2025-08-10 18:07

EDINBURGH, Aug 10 (Reuters) - A wildfire broke out on Arthur's Seat, the extinct volcano overlooking Scotland's capital Edinburgh, on Sunday, spreading extensively across the landmark which is popular with walkers and tourists and producing smoke visible from miles around. Arthur's Seat is the highest point of Holyrood Park, near Scotland's parliament and the end of Edinburgh's famous Royal Mile. About 250 metres above sea level, it is a popular vantage point with visitors for its views of the city. Sign up here. "Crews are in attendance at a fire in the open at Arthur's Seat, Holyrood Park, Edinburgh," the Scottish Fire and Rescue Service said on X. Police advised motorists and pedestrians to avoid the area. August is a popular month for tourists in Edinburgh as it hosts the Edinburgh International arts festival, the Fringe comedy festival, as well as tour dates for the reunion of rock band Oasis. https://www.reuters.com/business/environment/fire-breaks-out-edinburgh-landmark-arthurs-seat-2025-08-10/

2025-08-10 18:03

BERLIN, Aug 10 (Reuters) - Germany's decision to curb arms exports to Israel comes in response to Israel's plan to expand its operations in the Gaza Strip, Chancellor Friedrich Merz said on Sunday in an interview with public broadcaster ARD. "We cannot deliver weapons into a conflict that is now being pursued exclusively by military means," Merz said. "We want to help diplomatically, and we are doing so." Sign up here. The worsening humanitarian crisis in Gaza and Israel's plans to expand military control over the enclave have pushed Germany to take this historically fraught step. The chancellor said in the interview that the expansion of Israel's operations in Gaza could claim hundreds of thousands of civilian lives and would require the evacuation of the entire city of Gaza. "Where are these people supposed to go?" Merz said. "We can't do that, we won't do that, and I will not do that." Nevertheless, the principles of Germany's Israel policy remain unchanged, the chancellor said. "Germany has stood firmly by Israel's side for 80 years. That will not change," Merz said. Germany is Israel's second-biggest weapons supplier after the U.S. and has long been one of its staunchest supporters, principally because of its historical guilt for the Nazi Holocaust - a policy known as the "Staatsraison". https://www.reuters.com/business/media-telecom/germanys-halt-arms-exports-israel-is-response-gaza-expansion-plans-chancellor-2025-08-10/

2025-08-10 17:41

MEXICO CITY, Aug 10 (Reuters) - Mexico has set minimum export prices for fresh tomatoes to protect its domestic production and ensure internal supply after a bilateral agreement with the U.S. expired, Mexico's economy and agriculture ministries said in a joint statement on Sunday. The decision follows Washington's withdrawal in July from a 2019 deal between the two countries which regulated Mexican tomato exports to the U.S.. Sign up here. The Trump administration on July 14 announced a duty of about 17% on imports of fresh tomatoes from Mexico. While the new pricing rules apply exclusively to definitive exports, they don't restrict export volumes or impose maximum prices. Prices will be reviewed annually or sooner if market conditions demand, the Mexican ministries said. Minimum export prices per kilogram are set at $1.70 for cherry and grape tomatoes, $0.88 for Roma tomatoes, $0.95 for round tomatoes, and $1.65 for round tomatoes with stems. Other varieties, such as cocktail and heirloom tomatoes, will also have a minimum price of $1.70. According to official figures, Mexico exported $3.3 billion of tomatoes last year. "This action reinforces the government's commitment to agricultural competitiveness, dignified rural employment, and food sovereignty," the ministries said. The ministries added that Mexican associations of tomato producers have expressed support for the agreement, which entered into force immediately after its publication on August 8 in the government's official gazette. https://www.reuters.com/world/americas/mexico-sets-minimum-export-prices-fresh-tomatoes-2025-08-10/

2025-08-10 14:51

MOSCOW, Aug 10 (Reuters) - Azerbaijan's president on Sunday condemned Russian air strikes on Azerbaijani oil and gas facilities in Ukraine but said energy cooperation between the two countries would continue. Azerbaijani President Ilham Aliyev spoke with his Ukrainian counterpart Volodymyr Zelenskiy by phone. Sign up here. "During the conversation, both sides condemned the deliberate airstrikes by Russia on an oil storage facility owned by Azerbaijan's SOCAR in Ukraine, as well as other Azerbaijani facilities and a gas compressor station transporting Azerbaijani gas to Ukraine," Aliyev's press service said in a statement. "They emphasized their confidence that these attacks would not hinder energy cooperation between Azerbaijan and Ukraine." Earlier this week, Russia struck an oil depot owned by SOCAR and a gas pumping station used to import liquefied natural gas from the U.S. and Azerbaijan in Ukraine's southern Odesa region, according to sources and Ukrainian officials. In July, Ukraine pumped a test volume of Azerbaijani gas through the Transbalkan route for the first time and announced plans to significantly increase gas imports from Azerbaijan. Ukraine's infrastructure and energy facilities are frequently targeted by Russian forces, which have stepped up their drone and missile attacks on Ukrainian cities and towns in recent months. https://www.reuters.com/business/energy/azerbaijan-says-energy-cooperation-with-ukraine-wont-be-derailed-by-russian-2025-08-10/

2025-08-10 13:52

Aug 10 (Reuters) - A well-defined low pressure system has formed about midway between the west coast of Africa and the Cabo Verde Islands and has a 40% chance of becoming a cyclone in the next 48 hours, the U.S. National Hurricane Center said on Sunday. "Regardless of development, locally heavy rainfall and gusty winds are possible today and Monday across the Cabo Verde Islands," the Miami-based forecaster said. Sign up here. https://www.reuters.com/business/environment/nhc-says-40-chance-cyclone-near-west-coast-africa-cabo-verde-islands-2025-08-10/

2025-08-10 13:00

CPI for July due on Tuesday after June data showed some tariff impact Rate-cut bets rise in wake of weak employment data earlier in month S&P 500 up over 8% in 2025, hovering around record highs NEW YORK, Aug 8 (Reuters) - A fresh look at inflation trends will test the U.S. stock market's rally in the coming week, with some investors saying equities are primed for a potential pullback after rocketing to records. The benchmark S&P 500 (.SPX) , opens new tab ended on Friday up more than 8% on the year and on the cusp of all-time high levels, while the tech-heavy Nasdaq Composite (.IXIC) , opens new tab was at a record, as stocks rebounded from declines following a weak employment report earlier this month. Sign up here. Strategists at firms including Deutsche Bank and Morgan Stanley have recently said the market could be poised for some level of pullback after a largely unabated climb over the past four months, which has pushed valuations to historically expensive levels as a seasonally treacherous period for stocks begins. The monthly U.S. consumer price index report, due on Tuesday, could cause volatility. Data showing higher-than-expected inflation could undermine the growing expectation for impending interest rate cuts. "I do think the market is set up for a bit of a pullback," said Dominic Pappalardo, chief multi-asset strategist at Morningstar Wealth. "There's a lot of concern bubbling underneath." The S&P 500 has surged 28% since its low for the year in April, as investor fears about a tariff-induced recession calmed after President Donald Trump's "Liberation Day" announcement earlier that month had set off extreme asset volatility. The index is trading at over 22 times its earnings estimates for the next year, well above its long-term average P/E ratio of 15.8 after recently reaching its highest valuation in over four years, according to LSEG Datastream. Investors are also wary of risks posed by the calendar. Over the past 35 years, August and September have ranked as the worst-performing months for the S&P 500, according to the Stock Trader's Almanac. The index has declined an average of 0.6% in August and 0.8% in September -- the only months of negative average performance for the index during that time period. "The combination of a softer payroll number with concerns of tariff-related inflation could be the recipe for ... a correction, especially in the seasonally weak third quarter," Morgan Stanley equity strategist Michael Wilson said in a note this week. Still, Wilson said his 12-month outlook was bullish, adding "we’re buyers of pullbacks." The CPI for July is expected to have climbed 2.8% on an annual basis, according to a Reuters poll of economists. Investors will be watching to see if Trump's tariffs on imports are translating into higher prices after the June CPI report suggested levies were impacting the prices of some goods. Market bets on Fed rate cuts rose following the recent weak jobs data as investors expect the central bank will ease monetary policy to help shore up the labor market. Fed funds futures indicate an over 90% chance the Fed will cut at its next meeting in September, with at least two cuts priced in for this year, LSEG data showed. That narrative could be at risk if CPI rises more than expected, making the Fed more hesitant to cut rates, investors said. "If the CPI suggests that the market got a little ahead of itself, that can create volatility," said Angelo Kourkafas, senior investment strategist at Edward Jones. "But if it's not worse than feared ... that can further reinforce that we are now in an inflection point for the Fed." The prospect of higher tariffs and the economic fallout from those levies already instituted by the Trump administration has been a persistent theme clouding markets, but stocks have managed to rise to records despite the uncertainty. Higher tariffs on imports from dozens of countries took effect on Thursday, raising the average U.S. import duty to its highest in a century, while the president also this week announced plans for levies on semiconductor chips and pharmaceutical imports. China could face a potential tariff increase on Tuesday unless Trump approves an extension of a prior truce. The impact of higher tariffs on the economy could take a while to show up, and "the market has kind of ignored the potential negative impact of this friction to the economy," said Matt Rowe, senior portfolio manager at Man Group. "The market has gotten comfortable with tariffs being kind of a non-event, which I don't think is correct," Rowe said. https://www.reuters.com/business/wall-st-week-ahead-inflation-data-test-stocks-some-investors-brace-rally-pause-2025-08-08/