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So far the practical help for a project that will create around 1,000 jobs, has come from the Europe Union. It also says its panels are better and that 3Sun will be the European Union's largest producer of high performance bifacial solar panels by 2024. Eurostat figures show around three quarters of Europe's solar panels are sourced from China. The European Union as a whole aims to reach almost 600 gigawatts (GW) of solar energy by 2030 and the number of installations is increasing. Enel is not limiting its ambitions to Europe, although it says at least 50% of its Sicilian production will be for the continent.
European markets are heading for a tepid open on Monday, bucking a positive trend in Asia-Pacific markets overnight, where shares rose on Monday as China relaxed Covid testing rules in some cities and signaled more easing may come. Oil prices rose 2% before paring gains to trade around 1% higher as OPEC+ stuck to its policy of lowering oil production and as China relaxed some of its Covid rules. The alliance of OPEC and non-OPEC producers agreed to stay the course on output policy ahead of a pending ban from the European Union on Russian crude. European markets closed lower Friday, influenced by a decline in U.S. markets as investors digested the latest U.S. jobs data that showed payrolls rose by 263,000 in November, a bigger gain than expected. It was the final monthly employment report before the Fed's two-day meeting on Dec. 13-14, in which the central bank is expected to slow to a 50 basis point interest rate hike from the 75 basis point hikes seen in recent months.
Crude oil futures jumped on Monday after OPEC said its oil policy will remain unchanged from October. Prices were also boosted by hopes that China's eyeing an exit from its Covid-zero stance. The production cut is equivalent to about 2% of the world's demand, and is the largest reduction since the outbreak of COVID-19. Back in October, OPEC+ had said that the decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks." OPEC's decision came two days after the European Union and the G7 agreed on a $60 a barrel price cap for Russian crude oil — a move that creates uncertainty in the oil markets.
Persuading households that hoarded $1.9 trillion this year to spend will be far more difficult. Cities desperately want budgetary relief from expensive testing and quarantine enforcement mandates, and revive business investment and consumption. The question is how much of a boost combined efforts to relax zero-Covid and prop up the real estate sector will have. Yet a shopping boom seems unlikely, especially if China experiences a major outbreak as a result of looser controls. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
The price cap comes on top of an EU embargo on buying seaborne Russian crude oil as a measure aimed mainly at providing third-party countries with an option to still buy it if the transaction is at or below the price cap level. Below are the main elements of how the price cap is supposed to work:PRICE CAP LEVELThe price cap was set at $60 per barrel. Shipping companies will not be allowed to provide tankers for the transport of Russian crude unless the oil is sold at or below the $60 price cap. WHAT IS ALLOWEDProviding financial and shipping services for Russian crude oil is allowed if it is bought at or below the price cap as well as in an emergency. Specific projects which are essential for the energy security of certain third-party countries may be exempted from the price cap.
Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices jumped 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. "Prices are currently weighed down by expectations of slow demand growth, despite the EU oil import ban on Russian crude and the G-7 price cap. The adjustment to the EU ban and price cap is likely to support prices temporarily," Hittle said. Hittle added that the EU's looming embargo on Russian oil products, in addition to crude oil, from Feb. 5 should support crude demand in the first quarter of 2023, as the market is short of diesel and heating oil.
COLLEGE PARK, Md., Dec 5 (Reuters) - Top European Union officials intend to complain loudly to their U.S. counterparts at a trade meeting on Monday about the bloc's electric vehicles being cut off from tax credits in U.S. President Joe Biden's signature climate law. "The Inflation Reduction Act will be part of the range of discussions on trade," a spokesperson for the White House National Security Council said in a statement. The U.S. side was "committed to continuing to understand EU concerns" through a newly established task force, the spokesperson added. European and South Korean officials criticized the Inflation Act at the G20 Summit in Indonesia last month. French officials say they are hopeful an executive order from the White House could give European nations a break, without the need for seeking revisions from Congress - a move the White House wants to avoid.
The price cap, to be enforced by the G7, the European Union and Australia, comes on top of the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions, only if the cargo is bought at or below the price cap. Because the world's key shipping and insurance firms are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price. Russia, the world's second-largest oil exporter, said on Sunday it would not accept the cap and would not sell oil that is subject to it, even if it has to cut production. In essence, such a decree would ban the export of oil and petroleum products to countries and companies that apply it.
German industry calls for more support to diversify beyond China, article with imageEuropean Markets category · November 22, 2022One of Germany's main industry lobby groups called on Monday for more support for industry to diversify trade beyond China, as the government prepares new policies aimed at reducing the economy's dependence on Beijing.
The U.S. has been putting pressure on the Netherlands to block exports to China of high-tech semiconductor equipment. The Netherlands is home to ASML, one of the most important companies in the global semiconductor supply chain. Instead, it makes and sells $200 million extreme ultraviolet (EUV) lithography machines to semiconductor manufacturers like Taiwan's TSMC. ASML has not been able to ship an EUV machine to China since 2019 due to various Dutch export restrictions, according to a company spokesperson. According to a Reuters report from 2020, the Dutch government withdrew ASML's license to export its EUV machines to China after extensive lobbying from the U.S. government.
Euro zone likely heading into mild recession - PMI
  + stars: | 2022-12-05 | by ( )   time to read: +2 min
LONDON, Dec 5 (Reuters) - Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed. S&P Global's final composite Purchasing Managers' Index (PMI) for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November from October's 23-month low of 47.3, matching a preliminary estimate. "A fifth consecutive monthly falling output signalled by the PMI adds to the likelihood that the euro zone is sliding into recession," said Chris Williamson, chief business economist at S&P Global Market Intelligence. Still, the input and output prices index both fell suggesting inflationary pressures may have already peaked, likely welcome news to policymakers at the European Central Bank. The output prices index was a 3-month low of 62.3.
Asia shares pin hopes on China opening, oil rallies
  + stars: | 2022-12-05 | by ( Wayne Cole | )   time to read: +4 min
The news helped oil prices firm as OPEC+ nations reaffirmed their output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.2%, after rallying 3.7% last week to a three-month top. Markets are wagering Fed rates will top out at 5% and the European Central Bank around 2.5%. read moreCentral banks in Australia, Canada and India are all expected to raise their rates at meetings this week. Oil prices bounced after OPEC+ agreed to stick to its oil output targets at a meeting on Sunday.
BERLIN, Dec 5 (Reuters) - German Chancellor Olaf Scholz warned against creating a new Cold War by dividing the world into blocs and called for every effort to be made to build new partnerships, writing in an opinion piece for Foreign Affairs magazine published online on Monday. The West must stand up for democratic values and protect open societies, "but we must also avoid the temptation to once again divide the world into blocs," wrote Scholz in the piece. "This means making every effort to build new partnerships, pragmatically and without ideological blinders," he added. Scholz singled out China and Russia in particular as two countries that pose a threat to a multipolar world, which requires stronger European and transatlantic unity to overcome. "Germans are intent on becoming the guarantor of European security that our allies expect us to be, a bridge builder within the European Union and an advocate for multilateral solutions to global problems," wrote Scholz.
U.S., France agreed to "fix" U.S. subsidies issues, says Macron
  + stars: | 2022-12-05 | by ( )   time to read: +1 min
Dec 4 (Reuters) - President Joe Biden and French President Emmanuel Macron agreed during a state visit earlier this week to "fix" issues arising from U.S. legislation that includes subsidies for American-made products, Macron said in a bid to assuage European concerns. Biden's Inflation Reduction Act is a new $430 billion bill offering massive subsidies for U.S.-made products and aimed at addressing the climate crisis and promoting renewable energy. "What we decided with President Biden is precisely to fix this issue. On Thursday, speaking alongside Macron, Biden said: "There are tweaks that we can make that can fundamentally make it easier for European countries to participate and or be on their own." Reporting by Costas Pitas in Los Angeles; Editing by Cynthia Osterman and Diane CraftOur Standards: The Thomson Reuters Trust Principles.
That is what OPEC+ has chosen to do with the crude oil market. There are several factors currently creating uncertainty in global crude oil markets, and some are likely to push and pull prices in opposing directions. Much of the focus in global oil market has been on the G7 price cap and the EU ban on Russian crude oil imports, both of which commence today. Stronger economic growth and easing COVID-19 restrictions in China are bullish for crude oil demand, but neither of these is locked in and the outlook is still uncertain. Overall, it's now a waiting game for OPEC+ and the global oil market to see how the various uncertainties pan out in reality.
Bux, the online retail brokerage, has acquired the retail-trading arm of Spanish fintech startup Ninety Nine. Bux, a European rival to US retail brokerage Robinhood, has acquired the retail-trading arm of Spanish fintech startup Ninety Nine. Bux, though it raised an $80 million from investors in 2021, recently turned to crowdfunding with a campaign on Seedrs. Globally, fintech startups raised just $13.3 billion in the third quarter of 2022 taking funding levels back to pre-pandemic levels, per Dealroom. "Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by Bux, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the Bux Savings."
Morning bid: Capped
  + stars: | 2022-12-05 | by ( )   time to read: +1 min
A look at the day ahead in European and global markets from Tom Westbrook:The Fed is in blackout and the World Cup is starting to get serious. Positioning suggests bets against the dollar remain pretty light, and even lightened a little bit last week. Monday in Europe also marks the beginning of the G7's $60-a-barrel price cap on Russian oil. It's not clear what that means for oil supply and prices, because Russia says it won't abide by the measure, even if that means cutting production. On the pitch, Asia's last contenders, Japan and South Korea, take on Croatia and Brazil, respectively.
The collapse of cryptocurrency exchange FTX has opened a hornet’s nest of squabbles between foreign governments and its new U.S. chief executive, John J. Ray III . In Cyprus, the country’s securities regulator is complaining that Mr. Ray’s decision to place FTX in bankruptcy has stymied investigations and is preventing European customers from getting their money back. Officials in the Bahamas, where FTX moved its headquarters last year, are accusing Mr. Ray of making false statements and suggesting that his team is motivated by the prospects of earning hefty legal fees. In Turkey, authorities have seized the assets of FTX’s local subsidiary, an affront to Mr. Ray’s efforts to sweep FTX’s assets into the chapter 11 process in Delaware.
Now, under a new prime minister, the government is pledging fiscal austerity, accompanied by an increase in the corporate tax rate to 25%. Photo: Agence France-Presse/Getty ImagesWith the latest change, the corporate tax rate has flip-flopped four times in less than a year. The tax increase, from the current rate of 19%, will apply to companies with annual profit of more than £250,000, equivalent to more than $307,000. We know it is increasing to 25%.”The U.K. government’s change brings the corporate tax rate in line with those of other large economies. Photo: Jason Alden/Bloomberg NewsU.K. companies’ costs are rising on multiple fronts.
Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. OPEC and non-OPEC producers, a group of 23 oil-producing nations known as OPEC+, decided to stick to its existing policy of reducing oil production by 2 million barrels per day, or about 2% of world demand, from November until the end of 2023. Energy analysts had expected OPEC+ to consider fresh price-supporting production cuts ahead of a possible double blow to Russia's oil revenues. The Kremlin has previously warned that any attempt to impose a price cap on Russian oil will cause more harm than good. Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November.
"We are here to be the voice of the unborn child," said 19-year-old university student Maria Formosa, one of the speakers at the rally. “Through abortion, life is always lost.”Traditionally Catholic Malta is the only member of the European Union which bans abortion in all circumstances, even when a woman's life or health is endangered by her pregnancy. Her doctors said her life was at risk and she was eventually transferred to Spain where she had an abortion. She later sued the Malta government, calling on the courts to declare that banning abortion in all circumstances breaches human rights. Reporting by Christopher Scicluna; Editing by Alvise Armellini and David HolmesOur Standards: The Thomson Reuters Trust Principles.
ECB's Villeroy says in favour of 50 bp rate hike on Dec. 15
  + stars: | 2022-12-04 | by ( )   time to read: +1 min
PARIS, Dec 4 (Reuters) - The European Central Bank should raise interest rates by 50 basis points (bp) on Dec. 15, French central bank chief Francois Villeroy de Galhau said on Sunday, reinforcing expectations for the ECB to slow the pace of monetary tightening. While markets now largely price a 50 bp hike after a long-list of policymakers have backed the move, comments from Villeroy, a centrist on the rate-setting Governing Council, suggest the step is all but a done deal. In an interview with France's LCI television, ECB Governing Council member Villeroy also said he expects rate hikes will continue after Dec. 15 and could not say when they would stop. Villeroy said he expects inflation will peak in the first half of next year and then start easing off. Reporting by Geert De Clercq and Balasz Koranyi; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
BRUSSELS, Dec 4 (Reuters) - The EU will adapt its state aid rules to prevent an exodus of investment triggered by a new U.S. green energy subsidy package, the bloc's chief executive said on Sunday. "Competition is good ... but this competition must respect a level playing field," European Commission President Ursula von der Leyen said in a speech in the Belgian city of Bruges. "The (U.S.) Inflation Reduction Act should make us reflect on how we can improve our state aid frameworks and adapt them to a new global environment," she added. The topic is one of several on the agenda of the EU-U.S. Trade and Technology Council meeting on Dec. 5. Reporting by Sabine Siebold and Riham Alkousaa; Editing by Gareth Jones and David HolmesOur Standards: The Thomson Reuters Trust Principles.
CNN —Former Arsenal manager Arsène Wenger said teams who focused on “competition” rather than “political demonstrations” performed better in the group stages of the World Cup. “Going to the World Cup, you know you have to not lose the first game,” said Wenger, who has taken up a role as FIFA’s chief of global football development since stepping away from management, said on Sunday. Seven European nations, including Germany, were set to wear the armbands at the World Cup, but chose not to so as not to put players at risk of receiving yellow cards. Social media users were critical of Wenger drawing a correlation between teams protesting and underperforming on the pitch. “Disgraceful comments by Wenger,” Craig Foster, a former Australian midfielder turned human rights activist, wrote on Twitter.
The Biden administration called them “shortsighted” and said they would hurt low- and middle-income countries by pushing energy prices higher. Europe’s ban on importing oil from Russia shipped by sea kicks in on Monday, injecting extra uncertainty into the outlook for energy supply. G7 nations, the European Union and Australia agreed Friday to impose a price cap of $60 a barrel on Russian oil shipped to other countries that have not adopted an embargo. The move, which also takes effect Monday, is aimed at depriving the Kremlin of revenue while avoiding a price shock by keeping Russian oil flowing to some markets. Moscow has previously threatened to retaliate by cutting off oil supply to countries that adhere to the price cap.
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