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Mayors of the United States to lead at COP30 instead of Trump
Brazil Climate Talks to Focus on Local Implementation American mayors participate in climate talks despite a waning domestic climate Local leaders offer assurance and seek help from global partners By Carey L. Biron Watson and other U.S. Mayors are looking forward to the November U.N. global COP30 climate talk in Belem Brazil. They want to use this summit to reaffirm and expand their climate work, and to find new ideas and support. "We are proving, in a time when the government is under pressure to take action on climate change, that cities can grow and prosper while reducing emissions at the same." Donald Trump, who called climate change "a con job" during the U.N. General Assembly meeting in September 2017, has twice withdrawn from Paris Climate Agreement and cancelled clean energy investment worth tens or billions of dollars. The White House referred all questions to the State Department which didn't respond to a detailed request. Taylor Rogers, White House spokesperson, said in an email that "for far too long arbitrary climate targets have bankrupted countries and sent manufacturing to other countries who don't follow the rules." She said: "It's time to stop these brutal green policies before it's too late and they destroy the free world." Austin's plan to reduce emissions by 30 percent is threatened because of federal cuts made in the past. The mayor would like to discuss with local leaders how to fund projects, protect residents from extreme weather conditions and strategies to combat climate misinformation. COP30 hosts Brazil has put particular emphasis on local government, while an event in Rio de Janeiro before the official summit will attract hundreds of mayors. Julie Cerqueira is chief program officer at the Natural Resources Defense Council in Washington. She said, "I hope we see state and local governments as well as the private sector continue to be the drivers for climate action." NEW CHAPTER According to University of Maryland, cities, states, and businesses in the United States could reduce greenhouse gas emissions up to 62% between 2035 and 2035 by continuing to take action. The U.S. has its own city regulators who set the budgets. They have a particular say in building codes, waste management, transportation and local adoption of renewable energies. Kate Johnson, North America Director for C40, an international network of cities, explained that U.S. Cities are looking forward to the COP30 in order to discuss innovative financing solutions and build partnerships with other cities. She cited the rise of local funding that has been successful, including Seattle's $1.6 billion in transportation funding approved by voters. This money will be used for expanding bike lanes, electric vehicle charging stations, and testing low-emission delivery services, among other things. But cities will require more funding. C40 estimates that in its recent report, urban climate action will cost $4.5 trillion annually globally until 2030. Ayse Kaa, professor of political science at Swarthmore College, Pennsylvania, says that the COP is still a national-led process. However, in recent years, local officials have been given more credit for their role in climate action. How many EV chargers will a city need in the near future and now? She said that local leaders are the best. Ready Playbook Trump's second term has seen him roll back more sustainability measures, following in the footsteps of his predecessor Joe Biden and his multi-billion dollar clean energy plans. Cerqueira said that the cities' experiences of Trump's first presidency from 2017-2021 have strengthened partnerships with state and local leaders, as well as other governments, on climate action. She said, "This time, they've already shown this muscle." They're connected to the multilateral system and know how they can contribute towards these international climate goals. Many cities have set more ambitious goals than their governments to reduce emissions. Many American cities are suffering from budget cuts in part because Biden's climate investment was primarily aimed at local implementation. Phoenix Mayor Kate Gallego said, "We have been profoundly affected by the changes in energy policy." We've seen a few companies go out of business in the EV sector. "We are really seeing some major cuts in the clean-energy sector." Gallego is the chair of Climate Mayors. This national network, which includes 349 local leaders, was formed in 2017 when the United States withdrew for the first time from the Paris Agreement.
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Asian markets struggle to recover as Wall Street recovers
Asian stocks recovered in the early trading on Tuesday. There was a mixed recovery across regional equity markets, following signs that trade talks between the U.S. MSCI's broadest Asia-Pacific share index outside Japan rose 0.5% last, while S&P 500 Futures gained 0.3%. This extended the recovery from Monday's Wall Street session after U.S. Treasury Sec. Scott Bessent stated that U.S. president Donald Trump is still on track to meet Chinese President Xi Jinping at the end of October in South Korea. Wall Street's major indexes After Trump's more conciliatory remarks about the U.S. China trade tensions, chipmakers led to a 2.2% increase in Monday's closing prices. The market's gains were reversed abruptly on Friday, after Trump announced 100% tariffs against China. This brought back memories of the volatility that followed April's "Liberation Day". The selloff was only stopped after Trump's conciliatory message on Truth Social. Citi analysts stated in a report that they did not anticipate an escalation in trade tensions between Beijing & Washington. The U.S. might have to adjust its negotiation strategy because China is the only country that has bargaining power. The Kospi index in South Korea gained 1% and Taiwanese shares increased 2.2%. Samsung Electronics projected that its third-quarter operating profits would increase by 32% from the year before, exceeding analysts' expectations as demand for conventional memories chips helped offset weaker sales of high bandwidth memory chips. The Nikkei index of Japan fell 1.2% last time the markets opened after a long holiday. Australian shares also declined 0.1%. The U.S. Dollar was up by 0.1% against the yen at 152.40yen. Last trading, the dollar index, which measures greenback strength in relation to a basket six currencies, stood at 99.289. The Federal Reserve is expected to ease interest rates later in the month, according to traders. According to CME Group’s FedWatch tool, the pricing of Fed funds futures indicates a 97.8% chance of a 25 basis-point cut in interest rates during the Federal Open Market Committee meeting on October 29. This is compared to a 98.3% probability a day before. After French President Emmanuel Macron refused to resign, the euro barely changed at $1.1566. His latest government is threatened by two motions of no confidence that could topple it by the end this week. Brent crude last rose 0.4% to $63.56 a barrel, after an OPEC Report on Monday revealed that world oil supply will closely match demand in the next year, as OPEC+ increases production. This is a significant change from last months outlook, which predicted a shortage of supply by 2026. Gold rose 0.7% to $4138.39 an ounce. The precious metals are continuing to break records. Bitcoin fell 0.9% to $114,789.90 while Ether dropped 1.5% to $42,314.
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As tensions between the US and China ease, oil prices are on the rise.
Early signs of a thaw between U.S. and China trade tensions helped to boost market sentiment on Tuesday, easing concerns about global fuel demand. U.S. Treasury Sec. Scott Bessent stated on Monday that President Donald Trump is committed to meeting Chinese president Xi Jinping later this month in South Korea as both countries attempt to deescalate tensions regarding tariff threats and export control. He said that the two sides had been in contact over the weekend, and that more meetings are expected. Brent crude futures were up 18 cents or 0.28% to $63.50 per barrel at 0000 GMT. U.S. West Texas Intermediate crude rose 16 cents or 0.27% to $59.65 per barrel. Brent closed 0.9% higher in the previous session and U.S. WTI ended up 1%. Oil markets have historically been buoyed by the prospect of better trade relations between two of the largest economies in the world, as investors expect stronger global growth. Recent developments such as China's increased export controls for rare earths, and Trump's threat of 100% tariffs on software and export restrictions beginning November 1 have dampened sentiment. Last week, the oil price posted weekly losses. It reached its lowest level since May. Trump also questioned a possible meeting between Xi and Trump during the Asia-Pacific Economic Cooperation summit (APEC), scheduled to take place in South Korea from October 30-November 1. He said on Truth Social, "there seems to be no need to do this." Geopolitics is expected to continue to dominate the headlines, despite the fact that the markets' sell-off now appears to be limited due to Washington and Beijing adopting a more conciliatory tone. Daniel Hynes is an analyst with ANZ. He wrote in a report that "the oil industry continues its geopolitical navigation." "China announced it would tax U.S. ships that arrive at its shores including oil tankers." Hynes said that this led to several cancellations at the last minute and an increase in shipping costs. Trump, who on Monday announced the end of a two-year Gaza war which has shook the Middle East in general and impacted the stock market, also limited the upside. In its latest monthly report, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said that the shortfall in oil supply on the market will decrease in 2026 as the broader OPEC+ coalition moves forward with planned production increases.
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Report: World falling behind deforestation targets with farms and fires driving the loss
According to the 2025 Forest Declaration Assessment, the world is far behind its global goal of reversing deforestation in 2030. The losses are primarily driven by agricultural expansions and forest fires. In 2024, the report stated that the world lost permanently 8.1 million hectares of forest (about 20 million acres), an area roughly the size of England. This puts the planet 63% below the goal set out by 140 countries in their 2021 Glasgow Leaders' Declaration on Forests and Land Use. Climate Focus, a consultancy, coordinated the Forest Declaration Assessment, which brings together think tanks, advocacy groups, research organizations and non-governmental organisations. The Amazon rainforest was particularly affected, and will release nearly 800 million tons of CO2 in 2024. "Major Fire Years Used to Be Outliers. Now They're The Standard" Erin Matson is the lead author of Forest Declaration Assessment. She said that these fires were largely caused by humans. They're related to land clearing and climate change-induced dryness, as well as to a lack of law enforcement. In previous reports, it was also revealed that Amazon fires caused unprecedented forest losses. Brazil led the tropical forest loss while Bolivia saw its forest loss increase by 200% between 2024 and 2026. The global forest assessment of this year also revealed that permanent agriculture was responsible for 86% of global deforestation on average over the past decade. The report also listed coal and gold mining as major sources of deforestation. Matson added that over $400 billion of agricultural subsidies is driving deforestation. She said that the incentives were "completely backwards", noting that international public financing for forest protection, restoration and conservation averaged only $5.9 billion per year. The report estimates $117 billion up to $299 billion of financing will be needed to achieve the 2030 goals. Matson, who is a member of the Brazilian delegation to the COP30 (the United Nations Climate Change Conference) that will begin in Brazil in November, points out the proposed Tropical Forest Forever Facility. This facility aims to raise $125 Billion in funding to support long-term forest financing as a means to stem forest losses. The fund would be funded by private investors and governments. It could distribute $3.4 billion per year, with 20% of that going to local and indigenous communities. Matson stated that a successful launch by the Tropical Forest Forever Facility (TFFF) could help to provide long-term, reliable financing to keep forests standing. "So, looking at the deforestation picture globally, it's dark. But we might be in the darkness just before dawn," Matson said.
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Rio Tinto expects a strong Q4 in order to meet its annual iron ore production forecast. Copper is gaining steam
Rio Tinto on Tuesday reported softer-than-anticipated third-quarter iron ore shipments and warned it would require a vigorous year-end push to attain the lower end of its annual target, even as copper output races to the top of its forecast. Four cyclones disrupted the schedules Early this year Rio Tinto forecasts its 2025 iron-ore shipment at the lower end its range of 323 million to 338 millions tonnes (Mt). Rio Tinto said that the cyclones had impacted 13 Mt of shipments during the first quarter, and was on track for about half to be recovered. Visible Alpha's consensus estimate for the third quarter was 85.5 Mt. This is a slight under-estimate. As Rio reallocated materials from its SP10 product, the company saw a 50% increase in quarterly shipments of its newly introduced 60.8% Pilbara Blend. SP10 only accounted for 9% of the total shipments in this quarter. This is a sharp drop from 29% during the previous period. This was the first quarter under the new CEO, Simon Trott. He is the former head of iron ores. In August, he announced the simplification of the structure of the company into three divisions, global iron ore and aluminium, lithium and copper. Rio Tinto, like its competitors, is increasing the production of copper. Copper is expected to become more in demand as we transition to cleaner forms of energy. Rio is on track to increase copper production by over 50% this year as a result of the increased output at the Mongolian mine. On the back of the strong performance at Amrun, the miner reported its second consecutive record quarter in bauxite output. It also raised its full-year estimation to a range between 59 Mt and 61 Mt. (Reporting by Rishav Chatterjee & Rajasik Mukherjee in Bengaluru; Editing by Pooja Desai)
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Backwardation in US oil futures narrows to a 20-month low amid fears of a glut
The front-month U.S. Crude Oil Futures contract ended Monday's trading with the smallest premium over the seven-month contract since January 2024, as OPEC+ increases supply and seasonal refinery maintenance pressures the demand for immediate barrels. The market term for immediate delivery fetching a higher premium than later deliveries suggests that investors are losing money by selling their oil on the spot market, as the near-term supply appears to be abundant. For the first time since January, U.S. crude oil futures would be in a contango if the spread reversed from a premium into a discount. WTI crude futures settled for November delivery at $59.49 a barrel on Monday. The May 2026 contract settled for $59.02 a barrel, creating an additional 47 cents per barrel for the prompt barrels The narrowest since last January 16th. Andrew Lipow, President of Lipow Oil Associates, said that the narrowing of the gap is indicative of an excess of supplies in the short term and then a concern about tightening of supplies when future demand increases. Lipow said, "We're seeing an increase in supply from OPEC+. This, combined with reports that more oil is in floating storage, puts pressure on the curve at the front, along with seasonal refinery maintenance. OPEC+ (the Organization of Petroleum Exporting Countries plus its allies) has increased their oil production targets this year by over 2.7 million barrels a day, which is equivalent to around 2.5% of the global demand. This has stoked supply glut concerns. Shohruh Zhritdinov said that this is flattening WTI's curve, as the market now prices in less tightness for early 2026, according to a Dubai oil trader. According to the Energy Information Administration, the average U.S. refinery usage for a four-week period fell to 92.5%, its lowest level since the first half of June when the U.S. driving season began. Zukhritdinov stated that "physical builds and refinery delays equate to a lower need to pay for prompt barrels." (Reporting and editing by David Gregorio in Houston, Georgina McCartney from Houston)
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Gold reaches $4,100 on the back of trade tensions and rate-cut optimism
On Monday, gold broke through $4100 per ounce, a new record, on renewed U.S. China trade tensions, and on expectations of U.S. rate cuts. Silver also reached a new high. As of 01:47 pm, spot gold had risen 2.2%, to $4,106.48 an ounce. After hitting a new record of $4,116.77 at 1747 GMT ET (1747 GMT), spot gold was up 2.2% to $4,106.48 per ounce. U.S. Gold Futures for December closed 3.3% higher, at $4133. Gold prices have risen 56% in the past year, and last week they reached the $4,000 mark for the first. This is due to factors such as geopolitical uncertainty, economic concerns, and expectations of U.S. rate cuts. Central bank purchases are also a major factor. Gold could continue to rise. "We could see prices above $5,000 by 2026," said Phillip Streible. Chief market strategist at Blue Line Futures. Streible said that the structural support of the market is provided by steady central bank purchases, strong ETF inflows as well as U.S. China trade tensions. The geopolitical front saw U.S. president Donald Trump reinitiate trade tensions with China, ending a tense truce between two of the world's largest economies. While traders price in a 97% chance of a Federal Reserve rate reduction in October, and a 100% probability for December. Gold is a non-yielding investment that tends to perform well in low interest rate environments. Standard Chartered's forecast for next year has been raised to $4,488 on average. Standard Chartered Bank's global head of commodities research, Suki Cooper said: "We believe this rally will continue, but a short-term correction is better for a long-term trend." Spot silver climbed 3.1% to $51.82, reaching a record high earlier in the session of $52.12. This was boosted by the same factors that supported gold and tightness on the spot market. Technical indicators indicate that both gold and silver are overbought. The relative strength index (RSI), which measures the relative strength of the two metals, is 80 for gold and 83 in the case of silver. Palladium rose 5.2% to 1,478.94, while platinum gained 3.9%. Reporting by Noel John in Bengaluru, Pablo Sinha, Sherin Elizabeth Varighese, and Kavya Varghese; Additional reporting and editing by Joe Bavier and Alexander Smith; Shreya Biwas.
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Officials say that 19 people were killed by rebels affiliated with the Islamic State in eastern Congo.
Two local officials reported on Monday that suspected Islamic State-backed terrorists killed 19 civilians during an overnight attack in eastern Congo. This has exacerbated the insecurity of this mineral-rich area. Alain Kiwewa is the Lubero territory military administrator, where Mukondo lies, and he told reporters that the death toll may rise. The ADF has not immediately claimed responsibility. Also known as the Islamic State Central Africa Province, (ISCAP), it has been responsible for several attacks in recent weeks, including a September attack on a funeral in which more than 60 people were killed. ADF could not be reached for comment immediately. Assailants from Mukondo were wearing uniforms that looked like those of the Congolese Army, which enabled them to enter Mukondo without being noticed. The attackers then used guns, knives, and clubs to attack people, according to a local priest who refused his name out of security concerns. Espoir Kambale, a leader of the civil society in the region, put the death toll at 19. He also said that eight people were injured and 26 homes had been burned. Kambale said, "We ask ourselves how the terrorists came and attacked us when we thought the village was secure." The population is in a panic. "Some residents fled to the bush and never returned." The ADF began as a Ugandan rebel force, but is now based in the Congolese forests since the late 90s. It has also been recognised as an affiliate by the Islamic State. The recent attacks by the M23 rebels, who are backed by Rwanda, have increased security concerns in eastern Congo. This has prompted U.S. president Donald Trump's administration, to attempt to broker peace. Reporting by Congo Newsroom; Writing by Ayen deng Bior; editing by Rob Corey-Boulet, Lisa Shumaker and Lisa Shumaker
Banks drag Australian shares and overshadow mining record
The Australian share market edged down on Tuesday, as a decline in banks overshadowed a record-high in mining stocks. Rio Tinto, however, hit a new two-week-high after the miner announced a sequential 6% increase in its third quarter iron ore shipment, just missing expectations.
By 0007 GMT, the S&P/ASX 200 index had fallen 0.1% to 8,877.80. The benchmark index ended Monday 0.8% lower.
The local mining index rose 3.5%, reaching a new record high. This was due to higher iron ore prices. Positive data overshadowed concerns about renewed Sino-U.S. tensions.
Rio Tinto's shares rose as much as 3,8%, as the company's copper production surpassed its full-year projection. However, it warned that a strong quarter in the fourth quarter would be needed to achieve the lower end of the annual target for iron ore shipment.
BHP and Fortescue, two of its peers, rose by 2.9% and 2.6%.
Gold stocks rose 4.1% and reached a new record as bullion broke through the $4,100 mark for the first-time on renewed U.S. China trade tensions.
The gold miners Northern Star Resources (Northern Star Resources) and Evolution Mining (Evolution Mining) both added 4,1% and 3,8% respectively.
The benchmark was weighed down by the banks, which fell as much as 1,4%. Three of the "Big Four'" banks lost between 1,7% and 1.8%.
The sub-index for real estate fell by 1.3%, while discretionary stocks dropped 1.8%.
Local traders are eagerly awaiting the unemployment statistics, which will be released on Thursday, to determine what interest rate decision the central bank will make.
The benchmark S&P/NZX50 index in New Zealand fell by 1%, to 13,224.46.
The Reserve Bank of New Zealand announced that it would ease restrictions on mortgage loan-to value ratios as of December 1, as house prices have now fallen to a level within which they can be considered sustainable. (Reporting by Shivangi Lahiri in Bengaluru; Editing by Alan Barona)
(source: Reuters)