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Officials say that a Russian strike has knocked out electricity in large areas of northern Ukraine
Officials said that a new Russian attack in the border region of Chernihiv, Ukraine, on Monday knocked power out to large areas of the northern part of the country. This included the main town near the decommissioned Chornobyl Nuclear Power Station. Chernihivoblenergo (the local power company) in the area said that the latest attack targeted an energy site but refused to identify it. Yuri Fomichev said that a part of Slavutych in Kyiv Region, located 45 km (28miles) west of Chernobyl, had lost electricity in the incident. The water supply system of the town was switched to reserve power, and heating at essential sites continued uninterrupted. Crews from the emergency services were working to restore power. The head of Kyiv Region also stated that emergency crews are restoring power. There was no immediate response from Russia. As winter draws near, the war in Ukraine has not ceased. More than a half-million people were left without power after a barrage of missiles that hit Kyiv and parts of Ukraine earlier this month. The Russian attacks on Ukraine this month have forced Kyiv to import more gas. Volodymyr Zelenskiy, President of Ukraine, said on Monday that Ukraine could import gas worth $2 billion this winter from Europe and the United States. Chernihiv is a city located north of Kyiv that has been the target of many attacks. At the weekend, a strike against an energy company knocked out the power for 55,000 people. There were also power outages in other towns of northern Ukraine. Officials in Izium in the northeastern Kharkiv Region said that parts of their city were plunged into darkness. The Prime Minister Yulia svyrydenko discussed Monday the resilience of Ukraine’s energy system with parliament members as part of a newly formed body dedicated to coordination work between the assembly and the President's Office. Ukraine has launched its own long range attacks against Russian energy targets. At least 58 of these attacks have been made on key sites in the last month.
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Steel Dynamics beats quarterly profit estimates on declining scrap raw material costs
Steel Dynamics posted Monday a third-quarter profit that was above Wall Street expectations, thanks to a drop in scrap prices. The U.S. Steelmaker has benefited from the drop in scrap prices. Steel Dynamics exclusively produces steel in electric arc furnaces, and scrap raw material is a vital feedstock. Mark Millett, CEO of the company, said that he expects to see a stronger demand for all our products in 2026, including flat-rolled aluminum. He added that the firm expects a positive impact on performance from its various operating platforms due to the market dynamics. We have noticed some order hesitation from flat-rolled steel customers because of domestic trade actions despite many encouraging demand drivers. According to data compiled and analyzed by LSEG, the company's adjusted third-quarter profit of $2.74 a share was higher than analysts' estimates of $2.64. The revenue for the third quarter ended September 30, which was reported by Aatreyee Dasgupta and Anshuman Tripathy in Bengaluru, grew 11.2% from a year earlier to $4.83billion. This exceeded Wall Street's expectations of $4.8billion. Reporting by Aatreyee dasgupta in Bengaluru and Anshuman tripathy; editing by Shreya biswas
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US yields are easing; stocks jump after key earnings reports
The major stock indexes rose sharply Monday as investors awaited the quarterly earnings reports of large U.S. corporations this week. Meanwhile, U.S. Treasury rates edged down ahead of forthcoming U.S. China trade discussions. Gold prices increased by more than 2% as investors awaited further U.S. rate cuts, and the demand for safe haven assets remained strong. Investors also monitor the U.S. government shutdown which is now in its twentieth consecutive day. Government agencies haven't published key economic reports as a consequence. However, the September U.S. Consumer Price Index is expected to come out on Friday. Kevin Hassett, White House economist, said on Monday that Closed This week is likely to be the last. Investors are eager to hear this week's reports from Tesla, IBM and other major companies. Wall Street saw the major U.S. indexes rise by more than 1% each. Jake Dollarhide is the chief executive of Longbow Asset Management, located in Tulsa. "Ofcourse, if there are some disappointing earnings that could negatively affect the market. Investors have a rose-colored view of the year and are feeling good. The Dow Jones Industrial Average grew 515.97, or 1.12% to 46,706.58, while the S&P 500 climbed 71.12, or 1.07% to 6,735.13, and the Nasdaq Composite rose 310.57, or 1.37% to 22,990.54. Some market watchers believe that tighter credit conditions may help to reduce some of the froth on the market as U.S. regional bank earnings continue to roll in. The MSCI index of global stocks rose by 11.79 points or 1.20% to 956.9. European shares closed higher after initial concerns about the stability of U.S. banks eased. The pan-European STOXX 600 rose by 1.03%. The U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia. He said he hopes to prevent an escalation of U.S. Tariffs on Chinese Goods, which U.S. president Donald Trump has said is unsustainable. Trump confirmed that he will meet Chinese President Xi Jinping next week in South Korea, and expressed his admiration for him. The yield on the benchmark 10-year U.S. notes dropped 2.7 basis points from Friday's 4.009% to 3.982%. The dollar grew against the yen, and other currencies. The odds of a Bank of Japan interest rate increase this month were reduced by the markets to just under 20%. Meanwhile, in France, tensions on the political front eased. A coalition agreement in Japan has paved the way for Sanae Takaichi, who is pro-stimulus, to become Prime Minister. Federal Reserve is still widely expected to reduce interest rates next month by a quarter point and again in December. The dollar index (which measures the greenback in relation to a basket currencies) rose by 0.07%, reaching 98.61. Meanwhile, the euro fell by 0.08%, falling to $1.1642. The dollar gained 0.06% against the Japanese yen to reach 150.71. Spot gold increased 2.5% to $4.354.79 per ounce. Oil prices The price of oil has dropped to its lowest level since early May, amid fears about an upcoming supply glut. Brent crude futures dropped 28 cents or 0.46% to settle at $60.01 a barrel. U.S. West Texas Intermediate Futures fell 2 cents or 0.03% to $57.52.
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The Spanish market regulator has approved changes to control voltage fluctuations
The Spanish market regulator said on Monday that it had approved some of technical changes requested by national grid operator, after it detected sharp voltage swings across the country following a massive blackout last April. Initial measures are for 30 days, but they can be extended up to 3 months. The CNMC has approved some technical measures requested from grid operator REE with minor tweaks, but it has postponed a decision on a major proposed measure that would change the power grid voltage requirements for both conventional and renewable power plants. The CNMC stated that the modification of such a step "requires a deeper analysis" after feedback from generators who raised doubts about the ability to meet the new obligations. It said: "Therefore its immediate adoption is inappropriate until the evidence provided during the hearing process by the parties and its implications has been properly analysed." The grid operator requested these measures in early April, warning of "rapid voltage fluctuations" that could "potentially cause demand and/or production disconnections which end up destabilizing the electrical system." In a report published this month, the European network of electricity transmission systems operators stated that the power outage on the Iberian Peninsula that occurred on April 28th was the first blackout known to be caused by excessive voltage. (Reporting from Pietro Lombardi in Madrid and Joan Faus; editing by Matthew Lewis.)
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US yields are easing; stocks jump after key earnings reports
The major stock indexes rose sharply Monday, as investors anticipated more quarterly results this week from big U.S. corporations. U.S. Treasury rates also fell ahead of the upcoming U.S. China trade talks. Gold prices increased by more than 2% as investors awaited further U.S. rate cuts, and demand for safe havens remained strong. Investors also monitor the U.S. government shutdown which is now in its twentieth consecutive day. Government agencies haven't published key economic reports as a consequence. However, the September U.S. Consumer Price Index is expected to come out on Friday. Investors are eager to hear this week's reports from Tesla, IBM and other major companies. Wall Street saw the three main U.S. stock indices all rise by more than 1%. Nasdaq led this increase. The benchmark S&P 500 sector led the way with technology. Jake Dollarhide is the chief executive of Longbow Asset Management, located in Tulsa. "Ofcourse, if there are some disappointing earnings that could negatively affect the market." Investors are looking forward to the week wearing rose-colored lenses, and feeling good about how far we've come this year. The Dow Jones Industrial Average grew by 551.32 points or 1.19% to 46,741.93, while the S&P 500 gained 76.89 or 1.15% to 6,740.90, and the Nasdaq Composite rose 338.08 or 1.49% to 23,018.06. Some market watchers believe that tighter credit terms could reduce some of the froth on the market as U.S. regional bank earnings continue to roll in. The MSCI index of global stocks rose by 12.27 points or 1.25 percent to 996.17. European shares closed higher after initial concerns about the stability of U.S. banks eased. The pan-European STOXX 600 Index rose by 1.03%. Japan's Nikkei index rose 2.8%, setting a new record. A coalition agreement paved the way for Sanae Takaichi, a pro-stimulus politician to become Prime Minister. U.S. Treasury secretary Scott Bessent announced on Friday that he will meet with Chinese Vice Premier He Lifeng this week in Malaysia to prevent an escalation in U.S. Tariffs on Chinese Goods, which U.S. president Donald Trump has said is unsustainable. Trump confirmed that he will meet Chinese President Xi Jinping next week in South Korea, and expressed his admiration for him. The yield on the benchmark 10-year U.S. notes dropped 2.3 basis points from 4.009% at late Friday to 3.986%. The dollar's value against the yen, and other currencies was not much changed. The odds of Bank of Japan raising its rate this month were reduced by the markets to just under 20%. Meanwhile, in France, tensions on the political front eased. Federal Reserve is still widely expected to reduce interest rates next month by a quarter point and again in December. The dollar index (which measures the greenback in relation to a basket currencies) rose by 0.03%, while the euro fell 0.03%, at $1.1648. The dollar rose 0.02% against the Japanese yen. Spot gold increased 2.7% to $4363.34 per ounce. Oil prices The price of oil has dropped to its lowest level since early May, amid fears about an upcoming supply glut. Brent crude futures dropped 28 cents or 0.46% to settle at $60.01 a barrel. U.S. West Texas Intermediate Futures fell 2 cents or 0.03% to $57.52.
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The top cases in the US Supreme Court docket
The U.S. Supreme Court will be deciding a number of cases during the new nine-month session that begins Monday. These include issues like presidential powers, trade tariffs, transgender sportspeople, guns, race laws, campaign finance laws, gay "conversion therapies", religious rights, and capital punishment. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases in several cases that involved challenges to President Donald Trump’s policies. LOUISIANA ELECTORAL DISTRICTS The conservative justices of the court signaled on October 15, their willingness to undermine another key section in the Voting Right Act, the 1965 landmark law enacted to prevent racial bias in voting. This was during arguments in a case involving Louisiana's electoral districts. The case centers on Section 2 of the Voting Rights Act, which prohibits voting maps that dilute the power of minorities without proof of racism. The lower court found that the Louisiana electoral map, which divided the six U.S. House of Representatives district into two districts with a majority of Black people instead of one before, violated the Constitution promise of equal treatment. The ruling is expected to be made by the end June. TRUMP TARIFFS A court has agreed that it will decide on the legality Trump's global tariffs. This is a major test for one of Trump's most bold assertions of executive authority, which has been at the heart of his economic and trading agenda. The Justice Department appealed the lower court ruling that Trump had overstepped his power in imposing his tariffs, which were imposed under a federal emergency law. This case could result in trillions of dollars worth of customs duties within the next decade. The lower court ruled Trump had overreached by invoking the 1977 International Emergency Economic Powers Act in order to impose tariffs. This ruling was made in response to challenges from five small businesses as well as 12 U.S. States. A toy manufacturer will also be bringing a separate case. Arguments will be held on November 5. TRUMP'S FIRE OF FED OFFICIAL Justices will hear arguments about Trump's bid to remove Federal Reserve governor Lisa Cook. This is the first time a president has attempted to fire a Fed officer, as he questions the independence of the central bank. The court refused to decide immediately on a Justice Department's request to put a judge’s order temporarily blocking Trump from removing Cook. Congress created the Fed in 1913 and passed the Federal Reserve Act, which included provisions that shielded the central bank against political interference. The law required governors to only be removed "for cause" by the president, though it did not define this term or establish a procedure for removal. The arguments are set for January but the exact date is not yet known. FIRE OF THE FEDERAL TRADE COMMISSION The Justices will hear arguments about Trump's firing a Democratic member from the Federal Trade Commission. This is a significant test of presidential authority over government agencies that Congress intended to be independent. The court allowed Trump to remove Rebecca Slaughter while the case is still pending. Slaughter filed a lawsuit after she was dismissed from the Consumer Protection and Antitrust Agency before her term expired in 2029. This case offers the court the chance to overturn a 90-year-old precedent that upholds job protections put into place by Congress in order to give heads of federal agencies some independence from presidential control. The judge rejected the argument of the administration that tenure protections illegally infringe on presidential powers. Arguments will be held on December 8. LGBT 'CONVERSION THERAPEUTY' On October 7, the conservatives of the court appeared to be ready to support a challenge to a Colorado statute that prohibits psychotherapists from performing "conversion therapy," which aims to alter a minor's gender or sexual orientation. The law was challenged by a Christian licensed counselor under the First Amendment's protections from government abridgment. Colorado said that it regulates professional conduct and not speech and has the legal power to prohibit a healthcare practice they deem unsafe and ineffective. A lower court upheld this law. The ruling is expected to be made by the end June. TRANSGENDER SPORTS PARTICIPATION The court will hear Idaho and West Virginia's bid to enforce state laws that ban transgender athletes in female sports teams within public schools. This is another civil rights challenge against Republican-backed restrictions for transgender individuals. Idaho and West Virginia appealed lower court decisions siding with transgender plaintiffs. Plaintiffs argued the laws discriminate based upon sex or transgender status, in violation of U.S. Constitution 14th Amendment equal protection guarantee and Title IX civil right statute which prohibits sex discrimination in schools. The arguments have not been scheduled. HAWAII GUNS LAW The court took up the challenge of a Hawaii gun law that restricts the carrying handguns in public places, such as businesses. This gave the court the opportunity to expand gun rights. Three Hawaii residents who hold concealed carry licenses, and a gun rights group based in Honolulu appealed the lower court's ruling that Hawaii's measure is likely to comply with the U.S. Constitution Second Amendment right of keep and bear arms. Hawaii's concealed carry law requires that licensees obtain the owner's permission before bringing their handguns onto public property. The arguments have not been scheduled. Drug Users and Guns The Justices will hear from the Trump Administration in a case that involves a dual American/Pakistani in Texas, to defend a Federal Law that prohibits users of illegal drugs owning firearms. Hunter Biden, son of former president Joe Biden, was charged under this law in 2023. The Justice Department appealed a lower court ruling which found that the gun restrictions were in violation of the Second Amendment rights to "keep and carry arms" guaranteed by the U.S. Constitution. Gun Control Act 1968 included a prohibition against gun ownership by illegal drug users. The arguments have not been scheduled. CAMPAIGN FUNDING The court agreed to hear the Republican-led challenge, on free speech grounds, to a federal campaign finance provision that limits spending by parties in coordination and cooperation with candidates for office. This case involved Vice President JDVance. Vance and two Republican committees, both of whom were running for U.S. Senate at the time the litigation started, appealed the ruling by a lower court that upheld the restrictions on how much money political parties could spend on campaigns, with the input of candidates they supported. The question is whether the federal restrictions on coordinated campaign expenditures violate First Amendment protections against government abridgment. The arguments are scheduled for the 9th of December. CRISIS PREGNANCY COUNTER The court will examine whether to revive a New Jersey operator of a crisis pregnancy center's attempt to stop the Democratic-led attorney general's investigation into whether the Christian faith based organization misled women into thinking it offered abortions. First Choice Women's Resource Centers has appealed the ruling of a lower court that said the organization had to contest the attorney general's summons in state court first before filing a federal suit. The crisis pregnancy centers offer services to pregnant woman with the aim of preventing abortions. They do not promote their anti-abortion views. First Choice argues that it has the right to take its case to federal court, because it alleges a violation of First Amendment rights for free speech and freedom of association. Arguments will be held on December 2. RASTAFARIAN INMATES The justices heard a Rastafarian's case to sue Louisiana prison officials for shaven him bald and holding him down in violation of religious beliefs. Damon Landor's religion dictates that he let his hair grow. He appealed the lower court decision to dismiss his lawsuit filed under a U.S. statute protecting against religious infringements by local and state governments. Landor was not allowed to sue officials individually for damages under this law, according to the lower court. The law in question protects religious rights for people who are confined to institutions like prisons and jails. The arguments are scheduled for 10 November. DEATH ROW INMATES The court will hear the appeal of Alabama officials against a ruling that an intellectually-disabled man who was convicted of murder in 1997, but spared from death penalty. They are pressing ahead with their bid to execute the Republican-governed State. According to the lower court's analysis of Joseph Clifton Smith's IQ scores and expert testimony, he was deemed intellectually disabled. According to a Supreme Court decision from 2002, the Eighth Amendment's prohibition on cruel and unjust punishment is violated by executing a person with intellectual disabilities. The arguments are scheduled for 10 December. EXXON CLAIMS CUBA COMPENSATION Justices will hear ExxonMobil’s bid to get compensation from Cuban state owned firms for oil assets seized by Cuban communists in 1960. The law allows Americans to sue foreign companies or individuals for property that was confiscated. Exxon appealed the ruling of a lower court that undermined its legal efforts to obtain compensation from Cuban companies who allegedly profited by stolen property. The lawsuit invoked a 1996 U.S. Law called Helms-Burton Act. The court also heard a similar request by a Delaware registered company that had built port facilities at Havana that were seized by Cuba in 1960. It wanted to reinstate $440 million of judgments against Carnival Cruise Line, Norwegian Cruise Line, and two other cruise companies that used the terminal. The arguments have not been scheduled.
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US Business Lobby urges Trump to stop new export curbs to China
The National Foreign Trade Council, whose members include U.S. companies like Oracle, Amazon.com, and Exxon Mobil on its board of directors urges the Trump administration suspend an immediate rule that it claims has halted U.S. billions in exports. It also says this will cause China and other countries drop U.S. businesses from their supply chain. The National Foreign Trade Council, in a letter to President Donald Trump, takes issue with the Affiliates Rule which prohibits American companies from shipping technology and goods to companies that are part-owned or controlled by sanctioned companies. In a letter dated October 3, NFTC president Jake Colvin criticized the rule for causing an immediate halt to U.S. Exports. This is in direct opposition to the President's desire to reduce the U.S. trade deficit and to increase U.S. Exports worldwide. If the rule is left in place, it will encourage other countries to switch to non-U.S. made goods. "This would weaken U.S. security, as the rest the world led by China removes American nodes" from their supply chains. Requests for comments were not answered by the White House or the Commerce Department (which oversees export control). NFTC declined comment. The letter shows the level of opposition from the private sector to the controversial rule that has been sought for years by China hawks at Washington in order to clamp down on Chinese companies using subsidiaries not sanctioned to bypass export restrictions and access prized technologies. The rule was implemented on 29 September and adds firms to the Entity List that are owned at least 50% by a parent company listed in this list. The list is updated when companies take actions that are detrimental to U.S. national security or foreign policy. China has strongly opposed the rule. NFTC accused the Commerce Department as well of "significantly slowing" and "even temporarily" halting export license processing, especially for Chinese customers. "Thousands" of licenses, worth billions, were accumulating in the Commerce Department. In August, it was reported that the near-paralysis and turmoil at the agency had left thousands of license requests by U.S. firms to export goods and technologies around the world, including to China. (Reporting and editing by Chris Sanders, Andrea Ricci and Alexandra Alper)
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US business lobby calls on Trump to remove new export restrictions to China
A lobbying group, whose board of directors includes U.S. companies like Oracle.com, Amazon.com and Exxon Mobil, is calling on the Trump administration suspend an executive order that it claims has halted U.S. exports worth billions of dollar and will lead China and other countries drop U.S.-based firms from their supply chain. The National Foreign Trade Council, in a letter to President Donald Trump, and seen by, takes aim at what is known as the Affiliates Rule. This rule prohibits American companies from supplying goods and technology, to companies that are part-owned, by sanctioned companies. In a letter dated October 3, and never before reported, NFTC President Jake Colvin stated that the rule had "caused an immediate pause in billions of U.S. Exports." This was contrary to the desire by the NFTC to reduce the deficit in trade and increase U.S. Exports worldwide. If the rule is left in place, it will encourage other countries to switch to non-U.S. made goods. "This would weaken U.S. security, as the rest the world led by China removes American nodes" from their supply chains. Requests for comments were not answered by the White House or the Commerce Department (which oversees export control). NFTC declined comment. The letter shows the level of opposition from the private sector to the controversial rule that has been sought for years by China hawks at Washington in order to clamp down on Chinese companies using subsidiaries not sanctioned to bypass export restrictions and access prized technologies. The rule was implemented on 29 September and adds firms to the Entity List that are owned at least 50% by a parent company listed in this list. The list is updated when companies take actions that are detrimental to U.S. national security or foreign policy. China has strongly opposed the rule. NFTC accused the Commerce Department as well of "significantly slowing" and "even temporarily" halting export license processing, especially for Chinese customers. "Thousands" of licenses, worth billions, were accumulating in the Commerce Department. In August, it was reported that the near-paralysis and turmoil at the agency had left thousands of license requests by U.S. firms to export goods and technologies around the world, including to China. (Reporting and editing by Chris Sanders, Andrea Ricci, and Alexandra Alper)
Sources say that China's new refinery Yulong will test run its second crude unit by the end of March.
Trading sources familiar with the operation of the plant said that Shandong Yulong Petrochemical, China's newest refinedr, is expected to test operate its second crude oil-processing unit by the end of this month.
The $20 billion complex will begin full operation in 2025. This will help China increase its crude imports as well as its production of refined products. It would also offset some of the declines caused by a waning Chinese fuel demand, but put pressure on the already thin refinery profits.
The refinery is located on an artificial island in Longkou County of the city Yantai. It's the latest addition to the four large chemical-refining complexes China has built since 2018, as Beijing encourages stronger and bigger manufacturers.
Two trading sources have confirmed that Yulong will start up its second crude distillation unit (CDU), which can produce 200,000 barrels per day, around 23 March.
The refinery launched its first CDU of 200,000 bpd last September. It was running at around 90% capacity. This level has been maintained by the plant since last November.
Three sources have confirmed that Yulong started up an ethylene unit of 1.5 million metric tons per year (tpy), one of two units on the site.
One source said that other secondary units, such as the reformer which converts heavy naphtha primarily into petrochemicals, will come online in May.
Yulong Petrochemical has not responded to an email request for comment.
Yulong increased its purchases of alternative grades of oil from West Africa to prepare for the launch of new units and deal with supply disruptions due to U.S. sanctions.
Yulong Petrochemical, a private aluminium smelter, is owned 51% by Nanshan Group. Shandong Energy Group, backed by the provincial government and based in Shandong Province has 46.1%. The remaining shares are held by two local firms.
(source: Reuters)