2025-11-14 21:57

US gas prices may rise on LNG build-out US to be main supplier of new LNG to the world Rising LNG construction costs force projects to take early FID HOUSTON, Nov 14 (Reuters) - U.S. liquefied natural gas plants could take on as much as 40 billion cubic feet of natural gas per day in coming years, Cheniere Energy (LNG.N) , opens new tab Chief Commercial Officer Anatol Feygin said on Friday. U.S. plants are currently using a record 18 bcfd of natural gas to produce LNG, according to data from financial firm LSEG. Sign up here. The increased demand for liquefaction could lead to natural gas prices, which have risen around 62% over the past year, becoming even more expensive toward the end of the decade, Feygin said at a seminar held by the Federal Reserve Bank of Kansas City. "You kind of saw that in 22/23 coming out of COVID. LNG went back up to full utilization and then grew, so Nymex had an incursion into the high single digits. Very quickly supply responded," Feygin said, suggesting that natural gas drillers would be able to increase output to match the increased demand. While there are fears about an oversupplied market as new LNG capacity comes online, the executive said that Asian countries such as Bangladesh and Pakistan could be attracted by lower prices and end up increasing demand. The world will need to add 30 million metric tons of LNG every year to meet global demand growth, with most of the new capacity coming from the U.S., Feygin said. Rising construction costs have driven some of the recent final investment decisions in U.S. LNG, he said. "Over two-thirds of the FID this year was done because the fixed-priced EPC contracts were about to expire and there was a rush to maintain the construction cost of building the LNG plant," Feygin said. The U.S. LNG sector could eventually produce as much as 300 mtpa, Feygin said, acknowledging that the sharp growth could challenge some producers if they're not prepared to weather periods of lower prices. Only 17% of the new capacity to come from plants that reached FID this year has been sold under long-term contracts, and many portfolio players are unprepared, he warned. https://www.reuters.com/business/energy/cheniere-sees-us-lng-plants-using-40-bcf-natural-gas-per-day-coming-years-2025-11-14/

2025-11-14 21:44

Leftist candidate Jara takes narrow lead with 27% of vote Crime and immigration dominate Chile's electoral agenda Chile's rightward tilt would mirror recent leftist defeats across Latin America SANTIAGO, Nov 16 (Reuters) - Far-right candidate Jose Antonio Kast is favored to clinch a runoff victory next month despite lagging slightly behind governing coalition candidate Jeannette Jara in Chile's first-round presidential vote on Sunday. With nearly all ballots tallied, Jara, the first Communist Party member to be a finalist for the Chilean presidency, was holding 27% of the vote versus 24% for Kast, a tight margin that underscored deep political divisions. Sign up here. An eventual win for Kast would put in place an administration that is further to the right than any other since the Pinochet dictatorship. A December 14 runoff will pit those two ideological extremes against each other, as many voters signaled that they were prioritizing crime and immigration over the progressive reforms that defined the last election. "Change will come," Kast told supporters on Sunday evening, adding that a "real victory" would come when authorities defeat organized crime, close the borders to undocumented migrants and fix an overburdened healthcare system. Chile's rightward tilt would mirror recent leftist defeats across Latin America and it signals growing momentum for right-wing candidates in Colombia, Peru and Brazil, where security fears also loom as key issues. It may also offer the Trump administration an opportunity to build upon the alliances it has forged with rightist governments in Argentina, Ecuador and El Salvador. In a sign of popular revolt against the status quo, Franco Parisi, of the center-right Party of the People who proposed installing land mines along parts of the northern border to deter migrants, bucked poll estimates by landing in third place. Parisi was supported by working-class men from Chile's mining-heavy north - many of them leery of elites and traditional political parties who will likely now opt for Kast given security and employment concerns - and they may push Chile closer to U.S. President Donald Trump, said Claudio Fuentes, a political science expert at Chile's Diego Portales University. "Kast will move closer to the right-wing axis of the region and probably establish a close relationship with Trump," Fuentes said. Chile is the world's largest copper miner and a major provider of lithium, a key metal in electric batteries, making it a potentially useful ally for the U.S., though China remains its dominant trading partner. Votes for the four right-wing candidates in the first round reached over 70% combined, which should put Kast in a strong position for the second round, assuming most of their voters migrate to him. Libertarian congressman Johannes Kaiser, who had looked to be in contention to be the conservative standard-bearer, and moderate-right politician Evelyn Matthei, both said they supported Kast as voting results came in. "If you add up the votes for Kast, Matthei, and Kaiser ... it’s very difficult for Jara to really make a comeback in the second round," said Claudia Heiss, a government expert at the Universidad de Chile. The dominance of law-and-order issues has marked a drastic change from the wave of left-wing optimism and hopes of drafting a new constitution that brought current President Gabriel Boric, who isn't allowed to run for reelection, to power. OPPOSITE ENDS OF POLITICAL SPECTRUM Kast, 59, won a second chance with many voters who rejected him in 2021 for being too extreme. He has proposed building a border wall with trenches, expelling all undocumented migrants and deploying the military to high-crime neighborhoods. "You can ask all the neighbors, even in a small town ... whether they feel safe or not. And most people will tell you they are afraid," he said after voting in his hometown of Paine, south of Santiago. A Catholic with nine children, Kast has been criticized over his late father's Nazi party membership and his affinity for Augusto Pinochet, the brutal dictator who led the country from 1973 to 1990. His brother, Miguel Kast, was a minister and head of the central bank during the dictatorship. Pia Tarifenos, a 37-year-old nutritionist waving a Chilean flag outside Kast's party headquarters in Santiago, said she felt represented by his values, adding that she believed Kast's third bid would be different from his previous attempts. "This time will be different because the majority of Chileans need a change," she said. "We know the current government never delivered on its promises." Jara, 51, a former labor minister under Boric, has downplayed her Communist Party ties and has proposed increasing the minimum wage while boosting funding for social welfare and health care. She has also advocated for stronger gun controls, technological surveillance on the border and lifting banking secrecy laws to pursue organized crime groups. Despite accomplishments including passing a long-awaited pension reform, she has also faced criticism for a sticky unemployment rate which currently stands at 8.5%. https://www.reuters.com/world/americas/chilean-right-wing-eyes-return-power-crime-migration-dominate-election-2025-11-14/

2025-11-14 21:01

Swiss government says US tariff rate to fall to 15% from 39% US trade chief Greer says Switzerland to shift some manufacturing to US Swiss companies to invest $200 billion in US by end-2028 Swiss industry applauds deal to reach parity with EU competitors ZURICH, Nov 14 (Reuters) - The United States and Switzerland announced a framework trade agreement on Friday that includes Washington slashing its tariffs on imported Swiss products to 15% from 39% and a pledge by Swiss companies to invest $200 billion in the U.S. by the end of 2028. The United States and Switzerland, joined by Liechtenstein, aim to conclude negotiations to finalize their trade deal by the first quarter of 2026, the White House said in a statement. Sign up here. U.S. Trade Representative Jamieson Greer said the agreement tears down longstanding trade barriers and opens new markets for American goods. He welcomed "massive Swiss investment to help reduce our deficit in pharmaceuticals and other key sectors" that will generate thousands of jobs across the U.S. At least $67 billion of the $200 billion in pledged Swiss investments in the United States will come in 2026, the White House said in a statement , opens new tab. The total includes prior U.S. investment commitments including $50 billion from drugmaker Roche (ROG.S) , opens new tab and $23 billion from Novartis along with pledges from engineering group ABB (ABBN.S) , opens new tab railway equipment maker Stadler , opens new tab(SRAIL.S) , opens new tab. In addition to pharmaceuticals - Switzerland's largest export to the U.S. - the investments in U.S. production will target medical devices, aerospace and gold manufacturing, the White House said. "This agreement puts Switzerland on an equal footing with the European Union and brings the tariff level down from 39% to 15%," Swiss Economy Minister Guy Parmelin said in announcing the deal, which affects about 40% of Switzerland's exports. "Of course, we would prefer (the $200 billion) to be invested in Switzerland," Parmelin added. "And that’s why the Federal Council in parallel is doing everything to see how we can reduce costs for our businesses." The lower tariff rate is likely to be activated within "days, weeks," as soon as the U.S. customs processing systems can be adjusted, said Helene Budliger Artieda, director of Switzerland's State Secretariat for Economic Affairs. PHARMA TARIFFS CAPPED AT 15% The deal guarantees a 15% tariff ceiling for Swiss pharmaceutical producers, limiting the impact of U.S. President Donald Trump's forthcoming Section 232 national security duties for the sector, which could reach 100% on certain patented drugs. Parmelin said the 15% cap would also apply to other future Section 232 duties, including semiconductors, putting key sectors on the same footing as the EU. "The risk of much higher sector-specific tariffs is therefore ruled out," Parmelin added. A Swiss government statement , opens new tab said the tariff agreement will reduce Swiss import duties on U.S. industrial products, fish and seafood and agricultural products "that Switzerland considers non-sensitive." Switzerland will grant the U.S. duty-free bilateral tariff quotas on 500 tons of beef, 1,000 tons of bison meat and 1,500 tons of poultry meat, the government said. The White House statement said Switzerland agreed to remove a range of tariffs across agricultural and industrial sectors including certain fresh and dried nuts, fruits, seafood and chemicals. The White House also said Switzerland will recognize U.S. motor vehicle safety standards, a step toward addressing Trump's frequent complaint that European countries do not buy American-made cars and trucks. LEVEL PLAYING FIELD WITH EU Swiss industrial groups welcomed the deal, saying it would put them on a level playing field with competitors from the European Union, which agreed to a 15% tariff on EU exports to the U.S. "For the industrial sector, which was subject to a 39% tariff since August 1, this is good news. For the first time, we have the same conditions in the U.S. market as our European competitors," said Nicola Tettamanti, president of Swissmechanic, which represents small and medium-sized manufacturers. Switzerland's machinery, precision instruments, watchmaking, and food sectors, which export to the U.S., would see the most relief, said Hans Gersbach, a director of the KOF Swiss Economic Institute at ETH Zurich. KOF forecasts Swiss economic growth of 0.9% in 2026, but this would exceed 1% with the lower tariff rate, he added. Switzerland had a $38.3 billion goods trade surplus with the U.S. in 2024, according to U.S. Census Bureau data. This rose to $55.7 billion in 2025 through July, reflecting primarily the front-loading of U.S. imports from Switzerland during the first quarter, before Trump imposed his "reciprocal" tariffs in early April. Nadia Gharbi, an economist at Swiss bank Pictet, said the tariff reduction removed the main downside risks for the country's economy and represents a clearly positive development for Swiss industries and for the overall growth outlook. "Under the previous tariff regime, Switzerland suffered a significant loss of competitiveness — not only because of the strength of the Swiss franc, but also because neighboring European economies were subject to tariffs of only around 15%," she said. Swiss industry on Friday reported a 14% fall in exports to the U.S. during the three months through September, technology industry association Swissmem said, while machine tool makers saw shipments slump 43%. https://www.reuters.com/world/europe/us-reaches-trade-deal-with-switzerland-ustr-says-2025-11-14/

2025-11-14 21:00

Walmart falls after announcing CEO retirement Cidara Therapeutics soars on Merck buyout deal Nvidia report seen as key to AI rally S&P 500 -0.05%, Nasdaq +0.13%, Dow -0.65% Nov 14 (Reuters) - Wall Street stocks ended mixed on Friday as investors looked ahead to Nvidia's quarterly results next week and worried that the Federal Reserve may hold off on cutting U.S. interest rates in December. The Nasdaq ended higher and the S&P 500 finished marginally weaker after an early selloff that dragged all three major Wall Street indexes down more than 1%. Sign up here. Investors in recent days have fretted about the pace of rate cuts and pricey valuations of heavyweight artificial intelligence stocks that have fueled much of the U.S. stock market's gains in recent years. Nvidia (NVDA.O) , opens new tab, Palantir (PLTR.O) , opens new tab and Microsoft (MSFT.O) , opens new tab each gained more than 1%. Expectations the Fed will cut rates at its December policy meeting have faded in recent days amid signs of persistent inflation, caused in part by U.S. President Donald Trump's global tariffs. The probability of a 25-basis-point rate cut in December has fallen to under 50% from 67% last week, according to CME Group's FedWatch tool. Kansas City Fed President Jeffrey Schmid said on Friday his concerns about "too hot" inflation go well beyond the narrow effects of tariffs, signaling that he could dissent again at the Fed's December meeting should policymakers opt to cut short-term borrowing costs. He was one of two dissenters in the Fed's October decision to lower the policy rate by a quarter of a percentage point. AI chipmaker Nvidia will be at the center of Wall Street's attention when it reports quarterly results on Wednesday, with investors eager for fresh evidence that a race to dominate the emerging technology is not losing steam. "We've got a huge event next week with Nvidia," said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina. "If Nvidia disappoints, they will be punished. But I also think that - kind of like you're seeing today - you'll see dip buyers come back in pretty quickly and stabilize things." UnitedHealth Group (UNH.N) , opens new tab declined 3.2% and Visa (V.N) , opens new tab lost 1.8%, both weighing on the Dow. The S&P 500 fell 0.05% to end at 6,734.11 points. The Nasdaq gained 0.13% to 22,900.59 points, while the Dow Jones Industrial Average declined 0.65% to 47,147.48 points. Seven of the 11 S&P 500 sector indexes declined, led lower by materials (.SPLRCM) , opens new tab, down 1.18%, followed by a 0.97% loss in financials (.SPSY) , opens new tab. For the week, the S&P 500 rose 0.1%, the Dow added 0.3% and the Nasdaq lost 0.5%. Concerns about the labor market's health and the inflation outlook have weighed on investors, who expect some permanent gaps in official economic data even after the record-long U.S. government shutdown ended on Thursday. In global trade, the Swiss government said U.S. tariffs on Swiss goods will be reduced to 15% from 39%. Warner Bros Discovery (WBD.O) , opens new tab gained 4% after the entertainment company said it had amended CEO David Zaslav's employment agreement amid a strategic review of its business. Cidara Therapeutics shares (CDTX.O) , opens new tab more than doubled after Merck (MRK.N) , opens new tab said it will acquire the company in an almost $9.2 billion deal Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) , opens new tab by a 1.7-to-one ratio. The S&P 500 posted 12 new highs and 10 new lows; the Nasdaq recorded 52 new highs and 295 new lows. Volume on U.S. exchanges was 20.1 billion shares, just below the average of 20.2 billion shares over the previous 20 sessions. https://www.reuters.com/world/africa/us-futures-drop-fading-december-rate-cut-expectations-2025-11-14/

2025-11-14 20:48

RIO DE JANEIRO, Nov 14 (Reuters) - Brazilian logistics firm Prumo said on Friday it agreed to sell its 50% stake in Ferroport, a joint venture with miner Anglo American (AAL.L) , opens new tab that operates an iron ore terminal at Rio de Janeiro's Acu Port. Sign up here. https://www.reuters.com/world/americas/brazils-prumo-sells-stake-joint-venture-with-anglo-american-2025-11-14/

2025-11-14 20:25

Logan did not support a rate cut in October Labor market not now in need of further preemptive insurance, Logan says Logan next votes on rate-setting next year Nov 14 (Reuters) - Dallas Federal Reserve President Lorie Logan on Friday again signaled she would oppose an interest-rate cut in December, after also opposing the Fed's rate cut in October, because of her concern that inflation is too high, trending upward, and taking too long to get to the Fed's 2% target. "As I look to the December meeting, I think it would be hard to support another rate cut unless we were to get convincing evidence that inflation is really coming down faster than my expectations or that we were seeing more than the gradual cooling that we've been seeing in the labor market," she said at an energy conference put on by the Dallas and Kansas City Fed banks. Sign up here. Logan will not be a voter on rate-setting at the Fed until next year, though non-voters do participate in the Fed's monetary policy debate and can help shape the thinking at the table. "Until I see convincing evidence that we are headed all the way back to our 2% target, I really do think modestly restrictive policy is appropriate," Logan said, in remarks that largely repeated comments she made days after the Fed's late-October decision to cut the policy rate to the 3.75%-4.00% range to support the labor market. Logan said the job market is cooling, but gradually and appropriately so because the Fed is also trying to get inflation down and needs to keep short-term borrowing costs high enough to keep some braking power on the economy. She said she supported the Fed's September rate cut as insurance against further labor-market weakening, but "it does not seem like a labor market to me that it would be appropriate for further preemptive insurance." Instead she said the Fed can monitor the job market risks, "and if we saw more than gradual cooling then I would think it would be you know appropriate to consider another rate cut," she said. https://www.reuters.com/business/feds-logan-would-be-hard-support-december-rate-cut-2025-11-14/