2025-10-09 05:05

LITTLETON, Colorado, Oct 9 (Reuters) - China's longstanding dominance of clean energy manufacturing is translating into a behemoth export business, with close to $1 trillion worth of batteries, solar components, electric vehicles and wind power systems shipped globally since 2018. Below are seven charts showing the types of clean energy technology components Chinese firms are exporting, and the destinations. Sign up here. FULLY CHARGED Of all the clean energy tech manufactured by China, battery systems have emerged as the most lucrative export item. China has shipped out roughly $330 billion worth of batteries and battery storage systems since 2018, according to data from energy think tank Ember. That is by far the largest export value tied to China's clean energy products during that period, and accounts for just over a third of the country's annual earnings from clean energy technology shipments. Solar panels, inverters and rack systems are the next largest export segment in China's clean tech arena, with total exports since 2018 amounting to roughly $242 billion. Electric vehicles generated around $195 billion in export revenues since 2018, heating and cooling system exports about $105 billion, grid management equipment around $77 billion and wind farm components a further $27 billion. GLOBAL REACH Europe has been the top destination for Chinese clean energy tech exports since 2018, with the region snapping up nearly $370 billion of China-made products over that time span. Other Asian nations account for the next-largest share of exports, with North America a distant third. Due to trade tensions with the United States and Europe, the pace of China's export growth to Europe and North America has slowed notably from earlier this decade. However, exports to elsewhere in Asia, the Middle East, Africa and Oceania have all hit new highs this year, helping to lift China's total revenues from global clean tech exports to a record. EBBS AND FLOWS While the total value of China's clean energy tech exports has steadily expanded since 2018, there have been notable swings in the export volumes of particular products over that period. From 2018 through 2022, solar parts were the dominant export earner among China's clean energy suite, but since then a drop-off in solar sales as key markets hit saturation point has meant that batteries are now in the top spot. However, battery sales momentum has also been choppy due to trade spats with Brussels and Washington, D.C., and as battery producers in Europe, the United States and other regions eat into China's market share. In contrast to the turbulent trajectories of China's solar and battery export earnings, the value of China's exports of EVs has climbed steadily to sequential annual records since 2019. During the first eight months of 2025, China's EV exports generated roughly $52 billion, which marks a 26% rise from the same months in 2024 and a 1,600% rise from 2019's total, Ember data shows. Trade tensions and slowing global consumer spending threaten to clip China's EV export growth pace going forward, but aggressive discounting by Chinese EV manufacturers looks set to ensure solid EV export growth for 2025 as a whole. OTHER KEY CLEAN COMPONENTS China's exports of power grid technologies and heating and cooling systems have also scaled record highs so far in 2025, and look set for further steep growth in the decades ahead. Nearly all global electricity systems are in the midst of a years-long campaign of upgrades and expansions as utilities try to keep up with surging electricity demand from homes, transport systems and businesses. At the same time, climate change is leading to longer and more intense heatwaves that are sparking a surge in demand for space cooling systems in hot and humid areas, especially across South and Southeast Asia, the Middle East, and Africa. China's manufacturing dominance in both the grid tech and space cooling segments means the country is well-placed for further export growth in those areas, even if other countries also compete for market share. China's world-leading wind turbine manufacturing base has also recorded robust export sales growth so far in 2025, even amid sharp anti-wind policy moves in the United States and a slowdown in wind farm installations in Europe. Altogether, China's diverse offerings of top-tier equipment across the renewable power generation, energy storage, EV, space cooling and grid management sectors leave the country primed for further robust export growth for years to come. 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/tracking-chinas-clean-energy-export-dominance-seven-charts-2025-10-09/

2025-10-09 05:04

ISTANBUL, Oct 9 (Reuters) - Turkey's planned highway from the capital Ankara to Delice has secured a 974 million euro ($1.13 billion) loan in a project with a total investment of 1.4 billion euros, Transport Minister Abdulkadir Uraloglu said on Wednesday. Speaking at the signing ceremony for the closing agreement, Uraloglu said the other 30% of the project, or 417 million euros, will be financed with equity. Sign up here. The loan acquisition work was conducted by Fernas Insaat and FNS Otoyol Yatirim, he said. The highway, from Ankara via Kirikkale to Delice, will be 120 km (75 miles) long with 101 km of main trunk roads and 19 km of connecting roads. Banks providing the loan to the project include Ziraat Bank, Isbank (ISCTR.IS) , opens new tab, Yapi Kredi (YKBNK.IS) , opens new tab and Akbank (AKBNK.IS) , opens new tab. ($1 = 0.8589 euros) https://www.reuters.com/world/middle-east/highway-project-central-turkey-secures-974-million-euro-loan-2025-10-09/

2025-10-09 04:40

JPMorgan CEO warns of market risks Three major US stock indexes end down Argentina international dollar bonds rally; US Treasury's Bessent says US bought pesos NEW YORK, Oct 9 (Reuters) - Major stock indexes eased on Thursday, while the dollar climbed to its highest level against the Japanese yen since mid-February as the newly elected leader of Japan's ruling party failed to boost market confidence about the currency's direction. Argentina's international dollar bonds rallied and the local peso strengthened late on Thursday after direct participation from the U.S. Treasury in the foreign exchange market. Sign up here. U.S. Treasury Secretary Scott Bessent made the announcement after the market closed, as part of previously pledged support for Argentine President Javier Milei's reform programs. All three of the main U.S. stock indexes ended lower, and European stocks finished in the red as well. Stocks have been mostly rising in recent sessions despite an ongoing U.S. government shutdown and political risk in Japan and France that has made investors nervous. Oil prices fell as investors weighed a ceasefire deal in Gaza that could ease Middle East tensions against stalled peace talks in Ukraine, while spot gold drifted lower after safe-haven demand drove the metal above $4,000 an ounce for the first time this week. In Japan, Sanae Takaichi, the newly elected leader of the country's ruling party, said she did not want to trigger excessive declines in the Japanese currency, which led to a brief fall in the dollar versus the yen before the move reversed. The yen has tumbled this week on concerns that Takaichi will introduce more fiscally expansive policies. The dollar was last up 0.27% at 153.09 yen after earlier reaching 153.23, the highest since February 13. Argentina's 2035 bond rose 4.6 cents to trade at 60.58 cents on the dollar, while the peso closed at 1,425 per dollar, up 0.8% on the day, following sessions of managed weakness with intervention from the local Treasury. "It makes sense for the Argentinian peso to jump as it has after a currency swap of $20 billion to alleviate the financial crisis Argentina is going through. And this goes along with the U.S. administration's policy of aiding those who are aligning with its agenda on trade, diplomacy, and other American interests," said Juan Perez, director of trading at Monex USA in Washington. In the U.S., the federal government shutdown that began last week has left investors without key economic reports. Despite Thursday's weakness, the stock market remains buoyant, said Adam Sarhan, chief executive of 50 Park Investments in New York, adding that stocks could weaken if the government shutdown lasts for a substantial period of time. "We're in a very strong bull market that refuses to fall in a meaningful fashion," he said. "I'm expecting a pullback at some point but for now the environment is very strong." JPMorgan Chase (JPM.N) , opens new tab CEO Jamie Dimon said there was a heightened risk of a significant correction in the U.S. stock market within the next six months to two years, citing factors including geopolitical tensions, government spending and remilitarization around the world. The Dow Jones Industrial Average (.DJI) , opens new tab fell 243.36 points, or 0.52%, to 46,358.42, the S&P 500 (.SPX) , opens new tab fell 18.61 points, or 0.28%, to 6,735.11 and the Nasdaq Composite (.IXIC) , opens new tab fell 18.75 points, or 0.08%, to 23,024.63. Sunday will mark the current U.S. bull market's third anniversary. The benchmark S&P 500 touched the nadir of its current market cycle on October 12, 2022. The pan-European STOXX 600 (.STOXX) , opens new tab index ended 0.43% lower, read more by steep losses in HSBC (HSBA.L) , opens new tab and Ferrari (RACE.MI) , opens new tab. The euro was down again against the dollar on Thursday. The currency has dropped since French Prime Minister Sebastien Lecornu tendered his resignation and that of his government on Monday. French President Emmanuel Macron’s office said on Wednesday he would appoint a new prime minister within 48 hours. The single currency was last down 0.61% at $1.1555 and reached $1.1545, the lowest since August 5. French bonds held on to gains from the day before on optimism the country can avoid a snap election. France's 10-year bond yield was 0.2% higher on the day at 3.529%. U.S. crude futures fell $1.04 to settle at $61.51 a barrel and Brent declined $1.03 to settle at $65.22. Spot gold was last down 1.56% at $3,975.04. U.S. Treasury yields were little changed as the government shutdown dragged on. The 10-year yield was up marginally at 4.142% . https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-09/

2025-10-09 04:34

Oct 9 (Reuters) - A look at the day ahead in European and global markets from Wayne Cole. Thursday's new headlines have been dominated by a ceasefire agreement between Israel and Hamas that is touted as a first step to ending the two-year conflict and the ultimate rebuilding of war-torn Gaza. Much could still go wrong, but the easing of geopolitical risk was enough to see oil prices slip 0.6% or so. Sign up here. In equity markets, the AI effect was still dominant as tech shares lifted the Nikkei <,N225> back to near record peaks, while Taiwan (.TWII) , opens new tab climbed 1.2% to an all-time high. Chinese blue chips (.CSI300) , opens new tab returned from holidays with gains of 1.7%, reaching levels last seen in early 2022. Analysts cautioned early reads on holiday spending were "underwhelming", though the data is very patchy. Beijing continued playing hard ball with rare earth minerals, tightening export controls on processing technology, while barring unauthorised overseas cooperation and underlining its intention to limit exports to overseas defence and semiconductor users. The minerals have been a flash point in trade talks with the United States and the new restrictions might not be taken well by the White House. Futures for S&P 500 and Nasdaq were steady after hitting more record highs overnight, led by chip stocks. Analysts at JPMorgan noted estimates for the looming Q3 reporting season see earnings growth in the tech sector of 20.9%, up from 15.9% back in June. Some 81% of stocks in the tech sector have seen estimates increase, led by Nvidia (NVDA.O) , opens new tab and Apple (AAPL.O) , opens new tab. Earnings overall are expected to grow 8%, with revenue up 6.3%. Currencies have been calmer as the U.S. dollar digests a chunky 3.6% gain on the yen so far this week. It's holding around 152.50 , having briefly tested 153.00 overnight. It's fast approaching levels that usually draw howls of complaints from the finance ministry, though it was notable that an economist advising the policy circle of Japan's likely new premier had touted the benefits of a weaker currency. The euro was parked at $1.1650 , having just survived a test of $1.1600 support after some dire industrial data from Germany. Markets are now waiting to see if French President Macron can name a prime minister who will last more than a few days in the search for a budget deal. Markets will again keenly feel the loss of U.S. economic data, in the knowledge the longer the government shutdown lasts the more likely future releases will get pushed back too. Key developments that could influence markets on Thursday: https://www.reuters.com/markets/europe/global-markets-view-europe-2025-10-09/

2025-10-09 01:59

TOKYO, Oct 9 (Reuters) - The yen's current weakness benefits the economy and the hit to households from rising import costs can be offset by aggressive fiscal spending, said Takuji Aida, an economist advising the policy circle of Japan's likely new premier Sanae Takaichi. In an interview with Reuters, Aida brushed off concern that aggressive spending could further weaken the yen, which in turn would push up import costs, potentially accelerate inflation and weigh on consumption. Sign up here. "We've developed a defeatist mindset, thinking that a weaker yen is bad. That's a major mistake," Aida, chief Japan economist at Credit Agricole, said on Wednesday. The yen's current depreciation is beneficial, as it coincides with rising stock prices and growing investor confidence in Japan, he said, adding that burdens from rising import costs could be eased by proactive fiscal policy. The Japanese currency's sharp appreciation after the burst of an asset-inflated bubble prompted companies to cut or shift overseas jobs and investment, Aida said. "At 140 or 150 yen to the dollar, it becomes viable to manufacture goods domestically. This exchange rate level is helping drive the capital investment cycle upward and also serves as a buffer against U.S. tariffs," said Aida, who advises a group of reflationist-minded ruling party lawmakers. Takaichi's economic platform strongly reflects the group's policy principles advocating aggressive government spending to revitalise the economy. On monetary policy, Aida said the BOJ is likely to keep interest rates steady until 2027 after one more hike possibly by early next year. "Obviously, the BOJ has already set itself on a path toward tightening, so it will likely raise the policy rate to 0.75% by January," he said. The BOJ will then pause to support the government's spending plans and resume a gradual tightening in 2027, Aida said. "In 2027, the effects of (Takaichi's) proactive fiscal policy will start to kick in, and we'll see a clear expansion in domestic demand," he said. "Inflation is then likely to pick up in line with domestic demand, prompting the BOJ to begin small, incremental rate hikes." The BOJ ended a decade-long, massive stimulus last year and raised interest rates to 0.5% in January on the view Japan was on the cusp of durably achieving its 2% inflation target. Governor Kazuo Ueda has signaled the BOJ's readiness to keep raising interest rates if economic and price developments move in line with its forecasts. https://www.reuters.com/world/asia-pacific/adviser-takaichis-policy-circle-says-weak-yen-is-good-economy-2025-10-09/

2025-10-09 00:38

Wakatabe endorses BOJ's cautious policy normalisation BOJ can raise rates if economy improves, Wakatabe says BOJ to struggle justifying another rate hike this year Wakatabe sees BOJ dropping no signs on rate-hike timing TOKYO, Oct 9 (Reuters) - The Bank of Japan can raise interest rates if prospects of durably meeting its 2% inflation target improve, but would struggle to justify doing so this year given weak signs in the economy, former deputy governor Masazumi Wakatabe told Reuters. Wakatabe, who is known as a fiscal and monetary dove, endorsed the central bank's cautious policy normalisation and said more rate hikes could come if the economy improves. Sign up here. He noted the economy was "at a historical turning point" with companies raising prices on a regular basis in a departure from their past caution over doing so. "If the economy is improving steadily, and the likelihood of sustainably and durably achieving 2% inflation is heightening, an interest rate hike would obviously be on the table," he said in an interview on Wednesday. But Wakatabe warned of recent weak signs in the economy that suggest underlying inflation, which has been flat around 1.6%, may not accelerate much. Private economists also project Japan's economy to contract in the third quarter, Wakatabe added. "Recent data shows Japan's labour market stagnating. If Japan's third-quarter GDP data prove weak, it would be hard to justify raising rates in December," he said. The government will release third-quarter gross domestic product (GDP) data on November 17. After a meeting slated for October 29-30, the BOJ board holds its final policy-setting meeting for this year on December 18-19. An advocate of expansionary fiscal and monetary policy, Wakatabe is among academics with ties to Sanae Takaichi, who is on course to become next premier after her victory in a weekend ruling party leadership race. Upon winning the race, Takaichi made clear the government will take the lead in setting fiscal and monetary policy - and that her priority would be to reflate domestic demand. Wakatabe said the BOJ must coordinate closely with the government, but does not necessarily need to keep interest rates low solely for the purpose of financing government spending. "If inflation expectations rise and push up underlying inflation, the BOJ can raise interest rates. It needs to do so because otherwise, the economy will overheat," Wakatabe said. "On the other hand, the BOJ needs to keep the economy on a firm footing. It's about finding the right balance, looking at data. I think the BOJ understands this point." The yen slumped to an eight-month low against the dollar this week as markets saw Takaichi's win as reducing the chance of a near-term rate hike. "The BOJ hasn't committed to a set timing for raising rates and hasn't dropped any signals," Wakatabe said. "It's really dependent on data." Wakatabe served as deputy governor for five years through 2023, during which the BOJ maintained a massive stimulus deployed by former governor Haruhiko Kuroda in 2013. Under incumbent governor Kazuo Ueda, the BOJ exited Kuroda's stimulus last year and raised interest rates to 0.5% in January. Currently an economics professor at Japan's Waseda University, Wakatabe wrote a chapter on fiscal and monetary policy in a book Takaichi published last year. https://www.reuters.com/world/asia-pacific/boj-will-find-another-rate-hike-this-year-difficult-says-ex-deputy-governor-2025-10-09/