2025-10-12 23:37

US stocks regain some ground lost Friday, European stocks higher Gold at fresh record highs Investors grasp at hope for compromise in US-China trade war US bond market closed for holiday NEW YORK/LONDON, Oct 13 (Reuters) - MSCI's global equities gauge rose almost 1% on Monday, regaining some of the ground lost in Friday's sell-off after U.S. President Donald Trump softened his tone on the U.S.-China trade war, but safe-haven gold hit fresh record highs in a sign that uncertainty remained high. Investors were placated after U.S. Treasury Secretary Scott Bessent said on Monday that Trump is on track to meet Chinese leader Xi Jinping in late October as the two sides try to de-escalate trade tensions. Sign up here. On Friday, Trump had threatened 100% tariffs on China from November 1 in response to China's curbs on exports of rare earth elements. But by Sunday the U.S. president sounded more conciliatory, posting on social media that the U.S. did not want to hurt China. "Investors at the end of last week were worried that there was potential escalation in tensions between the United States and China. It looks like this morning they've walked that back a little bit," said Chris Zaccarelli, chief investment officer, Northlight Asset Management in Charlotte, North Carolina. Zaccarelli also said Monday's news that OpenAI has partnered with Broadcom (AVGO.O) , opens new tab to produce its first in-house artificial intelligence processors, "adds to the general enthusiasm around artificial intelligence and related industries." MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab rose 8.92 points, or 0.92%, to 981.17, regaining some ground lost in Friday's more than 2% sell-off. On Wall Street, the Dow Jones Industrial Average (.DJI) , opens new tab rose 587.98 points, or 1.29%, to 46,067.58. It had fallen 1.9% on Friday. The S&P 500 (.SPX) , opens new tab rose 102.21 points, or 1.56%, to 6,654.72 on Monday, after losing 2.7% in the prior session, and the Nasdaq Composite (.IXIC) , opens new tab rose 490.18 points, or 2.21%, to 22,694.61 after falling more than 3% on Friday. Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York, noted some signs of remaining skepticism in the market as investors were still buying gold. "Gold is the fear trade. Even with Trump backing away from the 100% tariffs on China, there is fear out there and gold is traditionally the place to hide," he said. Also, BofA commodities analysts said in a note on Monday that they had raised their forecast for gold to $5,000 an ounce for next year from $4,400. Spot gold breached $4,100 per ounce for the first time and was last up 2.24% at $4,107.17 an ounce. U.S. gold futures rose 3.11% to $4,099.50 an ounce. Earlier the pan-European STOXX 600 (.STOXX) , opens new tab index had closed up 0.44% although France remained in the spotlight with reappointed Prime Minister Sebastien Lecornu facing pressure to get a budget deal approved. In currencies, the dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.22% to 99.27. The euro was down 0.44% at $1.1567. Against the Japanese yen , the dollar strengthened 0.77% to 152.32. Japanese markets have had their own problems, with the ascension of new ruling party leader Sanae Takaichi to prime minister now in doubt. That contributed to a sharp rebound in the yen and a 5% dive in Nikkei futures on Friday. Japan's Nikkei (.N225) , opens new tab was closed on Monday for a holiday. In cryptocurrencies, bitcoin gained 0.71% to $115,874.58. It had fallen 5.6% on Friday. U.S. bond markets were closed on Monday for the Columbus Day/Indigenous Peoples' Day holiday. Oil prices rose on Monday after hitting five-month lows on Friday, as investors focused on the easing of U.S.-China trade tensions and assurances that Trump will meet his counterpart later this month. U.S. crude settled up 1% or 59 cents at $59.49 a barrel and Brent finished at $63.32 per barrel, up 0.94% or 59 cents on the day. In the week ahead, investors will be monitoring the earnings season kick-off with major U.S. banks reporting, including JPMorgan (JPM.N) , opens new tab, Goldman Sachs (GS.N) , opens new tab, Wells Fargo (WFC.N) , opens new tab and Citigroup (C.N) , opens new tab. S&P 500 companies overall are expected to have increased earnings by 8.8% in the third quarter from a year earlier, according to LSEG IBES, and strong results will be needed to justify the market's high valuations. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-12/

2025-10-12 23:36

Climate change is accelerating risks to Amazon, AMOC Warm water coral reefs in unstoppable dieback, report finds Renewable energy surpasses coal globally, marking a positive climate shift COPENHAGEN, Oct 13 (Reuters) - Global warming is crossing dangerous thresholds sooner than expected with the world’s coral reefs now in an almost irreversible die-off, marking what scientists on Monday described as the first “tipping point” in climate-driven ecosystem collapse. The warning in the Global Tipping Points report by 160 researchers worldwide, which synthesizes groundbreaking science to estimate points of no return, comes just weeks ahead of this year's COP30 climate summit being held at the edge of the Amazon rainforest in Brazil. Sign up here. That same rainforest system is now at risk of collapsing once the average global temperature warms beyond just 1.5 degrees Celsius based on deforestation rates, the report said, revising down the estimated threshold for the Amazon. Also of concern if temperatures keep rising is the threat of disruption to the major ocean current called the Atlantic Meridional Overturning Circulation, or AMOC, which helps to ensure mild winters in northern Europe. “Change is happening fast now, tragically, in parts of the climate, the biosphere,” said environmental scientist Tim Lenton at the University of Exeter, who is the lead author of the report. SOME POSITIVE SIGNS Lenton noted positive signs when it came to phasing out the fossil fuels most responsible for climate change. Renewables, for example, accounted for more electricity generation than coal this year for the first time, according to data from the nonprofit think tank Ember. “Nobody wants to be just traumatized and disempowered,” Lenton said. “We still have some agency.” The scientists implored countries at November's COP30 to work toward bringing down climate-warming carbon emissions. Scientists have been surprised by how quickly changes are unfolding in nature, with average global temperatures already having warmed by 1.3-1.4 degrees Celsius (2.3 to 2.5 degrees Fahrenheit) above the preindustrial average, according to data from U.N. and EU science agencies. WARMEST ON RECORD The last two years were Earth’s warmest on record, with marine heatwaves that stressed 84% of the world’s reefs to the point of bleaching and, in some cases, death. Coral reefs sustain about a quarter of marine life. For corals to recover, the world would need to drastically ramp up climate action to reverse temperatures back down to just 1 degree C above the preindustrial average, the scientists suggested. “The new report makes clear that each year there is an increase in the scope and magnitude of the negative impacts of climate change,” said Pep Canadell, a senior scientist at Australia’s CSIRO Climate Science Centre. The world is currently on track for about 3.1 degrees C of warming in this century, based on national policies. https://www.reuters.com/sustainability/cop/climate-tipping-points-are-being-crossed-scientists-warn-ahead-cop30-2025-10-12/

2025-10-12 23:12

LONDON, Oct 13 (Reuters) - Chief financial officers at major British companies are the most worried about competitiveness and productivity in at least 11 years, according to a survey that echoed other measures of corporate concern ahead of finance minister Rachel Reeves' budget. The survey, published by accountancy firm Deloitte on Monday, did show geopolitical concerns had eased from earlier in 2025 after U.S. President Donald Trump agreed a string of bilateral trade deals to soften the impact of his import tariffs. Sign up here. But the worries about competitiveness and productivity in the July-to-September period were the highest since Deloitte began asking CFOs about them in 2014 and now rank on a par with concerns about geopolitics. The Bank of England expects inflation hit 4% in September - double its target and the highest among major rich economies - while annual wage growth, though slowing, remains much higher than its pre-pandemic pace at nearly 5%. "CFOs have responded by strengthening balance sheets through a focus on cost control, building cash reserves, and reducing debt," Ian Stewart, chief economist at Deloitte UK, said. The survey did not ask specifically about tax policies. These have become a big worry for employers after they were hit by an increase in social security contributions in Reeves' first budget last year, according to other business surveys. Deloitte found a net 84% of finance leaders expected operating costs to rise over the next 12 months, the highest level in more than four years. Reeves is expected to raise taxes again on November 26 as she tries to stay on track to meet her targets for improving the public finances. Deloitte's survey was conducted between September 17 and September 30. Of the 68 participating CFOs, 11 were from FTSE 100 companies and 24 from FTSE 250 companies, while others were from the British subsidiaries of large multinational companies. Another report produced by rival accountancy firm BDO showed businesses delayed hiring in September due to rising costs and uncertainty ahead of November's budget. However, BDO's gauge of corporate optimism increased slightly on stronger order books and hopes of U.S. investment. https://www.reuters.com/world/uk/uk-cfos-worry-about-competitiveness-rising-costs-deloitte-says-2025-10-12/

2025-10-12 23:11

LONDON, Oct 13 (Reuters) - British finance minister Rachel Reeves should use her budget in November to carry out a long overdue reform of the taxation system which could help her to raise more revenue while limiting the hit to the economy, a think tank said on Monday. The Institute for Fiscal Studies urged Reeves against simply raising the levels of existing taxes to bring in the extra money she needs - estimated at about 30 billion pounds ($40 billion)- to stay on course for her targets to repair the public finances. Sign up here. "The last thing we need in November is directionless tinkering and half-baked fixes," Isaac Delestre, a senior research economist at the IFS, said. "There is an opportunity here. The chancellor should use this budget to take real steps down the road towards a more rational tax system," Delestre said. Reeves and Prime Minister Keir Starmer have promised voters they will not raise the rates of social security contributions, value added tax or income tax on "working people" nor increase the main tax on company profits. After raising social security costs for employers last year, alternatives for Reeves in her next budget on November 26 include taxes on wealth and property. The IFS said changes to wealth-related taxes, including capital gains tax, would be more effective than the introduction of an annual wealth tax, as sought by some lawmakers in the governing Labour Party. On property, shifting the burden of local property taxation towards regions such as London which had seen faster house price growth in recent decades and scrapping the stamp duty tax on property acquisitions should be considered, the think tank said. Last week, the leader of Britain's opposition Conservative Party said she favoured abolishing stamp tax. Another think tank, the National Institute of Economic and Social Research, said on Friday that Reeves should break her promise not to raise taxes on working people rather than seek to raise revenue in more economically damaging ways. ($1 = 0.7536 pounds) https://www.reuters.com/world/uk/uks-reeves-should-use-budget-reform-tax-system-ifs-says-2025-10-12/

2025-10-12 21:24

Oct 12 (Reuters) - Ukraine's foreign minister accused Russia on Sunday of deliberately severing the external power line to the Russian-held Zaporizhzhia nuclear power station in order to link the plant to Moscow's power grid. Ukrainian Foreign Minister Andrii Sybiha said Moscow was attempting to test a reconnection to Russia's grid. Sign up here. Ukraine has long feared that Moscow would try to redirect the plant's output to its grid. But Russian officials have denied any intention of trying to restart the plant, seized by Moscow's forces in the early weeks of the February 2022 invasion of Ukraine. The plant produces no electricity at the moment, but has been without an external electricity source for nearly three weeks. Officials have relied on emergency diesel generators to secure the power needed to keep the fuel cool inside the facility and guard against a meltdown. "Russia intentionally broke the plant’s connection with the Ukrainian grid in order to forcefully test reconnection with the Russian grid," Sybiha wrote on X in English. He denounced the "attempted theft of a peaceful Ukrainian nuclear facility". "Moscow tries to fool the IAEA and the whole technical and diplomatic community by pretending that the problem is caused by anyone other than itself," Sybiha said. Each side has accused the other of shelling that caused the line outage. The IAEA, the U.N.'s nuclear watchdog, said last week that the process of re-establishing the external link was underway and has repeatedly called on both sides to refrain from actions that compromise nuclear safety. Ukrainian President Volodymyr Zelenskiy said in his nightly video address, that it was not in Russia's interests to restore security at the plant. He said the IAEA needed to establish "a clearer, more honest position". There was no immediate Russian reaction to the Ukrainian allegations. Last week, the Interfax news agency quoted Russian Deputy Foreign Minister Sergei Ryabkov as saying there were no grounds to restart the Zaporizhzhia nuclear plant for now in the absence of an external power source. Before that report, Russia's state nuclear corporation Rosatom was quoted as saying it was preparing to restart the plant. https://www.reuters.com/business/energy/ukraine-accuses-russia-deliberately-severing-external-link-zaporizhzhia-plant-2025-10-12/

2025-10-12 17:02

MEXICO CITY, Oct 12 (Reuters) - At least 44 people were killed in Mexico after days of heavy rains and flooding, the government said on Sunday. Torrential rains from tropical storms Priscilla and Raymond triggered landslides and flooding across five states. Sign up here. There were 18 people killed in Veracruz state, 16 in Hidalgo, nine in Puebla and one in Queretaro, a government statement said. The government of President Claudia Sheinbaum was managing a response plan to support 139 affected towns. Photos posted by the Mexican military showed people being evacuated by soldiers using life rafts, homes that were flooded with mud and rescue workers trudging through waist-height waters through town streets. "We continue with attention to the emergency in Veracruz, Hidalgo, Puebla, Queretaro, and San Luis Potosí, in coordination with the governor and the governors, as well as various federal authorities. The National Emergency Committee is in permanent session," Sheinbaum said on X. https://www.reuters.com/sustainability/climate-energy/least-44-people-dead-after-torrential-rains-mexico-2025-10-12/