2025-11-04 11:39

BENGHAZI, Nov 4 (Reuters) - Libya's state-run Oil National Corp (NOC) announced on Tuesday in a statement a new oil discovery in well H1-NC4 by its subsidiary Arabian Gulf Oil Company (AGOCO) in the Ghadames oil basin. The Ghadames basin is located in northwestern Libya, near the Libyan-Algerian border. Sign up here. "The well's daily production is estimated at approximately 4,675 barrels per day (bpd) of crude oil, and approximately 2 million cubic feet of gas," NOC said in the statement. The project is wholly owned by NOC, the statement added. An oil source at AGOCO told Reuters that the company's oil production had reached up to 310,000 bpd by the end of October. Last week, the corporation announced another oil discovery in the Sirte Basin through Austrian oil, gas and chemicals group OMV (OMVV.VI) , opens new tab, with production testing showing more than 4,200 bpd of oil and over 2.6 million cubic feet of gas per day. https://www.reuters.com/business/energy/libyas-noc-announces-new-oil-discovery-ghadames-basin-2025-11-04/

2025-11-04 11:22

TSX ends down 1.6%, at 29,777.82 Posts lowest closing level since September 26 Shopify falls 6.5% as costs hit margins Materials group loses 3.6% as gold falls Nov 4 (Reuters) - Canada's main stock index fell to a near six-week low on Tuesday as high-flying technology and metal mining shares led broad-based declines. The S&P/TSX composite index (.GSPTSE) , opens new tab ended down 497.24 points, or 1.6%, at 29,777.82 points, its lowest closing level since September 26. Sign up here. Wall Street's main indexes also declined after the CEOs of big U.S. banks warned of a market selloff, fueling worries of stretched tech valuations. "Mining and technology have done so well that when you get a correction you are going to see them correct more," said Colin Cieszynski, chief market strategist at SIA Wealth Management. The Toronto market's technology group lost 3.8%, with shares of Shopify Inc (SHOP.TO) , opens new tab down 6.5% as a surge in expenses related to research and development, and marketing crimped the e-commerce company's margins. The materials group, which includes metal mining shares, was down 3.6% as the price of gold fell. "You are seeing a pullback in risk appetite but you're not getting a rally in precious metals," Cieszynski said. "What is rallying is the U.S. dollar." The U.S. dollar (.DXY) , opens new tab climbed to a three-month high against a basket of major currencies, benefiting from safe-haven demand. Shares of Pet Valu Holdings (PET.TO) , opens new tab dropped 16.1% after the pet food retailer reported quarterly results. Thomson Reuters (TRI.TO) , opens new tab reported higher third-quarter revenue and reaffirmed its full-year 2025 guidance. Still, shares of the content and technology company fell 5.6%. Canada's budget shortfall will more than double this year as Prime Minister Mark Carney pours billions of dollars to fight U.S. tariffs, boost defense spending and diversify trade, his maiden budget proposal showed on Tuesday. https://www.reuters.com/business/tsx-futures-slide-profit-taking-ahead-budget-proposal-2025-11-04/

2025-11-04 10:32

SAO PAULO, Nov 4 (Reuters) - Brazilian planemaker Embraer (EMBJ3.SA) , opens new tab on Tuesday posted a third-quarter adjusted net income of $54.4 million, down from $221 million a year earlier, citing a hit from extraordinary items such as deferred taxes and results from electric aircraft unit Eve. Embraer's third-quarter revenue hit $2 billion, up 18% year-on-year and an all-time high for the period, the company said in a securities filing. The company reiterated its full-year financial and delivery outlook. Sign up here. https://www.reuters.com/business/autos-transportation/embraers-quarterly-net-profit-slips-maintains-full-year-outlook-2025-11-04/

2025-11-04 09:39

LONDON, Nov 4 (Reuters) - Britain's pound touched its lowest point since April on Tuesday after finance minister Rachel Reeves reiterated her commitment to upholding her fiscal rules in her November budget, ahead of a Bank of England interest rate decision later this week. In a rare pre-budget speech, Reeves framed her second annual budget as one of "hard choices" to secure public spending while reducing Britain's debt, signalling possible broad tax rises to avoid a return to "austerity". Sign up here. The pound fell as much as 0.64% to $1.3056 , its lowest since April 11, from around $1.311 before Reeves' speech. In October, it posted its poorest monthly performance against the dollar since July. The euro , which rose to its highest in two and a half years against sterling last week, was up 0.3% at 87.96 pence. 'JUSTIFYING TOUGH DECISIONS' "She (Reeves) is justifying tough decisions to come in the budget. The fact that this is happening at all means that manifesto pledges will not be followed to the letter," said Kit Juckes, head of currency strategy at Societe Generale. "We're going to have higher taxes." Reeves set out the difficult economic backdrop she was wrestling with, pointing to high debt levels, low productivity and stubborn inflation. Analysts said the overall reaction in UK markets was limited since a rise in taxes in the November 26 budget has been anticipated. Britain's benchmark 10-year gilt yield fell as much as 5.9 basis points to a low of 4.379%, before retracing to 4.407%, showing a 3.2-bp drop on the day, which further undermined sterling. Yields fell almost 30 basis points in October, in their biggest monthly fall since late 2023. London's FTSE 100 stock index, meanwhile, remained lower on the day, in line with other European markets (.FTSE) , opens new tab. RATE CUT ON THURSDAY? James Rossiter, senior global strategist at TD Securities, said the timing of Reeves' speech - ahead of Thursday's Bank of England rate decision - should give rate-setters some clarity on the direction of government policy. "We think the BoE will cut rates on Thursday," he said. Money markets price in less than a 40% chance of a quarter-point move. Until late October, money markets showed traders expected no move at all from the BoE until at least the spring. Thanks to signs of a cooling in some inflationary pressures and rising expectations for Reeves to announce more belt-tightening in her budget, expectations for a cut in the months ahead have risen. https://www.reuters.com/world/uk/sterling-dips-after-reeves-makes-rare-pre-budget-speech-2025-11-04/

2025-11-04 09:35

LONDON, Nov 4 (Reuters) - British finance minister Rachel Reeves on Tuesday framed her upcoming second annual budget as one of "hard choices" to secure public spending while reducing Britain's debt, signalling possible broad tax rises to avoid a return to "austerity". Reeves, in a rare pre-budget speech, added that while progress had been made, "there is more to do." Sign up here. Britain's 10-year borrowing costs were last 3 basis points lower at 4.41%, helping send the pound down 0.5% on the dollar to $1.3074. London's FTSE-100 index was down 1% having extended its fall slightly from before Reeves started speaking. COMMENTS: JANE FOLEY, HEAD FX STRATEGIST, RABOBANK, LONDON: "There's one element of the communication that we've had today, but also in recent speeches, that, compared with last year's budget, (Reeves) does seem to be more aware of the potential inflationary impact that her measures could make." "She, today again but also in recent speeches, has indicated that she sees her responsibility as a joint responsibility with the Bank of England in bringing inflation down and that gives a strengthened indication that she isn't going to be announcing measures that are going to add to inflation." KIT JUCKES, HEAD OF CURRENCY STRATEGY, SOCIETE GENERALE, LONDON: "She (Reeves) is justifying tough decisions to come in the budget. The fact that this is happening at all means that manifesto pledges will be not be followed to the letter. We're going to have higher taxes. The only thing has not prevented Sterling falling is that we haven't had lower rates This is a budget that is intended to deliver lower interest rates, that is the whole plan here. If Reeves get that we will get lower rates and a weaker pound." HENRY COOK, SENIOR EUROPE ECONOMIST, MUFG, LONDON: "She's (Reeves) clearly laying the ground for tax rises, and setting out the context there." "I think from the market's perspective, she continues to make the right noises. She says the decisions will be focused on keeping inflation falling - the conditions for interest rate cuts - and says there's an iron clad commitment to the fiscal rules, but I think the devil will be in the detail. It is also notable she said the government will be committed to reforming the welfare state." JAMES ROSSITER, SENIOR GLOBAL STRATEGIST, TD SECURITIES, LONDON: "At the end of the day, she (Reeves) wants to get debt down and she doesn't want to cut spending, so there's only one option and that is to raise taxes. The OBR forecasts will evolve in the next few weeks, and, in fairness to her, she has not made final decisions, but she knows she doesn't have many options here. She would not reiterate the manifesto pledges at all, so that means she is keeping options open. This is also ahead of the BoE meeting so their view is out in the public. We think the BoE will cut rates on Thursday. This should be treated as a dovish speech but markets are expecting this and have largely taken it in their stride." DAVID MORRISON, SENIOR MARKET ANALYST, TRADE NATION, UK: "It's quite an unusual move for her to stand at 11 Downing St. and make an announcement a few weeks before the budget. It is a way of saying, look, this is the situation and this is what we've been dealing with. She's preparing the markets for breaking the manifesto pledge not to raise taxes. If all they're talking about is the tax side of the equation, as we've seen previously, they seem incapable of doing anything on the spending side, then I don't think that's going to get a very positive reaction. It's only right that they address the spending side of the ledger and if they don't, then I don't think the market reaction is going to be very positive." MICHAEL BROWN, SENIOR RESEARCH STRATEGIST, PEPPERSTONE, LONDON: "Everything about it is odd to be completely honest with you. The budget is not for three weeks. The fact that the chancellor is speaking three weeks beforehand is strange. I'm not entirely sure who the speech was aimed at. It doesn't seem like it would have done anything to soothe the concerns of market participants, certainly not with cable (GBP/USD) trading to new lows since mid-April, as we speak. It doesn't look like it was aimed at the voter either given what she was saying. The big takeaway is she has refused to reiterate those manifesto promises which essentially paves the way for an income tax hike, she was also talking about how she wants to build a greater degree of fiscal headroom which means that we're going to have even more tax hikes than you would have been expecting . So obviously sterling is repricing lower on the back of what is going to be another round of very stiff headwinds to economic growth. A strange one, when you look, Rachel Reeves is speaking you would expect some sort of reassurance...some sort of concrete measures, and there just weren't." https://www.reuters.com/world/uk/view-britains-finance-minister-vows-do-what-is-necessary-nov-budget-2025-11-04/

2025-11-04 08:22

SOFIA, Nov 4 (Reuters) - Bulgarian inflation may jump when the euro currency is adopted on January 1 as retailers round up prices, but the impact will fade quickly and the benefits will be far greater, ECB President Christine Lagarde said on Tuesday. Around half of Bulgaria's public oppose euro adoption, fearing that it will impinge on sovereignty and retailers will exploit the changeover to raise prices. Sign up here. "This concern is entirely legitimate," Lagarde told a conference in Sofia. "Currency changeovers can produce a temporary uptick in measured inflation, often when firms round up prices during conversion." At 4.1%, Bulgaria already had one of the highest rates of inflation in the European Union in September and the rate is now increasing, while euro zone inflation is broadly at the 2% target. If accession criteria were assessed now, Bulgaria might not meet them. The one-off inflation jump is normally between 0.2 and 0.4 percentage points and it was around 0.4 percentage points in 2023 in Croatia, the last country to join the currency bloc, Lagarde said. She argued that once accession takes place, uncertainty among citizens has naturally receded, making the benefits more obvious. "The greatest risk countries faced was not losing sovereignty or seeing an increase in prices," Lagarde said. "It was losing reform momentum once inside the euro area, and thus missing out on the full benefits of the single currency." https://www.reuters.com/business/bulgarian-inflation-may-jump-with-euro-adoption-lagarde-says-2025-11-04/