2024-11-16 04:02
Nov 16 (Reuters) - Video streaming platform Netflix (NFLX.O) , opens new tab was back up on Saturday after an outage that lasted roughly six hours in the United States, according to the outage tracking website Downdetector.com. Downdetector, which collates status reports from a number of sources, showed that there were fewer than 100 user reports of problems accessing Netflix as of 5 a.m. ET (1000 GMT). At the peak of the outage, which began on Friday, there were more than 90,000 reports of problems with Netflix according to Downdetector, on the night when viewers were tuning in to watch a highly anticipated boxing match between Mike Tyson and Jake Paul, which Paul won. Netflix said it had no immediate comment in response to a request from Reuters. The platform has suffered outages during live or highly anticipated events in the past, with spikes in user traffic often contributing. In April last year, it experienced a brief outage during a live stream of the dating reality show Love is Blind, drawing complaints from thousands of users. Sign up here. https://www.reuters.com/business/media-telecom/netflix-down-thousands-users-us-downdetector-says-2024-11-16/
2024-11-16 02:22
Sara causes widespread flooding in northern Honduras Over 1,000 Hondurans seek refuge in shelters Sara may impact coffee production in Honduras TELA, Honduras, Nov 15 (Reuters) - Wading through waist-deep water, residents along the northern coast of Honduras trudged through the streets on Friday carrying their belongings and pets, as heavy rains from Tropical Storm Sara caused widespread flooding across the area. Sara churned menacingly near the Caribbean coast of Honduras, close to beach resorts and ancient Maya ruins popular with tourists, as the storm also took aim at neighboring Belize and Guatemala. The U.S. National Hurricane Center forecast between 15 and 25 inches (38-63 cm) of rain in northern Honduras over the next few days, with up to 35 inches striking isolated areas. Sara was located 35 miles (56 km) southwest of Honduras' Guanaja island. That dangerous storm system will likely cause "life-threatening and potentially catastrophic flash flooding and mudslides," according to the Miami-based center. Sara could also hit coffee production in Honduras, Central America's top producer. Over 1,000 Hondurans have sought refuge in shelters, according to officials, while the government declared a national emergency on Friday afternoon. At a press conference, national head of risk management Jose Jorge Fortin urged locals to avoid flood-prone areas, among other precautions. He noted that those living near riverbanks were especially vulnerable to flooding and landslides. Sara is packing 50 mph (80 kph) winds, and the NHC estimates that "some slight strengthening is possible" over the next couple days provided the storm stays offshore. It will likely shift to the northwest, toward Belize, starting on Sunday, according to meteorologist Victor Ortega. After leaving Honduras, Sara is expected to dump between 5-15 inches of rain across parts of Belize, El Salvador, eastern Guatemala, western Nicaragua and the southern Mexican state of Quintana Roo, according to the NHC. Sign up here. https://www.reuters.com/world/americas/honduras-battles-flooding-tropical-storm-sara-unleashes-heavy-rainfall-2024-11-16/
2024-11-16 00:12
SYDNEY, Nov 16 (Reuters) - New Zealand signed a trade deal on Saturday with Switzerland, Costa Rica and Iceland to remove tariffs on hundreds of sustainable goods and services, in a move Wellington says will boost the country's export sector. The Agreement on Climate Change, Trade and Sustainability (ACCTS) was signed at a ceremony during the Asia-Pacific Economic Cooperation (APEC) in Peru on Saturday after being struck in July, Trade and Agriculture Minister Todd McClay said in a statement. "This agreement removes tariffs on key exports including 45 wood and wool products — two sectors that are vital to achieving our goal of doubling New Zealand's exports by value in 10 years," McClay said. "It will also reduce costs for consumers, removing tariffs on hundreds of other products, including insulation materials, recycled paper, and energy-saving products such as LED lamps and rechargeable batteries." The deal prioritised New Zealand's "sustainable exports", he said, amid a roll back by the country's centre-right government of environmental reforms in a bid to boost a flailing economy. Exports make up nearly a quarter of New Zealand's economy. Sign up here. https://www.reuters.com/world/new-zealand-inks-sustainable-trade-deal-with-switzerland-costa-rica-iceland-2024-11-16/
2024-11-15 23:46
Retail sales rise 0.4% in October, above forecasts Indexes on track for weekly losses Vaccine makers, packaged food cos fall after RFK Jr. appointment Applied Materials down after Q1 rev forecast misses estimates Indexes down: Dow 0.70%, S&P 500 1.32%, Nasdaq 2.24% Nov 15 (Reuters) - Wall Street's main indexes closed lower on Friday, with the S&P 500 and Nasdaq notching their biggest one-day losses in two weeks, on concerns about slower interest-rate cuts and as investors reacted to cabinet picks by U.S. President-elect Donald Trump. Federal Reserve Chair Jerome Powell on Thursday cited ongoing economic growth, a solid job market, and inflation above the U.S. central bank's 2% target as reasons it can afford to be careful with the pace and scope of future rate cuts. Traders increased bets the Fed will not change rates at its December meeting, pricing in a roughly 42% chance, versus roughly 14% a month ago, according to the CME FedWatch tool. They also dialed back expectations for easing in 2025. This view was reinforced by Friday's economic data showing U.S. retail sales rose slightly more than expected in October. Import prices also rebounded and data released on Wednesday and Thursday showed sticky inflation. "In the last 48 hours we've had some pretty big changes, not just from the election but from economic data that was better than expected and Powell speaking about not having to be as aggressive on interest rate cuts," said Adam Rich, deputy chief investment officer for Vaughan Nelson in Houston. "Market expectations for interest rate cuts have come down materially and also the market is readjusting after a pretty bullish reaction to the U.S. election." Friday's sell-off ended a week in which market focus shifted from the U.S. election win by Trump, seen as a pro-business choice, to worries about the rate cut path and potential inflation risks under the next administration. For the week, the S&P 500 fell 2.08% while the Nasdaq declined 3.15%, marking their biggest weekly losses in more than two months. The Dow fell 1.24% for the week. "Volumes are elevated today. People are taking profits because this has been a good month. U.S. stocks have been doing well this month. But it's not blanket profit taking," said John Augustine, chief investment officer at Huntington National Bank, pointing to gains in the Utilities sector (.SPLRCU) , opens new tab. "This suggests more of a rotation." Stocks of vaccine makers and packaged food companies also dipped after Trump said he would nominate Robert F Kennedy Jr, who has spread misinformation on vaccines and criticized ultra-processed foods, to head the Department of Health and Human Services. The Dow Jones Industrial Average (.DJI) , opens new tab fell 305.87 points, or 0.70%, to 43,444.99, the S&P 500 (.SPX) , opens new tab lost 78.55 points, or 1.32%, to 5,870.62 and the Nasdaq Composite (.IXIC) , opens new tab dropped 427.53 points, or 2.24%, to 18,680.12. The small-cap Russell 2000 index (.RUT) , opens new tab ended down 1.4%, its fourth consecutive session of losses. Shares of defense firms and government contractors also fell, partly on concerns about Trump's picks earlier this week to head a new Department of Government Efficiency. Among the S&P 500's 11 major industry sectors information technology (.SPLRCT) , opens new tab was the day's biggest loser, dropping 2.5%. Also, the Philadelphia SE Semiconductor index (.SOX) , opens new tab fell 3.4% with Applied Materials (AMAT.O) , opens new tab tumbling 9.2% after the U.S. maker of chip-manufacturing equipment forecast first-quarter revenue below Wall Street estimates. Shares in Moderna (MRNA.O) , opens new tab dropped 7.3% and Pfizer (PFE.N) , opens new tab fell 4.7%, weighing on healthcare (.SPXHC) , opens new tab, which closed down 1.88% after hitting its lowest since May in its fifth straight day of declines. The Consumer staples index (.SPLRCS) , opens new tab, which finished off 0.8%, was also hurt by the nomination news. Among its biggest decliners, Monster Beverage (MNST.O) , opens new tab fell 7%, Lamb Weston (LW.N) , opens new tab lost 6% and Keurig Dr Pepper (KDP.O) , opens new tab dropped 5% to its lowest level since April. Adding to Friday's volatility was the regular expiration of stock and index options, according to Vaughan Nelson's Rich. Brent Kochuba, founder of financial insights company SpotGamma, said Friday's stock market weakness was partly due to investors being ill-prepared for a pullback. CBOE's volatility index (.VIX) , opens new tab, also known as Wall Street's fear gauge, hit 17.55 earlier on Friday, the highest since Election Day on Nov. 5. However the index pared gains to close at 16.14. Declining issues outnumbered advancers by a 1.89-to-1 ratio on the NYSE where there were 117 new highs and 108 new lows. On the Nasdaq, 1,241 stocks rose and 3,115 fell as declining issues outnumbered advancers by a 2.51-to-1 ratio. The S&P 500 posted 13 new 52-week highs and 25 new lows while the Nasdaq Composite recorded 36 new highs and 285 new lows. On U.S. exchanges 15.47 billion shares changed hands compared with the 13.94 billion average for the last 20 sessions. Sign up here. https://www.reuters.com/markets/us/futures-drop-powell-signals-no-hurry-rate-cuts-2024-11-15/
2024-11-15 23:11
Nov 15 (Reuters) - Ratings agency S&P revised South Africa's outlook to "positive" from "stable" on Friday, citing plans for accelerated economic reforms by the new government of national unity and a pickup in private investments. The coalition government, formed in June after the African National Congress lost its parliamentary majority for the first time in 30 years, boosted business confidence. S&P also stated that since the formation of the government, debt yields and portfolio inflows have improved. This has resulted in easing financing conditions and currency strengthening. The ratings agency also expects a slight pick up in GDP growth this year as more private sector-driven electricity supply comes onstream to help curb electricity shortages, alongside increased private participation in railway, ports and water sectors. After eight months of uninterrupted power supply and the promise of faster economic reform under the coalition, S&P views a positive growth potential for South Africa. The agency also affirmed its 'BB-/B' foreign currency rating and 'BB/B' local currency rating. Sign up here. https://www.reuters.com/world/africa/sp-revises-south-africas-outlook-positive-better-reforms-growth-potential-2024-11-15/
2024-11-15 22:14
Mexico's 2025 growth forecast exceeds IMF's 1.3% prediction Analysts question optimistic deficit and debt forecasts Proposed budget cuts defense, security, and environmental spending significantly Moody's Ratings downgraded Mexico's outlook to 'negative' on Thursday MEXICO CITY, Nov 15 (Reuters) - Mexico expects its budget deficit next year to come down to 3.9% of GDP as growth increases, Finance Minister Rogelio Ramirez de la O said on Friday, as the government plans hefty spending cuts including to defense and security. Latin America's second-largest economy is seen expanding between 2% and 3% next year, speeding up from the projected 1.5% to 2.5% growth in 2024, according to the proposed budget. That is significantly higher than the IMF forecast, which sees 2025 growth at 1.3%. The government has been under pressure to narrow the deficit which is expected to close the year at 5.9% of GDP, the highest since the 1980s, while also fulfilling promises to increase welfare programs. The finance ministry said growth was backed by a strong labor market, robust private consumption and high levels of public and private investment. But some analysts said the forecasts appeared overly optimistic. "The rosy estimates make it unlikely that the deficit and debt forecasts are reached," said Gabriela Siller, an analyst at Banco BASE. Siller highlighted the risk to investment in Mexico posed by the re-election in the U.S. of former President Donald Trump, who has called for tariff increases on Mexican goods, as well as constitutional reforms to Mexico's judiciary that have spooked investors. Ramirez de la O stressed that spending would look for growth while prioritizing social programs to reduce inequality. The budget proposal will now be debated by lawmakers in Congress, where President Claudia Sheinbaum's party and its allies hold strong majorities in both chambers. The exchange rate for Mexico's currency is seen at 18.7 pesos to the U.S. dollar by the end of 2025, significantly stronger than current levels around 20 pesos. The budget assumes an average oil export price of $57.80 per barrel next year. The key oil price is used to estimate a large amount of government revenue. Proposed spending cuts show the Mexican government deprioritizing sectors such as defense, with a 44% cut compared to the last budget, and security which saw a 36% cut. Environmental spending was also down 39% despite expectations that Sheinbaum, a scientist who has worked on climate change, would put greater emphasis on the environment. Spending for state oil company Pemex is shown down 7.5%. The government also expects to transfer 136 billion pesos ($6.69 billion) to Pemex next year to help the heavily indebted firm meet its debt and loan repayments. "In general terms the budget proposal meets expectations: it shows a considerable reduction in the deficit without fueling concern of a potential economic recession," analysts at CIBanco wrote in a note. The economic outlook is optimistic, the analysts added, which "should be enough to remove one more fear from investors." Ratings agencies should react to the news in the next week, the CIBanco analysts said, with an outlook downgrade from Fitch possible. Moody's Ratings downgraded Mexico's outlook to "negative" on Thursday. Sign up here. https://www.reuters.com/world/americas/mexico-budget-proposal-trims-2025-deficit-sees-better-growth-2024-11-15/
