VIDEO SHOWS: HIGHLIGHTS FROM FRIENDLY MATCH BETWEEN ATLETICO MADRID AND INTER MILAN PLAYED IN THE EASTERN LIBYAN CITY OF BENGHAZI COMPLETE SCRIPT TO FOLLOW
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FOR THE WEEK, RUSSELL 2000 SMALL CAP INDEX FALLS 3.29% FOR BIGGEST WEEKLY LOSS SINCE WEEK BEGINNING JULY 28
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(Corrects header) By Stephen Culp NEW YORK (Reuters) -Wall Street tanked on Friday after U.S. President Donald Trump rattled markets by unleashing a string of bellicose threats against China after Beijing tightened its rare earth restrictions. In a post on Truth Social, Trump said he is weighing a "massive" tariff increase on Chinese imports and said there is no reason to meet with China's President Xi Jinping in two weeks as planned, adding that there are "many other countermeasures" under consideration. The tirade shocked markets and threatened further damage to already strained relations between the world's two largest economies. All three major U.S. stock indexes sold off sharply in the wake of Trump's remarks, suffering their largest single-day percentage drop in months. The broad selloff erased the possibility of the indexes notching weekly gains, despite having reached record closing highs in recent sessions. "The second largest economy and the first largest economy are arguing again, and we're seeing a sell first, ask questions later mentality to end the week," said Ryan Detrick, chief market strategist at Carson Group in Omaha. "President Trump's post did truly come out of nowhere, which opened the door for some extreme volatility." "And it's important to remember we haven't had this level of volatility in a long time," Detrick added. "One could argue we were due for some spookiness this October." Trump's erratic trade policies have rattled markets since his April 2 "Liberation Day" tariff announcement, with on-again, off-again trade negotiations, causing turbulence across asset classes. According to preliminary data, the S&P 500 lost 182.34 points, or 2.71%, to end at 6,552.77 points, while the Nasdaq Composite lost 820.20 points, or 3.56%, to 22,207.28. The Dow Jones Industrial Average fell 873.58 points, or 1.88%, to 45,480.04. The Philadelphia SE Semiconductor Index was among the hardest-hit sectors in the wake of Trump's announcement. China produces over 90% of the world's processed rare earths and rare earth magnets, which are critical for products ranging from electric vehicles and aircraft engines to military radars. Renewed tensions between the two largest global economies could trigger major supply chain disruptions, particularly for the technology, electric vehicle and defense industries. The CBOE Volatility Index, viewed as a reflection of market anxiety, touched its highest level in a month. U.S.-listed shares of Chinese companies, including heavyweights Alibaba Group Holding, JD.com Inc and PDD Holdings closed at steep losses. Qualcomm slid after China's market regulator said the country had launched an antitrust investigation into the semiconductor manufacturer over its acquisition of Israel's Autotalks. The U.S. government is currently in its 10th day of shutdown as a congressional impasse has so far yielded few signs of progress or serious negotiation. This has resulted in a data blackout, with official government economic indicators postponed for the time being. Still, data from independent sources continues unabated. The University of Michigan released its preliminary take on October consumer sentiment, which is drifting along near historic lows as high prices and weakening job prospects remain at the forefront of consumer worries. In the absence of official data, investors look to the U.S. Federal Reserve for clues regarding near-term interest rate cuts. Fed Governor Christopher Waller said that while private employment data continues to show labor market weakness, the central bank should act with caution when reducing the Fed funds target rate as it evaluates the economy. St. Louis Fed President Alberto Musalem echoed that sentiment, saying that another rate cut could be warranted as insurance against a weakening labor market. "I believe that we have to tread with caution" before monetary policy becomes too accommodative, he said. A spate of large financial firms – including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo – is set to release quarterly results on Tuesday, marking the unofficial launch of third-quarter earnings season. Analysts currently expect third-quarter S&P 500 earnings growth of 8.8% year-on-year, on aggregate, compared with annual growth of 13.8% last quarter and 9.1% in Q3 2024, according to LSEG data. (Reporting by Stephen Culp; Additional reporting by Niket Nishant, Sukriti Gupta, Purvi Agarwal and Johann M Cherian in Bengaluru; Editing by Aurora Ellis)
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By Nora Eckert STANTON, Tenn (Reuters) -Stanton, Tennessee – population 450 – welcomed a massive new neighbor a few years ago: a Ford electric-truck and joint venture battery plant slated to employ 6,000 workers. Ford’s 2022 groundbreaking triggered an influx of construction activity into the former cotton-and-soybean farmlands outside of Memphis. Hard-hatted workers filled local diners. Developers scrambled to build homes and fire stations. Stanton is quieter these days. Ford over the past 18 months repeatedly delayed phases of the project. The EV truck plant is slated to begin initial production in 2027 and start sending deliveries the next year, a timeline delayed several times from the original plan of coming online in 2025. Ford said it "will be nimble in adjusting our product launch timing to meet market needs and customer demand while targeting improved profitability." The Ford complex is part of the so-called Battery Belt, a swath of factories stretching across the U.S. heartland that spans from Georgia to Indiana. Roughly two dozen battery projects worth tens of billions in investment have been announced this decade, promising to inject tens of thousands of jobs in Republican-dominated states like Georgia and Kentucky. By last year, though, Americans’ waning enthusiasm for electric cars led automakers to delay or scrap some factory projects. Now, the additional fallout from U.S. President Donald Trump’s recent policy changes is descending on the Battery Belt. Ford CEO Jim Farley last week offered the prediction that electric-car sales could fall by around 50% following the Sept. 30 expiration of a $7,500 tax credit for buyers, echoing other gloomy forecasts for the EV market. The uncertain fate of these massive, high-tech factories and their employment has rattled the small rural communities that spent years hitching their economic futures to these projects. "That's on everybody's mind, quite frankly," said Allan Sterbinsky, who retired as mayor of Stanton in December and advocated for the site for years before Ford came to town. Some residents worry that Ford will never follow through on the plant, the former mayor says. Others hope the company will repurpose the 3,600-acre site if demand doesn't increase for EVs. A Ford spokesperson pointed to the automaker's community work in Stanton, including grants to public safety organizations as part of a broader $9 million commitment to the area. A Reuters review of U.S. battery-investment plans shows those worries are justified. The industry appears headed toward a huge glut of factory capacity, if all those projects were to move ahead as planned. By 2030, the planned battery plants would provide the capacity to produce 13 million to 15 million EVs annually, according to figures provided to Reuters by research firm Benchmark Intelligence. But the industry now might only need about one-quarter of that factory space. S&P Global Mobility predicts only around 3 million EVs will be produced that year, and some would likely use batteries imported from other countries. Some of that excess roughly 10 million-EV worth of battery capacity would likely be used for hybrids and extended-range EVs as well as the booming energy storage industry, but there is still a sizable gulf, said Stephanie Brinley, S&P Global Mobility automotive analyst. The demise of the $7,500 tax credit – which had been in place for more than 15 years to persuade Americans to try green cars – is only the highest profile of several anti-EV measures put forth by the Trump administration. Combined, they further jeopardize battery projects and other electric-car-related investments, experts say. In the last few months, several automakers have canceled, delayed or downsizedEV projects. Meanwhile, a pot of tens of billions of dollars available to companies that make EV batteries domestically has tighter restrictions that will likely reduce the amount of federal money that flows to the battery sites. “All of a sudden, much of what was originally going to benefit from these credits now no longer can to a large degree,” said Jennifer Stafeil, tax auto sector lead for KPMG. Trump has said he is not anti-EV, but prefers that consumers decide what cars to buy, without government influence. He also has criticized EV-friendly regulations implemented under former President Joe Biden, which Trump has said were costly and threatened American auto jobs. One of the nation’s largest EV projects, Hyundai Motor’s $12.6 billion assembly plant and joint-venture battery factory near Savannah, Georgia, is moving ahead. Last month the project suffered a setback when federal law enforcement raided it. Hyundai has said the fallout would delay the battery plant by at least two to three months. In the three years since Hyundai announced the megasite, 21 suppliers have opened operations near the site. "Hyundai is committed to offering a diverse product lineup, including internal combustion, hybrid, plug-in hybrid, and EV models. We understand that every customer is unique, and we strive to meet a wide range of needs," a spokesperson said. The complex is gearing up to hire 8,500 employees by 2031, and is paying wages 25% above the county average, said Trip Tollison, president of the Savannah Economic Development Authority. Tollison acknowledged that some in the community worry about the uncertain future of the nascent EV industry that underpins all that development. He is hopeful Hyundai can flexibly shift to hybrid production if the EV market doesn’t take off. “That's how you provide opportunities like this to lift people out of poverty,” he said. (Editing by Mike Colias and Anna Driver)
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By Sarah Kinosian Oct 10 (Reuters) – Venezuelan opposition leader Maria Corina Machado, a 58-year-old industrial engineer, was awarded the Nobel Peace Prize on Friday. Over the past two years, she has reenergized a politically disengaged population after more than a decade of economic and social collapse. Machado has been in hiding in Venezuela since 2024, when electoral authorities allied with President Nicolas Maduro declared Maduro's reelection in a vote widely seen as rigged. The government never posted official election results, but results collected by the opposition, verified by an independent election monitor, found the Machado-backed candidate had won in a landslide. Married to a constitutional lawyer and mother of three, Machado impressed both experts and ordinary citizens with her work ethic and ability to connect with voters. Her message was simple: Maduro leads a "mafia" that has looted the country and represses its people. Venezuelans are fed up, and the fight for democracy will continue until the government changes. The Maduro government has called Machado a fascist and terrorist, accusing her of fomenting a right-wing conspiracy to overthrow his rule. The Norwegian Nobel Committee honored Machado "for her tireless work promoting democratic rights for the people of Venezuela and for her struggle to achieve a just and peaceful transition from dictatorship to democracy," noting she had done so "in the face of ever-expanding authoritarianism." In mid-2023, Machado organized a primary election without official support, breathing life back into the opposition in a country where protests had been crushed and dissidents jailed. According to Caracas-based rights group Foro Penal, Venezuela currently holds 841 political prisoners. She is the latest in a line of opposition leaders who have failed to unseat Maduro, who has ruled for 12 years. The United Nations has documented his government's use of torture and imprisonment against opponents, and the International Criminal Court has launched an investigation into alleged crimes against humanity. Venezuela's communication ministry did not respond to a Reuters request for comment. MACHADO HAS UNCOMPROMISING STANCE The eldest daughter of a prominent steelmaking family, Machado was described as stubborn by her mother. She campaigned across Venezuela, cooking corn pancakes at roadside stands and traveling by boat through rivers and jungles. Educated at a Catholic girls' school in Caracas and a boarding school in Massachusetts, Machado studied engineering and finance before joining her family's business. In 2002, she founded Sumate, a voter rights group that became a key opposition force against Hugo Chavez, Maduro's predecessor and founder of Venezuela's socialist governing movement. Fluent in English and known for her strong voice, her fierce personality led to confrontations in the National Assembly, where she served starting in 2010. In 2012, she famously told Chavez, "Expropriating is stealing." Her uncompromising stance has drawn criticism, even from fellow opposition members. More recently, her vocal support for military strikes by the administration of U.S. President Donald Trump on boats allegedly transporting narcotics has caused friction within some parts of the opposition. Machado has forged a close alliance with Trump and personally thanked him in her Nobel acceptance statement. Trump has called her a "freedom fighter." Last year, then-Senator Marco Rubio — now Secretary of State and a longtime ally of the Venezuelan opposition — signed a letter nominating her for the Nobel Peace Prize. MASSIVE SUPPORT PERSUADED HER TO CAMPAIGN Before organizing the 2023 primary, Machado had long abstained from participating in Venezuela's elections due to distrust in the electoral authorities. She reversed course when massive public support propelled her into the campaign. Machado's speeches—often delivered from trucks or car rooftops to bypass government obstruction—championed economic and democratic freedom and the reunification of families separated by migration. The Maduro government frequently attacks Machado, accusing her of sabotage and involvement in power blackouts. Maduro's opponents blame the blackouts on deteriorating infrastructure and mismanagement. In early 2024, Venezuela's highest court barred Machado from running for president, citing alleged financial irregularities from her time as a legislator. She then backed Edmundo Gonzalez Urrutia, a little-known diplomat and academic, who ran and was widely considered the winner after vote tallies showed he had received nearly 70% of the vote. The Carter Center confirmed the opposition's count. But backed by the military, Maduro declared himself the victor, ignoring international pressure to concede. Protests and a subsequent crackdown led to two dozen deaths and thousands of arrests, according to rights groups. Gonzalez fled to Spain in September 2024, saying he feared imprisonment or torture. Nearly all of Machado's senior advisers have been detained or forced into exile. From hiding, Machado continues to lead a largely exiled opposition movement. (Reporting by Sarah Kinosian in Mexico City and Reuters; Editing by Rosalba O'Brien)
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VIDEO SHOWS: ISRAEL TEAM TRAINING SESSION / PRESS CONFERENCE WITH ISRAEL COACH RAN BEN SHIMON AND CAPTAIN ELAZAR "ELI" DASA COMPLETE SHOTLIST AND SCRIPT TO FOLLOW STORY: (Production: Tom Little, Kurt Michael Hall)
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(Recasts, updates yields, adds comment from St Louis Fed president) * Trump's tariff threats cause stock selloff, bond yields drop * Fed officials open to possible interest rate cuts * Consumer sentiment survey shows slight decline WASHINGTON, Oct 10 (Reuters) – U.S. Treasury yields fell to multi-week lows on Friday as investors moved to a safe haven following President Donald Trump's threats to impose a "massive" increase in tariffs on Chinese imports, accusing Beijing of seeking to stymie trade in rare earths. The president's lengthy statement on Truth Social sparked a selloff in stocks and pushed rates out of their recent range-bound pattern, with the 10-year Treasury yield hitting its lowest level since mid-September. Movement in U.S. sovereign debt yields had been in a holding pattern in recent days as a government shutdown, now in its tenth day, has halted the production of crucial economic indicators. "It’s fuel on the fire. For a while it looked like things were going well between Trump and Xi, but China’s latest export controls on rare earth minerals set Trump off," said Brian Jacobsen, chief economist at Annex Wealth Management. "A lot can happen between now and the APEC summit where they were supposed to meet, so it wouldn’t be surprising to see tempers cool before then." In afternoon trading, the yield on the benchmark U.S. 10-year Treasury note fell to a more than one-month low and was last down 9.1 basis points (bps) at 4.057%. The yield on the 30-year bond was last down 9.6 bps to 4.637% after earlier falling to its lowest since September 5 On the short-end of the curve, the two-year U.S. Treasury yield, which typically moves in line with interest rate expectations, slid 7.5 bps to 3.512%. Meanwhile, St Louis Federal Reserve Bank President Alberto Musalem said he was "open minded" about the possible need for an additional interest rate cut. Earlier, Fed Governor Christopher Waller had likewise told CNBC the central bank could make "cautious" moves to lower benchmark lending rates, helping comfort investor expectations that the central bank would not be driven to excessive rate cutting by changes in staffing and a weakening labor market. A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, flattened to a positive 52.8 bps compared to a positive 54.30 late Thursday. Also on Friday, the University of Michigan reported that a survey of consumer sentiment had modestly beaten expectations while still recording a slight deceleration in October, marking the third monthly decline and adding to fears from private indicators of labor market weakness. (Reporting by Douglas Gillison in Washington and Chuck Mikolajczak in New York; Editing by Nia Williams and Toby Chopra)
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By Caroline Valetkevitch NEW YORK (Reuters) -Stocks fell sharply, with the S&P 500 and Nasdaq down more than 2% each, while Treasury yields dropped and the U.S. dollar weakened on Friday after President Donald Trump said he was weighing a "massive increase" in tariffs on Chinese goods. Technology-related shares were among the biggest decliners on Wall Street, with an index of semiconductors down 5.4%. U.S.-listed shares of Chinese firms also dropped. E-commerce firm Alibaba Group Holding was down 9% and JD.com Inc declined 7.2%. Oil prices fell more than $2 a barrel as Trump's threat cast a shadow over the demand outlook, while gold rallied above the $4,000 an ounce milestone for a second time this week. Trump said there was no reason to meet with China's President Xi Jinping in two weeks in South Korea as planned, adding in a Truth Social post that the U.S. is calculating a massive increase in tariffs on Chinese imports. The step could revive a destabilizing tit-for-tat trade war that Washington and Beijing paused amid painstaking diplomacy earlier this year. The U.S. president complained on social media about what he characterized as China's plans to hold the global economy hostage after China dramatically expanded its rare earth element export controls on Thursday. "He's caught the market off guard again and thrown more question marks into a market that is being questioned about a very high degree of enthusiasm and being sort of scrutinized for having too much fluff built into it," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. The Dow Jones Industrial Average fell 710.72 points, or 1.53%, to 45,647.70, the S&P 500 fell 146.09 points, or 2.18%, to 6,588.56 and the Nasdaq Composite fell 655.35 points, or 2.84%, to 22,369.57. U.S. stock indexes had been hitting record highs this week, lifted in part by expectations of further interest rate cuts from the Federal Reserve and optimism about artificial intelligence-related deals. MSCI's gauge of stocks across the globe fell 17.58 points, or 1.77%, to 975.89. European shares closed 1.25% lower, erasing weekly gains in a last-minute slide tied to the fresh threats from Trump. The benchmark STOXX 600 had its worst intraday drop in more than a month. Benchmark U.S. yields extended losses from earlier in the session after the Trump comments, with the 10-year Treasury yield hitting its lowest level since mid-September. U.S. sovereign debt had been in a holding pattern in recent days as a U.S. federal government shutdown, which started October 1, halted the production of crucial economic indicators. The yield on benchmark U.S. 10-year notes fell 9.3 basis points to 4.055%, from 4.148% late on Thursday. The dollar index, which measures the greenback against a basket of currencies, fell 0.42% to 98.97, with the euro up 0.4% at $1.1609. Against the Japanese yen, the dollar weakened 0.89% to 151.7. The yen was still headed for a decline for the week against the dollar following Japan's political changes and rate outlook uncertainty. The Japanese currency has dropped on concerns that the Bank of Japan may not hike interest rates again this year after fiscal dove Sanae Takaichi's surprise victory to lead the ruling party. Japanese Finance Minister Katsunobu Kato said on Friday that the government was concerned about excessive volatility in the foreign exchange market. In France, leftist party chiefs said after talks with President Emmanuel Macron that Macron will not name a prime minister from the left later on Friday. French blue chip stocks dropped 2% this week. Markets were rocked on Monday after Sebastien Lecornu tendered his and his government's resignation just hours after announcing a cabinet line-up. U.S. crude fell $2.61 to settle at $58.90 and Brent fell $2.49 to settle at $62.73. Spot gold rose 0.73% to $4,004.00 an ounce. (Additional reporting by Marc Jones in London and Purvi Agarwal; Editing by Susan Fenton, Nick Zieminski and Edmund Klamann)
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BUENOS AIRES (Reuters) -OpenAI and Sur Energy have signed a letter of intent for a data center project in Argentina requiring an investment of up to $25 billion, the nation's government said on Friday. (Reporting by Walter Bianchi; Editing by Natalia Siniawski)
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(Updates with comments on coffee, weekly price moves) NEW YORK, Oct 10 (Reuters) – Cocoa futures on ICE fell on Friday to post an eighth consecutive weekly loss, with rising global production and weak demand set to lead to a global surplus in the 2025/26 season that began last week. Coffee prices also fell. COCOA * London cocoa settled down 77 pounds, or 1.8%, to 4,155 pounds per metric ton. * New York cocoa fell 1.7% to $5,892 a ton, after setting a more than 1-1/2-year low of $5,870. * Both London and New York cocoa contracts lost 5% in the week, and have now posted losses for eight consecutive weeks, with New York losing 33% in that period and London losing 28%. * Dealers said supplies had been boosted by the start of main crop harvests in West Africa while third-quarter grinding data later this month for Europe, North America and Asia is expected to show year-on-year declines. * "In West Africa, we believe that improved weather conditions will be favourable for cocoa production, and we also flag the recent increase in farmgate prices in both Ghana and Cote D'Ivoire as an upside risk for production," research firm BMI said in a note. * Ivory Coast and Ghana are the world's top two producers. SUGAR * Raw sugar settled down 0.16 cent, or 1%, at 16.10 cents per lb, after posting a two-week low of 15.97. The market lost 2.2% in the week. * Dealers said the prospect of a global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to boost supplies while global consumption is set to remain flat. * They noted that a weaker Brazilian currency was boosting sales by mills. * White sugar fell 0.2% to $450.40 a ton. COFFEE * Arabica coffee settled down 4.05 cents, or 1.1%, at $3.5635 per lb. The market posted a 4.7% weekly loss. * Dealers said the arabica coffee market was under pressure due to rains in Brazil , with some areas getting around 30 mm of precipitation. The extra moisture will improve conditions for next year's crop. * There was also expectation for a deal between the U.S. and Brazil on trade that could include coffee. * Robusta coffee fell 1.8% to $4,391 a ton, having lost 3% in the week. (Reporting by Nigel Hunt and Marcelo Teixeira; Editing by Maju Samuel and Mark Porter)
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