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Generali's operating profit for the nine-month period increased 10% due to lower natural disaster claims
Generali, Italy's largest insurer, reported double-digit growth in its first nine-month profit on Thursday. This was driven by the non-life division and lower claims for natural catastrophes. Generali's operating profit grew 10.1%, to 5.9 billion euro ($6.88billion), and the net result adjusted climbed 14%, to 3.3 billion euro. Both were in line with the analyst consensus provided by the company. Banca Monte dei Paschi di Siena, a state-backed lender, gained control over Mediobanca, Generali’s largest investor, in September. The bank was backed by Francesco Gaetano Caltagirone, a billionaire Italian, and Delfin Holdings, the holding firm of Leonardo Del Vecchio. Caltagirone, Delfin and other leading Generali shareholders have repeatedly criticised Donnet for failing to grow the company adequately. They tried, but failed, to remove him from office in 2022. Since MPS became the main investor in the insurer, neither has given any indication as to how they view its future. Generali's shares rose 1.8% to 0915 GMT. This was better than other European peers. J.P. Morgan analysts cited solid results that allowed the insurer to accumulate reserves. Sources say that Generali's board appointed insurance chief Giulio Terrezariol as deputy group CEO on Wednesday. This was done to provide an internal option for a CEO in the event of Donnet's resignation by two investors. The insurer's undiscounted combination ratio, which is a measure for underwriting performance, where a number below 100 signifies a profit, increased to 94.2% on September 30 from 96.3% one year earlier. Cristiano Borean, Generali's director of finance, said that 2025 had been a benign experience so far. Borean reported that the total amount of natural catastrophe claims received in the first nine-month period was 573 million Euros, which is just over half the budget allocated for the entire year. This allowed Borean to improve its balance sheet. Borean said that Generali's budget of 1 billion euro for claims related to disasters was "well below" the actual amount. Generali has confirmed that it will achieve all of its targets set out in the 2027 plan. This includes a growth in average earnings per share of 8 to 10%. It also plans to pay more than 7 billion euro in dividends cumulatively and buy back at least 1,5 billion euros worth of shares over the period of this plan.
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China's copper imports are booming due to rising arbitrage and supply
The Chinese copper exports will likely set a new record in 2025. October shipments are expected to surpass 100,000 metric tonnage for the first time. China is the largest consumer of copper in the world and the net importer. The red metal is used for power lines, construction, and manufacturing. China's smelters produce more refined copper now than ever before, and exports with their higher margins are becoming increasingly attractive as a way to offset the losses caused by record-low processing charges. According to two sources in the industry who monitor cargoes, China probably shipped at least 100,000 tonnes of refined copper last month. This would bring the year-to date 2025 exports up to at least 580,000 tonnes, exceeding the 456,060 tonnes of exports in all of last. LUCRATIVE ARCURAGE Chinese smelters, traders and investors have been lured to Europe and North America by the higher prices offered. This was especially true earlier this year when premiums at the U.S. Comex Exchange soared because traders were betting Washington would impose a tariff against copper. Albert Mackenzie is an analyst with Benchmark Mineral Intelligence. He said that the arbitrage between LME & Comex made global markets extremely tight. Even though the White House has exempted refined Copper from tariffs, the premiums are still high enough to attract some material into the United States. China's refined exports of copper to the United States reached 164,226 tonnes in January-September 20,25, up from 16,763 tons for all of 2024. One of the sources who track the exports said that of the 100,000 tons or so exported in October, 40,000 tonnes will be delivered to LME warehouses. Another 40,000 of copper of non-Chinese origin is destined for the U.S. and another 20,000 tons are bound for Southeast Asia. EUROPEAN PREMIUMS GAIN According to LSEG Workspace, the LME copper price in early October was up to 3,234 yuan (US $454) per ton. This made exports a viable option. As of Thursday, it was 424 Yuan per ton higher. Local suppliers in Europe have increased their premiums, which has sparked an interest in cheaper Chinese cargos. A Chinese copper smelter has said it will consider shipping a few hundreds of tons of refined Copper to Europe every month. Mackenzie, of BMI, stated that the increase in Chinese smelting capacities has also contributed to export growth. China will produce record volumes of refined metals this year. Smelters are trying to increase their revenue by increasing the processing of copper ore in order to extract gold and other byproducts, and to cash in on record precious metal prices. Unexpected disruptions in major mines, including those owned and operated by Ivanhoe Mines (Ivanhoe) and Freeport-McMoRan (Freeport-McMoRan), have hampered the supply of ores outside China. ($1 = 7.1230 Chinese yuan renminbi)
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Media reports claim that two people were killed and 18 injured in South Korea when a truck crashed into a market.
Two people were killed and 18 injured when a light truck crashed in a South Korean market on Thursday. The truck plowed 150 metres along a passageway lined up with stalls, before it came to a stop. A fire official said in a television briefing that the incident occurred at a Bucheon market, located about 20 km (12.43miles) west of Seoul. Yonhap News Agency confirmed that two people who suffered cardiac arrest died. Fire official stated that the truck appeared to reverse 28 metres before it accelerated towards the outdoor market. He said the driver blamed an abrupt surge in acceleration for the accident. A police official told the press briefing that the driver did not appear to be intoxicated after undergoing a test for alcohol. The official stated that the authorities would turn over the vehicle to the investigators in order to determine the reason for the accident. On Korean television, CCTV footage showed shoppers at an outdoor market going about their daily business before a blue pickup truck accelerated down a passageway lined with stalls. It then crashed into one store. Yonhap reported that the police had detained a driver in his 60s, and were questioning him. (Reporting and editing by Jack Kim, Heejin Kim)
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Shanghai copper continues to gain on US Government reopening cheer
Shanghai copper prices rose on Thursday, as investors welcomed an end to the U.S. Government shutdown. This eased market uncertainty. However, gains were limited by the expectation of weak Chinese lending in advance of important economic data releases. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading at 86,550 Yuan ($12150.78) per metric ton, up by 0.95%. As of 0703 GMT, the benchmark three-month price for copper was also up, rising by 0.19%, to $10,965 per ton. The U.S. president Donald Trump signed legislation on Wednesday to end the longest shutdown of government in American history, just hours after the House of Representatives approved the spending package. Investors are pleased with the reopening the U.S. Government, which reduces uncertainty in the market. They also expect to see economic data returning to gauge the U.S. Economy. Copper gains are being held back by expectations of China's weak lending. Investors also await a number of economic data from China, which will be released this Friday. These include new home prices and retail sales as well as industrial output. Tin, the largest gainer among SHFE's base metals, posted the highest gains, closing the day at 298,140 yuan per ton, up 2.27%. Data from Indonesia's Trade Ministry showed that the country, which is a major supplier of tin to China, export 2,643 tonnes of refined tin during October. This was down 53.89 percent from a year ago, raising concerns about the availability of this soldering material. Nickel was not affected by the changes in nickel prices. $1 = 7.1230 Chinese yuan renminbi $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson)
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Gold prices continue to rise after Trump signss deal to end shutdown
Gold rose on Thursday for the fifth consecutive session, reaching its highest level in over three weeks. This was boosted by the expectation that the reopening of the U.S. Government would restart the flow economic data. It also boosted bets about further interest rate reductions. As of 0637 GMT spot gold rose 0.2% to $4,207.24 an ounce. This is its highest level since October 21. U.S. Gold Futures for December Delivery were unchanged at $4,211 an ounce. Jigar Trivedi is senior research analyst at Reliance Securities. He said that gold's winning streak was extending due to a weaker US dollar, the expectation of Federal Reserve rate reductions, and central bank accumulation. While a near-term consolidation may be possible following rapid gains, the outlook is still positive. The price of gold could reach $4,300/oz or higher by year's end, if real yields remain subdued, and the monetary policy is still accommodative. The longest government shutdown ever in U.S. History was ended by President Donald Trump's signing of legislation on Wednesday. The shutdown began on October 1. It had prevented the release of important economic data such as payroll and inflation reports. The U.S. Labor Department’s statistical agency is urged to produce the November employment and inflation report as soon as possible so that Federal Reserve officials can have the most up-to date information during their December policy meeting. According to 80% economists surveyed by, the Fed will lower its key rate again by 25 basis points in order to support a weakened labour market. This is a slight increase from last month's poll. Gold that does not yield tends to perform well when interest rates are low and economic uncertainty is present. Gold prices are up 60% in the past year, reaching a record high of $4381.21 on 20th October, boosted by geopolitical tensions, trade wars, and Fed rate cuts. The yen fell to a new record low against the euro, and sank to its lowest level in nine months against the dollar. This was after Japan's newly appointed prime minister stated that she wanted to see the central bank take a more cautious approach to raising interest rates. Silver spot rose 1.1%, to $54.02 an ounce. This is a move towards the record high reached on October 17. Palladium was up 0.5% at $1,480.59, while platinum fell 0.1% to $1,612.80. (Reporting and editing by Rashmia Aich, Mrigank Dahiwala, and Subhranshu Shu in Bengaluru.
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Indonesia will begin road testing for B50 biodiesel in the next month and consider selective implementation
Eniya Dewi, an official from the Energy Ministry, said that Indonesia will begin road testing vehicles with biodiesel containing palm oil at 50% content in early December. The government is deciding whether or not to implement the B50 mandate in only certain sectors. In an effort to reduce the country's dependence on imported fuel, the government plans to introduce the B50 Standard in the second half next year. The palm oil content will be increased from 40% to 50%. She said this on the sidelines a conference on industry held in Bali. Eniya stated that the government will review all aspects of B50, including pricing, availability, technical issues and palm oil-based fuel. It will also be transparent in its findings. Due to Indonesia's limited capacity to produce biodiesel, the government is evaluating whether it will only implement B50 for so-called Public Service Obligation Sectors (PSO), such as public transportation and some logistic facilities. Eniya stated that they had discussed the possibility of increasing the blend to 50% in the PSO sector and reducing it in the non-PSO sectors. The challenge lies in the upstream sector. She added, "We can't implement at 50% simultaneously." (Reporting and writing by Fransiska Nanangoy, Editing by David Stanway.)
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Australia's conservative Liberal Party abandons net zero policy
The conservative Liberal Party of Australia backed away on Thursday from its pledge to achieve net-zero emissions by 2050, and instead pledged to focus on bringing energy prices down if it were elected. The announcement ends months of public fighting between members of the right and moderate factions over the party's policy on climate change, and aligns Liberals and the National Party as their rural-based partner. Sussan Lee, the leader of the opposition party, said that if the Liberal Party is elected they will dismantle all the policies and targets set by the center-left Labor Government on energy and environment. This includes the reduction of emissions and the generation and use renewable energy. She added that the United States would not be withdrawing from the Paris Climate Agreement. Ley, speaking at a press conference, told reporters that the Liberal Party had decided to prioritize affordable energy. "Net zero is a welcome goal if we are able to achieve it with the right technology, choice and voluntary market." The Liberal Party plan also includes preventing coal plant closures before they are due, lifting Australia's nuclear energy ban and increasing investments in new infrastructure and gas supplies. Ley stated that while the party will no longer pursue net-zero, emissions will still be reduced in line with "comparable countries" and "as quickly as technology allows". After a five-hour meeting of the party on Wednesday, a majority voted to abandon this target. The Liberal Party is now in agreement with the Nationals who, earlier this month, voted to abandon their commitment to achieve net-zero emission. Julia Dehm is an associate professor of law at La Trobe University. She said that the plan did not comply with the Paris Agreement, which calls for emission reductions commitments "that represent a progress beyond previous commitments". She said that if bipartisan action is not taken to stop dangerous global warming in accordance with international obligations, Australia risks reputational damage internationally and possible international legal actions. The Liberal Party had committed to net zero by 2050 in 2021 under the former Prime Minister Scott Morrison. However, after the Labor Party's resounding victory in the May national elections against the centre-left Labor Party, the debate erupted. The Labor government wants to reduce emissions from 2005 by 62%-70% by 2035 and achieve net-zero emission by 2050. It announced A$5 Billion ($3.3 Billion) in funding for industrial facilities to decarbonize. (1 Australian dollar = 1.5389 dollars) (Reporting and editing by Stephen Coates in Sydney, Christine Chen)
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How much will the price of ROI-LNG drop by 2026? Russell
The market for liquefied gas is preparing itself for an increase in supply, mostly from the top exporter, the United States. However, it is not clear how low the spot price will need to fall to clear these additional volumes. According to commodity analysts Kpler, the global supply of super-chilled gasoline is forecast to reach 475 million metric tonnes in 2026. This represents a 10.2% increase over the 431 millions tons predicted for 2025. This figure is comparable to South Korea's total annual demand, which is the third largest LNG importer in the world behind China and Japan. Go Katayama, Kpler's principal LNG expert, told a Sydney seminar on Thursday that the U.S. will increase its capacity to 130 million tonnes next year. The increase is from 90 millions tons in 2024 to 110 million expected this year. Kpler predicts that Asian benchmark spot prices will fall by 5%. In 2026, the average price per million British Thermal Units (mmBtu), which was $12 in 2025, will be $10. This doesn't sound too bearish. However, within a price forecast average for a year there can be a lot of movement from week to week. The price of a mmBtu will likely remain around $11.10 during the winter season in the north, but if the weather is colder than usual, the price could rise. The spot price is expected to start in 2026 at a level well above the average $10 forecast for the entire year. This gives it the potential to fall throughout the year. The second half of the year 2026 will see a large portion of the 44 million ton new LNG supply. It is likely that the spot price will fall in the second half of the year as the market struggles with the additional supply. Who Buys? It is important to ask who will buy new LNG. Much of it is not contracted and therefore available for spot transaction. Kpler expects that China's LNG imports will rise from 8 million to 75 millions tons in 2026, despite the weak demand for residential and trucking. India and Southeast Asian countries such as Thailand and Philippines are also potential hotspots for LNG demand. These countries are largely price-sensitive and would need to see a significant drop in the price of mmBtu below $8 to be compelled to buy large volumes. Europe's LNG consumption may increase, as it continues to move away from Russian pipeline gas. However, growth could be modest as renewables take a greater share in the region's energy mix. It is not clear if the additional LNG supply that will hit the market in 2026 can drive the price down to $8, but an even larger wave in 2027 may be sufficient to cause a significant drop in prices. Qatar, the country that is second only to Australia in terms of LNG production, has been working to increase its output to 126 millions tons by 2027. QatarEnergy CEO Saad al-Kaabi stated last week that the Middle East producer was on track to begin new production at its massive North Field in the fourth quarter of this year. The LNG market will soon reach a point where the supply growth is outpacing demand growth. The market is now predicting that spot prices will continue to fall, which in turn will boost demand for Asian products. Prices will need to stay low to sustain any increase in demand, which is likely to limit future investment in LNG capacity. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
Gold reaches a 3-week high amid US debt worries and Fed rate cuts expectations
Gold prices rose Thursday, reaching a three-week high on expectations of a higher debt level in the U.S., and delayed economic data that could support a Federal Reserve rate reduction next month.
As of 8:09 GMT, spot gold rose 0.7% to $4,227.15 an ounce. This is its highest level since October 21. U.S. Gold Futures for December Delivery rose by 0.4% to $4,232.30 an ounce.
The resolution of the U.S. Government Shutdown will not have a significant impact on the trend, because it is expected to increase debt levels, said Hugo Pascal.
The physical demand for gold and silver remains strong, and recent U.S. indicators indicate a weakening of growth. This is a positive combination for metals' prices."
The U.S. president Donald Trump signed legislation on Wednesday to end a 43-day shutdown of the government, the longest ever in U.S. History, which had delayed important economic data, such as reports on jobs and inflation.
The agreement will fund federal operations until January 30. However, the government expects to add an additional $1.8 trillion per year to its debt burden of $38 trillion.
Fed Chair Jerome Powell warned against further easing in this year due to the lack of data. However, he cut interest rates by a quarter point last month.
The U.S. Labor Department is urged to prioritise the November data on employment and inflation in order for Fed officials to have current information during their December policy meeting.
According to a poll, 80% of economists believe that the Fed will cut rates next month by 25 basis points.
Gold is usually a beneficiary of lower interest rates, as it offers no return and can be seen as a safe haven during times of economic uncertainty.
Gold has risen 60% this year and reached a new record of $4,381.21 in October, fueled by geopolitical and economic concerns, increasing ETF flows, and expectations for further rate cuts.
Silver spot rose 1.4%, to $54.14 an ounce. This is a move towards the record high reached on October 17.
Palladium was up 0.9% at $1,487.50, while platinum rose by 0.1% to $1,616.29. Anmol Choubey reported from Bengaluru. Jane Merriman edited the article.
(source: Reuters)