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By Jessica DiNapoli NEW YORK (Reuters) -Coca-Cola is introducing mini 7.5-ounce single-serve cans of some of its sodas in U.S. convenience stores early next year, hoping cash-strapped and calorie-conscious consumers will be attracted to the smaller, cheaper drinks. Later this year, Atlanta-based Coke will also introduce glass bottles of Coca-Cola soda sweetened with cane sugar rather than high fructose corn syrup, said Joel Bishop, the company's president of commercial leadership for its North American operating unit.  President Donald Trump said this summer that Coke would introduce the cane sugar-sweetened fizzy drink. Coke has seen choppy demand for its sodas in the U.S., with much of its sales increases coming from price hikes rather than volume growth. A pullback in spending by Hispanic consumers had been partly to blame. The new single-serve mini cans are aimed at getting more consumers to try Coke, Bishop said. "Affordability and recruitment are what we're trying to do," he said. "There's not a lot of under-$2 offerings." The suggested retail price for the individual mini cans is $1.29. Each one is 90 calories, versus 240 calories for a 20-ounce plastic bottle, the company's most popular offering in convenience stores.     Coke Zero Sugar, Cherry Coke, Sprite, Fanta and other new flavors will be offered in mini cans, Bishop said. Diet Coke will also be in the single-serve cans in areas of the U.S. where the product is popular, he said. Larger packs of mini cans are available in grocery and big box stores like Costco and Kroger. For years, U.S. consumers have sought out so-called "Mexican" Coke that uses cane sugar instead of high fructose corn syrup, saying they preferred the flavor.  Interest in the option has grown as Trump's Health Secretary Robert F. Kennedy Jr. has blamed high fructose corn syrup for playing a role in chronic diseases such as obesity and diabetes.  Medical professionals, however, recommend limiting added sugar in diets without identifying a significant difference between high fructose corn syrup and cane sugar. (Reporting by Jessica DiNapoli in New York; Editing by David Gregorio and Andrea Ricci)

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BAGHDAD (Reuters) -Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its giant Majnoon oilfield and expand oil exports, government officials and sources said, marking the U.S. major's return to the country two years after leaving. The non-binding agreement with Exxon follows a string of deals with other oil companies, including Chevron, BP and TotalEnergies, as Iraq seeks to accelerate oil and gas production by offering more generous terms. Iraq holds some of the world's largest oil and gas reserves and once aspired to rival Saudi Arabia with output of up to 12 million barrels per day. It currently produces around 4 million bpd and aims to exceed 6 million bpd by 2029, although progress has been hampered by red tape, corruption, infrastructure bottlenecks, years of conflict and sectarian tensions. Majnoon, located 60 km (37 miles) from Basra in southern Iraq, is one of the biggest oilfields in the world with an estimated 38 billion barrels in place. Iraqi Prime Minister Mohammed Shia al-Sudani announced the deal with Exxon on Wednesday but did not provide details. EXXON SECURES PROFIT-SHARING AND EXPORT RIGHTS The agreement will involve a profit-sharing agreement covering crude oil and refined products and plans to upgrade Iraqi oil export infrastructure in the south, according to four sources with knowledge of the matter. Iraq's state oil company SOMO will also sign an agreement with Exxon to secure storage capacity in the Asian market, the sources said. SOMO and Exxon did not immediately respond to Reuters requests for comment. SOMO could use Exxon's storage in Singapore, Iraqi state news agency INA reported in September. Exxon was one of the first Western oil firms to enter Iraq to develop oil fields after the U.S. invasion in 2003. But it left the West Qurna project due to what sources described as poor returns. It also tried to develop fields in Iraq's semi-autonomous region of Kurdistan despite Baghdad's ire but also left those projects due to what sources said were poor exploration results. After exiting Iraq's giant West Qurna 1 oilfield, Exxon transferred its remaining stake and operatorship to PetroChina, which became the lead contractor. In September, Iraq’s federal government reached an agreement with the Kurdistan Regional Government (KRG) and international oil companies to resume crude exports through Turkey that were suspended in 2023. That is expected to eventually return up to 230,000 barrels per day to international markets at a time when OPEC+ oil-producing countries are boosting output to gain market share. (Reporting by Aref Mohammed in Basra and Ahmed Rasheed in Baghdad; additional reporting by Stephanie Kelly in London; Writing by Ahmed Elimam; editing by Elaine Hardcastle, Emelia Sithole-Matarise, Jason Neely and Louise Heavens)

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By Anmol Choubey (Reuters) -Gold raced past $4,000 an ounce for the first time on Wednesday as investors piled into a record-breaking rally in the safe-haven asset to hedge against global economic uncertainty, while also betting on U.S. interest rate cuts. Spot gold was up 1.3% at $4,036.22 per ounce by 1154 GMT. U.S. gold futures for December delivery gained 1.3% to $4,058. Silver also latched on to gold's rally, gaining 2.4% to $48.97 per ounce, and just shy of its all-time high of $49.51. Traditionally, gold is seen as a store of value during times of instability. Spot gold is up about 54% year-to-date, after gaining 27% in 2024. It is one of the strongest-performing assets of 2025, outpacing advances in global equity markets and bitcoin, while the U.S. dollar and crude oil are down for the year. The rally has been driven by a cocktail of factors, including expectations of interest rate cuts, ongoing political and economic uncertainty, solid central bank buying, inflows into gold exchange-traded funds (ETFs) and a weak dollar. "Background factors are much the same as before, in terms of geopolitical uncertainty, with the added spice of the (U.S.) government shutdown," StoneX analyst Rhona O'Connell said. "The latter is not impeding strong equities but nonetheless there will be a degree of risk mitigation via bullion." The U.S. government shutdown, into its eighth day on Wednesday, has delayed the release of key economic data, 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, including the Middle East conflict and the war in Ukraine, have also contributed to increased demand for bullion, with political turmoil in France and Japan further amplifying the rush for safe-haven assets. Renewed accumulation of developed-market ETFs for the first time in five years is also among the factors boosting this rally, said Michael Hsueh, precious metals analyst at Deutsche Bank. 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. Analysts expect strong inflows into gold-backed ETFs, central bank buying and lower U.S. interest rates to support gold prices in 2026 as well. Major banks have turned bullish on this rally. "We had expected gold to reach the ($4,000) level closer to the end of the year, but the direction of travel remains consistent with our broader outlook," said Nitesh Shah, commodities strategist at WisdomTree, reiterating its forecast that prices would hit $4,530 an ounce by the end of the third quarter of 2026. A "fear of missing out" is also boosting the rally, analysts said. "One headwind for gold would be the Fed getting more hawkish on gold, but for the time being, Trump wants to see lower U.S. interest rates and that should keep increasing the appeal of gold," said UBS analyst Giovanni Staunovo. 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. Gold's momentum also seeped into other precious metals, with platinum gaining 2.4% to $1,652.80, while palladium climbed 4.1% to $1,392.26. (Reporting by Anmol Choubey, Anushree Mukherjee and Brijesh Patel in Bengaluru; Editing by Arpan Varghese, Christian Schmollinger, Kate Mayberry, Vijay Kishore and Jane Merriman)

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By Niket Nishant and Sukriti Gupta (Reuters) -U.S. stock index futures inched higher on Wednesday following a brief pause in Wall Street's record rally as investors looked for clues on the interest rate trajectory and clarity on the ongoing government shutdown. With the U.S. government shutdown delaying the release of key economic reports and the earnings season fast approaching, traders are likely to pore through every bit of data for growth, inflation and interest-rate indicators. Gold surged past $4,000 an ounce for the first time, underscoring elevated demand for hedges amid macro uncertainty. Remarks from St. Louis Fed President Alberto Musalem, Fed Governor Michael Barr, Dallas Fed President Lorie Logan, Chicago Fed President Austan Goolsbee and Minneapolis Fed President Neel Kashkari are on deck. Minutes from the Fed's September meeting are also due at 2 p.m. ET. At 06:52 a.m. ET, Dow E-minis were up 94 points, or 0.2%, S&P 500 E-minis were up 11.5 points, or 0.17%, and Nasdaq 100 E-minis were up 54.25 points, or 0.22%. Despite Tuesday's retreat, equities are hovering near record highs, powered by euphoria around artificial intelligence. The rally has persisted through what is typically a weak period, with investors largely brushing off news related to the government shutdown, which is now in its eighth day. "While it appears we are not in a bubble yet, high levels of market concentration and increased competition in the AI space suggest investors should continue to focus on diversification," Goldman Sachs strategists wrote in a note. A batch of alternative indicators has pointed to a softening labor market. 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, FedEx fell 2.2% in premarket trading after J.P. Morgan downgraded it to "neutral" from "overweight". U.S.-listed shares of gold miners rose, with Newmont, Kinross Gold and Gold Fields up 2.2%, 1.9% and 3.1%, respectively. Shares of Confluent rose 19.8% after Reuters reported that the data streaming software maker is exploring a sale. Joby Aviation declined 10.7% after the electric air taxi maker on Tuesday priced $514 million stock offering at a 10.9% discount to the stock's last sale. Freeport-McMoRan rose 2.3% after Citigroup upgraded the mining company's rating to "buy" from "neutral". (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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BAGHDAD (Reuters) -Exxon Mobil signed an agreement with Iraq on Wednesday to help it develop its large Majnoon oilfield and expand its oil export infrastructure, marking a return to the country two years after leaving. OPEC's second largest producer is looking to draw back Western oil majors and increase output constrained by years of war, corruption and sectarian tensions. Iraqi Prime Minister Mohammed Shia al-Sudani announced that a deal was signed with Exxon but included few details. It will involve a profit-sharing agreement covering crude oil and refined products and plans to upgrade Iraqi oil export infrastructure in the south, according to four sources with knowledge of the matter. Iraq's state oil company SOMO will also sign an agreement with Exxon to secure storage capacity in the Asian market, the sources said. SOMO and Exxon did not immediately respond to Reuters requests for comment. Iraqi state news agency INA reported in September that SOMO was in advanced talks with Exxon over a possible agreement to secure storage capacity in Singapore using tanks owned by the U.S. oil major. In the past two years, Iraq has signed agreements with oil majors that had previously left, including Chevron, France's TotalEnergies and the UK's BP. Exxon was one of the first Western oil firms to enter Iraq to develop oil fields after the U.S. invasion in 2003. But it left the West Qurna project due to what sources described as poor returns. It also tried to develop fields in Iraq's semi-autonomous region of Kurdistan despite Baghdad's ire but also left those projects due to what sources said were poor exploration results. After exiting Iraq's giant West Qurna 1 oilfield, Exxon transferred its remaining stake and operatorship to PetroChina, which became the lead contractor. In September, Iraq’s federal government reached an agreement with the Kurdistan Regional Government (KRG) and international oil companies to resume crude exports through Turkey that were suspended in 2023. That is expected to eventually return up to 230,000 barrels per day to international markets at a time when OPEC+ oil-producing countries are boosting output to gain market share. (Reporting by Aref Mohammed in Basra and Ahmed Rasheed in Baghdad; additional reporting by Stephanie Kelly in London; Writing by Ahmed Elimam; editing by Elaine Hardcastle, Emelia Sithole-Matarise and Jason Neely)

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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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(Reuters) -Cenovus Energy on Wednesday sweetened its offer to acquire MEG Energy, raising the value of its proposed deal to C$8.6 billion ($6.16 billion), including debt, in an attempt to match a rival bid from Strathcona Resources. Cenovus raised its bid by C$2.35 to about C$29.80 per share, and said this was its "best and final" offer. In comparison, Strathcona's revised offer last month valued MEG at C$30.86 per share. The battle for MEG, Canada's last large pure-play oil sands company, highlights a years-long trend of domestic consolidation in the country's oil sands. The play is now mostly controlled by a handful of large Canadian companies after foreign players largely exited over the last decade. MEG's Christina Lake oil sands project has become a prized asset, with its long reserve life, low operating costs and significant potential for production growth, making it one of the few large-scale expansion opportunities. Cenovus and MEG have also amended a standstill agreement to allow Cenovus to buy up to 9.9% of MEG's shares ahead of the merger vote. The shareholder meeting has been postponed to Oct. 22 from Oct. 9 to allow investors more time to review the amended proposal. Last month, MEG Energy urged shareholders to reject the takeover bid from its majority stakeholder, Strathcona, saying the offer "remains fundamentally unattractive," and reaffirmed its support for the sale to Cenovus. ($1 = 1.3953 Canadian dollars) (Reporting by Tanay Dhumal in Bengaluru; Editing by Shreya Biswas and Shinjini Ganguli)

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By Alessandro Parodi (Reuters) -Tesla's lower-priced versions of its staple Model Y SUV and Model 3 sedan face an uphill battle in the region where Elon Musk's company arguably needs help the most: Europe.  Unveiled on Tuesday, the $39,990 Model Y Standard and $36,990 Model 3 will join a European market already crowded with budget EVs, with European and Chinese brands offering more than a dozen models below $30,000 – and more to come.  That's in contrast to the United States, where only one EV, the Nissan Leaf, falls into that price range. "The competition in this market is fierce," said Sam Fiorani, vice president at research firm AutoForecast Solutions, adding the array of EVs in Europe priced below Tesla's cheaper Model Y and Model 3 could hamper their prospects. LESS COMPETITION IN US, BUT LESS OPPORTUNITY Tesla, which argues that its sometimes higher prices are justified by superior quality and features, has suffered an almost halving in its European market share to about 1.5% since 2023, when the Model Y was the region's best-selling car. Analysts attribute the decline partly to an ageing product lineup and to a backlash by some consumers against Musk for his support of far-right politicians. Tesla hopes the cheaper cars will revive sales after global deliveries fell in 2024 for the first time and are forecast to drop another 10% this year, according to Visible Alpha estimates. In the United States, the Model Y Standard's sub-$40,000 price tag will match or undercut rivals including Hyundai Motor's Ioniq 5 SUV, General Motors' Chevrolet Blazer, and Volkswagen's ID.4. Still, the U.S. EV market is expected to contract in coming quarters following the September 30 expiry of a longstanding $7,500 tax credit for buyers. Even if Tesla's cheaper cars can claw back some market share, Musk has said it could face a "few rough quarters" if overall U.S. demand stalls, as expected. In China, Tesla's new releases remain significantly more expensive than domestic rivals such as BYD Co's Yuan Plus and SAIC-GM-Wuling's mini EVs, which dominate the world's biggest EV market. DOZENS OF EVS DESCEND ON EUROPEAN SHOWROOMS In Europe, Tesla is up against many cheaper rivals, including the BYD Dolphin Surf that starts at 23,000 euros ($26,830), the Dacia Spring at 16,800 euros and the Citroen e-C3 SUV at 23,300 euros. And more are coming. Last month, Volkswagen said it planned an ID.Polo compact hatchback EV for under 25,000 euros next year. However, Pedro Pacheco, vice president of research at consultancy Gartner, said the Model Y Standard would probably be cheaper than BYD's best-selling Seal plug-in hybrid SUV. Tesla halted sales declines in some European markets in September after refreshing its Model Y with interior and exterior upgrades, helping deliver record third-quarter global deliveries. Still, analysts say its limited lineup is ageing. The Model Y, launched in 2020, remains its last mass-market new model. CHEAPER MODEL Y 'ISN'T GOING TO BREAK THE MARKET OPEN' Schmidt Automotive analyst Matthias Schmidt said the cheaper Teslas should "add more momentum" from next year, but warned that Europe's EV market is about to get much more crowded. AutoForecast Solutions projects more than 25 new EVs launching in Europe next year, with roughly a dozen more by 2027. Fiorani forecast the Model Y Standard could sustain Tesla's European sales based on current pricing information. But "it isn't going to break the market open in a way that a 30,000 euro vehicle would," he said. (Additional reporting by Abhirup Roy. Editing by Mike Colias, Nick Carey and Mark Potter)

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By David Milliken and Phoebe Seers LONDON, Oct 8 (Reuters) – Global financial markets could tumble if investors' mood sours on the prospects for artificial intelligence or the independence of the U.S. Federal Reserve, the Bank of England warned on Wednesday. The BoE said share price valuations on U.S. stock markets were similar to those seen near the peak of the dotcom bubble on some measures and noted that U.S. government bonds were vulnerable to any weakening in the Fed's credibility. "The risk of a sharp market correction has increased," the BoE's Financial Policy Committee said in a quarterly update, in its sharpest warning to date of the dangers of an AI-triggered market slump, adding that the risk of spillovers to Britain's financial system from such a shock was "material". The FPC is chaired by BoE Governor Andrew Bailey and focuses on financial stability risks. Bailey told Britain's parliament last month about his concerns over Fed independence. President Donald Trump has repeatedly urged the U.S. central bank to slash interest rates and has sought to remove one of its policymakers. "A sudden or significant change in perceptions of Federal Reserve credibility could result in a sharp repricing of U.S. dollar assets, including in U.S. sovereign debt markets, with the potential for increased volatility, risk premia and global spillovers," the BoE said. British government borrowing costs are closely correlated with U.S. Treasury yields, and a fall in U.S. bond prices would probably push up the cost of servicing new British public debt. Thirty-year gilt yields hit their highest since 1998 last month and yields for shorter maturities – where most British borrowing is concentrated – have risen too. The BoE said this increase reflected concerns about the difficulty reining in high borrowing across advanced economies, amplified by political uncertainty in France and Japan. On AI, the BoE said that 30% of the U.S. S&P 500's valuation was made up by the five largest companies, the greatest concentration in 50 years. Share valuations based on past earnings were the most stretched since the dotcom bubble 25 years ago, though looked less so based on investors' expectations for future profits. "This, when combined with increasing concentration within market indices, leaves markets particularly exposed should expectations around the impact of AI become less optimistic," the BoE said. The central bank saw little change in domestic financial stability risks, as households and businesses continued to cope with rising inflation – forecast to have hit 4% in September – and increased borrowing costs compared with past years. Risk managers surveyed by the BoE were more confident in the stability of the British financial system than six months ago, and viewed the main dangers as coming from cyberattacks and geopolitical factors. The BoE left unchanged its main tools for regulating banks. It kept the countercyclical capital buffer (CCyB) steady at 2% and after an annual review left the minimum leverage ratio at 3.25%. (Reporting by David Milliken and Phoebe Seers) ((david.milliken@thomsonreuters.com; +44 20 7513 4034)) Keywords: BRITAIN BOE/

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