Suez Canal Authority: Revenues Drop 40% Since Beginning of the Year

A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)
A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)
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Suez Canal Authority: Revenues Drop 40% Since Beginning of the Year

A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)
A container ship of Mediterranean Shipping Company (MSC) transits the Suez Canal towards the Red Sea (EPA)

Dollar revenues from Egypt's Suez Canal have dropped 40% from the beginning of the year compared to 2023, canal authority head Osama Rabie said on Thursday.
The drop was reported after attacks on ships in the Red Sea by Yemen's Houthis which caused major shippers to divert away from the route, according to Reuters.
Rabie said in a late television program that ship transit traffic declined 30% between Jan. 1 and 11 compared to a year prior.
He said the number of vessels to pass through the Suez Canal dropped to 544 this year from 777 in the equivalent period of 2023.
The Suez Canal is a crucial source of scarce foreign currency for Egypt, and authorities have been trying hard to boost revenues recently, including through a canal expansion in 2015. A further expansion is underway.
The Houthis have been attacking commercial ships in the Red Sea for weeks to support Hamas in the war against Israel.
Many commercial shippers are diverting their ships to other routes.
Last month, the US announced a new international mission to patrol the Red Sea and deter attacks.
Rabie said only ships that had to proceed promptly with their journey had diverted around the Cape of Good Hope and that others were waiting for the situation to stabilize.
He said the security concern to shippers could not be overcome with discounts or other incentives offered by the canal.



Investors Ready for Possible Shake-up in Congress as Election Day Arrives

 A fountain near the US Capitol glows blue before sunrise on the day of the US midterm elections in Washington, DC, US, November 3, 2026. (Reuters)
A fountain near the US Capitol glows blue before sunrise on the day of the US midterm elections in Washington, DC, US, November 3, 2026. (Reuters)
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Investors Ready for Possible Shake-up in Congress as Election Day Arrives

 A fountain near the US Capitol glows blue before sunrise on the day of the US midterm elections in Washington, DC, US, November 3, 2026. (Reuters)
A fountain near the US Capitol glows blue before sunrise on the day of the US midterm elections in Washington, DC, US, November 3, 2026. (Reuters)

Investors are weighing the market ‌implications of a possible shift in control of US Congress in Tuesday's midterm elections, focused on whether a strong Democratic showing could pave the way for greater volatility in asset prices, particularly the AI trade which has been a main driver for markets.

The midterms come at a fragile time for markets, with a swoon in AI shares causing investor unease that could be exacerbated by the election results. Tuesday's outcome could hold broad implications for market-sensitive areas including the AI data-center buildout, the US fiscal outlook, defense spending, and regulation in areas such as healthcare, banking and cryptocurrencies.

President Donald Trump's Republican party has controlled both chambers of Congress during the first two years of his second term. Opinion polls ‌show the Democrats ‌are likely to take the House, while the Senate is ‌too ⁠close to call.

"While ⁠probabilities increasingly favor a Blue sweep, several tightly contested Senate races leave open some possibility of Republican control of the Senate or, conversely, a greater than expected Democratic foothold in the Senate," Scott Chronert, US equity strategist at Citigroup, said in a research note. "Equity market reaction is likely positive in the former case and negative in the latter."

Strategists at UBS Global Wealth Management have assigned a 50% probability of a Democratic sweep, a 40% chance ⁠of Democrats winning the House while Republicans retain the Senate, and ‌a 10% probability that Republicans hang onto both ‌chambers.

"The most visible effects of a change in congressional control would likely be greater oversight of ‌the administration and more difficult fiscal negotiations," Mark Haefele, chief investment officer at UBS ‌Global Wealth Management, said in a note on Monday.

A Democratic-led Congress could exert greater scrutiny over AI companies, in part due to growing public opposition to data centers, a risk for a market that has been lifted by such investment spending. While analysts doubt any viable legislation would severely ‌undermine the data-center buildout regardless of the election outcome, they expect a Democratic sweep to lead to investigations into the technology ⁠sector.

Many investors have ⁠said they are eager to get past the elections, which have hung over the markets for the last several weeks. Since 1970, in midterm election years, the S&P 500 index has gained in every six-month period following the election, according to Edward Jones.

While equity volatility has increased in recent sessions, option-market traders are nonetheless not bracing for a massive stock market move following the election results.

Options on the S&P 500 index are priced for a move of about 0.8% in either direction on Wednesday, slightly higher than the 0.6% average implied daily move over the past month, according to ORATS data.

"We could see some volatility come out once there is a clear result, but I wouldn’t assume all that uncertainty disappears Wednesday morning," said Joe Tigay, portfolio manager at Equity Armor Investments. "Election hedges can expire; geopolitical risk doesn’t have an expiration date."


Europe Entering Winter with Lowest Gas Reserves Since 2013, Says IEA

07 July 2025, Rehden: Technical facilities for the injection and withdrawal of natural gas, including several process water tanks, are located on the grounds of the Rehden natural gas storage facility operated by SEFE Storage GmbH. (dpa)
07 July 2025, Rehden: Technical facilities for the injection and withdrawal of natural gas, including several process water tanks, are located on the grounds of the Rehden natural gas storage facility operated by SEFE Storage GmbH. (dpa)
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Europe Entering Winter with Lowest Gas Reserves Since 2013, Says IEA

07 July 2025, Rehden: Technical facilities for the injection and withdrawal of natural gas, including several process water tanks, are located on the grounds of the Rehden natural gas storage facility operated by SEFE Storage GmbH. (dpa)
07 July 2025, Rehden: Technical facilities for the injection and withdrawal of natural gas, including several process water tanks, are located on the grounds of the Rehden natural gas storage facility operated by SEFE Storage GmbH. (dpa)

Europe is entering winter with its lowest level of natural gas reserves since 2013, which could extend pressure on the international market into 2027, the International Energy Agency warned Tuesday.

Europe's natural gas storage reservoirs were 75 percent full at the end of October, well below the minimum target of 80 percent fixed by the European Union and at its lowest level in more than a decade, the IEA said.

Several factors explain the situation.

Natural gas liquefaction facilities in the Gulf have been damaged in US-Iran war, while transit through the Strait of Hormuz has been reduced.

Moreover, European nations are filling their storage reservoirs from low levels at the end of the heating season in the spring.

Buyers had initially held off buying stocks in the hope prices would fall.

Deliveries stepped up in August, September and October, but not enough to make up for the delay, the IEA said.

The amount of gas injected into storage reservoirs this season was about four percent below the average of the past five years, it added.

That makes European nations more dependent upon securing deliveries of additional supplies of LNG to meet peak demand.

It could also make more vulnerable if the winter is colder than usual, there are technical problems in the gas network, or supply problems, said the IEA.

Germany insisted Monday that it would have enough gas for the winter despite missing a storage target.

German gas storage facilities are on average 61 percent full, according to the federal agency that oversees Germany's energy infrastructure and markets.

That is below a legally mandated target for 70 percent by November 1. It also lags behind the European Union average of nearly 75 percent, according to the storage tracking platform AGSI.


Turkish Inflation Rises to 2.58% in October, Driven by Clothing and Food Prices

People shop at Eminonu district in Istanbul, Türkiye, November 4, 2022. (Reuters)
People shop at Eminonu district in Istanbul, Türkiye, November 4, 2022. (Reuters)
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Turkish Inflation Rises to 2.58% in October, Driven by Clothing and Food Prices

People shop at Eminonu district in Istanbul, Türkiye, November 4, 2022. (Reuters)
People shop at Eminonu district in Istanbul, Türkiye, November 4, 2022. (Reuters)

Turkish consumer price inflation climbed to 2.58% month-on-month in October, above expectations and driven by clothing and food price rises, while the annual figure was 29.77%, data from the Turkish Statistical Institute showed on Tuesday.

Clothing and footwear prices surged 12.58% during the month, while food prices rose 3.5% and transport prices were ‌up 2.02%.

In ‌a Reuters poll, monthly ‌consumer ⁠price inflation was forecast to ⁠be 2.4%, driven by higher energy price pressures as well as seasonally higher clothing and food prices, and the annual rate was seen at 29.56%.

In September, consumer prices rose 1.84% month-on-month and 29.73% year-on-year, ⁠below forecasts.

The lira stood at ‌49.9975 against the ‌dollar after the data, compared with a close ‌of 49.9725 on Monday.

The poll's median ‌estimate sees annual inflation at 29.57% by the end of 2026.

Türkiye's central bank kept its year-end interim inflation target at 24% while raising its ‌year-end inflation forecast to 28% in its third inflation report published ⁠in ⁠August.

Last Friday, the central bank said higher energy and commodity prices driven by geopolitical tensions continued to pose upside risks to inflation, a week after it cut its policy rate by 100 basis points to 36% at its October 22 meeting, its first cut since January.

Tuesday's data also showed the domestic producer price index rose 1.65% month-on-month in October for an annual increase of 27.41%.