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Data shows that Saudi jet fuel supplies to Europe are higher than before the closure of Hormuz.
Saudi Arabia will deliver more jet-fuel to Europe in this month than when the Strait of Hormuz was open. Data from shipping trackers Kpler and Vortexa shows the significance of Saudi Arabia's increased exports via Red Sea. Kpler data shows that EU and UK imports of jet fuel from Saudi Arabia’s Red Sea Port of Yanbu reached 118,000 barrels a day in the first week of June. This is their highest level since August 2025. Vortexa estimated that the flows were at 140,000 barrels per day. Kpler data indicates that the highest monthly volume this year was?77,000 Bpd in January. Saudi Aramco, the state-owned firm, declined to comment about the "increased jet exports to Europe". By 2025, Europe will receive about 300,000 bpd of jet fuel from the Middle East via the Strait of Hormuz. According to Kpler, Europe's total imported fuel averaged around 550,000 bpd. This includes imports from India and Nigeria, as well as the U.S. Saudi Arabia has increased exports through the Red Sea Port of Yanbu, as the strait is effectively closed due to the Iran War. If sustained, these exports would help 'Europe fill a gap in jet fuel imports and illustrate?how?the?closure of Strait of Hormuz affects global jet fuel flow. In May, Europe increased its jet fuel imports - which averaged around 200 bpd - from the U.S. International Energy Agency said previously that Europe could start to see some shortages of jet fuel in June. However, European airlines have played down fears of a shortage during the summer. (Reporting from Seher Dareen, London; additional reporting by Ahmad Ghaddar. Editing by Alex Lawler & Jason Neely).
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Jio BlackRock to launch ETF in August after $2 billion India fund base
Jio BlackRock Asset Management will launch its first exchange traded funds in India by August. The company hopes to emulate 'BlackRock’s' global success in passive investment in a market that is still developing. In the year following its launch, the joint venture between MukeshAmbani's Jio Financial Services (JFS) and the largest asset manager in world has managed to amass about 180 billion rupees in assets. This was achieved by establishing a solid base of cash, debt index and active equity funds. The plan is to begin with equity-focused ETFs. BlackRock manages approximately $5.1 trillion worth of ETF assets worldwide, which is more than a third of all assets managed by the company. This highlights the importance of this product line for its brand. Jio?BlackRock is currently India's 29th largest asset manager. "ETFs can be a good long-term investment." Retailers are now becoming more interested in ETFs, even though the Indian market is predominantly institutional. We can see by global trends that?ETFs are a popular choice of investment," said Sid Swaminathan. ETF INNOVATION CAN BOOST LIQUIDITY According to the Mutual Fund Industry Association, passive mutual fund assets in India amounted to 15.20 trillion rupees (or about 18.5%) of the industry’s average assets under administration, which totaled 81.94 trillion. Comparatively, equity index funds and ETFs make up about 45.3% (or more) of the long-term mutual and ETF assets held in the U.S. Swaminathan stated that tighter bid-offer margins and more innovative strategy could help improve liquidity and boost participation by retail in Indian ETFs. Within the next few months, the company plans to 'launch products' in GIFT City (Gujarat International Finance Tec-City), India’s low-tax financial centre that competes with centres like Singapore and Dubai. COMPLEX PRODUCTS?PROMPT PIVOT DISTRIBUTOR -LED MODEL Jio BlackRock's more complex products, such as special investment funds or GIFT City, are distributed by Jio BlackRock rather than digitally. This reflects the role that advisers continue to play in selling higher-ticket items. Swaminathan stated that the decision to "prioritise" those launches was partly driven by market conditions. India's Nifty 50 index has fallen 11.1% in 2026 due to foreign outflows and higher oil prices, as well as a slowing of earnings growth. MSCI's Asia-Pacific ex-Japan Index is up 18.2%.
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Markets rise as votes from overseas pour in and the race for Peru tightens up again
The race for Peru's presidency tightened up overnight, with candidates separated by less that 0.1%. Overseas votes are pushing the race to Keiko Fujimori. This is giving markets a boost on Tuesday. The main'stock -index' of Peru jumped more than 7% on Tuesday morning. U.S. listed shares like Buenaventura miner were up 8.2%, Intercorp Financial Services was up 12.9% and the iShares MSCI Peru Global Exposure ETF jumped by 6.7%. The local currency, the sol, was up by 2.45% against the dollar at 3.345. The increase is largely the reversal from a sharp drop on Friday, after leftist Roberto Sanchez, rattled investors and markets with his proposals to revamp Peru’s mining-heavy economic system, rose in the polls. He has advocated reforming the constitution and imposing wealth taxes. Fujimori has taken up the legacy of her authoritarian father, former Peruvian president Alberto Fujimori. He was jailed in connection with mass murders during his presidency. Fujimori was leading in exit polls and early counts, but Sanchez gained more ground as rural votes came in. Sanchez's lead grew to almost 50,000 votes Monday, but has now dropped to 20,000 as overseas votes continue to be counted. Sanchez is currently leading Fujimori with 49.94% to 50.06% with 95.95% votes counted. Alfredo Torres of Ipsos said that although the rural vote still tends to favor Sanchez, a significant part of the votes pending are from outside of the country. This is in favor of Fujimori. A total of?1.67% ballots are flagged for review. The majority of them are from the Lima metro region which is also Fujimori's stronghold. Torres, speaking to a local station, said that "doing the math" it is possible that the numbers now seen could be reversed. Both candidates have called for patience, and that all votes be counted. Peru's ONPE said that a complete count should be completed in July. (Reporting and editing by Alexander Villegas, Marco Aquino)
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Oil and dollar drop, while stocks lose steam
MSCI's global equity gauge retreated from its earlier gains as Wall Street investors waited anxiously for inflation data. The dollar also dropped along with oil prices in hopes of easing Middle East tensions following the ceasefire between Israel and Iran. U.S. Energy Sec. Chris Wright stated on Tuesday that the ship traffic in the Strait of Hormuz, a vital energy conduit, is increasing "very significantly." Israel's Tuesday attack on the historic port of Tyre, in southern Lebanon, killed at least eight people, but the progress towards a Middle East peace still seemed uncertain. Tehran had warned on Monday it would re-engage in hostilities should Israel continue to attack Hezbollah, its Lebanon-based ally. U.S. Treasury rates dipped as traders awaited the consumer inflation report for May, which is due on Wednesday. This will provide a better indication of whether or not price pressures continue to increase. S&P 500 technology's heavyweight sector was unable to hold gains earlier, which put pressure on both the benchmark index and the tech-heavy Nasdaq. Gene Goldman of Cetera pointed out that investors are anxious ahead of economic data, as they worry about elevated inflation fueling worries about the Federal Reserve. Investors are a little cautious as they worry about tomorrow's potential?high inflation numbers. Goldman stated that higher-than-expected inflation brings the Fed into the spotlight as a major risk. The CME Group's FedWatch tool shows that since the release of the stronger-than-expected May jobs report on Friday, traders are increasing bets the Fed will increase rates rather than cut them. According to the tool, the probability of a 25 basis point rate hike by December is now 43.4%, and the bets for a 50 basis point increase have increased from 12% the previous week. Wall Street opened at 11:01 am. The Dow Jones Industrial Average rose 145.62, or 0.29% to 50,931.63, while the S&P 500 dropped 16.64, or 0.22% to 7,389.09, and the Nasdaq composite fell 179.07, or 0.69% to 25,750.59. MSCI's global stock index rose 3.23 points or 0.29% to 1,104.19, after previously rising more than 1%. After paring gains, the pan-European STOXX 600 rose by 0.18%. BORROWING FEES In currency, the dollar index (which measures the greenback in relation to a basket of currencies that includes the?yen, and the Euro) fell by 0.22%, while the euro rose 0.23%, reaching $1.1561. The dollar gained 0.04% against the Japanese yen to 160.23. The yield on the benchmark 10-year U.S. notes dropped 0.2 basis point to 4.548% from 4.55% on Monday, while the 30-year bond yield increased 0.3 basis point to 5.0272%. The yield on the 2-year note, which moves typically in line with Federal Reserve interest rate expectations, dropped 1.7 basis points from Monday's 4.158% to 4.141%. Energy markets saw U.S. crude fall 3.94% to $86.70 a barrel while Brent dropped to $91.11 a barrel, a drop of 3.33% for the day. (Reporting from Sinead carew in New York; Amanda Cooper in London; Wayne Cole in Sydney. Editing by Thomas Derpinghaus & Gareth Jones.
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Sources say that China continues to issue fuel quotas in spite of export controls
Four?trade? sources said that China issued its second batch fuel quotas this year. The total is?18 millions metric tons. Despite existing export restrictions, the overall levels are largely unchanged year on year. China has cut back on outbound shipments since March to protect its domestic oil supply, in light of the protracted conflict in Middle East which is disrupting oil flow. Sources said that out of the total, 13 million tons quotas had been allocated for the export of gasoline, diesel, and jet fuel while 5 millions tons were reserved for marine fuel oil. Sources said that Sinopec, CNPC, and Sinochem received a total of 4,06 million?tons under the "processing" trade category. These quotas will be used primarily for exports to 'Hong Kong, and aviation fuel refueling at Chinese airports. Beijing allocated 19 million tons of the first batch quotas this year in December, while the second batch was 18 million tons last year. The?Commerce ministry of China was not available immediately outside office hours. Two of the four sources stated that the government had also given 8.94 million tons of quotas to six companies under the "general trade" category, but due to the current restrictions, only Sinopec and PetroChina are allowed to export. Estimated exports to ex-Hong Kong buyers, mainly in the Asia-Pacific area, for May and Juni were between 500,000-550,000 tonnes. Two separate sources familiar with the issue said that the government has vetted a list of countries receiving Chinese fuel in the past few months but is easing up on the scrutiny of June shipments. Reporting by Siyi Liu and Trixie Yap; Editing by Alison Williams
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Gold falls on fears of rate hikes ahead of U.S. Inflation data
Prices of gold fell on Tuesday as a result of the broader market sell-off, and rising expectations that interest rates will be raised in the United States this year. Investors are now focusing their attention on key inflation data to be released later this week. As of 11 am, spot gold was down 0.7% at $4,298.75 an ounce. ET (1500 GMT), following a fall of more than 1% in the previous session. U.S. gold futures for August delivery fell 0.9% to $4323.90. "Traders have become a bit nervous about the market. All markets across the board are now in risk-off mode. Bob Haberkorn is a senior market strategist with RJO Futures. He said that the current risk-off has led to a drop in gold. The Nasdaq Composite index, which is a tech-focused index, and the benchmark S&P 500 Index?were both down by 0.9% and 0.4% respectively. Haberkorn continued, "Gold and Silver remain under pressure until we get clearer direction from the Fed." The focus this week has shifted from last week's positive job numbers to the key inflation data, such as the U.S. Consumer Price Index for May on Wednesday and the Producer Price Index on Thursday. These are important indicators of the U.S. monetary policies outlook. If the U.S. Inflation data for May surprise to the upside again on Wednesday, then the gold price will likely fall even further. Commerzbank also said that this could increase the possibility of a recovery in the second half of the year if, as expected, the Fed does not raise interest rates. According to CME FedWatch, traders are pricing in a 70% chance of a Fed rate increase in December. The Middle East is showing signs of a possible peace agreement, which has pushed the oil price lower. This was after Iran and Israel announced that they had stopped their attacks against each other in response to an appeal by U.S. president Donald Trump. The higher crude oil prices can cause?inflation, and therefore keep interest rates high for longer. Gold is often viewed as an inflation hedge. However, higher interest rates can weigh down on this non-yielding material. Silver spot fell by 3.2%, to $65.98 an ounce. Platinum was down 1.1%, at $1.736.08, and palladium dropped 2.5%, at $1.234.93. (Reporting and editing by Shilpa Majumdar, Jonathan Ananda and Anushree mukherjee from Bengaluru)
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US Energy Secretary: Ship traffic in Strait of Hormuz is increasing'very significantly'
Chris Wright, the U.S. Energy secretary, said that the ship traffic through the Strait of Hormuz is increasing "very?meaningfully", as the conflict between the U.S. and Iran continues. Wright replied, "I'd say that it has risen very significantly" when asked about the ship traffic through the Strait in comparison to a few weeks ago. Wright said this at an Atlantic Council conference, adding that it will take many months before energy flows return to normal once the war is over. Since the U.S.-Israeli strikes on Iran, late in February, vessel movements have been largely blocked. This has disrupted around 20% of global supplies of oil and LNG. Some vessels are now 'transiting' the narrow waterway that borders Iran with their transponders off, and often under the cover of darkness. The disruptions to normal flow have caused a surge in global energy prices. This has upended economies all over the world, and created a political vulnerability for U.S. president Donald Trump and his Republican Party ahead of midterm election in November. Washington has been pushing for a peace agreement with Tehran that includes a complete reopening the strait. (Reporting and editing by Mark Porter and Alexandra Hudson.
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Canada's trade surplus reaches a 15-month high on the back of soaring crude oil prices
Statistics Canada reported that the Iran War has increased the price of crude oil, which is a major factor in the increase in Canada's April goods trade surplus. Analysts surveyed by? Analysts polled by? Statscan reduced March's surplus to C$1.75 from C$1.78. The total exports rose 1.6% to a record C$75.16 Billion in April. Exports of energy goods increased 9.7% in April after a 23.4% increase in March. Statscan stated in a comment that "Both increases were primarily due to higher prices which continued to increase in April despite the uncertainty created by the conflict in Iran." Crude oil experts, up 7.0%, contributed the most to this gain. Canada is the world's largest oil producer. Exports of metals and non-metallic minerals, which were booming in February and march, fell by 17.5%. The fall was largely due to lower shipments of gold to Britain. Stuart Bergman is the chief economist of Export Development Canada. He said: "April was quite a tug-of-war between gold and oil. 1.6% growth, in light of everything going on around us, is something we are certainly happy with." In a telephone interview, he stated that the May data should show continued growth in energy exports due to global supply shortages. Imports increased by 0.3%, reaching a record C$72.44 Billion, due largely to an increase of 16.9% in imports?of basic and industrial chemicals, plastics and rubber products. Analysts believe that the positive data will lead to a positive GDP growth in April after two consecutive quarters of negative growth. Ariane Curtis is a senior North America economist with Capital Economics. She said that Canada's improved?terms-of-trade since the Iran War suggests the trade surplus will continue to rise in the months ahead. The United States still dominates Canadian exports, despite Ottawa's efforts to diversify away from it amid a trade war between the two nations. Exports to the United States increased by 4.8%, reaching C$51.98 Billion, which represents 69.2%, the highest share of trade since September 2025. Imports increased 1.6%, to $42.50 billion. As a result, Canada's surplus with the U.S. grew to C$9.48billion, the highest since February 2025. Exports to other countries fell by 4.8% in April after reaching a new record in March. Exports to China reached a new record of $3.84 billion.
ANC on course to lose majority in South Africa's seismic election
The African National Congress looked set to lose the parliamentary majority it has actually held for 30 years, partial election results on Thursday showed, as voters penalized the former freedom motion for years of decline in South Africa.
While the celebration of the late Nelson Mandela looked likely to stay the largest political force, such an outcome would push it into a coalition with other parties for the very first time in the nation's post-apartheid history.
With results in from 42.1% of ballot stations, the ANC had amassed 42.7% of votes in Wednesday's survey. It won 57.5% of votes in the previous election in 2019.
Were that pattern to hold, the ANC would likely have a hard time to cobble together a majority through alliances with little celebrations, leaving it a potential option between three bitter rivals.
The ANC is in a trilemma, said political analyst Sizwe Mpofu-Walsh.
The partial outcomes launched by the electoral commission put the pro-business Democratic Alliance (DA) in 2nd place on 23.6%.
uMkhonto we Sizwe (MK), a brand-new party led by former president Jacob Zuma, was at 10% and consuming into ANC assistance, especially in KwaZulu-Natal - his home province and a standard stronghold of the ruling party.
MK had actually likewise surpassed the radical left Economic Freedom Fighters (EFF), presently the third biggest celebration in parliament, on 9.5%.
Zuma was forced to quit as president in 2018 after a string of scandals. He has actually given that thrown his weight behind MK - named after the ANC's armed wing from the apartheid age - however he was disallowed from meaning a seat in parliament due to a jail sentence.
MK is the reason the ANC is getting less than 50%,. Oscar Van Heerden, senior research fellow at the Centre for. African Diplomacy and Leadership at the University of. Johannesburg, informed .
The ANC has actually won every national election since a landmark. 1994 vote ended white minority rule and brought Mandela to. power.
But the last decade has seen the ANC wracked by duplicated. corruption scandals while South Africans have actually viewed the. economy stagnate, joblessness and hardship climb and. facilities collapse, leading to regular power interruptions.
' DISASTER FOR SOUTH AFRICA'
Pollsters and 2 of the nation's three main broadcasters. anticipated that the final results would verify that the ANC had. lost its majority.
Mosotho Moepya, the chairperson of the Independent Electoral. Commission, warned against checking out excessive into the early. results, nevertheless.
At the moment we are trying to handle a photo that is. half-baked, possibly not even half-baked. It's still in the oven,. he informed a news rundown at the national counting centre.
Under South Africa's proportional ballot system, parties'. shares of the vote determine the number of seats they get in the. National Assembly, which then elects the next president.
That might still be the ANC's leader, incumbent President. Cyril Ramaphosa. However, a humiliating proving at the polls. risks fuelling a leadership obstacle.
Financiers and business community have actually voiced concern. over the possibility of a coalition with the EFF, which is calling. for the seizure of white-owned land and the nationalisation of. mines and banks, or with Zuma's MK.
The ANC shares some policy positions with the EFF and MK. Both. Zuma and EFF leader Julius Malema are former ANC members who. fell out with its leadership.
Though the DA has actually vowed to oust the ruling party, its leader. John Steenhuisen has not eliminated a collaboration to block what. he has called a end ofthe world coalition with the ANC bringing the. EFF or MK into federal government.
That would alarm investors. It would tank the economy. It. would be a catastrophe for South Africa, Helen Zille, chairperson. of the DA's federal council, told .
But she added that the DA had not gotten in union talks. with any celebrations.
The rand fell more than 1% versus the U.S. dollar. on Thursday while the broader equity index dropped almost. 1.9%. Local and global bonds likewise came under pressure.
Talking to , ANC Deputy Secretary-General Nomvula. Mokonyane said she had actually been surprised by the results in. KwaZulu-Natal, where MK was running well ahead of the ANC.
It's still early, we wish to offer ourselves the space to. reflect. The race is not yet over, she said.
On the other hand, the MK celebration was victorious, knocking what it. called Ramaphosa's depressing regime.
By law, the electoral commission has seven days to state. complete outcomes, however in practice it is normally faster than that.
The brand-new parliament should assemble within 14 days of last. results being stated and its first act should be to choose the. nation's president.
(source: Reuters)