2025-11-06 11:56

FAA requires phased flight reductions at major US airports, starting with 4% cut on Friday Airlines scramble to adjust schedules amid flight reductions Major carriers offer flexibility for changes, use bigger aircraft Passenger stress rises with delays, cancellations and uncertainty CHICAGO/WASHINGTON/NEW YORK, Nov 6 (Reuters) - U.S. airlines scrambled on Thursday to rejig schedules and field calls from anxious customers after the Trump administration ordered flight reductions at major airports due to a shortage of air traffic controllers during the longest government shutdown in history. The cuts, set to begin on Friday, were expected to hit hundreds of thousands of travelers with little notice. Aviation analytics firm Cirium estimated the reductions would cancel up to 1,800 flights and cut 268,000 airline seats a day in the U.S. International flights are not affected. Sign up here. The timing, during a period of low travel demand, was making it easier for carriers to rebook passengers by cutting flight frequencies on some routes and using bigger planes. Analysts said the impact on airline earnings was likely to be modest as long as the shutdown ends before the peak Thanksgiving travel period later this month. "During the current low season, airlines tend to have lighter load factors, so the ability to accommodate passengers is higher," said Savanthi Syth, an analyst at Raymond James. Shares in major U.S. carriers, including Delta Air Lines (DAL.N) , opens new tab and United Airlines (UAL.O) , opens new tab, closed between 1% and 2% lower on Thursday. AIRLINES OFFER FLEXIBILITY FOR CHANGES In line with the federal directive, Delta announced the cancellation of about 170 U.S. flights on Friday, with fewer expected on Saturday due to lower travel volume. The carrier normally operates 5,000 daily flights globally. The airline said it plans to cancel flights a day in advance to give customers options well before they head to the airport. "We're operating the vast majority of our schedule and intend to keep access to all of the markets we serve, though frequency may be affected," Delta said. United said it plans to cut 4% of its flights Friday through Sunday, resulting in less than 200 daily cancellations. The Chicago-based airline operates around 4,500 flights a day. American Airlines (AAL.O) , opens new tab reduced its schedules by 4% across 40 airports, amounting to around 220 flights canceled each day from Friday through Monday. Southwest Airlines (LUV.N) , opens new tab will cancel about 120 flights on Friday. Alaska Airlines (ALK.N) , opens new tab has begun canceling a limited number of flights from Friday. The carrier said that most cancellations would affect high-frequency routes, allowing the majority of customers to be re-accommodated with minimal disruption. Discount carrier Frontier (ULCC.O) , opens new tab said most of its flights would operate as planned, though in a LinkedIn post its CEO Barry Biffle advised customers traveling to funerals or other critical events over the next 10 days to book backup tickets on different airlines. All major carriers were offering customers greater flexibility to change or cancel trips. USING BIGGER PLANES Airlines can lessen the disruption by using bigger aircraft, a strategy they already employ to deal with congestion in New York-area airports. Still, passengers inundated carriers on social media platforms like X with questions and comments as they tried to clarify their travel plans. While sales of its "disruption assistance" service have risen steadily since the shutdown began on October 1, travel app Hopper reported an overnight jump of nearly 60% after the government announced flight cuts. Transportation Secretary Sean Duffy on Wednesday ordered flight cuts to start on Friday at 40 major U.S. airports, including in New York, Los Angeles and Chicago, affecting both commercial and cargo services. The Federal Aviation Administration will require airlines to cut flights in a phased manner, starting with a 4% reduction on Friday and rising to a full 10% cut by November 14, according to a document seen by Reuters. Duffy cited safety concerns due to the shutdown, caused by a political stalemate in Congress over funding government operations. During the closure, 13,000 air traffic controllers and 50,000 security screeners have been forced to work without pay. Absenteeism has risen to 30% or more at some airports as the workers turn to second jobs to feed their families or are unable to afford childcare. Even before the shutdown, the FAA was already short about 3,500 air traffic controllers, and many were working mandatory overtime and six-day weeks. Airlines have estimated that at least 3.2 million travelers have been delayed during the shutdown. STRESS FOR PASSENGERS Following a dip in corporate and leisure bookings in the first half of the year, U.S. airlines had projected a period of steady demand this quarter. Yet, even as reduced capacity is expected to drive up airfares, the uncertainty caused by the shutdown may depress consumer travel spending. Passenger traffic declined in the first week of November from a year ago after rising in October, data from the U.S. Transportation Security Administration showed. Airlines for America CEO Chris Sununu urged customers to "stick with their current travel plans" amid a drop in bookings. But even before the new flight cuts went into effect, customers said flight delays and cancellations were causing misery. Delaware-based Grace Logeman, 40, drove two hours on Thursday to Newark, New Jersey for a Frontier flight to Atlanta that was delayed by three hours. The delay caused her to miss a connecting flight to the Dominican Republic for her sister's birthday. "I'm devastated," Logeman said while on hold with the airline's customer service line. "As far as the ongoing shutdown...it's hurting me. I'm the one sitting here now." https://www.reuters.com/sustainability/sustainable-finance-reporting/us-airlines-scramble-rejig-schedules-government-orders-flight-cuts-2025-11-06/

2025-11-06 11:48

Exxon, Chevron increasing presence in eastern Mediterranean Deal lauded by US delegation in Greece Deal comes as Europe tries to wean itself off Russian gas ATHENS, Nov 6 (Reuters) - Exxon Mobil (XOM.N) , opens new tab has signed a deal to explore for natural gas offshore Greece, increasing the U.S. presence in the eastern Mediterranean just as the Trump administration seeks to replace Russian energy flows into Europe. The United States, which holds vast reserves of domestic natural gas, wants to provide a larger share of Europe's energy mix via liquefied natural gas as the European Union seeks to phase out Russian gas imports in the coming years. Sign up here. "We have a tremendous opportunity right now to displace all of the Russian gas - every last molecule - out of western Europe," U.S. Energy Secretary Chris Wright told a conference in Athens on Thursday. "Every molecule that Russia does not sell into Europe…stays in the ground, it does not go into the pocket of Russia’s war machine." Under Thursday's deal, Exxon will partner with Energean (ENOG.L) , opens new tab, whose flagship gas fields are located offshore Israel, and Helleniq (HEPr.AT) , opens new tab to explore for natural gas in Block 2 offshore Western Greece, the companies said on Thursday. "This significant exploration agreement paves the way for potential future exploratory drilling investments in the 2027 timeframe," said John Ardill, Exxon's vice president of global exploration. GAS COULD FEED INTO TAP PIPELINE The first exploratory drilling is expected in late 2026 or early 2027. Exxon Mobil expects the first gas from the project in the early 2030s if all goes well, Ardill told Reuters on the sidelines of a conference in Athens. The project will require an investment of between $50 million and $100 million, he said. Greece, which produces small volumes of oil and relies on hefty gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a transit route for Europe. Last month it named a consortium of Chevron (CVX.N) , opens new tab and Helleniq as the preferred bidder for exploration in other offshore blocks. Gas could be fed into the Greek domestic market but, given the project's proximity to southern Italy, it could also join the TAP pipeline system that carries gas from central Asia to Italy, Energean Chief Executive Mathios Rigas told Reuters in call. U.S. OFFICIALS LAUD NEW DEAL Exxon will take a 60% stake in the concession, while Energean will have 30% and Helleniq Energy 10%. Energean will run the project during exploration and Exxon will take over if exploration drilling proves successful, the companies said. In July, Europe pledged to buy $250 billion a year in U.S. energy, from oil and liquefied natural gas to nuclear technology, for the next three years. U.S. officials who attended the signing ceremony at the Athens conference lauded Thursday's deal. "America is back and drilling in the Ionian Sea," said the United States' new ambassador to Greece, Kimberly Guilfoyle. https://www.reuters.com/business/energy/exxonmobil-joins-gas-exploration-project-off-greece-2025-11-06/

2025-11-06 11:44

Nov 6 - What matters in U.S. and global markets today By Mike Dolan , opens new tab, Editor-At-Large, Finance and Markets Sign up here. Signs that U.S. economic activity remains brisk helped steady the stocks ship, but this also cast more doubt on why the Federal Reserve needs to ease again next month and that has pushed Treasury yields higher. The week's latest tech wobble calmed on Wednesday as service sector surveys impressed, although valuation concerns smoldered. Chip designer Qualcomm's stock fell back 4% overnight despite headline earnings beats as it warned on loss of business from client Samsung. But a rare trickle of macro data during what's now a record long government shutdown was the focus on Wednesday. Private sector jobs rose above forecast last month, service firms reported rising activity and prices and quarterly Fed lending data showed relatively stable household credit conditions. With futures showing little more than a 60% chance of another Fed cut next month, Treasuries balked and the long-dated yields hit their highest in almost a month. A string of the Fed's heavy hitters are speaking again later on Thursday. However, doves will point to rising layoffs as a reason to keep cutting rates and a report on Thursday from Challenger, Gray & Christmas said U.S.-based employers cut more than 150,000 jobs in October, marking the biggest reduction for the month in more than 20 years. The overall picture left Wall Street stock index futures flat ahead of today's bell despite Wednesday's modest bounce. The dollar fell back across the major currency pairs, while gold nudged higher and Bitcoin retreated again. Britain's pound perked up after a rough week ahead of a likely knife-edge policy decision from the Bank of England later. Markets see 40% chance of a UK rate cut as soon as Thursday as this month's critical government budget plan is expected to tighten fiscal policy. Elsewhere, Asia stocks firmed and China's markets outperformed again. European stocks slipped. Wednesday's Supreme Court hearings raised doubts over the legality of President Donald Trump's sweeping tariffs, with betting markets seeing just a one-on-four chance that they will give the use of emergency powers clearance. That potentially creates a hiatus in the plan as Trump would then need to seek other routes to impose the tariffs. While the Supreme Court typically takes months to issue rulings after hearing arguments, the administration asked it to act swiftly. The timing of a decision remains unclear. Pressure to end the record 36-day government shutdown was building meantime, with Transportation Secretary Sean Duffy saying he would order a 10% cut in flights at 40 major U.S. airports, citing air traffic control safety concerns. In today's column, I take a look at tech sector bubble jitters and how long-term success of the AI transformation may be independent of whether current frothy valuations are justified. Today's Market Minute Chart of the day Thursday's Bank of England rate decision remains a close call with markets split on whether the BoE will pull the trigger today or wait until after the government's annual budget plan on November 26. Finance Minister Rachel Reeves flagged likely tax rises this week as she struggles to keep the budget within her own fiscal rules, where room for maneuver is more limited than many of her predecessors. Today's events to watch * Bank of England policy decision, minutes, monetary policy report and press conference with BoE Governor Andrew Bailey * Federal Reserve Board Governors Christopher Waller and Michael Barr both speak; New York Fed President John Williams, Philadelphia Fed President Anna Paulson, Cleveland Fed boss Beth Hammack and St. Louis Fed chief Alberto Musalem all speak; Bank of Canada Governor Tiff Macklem speaks in parliament * U.S. corporate earnings: Microchip Technology, News Corp, Warner Bros Discovery, Moderna, Dupont De Nemours, Kenvue, Expedia, Airbnb, Wynn Resorts, ConocoPhillips, Consolidated Edison, Ralph Lauren, Monster Beverage, Parker-Hannifin, Mettler-Toledo, Trade Desk, Vistra, Insulet, Tapestry, Alliant Energy, NRG, Evergy, Akamai, Gen Digital, Rockwell Automation, Block, Viatris, EOG Resources, Camden Property, Take-Two Interactive, Epam, Solventum 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-2025-11-06/

2025-11-06 11:44

Nov 6 (Reuters) - Industrial materials maker DuPont (DD.N) , opens new tab forecast current-quarter sales and adjusted profit below Wall Street estimates on Thursday to reflect the planned spinoff of its Qnity electronics unit and Aramids business divestiture. Shares of the company swung sharply in volatile premarket trading, rising more than 2.5% before dipping as investors weighed the stronger quarterly results against a softer near-term outlook. They were last down 5.7%. Sign up here. The third-quarter results highlighted DuPont's efforts to reassure investors with a large buyback and a full-year core profit raise as it aims to transition into a leaner, high-growth technology-focused materials company. It is banking on strong demand in semiconductors, biopharma and water treatment to offset persistent weakness in the industrial and construction end-markets. In August, DuPont said it would sell its Aramids unit that makes heat-resistant fibers under brands such as Kevlar to peer Arclin for $1.8 billion. In October, its board approved the previously announced separation of Qnity Electronics, the segment housing its semiconductor and interconnect solutions businesses. DuPont expects fourth-quarter adjusted profit of 43 cents per share, slightly below the expectation of 45 cents per share, according to data compiled by LSEG. It forecast net sales of about $1.69 billion for the fourth quarter, also below analysts' average estimate of $1.72 billion. Net sales in the industrials segment climbed 4.8% to $1.8 billion in the reported quarter, while the electronics segment saw an 11.2% increase to $1.28 billion, both compared to last year. "Ongoing strength in (the) electronics, healthcare and water end-markets, along with our team's focus on operational execution, continued to drive strong top-line growth and cash conversion," CEO Lori Koch said. The company expects to launch a $500 million accelerated share repurchase "imminently". It now expects full-year operating core earnings of about $1.60 billion, compared with the prior forecast of $1.58 billion. On an adjusted basis, DuPont reported profit of $1.09 per share for the three months ended September 30, compared with analysts' estimate of $1.06 apiece. https://www.reuters.com/sustainability/boards-policy-regulation/dupont-forecasts-downbeat-q4-results-reflect-qnity-spinoff-aramids-sale-2025-11-06/

2025-11-06 11:42

Nov 6 (Reuters) - Canadian pipeline operator TC Energy (TRP.TO) , opens new tab missed estimates for third-quarter profit on Thursday, hurt by weakness in its U.S. operations and in the power and energy solutions business. AI-driven power demand, industrial applications and LNG exports are driving up natural gas consumption, yet price pressures and competition from coal remain ongoing market challenges. Sign up here. U.S. natural gas futures fell over 4% sequentially, extending a decline that began in the second quarter after snapping four consecutive quarters of gains. The drop in prices weighed on transport volumes for pipeline operator TC Energy. Net income from its U.S. natural gas pipelines, its largest segment, fell to C$801 million ($571.16 million), from C$1.3 billion a year ago. On an adjusted basis, the Calgary-based company earned 77 Canadian cents per share for the three months ended September 30, compared with analysts' average expectation of 80 Canadian cents, according to data compiled by LSEG. ($1 = 1.4024 Canadian dollars) https://www.reuters.com/business/energy/tc-energy-misses-third-quarter-profit-estimates-2025-11-06/

2025-11-06 11:35

FTSE 100 down 0.3%, FTSE 250 flat Bank of England expected to keep rates at 4% amid inflation data Energy and pharma stocks decline Financials and metal miners gain, offsetting losses in other sectors Nov 6 (Reuters) - UK's main stock indices were little changed on Thursday as sterling steadied near multi-month lows, with traders pausing for breath ahead of the Bank of England's interest rate call. The central bank is widely expected to keep rates at 4% when it announces its decision at 1200 GMT, and its tone will be crucial to guiding sentiment as traders navigate the final stretch of the year. Sign up here. Still, a shift in stance from Goldman Sachs, which last week said it now expects a rate cut after softer inflation and wage data, has stirred some speculation. The blue-chip FTSE 100 index (.FTSE) , opens new tab was 0.3% lower, retreating from a record high in the previous session, as gains in financials and metal miners were offset by a selloff in energy and pharma. The midcap index (.FTMC) , opens new tab was flat. Oil and gas companies' shares lost ground despite a rise in oil prices, with BP (BP.L) , opens new tab ticking 0.7% lower and Shell (SHEL.L) , opens new tab down 0.4%. Shares of Healthcare and medical equipment and services also slipped, with GSK plc (GSK.L) , opens new tab down 0.6%. Smith & Nephew PLC (SN.L) , opens new tab plunged 10% after it missed market expectations for quarterly revenue due to weakness in its U.S. knee implants business. Trading in AstraZeneca (AZN.L) , opens new tab was choppy, with shares last trading 0.2% lower. The pharma giant reported better-than-expected third-quarter profit on Thursday, boosted by strong sales in cancer and heart-related drugs. Financials led the gainers, with HSBC Holdings (HSBA.L) , opens new tab, Standard Chartered (STAN.L) , opens new tab and Barclays PLC (BARC.L) , opens new tab up 0.9%, 1.1% and 1.5%, respectively. The Financial Times reported that Chancellor Rachel Reeves was set to spare them from a punitive budget tax raid. Metal miners climbed as copper and iron ore snapped a four-day losing streak. Rio Tinto (RIO.L) , opens new tab rose 0.3% and Glencore PLC (GLEN.L) , opens new tab jumped 2.2%. Among consumer staples, Unilever (ULVR.L) , opens new tab dropped 1.9%. Diageo (DGE.L) , opens new tab fell 5% after trimming its 2026 sales and profit forecast. https://www.reuters.com/business/finance/uk-stocks-steady-traders-await-rate-cues-sterling-holds-near-lows-2025-11-06/