2025-10-29 07:50
LONDON, Oct 29 (Reuters) - Glencore (GLEN.L) on Wednesday reported a 17% decline in copper production for the first nine months of the year and tightened its 2025 guidance due to lower ore grades at some of its mines, although third-quarter output rose. The miner and trader's own-sourced copper production in the January to September period fell 17% to 583,500 metric tons from last year, while its own sourced cobalt output rose by 2,000 tons to 28,500 tons, the company said in a statement. Sign up here. Glencore's overall 2025 production outlook for copper, a metal needed for energy transition applications, was between 850,000 and 875,000 tons from a previous guidance of 850,000 to 890,000 tons. It expects its full-year marketing earnings before interest and tax (EBIT) in the mid-point of its $2.3 billion to $3.5 billion range. Its trading division, whose profit hit a record $6.4 billion in 2022, includes coal, oil, liquefied natural gas and related products, as well as metals. The Swiss company is one of the largest producers and exporters of thermal coal, with an expected output of between 92 million and 97 million tons this year. It produced 73.5 million tons so far, compared to 73.1 million tons a year ago. Its 2025 steelmaking coal production should be between 30 million and 35 million tons, after producing 24.7 million tons so far. Glencore in May restructured its coal business by moving its recently acquired Canadian mines into a single unit run out of Australia, after walking back on plans to spin off the whole division. https://www.reuters.com/business/glencore-reports-lower-copper-production-first-nine-months-2025-10-29/
2025-10-29 07:44
Oct 29 (Reuters) - Finnish stainless steel maker Outokumpu (OUT1V.HE) , opens new tab reported third-quarter core profit below market expectations on Wednesday and said it was investing $45 million in a new pilot plant in the United States. The company's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 60% to 34 million euros ($40 million) in the June-September period, below analysts' forecast of 35.7 million in a poll provided by the company. Sign up here. European steelmakers have been facing challenges that include subdued domestic demand and elevated energy costs, as well as severe pressure from low-priced imports from Asia, especially China. Global trade tensions triggered by U.S. President Donald Trump's import tariffs meanwhile weigh on the mood among consumers, slowing down economic and industrial activity. "The underlying demand for stainless steel continues to be subdued due to low investment and manufacturing activity as well as weak consumer confidence," CEO Kati ter Horst said in a statement. Outokumpu said it would open a new pilot plant in New Hampshire in the U.S., where it is the second largest stainless steel producer, to make critical carbon-free materials such as chromium metal and enriched ferrochrome. The group's stainless steel deliveries fell by 11% in the third quarter and are expected to decline by another 5% to 15% in the fourth quarter due to market weakness in Europe and seasonal slowdown in the Americas. "Asian imports to Europe still remain high compared to the low demand in the stainless steel market," Outokumpu said. ($1 = 0.8575 euros) https://www.reuters.com/business/outokumpu-misses-earnings-forecast-invest-45-million-pilot-plant-us-2025-10-29/
2025-10-29 07:20
MADRID, Oct 29 (Reuters) - Some in solemn silence, others seething with anger, hundreds of relatives of the victims of deadly floods in Spain's Valencia region flocked to a state funeral presided over by King Felipe on Wednesday, a year after the tragedy killed 237 people. Many arrived at the futuristic venue known as the City of Arts and Sciences wearing black T-shirts reading, in Valencian: "Their deaths were avoidable". Sign up here. "We have many mixed emotions," Carmina, a relative of a victim of the floods told Reuters. "We have been looking forward to this ceremony for a long time. It was a collective death and a collective funeral was necessary. The day has come and here we are to pay tribute to our people." A few of those attending chanted insults against regional leader Carlos Mazon, who is under investigation for his role in the tragedy and attended the ceremony despite some relatives asking that he stay away. On Saturday, tens of thousands of people demonstrated in Valencia calling for his resignation. Mazon told reporters: "Today is not the day for confrontation. We must reflect on the helplessness felt by so many Valencians in the days that followed when we realised the magnitude of an unfathomable tragedy. We tried to do our best in unimaginable circumstances, but in many cases it was not enough." TORCH-LIT MARCHES Earlier in the day, protesters covered the pavement of a central square in Valencia with foil blankets, each representing a victim. As night fell, two silent, torch-carrying marches joined together in Benetusser, one of the suburbs of Valencia city that was most affected by the floods. Spanish authorities were still finding victims buried in the mud as recently as last week, as the country comes to terms with the most catastrophic flooding in Europe in more than five decades. Flash floods caused by torrential rains swept away bridges, cars and people and swamped homes and underground car parks on October 29, 2024. Some 229 people died in the Valencia region and a further eight in other parts of Spain. Protesters and some relatives accuse the regional government of failing to warn citizens early enough during the emergency, sending a text message alert when many buildings were already under water. A court is investigating Mazon's handling of the emergency and his whereabouts on the day, after a local journalist said she had a nearly four-hour lunch with him when he was meant to be at an emergency services meeting. Mazon has refused to provide details of the lunch or show the restaurant bill but says he was kept informed at all times over the phone. The government on Tuesday approved 5 billion euros ($5.8 billion) of loan guarantees to help businesses and homes affected by the floods. The government has so far handed out more than 8 billion euros to clear up devastated areas. The heavy rains and subsequent flash floods were caused by a high-altitude isolated depression - referred to locally as a DANA - a highly destructive weather system created when cold and warm air meet to produce powerful rain clouds. It typically happens after a hot summer, and scientists believe the phenomenon is occurring more frequently due to climate change. ($1 = 0.8575 euros) https://www.reuters.com/sustainability/climate-energy/spain-marks-deadly-valencia-floods-anniversary-with-state-funeral-solemn-marches-2025-10-29/
2025-10-29 07:18
RIYADH, Oct 29 (Reuters) - OpenAI's Chief Financial Officer Sarah Friar said in Riyadh on Wednesday that this week's deal with Microsoft allows the company to continue raising capital in a much less complex manner. Friar also said that OpenAI's intention to collaborate with governments globally to deploy its technology could enhance the United States' soft power. Sign up here. https://www.reuters.com/business/openai-cfo-says-microsoft-deal-boosts-capital-raising-efficiency-2025-10-29/
2025-10-29 07:04
JOHANNESBURG, Oct 29 (Reuters) - The South African rand gained in early trade on Wednesday, as investors braced for a day headlined by the Federal Reserve's decision and an easing of U.S.-China trade tensions. At 0638 GMT, the rand traded at 17.1350 against the dollar , up about 0.1% from its Tuesday close. Sign up here. "The ZAR put in a strong performance from yesterday afternoon. It is higher against all the majors, even with the gold price staying below $4,000.00. The main reasons is that the U.S are almost certain to cut rates tonight," said Adam Phillips, treasury specialist at Umkhulu Treasury. Economists have said the U.S. Federal Reserve is poised to reduce interest rates by 25 basis points at its meeting tonight. Phillips added that operators are also looking ahead to U.S President Donald Trump's meeting with Chinese President Xi Jinping tomorrow which could influence sentiment. Domestically-focused traders looked at money supply (ZAM3=ECI) , opens new tab and private sector credit (ZACRED=ECI) , opens new tab data which came out at 0600 GMT today. South Africa's benchmark 2035 government bond was firmer in early deals, as the yield fell 1.5 basis points to 8.87%. https://www.reuters.com/world/africa/south-african-rand-gains-expectations-fed-rate-cut-2025-10-29/
2025-10-29 07:02
Powell's comments reduce odds of December rate cut Dollar index rises, euro and yen weaken against greenback Sterling drops as BoE rate cut expectations increase NEW YORK, Oct 29 (Reuters) - The dollar gained on Wednesday after Federal Reserve Chair Jerome Powell pushed back against market pricing for another rate cut at the U.S. central bank's December meeting, after the U.S. central bank lowered rates as expected. Wednesday's rate cut drew dissents from two policymakers, with Governor Stephen Miran again calling for a deeper reduction in borrowing costs and Kansas City Fed President Jeffrey Schmid favoring no cut at all given ongoing inflation. Sign up here. "The dissent from Schmid is hawkish, that captures the sentiment from a few Fed officials so there could be some pressure on Powell to hold back market pricing for a December cut," said Adam Button, chief currency analyst at investingLive in Toronto. Powell said that U.S. central bank officials are struggling to reach a consensus about what lies ahead for monetary policy and that financial markets should not assume another interest rate cut will happen at the end of the year. Odds of a cut at the Fed's December meeting are now at 62%, down from around 85% earlier on Wednesday. The U.S. central bank further announced that it will restart limited purchases of Treasury securities after money markets showed signs that liquidity was becoming scarce, a condition the U.S. central bank has pledged to avoid. Traders are also focused on trade talks between the U.S. and China, with U.S. President Donald Trump due to meet China's leader Xi Jinping on Thursday. The dollar index was last up 0.63% on the day at 99.28, with the euro down 0.56% at $1.1585. Both the European Central Bank and the Bank of Japan are expected to hold rates steady on Thursday. The Japanese yen weakened 0.56% against the greenback to 152.86 per dollar. It had strengthened earlier after U.S. Treasury Secretary Scott Bessent urged Japan's government to give the central bank scope to raise interest rates, escalating his warning to Tokyo against keeping the yen too weak through prolonged low borrowing costs. Bessent, who was in Japan with Trump for talks with the newly-formed government of Prime Minister Sanae Takaichi, has repeatedly criticised the BOJ for its slow pace of rate hikes. STERLING AND AUSSIE Britain's pound was among the biggest losers as traders also adjusted for rising odds that the Bank of England will cut rates next week. "The Bank of England is squarely focused on inflation. But in terms of their characterization of the outlook, one of the pieces that they've been highlighting has been the labor market," said Eric Theoret, FX strategist at Scotiabank in Toronto. "The data definitely looks to have softened. And so with that lower inflation print I think it gives a bit more of a green light for the Bank of England to ease," Theoret said. Data last week showed that British inflation unexpectedly held steady in September. A report earlier this month also showed that British workers' pay grew at the weakest pace since 2022 and the jobless rate nudged higher. Goldman Sachs said on Tuesday it expected the BoE to cut rates next month, having previously seen no easing this year. Sterling was last down 0.9% against the dollar at $1.3151 and reached $1.3137, its lowest since May 12 . The Canadian dollar was little changed on the day, after earlier hitting a one-month high. The Bank of Canada reduced its key overnight interest rate to 2.25% on Wednesday, as widely expected, and signaled this could mark an end to its cutting cycle unless the outlook for inflation and the economy changed. In cryptocurrencies, bitcoin fell 1.37% to $111,295. https://www.reuters.com/world/asia-pacific/dollar-backfoot-ahead-expected-fed-cut-aussie-gains-cpi-2025-10-29/
