2025-10-30 00:42

Oct 30 (Reuters) - Australian energy firm AGL (AGL.AX) , opens new tab said on Thursday it has signed a power purchase agreement with wind farm operator Tilt Renewables, marking the first long-term wind-energy offtake deal for its Western Australian division. Under the agreement, AGL will purchase the full 105 MW of expected generation from Tilt's onshore Waddi Wind Farm for a term of 15 years. Sign up here. No financial details of the deal were disclosed. "This renewable energy PPA will add important portfolio diversification for AGL Perth Energy and enable the team to offer a broader range of products to our customer base in Western Australia," AGL Chief Commercial Officer David Moretto said. The Waddi Wind Farm, located in Western Australia and currently under development, is scheduled to begin supplying power under the agreement in the second half of 2028. https://www.reuters.com/business/energy/agl-signs-renewable-energy-offtake-deal-western-australian-unit-2025-10-30/

2025-10-30 00:39

Trump and Xi strike deal over rare earths and tariffs Fed's Powell hints 25 bps cut may be last of 2025 ECB keeps rates unchanged Megacaps Microsoft and Meta decline, impacting global shares Dollar strengthens against yen after BOJ policy announcement NEW YORK, Oct 30 (Reuters) - Global shares dropped on Thursday and were set for their biggest daily decline in three weeks, weighed down by megacaps Microsoft and Meta, while the dollar rose against the yen on policy updates from the Federal Reserve and Bank of Japan. Markets were digesting comments from Fed Chair Jerome Powell, who dampened expectations that the U.S. central bank will cut interest rates at its December meeting after easing by 25 basis points on Wednesday. Sign up here. Market reaction was muted after U.S. President Donald Trump said he had struck a deal with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing, which markets had been anticipating in recent days. On Wall Street, U.S. stocks closed lower, as Meta Platforms (META.O) , opens new tab, one of the "Magnificent Seven" group of megacap stocks, plummeted 11.3% after it reported quarterly results and forecast larger capital costs after the close on Wednesday. Bloomberg reported on Thursday that the Facebook and Instagram parent was targeting at least $25 billion in a bond sale. Also weighing on equities was a 2.9% decline in Microsoft following its quarterly earnings. Those declines overshadowed a 3.1% climb in Google parent Alphabet (GOOGL.O) , opens new tab as its earnings beat expectations due in part to strong artificial intelligence demand. "We saw there's questions on how much spending on the companies that released yesterday, that's going to pull the index down. It's a big, sizable chunk of the index," said Gene Goldman, chief investment officer at Cetera Investment Management in El Segundo, California. Goldman said that as the market has rallied strongly since April he has been expecting a pullback, which he sees as a buying opportunity. After the closing bell, fellow heavyweight Amazon (AMZN.O) , opens new tab surged about 10% following its quarterly results and outlook while Apple (AAPL.O) , opens new tab was still poised to post its earnings. Markets are pricing in a 72.8% chance of a 25 basis point cut at the Fed's December meeting, down from more than 90% a week ago, according to CME's FedWatch Tool , opens new tab. The Dow Jones Industrial Average (.DJI) , opens new tab fell 109.88 points, or 0.23%, to 47,522.12, the S&P 500 (.SPX) , opens new tab fell 68.25 points, or 0.99%, to 6,822.34 and the Nasdaq Composite (.IXIC) , opens new tab fell 377.33 points, or 1.57%, to 23,581.14. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab lost 9.27 points, or 0.91%, to 1,005.15 and was on track for its largest daily percentage drop since October 10, while the pan-European STOXX 600 (.STOXX) , opens new tab index closed down 0.1%. The European Central Bank kept interest rates unchanged at 2% for the third meeting in a row and offered no hints about future moves as it enjoys a rare period of low inflation and steady growth, despite trade turbulence. In currencies, the dollar index , which measures the greenback against a basket of currencies, advanced 0.39% to 99.51, with the euro down 0.27% at $1.1568. Sterling weakened 0.36% to $1.3146. The dollar strengthened 0.87% to 154.04 yen after the Bank of Japan kept interest rates steady. Investors had expected a more hawkish tone from Governor Kazuo Ueda, even as he sent the strongest signal yet that a rate hike was possible as soon as December. The yield on benchmark U.S. 10-year notes rose 3.1 basis points to 4.089% after jumping 7.5 bps on Wednesday following Powell's comments, its biggest daily climb since July 11. The 2-year note yield, which typically moves in step with rate expectations for the Fed, advanced 2 basis points to 3.606% after a 9.2 bp increase on Wednesday, its biggest since July 3. U.S. crude settled up 0.15% at $60.64 a barrel and Brent advanced to $65 per barrel, settling up 0.12% on the day as investors gauged the U.S.-China trade deal. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-30/

2025-10-30 00:24

Opposition dismisses declaration of Biya as election winner Violent protests across central African country Civil society group reports deaths, arrests in several locations DOUALA, Oct 29 (Reuters) - Cameroon's opposition leader has vowed to resist until the "final victory" over President Paul Biya, calling on his supporters to stay mobilised as a civil society group denounced deaths and arrests in protests in multiple cities. Biya, the world's oldest state leader at 92, has ruled Cameroon since 1982. His victory in the October 12 election, announced on Monday, has deepened tensions in the cocoa and oil-producing nation, where critics accuse him of using state institutions to cling to power. Sign up here. On Wednesday morning, supporters of Issa Tchiroma Bakary, a former government spokesperson turned Biya rival, again took to the streets of the economic capital Douala, which were still strewn with debris and burnt tyres after days of unrest. At least 23 people have been killed as a result of security forces cracking down on protesters since the weekend, a civil society group known as "Stand up for Cameroon" said in a media briefing on Wednesday. Reuters could not independently confirm those figures and a government spokesperson did not respond to a request for comment. ELECTION RESULTS NOT SUBJECT TO APPEAL In other parts of the usually bustling city, businesses began to gradually reopen after being closed due to protests and the unrest, while traffic remained sparse. "The truth of the ballot is clear. We won this election by a large majority. This victory is not mine alone; it belongs to the Cameroonian people," Tchiroma said late on Tuesday in his first public address since the Constitutional Council confirmed Biya's win. "We remain united, mobilised and will continue to resist until the final victory." The council's decision is final and not subject to appeal. Other opposition leaders have alleged widespread fraud, accusations rejected by the government. MINISTER ACCUSES TCHIROMA OF INCITING VIOLENCE Interior Minister Paul Atanga Nji accused Tchiroma on Tuesday of inciting the violence and rebellion after prematurely declaring victory on October 13. "This irresponsible candidate, driven by the desire to push through the plot to disrupt public order, issued repeated calls on social media inciting civil unrest," Nji said in a statement. He said small groups "often under the influence of drugs" had looted shops and set fire to public buildings. He did not provide any evidence that the protesters had taken drugs. The Stand up for Cameroon group said arrested protesters and other civilians were being held in "inhumane" conditions. "The lawyers' testimonies describe swollen faces, bruises, and humiliating treatment inflicted on citizens who sought to exercise their constitutional rights," it said in a statement. A video circulating on social media showed security forces loading an inert body onto the back of a military truck. In another clip, protesters could be heard chanting, "Give back the corpse." Reuters could not verify the authenticity of the videos. Security forces directed all questions about accusations over the treatment of detainees to the government. In Douala, which has experienced some of the worst violence, Nji said many public and private properties had been vandalised. He said security personnel were injured and attackers killed during clashes. The governor of the region told a press conference on Tuesday that over 200 people had been arrested in connection with the protests. https://www.reuters.com/world/africa/cameroon-opposition-leader-rejects-biya-win-vows-resistance-2025-10-29/

2025-10-30 00:08

BOJ keeps rates steady, signals possible hike in December Fed's Powell says no guaranteed rate cut in December ECB maintains rates, no hints on future moves NEW YORK, Oct 30 (Reuters) - The Japanese yen tumbled against the U.S. dollar on Thursday after the Bank of Japan adopted a less hawkish tone than traders expected, while the greenback was boosted after Federal Reserve Chair Jerome Powell on Wednesday said a rate cut in December was not guaranteed. The Bank of Japan kept interest rates steady and BOJ Governor Kazuo Ueda sent the strongest signal yet that a rate hike was possible as soon as December, depending on the outlook for wages next year. Sign up here. However, “policymakers at Japan’s central bank disappointed yen bulls by staying on hold and exhibiting the same degree of dissent as in September,” said Karl Schamotta, chief market strategist at Corpay in Toronto. At a post-meeting press conference, Ueda also offered little detail on when the central bank could next raise rates, heaping pressure on the yen. “Ueda took people by the back foot a little bit - that he was so willing to wait it out,” said Lou Brien, strategist at DRW Trading in Chicago. FED COMMUNICATION The contrast with Fed communication added to the move in dollar/yen. Powell said on Wednesday that a policy divide within the U.S. central bank and a lack of federal government data may put another interest rate cut out of reach this year, as he acknowledged the threats that officials see to the job market but also the risky nature of making further rate moves without a fuller picture of the economy. The Fed cut rates, as expected, with two dissents. Governor Stephen Miran again called for a deeper reduction in borrowing costs, while Kansas City Fed President Jeffrey Schmid favored no cut at all given ongoing inflation. “Powell communicated clumsily,” said Brien. “It was maybe indicative that he lost a little control of the committee, or the committee was just so disparate and he didn't feel that he should force his will on it.” That said, “in my mind, they're still going to cut in December and that's based on my idea that the labor market is weaker than it appears,” Brien added. Fed funds futures traders are now pricing in 71% odds of a cut in December, down from around 85% before Powell’s comments. The dollar index was last up 0.38% on the day at 99.51 and reached 99.72, the highest since August 1. Against the Japanese yen , the dollar strengthened 0.9% to 154.08, the highest since February 13. ECB OFFERS NO HINTS The euro remained lower on the day after the European Central Bank kept interest rates unchanged at 2% for the third meeting in a row on Thursday and offered no hints about future moves. It was last down 0.27% at $1.1568 and reached $1.1546, the lowest since October 14. “The European Central Bank’s steady-as-she-goes policy approach looks as if it will remain intact for many months yet,” said Schamotta. “Rates are already plumbing the lower end of the theoretical “neutral” range, inflation pressures are muted, and Governing Council members think Germany’s fiscal stimulus efforts will offset a trade-related drag in the new year,” he said. Traders are also weighing the impact of a deal U.S. President Donald Trump said he made with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming U.S. soybean purchases and keeping rare earths exports flowing. Sterling fell 0.31% to $1.3152 and reached its lowest level since April 14. It has weakened in recent days on rising expectations that the Bank of England will cut interest rates, though the British central bank is still seen as most likely to hold rates steady next week. In cryptocurrencies, bitcoin fell 3.58% to $107,483. https://www.reuters.com/world/asia-pacific/dollar-gains-fed-cut-bets-recede-yen-guard-2025-10-30/

2025-10-30 00:08

Ofgem to publish debt relief scheme for 195,000 customers Unrecovered energy debt adds 52 pounds to annual bills LONDON, Oct 30 (Reuters) - Britain's energy regulator Ofgem announced plans on Thursday to tackle 4.4 billion pounds ($6 billion) of debts built up by customers, which are driving up bills for millions of households. Unrecovered energy debt is spread across all consumer bills, adding 52 pounds, or around 3%, to the current price cap of 1,755 pounds a year for average use. Sign up here. Ofgem said it will shortly publish a debt relief scheme which seeks to write off 500 million pounds of debt, helping around 195,000 customers, but did not detail how this would be funded. “We must protect consumers by striking the right balance between making sure those that can pay are supported to do so, and targeting support at those who need it most,” Charlotte Friel, director for retail pricing and systems at Ofgem, said in a statement. BILLS STILL 50% HIGHER THAN BEFORE UKRAINE INVASION The regulator also proposed changing processes when people move into a new home, so that debts are not built up in anonymous accounts before the new occupants register with an energy supplier. While domestic energy prices have fallen since their peak in 2023, they remain around 50% higher than in the summer of 2021, before Russia’s invasion of Ukraine sent gas prices soaring and sparked an energy crisis in Europe. The government, which has made cutting energy costs one of its aims, is under pressure to reduce electricity and gas bills after a domestic price cap was increased in October. Consumer groups have said energy costs remain unmanageable for many and urged the government to offer more support for those struggling. ($1 = 0.7451 pounds) https://www.reuters.com/sustainability/boards-policy-regulation/uk-energy-watchdog-plans-tackle-44-billion-pounds-consumer-debts-2025-10-30/

2025-10-29 23:27

BOJ keeps policy rate steady at 0.5% as expected Two board members repeat proposal for hike to 0.75% Ueda says 'initial wage momentum' key to rate hike timing BOJ wants to await 'a bit more data', Ueda says TOKYO, Oct 30 (Reuters) - The Bank of Japan kept interest rates steady on Thursday, with its governor sending the strongest signal yet that a rate hike was possible as soon as December depending on the outlook for wages next year. The yen, however, slumped on selling by investors who had expected an even more hawkish tone from Governor Kazuo Ueda, after U.S. Treasury Secretary Scott Bessent's recent remarks urging the central bank to move more quickly on rate hikes. Sign up here. As widely expected, the central bank kept its short-term policy rate steady at 0.5%. The decision was split, with board members Naoki Tamura and Hajime Takata dissenting and reiterating their proposals made in September to raise rates to 0.75%. In a sign of growing conviction that conditions for a rate hike were falling into place, Ueda said the likelihood of the BOJ's baseline projection materialising has "heightened somewhat." The BOJ wanted to await "a bit more data" to confirm whether companies will keep raising wages despite pressure from higher U.S. tariffs, he added. "I'm not saying that we need to wait until the final outcome of next year's wage talks becomes available. We want to gather a bit more data on the initial momentum of the talks," Ueda said, when asked whether enough data will become available to raise rates at the next policy meeting in December. Despite Ueda's hawkish comments, the yen slid to its lowest since mid-February at 153.56 per dollar. It also fell to an all-time low against the euro at 178.39. Market participants may have focused on Ueda's remarks dismissing concerns that the central bank was behind the curve in tackling inflation risks, analysts said. Still, analysts anticipate a rate hike in the coming months. "The BOJ is tip-toeing towards a hike. With inflation remaining elevated, economic performance on a decent track, and fiscal tailwinds gathering speed, it remains a question of when, not if, the BOJ will hike," said Fred Neumann, chief Asia economist at HSBC in Hong Kong. "While markets have pushed back expectations for monetary tightening by Japan's central bank, officials may hike policy rates sooner rather than later." ON TRACK, FOR NOW Japan's economy has so far weathered the hit from higher U.S. tariffs with corporate profits, business sentiment and capital expenditure plans holding up. Stubbornly high food prices have kept inflation above the BOJ's 2% target for well over three years, drawing policymakers' attention to broadening inflationary pressure. The board has thus been split between hawks who see conditions ripe to raise rates and doves like Ueda who prefer awaiting more data on the extent of damage from slowing U.S. growth and President Donald Trump's tariffs. Uncertainty over the impact of tariffs also overshadowed discussions at the U.S. Federal Reserve, which delivered another interest rate cut on Wednesday but by a split vote. In a quarterly outlook report released on Thursday, the BOJ slightly revised up its economic growth forecast for the current fiscal year ending in March 2026. It left unchanged its view that risks to the price outlook were roughly balanced. The BOJ also said it expects underlying inflation to hit 2% in the latter half of the three-year projection period through fiscal 2027, retaining language in the previous report in July. NEW POLITICAL CHALLENGES FOR BOJ Aside from looming overseas risks, politics have complicated the BOJ's decision. Markets had reduced bets on an October rate hike after last week's inauguration of new Prime Minister Sanae Takaichi, who is known as an advocate of loose monetary policy. Still, a majority of economists polled by Reuters expect the BOJ to raise rates either in October or December. Nearly all project a hike to 0.75% happening by end-March. Ueda said political considerations will not get in the way of necessary rate hikes, stressing that the BOJ will raise borrowing costs once the board is convinced that companies will sustain the trend of setting higher wages. He also dismissed suggestions that the BOJ might avoid a rate hike in December - around the time the government drafts next year's state budget. "Our main focus is on scrutinising the initial momentum of next year's wage talks," Ueda said. The BOJ last year exited a decade-long, massive stimulus programme and raised rates to 0.5% in January on the view Japan was close to durably hitting its 2% inflation target. It has kept interest rates steady since then. Critics say the slow pace of the BOJ's rate hikes has contributed to yen weakness, raising import costs and fuelling broader inflation. https://www.reuters.com/world/asia-pacific/boj-seen-keeping-rates-hold-yen-pressure-looms-2025-10-29/