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Two climbers, including an American, have died after falling from New Zealand's highest peak
Police said that the bodies of two climbers - including one American - were recovered on Wednesday after they fell to their death from New Zealand's tallest mountain during a summit bid. The four men, two New Zealand guides and two clients, were climbing Mount Cook or Aoraki (3,724 m/12,218 ft), when they fell off a ridge on the west side of Mount Cook late Monday. Police have not named any of the men. The authorities were alerted at 11:20 pm (1020 GMT) Monday. A search and rescue team found two uninjured members of the group in the early morning hours of Tuesday. Helicopters searched through the night, and found the bodies of the two climbers who had gone missing at 7 am on Tuesday. The bodies of the two climbers were found around midday. In a press release, Canterbury Aoraki area commander Inspector Vicki Walk said: "We can begin the process of reuniting these men with their families." "I would like to thank everyone involved in the recovery and rescue." It's been a tough time, especially for the families and wider community of the two climbers. Walker confirmed that one of the climbers is a U.S. citizen. In a press release, the New Zealand Mountain Safety Council stated that one of those who died was a mountain guide with international qualifications who was "respected as a valued member of guiding community". One of the men who died was a mountain guide with international qualifications. He was a "respected and valued member of the guiding community". Search and Rescue pilot Nigel Gee said to local news outlet 1News the two climbers were connected by a cord when they fell off the ridge. He said, "They both fell and may have gone about 1,500 feet down." Over the last century, Mount Cook has seen dozens of climbers die, as rockfalls and avalanches are frequent at higher elevations. Many more climbers have been killed in the nearby national park which is famous for its mountains, glaciers and avalanches.
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Asia stocks surge as Fed rate-cut betting boosts weak US data
The Asian stock market rose on Wednesday as it followed Wall Street's gains. Weaker-than-expected data on the economy fueled expectations that Federal Reserve would cut interest rates during its next policy meeting. MSCI's broadest Asia-Pacific share index outside Japan rose 1% after U.S. shares ended the previous session mildly up. Japan's Nikkei index gained 1.8% while U.S. futures stocks edged up by 0.2%. U.S. stock prices recovered lost ground following a selloff at the beginning of the month. The S&P 500 index and the Nasdaq Composite Index rose for the third day in a row on Tuesday, after data revealed that retail sales were lower than expected, and consumer confidence was down, which reinforced expectations that the Fed would ease its policy soon. Analysts from Westpac stated in a report that there was "a sea of green" across the major equity markets, with futures pointing towards a strong start for today's session on the local market. Analysts said that "Sentiment was boosted by the increasing odds the U.S. Fed will cut rates again in December following the decline in U.S. Consumer Confidence and the soft retail trade figures," Fed funds futures now price an implied 80.7% chance of a 25 basis-point cut during the next U.S. Central Bank meeting on December 10. This is compared to odds of even a week earlier, according to CME Group’s FedWatch tool. The yield on the benchmark 10-year Treasury note rose to 4.0037%, and last traded slightly higher than U.S. closing of 4.002%. This was after briefly falling below the 4% threshold for the first time in this month on Tuesday. Oil prices stabilized on Wednesday after a steep drop on Tuesday, as President Volodymyr Zelenskiy announced that Ukraine was prepared to move forward with a U.S. peace plan. This could pave the way for the lifting of Western sanctions against Moscow's energy market and the addition of more supply on the market. Brent crude futures increased 0.3% to $62.68, stabilizing after falling to a 5-week low on February 2, while European energy prices fell to their lowest level in an year and a half. Three OPEC+ sources stated that OPEC+ will meet on Sunday, and it is likely to keep output levels the same. The euro currency, which has gained 0.3% over the last month, was unchanged at $1.1564. The dollar increased 0.2% to 156.33 yen, and the dollar index (which tracks the greenback's value against other major trading partners) remained unchanged at 99.833. The sterling last traded at $1.3166, after four days' gains in anticipation of the UK budget due on Wednesday. The Finance Minister Rachel Reeves is likely to announce new tax hikes in order to maintain confidence on the financial markets, despite an expected downgrade of Britain’s economic prospects. The New Zealand Dollar surged by 0.9% to $0.5669, after the Reserve Bank of New Zealand reduced benchmark interest rates to 2.25% from 25 basis points and tempered its previous dovish guidance. Australian shares rose 0.7%, and the Australian Dollar strengthened by 0.2%. Consumer prices increased at a faster pace than expected in October, confirming bets on the end of the central bank’s easing cycle. Bitcoin rose 0.5%, to $87,438.53, while spot gold traded up 0.2%, at $4,131.78 an ounce. (Reporting and editing by Jacqueline Wong; Reporting by Gregor Stuart Hunter)
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Stocks rise, US yields fall on increased Fed expectations
On Tuesday, global stocks rose and were on track for their third consecutive session of gains. Investors remained confident that the Federal Reserve will cut U.S. rates at its meeting in December, while U.S. Treasury Yields fell. Alphabet, Meta Platforms and other gains on Wall Street helped U.S. stock prices close higher. Google's parent company closed at $323.44, a record high. It is now close to $4 trillion market capitalization. This would make Google the fourth company in history to achieve this milestone. The Information reported Meta Platforms' 3.78% gain as the largest lift for the S&P 500. The company is in negotiations with Google about spending billions on chips from Alphabet to be used in data centers beginning in 2027. Investors also parsed an avalanche of economic data. Some of it was delayed because of the 43-day U.S. shutdown. The Commerce Department reported that retail sales in September rose by 0.2% after an unrevised gain of 0.6% in August. This was below the 0.4% increase expected by economists surveyed by the. Labor Department reports that the Producer Price Index (PPI) for final demand rose 0.3% from an unrevised drop of 0.1% in August. This was expected, since energy costs increased and producers passed some tariffs on. ADP released more recent data Tuesday, indicating that private employers in the United States shed an average 13,500 jobs over the last four weeks. The Dow Jones Industrial Average climbed 664.18, or 1.4%, to 47,112,45. The S&P 500 gained 60.76, or 0.9%, to 6,765.88. And the Nasdaq Composite rose 153.59, or 0.6%, to 23,025.59. Since Friday, stocks have been rising after New York Fed president John Williams stated that interest rates could fall in the short term. Other policymakers however insisted on borrowing costs remaining steady. This boosted market expectations of a rate reduction. These expectations were further boosted on Monday by comments made by San Francisco Federal Reserve Bank president Mary Daly and Fed governor Christopher Waller, who both supported a December rate cut. Bill Merz is the head of capital markets research at U.S. Bank Wealth Management, Minneapolis. "We have data this morning with slightly softer employment markets. That should be a major consideration for Fed voting member, and I believe it is." These slightly softer labor markets confirm that this wasn't a one-off blip. Small-cap stocks also saw a boost from the increased expectations of rate cuts. The Russell 2000 closed up 2.14% for its third consecutive session. The trading volume will likely decrease as Thanksgiving Day approaches in the United States on Thursday. Markets will be closed on that day, and Friday's session will be abbreviated. MSCI's global stock index rose 9 points or 0.92% to 991.31; it was on course for its largest three-day percentage increase in over six months. The pan-European STOXX 600 closed up 0.91% on the back of the prospect of Fed rate cuts and optimism about a possible ceasefire in Ukraine. U.S. yields dropped after the influx of data. The benchmark 10-year U.S. note yield fell 3.4 basis points to 4.002%, after falling to 3.988%. This was its first time below 4% since the 29th of October. According to CME's FedWatch Tool, the markets are pricing in a 82.7% probability of a Fed 25 basis point cut at its meeting in December, a far higher percentage than the 50.1% they were predicting a week earlier. Fed Governor Stephen Miran stated in a TV interview that the state of the job market is deteriorating due to the Fed's short-term rate target. The dollar index (which measures the greenback versus a basket currencies) declined by 0.37%, to 99.83. Meanwhile, the euro rose 0.4%, at $1.15667. The pound strengthened by 0.47%, to $1.3164, ahead of the UK's budget announcement scheduled for Wednesday. Traders also piled into options markets in order to protect themselves from increased volatility. The traders have been watching closely for any signs of possible Japanese interventions in the yen. It has strengthened 0.53% to 156.09 dollars per yen but is down by 1.3% this month. U.S. crude oil settled down by 1.11% at $57.95 per barrel and Brent settled for $62.48 a barrel, down by 1.4%. This was after Ukraine indicated support for an American-backed framework to end the war with Russia.
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Trump wants to relax US regulations on coal-fired power stations
The Trump administration asked a federal judge to overturn the 2024 limits on soot for factories and power plants. It also delayed by three-years a deadline set for coal plants to remove coal waste. Critics have called these moves a clear retreat from public health protections. Soot is linked to cardiovascular disease and asthma. The EPA of President Joe Biden said that the stricter standard of 9 micrograms of CO2 per cubic meter last year would prevent more than 800,000. This included 2,000 hospitalizations and 4,500 premature death. Trump has pushed for the revival of coal. In a Monday filing, the EPA sided up with 24 states, led by Kentucky, and industry groups, including the National Association of Manufacturers, who had sued the regulator for reversing the 2024 standard regarding soot or fine particulate material, also known as PM2.5. Nearly 91% coal plants currently in operation already meet the new standard. The EPA announced a proposal on Tuesday to extend the deadline by three years for a few large coal plants that have coal-fired boilers to stop operation and to close coal ash impoundments without linings. The new deadline is October 2031, "to improve the reliability of the electric grid." The EPA is seeking comments until January 7th on the extension. In a statement, the EPA stated that the 2024 rule would cost "hundreds of million dollars if not billions" to American citizens if it were to be implemented. The EPA also said that this was not based upon a thorough review of science. In a press release, a spokesperson stated that "EPA will carry out a thorough examination as required by Clean Air Act". In March, the Trump administration targeted soot among dozens of other regulations that it intended to repeal. The agency announced in a series of press releases that it had taken more than 30 deregulation measures. Rolling back soot limitations would benefit the country's dirtiest power plants. The EPA claims that the only coal plant in the United States without pollution controls is the Colstrip Power Plant, located in Montana. Environmental groups criticized the decision to abandon the stricter EPA standard for soot. Hayden Hashimoto is an attorney with the Clean Air Task Force. He said, "EPA's move is a blatant effort to avoid legal requirements of a rollback. In this case, it was for one the most significant actions taken by the agency in recent years to safeguard public health." (Reporting and editing by Howard Goller, David Gregorio and Valerie Volcovici)
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Stocks rise, US yields fall on increased Fed cut expectations
The global stock market rose on Tuesday, and was on track for a third consecutive session of gains. Investors remained confident that the U.S. Federal Reserve will cut interest rates during its December meeting. Meanwhile, U.S. Treasury Yields fell. Alphabet and Meta Platforms led the gains on Wall Street. Google's parent company hit an intraday high of $328.83, and was up over 1% last as it approached $4 trillion market capitalization. This would make it the only fourth company to achieve this mark. The Information reported on Meta Platforms, which rose 3% and was the largest boost to the S&P 500. Meta Platforms is in negotiations with Google about spending billions of dollars to buy chips from Alphabet's company for use in Google data centers beginning in 2027. Investors also parsed an avalanche of economic data. Some of it was delayed because of the 43-day U.S. shutdown. The Commerce Department reported that retail sales in September rose by 0.2% after an unrevised gain of 0.6% in August. This was below the 0.4% increase expected by the economists polled. Separately, the Labor Department reported that the Producer Price Index (PPI) for final demand rose 0.3%, after a 0.1% unrevised drop in August. This was expected, because energy prices increased and producers passed some tariffs on. ADP released more recent data Tuesday, indicating that private employers in the United States lost an average of 13500 jobs over the four-week period ending November 8. The Dow Jones Industrial Average rose by 546.82, or 1.12%, to 46.995.09; the S&P 500 gained 45.45, or 0.68 %, to 6.750.53; and the Nasdaq Composite advanced 80.42, or 0.35 %, to 22952.43. Since Friday, the market has been anticipating a rate reduction after New York Fed president John Williams stated that interest rates could fall in the short term. Other policymakers have insisted on borrowing costs remaining unchanged for now. These expectations were further boosted on Monday by comments made by San Francisco Federal Reserve Bank president Mary Daly and Fed governor Christopher Waller, who both supported a December rate cut. Bill Merz is the head of capital markets research at U.S. Bank Wealth Management, Minneapolis. "We have data this morning with slightly softer employment markets. That should be a major consideration for Fed voting member, and I believe it is." These slightly softened labor markets confirm that this wasn't a one-off blip. The trading volume will likely decrease towards Thanksgiving in the United States on Thursday. Markets will be closed and Friday's session will be abbreviated. The MSCI index of global stocks rose 7.72 points or 0.79% to 990.03, and is now on course for its largest three-day percentage increase in a month. The pan-European STOXX 600 closed up 0.91% on the back of the prospect of Fed rate cuts and optimism about a possible ceasefire in Ukraine. U.S. yields fell after the data glut, with the yield of the benchmark 10-year U.S. notes falling 3.8 basis points to 3.998% and dropping below the 4% level for the first since October 29. The markets are pricing an 84.7% probability of a Fed 25 basis point cut at its meeting in December, which is up from 84.4% the previous session and above the 50.1% a week earlier. In a television interview, Federal Reserve Governor Stephen Miran stated that the central bank's short-term rate target is to blame for a declining job market. The dollar index, which measures greenbacks against a basket currencies, dropped 0.48% at 99.72. Meanwhile, the euro rose 0.49% to $1.1577. The pound strengthened by 0.77%, to $1.3204, ahead of Britain's budget announcement scheduled for Wednesday. Traders also rushed into the options markets in order to protect themselves from increased volatility. The yen strengthened by 0.64% to 155.93 dollars per yen but has fallen 1.3% in the last month. Traders are closely monitoring for any signs of Japanese intervention. U.S. crude dropped 1.61% to $57.89 per barrel and Brent fell to $62.40 a barrel, down 1.53 % after Ukraine indicated support for an American-backed framework to end the war with Russia.
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Gold prices remain stable as US data confirms Fed rate cut bets
Gold prices were unchanged on Tuesday, as traders expected that the Federal Reserve would cut interest rates by December due to softer than expected U.S. retail data. Spot gold By 01:54 ET (1854 GMT), the price of gold was $4,139.79 an ounce. ET (1854 GMT). On Monday, the price rose by nearly 2% after some U.S. policymakers indicated support for a 3rd rate cut in this year during their meeting on December 9-10. U.S. Gold Futures > for December delivery settled 1.1% higher at $4,140 per ounce. Peter Grant, senior metals analyst at Zaner Metals, said that recent Fed dovishness has revived hopes for a rate cut in December. This (data) does not seem to change this. Retail sales in the United States increased less than anticipated in September. This is a pause after a recent period of strong gains. The Producer Price Index rose 2.7% over the 12-month period ending in September. It was the same as the increase in August. CME Group data shows that markets are pricing an 85% probability of a Fed rate reduction next month, compared to only 50% last week. They also place a 65% chance on another cut in borrowing costs for January. Fed Governor Stephen Miran stated on Tuesday that a worsening job market requires further rate reductions, echoing the dovish remarks made by Fed Governor Christopher Waller Monday. Gold that does not yield tends to perform well when interest rates are low and there is geopolitical or economic instability. "The underlying conditions are ongoing economic uncertainty, geopolitical turbulence, and dovish Fed expectation continue to support the gold price (in near term)," ActivTrades Analyst Ricardo Evangelista stated. Spot Silver Platinum fell by 0.3% to $51.21 an ounce. Palladium rose 0.2%, to $1,546.42 > gained 0.1%, to $1 397.49. (Reporting from Pablo Sinha, Bengaluru. Additional reporting by Sherin-Elizabeth Varghese, Sarah Qureshi and Louise Heavens; Editing by Vijay Kishore, Paul Simao and Louise Heavens)
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US EPA wants to eliminate tougher limits on soot, but critics warn about health risks
The U.S. Environmental Protection Agency has asked a federal judge to overturn the 2024 soot limit for factories and power plants. Critics have called this a blatant retreat away from one of its most important public health protections in recent years. In a Monday filing, the EPA sided up with 24 states, led by Kentucky, and industry groups, including the National Association of Manufacturers, who sued the EPA in order to overturn the 2024 standard for fine particulate matters, also known as PM2.5. Nearly 91% coal plants currently in operation already meet the new standard. Soot is linked to cardiovascular disease, asthma and other health problems. Last year, the EPA, under the leadership of President Joe Biden, said that a tighter standard of 9 micrograms of soot per cubic meter could prevent more than 800,000. This would include 2,000 hospitalizations and 4,500 premature death. The EPA, under the administration of President Donald Trump’s Lee Zeldin, did not reply to a question about its future plans. In March, the Trump administration targeted soot among dozens of other regulations that it intended to repeal. The agency announced in a series of press releases that it had taken more than 30 deregulation measures. Rolling back soot limitations would benefit the country's dirtiest power plants. The EPA claims that the Colstrip Power Plant, located in Montana is the only coal plant in the United States without pollution controls. Environmental groups criticized the decision to abandon the stricter EPA standard for soot. Hayden Hashimoto is an attorney with Clean Air Task Force. He said, "EPA's move is a blatant effort to avoid legal requirements of a rollback. In this case, it was for one the most significant actions taken by the agency in recent years to safeguard public health." (Reporting and editing by Howard Goller; Valerie Volcovici)
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Gold gains as US data confirms Fed rate-cut betting
The gold price rose on Tuesday, as traders expected the Federal Reserve to cut interest rates by December due to softer than expected retail sales in the United States. By 12:16 pm EST (1716 GMT), spot gold had risen 0.3% to $4150.09 an ounce. On Monday, the price rose almost 2% after a few U.S. policymakers indicated support for a 3rd rate cut in this year during their meeting on December 9-10. U.S. Gold Futures for December Delivery rose by 1.3%, to $4147 per ounce. Peter Grant, senior metals analyst at Zaner Metals, said: "There is renewed hope for a rate cut in December based on recent Fed dovish talk, and these (data) don't seem change that." Retail sales in the United States increased less than anticipated in September. This is a pause after a string of recent strong gains. The Producer Price Index also increased by 2.7% over the past 12 months, which matches the increase in August. CME Group data shows that the markets are pricing in a 83% probability of a Fed cut next month, compared to just 30% last week. They also price in a 64% chance of another drop in borrowing costs for January. Fed Governor Stephen Miran stated on Tuesday that a declining job market requires further rate reductions, echoing the dovish remarks made by Fed Governor Christopher Waller Monday. Gold that does not yield tends to perform well when interest rates are low and there is geopolitical or economic instability. "In the short term, gold prices will continue to be supported by geopolitical turmoil and dovish Fed expectation," said ActivTrades analyst Ricardo Evangelista. Silver was unchanged at $51.40 an ounce. Platinum rose 0.4% to 1,550.31, and palladium increased 0.1% to 1396.18. (Reporting from Bengaluru by Pablo Sinha; Additional reporting by Sherin Lizabeth Varghese, Editing by Louise Heavens and Vijay Kishore; Paul Simao, Vijay Kishore)
Dangote Oil Refinery can now process winter season diesel, executive states
The Dangote Oil Refinery has capability to produce winter diesel for the European market, an executive said on Tuesday, a further sign of its potential to interfere with the global refining market.
The refinery developed by Nigerian billionaire Aliko Dangote on the outskirts of Lagos is anticipated to strike production of 550,000 barrels per day (bpd) this year, equivalent to 85% of its 650,000-barrel capability.
It started operations in January with output of products including naphtha and jet fuel and started processing gas in September.
We will have surplus production for export in all our products - gasoline, diesel, jet fuel, carbon black feed stock and polypropylene, stated Edwin Devakumar, head of the refinery.
Devakumar verified reports that the refinery would quickly export its very first gasoline, an approximated 200,000 metric loads targeting West African and Caribbean markets.
The items for the majority of the marketplace will be packed as vessels arrive. Euro V gasoline will be shipped from completion of the year, he stated.
The refinery, which is required by the government to sell locally to lower need for U.S. dollars, has actually had a hard time to disperse fuel in Nigeria, mostly due to pricing. Last month, Aliko Dangote stated the refinery had a stockpile of 500 million litres of gas.
After state-oil company NNPC began selling gas at market rates last month, it relinquished its function as the sole buyer of the refinery's output, enabling regional traders to import fuel after becoming involved in a pricing conflict with the refinery.
Nevertheless, the Independent Petroleum Marketers Association of Nigeria, a fuel trading group with more than 150,000 outlets across the country, stated on Monday it had reached an agreement to buy directly from the refinery at cheaper rates, while NNPC stated it had stopped importing petrol.
Fuel presently costs around 1,090 naira ($ 0.6537) on average in Lagos and around 1,200 naira in the capital Abuja and other significant cities.
The refinery has been exporting the bulk of its other items consisting of naphtha, diesel and aviation fuel, with Ghana among those revealing an interest in purchasing from the refinery.
(source: Reuters)