OPEC+ Hit 'Pause, Not Stop', HSBC Highlights

Commodity

Economic

Summary:

In a research note sent to Rigzone by the HSBC team on Tuesday, HSBC Senior Global Oil and Gas Analyst Kim Fustier highlighted that the OPEC+ group hit the "pause, not stop button" at its latest meeting.

"On 2 November, OPEC+ announced a 137,000 barrel per day quota increase for December, the third consecutive such increase and equivalent to 1/12th of the 1.65 million barrel per day voluntary cuts," Fustier said in the note.

"This was in line with market expectations and our forecast. The surprise came from the announcement of a three-month pause in output increase from January to March 2026, due to 'seasonality'," Fustier added.

"We have long warned that demand seasonality was working against OPEC+ in 4Q and 1Q, but OPEC+ had so far appeared determined to regain market share," Fustier continued.

In the note, the HSBC analyst noted that the decision should not be read as a major change in OPEC+'s strategy of regaining market share.

"Despite positive public statements by various OPEC ministers, seasonally weaker 1Q demand is a genuine concern for the group," Fustier said.

"OPEC's demand forecasts, while more optimistic than the IEA's [International Energy Agency], show a one million barrel per day drop in global demand from 4Q to 1Q26," the HSBC analyst pointed out.

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Fustier went on to state in the note that, "even now that OPEC+ has paused", HSBC remains "very skeptical about the group reversing the unwinding and cutting again".

"We expect it to consider doing only if Brent remains below $55 per barrel for a prolonged period," Fustier said.

"This is because its own supply and demand balances remain far more optimistic than other agencies, with a small deficit expected for 2026 against consensus of a large oversupply," Fustier added.

The HSBC analyst noted that OPEC+'s first quarter 2026 pause has a "marginally positive impact" on HSBC's balances but added that this was "not enough to avoid a large surplus next year".

"In our updated supply and demand model, we assume that OPEC+ catches up with quota hikes equivalent to two monthly increases from May to July 2026," Fustier said in the note.

"We now forecast a 2.7 million barrel per day oversupply in 1Q26 (vs three million barrels per day previously), and 2.1 million barrels per day in 2026 on average (vs 2.4 million barrels per day previously)," Fustier highlighted.

In the research note, Fustier pointed out that HSBC made no changes to its Brent oil price assumption, "which remains $65 per barrel in 4Q 2025 and from 2026 onwards".

A BofA Global Research report sent to Rigzone by the BofA team on Monday outlined that the company expected OPEC+'s 137,000 barrel per day output adjustment but did not expect the first quarter pause.

"While OPEC attributed this three month pause to seasonality (typically less demand in the 1Q), it certainly suggests that OPEC+ recognizes the oversupply and likely suggests that they do not want to send oil prices far lower (i.e. below $50)," the report said.

"We expect this possible 'floor' to be viewed positively by investors. This supports our commodities team's longstanding view that Saudi is seeking a long, shallow price war that gets them to ~11 million barrels per day sustainably," it added.

The BofA Global Research report stated that, for the past year and a half, most viewed a 2025/26 oil oversupply as inevitable.

"This was exacerbated in April by OPEC's decision to begin bringing back barrels," the report added.

The BofA Global Research report went on to state that "the oversupply will still likely weigh on oil price into 2026".

In a market analysis sent to Rigzone on Monday, Wael Makarem, Financial Markets Strategists Lead at Exness, highlighted that "crude oil prices were relatively stable at the start of the week".

"Traders could remain cautious amid concerns about a supply glut and following OPEC's decision," Makarem added.

"The decision could relieve the market from further downside pressure as traders contend with risks of oversupply," Makarem continued.

"At the same time, the market could find support in continuing geopolitical risks," he went on to state.

Rigzone has contacted OPEC for comment on the HSBC research note, the BofA Global Research report, and Makarem's analysis. Rigzone has also contacted Saudi Arabia's Ministry of Foreign Affairs for comment on the BofA report. At the time of writing, neither have responded to Rigzone.

A statement posted on OPEC's website on Sunday revealed that Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman "decided to implement a production adjustment of 137,000 barrels per day" in a virtual meeting held that day.

"The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023 … met virtually on 2 November 2025, to review global market conditions and outlook," that statement noted.

"In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, the eight participating countries decided to implement a production adjustment of 137,000 barrels per day from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023," it added.

The statement said this adjustment will be implemented in December 2025. It also announced that, "beyond December, due to seasonality, the eight countries … decided to pause the production increments in January, February, and March 2026".

According to a table accompanying the statement, Saudi Arabia and Russia's December adjustment amounts to 41,000 barrels per day, each. Iraq's comes to 18,000 barrels per day, the UAE's is 12,000 barrels per day, Kuwait's is 10,000 barrels per day, Kazakhstan's is 7,000 barrels per day, Algeria's is 4,000 barrels per day, and Oman's is 4,000 barrels per day, the table outlined.

The table highlighted that December 2025, January 2026, February 2026, and March 2026 "required production" is 10.103 million barrels per day for Saudi Arabia, 9.574 million barrels per day for Russia, 4.273 million barrels per day for Iraq, 3.411 million barrels per day for the UAE, 2.580 million barrels per day for Kuwait, 1.569 million barrels per day for Kazakhstan, 971,000 barrels per day for Algeria, and 811,000 barrels per day for Oman.

"The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner," the OPEC statement noted.

"The countries will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to continue pausing or reverse the additional voluntary production adjustments, including the previously implemented voluntary adjustments of the 2.2 million barrels per day announced in November 2023," it added.

"The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation," it continued.

The statement went on to note that the eight countries "reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that will be monitored by the Joint Ministerial Monitoring Committee (JMMC)".

"They also confirmed their intention to fully compensate for any overproduced volume since January 2024," it said.

According to the statement, the eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries are next scheduled to meet on November 30, 2025.

In a separate statement posted on OPEC's site on November 2, the OPEC Secretariat announced that it had received updated compensation plans from Russia, Iraq, the UAE, Kazakhstan, and Oman.

A table accompanying this statement showed that these compensation plans amount to a total of 185,000 barrels per day in October, 236,000 barrels per day in November, 274,000 barrels per day in December, 393,000 barrels per day in January 2026, 574,000 barrels per day in February 2026, 718,000 barrels per day in March 2026, 681,000 barrels per day in April 2026, 738,000 barrels per day in May 2026, and 822,000 barrels per day in June 2026.

Source: Rigzone

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Adam

Economic

After Tuesday’s decline, the mood seems to have improved as we wait for the European session to open. European futures are pointing to a mildly lower open for European stocks, which managed to stage a mini recovery and pare losses at the end of the Tuesday session. In the US, future prices are also recovering.

Gold rises alongside stocks, as safe haven status under threat

Gold, which sold off sharply on Tuesday as the market punished all fast-moving asset prices, is also in recovery mode on Wednesday. The gold price is higher by $32 so far, and is edging back towards $4,000 per ounce. This suggests that the gold price is mirroring the market mood, rather than acting as a safe haven. Bitcoin is also higher by more than 1%.

Stock markets in Asia sold off heavily and followed the US markets lower on Wednesday. There was a 2.8% decline in the Nikkei. This is testing the ‘Takaichi’ rally, which saw the Nikkei surge more than 7% on a currency adjusted basis in the past month, after Japan elected its first female conservative leader.

Market has new-found prudence over AI stock valuations

The fact that the Nikkei has sold off alongside US tech stocks, the IT sector was the weakest on the S&P 500 on Tuesday and fell 2.27%, suggests that this is a sell off focused on stretched valuations. A 2% decline in the US tech sector is not a rout, but it does suggest that the market is less complacent about valuations as we move into the final months of the year. This also means that any sell off comes with a buying opportunity, as investors wait to buy the dip.

The weakest performers on the S&P 500 on Tuesday included Palantir, the big data firm with a 12-month forward price to earnings ratio of over 200 times, which fell more than 7%. This is a meaningful decline, and we will be looking for any dip buying as we move through Wednesday’s session.

AMD struggles to impress with earnings

The broader AI pullback included AMD, which dropped more than 3% after it reported earnings on Tuesday. Although the company reported stronger sales in Q3, and a decent Q4 outlook, including a GPU outlook that remains above expectations, the market wanted more. The guidance left some investors underwhelmed, which triggered the sell off. While there is nothing wrong with AMD’s results, the market has a new-found prudence when it comes to the AI trade.

Seasonality factors drive markets higher

However, we would point out that stocks tend to rally in the last two months of the year. Seasonality can have a big impact on markets, so the impulse for a stock market recovery and a general risk rally could be strong.

Travel stocks in the spotlight

The biggest decliners on the S&P 500 on Tuesday can tell us a lot about market sentiment. They included cruise liners, with Norwegian cruise lines dropping 15% on Tuesday. This came after weaker than expected Q3 earnings. Although its forecast for Q4 saw a slightly higher than expected occupancy ratio, margins were weaker than expected. This dragged down the entire sector, as travel-related anxiety hits stock prices.

US shutdown reaches milestone and could add to market volatility

Although there may be a broader stock market rally on Wednesday, airlines and travel-related stocks could get hit in the US. The US government shutdown is now the longest ever and has lasted for over a month. This could disrupt air travel in the US, as air traffic controllers are Federal workers who could miss their second paycheck. If air traffic controllers walk out of their jobs, then this could cause chaos to the air travel sector in the coming days.

As the effects of the shutdown become real, the market could focus on how well negotiations are going in Congress to end the shutdown. In the past month, risk assets have broadly ignored the shutdown, but if this leads to economic disruption then it could be another factor that pushes up volatility.

Source: xtb.

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Glendon

Forex

Economic

U.S. private payrolls rebounded sharply in October, the ADP employment report showed on Wednesday.

Private employment increased by 42,000 jobs last month after an upwardly revised 29,000 decline in September.

Economists polled by Reuters had forecast private employment rebounding by 28,000 jobs after a previously reported 32,000 drop in September. The ADP report is jointly developed with the Stanford Digital Economy Lab. The monthly estimate has historically diverted from the government payrolls count produced by the Labor Department's Bureau of Labor Statistics.

Even with the BLS' closely watched employment report delayed again because of the longest government shutdown on record, economists continued to urge caution when interpreting the ADP report, noting differences in methodologies among other limitations.

"The ADP data is limited to the private-sector businesses that rely on ADP to manage their payrolls needs, making the ADP data less nationally representative," said Matthew Martin, senior U.S. economist at Oxford Economics. "The ADP employment data should be viewed as a complement, not a replacement, for the BLS employment establishment survey."

The shutdown, now in its second month, delayed the September employment report, which was due on October 3. While that report could still be released when the government reopens, doubts are growing on whether the BLS would be able to produce the full October report because of the suspension of data collection.

The October employment report was scheduled for release on Friday. The White House warned last month that October's consumer inflation report might not be published for first time ever because of the shutdown.

Source: Investing

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Adam

Stocks

Futures Mixed as Tech Valuation Fears Weigh on Nasdaq

Daily E-mini Nasdaq 100 Index Futures

U.S. stock futures were mixed early Wednesday as investors reevaluated lofty valuations in AI and megacap tech stocks following Tuesday’s sharp selloff. Dow futures edged higher by 36 points, or 0.1%, while S&P 500 futures slipped 0.2%. Nasdaq 100 futures underperformed, falling 0.4% amid renewed pressure on speculative tech names.

Tuesday marked the market’s steepest drop in nearly a month. The S&P 500 shed 1.2%, while the Nasdaq Composite slumped 2%. The Dow lost 251 points, or 0.5%, and the Russell 2000 declined 1.8%.

Nasdaq 100: Super Micro Computer Miss Drags Tech Stocks Lower in Pre-Market Today_2

Daily Palantir Technologies Inc

Selling intensified into the close, led by high-multiple AI stocks. Palantir Technologies, despite beating Q3 estimates, dropped 8% as concerns mounted over its 200x forward earnings valuation—an example of the broader skepticism around AI-driven names.

Are AI Hardware Earnings Undermining Investor Confidence?

Daily Advanced Micro Devices (AMD)

After-hours action offered little relief. AMD slid 1% despite beating top and bottom-line expectations, reporting EPS of $1.20 on $9.25 billion in revenue versus estimates of $1.16 and $8.74 billion. Sentiment soured further after Amazon revealed it had exited its AMD position in Q3.

Nasdaq 100: Super Micro Computer Miss Drags Tech Stocks Lower in Pre-Market Today_4

Daily Super Micro Computer, Inc.

Super Micro Computer dropped 10% after missing on both earnings and revenue. The company posted Q1 adjusted EPS of 35 cents on $5.02 billion in revenue, below estimates of 40 cents and $6.0 billion. Its Q2 guidance also fell short of consensus.

Nasdaq 100: Super Micro Computer Miss Drags Tech Stocks Lower in Pre-Market Today_5

Daily Arista Networks, Inc.

Arista Networks also fell 10% on soft Q4 revenue guidance, while Astera Labs dropped more than 9% despite beating expectations, as management flagged margin pressures.

Nasdaq 100: Super Micro Computer Miss Drags Tech Stocks Lower in Pre-Market Today_6

Daily Arista Networks, Inc.

Is Earnings Season Still on Track?

Despite tech weakness, earnings season remains broadly positive. FactSet reports that 82% of the 360 S&P 500 companies that have reported so far have topped expectations. The index is on pace for a blended earnings growth rate exceeding 12%.

McDonald’s leads Wednesday’s early results, with Qualcomm, Arm Holdings, and Robinhood due after the bell.

SoFi’s Liz Young Thomas noted that while valuation concerns are valid, investor momentum in large-cap names remains intact. “The chase is still on,” she told CNBC. “But today, we were looking for an excuse.”

What Should Traders Watch Next?

Wednesday’s calendar includes the ADP private payrolls report, ISM services index, and weekly mortgage applications. With the Nasdaq testing key technical levels and tech leadership under pressure, market volatility is likely to persist.

Cautious commentary from Goldman Sachs and Morgan Stanley CEOs, Bitcoin’s retreat from the $100,000 mark, and weak guidance from AI hardware names suggest near-term downside risk—particularly for speculative growth stocks.

Traders should remain alert to further repricing in high-multiple sectors as the market digests both earnings quality and macroeconomic data.

Source: fxempire

Risk Warnings and Disclaimers

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Warren Takunda

Economic

The Reserve Bank of Australia (RBA) left interest rates on hold on Tuesday over concerns domestic inflation has proven surprisingly resilient.

However, the Australian dollar weakened in the wake of the RBA decision, which tells us markets thought the RBA might not be as concerned about inflation as appears on first glance.

"The tone was less hawkish than we (and markets) expected, weighing on AUD/USD," says Samara Hammoud. strategist at Commonwealth Bank of Australia.

'Hawkish' typically describes a central bank that signals an inclination to raise interest rates. In the RBA’s case, the term can also apply when it opts to hold rates during a cutting cycle.

The RBA's communications would seem to suggest the door is open to cut rates again, hence the "less hawkish" tone.

How so? Max Lin at CIBC explains:

"The statement was mostly hawkish, but the market (which expected a hawkish stance) was mildly disappointed by wording which noted that 'some of the increase in underlying inflation in Q3 was due to temporary factors.'"

"AUD/USD fell by 0.25% to 0.6520 in reaction to that phrasing," he adds.

The GBP/AUD rose to 2.01736 before paring the advance in the wake of a speech given by UK Chancellor Rachel Reeves. The EUR/AUD rose half a per cent to 1.7726.

"The discussion of temporary inflation factors and the emphasis on remaining cautious softened the overall message," explains CBA's Hammoud.

All that said, we think there's a risk of overinterpreting some relatively minor statements by the RBA and don't see the RBA's November meeting being a game-changing event.

After all, the RBA made it clear that "the recent data on inflation suggest that some inflationary pressure may remain in the economy."

Australian CPI inflation climbed to 1.3% q/q in 3Q25, rising from the 0.7% q/q reading in 2Q25, and coming in stronger than consensus estimate of 1.1%. From a year ago, CPI rose 3.2% y/y, topping the 2.1% rise in 2Q25 and coming in above the 3.0% forecast.

There's a good chance the post-RBA reaction has been muddied by a more relevant 'risk off' tone in global markets, which traditionally tends to weigh on the Aussie.

"A broad risk-off sentiment at the start of the day also supported the greenback, as market participants express growing concerns over elevated stock valuations. S&P futures are down 1.0%, while Nasdaq futures have declined 1.4%," says Luis Hurtado, a strategist at CIBC Capital Markets. Australian Dollar Weighed by RBA_1

"The aussie falls victim to the broader risk-off sentiment," says Achilleas Georgolopoulos, Senior Market Analyst at Trading Point.

He says market nerves are likely linked to the realisation that the Federal Reserve might not cut rates in December.

The market currently prices a 67% chance of another 25bps in mid-December, down from the 95% before last week’s meeting.

"All in all, we might be reaching a stage where the absence of official data means no Fed rate cut in December," says Georgolopoulos.

Source: Poundsterlinglive

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Adam

Economic

OPENING CALL

Stock futures were mostly lower Wednesday after the tech-driven fall in the prior session, with investors continuing to fret that valuations have become too bloated.

Futures tracking the Dow edged up 0.1%, but the blue-chip gauge looked likely to be the only index to open in the green.

Moves in the dollar and Treasury yields were also muted ahead of one of the most consequential economic cases in decades, with Trump's global tariffs hanging in the balance.

The Supreme Court will weigh whether the president lawfully invoked his authority to levy the global tariffs without Congress's approval.

Trump called the case "literally, LIFE OR DEATH, for our Country" in a Truth Social post on Tuesday and arguments begin at 10 a.m. ET.

Meanwhile Invesco said that, underscoring market confidence in the Federal Reserve's independence, inflation expectations in the bond market remained remarkably stable.

An important factor from the Fed's comments last week--where Powell warned that a cut in December wasn't a foregone conclusion--was a reaffirmation of the central bank's independence.

The monthly ADP National Employment Report for October is set to be published at 8:15 a.m. Eastern.

Stocks to Watch

Advanced Micro Devices stock was down 3.8% premarket, after the chip maker's guidance failed to impress investors.

Axon Enterprise swung to a loss, with adjusted earnings below expectations, and said it planned to acquire Carbyne. The stock dropped 20.5% after hours.

Kennedy-Wilson received an acquisition proposal. The stock rose 30%.

Pinterest's results were below expectations and the platform expects sales to slow down in the current quarter. Shares slid 20%.

Super Micro Computer recorded lower revenue and adjusted earnings below expectations. The stock retreated 9%.

Watch For:

ADP National Employment Report; ISM Report on Business Services PMI; EIA Weekly Petroleum Status Report; Earnings from McDonald's, Qualcomm, Arm Holdings and Robinhood.

Must Reads:

-Wall Street Couldn't Stop Mayor Mamdani. Now It Has to Work With Him.

-Democrats Dent Trump's Coalition With Three Big Election Victories

-Lawmakers See Hope for Ending Record-Setting Shutdown

MARKET WRAPS

Forex:

The dollar traded close to a three-month high following a scaling back of rate-cut expectations.

In the absence of other major catalysts, traders continued to digest remarks from Powell last week saying a rate cut in December was not a foregone conclusion, Danske Bank said.

The euro recovered some ground against the dollar but gains were likely to remain modest and short-lived as global risk sentiment is volatile, Monex Europe said, adding that the euro should remain range-bound between $1.14 and $1.16.

UOB said EUR/USD renewed downward momentum, based on the daily chart.

Sterling recovered only slightly after hitting a two-and-a-half-year low against the euro and a seven-month low versus the dollar overnight, after Treasury chief Rachel Reeves refused to rule out tax rises in the upcoming budget.

"The magnitude and structure of the anticipated tax measures could further lower expectations for the Bank Rate, eroding sterling's yield advantage," Tickmill said.

Bonds:

Treasury yields declined, amid caution ahead of the ADP employment report and ISM services PMI, both for October.

Another potential driver could be the Treasury's quarterly refunding announcement, which follows Monday's announcement of lowered borrowing needs the fourth quarter.

Danske Bank reckoned Treasury will maintain its forward guidance of unchanged auction sizes.

ING said the 10-year Treasury yield seemed content above 4% for now, adding that the yield wasn't at a particularly elevated level.

"Treasuries are treading water, and really should have performed better on a risk-off Tuesday."

Energy:

Oil prices were broadly stable despite a broader markets selloff and pressure from a stronger dollar.

"Large parts of the commodities complex came under pressure yesterday as part of a broader risk-off move across global markets," ING said, adding that--although ICE Brent settled lower on the day- -oil performed relatively well, compared with other assets.

Concerns over excess supply and an uncertain demand picture were weighing on sentiment, though further losses were capped by risks of disruption to Russian oil flows due to Ukrainian strikes and U.S. sanctions.

Metals:

Gold prices rose as investors awaited the private payroll data for clues on the Fed's next policy move.

"Gold prices rebounded toward $4,000/oz as investors flocked to safe-haven assets after a global stock selloff sparked concerns over stretched equity valuations," MUFG said.

However, the precious metal remains below the $4,000 mark, pressured by a stronger dollar and reduced expectations for further interest-rate cuts in December.

The medium-term price outlook remained bullish,

underpinned by persistent geopolitical uncertainty, strong central bank buying, and sustained private investor demand.

TODAY'S TOP HEADLINES

AI Doesn't Have to Mean Revenue Hit for Ad Industry, WPP Tech Chief Says

Artificial intelligence doesn't have to lead to a revenue hit for advertising companies, even if the technology promises to change the way agencies work, WPP's technology chief said.

Ad companies such as Publicis Groupe, WPP and Omnicom Group are racing to add generative AI tools to their offerings in a bid to stay relevant with clients in a world where marketing is increasingly driven by technology.

Ozempic Maker Novo Nordisk Lowers Growth Outlook of Its Blockbuster Drugs

Novo Nordisk narrowed its earnings guidance as intensifying competition, pricing pressure and copycat versions of its blockbuster Ozempic and Wegovy drugs hold back sales.

Compounding pharmacies in the U.S. have been producing lower-cost versions of the drugs, a practice the U.S. Food & Drug Administration allows while supplies of authentic treatments are in short supply. However, distribution of the cheaper knockoff versions was expected to stop by the end of May when they came off the shortage list.

XPeng Gears Up to Launch Robotaxis Next Year

XPeng is set to become the first Chinese carmaker to launch a self-developed robotaxi, aiming to roll out three models next year as companies race to take the lead in autonomous driving.

Nasdaq-listed XPeng will produce its driverless cars using in-house chips, its own software system and hardware production line, a departure from the usual tie-ups between robotaxi firms and carmakers.

AI's Power Rush Lifts Smaller, Pricier Equipment Makers

Tech companies working on artificial intelligence are in a rush to get electricity. That is creating a new windfall for manufacturers of smaller, pricier power equipment that is readily available.

Investors in turn are bidding up stocks in makers of everything from small turbines to fuel cells, sometimes to euphoric levels.

German Factory Orders, French Industrial Output Post Rebounds After Recent Slumps

German manufacturing orders and industrial production in France rebounded in September, signaling a recovery in the factory sector after trade uncertainty dented demand over the summer.

Total orders rose 1.1% on month in Germany, swinging from a 0.4% fall in August, statistics agency Destatis said Wednesday. Meanwhile, industrial output in France climbed 0.8% on month, offsetting much of the 0.9% fall in the prior month, France's statistics agency Insee said. Both were better outcomes than expected by a consensus of economists polled by The Wall Street Journal.

How China's Chokehold on Drugs, Chips and More Threatens the U.S.

BEIJING-China has demonstrated it can weaponize its control over global supply chains by constricting the flow of critical rare-earth minerals. President Trump went to the negotiating table when the lack of Chinese materials threatened American production, and he reached a truce last week with Chinese leader Xi Jinping that both sides say will ease the flow of rare earths.

But Beijing's tools go beyond these critical minerals. Three other industries where China has a chokehold-lithium-ion batteries, mature chips and pharmaceutical ingredients-give an idea of what the U.S. would need to do to free itself fully from vulnerability.

The Voters Who Propelled Mamdani to Victory

Zohran Mamdani rode to victory Tuesday night in a formidable show of political force, marshaling more than one million votes from a diverse array of New Yorkers.

More than two million people headed to the polls for the historic mayoral race, which pitted the 34-year-old democratic socialist against former Gov. Andrew Cuomo and Republican Curtis Sliwa.

Hamas Returns Last Dead American-Israeli Hostage to Israel

TEL AVIV-The body of the last dead American hostage in Gaza was returned by Hamas after more than two years, marking the close of a painful chapter for U.S. families whose relatives were taken by the militant group.

Itay Chen, 19, an Israeli-American soldier who also holds German citizenship, was killed during the Oct. 7, 2023, Hamas-led attack while fighting off militants with his tank crew in southern Israel. Chen was one of around 250 hostages taken during the attack, including around a dozen U.S. nationals, according to the Hostages Families Forum, an advocacy group.

Source:morningstar

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Risk Warnings and Disclaimers

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Justin

Forex

Economic

New Zealand carbon unit prices tumbled after the government announced changes to climate laws that could erode confidence in the nation's Emissions Trading Scheme.

The changes include removing the need for the Climate Change Commission to provide independent advice on emissions reduction plans, or to consult the public, Climate Change Minister Simon Watts said in a statement. The government is also removing the requirement for settings in the ETS to align with its targets under the Paris Agreement to limit global warming to 1.5C above pre-industrial levels.

"These proposed changes will reduce costs to government and business and provide greater certainty, enabling us to make meaningful reductions more efficiently," said Watts. "They do not lower our ambition."

However, New Zealand emissions units slumped 10% Wednesday to NZ$46.40 — the lowest since May last year. Their decline reflected "negative sentiment following the government's announcement, which was viewed as unsupportive of a credible ETS," investment bank Jarden said in an emailed note.

The changes, which will be enacted next year, have been greeted with skepticism by political opponents and commentators, who say it is the latest government move to signal a potentially softer stance on emissions reductions. Last month, policymakers adopted a less ambitious methane-reduction target based on a controversial "no additional warming" approach and also relaxed climate reporting rules citing the impact on business.

"This is worrying news, consistent with the recent announcements to lower methane emissions reduction targets," said James Renwick, professor of physical geography at Victoria University in Wellington. "It sends a clear signal that this government is not serious about domestic emissions reductions."

Removing the commission's role in providing advice does away with one of the fundamental reasons for having the agency in the first place, Renwick said. Decoupling ETS settings from New Zealand's so-called nationally determined contribution, which are the targets under the Paris Agreement, suggests the government is making it easier to weaken domestic action, he said.

The opposition Green Party was more scathing, with co-leader Chloe Swarbrick labeling the moves the government's "most significant destruction of climate action yet."