2025-10-27 11:36
TOKYO, Oct 27 (Reuters) - Japan's new finance minister, Satsuki Katayama, said on Monday her meeting with U.S. Treasury Secretary Scott Bessent did not directly touch upon the Bank of Japan's monetary policy. "I believe the Treasury Secretary held talks with Bank of Japan Governor (Kazuo) Ueda at the IMF meetings" earlier this month, Kataya told reporters after her first face-to-face meeting with Bessent in Tokyo. Sign up here. https://www.reuters.com/world/asia-pacific/japan-us-did-not-directly-discuss-boj-policy-finmin-katayama-says-2025-10-27/
2025-10-27 11:24
Oct 27 (Reuters) - Sterling was set to snap a three-session losing streak against the euro on Monday, as investors paused ahead of a week crowded with central bank policy decisions. Last week’s UK inflation data prompted markets to increase bets on Bank of England rate cuts, while 2-year gilt yields dropped by 7.5 basis points, before rising by 2 bps on Thursday and Friday. They were roughly unchanged at 3.80% on Monday. Sign up here. Traders have priced in a 67% chance of a BoE rate cut by year-end from less than 50% before last week's inflation data, while fully pricing in two reductions by June 2026. The euro dropped 0.14% to 87.22 pence after hitting 87.47 pence on Friday, its highest since October 6. Friday's euro zone purchasing managers' surveys strengthened expectations that the European Central Bank will keep its deposit facility rate at 2% into 2027 , with markets pricing out the chance of a rate cut in 2026. However, some economists' base case is for the BoE to keep policy on hold until its February meeting, which would likely see a partial unwinding of the recent rate differential moves that have pushed sterling lower. “Fiscal events remain the dominant factor for the pound in the medium term and we stand by our view that the bar for a positive outcome for sterling is not particularly high,” Barclays’ strategists said in a research note, noting that the BoE's Monetary Policy Committee is split between hawks and doves. There is a high probability the committee will be almost evenly divided when it votes on interest rates in November. Most investors have priced in that British finance minister Rachel Reeves will raise tens of billions of pounds in taxes in her budget on November 26 to stay on track to meet her fiscal targets and avoid a loss of confidence in the bond market. The pound was up 0.20% to $1.3345 , snapping a five-session losing streak. The greenback was mixed, coming off a six-day rally against the yen and a three-day losing streak versus the euro. https://www.reuters.com/world/uk/sterling-snaps-three-day-falling-streak-against-euro-up-vs-dollar-2025-10-27/
2025-10-27 11:22
President Paul Biya, 92, wins eighth term Crowds block roads and burn tyres in Douala Opposition's Tchiroma says two shot dead near his home YAOUNDE, Oct 27 (Reuters) - Cameroon's President Paul Biya, the world's oldest serving ruler, secured an eighth term in office on Monday, election results showed, triggering clashes between security forces and opposition supporters who say the vote was rigged. Backers of opposition candidate Issa Tchiroma Bakary, armed with sticks and stones, blocked off roads with debris and burning tyres in the central African country's commercial capital Douala. Sign up here. Police fired tear gas at crowds who wore masks or tried to cover their faces with clothing. In other parts of the city, streets that normally buzzed with motorbikes were deserted. Biya - aged 92, with a new mandate that could keep him in power until he is almost 100 - said the people had once again placed their trust in his leadership and expressed sorrow for the violence in a statement posted on social media platform X. "My first thoughts are with all those who have unnecessarily lost their lives, as well with their families, as a result of the post-election violence," Biya said. The government has rejected opposition accusations of irregularities. TYRES BURN IN DOUALA Official results published on Monday showed Biya winning the October 12 vote by a comfortable margin of 53.66% against 35.19% for opposition leader Tchiroma. Tchiroma claimed victory last week and said he would not accept any other outcome. Protests erupted in several towns after early, partial results suggested Biya was on track for victory. The government urged people to wait for the results. Over the weekend, four people died in clashes in Douala, the opposition said. "We expect unrest to escalate as Cameroonians widely reject the official result, and we cannot see the Biya government lasting much longer," said Francois Conradie, lead political economist at Oxford Economics. Tchiroma said on Facebook that shots fired at civilians outside his home in the northern city of Garoua killed two people on Monday. Reuters could not independently confirm his account or who had fired the shots. "We all know that the majority of Cameroon's people voted for Issa Tchiroma Bakary," said one protester in Douala. "It is inadmissible that President Paul Biya won in certain war zones." Riot police roamed on patrol and businesses stayed closed. "Biya now has a notably shaky mandate given many of his own citizens don’t believe he won the election," Murithi Mutiga, Africa Program Director at the International Crisis Group, told Reuters. "We call on Biya to urgently initiate a national mediation to prevent further escalation," Mutiga added. ALLY TO RIVAL Biya took office in 1982 and has held a tight grip on power ever since, doing away with the presidential term limit in 2008 and winning reelection by comfortable margins. Cameroon's elderly president is no anomaly in the region, where some of the world's youngest populations are governed by leaders over 80. Togo's president is 86. Ivory Coast's president, who is expected to win last week's election, is 83. The opposition says voters in Cameroon are clamouring for change after more than four decades of Biya's rule, during which economic development in the oil- and cocoa-producing nation has stagnated. Even Biya's daughter Brenda published a now-deleted TikTok video urging voters not to choose her father. Tchiroma, in his 70s, is a former government spokesperson and employment minister who broke ranks with Biya earlier this year. His transformation from ally to opposition figurehead and challenger is one of the most striking political shifts in Cameroon's recent history. His campaign drew large crowds and endorsements from a coalition of opposition parties and civic groups. https://www.reuters.com/world/africa/cameroons-biya-wins-re-election-official-results-show-2025-10-27/
2025-10-27 11:16
Gold expected to average $3,400/oz in 2025, $4,275/oz in 2026 Silver expected to average $38.45/oz in 2025, $50/oz in 2026 Individual forecasts , Oct 27 (Reuters) - Gold's winning streak is seen extending into next year, with analysts forecasting an annual average price above $4,000 per ounce for the first time as economic and geopolitical turmoil keep the metal's safe-haven allure intact, a Reuters poll showed. The poll of 39 analysts and traders returned a median forecast of $3,400 per troy ounce of gold for 2025, up from $3,220 in July. They expect prices to average $4,275 in 2026, up sharply from $3,400 three months prior.COMMODS-GOLD Sign up here. Gold has hit successive record highs and hurdled the $4,000/oz mark to gain 54% so far this year, leaving the metal on track for its strongest annual performance since the 1979 oil crisis. Prices have averaged $3,281 so far this year. "Gold's performance in 2025 reflects more than the strength of a rally. It marks an acceptance of a new reality. The market is no longer responding to short-term shocks but to a deeper loss of confidence in policymakers, currencies, and the financial system itself," said David Russell at GoldCore. Gold, a traditional hedge during times of uncertainty, has gained on broader geopolitical concerns, trade turmoil and a swing away from dollar dominance, with central bank purchases and inflows into exchange-traded funds underpinning its rise. Expectations of U.S. interest rate cuts have also supported the non-yielding metal. While analysts foresee continued gains for gold into 2026, they expect the pace to moderate. Persistent uncertainty is likely to sustain support for the rally, with central banks anticipated to continue buying gold for reserve diversification and investors increasingly treating the metal as a core portfolio asset rather than a speculative investment, analysts say. "While jewellery demand may remain price-constrained, the official sector's strategic purchases, together with retail and institutional investment flows, are likely to be the dominant drivers," said Nitesh Shah, commodities strategist at WisdomTree. SILVER OUTLOOK REMAINS BULLISH Analysts also lifted silver price forecasts, now expecting the white metal to average $38.45 in 2025 and $50 in 2026, compared to $34.52 and $38 forecast in July's poll. COMMODS-SILVER Silver, both a safe-haven asset and industrial metal, has gained 65% this year and notched an all-time high of $54.47. Supply deficits and robust demand from sectors such as solar technology, electric vehicles, and AI data centres underpin its outlook. "Silver continues to see structural supply deficits and this is expected to continue in 2026. Silver is also uniquely positioned as a 'higher beta' play on a bullish metals market, benefiting both from its traditional role as a monetary hedge (like gold) and its crucial industrial applications," said Zain Vawda, analyst at MarketPulse by OANDA. Analysts say robust investment demand will remain a key driver of silver's price gains, as investors seek a cheaper alternative to gold. https://www.reuters.com/business/finance/annual-2026-gold-price-forecast-tops-4000oz-first-time-2025-10-27/
2025-10-27 11:13
Botswana also seeks controlling stake in De Beers Bidding war could test the Southern African states' ties Restructuring Anglo selling De Beers amid diamond price crash LONDON, Oct 24 (Reuters) - Angola has bid for a majority stake in Anglo American (AAL.L) , opens new tab unit De Beers, a source familiar with the matter told Reuters on Friday, setting up a potential standoff with neighbouring Botswana which is also seeking control of the diamond producer. De Beers, one of the world's leading diamond companies, operates in Botswana, Namibia, South Africa and Canada. Sign up here. The source said Angola's state-owned diamond company Endiama had submitted the offer, confirming a report by Bloomberg News. De Beers is jointly exploring for diamonds in Angola with Endiama and in August announced the country's first kimberlite field discovery in three decades. Kimberlite is an igneous rock that can contain the precious stones. DE BEERS UP FOR SALE AS DIAMOND PRICES DROP De Beers, put up for sale by Anglo amid falling diamond prices, had attracted interest from at least six consortia, according to a Reuters report in June. Anglo values De Beers at $4.9 billion after recording $3.5 billion in impairments over the past two years. Anglo American and Angola's mines ministry declined to comment. Endiama could not immediately be reached for comment. Botswana - which currently owns 15% of De Beers and contributes 70% of its annual rough diamond production - considers the company a strategic national asset, despite the slump in prices, which has badly hurt its economy. Its mining minister said in July that the Southern African country wanted to take full control of De Beers. Botswana's mines ministry also could not immediately be reached for comment. Angola said in September that it was seeking a minority stake in De Beers and thought it should be led by a private-sector firm. https://www.reuters.com/world/africa/angola-bids-majority-stake-de-beers-source-says-2025-10-24/
2025-10-27 11:03
LONDON, Oct 27 (Reuters) - British retailers reported another drop in sales in October and they expect a further fall in November as consumers worry about finance minister Rachel Reeves' budget in a month's time, a survey showed on Monday. The Confederation of British Industry said its gauge of how retail sales compared with a year earlier improved only marginally but remained negative at -27 this month from -29 in September. Sign up here. The CBI's gauge of expected sales for the month ahead slipped to -39 from -36. Martin Sartorius, CBI principal economist, said the 13th consecutive month of falling sales volumes reflected poor consumer confidence which had been compounded by caution ahead of the budget on November 26. "Persistent uncertainty ahead of the autumn budget is deepening the strain on retailers and other distribution firms that are still grappling with the effects of last year's fiscal decisions," Sartorius said. "To help rebuild confidence and encourage growth, the chancellor should reaffirm her commitment to no further business tax hikes in November." Retailers - who like other employers were hit by a hike in social security contributions in Reeves' first budget last year - were also nervous about planned employment rights legislation which could deter hiring, Sartorius said. Separate official data published on Friday showed a surprise increase in sales volumes in September, helped by tech sales - including Apple's (AAPL.O) , opens new tab new iPhone models - and demand for gold from online jewellers. The CBI's survey was conducted between September 26 and October 14. Of the 192 respondents, 81 were retailers and 86 were wholesalers. https://www.reuters.com/business/retail-consumer/uk-retailers-struggle-again-budget-fears-weigh-consumers-cbi-says-2025-10-27/
