2025-11-10 21:27

TSX ends up 1.4%, at 30,316.63 Posts its highest closing level since October 28 Materials group adds 3.8% as gold rallies Eight of 10 major sectors end higher TORONTO, Nov 10 (Reuters) - Canada's main stock index rose on Monday, with metal mining shares leading broad-based gains as commodity prices climbed and investors grew hopeful the U.S. government shutdown would soon end. The S&P/TSX Composite Index (.GSPTSE) , opens new tab ended up 404.44 points, or 1.4%, at 30,316.63, its highest closing level since October 28. Sign up here. Wall Street's main indexes also rose following signs of progress in Washington to end a record government shutdown that has stalled economic data releases and intensified concerns over the state of the economy. "There is relief that the government shutdown is coming to a close," said Bipan Rai, head of ETF and alternatives strategy at BMO Global Asset Management. "That's obviously lifting U.S. stocks and I think there is a bit of carryover in terms of risk momentum to the TSX." The index clawed back the declines it had posted since the start of November, moving back in sight of last month's record high close of 30,637.12. "It does feel like we're probably going to revisit those highs we saw in October," Rai said, adding that the fundamental backdrop remains constructive for a number of major sectors, including financials, energy and materials. The materials group (.GSPTTMT) , opens new tab, which includes metal mining shares, jumped 3.8% as gold and copper prices climbed. Shares of Barrick Mining (ABX.TO) , opens new tab were up 5.3% after the company beat quarterly profit estimates. The price of oil settled 0.6% higher at $60.13 a barrel, which helped lift the energy sector. Energy was up 1.5% and technology added 2.2%. Shares of electronic equipment firm Celestica Inc (CLS.TO) , opens new tab advanced 6.9%. Just two of the 10 major sectors ended lower, including industrials, which dipped 0.2%. https://www.reuters.com/business/tsx-futures-climb-hopes-us-shutdown-resolution-commodity-strength-2025-11-10/

2025-11-10 21:26

Nov 10 (Reuters) - Occidental Petroleum (OXY.N) , opens new tab beat Wall Street expectations for third-quarter profit on Monday, as higher production helped the U.S. shale producer counter weaker oil prices. U.S. oil and gas output rose to a record in August even as benchmark Brent crude fell more than 13% in the reported period on OPEC+ supply increases and slowing global demand. Sign up here. Occidental, which said it benefited from its $12 billion acquisition of CrownRock in August last year, reported quarterly average global production of 1.46 million barrels of oil equivalent per day (MMboepd), up from 1.41 MMboepd a year earlier. Realized oil prices fell to $64.78 per barrel in the July-September period, from $75.33 a year earlier. Larger rivals Exxon Mobil (XOM.N) , opens new tab and Chevron (CVX.N) , opens new tab also beat analysts' expectations for third-quarter profit, buoyed by higher production. Occidental expects production to be in the range of 1.44 MMboepd to 1.48 MMboepd in the current quarter. Analysts on average were expecting production of 1.44 MMboepd during the fourth quarter, according to data compiled by LSEG. However, shares fell marginally in extended trading after the results. Melius Research analyst James West said the market was looking for "a bit more upside" from the fourth-quarter forecast after recent energy-stock outperformance. Last month, Occidental sold OxyChem to Warren Buffett's Berkshire Hathaway (BRKa.N) , opens new tab for $9.7 billion, marking its biggest divestment yet to reduce debt after years of costly acquisitions. The company repaid $1.3 billion of debt during the third quarter. It had long-term net debt of $20.85 billion, as of September 30. Houston-based Occidental posted an adjusted profit of 64 cents per share for the three months ended September 30, compared with expectations of 52 cents. https://www.reuters.com/business/energy/shale-producer-occidental-petroleum-beats-quarterly-profit-estimates-2025-11-10/

2025-11-10 21:00

Metsera slumps as Pfizer wins bidding war Health insurers fall as shutdown deal leaves out subsidies S&P 500 +1.54%, Nasdaq +2.27%, Dow +0.81% Nov 10 (Reuters) - Wall Street ended sharply higher on Monday, led by big gains in Nvidia, Palantir and other heavyweight AI-related companies following progress in Washington to end a record government shutdown. The longest government shutdown in U.S. history could end this week after a compromise that would restore federal funding cleared an initial Senate hurdle late on Sunday, though it was unclear when Congress would give final approval. Sign up here. "The government shutdown was continuing a lot longer than people had expected. There were concerns around the economy, about flights potentially being canceled and having a wider impact to the economy," said Chris Zaccarelli, Northlight Asset Management's chief investment officer. Heavyweight tech stocks rebounded from some recent losses. Last week, the S&P 500 technology sector index (.SPLRCT) , opens new tab tumbled 4.2%. Nvidia (NVDA.O) , opens new tab, the world's most valuable company, rose 5.8%. AI data analytics firm Palantir (PLTR.O) , opens new tab jumped 8.8% and Tesla (TSLA.O) , opens new tab climbed 3.7%. "This is a rebound after being slightly oversold last week. It's another example of the "buy the dip" mantra really acting quickly in the tech and AI space," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "There is nothing structural hitting the AI theme. In fact, a lot of earnings reports have been really strong in that sector." The S&P 500 climbed 1.54% to end the session at 6,832.43 points. The Nasdaq gained 2.27% to 23,527.17 points, its biggest one-day percentage gain since May 27. The Dow Jones Industrial Average rose 0.81% to 47,368.63 points. The small-cap Russell 2000 (.RUT) , opens new tab gained 0.9%, while the PHLX semiconductor index (.SOX) , opens new tab jumped 3%. Volume on U.S. exchanges was relatively light, with 17.9 billion shares traded, compared with an average of 20.8 billion shares over the previous 20 sessions. Airlines came under pressure as government-directed flight cuts and air traffic staffing absences disrupted U.S. air travel. United Airlines (UAL.O) , opens new tab dipped 1.3% and American Airlines (AAL.O) , opens new tab fell 2.5%. On betting website Polymarket, the probability of an end to the shutdown this week stood at 88%. The longest federal shutdown in history has created a data gap for the Federal Reserve and markets alike, leaving them dependent on private data that has given a mixed picture of the economy. Some Fed officials reiterated their caution regarding the monetary policy decision at the central bank's next meeting, while Fed Governor Stephen Miran repeated his call for a big rate cut. Optimism around artificial intelligence has fueled a bull run in U.S. stocks this year, but concerns around monetization and circular spending within the sector drove a bout of selling recently. The Nasdaq (.IXIC) , opens new tab last week marked its worst performance in over seven months. Meanwhile, third-quarter earnings season is nearly complete. Of the 446 S&P 500 companies that have reported, 83% have delivered better-than-expected earnings, according to data compiled by LSEG. Shares of health insurers dropped after the U.S. Senate struck a deal to end the 40-day federal shutdown without extending Affordable Care Act subsidies, setting up a December vote on the issue instead. Centene (CNC.N) , opens new tab dropped 8.8%, Humana (HUM.N) , opens new tab fell 5.4% and Elevance Health (ELV.N) , opens new tab declined 4.4%. Metsera (MTSR.O) , opens new tab slumped 14.8% after Pfizer won a $10 billion bidding war to acquire the company. Eli Lilly (LLY.N) , opens new tab rose 4.6% to a record high after Leerink Partners upgraded its rating on the stock. Advancing issues outnumbered declining ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.7-to-one ratio. The S&P 500 posted 32 new highs and 8 new lows; the Nasdaq recorded 106 new highs and 128 new lows. https://www.reuters.com/business/us-stock-futures-rise-hopes-end-government-shutdown-2025-11-10/

2025-11-10 20:49

GABORONE, Nov 10 (Reuters) - Botswana is working on acquiring a majority stake in De Beers, President Duma Boko said on Monday, after Angola announced a rival bid to control the giant diamond company. Botswana, which owns 15% of De Beers and contributes 70% of its annual rough diamond production, considers the company a strategic national asset, despite a slump in global diamond prices that has hurt its economy. Sign up here. Boko told lawmakers during a State of the Nation Address in Gaborone that while Botswana sought to diversify its mining sector, diamonds would remain a major contributor to growth. "It is in this regard that concrete steps are underway towards the acquisition of Anglo American's shares in De Beers," Boko said without disclosing further details. The mining ministers of Botswana and Angola held talks in Botswana's capital on November 7 amid fears that the two regional allies' quests to control De Beers could trigger a standoff. Although Gaborone avoided addressing the rival bids in remarks after the meeting, Angola's mines ministry said in a statement that the two ministers discussed acquiring shares in De Beers but did not provide more details. Anglo American (AAL.L) , opens new tab, which owns 85% of De Beers, is selling its entire stake to mainly focus on clean-energy metal copper. The global giant values De Beers at $4.9 billion. https://www.reuters.com/world/africa/botswana-taking-steps-acquire-majority-stake-de-beers-president-says-2025-11-10/

2025-11-10 20:26

COP30 opens with UN climate chief urging cooperation Indigenous leaders demand more say in territory management US absence criticized by California Governor Newsom Germany says Europe open to discussing fossil fuel reduction plans BELEM, Brazil, Nov 10 (Reuters) - The COP30 climate summit opened on Monday with the U.N. climate chief urging countries to cooperate rather than battle over priorities, as efforts to limit global warming are threatened by a fracturing international consensus. Host country Brazil brokered a deal on the agenda for the two-week summit in the Amazon city of Belem, deflecting attempts by developing-country negotiating blocs to shoehorn contentious issues like climate finance and carbon taxes into the talks. Sign up here. It was unclear whether countries would aim to negotiate a final agreement for the end of the event – a hard sell in a year of fractious global politics and U.S. efforts to obstruct a transition away from fossil fuels. Some including Brazil have suggested that countries focus on smaller efforts that do not need consensus, such as deforestation, after years of COP summits making lofty promises only to leave many unfulfilled. "In this arena of COP30, your job here is not to fight one another – your job here is to fight this climate crisis, together,” U.N. Climate Change Executive Secretary Simon Stiell told delegates from more than 190 countries attending. He said three decades of U.N. climate talks had helped to bend the curve in projected warming downward, “because of what was agreed in halls like this, with governments legislating, and markets responding. But I am not sugar-coating it. We have so much more work to do." A new U.N. analysis of countries' emissions-cutting plans estimated that global greenhouse gases would decrease 12% by 2035 from 2019 levels, improving on an earlier estimate of 10% published last month. The new figure takes into account the most recent pledges, including from China and the EU, but was still short of the 60% emissions drop needed by 2035 to limit global warming at 1.5 degrees Celsius above pre-industrial temperatures - the threshold beyond which scientists say climate change would unleash far more severe impacts. Brazilian President Luiz Inacio Lula da Silva warned against interests trying to obscure the dangers of climate change. "They attack the institutions, the science, the universities," he said. "It’s time to impose another defeat to denialists.” The world’s biggest historical emitter of greenhouse gases – the United States – opted to skip the summit; U.S. President Donald Trump falsely asserts that climate change is a hoax. California Governor Gavin Newsom and New Mexico Governor Michelle Lujan Grisham were expected in Belem on Tuesday. "What the hell is going on here?” Newsom said of the U.S. government’s absence from the talks, addressing a global investors summit held on Monday in Sao Paulo. “We're in Brazil, one of our great trading partners, one of the world's great democracies. I mean, hell, home to all the rare earth metals we need. This is the country we should be engaging with instead of giving the middle finger with 50% tariffs,” Newsom said, referring to duties imposed by the Trump administration. COP30 President Andre Correa do Lago told a news conference: "I think that the absence of the U.S. ... has opened some space for the world to see what developing countries are doing." Germany said European countries would push for commitments to rein in fossil fuel use – a goal promoted by Lula. "We will advocate for something strong," German Vice Minister Jochen Flasbarth told Reuters. "We don’t want to go the same way of President Trump and accuse others of being wrong. We want to listen." WARNING SIGNS Countries were joined by Indigenous leaders, who arrived on Sunday by boat after traveling some 3,000 km (1,864 miles) from the Andes. They are demanding more say in how their territories are managed as climate change escalates and industries such as mining, logging and oil drilling push deeper into forests. "We want to make sure that they don’t keep promising, that they will start protecting, because we as Indigenous people are the ones who suffer from these impacts of climate change," said Pablo Inuma Flores, an Indigenous leader from Peru. Scientists at dozens of universities and international science institutions sounded an alarm over the world’s thawing glaciers, ice sheets, and other frozen spaces. “The cryosphere is destabilizing at an alarming pace,” the groups said in a letter to COP30 published on Monday. “Geopolitical tensions or short-term national interests must not overshadow COP30. Climate change is the defining security and stability challenge of our time." https://www.reuters.com/sustainability/cop/indigenous-leaders-join-cop30-climate-summit-it-opens-with-unclear-outcome-ahead-2025-11-10/

2025-11-10 19:24

Court upholds order for full SNAP funding during shutdown USDA had directed states to halt full SNAP benefits issuance SNAP benefits cost $8.5 billion to $9 billion monthly, funding uncertainty remains BOSTON, Nov 10 (Reuters) - The availability of food aid for 42 million low-income Americans remained in question on Monday as legal wrangling over the benefits continued even as lawmakers took steps toward ending the record-long government shutdown. In the latest twist, the administration of President Donald Trump indicated to the U.S. Supreme Court on Monday it would continue to fight an order requiring it to fully fund food benefits known as the Supplemental Nutrition Assistance Program, or SNAP. Sign up here. The administration has blamed Congress for the crisis and said it was up to lawmakers to solve it. A letter from the administration to the Supreme Court on Monday came hours after a federal appeals court in Boston rejected a bid by the Trump administration to halt a decision on Thursday by a Rhode Island judge requiring the U.S. Department of Agriculture to spend $4 billion to fully fund SNAP benefits, often referred to as food stamps. The status of the program's funding for November has been thrown into confusion by a series of legal victories and setbacks for nonprofits and Democratic-led states and cities fighting to restore food aid. As the legal battles played out, the Senate was moving forward on a measure to end the shutdown, although any deal would need approval of the House and the president and could take days. STRAINED FOOD PANTRIES, DONATIONS SNAP recipients have turned to already strained food pantries and made sacrifices like forgoing medications to stretch tight budgets. Community organizations, churches and schools across the country have been ramping up appeals for food donations. SNAP provides a monthly benefit to eligible Americans whose income is less than 130% of the federal poverty line. The maximum monthly benefit for the current fiscal year is $298 for a one-person household and $546 for a two-person household. Thursday's court order from U.S. District Judge John McConnell directing the administration to fully fund SNAP benefits set off a chaotic chain of events. The USDA told states on Friday it was working to comply with McConnell's order and fully fund benefits. However, also on Friday U.S. Supreme Court Justice Ketanji Brown Jackson put a temporary hold on McConnell's order and that hold remains in place. On Saturday, the USDA told states they had to "undo" efforts to pay full monthly benefits, or face potential penalties. Some states were already working before McConnell's order to use state funds to issue full November benefits. Others had moved on Friday to issue full benefits but paused after the Supreme Court order. For example, North Carolina, which issued partial benefits on Friday morning, was prepared to issue the remainder over the weekend, but stopped after the USDA directive, according to the North Carolina Department of Health and Human Services. LEGAL BATTLE GOES ON On Monday, a federal judge in Boston temporarily blocked the USDA from carrying out its directive that states undo benefits. The judge, Indira Talwani, scheduled a hearing for later on Monday. The administration has argued that judges cannot force it to find money in the "metaphorical couch cushions" to pay for full SNAP benefits while the shutdown continues. The White House and USDA did not respond to requests for comment on Monday. The 1st Circuit Court of Appeals in Boston said the evidence showed the administration sat on its hands and did not address the looming crisis as the shutdown lingered. “We do not take lightly the government’s concern that money used to fund November SNAP payments will be unavailable for other important nutrition assistance programs,” U.S. Circuit Judge Julie Rikelman wrote for the three-judge panel. But Rikelman, who like the other judges was appointed by a Democratic president, wrote that a ruling for the administration would have led to "widespread harm" by "leaving tens of millions of Americans without food as winter approaches." https://www.reuters.com/world/us/trump-administration-cannot-withhold-4-billion-food-aid-us-appeals-court-rules-2025-11-10/