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ArcelorMittal's third-quarter profits are in line with expectations
ArcelorMittal reported its third quarter core profit on Thursday, in line with the market's expectations. It also gave a positive outlook to 2026. According to LSEG, the Luxembourg-based company reported earnings before interest taxes, depreciation, and amortization (EBITDA), of $1.51billion in the third quarter. This is in line with analyst estimates of $1.50billion. Aditya Mittal, chief executive of the company, said that "we are seeing signs stabilization" and were optimistic about our business outlook in 2026 when we would benefit from more supportive policies for industry in key markets. The company stated that the overall demand was still weak and there was no sign of restocking, as customers continue to "wait and watch" and maintain a cautious approach. Western steelmakers Have welcomed After the U.S. raised tariffs on Steel The European Commission has announced that the EU will be reducing its VAT to 50% from June. Announced plans Import quotas will be increased and duties imposed on volumes exceeding these levels. They have been arguing against what they call Global Overcapacity Pressure from imports of cheaper steel from Asia. (Reporting and editing by Javi Larranaga; Matt Scuffham).
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Heidelberg Materials reports higher-than-expected Q3 profits on cost and price management
Heidelberg Materials, the second largest cement manufacturer in the world, announced on Thursday a third-quarter operating result that was slightly higher than anticipated. The company cited an "uncompromising" focus on cost reductions and price increases. It said that the quarterly result of current operations (RCO), which is a measure of the results from the business, was 1.18 billion euro ($1.38 billion). This figure was up 5% on the previous year and above the average estimate for the poll conducted by the company. Heidelberg Materials has also reduced its forecast range for RCO, expecting now 3.30 billion to 3,50 billion euros for the entire year. Previously, the company had expected 3.25 billion up to 3.55 billion euro. The company's shares, which have increased by 74% in the past year, are partly due to German efforts in upgrading its infrastructure. It said that it has made significant savings during the first nine-month period. A recently announced cost-cutting initiative will achieve the annual target of 500 million euros at the end of 2026. Holcim is a larger peer. reported A small increase in profit for the third quarter last month was boosted by a switch from less profitable products, which helped to offset currency headwinds.
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French and Benelux stocks: Factors to watch for on November 6
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. WORLDLINE: Worldline said it plans to raise 500 millions euros ($583million) as part a capital infusion, which will be used to help the French payments company recover from years' worth of setbacks, and restore investor trust. ELIS SA: A global leader in circular services in action Elis acquired 100% ownership of Lavanderia Hospitalar Acqua Flash Ltda (Acquaflash) in Brazil. The company is based in Brasilia and generated revenues of approximately 6 million euro in 2024. Integration into the Group's accounts will be effective as of November 1, 2020. NEURONES SA : French IT service company Neurones reports Q3 2025 revenue up 5.7% at 207.9 millions euros, with organic growth of 5.1 percent. The company targets annual revenues above 850 million euro and an operating profit of 8%. JENSEN-GROUP: The Belgian manufacturer of industrial laundry equipment Jensen-Group has reported earnings per share (EPS) of 1.58 euros for Q3 2025, with revenues of 134.9 millions euros and an operating profit of 55.3 million euros. It is on track to achieve the expected EBIT range of 66-71million euros in full-year. TP: French staffing firm TP reported a Q3 consolidated sales of 2,51 billion euros (up 1.5% on a like-for-like basis), and lowered its 2025 targets to a revenue growth of between 1.0% and 2.0%, recurring EBITA between 14.7% and 15 %, and net cash flow of around 900 millions euros. FIGEAC AERO : French aerospace subcontractor Figeac Aero announced H1 2025/26 revenues of 215.3 millions euros, with organic growth of 9.6%. This marks its 18th quarter of consecutive growth. It also maintained its guidance. As of September 2025, its backlog was 4.6 billion euro. SOFINA SA : The Belgian investment firm Sofina has completed the placement 600 million euro in senior unsecured bond with a fixed coupon annual of 3,707%. EQUASENS SA : French healthcare software provider Equasens has reported Q3 revenues of 172.2 million euro, with a like-forlike growth rate of 9.4%. The company also maintained its guidance of revenue growth of almost 10% on a reported base in the second half 2025. JACQUET METAL SA: European specialty-steels distributor Jacquet Metals has reported sales of 1,427 millions euros by September 30, 2025. The company had a gross profit margin of 23,5%, EBITDA (group share) was 71 million euro and a net profit of 9 million euro. Selectirente SA, a French investment firm in real estate, reported IFRS revenues of 22.61 million euros for the nine months ending September 30, 2018. French Politics The Ministry of Economy has announced that the government has suspended Shein’s activities in France pending proof of compliance by the Chinese online platform with French law. Bercy, in a press release, said that "on the orders of the Prime Minister", the government initiated the procedure for suspending Shein until the platform could demonstrate to public authorities that its entire content was finally compliant with our laws. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report..... (Jerome Terroy)
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Gold prices rise on weaker dollar and US government shutdown
Gold edged higher on Thursday, as the dollar fell from its four-month high. Investors remained uncertain about the U.S. economy amid the government shutdown. Gold spot was up 0.1% to $3,985.59 an ounce at 0600 GMT. Bullion is down about 9% from its record high of $4381.21 set on October 20. U.S. Gold Futures for December Delivery increased by 0.1% to $3,995.30 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the dollar had dipped a little bit. This made it easier for gold to gain traction in the upward direction. Dollar fell by 0.2%, after reaching a four-month peak in the previous session. This made gold cheaper for holders of other currencies. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was more than double the forecasted gain of 28,000, according to ADP. The strong labor market may temper hopes of a rate cut. The longest government shutdown in U.S. history is the result of a congressional impasse. Investors and the Federal Reserve are forced to rely on indicators from the private sector. Waterer said that traders hadn't forgotten the fact the the government shutdown was the longest ever. Jerome Powell, the Fed's chairperson, said that it could be the last time rates are reduced before 2025. The market participants see a 63% probability of a Fed interest rate cut in December. This is down from over 90% last week. Gold that does not yield a return tends to perform well in environments with low interest rates. The U.S. Supreme Court raised questions on Wednesday about the legality and impact of President Donald Trump’s sweeping tariffs. Silver spot rose 0.5%, to $48.29 an ounce. Platinum was up 0.1%, at $1,562.55, while palladium increased 0.5%, to $1,426.02. (Reporting and editing by Rashmi aich, Ronojoy Mazumdar, and Ishaan arora)
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MORNING BID EUROPE-Spotlight on knife-edge BoE decision
Rae Wee gives us a look at what the European and global markets will be like tomorrow. The Bank of England announced its interest rate decision Thursday. What had seemed to be a simple hold, is now being scrutinized. The markets are now pricing in a nearly one-in-3 chance that the rate will be cut to 3.75%. This is up from one-in-10 a month earlier. The UK's 3.8% inflation rate is the highest of the Group of Seven advanced economies. However, a steady reading, and a cooling labor market, have shown some signs of a easing of inflationary pressures. The likelihood of more belt-tightening as part of the nation's next budget could be a major factor in policymakers' decision to lower rates this Thursday. The British finance minister Rachel Reeves paved the path for tax increases to avoid a return of "austerity" by framing her budget for this year as a series of "hard decisions" to reduce Britain's debt and protect public spending. Reeves’ rare pre-budget address left some analysts confused over the timing. However, they expect the budget to be deflationary. ASIAN SHARES BOUNCE BACK AstraZeneca, Deutsche Post and other European companies will report their earnings later that day. Recent earnings forecasts show that the outlook for European corporate health is substantially better, as investors' worst concerns for quarterly earnings did not materialize. Asia shares recovered from their previous session's steep losses, as better than expected U.S. data attracted investors to indexes that were trading near record levels. Investors are not as concerned about inflated tech stock valuations after Wednesday's steep sell-off. Pony Ai's and WeRide's stocks fell in Hong Kong as the Chinese developers of autonomous driving began trading after raising $1.2 billion through share offerings. Later on Thursday, a number of Federal Reserve officials will also be speaking. This could provide some insight into the U.S. interest rate outlook. The resilience of the world's biggest economy has caused traders to reduce bets on a Fed rate cut in December. Markets now price in a 61% probability of a 25 basis-point cut down from 70% earlier in this week. On the tariffs front the U.S. Supreme Court Justices raised doubts about the legality President Donald Trump's sweeping duties, in a case that has implications for the global economic system and marks a significant test of Trumps' powers. The following are key developments that may influence the markets on Thursday. Bank of England Rate Decision - AstraZeneca, Deutsche Post, Henkel, Sainsbury earnings Fed's Barr Williams Hammack Waller Paulson Musalem Musalem
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Singapore Minister says momentum on climate action has waned as COP30 approaches
Grace Fu, Singapore's Environment Minister, said Thursday that momentum on global climate change is waning, as geopolitical concerns create uncertainty for businesses and governments. The COP30 Climate Summit will take place from November 10-21. She told reporters that, in addition to geopolitical tensions and higher food and energy prices, these "political obstacles" are making it difficult for countries take the necessary climate action. She said that "the fact that the U.S. pulled out of Paris Agreement is an extremely important factor"... but there are also many political considerations." The annual summit is expected to attract around 50,000 delegates from 190 countries to the Brazilian rainforest city of Belem. Fu stated that, despite the slowing of momentum in combating climate changes, it was up to each country to find partners who share similar views. Singapore has already begun to work on signing implementation agreements with a "dozen or so" countries, which will allow the country to obtain carbon credits in accordance with Article 6 of Paris Agreement. In October, it signed its 10th contract with Mongolia. This agreement established a legally-binding framework for the generation and transfer of carbon credits generated by carbon mitigation projects. Fu stated that "we hope more can be achieved to harmonise regulations...the disclosure standards (and) to also build breadth, depth and volume in the market." The decision to hold the summit in the rainforest city Belem this year created logistical problems for many countries, as hotel prices rose due to a lack of beds. Fu said that the Singapore delegation was reduced by half from last year. The Ministry of Sustainability and Environment is aware of the cost of sending delegates and of the need to reduce the burden on Belem’s public infrastructure. This includes the use of private rental cars for travel to and away from conference venues. Carbon Brief reports that Singapore sent 262 delegates last year to the COP29 held in Baku, Azerbaijan. (Reporting and editing by David Stanway; Reporting by Jun Yuan Yong)
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Oil prices rise as fears of a glut ease despite low demand
After closing at a two-week low on lower demand in the previous session, oil prices rose on Friday as concerns about oversupply eased. Brent crude futures rose 17 cents or 0.27% to $63.69 a bar at 0455 GMT. U.S. West Texas intermediate futures gained 18 cents or 0.3% to $59.78. The global oil price fell for a third consecutive month in October, as OPEC and its allies increased production while non-OPEC producers also continued to increase their output. Haitong Securities reported that after U.S.-British sanctions against Russia's largest oil companies two week ago, the market's aggressively bearish stance was moderated. However, the oil price momentum changed at the end October. Haitong Securities stated that OPEC+’s plan to halt further production increases during the first quarter next year has also helped ease concerns about an oversupply. Nevertheless, there is still concern about the weakening demand. J.P. Morgan said that the global oil demand had increased by 850,000 barrels a day through November 4. This is below the 900,000 barrels a day growth projected by J.P. Morgan earlier. The note stated that "high-frequency indicators indicate that U.S. petroleum consumption remains subdued", pointing out the weak travel activity as well as lower container shipments. Oil prices dropped in the previous session after the U.S. Energy Information Administration reported that U.S. crude stockpiles rose by 5.2m barrels to 421.2m barrels last weekend, as opposed to expectations of a 603,000 barrel increase. Capital Economics wrote in a report that they believe the downward pressure on oil will continue, which supports their forecast below consensus of $60 per barrel by end-25 and 50 per barrel at end-26. Saudi Arabia, which is the largest oil exporter in the world, slashed the price of its crude oil for Asian buyers sharply in December. This was a response to a market that had been oversupplied as OPEC+ producers increased production. (Reporting from Tokyo by Katya Glubkova and Beijing by Sam Li; editing by Tom Hogue).
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Gold prices rise on weaker dollar and US government shutdown
Gold edged higher on Thursday, as the dollar fell from its four-month high. Investors remained uncertain about the U.S. economy amid the government shutdown. Gold spot was up by 0.1% to $3,986.23 an ounce at 0427 GMT. Bullion is down about 9% from its record high of $4381.21 set on October 20. U.S. Gold Futures for December Delivery increased by 0.1% to $3,994.60 an ounce. Tim Waterer, KCM Trade's Chief Market Analyst, said that the dollar had dipped a little bit. This made it easier for gold to gain traction on the upside. Dollar fell by 0.2%, after reaching a four-month peak in the previous session. This made gold cheaper for holders of other currencies. The ADP report on Wednesday showed that private employers in the United States added 42,000 new jobs in October. This was more than double the forecasted gain of 28,000, according to ADP. The strong labor market may temper hopes of interest rate cuts. The longest government shutdown in U.S. history is the result of a congressional impasse. Investors and the Federal Reserve are forced to rely on indicators from the private sector. Waterer said that traders hadn't forgotten the fact that this government shutdown is the longest ever. Jerome Powell, the Fed's chairperson, said that it could be the last time rates are reduced before 2025. The market participants see a 63% probability of a Fed interest rate cut in December. This is down from over 90% last week. Gold that does not yield a return tends to perform well in environments with low interest rates. The U.S. Supreme Court raised questions on Wednesday about the legality and impact of President Donald Trump’s sweeping tariffs. Silver spot gained 0.3%, to $48.22 an ounce. Platinum fell 0.7%, to $1.550.91. Palladium increased 0.2%, to $1.422.23. (Reporting and editing by Rashmi aich; Ishaan arora)
As solar capacity grows, some of America's the majority of productive farmland is at threat
Dave Duttlinger's very first thought when he saw a thick band of yellowishbrown dust smearing the sky above his Indiana farm was: I cautioned them this would occur.
About 445 acres of his fields near Wheatfield, Indiana, are covered in photovoltaic panels and associated equipment-- land that in April 2019 Duttlinger leased to Dunns Bridge Solar LLC, for one of the biggest solar advancements in the Midwest.
On that blustery spring afternoon in 2022, Duttlinger stated, his phone sounded with concerns from disappointed next-door neighbors: Why is dust from your farm inside my truck? Inside my home? Who must I contact us to clean it up?
According to Duttlinger's solar lease, examined , Dunns Bridge stated it would utilize commercially reasonable efforts to lessen any damage to and disturbance of growing crops and crop land caused by its building activities outside the project website and not get rid of topsoil from the property itself. Still, sub-contractors graded Duttlinger's fields to help the structure of roads and installation of posts and panels, he said, despite his warnings that it might make the land more susceptible to disintegration.
Crews reshaped the landscape, spreading great sand across large stretches of rich topsoil, Duttlinger said. When visited his farm last year and this spring, much of the land beneath the panels was covered in yellow-brown sand, where no plants grew.
I'll never ever be able to grow anything on that field again, the farmer stated. About one-third of his roughly 1,200-acre farm-- where his family grows corn, soybeans and alfalfa for livestock-- has been rented.
The Dunns Bridge Solar project is a subsidiary of NextEra Energy Resources LLC, the world's biggest generator of eco-friendly energy from wind and solar. Duttlinger stated when he approached NextEra about the damage to his land, the company stated it would evaluate any restorative work needed at the end of its agreement in 2073, based on the terms of the arrangement.
NextEra declined to talk about the matter or on what future dedications it made to Duttlinger, and could not independently validate them. Job designer Orion Renewable Energy Group LLC directed concerns to NextEra.
The solar market is pushing into the U.S. Midwest, drawn by less expensive land rents, access to electric transmission, and a. wealth of federal and state rewards. The region likewise has what. solar needs: wide-open fields.
A renewable resource boom runs the risk of damaging some of America's. richest soils in essential farming states like Indiana, according to a. analysis of federal, state and local information; numerous. pages of court records; and interviews with more than 100 energy. and soil researchers, agricultural economic experts, farmers and. farmland owners, and regional, state and federal lawmakers.
Some of Duttlinger's farm, consisting of parts now covered in. solar panels, is on land categorized by the U.S. Department of. Farming (USDA) as the most productive for growing crops,. according to a analysis.
For landowners like Duttlinger, the guarantee of profits is. appealing. Solar leases in Indiana and surrounding states can. provide $900 to $1,500 an acre per year in land rents, with yearly. rate increases, according to a evaluation of solar leases. and interviews with four solar project designers. In. contrast, farmland lease in top corn and soybean manufacturers. Indiana, Illinois and Iowa balanced about $251 per acre in 2023,. USDA information shows.
Farmland Partners Inc, an openly traded farmland real. estate financial investment trust (REIT) has actually leased about 9,000 acres. nationwide to solar companies. Much of that ground is highly. productive, said Executive Chairman Paul Pittman.
Do I believe it's the very best usage of that land? Probably not. However our investors would kill us if we didn't pursue this, he. stated.
Some renewable energy designers said not all leases become. solar projects. Some are designing their sites to make it. possible to grow crops between panels, while others, like Doral. Renewables LLC, said they utilize animals to graze around the. panels as part of their land management. Designers likewise argue. that in the Midwest, where more than one-third of the U.S. corn. crop is used for ethanol production, solar power is key for. powering future electric automobiles.
Some farming economists and agronomists counter that. taking even percentages of the very best cropland out of production. for solar advancement and destructive important topsoil effects. future crop potential in the United States.
Typical solar farm construction practices, consisting of cleaning. and grading large sections of land, likewise can lead to considerable. disintegration and major overflow of sediment into waterways without. proper remediation, according to the U.S. Environmental. Defense Company and the Justice Department.
Solar development comes in the middle of increasing competitors for. land: In 2023, there were 76.2 million - or nearly 8% - fewer. acres in farms than in 1997, USDA information shows, as farmland is. converted for domestic, commercial and industrial use.
In reaction to ' findings, USDA said that city. sprawl and development are presently bigger contributors to. farmland loss than solar, citing reports from the Department of. Energy and agency-funded research.
BUILDING ON PRIME CROPLAND
No one knows just how much cropland nationwide is presently under. solar panels or leased for possible future development. Land. offers are normally personal transactions. Scientists at the. United States Geological Study and the U.S. Department of. Energy's Lawrence Berkeley National Lab have actually been. putting together a database of existing solar centers throughout the. country. While that task is incomplete and continuous, . discovered that around 0.02% of all cropland in the continental U.S. intersected in some method with large-scale, ground-based solar. panel sites they had actually recognized since 2021.
The overall power capability of the solar operations tracked in. the information set represents over 60 gigawatts of electrical power. capability. In the following 2 years, solar capacity has nearly. tripled, according to a Dec. 2023 report from the Solar power. Industries Association (SEIA) and Wood Mackenzie.
To much better understand future land-use patterns, . evaluated federal government data to recognize cropland that USDA. classified as prime, special, or of regional or statewide. significance. likewise reviewed more than 2,000 pages of. solar-related files filed at regional county recorders' offices. in a small sample of four Midwestern counties-- Pulaski, Starke. and Jasper counties in Indiana, and Columbia County in. Wisconsin.
The counties, representing a location of land somewhat larger. than the state of Delaware, are where a few of the nation's. largest jobs are being developed or built. The sample is not. necessarily representative of the broader United States but. provides a concept of the prospective impact of solar projects in. farm-heavy counties.
discovered the percentage of these counties' many. efficient cropland secured by solar and energy business as of. end of 2022 was as follows: 12% in Pulaski, 9% in Starke, 4% in. Jasper and 5% in Columbia.
Jerry Hatfield, previous director of USDA Agricultural. Research Service's National Lab for Farming and the. Environment, said ' findings in the four counties are. worrying.
It's not the number of acres converting to solar, he said. It's the quality of the land coming out of production, and what. that suggests for regional economies, state economies and the. nation's future abilities for crop production.
More than a dozen agronomists, in addition to renewable energy. researchers and other specialists sought advice from , stated the. technique to determining solar's impact was fair. The news company. also shared its findings with six solar developers and energy. firms operating in these counties. Three said ' sample size. was too small, and the variety of findings too broad, to be a fair. representation of industry siting and building and construction practices.
By 2050, to satisfy the Biden Administration's decarbonization. targets, the U.S. will need approximately 1,570 gigawatts of electrical. energy capability from solar.
While the land needed for ground-based solar advancement to. achieve this goal will not be even by state, it is not expected to. go beyond 5% of any state's acreage, other than the smallest state of. Rhode Island, where it could reach 6.5%, by 2050, according to. the Energy Department's Solar Futures Study, released in 2021.
Scientists at American Farmland Trust, a non-profit. farmland defense company which champs what it calls. Smart Solar, anticipated in 2015 that 83% of brand-new solar power. development in the U.S. will be on farm and ranchland, unless. existing federal government policies changed. Nearly half would be on the. country's finest land for producing food, fiber, and other crops,. they alerted.
FUEL ARGUMENT
Five renewable designers and solar energy companies interviewed. counter that the market's use of farmland is too. small to impact domestic food production in general and should be. stabilized with the requirement to decarbonize the U.S. energy market in. the face of climate change.
Doral Renewables, the designer behind the $1.5 billion. Mammoth Solar job in Pulaski and Starke counties, does not. think about corn or soybean yields in its siting decisions.
Instead, the company looks at the land's topography, zoning. and closeness to an electrical grid or substation-- and tries to. prevent wooded locations, ditches and environmentally sensitive locations,. said Nick Cohen, Doral's president and CEO.
Moving corn acres for solar? I do not see it as changing. something that is vital to our society, Cohen stated. Solar can. make farmland more efficient from an economic perspective, he. added.
Indiana farmer Standard Welker says he got a much better deal leasing. 60% of his farmland to Mammoth than he would have growing corn,. with rates dipping to three-year lows this year.
We have actually got mounds of corn, we're listed below the expense of. production, and today, if you're leasing land to grow corn--. you're losing cash, Welker said. This way, my financial. circumstances are very good..
(source: Reuters)