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Israel announces it will maintain the ceasefire in Gaza a day following strikes that killed 104 people
Israel's military announced on Wednesday it would adhere to a ceasefire agreement in Gaza. Health officials in the enclave reported that airstrikes in Gaza had killed 104. Israel and Hamas both blamed each other for violating the deal. Israel launched airstrikes on Gaza late Tuesday night, claiming it was a response to a militant attack that killed a soldier. This is the latest breach of an already fragile ceasefire. In a press release, the Israeli military stated that it would enforce the ceasefire and respond strongly to "any violations". ISRAEL SAYS AIRSTRIKES TARGETED HAMAS COMMANDER In a separate announcement, the military stated that it had targeted dozens Hamas militants in the enclave as well as weapons and tunnels owned by the group. The military named five militants including a Hamas leader who they said were involved in the attack on an Israeli Kibbutz that started the war. Gaza's health ministry reported that 104 people have been killed by Israeli airstrikes in Gaza since Tuesday, including 46 children and 20 females. Couldn't verify the figures immediately, but video shows several women and children dead inside a hospital at funeral procession. Donald Trump, the U.S. president, said that the U.S.-backed truce was not in danger despite the bombardments. Trump said to reporters on Air Force One, "I understand that they killed an Israeli soldier." "So, the Israelis retaliated and they should retaliate," Trump told reporters aboard Air Force One. "When that happens, you should strike back," he said. The Israeli army confirmed the death of the soldier on Wednesday. Trump stated that "nothing" would jeopardize the ceasefire. You have to realize that Hamas represents a small portion of the Middle East peace, and it is important for them to behave. ISRAEL SAYS HAMAS ATTACKED COMMUNISTS WITHIN THE 'YELLOW LINE Some Palestinians who had fled their homes feared that the truce would fall apart. Ismail Zayda (40), a father of 3 children, remembered the sounds of explosives all night long, a constant reminder of the war which has claimed tens and thousands of lives. It was one of worst nights since the ceasefire. Zayda told a chat application that the sounds of planes and explosions made him feel like war had resumed. Zayda lives with 25 members in tents west of Gaza City. According to an Israeli military official, Hamas violated the ceasefire agreement by attacking Israeli forces stationed inside the "yellow-line", the deployment line that was agreed in the ceasefire. Hamas has denied responsibility for an attack on Israeli troops in Rafah in southern Gaza and stated in a press release that it remains committed to the ceasefire agreement, which came into effect on 10 October. The agreement involves the return of hostage remains In the agreement, Hamas freed all hostages alive in exchange for almost 2,000 Palestinian prisoners, including wartime detainees. Israel retreated its troops and stopped its offensive. Hamas has also agreed to return the remains of any hostages who have not yet been recovered. However, it says that the process of locating and retrieving all the bodies will take some time. Israel claims that the militant group has access to the remains of many hostages. Trump has said that he will be closely monitoring the situation. Benjamin Netanyahu, the Israeli prime minister, said that human remains were handed over to Israeli authorities on Monday night. They belonged to a man who was killed in Hamas' attack of October 7, whose body had been recovered by Israeli troops during the first weeks of combat. The Israeli military claimed that Hamas planted the remains on an excavation site, before calling in Red Cross and pretending to have found a missing prisoner. This was done to give a false impression of "efforts to locate bodies". The military published a 14-minute video showing three men covering a white bag with rocks and earth at an excavation site. The video's location was confirmed independently, but the date or Israel’s description of what it showed was not. Hamas didn't immediately respond to our request for comment. The ICRC stated that its team did not know the remains were planted on the site prior to their arrival. The ICRC issued a statement saying that it was unacceptable to stage a fake recovery, especially when the agreement is so important and so many families still await news about their loved ones. (Additional reporting Trevor Hunnicutt, Maayan Libell, Marine DelRue and Eleanor Whalley, Writing by Michael Georgy, Editing by Michael Perry Sharon Singleton Aidan Lewis
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Powell's remarks and Fed rate decision are causing gold to rise by nearly 2%
The gold price rose by nearly 2% in Wednesday's session, recovering from the three-week low reached in the previous session. Some traders had covered their short positions in anticipation of the Federal Reserve's rate decision scheduled for later that day. As of 9:45 am, spot gold was up by 1.4%, at $4,007.47 an ounce. After falling to its lowest level since October 6, gold prices rose 1.4% at 9:45 a.m. ET (1345 GMT). U.S. Gold Futures for December Delivery gained 1%, to $4.023.3 an ounce. Some of these speculative positions that were short are now covering in anticipation of the Fed's announcement .... "The market will pay close attention to (Fed Chairman Jerome) Powell’s answers to questions today," Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals said. The Fed will likely cut interest rates 25 basis points in response to September's lower-than-expected inflation and signs of weakness on the labor market, despite limited data due to ongoing U.S. Government shutdown. Investors will closely monitor Powell's remarks to see if they contain any clues about future policy. Gold that does not yield is usually more popular in low interest rate environments and times of economic uncertainty. In the meantime, U.S. president Donald Trump announced a deal with South Korea on Wednesday and expressed optimism that a similar truce would be reached with China's Xi Jinping ahead of scheduled talks Thursday. Gold's appeal as a safe haven could be diminished by a potential trade agreement between the U.S. Gold is up 52% in the past year, thanks to geopolitical and financial uncertainties, U.S. rate cuts and central bank purchases. Prices reached a record of $4,381.21 in October, but have since fallen by 8.5%, partly due to the easing of trade tensions. Grant stated that despite the magnitude of the setback, the gold price could still reach $5,000/oz by the first quarter 2026. Palladium rose by 1.2%, while platinum gained 1.5% to $1,608.95. Spot silver also increased 2.3%, to $48.11 an ounce. Reporting by Noel John in Bengaluru and Pablo Sinha. Mark Potter edited the article.
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Industry group: Portugal's chemical sector must spend $35 billion to decarbonise.
APQuimica, a Portuguese industry group, said that the chemical, petrochemical, and refining industries in Portugal need to increase their decarbonisation spending to achieve net zero climate goals before 2050. The sector estimates this process will cost 34.99 billion euros (30 billion euros) of investment. A sector that invests around 1 billion euro per year on average in growth, manufacturing, and energy efficiency. However, only a small portion of this money is devoted to decarbonisation. This estimate of 30 billion euros, which is the first time that the industry has given a figure to decarbonisation costs comes from a joint study with the consultancy EY. The plan is a structured approach to achieve carbon neutrality as required by U.N. treaties and EU conventions, APQuimica president Luis Gomes stated on Wednesday. Initial capital investments will be significant. Funding will go mainly to electrification and renewable gases such as green hydrogen or biomass as well as carbon storage, use, and capture. In Europe, carbon neutrality has become a legal requirement. Gomes said that he did not know of a company within the AP Quimica Group who had doubts. He said that the industry was capital-intensive, already invested a great deal every year, and had the potential to invest more. Portugal's manufacturing sector generates 26 percent of the country’s total greenhouse gas emission. Its chemical, petrochemical, and refinery industries are responsible for over a third. APQuimica is made up of more than 60 companies, including Repsol Polimeros in Spain and other large companies like Bondalti or the oil company Galp. The group stated that the sector, which exports into 180 countries, has disadvantages when compared to European competitors, including long delays in the official authorisation process required to approve investments. Portugal's electricity and gas prices are below the EU average. However, this advantage is being eroded due to more generous subsidies given elsewhere in Europe.
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Investors await Fed decision, Powell speech as gold gains almost 2%
Investors found gold attractive on Wednesday after the metal's price fell to a 3-week low the previous session. The Federal Reserve's rate-cut decision and Chairman Jerome Powell’s speech were also in focus. As of 0218 GMT spot gold rose 1.9% to $4,024.56 an ounce after falling to its lowest level since October 6 on Monday. U.S. Gold Futures for December Delivery gained 1.4%, to $4.039.50 an ounce. Peter Fertig, Quantitative Commodity Research's analyst, said that bargain-hunting might be a good way to support gold because its price has dropped by more than 10%. This makes gold attractive because the gold story remains valid. Fertig continued, "There may also be central bank currency managers who saw a great opportunity to purchase a little more gold when the price dropped." On Wednesday, U.S. president Donald Trump started the final leg in his Asia tour by arriving in South Korea. He was optimistic that he could advance an unresolved trade deal with President Lee Jae Myung as well as reach a truce on a trade dispute with Chinese President Xi Jinping. Trump and Xi will meet in South Korea Thursday. The progress in U.S. China trade talks has continued to erode demand for safe-haven assets like gold. This pullback extended as tensions eased. ANZ noted that the recent drops may offer central banks an opportunity to increase purchases. Investors are looking for any comments from Powell that will be forward-looking. Gold that does not yield is a good investment in low interest rate environments and times of economic uncertainty. The gold price has risen by 52% in the past year, with a peak of $4381.21 reached on October 20. This was boosted by economic and geopolitical uncertainty, bets to lower rates, and central bank purchases. Silver spot gained 2.8%, to $48.37 an ounce. Platinum was up 1.6%, at $1,611.66, and palladium climbed 1.6%, to $1,415.69. (Reporting and editing by Ishaan arora in Bengaluru, Sherry j. Phillips, Eileen Soreng, Sonia Cheema, Sumana nandy)
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Phillips 66 beats quarterly profit estimates on strong refining margins
The refiner Phillips 66 exceeded Wall Street expectations for its third-quarter profits on Wednesday. This was due to higher fuel margins and record volume in its pipeline business. The shares of the company increased 1% in premarket trading. The U.S. refinery margins are recovering from a multi-year slump. Profits were down from their post-pandemic peak and supply shocks caused by Russia's invasion in Ukraine 2022 have faded. Quarterly U.S. Refinery margins On average, the price of a car has risen by 25% since its multi-year lows. The recovery has helped top refiners including Valero Energy post stronger-than-expected quarterly results. Phillips 66 realized margin increased to $12.15 a barrel during the third quarter. This is an increase of 46% compared to a year ago. The refining division reported earnings of $430 millions, compared to a loss $67 million a decade earlier. The midstream segment of the refiner, which transports gasoline, diesel, and natural gas liquids via its pipelines, posted adjusted earnings at $697 million. This is an increase of about 4% compared to a year ago. The company's refining segment income was offset in part by higher environmental costs, primarily due to the planned idle of the Los Angeles Refinery. Phillips 66 announced that it has ceased to process crude oil at its Los Angeles Refinery as of October 16. The remaining units are expected to be idled before the end of the year. Turnaround expenses dropped by 74%, to about $36 million, compared to 94% a year ago. According to data compiled and analyzed by LSEG, it reported an adjusted profit per share of $2.52 for the three-month period ended September 30. This compares with analysts' estimates of $2.17. Reporting by Tanay in Bengaluru, Editing by Devika S.
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Wall Street to open higher on Thursday ahead of Fed meeting and tech earnings
European stocks edged up and Wall Street futures reached new record highs Wednesday, ahead of earnings reports from major U.S. technology companies and an upcoming U.S. Federal Reserve Meeting that will likely deliver a rate cut of 25 basis points. Wall Street closed Tuesday at a record-high after Nvidia announced that it would build seven Supercomputers for U.S. Department of Energy and after Microsoft struck a deal to allow OpenAI to restructure. During Asian trading, stocks in Japan and South Korea also reached new highs. The MSCI World Equity Index rose 0.1% at 1131 GMT. Europe's STOXX600 was up by 0.2%, Germany's DAX fell 0.1%, France CAC 40 remained unchanged, and London's FTSE 100 reached a record high of 0.6%. Wall Street futures have reached new record highs. S&P 500 E-minis are up 0.3% and Nasdaq E-minis are up 0.5%. Microsoft, Alphabet, and Meta (American technology companies) are expected to release their earnings on Wednesday. Charu Chanana is the chief investment strategist for Saxo. She said that investors want to see more than just solid numbers, but also evidence of a sustained AI monetisation. Nvidia is on course to exceed $5 trillion market value. TRUMP IS EXPECTED to REDUCE US TARIFFS ON CHINA U.S. president Donald Trump said that he is optimistic about the progress of a tariff agreement with South Korea's president Lee Jae Myung, who was in South Korea for the final leg on his Asia tour. Trump will also hold talks with Chinese president Xi Jinping on Thursday in the South Korean city of Busan. Trump said that he expected to lower U.S. Tariffs on Chinese Goods in exchange for Beijing’s commitment to curtail exports of fentanyl pre-cursor chemicals. Analysts said that while the talks may ease concerns about a escalating war of trade, the bar to see a reaction from the market is high. Matt Simpson, senior analyst at City Index, said that Wall Street futures are at record highs, and the bullish momentum is already waning. It's hard to believe how much excitement hasn't been priced in. "So unless Trump & Xi release a joint declaration with actual details, appetite to risk may require another source to prolong the current moves." Markets Wait for FED Meeting Market watchers waited for the Fed's meeting, which was scheduled to take place later in the day. A 25-basis point cut has been almost fully priced into the market. The ongoing U.S. shutdown has led to a lack of economic data. Traders will be on the lookout for any comments that hint at the Fed continuing to reduce rates in December. The Fed may also announce its intention to stop the so-called quantitative tightening programme (QT). Ten-year Treasury yields were at 3.9948%, with the prospect of lower U.S. interest rates keeping U.S. Treasuries in demand. The benchmark German 10-year bond yield was 2.6227%. The Japanese yen gained in value earlier in the session, after U.S. Treasury Sec. Scott Bessent intensified his criticism of Tokyo’s low interest rates. The dollar index rose 0.2% to 98.885 and the euro remained unchanged at $1.1635. David Halpenny's research note on global markets stated that the post-decision response for short-term rates will depend on Powell's interpretations of inflation risks. The oil prices increased as traders became more optimistic following the U.S. China meeting. Brent crude futures rose 0.6% to $64.78 per barrel while U.S. Crude was up 0.6% to $60.49. Safe-haven Gold traded at $4.016.31 per ounce.
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German engineering body warns that US tariff increases could affect over half of machinery imports
The German Engineering Federation VDMA warned on Wednesday that more than half of German machinery exports and European equipment to the United States may be subject to new tariffs in December if Washington increases its list. It also urged the European Union (EU) to renegotiate their tariff agreement. Steel and aluminum tariffs may affect 56% of exports, up from 40% in August, when the initial increase was made. This affects almost all branches of mechanical technology. There is good reason to be concerned that the US will keep up this bad behavior," VDMA President Bertram Kawlath stated in a press release. The VDMA has said that it has communicated its concerns to Ursula von der Leyen, President of the European Commission. "The EU cannot let up on this." Kawlath stated that we urgently needed to renegotiate this customs agreement - as it was anything but predictable and steady for our industry. The association stated that American tariffs impose bureaucratic requirements for German companies. The association said that a further expansion of the list would disrupt supply chains and ultimately affect U.S. customers. Kawlath stated that the steel and aluminum tariffs would only hurt consumers on both sides. VDMA stated that the U.S. Department of Commerce had established a procedure in October for adding more products to its list of aluminum and steel tariffs. According to the VDMA's protocol, a decision must be made within 60 days. This means that it should arrive at its latest by early December. According to the association, if the proposed tariffs are implemented, up to 200 products containing steel or aluminium would be subject to a 50% import duty. The VDMA warned that if the origin or value of the materials is not reported correctly, a penalty of up to 200% could be imposed. In the United States, European-made machinery is used for aerospace production and the manufacture of weapons and semiconductors. (Reporting and editing by Kirsti Knolle, Frances Kerry and Natascha Kotch)
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Volunteers rush to save US Climate Data from Trump's Purge
Shuttered Climate.gov reborn as Climate.us The number of changes to federal websites has increased by 70% during the Trump administration Nonprofit organizations working to protect data By Carey L. Biron Climate.gov was a huge repository of climate change research. By May, her entire team was laid off. The site moved the following month to NOAA's Public Relations Department, ending its autonomy. The NOAA has not responded to a comment request on the plans for this site. Environmentalists claim that the Trump administration has made unprecedented changes to federal website, including a halt in data collection and hiding of existing data. This puts essential climate research at stake. Lindsey stated, "It is as if federal science enterprise experienced a disaster." Volunteers and non-profit organizations are racing to preserve the data, make them available to the public, and provide tools to allow others to use them. Lindsey, her team of unpaid volunteer workers and others are rebuilding Climate.gov into Climate.us. This month, they restored access to the most recent National Climate Assessment, which was taken off-line in July. They also restored content that had been removed due to the new policies of the administration on diversity and equality. By the end of this year, they hope to publish new content and update existing material. DATA FIRE DRILL According to the Environmental Data & Governance Initiative's (EDGI) monitoring of selected federal websites, in the first half this year the administration made 70 percent more changes online than it did during Trump's first term. Monitors report that entire federal websites, such as Globalchange.gov which hosted the nation's climate assessments and government-run tools to map communities burdened by pollution, have been removed. Some sites have been modified to remove or complicate access to material relating to diversity, inclusion or equity. They fear that the U.S. government, which has traditionally played a large role in research, will undermine policymaking, community input, and global understanding of climate changes. Brittany Janis is the executive director of Open Environmental Data Project, a non-profit organization. She said that work to protect U.S. Environmental Data began as soon as Trump was elected in November. She said that one result of the project was Public Environmental Data Partners. This group brings together several hundred volunteers and non-profit organizations in order to preserve climate data, and recreate tools which have been removed. Members can track the federal websites that are changing, being moved or removed completely. She said that within the first 24 hour of Trump's inauguration all federal websites had been stripped of anything related to environmental justice. The coalition is working to restore these tools. What surprised us was how quickly everything happened. "We knew things would go down, but not how fast," said Janis. She compared the initial months to a drill. We have many connections in these agencies. So we would get whistleblowers telling us, "We know something is going to happen. We have noticed that this is going to go down. You better go and ensure you get it." The volunteers and engineers then download the databases and metadata, and upload the information to servers that are not owned by government. 'DEMOCRATIZING ACCESS' EDGI reported in October that the federal government appears to be focusing more on climate data in recent months. It cited the removal of Environmental Protection Agency pages Implications of Climate Change & Underlying Science for Climate Change Adaptation. EDGI monitors approximately 5,000 federal websites. Izzy Pacenza is the project coordinator for EDGI. She said that these changes are a cause for concern, especially in light of proposed federal regulations, which have been opened for public comments. "We're not collecting this information for people with a particular skill set. She said that the information is for the public to weigh in on. Some groups have also taken up the challenge to collect, improve or produce data in the vacuum left by the federal government. The National Equity Atlas, which has been in existence for over a decade, tracks dozens of indicators such as income inequality, home ownership and other factors that are derived from public data, but is often difficult to obtain or understand. "We are democratizing the access to this data," said Selena Tan. She is a senior research associate at PolicyLink, an institute of research that manages the atlas in conjunction with the University of Southern California. Four new indicators have been added to the Atlas, which tracks urban tree canopy, exposure to lead, toxic flooding risks, and urban heat effects.
ICSG: Copper market will be in deficit by 2026 due to slower production growth.
International Copper Study Group (ICSG), a group of researchers, said that the global refined copper market will be in deficit by 2026. This is due to a slower growth of production.
The copper price briefly reached a 16-month high on Wednesday, due to fears about possible shortages caused by a recent series of mine disruptions in Indonesia. Chile and Congo.
In a statement released on Wednesday, the ICSG said that these incidents prompted it to lower its forecast of the global mine production growth in 2025 to just 1.4% instead of the 2.3% expected in April.
These incidents will reduce the surplus on the market for refined copper to 178,000 tonnes by 2025 from the previous expectation of 289,000 tons.
The industry expects that in 2026 the output of mines will increase by 2.3%, due to increased production from Chile, Peru, and Zambia, as well as the recovery of mining activities in Indonesia.
As a result of the limited availability of copper concentrates, this growth is expected to be reduced to 0.9% by 2026. This will partly offset the higher production from scrap.
The ICSG expects global refined copper consumption to increase by 2.1%, to 28,7 million tons, in 2026. This is compared to 3% growth in 2025.
China is responsible for 58% global consumption of refined copper.
The ICSG stated that "Asia is expected to continue as the primary driver of growth in the global economy, while demand in other important copper-using areas, such as the European Union and Japan, will remain subdued." (Reporting from Polina Devt, Anmol Chaubey and Anushree Mukerjee in Bengaluru. Editing by Vijay Kishore.
(source: Reuters)