2025-10-30 20:56

CALGARY, Oct 30 (Reuters) - The U.S. Army Corps of Engineers has granted approval to Canadian company Enbridge (ENB.TO) , opens new tab for its plan to reroute a section of its Line 5 oil pipeline around a Wisconsin tribal reservation. The Army Corps, a federal engineering service, issued a permit Wednesday for Enbridge to build a new 41-mile segment of pipeline around the Bad River Reservation, to replace an existing section that currently crosses tribal territory. Sign up here. The Bad River Band filed a lawsuit in 2019 aimed at getting the pipeline off its land, citing concerns about treaty rights and the risk a potential oil spill would pose to Indigenous people and the environment. Enbridge submitted permit applications to state and federal regulators in 2020 for the Wisconsin relocation project. The permit issued Wednesday is a major project milestone, an Enbridge spokeswoman said, though construction cannot begin until multiple state permits issued last year are confirmed. Opponents of Line 5, including environmental organizations, have been contesting those permits, arguing Enbridge's plans do not properly protect Wisconsin's waterways. Enbridge said Thursday it is confident state permits will soon be confirmed. Enbridge's Line 5 is a 645-mile oil pipeline constructed in 1953 that carries oil from Superior, Wisconsin, through Michigan and into Ontario, Canada. In addition to its plan to reroute a section of the pipeline in Wisconsin, the company is planning to build a roughly 4-mile tunnel to house the aging section of pipeline that crosses through the Straits of Mackinac in the Great Lakes. Michigan regulators had approved Enbridge's application to build the $750-million tunnel under the Great Lakes to house its aging Line 5 oil pipeline in 2023, but the project still awaits Army Corps permitting. The Army Corps said earlier this year it plans to issue that decision this fall. https://www.reuters.com/business/energy/us-army-corps-approves-enbridges-line-5-reroute-wisconsin-2025-10-30/

2025-10-30 20:54

TSX ends up 0.1% at 30,178.98 Materials group adds 1.7% as gold rallies Bausch Health shares jump 12.5 % Energy dips 0.4% TORONTO, Oct 30 (Reuters) - Canada's main stock index edged up on Thursday as higher gold prices boosted metal-mining shares and investors took stock of the Bank of Canada's move to cut interest rates to a three-year low. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 34.20 points, or 0.1%, at 30,178.98, putting the index on track for a monthly gain of 0.5%. It would be the sixth straight monthly advance, which is a streak last achieved in 2021. Sign up here. On Wednesday, the BoC reduced its benchmark interest rate by a quarter of a percentage point to 2.25%. "The bank's move signals a pivot from fighting inflation to supporting a struggling economy," said Victor Kuntzevitsky, a portfolio manager at Stonehaven, Wellington-Altus Private Counsel. "It reinforces the lower-for-longer rate environment which has implications for everything from bank margins to dividend-paying utilities." Lower interest rates reduce the income banks earn from floating-rate loans while they potentially increase the attractiveness of utilities to income-seeking investors. The materials group (.GSPTTMT) , opens new tab, which includes metal-mining shares, climbed 1.7%, as the price of gold increased 2.4%, moving back above $4,000 an ounce. "Global demand for gold continues to be driven by central bank demand, especially the Chinese central bank," Kuntzevitsky said. "We haven't yet seen inflows from retail investors and we think that the next wave in gold appreciation will come from retail investors." Healthcare (.GSPTTHC) , opens new tab was another bright spot, adding 1.5%. Shares of drugmaker Bausch Health Companies (BHC.TO) , opens new tab jumped 12.5% after the company raised its full-year 2025 revenue outlook. Canadian National Railway (CNR.TO) , opens new tab has laid off about 400 managers at its rail offices across Canada and the United States amid a freight downturn due to the trade war, the Globe and Mail reported. The company's shares ended 0.5% higher. Energy (.SPTTEN) , opens new tab was a drag, dipping 0.4%, and heavily weighted financials (.SPTTFS) , opens new tab ended 0.1% lower. https://www.reuters.com/business/tsx-futures-steady-markets-assess-us-china-trade-deal-2025-10-30/

2025-10-30 20:41

Oct 30 (Reuters) - Coinbase Global (COIN.O) , opens new tab beat analysts' estimates for third-quarter profit on Thursday, as heightened volatility in digital assets boosted trading volumes at the cryptocurrency exchange, sending its shares up more than 3% after the bell. Digital assets rallied in July as crypto-friendly policies by U.S. President Donald Trump attracted institutional investor interest, catapulting bitcoin, the world's largest cryptocurrency, to new peaks. Sign up here. However, weak economic data in the following month sparked recession fears, triggering a sector-wide selloff as investors moved to liquidate riskier assets. Cryptocurrency exchanges often benefit from volatility in the sector as they earn more through transactions with investors seeking to hedge their portfolios. Coinbase's transaction revenue rose to $1.05 billion during the quarter, from $572.5 million a year ago. The company reported a net income of $432.6 million, or $1.50 per share, for the three months ended September 30, compared with $75.5 million, or 28 cents per share, a year earlier. Analysts were expecting a profit of $1.06 per share, according to data compiled by LSEG. Coinbase also closed its Deribit acquisition in the third quarter, bolstering its position in the derivatives market, an area where, according to Third Bridge analysts, it has historically lagged. "Deribit is already the market leader in options. They had over 75% market share for options. Notably, this is all non U.S., and so there's paths to grow the market for options in the U.S.," finance chief Alesia Haas said on a conference call. STABLECOIN - PART OF GROWTH STORY Revenue from Coinbase's subscription and services unit, which includes businesses outside of trading, rose 34.3% to $746.7 million during the third quarter. A portion of Coinbase's subscription and services revenue is derived from stablecoin holdings and related platform activities. Stablecoin revenue came in at $354.7 million, up from $246.9 million a year earlier. "We are accelerating payments through stablecoin adoption, which we anticipate will continue given policy tailwinds, and ongoing adoption from financial institutions and corporates for payment and treasury needs," Coinbase said in a letter to shareholders. Stablecoin has received optimism from traditional circles of finance and been at the forefront of legislation, with the GENIUS Act passed earlier in the year. The act aims to create a regulatory framework for stablecoins and promote broader adoption. "Coinbase is cash-rich and growth-ready," said David Bartosiak, Stock Strategist at Zacks Investment Research. "The company isn't just trading coins anymore, it's building the backbone of the new financial internet." https://www.reuters.com/business/crypto-exchange-coinbase-profit-rises-trading-strength-2025-10-30/

2025-10-30 20:00

MILAN, Oct 30 (Reuters) - Stellantis has set up a "war room" to address possible chip shortages stemming from issues at Dutch group Nexperia linked to the U.S.-China trade war, the automaker's CEO said on Thursday. "We are monitoring day-by-day the chip situation from Nexperia," Chief Executive Antonio Filosa told analysts in a call to discuss third quarter performance. Sign up here. "Every day we are pushing actions and projects" to produce without stoppages, Filosa said, replying to an analyst who asked whether Stellantis was in a similar position to Volkswagen (VOWG.DE) , opens new tab. The German automaker has said it cannot rule out stoppages to production in the short term due to chip shortages. "This is a day-by-day management of what is an industry-wide global issue," Filosa said. Industry bodies have sounded the alarm over the possible impact on production after the Dutch government seized control of Chinese-owned Nexperia last month, citing intellectual property concerns, while China curbed exports of finished products needed by European automakers. U.S.-China trade tensions, including on semiconductors, could ease after Thursday's announcement by U.S. President Donald Trump that he had reached a deal with President Xi Jinping. Under the agreement, the U.S. would trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing. https://www.reuters.com/business/autos-transportation/stellantis-has-set-up-war-room-manage-nexperia-chip-crisis-ceo-says-2025-10-30/

2025-10-30 19:37

Democratic-led states ask judge to block SNAP benefits from being cut off USDA says it will not use contingency funds for food aid States seek ruling before Saturday BOSTON, Oct 30 (Reuters) - A federal judge in Boston on Thursday said it appeared to her that President Donald Trump's administration cannot legally suspend all food aid for millions of Americans amid the ongoing government shutdown as it plans to do starting Saturday. U.S. District Judge Indira Talwani said she planned to decide later on Thursday whether she should force the U.S. Department of Agriculture to use some of the $5.25 billion in contingency funds it has on hand to pay for the Supplemental Nutrition Assistance Program, also known as food stamps. Sign up here. Lawyers for 25 Democratic-led states and the District of Columbia during an hour-long hearing asked the judge to issue a temporary restraining order that would ensure the government at least partially funds the SNAP benefits, which 42 million Americans rely upon. The USDA has said insufficient funds exist to pay full benefits, which cost $8.5 billion to $9 billion per month. Justice Department attorney Jason Altabet told the judge that USDA lacked the authority to disburse any funds for the benefits until Congress passes a spending bill ending the shutdown that began October 1. But Talwani, an appointee of Democratic President Barack Obama, questioned how the administration came to conclude it could pay out nothing at all when Congress provided the USDA with contingency funds it still has available in case of an emergency. "It's hard for me to understand how this isn't an emergency when there’s no money and a lot of people are needing their SNAP benefits," she said. The judge said Congress and USDA's own regulations instead appeared to intend for the agency to "tighten belts" if, for the first time in the SNAP program's history, it could no longer fully fund benefits for nearly 42 million low-income Americans. "We're not going to make everyone drop dead because it’s a political game," she said. The USDA's shutdown plan, released last month, had said contingency funds were available to keep funding SNAP benefits in the event Congress did not enact spending legislation that would avert the lapse in funding that began October 1. But on Saturday the department updated its website to say no benefits would be issued on November 1 as scheduled, stating "the well has run dry," prompting the states to sue on Tuesday. SNAP benefits are available to Americans whose income is less than 130% of the federal poverty line, or $1,632 a month for a one-person household, or $2,215 for a two-person household in many areas. States are responsible for the day-to-day administration of the benefits, which are paid out monthly. Democrats and Republicans in Congress have traded blame for the shutdown and for the risk that SNAP benefits could lapse as the funding impasse continues. But the states, led by Massachusetts, California, Arizona and Minnesota, say the lapse is unnecessary given the existence of the contingency funds, which would cover a portion of the benefits and by law are intended to be used as “necessary to carry out program operations." “Millions of Americans are going to lose benefits they’ve had for decades," Michelle Pascucci, a lawyer with the Massachusetts attorney general's office, said during the hearing. She argued that USDA lacks the discretion to stop funding benefits absent a complete lack of funding and by law must continue paying out as long as Congress has appropriated funds that can be used for those purposes, even if it could only make a partial distribution. Altabet, the Justice Department attorney, warned that a ruling in the states' favor would result in an operationally fraught situation for USDA, saying officials were "legitimately scared" if the antiquated systems some states use could handle an unprecedented partial benefits distribution. "The agency thinks it would be catastrophic," he said. While the temporary restraining order the states had proposed would only apply to them, Talwani said that the way the law governing SNAP worked, any decision she issued would have a national impact as benefits cannot be reduced based on where people live or "what political party they are." "I can’t consider this in only the terms of half the nation," she said. https://www.reuters.com/legal/government/states-urge-us-judge-block-trump-administration-suspending-food-benefits-2025-10-30/

2025-10-30 19:28

Foreign investors remain cautious despite trade truce China's stock market sees selective foreign participation Competition and cooperation will spur rally, analysts say SINGAPORE/HONG KONG, Oct 30 (Reuters) - China's latest trade truce with the United States removes one big deterrent for foreign investors who've been circumspect all year about investing in a stock market that's outrun most other major ones with its strongest annual run since 2019. Foreign money managers have so far been both measured and selective participants in a rally that has pushed Chinese stocks to multi-year highs, fearful of pressures from deflation, weak consumption in the world's second-largest economy and trade tensions. Sign up here. Thursday's deal between China and U.S. President Donald Trump removes one source of worry, to an extent. The year-long truce is the longest the two feuding sides have had in a fractious relationship, and it reduces import tariffs on China, removes some controls on Chinese rare earths exports and allows Chinese firms to receive some U.S. technology. Beyond those encouraging headlines, the specifics of the deal left markets unimpressed and analysts pointing to the breakthrough and commitment to cooperation as the best part of the truce. "I don't think this trade deal changes anything dramatically, but it helps move the needle on on encouraging offshore investment in China," said Kristina Hooper, New York-based chief market strategist at the Man Group. "There has been some concern among investors in areas like the U.S. that at some point if they were to invest in China, they would be forced to divest. So any warming of relations between the two countries is a form of encouragement to invest in China." Boosted by policy measures and Chinese artificial intelligence forays, its blue-chip stock index (.CSI300) , opens new tab is up by a fifth this year, while the more accessible Hong Kong Hang Seng index (.HSI) , opens new tab is one of the world's top performers this year with 31% gains, bigger than Nasdaq's (.IXIC) , opens new tab 23%. But foreign money has played safe, staying in sectors around AI and China's self-sufficiency initiatives while avoiding broad exposure. Foreigners have pulled $3.9 billion from offshore-listed China-dedicated equity funds so far this year, LSEG Lipper data showed. Relative to its economic might, which is a fifth of world GDP, China is underowned. Data from financial services firm Morningstar showed large global funds on average had a 1.43% exposure to China at the end of September. Cusson Leung, chief investment officer at Hong Kong-based wealth manager KGI, finds the signs of easing in Sino-U.S. tensions positive. "I'll continue building up China positions with today's dip," said Leung. But it's less about the trade talks and more a bet on China's economic recovery, he said. COMPETITION PLUS COOPERATION For investors, there's ostensibly opportunity even if the two trade rivals compete fiercely while cooperating a bit. "On both sides, they still have the mindset to strengthen the security of their own supply chains, and this brings opportunities for their domestic players in different sectors," said Chaoping Zhu, global market strategist at JP Morgan Asset Management in Shanghai, referring to U.S. quest to find alternate sources of rare earths and China's push for technological prowess. "Maybe the competition will continue and at the same time, some kind of cooperation, and investors have already priced in this scenario. I think the chance for upside might be a little larger than the chance for downside." Analysts at BNP Paribas and Goldman Sachs expect strong domestic drivers to push Chinese stocks higher. In a note published last week, Goldman said it expects policy, growth, valuations and money flows to push the mainland and Hong Kong indexes up roughly 30% by the end of 2027. There are stubborn "China Discounts" to peer markets in the valuations, suggesting "investors aren’t overpaying for the right tail from further AI optimism and liquidity overshoot in China," they said. "The combination of easing Fed policy and a weaker dollar may incentivize global funds to revisit their China investment case, and to repair their persistent underweight allocations to Chinese stocks." Still, no one's ready to call an end to the trade war, and investors are advised caution. "There's a not a lot of positivity getting priced in, as investors are still sceptical as to how long this unstable equilibrium sustains," said Devesh Divya, FX strategist at Standard Chartered in Singapore. Uncertainty had reduced but it was still a very difficult environment for corporates and multinationals looking to expand or invest, he said. https://www.reuters.com/world/china/after-trade-truce-china-becomes-bit-more-investible-2025-10-30/