Asia

The U.S. House of Representatives approved legislation Thursday that would provide 'aid to Ukraine' and impose new Russian sanctions. This is the latest indication that Republicans are willing defy their party leaders and push back against President Donald Trump. The House passed the Ukraine Support Act 226-195. It had been pending for months. A few Republicans signed a petition with Democrats to force a vote. On Thursday, Democrats and 18 Republicans joined forces with one independent who usually votes along side them to pass the bill. This was the latest indication of a rift in the nearly unanimous support that...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Residents in Gaza, Lebanon's south, northern Israel, and Kuwait have all been under fire in the past week, despite ceasefires that were supposedly in place in these regions, arranged by the United States. Israeli airstrikes struck Gaza and Lebanon. Israeli forces are still "actively" deployed in both locations. Hezbollah launched rockets at northern Israel and Iranians attacked Kuwait's airport. The violence has continued. The continued violence prompted?U.S. The three?truces that his administration negotiated were intended to?stop the war. While the major combat has been greatly reduced, munitions still fall and people still die. Here's how the ceasefires and fighting are...

Russian-controlled Crimea tightened rationing on?fuel supplies Thursday. It suspended all cash sales of gasoline, and issued a 'new coupon' to buy it. The peninsula is grappling with a shortage of fuel linked to Ukrainian drone attacks. In recent days, drivers in the Crimea region, which was annexed from Ukraine by Russia in 2014, faced long queues at gas stations after Kyiv's attacks restricted supplies from adjacent Russian-controlled territory in southeast Ukraine. Sergei Aksyonov - the Kremlin's appointed head of Crimea - announced the new measures, which tighten restrictions on petrol sales imposed a month ago. He said that the sale...

India and Venezuela tried to strengthen their ties on Thursday in the 'energy sector. New Delhi said that Caracas views it as a 'preferred partner in this sector, at a moment when global oil supplies are disrupted due to the Middle East Crisis. Venezuela's interim president Delcy Rodriguez, along with a large delegation of ministers, is in India and met with Indian Prime Minster Narendra Modi Thursday. Rudrendra Tandon (East), Secretary in the Indian Foreign Ministry, said at a press briefing that the discussions between the two parties focused on cooperation in both upstream- and?downstream-energy projects. Tandon stated, "We work...

Federal Reserve quarterly "dot-plot" rate forecasts could soon lose the last projected rate reduction, the so called easing dot. The plot itself may disappear altogether. Markets would then have to determine if Kevin Warsh was really the inflation-hawk he claimed to be. It might still be a surprise to some investors if he's right. Before his first policy meeting, the new Fed chairman is busy setting up his stall. He consults his staff and gets ready for his first policy session. The guidance he receives on policy direction is not going to be easy. The three-month-long war in Iran and...

?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S....

A business survey released on Wednesday showed that the UAE's private non-oil sector grew only modestly in May, as the war in the area weighed on the output and growth of new businesses. The S&P Global UAE Purchasing Managers' Index, adjusted for season, rose from 52.1 to 52.6 in the month of May. This index is still above 50 which separates growth from contraction. The continued disruption of maritime trade in the UAE had a cascading effect on the economy during May. Export orders fell in May due to both the shipping disruption and the uncertainty about how long the...

A survey on Wednesday showed that the non-oil sector in Saudi Arabia expanded at its fastest pace in three month in May as domestic demand improved. Supply chains also stabilised. However, business optimism was still'subdued' due to conflict in the region. S&P Global's seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index rose from 51.5 to 52.8 in the month of May. The 50-mark?distinguishes growth from contraction. The output accelerated the most in three months after the March downturn that followed the start of the Iran War.?Firms cited normalising work conditions, renewed contracts, and stronger local demand. The subindex of...

Cambodia has been relying on the little-used UN arbitration procedure known as "compulsory reconciliation" to settle a long-running maritime border dispute with Thailand. It is hoping that this will resolve the dispute and allow it to unlock potential oil and natural gas resources worth billions of dollars. What is the CAMBODIA - Thailand dispute about? Since more than 25 years, Cambodia and Thailand both claim about 26,000 square kilometers of?sea? in the Gulf of Thailand. It is estimated that the disputed maritime belt contains nearly 12 trillion cubic foot of natural gas, and large quantities oil worth about $300 billion....

Local authorities reported on Tuesday that the Ilsky oil refinery, located in southern Krasnodar, caught fire overnight after an Ukrainian drone attack. This is part of Kyiv’s campaign to starve Russia’s economy of its oil revenues. Kyiv has targeted Russia's energy grid in a systematic effort to limit Moscow’s ability to fund its four-year-old war in Ukraine, at a time when global oil prices are high. The Ukrainian General Staff confirmed that it has'struck again' the Ilsky refinery, stating that?the facility produces fuel for the Russian Army fighting in Ukraine. There was no immediate word on whether the refinery, which...

India's leading?carmakers have reported increased sales in May. Maruti Suzuki, the market leader, said that bookings for its compressed -natural -gas vehicles had risen by 40% as fuel prices rose because of the energy shock caused by the Iran War. India increased petrol and diesel prices four times in May to offset losses due to soaring crude oil costs related to the Iran conflict. This added to the automakers' woes, as they are also dealing with higher raw materials costs, supply chain disruptions, and labour issues. All automakers reported increased domestic sales on Monday. Mahindra &?Mahindra, a maker of SUVs,...

The?Nikkei?share average in Japan retreated for a second straight session on Friday after closing at an all-time high earlier this week, as momentum slowed down in the?hot technology sector. The Nikkei Index, the benchmark index, fell 1.3% and closed at 66588.12, posting a gain of 0.3% for the week. The Topix index, which is a broader measure of the market, fell 0.07% to 3,599.09. The Nikkei closed at a record high of 68.402.13 on Wednesday, and it has gained 34% this year. The Nasdaq, the tech-heavy stock market in the United States, closed lower. Overnight, Broadcom missed its revenue targets...

Gold prices dropped on Friday and were set to?for an overall loss? as tensions in Middle 'East tempered?hopes of a U.S. - Iran peace deal amid fears about rising inflation and rate hikes. As of 0548 GMT, spot gold was down by 0.6%, at $4,445.51 an ounce. The price of gold has dropped about 2% in the last week. U.S. Gold Futures for August Delivery fell by 0.7% to $4471.70. Israel has said that it will not withdraw its troops from Lebanon, despite the rejection of a ceasefire by Hezbollah's?militia. This undermines President Donald Trump’s efforts to stop fighting in...

Gold demand in India was subdued as buyers were on the sidelines because of?volatile overseas prices. Premiums?in China also eased slightly. On Friday, the price of domestic gold was around 158.400 rupees for 10 grams. Dealers quoted discounts This week you can save up to $87 per ounce on official domestic prices, including 15% import duty and 3% sales tax. Last week, you could save up to $106 per ounce. The wedding season is coming to an end. The retail demand is continuing to moderate and jewellery stores are reporting lower footfall in the country, said a Mumbai bullion dealer...

South Korean stocks plunged on Friday, and are headed for the steepest weekly decline since 'late March. A global retrenchment in technology and the stalled U.S. Iran?peace negotiations?have severely impacted investor risk appetite. The Korean won fell to its lowest level against the US dollar since 2009. Bond yields also spiked. This prompted government officials, including Finance Minister Koo Yun Cheol, to issue a verbal warning about speculative bets. Broadcom's disappointing results on Wall Street sent semiconductor stocks tumbling. Investors who bet heavily on the demand for Broadcom's custom AI chips were disappointed. The Philadelphia semiconductor index fell 2.2%. KOSPI,...

The price of copper was expected to rise despite the?drop on Friday. Tighter supplies and a?bullish mood helped to offset macroeconomic worries related to?the Iran War and inflation. Benchmark three-month Copper on the?London Metal Exchange fell 1.23% at $13,761 per metric ton as of 0300 GMT. This still represents a 0.8% rise for the week. The Shanghai Futures Exchange's most active copper contract fell 0.39%, to 105230 yuan (15,529.81 dollars) per ton. Daniel Hynes is a senior commodity strategist at ANZ. He wrote a note Friday that copper has shown?resilience to macroeconomic headwinds. "Structurally driven demand offsets cyclical weaknesses," he...

Gold prices dropped on Friday and were set to suffer a weekly loss as tensions in the Middle East dampened expectations for a U.S. Iran peace deal, amid fears of rising inflation rates and interest rate hikes. As of 0402 GMT, spot gold was down by 0.7%, at $4,442.94 an ounce. It is down about 2% this week. U.S. Gold Futures for August Delivery?fell by 0.8% to $4469.10. Hezbollah, a militia backed by Iran, rejected a ceasefire in Lebanon. Israel also said it would not withdraw its troops from Lebanon. This undermined the efforts of U.S. president Donald Trump to...

Gold prices dropped on Friday and were set to suffer a weekly loss as tensions in the Middle East tempered hopes of a U.S. Iran peace deal, amid fears about rising inflation rates and interest rate hikes. As of 0225 GMT, spot gold was down by 0.5%, at $4,452.20 an ounce. It is down about 1.8% this week. U.S. Gold Futures for August Delivery fell?0.6% at $4,478.50. Hezbollah, a militia backed by Iran, rejected a ceasefire in Lebanon. Israel also said it would not withdraw its troops from Lebanon. This undermined the efforts of U.S. president Donald Trump to stop...

The price of iron ore continued to fall on Friday, and was'set for a fourth consecutive weekly loss' as falling margins at steelmakers in China, the top steel-making consumer, curbed demand for this?key ingredient. By 0245 GMT, the most traded iron ore contract at China's Dalian Commodity Exchange(DCE) had fallen 0.95%, to 766 Yuan ($113.05), a metric tonne, and has lost 2.1% for the week. Earlier in the session, the contract reached its lowest level since 15 April? at 760.5 Yuan. As of 0235 GMT the benchmark July iron ore traded on?the Singapore Exchange remained unchanged at $101.5 per ton....

The gold price rose?on Thursday as a result of lower?oil prices and a 'weaker dollar. Investors reassessed renewed expectations regarding a U.S. - Israel war against Iran. As of 0408 GMT, spot gold rose 0.7% to $4,464.69 an ounce. U.S. gold for August delivery rose 0.6% to $4491.70. Dollar eased making greenback bullion prices more affordable for holders other currencies. Gold's gains are still heavily dependent on oil and the dollar. It only rises when they retreat, so it is highly dependent on the positive U.S. Iran headlines to sustain any momentum," said Tim Waterer, Chief Market Analyst at KCM...

Iron ore prices continued to fall on Thursday, reaching a 'lowest level in over six weeks.' This was due to rising concerns regarding demand from 'China, the worlds largest steel consumer. Iron ore, the most traded contract on China's Dalian Commodity Exchange(DCE), fell by 0.96% at 0327 GMT to 774.5 Yuan ($114.32) per metric ton. This was its lowest level since April 20, As of 0317 GMT the benchmark?July Iron Ore traded on the Singapore Exchange had fallen 0.93% to $102.7 per tonne, after having hit its lowest level since April 14, at $102.5. Analysts said that demand for iron...

Gold prices rose on 'Thursday', supported by lower crude oil prices and a weakened?dollar as investors reassessed renewed expectations of a resolution to U.S.-Israeli conflict with Iran. As of 0218 GMT, spot gold rose 0.7% to $4,461.09 an ounce. U.S. Gold Futures for August Delivery gained 0.5%, to $4487.90. Dollar eased making greenback bullion prices more affordable for holders other currencies. Gold's gains remain largely at the mercy of the dollar and oil. It only rises when they pull back. This makes it dependent on positive U.S. - Iran headlines to sustain momentum, said Tim Waterer. The Trump administration announced...

At a Wednesday briefing, a German government official said that a window of 'dialogue' is opening slowly between Russia and Europe on Ukraine. However, it will likely be months before any talks can begin. The official who requested anonymity said that it was important to create a dialogue format that Europeans would perceive as legitimate. The official also said that it was unclear who would lead these talks. However, there were strong indications that the E3 Group (Germany, France, and Britain) will continue to play a significant role in this regard. The Russian advance has slowed down this year. Ukrainian...