Stellantis returned to sales growth in Europe for the first time in over a year, as the overall market expanded with a boost from plug-in hybrid (PHEV) and battery-electric (BEV) sales

International News via Reuters:

Chinese EV maker BYD sold three times as many new cars in the European Union last month than in August 2024, surpassing U.S. competitor Tesla for the second consecutive month, data from the European auto lobby ACEA showed on Thursday.

Stellantis returned to sales growth in Europe for the first time in over a year, as the overall market expanded with a boost from plug-in hybrid (PHEV) and battery-electric (BEV) sales. 

WHY IT’S IMPORTANT

Europe’s battered car industry faces challenges including U.S. import tariffs, competition from China and difficulties in profitably meeting domestic regulations for EV adoption.

Carmakers have ramped up PHEV sales to comply with emission standards with more affordable and more profitable cars than pure EVs. Chinese brands have also used the technology to minimise the impact of the European Union’s tariffs on Chinese-made EVs, and to win over China-skeptic European drivers.

BY THE NUMBERS 

Sales in the European Union, Britain and the European Free Trade Association rose 4.7% to 0.8 million cars in August, ACEA data showed. 

Registrations at Volkswagen and Renault rose 4.8% and 7.8% year-on-year, respectively, and were up 2.2% at Stellantis, growing for the first time since February 2024.

Tesla’s EU sales dropped 36.6%, squeezing its market share to 1.2% from 2% a year ago. BYD’s sales were up 201.3% to give it 1.3% of the market. 

Sales of MG-owner SAIC Motor, also from China, jumped 59.4% in August, taking its year-to-date market share to 1.9% and making it the tenth best seller in the bloc so far this year.

Total EU car sales rose 5.3%. Registrations of battery electric, hybrid electric and plug-in hybrid cars were up 30.2%, 54.5% and 14.1%, respectively, to account collectively for 62.2% of the bloc’s registrations, up from 52.8% in August 2024. 

Reporting by Alessandro Parodi in Gdansk, editing by Kirsten Donovan

Brent futures rose 94 cents, or 1.4%, to $68.57 a barrel by 10:55 a.m. EDT (1455 GMT), while U.S. West Texas Intermediate crude futures (WTI) rose 97 cents, or 1.5%, to $64.38

International News via Reuters:

Oil prices climbed about 1% to a three-week high on Wednesday as a surprise drop in U.S. weekly crude inventories added to a sense in the market of tightening supplies amid export issues in Iraq, Venezuela and Russia.

Brent futures rose 94 cents, or 1.4%, to $68.57 a barrel by 10:55 a.m. EDT (1455 GMT), while U.S. West Texas Intermediate crude futures (WTI) rose 97 cents, or 1.5%, to $64.38.

That put Brent on track for its highest close since September 2 and WTI on track for its highest close since September 16.

U.S. crude inventories fell 607,000 barrels last week, the Energy Information Administration (EIA) said. [EIA/S] [API/S]

That compares with the 235,000-barrel build analysts forecast in a Reuters poll, but was smaller than the 3.8 million-barrel draw market sources said the American Petroleum Institute (API) trade group cited in its figures on Tuesday.

“The report is somewhat supportive given the draws across the board here,” said John Kilduff, partner with Again Capital, referring to the crude, distillate and gasoline inventory draws in the EIA report.

Oil prices also found support from news that Ukraine’s military struck two oil pumping stations overnight in Russia’s Volgograd region. A state of emergency had been declared in the Russian city of Novorossiisk, which is Russia’s major seaport on the Black Sea and contains major oil and grain export terminals.

“The focus recently has shifted back to Eastern Europe and the possible introduction of fresh sanctions on Russia,” said PVM Oil Associates analyst Tamas Varga. 

The stalled resumption of Kurdish oil exports along with Chevron’s <CVX.N> curbed oil exports from Venezuela due to U.S. permit issues added to short-term bullishness in the market, he added.

Both crude benchmarks climbed on Tuesday as a deal to resume exports from Iraq’s Kurdistan stalled, halting pipeline shipments of what would have been 230,000 barrels per day of oil from the region to Turkey, as two key producers asked for debt repayment guarantees. Pipeline flows have been stopped since March 2023.

On Wednesday, however, the eight international oil companies operating in Iraqi Kurdistan reached agreements in principle with Iraq’s federal and Kurdish regional governments to resume oil exports, an industry umbrella group said.

Iraq was the second biggest crude producer in the Organization of the Petroleum Exporting Countries in 2024, according to U.S. energy data.

Meanwhile, U.S. President Donald Trump on Tuesday said he believed Ukraine could retake all the territory captured by Russia, marking a sudden rhetorical shift in Ukraine’s favour. The Trump administration earlier this month urged European Union countries to phase out Russian oil and gas more quickly. 

Russia is seeing shortages of certain fuel grades as Ukrainian drone attacks reduce refinery runs, according to traders and retailers, after Ukraine stepped up drone attacks on energy infrastructure to reduce Moscow’s export revenues.

Russia was the second-biggest producer of crude in 2024 behind the U.S. and is a member of OPEC+, which includes OPEC and allies.

Iran Oil Minister Mohsen Paknejad said “new burdensome restrictions” on Iran’s oil sales would not be added and sales to China would continue, as Tehran and European powers struggle to reach a deal to prevent the return of U.N. sanctions this week. 

Overall, the global oil market is bracing for elevated supply and slowing demand. In its latest monthly report, the International Energy Agency said world oil supply would rise more rapidly this year and a surplus could expand in 2026.

Reporting by Scott DiSavino in New York, Seher Dareen in London and Jeslyn Lerh in Singapore; additional reporting by Stephanie Kelly in London; Editing by Ros Russell, Mark Potter and Marguerita Choy

CAF was appointed as the preferred bidder against French trainmaker Alstom and Siemens of Germany at the end of February

International News via Reuters:

Belgium’s top administrative court on Wednesday rejected Alstom’s request to suspend national rail operator SNCB’s decision to name CAF as the preferred supplier for its AM30 train contract.

“The Council of State estimates, after an interim review, that none of the criticisms made by the company challenging the legality of this appointment decision were serious,” it said in a statement.

CAF was appointed as the preferred bidder against French trainmaker Alstom and Siemens of Germany at the end of February.

In April, the court suspended the order following Alstom’s appeal against the decision.

“We are disappointed by this decision and by the fact that our arguments have not been taken into account. We do not wish to communicate further on this subject,” Alstom said in an emailed response to Reuters.

The order plays a crucial role in determining the future of Alstom’s Bruges facility, which faces the threat of restructuring and possible closure.

SNCB’s tender, the biggest the company has placed, consists of a first batch valued at 1.7 billion euros ($2 billion), with optional batches potentially bringing the total contract value to 5 billion euros.

Earlier this month, the Council rejected Siemens’ separate appeal against SNCB’s decision. 

($1 = 0.8518 euros)

Reporting by Alban Kacher; Editing by Kirsten Donovan

Klingbeil pressed a six-point plan to reboot the European Union’s economy, including a “Buy European” approach on critical components

International News via Reuters:

German Finance Minister Lars Klingbeil called on Wednesday for a more “modern” EU budget that channels funds into improving cross-border rail and road links, energy networks, external border security and research.

Klingbeil pressed a six-point plan to reboot the European Union’s economy, including a “Buy European” approach on critical components such as advanced semiconductors as well as a single market for defence, with joint armaments projects.

“Europe stands at a crossroads today,” Klingbeil said in a speech at the Hertie School in Berlin. “Either we pull ourselves together and move Europe forward, or Europe risks losing further relevance.”

Under Chancellor Friedrich Merz, Germany, Europe’s biggest economy, wants to take on a bigger leadership role in the EU as it deals with a less transatlantic-minded United States and the war in Ukraine, now in its fourth year.

“It angers me to see Europeans sitting at the kids’ table when it comes to the security future of our continent,” Klingbeil said, calling for an active role for the EU on peace talks.

EUROPEAN MULTILATERALISM AND FURTHER INTEGRATION

Klingbeil called for swift trade deals with partners including India and South America’s Mercosur bloc in response to the Trump administration’s tariff policies.

He called for a “Savings and Investment Union” to mobilise more private capital, arguing that a harmonised and high-performing European capital market is essential to help start-ups and scale-ups grow.

“Defending the status quo won’t get us anywhere,” Klingbeil said. “As in Germany, Europe too needs investment and reforms.”

Klingbeil said that national go-it-alone approaches in implementing the EU’s single market rules are increasing bureaucracy and fragmenting the common economic space shared by the 27 member states.

He also called for better mutual recognition of professional qualifications across borders to encourage labour mobility.

“Petty small‑state mentalities are our biggest barrier to investment,” Klingbeil said.

Reporting by Maria Martinez and Christian Kraemer; Editing by Gareth Jones

Yu, 62, gained global relevance as an architect and urban planner after the Chinese government adopted his concept of “sponge cities” using nature-based solutions to absorb and retain water

International News via Reuters:

Chinese architect Kongjian Yu died in a plane crash late on Tuesday in the vast Brazilian wetlands of Mato Grosso do Sul state, Brazilian Vice President Geraldo Alckmin said on Wednesday.

Yu, 62, gained global relevance as an architect and urban planner after the Chinese government adopted his concept of “sponge cities” using nature-based solutions to absorb and retain water instead of concrete infrastructure to channel it away. 

The concept has since been adopted in hundreds of places in China as well as urban areas from the U.S. to Russia.

Alckmin confirmed that Yu and three other people, the pilot and two local filmmakers, were killed when the aircraft they were traveling in crashed in a rural area near the town of Aquidauana, in the Pantanal wetlands.

“I received with sadness the news of the plane crash in the Pantanal,” the vice president wrote on X.

“Professor Yu made notable contributions to sustainable urbanism, the preservation of biodiversity and the protection of the planet. His legacy will continue to inspire all those dedicated to the ecological cause,” he added.

Yu was featured in the opening program of the Sao Paulo International Architecture Biennale last week. Newspaper Estadao reported that he then joined a trip with filmmakers shooting a documentary about his work.

Turenscape, a Beijing-based design firm Yu founded in 1998 that specializes in landscape architecture, urban planning and ecological restoration, did not immediately respond to a request for comment outside normal working hours.

Yu has led Turenscape since its founding as the firm’s principal designer, growing it into a team of more than 500 specialists, according to its website.

Reporting by Fernando Cardoso in Sao Paulo; Additional reporting by Eduardo Baptista in Beijing; Editing by Gabriel Araujo, Brad Haynes, Hugh Lawson and Ed Osmond

French media reported that the music teacher was stabbed in the face by a student during class, and authorities arrested a 14-year-old suspect soon after the attack

International News via Reuters:

A teacher who was stabbed by a student fascinated by “Nazi ideologies” in a middle school in northeastern France is in stable condition, the French education minister told reporters on Wednesday.

“She is still being treated at the hospital. She had an initial operation and is under observation at the hospital, but her life is not in danger,” Elisabeth Borne told reporters.

French media reported that the music teacher was stabbed in the face by a student during class, and authorities arrested a 14-year-old suspect soon after the attack.

The suspect stabbed himself during his arrest and has also been taken to an area hospital, French broadcaster BFM reported.

Security in France’s schools has been the subject of intense debate in recent years. In June, then-Prime Minister Francois Bayrou said the government would test adding security gates at schools after a school aide was stabbed during a bag search.

And in 2020, the murder of teacher Samuel Paty after he showed pupils caricatures of the Prophet Mohammad in a class on free speech sparked a political uproar.

Borne said the suspect remained in critical condition.

“This young man had been identified for his fascination with Nazi ideologies,” Borne said, but added: “This was not a young man known for being violent.”

Jacky Wolfarth, mayor of the town of Benfeld where the attack took place, said the school was evacuated and described the incident to reporters as “isolated.”

The prefecture declined to comment, and the gendarmerie and the local prosecutor did not immediately respond to requests for comment.

Reporting by Makini Brice; additional reporting by Dominique Vidalon and Geert De Clercq; Editing by Bernadette Baum and Hugh Lawson