2025-11-11 06:56

SEOUL, Nov 11 (Reuters) - A South Korean team demolished two towering structures with explosives on Tuesday in a bid to clear the way to recover two workers who are presumed dead and two others missing in the rubble of a collapsed industrial facility. They were among nine who were working on the massive steel structure, a decommissioned heating facility, at a power station in the city of Ulsan to weaken its base to prepare for demolition when it collapsed five days ago. Sign up here. Two workers were quickly rescued but seven others were trapped in the mangled rubble which was considered unstable and posed the risk of further collapse, hampering rescue efforts. The bodies of three workers have since been retrieved. The two other structures next to the collapsed tower, which were about 60 metres (66 yards) tall and remained standing, were assessed as too unstable to allow rescuers to use heavy machinery, further slowing the recovery operation. The structures collapsed within seconds after the explosives were detonated in a cloud of smoke and debris, footage of the demolition showed. Labour Minister Kim Young-hoon was quoted in local media as saying there will be a criminal investigation into the collapse once recovery work is complete. https://www.reuters.com/world/asia-pacific/south-korea-rescuers-use-explosives-reach-workers-trapped-collapsed-building-2025-11-11/

2025-11-11 06:51

JOHANNESBURG, Nov 11 (Reuters) - South African food producer Premier Group on Tuesday posted a 27.9% rise in half-year profit and announced a share repurchase programme to keep its financial structure in good shape ahead of its transaction with RFG Holdings (RFGJ.J) , opens new tab. The maker of Blue Ribbon bread and Snowflake flour, reported a headline earnings per share - the main profit measure in South Africa - of 560 cents for the six months ended September 30, while operating profit rose 17% to 1.1 billion rand ($63.54 million). Sign up here. Profit growth was supported by improved efficiencies and margin expansion across both major divisions, Premier said. Group revenue growth was moderate against deflation in global grain prices, including maize and rice. It rose by 6.4% to 10.3 billion rand, with its millbake business which makes maize, bread and flour rising by 6%, the company said. Premier said the repurchase is primarily driven by strong free cash flow generation over recent financial periods and aligns with its disciplined capital allocation framework. Shares will be repurchased at up to 154 rand apiece, the reference price used in the RFG transaction. Premier said it will monitor market conditions and trading volumes, and may pause, cancel or adjust the programme at any time. Last month Premier agreed to acquire all the shares of RFG, which makes Rhodes canned food and Bull Brand corned meat, through a share swap deal valued at about 5.7 billion rand, in which RFG shareholders will take a 22.5% stake in the combined group. It also declared a once-off interim dividend of 159 cents per share as a result of the proposed RFG transaction. Premier normally does not declare an interim dividend. The final dividend will be reduced by the once-off interim dividend, Chief Financial officer Fritz Grobbelaar said in a media call. ($1 = 17.3125 rand) https://www.reuters.com/world/africa/south-africas-blue-ribbon-bread-maker-premiers-profit-jumps-2025-11-11/

2025-11-11 06:50

US Senate passes bill to end shutdown Gold price highest since October 23 Fed's Miran suggests 50 basis-point rate cut in December Nov 11 (Reuters) - Gold prices hit a near three-week high on Tuesday, bolstered by expectations that a potential end to the U.S. government shutdown and resumption of economic data could set the stage for the Federal Reserve to trim interest rates next month. Spot gold was up 0.3% at $4,126.77 per ounce at 3:13 p.m. ET (2013 GMT), having earlier hit its highest since October 23. Sign up here. U.S. gold futures for December delivery fell 0.1% to settle at $4,116.30 per ounce. Gold, traditionally considered a safe haven, also tends to benefit in low-interest rate environments as it is a non-yielding asset. "Traders believe (data) will show some weakening economic numbers and that would prompt the Fed to cut interest rates in December... that is probably encouraging the gold and silver market bulls today," said Jim Wyckoff, senior analyst at Kitco Metals. The U.S. Senate on Monday approved a compromise that would end the longest government shutdown on record. The shutdown has triggered a data blackout, leaving policymakers and markets without key indicators on jobs and inflation. The central bank trimmed rates at its latest meeting, but Chair Jerome Powell stressed that another cut this year is far from certain. Markets see a 64% chance of a rate cut in December, CME's FedWatch Tool showed. FEDWATCH Data last week showed the U.S. economy shed jobs in October, while consumer sentiment slumped to its lowest level in three and a half years in early November. Meanwhile, Fed Governor Stephen Miran on Monday suggested that a 50 basis-point cut might be appropriate for December, given softening labor market and falling inflation. Gold demand this year and next is expected to reach its strongest level since 2011, UBS said in a note. "Any significant rise in political and financial market risks could push gold toward our upside target of USD 4,700/oz," they added. Elsewhere, spot silver gained 1.2% to $51.12 per ounce, its highest level since October 21. Platinum rose 0.4% to $1,583.72, and palladium climbed 2% to $1,442.75. https://www.reuters.com/world/india/gold-hits-near-3-week-peak-rate-cut-bets-end-us-shutdown-2025-11-11/

2025-11-11 06:33

TAIPEI, Nov 11 (Reuters) - Taiwan evacuated more than 3,000 people on Tuesday, issuing a land warning for the arrival of Typhoon Fung-wong, which is expected to dump large volumes of rain on its mountainous east coast, recently lashed by another typhoon. The weakening Fung-wong is forecast to hit land on Wednesday on the island's southwestern coast around the major port of Kaohsiung, after it killed 18 people while powering through the Philippines as a much stronger system. Sign up here. "Fung-wong may have been downgraded to a weak typhoon, but we still cannot lower our guard," Chen Chi-mai, the city's mayor, told reporters. On his Facebook page, Taiwan President Lai Ching-te urged people to keep clear of the mountains, the coast and other potentially dangerous areas. The transport ministry said 66, mostly domestic, flights were cancelled on Tuesday. Fung-wong is expected to cross the bottom part of Taiwan and enter the Pacific Ocean along the coast of the sparsely populated eastern counties of Taitung and Hualien. A typhoon in September unleashed flooding that killed 18 people in Hualien. The government, which has ordered evacuations in the town of Guangfu, the scene of those deadly floods, said 3,337 people in four counties and cities had been moved to safer areas. Hualien closed schools and offices on Tuesday, as did the neighbouring county of Yilan. The typhoon will not directly affect the northern city of Hsinchu, home to TSMC (2330.TW) , opens new tab, the world's largest contract chipmaker. Most deaths in the Philippines were caused by landslides in its mountainous northern Cordilleras, senior civil defence official Raffy Alejandro told a briefing, with two people reported missing and 28 injured. https://www.reuters.com/business/environment/taiwan-evacuates-3000-ahead-arrival-typhoon-fung-wong-2025-11-11/

2025-11-11 06:27

Senate approves bill to end US government shutdown US Treasury market closed for Veterans Day Nasdaq dips, Dow hits record close, FTSE hits record Gold rises; dollar index falls on weak labor data NEW YORK/LONDON, Nov 11 (Reuters) - MSCI's global equities index rose modestly on Tuesday as investors looked forward to an end to the U.S. government shutdown, while the dollar dipped on concerns about U.S. labor market weakness. The U.S. Senate passed a deal on Monday to restore federal funding after a record-long shutdown that has disrupted food benefits for millions, left hundreds of thousands of federal workers unpaid, snarled air traffic, and delayed the release of government economic data. Sign up here. The deal still needs approval in the House of Representatives, where Speaker Mike Johnson has said he wants a vote as soon as Wednesday. It will then go to U.S. President Donald Trump to be signed into law. Wall Street had a muted start to Tuesday's session, after a sharp rally on Monday, but gathered steam as the day wore on. The heavyweight Roundhill Magnificent Seven ETF edged lower as investors stepped back from some companies that have benefited from interest in AI technology. It pared earlier losses but Nvidia (NVDA.O) , opens new tab remained the biggest drag on the S&P 500, closing down almost 3% after Japan's SoftBank Group (9984.T) , opens new tab said it had sold its entire stake in the AI chip leader in October. "In the morning, there was negative sentiment around either jobs or the SoftBank sale," said Chris Zaccarelli, chief investment officer of Northlight Asset Management in Charlotte, North Carolina. However, he noted that the market regained ground as investors bet that the economy was still solid. "People are going in and buying the dip because if we don't go into a recession, then this bull market's going to continue," he said. On Wall Street, the Dow Jones Industrial Average (.DJI) , opens new tab rose 559.33 points, or 1.18%, to 47,927.96, marking a record closing high. The S&P 500 (.SPX) , opens new tab rose 14.19 points, or 0.21%, to 6,846.62 and the Nasdaq Composite (.IXIC) , opens new tab fell 58.87 points, or 0.25%, to 23,468.30. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 4.15 points, or 0.41%, to 1,009.12. Earlier, the pan-European STOXX 600 (.STOXX) , opens new tab index closed up 1.28%, while Europe's broad FTSEurofirst 300 index (.FTEU3) , opens new tab finished up 1.31%. The U.S. Treasury market was closed for Veterans Day. In currencies, the U.S. dollar weakened against the euro and yen on concerns about a deteriorating U.S. labor market after an ADP report showed private employers shed an average of 11,250 jobs a week in the four weeks ended October 25. After the private sector jobs data, traders were pricing in a 67.4% probability that the Federal Reserve would cut rates by 25 basis points in December, up from 62.4% on Monday, according to CME Group's FedWatch , opens new tab tool. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.19% to 99.45, with the euro up 0.23% at $1.1583. Against the Japanese yen , the dollar weakened 0.01% to 154.12. In cryptocurrencies, bitcoin fell 2.70% to $102,759.31. In the energy markets, o rose around $1 on the impact of the latest U.S. sanctions on Russian oil and optimism around the potential reopening of the U.S. government, although oversupply concerns limited gains. U.S. crude settled up 1.5%, or 91 cents, at $61.04 a barrel while Brent settled at $65.16 per barrel, up 1.72% or $1.10 on the day. In precious metals, gold prices rose slightly after hitting a nearly three-week high, bolstered by expectations the U.S. government would reopen and resume releases of economic data that could potentially set the stage for the Federal Reserve to trim interest rates next month. Spot gold rose 0.31% to $4,128.56 an ounce. U.S. gold futures rose 0.28% to $4,123.50 an ounce. https://www.reuters.com/world/china/global-markets-global-markets-2025-11-11/

2025-11-11 06:19

LONDON, Nov 11 (Reuters) - Copper has been added to the U.S. government's list of critical minerals - the metals deemed vital to the country's economic and national security. Fortunately, the United States has already accumulated what is the world's second largest copper stockpile, behind China's state reserves. Sign up here. It has done so without spending a dollar of federal money. Rather, the copper market has done all the work in the form of a yawning arbitrage gap between the U.S. price traded by the CME (CME.O) , opens new tab, and the international price traded on the London Metal Exchange (LME). The pricing differential has already drawn massive amounts of physical copper into the United States. And it's still doing so as the market bets that the critical mineral designation, first flagged in August, increases the chances of U.S. import tariffs. TRADING THE GAP When U.S. President Donald Trump ordered an investigation into copper imports on national security grounds in February, the market moved quickly to price in the potential for U.S. import tariffs similar to those already imposed on steel and aluminium. The CME spot premium over the London market stretched to almost $3,000 per metric ton at one stage in July, creating an extraordinary opportunity for the world's largest traders to ship as much physical metal as they could get their hands on to the United States. The premium imploded in July when the Trump administration blind-sided the market by imposing tariffs on imports of copper semi-manufactured products but deferring until July 2026 a decision on refined metal. Tariff trade over? So it seemed, but the arbitrage gap has been widening again. The spot CME premium has rebounded from under $100 per ton in August to over $300, while the 10-month forward premium is now priced at almost $800 per ton. Sure, the current arbitrage gap is not nearly as wide as it was in July, but it's more than enough to cover the physical costs of shipping units to the United States. MARKET OF FIRST RESORT This year's tariff trade is visible in the form of rising copper stocks held by the CME, which has only domestic U.S. delivery points. CME stocks have mushroomed from a February low of 83,900 tons to over 335,000 tons. CME warehouses now hold more copper than the LME and Shanghai Futures Exchange combined. Metal is still arriving in the CME delivery network every day, mostly at New Orleans but there have also been inflows at Baltimore, Salt Lake City and Tucson. What's on the CME may be just the tip of the iceberg. Consultancy Benchmark Minerals Intelligence thinks there is in total between 731,000 and 831,000 tons of "economically trapped" copper in the United States. Trapped in the sense that it would now require a huge inversion of the arbitrage between the United States and the rest of the world to free up metal for re-export. Indeed, given the renewed widening in the U.S. premium, the likelihood is for more metal to join the growing copper mountain rather than move the other way. U.S. trade statistics have fallen foul of the government shutdown but refined copper imports were already over one million tons in the first seven months of the year, up almost 400,000 tons on the year-earlier period. More recent export data from major copper suppliers such as Chile, Peru and Australia suggest no let-up in the physical tariff trade. The United States remains the market of first resort for spare copper, which is why Europe's largest producer Aurubis (NAFG.DE) , opens new tab has been able to hike its premium for 2026 deliveries by an aggressive 38% to a record $315 per ton over the LME basis price. US STRATEGIC STOCKPILE Market dynamics have generated a tectonic redistribution of global copper to the United States, where it is now locked in by the same dynamics. Without anyone seeming to plan it, the country is successfully building what might be described as a strategic stockpile, just one held by the commercial rather than the state sector. The stockpile is still growing and will continue to do so as long as the arbitrage allows traders to make an easy profit by scooping up metal everywhere else and sending it to a U.S. port. No-one knows how much copper is held by China's Strategic Reserves Administration. It's a state secret but a two-million ton target has floated around the market for many years. The United States isn't there yet, but it's well on its way to building a similar-sized reserve. There may, though, be yet another ironic twist in the copper tariff trade. The Trump administration has said it will look again at U.S. import dependency in July next year, with the option of phasing in a tariff on refined copper from 2027. Every ton of copper clearing U.S. customs reduces that dependency, even without factoring in the intended tariff booster to domestic production. Andy Home is a Reuters columnist. The opinions expressed are his own Enjoying this column? Check out Reuters Open Interest (ROI) for thought-provoking, data-driven commentary on markets and finance. Follow ROI on LinkedIn , opens new tab and X , opens new tab. https://www.reuters.com/markets/commodities/copper-joins-critical-minerals-list-us-has-plenty-already-2025-11-11/