Latest News
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Entergy's investment in Meta's Louisiana datacenter receives regulatory approval
Entergy Louisiana's unit has received regulatory approval from the state to proceed with infrastructure investments related to Meta's global data center located in Richland Parish. Meta, the parent company of Facebook and Instagram, announced in December that it would invest $10 Billion in Louisiana's data center. This would make Louisiana the largest datacenter in the world. The U.S. datacenter power consumption is expected to triple by 2030, due to AI expansion. This has led tech companies to explore other energy sources including nuclear power. Meta, in December, sought proposals from developers of nuclear power to meet its AI objectives. Entergy has been granted approval by the Louisiana Public Service Commission to build three combined-cycle combustion generator facilities in Richland Parish. Two of these are expected to be online in 2028. The third facility is set to begin operations at the Waterford site of Entergy Louisiana in St. Charles Parish in late 2029. The company said it would build new transmission facilities across its operating area for Meta's Data Center. The commission approved Entergy Louisiana's request to purchase up to 1,500 Megawatts of solar energy through a streamlined certification process. (Reporting and editing by Vijay Kishore in Bengaluru, with Pranav Mathur reporting from Bengaluru)
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Wall Street tech selloff deepens, European shares steady
Wall Street shares fell on Wednesday as a tech sell-off continued into the second day. Currency and rates traders remained focused on a meeting of central banks later this week. The S&P 500 finished down 0.2%, while the Nasdaq Composite, which is dominated by technology companies and has a high tech component to it fell 0.7%. This was a significant decline after Tuesday's steep drop. Both indexes have partially recovered from earlier, deeper losses. The Dow Jones Industrial Average rose 0.04%. Analysts attributed the decline in tech stocks to a number of factors, including fears over high valuations, investors selling profitable positions and risk aversion. Seth Hickle is the managing partner of Mindset Wealth Management. He said, "Tech was overbought to me." "We've had great earnings and it seems natural that the market would want to sell off some of this good news." Investors are also concerned about the growing influence of Donald Trump over U.S. tech companies. Two sources say that U.S. Commerce secretary Howard Lutnick is investigating the possibility of the government owning equity in Intel and other semiconductor companies. Washington has recently signed other revenue-sharing agreements with the artificial intelligence chip companies Nvidia, Advanced Micro Devices and Nvidia. Apple, Alphabet, and Amazon all dropped more than 1%. The STOXX 600, a pan-European index, rose 0.25%. The FTSE 100 index in Britain rose 1.17%, reaching a new record high. Consumer and healthcare companies were the main drivers of this rally. FOCUS UPON JACKSON HOLLE The U.S. Dollar weakened against a basket after Trump demanded that Federal Reserve Governor Lisa Cook resign. The yield on the 10-year U.S. Treasury was unchanged at 3.29%. However, the yield on 2-year Treasury fell to 3.74%. Now the focus is on the Federal Reserve's Jackson Hole Symposium, which runs from August 21 to 23. Fed Chair Jerome Powell will speak on Friday about the U.S. Central Bank's policy framework and the economic outlook. Powell's comments on the short-term outlook of interest rates will be closely watched, as traders have already priced in a possible rate cut for next month. Analysts at ING wrote in a report that "even if Federal Reserve chair Jerome Powell emphasizes muted unemployment rather than sharply revised payrolls that would be a difficult sell to the White House as well as a market pricing in 21 bp rate cuts for September." The minutes of the Fed's meeting in July, when interest rates remained unchanged, revealed that almost all policymakers believed it was appropriate to keep the target range of the federal funds rate between 4.25% and 4.50% despite the two dissenters. As expected, Sweden's central banks kept their key interest rates on hold, and the Reserve Bank of New Zealand lowered policy rates to an all-time low, signaling further easing. The kiwi fell by over 1%. Data showed that consumer prices in Britain rose 3.8% in July. This was the fastest increase for an economy in the Group of Seven. The data pushed sterling higher but it quickly retreated. Meanwhile, the fact that inflation wasn't even higher led to a rally of government bonds. The 10-year gilt yield fell 7 basis points to 4.68%. Oil prices rose about 1% as investors awaited next steps in the talks to end Ukraine war. Sanctions on Russian crude remain in place. Spot gold increased 1% to $3.348.70 per ounce.
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Investors sell tech and buy cheaper sectors as Nasdaq and S&P 500 close lower
Investors sold tech stocks on Wednesday and moved to less-valuable sectors as they awaited the Federal Reserve officials' remarks at their Jackson Hole Symposium this week. The tech stocks that drove the Wall Street recovery after its April selloff have been slipping back. The S&P 500 Technology index fell on the day while other sectors like energy, healthcare, and consumer staples rose. Bryant van Cronkhite, senior portfolio manager at Allspring, said that a broader perspective would indicate a more gradual rotation rather than a real sell-off. In the context of today's inflated spending, tech valuations appear to be stretched. Second, I'd say there are many pockets of the market which look very attractive in terms of valuation and have been ignored. The preliminary data shows that the S&P 500 fell 16.40 points or 0.26% to 6,394.97, and the Nasdaq Composite dropped 144.76 or 0.68% to 21,170.19. The Dow Jones Industrial Average increased 1.48 points or 0.00% to 44,923.75. Analysts citing other reasons for the tech sell-off cited OpenAI CEO Sam Altman’s last week comments about artificial intelligence stock being "in bubble" and a Massachusetts Institute of Technology (MIT) study which showed that many tech companies struggled to convert AI into profits. Investors are also concerned about government interference with the private sector. The Trump administration has been looking at taking equity stakes with chip companies like Intel, after striking revenue-sharing agreements with Nvidia AMD and others. Nvidia, Advanced Micro Devices (AMD), Intel, and Micron all fell. Nvidia's quarter-end results, due on August 27, will provide important clues about demand for artificial intelligent. Apple and Meta, two other megacap growth companies, were also under pressure. The minutes of the Fed's meeting in July, when interest rates were not changed, revealed that almost all policymakers thought it was appropriate to keep the federal funds target rate range at 4.25%-4.50% despite the two dissenters. Jerome Powell, the chair of the central bank, is expected to deliver a speech at its annual conference, which begins on Friday in Jackson Hole. Ses remarks will be closely monitored for policy messages. According to LSEG data, investors have priced in a rate cut of 25 basis points in September. Investors also watched Trump's request for the resignation Fed Governor Lisa Cook. The president claimed that Cook was involved in mortgage fraud. This week, big retailers' earnings, a barometer of consumer health in the United States, will also be released. The sentiment has been affected by fears that tariffs may increase prices. Target's stock dropped after it named a new chief executive officer and kept its lower annual forecasts from May. Estee Lauder's profit forecast was hit by tariff-related headwinds. Reporting by Carolina Mandl in New York; Johann M Cherian, Sanchayaita in Bengaluru, and David Gregorio in the editing department.
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Peru's gold imports to China in June surpass all 2024
According to data released by the government in August, Peruvian gold exports to China increased in the first half 2025 and exceeded shipments for all of last year. Why it's important The global appetite for gold has increased amid the trade tensions between China and the U.S. Prices of the metal, which is a safe-haven asset that typically increases in value during times of turmoil and economic uncertainty, reached record levels last year. By the Numbers In the first half 2025, Peruvian gold exports to China will reach $947 million, nearly four times the amount exported in the same period of last year. This figure is steadily increasing. Peru exported $885 millions in gold to China by 2024. This is a 410% rise from the $173million in exports recorded in 2023. In the six-month period ending June, Peru's gold exports grew 46% on an annual basis. CONTEXT China is the fourth largest gold buyer in Peru after Canada, India, and Switzerland. The local production of precious metals has increased in recent years. However, there are concerns that the increase is due to illegal mines which do not comply with environmental regulations and fuel violence. (Reporting and writing by Marco Aquino; Editing by Daina-Beth Solomon, Sandra Maler, and Daina Beth Morland)
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China and Canada launch WTO dispute over steel and aluminum taxes
The World Trade Organization announced on Wednesday that China had requested consultations regarding a dispute involving Canadian surtaxes, quotas, and tariffs on aluminum and steel products. A WTO notice said that the disputed measures included a surtax, in the form quotas for tariff rates, on certain imports of steel from Canada's nonfree trade partners, such as China. China also challenges a surtax imposed on certain products that contain steel and aluminum from China. Last month, in an effort to protect Canada's domestic steel industry, Prime Minister Mark Carney announced that Canada would implement 25% tariffs for steel imports coming from any country containing steel that has been melted and poured into China by the end of July. Huzaif Qaisar is a spokesperson for Maninder Singh Sidhu, the Trade Minister. He said via email that "these measures are a response to China's non-market behavior and overcapacity, which is undermining Canada’s steel sector and threatens Canadian jobs." Rachel More wrote in Berlin, David Ljunggren edited in Ottawa.
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S.African trade group recommends tariffs to curb steel imports
The South African government's trade body, which is investigating the country's struggling metal sector, proposed import duties of 10% to protect the industry against an influx mainly from China. The International Trade Administration Commission has released its preliminary findings following a review of steel tariffs that was ordered by the South African government in March. This review was carried out as a result of an oversupply of steel, a weak local demand, and high input costs within the South African steel industry. ITAC suggested that the government take emergency measures under World Trade Organisation Rules to protect the steel sector and propose import duties beginning at 10% on all steel products. The imports account for around 35% total domestic consumption. This puts companies like ArcelorMittal South Africa - the country's largest primary steel producer - at risk and threatens thousands of jobs. ITAC's preliminary findings stated that "the current geopolitical environment does constitute an unprecedented crisis, necessitating immediate action under Article 19 and Article 21, of the General Agreement on Tariffs Trade". These rules allow WTO member countries to suspend or withdraw tariff concessions when "any product imported in such large quantities and under conditions that threaten or cause serious injury to domestic manufacturers". Ayabonga Ayabonga, Chief Commissioner of ITAC, told an interview that the organization urged policymakers to determine whether or not the current trade conditions constitute an emergency under WTO rules. Cawe stated that steel import restrictions imposed in recent months by the European Union (EU) and the United Kingdom raised concerns about dumping and diverting in markets like South Africa. Tariffs imposed by Donald Trump, President of the United States, have added to South Africa’s problems. The Commission, whose roles include conducting tariff investigations, providing trade remedies, and implementing import-export controls, stated that its initial findings will not become final until after it receives and reviews feedback from the general public in the next two week. In a public notice, it said that more than 150 submissions had been received, "ranging from requests to increase duty, create rebate provisions, and include specific products under import controls".
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Trump bought bonds worth more than $100 Million during his tenure as president, a disclosure shows
Since taking office in January 2017, Donald Trump has purchased more than $100,000,000 in bonds issued by companies, states and municipalities. This is according to new disclosures that shed light on his vast portfolio. The online forms posted on Tuesday show that the former Republican real estate mogul has made over 600 financial purchases in the past 21 days, the day following his second term as President. The filing of the U.S. Office of Government Ethics on August 12 does not give exact amounts, but only a range. These include corporate bonds issued by Citigroup, Morgan Stanley and Wells Fargo as well as Meta, Qualcomm, The Home Depot and T-Mobile USA. Other debts include bonds issued by states, counties, school districts, cities, as well as other issuers such as gas districts and others. The holdings are in sectors that may benefit from policy changes under the Trump administration, including financial deregulation. On Wednesday, the White House did not respond immediately to a comment request. Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children. The annual disclosure form he filed in June revealed that his income, from various sources, still accrued to the president. This has led to accusations of conflict of interest. Trump disclosed more than 600 million dollars in revenue from cryptocurrency, golf properties and licensing, among other ventures, in this disclosure. The president's investment in crypto also added significantly to his wealth. According to an estimate made at the time, the president's assets totaled at least $1.6billion. (Reporting and editing by Sharon Singleton, David Gregorio and Trevor Hunnicutt)
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South Africa's Tariff Body proposes an increase in steel duties to stop imports
The International Trade Administration Commission of South Africa proposed Wednesday import duties on steel products starting at 10% as part of measures designed to protect the sector against an influx of imported goods. After a review of the steel tariffs announced in March as part of South Africa's crisis of steel, which was marked by an oversupply of steel, a weak local market and high input prices, the government released preliminary findings. The government estimates that imports, mostly from China, account for around 35% total domestic consumption. This puts companies like ArcelorMittal South Africa at risk of bankruptcy. South Africa's steel industry has suffered as a result of U.S. President Donald Trump’s tariffs. The Commission, whose role involves conducting tariff investigations, providing trade remedies, and implementing import-export controls, stated that its initial findings will not become final until after it receives and reviews feedback from the general public in the next two week. In a public notice, it said that more than 150 submissions had been received, "ranging from requests to increase duty, create rebate provisions, and include specific products under import controls". The proposal is to increase customs duties by 10% on certain products, including flat-rolled, bars, rods and wires. Currently, the rate of duty for these products is 0%. According to the schedule, selected tube and pipe products, as well as nails, would be subject to a 15% duty. The Southern Africa Customs Union (which includes Botswana and Namibia) also offers rebates for steel products which are imported from South Africa because they cannot be found in these countries. Reporting by Nelson Banya, Nqobile Dudla and Barbara Lewis
US trade restrictions on iron ore and China blast furnaces
The price of iron ore futures fell on Wednesday due to a mandatory production cut in China ahead of an upcoming military parade and U.S. restrictions on steel imports.
As of 0247 GMT, the most traded January iron ore contract at China's Dalian Commodity Exchange was trading 0.65% lower. It was trading at 765.5 Yuan ($106.51), per metric ton.
On the Singapore Exchange, the benchmark iron ore for September was down 0.69% at $100.35 per ton.
Galaxy Futures said that the upcoming military parade (in Beijing), which will commemorate the end of World War II, and the mandated reductions in blast furnace production aimed at improving the air quality, are putting pressure on the raw material price.
Analysts from ANZ stated in a Wednesday note that the planned cuts were less severe than the earlier market rumours about a complete shutdown. This would limit the impact of the actual demand.
The U.S. announced on Tuesday it would target more Chinese imports, including steel and copper, as well as lithium, to enforce human rights violations involving Uyghurs.
The U.S. Commerce Department also announced it would extend the 50% tariff to include more than 400 items to help support American industry.
The appeals of companies such as Tesla, who argued that the available U.S. production capacity was insufficient to produce steel for their electric vehicles, failed.
According to Chinese consultancy Mysteel, on the supply side, iron ore shipment from Australia and Brazil, the top two producers, rebounded from week to week, with Brazilian mining titan Vale leading the way.
Coking coal and coke, which are used to make steel, also fell, by 4.15% and a combined 3.06%.
All steel benchmarks at the Shanghai Futures Exchange have fallen. Rebar dropped 0.86%, while hot-rolled coil fell 1.08%. Wire rod also decreased 0.42%, and stainless steel declined 0.66%. ($1 = 7,1869 Chinese yuan). (Reporting and editing by Harikrishnan Nair.
(source: Reuters)