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TotalEnergies signs 5.1 billion Euro deal with Kretinsky’s EPH to enhance European power portfolio
TotalEnergies, the French oil giant, announced on Monday that it had agreed to purchase 50% of EPH's flexible energy generation platform in Western Europe. The deal is a stock-only transaction worth 5.1 billion euros ($5.92 billion). EPH, which is majority owned by Czech billionaire Daniel Kretinsky will receive 5.92 billion euros in TotalEnergies stock under the agreement. This makes EPH one of TotalEnergies' largest shareholders, with 4.1% of their capital. TotalEnergies is pursuing a strategy to become the leading integrated electricity provider in Europe by combining renewables and flexible generation in order to meet growing demand in sectors like data centres. The transaction creates a joint venture that will manage gas-fired plants, biomass plants, and battery systems in Italy, UK, Ireland and France. Kretinsky is one of Europe's leading energy and media investors. He also owns stakes in Royal Mail, a French retailer, and Casino. TotalEnergies anticipates that the transaction will immediately increase free cash flow per shares and bring forward a positive cash contribution to its Integrated Power Segment to 2027, from previously 2028. The completion date is mid-2026, pending regulatory approval.
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Farmers in India's Punjab aim to reduce pollution by recycling crop waste
In order to combat the worsening pollution in New Delhi's capital, Punjab, some farmers from the northern neighbouring state of Punjab have started sending their crop stubbles to factories instead of burning them. The smoke from stubble burning in winter, combined with dust and exhaust fumes from vehicles, is trapped in the air because the wind speed is low and the temperature is lower. According to the Confederation of Indian Industry group, farmers are adapting to using balers to stack stubble and sending it to factories to be turned into biogas and biofertiliser. They also use it to make cardboard and biogas. Punjab is home to around 12,000 villages, and stubble-burning is common in the northern states. "While it has resulted in some reduction of stubble burning, incentivisation of such initiatives and awareness is still limited in comparison to the intensity needed to tackle the issue in a comprehensive manner," said Sunil Dahiya. He's the founder and lead analyst of Envirocatalysts in New Delhi. CII has announced that it will provide equipment and resources to the initiative. Smoke is a result of stubble burning. We don't find it exciting, so we stock it and send it to boilers for sale," said Dalbir Singh a 25-year old farmer from Balwar Kalan Village in Sangrur District. In the past, stubble-burning was the fastest way to clear fields in between rice harvesting, and wheat sowing. This is usually done from early to mid November. The air quality index in New Delhi hovered at 400 last week, ranking it as "severe". This prompted authorities to tighten restrictions on industrial and construction activity. Gurnaib, a 53-year old farmer from Phaguwala Village in Sangrur says that he has built a cardboard factory from the waste stubble. This not only helps to keep the air cleaner, but it also provides employment for dozens of people at his plant. Sunil Kataria, Additional Reporting and Writing by Neha Arora. Editing by Raju Gopikrishnan.
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Iron ore reaches two-week highs on China's stimulus hopes and firm near-term demand
Iron ore prices rose on Monday, reaching their highest level in two weeks. This was due to a strong near-term demand as well as renewed hopes for stimulus from China, the world's largest consumer after a series of disappointing data. The January contract for iron ore on China's Dalian Commodity Exchange closed the daytime trading 1.81% higher, at 788.5 Yuan ($110.97), its highest level since Nov. 3. As of 0715 GMT the benchmark December iron ore traded on the Singapore Exchange increased 1.57% to $104.2 per ton. This is its highest level since Nov. 4. In an interview given to Xinhua News Agency on Saturday, China's Finance Minister said that the country will be strengthening its fiscal policy in the next five-year period. The second largest economy in the world is on course to reach its annual growth goal of around 5%. However, a series of weak data have highlighted challenges ahead. This has reignited hope of stimulus following a December politburo. Analysts at Zhenxin Futures wrote in a report that an unexpected increase in demand had supported the rebound in ore price. As of November 13, the average daily hot metal production, which is a measure of iron ore consumption, ended six weeks of consecutive declines and rose 1.1% week-on-week, reaching a new three-week-high of 2,37 million tons. The price gains were limited due to the pressure of swollen portside inventories, and increased shipments. Coke and other steelmaking ingredients, coking coal, have risen by 0.75% each and 1.76% respectively. The benchmarks for steel on the Shanghai Futures Exchange have gained some ground. Rebar climbed 1.64%; hot-rolled coils jumped 1.57%; wire rod ticked up 0.52% and stainless steel nudges up 0.04%. ($1 = 7.1054 Chinese Yuan) (Reporting and editing by Subhranshu Sahu; Amy Lv, Lewis Jackson)
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Copper prices fall as concerns grow about a US rate cut for December
Copper prices eased Monday, amid a general sell-off in the base metals complex. Concerns about a possible December rate cut were fueled by hawkish comments from officials of the U.S. Federal Reserve. The most active copper contract at the Shanghai Futures Exchange ended daytime trading with a loss of 0.91%, closing at 86450 yuan per metric ton ($12169.54). As of 0715 GMT, the benchmark three-month price for copper traded on the London Metal Exchange fell 0.20%, to $10,830 per ton. Markets are under pressure because traders have bet against the Fed cutting rates in December. Some policymakers of the U.S. Central Bank expressed concern about inflation and questioned whether another rate reduction is needed. On Friday, the U.S. Government announced that it would begin releasing economic data that had been delayed due to the shutdown of government. This includes Thursday's delayed September job report. As the market priced in the hawkish opinions, Monday saw the U.S. Dollar strengthening. The dollar's strength makes commodities priced in greenbacks more expensive to investors who use other currencies. The market's sentiment continued to be weakened by disappointing economic data and weak China demand. Aluminium, zinc, lead, and nickel all fell in value. Tin also dropped 1.32%. Last week, inventories of all base metals except copper rose on SHFE, which indicates a weakening demand. The price of other LME metals was largely unchanged. Zinc remained stable, while tin and nickel were slightly higher. $1 = 7.1038 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson)
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Indonesia will tax gold exports up to 15% from 2026
A senior official from the Finance Ministry said that Indonesia will impose taxes of 7.5% to 15% on gold exports in a plan which will be implemented next year. Febrio Kakaribu, director general for fiscal strategy at the Ministry, said that the tax policy is currently being finalised and will be designed to lower rates on processed goods in order to encourage domestic processing. He said that minted gold bars and ingots would be subject to a higher price than dore, which are bars or ingots containing impurities. He said that global gold prices would also play a role in determining taxes. Higher rates will be charged when the price of gold is at or above $3200 per troy-ounce, to capture the miners' windfall profit. Since early November, spot gold has traded above $4000 per ounce. This year, it is up by more than half. Indonesian gold exports have soared to $1.64 billion in the first nine months 2025. This is a huge increase from the $1.1 billion shipped for the entire last year. Singapore, Switzerland and Hong Kong were the top three buyers. Indonesia, a resource-rich country, has the fourth largest unmined gold reserve in the world, which is located in the Grasberg Mine in the east of the country, operated by a unit of Freeport McMoRan. Febrio stated that many domestic investors are finding it difficult to purchase gold bars due to the gold investment boom. We want gold production and circulation in Indonesia. Febrio added, "We want to add as much value as possible in order for Indonesians to enjoy gold." He said that the government is still discussing its plan to tax coal exports. (Reporting and editing by John Mair, Edwina Gibbs, and Gayatri Suryo)
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Stocks on edge as Nvidia's earnings test looms
Asia's stock market fell on Monday as a dispute between China, Japan and the United States intensified. Investors looked forward to a week full of data catch-up and corporate earnings. Investors may be more interested in Nvidia's results on Wednesday after the market, as headline data for the U.S. labor market due on Thursday will have a bit of a dated feel. Nasdaq futures grew 0.7% and S&P 500 futures 0.4% during the Asia session. European and FTSE Futures dropped about 0.1%. After policymakers sounded hesitant, the expectation of a U.S. rate cut in December has fallen to less that 50%. This has put pressure on the stock market, particularly in the volatile and rate-sensitive technology sector. TENSION BETWEEN CHINA AND JAPAN After China warned its citizens to avoid Japan, the Nikkei index in Asia fell by 0.2%. Tourism and retail stocks were also down. Shares of department store operator Isetan Mitsukoshi, Muji parent Ryohin Keikaku, and cosmetics manufacturer Shiseido have declined by around 10%. In Australia, the Australian bourse was flat due to a 0.6% drop for BHP following Britain's High Court finding it responsible for a Brazilian dam collapse. Hong Kong and China's indexes both fell by around 1%. The Nikkei reported on a $110 Billion stimulus plan, which weighed down on bonds. It sent yields on 20-year bonds to their highest level in 26 years. Analysts see a risk for the yen if confidence in fiscal discipline is shaken. This was evident in Britain, where stocks, bonds, and sterling fell on news that Finance Minister Rachel Reeves would not be raising taxes. The yield on the 10-year U.S. Treasury rose to 4.163% in Asia. Wall Street indexes recovered on Friday from a steep saleoff on Friday, resulting in a mixed closing. The S&P 500 saw a slight drop and the Nasdaq saw a modest gain. NVIDIA JOBS This week, the headline U.S. release will be the delayed September jobs report on Thursday. Private surveys have already indicated a slowdown in the labour market, so these figures are likely to be stale. The Fed's more hawkish officials will not change their tune if it only confirms this. The CPI data will be crucial for them, as they are more concerned about inflation risks. On Friday, the expectation of a rate cut was dampened when Kansas City Fed president Jeffrey Schmid and Dallas Fed president Lorie Logan questioned whether it would be necessary to reduce rates next month. Home Depot, Target and Walmart report their earnings this week in the U.S. All eyes are on Nvidia, as the market response will be a test for the recent rally. Nvidia's shares have increased by about 1,000% in value since the launch ChatGPT, which took place in November 2022. Nvidia's market value surpassed $5 trillion last month after a gain of over 40% year-to date. The U.S. Dollar was slightly higher in foreign exchange. It held the euro at $1.16, and crept up on the other majors. Gold suffered a loss of $4,060 per ounce on Friday. Brent crude futures fell 1% to $63.78 after loading resumed in a Russian hub that had been hit by an attack from Ukraine. Bitcoin, which in recent weeks has acted as a barometer for the mood of technology stocks, suffered its biggest weekly drop since March. It had lost more than 10 percent last week. It was trading at $95,000. Reporting and editing by Jamie Freed, Christopher Cushing, and Tom Westbrook.
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At least 18 people have been killed and dozens are missing in Central Java, Indonesia.
Authorities said that at least 18 people have died in landslides caused by rain in Central Java Province, Indonesia, last week. Search operations are ongoing. The disaster mitigation agency reported that a landslide last week in Cilacap buried 12 houses in Cibeunying. It said that the search and rescue effort was difficult because people were buried between 3 to 8 metres (ten to 25 feet). M Abdullah said that the landslide in Cilacap has left at least 16 dead and 7 people missing. KompasTV, a news channel, showed footage on Monday of excavators digging through the dirt in Cilacap. The disaster mitigation agency reported on Monday that two people were killed and 27 others missing following a landslide in Central Java on Saturday. It said that 30 homes and farms were affected. The wet season in Southeast Asia began in September and will likely last until April. This means that there is a high chance of flooding and heavy rainfall, according to the weather agency. (Reporting and editing by Christopher Cushing; Stanley Widianto)
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Australian shares flatten as financials counter the energy sector's boost
Australian shares closed Monday at near-four-month lows, as declines among major banks offset the strong performance of the energy sector. Investors also reassessed their positions in an uncertain environment for monetary policy. The benchmark S&P/ASX 200 index closed at 8,635.40, its lowest level since mid-July. Financials closed at a four-month low, down 0.2%. Commonwealth Bank of Australia shares fell by nearly 1% to a new low. CBA, Australia's largest lender, has lost more than 10% of its value since the beginning of last week, after its disappointing earnings and warnings about margin pressures affected market sentiment. Tim Waterer, KCM Trade's Chief Market Analyst said: "With the future of interest rates still in flux, there were very few positive drivers on the ASX today." Macquarie, an Australian investment bank, fell by 2.3% when it traded ex-dividend. It has also fallen by around 10% in the past week due to lower-than expected earnings. Shares of ANZ, Westpac and other peers finished the day each 0.6% higher. CBA and Macquarie have a hard time shaking off their reputation as being overvalued. This is affecting the share price. Traders try to find better values elsewhere in the market. Citi analysts remain positive about the macro-environment for banks. They have named ANZ as well as Westpac among their top picks. Other discretionary stocks also ended the session up 0.2%, after having fallen as high as 1.3% in the previous session. Recent robust economic data has prompted a sharp retreat in expectations for interest rate reductions. Swaps indicate a probability of 36% for a rate cut in May, down from 70% the week before. Energy stocks rose by 1.1%, their biggest one-day gain in a week. Woodside shares rose nearly 1% as the Australian oil-and-gas producer is poised to sign an U.S. Liquefied Natural Gas supply agreement with Saudi Aramco in the coming week. The benchmark S&P/NZX50 index for New Zealand ended the day 0.3% higher, at 13,499.04 point.
Dollar gains as gold falls, but watch US data for further Fed clues
Gold prices fell on Monday as a result of a stronger dollar, while investors awaited a series U.S. data that may shed light on Federal Reserve interest rate policy.
As of 0608 GMT, spot gold was down by 0.4%, at $4,062.96 an ounce. U.S. Gold Futures for December Delivery fell by 0.7%, to $4.064.50 an ounce.
Dollar index continued to gain against its rivals for a second day, making gold less appealing for holders of other currencies.
Tim Waterer, Chief Market Analyst at KCM Trade, said that "scalled-back expectations of rate cuts from the Fed next month are essentially hampering gold in terms of yield."
Even though the government shutdown is over, it's not certain that the Fed or the markets will be able to see the full picture of how the economy is performing. Hawkish remarks by Fed officials won't do gold any favors either."
The market participants will be looking for clues about the health of America's largest economy this week. This includes the nonfarm payrolls data on Thursday.
The Bureau of Economic Analysis of the Commerce Department said that it is working on updating its schedule of economic data releases affected by the recent government shutdown.
The traders are now pricing in 46% of a Fed rate reduction next month. This is down from 50% last week.
A growing number of Fed policymakers have expressed reluctance to further ease the monetary conditions, citing concerns about inflation and signs that the labour market has remained relatively stable after two rate cuts in this year.
Gold that does not yield tends to perform well in low interest rate environments and times of economic uncertainty.
SPDR Gold Trust is the largest gold-backed ETF in the world. Its holdings dropped 0.47% on Friday to 1,044.00 tons from 1,048.93 tonnes on Thursday.
Silver spot rose 0.5%, to $50.81 an ounce. Platinum gained 0.5%, to $1.548.37, and palladium increased 0.7%, to $1.394. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)
(source: Reuters)