2025-11-27 11:25
TSX ends up 0.1% at 31,196.71 Moves past Wednesday's record closing high Energy sector adds 0.2% as price climbs Technology ends 0.3% higher Nov 27 (Reuters) - Canada's main stock index edged up to another record high on Thursday, led by gains for energy and technology shares, as investor sentiment remained positive in advance of domestic GDP data. The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 16.46 points, or 0.1%, at 31,196.71, its fifth straight day of gains and eclipsing Wednesday's record closing high. Sign up here. Volumes were lighter than normal due to the U.S. Thanksgiving holiday. "This is a typical day in Canada when the U.S. is closed where we're quietly positive," said Colin Cieszynski, chief market strategist at SIA Wealth Management. "Investors are cautiously optimistic and we'll see what happens with GDP tomorrow." Analysts forecast that Canada's third-quarter GDP data on Friday will show the economy growing at an annualized rate of 0.5%, which would be an outcome that narrowly avoids a second straight quarterly contraction. "The question will be with any of this data ... what does it mean for the Bank of Canada?" Cieszynski said. "The economy could be stabilizing, so maybe it's time for them to pause and see how everything is working out." Investors see a roughly 80% chance the BoC leaves interest rates on hold in December. Last month, the central bank lowered its benchmark rate to a three-year low of 2.25%. The energy sector (.SPTTEN) , opens new tab gained 0.2% as oil prices moved higher. U.S. crude oil futures were up 0.8% at $59.10 a barrel. Canada's Prime Minister Mark Carney signed an agreement with Alberta's premier that rolls back certain climate rules to spur investment in energy production, while encouraging construction of a new oil pipeline to the West Coast. Technology (.SPTTTK) , opens new tab added 0.3% and the consumer staples sector was up 0.2%. Just two of 10 major sectors ended lower, including utilities (.GSPTTUT) , opens new tab, which dipped 0.1%. https://www.reuters.com/business/tsx-futures-muted-markets-pause-after-record-highs-2025-11-27/
2025-11-27 11:08
Nov 27 (Reuters) - Sterling snapped a five-day rally on Thursday as investor focus shifted back to economic fundamentals, with analysts questioning whether the fiscal tightening announced in the budget on Wednesday will actually be implemented. The greenback edged up against its major peers on Thursday, pausing in what is set to be its biggest weekly decline since July. Sign up here. The pound was down 0.15% at $1.3219, after hitting a new one-month high earlier in the session at $1.3269. Analysts said lingering concerns over growth and the Bank of England’s easing path were likely to keep the pound under pressure. "Fears about slow growth, weak productivity and sticky inflation are not reflective of an attractive investment backdrop," said Jane Foley, senior forex strategist at Rabobank, confirming the view that the euro will creep higher versus the British currency into 2026. The single currency hit a fresh one-month high at 87.46 pence and was last roughly unchanged at 87.59 pence. Sterling and UK bond prices edged up in volatile trade on Wednesday after British finance minister Rachel Reeves delivered a larger fiscal buffer than previously expected in a closely anticipated budget. GILTS MARKET TAKES COMFORT However, the gilts market took comfort from Reeves’ reassurances that she would keep a tight grip on public finances, and from the news of an increase in fiscal headroom. Yields on 30-year gilts , more sensitive to long-term fiscal concerns, dropped more than 10 basis points on Wednesday and were last up 2 bps at 5.228% on Thursday. However, analysts are still worried about the UK fiscal trajectory. "Sterling is not out of the woods yet," said Dominic Bunning, head of G10 forex strategy at Nomura International. "Backloading the tightening, until largely the next election, still risks credibility and cyclical momentum is soft but we will look for better levels to re-engage with the British pound underperformance trades," he added. Under current law, a nationwide vote is due by August 2029, though the prime minister can call an early election at any time. "Most of the planned tax rises do not kick in until 2029 and beyond," said David Zahn, Head of European Fixed Income at Franklin Templeton. "This approach effectively kicks the can down the road until the next parliamentary election to deal with the spending gap," he added. https://www.reuters.com/world/uk/sterling-snaps-five-day-rally-versus-dollar-caution-uk-budget-2025-11-27/
2025-11-27 11:03
FRANKFURT, Nov 27 (Reuters) - A Ukrainian man suspected of coordinating the sabotage of the Nord Stream gas pipeline in 2022 will be flown to Germany on Thursday after Italy's top court approved his extradition last week, a spokesperson for Germany's federal prosecutors said. Described by both Moscow and the West as an act of sabotage, explosions in the Baltic Sea three years ago largely severed Russian gas transit to Europe, squeezing energy supplies on the continent, although Russia had already largely stopped deliveries. Sign up here. Investigators spent years piecing together the mystery of who was behind them. SUSPECT DENIES ROLE IN ATTACKS The suspect, identified as Serhii K. under German privacy laws, denies any role in the attacks. His lawyer Nicola Canestrini has said he is confident that his client will be acquitted after a trial in Germany. German prosecutors accuse him of belonging to a group of people who planted devices on the pipelines near the Danish island of Bornholm in the Baltic. He faces charges of collusion to cause an explosion, anti-constitutional sabotage and destruction of important structures. The suspect was detained on a European arrest warrant in the Italian town of Rimini in August but fought attempts to transfer him to Germany. Last month, a court in Poland ruled against handing over another Ukrainian suspect wanted by Germany in connection with the explosions and ordered his immediate release from detention. https://www.reuters.com/world/europe/ukrainian-nord-stream-suspect-be-extradited-germany-italy-thursday-say-2025-11-27/
2025-11-27 10:39
SINGAPORE, Nov 27 (Reuters) - Independent refiners in China have received their first batch of crude oil import quotas for 2026 that can be used for cargoes arriving by the end of the year, trade sources said on Thursday. The release of the fresh quotas is expected to boost crude imports by the world's largest oil importer and ease a supply glut. Sign up here. Among the refiners, Hengli Petrochemical received a quota to import 2 million metric tons (40,000 barrels per day) of crude, said two of the sources with knowledge of the matter. Rongsheng Petrochemical was permitted to import 750,000 tons, while Shenghong Petrochemical and Hongrun Petrochemical received quotas of 120,000 tons and 530,000 tons, respectively, three sources with knowledge of the matter said. A source at another independent refiner said the company expected to receive official notification later on Thursday. Tallies from trade sources showed that quotas of about 8 million tons have been issued to 21 refiners so far, up from 6.04 million tons issued in November 2024. China's commerce ministry, which regulates crude oil import quotas, did not immediately respond to a Reuters fax message to seek comment. Last month, the ministry set the crude import quota for non-state trade at 257 million tons for 2026, unchanged from 2025. Beijing is expected to dispatch the remaining quota for 2026 early next year, one of the sources said. "The new issuances are expected to lift prices for prompt Iranian, Venezuelan, and Russian cargoes and help clear part of the floating storage," Kpler's senior analyst Xu Muyu wrote in a report on Thursday. "The broader oil market is also set to find some support, although growing scepticism over US sanctions and lingering oversupply concerns are likely to keep persistent downward pressure on Dubai prices," she added, referring to the Middle East crude price benchmark. In October, the shortage of import quotas and tightening Western sanctions curbed China's imports, leading to deeper discounts for sanctioned oil and a surge in the volume of oil stored on board ships in Asian waters. https://www.reuters.com/business/energy/china-issues-first-batch-2026-crude-oil-import-quotas-independent-refiners-2025-11-27/
2025-11-27 10:09
ANKARA, Nov 27 (Reuters) - A maritime demarcation deal signed between Lebanon and Cyprus violates the rights of Turkish Cypriots on the island and is therefore unacceptable, Turkey said on Thursday. Lebanon and Cyprus on Wednesday signed the long-awaited deal, which aims to pave the way for potential exploration of offshore gas fields and deepen energy cooperation in the Mediterranean. Sign up here. Turkey, a NATO member, does not recognise the Greek Cypriot government on the ethnically-split island of Cyprus, and is the only country to recognise the breakaway Turkish Republic of Northern Cyprus. It has repeatedly complained that Greek Cypriots were disregarding and usurping Turkish Cypriot rights. 'NOT POSSIBLE FOR US TO ACCEPT' "It is not possible for us to accept any agreement in which the rights of the TRNC are disregarded," the Turkish Defence Ministry said at its weekly press briefing, using an acronym for the Turkish Cypriot government. "We evaluate that this accord, which disregards the TRNC's rights, is also in violation of the interests of the Lebanese people, and tell our Lebanese counterparts that we are ready for cooperation on maritime issues," it added. Turkish Foreign Ministry Spokesman Oncu Keceli said the deal was another example of Greek Cypriots disregarding the rights of Turkish Cypriots, and said the Greek Cypriot administration was not the sole representative of the island and therefore did not have the authority to take decisions concerning the whole island. "We call on the international community, namely countries of the region, not to support these unilateral steps by the Greek Cypriot Administration and not to become instruments in attempts to usurp the legitimate rights and interests of the Turkish Cypriots, who are sovereign and equal elements of the island," Keceli said on X. Cyprus was split in a Turkish invasion in 1974 after a brief Greek-inspired coup. The last round of peace talks between the two sides collapsed in 2017, with efforts to revive them at a stalemate since. https://www.reuters.com/world/middle-east/turkey-says-lebanon-cyprus-maritime-deal-violates-turkish-cypriots-rights-is-2025-11-27/
2025-11-27 08:00
LONDON, Nov 27 (Reuters) - The head of Britain's fiscal watchdog said on Thursday he would resign if finance minister Rachel Reeves and lawmakers demanded it, after his agency published details of the government's budget early, moving markets and sparking anger in parliament. Reeves, speaking earlier, described the incident on Wednesday as a serious breach by the Office for Budget Responsibility but she told Sky News that she had confidence in OBR Chair Richard Hughes. Sign up here. The early release of the OBR's economic and fiscal outlook, first reported by Reuters, meant the budget's key announcements on taxes, growth and individual policy changes became public an hour before Reeves stood up to deliver her budget to parliament. "Personally, I serve day to day, subject to the confidence of the chancellor and the Treasury Committee," Hughes said at an event hosted by the Resolution Foundation think tank, referring to Reeves and an influential panel of lawmakers in parliament. "If they both conclude from the investigation they no longer have confidence in me, then of course, I will resign, which is what you do when you're the chair of something called the Office for Budget Responsibility." HUGHES SAYS HE WAS 'MORTIFIED' BY WHAT HAPPENED Earlier, Hughes apologised and said he was "personally mortified" by what had happened and an investigation into the incident was now underway. "It will be overseen by the chair of our oversight board and include expert input from Professor Ciaran Martin, former head of the National Cyber Security Centre," he told BBC Radio. "It will...identify the actions we need to take to make sure it will never happen again." The OBR said on Wednesday that a link to its November 2025 Economic and Fiscal Outlook had gone live on its website early. The document, which is usually published after the finance minister's speech has ended, was uploaded to the OBR website and available to download on an unprotected link. The link was not advertised on the website but the OBR has used the same web address, or URL, for previous budget documents, changing only the date. A Reuters reporter, in preparation for covering the budget, went to the publicly available URL shortly after 1130 GMT on Wednesday. In a letter to Reeves that the OBR published on Thursday, Hughes said the OBR had inadvertently made it possible to access its report. https://www.reuters.com/world/uk/uks-reeves-backs-fiscal-watchdog-chief-after-early-budget-release-error-2025-11-27/
