2025-12-23 12:05

TSX ends up 0.2% at 32,058.73 Eclipses Monday's record closing high October GDP declines 0.3% Energy rises 0.6% as oil settles higher Dec 23 (Reuters) - Canada's main stock index rose to another record high on Tuesday as resource shares notched gains, with investors taking in stride domestic data that pointed to a slowdown this quarter for the economy. The S&P/TSX Composite Index (.GSPTSE) , opens new tab ended up 58.63 points, or 0.2%, at 32,058.73, its fourth straight day of gains and eclipsing Monday's record closing high. Sign up here. Since the start of the year, the index has advanced 29.65%, led by financial and metal mining shares, putting it on track for its biggest gain since 2009. Canada's economy shrank by a greater-than-expected 0.3% in October, the largest drop in almost three years, but is expected to stage a partial recovery in November. "Trade-related uncertainty continues to weigh on export-oriented sectors, but conditions appear to be stabilizing rather than collapsing," Abbey Xu, an economist at Royal Bank of Canada, said in a note. Fourth-quarter GDP is tracking at around 0.5% annualized growth following a 2.6% jump in the third quarter, Xu added. The energy sector (.SPTTEN) , opens new tab rose 0.6% as the price of oil settled 0.6% higher at $58.38 a barrel. Investors assessed stronger-than-expected U.S. economic growth and the risk of disruptions to oil supply from Venezuela and Russia. The materials group (.GSPTTMT) , opens new tab, which includes the shares of fertilizer and metal mining companies, was up 0.3% as the price of gold advanced 1% to another all-time high. Technology (.SPTTTK) , opens new tab was a drag, dipping 0.4%, and consumer discretionary (.GSPTTCD) , opens new tab ended 0.9% lower. https://www.reuters.com/business/tsx-futures-rise-precious-metals-extend-rally-2025-12-23/

2025-12-23 12:00

LITTLETON, Colorado, Dec 23 (Reuters) - Like any industry, wind energy has had its good and bad years. But 2025 may be one of the worst: a toxic stew of major policy reversals, corporate upheaval and sub‑par generation in key markets. U.S. President Donald Trump's policy U-turn on renewable energy likely ranks as the most damaging development. It sparked a freeze on offshore project work in the Atlantic and dealt a heavy blow to power developers and specialist wind firms alike. Sign up here. Disappointing auctions for new wind power capacity across Europe - some in Germany and Denmark with no bids at all - highlight that wind's woes extend well beyond U.S. shores. Throw in mass layoffs, project pull-outs by prominent developers and months-long stretches of below-normal output in key markets, and 2025 becomes a year to forget for the industry. That said, there are reasons to expect some improvement in 2026 as changes to auction incentives , opens new tab, supply chain adjustments and demand growth for power from all sources spur continued wind energy uptake around the world. Below is a breakdown of the major factors that impacted the wind sector in 2025, and what to look out for in 2026 and beyond. SLOWEST GROWTH IN DECADES On top of all the external factors that bashed wind developers in 2025, the performance of existing wind farms did little to bolster the sector's reputation as a reliable power source. Indeed, global electricity generation from wind farms this year is on track to register its smallest growth rate in more than 20 years, thanks in large part to sustained stretches of sub-par generation in Europe and North America. Global wind-powered electricity production through the first 10 months of 2025 amounted to 2,158 terawatt hours (TWh), data from think tank Ember showed. That is a record, but only 7% higher than the same period in 2024, compared with an average annual growth rate of 14% from 2015 through 2024. Four straight months of year-over-year declines in wind generation in Europe - the second-largest wind-producing region after Asia - were a key factor in hobbling global wind output growth right at the start of 2025. Mid-year declines in wind generation in North America - the third-largest wind production region - then weighed further on global wind output as the region recorded output declines from the year before in April, May, June, August and September. Even Asia - which accounts for around 45% of global wind power production - registered rare year-over-year drops in wind generation in September and October, further stifling global output growth. POLICY AND COMPANY TURBULENCE Just as existing wind farms were struggling to perform as expected, planned future projects were being buffeted by major sudden shifts to key policies and power auction participation levels. In the U.S., the Trump administration's scrapping of federal support for wind power accelerated the phase-out of tax credits, tightened start-of-construction rules and imposed tougher limits on foreign-made components. Those changes look set to slow both onshore and offshore project growth for years. In Europe, the string of dismal wind power auctions spurred key developers, including Denmark's Orsted (ORSTED.CO) , opens new tab and Vestas (VWS.CO) , opens new tab, to push for faster permitting and better auction terms in order to boost investments. Some of those proposed changes are likely to take effect in 2026, and could ignite broader interest in the build-out of new wind capacity across the region. In Japan, soaring cost estimates for planned offshore projects caused Mitsubishi (8058.T) , opens new tab to pull out of three projects that were slated to start operations by 2030. However, the Japanese government has since made changes to wind project policies that are designed to allow greater flexibility for developers, provide more financial support and expand the area eligible for offshore wind projects. As with Europe's policy tweaks, these changes are likely to rekindle interest in expanding Japan's wind power footprint in 2026 and beyond, despite the tough going so far in 2025. CHINA-LED Even as wind developers endured setbacks elsewhere, wind power output in China - by far the world's top deployer and producer of wind power and its components - is on track to post more than 10% growth in wind energy for the 25th year in a row. China's share of global wind power output is set to rise to a record above 41% in 2025, from just under 40% in 2024. The sheer scale and pace of China's ongoing wind farm expansion means global wind production will likely keep hitting new highs in the coming years, even if growth grinds to a halt in the U.S. and stays weak in Europe. China's steady flow of wind component exports – up more than 20% to over $4 billion so far in 2025, per Ember data – also means supplies of wind parts are climbing in almost every region. Combined with the ongoing need to boost power output in almost every country, those swelling wind power supplies look set to ensure that wind power's global footprint keeps growing in 2026 and beyond - despite 2025's heavy turbulence. 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/wind-energy-blown-off-course-2025-set-2026-uplift-2025-12-23/

2025-12-23 11:58

Trump wants Greenland to become part of United States Denmark criticises new US envoy's comments on Greenland Greenland's mineral wealth has heightened US interest PALM BEACH, Florida/COPENHAGEN, Dec 22 (Reuters) - President Donald Trump reasserted on Monday that the United States needs Greenland for its national security and said a special envoy he appointed to the Arctic island would "lead the charge." Trump named Louisiana Governor Jeff Landry on Sunday as his special envoy to Greenland, drawing renewed criticism from Denmark and Greenland over Washington's interest in the mineral-rich Arctic island. Sign up here. Trump has advocated for Greenland, a self-governing Danish territory, to become part of the United States, citing its strategic importance and mineral resources. Landry, who took office as governor in January 2024, publicly supports the idea. "We need Greenland for national security, not for minerals ... If you take a look at Greenland, you look up and down the coast, you have Russian and Chinese ships all over the place. We need it for national security. We have to have it," Trump told reporters in Palm Beach, Florida, adding that Landry wanted to "lead the charge." Danish Prime Minister Mette Frederiksen and Greenland's Prime Minister Jens-Frederik Nielsen earlier said in a joint statement that Greenland belongs to Greenlanders. "You cannot annex another country. Not even with an argument about international security," they said. "Greenland belongs to the Greenlanders and the U.S. shall not take over Greenland." Landry, in a post on X, thanked Trump: "It's an honor to serve ... in this volunteer position to make Greenland a part of the U.S. This in no way affects my position as Governor of Louisiana!" The Trump administration put further pressure on Copenhagen on Monday, when it suspended leases for five large offshore wind projects being built off the East Coast of the U.S., including two being developed by Denmark's state-controlled Orsted. GREENLAND'S STRATEGIC VALUE Greenland, a former Danish colony with a population of about 57,000, has the right to declare independence under a 2009 agreement but remains heavily reliant on fishing and Danish subsidies. Its strategic position between Europe and North America makes it a key site for the U.S. ballistic missile defence system, while its mineral wealth has heightened U.S. interest in reducing reliance on Chinese exports. After Trump made the appointment on Sunday, Greenland's Nielsen commented on Facebook: "We have woken up again to a new announcement from the U.S. president. This may sound big, but it does not change anything for us. We decide our own future." DIPLOMATIC TENSIONS ESCALATE Danish Foreign Minister Lars Lokke Rasmussen said on Monday he would summon U.S. Ambassador Kenneth Howery, who had pledged "mutual respect" during a recent visit to Greenland. "Out of nowhere, there is now a special U.S. presidential representative, who, according to himself, is tasked with taking over Greenland. This is, of course, completely unacceptable," Rasmussen told TV2. Denmark has sought to repair strained ties with Greenland over the past year, while also trying to ease tensions with the Trump administration by investing in Arctic defence to address U.S. criticisms about inadequate security. "It is a difficult situation that our allies for a lifetime are putting us in," Prime Minister Frederiksen said in an Instagram post. Mikkel Vedby Rasmussen, a political science professor at the University of Copenhagen, told Reuters: "This appointment shows that all the money Denmark has invested in Greenland, in the defence of the Arctic, and all the friendly things we have said to the Americans, have had no effect at all." https://www.reuters.com/world/us/trump-announces-louisiana-governor-greenland-special-envoy-2025-12-22/

2025-12-23 11:54

Dec 23 (Reuters) - The European Commission will allow more energy-intensive industries to receive compensation to offset the costs of meeting EU emissions rules, it said on Tuesday, as it seeks to prevent companies from relocating operations outside the bloc. Under pressure from industries and some member nations, the European Union has broadly moved to ease the burden of legislation aimed at tackling climate change to ensure that European companies remain competitive. Sign up here. Tuesday's changes loosen rules on so-called state aid, which allows member states to compensate industries for a portion of the higher power bills arising from the additional cost of electricity generation resulting from carbon prices. The new guidelines should prevent "carbon leakage", which occurs when companies relocate production to countries outside the EU with weaker emission constraints or when EU products are replaced by more carbon-intensive imports, the Commission said. It extended the list of industrial sectors eligible for compensation under the EU's emission trading system to include 20 new sectors, including the manufacture of organic chemicals and certain activities in the ceramic, glass and battery sectors. The Commission said the expansion was needed because emission costs have risen significantly in recent years, putting more sectors at risk of carbon leakage than before. https://www.reuters.com/sustainability/boards-policy-regulation/eu-broadens-industry-compensation-emissions-regulation-costs-2025-12-23/

2025-12-23 11:53

ZURICH, Dec 23 (Reuters) - China has launched a trade dispute with India over solar cells, solar modules and IT goods, requesting dispute consultations on the matter, the World Trade Organization said on Tuesday. "China said the measures in question include India's tariff treatment and certain measures that China said are contingent upon the use of domestic inputs and otherwise discriminate against Chinese imports," the WTO said in a statement. Sign up here. Less than a week ago, India said it had imposed anti-dumping duties on cold rolled steel imports from China for five years to protect its domestic industry. https://www.reuters.com/sustainability/climate-energy/china-launches-trade-dispute-against-india-over-solar-cells-it-goods-2025-12-23/

2025-12-23 11:42

LONDON, Dec 23 (Reuters) - The pound rose to a near three-month high against a broadly weaker dollar on Tuesday, as traders assessed green shoots in the UK economy while keeping a close eye on persistent inflation. Sterling rose 0.42% against the dollar to $1.3517, its highest level since October 1, extending last week's gains and putting it on track for its best month out of the last four. Sign up here. The pound is up over 2% so far in December and on track to end 2025 about 8% higher. But a stronger yen was the focal point for traders on Tuesday following the sternest warning yet from authorities signalling Tokyo's readiness to intervene, as the Japanese currency teetered around recent lows against major peers. That includes the pound, which is hovering close to its highest level versus the yen since 2008 . Against the euro, sterling was 0.1% higher at 87.29 . "Sterling-wise looks to be some improving sentiment towards the outlook for the economy even if it looks a bit miserable in the trenches right now," said Neil Wilson, UK investor strategist at Saxo Markets. Data on Monday showed Britain's economy grew by 0.1% in the July-to-September period of this year, in line with the initial GDP estimate by the Office for National Statistics. But the ONS also said revisions to its data meant income flowing into Britain from foreign direct investment held abroad had been higher than previously thought. "Revised GDP figures showed a substantial upwards revision to business investment so traders are taking the positive out of that one," said Wilson. The pound has added 1% since the Bank of England delivered a widely expected rate cut last Thursday. But policymakers also hinted that the bar for further cuts remains high, with inflation elevated compared to other major economies. Meanwhile British finance minister Rachel Reeves has asked the country's budget watchdog to publish its next economic and public finance forecasts - but not an assessment of her progress on meeting her fiscal targets - on March 3, the government said, after delivering her budget last month. "Positioning was kind of negative going into the Budget so as that delivered (albeit dubious) extra fiscal headroom we have seen some relief rally since," said Wilson. https://www.reuters.com/world/uk/sterling-rises-12-week-high-versus-weaker-dollar-2025-12-23/