2025-10-17 11:09

PARIS, Oct 17 (Reuters) - The future of France's livestock farming is under threat as the highly contagious lumpy skin disease sweeps through cattle farms for the first time in Western Europe, the farm minister said Friday as more cases were reported near the Spanish border. Three outbreaks of the virus, which causes blisters and reduces milk production, have been found near the Spanish border this week. The disease does not pose a risk to humans but often leads to trade restrictions and severe economic losses. Sign up here. The rise in outbreaks prompted France to ban exports of French cattle for 15 days, French Agriculture Minister Annie Genevard said as she travelled in the eastern Jura region, where a first case was recently detected. "We are at a critical moment. It is essential we keep up our efforts to protect the French cattle herd," she said. "Let's rise to the challenge together, as we have since last June, because the future of French livestock farming is truly at stake." REBOUND IN OUTBREAKS France reported a sharp drop in outbreaks in late August after a mass vaccination campaign, but cases have picked up again this month, spreading in the east and now to the southwest. Cases have been found in three communes of the Pyrenees-Orientales in southwestern France - La Bastide, Oms, and Valmanya - this week, prompting a mandatory vaccination campaign in the surrounding area, the farm ministry said in a statement. The affected villages are close together and about 30 kilometers from the Spanish border. Local authorities earlier this week had mentioned only a single outbreak in the region. "We can imagine that there is a link with Spain but we are still investigating," Genevard told reporters. France is already battling the bluetongue virus affecting sheep and bovines that has spread across Europe. So are Italy and Spain, also hit by lumpy skin disease for the first time this year. https://www.reuters.com/business/environment/lumpy-skin-cases-french-cattle-spread-near-spanish-border-2025-10-17/

2025-10-17 10:55

LONDON, Oct 17 (Reuters) - Everything Mike Dolan and the ROI team are excited to read, watch and listen to over the weekend. From the Editor Sign up here. Hello Morning Bid readers! Global equities are being weighed down this morning by weakness in U.S. bank stocks. Concerns are mounting about looming credit risks, following negative announcements from two regional banks and recent auto bankruptcies. Meanwhile, gold remains on track for its best week in 17 years, rising above $4,300 per ounce early on Friday. ROI editor-at-large Mike Dolan asks whether gold’s epic rise may be the bubble investors should be worried about. The dollar index is moving in the opposite direction. The greenback is set to record its biggest weekly slump in almost three months, weighed down by expectations of more Federal Reserve easing. However, ROI markets columnist Jamie McGeever argues that the dollar bull case may be more compelling than you think. In global news, tensions between Washington DC and Beijing have been back in the headlines following a spat over export controls on rare earth minerals. ROI Asia Commodities Columnist Clyde Russell argues that China risks overplaying its hand with curbs on metals and minerals vital to the global energy transition. In energy markets, oil prices look set to fall for the week as the market continues to face forecasts of a supply glut in the coming year. However, ROI Energy Columnist Ron Bousso points out that uncertainty over the whereabouts of almost 1.5 million barrels per day of crude oil is throwing this projection into doubt. The oil market is also reacting to the surprise announcement that President Donald Trump and Russian President Valdimir Putin have agreed to hold another summit on the war in Ukraine, this time in Budapest. While a quick resolution to this multi-year conflict remains unlikely, the recent strikes by Ukraine and Russia on each other’s energy infrastructure may mark a new stage in the war. Ron Bousso argues that this should be a wakeup call to Europe about vulnerabilities in its own energy systems. On the renewables side, ROI Energy Transition Columnist Gavin Maguire highlighted seven potentially “magnificent” clean energy stocks that have been on a tear this year despite the Trump administration’s rollback of clean energy policies. As we head into the weekend, check out the ROI team’s recommendations for what you should read, listen to, and watch to stay informed and ready for the week ahead. I’d love to hear from you, so please reach out to me at [email protected] , opens new tab . , opens new tab This weekend, we're reading... CLYDE RUSSELL, ROI Asia Commodities and Energy Columnist: The choice between gold and digital assets is usually seen as binary: physical gold for those who want something tangible that's not fiat currency and Bitcoin for those who see digital assets as the future. However, the World Gold Council has just done a report on the future of digital gold , opens new tab, and while, the authors are obviously acting in the interests of their members, the piece does raise some interesting issues. MIKE DOLAN, ROI Financial Markets Editor-at-Large: A major OECD report this week examined how social connections – the frequency and quality of interactions between people – play a critical role in broader policy goals in health, financial well-being, employment, education and civic engagement. , opens new tab RON BOUSSO, ROI Energy Columnist: When it comes to energy, nothing is bigger than the sun – at least in our universe. So the idea that Chinese scientists are developing an artificial sun , opens new tab is quite fascinating. This article from the Chinese Academy of Sciences is worth a read. GAVIN MAGUIRE, ROI Global Energy Transition Columnist: The 10th edition of McKinsey's Global Energy Perspective contains wide-ranging deep dives into key factors expected to impact global energy markets over the coming years. , opens new tab ANDY HOME, ROI Metals Columnist: This fascinating Reuters analysis explains how critical mineral companies are stepping up their lobbying game in Washington, DC. We're listening to... JAMIE MCGEEVER, ROI Markets Columnist: Questions about the valuations of AI companies are hanging over the global economy, with the word “bubble” popping up ever more frequently. In the latest episode of Reuters Econ World, my colleague Mike Dolan and host Carmel Crimmins delve into this debate and consider whether bubbles are always a bad thing. And we're watching... ANNA SZYMANSKI, ROI Editor-in-Charge: Reuters World News is now a vodcast! Here's all the day's headlines in 10 minutes. , opens new tab 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 authors. 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-2025-10-17/

2025-10-17 10:11

MUMBAI, Oct 17 (Reuters) - The Indian rupee logged its best week in four months, buoyed largely by the Reserve Bank of India’s forceful intervention in the foreign exchange market and, to a lesser extent, by improving sentiment around U.S.–India trade negotiations. The rupee settled at 87.9750 on Friday, up 0.8% for the week — its best performance since late June. The currency was among the top-performing Asian currencies this week. Sign up here. The currency, which had been under relentless pressure, saw a turnaround in sentiment midweek after RBI intervened heavily in both the spot and non-deliverable forward markets to prop it up. The central bank followed that with another round of dollar sales on Friday, reinforcing to market participants its commitment to support the rupee. The RBI's market actions and firmer Chinese yuan fixings underpinned the rupee’s rally, Goldman Sachs said in a note, adding that it expects the dollar/rupee pair to drift lower and trade within a 87–88 band, broadly in line with the August price action. The bank further cited improving trade sentiment a potential tailwind for the rupee, noting positive rhetoric from U.S. President Donald Trump, claiming that India had agreed to reduce oil imports from Russia, and that an Indian trade delegation is in Washington this week. Goldman said its bias would now be more towards owning put spreads on dollar/rupee, which is a bet that the rupee will strengthen. Bankers said that the RBI's aggressive action this week reflected an attempt to reset sentiment in the foreign exchange market after weeks of one-way positioning against the rupee. By stepping in early — before the spot market opened — the RBI is signalling that it was willing to act decisively to shape expectations rather than simply defend a particular level, they said. https://www.reuters.com/world/india/rupee-logs-best-week-four-months-after-central-bank-flexes-fx-muscle-2025-10-17/

2025-10-17 10:08

LONDON, Oct 17 (Reuters) - Bank of England Chief Economist Huw Pill said on Friday that interest rates will probably need to be cut more slowly because of stubborn inflation pressures still in the economy. Pill, who is one of the Monetary Policy Committee members who has been most vocal about inflation risks, said there were still signs that underlying price growth was too strong and high inflation expectations risked becoming embedded. Sign up here. "All this supports my view that the MPC should adopt, from this point forward, a more cautious pace in withdrawing monetary policy restriction so as to ensure continuation in disinflation towards the 2% target," Pill said in a speech to the Institute of Chartered Accountants in England and Wales. Pill voted against the BoE's most recent rate cut to 4% in August. The BoE is trying to gauge whether inflation pressures in Britain's economy are abating sufficiently for it to resume cutting borrowing costs. "While I would expect further cuts in Bank Rate over the coming year should the economic and inflation outlook evolve broadly as the MPC expects, it will continue to be important to guard against the risk of cutting rates either too far or too fast," Pill said in Friday's speech. "I continue to view a decision to keep Bank Rate on hold as a 'skip rather than a halt' in monetary policy normalisation. But the need to recognise the stubbornness of inflationary pressures is becoming more pressing." Governor Andrew Bailey said earlier this week that the latest round of labour market data backed his view that underlying inflation pressures were cooling. Investors recently brought forward their bets on when the BoE is likely to make its next rate cut which is now almost priced in fully for February. On Monday, before the labour market data, those bets had pointed to a move in April. https://www.reuters.com/sustainability/boards-policy-regulation/bank-englands-pill-supports-more-cautious-pace-rate-cuts-2025-10-17/

2025-10-17 10:04

Q3 earnings pick up, Netflix on Tuesday, Tesla due Wednesday Delayed Sept CPI release out on Friday Focus also on US-China trade developments, regional banks NEW YORK, Oct 17 (Reuters) - Earnings reports next week, including from Tesla (TSLA.O) , opens new tab and Netflix (NFLX.O) , opens new tab, will provide a deeper look at U.S. corporate profits while delayed U.S. inflation data will mark another test of the stock market, which has become shakier even as it remains around record highs. The fourth year of the S&P 500's (.SPX) , opens new tab bull run kicked off this week with some significant gyrations after a long period of market calm. Sign up here. Revived U.S.-China trade tensions and credit concerns at regional U.S. banks drove the anxiety. The CBOE market volatility index (.VIX) , opens new tab, known as Wall Street's "fear gauge", has surged in recent days and hit its highest level in nearly six months on Friday. "The market is becoming more volatile, but it's also coming off of a very non-volatile period where we didn't have a lot of risk catalysts bubbling to the top," said Michael Reynolds, vice president of investment strategy at Glenmede. "Once you have valuations hit sort of full levels, as we're seeing now almost across the board, you have to be on the lookout for incremental risk catalysts." The spark for the latest volatility was a surprise resurgence in U.S.-China trade tensions. Stocks slumped late last week after the U.S. threatened to significantly hike tariffs by November 1 over China's rare-earth export controls. The U.S.-China trade issue will be key for markets in the coming week, said Doug Beath, global equity strategist at Wells Fargo Investment Institute. U.S. President Donald Trump confirmed on Friday that he would meet with Chinese President Xi Jinping in two weeks in South Korea. Sharp swings in global financial shares to end the week also kept investors on edge as they weighed the extent of credit concerns emerging from regional U.S. banks. Major stock indexes posted weekly gains and are on pace for strong years. The benchmark S&P 500 is up 13.3% year-to-date and 1.3% below its record high. But there are signs the market is weakening under the surface. The percentage of S&P 500 stocks in some form of an uptrend declined from 77% in early July to 57% as of Tuesday while the number of stocks in a downtrend increased from 23% to 44% over that time, according to Adam Turnquist, chief technical strategist for LPL Financial. That "narrowing gap highlights emerging cracks in the market’s foundation," Turnquist said in written commentary. Similarly, Kevin Gordon, senior investment strategist at Charles Schwab, said he will be watching how broadly based the market's gains are going forward. "If you have a fewer number of companies that are actually moving higher, but the indexes do move higher because of the megacaps, that's a really important divergence," Gordon said. Attention will be on third-quarter earnings after major banks started the reporting season on a strong note. Aside from streaming giant Netflix and electric vehicle maker Tesla, other companies due to report in the coming week include consumer companies Procter & Gamble (PG.N) , opens new tab and Coca-Cola (KO.N) , opens new tab, aerospace and defense giant RTX (RTX.N) , opens new tab and tech stalwart IBM (IBM.N) , opens new tab. The corporate results and executive comments will offer insight into the economy as the U.S. government shutdown has stopped economic data releases since October 1, including monthly employment data. Corporate "reports and what companies say is really our best chance at assessing what the broader economic health is," Gordon said. The government has said it will release the U.S. consumer price index for September on Friday, nine days late, saying the CPI data allows the Social Security Administration to meet deadlines for timely payment of benefits. The CPI report, which is a closely watched inflation gauge, will be released days before the Federal Reserve's next monetary policy meeting on October 28-29. The U.S. central bank is widely expected to cut interest rates by a quarter percentage point again, after weakening jobs data prompted the Fed to lower rates last month for the first time this year. "We'd really have to see something out of left field in terms of notable inflation pressures to knock the Fed off of a rate cut path at the October meeting," Glenmede's Reynolds said. https://www.reuters.com/business/wall-st-week-ahead-tests-coming-rocky-market-tesla-netflix-delayed-cpi-report-2025-10-17/

2025-10-17 09:43

TOKYO, Oct 17 (Reuters) - Japan's three largest banks, Mitsubishi UFJ Financial Group (8306.T) , opens new tab, Sumitomo Mitsui Financial Group (8316.T) , opens new tab and Mizuho Financial Group (8411.T) , opens new tab, will jointly issue "stablecoins", digital currencies pegged to the value of real-world currencies, the Nikkei business daily reported on Friday. The banks will build a structure for their corporate clients to allow for stablecoins to be transferred between them along uniform standards, initially issuing a yen-pegged coin and potentially a dollar-pegged coin in the future, the Nikkei said. Sign up here. https://www.reuters.com/business/finance/japans-top-banks-jointly-issue-stablecoin-nikkei-says-2025-10-17/