2025-11-05 07:23
US crude stocks rise, fuel inventories fall, EIA data shows Canada may scrap oil and gas emissions cap, raising supply concerns Russia suspends fuel exports at Black Sea refinery NEW YORK, Nov 5 (Reuters) - Oil prices fell more than 1% on Wednesday, settling at two-week lows on pressure from concerns of a possible global oil glut, but data showing signs of strong U.S. demand for fuel limited losses. Brent crude futures closed 92 cents, or 1.43%, lower at $63.52 a barrel, while U.S. West Texas Intermediate crude settled 96 cents, or 1.59%, low at $59.60. Sign up here. Oil prices fell following U.S. government data that showed an increase in crude inventories last week. "A rebound in imports and subdued refining activity amid seasonal maintenance has encouraged a build to U.S. crude inventories," said Kpler lead Americas oil analyst Matt Smith. U.S. STOCKS BUILD MORE THAN EXPECTED U.S. crude stocks rose by 5.2 million barrels to 421.2 million barrels last week, the Energy Information Administration said, compared with analysts' expectations for a 603,000-barrel rise. However, signs of stronger-than-expected gasoline demand limited oil price losses. Gasoline inventories fell by 4.7 million barrels last week to 206 million barrels. Analysts had expected a 1.1 million-barrel draw. Canadian Prime Minister Mark Carney's budget plan, unveiled on Tuesday, signalled that Canada could scrap a cap on oil and gas emissions, fuelling concerns over a potential supply glut. "Canada could ditch their controversial oil and gas emissions strategy and unleash more oil," said Phil Flynn, senior market analyst with Price Futures Group. The Organization of the Petroleum Exporting Countries and allied producers, a group known as OPEC+, agreed on Sunday to increase output by 137,000 barrels a day in December. It decided to pause further increases in the first quarter of 2026. Kazakhstan's crude oil production, excluding gas condensate, declined 10% last month to 1.69 million barrels per day, still above the OPEC+ output quota, according to an industry source and Reuters calculations. Russia's Black Sea port of Tuapse has suspended fuel exports, while its oil refinery halted crude processing after Sunday's Ukrainian drone attacks on its infrastructure, according to two industry sources and LSEG ship tracking data. https://www.reuters.com/business/energy/oil-prices-fall-amid-broader-market-selloff-gains-us-crude-stockpiles-2025-11-05/
2025-11-05 07:19
COPENHAGEN, Nov 5 (Reuters) - Orsted (ORSTED.CO) , opens new tab, the world's biggest offshore wind farm group, swung to a quarterly net loss of 1.70 billion Danish crowns ($265,50 million), it said on Wednesday, hit by U.S. President Donald Trump's trade policies and resistance to renewable energy. Orsted's shares have plummeted 85% from their 2021 peak, hit by soaring costs and supply chain disruptions, as well as challenges in the United States where Trump sought to halt several ongoing developments and suspended new licensing. Sign up here. Orsted saw impairment losses of 1.8 billion crowns in the third quarter. "The negative development was driven by increased tariffs in the U.S. and negative impact from the stop-work order on Revolution Wind, partly offset by decreasing interest rates," the company said in a statement. The company's net loss for the July to September period was smaller than the average expectation of a 1.95 billion crowns deficit in a company-provided poll of analysts, but significabtly down from a year-ago profit of 5.17 billion crowns. Meanwhile, its profit before interest, tax, depreciation and amortisation (EBITDA), excluding new partnerships and cancellation fees, came in at 3.06 billion crowns for the period, lagging an average poll forecast of 4.0 billion crowns. ($1 = 6.4029 Danish crowns) https://www.reuters.com/sustainability/climate-energy/offshore-wind-group-orsted-turns-net-loss-q3-following-us-woes-under-trump-2025-11-05/
2025-11-05 07:14
Nov 5 (Reuters) - Dutch supermarket group Ahold Delhaize (AD.AS) , opens new tab said on Wednesday it was planning to carry out 1 billion euro ($1.2 billion) share buyback, starting at the beginning of 2026, after it beat market expectations for third-quarter earnings. The company, which operates the Food Lion chain in the United States, said its quarterly underlying operating income was 933 million euros in the quarter, against an average forecast of 866 million euros from analysts polled by it. Sign up here. The beat was supported by strong performance of Ahold's U.S. business, which also includes Stop & Shop, Giant and Hannaford chains, the company said. Comparable U.S. sales excluding gasoline grew by 2.9%. Ahold generates more than half of its revenue in the country. The company reiterated its full-year financial targets, which include underlying operating margin of around 4% and at least 2.2 billion euros of free cash flow. Ahold, which had seen record-high sales in the first quarter of 2025, may however be heading into stormier waters due to rising inflation and the looming lapse of food aid in the U.S. "With rising inflation, stagnating economic growth and governmental policy moves, the business and customer climate is pressured", CEO Frans Muller said in a statement, pointing to price limitation in Serbia and higher VAT rates in Romania. ($1 = 0.8575 euros) https://www.reuters.com/business/ahold-delhaize-launch-12-billion-buyback-after-q3-profit-beat-2025-11-05/
2025-11-05 06:55
JOHANNESBURG, Nov 5 (Reuters) - South Africa's rand inched up early on Wednesday, attempting a recovery from an almost two-month low as investors awaited fresh signals on the global and domestic economic outlook. At 0630 GMT, the rand traded at 17.49 per dollar , up about 0.3% after falling more than 1% on Tuesday amid weaker gold prices, in line with other commodity-linked currencies. Sign up here. Investors now await the S&P Global October whole-economy PMI (ZAPMIM=ECI) , opens new tab due at 0715 GMT for insights into business conditions in Africa’s most industrialised economy. Last month's index showed that business conditions in South Africa's private sector improved for the fifth month running in September, buoyed by a rise in output and new orders. It also flagged that business expectations for the year ahead fell to their lowest level since July 2021, with concerns over economic and political uncertainty cited for dampening sentiment. The domestic calendar looks relatively lean for the rest of the week, with October's foreign reserves data due on Friday the main focus for further clues on the health of the local economy. South Africa's benchmark 2035 government bond was flat in early deals, with the yield at 8.835%. The nation's risk-sensitive assets could consolidate around the current levels unless a significant catalyst related to domestic politics, U.S. policy and economic events emerges for directional momentum. "Given yesterday's sell-off, today's trading session will be particularly interesting to see whether the stock market correction gathers momentum or stalls. If the latter, fears of a major bout of ZAR depreciation will subside," said ETM Analytics in a research note. The Johannesburg Stock Exchange, the Top-40 index (.JTOPI) , opens new tab fell more than 2% on Tuesday hurt mainly by precious metal miners. https://www.reuters.com/world/africa/south-africas-rand-pauses-slide-investors-await-next-catalyst-2025-11-05/
2025-11-05 06:48
Nov 5 (Reuters) - Barry Callebaut (BARN.S) , opens new tab said on Wednesday that it expected a mid single-digit percentage decline in sales of cocoa products in its upcoming financial year, as it continues to face pressure from high cocoa prices. The company, which supplies chocolate for Unilever's (ULVR.L) , opens new tab soon-to-be-spun-off Magnum ice creams and Nestle's (NESN.S) , opens new tab KitKat bars, also forecast recurring core earnings (EBIT) growth in a low to mid single-digit percentage, measured in local currencies, for the 2025/26 financial year. Sign up here. The company, whose ingredients are present in one out of four chocolate and cocoa products consumed worldwide, said its sales volume fell 6.8% to 2.1 million tonnes in the financial year that ended in August. Analysts were expecting 2.1 million tonnes on average, a company-provided poll showed. Volumes fell 8% in the fourth quarter between June and August, according to a Reuters calculation. NEW GUIDANCE, OLD PROBLEMS Analysts had contrasting reactions to the new forecast the Zurich-based company provided. Vontobel's Matteo Lindauer said the the new guidance was a "welcome shift" from last year's unattainable targets. However, Kepler Cheuvreux's Jon Cox called the targets cautious and said the stock may come under pressure as a result. Barry Callebaut's shares were seen falling 3% in premarket indications as of 0713 GMT. "Industry conditions stay challenging, as underscored by recent commentary from key customers such as Mondelez and Hershey," Lindauer said. In October, Mondelez (MDLZ.O) , opens new tab cut its annual profit forecast, citing weakening spending among value-conscious consumers in North America and Europe, while higher cost of cocoa added pressure. https://www.reuters.com/business/barry-callebaut-reports-full-year-sales-volumes-decline-2025-11-05/
2025-11-05 06:27
Wall Street stocks end higher US private payrolls data exceeds expectations Bitcoin up after Tuesday's losses NEW YORK, Nov 5 (Reuters) - Major stock indexes gained on Wednesday as corporate earnings and U.S. private payrolls data were stronger than expected, while Treasury yields surged following the day's economic data. U.S. private payrolls increased by 42,000 jobs in October, exceeding expectations of a 28,000 gain, according to a Reuters poll of economists. However, some industries such as professional business services shed jobs for a third straight month. Sign up here. Aside from the private payrolls numbers, data showed U.S. services sector activity picked up in October amid a solid increase in new orders. A congressional impasse has resulted in what is now the longest-ever U.S. government shutdown, which has forced investors and the data-dependent Federal Reserve to rely on private sector indicators. An index of semiconductors (.SOX) , opens new tab was up 3% after falling sharply on Tuesday. Shares of Advanced Micro Devices (AMD.O) , opens new tab ended 2.5% higher after the company late Tuesday gave an upbeat revenue forecast. Among other earnings reports, drugmaker Amgen (AMGN.O) , opens new tab reported a profit that beat estimates and its shares gained 7.8%. "Today is a bit of a relief rally you might say," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "The ADP numbers... suggested that maybe if these numbers align with the official numbers - when they finally do come out - and that perhaps the fear over the jobs market may have been somewhat overstated," he said, referring to the ADP National Employment Report. Investors were also paying close attention as U.S. Supreme Court justices raised doubts over the legality of U.S. President Donald Trump's sweeping tariffs in a case with implications for the global economy. The Dow Jones Industrial Average (.DJI) , opens new tab rose 225.76 points, or 0.48%, to 47,311.00, the S&P 500 (.SPX) , opens new tab rose 24.74 points, or 0.37%, to 6,796.29 and the Nasdaq Composite (.IXIC) , opens new tab rose 151.16 points, or 0.65%, to 23,499.80. Analysts now see aggregated S&P 500 earnings growth of 16.2% year-on-year for the July-September period, more than double the growth expectations at the beginning of the quarter, according to LSEG. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 1.07 points, or 0.11%, to 997.89. The pan-European STOXX 600 (.STOXX) , opens new tab index rose 0.23%. Enthusiasm for generative artificial intelligence has swept across stock markets worldwide this year, drawing comparisons to the dotcom bubble. U.S. Treasury yields rose after the data surprises showed continued economic resilience. The Treasury Department on Wednesday said it expected to keep its nominal coupon and floating rate note auction sizes steady for at least the next several quarters, but was beginning to consider future increases. Benchmark 10-year yields rose by nearly seven basis points to 4.159%. The dollar was little changed against major currencies. The dollar has strengthened against the euro since last week when the Fed cut interest rates by 25 basis points and Fed Chair Jerome Powell said a December cut was not a foregone conclusion. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.01% to 100.16. Sterling was about flat on the day versus the dollar . The Bank of England meets on Thursday, and with market pricing showing a roughly one-in-three chance of a 25-basis point rate cut, whatever the BoE decides could cause a knee-jerk reaction in the pound. Leading cryptocurrency bitcoin rose 3% to around $103,144, after bouncing back from earlier losses. It slid 6.1% on Tuesday to below $99,000 for the first time since June 22. Oil prices fell as worries about global oversupply overshadowed data showing signs of strong U.S. demand for fuel. U.S. crude fell 96 cents to settle at $59.60 a barrel and Brent fell 92 cents to $63.52. https://www.reuters.com/world/china/global-markets-global-markets-2025-11-05/
