September 5, 2022

By David Stobbe and Ismail Shakil

WELDON, Saskatchewan (Reuters) -Canadian police hunted for two suspects in a stabbing spree that killed 10 people and wounded at least 15 others mostly in a sparsely populated indigenous community early Sunday.

The stabbings across 13 crime scenes were among the deadliest mass killings in modern Canadian history and certain to reverberate throughout the country, which is unaccustomed to bouts of mass violence more commonly seen in the United States.

“I am shocked and devastated by the horrific attacks today,” Prime Minister Justin Trudeau said in a statement. “As Canadians, we mourn with everyone affected by this tragic violence, and with the people of Saskatchewan.”

Police named the two suspects as Damien Sanderson, 31, and Myles Sanderson, 30, providing photos and descriptions but no further details about their motive or the victims.

A statement by indigenous leaders indicated the attacks may have been drug related.

“This is the destruction we face when harmful illegal drugs invade our communities,” said Federation of Sovereign Indigenous Nations. The group represents 74 First Nations in Saskatchewan.

A mother of two was among the 10 people killed, local media reported, citing the woman’s former partner.

“It’s sick how jail time, drugs and alcohol can destroy many lives,” Michael Brett Burns told the Aboriginal Peoples Television Network.

In May, Myles Sanderson was listed as “unlawfully at large” by Saskatchewan Crime Stoppers, a program that encourages the public to cooperate with police. There were no further details about why he was wanted.

The two men were seen traveling in a black Nissan (OTC:) Rogue and spotted in the city of Regina, about 320 km (200 miles) south of the attacks in the James Smith Cree (NYSE:) Nation and the village of Weldon, police said.

“It appears that some of the victims may have been targeted, and some may be random. So to speak to a motive would be extremely difficult at this point in time,” Rhonda Blackmore, commanding officer of the Saskatchewan Royal Canadian Mounted Police, told a news conference.

There may be additional injured victims who transported themselves to various hospitals, police said.

James Smith Cree Nation is an indigenous community with a population of about 3,400 people largely engaged in farming, hunting and fishing. Weldon is a village of some 200 people.

The nation’s elected elders declared a state of emergency “in response to the numerous murders and assaults on members of the James Smith Cree Nation,” and established two emergency operations centers, the nation said in a statement.

Indigenous people account for less than 5% of Canada’s population of about 38 million and suffer from higher levels of poverty, unemployment and a lower life expectancy than other Canadians.

Trudeau said his government had been in direct communication with the James Smith Cree Nation leadership, adding, “we are ready to assist in any way we can.”

The first stabbings were reported at 5:40 a.m. (1140 GMT) and within three hours police issued a province-wide dangerous persons alert. By the afternoon, similar alerts were also issued in Saskatchewan’s neighboring provinces Alberta and Manitoba.

Police bulletins urged people to report any suspicious people and to take precautions including sheltering in place, while warning against picking up hitchhikers or approaching suspicious people.

“Do not leave a secure location. Use caution allowing others into your residence,” one advisory said.

A police alert issued shortly after midday said they may be in Regina, one of the province’s largest cities, where a large police presence was already mobilized because of a Canadian football game at Mosaic Stadium near the center of town.

However, Blackmore said it was unknown where the suspects might be headed or if they had changed vehicles.

“It is horrific what has occurred in our province today,” Blackmore said, calling the attacks one of the largest if not the largest in recent history in the province.

The Saskatchewan Health Authority activated an emergency response bringing in additional staff to treat to victims, later declaring it over as “the risk of a high influx of patient transfers due to this situation is no longer prominent.”

“We can confirm that multiple people have been triaged and cared for at multiple sites and that a call for additional staff to help respond to this situation has occurred,” the health authority said in a statement.

Stock Markets 3 hours ago (Sep 05, 2022 11:16AM ET)

© Reuters.

By Joori Roh

SEOUL (Reuters) -South Korea raised its typhoon-alert to its highest level on Monday as approaching Typhoon Hinnamnor forced flight cancellations, the suspension of some business operations and the closure of schools.

Heavy rain and strong wind pounded the south of the country as the typhoon approached from the south at a speed of 33 km per hour (20.5 mph). Hinnamnor is expected to make landfall southwest of the port city of Busan early on Tuesday, after reaching the holiday island of Jeju on Monday.

President Yoon Suk-yeol said he would be on emergency standby, a day after ordering authorities to do their best to minimise damage from the typhoon.

“Very strong winds and heavy rains are expected across the country through to Tuesday due to the typhoon, with very high waves expected in the coastal region along with storm and tsunami,” the Korea Meteorological Administration (KMA) said.

Hinnamnor is on a course that will take it northeast toward Sapporo, Japan, it said.

South Korea classifies typhoons in four categories – normal, strong, very strong, super strong. “Very strong” typhoons like Hinnamnor have wind speeds of up to 53 metres per second.

Warnings have been issued in the southern cities of Gwangju, Busan, Daegu and Ulsan, as well as on Jeju, while the Central Disaster and Safety Countermeasures Headquarters has upgraded its typhoon alert level to the highest in its four-tier system, for the first time in five years.

Busan city and neighbouring areas have received rain throughout the weekend, with more forecast across the country for Monday and Tuesday.

No casualties have been reported though more than 100 people have been evacuated and some facilities have been damaged by floods.

Shipbuilders Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung (KS:) Heavy Industries said they would halt operations early on Tuesday.

A spokesperson for LG Electronics said it would halt operations on Tuesday at its Gumi production facilities that make large OLED TVs, while steelmaker POSCO (NYSE:) is halting operations at its production facilities including its furnaces on Tuesday, the Yonhap news agency said.

SK Innovation, owner of South Korea’s top refiner SK Energy, said it asked carrier ships not to operate until the typhoon passes.

Korean Air Lines and Asiana Airlines have cancelled most of their Monday flights to Jeju Island, according to their websites, while budget airlines such as Air Seoul and Jin Air have cancelled some of their flights.

© Reuters. FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol/File Photo

By Arathy Somasekhar

HOUSTON (Reuters) – Oil prices rose about 3% on Monday, as OPEC+ members agreed to a small production cut of 100,000 barrels per day to bolster prices.

futures for November delivery settled $2.72 higher at $95.74 a barrel, a 2.92% gain.

Prices had climbed nearly $4 earlier in the session, but were tamed by comments from the White House that U.S. President Joe Biden was committed to taking all steps necessary to shore up energy supplies and lower prices.

rose $2 to $88.85 per barrel, a 2.3% rise after a 0.3% gain in the previous session, in thin volumes during the U.S. Labor Day holiday.

The 100,000 barrels per day (bpd) reduction by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, amounts to only 0.1% of global demand. The group also agreed they could meet any time to adjust production before the next scheduled meeting on Oct. 5.

“It’s the symbolic message the group wants to send to the markets more so than anything,” said Oanda analyst Craig Erlam, adding that the 100,000 bpd raise last month by OPEC+ was not seen as a big deal.

“What we’ve probably seen from the markets was pricing in most of the worst-case scenario,” Erlam added.

Top OPEC producer Saudi Arabia last month flagged the possibility of output cuts to address what it sees as exaggerated oil price declines.

Russian Deputy Prime Minister Alexander Novak said that expectations of weaker global economic growth were behind a decision by Moscow and its OPEC allies to cut oil output.

Russian Energy Minister Nikolai Shulginov said the country would most likely reduce its oil production by around 2% this year, TASS news agency reported.

“The bigger picture is that OPEC+ is producing well below its output target and this looks unlikely to change given that Angola and Nigeria, in particular, appear unable to return to pre-pandemic levels of production,” Caroline Bain, chief commodities economist at Capital Economics, said.

Oil prices have fallen in the past three months from multi-year highs hit in March, pressured by concerns that interest rate increases and COVID-19 curbs in parts of China could slow global economic growth and dent oil demand.

Lockdown measures in China’s southern technology hub of Shenzhen eased on Monday as new infections showed signs of stabilizing though the city remains on high vigilance.

Meanwhile, talks to revive the West’s 2015 nuclear deal with Iran, potentially providing a supply boost from Iranian crude’s returning to the market, have hit a new snag. The White House on Friday rejected Iran’s call for a deal to be linked with closure of investigations by the U.N. nuclear watchdog, a Western diplomat said.

Iran’s minister of petroleum said the global energy market needs an increase in supply of oil from Iran.

Use of oil in power generation is also expected to pick up, analysts said, as Russia’s state-controlled Gazprom (MCX:) on Friday said it would stop pumping gas via the Nord Stream 1 pipeline due to a fault.

The International Energy Agency last month raised its oil demand forecast for the year, partly because it expects gas-to-oil switching in some countries due to record and electricity prices.

Stock Markets 3 hours ago (Sep 05, 2022 01:54AM ET)

© Reuters.

By Peter Nurse

Investing.com – European stock markets are expected to open sharply lower Monday, as investors fret over the economic risks facing the region, including potential energy shortages, slowing growth, and soaring inflation.

At 02:00 ET (06:00 GMT), the contract in Germany traded 3.3% lower, in France dropped 0.5%, and the contract in the U.K. fell 0.1%.

Russia announced over the weekend that one of its main supply pipelines to Europe would remain shut indefinitely, scrapping a Saturday deadline for gas flows down the Nord Stream pipeline to resume, citing an oil leak in a turbine.

The Nord Stream pipeline was already running at just 20% of capacity before flows were halted last week for maintenance. This move will likely push up already sky-high gas prices, and spark fears of energy rationing in Europe as winter approaches.

The soaring energy prices can only add to inflation, which is already at in the Eurozone and fast approaching double digits.

This is putting pressure on the to act, and the policymakers are set to respond on Thursday with a second, large interest-rate hike, tightening before economic conditions deteriorate further.

That said, economic data due for release later in the sector is expected to show that economic activity in the Eurozone contracted further in August, with the S&P Global index seen falling to 49.2 from 49.9.

in the region could grow 0.4% on the month in July, but this only represents a small rebound from the 1.2% fall the previous month. The release is expected to fall 0.7% in July.

There was some good news overnight, as Chinese service sector activity expanded more than expected in August, with the coming in at 55, ahead of the expected 54 reading.

Elsewhere, Foreign Minister is widely expected to be named the new U.K. prime minister later Monday, and she will have her hands full immediately with the county facing a cost of living crisis, industrial unrest, and a prolonged recession.

Oil prices jumped higher Monday ahead of a meeting of top producers, with traders reacting to the possibility of a cut in output to support the market.

The Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, meets later Monday, and is largely expected to keep current output levels despite supplies remaining tight.

However, Saudi Arabia, the de facto leader of the group, recently floated the idea of cutting production levels to support prices, and this potential is supporting the market.

Oil prices have fallen in the past three months, after touching multi-year highs in March, on concerns that interest rate hikes and COVID-19 curbs in parts of China, the world’s top crude importer, may slow global economic growth and cool oil demand.

By 02:00 ET, futures traded 1.9% higher at $88.55 a barrel, while the contract rose 2.2% to $95.03.

Additionally, rose 0.1% to $1,724.10/oz, while traded 0.6% lower at 0.9887.

© Reuters.

By Geoffrey Smith

Investing.com — European natural gas futures leaped at the opening on Monday, after Russian gas monopoly Gazprom (MCX:) shut down the Nord Stream pipeline to Germany, raising fears of a total shutdown of Russian supplies over the winter.

The front-month contract, which serves as a benchmark for northwest Europe, leaped as much as 31% before retracing a little to trade at 263 euros a megawatt-hour by 03:25 ET (07:25 GMT). That’s a gain of 22.5% from Friday’s close.

Gazprom’s action was the second in a major escalation in the economic struggle sparked by Russia’s invasion of Ukraine on Friday. The company had released its news immediately after the close of trading in natural gas in Europe, and only a matter of hours after G-7 finance ministers had agreed on a long-mooted plan to impose a price cap on Russian oil exports, aiming to choke the supply of money to President Vladimir Putin’s government.

Nord Stream had been shipping around 30 million cubic meters of gas a day before the stoppage – around 20% of its official capacity. The loss of that supply makes it harder for European utilities to continue the good progress they had made on filling their storage facilities ahead of the winter heating season.

“While storage levels across the Euro area have grown rapidly in recent weeks due to surging imports of (liquefied natural gas), the prospect for rationing and further initiatives to curb demand for gas and power prices will be the focus this week,” said strategists at Saxo Bank in a morning note. “Demand destruction from soaring prices has already lowered demand, but more is needed, especially if the winter turns out to be a cold one.

The sense of crisis in Europe’s energy sector deepened over the weekend after Friday’s events, with Germany imposing a windfall tax on electricity generators to fund a 65 billion euro relief package for customers facing unaffordable rises in their bills, while Finland and Sweden also announced emergency packages to stop energy companies collapsing as the price of supplies skyrocketed.

Electricity prices have soared largely because of the key input of gas prices, given that much of the marginal capacity in Europe – where output can be raised and lowered easily to match the natural fluctuation of demand – is powered by gas. EU energy ministers are set to meet on Friday to discuss – among other things – plans that would decouple power prices from those for gas.

The shutting of Nord Stream means that the euro zone, “and Germany in particular,” is heading for higher inflation and a worse recession than either the European Central Bank or private economists expect, said Holger Schmieding, chief economist at Berenberg Bank in Berlin, in a note to clients.

Such pessimism was reflected in all European assets at the open on Monday, with the falling to a new 20-year low of $0.9877 before recovering slightly to be down 0.4% at $0.9911 by 03:25 ET. The fell 1.6% and the German index, with its heavy weighting of industrials exposed to soaring energy prices, fell 3.0%.

Stock Markets 3 hours ago (Sep 05, 2022 03:53AM ET)

© Reuters.

By Peter Nurse

Investing.com – European stock markets slumped Monday, as investors fretted over the economic risks facing the region, including potential energy shortages as Russia halts the supply of gas.

By 03:55 ET (07:55 GMT), the in Germany traded 3.3% lower, the in France fell 2.4%, and U.K.’s dropped 1.1%.

Russia announced late Friday that one of its main supply pipelines to Europe would remain shut indefinitely, scrapping a Saturday deadline for gas flows down the pipeline to resume.

This announcement came shortly after G-7 finance ministers had agreed on a plan to impose a price cap on Russian oil exports, aiming to limit the funds President Vladimir Putin’s government will receive as Russia’s invasion of Ukraine continues.

The Nord Stream pipeline was already running at just 20% of capacity before flows were halted last week for maintenance. This move pushed up already , and will spark further fears of energy rationing in Europe as winter approaches.

The soaring energy prices can only add to inflation, which is already at in the Eurozone and fast approaching double digits.

This is putting pressure on the to act, and the policymakers are set to respond on Thursday with a second, large interest-rate hike, tightening before economic conditions deteriorate further.

That said, economic data showed that economic activity in the Eurozone contracted further in August, with the S&P Global falling to 48.9 from 49.9 the previous month.

in the region could grow 0.4% on the month in July, but this only represents a small rebound from the 1.2% fall the previous month. The release is expected to fall 0.7% in July.

Elsewhere, Foreign Minister is widely expected to be named the new U.K. prime minister later Monday, and she will have her hands full immediately with the county facing a cost of living crisis, industrial unrest, and a prolonged recession.

In corporate news, Countryside Properties (LON:) stock soared over 5% after the Wall Street Journal reported it was set to merge with fellow U.K. home builder Vistry (LON:), down 1.3%, to form a $3.2 billion residential developer.

Oil prices jumped higher Monday ahead of a meeting of top producers, with traders reacting to the possibility of a cut in output to support the market.

The Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, meets later Monday, and is largely expected to keep current output levels despite supplies remaining tight.

However, Saudi Arabia, the de facto leader of the group, recently floated the idea of cutting production levels to support prices, and this potential is supporting the market.

Oil prices have fallen in the past three months, after touching multi-year highs in March, on concerns that interest rate hikes and COVID-19 curbs in parts of China, the world’s top crude importer, may slow global economic growth and cool oil demand.

By 03:55 ET, futures traded 2.4% higher at $88.94 a barrel, while the contract rose 2.4% to $95.26.

Additionally, fell 0.1% to $1,721.65/oz, while traded 0.4% lower at 0.9912.