Asia

The price of oil fell on Tuesday, despite a major winter storm that hit the crude production in the U.S. Gulf Coast and affected refineries. Brent crude futures fell 28 cents or 0.4% to $65.31 per barrel at 0145 GMT. U.S. West Texas Intermediate Crude was $60.39 per barrel, down by 24 cents or 0.4%. Analysts and traders estimate that oil producers in the U.S. lost up to two million barrels of oil per day, or about 15% of the nation's production, over the weekend. This was due to a winter storm which swept through the country and put strain...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence will accelerate the trend of technological leaps that have been a hallmark of U.S. efficiency, flexibility and dynamism. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a good footing. Demand at home and abroad has been robust since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI...

India and the European Union have completed negotiations on a long-coveted deal which will be announced Tuesday, said?the South Asian nation’s trade secretary on Monday. Both sides hail this agreement as?historic in light of strained U.S. relations. The agreement paves way for the free exchange of goods between India and the 27 European nations, who together account for a quarter the world's Gross Domestic Product and have a combined market of over 2 billion consumers. "It's a deal that is balanced and forward-looking for better integration of the EU into the economy." "The deal will boost trade and investment between...

The U.S. economic system is experiencing a productivity boom, and it may even be spreading globally. Artificial intelligence (AI) is expected to accelerate these trends. However, there are some early signs that AI's benefits may be spreading. The Purchasing Managers' Index (PMI), released on Friday, showed that British businesses have started the year off on a high note. Demand at home and abroad has been robust. This is the fastest growth in output since April 2024. The pace of job loss has also increased since December. Since late 2024, the sub-indices of employment in Britain's PMI have been below that...

A statement said that the Olympic Council of Asia and the Saudi Arabian Olympic Committee had agreed to postpone 2029 Asian Winter Games. The games were to be held in a spectacular mountain resort as part of the NEOM mega project. In the joint statement, neither organisation provided a new schedule or a reason as to why the delay occurred. The postponement is a blow to the Kingdom, which had committed to hosting several major events in the coming decade. The 2034 FIFA World Cup, the 2030-2031 Riyadh Expo and the winter games had set clear deadlines to advance vast...

The United States imposed sanctions Friday on 'nine vessels from what is called 'the shadow fleet' and eight firms related to them, according to the United States. The Treasury Department issued a statement as Washington sought to increase pressure on Iran for the recent killings of protesters. Treasury stated that the vessels, their owners, or management companies, including?entities located in India, Oman, and the United Arab Emirates have collectively "transported hundreds millions of dollars worth of Iranian petroleum and oil products to foreign markets." The sanctions imposed today are aimed at a key component in how Iran raises funds to...

Hardeep Singh Puri, the Oil Minister, said on Friday that India could leverage its increasing energy demand to secure better deals for oil and gas supplies, while its refiners are still looking for alternatives to 'Russian oil. India was the largest buyer of Russian crude oil after Moscow invaded Ukraine in February 2022. However, Western sanctions forced Indian refiners eventually to import more from other sources. Puri, a senior Indian official, said that Indian officials had avoided directly mentioning Russian oil imports. However, he added that the supply from "one source", which had surged following February 2022 is now decreasing....

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The "Sell America' trade is back in the news, and even though it may quieten down after reports of U.S. president Donald Trump's possible Greenland deal it's safe to assume that it won't?go away. We've done this before. Last year, the term "de-dollarization", which was coined by Trump's tariffs-based trade war, became a buzzword. Investors were worried that they would reduce their exposure to U.S.-based assets. This?didn’t happen. U.S. Treasury official figures show that foreigners purchased a net of $1.27 trillion in U.S. Securities during the first eleven months of last year. This was primarily due to a flood of...

The oil price dropped by about 2% on Thursday, reaching a new low. This was after U.S. president Donald?Trump backed down on his threats against Greenland and Iran and on positive developments that could help end Russia's war in Ukraine. Brent futures dropped $1.18 or 1.8% to settle at $64.06 per barrel. U.S. West Texas Intermediate crude (WTI), however, fell $1.26 or 2.1% to settle at $59.36, which is a new one-week low. Trump claimed that he had secured permanent U.S. access in Greenland through a deal with NATO. The head of the alliance said allies must increase their commitment...

On Monday, copper prices reached their highest level in over a week as?attention shifted back to the expectations of strong supply and demand disruptions. Meanwhile, tin prices fell after reaching record highs due to?position limitations imposed by China. As of 1700 GMT, tin on the London Metal Exchange was down 3.9% to $54,010 per metric ton after reaching a session record of $57,515 in the previous session. Copper rose 0.8% to $13,220.50 per ton, after reaching $13,311 as its highest since January 14. Copper, which is widely used in the construction industry, has reached a record price of $13,407 per...

On Monday, gold prices soared to record levels of $5,100 as investors sought refuge from the international political turmoil. Silver and platinum prices also reached new highs. By 11:37 am, spot gold had risen 1.9% to $5,076.43 per?ounce? After hitting a new record of $5,110.50, ET (1637 GMT), gold prices were up 1.9% to $5076.43. U.S. Gold Futures for February Delivery gained 1.9%, to $5 074.10. Gold prices are supported by the elevated level of geopolitical uncertainty and economic instability. Central banks continue to be strong buyers, as they diversify their foreign exchange reserves and decrease reliance on the U.S....

Century Aluminum will take a 40% share in a U.S. aluminum smelter planned by Emirates Global Aluminium. This is the first primary aluminium plant built in the United States in nearly 50 years. EGA,?which retains 60% of the joint-venture, announced plans to construct the smelter at Inola in?Oklahoma in May 2025. The financial terms of the transaction were not disclosed by either company. EGA said last year that it was expecting to invest $4 billion in the development of the project. The smelter will now be able to produce 750,000 tons of aluminum annually, up from the previous 600,000 tons,...

On Monday, gold?prices soared to a record high of $5,100 as investors sought refuge from the international political turmoil. Silver and platinum prices also reached all-time records. Spot gold was up 2% to $5,079.66 per ounce at 8:15 am. ET (1315 GMT), after reaching a record of $5,110.50. U.S. Gold Futures for February Delivery gained 2%, to $5 078.50. The dollar's weakness, which has remained near its multi-month low for the past few months, made dollar-priced asset more affordable to holders of other currencies. Adrian Ash, BullionVault's head of research, said that "Trump and Trump" will be the main drivers...

According to two sources familiar with the situation, negotiations with Emirates Global Aluminium are slowing down, but that does not mean that the potential sale of Brazilian aluminium manufacturer Companhia Brazileira de 'Aluminio has stopped. One source said that the process is still competitive. One person and another source involved in the negotiations said that China's Aluminum Corporation?of China, and a potential third bidder were actively pursuing the deal. One?of the sources stated that an announcement could be made within days or even weeks. Negotiations could still fail, however. CBA's shares were up 5% in Brazil at mid-morning trading on...

The companies announced that Zijin Gold would buy Canada's Allied Gold at a price of?about C$5.5billion ($4.02billion) in cash. This is as the Chinese miner accelerated its global expansion amid record-high yellow metal prices. Gold prices have risen, boosting margins and cash flow for miners. This has led to consolidation as large producers look to boost production through acquisitions instead of developing new mines. Canada and China have also agreed to a deal to improve their relationship after reaching a preliminary agreement this month to reduce tariffs on canola and electric vehicles, while vowing to lower trade barriers and enhance...

ArcelorMittal Kryvyi Rih is Ukraine's biggest steelmaker. It announced on Monday that it will close one production unit?in the 2nd quarter. The company cited EU environmental policies and high local power prices due to Russian attacks on energy infrastructure. The plant in Ukraine's south-east, approximately 70 km from the frontline, will close its blooming mill. This mill produces?billets to be used by the small-gauge mills and wire mills of the enterprise. The company stated that the introduction of the Carbon Border adjustment Mechanism by the European Union on?January 1, effectively closed the market for a significant part of Ukrainian metallurgical...

Iron ore futures fell on Monday, as traders were cautious in the face of a tepid global geopolitical environment. However, rising inventories and recovering hot metal production suggest that prices have more room to rise. The 'May' iron ore contract most traded on China’s Dalian Commodity Exchange was 0.95% lower, at 784.5 Yuan ($112.77) per metric ton. As of 0708 GMT, the benchmark February iron ore traded on Singapore Exchange was $103.35 per ton lower. A trader with knowledge of the situation said that traders are generally cautious in a geopolitical environment where prices for Singapore iron ore remain?below $100...

On Monday, gold surged above $5,100 per ounce, continuing a historic rally, as investors piled in to the safe-haven investment amid 'rising geopolitical uncertainty. Gold spot was up 2.2% to $5,089.78 an ounce at 0656 GMT after having earlier reached a record high of $5110.50. U.S. Gold Futures for February Delivery also gained the same amount, to $5.086.30 an ounce. The metal's price soared by 64% between 2025 and 2026, the biggest gain in a single year since 1979. This was due to safe-haven demands, a loosening of U.S. monetary policies, central bank purchases, including China's 14th consecutive month of...

Investors piled into gold, the safe-haven investment amid increasing geopolitical uncertainty. Gold spot rose 1.5% by 0544 GMT to $5,058.09 an ounce, after hitting a record high of $5.092.71 earlier. U.S. Gold Futures for February Delivery gained 1.6%, to $5.056.60 an ounce. The metal's price soared by 64%, its largest annual gain since 1979. This was driven by the demand for safe havens, a loosening of U.S. monetary policies, central bank purchases, including China's 14th consecutive month of purchasing in December, as well as record inflows to exchange-traded fund. The prices have increased by more than 17% in the last...

The nickel price has been on a rapid rise as investors bet that Indonesia, which is the world's biggest producer of battery metals, will slow down its explosive output growth. The London Metal Exchange (LME) 3-month metal has risen from a low of $14.235 per metric tonne in mid-December to a peak of $18,905 on January 14, a level last traded in 2022. Indonesia's Energy and Mineral Resources minister Bahlil lahadalia, in mid-December, triggered a nickel resurgence with his?promise? to cut production. An official from the Energy Ministry confirmed that this year, the annual mining permits for ore will be...

Iron ore futures dipped as traders were cautious in the face of a tepid global political backdrop. However, recovering hot metal production and increasing inventories indicate that prices have more room to grow. As of 0312 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange (DCE), traded 0.51% higher at 788 Yuan ($113.29). The benchmark iron ore for February on the Singapore Exchange fell by 0.93% to $103.6 tonne. A?trader with knowledge of the issue said that traders are generally cautious in a geopolitical climate where prices for Singapore iron ore remain below $100 per ton....