2025-08-13 22:47
SANTIAGO, Aug 13 (Reuters) - Chilean miner Codelco's smelter at its El Teniente mine is set to restart on Thursday, the firm said, after being paused for nearly two weeks due to a deadly collapse at the site. The collapse at El Teniente in late July, which killed six workers, is still being investigated. Sign up here. The shutdown led to a loss of 20,000 to 30,000 metric tons of copper, worth about $300 million, Chairman Maximo Pacheco said on Wednesday. https://www.reuters.com/business/energy/chilean-miner-codelcos-el-teniente-smelter-restart-after-collapse-2025-08-13/
2025-08-13 22:37
Indexes up: Dow 1.04%, S&P 500 0.32%, Nasdaq 0.14% Traders fully price in 25 bps Fed rate cut in September Fed cut seen near certain after inflation data, Bessent comments CoreWeave falls after larger-than-expected Q2 net loss NEW YORK, Aug 13 (Reuters) - The benchmark S&P 500 and Nasdaq indexes hit new closing highs for the second straight day on Wednesday on hopes that the Federal Reserve was getting close to a monetary easing cycle. But the market reflected weakness in some technology stocks after the previous day's strong gains. Sign up here. Signs that U.S. tariffs on imports have not fully filtered into headline consumer prices came as a relief for investors this week as they seek insight on the impact of trade uncertainty on the economy. Some large technology stocks including Nvidia (NVDA.O) , opens new tab, Alphabet (GOOGL.O) , opens new tab and Microsoft (MSFT.O) , opens new tab - among the so-called Magnificent Seven stocks - closed lower as investors searched for new growth drivers. "Valuations are elevated. I do think, though, at the end of the day, the key will be the delivery of earnings, and that's what we're seeing," said Katherine Bordlemay, co-head of client portfolio management, fundamental equities at Goldman Sachs Asset Management. She said the dispersion of stock-level returns in the U.S. is at one of the higher levels of the last 30 years. Apple (AAPL.O) , opens new tab rose 1.6% after Bloomberg News reported the company is plotting expansion into AI-powered robots, home security and smart displays. The Dow Jones Industrial Average (.DJI) , opens new tab rose 463.66 points, or 1.04%, to 44,922.27, the S&P 500 (.SPX) , opens new tab gained 20.82 points, or 0.32%, to 6,466.58 and the Nasdaq Composite (.IXIC) , opens new tab gained 31.24 points, or 0.14%, to 21,713.14. The Russell 2000 index (.RUT) , opens new tab, which tracks rate-sensitive small-cap companies, rose almost 2% to hit a six-month high. Traders are now fully pricing in a 25 basis-point interest rate cut, according to the CME's FedWatch Tool. The central bank last lowered borrowing costs in December. Treasury Secretary Scott Bessent said on Wednesday he thought an aggressive half-point cut was possible, given recent weak employment numbers. Investors were also taking notice of other sectors following the recent tech-led rally in U.S. stocks that has pushed valuations of the S&P 500 above long-term averages. Healthcare stocks (.SPXHC) , opens new tab, which have been beaten down for much of the year, rose 1.6% to rank among the leading sectors in the 11 S&P 500 sectors. Chicago Federal Reserve President Austan Goolsbee said on Wednesday the U.S. central bank is grappling with understanding whether tariffs will push up inflation just temporarily or more persistently, which would inform its decision on when to cut interest rates. CoreWeave (CRWV.O) , opens new tab, which is backed by Nvidia (NVDA.O) , opens new tab, fell almost 21% after the AI data center operator reported a bigger-than-expected quarterly net loss. Paramount Skydance (PSKY.O) , opens new tab jumped 36.7% as the company won exclusive broadcasting rights to the Ultimate Fighting Championship for seven years. Advancing issues outnumbered decliners by a 4.05-to-1 ratio on the NYSE. There were 630 new highs and 56 new lows on the NYSE. On the Nasdaq, advancing issues outnumbered decliners by a 2.53-to-1 ratio. The S&P 500 posted 40 new 52-week highs and 2 new lows while the Nasdaq Composite recorded 149 new highs and 69 new lows. Volume on U.S. exchanges was relatively light, with 16.9 billion shares traded, compared with an average of 18.3 billion shares over the previous 20 sessions. https://www.reuters.com/world/us/sp-500-nasdaq-hit-new-closing-highs-rate-cut-hopes-2025-08-13/
2025-08-13 22:32
Raids at farms ensnare migrants who lived in the U.S. for decades One detained migrant said an agent in military garb hit him on the head, threatened him with gun DHS said 185,000 people have been deported from the U.S. this year Aug 12 (Reuters) - Yahir remembers growing up in Mexico without a bed or a stove. He didn’t own a pair of shoes until he was 10, and in the mid-1990s — when he was 13 — he crossed with a group illegally into the U.S. in search of work. He settled in California and worked on farms across the state. He met his wife and had six children, the eldest of whom is now 15. Sign up here. Then, on July 10, Yahir, 43, was apprehended while working at a marijuana farm in southern California, in one of the largest immigration raids since U.S. President Donald Trump took office. “It was like a nightmare, but I was awake,” said Yahir, his skin dotted by sun stains from working in the fields, just hours after being deported to Tijuana. Yahir asked to withhold his last name to protect his family in the U.S.. As Trump ramps up his deportation efforts targeting immigrants in the country illegally, Mexicans - with the largest population of immigrants in the U.S. without status - are living in fear. They are being arrested at restaurants, farms, Home Depot outlets and 7-Eleven convenience stores. A remarkable 42% of Hispanic adults are worried they or someone close to them might be deported, according to a Pew Research Center survey from earlier this year. Last week, the Trump administration asked the Supreme Court to halt a court order restricting immigration stops on the basis of what language they speak or where they work. Yahir said he knew of other immigrants being deported. “But I never thought it would happen to me,” he said, adding that he didn’t have a criminal record. Reuters couldn’t independently confirm his account. More than 360 alleged immigration offenders were apprehended during the July 10 marijuana farm raids in southern California. One immigrant worker died after he fell 30 feet from a greenhouse roof. The president of the United Farm Workers union criticized the raids, saying they "terrorize American communities, disrupt the American food supply chain, threaten lives and separate families." 'MY LIFE IS NO LONGER HERE' Manuel, 32, another worker at the Camarillo farm, said he hid among marijuana plants in a greenhouse for five hours until agents cut the locks on the door. An agent in military garb then hit him on the head and put a gun to his chest, he said. Manuel declined to share his last name because he hopes to one day return to the U.S. legally. He overstayed his tourist visa in 2023. The Department of Homeland Security said it could not comment on Manuel's allegations without further evidence. After his arrest, Manuel bounced between detention centers and eventually ended up in one in Adelanto, about 60 miles east of Los Angeles, where he said he slept on the floor of a freezing cell that reeked of urine. “The torture was more mental but it was horrible,” he said. Democratic lawmakers who visited the nearly 2,000-bed center in June criticized its conditions, saying some detainees were unable to get fresh clothes or towels for more than a week. In a statement, the Department of Homeland Security said, "The allegations about the Adelanto detention center are FALSE. All detainees are provided with proper meals, medical treatment, and have opportunities to communicate with their family members and lawyers." The DHS added 185,000 people have been deported from the U.S. during the second Trump administration. Manuel and Yahir were both deported to Tijuana. Manuel has returned to his hometown in the state of Oaxaca but Yahir remains in Tijuana, unsure of what to do next. He has never been away from his children for so long, he said. “I am from Mexico but my life is no longer here.” https://www.reuters.com/world/us/migrants-apprehended-marijuana-farm-raids-recount-living-nightmare-2025-08-13/
2025-08-13 22:10
Wildfires have destroyed 440,000 ha so far this year, double the average Experts, environmental groups call on authorities to invest more in prevention Several people investigated for arson in Spain PATRAS, Greece,/MADRID, Aug 13 (Reuters) - Wildfires caused by arsonists or thunderstorms and fanned by a heatwave and strong winds wreaked destruction across southern Europe on Wednesday, burning homes and forcing thousands of residents and tourists to flee. Fire has affected nearly 440,000 hectares (1,700 square miles) in the eurozone so far in 2025, double the average for the same period of the year since 2006, according to the EU Science Hub's Joint Research Centre. Sign up here. Flames and dark smoke billowed over a cement factory that was set alight by a wildfire that swept through olive groves and forests and disrupted rail traffic on the outskirts of the Greek city of Patras, west of Athens. "What does it look like? It looks like doomsday. May God help us and help the people here,” said Giorgos Karvanis, a volunteer who had come from Athens to Patras to help. Authorities ordered residents of a town of about 7,700 people near Patras to evacuate on Tuesday and issued new alerts on Wednesday, advising residents of two nearby villages to leave. On the Greek islands of Chios, in the east, and Cephalonia, in the west, both popular with tourists, authorities told people to move to safety as fires spread. In Spain, a volunteer firefighter died from severe burns and several people were hospitalised as state weather agency AEMET warned that almost all of the country was at extreme or very high risk of fire. The 35-year-old man had been attempting to create firebreaks near the town of Nogarejas, in the central Castile and Leon region, when he was trapped in the blaze, regional officials said. He was the sixth person to die this year in wildfires in Spain. Others include two firefighters in Tarragona and Avila, according to emergency services. Working in unprepared landscapes puts firefighters' lives at risk, said Alexander Held, a senior expert in fire management at the European Forest Institute, adding authorities should prepare by creating buffer zones and clearing combustible vegetation. "Take an industrial building and imagine there would be no fire detectors, no sprinkler systems, no fire protection doors and no escape routes – firefighters would just refuse to go in, but in our landscape we expect them to do this," Held said. Investing 1 billion euros ($1.2 billion) a year in forest management could save 9.9 million hectares - an area the size of Portugal - and 99 billion euros spent on fighting fires and restoration work afterwards, according to Greenpeace. SUSPECTED ARSON Spanish Environment Minister Sara Aagesen told the SER radio station that many fires across the country were thought to be the work of arsonists due to their "virulence". A male firefighter was arrested on Tuesday for fires started in the Avila area north of Madrid two weeks ago, while police said on Tuesday they were investigating a 63-year-old woman for allegedly starting fires in Galicia's Muxia area in August. Police have also identified a suspect who is believed to have suffered burns to his hands after starting a small fire in a beachfront development in the southern coastal Cadiz area, Europa Press reported. Thunderstorms have caused other fires. On Tuesday, shortly after 5 p.m., Andalusia's fire department was flooded with calls by residents reporting a fire caused by a lightning strike on a chestnut and oak forest in Los Romeros, north of the city of Huelva. The fire prompted the evacuation of around 250 residents but was largely controlled by Wednesday morning. A blaze in Trancoso in Portugal that has been burning since Saturday got worse during the night as a lightning reignited an area that was thought safe, the civil protection service said. In Albania, Defence Minister Pirro Vengu said it was a "critical week", with several major wildfires burning across the country. Some 10,000 firefighters, soldiers and police emergency units struggled with a total of 24 wildfires on Wednesday, the defence ministry said. Flames reached two villages in the centre of the country, forcing villagers to flee, taking their livestock with them. "We are going in the middle of two rivers because the fire has arrived," said Hajri Dragoti, 68, from Narte, who fled with his wife taking a cow, a donkey and a dog. "We can't do anything, it is like gunpowder." Spain was in its 10th day of a heatwave that peaked on Tuesday with temperatures as high as 45 degrees Celsius (113 degrees Fahrenheit), and which AEMET expected to last until Monday, making it one of the longest on record. Pope Leo moved his weekly audience from St. Peter's Square to an indoor venue in the Vatican, "to stay a little bit out of the sun and the extreme heat" as Italy's health ministry issued extreme heat warnings for 16 cities on Wednesday, with temperatures forecast to peak at 39C (102F) in Florence. ($1 = 0.8538 euros) https://www.reuters.com/sustainability/climate-energy/wildfires-fanned-by-heatwave-strong-winds-rage-across-europe-2025-08-13/
2025-08-13 21:49
NEW YORK, Aug 13 (Reuters) - Enterprise Products Partners (EPD.N) , opens new tab said on Wednesday it was responding to a crude oil leak from the company's oil terminal in southeast Houston. Crude oil flows on the Seaway pipeline, which runs from Cushing, Oklahoma, to the Freeport, Texas, area and connects to the Enterprise Crude Houston (ECHO) terminal, fell early on Wednesday, four sources said. A portion of the pipeline went down on Tuesday night, three sources said. Sign up here. The cause of the release is under investigation, Enterprise said, adding there was no offsite impact, fire, or injuries from the oil leak. Enterprise activated its emergency response plan and has begun cleanup, the company said in a statement, adding it was coordinating with regulatory authorities to address the leak and resume normal operations. The price of West Texas Intermediate crude at East Houston, called MEH, climbed by as much as 35 cents to about a $1.30 premium to WTI at Cushing in early Wednesday trading, a trade source said. The ECHO terminal is a physical delivery point for Midland crude oil in Houston. It traded around 90 cents at market close on Wednesday. The ECHO terminal also provides crude oil storage to customers with access to major refineries along the Texas Gulf Coast and has connections to marine terminals that in turn supply other domestic and international refineries. The Seaway pipeline is a 50-50 joint venture between Enterprise, which operates the line, and Canada's Enbridge (ENB.TO) , opens new tab. Enbridge directed questions about Seaway's operations to Enterprise. Operations on the pipeline are expected to be restored later on Wednesday, two sources said. https://www.reuters.com/business/energy/enterprise-products-responding-crude-oil-leak-houston-terminal-2025-08-13/
2025-08-13 21:06
Rate cut bets rise after mild July inflation US dollar target="_blank">(.DXY) at an over two-week low Trump meets Putin on Friday to discuss war in Ukraine US and China extend tariff truce by 90 days Aug 13 (Reuters) - Gold rose on Wednesday, lifted by a weaker dollar and falling Treasury yields, as mild U.S. inflation data cemented expectations for a Federal Reserve rate cut in September and nudged up bets on additional easing later this year. Spot gold gained 0.3% to $3,355.58 per ounce by 4:58 p.m. ET (2058 GMT). U.S. gold futures for December delivery settled 0.3% higher at $3,408.3. Sign up here. The dollar index (.DXY) , opens new tab hit a more than two-week low, making bullion cheaper for overseas buyers, while the yield on the benchmark 10-year Treasury note edged lower. "Gold is buoyant on heightened expectations of a September Fed rate cut, following benign CPI data and July's weak non-farm payrolls," said Nikos Tzabouras, senior market analyst at Tradu.com. Markets are pricing in a 97% chance of a September Fed cut after mild July inflation data signalled limited pass-through from U.S. President Donald Trump's sweeping import tariffs, following weak jobs data earlier this month, reinforcing bets on at least one more cut. Investors now await further U.S. indicators this week, including the producer price index, weekly jobless claims, and retail sales. On the geopolitical front, European and Ukrainian leaders were set to speak with Trump ahead of his meeting with Russian President Vladimir Putin, while Washington and Beijing extended their tariff truce by 90 days. "If gold were to take out recent resistance around $3,400, it would likely be driven more by geopolitical developments than by economic data," Fawad Razaqzada, market analyst at City Index and FOREX.com said. "While I maintain a bullish long-term outlook on gold, my view for the rest of this year is more cautious. Prices may continue to consolidate or see a mini correction in the coming months as equity markets rally aggressively." Gold, a traditional refuge in times of economic or geopolitical strain, tends to benefit from low interest rates. Spot silver rose 1.6% to $38.50 per ounce, platinum gained 0.3% at $1,339.75 and palladium added 0.5% to $1,135.23. https://www.reuters.com/world/china/gold-gains-weak-dollar-investors-ramp-up-fed-rate-cut-bets-2025-08-13/
