2026-02-10 18:27

Feb 10 (Reuters) - A group of 10 miners kidnapped in northern Mexico last month may have been mistaken for members of a rival criminal group, Mexico's security minister said on Tuesday, after authorities questioned initial suspects in the case. Authorities in the violence-plagued state of Sinaloa reported on Monday that they had recovered 10 bodies in the search for workers kidnapped from a mine run by Canada's Vizsla Silver Corp (VZLA.TO) , opens new tab, though the Mexican attorney general's office said it has only identified five of the bodies. Sign up here. "The detainees’ initial statements indicate that the victims were mistaken for members of a rival group," Security Minister Omar Harfuch said at President Claudia Sheinbaum's daily press conference on Tuesday, adding that four suspects have been detained so far. Harfuch said the suspects belonged to the Chapitos, a faction of the Sinaloa cartel led by the sons of former drug lord Joaquin "El Chapo" Guzman, noting the faction is in conflict with a group known as the Mayos, suggesting the miners were confused with that group. The group was kidnapped at the end of January from a silver mine in an area security authorities say is under the control of the Chapitos. Mexico's government sent more than 1,000 troops, including elite marines, to the area to try to locate the missing miners. More arrests are expected, Harfuch added. Harfuch said there had been no prior reports or complaints of extortion or criminal harassment involving Vizsla Silver Corp, although similar cases have occurred elsewhere in the country, leading to investigations and arrests involving companies. https://www.reuters.com/world/americas/mexican-miners-alleged-kidnappers-thought-they-were-rival-group-government-says-2026-02-10/

2026-02-10 18:07

MEXICO CITY, Feb 10 (Reuters) - Mexican billionaire Carlos Slim's Grupo Carso confirmed on Tuesday that it had signed a contract with state energy company Pemex to develop the onshore Macavil field in southern Mexico, focusing on condensate and natural gas. Reuters reported last week that Pemex, which needs large amounts of investment to boost production, had awarded the contract for Macavil to a company owned by Slim. Sign up here. In recent years, Slim has strengthened his presence in the local energy sector and his relationship with Pemex, adding to a business empire that also encompasses sectors as diverse as telecommunications, infrastructure and consumer goods. "A joint venture contract was recently signed for the development of the onshore Macavil field, which has proven (3P) reserves of 33.7 million barrels of condensate and 409.1 billion cubic feet of natural gas," Grupo Carso said in its quarterly results report. Grupo Carso expects first results from Macavil in 2027, though some studies still needed to be completed, an executive told analysts during an earnings call. The contract for Macavil, signed by Grupo Carso's Zamajal subsidiary, guarantees Pemex at least a 40% stake in the field, which was discovered in 2024. https://www.reuters.com/business/energy/mexican-billionaire-slims-grupo-carso-confirms-pemex-contract-macavil-gas-field-2026-02-10/

2026-02-10 17:42

WASHINGTON, Feb 10 (Reuters) - U.S. Commerce Secretary Howard Lutnick said on Tuesday that he views the weaker dollar as being at a "more natural" level to promote U.S. exports and expand economic growth. Lutnick, asked about recent dollar weakness at a U.S. Senate Appropriations subcommittee, said that for many years the dollar was manipulated higher by other countries to export more to the U.S., but President Donald Trump was changing trade dynamics. Sign up here. "So the idea is, the dollar, where it is now, is just more natural. We are exporting more, and that's why our GDP has grown so much, right?" Lutnick said. He added that he thinks fourth quarter 2025 GDP will exceed 5% and could top 6% in the first quarter of 2026. U.S. Treasury Secretary Scott Bessent, the administration's traditional spokesperson on the dollar's value, has repeatedly insisted that the U.S. has a "strong dollar policy," and that the economic steps it is taking to make the U.S. attractive to foreign investment supports that. The dollar hit a four-year low in late January after Trump said the greenback's weakness was "great." The dollar's weakness has stemmed from multiple factors: expectations of continued Federal Reserve rate cuts, tariff uncertainty, policy volatility including threats to Fed independence, and rising fiscal deficits, all of which have eroded investor confidence in U.S. economic stability. On Tuesday, the dollar traded mostly lower against major currencies after data indicating slower than expected growth in consumer spending in December, and as the yen strengthened again following Prime Minister Sanae Takaichi’s election victory. U.S. Commerce Department data on Tuesday showed U.S. retail sales were unexpectedly unchanged in December, putting pressure on consumer spending - which constitutes two-thirds of the economy. Data-producing agencies are still catching up on releases after delays caused by last year's government shutdown. https://www.reuters.com/world/us-commerce-chief-says-dollar-more-natural-level-trade-2026-02-10/

2026-02-10 17:41

JP Morgan sees potential for rebound in high-quality software stocks Morgan Stanley highlights sentiment-driven valuation dislocation Retail investors buy software stocks despite AI concerns NEW YORK, Feb 10 (Reuters) - The severity of the pullback in software stocks in recent days, driven by fears of advances in artificial intelligence disrupting the industry, has created opportunities for investors to position for a rebound in higher-quality stocks, strategists at JP Morgan said. "The market is pricing in worst-case AI disruption scenarios that are unlikely to materialize over the next three to six months," JPMorgan strategists, led by Dubravko Lakos-Bujas, said in a note on Tuesday. Sign up here. "Given the positioning flush, overly bearish outlook on AI disruption of software and solid fundamentals, we believe the balance of risks is increasingly skewed towards a rebound, especially in higher quality software segments," the strategists wrote. Global markets were rattled last week after AI developer Anthropic's launch of plug-ins for its Claude Cowork agent reignited fears that rapidly progressing AI systems could encroach on the core businesses of traditional software companies, leading to the S&P 500 software and services index (.SPLRCIS) , opens new tab falling as much as 17% in six sessions through Thursday. The index has rebounded about 7% since Thursday. While not ruling out further weakness in software stocks, the strategists recommended "investors add exposure to a basket of higher quality and AI-resilient software companies." The basket includes Microsoft (MSFT.O) , opens new tab, Palo Alto Networks (PANW.O) , opens new tab, ServiceNow (NOW.N) , opens new tab, CrowdStrike Holdings (CRWD.O) , opens new tab and Datadog (DDOG.O) , opens new tab, some of the worst-hit stocks in the recent selloff. Separately, strategists at Morgan Stanley also said they see attractive opportunities in the space, citing several drivers including strong revenue expectations, improved earnings revisions and the benefit mega-cap tech companies can reap from a weaker dollar. "We believe the dislocation in U.S. Software valuations is sentiment-driven, not fundamental," Katy Huberty, Morgan Stanley global director of research, said in a note. Meanwhile, retail investors snapped up software and tech stocks following last week's heavy selloff, largely brushing aside the worries. https://www.reuters.com/business/ai-disruption-fears-create-buying-chance-us-software-stocks-strategists-say-2026-02-10/

2026-02-10 17:41

Feb 10 (Reuters) - The European Union must act to cut electricity prices to safeguard the competitiveness of its industry, the prime ministers of Austria, the Czech Republic and Slovakia said on Tuesday ahead of a summit on strengthening the bloc's economy. EU leaders will meet for an informal summit at a Belgian castle on Thursday to discuss ways to compete with global rivals such as China and the U.S. Sign up here. The Czech Republic and Slovakia have pushed for policies to lower energy prices to support their industry-heavy economies, and have been particularly critical of the cost of allowances that companies receive, or must buy, to cover their carbon output under the EU's Emissions Trading Scheme (ETS). "If there is nothing else but one informal conclusion on Thursday, that we will lower electricity prices, I will consider this summit a great success," Slovak Prime Minister Robert Fico told a news conference after talks with his Austrian and Czech counterparts in Bratislava. Austrian Chancellor Christian Stocker said natural gas prices were the key driver of power costs and should be addressed. Czech Prime Minister Andrej Babis has been lobbying other governments to support capping the price of carbon allowances under the current ETS1 scheme and delaying the ETS2 scheme, which will extend costs to household heating and motor fuels. An internal document seen by Reuters on Tuesday showed the EU is considering a different overhaul of the system of free CO2 permits for industries to align it with the bloc's 2040 emissions-reduction target. The European Commission presentation shows Brussels is weighing three options to revamp the current ETS system of giving industries some free CO2 permits. That system reduces their overall pollution costs and helps them compete with foreign firms that do not pay for their emissions. German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni will press at the summit for a coordinated EU strategy to support businesses, attract investment and strengthen the single market. https://www.reuters.com/sustainability/boards-policy-regulation/eu-must-cut-power-prices-be-competitive-central-european-leaders-say-2026-02-10/

2026-02-10 17:08

WASHINGTON, Feb 10 (Reuters) - AI chip company Nvidia "must live with" the licensing terms on sales of its second most advanced AI chip to China, Commerce Department Secretary Howard Lutnick said at a hearing on Tuesday. "The license terms are very detailed. They've been worked out together with the State Department, and those terms Nvidia must live with," he said. When asked if he trusted the Chinese to abide by restrictions on the use of the chips, known as the H200, Lutnick deferred to President Donald Trump. Sign up here. Reuters reported last week that Nvidia has not agreed to proposed conditions for use of its chips in China, including the Know-Your-Customer requirement - which ensures China's military does not access the chips. Permission for Nvidia to sell its prized AI chips to China came after U.S. and Chinese Presidents Trump and Xi Jinping brokered a trade truce in South Korea in October. It included a U.S. pledge to postpone by a year a rule barring shipments of American technology to thousands of Chinese firms. When asked about the decision on Tuesday, Lutnick again deferred to Trump, noting that the "complex relationship" between the U.S. and China is in the hands of Trump and the secretary of state. "They help us and instruct us and we follow their lead." "We all are familiar with the weaponization of critical minerals and rare earths and magnets, and so the resolution of those topics is really with the president," he added. https://www.reuters.com/business/media-telecom/nvidia-must-live-with-guardrails-around-its-ai-chip-sales-china-lutnick-says-2026-02-10/