Category: 3. Business

(Bloomberg) — Asian stocks struggled for direction after Federal Reserve Chair Jerome Powell cautioned about further interest-rate reductions, saying a cut in December isn’t a foregone conclusion.

A gauge tracking the region’s stocks was little changed Thursday while South Korean shares gained after striking a trade deal with the US. Contracts for US indexes swung in between gains and losses. Government bonds in Australia and New Zealand tracked Wednesday’s losses in Treasuries, with the yield on the US 10-year trading at 4.07% in early Thursday trading. Gold edged up after four days of losses.

Earnings from tech megacaps were also mixed. Meta Platforms Inc. shares fell 7.7% in extended trading while Alphabet Inc. jumped 6%. Microsoft Corp. also retreated after earnings. Samsung Electronics Co. shares edged up after profit beat estimates.

Following the Fed’s expected rate cut, Powell’s caution about future moves and his focus on labor market risks led investors to scale back easing bets. Against this backdrop, markets now await policy signals from the Bank of Japan and the European Central Bank later Thursday, while also watching the upcoming meeting between President Donald Trump and Xi Jinping for clues on the world’s largest trade dispute.

“Asian markets will certainly start on the back foot today” after anticipation of a Fed cut in December and more an 2026 had spurred global stocks to record highs in recent weeks, said Nick Twidale, chief market analyst at AT Global Markets.

Fed officials delivered their second straight rate reduction to support a softening labor market, and said they would stop shrinking the portfolio of assets on Dec. 1. Governor Stephen Miran dissented again in favor of a larger reduction. Kansas City Fed President Jeff Schmid said he preferred not to cut rates at all.

“At a time when it’s flying with only one eye open, the Fed decided that the softening in the labor market is a bigger concern than the stickiness of inflation,” said Jack McIntyre at Brandywine Global. “What makes less sense is the odd range of dissents. This divergence means less complacency in financial markets, more volatility, and more two-way flows.”

On trade, Trump and Xi are set to finalize a détente as they meet in South Korea, putting the world’s biggest trade fight on hold — at least for now. China’s purchase of two US soybean cargoes — its first this season — hints at renewed trade flows under a broader pact that may roll back some recent tariffs and export curbs.

Meanwhile, the Bank of Japan is broadly expected to hold its benchmark interest rate steady at 0.5% on Thursday at its first policy meeting since Sanae Takaichi, a monetary easing advocate, became prime minister last week.

With almost all economists in a Bloomberg survey forecasting a rate hike in December or January, BOJ watchers will be parsing the statements and Governor Kazuo Ueda’s remarks for indications on when the move might come.

“Any hawkish signals could prompt markets to bring forward expectations for rate hikes,” Carol Kong and Samara Hammoud, strategists at Commonwealth Bank of Australia wrote in a note. “A hawkish BOJ is to also weigh on USD/JPY, with the market only pricing a modest chance of a 25 basis point hike before year-end.”

Meanwhile in other corporate news, artificial intelligence startup OpenAI is preparing to file for an initial public offering as soon as next year that may give the company a market capitalization of $1 trillion, Reuters reported Wednesday, citing unidentified sources.

Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.1% as of 9:16 a.m. Tokyo time Hang Seng futures were unchanged Japan’s Topix rose 0.1% Australia’s S&P/ASX 200 fell 0.3% Euro Stoxx 50 futures rose 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1606 The Japanese yen was unchanged at 152.73 per dollar The offshore yuan was little changed at 7.0956 per dollar The Australian dollar was little changed at $0.6579 Cryptocurrencies

Bitcoin fell 1.1% to $110,201.36 Ether fell 1% to $3,911.03 Bonds

The yield on 10-year Treasuries was little changed at 4.07% Japan’s 10-year yield advanced one basis point to 1.650% Australia’s 10-year yield advanced 10 basis points to 4.32% Commodities

West Texas Intermediate crude fell 0.3% to $60.30 a barrel Spot gold rose 0.7% to $3,957.05 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Matthew Burgess.

©2025 Bloomberg L.P.

PureSeoul

PureSeoul

PureSeoul

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Tokyo, October 30, 2025 – NEC Corporation (NEC; TSE: 6701), a leading global IT and network transformation services provider, and e&, a global technology group, have announced a strategic partnership. The two organizations have signed a Memorandum of Understanding (MoU) establishing a framework for joint sustainability initiatives focused on reducing environmental impact, advancing social inclusion, and creating long-term economic value.

The MoU was signed by NEC’s GCC branch and e&, aligning the two companies on collaborative programs that advance responsible growth and underpin transparent sustainability governance.

Operating in 38 countries across the Middle East, Asia, Africa, and Europe, e& is focused on driving sustainable growth, digital empowerment, and innovation. With a strong commitment to Environmental, Social, and Governance (ESG) principles, e& continuously seeks partnerships that amplify its positive environmental and social impact.

NEC, sharing this vision, integrates sustainability into its operations and global supply chain, prioritizing environmental harmony and responsible growth. This shared commitment forms the foundation of their new strategic collaboration.

Under the MoU, the two companies will explore joint initiatives to reduce their environmental footprint, develop low-carbon and energy-efficient solutions, and promote circular economy practices. The collaboration also covers areas such as renewable integration, resource optimization, and transparent sustainability governance—all designed to accelerate the transition toward a more sustainable digital future. This MoU with NEC is an initiative that stems from Project Life which is a transformative initiative launched by e& Group Procurement to drive its Responsible Sourcing Strategy and align with the e& group-wide sustainability vision of 2030, further reinforcing e&’s commitment to sustainable and responsible sourcing.

“I firmly believe that strong partner relationships are the cornerstone of our success. These partnerships are not only instrumental in driving innovation, efficiency, and mutual growth but also play a pivotal role in fostering sustainable practices that benefit our communities and the environment. Together, we are committed to building a future where collaboration, trust, and sustainability converge to create shared achievements and long-term value for all stakeholders.”

Saeed Al Zarooni – Group Chief Procurement Officer of e& Group

“Through this MoU with NEC, we’re aligning delivery with our Climate Transition Plan, ‘Ambition to Action’, which outlines our pathway to net zero. This partnership reflects our shared ambition to accelerate sustainable innovation and deliver meaningful impact. As long-term trusted partners, we are confident that our collaboration with NEC will create lasting value, support environmental goals, and drive inclusive digital transformation for the benefit of our communities and the planet. By combining technology with clear accountability, we aim to help industries transition to a greener, more inclusive digital future.”

– Andrew Dunnett, Group Senior Vice President of Sustainability, e&

“We are proud to collaborate with e& through this MoU to support both business growth and sustainability ambitions. NEC is committed to delivering innovative, energy-efficient solutions that help drive environmental progress and operational excellence through technology and shared values.”

– Masayuki Kayahara, Corporate SVP, Global Network Division, NEC Corporation

Together, NEC and e& aim to set a benchmark for sustainable innovation, fostering a legacy of environmental stewardship and positive societal impact.

Fossil fuel companies made over €180bn in profits in the EU in the two years following Russia’s invasion of Ukraine, analysis on behalf of T&E shows [1]. T&E calls for excess profits to be taxed and for that money to be used to reduce low-income households’ exposure to fuel and energy price fluctuations.

During periods of international tension or shocks, the price of fossil fuels rises rapidly, despite relatively stable production costs. As a consequence, the profits of oil and gas companies can rise significantly. The analysis reveals that EU oil and gas companies generated over €104 billion in profits in 2022, a 45% increase from the previous year. They then fell by 21% in 2023, but remained significant at over €82 billion.

In response to higher global energy prices, governments sought to mitigate the impact on residential and industrial consumers through various measures, including tax reductions and exemptions for consumers. While this did soften prices for consumers, it also kept demand for oil and gas high, which then filled the pockets of fossil fuel companies.

The EU faces a clear policy choice: either phase out fossil fuel subsidies or impose sustained taxes on excessive profit, says T&E. The current approach of maintaining in excess of €100 billion in annual fossil fuel subsidies, while allowing the temporary windfall tax to expire, leaves consumers bearing the double burden of subsidy costs and inflated energy prices.

Antony Froggatt, senior director at T&E, said: “Oil and gas companies have made fat profits in recent years due to circumstances completely out of their hands. Government measures that keep fossil fuel demand high, like fuel duty cuts in times of high prices, simply end up shifting wealth from the public purse to private oil and gas companies. This isn’t fair. The EU must tax oil companies’ excess profits for a fairer deal for European citizens, or end subsidies that are hurting taxpayers.”

In 2005, the EU Emissions Trading System (ETS) introduced a market price for CO₂ emissions from the power sector, parts of the transport sector and the industrial sector. This has driven innovation and behavioural change, reducing greenhouse gas emissions and raising over €230 billion. In 2024 alone, nearly €39 billion was raised.

From 2027, the EU will also price emissions from buildings and road transport, more directly impacting householders with gas, coal, or oil heating and the drivers of petrol and diesel cars. Oil, gas and energy companies are expected to pass these costs on to consumers. T&E has estimated that the ETS2 could raise nearly €50 billion a year [2]. T&E calls for these funds to be used to make green alternatives like social leasing schemes and public transport more accessible and affordable, while a significant chunk should also be returned to citizens in the form of a climate dividend. Taxing excess profits would also give the governments more money to help people with the transition, says T&E.

“Governments should tax fossil fuel projects and use that to help citizens switch to greener alternatives. It’s likely oil, gas and energy companies will simply pass on the costs of the ETS2 to consumers. Taxing excess profits would ensure that money comes back to citizens to fund things like €150 a month EV schemes and better public transport,” concludes Antony Froggatt.

Note to editors:

[1] An independent study of net profits in the fossil fuel value chain was commissioned by T&E, carried out by PwC Belgium. Net profits in the EU were extrapolated by the consultant PWC from a sample of 114 fossil fuel companies. Estimates were primarily derived from publicly available company financial statements, corporate websites, and intelligence sources such as Factiva and Forbes, or, where necessary, estimated using a combination of traded volumes and market prices. Due to variations in company reporting practices, activity segmentation, and data availability, these figures provide an approximation rather than a precise measurement of profits. As the methodology relies on assumptions and extrapolation, the aggregated results should be considered as an indicative as opposed to precise assessment of the total profits generated across EU fossil fuel value chains.

[2] On average between 2027 and 2032, assuming an average carbon price of €55/tCO₂