2025-11-07 07:32

GABORONE, Nov 7 (Reuters) - The mining ministers of Botswana and Angola held talks in Botswana's capital on Friday on cooperation in the diamond sector, as the two Southern African countries seek to take control of Anglo American (AAL.L) , opens new tab diamond unit De Beers. Botswana, which owns 15% of De Beers and contributes 70% of its annual rough diamond production, considers the company a strategic national asset, despite a slump in global diamond prices that has hurt its economy. Sign up here. Angola initially sought a minority stake in De Beers but later submitted a bid for a majority stake, setting up a potential bidding war with its neighbour. Botswana's mines minister Bogolo Joy Kenewendo and Angolan minister Diamantino Pedro Azevedo discussed collaboration in the diamond industry, as well as energy and logistics at a meeting briefly opened to reporters. Before that, they held a closed-door meeting which lasted about 40 minutes. "At the top of everyone's minds this year is the performance of the diamond industry and our collaborative efforts in bringing back the spark and the shine to the industry," Kenewendo said. "As some of the largest producers of diamonds by quantity and value in the world, it is only right that we meet and join hands in discussing how to get the most out of this natural resource," she added. The two ministers did not make any reference to Botswana and Angola's competing interests in controlling De Beers, nor did they take any questions as they headed to another meeting with Botswana's President Duma Boko. Anglo put De Beers, one of the world's leading diamond companies, up for sale to focus on other parts of its business and valued it at $4.9 billion. https://www.reuters.com/world/africa/botswana-angola-set-talks-both-seek-control-de-beers-2025-11-07/

2025-11-07 07:31

LONDON, Nov 7 (Reuters) - British house prices last month rose at the fastest pace since January, data from mortgage lender Halifax showed on Friday, adding to signs of demand in the property sector ahead of finance minister Rachel Reeves' budget on November 26. House prices increased by 0.6% in monthly terms in October after a 0.3% fall in September to reach a new record of 299,862 pounds ($402,444.79) - well above a 0.1% rise predicted by economists in a Reuters poll and the biggest rise since January. Sign up here. Halifax said house prices were 1.9% higher than a year earlier, above the 1.5% forecast in the poll, and compared with an annual increase of 1.3% in September. But, Amanda Bryden, head of mortgages at Halifax, warned that affordability challenges for buyers remain. "Demand from buyers has held up well coming into autumn, despite a degree of uncertainty in the market, with the number of new mortgages being approved recently hitting its highest level so far this year," Bryden said. "There is no doubt that affordability remains a challenge for many." The increase in British property prices has been slower this year than in the second half of 2024 as concerns about the economy and the prospect of additional taxes on homes as Reeves readies her budget. "This provides further encouragement that the housing market has weathered the prospect of tax rises in the budget better than it first appeared. What's more, house prices may get a further boost from lower mortgage rates in the coming months," Ashley Webb, UK economist at Capital Economics, said. On Thursday, the Bank of England kept interest rates at 4%, but a close vote and signs that Governor Andrew Bailey might soon join those seeking a rate cut boosted the prospect of a cut in December. Halifax said house prices in London fell by 0.3% from 12 months earlier while the strongest growth was reported in Northern Ireland where prices rose by 8%, Halifax said. Data from rival mortgage lender Nationwide published last week showed that prices rose by 0.3% in October, pushing annual house price inflation up to 2.4%. ($1 = 0.7451 pounds) https://www.reuters.com/world/uk/uk-house-prices-rose-06-october-halifax-says-2025-11-07/

2025-11-07 06:59

Exports slide, worst outcome since Feb, as front-loading effect fades Import growth slowest in 5 months, highlights soft domestic demand Data underline rising pressure on economy as US tariffs shake up global trade BEIJING, Nov 7 (Reuters) - Chinese exports unexpectedly fell in October after months of front-loading U.S. orders to beat President Donald Trump's tariffs, in a stark reminder of the manufacturing juggernaut's reliance on American consumers even as it woos buyers elsewhere. The world's second-largest economy has pushed hard to diversify its export markets since Trump won last November's presidential election, bracing for a resumption of the trade war that dominated his first term in office, and seeking closer trade ties with Southeast Asia and the European Union. Sign up here. But no other country comes close to matching China's annual sales of more than $400 billion in goods to the U.S., a loss economists estimate has cut China's export growth by around 2 percentage points, or roughly 0.3% of GDP. The October customs data on Friday underlined that point, as China's exports shrank 1.1%, the worst performance since February, reversing from an 8.3% rise in September, and missing a forecast for 3.0% growth in a Reuters poll. "It appears the rush to ship goods to the U.S. ahead of tariff hikes subsided in October," said Zhang Zhiwei, chief economist at Baoyin Capital Management. "With export momentum now waning, China may need to rely more heavily on domestic demand." Chinese shipments to the U.S. tumbled 25.17% year-on-year, the data showed, while those to the European Union and Southeast Asian economies - big trading partners with whom policymakers have sought to bolster ties amid tariff tensions with Washington - grew by just 0.9% and 11.0%, respectively. Most analysts largely agree Chinese manufacturers have pushed as many goods into the world as possible for now. "I think the PMI was already warning us that Chinese exports cannot continue to grow forever, and it's not only because of the U.S. but because the global economy is slowing," said Alicia Garcia-Herrero, chief economist for the Asia-Pacific at Natixis. "Exports through Vietnam to the U.S. will decelerate once the front-loading is over, and we're there. So I think it's going to be much tougher for China in the fourth quarter, which means it's going to be tougher in the first half of 2026 as well," she added. China's yuan edged lower against the dollar following the data's release, registering its first weekly decline in a month. TENTATIVE TARIFF TRUCE Traders and investors on both sides of the Pacific breathed a sigh of relief last week after Trump and Chinese President Xi Jinping agreed to trim their tariffs and pause a raft of other measures for one year, easing concerns the two leaders might abandon their highly-anticipated meeting after a renewed spike in tensions in early October. But U.S.-bound Chinese goods will still face an average tariff rate around 45%, above the 35% level that some economists say wipes out Chinese manufacturers' profit margins. Woei Chen Ho, economist at UOB Singapore, said the U.S.-China trade truce struck by the two leaders last month would stabilise the outlook in the near-term, but forecast that "both countries will try to reduce their interdependence and we're going to see the U.S. share of China trade, especially exports, drop. China's trade surplus with the U.S. came in at $24.76 billion in October, rising from $22.82 billion a month prior. In line with its push to broaden its trade ties, Beijing on Thursday flagged fresh prospects for a trade or investment deal with the European Union, the world's third-largest economy. Last month, China posted a trade surplus of $21.9 billion with the 27-strong bloc. WEAK DOMESTIC DEMAND Insufficient domestic demand remains a hurdle to driving growth, too. That was underlined by the imports data, which expanded at their slowest pace in five months, up 1.0% compared to 7.4% growth in September and a 3.2% forecast rise. Officials said last month China will aim to raise the percentage of household consumption of GDP "significantly" over the next five years, after a key conclave of the ruling Communist Party's Central Committee mapped out economic and policy goals for 2026-2030. China's imports of soybeans, crude oil, and iron ore rose in October from a year earlier, with record soybean purchases from South America attributed to crushers rushing to buy before potential price spikes in Brazil caused by missed China–U.S. shipments, while energy imports were supported by competitive prices. But copper purchases, key to the construction sector, dropped as consumers shied away from restocking due to high prices for the metal and as a prolonged property downturn continues to crimp demand. "With intensifying growth headwinds from a slew of demand shocks, especially on retail sales and exports, we believe Beijing's policy focus might once again shift to ensuring short-term stability," Nomura analysts said in a note. "Fiscal expansion will likely be the key focus of Beijing’s policy agenda." ($1 = 7.1230 Chinese yuan) https://www.reuters.com/world/china/china-exports-unexpectedly-slide-worst-since-feb-global-trade-pressure-mounts-2025-11-07/

2025-11-07 06:49

Kalmaegi's destruction coincides with global climate talks in Brazil Warmer sea temperatures linked to stronger typhoons, scientists say Back-to-back storms increase damage potential, warn researchers SINGAPORE, Nov 7 (Reuters) - As the year's deadliest typhoon sweeps into Vietnam after wreaking havoc in the Philippines earlier this week, scientists warn such extreme events can only become more frequent as global temperatures rise. Typhoon Kalmaegi killed at least 188 people across the Philippines and caused untold damage to infrastructure and farmland across the archipelago. The storm then destroyed homes and uprooted trees after landing in central Vietnam late on Thursday, killing at least five people. Sign up here. Kalmaegi's path of destruction coincides with a meeting of delegates from more than 190 countries in the rainforest city of Belem in Brazil for the latest round of climate talks. Researchers say the failure of world leaders to control greenhouse gas emissions has led to increasingly violent storms. "The sea surface temperatures in both the western North Pacific and over the South China Sea are both exceptionally warm," said Ben Clarke, an extreme weather researcher at London's Grantham Institute on Climate Change and Environment. "Kalmaegi will be more powerful and wetter because of these elevated temperatures, and this trend in sea surface temperatures is extremely clearly linked to human-caused global warming." WARMER WATERS PACK "FUEL" INTO CYCLONES While it is not straightforward to attribute a single weather event to climate change, scientists say that in principle, warmer sea surface temperatures speed up the evaporation process and pack more "fuel" into tropical cyclones. "Climate change enhances typhoon intensity primarily by warming ocean surface temperatures and increasing atmospheric moisture content," said Gianmarco Mengaldo, a researcher at the National University of Singapore. "Although this does not imply that every typhoon will become stronger, the likelihood of powerful storms exhibiting greater intensity, with heavier precipitation and stronger winds, rises in a warmer climate," he added. MORE INTENSE BUT NOT YET MORE FREQUENT While the data does not indicate that tropical storms are becoming more frequent, the number of intense storms has increased, said Mengaldo, who co-authored a study on the role of climate change in September's Typhoon Ragasa. "The total number of typhoons occurring each year has not shown a clear long-term increase," he said. "Yet, the frequency of the most intense events and rapid intensification episodes has risen, likely driven by warmer oceans and greater atmospheric instability associated with climate change." Last year, the Philippines was hit by six deadly typhoons in the space of a month, and in a rare occurrence in November, saw four tropical cyclones develop at the same time, suggesting that the storms might now be happening over shorter timeframes. "Even if total cyclone numbers don't rise dramatically annually, their seasonal proximity and impact potential could increase," said Drubajyoti Samanta, a climate scientist at Singapore's Nanyang Technological University. "Kalmaegi is a stark reminder of that emerging risk pattern," he added. BACK-TO-BACK STORMS CAUSING MORE DAMAGE While Typhoon Kalmaegi is not technically the most powerful storm to hit Southeast Asia this year, it has added to the accumulated impact of months of extreme weather in the region, said Feng Xiangbo, a tropical storm researcher at Britain's University of Reading. "Back-to-back storms can cause more damage than the sum of individual ones," he said. "This is because soils are already saturated, rivers are full, and infrastructure is weakened. At this critical time, even a weak storm arriving can act as a tipping point for catastrophic damage." Both Feng and Mengaldo also warned that more regions could be at risk as storms form in new areas, follow different trajectories and become more intense. "Our recent studies have shown that coastal regions affected by tropical storms are expanding significantly, due to the growing footprint of storm surges and ocean waves," said Feng. "This, together with mean sea level rise, poses a severe threat to low-lying areas, particularly in the Philippines and along Vietnam's shallow coastal shelves." https://www.reuters.com/sustainability/cop/typhoon-kalmaegi-wreaks-havoc-southeast-asia-scientists-say-rising-temperatures-2025-11-07/

2025-11-07 06:41

Nov 7 (Reuters) - European stainless steel producer Aperam (APAM.AS) , opens new tab reported weaker than expected core earnings for the third quarter on Friday, weighed down by lower volumes and growing price pressure on its home continent. Adjusted earnings before interest, taxes, depreciation and amortization fell around 25% from a year earlier to 74 million euros ($86 million), while analysts polled by the company had forecast 76 million euros on average. Sign up here. “ Major drivers were lower seasonal volumes in Europe, intensifying price pressure in Europe and temporary soft Alloys contribution, ” the group said in a statement. Average steel selling price fell by around 10% quarter-on-quarter to 2,040 euros per ton, company data showed. The group had reaffirmed its third-quarter outlook last month, anticipating a seasonal dip in shipments due to reduced summer demand in Europe. Aperam expects its core profit to also decrease in the final quarter of 2025 compared to the previous three months. However, strong cash generation allowed the company to lift its deleveraging outlook, as it now expects to cut its net debt by more than 200 million euros by the end of the year, compared to the third quarter. It had previously expected this decrease to be around 200 million. ($1 = 0.8575 euros) https://www.reuters.com/business/aperam-lags-earnings-estimates-steel-prices-decline-europe-2025-11-07/

2025-11-07 06:09

Dollar set for weekly loss against euro and yen Markets overreacting to labor market hints, Jefferies says Weak Chinese trade data may spell trouble for the euro zone Yen still seen as the leading defensive hedge NEW YORK, Nov 7 (Reuters) - The U.S. dollar fell against major currencies including the euro and Swiss franc on Friday as investors sought to balance the Federal Reserve's hawkish tilt against lingering concerns over the U.S. economy. U.S. Treasury yields were slightly lower amid the extended government shutdown in Washington. The Labor Department did not release an October jobs report as scheduled on Friday because of the shutdown. Such reports are normally closely watched. Sign up here. The yield on benchmark U.S. 10-year notes fell 0.2 basis point to 4.091%. Investors were assessing the fallout from data that sounded an alarm bell for the global economic outlook: Chinese exports unexpectedly fell in October, recording their steepest drop since February, after months of frontloading U.S. orders to dodge tariffs. The euro rose 0.15% against the dollar to $1.15564. It was on track to gain 0.26% for the week, recovering from two consecutive weeks of losses. The euro is drawing support from expectations of a steady policy rate, while both the U.S. and the UK are expected to cut rates further in 2026. The greenback started a five-day winning streak last week after U.S. Federal Reserve Chair Jerome Powell acknowledged the risky nature of further easing moves, but it dropped sharply on Thursday on soft labor data. “With the December Fed meeting more or less a coin toss which crucially depends on the labor market picture, the market is overreacting to any hints about the (U.S.) labor market,” said Mohit Kumar, an economist at Jefferies, noting the lack of economic data as the government shutdown continues. “Our view remains that Powell's comments from the last FOMC meeting suggest that the bar for a December cut is high,” he added. However, Chinese data suggests Beijing may have struggled to diversify exports away from the U.S., a trend that could stoke fears of mounting Chinese pressure on European markets. With the shutdown postponing the release of the monthly non-farm payrolls report, traders have turned to private sector data which showed the economy shed jobs in October in the government and retail sectors. Cost-cutting and the adoption of artificial intelligence also led to a surge in layoffs. Barclays forecast earlier this week a 60% chance that the U.S. government shutdown - the longest in U.S. history - would end between November 11 and 21, while assigning a 15% probability that it could extend into December. The dollar index , which measures the currency's strength against a basket of six peers, was down 0.12% at 99.56. It was set to fall 0.15%, ending two straight weeks of gains. "We have been calling for a dollar bounce for a while now and are still looking for some gains in the near term, as U.S. growth momentum remains strong while dollar sentiment is relatively weak," said TS Lombard analysts led by Andrea Cicione in an investor note. A rush into safe-haven assets earlier this week supported the U.S. dollar, which has regained some of its safe-haven appeal, analysts said, even as the Japanese yen emerged as the market’s preferred defensive play. The dollar rose 0.25% against the yen to 153.44, but it was on track to fall 0.39% this week - snapping two straight weeks of gains. https://www.reuters.com/world/asia-pacific/dollar-defensive-data-show-cracks-us-jobs-market-2025-11-07/