Orsted slashes workforce, Ferrari shares plunge - Oct 9, 2025

As of October 9, today’s news features significant developments in the automotive and renewable energy sectors, alongside market shifts in commodities like copper. Orsted, the world's biggest offshore wind farm developer, will cut about 2,000 jobs by the end of 2027, a quarter of its workforce, and will focus more on Europe after setbacks in the U.S. Orsted expanded rapidly over the past decade, but more recently has faced higher costs from supply chain disruption and inflation, plus the impact of U.S. President Donald Trump's actions against offshore wind projects. Meanwhile, Ferrari shares posted their biggest intraday drop since 2016 after the carmaker issued a cautious forecast that disappointed investors. In a related automotive development, Porsche has joined other German manufacturers in reporting declining sales, particularly in China, where competitive pressure from local manufacturers like BYD has intensified. BMW recently reduced its earnings forecast due to disappointing demand in this key market. The German government announced new purchase incentives for electric vehicles worth 3 billion euros through 2029, intending to address issues the automotive sector faces amidst emerging competition and rising costs. Meanwhile, copper prices have reached 11,000 dollars per ton, attributed to anticipated supply shortages following disruptions in mining, with Chinese traders showing renewed interest in the market. On the broader international stage, China has widened its restrictions on rare earth exports, directly affecting semiconductor and defense industries in the United States. These measures come amid ongoing negotiations between U.S. and Chinese leaders, indicating deeper geopolitical tensions. Finally, in political news, the Palestinian Authority expects a significant role in post-war Gaza, even though President Donald Trump's plan sidelines it for now, and is banking on Arab support to secure its position despite Israeli objections, Palestinian officials say.