2025-11-18 06:15

LITTLETON, Colorado, Nov 18 (Reuters) - China's exports of batteries and battery energy storage systems (BESS) have hit a record in 2025, soaring by 24% from the year before over the first nine months of the year. Batteries have been China's most lucrative clean energy technology export since mid-2022, and so far this year have generated roughly $60 billion in export receipts for the country, data from energy think tank Ember shows. Sign up here. That compares to battery earnings of just under $48 billion over the same period in 2024, and exceeds China's year-to-date export earnings from electric vehicles, grid components, renewable energy infrastructure and cooling equipment. China is the global leader in battery technology manufacturing and exports, and is benefiting from a worldwide boom in demand for batteries used in EVs and power networks. Below is a breakdown of the top markets for China's battery exports, which look set to undergo further steep growth into most major markets heading into 2026. WIDE SPAN Twenty-three different nations have bought $500 million or more of China-made batteries so far in 2025, which underscores both the unrivalled reach of China's manufacturers and how lucrative the battery export segment has become. Germany is the top overall market for China's batteries so far in 2025, with $10.5 billion in sales recorded just through September. Large battery customers include Germany's top car makers such as Volkswagen and BMW (BMWG.DE) , opens new tab as well as grid operators and utilities that are building out the country's BESS network. The United States is the next largest market for China's batteries ($9.3 billion so far this year), followed by Vietnam ($3.6 billion). Germany has also posted the largest annual rise in purchases of China's batteries this year, with receipts up by $2.5 billion compared to the same months in 2024. The Netherlands, Australia and India also posted steep year-over-year rises in imports, with each country spending over $1 billion more so far in 2025 compared to last year. RAPID GROWTH Regionally, Europe is the top destination for China's battery exports, and has accounted for 42% of all China battery exports so far in 2025. Asia is the next largest market, with a 26% share so far in 2025, followed by North America (with a 17% share). However, the Middle East and Latin America have been the fastest growing regions so far in 2025, posting 107% and 99% increases, respectively, compared to the year before. Battery exports to Saudi Arabia - by far the Middle East's largest battery buyer - are up nearly fourfold compared to 2024, while Latin America's top buyer Chile has posted a 320% rise in imports compared to 2024. Oceania - driven mainly by Australia - and Africa - driven mainly by Nigeria, South Africa, the Democratic Republic of Congo and Egypt - have also posted steep expansions so far in 2025. CRITICAL MASS Outside of the top markets noted above, China's battery exporters have enjoyed rapid growth into a swath of other countries that look set to remain robust targets for battery sellers. Countries such as Spain, United Arab Emirates, Pakistan, Mexico and The Philippines all have ambitious goals for both solar power generation and electric vehicle sales, which are heavily dependent on batteries. And as each of those countries have already spent over $200 million on Chinese battery imports in 2025, it is clear that China has established extensive distribution and service networks there to ensure further sales potential. Greece, Egypt, Italy, Indonesia and Cambodia are other notable fast-growing markets that have each seen sales surpass $100 million already this year and look primed to remain promising destinations for EV and energy battery system growth. One of the few countries to register a drop in China battery imports this year is the United States, which is embroiled in a trade war with China, has cut federal support for EVs, and has ambitions to develop its own battery industry. All told, however, 114 different countries or territories have purchased $10 million or more of Chinese batteries so far in 2025, which has endowed China with a valuable sales and distribution outlet for its world-leading battery sector. That means that even if pockets of rival battery production emerge in the coming years, China will likely remain the primary vendor for EV and BESS batteries for years to come. The opinions expressed here are those of the author, a columnist for Reuters. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/bess-boom-chinas-battery-exports-charge-new-highs-2025-11-18/

2025-11-18 06:05

COP30 aims to start new era of fewer pledges, more action UN group considers how COPs can do this over next decade Consensus model seen as barrier to ambitious climate action Brazil proposes UN-backed council to check countries keep promises BELEM, Brazil, Nov 18 (Reuters) - An existential question hangs over this year's COP30 summit in Brazil: what are the annual U.N. climate negotiations really for? More than 30 years of talks on global action to tackle climate change have led to progress, including surging renewable energy expansion and scaled-up climate funds - but not enough. Emissions keep building. Temperatures are still rising. Sign up here. That has sparked increasing calls for reform of the Conference of the Parties summits, particularly as the world's climate negotiations were designed to agree global goals and review their progress, but not to step in to speed up efforts on the ground. Reuters interviewed more than 30 experts on the subject, including diplomats, former U.N. negotiators, government ministers, activists, investors and development bank executives from both wealthy and developing countries. Many described the U.N.-led process as needing an upgrade to become fit for the task ahead: turning years of COP pledges into action in the real world. "We need to turn away from jamborees around negotiations, into really focused efforts to accelerate implementation," one European negotiator said. "This is probably the last of the old COPs and the beginning of the new." But even those that agree the COPs need a revamp disagree on what that should look like. Those wary of reform say it could not happen at a worse time. With anti-climate politics taking hold in the United States and some others watering down green policies, they fear an overhaul could backfire and lead to something worse. "In a time in which the climate debate is so vulnerable, to open a reform process could mean that we could be captured by the climate denialists," former Peru Environment Minister Manuel Pulgar Vidal said. The U.N. is among those seeking a change. U.N. climate secretariat head Simon Stiell has set up a group of 15 former world leaders, diplomats, ministers, business and Indigenous representatives to advise on how to make COPs fit for the next decade. The group will submit its recommendations in the coming weeks, two members told Reuters. Stiell told Reuters the COP process had delivered real progress, noting that countries' latest climate pledges would cut global emissions 12% from 2019 levels by 2035, marking the first steady decline. "But in this new era, we must evolve and improve in order to accelerate... But we must also be clear about who can change what," he said. One member of the advisory group, climate scientist Johan Rockstroem, said "nothing was off the table" as they debated options from allowing majority-vote decisions to restructuring the annual summit's format. "In the end, what matters is to start delivering against the agreements," Rockstroem told Reuters. CONSENSUS CHALLENGES For those seeking change, one central frustration is the COP requirement for decisions to be made by full consensus of the nearly 200 countries involved, a model that has often allowed more ambitious efforts to be blocked. A deal at Glasgow's COP26 in 2021 to "phase out" global coal use was watered down , opens new tab to "phase down" after a last-minute objection from India. One solution would be to shift to a majority-vote model. But that shift would need a full consensus to happen, underlining that the biggest hurdle to major changes to global climate negotiations is that all countries must approve them. Some governments have floated ideas like holding the COP every other year, or siphoning off parts into smaller action-focused gatherings, diplomats told Reuters. Avinash Persaud, special advisor to the Inter-American Development Bank's president, cautioned against reducing the frequency of summits. "I fear that if you have a COP every two years, you will lose some of that momentum," he said. Tens of thousands of delegates swarming the summits - including big business contingents - have made some recent COPs resemble a trade show more than climate policy negotiations. While some cheer this approach for connecting governments with the banks and companies needed to make climate pledges happen, others want a downsizing. "There are people that literally just benefit from going to COP to COP, from cocktail to cocktail, from side event to side event, while the world keeps burning," said Panama's COP negotiator Juan Carlos Monterrey. BIG PROMISES, BROKEN WORDS A leaked U.N. document seen by Reuters shows an internal U.N. taskforce this year proposed folding the U.N. climate body into another department and asked "whether COP in current form should be discontinued." While the proposal is considered unlikely, it was seen by some diplomats as a warning to "get your act together," one European country's U.N. climate negotiator told Reuters. That includes slimming down unwieldy agendas and time spent on technical bureaucracy. "The system is not working. We are literally drowning in paperwork," Panama's Monterrey told Reuters. Activists also have criticized fossil fuel proponents serving as COP host countries, and urged countries to block summit delegates with conflicts of interest, such as oil company executives seeking to expand fossil fuel use. Acknowledging frustration over the slow pace of progress, host Brazil has asked COP30 parties to eschew new pledges this year and instead work on how to deliver old promises. Brazil has proposed creating a U.N.-backed council to visit and check that countries are following through on their COP pledges. Governments inside the COP30 negotiations are also wrestling with how to evolve global climate diplomacy. For the first time, countries are considering a final COP deal that would set the intention for the world's climate diplomacy to "transition from negotiations to implementation", according to a note published by Brazil's COP30 president on Sunday. https://www.reuters.com/sustainability/cop/clamour-change-inside-worlds-cop30-climate-negotiations-2025-11-18/

2025-11-18 05:33

A look at the day ahead in European and global markets from Rae Wee It was another sea of red in Asia markets on Tuesday, with the sombre mood set to extend into Europe, as investors braced for earnings from artificial intelligence darling Nvidia (NVDA.O) , opens new tab and a long-awaited U.S. jobs report later this week. Sign up here. Market sentiment heading into the releases has been fragile, with the bar high for Nvidia to deliver a set of results that will knock the lights out and justify the massive spending companies are pouring into all things AI. With its AI chips, the semiconductor giant has been a bellwether for the theme that has lifted shares of an array of technology names as well as other companies involved in the vast infrastructure expansion to support AI use. But the sector continues to be jolted by fears of a bubble, drawing comparisons with the 1990s dotcom boom and bust. The latest sign of unease came after a regulatory filing showed tech billionaire Peter Thiel's hedge fund sold off its entire stake in Nvidia. Just last week, Japan's SoftBank Group (9984.T) , opens new tab said it had sold all the 32.1 million Nvidia shares it held in October to bankroll CEO Masayoshi Son's sweeping AI push. Elsewhere, the focus is on Japan, where Prime Minister Sanae Takaichi is set to meet Bank of Japan Governor Kazuo Ueda later in the day. Traders have been on alert to the threat of intervention from Japanese authorities as the yen keeps sliding to multi-month lows and past 155 per dollar, close to the levels that prompted a currency intervention last year. Japanese Finance Minister Satsuki Katayama said on Tuesday she was "alarmed" by the "one-sided, rapid moves" in the foreign exchange market. But their jawboning efforts this time are struggling for traction, undermined by Takaichi's promotion of advocates of big fiscal and monetary stimulus to key posts. Japan is considering spending around 17 trillion yen ($110 billion) in Takaichi's first stimulus package, the Nikkei newspaper reported on Saturday. Super-long Japanese government bonds (JGBs) have been hammered this week as concerns deepen over the country's increasingly expansionary fiscal stance, with the yield on the 20-year JGB rising to its highest since July 1999 on Tuesday. Key developments that could influence markets on Tuesday: - Fed's Barr, Barkin, Logan speak - U.S. factory orders (August) https://www.reuters.com/world/china/global-markets-view-europe-2025-11-18/

2025-11-18 05:31

Dollar hits 9-1/2-month high vs. yen Japan’s Finance Minister Katayama says he is 'alarmed' by forex moves Markets focus on US jobs data despite being backward-looking The markets see December rate cut as a toss-up Nov 18 (Reuters) - The dollar held modest gains against the yen after touching a fresh 9-1/2-month high on Tuesday, and edged up versus the euro as investors worried about Japan’s fiscal stance and awaited U.S. data for signals on the Federal Reserve’s next move. Data from the Cleveland Fed showed that 39,000 Americans were given advance notice of layoffs last month, and a report from ADP Research showed that employers cut 2,500 jobs a week on average during the four weeks ending November 1. Sign up here. This comes as investors remain concerned about a weakening U.S. economy, and expectations for interest-rate cuts recede. "It’s been all about the missing data. I don’t envy the Fed at all. They’re stuck," said Michael Boutros, senior technical strategist at StoneX. "Looking at the market on paper, there is really no justification for a rate cut at this point." DOLLAR INDEX EDGES HIGHER The dollar index , a measure of the U.S. currency against major rivals, was last up 0.02% at 99.55, after snapping a four-day losing streak on Monday. The yen weakened 0.2% to 155.58 per dollar. In New York trading, it hit 155.73, its lowest level since February 3. While Bank of Japan Governor Kazuo Ueda has signalled the chance of raising interest rates as soon as next month, Prime Minister Sanae Takaichi has voiced displeasure over the idea and urged the BoJ to cooperate with government efforts to reflate the economy. Barclays advised staying long on the U.S. dollar against the yen, saying Takaichi’s Abenomics-style policies are likely to keep pressure on the Japanese currency. "Japan has added a tumultuous element because this new prime minister seems to be more aggressive and wants to do more spending," said Juan Perez, director of trading, Monex USA. "So, that takes away a safe-haven in the world of finance, which is Japan. Now they are a little bit more wild, they’re a little bit more volatile." INTERVENTION RISK Analysts also flagged a growing risk of foreign-exchange intervention, which could slow the dollar’s climb, though they noted that recent verbal warnings from authorities do not point to imminent action. Japanese Finance Minister Satsuki Katayama on Tuesday expressed concern over recent foreign exchange movements. Japan must compile a stimulus of around 23 trillion yen, Goushi Kataoka, a private-sector member of a key government panel, told Reuters on Monday. The yield curve for Japanese government bonds steepened further on concerns about the size of Takaichi's stimulus package, with 20-year yields reaching a 26-year high. Investors are looking towards the September U.S. jobs report expected on Thursday for clues on possible Fed action. "Lately, you've been hearing comments that labor markets may be weaker than the data is showing. That’s what the market is trying to interpret," said Boutros. "The question is, does that supersede the persistent inflation that we’re seeing?" Fed Governor Christopher Waller continued to build the case for further rate cuts amid a broad policy dispute at the U.S. central bank, while Fed Vice Chair Philip Jefferson said the U.S. central bank needs to "proceed slowly". Richmond Fed President Thomas Barkin said on Tuesday he hopes the coming data and ongoing community interviews will help clarify where the economy is heading. Money markets are pricing in the chance of a 25-bp rate cut next month at around 51%, according to the CME Group FedWatch tool, down from around 60% last week. U.S. President Donald Trump on Tuesday said he was talking with potential replacements for Federal Reserve Chair Jerome Powell - whose term ends in May - and had some unexpected candidates. The euro was down 0.07% at $1.1584, while the safe-haven Swiss franc was last trading at 0.7990 against the dollar. In cryptocurrencies, bitcoin gained 1.50% to $93,178.93 while ethereum rose 4.7% to $3,148.57. https://www.reuters.com/world/asia-pacific/yen-defensive-dollar-firms-traders-dial-back-fed-rate-cut-bets-2025-11-18/

2025-11-18 04:55

Bitcoin down nearly 30% from peak Mood is turning quickly, traders say $1.2 trillion wiped off value of crypto since October 7 SINGAPORE/LONDON, Nov 18 (Reuters) - Bitcoin was trading slightly higher on Tuesday after hitting a seven-month low below $90,000, finding buyers in a market where some investors have been reluctant to embrace risk. The risk-sensitive cryptocurrency has lost all this year's gains and is now around 26% below a peak above $126,000 in October. It was last up nearly 1.9% at $93,532, after slipping as low as $89,286.75. Sign up here. "Overall, downside fears are justified in the short term and the path of least resistance remains lower for now," Jean-David Pequignot, chief commercial officer at Deribit, a Coinbase (COIN.O) , opens new tab company, wrote in an email note. "But extreme setups like this have rewarded the bold in crypto's past." About $1.2 trillion has been wiped off the total market value of all cryptocurrencies in the past six weeks, according to market tracker CoinGecko. Market participants said a combination of doubts around future U.S. interest rate cuts and the risk-averse mood in broader markets, which have wobbled after a long rally, was dragging down crypto. 'CONFIDENCE CAN ERODE WITH REMARKABLE SPEED' "The cascading selloff is amplified by listed companies and institutions exiting their positions after piling in during the rally, compounding contagion risks across the market," said Joshua Chu, co-chair of the Hong Kong Web3 Association. "When support thins and macro uncertainty rises, confidence can erode with remarkable speed." The bitcoin market has also been rattled in recent days by major outflows from U.S. spot bitcoin ETFs, said several market participants. Since Oct. 10, when equity markets plunged on fears over U.S.-China tariff tensions, $3.7 billion has exited U.S. spot bitcoin ETFs, $2.3 billion of which flowed out in November, according to data from Morningstar. Speculators who had put money into crypto in the hopes of supportive U.S. regulation have started to pull back, driving outflows from those ETFs and similar instruments in recent weeks, said Joseph Edwards at Enigma Securities. "The sell pressure here isn't extraordinary, but it's coming at a relative weak point on the buy side ... a lot of retail buyers were stung during the flash crash last month," he said, referring to an October crash in which there were $19 billion in liquidations across leveraged positions. Crypto stockpilers such as Strategy (MSTR.O) , opens new tab, miners such as Marathon Holdings (MARA.O) , opens new tab, and exchange Coinbase had slid with the souring mood, although they also rebounded in afternoon trading in line with bitcoin. There has been a boom in public crypto treasury companies this year, with small companies in unrelated sectors becoming crypto-proxies by announcing plans to buy and hold cryptocurrencies on their balance sheets. But Standard Chartered Bank has estimated that a drop below $90,000 for bitcoin could leave half of these companies' bitcoin holdings "underwater" - a term which typically refers to holding assets worth less than what was paid for them. Listed companies collectively hold 4% of all the bitcoin in circulation, and 3.1% of the ether, Standard Chartered said. The biggest corporate holder, bitcoin treasury company Strategy, has been adding to its stockpile. Founder Michael Saylor said the firm acquired 8,178 bitcoin on Monday. As of Sunday, Strategy held 649,870 tokens at roughly $74,433 per bitcoin, Saylor said on X. Cryptocurrency ether has also been under pressure for months and has lost nearly 40% of its value from an August peak above $4,955. https://www.reuters.com/business/bitcoin-drops-below-90000-sign-souring-mood-2025-11-18/

2025-11-18 04:29

MUMBAI, Nov 18 (Reuters) - The Indian rupee ended flat on Tuesday as modest portfolio inflows and intermittent dollar sales from state-run banks helped cushion the impact from weak global equities and regional currencies. The rupee closed at 88.6050 against the U.S. dollar, nearly unchanged from its close at 88.63 in the previous session. Sign up here. Asian currencies were down between 0.1% and 0.4% while MSCI's gauge of regional stocks (.MIAP00000PUS) , opens new tab fell over 2%, tracking an extended selloff on Wall Street overnight as investors turned cautious ahead of a key earnings report and a deluge of U.S. economic data. Futures indicated that U.S. stocks were set to open modestly lower. India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab ended the day a tad lower but fared better than their regional counterparts. The rupee was influenced by both portfolio inflows and outflows, alongside state-run banks' intermittent dollar sales, which limited the currency's decline, traders said. Unless the Reserve Bank of India steps away from defending the 88.80 level or there is a breakthrough in U.S.-India trade negotiations, expect rupee to hover in a 88.40-88.80 range, a trader at a Mumbai-based bank said. Sluggish exports to the U.S. drove India's merchandise trade deficit to a record high last month. "At this run rate, the current account deficit could more than double in FY26; eventually, rupee depreciation may act as an automatic stabiliser," economists at HSBC said in a note. The rupee has declined about 1% since tariffs of up to 50% on Indian exports came into effect. Meanwhile, the dollar index was steady at 99.5 as investors awaited U.S. data for signals on the Federal Reserve’s next move. Odds of a Fed rate cut next month have slipped to a little under 50% currently, down from near 67% a week earlier. https://www.reuters.com/world/india/rupee-poised-hold-firm-despite-softer-risk-tone-dollar-strength-2025-11-18/