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UN Secretary-General: Global warming pushes the planet to its brink
On Wednesday, UN Secretary General Antonio Guterres said that global warming was pushing the world to the edge and called on countries to implement disaster alert systems to protect the people from extreme weather. "Each of the past ten years was the hottest ever recorded." Ocean heat is destroying ecosystems while breaking records. No country is immune to fires, flooding, storms, and heatwaves", he said at the UN World Meteorological Organization’s extraordinary conference, held in Geneva, to celebrate its 75th anniversary. Guterres called on countries to mobilize funds to create a global surveillance system, also known as Early Warning Systems (EWS), to protect the public from extreme weather. They give farmers the ability to protect their livestock and crops. Families should be able to safely evacuate. "Protect entire communities from destruction," Guterres said. He added that if you are notified 24 hours in advance of a potentially hazardous event, it can reduce the damage by as much as 30%. Since Guterres' initiative to implement multi-hazard early warning systems in all countries by 2027, 60% of countries have implemented them. More than 2,000,000 people have died in the last 50 years due to weather, water, and climate-related hazards. WMO reported on Monday that a majority of these deaths occurred in developing countries. (Reporting and editing by Thomas Escritt, Olivia Le Poidevin)
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Saudi Arabian crude exports reach a six-month high during August
Data from the Joint Organizations Data Initiative showed that Saudi Arabian crude oil exports rose in August to their highest levels in six months. Crude exports rose to 6,407 million barrels per days (bpd) in July from 5,994 million bpd, their highest level since Febuary 2025. Saudi Arabia, which is the largest oil exporter in the world, increased its crude production to 9.722 millions bpd from 9.201 in July. JODI data showed that the refinery crude throughput fell to 2.902 mbpd in august, a 2.6% drop from July's 2,978 mbpd. Direct crude burning also decreased by 1,000 bpd at 607,000 bpd. The demand is still somewhat contained, according to UBS analyst Giovanni Staunovo. "They have unwound production cuts so there's more oil and they produce more, but the official selling price was still very high," he said. "September should be a higher month, just because the temperatures in the Middle East are declining and there is more crude oil available for export." JODI publishes the monthly export figures of Saudi Arabia and its other OPEC member countries. OPEC+ had announced earlier in October that it would increase oil production targets by 137,000 bpd beginning November. This was the same incremental rise as October, amid concerns about a possible supply glut. The OPEC+ Alliance, which includes Russia, and other smaller producers has increased oil production targets this year by over 2.7 millions bpd, equivalent to approximately 2.5% of the global demand. The International Energy Agency predicted earlier this week that the global oil markets could experience a surplus of up 4 million bpd in 2019, as OPEC+ producers and their rivals increase production while demand remains low. Sources familiar with the situation said that Saudi crude exports are likely to fall in November, to around 40 million barrels. Chinese refiners will then switch to cheaper spot supplies coming from other Middle East producers. Reporting by Anmol Chaubey, Bengaluru. Editing by Shailesh Kumar.
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Gold miners to reap bumper profits following bullion's record rise
Investors are waiting for the latest updates from top producers Newmont, Barrick, and other gold miners to see if they can deliver a stellar third quarter earnings. According to LSEG data, analysts expect both mines to earn a combined profit for the period of more than $3 billion. This is nearly double the $1.4 billion earned last year. In the quarter July-September, prices averaged $3.574.95 an ounce, up 43.5% on an annual basis. This month, the price of gold surpassed $4,000 an ounce for first time. Some analysts predict that the price will reach $5,000 next year. Stifel analysts noted that precious metal miners also benefit from stable production and cost pressures. However, they warned of rising contractor fees and royalties, as well as taxes and duties linked to gold. INVESTORS SET FOR BONANZA Profits are another factor that encourages miners to increase shareholder returns. Newmont, the world's largest miner, returned $1 billion to shareholders last quarter. It also approved a plan for a $3 billion buyback of shares. Newmont's spokesperson stated that the company was well-positioned to provide strong returns to its shareholders, through a predictable dividend and an active share repurchase plan. Barrick returned 753 million dollars in the first half of 2025, which included a 15-cent dividend per share and a performance payout. We forecast that a majority will be in net cash by the third quarter. RBC Capital Markets analysts said that buybacks across large-cap producers will continue in Q3. They also noted that comments on the future of this activity, given recent gains in share prices, would be noteworthy. Newmont shares have risen 132% in the past year while Barrick has soared 98%. Newmont will report its results on Thursday. Agnico, Kinross and Barrick are all scheduled to follow on Friday. LEADERSHIP IS CENTRAL Barrick and Newmont announced CEO transitions last month on the same date, but Barrick's announcement was the one that resonated across the industry. Mark Bristow, Barrick's Mark Bristow, made a sudden exit, despite having previously pledged to remain. This raised questions about the company's strategic direction, particularly after a $1 Billion write-off related to its Mali Mine. Citi analysts believe that the incoming CEO may reshape Barrick’s approach to assets such as Reko Diq. Analysts are more favorable towards the miner due to their growing confidence in Fourmile Project in Nevada. Analysts were more concerned about Newmont's decision to appoint Natascha Vijoen as its first female CEO.
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Sources say that Thyssenkrupp and Jindal Steel will deepen TKSE due diligence in the next week.
Two people familiar with this matter have confirmed that Germany's Thyssenkrupp is going to start giving India's Jindal Steel International greater access to the financial details of their Thyssenkrupp Steel Europa (TKSE), business, starting next week. Last month, Jindal Steel submitted an indicative offer for TKSE. TKSE is Europe's second largest steelmaker, after ArcelorMittal. Thyssenkrupp CEO Miguel Lopez said on Monday that the talks were intense. People said that the deepening due diligence coincides the visit by a Jindal Steel delegation to TKSE headquarters in Duisburg in advance of the crunch negotiations planned for later this year. Thyssenkrupp declined to provide any further comment, but said that official due diligence procedures had begun in recent weeks. This included site visits by Jindal Steel. Jindal Steel (part of the Naveen Jindal Group) declined to comment. The Key to Understanding Pension Liabilities The people stated that Jindal Steel was willing to take on 2.7 billion euro ($3.2 billion) of pension liabilities, which has been a major obstacle to previous attempts to sell TKSE. However, this would require Thyssenkrupp making substantial financial commitments. This could lead to a negative equity value for TKSE. TKSE employs 26,000 people, or 28% of Thyssenkrupp. Brokerage Jefferies estimates TKSE's value at 2 billion euros. The people reported that more formal discussions took place after Jindal Steel chairman Naveen Jindal, during his trip to Germany on October 8, met with Thyssenkrupp executives, worker representatives and the premier of North Rhine-Westphalia. Jindal Steel, as part of its plans, has committed to completing a direct reduction facility in Duisburg that will produce carbon-neutral stainless steel. It also pledged more than 2 billion euro for an additional capacity electric arc furnace. Jindal Steel will also supply Duisburg high-quality iron ore mined in Cameroon. Labour leaders welcomed Jindal Steel’s consensus-driven strategy after criticizing Czech billionaire Daniel Kretinsky for not engaging. Kretinsky was slated to purchase half of TKSE prior to Jindal Steel’s interest being revealed. Juergen Kerner is Thyssenkrupp’s deputy chairman of the supervisory board and a senior leader in Germany’s most powerful union IG Metall. Jindal Steel is looking to expand its European operations. Last year, it bought Vitkovice Steel in the Czech Republic and until recently, was in the running for Italy's Ilva Steel plant. Reporting by Christoph Steitz, Editing by Alexander Smith. $1 = 0.8575 euro
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UN warns that the UN is moving too slowly to combat super-warming methane gases ahead of COP30
The UN warned that almost 90% of methane leaks detected by satellite and reported to governments, oil companies and other organizations are not acknowledged. This comes ahead of the COP30 talks on climate change next month. The International Methane Emissions Observatory (IMEO), which uses 17 satellites for plume observation, had a response rate of 12% from 3,500 alerts relating to leaks in the oil and gas industry, according to the report. This is a small improvement from the previous year, when only 1% alerts led to action being taken to prevent the leaks. Methane is more efficient at trapping heat, even though it stays in the air for a shorter period of time. Scientists believe that cutting methane emission is the best way to combat climate change on a short-term basis. More than 150 nations have pledged to reduce methane emission by 30% in the decade of 2021. Inger Andersen is the executive director of U.N. Environment Programme oversees the Methane Alert and Response System of the observatory, which detects gas leaks remotely. Anderson, speaking of methane emissions from oil and gas venting and flaring, said: "We're talking about tightening screws in certain cases." "We cannot ignore these relatively easy wins." In 25 cases, the report stated that a notification had led to an event of large emissions being corrected. Investors representing more than 4.5 trillion euros ($5.3 billion) in assets warned the EU at the beginning of this month not to relax its methane emission law. They were concerned that the EU might ease the rules to allow increased U.S. LNG exports as part of their efforts to reduce trade tensions. The observatory states that the greatest mitigation potential is found in the methane emissions from the oil and natural gas industry. Giulia Ferini, head of the observatory said that the observatory also planned to expand its work in order to detect emissions from other sources. These include metallurgical coke for steel production, agricultural waste and agricultural, Giulia added. (Reporting and editing by Barbara Lewis; Ali Withers)
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Gold prices fall over 2% as dollar firms and investors book profits
The gold prices continued to decline on Wednesday after their steepest daily drop since 2020 the previous session. An initial recovery was followed by renewed selling as investors locked in profits, and a stronger US dollar added pressure. As of 1103 GMT spot gold fell 2.6% to $4,017.29 an ounce after reaching as high as $4,161.17 in the earlier session. U.S. Gold Futures for December Delivery fell 1.9%, to $4.032.80 an ounce. The U.S. Dollar Index rose by 0.2%, reaching a new high of one week. This makes dollar-priced gold more expensive. Bullion prices dropped 5.3% on the day after hitting a record-high of $4,381.21 during the previous session. Prices are up 54% this year due to geopolitical instability and economic uncertainty, U.S. interest rate expectations and strong ETF inflows. The analyst at ActivTrades, Ricardo Evangelista, said that the recent gains in gold prices were a sign that they had reached an overbought level. This led to many traders closing their positions to lock in their profits. The 21-day moving median at $4,005 is a technical support for gold. Investors await the U.S. Consumer Price Index report (CPI), due on Friday. This could provide insight into the Federal Reserve’s rate-cutting trajectory. In low-interest-rate environments, gold, which is a non-yielding investment, tends do well. According to a poll of economists, the Fed is expected to lower its key rate by 25 basis point next week and then again in December. A planned summit between U.S. president Donald Trump and his Russian equivalent Vladimir Putin has been put on hold, and uncertainty surrounds a potential meeting between Trump and Chinese president Xi Jinping. StoneX analyst Rhona OConnel said: "We're still in a period of uncertainty, which will likely lead to a new interest for buying at any significant dips." Silver spot fell 1.8%, to $47.24 per ounce. On Tuesday, it fell 7.1%. Palladium fell 1.2% to $1391.00, and platinum dropped 1.4% to $1530.35.
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GE Vernova profit beats estimates on strong equipment orders, rising power demand
GE Vernova beat Wall Street expectations for the third quarter profit on Wednesday. This was due to robust equipment orders, and a surge in power demand from data centers that support artificial intelligence workloads. The company reported orders totaling $14.6 billion. This represents a 55% organic increase, driven by the demand for equipment in the power and electrification sector. GE Vernova announced on Tuesday that it will acquire the remaining 50% of Prolec GE, a transformer manufacturer, for $5.28 Billion, strengthening its North American grid-equipment business. The company created after a three way split of General Electric reported a profit adjusted of $1.67 per shared. According to LSEG data, analysts had on average expected $1.62 a share. GE Vernova shares increased by about 2% during premarket trading. The electrification division reported a core income of $393 millions, up from $201 million the year before. This unit offers grid equipment and services. Power segment, which provides steam and gas engines, reported a core income of $645m for the three-month period ended September. This compares to $499m a year ago. According to the Energy Information Administration, the U.S. power consumption is expected to reach record levels this year and in 2019. The wind segment posted a core loss in the quarter of $61 millions, compared to a loss in the previous quarter of $317. GE Vernova has reported one death in a motor accident.
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Kazakh Minister says fuel prices will remain frozen until at least the spring and blames Ukraine War Fallout
The Kazakhstani economy minister announced on Wednesday that a price freeze would be in effect until "at least next spring". He said that this was due to the rising fuel prices in Russia - Kazakhstan's main trading partner and neighbour. Serik Jumangarin said to reporters in Astana: "What is important now for us is to wait. At least until next Spring." We must wait until the neighbouring countries stabilise." He said: "The situation has to do with the events that are unfolding because of the conflict between Russia, Ukraine and other countries. The petroleum prices in this country have been rising rapidly." Kazakhstan, the world's second largest producer of minerals, and a country that produces 2% of all oil in the world, introduced last week sweeping price controls for fuels and utilities, amid an accelerating inflation rate, which reached 12.9% in September. In the first half of this month, central bank rates were raised to an all-time high 18%. Fuel prices are a sensitive issue in Kazakhstan. The sudden increase in the price of LPG in January 2022 sparked the worst unrest in Kazakhstan since 1991, when the 20-million-strong country gained independence from the Soviet Union. The fuel price protests in that year grew to be a widespread unrest. Hundreds of people were killed, and Russian troops were deployed as part a regional peacekeeping mission to restore order. A drone strike by Ukraine on the Russian Orenburg gas plant that processes gas from Kazakhstan’s Karachaganak gas field severely reduced its capacity for several days. Astana is treading a fine line in its diplomatic approach to the conflict in Ukraine. It has maintained warm relations with Moscow while also expressing its support for Ukraine’s territorial integrity. Reporting by Tamara Vaal, Tbilisi. Writing by Felix Light. Editing by Andrew Osborn.
TSX Futures Fall as Precious Metals Extend Losses
Futures tied to Canada's main resource-heavy stock index declined on Wednesday, following a sharp drop in the previous session. The decline was attributed to continued weakness in metals prices as well as uncertainty over trade and geopolitical matters.
At 05:54 a.m., December futures for the S&P/TSX Index were down by 0.3%. ET (0954 GMT).
Toronto's Composite Index posted its largest decline since April Tuesday, as gold prices dropped sharply. Inflation data that were hotter than expected also reduced expectations of an imminent Bank of Canada rate cut.
Silver prices fell 1%, and the precious metal price dropped more than 5% during the previous session.
Shanghai copper prices also fell as traders' enthusiasm declined due to a weakening Chinese demand and the strengthening U.S. Dollar.
The oil prices have risen for the second day in a row, driven by supply risk due to sanctions and optimism about a U.S. China trade agreement.
Global markets were dominated by geopolitics after a summit between U.S. president Donald Trump and Russian president Vladimir Putin was postponed and ambiguity lingered about a possible meeting between Trump and Chinese leader Xi Jinping.
Trump, despite Washington and Beijing's recent more conciliatory tone, added to the uncertainty surrounding the meeting by saying on Tuesday that "maybe it will not happen".
The market participants are now awaiting the release of the U.S. Consumer Price Index on Friday. This is a crucial inflation indicator which could give insight into the monetary policy trajectory for the Federal Reserve.
Also, the Canadian retail sales numbers, which are due Thursday, will give a good idea of consumer spending habits in Canada.
Teck Resources, a miner, beat its third-quarter profit expectations on Wednesday thanks to higher copper and zinc costs.
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(source: Reuters)