by the Safe Drinking Water Act, which mandates a review every six years of the drinking water regulations. MAHA leaders have pressed EPA Administrator Lee Zeldin to align his agency’s agenda with their priorities of curbing pesticide application and reducing chemical exposure. In the notice, it was stated that the EPA would accept public comments for a period of 30 days. The draft assessment will then be peer reviewed by external experts.
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Gold reaches $5,300 for the first time due to dollar weakness before Fed decision
Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed. By 11:05 am, spot gold had risen 1.7% to $5,278.28 per ounce. After reaching a record of $5,311.31, ET (1605 GMT), gold prices fell to $5,278.28 an ounce. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.8% to $5275.30 per ounce. Dollar-priced gold is now cheaper for foreign buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president at Zaner Metals said: "The rally has taken on a new life at this point." Grant said that gold remains overbought, and is vulnerable to a correction. However, strong buying during dips continues the trend of the upside. The next target, he added, was projected to be $5,400. All Eyes on the FED and POWELL Remarks Investors were waiting for the Federal Reserve to announce its policy at 2:00 pm ET (1900 GMT) on Wednesday. Rates are expected to remain steady and attention will be focused on Chair Jerome Powell's post-meeting remarks. ET (1900 GMT), with the expectation that rates will remain unchanged and the focus on Jerome Powell’s remarks after meeting. Donald Trump, the U.S. president, said on Tuesday that he will soon announce who he has chosen to replace Powell. Powell's term as chairman ends in May. He also predicted rate reductions under the new leadership. Gold is a safe haven asset, which does not pay interest. It performs best during times of low interest rates and general uncertainty. Gold has gained over 20% since the beginning of the year, adding to last year's record gains. Retail demand is still weak due to these record-high prices, and there are a lot more pent up?demands waiting for a relief... Grant stated that dealers are pulling away from the scrap metal business due to refiners being so behind schedule and refusing new orders until the metal has been processed. Spot'silver' rose by 0.1%, to $113.08 per ounce. It had hit a record-high of $117.69 an ounce on Monday. It has gained almost 60% this year. The spot price of platinum dropped 0.9%, to $2.618.21 per ounce after hitting a record high of $2.918.80 an ounce on Monday. Palladium, however, rose 4.6%, to $2.022.25.
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The court orders Dutch to do even more to reduce climate change impacts on Bonaire Island
The Dutch court on Wednesday ruled that the state should set binding greenhouse gas emission?targets?to achieve net zero by 2050 in order to protect the Dutch Caribbean island of Bonaire. This decision was hailed as a major victory by climate activists. The court gave the Netherlands a deadline of 18 months in which to develop a legally-binding plan to reduce greenhouse gases emissions to zero by 2050, as per international agreements. Legal experts claim that the case, brought by the environmental group Greenpeace, on behalf of Bonaire's residents, is the first test of climate obligations at a national level, as set out in the landmark 2024 European Climate ruling and the influential World Court advisory opinions of last year. Greenpeace's legal expert Eefje De Kroon said: "It's a?great victory for the people of Bonaire but also for us all, as the Dutch government must do more to protect those who are already suffering the consequences." Climate Minister Sophie Hermans stated that the government would review the decision, which may be appealed. However, the court's orders must be implemented. Impact on Crops, Islanders' Health Bonaire residents testified to The Hague District Court in October last year that the climate change has made the island unbearably dry and hot, affecting crops and islanders' health. Bonaire is located in the southern Caribbean and was a former Dutch colony. It became a Dutch special municipality in 2010. Around 20,000 of its residents are Dutch. The court found that the Dutch climate plans did not adequately address the problems in the Dutch Caribbean. Therefore, the Netherlands will need to develop a separate plan to reduce the impact of climate change on Bonaire and to lower the sea level. The court also stated that the Netherlands had violated human rights and discriminated the citizens of Bonaire by failing to make separate climate plans for their island. Jerzy Liiten, the presiding judge of the court, said that the state had not taken timely and sufficient measures to protect residents of Bonaire from the adverse effects of climate changes. After the verdict, Jackie Bernabela of Bonaire, who had been at the court to hear the decision, wiped her tears away. "We are not second-class citizens anymore. (We have) equality. "I am very happy," she said to reporters.
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Gold reaches $5,300 for the first time due to dollar weakness before Fed decision
Investors waited for the Federal Reserve to announce its policy, amid growing concerns about the independence of the Fed, and the gold price climbed to $5,300 an ounce on Wednesday. By 09:13 am, spot gold had risen 1.4% to $5,259.78 per ounce. After reaching a record of $5,311.31, ET (1413 GMT), gold prices were up 1.4%. The previous session saw prices rise by more than 3%. U.S. Gold Futures for February Delivery jumped by?3.4% to $5254.10 per ounce. Dollar-priced gold is now cheaper for overseas buyers. Peter Grant, senior metals analyst at Zaner Metals and vice president of the company, said that "the rally in precious metals has taken on a new life" Grant added that gold remains overbought, and is vulnerable to a 'correction. But strong buying during dips continues the trend of the upside. The?next projected target at $5,400. All Eyes on the FED and POWELL’s Remarks Investors were waiting for the Federal Reserve to announce its policy at 2:00 pm ET (1900 GMT) on Wednesday. Rates are expected to remain steady and attention will be focused on Chair Jerome Powell's post-meeting remarks. ET (1900 GMT), with the expectation that rates will remain unchanged and attention focused on Jerome Powell's remarks after the meeting. Donald Trump, the U.S. president, said on Tuesday that he will announce soon his choice to replace Powell. Powell's term as chair ends in May. He also predicted rate reductions under a new leader. Gold is a safe haven asset, but it does not pay interest. It performs best during times of low interest rates or uncertainty. Gold has gained over 20% since the start of the year. This is on top of last year's record gains. Retail demand is still weak due to these record-high prices, and there are a lot of pent up demands waiting for a respite. Grant stated that dealers are pulling back from scrap because refiners have a backlog and are not accepting new orders until the metal has been processed. Silver spot rose by 0.3%, to $113.31 per ounce. It had hit a record-high of $117.69 an ounce on Monday. It has risen by nearly 60% this year. The spot platinum price rose 0.1% to $2.643.70 per ounce after hitting a record of $2.918.80 an ounce on Monday. Palladium prices rose 3.9%, reaching $2,008.98.
Turkey wants to increase trade with Nigeria by $5 billion
Tayyip Erdoan, the President of Turkey, said that he hoped to increase trade between Nigeria and Turkey to $5 billion. This was after a meeting with Nigerian President Bola Tinubu.
Nigeria exports crude oil, agricultural products, and iron and steel to Turkey, while Turkey exports aircrafts, helicopters and machinery to Nigeria.
Both countries signed agreements on defence cooperation, infrastructure, trade and investment as well as joint efforts against insurgency within the Sahel region of?Africa.
Erdogan didn't give a time frame for reaching the new target, but said that talks had started.
We see great potential for trade and investment. He said that in today's meetings, we committed to the $5 billion target for trade volume and discussed the steps needed.
Tinubu is promoting foreign investments to spur growth in Africa’s most populous country following reforms introduced soon after he assumed office in 2023.
Tinubu stated that "trade, business, and no restrictions" are critical to his growth goals. "How can we work together to build an inclusive economy? How can we include?vulnerables? How can we bring peace to the world? The Nigerian leader asked.
Erdogan said that Turkey would support Nigeria in its fight against militant groups, drawing from its own experience.
He said that "Terrorist?organisations, particularly those emerging in Africa's Sahel Region, pose a threat to peace on the entire continent." We discussed the possibility of closer cooperation in military training and intelligence. And we are willing to share our significant experience.
Erdogan said that Nigerian officials will be expected to meet with the leading Turkish companies in the defence industry during their visit. (Written by Chijioke Ahuocha, edited by Chizu Nomiyama).
(source: Reuters)