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Stocks continue recent decline on AI rally fears, US yields drop
Investors worried about the sustainability and growth of artificial intelligence stocks, while U.S. Treasury rates continued to decline. An index of semiconductors fell 4.5% on Friday. The Nasdaq has dropped more than 4% this week, and is on course to have its largest weekly percentage decline since late March. Donald Trump, the U.S. president, announced his tariffs in April. Since then, the Nasdaq stock has gained over 50%. After our comments, we're still seeing the AI market sell off. The AI race is on. There's a recalibration in multiples, and that's the main weakness," said Michael O'Rourke. Chief market strategist at JonesTrading, Stamford, Connecticut. You could also see it as profit taking. O'Rourke stated that this has been a great year for stocks, particularly in the group. Financial Times reported this week that Nvidia's CEO Jensen Huang Has warned China will defeat the In the AI race. This year, the markets have reached new highs due to optimism around artificial intelligence. Bitcoin has also declined for the week. The Dow Jones Industrial Average dropped 345.04 points or 0.74% to 46,567.26, while the S&P 500 declined 75.65 points or 1.13% to 6,644.67, and the Nasdaq Composite lost 435.84 or 1.89% to 22,618.15. The MSCI index of global stocks fell 9.31 points or 0.94% to 982.69. The pan-European STOXX 600 Index fell by 0.55%. The Shanghai Composite Index and China's blue chip CSI300 Index had both closed Friday with a 0.3% decline. The fact that China's trade data was weaker than expected also shows how much Trump's tariffs are hurting. Data showed that China's exports fell by 1.1% in October. This was the lowest performance since February. The data chills Asian markets, reminding them of China's dependence on American consumers. Investors are looking forward to a busy auction week for government debt. The yield on the benchmark U.S. 10 year notes dropped 2.4 basis points from 4,093% at late Thursday to 4.069%. The U.S. Dollar was expected to finish the week relatively unchanged. The greenback has been mostly firmer since last week, when Federal Reserve Chairman Jerome Powell acknowledged that further easing measures could be risky. The U.S. government shutdown prevented the release key economic data. Data signals from surveys indicate a resilience which could support the argument for not cutting rates during the Federal Reserve's meeting in December. The dollar index fell by 0.19% on the day to 99.50. Meanwhile, the euro rose 0.23% to $1.1574. The dollar gained 0.03% against the Japanese yen to reach 153.11. U.S. crude climbed 0.62%, to $59.80 per barrel. Brent rose to $63.68 a barrel, up by 0.47% for the day.
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Source in the U.S. says that the U.S. supports EU's use of frozen Russian assets as a way to end war.
A U.S. official familiar with the matter said on Friday that the United States supports the European Union in using frozen Russian assets to help Ukraine and bring an end to the war with Russia. The European Commission, as the West seeks a way to increase pressure on Moscow has proposed a plan that would allow EU governments to use up 185 billion euro ($217 billion), which is the majority of the 210 million euros of Russian sovereign assets frozen in Europe. Washington "absolutely support (the EU)" and the measures they are taking to be able to use those assets as an instrument, the source said. The source requested anonymity in order to discuss a current issue. After Russian President Vladimir Putin's troops invaded Ukraine in 2022 the United States, along with its allies, prohibited transactions with Russia’s central bank and Finance Ministry, immobilizing approximately $300 billion of sovereign Russian funds. Belgian concerns, where the majority of assets are located, have caused the European proposal to be delayed. Germany said on Friday that recent sightings of drones above airports and military base in Belgium was a message to Moscow not touch the frozen assets. Moscow denies any involvement in the incidents, and promises a "painful" response if its assets were seized. Last month, in a renewed effort to end Russia’s war, U.S. president Donald Trump imposed sanctions on Rosneft, and Lukoil – its two largest oil companies – adding to a basket of unprecedented economic sanctions designed to put pressure on Moscow and those who do business with it. This move underscored Washington's intention to squeeze Russia's financial resources and force the Kremlin into a peace agreement in its full-scale invasion against Ukraine, which has lasted for three-and-a-half years. Washington is closely watching the fallout of the Rosneft-Lukoil deal and "there are other things we could try to do to increase the pressure," a source said.
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Brazil's Petrobras is investing faster than expected says CFO
Petrobras' chief financial officer stated that the company expects its annual capital expenditures will be between the middle and the top of their current estimates as they are investing faster than anticipated. Petrobras has invested $5.5 billion during the third quarter. The cumulative capex of the first nine month in 2025 is now $14 billion. The company plans to invest $18.5 billion by 2025. It may add 10% on the upside or down. Petrobras CFO Fernando Melgarejo told analysts that the firm generates value for its shareholders by speeding up investments. He said that 90% of projects were already contracted, and there would be more flexibility after 2026. Petrobras executives have repeatedly emphasized the need to reduce costs as lower Brent oil prices lead to a review of projects. Magda Chambriard, Petrobras' chief executive officer, said in February that the company had spent 15% more than its guidance for 2024 due to investments made this year. Petrobras is known for investing less in its five-year plans than planned. Since she took over as CEO last year, Chambriard has worked to correct this. On November 27, the company will unveil its strategy plan for 2026-2030. The current plan for 2025-2029 set capex at $111 billion. Reporting by Leticia Fucichima and Fabio Téixeira, both in Sao Paulo, and Fernando Cardoso in Rio de Janeiro. Writing by Fernando Cardoso. Editing by Natalia Siniawski & Paul Simao.
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LBMA reports that silver reserves in London vaults rose 6.8% in October.
The London Bullion Market Association reported that the amount of silver held in London vaults reached 26,255 metric tonnes, worth $41.3 billion at the end October. This is an increase of 6.8% compared to the previous month. Last month, traders and analysts reported that large flows of silver to London's Spot Market in October from the U.S.A. and China eased liquidity constraints in the world's biggest over-the counter precious metals trading center. The short-term borrowing rates for silver in London have eased since the record highs reached in the first half October. However, they remain historically high. London vaults hold both unallocated silver and allocated silver that can be "spoken" for by exchange-traded silver funds. In October, the London market was tight. This coincided with a surge in gold prices in India and strong buying. Spot silver prices reached a record of $54.5 an ounce per troy on October 17th. Last Friday, the metal traded at $48,6. In the midst of London's tightening liquidity, approximately 1,568 tonnes of silver have left Comex storage facilities in the U.S. Since stocks reached a record of 16,543 tonnes (531.9 millions troy ounces), on October 3. Comex inventories have risen sharply in the past year due to uncertainty about U.S. tariffs. The market is still waiting for the U.S. investigation into critical minerals to be completed and the potential impact on trade flows between New York and London. New York is the largest futures exchange in the world. According to an updated list published by the U.S. Geological Survey last Thursday, silver is a critical mineral. Carsten Menke, an analyst at Julius Baer, said that tariffs would have severe consequences for global silver trading. (Reporting and editing by Alexander Smith; Polina Devtt)
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Gold prices rise as the dollar weakens and US shutdown fears persist
Gold prices rose Friday, as the dollar weakened and the uncertainty surrounding the U.S. shutdown contributed to the demand for safe-haven assets. Wall Street indexes are set for a sharp weekly drop. As of 11:12 am, spot gold rose 0.5% to $3,997.47 an ounce. ET (1612 GMT). The contract has dropped 0.1% in the last week. U.S. Gold Futures for December Delivery gained 0.1%, to $3.993.60 an ounce. Investors worried about the sustainability of an artificial intelligence rally on Friday, which is a concern for tech-heavy markets. Other currency holders can now buy greenback bullion at a lower price. Jim Wyckoff is a senior analyst with Kitco Metals. He said, "The recent price movement suggests that we are putting a floor under the gold and silver prices." As a non-yielding investment, gold tends to do well in environments with low interest rates. The U.S. shutdown delayed the release of the non-farm payroll report for October. Traders turned to the private sector data which showed that there were job losses in the month of October to gauge the probability of another Federal Reserve rate cut this year. According to CME Group’s FedWatch tool, the markets now expect a rate cut of 25 basis points in December. Industry insiders say that China has begun designing a new licensing regime for rare earths, which could accelerate shipments. However, it is unlikely that the restrictions will be lifted as Washington had hoped. The conflicts have not been resolved, even though trade policy has calmed down a bit. Commerzbank wrote in a report that gold is likely to continue being sought after as a "safe haven". Silver spot rose 0.7% per ounce to $48,30. Platinum increased by 0.3% at $1,545.61 while palladium rose 0.7% to $1,385. All three metals are heading for losses this week. (Reporting and editing by Sahal Muhammad, Noel John in Bengaluru, Kavya Baliaraman in Bengaluru)
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Exxon CEO anticipates oil and gas to play a long-term role, but not necessarily as fuel
Exxon Mobil's CEO Darren Woods stated on Friday that oil and gas would continue to play a crucial role for a very long time. He added that the real question is whether they will be used to fuel vehicles. Woods stated that while future technological advances may see a shift in the way hydrocarbons are burned, they will still be used in other areas, like the medical industry. Woods said that crude oil and hydrocarbons will play a crucial role in everyone's lives for many years to come. Carbon emissions from fossils fuels, such as coal and oil, but also gas, contribute significantly to climate change The question is: Do you continue to burn them? "I think that will change over time depending on how the technology develops," said he on the sidelines at the Sustainable Innovation Forum, held in Sao Paulo. This month, the South American nation hosts United Nations COP30 Climate Conference in Belem. The UN announced earlier this week that the world will overshoot the goal to keep global warming under the 1.5 degree Celsius target set in 2015 at the Paris Climate Conference. Woods stated that the government is making decisions without having all of the facts, and that carbon accounting is needed to track emissions properly. Woods stated that "without a mechanism for accurately accounting the carbon emissions across economies, net zero" is nothing more than a slogan. "You need to understand where emissions come from, and you also need a ledger system that can give credibility to the emissions along a value-chain," he said. Reporting by Oliver Griffin, Editing by Mark Porter & Alexander Smith
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US official: Iranian plot to kill Israel’s ambassador in Mexico foiled
A U.S. official stated on Friday that Iran's Islamic Revolutionary Guard Corps planned to assassinate Israel’s ambassador to Mexico beginning late last year. However, the plot was thwarted and there is currently no threat. According to the official who spoke on condition of anonymity about the plot against Einat Kranz-Neiger, the plot was active throughout the first half of the year. The official said that the plot had been contained and did not pose any current threat. The official said that the plot was contained and does not pose a current threat. Officials declined to provide any further details or information about how the plot foiled. The Iranian mission at the U.N. headquarters in New York has declined to comment. The United States, its allies and others have repeatedly claimed that Iran and its agents have attempted to launch violent attacks on Tehran's enemies. Last year, security services in Britain and Sweden warned that Tehran used criminal proxies in these countries to carry out violent attacks. London said it had foiled 20 Iran-linked plots in the last 20 years. Dozens of other countries condemned the alleged increase in Iranian intelligence services' plots to assassinate, kidnap, and harass. The British spy chief MI5 Director-General Ken McCallum said that Iran is "frantically" trying its critics to be silenced around the globe. He cited Australian authorities who had exposed Iranian involvement with antisemitic plans and Dutch authorities who had revealed an unsuccessful assassination. Israel has been a target of Iran for a long time, but this is especially true after Israel and Iran engaged in armed conflict in which U.S. bombers attacked Iranian nuclear sites in the summer. (Reporting by Steve Holland, Editing by Michelle Nichols & Lincoln Feast)
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India's JSW Cement reports profit on higher volumes and price recovery
JSW Cement, a construction material manufacturer in India, reported a profit for the second quarter on Friday. The company sold more of its products at higher prices. The growth in volume comes during a weaker quarter, when India's annual rains reduce construction activity and lower demand for the material. The total net profit of 864.3 millions rupees for the period July-September was $9.8 million, compared to a loss last year of 643.9million rupees. JSW Cement shares closed Friday 0.6% lower. Since their August listing, they are down approximately 17%. The cement prices have slowly recovered from the lows of 2024, when construction, and especially infrastructure projects, slowed down after the general elections. Data from brokerage Ambit Research revealed that cement prices rose by an average of 5% during the period reported. This, combined with a 7 percent increase in cement volume, increased revenue by over 17%, to 14,36 billion rupees. Cement companies such as UltraTech, Ambuja and other larger cement producers also reported an increase in profits for the quarter reported. ($1 = 87.8950 Indian rupees) (Reporting by Hritam Mukherjee in Bengaluru; Editing by Anil D'Silva)
Duke Energy's electricity rates beat quarterly estimates
Duke Energy, a utility company, beat Wall Street expectations for revenue and profit in the third quarter on Friday. This was due to higher electricity rates and high power demand.
Electricity costs will rise as data centers consume more power in the wake of an industrial electrification wave and manufacturing growth.
According to the U.S. Energy Information Administration, a surge in AI- and cryptocurrency-based data centers combined with accelerating electrification in homes and businesses is expected to push U.S. energy demand to record levels by 2025 and 2026.
Duke will add 13 gigawatts in energy capacity in the next five-year period to meet the rising demand. The company expects to achieve a profit growth in the upper half its range of 5% to 7 percent starting in 2028. This was stated by CEO Harris Sideris during a call following the earnings announcement.
He said that the refreshed five-year plan of the company, which is expected to be released in February, would range between $95 and $105 billion.
Duke is considering large nuclear additions as well as extending coal plants in order to meet the soaring demand for power in the Carolinas.
In the first quarter of this year, the utility signed energy service agreements for about 3 gigawatts with data centers. These included deals with Digital Realty and Edged.
Duke Florida expects to recover approximately $1.1 billion from storm-related expenses by February of next year.
The company's electric utility segment reported adjusted earnings of $1.69 billion for the quarter, up from $1.46 in the previous quarter.
Duke has lowered its adjusted full-year profit forecast from $6.17 to $6.442 per share to $6.25 to $6.35.
LSEG data shows that the quarterly revenue was $8.54 billion. This is higher than analysts' estimates of $8.50billion.
Charlotte, North Carolina based company reported an adjusted profit per share of $1.81 for the three-month period ended September 30 compared to estimates of $1.75. (Reporting from Bengaluru by Sumit S. Saha; editing by Shailesh K. Kuber)
(source: Reuters)