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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 1:40 pm, spot gold had risen 0.2% to $3,989.91 an ounce. ET (1840 GMT). U.S. Gold Futures for December Delivery settled at $3.991 with little change. Dollar fell by 0.5%, after reaching a four-month peak in the previous session. This made gold more affordable for foreign buyers. 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 President Donald Trump's sweeping Tariffs are causing a "revival of the haven bid". "Gold is on track to have a decent end to the year. I would say that a target of $4,300-$4,400/oz seems reasonable." Markets expect another rate cut in December, after the U.S. Federal Reserve lowered interest rates last week for the second consecutive time this year. Beth Hammack, President of the Fed Bank of Cleveland, said that on Thursday high inflation rates continue to be a concern. The following are some examples of the use of The U.S. Central Bank has cut interest rates once again. 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. Traders are cautious and watching out for the fallout of U.S. president Donald Trump's policies on trade as well as risks associated with a prolonged U.S. shutdown. 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 gold going forward. Other than that, silver spot rose 0.3%, to $48.22 an ounce. Platinum was down 1.8%, at $1,533.93, while palladium dropped 2.7%, to $1,381.18. (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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Norway invests about $3 billion into forest conservation fund
The Norwegian government announced on Thursday that it would contribute around $3 billion to the Tropical Forests Forever Facility. This multilateral fund is intended to support the global conservation of endangered forest. The largest donation announced to date for the new fund proposed in Brazil by the summit's host is this first-reported gift. In a statement, the Norwegian government confirmed that it will contribute up to 30 billion crowns (2.99 billion dollars) to the fund by 2035. The fund aims to use contributions from government to raise more private funding. Brazil and Indonesia each contributed $1 billion to the fund. Fernando Haddad, the Brazilian Finance Minister, said that he believes $10 billion in public money is an ambitious but achievable target for the first year of the fund. The TFFF is envisioned by policymakers as a $125 billion fund that combines contributions from the private and sovereign sectors. It would be administered like an endowment. Countries would receive annual stipends based upon how much of their rainforests remain standing.
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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 captives of 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 an old model that perpetuates economic and social disparities, and environmental degradation." 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 "These are the times when voices are rising to deny or ignore the 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. ESWATINI PRIME MINISTER DLAMINI RUSSELL Collaboration is vital. We must actually go beyond just collaboration and increase our ambition, aligning ourselves with scientifically-determined emission reduction targets. "For Africa, this struggle isn't about environmental policy. It's about justice and survival. Africa is responsible for less than 4% global greenhouse gas emissions. "Yet we suffer the most severe consequences." IRISH PRIME MINISTER MICHEAL MARTIN Belem has fewer people. "At a moment when leadership in politics is more important than ever, we are fewer. Fewer leaders willing to say it like it is. Climate change is irrefutable. Science is unquestionable. The clock is ticking, temperatures are rising. We are failing our citizens and the planet in a profound way if we don't tell them the truth. (Reporting and editing by Nia Williams; William James)
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Sudan's RSF accepts US proposal for humanitarian cessation of fire
The Sudanese paramilitary Rapid Support Forces have agreed to the United States' and Arab countries' proposal for a humanitarian truce and are open to discussions on a cessation in hostilities. Both the RSF and the Sudanese army have agreed to various ceasefire proposals during their two-and-a-half-year-old war, though none have succeeded. The administration of U.S. president Donald Trump has stated that it is working to end fighting in Sudan. The Sudanese Army did not respond immediately to the announcement. It comes less than two week after the RSF had taken over the famine-stricken town of al-Fashir and consolidated its control of the vast western region of Darfur. The Rapid Support Forces (RSF) also look forward to implementing this agreement and starting discussions immediately on arrangements for the cessation and the basic principles that guide the political process in Sudan." An RSF statement stated. The army-led Security and Defense Council held a meeting earlier this week but failed to give a definitive response to the proposal. However, influential leaders and allies in the army expressed their disapproval. A spokesperson for the U.S. State Department said on Thursday that the United States continue to work directly with all parties to facilitate an humanitarian truce. The spokesperson stated that "we urge both sides to respond to the U.S. led effort to conclude an humanitarian truce given the urgency to de-escalate the violence and end the suffering of Sudanese citizens." In September, Saudi Arabia and the United Arab Emirates, as well as Egypt, called for a three month humanitarian truce to be followed up by a permanent ceasefire in Sudan. Witnesses claim that the RSF abducted and killed civilians both during and after their capture of al-Fashir. This includes summary executions. The leader of the group called for all fighters to protect civilians, and warned that any violations will be prosecuted. In April 2023, the war between the Sudanese Army and the RSF broke out when the forces clashed about plans to integrate forces. The conflict in Sudan has caused a devastation that has killed tens and thousands of people. Hunger has spread throughout the country, and millions have been displaced. Reporting by Khalid Abdelaziz, Nafisa eltahir and Daphne Psaledakis; Additional reporting in Washington by Enas alashray; Editing and writing by Alex Richardson; Aidan Lewis; and Diane Craft
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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.
Wall St Week Ahead-Broadening US market rally gets boost from dovish Fed
An encouraging economic outlook and dovish signals from the Federal Reserve are motivating financiers to look beyond the massive growth and innovation stocks that have sustained the U.S. stock market's gains over the previous year.
Though rallies in stocks such as Nvidia and Meta Platforms have actually been the market's main individual chauffeurs in 2024, the financials, industrials and energy sectors are likewise exceeding the S&P 500's. 9.7% year-to-date gain. That has actually relieved worries that the marketplace. was becoming increasingly connected to the fortunes of a small group. of stocks.
A belief that the economy will remain durable while. inflation fades has actually prompted financiers to try to find winners. outside of the megacaps. That view got a boost from the Fed. earlier today, when the reserve bank expressed confidence it. would have the ability to tamp down inflation and cut rates of interest this. year, even as it raised its projection for just how much the U.S. economy will grow.
There is more confidence that the Fed is going to be able. to ... get inflation approaching their longer-term targets. without an economic crisis, said Scott Chronert, head of U.S. equity. technique at Citi, which is obese the technology, monetary. and industrial sectors. You are going to take a little bit more. comfort that you can own a bank or an industrial if you believe. the Fed is going to lower rates at some time here.
Financiers in the coming week will be enjoying Friday's. personal usage expenses cost index that will use. the current read on inflation. Completion of the very first quarter also. might prompt volatility as fund supervisors change their. portfolios.
The widening rally contrasts with last year, when. unpredictability over the economic outlook triggered investors to look for. shelter in the so-called Stunning Seven group of megacap. stocks, drawn by their dominant industry positions and strong. balance sheets. Just the sectors that housed megacaps - tech. , communication services and consumer. discretionary - exceeded the S&P 500's 24% gain. last year.
This year, the financial and industrial sectors are up 10.1%. and 9.9%, respectively, while energy has actually gotten 10.3%.
More broadly, the Splendid Seven - Apple, Nvidia. , Alphabet, Tesla, Microsoft. , Meta Platforms and Amazon.com - have. been responsible for 40% of the S&P 500's gain since Thursday,. according to S&P Dow Jones Indices. That compares to a share. of over 60% last year.
The wider rally means that leadership isn't so focused. and vulnerable to a correction, said Robert Pavlik, senior. portfolio manager at Dakota Wealth.
After the Splendid 7 all published huge gains in 2023,. efficiency among them has diverged more this year, offering. financiers another factor to look at the rest of the market.
Enthusiasm over expert system has assisted fuel a. 90% gain in shares of Nvidia so far this year, while Microsoft. has actually gained 14.5%. On the other side of the ledger, Apple and. Tesla are down about 11% and 32%, respectively, for the year.
The current blow for Apple came this week when the Department. of Justice alleged the iPhone maker monopolized the smart device. market, highlighting the regulatory threats that could make. investors careful of Big Tech.
In another indication of expanding, more S&P 500 stocks are. surpassing the standard, 180 so far this year since Thursday. versus 150 in 2015.
Some corners of the market, such as little caps, still look. subdued. The Russell 2000, which is concentrated on smaller. business, is up simply 2.2% year-to-date.
Some financiers think the group might get an increase from the. Fed's outlook, which kept in place a previous projection of 3. 25 basis-point rate of interest cuts, in spite of the central bank's. upgraded growth projections.
As the Fed begins to lower rates of interest, that creates. liquidity and makes financing simpler, said Jack Ablin, chief. investment officer at Cresset Capital. Who's most advantaged? Not the megacap stocks that have unfettered access to capital no. matter what rates are, however really the smaller sized, lesser-known. names.
The expanding pattern could take a hit if the economy begins. floundering or runs too hot, upsetting the so-called Goldilocks. story that has actually supported markets in recent months.
Some investors also think the market is due for a pullback. after a run in which the S&P 500 has gained 27% given that late. October.
Others, however, are betting the trend will continue. Peter. Tuz, president of Chase Financial investment Counsel, stated his company. recently purchased shares of Goldman Sachs and oil. services company Tidewater while minimizing its megacap. holdings, consisting of offering its Apple stake.
The market is widening out, he said. You're simply seeing. that there's more methods to generate income this year than the Mag 7.
(source: Reuters)