Asia

Iran threatened the United States with "economic warfare" on Tuesday and said it had ?fired an advanced missile at U.S. warships,underscoring the risks of further escalation in the war only days after both sides traded blows again. The six-month war has been marked by periodic flare-ups and pauses. Last Saturday, U.S. forces attacked three Iranian oil tanks. Iranian state media reported on Sunday that Iran had fired the Qassem Basir rocket. Iran continues to block shipping in the Strait of Hormuz despite U.S. efforts to open it. There is also no progress toward a diplomatic breakthrough which could end the...

Data from the analytical agency Autostat revealed that new electric vehicle sales in Russia have more than doubled during the summer months as shortages caused a result of Ukrainian attacks on refineries, boosted demand for alternatives to cars powered by combustion engines. The data provided showed that sales of new plug-in or electric hybrid passenger cars were mainly manufactured in China. They reached 26,543 units from June to August of this year. This is up from 12,187 units during the same period in 2025. Kyiv's attacks on major Russian refineries intensified in early June. They forced some to stop operations...

Weapons experts reviewed video and images verified by the Iranian authorities and concluded that it was likely a direct strike by an American munition, not a ricochet from another target. The incident in Kuhestak, a small town in Iran, has reignited concern about the civilian cost of the U.S.-Iran war. It is the most dramatic case to date since a missile hit an Iranian primary school and killed scores of students and teachers in February. U.S. Central Command announced that its forces had carried out multiple strikes in Iran's southern region on Sept. 1. These targeted air defense systems, radars,...

A senior Russian banker revealed on Wednesday that India, the world's second largest importer of Russian oil, has built a functional payments infrastructure using roubles. India increased its imports of Russian oil at a discount due to Western sanctions, resulting in a record-breaking $70 billion trade between Russia and India in 2024. The bilateral trade dropped in 2025 when the sanctions were tightened, but recovered in the first half 2026. "There are no problems in the settlements between Russia & India." Ivan Nosov is the head of Sberbank India. He said, "I am prepared to say that this is a...

Three sources 'close to the issue' told us that OPEC+ will likely keep its oil production?policy for October unchanged at a meeting this Sunday. The producer group has completed the unwinding one layer of cuts in production and is now focusing on 2027 quota negotiation. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This reduces OPEC+’s influence on prices and market share. The group's decisions on supply now have less impact on the market than in the past. The meeting on Sunday will include seven core OPEC+ countries: Saudi Arabia (and Russia), Kuwait, Algeria and...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is cashing in as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a surge of demand for equipment from transformers to advanced cooling systems. This has created winners throughout Asia's supply chains, though earlier stock price gains have moderated. McKinsey predicts that data centres will be worth $7 trillion by 2030. Nvidia said 'last week' it expected AI spending to continue for many years. It is getting harder to build data centres quickly enough to meet the demand. According to...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is taking advantage of a global construction frenzy as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a?surge in demand for equipment from transformers and advanced cooling systems. This has resulted in?winners throughout Asia's supply chains, although earlier stock price gains have moderated. McKinsey predicts that nearly $7 trillion will be invested in data centres worldwide by 2030. Nvidia said last week it expects AI expenditures to continue for many years. It is getting harder to build data centres quickly...

People familiar with the plant's operations reported that Valero Energy Corporation's Port Arthur refinery, which produces 385,000 barrels per day (bpd), suffered a partial blackout on Tuesday night due to Tropical Storm Edouard. Sources said that the refinery's smaller AVU 147 crude distillation units were shut down due to the power outage at the south end of the plant. The larger AVU 146 CDUs were operating on minimum crude processing levels. CDUs start the fuel production process by breaking crude oil down into feedstocks that are used in the units which make gasoline, diesel, lubricating oil, and feedstocks to make...

Nvidia may be synonymous with AI, but a group of lesser-known power and cooling equipment providers is also cashing in on the global data center construction boom as developers rush to avoid infrastructure bottlenecks. The energy-hungry data centers have created a surge of demand for equipment from transformers to advanced cooling systems. This has created winners throughout Asia's supply chains, though earlier stock price gains have moderated. McKinsey predicts that data centres will be worth $7 trillion by 2030. Nvidia said last week it expected AI spending to continue for many years. It is getting harder to build data centres...

Gulf stock markets rose in early trade Tuesday on higher oil prices, while United Arab Emirates stocks were subdued as renewed fighting between the United States and Iran dampened investor sentiment. Brent crude traded at $91.94 per barrel as of 0804 GMT, an increase of 1.6%. Qatar's benchmark rose 0.6% with all sectors in positive territory. Qatar Fuel Company gained 4.6% while Qatar National Bank (the region's biggest lender) added?1.1%. Saudi Arabia's benchmark stock index increased by 0.3%. Healthcare, materials, and energy stocks led the way. Saudi Aramco, the oil giant, gained 0.7% while Rabigh Refining and Petrochemical soared by...

The Iranian conflict has continued to affect the supply of refined petroleum products in Asia. In August, the region that consumes the most refined fuels saw its imports drop to their lowest level since the start of the war. Asia's imports of light and medium distillates were estimated at 5,10 million barrels a day (bpd), down from 5,61 million bpd during July, according to Kpler data, a commodities analyst. Imports are down by about 2 million bpd, compared to the 7.06 million bpd average in the three months prior to February 28, when Israel and the U.S. launched airstrikes against...

The music publishing divisions of Sony Music 'and 'Warner Music sued Anthropic at the federal court in California for allegedly using their copyrighted compositions as a basis to train Claude AI models. Sony and Warner stated in their complaint filed on Friday that Anthropic had pirated hundreds song lyrics and sheet songs from The Beatles to Taylor Swift to Michael Jackson to train Claude to respond to human prompts. This lawsuit is part of a series of similar cases filed by copyright holders, including publishers, authors, music labels, and news outlets, against tech companies for using their work in AI...

The dollar was weaker on Monday and the prospects of shortages outside the U.S. boosted the price of copper. The traders said that the U.S. holiday meant volumes would be muted and that they were focusing on copper and zinc. The benchmark copper price on the London Metal Exchange was 0.2% higher, at $14.443 per metric ton. It reached $14,467 earlier in trade, its highest level since January's all-time high of $14,527.50. Since President Donald Trump proposed import tariffs last February, traders and producers have shipped large amounts of copper to the U.S. Comex copper stock levels are at a...

Volkswagen announced on Monday a preliminary agreement that will see one of its German plants switch over to defense production. This is a major step in the automaker’s effort to restructure factories struggling to compete against lower-cost Chinese competitors. The deal could be a blueprint for other Volkswagen plants facing an uncertain future, as Europe's biggest carmaker embarks upon its largest ever restructuring in order to revive margins while combating chronic overcapacity on its stagnant European markets. Volkswagen, under the initial terms of this deal, will sell its Osnabrueck factory to Israel's Aurelius Capital, and Volkswagen's own state of Lower...

China's central banks increased its gold -purchases in August for the sixth consecutive month. This is the highest amount of bullion added to their?reserves? since October 2023. Gold holdings of the People's Bank of China rose from 76.08 to 76.73 millions fine troy-ounces by the end of August. The 650,000 ounce addition was slightly higher than the 640,000 added in July, and it is the largest monthly increase since October 20, 2023 when holdings increased by 740,000 pounds. Since March, when central?bank added 160,00 ounces of gold, the pace of 'purchases' has increased. In June, it added 480,000 ounces. China...

Rescuers pulled two survivors out of a tunnel connected to a 'hydropower station' on Nepal’s Trishuli River, on Friday. This was nine days after a glacier collapse caused a torrential mud, rock and ice that killed over 1,300 and left more than 5,600 people missing. Here is a list with some of the major rescue operations. Rescuers drilled through rock, concrete, and earth to free 41 workers who were trapped in a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char-Dham highway, which connected four Hindu pilgrimage sites in northern India. After sudden monsoon rainfall blocked...

Rescuers pulled out two survivors on Friday from a tunnel connected to a hydropower plant on Nepal's Trishuli River, nine days after the glacier collapse that caused a torrent of ice and mud. Here is a list with some of the most important rescue operations. Rescuers in 2023, who used drills to remove debris such as rock, earth and concrete, rescued 41 workers trapped inside a collapsed Himalayan tunnel for 17 days. The tunnel was part of the Char Dham highway, which connected four Hindu pilgrimage locations in northern India. 2018 - A group of 12 boys, their soccer coach...

The U.S. Dollar's overnight drop has helped to offset the pressure of receding supply fears. By 0300 GMT, the benchmark three-month copper price on London Metal Exchange had risen 0.06% to $14,342 per metric tonne. This puts the metal on course to gain 0.03% in this week's trading, marking its tenth consecutive weekly gain. The Shanghai Futures Exchange's most traded copper contract rose by 0.58%, to?109.170 yuan (16,254.73) per ton. After comments from Fed Governor Christopher Waller, the dollar fell overnight as expectations of a rate hike dwindled. CME's Fedwatch shows traders are now pricing in an even chance of...

Aluminium prices rose for the fifth consecutive session on Thursday. They reached their highest price in over three weeks due to tight supply and a weaker dollar. As of 1600 GMT, the benchmark three-month aluminum?on London Metal Exchange was up 0.8% to $3,308.50 per metric tonne. Metal prices had risen to $3,328.50 earlier today. This was the highest since August 12. EwaManthey, commodities analyst at ING, said: "Aluminium's price is being supported by tightening physical markets and the expectation of stronger seasonal demand in China." LME aluminium stocks The Shanghai Futures Exchange inventories of metals in China are at the...

Hungary's Prime Minister Peter Magyar announced on Thursday that the maximum fine for large manufacturers, including battery manufacturers, will be raised to $5 billion forints. This is a change from his predecessors efforts to attract EV battery plants. Former premier?Viktor Orban who was ousted from power by Magyars in April after 16 years of rule, made a big bet on EV batteries. He attracted foreign investment, mostly from South Korean and Chinese companies, and turned Hungary into a major hub for Europe. Magyar stated that a new environmental authority, announced by the government earlier this summer will monitor strictly battery...

A record low smelter treatment term, a year of underperformance by mines and a scramble to get metal at the London Metal Exchange. If you think this is the description of the copper markets, then think again. Zinc is under pressure now, even though copper may face a structural shortage in the future. LME zinc for three months hit a four-year-high of $3,990 per ton on Monday. LME stocks have remained low throughout the year. The registered inventory is 100,525?tons but nearly a third are in the form?cancelled warrants? awaiting physical loading-out. The time-spreads will be emphasized in a similar...

Copper and zinc were the two base metals that fell the most on Wednesday, as the conflict in the Middle East intensified. U.S. troops struck Iran, while Iranian forces fired at American bases throughout the region. This stoked fears of inflation due to higher oil prices. Benchmark three-month Copper on the London Metal Exchange fell by 1% to $14,133 per metric ton at 1007 GMT after reaching $14,092, which was its lowest level since August 21. Metal also fell below the support of the 21-day average price of $14,162. John Meyer, analyst at SP Angel, said that "all the base...

Gulf equities fell in the early trade on Wednesday, after the United States and Iran exchanged strikes over night. This dampened hopes for a rapid easing of tensions?in?the Middle East. Washington claimed to have carried out airstrikes overnight on Iranian targets, provoking a reaction from Tehran. This is the most serious escalation of tensions between the two nations in recent weeks. Iran's Revolutionary Guards claimed to have?fired missiles at an American military base in Jordan and alleged that they?had inflicted severe casualties. Iranian state media reported that a drone attack was also carried out on a U.S. military base in...

Copper and zinc declined?on Wednesday as a stronger dollar and concerns?of higher interest rates for longer weighed down on the wider industrial metals complex. This offset support from tight supply. The benchmark three-month copper price on the London Metal Exchange fell 0.86% to $14,152 per metric tonne by 0700 GMT. Shanghai Futures Exchange's most traded copper contract fell by 1.35%, to 108.040 yuan (16,069.97 dollars) per ton. The dollar held steady after overnight gains as renewed hostilities erupted in the Middle East, pushing oil prices higher. Inflation concerns were revived and the bond market was sparked by a sale. Analysts...