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Report: Power supply issues slow EMEA data center rollout
A Savills report found that data centre capacity growth in Europe, the Middle East, and Africa has slowed since 2025 compared to last year's same period, despite a surge in demand. This is due to a lack available power, which delays project timelines. Since ChatGPT's release in late 2022 the global data centre demand has risen and projects are being planned. Investors and governments have bet that generative artificial intelligent will revolutionise how we all work and live. The demand for electricity to power these centres has increased. Savills, a global provider of real estate services, reported that since January, new data centres have added 850 megawatts of power, which is 11% less than the same period in 2024. Megawatts are the main metric for sizing a data centre. This is the maximum power that a data center can provide to its servers, cooling systems and other infrastructure. Savills reported that overall data centre capacity has increased by 12% to 11,400 MW, from 10,140MW a year ago. The report stated that the decline in power delivered year-to date is largely due to persistent energy supply constraints which have delayed projects, and not because of a decrease in demand for data centers. Savills stated that the demand for these centres continues to surge, resulting in an imbalance and a restricted supply of power. The actual amount of new capacity that was occupied fell to just 845 megawatts. This is only half the power capacity leased by 2024. The figures include also pre-lets, which are leases for future data centers. The total contracted power capacity, which includes both the live and future contracted capacity, grew by 12% on an annual basis to 14,500MW. This shows a strong under-demand. In the third quarter 2025, 91% all data center capacity was leased. This is up from 87% during the same quarter in 2022. This also reflects a strong demand. (Reporting and editing by Amanda Cooper, Emelia Sithole Matarise and Lucy Raitano)
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Sterling rises as BoE rates remain unchanged, but stocks drop due to tech shares
The major stock indexes dropped sharply Thursday. Consumer discretionary and technology shares led the losses in the S&P 500. Meanwhile, the British pound strengthened after the Bank of England decided against a rate cut. The shares of U.S.-based chipmaker Qualcomm fell more than 4% following Warning Samsung's future gadgets may not have as many chips as they used to. Shares Legrand's stock dropped after the French data center equipment company reported sales growth in the first nine month of the year of 11.9%, which was slightly below expectations and hit by U.S. Tariffs. The last change in the sterling was 0.37%, at $1.3097. The BoE Monetary Policy Committee, in anticipation of possible tax increases in UK Chancellor Rachel Reeves budget due later this month (later this month), voted by 5 to 4 to maintain the Bank Rate benchmark at 4.0%. The vote was close, but expectations of a reduction before the end of the year were not affected. Investors on Wall Street continue to focus their attention on the U.S. shutdown, the trade tariff rulings and the slew corporate earnings. This earnings season will not be defined by the past. "The market is looking for guidance, and with tariffs, shutdown, and possible peak AI (artificial Intelligence), the future may be bleak," stated Jake Dollarhide. He is the chief executive officer at Longbow Asset Management, located in Tulsa. Some U.S. Bank Chief Executives spoke out against the proposed tax on financial services. You can also read about the warnings below. What to expect from a possible market decline. Investors digested a Challenger, Gray & Christmas report that revealed employers in the United States cut more than 150.000 jobs in October, marking this month's largest reduction in over 20 years. Investors have been attracted to private economic data in the absence of official statistics during the longest government shutdown ever experienced by the United States. The Dow Jones Industrial Average dropped 373.08 or 0.79% to 46,937.92. The S&P 500 fell 63.56 or 0.94% to 6,732.73, and the Nasdaq Composite declined 363.84 or 1.56% to 23,135.95. The MSCI index of global stocks fell by 4.87 points or 0.49% to 903.02. The STOXX 600 Index fell by 0.73%. Overnight, Japan's Nikkei rebounded 1.4% after sliding 2.5% on Wednesday. Shanghai's benchmark index, which is a psychologically significant level of 4,000, regained the level after optimism about tech self-sufficiency drove its semiconductor and AI related shares. The dollar dropped after weak U.S. employment data raised market expectations that the Federal Reserve would cut rates again this year. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by 0.28%, while the euro rose 0.36%, reaching $1.1532. The dollar fell 0.64% against the yen to 153.12. After the BoE's decision, yields on euro zone benchmark Bunds fell from their previous four-week high. Germany's 10-year bond yields are down by 2 basis points at 2.65%, after reaching 2.676% in the early session. This is the highest level seen since October 10. Investors are concerned about the U.S. labor market, and the uncertainty caused by the government shutdown. The yield on the benchmark 10-year U.S. note fell by 6.4 basis points, to 4.093% from 4.157% at late Wednesday. U.S. crude fell 0.69% to $59.18 per barrel while Brent dropped to $63.19 a barrel, down by 0.52% for the day.
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ArcelorMittal CFO: ArcelorMittal is ready to capture EU Market Share from Lower Steel Imports
ArcelorMittal can capture a part of the market void caused by lower imports, once the EU steel quotas are implemented. This was the Chief Financial Officer GenuinoChristino's statement on Thursday. Christino told analysts that he did not see any problem in capturing that portion of the market. In October, the European Commission proposed a reduction of almost half in tariff-free import quotas for steel and a 50% tax on excess shipments. This was done to maintain viable steelmaking within the European Union. However, it is not yet clear when these new measures will be implemented. Christino stated that the current measures will expire on June 20, 2026. ArcelorMittal, however, expects that the European Parliament and Council recognize the "urgency of the issue" and assist in implementing it as quickly as possible. The second-largest steelmaker in the world reported an improved third-quarter profit on Thursday, helped by a solid performance in Europe. It also gave a positive outlook to 2026.
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What are the world leaders saying in Brazil at the climate summit?
Brazil will host world leaders at a summit in Belem, a rainforest city, on Thursday before the COP30 Climate Conference. What the leaders have to say U.N. SECRETAIRE-GENERAL ANTONIO GUTERRES We can either choose to lead or we can be led into ruin. "Too many companies are making record profits by destroying the climate, while spending billions on lobbying and deceiving public opinion and obstructing advancement. And too many leaders continue to be captive to these entrenched interest." BRAZILIAN PRESIDENT LUIZ INACIO LULA DA SILVA We need a road map to plan an equitable way to undo the deforestation and overcome fossil fuels, as well as mobilize resources to achieve these goals. "Extremists invent lies to gain electoral advantage and imprison the future generation in a model that is outdated and perpetuates social and economical disparities, environmental degradation and other forms of injustice." CHINA VICE-PRESIDENT DING XUEXIANG VIA TRANSLATOR "It's imperative that all parties uphold true multilateralism and strengthen coordination and solidarity in order to make sustainable progress on global climate governance. We need to improve international collaboration in green technology and the industry. Remove trade barriers, and allow the free flow quality green products. BRITAIN'S PRINCE WILLIAM "We are gathered here, in the Amazon, at a pivotal time in human history. A moment that requires courage, cooperation, and an unwavering commitment for the future of our planet, one that does not belong to us but to our grandchildren and children. We all know that we are dangerously close to Earth's tipping points. Beyond these thresholds, the natural systems on which we depend may start to unravel. TRANSLATOR: CHILE'S President GABRIEL BORIC "Now is the time when voices are raising that decide to ignore or deny scientific evidence about the climate crisis. "The President said that the climate crisis does not exist at the U.N. "The President of the United States at the last U.N.
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Gold prices rise as US tariffs and shutdown uncertainty boost demand
Gold prices rose on Thursday due to a weaker US dollar, a renewed demand for safe-haven assets and concerns about a long U.S. shutdown as well as uncertainty regarding tariffs. By 11:07 am, spot gold had risen 0.1% to $3,984.48 an ounce. ET (1607 GMT). The price of U.S. December gold futures remained unchanged at $3.992.10 an ounce. Dollar fell by 0.4%, after reaching a four-month peak in the previous session. This made gold more affordable for holders of other currencies. Benchmark U.S. Treasury yields for 10-year bonds were down by 1.6%. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that the U.S. shutdown of government and the doubts of U.S. Supreme Court Justices about the legality and sweeping tariffs of U.S. Donald Trump are causing a "revival of the haven bid". "I'd say that a reasonable target for the end of the year is in the range between $4,300 and $4,400 per ounce." Gold is a good hedge in times of uncertainty. Gold is a non-yielding investment that also performs well in environments with low interest rates. Markets expect that the U.S. Federal Reserve will cut interest rates again in December. The monetary policy outlook may be revealed by a number of Fed officials who are scheduled to speak in the afternoon. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was above the forecast of 28,000, according to ADP. SP Angel wrote in a report that it would be surprising if gold remained rangebound at $4,000/oz, as speculative money exits the market. Central bank purchases will remain the main positive tailwind for the future. Other than that, silver spot fell by 0.3%, to $47.94 an ounce. Platinum was down 2.3%, at $1,526.55, while palladium dropped 2.8%, to $1,379.44. (Reporting from Noel John in Bengaluru and Pablo Sinha, with additional reporting by Kavya Baliaraman. Editing by Sahal Muhammad and Tasimzahid.
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Trump meets Central Asian Presidents in US bid to counter China and Russia Influence
Donald Trump, the U.S. president, will host five leaders from Central Asian countries at the White House this Thursday. The U.S. is seeking to gain influence in the region that has been dominated for decades by Russia but increasingly courted and influenced by China. The talks are taking place as the competition for Central Asia’s mineral resources intensifies. Western nations want to diversify their supply chains and move away from Moscow or Beijing. The U.S., in particular, is seeking new partnerships to secure vital minerals, energy supplies and overland trading routes that circumvent geopolitical competitors. The C5+1 platform, which was launched in 2015, brings together the United States with five Central Asian countries -- Kazakhstan, Kyrgyzstan Tajikistan Turkmenistan and Uzbekistan - to promote cooperation on issues of economics, energy, and security. They will also be attending a dinner at the White House with Trump on Thursday. According to the Kassym Jomart Tokayev news service, U.S. representatives and Kazakhs signed a Memorandum of Cooperation on Critical Minerals at a Washington meeting on Thursday. The statement did not provide any further details. The White House did not immediately comment on the report. Gracelin Baskaran, a director at the Center for Strategic and International Studies think tank, said the administration will pursue government-to-government engagement but also commercial deals that secure U.S. access to vital minerals. Baskaran stated that Washington was seeking to gain a foothold in the mining, infrastructure, and processing systems of the region as China and Russia consolidate their control. The five countries are rich in minerals and energy and remain economically linked to Russia, their former Soviet leader, while China, their neighbor, has increased its influence by large-scale infrastructure and mine investments. The countries together have 84 million inhabitants and vast deposits of strategic minerals such as uranium and copper. They also hold gold, rare earths, and other strategic elements that are essential for the global transition to greener energy sources. Kazakhstan, the largest economy in the region, will be the world's top uranium producer by 2024, with a production of nearly 40%. Uzbekistan is also ranked among the top five. Together, the two countries account for just under half of all uranium produced in the world. This is a crucial resource for U.S. Nuclear Power, and a major source of electricity for America. Russia supplies about 20% of America's imported Uranium. Diversification is therefore an urgent goal. Under Trump, America has adopted a multifaceted strategy to secure vital minerals and reduce its reliance on China. China dominates the global supply chain for strategic metals such as uranium and rare earth elements. It also dominates copper and titanium. China has at times used its dominant position to restrict exports. This highlights Washington's urgent need for alternative sources. (Reporting and editing by Jarrett Renshaw, Edwina gibbs, Alistair Bell and Ross Colvin)
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ICL may lose Dead Sea concession by 2030, according to government plan
ICL Group, a fertiliser manufacturer, has waived its right of first refusal in order to bid for the concession it holds at the Dead Sea. The Israeli government announced the plan on Thursday. However, if the permit expires and it is not renewed by ICL Group it will still receive $3 billion. ICL has had exclusive rights for minerals at the Dead Sea site since 1950. The permit expires in 2030. Finance Ministry, however, stated that it was preparing a "competitive international and fair tender" to ensure that the public and state receive their rightful share of this unique natural resource. ICL, the world's biggest potash producer, declined to comment, but previously stated that its Dead Sea assets are worth $6 billion. The Tel Aviv stock market closed Thursday with a loss of nearly 15%, while the New York Stock Exchange saw a 16% drop at 1557 GMT. ICL HANDING OVER ASSETS TO TENDER IN 2030 According to the ministry, under a deal with the government, ICL will transfer assets necessary for the full and continuous operation of the Dead Sea concession by 2030, in exchange for 2,54 billion dollars plus future actual costs for the project. It could also take part in the tender. Industry sources also believe that ICL stands a good shot of retaining the concession at the Dead Sea. Sources said that if it did not, it would be able to use the $3 billion state grant for expanding and strengthening other areas of the company's business, such as advanced farming, phosphates, bromines, and flame retardants. ICL began as a state owned firm, Israel Chemicals. It was then partially privatised. It bought Dead Sea Works in 1975. This company had held the Dead Sea concession, located on the Biblical site of Sodom, since 1961. Potash is a key component in fertilisers. Magnesium, which is also a key ingredient, accounts for 30% of ICL’s $7 billion annual revenue. ICL has potash supply agreements with customers in China, India and other countries. It has a mine for potash in Spain.
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Sources say that the Russian oil discount is increasing as Indian and Chinese refiners reduce their purchases.
Industry sources report that Russian oil has been trading at the steepest discount to Brent for an entire year in Asia as refiners in India and China reduce their purchases in response to new U.S. sanction against leading Russian producers. According to four sources in the Russian oil supply chain involved in trading and refining, the price gap between Brent for December arrival and Russia's Urals crude has widened from $2 to $4 per barrel, which is the largest discount in a little over a year. These discounts, while less severe than the ones seen in 2022 after the first wave of Western sanctions, when they were around $8 per barrel reflect increasing pressure on Russian oil revenue -- an essential lifeline for Moscow’s budget. The United States has recently imposed strict restrictions on Russian oil companies Lukoil & Rosneft. They have set a deadline of November 21 for all transactions to be completed with these entities. As a result, major Indian refiners such as Hindustan Petroleum Corp., Bharat Petroleum Corp., Mangalore Refinery & Petrochemicals, HPCL Mittal Energy and Reliance Industries halted their orders for Russian crude oil due to arrive in December. These five companies together account for approximately 65% of India’s Russian oil imports. Requests for comment from representatives of Indian refiners as well as Rosneft, Lukoil and Rosneft were not answered. ASIAN MARKET FOR RUSSIAN OIL DIVIDED Multiple sources reported on Thursday that Chinese state oil companies have also stopped purchasing seaborne Russian oil due to the U.S. sanctions against Rosneft, Lukoil and other oil firms. This has led to a discount in the ESPO Blend oil market at Chinese ports. Both Indian and Chinese refiners - Russia's largest buyers - have taken this step, which threatens to lead to more Russian oil remaining unsold. According to sources, the Asian market is divided. Barrels from non sanctioned entities are fetching a premium while cargoes tied to sanctioned ships or suppliers are sold at steep discount. The overall demand for Russian crude oil in India is down sharply and December imports will likely be significantly lower. The decline in Russian oil sales coincides with a visit to India by President Vladimir Putin and the ongoing Washington pressure on India and China to reduce Russian imports. Analysts warn deepening discounts may further strain Moscow's finances. Reporting by Nidhi verma from New Delhi, and reporters in Moscow. Editing by Alexandra Hudson.
TSX pauses following strongest rally in 3 weeks; commodities drive sentiment
Canada's main index of stocks remained mostly unchanged on Thursday as higher commodity prices countered broader market caution, and disappointing earnings following the benchmark's best session in three week.
At 9:57 am. After closing Wednesday's trading day 1.1% higher, the S&P/TSX Composite index in Toronto was down by 0.1% to 30,075.80. This is its largest single-day increase since October 14.
The rally was backed by positive economic data from the United States, where services sector activity rose to an eight-month peak in October and private pay exceeded expectations.
The data eased investor concerns following top Wall Street banks' warnings of overvalued valuations that pushed the TSX down to a 1-month low on Monday.
"I don’t think there is much direction. It's hard to predict where the next catalyst will come from. "We don't know exactly what will drive this market higher," Allan Small, senior advisor at Allan Small Financial Group and iA Private Wealth said.
Copper prices recovered after a 4-day decline and selling pressure eased.
Due to fears over an extended U.S. shutdown, gold prices rose above $4,000 per ounce. Oil prices also increased.
The U.S. Supreme Court has raised questions about the legality and sweeping nature of President Donald Trump's tariffs. This case could have global implications.
Bombardier's shares dropped 1.6%, despite exceeding Wall Street's forecasts for third-quarter revenues, while Canada Goose fell 14% due to a revenue shortfall. TC Energy's shares fell 0.6% following a disappointing profit.
TransAlta dropped 16% and landed at the bottom of S&P/TSX Composite Index after the power-generation firm reported a decrease in revenue for the third quarter.
Equinox Gold, meanwhile, jumped 15.9% up to the top spot on the index as BMO raised its target price for the stock from C$18 to C$20. (Reporting and editing by Vijay Kishore in Bengaluru, Avinash P. and Pranav Kashyap from Bengaluru)
(source: Reuters)