2025-10-07 05:33
PARIS, Oct 7 (Reuters) - The International Energy Agency on Tuesday cut its global forecast for renewable power growth by 2030 by 900 gigawatts from last year's outlook, citing weaker prospects in the United States and China, even as solar power continues to drive record additions. Global renewable power capacity is now expected to rise by 4,600 GW by 2030 - down from a forecast of 5,500 GW in 2024 - with solar accounting for about 80% of the increase, the data showed. Sign up here. The downward revision is mainly due to an early phase‑out of U.S. federal tax incentives and other regulatory changes - lowering the IEA's U.S. growth expectations by almost 50% - while China's shift from fixed tariffs to competitive auctions is squeezing project economics. The downgrade is partly offset by stronger outlooks elsewhere. India is set to become the second-largest growth market after China and is on course to comfortably reach its 2030 target, supported by expanded auctions, faster permitting and a rooftop-solar surge. Europe's prospects have also improved on the back of ambitious policies, larger auction volumes and streamlined approvals, while many emerging economies across Asia, the Middle East and Africa are accelerating build-outs as costs fall and targets rise, the report said. Offshore wind remains a weak spot, with the agency's growth outlook about a quarter lower than last year due to policy resets, supply-chain bottlenecks and higher costs. Pumped‑storage hydropower is expected to grow 80% faster over the next five years than in the previous five as grid‑integration challenges mount and geothermal installations are on track to hit historic highs in the United States, Japan, Indonesia and other emerging markets. "The growth in global renewable capacity in the coming years will be dominated by solar," IEA Executive Director Fatih Birol said, urging policymakers to tackle supply-chain security and grid constraints. The agency warned that solar and rare-earth supply chains remain highly concentrated in China, with key segments staying above 90% through 2030. https://www.reuters.com/sustainability/climate-energy/iea-trims-renewables-outlook-us-policy-shifts-china-auction-reforms-weigh-2025-10-07/
2025-10-07 05:33
AMSTERDAM, Oct 7 (Reuters) - A crew member of the Dutch cargo ship that was attacked by Houthis in the Gulf of Aden last week has died of his injuries, the vessel's Amsterdam-based operator Spliethoff said in a statement Monday evening. The company did not release further details about the deceased crew member, but a spokesperson told a Dutch broadcaster they were Filipino. Sign up here. The vessel, Minervagracht, was in international waters in the Gulf of Aden when it was struck by an explosive device that inflicted substantial damage and started a fire on the ship. A helicopter was used to rescue 19 of its crew, who are Russian, Ukrainian, Filipino and Sri Lankan. Yemen's Houthis clamed responsibility for the attack. The Iran-aligned group has launched numerous assaults on vessels in the Red Sea since 2023, targeting ships they deem linked with Israel in what they say is solidarity with Palestinians over Israel's war on Gaza. Spliethoff added that one other crew member remained under medical care in Djibouti. "His condition is stable, and we expect he will be able to return home later this week." https://www.reuters.com/world/asia-pacific/crew-member-attacked-dutch-cargo-ship-dies-injuries-says-vessels-operator-2025-10-07/
2025-10-07 05:23
MUMBAI, Oct 7 (Reuters) - The Indian rupee ended nearly unchanged on Tuesday after shuffling in a familiar range as traders held off fresh wagers against the currency on expectations of inflows and frequent interventions by the Reserve Bank of India. The rupee closed at 88.7725 against the U.S. dollar, nearly unchanged from its close at 88.78 in the previous session. Sign up here. The currency had slipped to a record low of 88.80 last week. Worries over the economic hit from steep U.S. tariffs have kept traders and investors cautious on the currency's outlook but inflows tied to IPOs this week may offer some relief. In the near term, the RBI seems to have set a floor for the rupee around 88.80 and until that gives way, one should expect rangebound price action to continue, a trader at a state-run bank said. The RBI likely conducted dollar-rupee buy/sell swaps on Tuesday, prompting a decline in forward premiums. The 1-year dollar-rupee implied yield was down 6 basis points to 2.23%. The dollar index, meanwhile, was up 0.3% at 98.4, boosted by weakness in the euro and the Japanese yen as investors kept their focus on regional political developments. The euro remained on a weak footing following the resignation of France's prime minister on Monday, while the yen was bogged down by concerns over fiscal policies following Sanae Takaichi’s leadership victory in Japan. "The dollar is an expensive short position given its 4.15% per annum one-week interest rate. If no significant U.S. data is forthcoming, there is even less reason to sit with – let alone add to – short dollar positions," analysts at ING said in a note. India's benchmark equity indexes, the BSE Sensex (.BSESN) , opens new tab and Nifty 50 (.NSEI) , opens new tab, were up slightly on the day while the yield on India's 10-year benchmark bond was down slightly at 6.5105%. https://www.reuters.com/world/india/rupee-inch-up-with-rbi-holding-line-inflows-offer-added-cushion-2025-10-07/
2025-10-07 05:15
US stocks end lower; Tesla a drag Deepening French political crisis weighs on euro Gold extends rally; futures go above $4,000/oz NEW YORK, Oct 7 (Reuters) - Major stock indexes fell on Tuesday, with the S&P 500 ending lower after recent record highs, and investors eyeing political upheaval in France, Japan and a U.S. government shutdown, while gold futures hit $4,000 an ounce for the first time. Demand for safe-haven gold has been driven in part by uncertainty over the U.S. government shutdown as well as expectations for another U.S. interest rate cut. U.S. gold futures for December delivery settled at $4,004.4, up 0.7%. The shutdown is now in its seventh day. Sign up here. The euro fell against the U.S. dollar for a second day as investors awaited developments in France, where the shock resignation of Prime Minister Sebastien Lecornu on Monday raised concerns about the country's fiscal outlook. Weighing on the S&P 500 and Nasdaq were shares of Tesla (TSLA.O) , opens new tab, which fell on Tuesday afternoon after the company unveiled more affordable versions of its best-selling Model Y SUV and Model 3 sedan, as the electric-vehicle maker seeks to reverse falling sales and waning market share. The consumer discretionary (.SPLRCD) , opens new tab index dropped 1.4% and led declines among S&P 500 sectors . Major U.S. stock indexes had been posting record closing highs, helped by optimism over the likelihood of rate cuts from the Federal Reserve and over artificial intelligence-related dealmaking. "With tech stocks and stocks being at all-time highs and gold being at all-time highs, something has to give," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. "Are the nervous Nellies of gold right, or is the AI trade correct? ... That's what we're going to find out in the weeks and months ahead." The Dow Jones Industrial Average (.DJI) , opens new tab fell 91.99 points, or 0.20%, to 46,602.98, the S&P 500 (.SPX) , opens new tab fell 25.69 points, or 0.38%, to 6,714.59 and the Nasdaq Composite (.IXIC) , opens new tab fell 153.30 points, or 0.67%, to 22,788.36. Tesla shares ended 4.4% lower. "If you look at what Tesla has done since April 2, it's a complete U-turn in terms of stock price. It's hard to orchestrate an announcement in the near term that's going to match the exuberance in the stock price," said Art Hogan, chief market strategist at B. Riley Wealth in New York. Among gainers, shares of IBM (IBM.N) , opens new tab rose 1.5% after the company announced a partnership with AI startup Anthropic. MSCI's gauge of stocks across the globe (.MIWD00000PUS) , opens new tab eased 3.93 points, or 0.39%, to 992.13. The pan-European STOXX 600 (.STOXX) , opens new tab index fell 0.17%. French blue-chip stocks (.FCHI) , opens new tab gave up gains to close flat after a sharp selloff on Monday triggered by Lecornu's abrupt resignation. France's President Emmanuel Macron faced growing pressure to resign or hold a snap parliamentary election to end political turmoil that has forced the resignation of five prime ministers in less than two years. On Tuesday, Lecornu held last-ditch talks to form a new government. French bond yields rose 2 basis points to 3.59%. In Japan, investors snapped up a sale of government debt, in a sign of easing nervousness after Sanae Takaichi, a proponent of low rates and high spending, was elected leader of the ruling party, prompting a selloff in domestic bonds and the currency and sending stocks to record peaks. The Japanese yen weakened 1.05% against the greenback to 151.95 per dollar, while the euro was down 0.47% at $1.1655. Benchmark U.S. yields edged lower, with a three-year note auction drawing strong demand, and as investors remained confident the Fed will cut rates at its next meeting. The yield on benchmark U.S. 10-year notes fell 3.5 basis points to 4.127%, from 4.162% late on Monday. With the shutdown, investors have had to look to independently produced data, along with remarks from monetary policymakers, to try to get a sense of the Fed's possible rate cut path. A New York Federal Reserve Bank survey showed softening labor market expectations among consumers. Oil prices were little changed. A smaller-than-expected increase to OPEC+ output in November was offset by signs of a possible supply glut. U.S. crude rose 4 cents to settle at $61.73 a barrel, while Brent fell 2 cents to settle at $65.45. https://www.reuters.com/world/china/global-markets-wrapup-1-2025-10-07/
2025-10-07 04:34
A look at the day ahead in European and global markets from Rae Wee France finds itself in the depths of a political crisis once again as it cycles through five prime ministers in 21 months - hardly good news for any investor looking to park money in Paris. Sign up here. Markets will likely face a second day of turmoil in Europe on Tuesday after Prime Minister Sebastien Lecornu's shock resignation. That came just hours after announcing his cabinet line-up, making it the shortest-lived government in modern French history. French President Emmanuel Macron has tasked Lecornu to hold last-ditch talks with other political parties to try to chart a path out of the crisis, but regardless, the damage has already been done. French OAT futures were down slightly in the Asian session after bonds tumbled on Monday, and focus will also be on Paris' CAC 40 index (.FCHI) , opens new tab when markets open later in the day. Rating agencies have already issued fresh warnings about France's sovereign credit score, while BCA Research has gone as far to say French bonds are "uninvestable". France has the largest budget deficit in the euro zone, which is almost double the European Union's preferred limit of 3%. The nation's long-term finances were already vulnerable, and politics has become increasingly unstable since Macron's re-election in 2022, given the lack of any party, or grouping holding a parliamentary majority. Over in Japan, the Nikkei (.N225) , opens new tab notched yet another record high on Tuesday while the yen stayed weak along with Japanese government bonds (JGBs), as investors braced for a revival in big spending and loose monetary policy under Sanae Takaichi, who is set to become the country's next premier. A vote in parliament to choose a replacement for outgoing Shigeru Ishiba is expected on October 15, and Takaichi is favoured as the ruling coalition has the largest number of seats. The slide in the yen caught the attention of authorities as usual, and Japanese Finance Minister Katsunobu Kato said on Tuesday that the government will be vigilant for volatile movements on the currency market. Meanwhile, a closely watched 30-year JGB auction on Tuesday, which was seen as an early test of investor tolerance for what is expected to be more expansionist spending and monetary policies in Japan, drew decent demand. That eased some worries that investors might baulk at buying long-dated debt given the fiscal uncertainty, leaving JGBs recovering some of their losses in the wake of the auction and sending yields lower. Key developments that could influence markets on Tuesday: - French politics - Fed's Bowman, Bostic, Miran and Kashkari speak https://www.reuters.com/markets/europe/global-markets-view-europe-2025-10-07/
2025-10-07 03:28
TOKYO, Oct 7 (Reuters) - Japanese Finance Minister Katsunobu Kato said on Tuesday that the government will be vigilant for volatile movements on the currency market, as the yen slid to two-month lows past 150 to the dollar amid rising fiscal concerns. "It's important for currencies to move in a stable manner reflecting fundamentals," Kato said at a regular news conference, when about recent foreign exchange moves. Sign up here. "We will thoroughly monitor for excessive fluctuations and disorderly movements in the foreign exchange market," he added. The yen has been under pressure since Japan's ruling party picked conservative Sanae Takaichi as its leader on Saturday. She is an advocate of late premier Shinzo Abe's "Abenomics" strategy to boost the economy with aggressive spending and easy monetary policy, The appointment, which puts her on course to become the nation's first female prime minister, spurred markets to price in the chance of more fiscal stimulus and reduce bets of a rate hike at the BOJ's next policy meeting later this month. The yen touched 150.62 to the dollar, the weakest level since August 1, and skidded to 176.35 per euro , a fresh all-time low. Kato's comments reflect Japanese policymakers' caution about the yen's weakness, which has been a headache for them because it accelerates inflation by pushing up import costs, weighing on consumption. However, his tone on Tuesday was more measured compared with previous comments earlier this year, when he warned authorities were "alarmed over currency moves" and pledged to "take appropriate action against excessive moves." https://www.reuters.com/world/asia-pacific/japan-finance-minister-warns-against-forex-volatility-yen-weakens-2025-10-07/
