Flash News

TREE NEWS update: Canada has given U.S. steelmaker Cleveland-Cliffs (CLF) 15 days to withdraw planned layoffs at its Ontario steel plant or face sanctions, including a forced divestiture. Industry Minister Melanie Joly said in a letter made public that the plan breaches employment commitments made when Cleveland-Cliffs acquired the Stelco facility, an allegation the company denies. If the company does not comply, Joly said she will seek a court-ordered sale and impose daily fines of C$10,000.

TREE NEWS reports: Low-sulfur fuel oil closed up about 3.3% in the night session, leading gains among Chinese energy and coal futures. Fuel oil rose about 2.3%, propylene gained more than 2.2%, coking coal added over 1.3% and coke edged up more than 0.1%.

TREE NEWS reports: The Kansas City Fed’s composite manufacturing index came in at 14 for October, matching the prior reading of 14 and beating the expected 12. The reading keeps the regional factory gauge in expansion territory for the month.

TREE NEWS update: Senior Russian political and energy officials urged the EU to reconsider its planned ban on imports of Russian liquefied natural gas, warning that low European gas inventories, rising prices and deepening reliance on the global LNG market are accumulating energy risks for Europe. President Vladimir Putin’s special envoy Dmitry Medvedev said the Nord Stream gas pipeline will resume operations in the future, calling the restoration of Russian energy supplies “absolutely inevitable.”

TREE NEWS reports: UK government bond prices extended their gains, pushing the 30-year gilt yield down 6 basis points to 5.73%. The move reflects continued buying in long-dated British debt.

TREE NEWS update: A Saudi Arabian C-130 military transport aircraft made an emergency landing at Heraklion International Airport in Greece on October 22, reportedly due to a suspected engine failure. The incident involved a single aircraft and no further details on casualties or damage were immediately available.

TREE NEWS reports: France’s five-year credit default swap rose above 100 basis points, marking the first time it has breached that level since October 2012, London Stock Exchange data showed. The move signals heightened investor demand for protection against French sovereign credit risk.

TREE NEWS reports: Alphabet’s stock fell 2.45% to $326.555 per share on October 22, pushing its total market capitalization below $4 trillion to $3.99 trillion. The decline marks the lowest share price since July 28.

TREE NEWS update: A magnitude 6.7 earthquake struck near Baqing County in Nagqu City, Tibet, at 22:33 on October 22, according to an automatic determination by the China Earthquake Networks Center. The epicenter was located at 32.43 degrees north latitude and 93.82 degrees east longitude. The final result is subject to the official rapid report.

TREE NEWS update: Hong Kong’s Office for Attracting Strategic Enterprises signed 18 new key enterprises on the 22nd to set up or expand operations in the city. With the seventh batch, the office has now brought in 142 key enterprises, expected to bring about HK$84 billion in total investment and create roughly 26,700 jobs.

TREE NEWS reports: US natural gas inventories rose 77 billion cubic feet in the latest week, the Energy Information Administration said, versus analysts’ expectations of a 79 bcf build. The increase was 2.16% week-on-week, up from 1.91% the prior week, bringing total storage to 3.64 trillion cubic feet.

TREE NEWS reports: US natural gas inventories rose by 77 billion cubic feet in the week ended Oct 16, the Energy Information Administration reported, following a build of 67 Bcf the prior week. The weekly storage change is the latest reading on US gas supply as the heating season approaches.

TREE NEWS update: Turkish President Recep Tayyip Erdogan said Turkey and Canada will elevate their relations to a strategic level, adding that the two countries agreed to start free trade agreement negotiations before the end of the year. No further details on the scope or timing of the talks were provided.

TREE NEWS reports: The Nasdaq 100 dropped more than 2%, led by steep declines in semiconductor and tech names. Teradyne fell 9.3%, Lam Research 8.9%, Lumentum 8.5%, while MPWR, KLA and Meta each lost at least 6.3%. Seagate, AMD, Applied Materials, Marvell and Western Digital dropped at least 5.6%, and Nebius Group, Arm, Intel, CoreWeave and SpaceX fell at least 5%. SanDisk, ASML ADR, Amazon, Constellation Energy and Nvidia lost at least 2.8%, while Thomson Reuters gained 5.5%.

TREE NEWS update: The U.S. Energy Information Administration will publish its weekly natural gas storage report at 22:30 Beijing time. The release is a scheduled data update from the agency. No figures or prior inventory levels were provided in the notice.

TREE NEWS update: Russian Deputy Foreign Minister Sergei Ryabkov said on the 22nd that the possibility of a trilateral meeting between the leaders of Russia, the United States and Ukraine is under study, but no final decision has been reached. The remarks indicate talks on the format are still at an early stage, with no date or venue set.

TREE NEWS reports: Poland’s KGHM Polska Miedz SA produced 60,400 tonnes of copper in September and sold 57,900 tonnes, the company reported. The figures cover the month’s output and sales volumes for the state-controlled copper and silver producer.

TREE NEWS reports: Investors are becoming increasingly selective about the US Treasury bills they are willing to hold, as uncertainty over the Federal Reserve’s policy path and rising Treasury supply cloud the outlook. Inflows into money markets have slowed, raising concerns over whether some of the largest buyers of T-bills can continue to absorb growing issuance. Treasury bills have long been a key financing tool for the US government as the fiscal deficit widens.

TREE NEWS update: US Treasury Secretary Scott Bessent said oil tankers previously crowded Iran’s main crude oil loading terminal, but now not a single crude tanker is visible there. He made the remark in comments on Iran’s oil exports, contrasting the earlier congestion at the terminal with the current absence of vessels.

TREE NEWS update: Russian President Vladimir Putin has not yet determined the composition of Russia’s delegation to trilateral talks involving Russia, the United States and Ukraine, Kremlin spokesman Dmitry Peskov said on the 22nd. Abu Dhabi may host the three-way meeting.