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By Mike Colias and David Shepardson (Reuters) -General Motors is scrapping a program aimed at allowing its dealers to continue offering for several months a $7,500 tax credit on electric-vehicle leases following the September 30 expiration of the federal subsidy, the company said on Wednesday. Toward the end of last month, GM devised a plan to have its in-house lending arm initiate the purchase of EVs in its dealers’ inventory. The company planned to apply for the federal $7,500 credit on those cars and then roll that money into EV lease terms for customers through the end of the year. GM opted to kill the program after concerns were raised about it by Republican Senator Bernie Moreno of Ohio, a former car dealer who is active in auto policy, a person briefed on the matter told Reuters. “After further consideration, we have decided not to claim the tax credit,” the company said in a statement to Reuters on Wednesday, declining to elaborate on the reason for its decision. The idea behind the program was to ease the impact of the expiration of the tax credit on dealers, who worried they would be stuck with EVs that would be tough to sell. GM had planned to apply for the credit on tens of thousands of EVs in dealer stocks, according to people familiar with the plan. Ford rolled out a similar program ahead of the tax-credit expiration. It is unclear if Ford is continuing its program. A spokesperson declined to comment. GM had planned to claim the credit on roughly 20,000 EVs that were on dealership lots or being shipped to stores, people familiar with the matter said. Its finance arm, GM Financial, began making down payments on those vehicles before the deadline to qualify for the subsidy on each of those cars, the sources said. In its statement on Wednesday, the company said it would "fund the incentive lease terms" through the end of October. GM scrambled to put together the program just a few days before the September 30 tax-credit expiration, and outlined the details on a call with dealers on September 29, three sources said. GM officials had caught wind of a similar program that Ford was putting in place for its dealers, the sources said. Auto executives, dealers and analysts have said they expect EV sales to plummet in the wake of the tax credit’s disappearance. A consumer rush to take advantage of the subsidy helped drive record electric-car sales in September. (Editing by Mike Colias, Mark Porter and Chris Reese)

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(Reuters) -Silver soared to a record high on Wednesday, riding the coattails of gold's unprecedented rally above the $4,000/oz level earlier in the session. Spot silver was up 3.5% at $49.54 per ounce by 1611 GMT. (Reporting by Anushree Mukherjee and Anjana Anil in Bengaluru; Editing by Shilpi Majumdar)

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By Anmol Choubey and Anushree Mukherjee (Reuters) -Gold surged past the $4,000 an ounce level for the first time on Wednesday, building on a record-breaking rally as broader geopolitical and economic uncertainty, as well as expectations of U.S. interest rate cuts sent investors flocking to the safe-haven asset.  Spot gold was up 1.6% at $4,045.19 per ounce by 11:38 a.m. ET (1538 GMT). U.S. gold futures for December delivery gained 1.6% to $4,067.00.    Silver also latched on to gold's rally, gaining 3.3% to $49.39 per ounce, and hovering just below its all-time high of $49.51. Gold, traditionally seen as a store of value during times of instability, is up 54% year-to-date, after gaining 27% in 2024. It is one of the best-performing assets of 2025, outpacing advances in global equity markets and bitcoin and losses for the U.S. dollar and crude oil. Its rally has been propelled by a combination of factors, including expectations of U.S. interest rate cuts, mounting political and economic uncertainty, strong central bank buying, hefty inflows into gold-backed ETFs and a weakening dollar. "Gold's strength reflects an extremely positive macroeconomic and geopolitical background for safe-haven assets, plus concerns over other traditional safe havens," said Matthew Piggott, director of gold and silver at Metals Focus. "With these factors persisting into 2026, we fail to see any catalyst for gold to meaningfully retrace at present. Therefore we expect gold to continue to push up throughout the year to attempt a challenge of $5,000/oz." The U.S. government shutdown entered its eighth day on Wednesday, delaying the release of key economic data and forcing investors to rely on non-government sources to assess the timing and scope of Fed rate cuts. [MKTS/GLOB] Markets are pricing in a 25-basis-point rate cut at the Fed's upcoming meeting, with a similar reduction expected in December.  Global crises, such as the Middle East conflict and the war in Ukraine, have stoked demand for bullion, while political turmoil in France and Japan added to the flight to gold. Globally, inflows into gold ETFs hit $64 billion year-to-date, according to data from the World Gold Council, with a record $17.3 billion in September alone. A "fear of missing out" is also boosting the rally, analysts said. On a technical basis, gold's Relative Strength Index (RSI) stands at 88, indicating the metal is overbought. Silver was up 71% so far this year, benefiting from the same factors driving gold's rally as well as tightness in the spot market.  "The silver market continues to tighten, with rising lease rates, as Comex stocks scale record highs and amid India’s seasonal demand strength. The recent rally has been supported by hefty ETP inflows," said Suki Cooper, Global Head, Commodities Research at Standard Chartered Bank. HSBC on Wednesday raised its average silver price forecasts for 2025 to $38.56 per ounce and for 2026 to $44.50, citing expectations for high gold prices, renewed investor demand and anticipated volatile trading. The momentum seeped into other precious metals as well, with platinum gaining 2% to $1,651.51, while palladium climbed 7.2% to $1,433.63, to its highest level since June 2023. (Reporting by Anmol Choubey, Anushree Mukherjee, Kavya Balaraman and Brijesh Patel in Bengaluru; Editing by Kate Mayberry, Vijay Kishore, Ros Russell and Shailesh Kuber)

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PARIS (Reuters) -Airbus said on Wednesday it had delivered 507 jets in the first nine months, leaving 313 more airplanes to deliver in the fourth quarter to reach a full-year target of around 820. The world's largest planemaker confirmed a Reuters report that it had delivered 73 jets in September, a record for that month of the year, in a sign of improved engine supplies. An Airbus spokesperson said the number of so-called gliders, or otherwise fully assembled aircraft parked on the ground waiting for their engines, had fallen from a peak of 60 announced earlier this year, but did not give a new figure. The jump in September deliveries from 50 in the same month last year and the drop in the number of gliders suggest that engine arrivals have sped up in recent weeks, after being impacted by a recent strike at supplier CFM as well as competing demand for spare engines from airlines. (Reporting by Tim Hepher; Editing by Kirsten Donovan)

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(Reuters) -Shares of Joby Aviation fell more than 11% on Wednesday after the electric air-taxi maker priced a $514 million discounted share sale. The Santa Cruz, California-based company on late Tuesday sold 30.5 million shares at $16.85 per share, representing a 10.9% discount to the stock's previous close. Joby said it would use the proceeds to support aircraft certification and manufacturing, prepare for commercial operations and fund working capital and other general corporate needs. Electric vertical takeoff and landing (eVTOL) aircraft firms are racing to secure approvals and bring their vehicles to market, aiming to meet the growing demand for faster, more sustainable urban transportation. The firm, backed by Toyota Motor, is also expected to benefit from Washington's push to speed air taxi deployment through executive orders and a pilot program which was announced last month. Joby's stock had risen 133.7% this year, as of its last close. The company recently bought Blade Air Mobility's passenger business, planning to integrate it into the Uber app as early as next year, and partnered with L3Harris Technologies to develop a military aircraft. Joby's shares trade at a 12-month forward price-to-earnings ratio of -23.6, compared with -11.4 for rival Archer Aviation, highlighting that both pre-revenue companies continue to trail the broader market. Morgan Stanley acted as the sole bookrunner for the offering, which is expected to close on Thursday. (Reporting by Anshuman Tripathy in Bengaluru; Editing by Maju Samuel)

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By Amina Niasse NEW YORK (Reuters) -Amazon said on Wednesday its pharmacy business in December will begin filling some prescriptions for common medications at electronic kiosks in its One Medical primary care locations, which the company says will reduce barriers to access and limit shipping costs. Amazon plans to start the offer with One Medical patients in Los Angeles for drugs including antibiotics, asthma inhalers and treatments for high blood pressure, the company said. The kiosks will be the first in-person pick-up service offered by Amazon Pharmacy, which has been providing prescription services primarily by delivery, said Hannah McClellan Richards, a vice president at Amazon Pharmacy. One Medical offers a membership structure that allows patients to access primary and urgent care at a subscription fee of $199 annually. Patients without a membership are still able to book an appointment and would be able to use the kiosk, the company said. Richards said in an interview that the company plans to expand the kiosk model outside of California in 2026 and is in talks with external health systems to introduce the machines through partnerships. Amazon does not plan to offer medicines that must be refrigerated, such as GLP-1 weight-loss drugs, or more tightly regulated prescriptions like controlled pain medicines through the kiosk. Inventory for each kiosk will be tailored to the provider, and patients would be able to consult a company pharmacist virtually, Amazon said in a press release. Amazon.com, the $2.34 trillion e-commerce company, launched pharmaceutical delivery in 2018 through its acquisition of PillPack. In 2023, the company purchased One Medical, a national primary care provider. Analysts this year have flagged shipping and logistical costs as a potential squeeze on Amazon's profits. Chief Financial Officer Brian Olsavsky, in a second-quarter earnings call, said the company planned to make strategic decisions on product placement in an effort to shorten delivery routes and improve availability. "We're committed to initiatives that further improve our cost structure," he said at the time. Richards acknowledged that the most expensive part of the e-commerce supply chain is shipping. "If you put inventory closer to customers," she said, "your shipping costs go way down and your demand goes way up." (Reporting by Amina Niasse; Editing by Caroline Humer and Bill Berkrot)

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By David Shepardson BALTIMORE (Reuters) -Major U.S. airlines are bracing for a third straight day of delays on Wednesday as the U.S. Federal Aviation Administration faces higher-than-normal staffing issues for air traffic controllers as the stalemate over funding the government continues. There were nearly 10,000 flight delays in total on Monday and Tuesday, with many tied to the FAA slowing flights because of air traffic controller absences at facilities across the country as the government shutdown reached its eighth day. Air traffic control staffing issues during this shutdown have emerged earlier than the last major halt to government funding in 2019, during U.S.President Donald Trump's first term, leading to unexpected shortages in cities around the country. Maryland Governor Wes Moore and congressional Democrats called for the shutdown to end at Baltimore-Washington International Airport on Wednesday, noting that air traffic controllers and Transportation Security Administration officers are working without pay. Moore, a Democrat, said President Trump "could not close a deal" to keep the government open. Representative Kwiesi Mfume, a Democrat, called for supplemental legislation that would continue to pay air traffic controllers during a shutdown. "People are beginning to worry now about flying and we should as a nation never get to that point," he said. In 2019, during a 35-day shutdown, the number of absences by controllers and TSA officers rose as workers missed paychecks, extending checkpoint wait times at some airports. Authorities were forced to slow air traffic in New York, which put pressure on lawmakers to quickly end the standoff. Some 13,000 air traffic controllers and about 50,000 Transportation Security Administration officers must still turn up for work during the government shutdown, but they are not being paid. Controllers are set to receive a partial paycheck on October 14 for work performed before the shutdown. "Our BWI workers are still here," Moore said. "They're doing it because they're patriots. They're doing it because they know that this work matters." Transportation Secretary Sean Duffy said on Monday that the FAA had seen a slight increase in controllers taking sick leave and air traffic staffing has been cut by 50% in some areas since the shutdown started last week. The U.S. has faced air traffic control shortages for more than a decade, and many controllers had been working mandatory overtime and six-day weeks even before the shutdown. The FAA is about 3,500 air traffic controllers short of targeted staffing levels. (Reporting by David Shepardson; Editing by Mark Porter)

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By Amanda Cooper LONDON (Reuters) -Global shares rose on Wednesday, as investors latched on to the prospect of lower interest rates, shaking off political drama in France and Japan, while a prolonged U.S. government shutdown catapulted gold beyond $4,000 per ounce for the first time. The prospect of a series of rate cuts from the Federal Reserve and safe-haven demand stemming from economic and political worries have lifted the gold price by 50% this year to above $4,000 an ounce.  Traditionally, gold is seen as a store of value during times of instability. This rally, driven by demand from central banks, fund managers and retail traders alike, has had a tailwind of a weaker dollar too. HEDGE EVERYTHING "It's obviously benefiting from uncertainty around valuation of stocks. It's benefiting from the uncertainties in the bond market. The weakness of the dollar is benefiting gold as well," said Chris Iggo, chief investment officer for core investments at AXA Investment Managers. "It's not a small market, but it's small compared to the equity market or the bond market, so people are willing to increase their allocations to gold as a hedge against everything else," he said. European stocks rose 0.6%, as gains in banking shares helped offset a drop in autos, led by a 7% decline in BMW shares after the German luxury carmaker cut its 2025 earnings forecast. U.S. stock futures were up 0.2%, hinting at more gains in New York later on. In France, caretaker Prime Minister Sebastien Lecornu said on Wednesday a deal could potentially be reached on the country's budget by year-end, making the risk of a snap election more remote. His cautiously optimistic tone helped a modest rally in French bonds, leaving OAT yields down 5.3 basis points on the day at 3.52%, but did little to support the euro, which headed for its third daily loss in a row, trading around one-month lows at $1.1629. "It's another prime minister and it has been pretty volatile," Nina Stanojevic, senior investment specialist at St. James’s Place, said. "It raises two areas of uncertainty – first around fiscal packages being pushed through and whether we get another snap election on the horizon, which would affect French OATs." YEN SLIDES Political shifts have also driven Japan's yen lower this week. The currency has hit eight-month lows as investors await word from prime minister-in-waiting Sanae Takaichi on her plans for spending and the economy. It last fetched 152.40 per U.S. dollar.  Takaichi's victory over the weekend has sparked concern among investors about the impact of her preference for lower rates and higher spending on the Bank of Japan, which may struggle to raise interest rates as much as previously expected, which has, in turn, weighed on the yen. The yen is down over 3% this week, on pace for its steepest weekly decline in a year, which has stirred up concern about intervention by Japanese authorities. Hirofumi Suzuki, chief currency strategist at SMBC, said should the yen head towards 160 within one to two weeks, "FX intervention by the Japanese government would be viewed as more likely".  The New Zealand dollar sank nearly 1% after the central bank slashed its benchmark rate by 50 basis points and kept the door open for further easing, suggesting policymakers were worried about the frail state of the economy. The dollar index, which measures the U.S. currency against six others, hit its highest since the end of August, although sentiment remained dim as the shutdown entered its eighth day.  The shutdown has also halted the release of a number of key economic reports. Markets show traders still expect the Federal Reserve to cut rates by around 45 bps between now and the end of the year. Oil rose on Wednesday as investors brushed off concerns over excess supply this year. Brent crude futures rose 1% to $66.07 a barrel. (Additional reporting by Joice Alves in London and Ankur Banerjee in Singapore; Editing by Sam Holmes, Sharon Singleton and Emelia Sithole-Matarise)

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By Niket Nishant and Sukriti Gupta (Reuters) – The S&P 500 and the Nasdaq edged higher on Wednesday following a blip in a steady rally, as investors awaited fresh clues on the interest-rate trajectory. With the U.S. government shutdown delaying the release of key economic reports, traders are likely to lean heavily on commentary from Federal Reserve officials to guide their positioning. Euphoria around artificial intelligence has helped equities brush off concerns around the shutdown so far, but gold's historic break above $4,000 an ounce underscores growing appetite for a hedge against policy risks and a shaky macroeconomic backdrop. "Gold is becoming the safe harbor the dollar used to be," said Matthew Tuttle, CEO of Tuttle Capital Management. At 09:59 a.m. ET, the Dow Jones Industrial Average fell 83.84 points, or 0.18%, to 46,520.96, the S&P 500 gained 12 points, or 0.18%, to 6,726.49 and the Nasdaq Composite gained 118.50 points, or 0.52%, to 22,906.87. The S&P 500 tech sector rose 1% with Nvidia gaining 1.8% and Micron Technology up 3.6%. The gains in tech stocks also boosted the Nasdaq. Energy stocks declined 1.2%. The Dow came under pressure as Goldman Sachs and JPMorgan fell 1.6% and 1.2%, respectively. On the benchmark index, healthcare stocks added 0.3% while Moderna rose 3%. BofA Global Research upgraded the U.S. healthcare sector to "overweight" from "underweight". Remarks from Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee, Fed Governor Michael Barr, and Minneapolis Fed President Neel Kashkari are on deck. Minutes from the Fed's September meeting are also due at 2 p.m. ET. The rally in stocks has also drawn support from expectations of a dovish Fed going forward, as a batch of alternative indicators pointed to a softening labor market. "I think the Fed is absolutely flying blind because of the data blackout. But I don't know how much it really matters for the October meeting," said Chris Hodge, chief economist of the U.S. at Natixis. Global investment firm Carlyle estimated on Tuesday that U.S. employers added just 17,000 jobs in September, based on data from its portfolio companies. That was well below the 54,000 gain economists polled by Reuters had expected in the official nonfarm payrolls report, which was due last week but was delayed by the government shutdown. Among stocks, Fair Isaac Corp fell 2.5% after credit bureau Equifax said it plans to offer cheaper mortgage credit scores. U.S.-listed shares of gold miners rose, with Newmont and Gold Fields up 1.3% and 2.4%, respectively. Dell rose 7.2% after multiple brokerages raised their price target on the stock. Freeport-McMoRan rose 5.2% after Citigroup upgraded the mining company's rating to "buy" from "neutral". Joby Aviation declined 10.8% after the electric air taxi maker on Tuesday priced a $514 million share sale at a 10.9% discount to its last closing price. Advancing issues outnumbered decliners by a 1.34-to-1 ratio on the NYSE and by a 1.49-to-1 ratio on the Nasdaq. The S&P 500 posted 15 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 53 new highs and 41 new lows. (Reporting by Niket Nishant and Sukriti Gupta in Bengaluru; Editing by Devika Syamnath and Anil D'Silva)

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(Reuters) -Dayforce's largest shareholder said it plans to vote against Thoma Bravo's proposed $12.3 billion buyout of the HR software firm, calling the offer "underwhelming" and an attempt to take advantage of "short-term pessimism" in the sector. T. Rowe Price Associates said on Wednesday the Dayforce stock has been pressured by "misplaced" pessimism and investor focus on metrics that belie the underlying strength of the business. The asset manager owns a 15.7% stake in Dayforce, according to data compiled by LSEG. "These forces are temporary and do not justify selling the company at an underwhelming valuation at this time," it said. The human capital management market has undergone significant consolidation, with big players acquiring smaller firms to bolster their products and grab market share amid signs of a stagnating labor market. Thoma Bravo had agreed to buy Dayforce in August to strengthen its software portfolio as the private equity firm bets on recurring revenue business models to weather an uncertain economic environment. T. Rowe said Dayforce is on track to meet its target of $1 billion in annual free cash flow over the next several years. Dayforce shares have risen more than 30% since the deal was announced. As of last close, the stock was trading just shy of the proposed $70 per share offer. Thoma Bravo and Dayforce did not immediately respond to Reuters' requests for comment. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Shilpi Majumdar)

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