2024-11-11 22:35

Nov 11 (Reuters) - Rainfall did little to slow a wildfire burning on the border of New York and New Jersey on Monday, officials said, as strong winds helped the fire grow. The Jennings Creek Fire, located about 30 miles northwest of New York City, has now torched some 5,000 acres (2,023 hectares) and is 20% contained, according to officials at a press conference given by the New York State Parks department. Half of the containment is in New York and the other half is in New Jersey, officials said, adding that rainfall overnight did allow firefighting crews to rest. Meanwhile in California, gusty winds threatened to help a massive wildfire there expand. Wildfire outbreaks are a relatively common occurrence in California, but the East Coast blazes are unusual. The Jennings Creek fire has already killed one person, an 18-year-old employee of New York State Parks department, according to local police. Police said in a statement that Daniel Vasquez died while battling the fire as it ripped through Sterling Forest on the shore of Greenwood Lake. In California, firefighters have slowly gained on the 20,630 acre (8,350 hectares) Mountain Fire as it burned about 50 miles (80 km) northwest of Los Angeles. The fire, which started last Wednesday, was 36% contained after destroying more than 160 structures, according to Cal Fire. The area remains on high alert as winds were expected to strengthen on Monday and into Tuesday with gusts reaching 45 miles (72 km) per hour, the National Weather Service said in its forecast. NO IMPACT ON DROUGHT As much as a half inch of rain was recorded in several East Coast cities overnight, the National Weather Service in Mount Holly reported. Some cities, like Trenton, New Jersey, had not seen rain in 42 days, the service said. "This will NOT have any meaningful impact on the drought, but should briefly quell the extreme fire danger," the service said, as overnight rain gave way to clear skies on Monday morning. Northern New Jersey was downgraded to "very high" fire danger on Monday morning, from "extreme" before the rain. The southern third of the state was still considered "extreme," while Central New Jersey's danger was rated "moderate," the state's forest service said on its website. Overall, New Jersey's forest fire service reported about 10 separate wildfires in different parts of the state over the past week, including one in Englewood Cliffs, across the Hudson River from uptown New York City, where haze was visible and the air smelled of smoke over the weekend. Other New Jersey blazes were much smaller than the Jennings Creek fire and were largely contained by Monday, according to the local forest fire service. On Friday night, a two-acre fire broke out in the New York City borough of Brooklyn, damaging its last remaining forest called Ravine in Prospect Park, according to Prospect Park Alliance, an organization that sustains the park. The fire was extinguished by Saturday. A 37-year-old New Jersey man has been charged with arson and violation of provisions relating to firearms after he fired a shotgun round that ignited combustibles and started a wildfire in Ocean County, the local prosecutor said over the weekend. Sign up here. https://www.reuters.com/world/us/rain-may-help-new-jersey-wildfire-battle-gusts-threaten-fan-california-fire-2024-11-11/

2024-11-11 22:14

A look at the day ahead in Asian markets. The Trump trade carried Wall Street to fresh records on Monday but election-week momentum faded in holiday thinned markets that don't leave Asia much to cue off aside from disappointment in China's stimulus proposals. Except, perhaps, in the cryptosphere, where Donald Trump's sweeping win over Democratic candidate Vice President Kamala Harris kept activity lively, thanks to the president-elect's pre-election bitcoin cheerleading. The largest digital currency soared above $85,000 for the first time, carrying associated shares along with it. Treasury markets, being closed for the U.S. Veterans Day holiday, offered no signals. Fed funds futures however showed traders see a 65% chance that the Fed will follow last week's quarter point cut with another at its Dec. 17-18 meeting, even as easing expectations for next year were dialed back. The three main U.S. indexes (.SPX) , opens new tab, (.IXIC) , opens new tab, (.DJI) , opens new tab climbed further into uncharted territory in early trading, although the benchmark S&P 500 had difficulty holding above the 6,000 threshold that it first traded above on Friday. The stock market loves the Trump proposals for tax cuts and deregulation, especially the Russell 2000 small cap index (.RUT) , opens new tab, which rose about 1.5% to within 1% of the record high from November 2021. Bonds have been less enamored of Trump's promise to impose import tariffs that many economists see as likely to raise inflation and kick off retaliation from trade partners. The 30-year Treasury yield hit its highest since the end of May last week after the election, while the yield on the 10-year note rose to its highest since early July and the two-year hit its highest since late July. The dollar was still buoyed by higher yields, rising against the yuan to its highest since early August at 7.2332 yuan. Dollar/yen rose 0.7% to 153.78. Several stocks that gained following the election continued their upward trajectory. Tesla TSLA.O jumped almost 8% after touching $1 trillion in market value on Friday for the first time since 2022. Elon Musk, Tesla's billionaire CEO, has close ties to Trump and his companies look positioned to benefit under the new administration. U.S. listed cryptocurrency stocks surged, with crypto exchange Coinbase Global (COIN.O) , opens new tab jumping more than 20% and iShares Bitcoin Trust (IBIT.O) , opens new tab up more than 13%. Crypto miner Riot Platforms (RIOT.O) , opens new tab surged 17%, while MicroStrategy (MSTR.O) , opens new tab, one of bitcoin's biggest corporate backers, gained 28%. Beijing's proposed 10 trillion yuan ($1.4 trillion) package to shore up local government financing, announced late on Friday, did not offer a direct boost to its flagging economy. Thus investor disappointment overshadowed the record run Wall Street closed out with last week. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) , opens new tab closed down 1% on Monday after Hong Kong's Hang Seng (.HIS) , opens new tab sank 1.45%. Chinese blue chips (.CSI300) , opens new tab rose 0.66% higher after an early fall and Tokyo's Nikkei (.N225) , opens new tab ended 0.08% higher. Here are key developments that could provide more direction to markets on Tuesday: - India CPI (Oct) - India Industrial output (Sept) - South Korea Unemployment (Oct) Sign up here. https://www.reuters.com/markets/asia/global-markets-view-asia-2024-11-11/

2024-11-11 21:57

Zeldin voted against Biden's climate change law Opposed NY goal to ban gasoline-powered cars by 2035 In Congress, Zeldin backed environmental bills 14% of the time WASHINGTON, Nov 11 (Reuters) - U.S. President-elect Donald Trump said on Monday he will appoint Republican former Congressman Lee Zeldin, who often voted against legislation on green issues including a measure to stop oil companies from price gouging, to head the Environmental Protection Agency. "He will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet," Trump said in a post on his social media platform Truth Social. Trump, a Republican, will likely look to reverse many rules administered by the EPA on the burning of fossil fuels including one curbing carbon emissions from power plants and another slashing such emissions from vehicles. Trump has said he plans to begin rescinding EPA and Transportation Department vehicle pollution rules on his first day in office and is considering paring back or eliminating EV tax breaks and other incentives. Trump also plans to rescind California's ability to set its own vehicle emissions rules, as he did in 2019. President Joe Biden, a Democrat, reinstated California's authority. Trump will also decide how to spend billions of dollars in EV charging grants. As a candidate for New York governor in the 2022 election, Zeldin criticized the state's decision to join California's Zero Emission Vehicle program that vows to end the sale of gasoline-powered only vehicles by 2035. Zeldin, 44, also pressed in that unsuccessful campaign for a reversal of New York's ban on fracking, a drilling technique opposed by many environmentalists in the state, saying it would create jobs. "We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI," Zeldin said on the X social media platform, using the acronym for artificial intelligence. Zeldin will have to be confirmed by the Senate, which regained a Republican majority in this month's election. During his time in Congress from 2015 to 2023 as a Representative from New York, Zeldin cast "yes" votes on key pieces of environmental legislation just 14% of the time, according to a scorecard by environmental group the League of Conservation Voters. The average score in the House of Representatives in 2022, Zeldin's last year in Congress, was 52%. But his lifetime score topped the 4% average of the four Republican House leaders that year. Zeldin voted against Biden's landmark climate change law, the Inflation Reduction Act, which got no Republican votes, and rejected legislation that would crack down on price gouging by oil companies. In 2016, Zeldin joined the House's bipartisan Climate Solutions Caucus, that says it works to combat climate change while protecting U.S. economic prosperity. "During the confirmation process, we would challenge Lee Zeldin to show how he would be better than Trump’s campaign promises or his own failing 14% environmental score if he wants to be charged with protecting the air we breathe, the water we drink, and finding solutions to climate change," said Tiernan Sittenfeld, a senior vice president at the League of Conservation Voters. Sign up here. https://www.reuters.com/world/us/trump-taps-ex-congressman-zeldin-run-environmental-protection-agency-2024-11-11/

2024-11-11 21:00

Tesla shares at highest level since April 2022 Options trading concentrated in near-term contracts Bullish options action seen helping push the stock higher NEW YORK, Nov 11 (Reuters) - Investors are piling into bullish options bets on Tesla (TSLA.O) , opens new tab shares, with the stock hitting its highest level in more than two years on bets that CEO Elon Musk’s close ties to President-elect Donald Trump may benefit the electric car maker. Tesla’s shares were up about 8% to $346.12 on Monday and have rallied more than 35% since the Nov. 5 election. They now stand at their highest level since April 2022. Tesla's contracts were the most heavily traded options on individual stocks on Monday, with some 2.5 million contracts changing hands by noon - more than twice the usual pace, according to Trade Alert. "It's euphoric," said Steve Sosnick, chief strategist at Interactive Brokers. "Tesla is by far the most active option at our shop.” He noted a heavy concentration of call contracts at the $400 level, some 13% above the stock’s current price. Trade Alert data showed much of the trading concentrated in near-term contracts, with options expiring by Friday making up about 56% of the total trading volume. Musk has supported Trump for months and contributed at least $119 million to a pro-Trump spending group, federal records show. The billionaire’s business ventures, which in addition to Tesla EVs range from SpaceX rockets to Neuralink brain chips, depend heavily on regulation, subsidies and policy, and analysts said they could benefit from a friendly administration. On Monday, Wedbush Securities raised its target price on Tesla shares to $400 from $300, saying they see the Trump White House win as a "gamechanger for the autonomous and AI (artificial intelligence) story for Tesla and Musk over the coming years." Tesla options struck at $350 and $400, and set to expire by Friday, were the two most actively traded contracts with combined volume of about 180,000 contracts. The bullish options action was also likely helping to push the stock higher, as options dealers who sold upside contracts react to the soaring stock by buying more of the shares to cover their own risk. "If enough people speculate on certain strikes, the stock can have a tendency to move toward those strikes," Sosnick said. The big jump in the stock price and massive options interest also means Tesla call options are growing pricey and could draw sellers, said Brent Kochuba, founder of financial insights company SpotGamma. Should the stock fail to keep up with its recent moves, it might lead to a drop in the price of those calls, he said. "That can pressure the stock down," Kochuba said. Sign up here. https://www.reuters.com/business/autos-transportation/tesla-options-draw-euphoric-trading-trump-win-fires-up-stock-2024-11-11/

2024-11-11 20:28

Nov 11 (Reuters) - Resolute Mining's (RSG.AX) , opens new tab shares fell by 32% on Monday, their worst trading day in 16 years, after top executives at the Australian gold mining company were detained as part of a crackdown on foreign firms in Mali. The West African country's military-led authorities held Resolute CEO Terence Holohan and two other executives on Friday following talks with local mining and tax authorities. "Resolute has followed all official processes with respect to its affairs and has provided the authorities with detailed responses to all the claims made," the gold miner said on Monday in a filing , opens new tab. It had confirmed the detentions at the weekend and said it was in regular contact with the employees, and they were being treated well. Mali is one of Africa's top gold producers and the detention of foreign officials is becoming part of a pattern as the government seeks to extract more income from the sector. Mali's government, which has not commented on the detentions, is seeking to renegotiate existing contracts in line with new mining laws that require state and private interests in projects to rise to 35% from 20%. It is not alone in seeking a larger share of revenues from its minerals. The junta-led government in neighbouring Burkina Faso said this month it planned to strip some foreign firms of permits. Niger's military government has also revoked permits. Since Mali ousted Western forces and turned to Russia for military support in its fight against Islamist militants, there has been speculation among sources close to talks in Mali that any permits stripped from existing operators might be handed to Russian firms. So far, however, this has not happened. Resolute owns two operational gold mines. The larger one in Syama, Mali is expected to produce 205,000-215,000 ounces of gold in 2024. , opens new tab The second in Mako, Senegal is expected to produce between 140,000-150,000 ounces. Resolute said , opens new tab the safety of staff was its top priority in a statement issued over the weekend. The detentions follow the brief arrest in September of four senior Malian staff working for Barrick Gold (ABX.TO) , opens new tab, the world's second-largest gold miner. Barrick has since said that is expects to resolve claims and disputes before the year ends. Mali is demanding about $500 million in unpaid taxes from Barrick, Reuters has reported citing sources, as the government tries to cash in on the precious metal rally. Resolute shares were trading as low as A$0.455 on Monday, their worst day since October 2008. The stock was down 30.6% to A$0.465 at 0242 GMT and more than 38.5 million shares had been exchanged, more than twice the monthly average volume of 14.8 million shares. Sign up here. https://www.reuters.com/markets/commodities/australias-resolute-mining-slumps-after-mali-detains-ceo-two-other-employees-2024-11-11/

2024-11-11 20:22

LOS ANGELES, Nov 11 (Reuters) - Shipments from China helped U.S. imports of containerized goods exceed 2.4 million 20-foot equivalent units (TEUs) for the fourth consecutive month in October, trade data supplier Descartes Systems Group (DSG.TO) , opens new tab said on Monday. U.S. container imports last month totaled 2.49 million TEUs, a 1% decline from September and just 2.4% lower than this year's high in July. Import volume from China reached 960,016 TEUs, up 8.3% from October 2023 and reflecting an overall upward trend this year. The most common imports from China include furniture, bedding, toys, games and sports equipment, Descartes data showed. U.S. President-elect Donald Trump has promised to impose 60% tariff on Chinese goods and on products from other countries, including Mexico. Some importers told Reuters they already have rushed in shipments to avoid paying additional levies on Chinese products. China accounted for 38.5% of total U.S. container imports in October, below the February 2022 peak of 41.5%. At seven of the top 10 U.S. ports, transit time delays increased in October. That includes the top five East and Gulf Coast ports, where operations were disrupted by a three-day strike at the beginning of the month. The International Longshoremen's Association (ILA) labor union and the United States Maritime Alliance (USMX) employer group ended that impasse with a deal on wages. They set a new Jan. 15 deadline to reach a tentative deal on port automation and other remaining issues. Sign up here. https://www.reuters.com/markets/commodities/goods-china-boosted-us-ocean-imports-october-descartes-said-2024-11-11/