Meteorologists say human-driven climate change makes such extreme weather events more frequent and destructive

International News via Reuters:

Helicopters rescued people stranded on their rooftops as torrential rains swept across eastern Spain on Monday, causing floods that have killed at least two people and prompted authorities to issue shelter-in-place orders for more than 800,000 residents.

The downpour from Storm Adam cut off several towns along the Mediterranean coast as rivers burst their banks and streets turned into torrents, leaving scenes reminiscent of the catastrophic flooding that killed more than 230 people in the Valencia region two years ago. 

According to local officials, the bodies of two women who had drowned were found over the weekend. One of the bodies was washed up on a beach in Sagunto, Valencia, while the other woman died after being swept away by floodwaters in Cabrera de Mar, near Barcelona.

Meteorologists say human-driven climate change makes such extreme weather events more frequent and destructive.

HEAVY-DUTY VEHICLES STRUGGLE TO ACCESS SOME AREAS

The mayor of Pego, Enrique Moll, told regional radio station A Punt that several people were still waiting to be evacuated by helicopter from their rooftops. All access routes to the town were blocked and even heavy-duty military vehicles were unable to move forward in some areas, he added.     

The deputy mayor of the coastal town of Oliva, Salvador Llopis, told state broadcaster TVE on Monday that emergency services were rescuing trapped residents, particularly elderly people stuck inside their homes with water up to their waists. 

“They have to stay on top of tables and furniture to avoid getting wet,” he said, adding that the rains had started to ease after causing extensive damage to infrastructure.  

National weather agency AEMET said conditions were “extremely adverse”. Rainfall in some areas has exceeded 600 mm (24 inches) over 48 hours, the most recorded since 1987. AEMET issued several red alerts, warning local people to avoid all travel and to seek higher ground.

More than 100,000 students in Valencia have had classes suspended due to the alerts, while the central government has deployed emergency units from the military and national police.

Reporting by Emma Pinedo and Mireia Merino, Editing by David Latona and Barbara Lewis

Leo will be seen leading a traditional noontime prayer on Sunday, the Vatican said, while preparations continue for his planned November trip to South America

International News via Reuters:

Pope Leo will appear in public on Sunday for the first time since undergoing lung cancer surgery as the 71-year-old pontiff shows steady improvement and is able to work and do normal daily activities independently, the Vatican said on Friday.

Leo will be seen leading a traditional noontime prayer on Sunday, the Vatican said, while preparations continue for his planned November trip to South America.

The pope was diagnosed with lung adenocarcinoma, the most common form of lung cancer, and doctors removed the lower lobe of his right lung in an operation on Tuesday.

The Vatican on Friday released the first images of the pope since his surgery, showing him celebrating Mass and standing unaided.

Leo underwent blood tests and a chest X-ray this morning, “confirming steady improvement in his overall condition”, according to the latest medical bulletin on his condition.

“His post-operative recovery is allowing him to carry out normal daily activities with full independence,” it said.

SOUTH AMERICA TRIP ‘GOING FORWARD’

The cancer diagnosis for a pope known to be relatively young and energetic and who was elected only in May 2025 caused shock and raised questions about the future shape of his papacy as he deals with the illness.

The Vatican signaled on Friday that Leo, known for keeping a busy schedule, intended to keep up his commitments, as some cardinals began to publicly express concern about the pope’s health.

The Vatican said work on his November 6 to 17 visit to Uruguay, Argentina and Peru was “going forward” and released a list of journalists accredited to travel with Leo and cover the trip.

Peruvian President Keiko Fujimori had speculated previously that the trip might have to be delayed.

Cardinal Pietro Parolin, the Vatican’s secretary of state, said on Friday it was unclear when Leo would be able to return to his usual rhythm of appointments.

“The question now is when he will return, under what circumstances he will return, and what the doctors say,” he said on the sidelines of an event in Rome, according to Italian agencies.

Following the latest health bulletin on Friday, Parolin said a photo of the pope was an encouraging sign of his continued recovery, but reiterated that Leo may need to adjust his pace going forward “according to the condition of his health”.

CARDINAL SHOCKED AT CANCER DIAGNOSIS

The Vatican did not say on Friday when the pope might be discharged from hospital. It has previously indicated his recovery would take about a week.

The pope’s doctors have said his surgery was completed successfully, without complications. They have not yet disclosed the size of the tumour or whether the disease had spread to nearby lymph nodes, key factors in determining prognosis.

Chicago Cardinal Blase Cupich, seen as a close ally of Leo, said he had been shocked by news of the cancer diagnosis.

He told Catholic magazine America he thought Leo had “downplayed” his health issue on Sunday, when the pope announced he needed surgery for a small, well-contained growth on his lung.

“When I heard they took out part of the lobe of the lung and that it was malignant, that was more shocking and more concerning,” said Cupich. “I think people are very concerned and even worried about this but hoping for the best.”

Reporting by Joshua McElwee; additional reporting by Roberto Mignucci, additional writing by Gavin Jones, editing by Crispian Balmer and Ros Russell

Eutelsat shares were up 20% by 1202 GMT, bringing weekly gains to 31%. Paris-listed SES, another European satellite operator, also rose 7.1%

International News via Reuters:

Shares in European satellite operator Eutelsat surged on Friday, adding nearly a quarter in value this week as Ukraine faced speed limits on SpaceX’s Starshield satellite system, which has renewed investor interest in European alternatives.

Eutelsat shares were up 20% by 1202 GMT, bringing weekly gains to 31%. Paris-listed SES, another European satellite operator, also rose 7.1%.

Reuters reported on Friday that an order to limit Starshield services in Ukraine came from inside the White House, citing two US officials and a Western official briefed on the matter.

Equity analysts said the development reinforced the case for European satellite operators at a time when governments increasingly seek alternatives to US technology.

“The Starlink Ukrainian issue helped,” Oddo BHF analyst Stéphane Beyazian said about the share moves.

“But more generally, shares have been done so much due to the Starlink risk — now investors are reconsidering them as the European industry will not disappear to Starlink,” he added.

Eutelsat operates OneWeb, a network of about 600 low-Earth orbit (LEO) satellites providing space-based broadband connectivity to governments, airlines and telecoms operators.

Backed by the French and British governments, OneWeb is widely seen as Europe’s leading challenger to Starlink, whose vast network dominates the global LEO broadband internet market.

Eutelsat CEO Jean-François Fallacher said in March the company had sold its entire capacity in Ukraine and was operating as a dual-use company with thousands of antennas active and devices able to operate in environments with GPS jamming.

ING analyst Jan Frederik Slijkerman said Eutelsat and SES have become more attractive to some investors following a slump that had started in the summer.

“We don’t see (Europe’s IRIS² satellite project) fully replicating Starlink’s capabilities in the short term, although SES and Eutelsat can already provide complementary satellite connectivity,” Slijkerman said.

Reporting by Gianluca Lo Nostro, additional reporting by Hugo Lhomedet; Editing by Milla Nissi-Prussak

Markets have been rattled this week by concerns over higher interest rates and the debt-fuelled financing behind the AI boom, triggering a selloff in technology and chip stocks

International News via Reuters:

European stocks rose on Friday as markets stabilised after a sharp tech-led selloff, while the dollar headed for a weekly loss.

Markets have been rattled this week by concerns over higher interest rates and the debt-fuelled financing behind the AI boom, triggering a selloff in technology and chip stocks.

Traders increased bets on further US rate hikes after stronger-than-expected inflation data on Wednesday, while investors piled into Treasuries and other government bonds.

Asian stocks mostly rose and bond markets steadied on Friday, with investors reversing some of the previous session’s moves. 

Indonesian equities suffered their biggest drop since 1998 after index provider MSCI said the country’s market no longer merited emerging market status and outlined plans to remove it from key indexes tracked by funds. 

Turkey’s main stock index also slid more than 3% after MSCI froze certain changes to its Turkey equity indexes.    

At 1055 GMT, the MSCI World Equity Index was up 0.4% but still set for a weekly loss. European stock indexes, hit less hard by Thursday’s selloff, were higher, with the STOXX 600 up 0.6%, Germany’s DAX up around 1% and France’s CAC 40 up 0.5%. London’s FTSE 100 was up less than 0.1%.

US stock futures also pointed to a recovery on Wall Street, with S&P 500 futures up 0.2%, although Nasdaq futures were still in the red as investors remained worried about mounting credit risks linked to the AI trade, particularly among heavily indebted data-centre operators such as CoreWeave, which helped trigger Thursday’s selloff.

“The question of monetization to me is still the big question that is not fully answered. There are still some doubts about the sustainability of the profits and the margins from some actors in the sector,” said Amelie Derambure, a senior multi-asset portfolio manager at Amundi in Paris.

Still, Derambure said she remained overweight US equities and expected earnings to be strong enough to limit any market correction.

DOLLAR FALLS, BONDS RECOVER

The dollar fell 0.4%, leaving the dollar index at 101.65 and on track for its first weekly decline after three weeks of gains, as lower Treasury yields reduced the currency’s appeal. Further worries about AI would push the dollar down further, analysts said.

The weaker dollar helped lift the euro from its recent 17-month low. It was last up 0.4% at $1.1257.

European government bond yields edged higher on Friday, with Germany’s 10-year yield at 3.4355%. Even so, yields remained lower on the week as investors sought the safety of government debt amid concerns about AI-related companies’ finances. G7 government bond markets were on course for their strongest weekly performance since late May.

The correlation between German bond yields and the STOXX 600 turned positive this week for the first time since August, suggesting government debt is regaining some of its safe-haven appeal. That relationship weakened this year amid concerns that the war in Iran could fuel inflation and keep borrowing costs higher for longer.

Oil prices were mixed, with Brent crude futures at $106.14 a barrel but still headed for a weekly gain amid concerns over Middle East supplies. Attacks around the Strait of Hormuz have surged in the past 10 days.

Gold gained support from the weaker dollar, rising to about $4,174.52 an ounce.

Reporting by Kevin Buckland and Elizabeth Howcroft. Editing by Ros Russell and Mark Potter

Brent crude futures were up 36 cents, or 0.34%, at $106.28 a barrel at 1107 GMT, while US West Texas Intermediate crude futures were down 19 cents, or 0.19%, to $97.78

International News via Reuters:

Oil prices steadied on Friday and were heading for weekly gains on uncertainty over Middle East supplies and a larger-than-expected draw from US crude stockpiles, while European diesel margins dropped after an IEA move to release more of the fuel.

Brent crude futures were up 36 cents, or 0.34%, at $106.28 a barrel at 1107 GMT, while US West Texas Intermediate crude futures were down 19 cents, or 0.19%, to $97.78.

“The relative stability reflects a market caught between persistent supply disruption risks in the Middle East, where attacks on ships in and around the Strait of Hormuz continue to underpin prices,” said Saxo Bank analyst Ole Hansen.

WTI settled up more than 3% on Thursday after a big US crude stock draw on hurricane production shut-ins.

So far this week, Brent has risen 1.4% and WTI 6.4%.

“The IEA’s pledge to release the remaining 100 million barrels under its March agreement, together with reports that the US is considering easing sanctions on some dark fleet tankers, may be weighing slightly on sentiment,” Hansen said, adding that the International Energy Agency release is unlikely to ease diesel supply tightness.

IRAN SAYS IT IS STEPPING UP STRIKES 

Supply concerns also increased as attacks around the Strait of Hormuz surged over the past 10 days, with Iran saying it was stepping up strikes in response to the US blockade of its ports and tougher sanctions introduced last month.

European diesel refining margins fell by nearly 2% on Friday to $78.67 a barrel, after the IEA agreed on Thursday to release more than 20 million barrels of the fuel to the market. 

Those margins rose as high as $95 a barrel in September as diesel supply tightened because of wars in Ukraine and Iran.

“Intensified Iranian attacks drove Gulf crude flows sharply lower,” Kpler analysts said in a report on Thursday, adding that they expected a slower and more uneven recovery in Hormuz flows in the absence of a comprehensive political deal. 

Washington is considering lifting sanctions on some so-called shadow fleet vessels that have carried oil and petroleum products from countries such as Russia, Iran and Venezuela, in a bid to cut record global freight rates.

The discussions come days after US President Donald Trump temporarily lifted sanctions on Russian diesel fuel, a move met with criticism from Ukrainian President Volodymyr Zelenskiy, European countries and some of Trump’s fellow Republicans. 

Reporting by Sam Li in Beijing and Siyi Liu in Singapore. Editing by Clarence Fernandez, Jan Harvey, Mark Potter and Alexander Smith

Additional strengthening is still forecast before Trudy is expected to approach the Mexican coast on Saturday as a life-threatening major hurricane

International News via Reuters:

Hurricane Trudy rapidly intensified into a major hurricane on Friday morning, carrying maximum sustained winds near 120 mph (195 kph) and higher gusts, as it moves closer to Mexico’s Pacific coast.

Additional strengthening is still forecast before Trudy is expected to approach the Mexican coast on Saturday as a life-threatening major hurricane, the US-based National Hurricane Center said.

“Trudy has the potential to even reach Category 4 or 5 intensity,” said Alex DaSilva, a hurricane meteorologist at private forecaster AccuWeather.

Mexico’s civil protection agency asked residents to start preparations for the storm’s arrival by securing doors and windows, and removing objects that could be thrown around by the strong winds.

The hurricane will strike Mexico’s Pacific coast, a region that has already been battered in recent weeks by storms that left several dead and caused severe flooding.

Located about 250 miles (400 km) south-southwest of resort city Acapulco, the storm is expected to produce up to 12 inches (30 cm) of rain in the states of Michoacan, Colima and Jalisco, increasing the risk of life-threatening flooding and landslides, according to the NHC.

Meanwhile, Tropical Storm Simon continues to weaken farther northwest offshore, after dropping heavy rain along the coast earlier as a hurricane.

Reporting by Aida Pelaez-Fernandez; Editing by Toby Chopra