2025-10-05 15:55

MOSCOW, Oct 5 (Reuters) - Russia on Sunday condemned a U.S. strike on a vessel allegedly carrying illegal drugs off the coast of Venezuela and cautioned about the dangers of potential U.S. escalation in the entire Caribbean region. Russian President Vladimir Putin's foreign minister, Sergei Lavrov, spoke to his Venezuelan counterpart, Yvan Gil, by telephone on Sunday, the Russian foreign ministry said. Sign up here. "Sergei Lavrov said that Russia strongly condemns the new strike by the U.S. armed forces on October 3 on a ship in international waters near Venezuela," the ministry said. "The ministers expressed serious concern about Washington's escalating actions in the Caribbean Sea that are fraught with far-reaching consequences for the region," it said. Four people were killed in the October 3 strike on the vessel which Washington accused of transporting "substantial amounts of narcotics - headed to America to poison our people." Moscow said that there was "no certainty that the United States will not in any way link its declared war against drug cartels with the situation in Haiti". Russia also cautioned against attempts to broadly interpret a recent UN Security Council resolution to more than double the size of an 15-month-old underfunded and understaffed international security mission combating armed gangs in Haiti. Russia, China and Pakistan abstained from the vote on the measure put forward by the United States and Panama. The remaining 13 council members voted in favour. "The Russian side has confirmed its full support and solidarity with the leadership and people of Venezuela in the current context," the Russian ministry said. https://www.reuters.com/world/americas/russia-condemns-us-strike-alleged-drug-vessel-near-venezuela-2025-10-05/

2025-10-05 12:59

Analyst do not expect shutdown to derail stocks rally Seasonality favors bulls as Q4 is typically the S&P 500's strongest, with average gain of 2.9% Stock market momentum and projected earnings growth supports risk appetite NEW YORK, Oct 3 (Reuters) - The U.S. government shutdown tops investors' agenda next week as markets head into the seasonally strong fourth quarter, with equities near record highs bracing for an earnings-season test later this month. A deep partisan rift in Washington led to a federal government shutdown that risks delaying crucial economic data and could potentially muddy the Federal Reserve's policy-easing outlook. Sign up here. Few on Wall Street expect the Washington impasse to derail a rally that has lifted the S&P 500 (.SPX) , opens new tab by 14% to repeated record highs, but with little in the way of major data or earnings, the Capitol Hill drama is set to dominate investor focus. "The shutdown and the potential reopening ... that's going to get almost all investor attention," said Mark Hackett, chief market strategist at Nationwide. Investors' main worry is that the shutdown will suspend the flow of timely economic data. Should the data drought last several weeks, it could cause confusion about the Fed's monetary policy path, as the central bank will be without government data that helps guide its decisions. It also poses a possible drag on economic growth the longer it extends. But for now, there is little reason to panic, investors said. BULLS IN CHARGE Despite some softness in labor data, the U.S. economy has borne the onslaught of trade and tariff headlines well and corporate earnings have supported stocks' march higher. Analysts as of Thursday expected earnings from S&P 500 companies to increase 8.8% in the third quarter from a year ago, up from forecasts of 8.0% growth at the start of July, according to LSEG data. "In my opinion, lack of data actually puts more burden of proof on bears than it does on bulls," Hackett said. Investors will get a taste of the upcoming earnings season, with Levi Strauss (LEVI.N) , opens new tab and Delta Air Lines (DAL.N) , opens new tab set to report results on Thursday. "The most likely scenario is the market's just kind of calm ... moving sideways during the shutdown," Hackett said. KEY Advisors Wealth Management CEO Eddie Ghabour, who sees the shutdown possibly stretching for two to four weeks, echoed the sentiment. "If we're right on the shutdown stretching out, if you get extra stimulus in the economy in the form of two more rate cuts, and then the government is back in business, you're going to see a huge re-acceleration of growth in the economy and the equity markets," Ghabour said. Investors will get a read on what Fed policymakers were thinking when they cut rates in September when the minutes of that meeting are released on Wednesday. SEASONALLY STRONG For stock bulls, it helps that the just-started fourth quarter is historically the S&P 500's strongest, with an average gain of about 2.9% and a high share of positive returns, according to LSEG data going back to 1928. "Despite headline risks and the potential for short-term volatility, the weight of the evidence continues to support a constructive stance," Keith Lerner, co-chief investment officer at Truist Advisory Services, said in a note on Thursday. "As always, we will continue to follow the weight of the evidence." Meanwhile, the market's strong momentum has stock bears in hibernation. The S&P 500 logged its 30th record closing high of the year on Thursday. "The shutdown is going to be the news, but I think the underlying backdrop is really three things, seasonality, which is positive, the tailwind of rate cuts to protect the labor market ... and we have momentum in the markets," said Sonu Varghese, global macro strategist at Carson Group. "We've been overweight equities and we are continuing to be that," he said. https://www.reuters.com/business/wall-st-week-ahead-wall-st-eyes-washington-standoff-with-stocks-near-records-2025-10-03/

2025-10-05 11:43

Hundreds of trekkers stranded by sudden blizzard Tourists trekking in Tibet valley leading to Everest's east face South Korean trekker dies in Nepal, his guide gets rescued Landslides triggered by heavy rains kill 50 in Nepal BEIJING, Oct 6 (Reuters) - Hundreds of trekkers stranded by a blizzard near the eastern face of Mount Everest in Tibet have been guided to safety by rescuers, Chinese state media reported, as unusually heavy snow and rainfall pummelled the Himalayas. Some 350 trekkers had reached the small township of Qudang, while contact with the remaining 200-plus trekkers had been made, CCTV reported on Sunday. Its Monday evening news bulletin did not provide any updates. Sign up here. Tibet media released a video showing trekkers being welcomed with hot soup in a communal hall, before boarding busses that took them away from the area. Visitors to the remote valley of Karma, which leads to the eastern Kangshung face of Everest, were in the hundreds this week, taking advantage of an eight-day National Day holiday in China. "It was so wet and cold in the mountains, and hypothermia was a real risk," said Chen Geshuang, who was part of an 18-strong trekking team that made it to Qudang. "The weather this year is not normal. The guide said he had never encountered such weather in October. And it happened all too suddenly." Chen's party descended from the mountains on Sunday and was greeted with sweet tea by villagers after enduring a harrowing evening of heavy snowfall combined with thunder and lightning. Hundreds of local villagers and rescue teams had been deployed to help remove snow blocking access to the area, where nearly 1,000 people had been trapped, according to an earlier report by state-backed Jimu News. The remaining trekkers will arrive in Qudang in stages under the assistance of rescuers organised by the local government, CCTV reported. The CCTV report did not say if local guides and support staff of the trekking parties had been accounted for. 'HARDLY SLEPT' Snowfall in the valley, which lies at an elevation averaging 4,200 metres (13,800 feet), began on Friday evening and persisted throughout Saturday. "It was raining and snowing every day, and we did not see Everest at all," said Eric Wen, who survived the ordeal. His trekking party of 18 had decided on Saturday night to make their way back from their fifth and final campsite, concerned by the continuous snowfall. "We only had a few tents. More than 10 of us were in the large tent and hardly slept," Wen told Reuters on Monday. Wen said his group had to clear the snow every 10 minutes. "Otherwise our tents would have collapsed," he said. Two men and a woman in the group suffered hypothermia when the temperature slipped below freezing, even though they were sufficiently attired, Wen said. But his expedition party emerged largely unscathed, including eight other expedition guides and several others who tended the yaks transporting their equipment and kit. NORTH FACE Karma valley, first explored by Western travellers a century ago, is a relatively pristine part of the Everest region. Unlike the peak's arid north face, it boasts lush vegetation and untouched alpine forests, fed by meltwaters from the Kangshung glacier at the foot of the world's highest mountain. It was unclear if trekkers near the north face, which draws large numbers of tourists due to its easy access by paved road, had been affected. October is a peak season, when skies usually clear at the end of the Indian monsoon. To the south of Tibet in Nepal, heavy rains triggered landslides and flash floods that have blocked roads, washed away bridges and killed at least 50 people since Friday. Thirty-seven people died in separate landslides in the eastern Ilam district bordering India. A South Korean trekker died in Nepal and his body was recovered by a rescue helicopter on Monday, said Tulsi Gurung, president of Nepal National Mountain Guides Association. His guide was rescued. The hiker, whose name was not given, climbed the 6,476 metres (21,246 feet) Mera Peak on Saturday. https://www.reuters.com/business/environment/almost-1000-trapped-tibetan-side-mount-everest-by-blizzard-2025-10-05/

2025-10-05 09:58

Oct 5 (Reuters) - The decision by President Donald Trump administration to halt fully permitted offshore wind energy projects is "very damaging" to investment, President of Shell (SHEL.L) , opens new tab U.S. Colette Hirstius told the Financial Times in a report published on Sunday. The executive told the newspaper that energy projects with proper permits should be allowed to continue and warned the political pendulum in the U.S. could eventually swing back against the oil and gas sector. Sign up here. "I think uncertainty in the regulatory environment is very damaging. However far the pendulum swings one way, its likely that its going to swing just as far the other way," she told the newspaper. "I certainly would like to see those projects that have been permitted in the past continue to be developed," she said. Shell did not immediately respond to a Reuters' request for comment. In August, the Trump administration said it was cancelling $679 million in federal funding for 12 offshore wind projects, in a blow to an industry that was central to former President Joe Biden's climate and energy agendas. London-listed Shell employs more than 11,000 people in the U.S. and is the largest producer of oil and gas in the Gulf of Mexico. https://www.reuters.com/sustainability/climate-energy/shells-us-executive-says-trumps-halting-wind-projects-harms-investment-ft-2025-10-05/

2025-10-05 09:50

OPEC+ will raise oil output from November by 137,000 bpd Group has upped output targets by over 2.7 million bpd this year Shift in policy designed to regain market share from rivals such as U.S. shale producers LONDON/MOSCOW, Oct 5 (Reuters) - OPEC+ will raise oil output from November by 137,000 barrels per day (bpd), it said on Sunday, opting for the same fairly modest monthly increase as in October amid persistent worries over a looming supply glut. The group comprising the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers has increased its oil output targets by more than 2.7 million bpd this year, equating to about 2.5% of global demand. Sign up here. The shift in policy after years of cuts is designed to regain market share from rivals such as U.S. shale producers. SUPPLY GLUT SEEN IN FOURTH QUARTER Brent prices fell below $65 per barrel on Friday, as most analysts predict a supply glut in the fourth quarter and in 2026 due to slower demand and rising U.S. supply. Prices are trading below this year's peaks of $82 per barrel but above $60 per barrel seen in May. In the run-up to the meeting, Russia and Saudi Arabia, the two biggest producers in the OPEC+ group, had different views, sources have said. Russia was advocating for a modest output increase, the same as in October, to avoid pressuring oil prices and because it would struggle to raise output owing to sanctions over its war in Ukraine, two sources said this week. Saudi Arabia would have preferred double, triple or even quadruple that figure - 274,000 bpd, 411,000 bpd or 548,000 bpd respectively - because it has spare capacity and wants to regain market share more quickly, sources said ahead of the meeting. OPEC views the global economic outlook as steady and market fundamentals as healthy because of low oil inventories, it said in a statement on Sunday. WALKING A TIGHTROPE Scott Shelton at TP ICAP Group said oil prices may rise on Monday by up to $1 per barrel as the November production increase turned out to be modest. Jorge Leon at Rystad Energy said: "OPEC+ stepped carefully after witnessing how nervous the market had become ... The group is walking a tightrope between maintaining stability and clawing back market share in a surplus environmen." OPEC+ output cuts had peaked in March, amounting to 5.85 million bpd in total. The cuts were made up of three elements: voluntary cuts of 2.2 million bpd, 1.65 million bpd by eight members and a further 2 million bpd by the whole group. The eight producers plan to fully unwind one element of those cuts - 2.2 million bpd - by the end of September. For October, they started removing the second layer of 1.65 million bpd with the increase of 137,000 bpd. The eight producers will meet again on Nov. 2. https://www.reuters.com/business/energy/opec-poised-raise-oil-output-further-sources-say-2025-10-05/

2025-10-05 08:56

DUBAI, Oct 5 (Reuters) - Iran has gained parliamentary approval for a monetary overhaul to remove four zeros from its national currency over the next few years to simplify transactions after years of inflation. Years of inflation above 35% have caused Iran's currency to plunge to 1,150,000 rials to the dollar on the free market, currency tracker bonbast.com shows, making it difficult for people to make sense of bills or financial statements. Sign up here. The approval was reported by state media on Sunday after parliament had resolved objections from the Guardian Council to pass a bill that had been in the works for several years. "The currency remains the rial and changes won't be overnight," the head of parliament's economic commission, Shamsoldin Hossein, told state TV. "The central bank has up to two years to prepare the ground for this change. After that, there will be a transition period of three years when both denominations will be used." The move will make the rial easier to use in transactions and calculations, Hossein said, adding that high inflation had severely diminished the usefulness of banknotes. The move remains contentious, however. "A national currency's prestige isn't revived by removing four zeros. Instead, that can only be done by strengthening the real value of the currency," Iranian MP Hossein Samsami was quoted as saying on Sunday by the Iranian Students News Agency. Several countries have sought to drop zeros from their national currency when faced with high inflation. Venezuela has had several monetary overhauls in recent years but continues to suffer from high inflation. https://www.reuters.com/world/middle-east/iranian-parliament-approves-currency-redenomination-2025-10-05/