2025-11-11 11:44

Nov 11 - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. Tuesday's tech-led Wall Street jump on a likely reopening of the U.S. government , opens new tab displayed dogged "buy-the-dip" behavior, but the move has run out of steam into today's Veterans Day holiday. With its quarterly results due out next week, the world's most valuable company Nvidia bounced 6% on Tuesday as the U.S. Senate passed a key bill to fund government through the end of January - moving the procedure to the House this week. The tech sector and megacaps led the S&P500's 1.5% surge while the Nasdaq rallied more than 2%. AI data analytics firm Palantir jumped 9% and Tesla climbed 4%. Still, the moves only reclaimed about two thirds of the 6% Nasdaq drop and 15% Nvidia swoon seen over the past two weeks. And futures have stalled into today's open. Nvidia-backed CoreWeave's shares dropped more than 7% overnight after it trimmed its annual revenue forecast, taking the shine off a strong September quarter driven by demand for AI cloud services. And as Japan's SoftBank reported more than a doubling of quarterly profits to 2.5 trillion yen ($16.6 billion), driven by valuation gains in its OpenAI holdings, it said it sold the remainder of its shares in Nvidia for almost $6 billion. SoftBank has been a repeat investor in Nvidia, selling its investment before the AI boom took off and then buying the chip giant's shares again before divesting in October. More broadly, Japanese government data showed domestic investors sold significant amounts of foreign stocks last month to lock in profits from the AI-fuelled rally. With Treasury markets closed today, the dollar was firmer - probing six-month highs against the yen after Monday's broadside from new Prime Minister Sanae Takaichi against Bank of Japan tightening as she loosened fiscal policy rules more broadly. In Britain, UK government bond yields and the pound fell sharply on news that the unemployment rate there jumped to four-year highs and wage growth slowed - bolstering speculation that the Bank of England will cut interest rates again next month. Swiss stock markets and the Swiss franc jumped after U.S. President Donald Trump said the United States is working with Switzerland on a deal to lower the 39% tariff rate it faces on exports, with sources saying the rate is likely to be cut to 15%. Watchmaker stocks jumped 2-4%. In today's column, I look at whether centrists on the Federal Reserve's policymaking committee are turning more hawkish and making the case for a policy pause next month. Today's Market Minute Chart of the day Japanese investors sold significant amounts of foreign stocks last month to lock in profits from an AI-fuelled rally amid concerns over stretched valuations and the U.S. government shutdown. According to data from Japan's Ministry of Finance on Tuesday, domestic investors withdrew about 1.84 trillion yen ($12.20 billion) from foreign stock markets in October - the largest net sales for a month since June. Today's events to watch * U.S. Veterans Day, bond markets closed * U.S. NFIB October small business survey (6:00 AM EDT) * Federal Reserve Board Governor Michael Barr speaks Want to receive the Morning Bid in your inbox every weekday morning? Sign up for the newsletter here. You can find ROI on the Reuters website , opens new tab, and you can follow us on LinkedIn , opens new tab and X. , opens new tab Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles , opens new tab, is committed to integrity, independence, and freedom from bias. https://www.reuters.com/business/finance/global-markets-view-usa-2025-11-11/

2025-11-11 11:24

Toronto Stock Exchange gains led by energy and financial sectors Utilities and technology stocks temper overall index gains Investors await larger catalysts for significant market movement Nov 11 (Reuters) - Canada's main stock index closed slightly higher on Tuesday as relief over the end of the U.S. government shutdown gave way to caution, with investors signaling they need bigger catalysts to push the market higher. The S&P/TSX composite index (.GSPTSE) , opens new tab closed 0.31% up at 30,409.25 points, led by index-heavyweight sectors such as energy, industrials and financials. Sign up here. However, losses in utility and technology stocks tempered the index's gains. "America is the world's largest economy by far. Their government's been shut down for the longest period in the history of America. So when you bring that government back together... that's a real positive," said Robert Gill, portfolio manager at Fairbank Investment Management. However, investors are waiting for some larger catalysts to move higher and not just chasing returns, he added. Higher commodity prices and a potential end to the longest U.S. government shutdown had lifted the index on Monday. The positive momentum continued as the U.S. Senate passed a bill late on Monday to end the shutdown that has weighed on the U.S. economy and stalled economic data. The modest gains on the TSX were also aided by higher oil prices that lifted energy stocks and a general positive mood that pushed financial shares up. The energy index (.SPTTEN) , opens new tab, which accounts for almost 13% of the main TSX index, ended up 1.56%. Oil prices gained about $1 with Brent crude futures trading at $65.03 a barrel on Tuesday due to the impact of the latest U.S. sanctions on Russian oil and the optimism over a potential end to the U.S. government shutdown, although oversupply concerns limited gains. The index of financial companies (.SPTTFS) , opens new tab, with over one-fourth share of the index weight, ended up 0.18% while real estate shares on average rose by 1.23%. Gill from Fairbank said that potential good news from the G7 foreign ministers meeting in Canada, some breakthrough in the current geopolitical situation or the resumption of trade talks between Canada and the U.S. could be the likely triggers for the TSX. The TSX has had a stellar year so far with the main index rising by almost 22% led by gold, energy and mining stocks, even though fears around overvaluation of technology stocks have started to resurface lately. Utilities were down on the TSX on Tuesday with Brookfield Renewable Partners shares declining 5.64% after the electric utility announced a $650 million equity raise. https://www.reuters.com/business/tsx-futures-flat-investors-seek-fresh-catalysts-2025-11-11/

2025-11-11 11:17

Russian and Kazakh presidents meeting in Moscow Kremlin keen to hear about Tokayev's talks with Trump Sanctioned Lukoil holds stakes in Kazakh fields MOSCOW, Nov 11 (Reuters) - Russian President Vladimir Putin and Kazakh President Kassym-Jomart Tokayev will discuss gas projects and the fallout from U.S. sanctions on Russian oil companies at talks in Moscow on Tuesday and Wednesday, the Kremlin said. Kremlin spokesman Dmitry Peskov said Putin would also be keen to hear about talks that Tokayev and other Central Asian leaders held with U.S. President Donald Trump in Washington last week. Sign up here. "If the president of Kazakhstan considers it necessary to inform our president about the content of the contacts he had in Washington, of course that will be extremely interesting for the Russian side," Peskov said. US OIL SANCTIONS ON THE AGENDA Asked whether the two leaders would talk about the impact of U.S. sanctions on Russian oil majors Lukoil (LKOH.MM) , opens new tab and Rosneft (ROSN.MM) , opens new tab, Peskov said: "Our trade and economic cooperation with Kazakhstan is very much multi-faceted. It covers virtually every possible area of cooperation." "Therefore, all areas of cooperation will be discussed in detail without fail," he said. Both Russian oil companies, which were sanctioned by the Trump administration last month as U.S. efforts to broker peace in Ukraine have stalled, have significant holdings in Kazakhstan, itself an energy giant that exports most of its oil via Russia. Lukoil holds stakes in the Tengiz and Karachaganak fields, which are operated by Western majors. WALKING A DIPLOMATIC TIGHTROPE Kazakhstan has walked a diplomatic tightrope over the war in Ukraine, maintaining close ties with neighbour and major trading partner Russia whilst also expressing support for Ukraine's territorial integrity. Russia has long been the principal outside power in Central Asia, though China also enjoys significant influence and Western powers are looking to deepen their own relationships in the region. Kazakhstan's Tokayev joined the four other Central Asian presidents in visiting Washington last week, where they held talks with Trump and Tokayev heralded the "beginning of a new era of interaction between the United States and Central Asia." https://www.reuters.com/business/energy/putin-kakakhstans-tokayev-discuss-gas-projects-kremlin-says-2025-11-11/

2025-11-11 11:08

CACHAGUA ISLAND, Nov 11 (Reuters) - Chilean scientists warned of further risks to the world's shrinking population of Humboldt penguins, one of the few species that live on rocky coastlands in more temperate regions, after officials declared the species endangered. Chile's Pacific coast is home to 80% of the world's remaining Humboldt penguins, and scientists at the Universidad de Concepcion estimate that their numbers have dwindled to fewer than 20,000 from around 45,000 in the late 1990s. Sign up here. International organizations consider the species vulnerable and prohibit commercial trade, but late last month Chile's Environment Ministry reclassified the seabird as "endangered." Biologists fear numbers will continue to decline. Competition for food from commercial fishing as well as habitat loss, pollution, bird flu and the worsening impacts of climate change have contributed to declining numbers. "The series of threats facing penguins today has not diminished," Guillermo Cubillos, a marine biologist at Chile's national zoo, told Reuters. "If these threats persist over time, it is very likely this species will go from endangered to critically endangered, and from there it is a very short step to the species disappearing for good." Paulina Arce, a veterinary expert on the Humboldt penguin, said the species is threatened by deaths in fishing nets as well as competition for marine resources, and the classification calls for stricter legislation for sustainable fishing, both on the industrial and small-scale fronts. "The measures that have been implemented so far are not working," she said. "It is useless to reclassify a species if this is not combined with measures to ensure that this species can continue to live and feed in its habitats." Legislation, Arce said, is key so humans can coexist with nature. https://www.reuters.com/sustainability/climate-energy/chiles-endangered-humboldt-penguins-risk-further-decline-scientists-say-2025-11-11/

2025-11-11 11:07

Nov 11 (Reuters) - Sterling snapped a four-day rising streak as data on Tuesday showed British unemployment rose, while annual wage growth slowed slightly, bolstering expectations for a Bank of England interest rate cut next month. Yields on 2-year gilts , more sensitive to expectations for BoE policy rates, dropped 6 bps to 3.74%, within a whisker of their lowest since August 2024. Sign up here. Appetite for risky assets, which usually supports the British currency, was mixed with European shares (.STOXX) , opens new tab rising to a two-week high while U.S. stock futures dropped 0.20% after the S&P 500 jumped 1.5% the day before. Sterling fell 0.33% to $1.3135 , after hitting the day before $1.31914, the highest level since October 29. The U.S. dollar rose against the safe-haven yen and versus the growth-sensitive Australian dollar on Tuesday as investors shifted their focus to data expected once the U.S. government shutdown ends. However, the main focus for sterling traders remained the BoE rate outlook. "Markets still underestimate the depth of the Bank's potential easing cycle," said Modupe Adegbembo, an economist at Jefferies. She mentioned traders pricing 21 bps of BoE rate cuts for December, up from 17 bps before the jobs data, and 65 bps of easing by December 2026 versus 58 bps before. "Given the weakness in the labour market and the additional fiscal tightening likely to be delivered by the Chancellor, we expect the BoE to bring (the) Bank Rate down to around 3% (which now stands at 4%)," she added. BoE policymaker Megan Greene said she was concerned about surveys showing a relatively high level of pay settlements planned for next year. The euro jumped 0.45% to 88.10 pence after a four-day falling streak. It reached 88.30 last week, its highest level since May 2023. While markets anticipate further BoE rate cuts, the euro remains supported by a firmly anchored outlook for European Central Bank policy, with its key rate expected to stay unchanged through 2027. "Weak UK growth fiscal difficulties and the current low popularity ratings of both (finance minister Rachel) Reeves and prime minister (Keir) Starmer also hint at political headwinds ahead,” said Jane Foley, senior forex strategist at Rabobank. She expects the euro to continue edging higher into next year versus the British currency. https://www.reuters.com/business/sterling-snaps-four-day-rising-streak-after-jobs-data-2025-11-11/

2025-11-11 10:26

Nov 11 (Reuters) - CoreWeave's (CRWV.O) , opens new tab shares tumbled 10% on Tuesday after it scaled back its annual revenue forecast due to data center hiccups despite strong demand for its artificial intelligence services. The Nvidia-backed company's margins are pressured by soaring infrastructure expenses, rising AI chip prices and intensifying competition for computing power, weighing on profitability. Sign up here. CoreWeave said it faced delays with a key data center partner, but that the impacted customer had agreed to extend the contract, keeping the deal's total value intact. It did not name the client. The company was set to lose around $5 billion from its market value, if losses hold. At least six brokerages have cut their PT on the stock following the results. "The quarter revealed something that investors have feared for a while - operational risk," analysts at Barclays said. "This is the first time for the young AI infrastructure industry that this has come up and will likely remind investors that these large scale AI data centers are not easy engineering projects." Once a major Ethereum miner, CoreWeave has pivoted to capitalize on the AI boom by leasing Nvidia GPUs and securing deals with tech majors such as Meta (META.O) , opens new tab and ChatGPT-maker OpenAI. The stock, which has climbed about 164% since its March IPO, reported third-quarter revenue of $1.36 billion, topping analysts' average estimate of $1.29 billion, according to data compiled by LSEG. The company's adjusted operating income margin slipped to 16% in the third quarter from 21% a year earlier. "This seems like an incrementally worse setup for the day in the future when demand isn't off the charts," analysts at MoffettNathanson said. https://www.reuters.com/business/nvidia-backed-coreweaves-shares-fall-data-center-delay-hits-annual-revenue-2025-11-11/