Asia

The major stock markets of the Gulf region fell on Thursday morning amid uncertainty over the U.S. move to remove personnel from the Middle East in advance of the nuclear talks with Iran. Donald Trump, the U.S. president, said that U.S. personnel was being removed from the Middle East on Wednesday because it "could be a dangerous area." He added that the United States wouldn't allow Iran to possess a nuclear device. According to U.S. sources and Iraqi ones, it was reported on Wednesday that due to increased security risks in the Middle East the U.S. will be preparing to...

Court filings show that a Russian court postponed the legal proceedings in a $2.9 Billion lawsuit brought by Rosatom, Russia's nuclear energy company, against Finland's Fortum & Outokumpu by over nine months. In May, documents filed in court and a Rosatom press release revealed that the state-controlled nuclear energy company Rosatom was seeking compensation of 227.8 billion Russian roubles (about $2.9 billion) for the termination of the contract for the Hanhikivi-1 Nuclear Power Plant in Finland. Court documents, which did not provide any further information, showed that the hearing at the Moscow City Arbitration Court scheduled for Wednesday morning has...

The major stock markets in the Gulf rose early on Wednesday, in line with Asian stocks. This was due to signs of progress between the U.S. Both countries' top officials said that they had reached an agreement on a framework for resuming their trade truce and removing China's export restriction on rare earths. The broadest MSCI index of Asia-Pacific stocks outside Japan increased by 0.5%. Saudi Arabia's benchmark stock index, which was traded after a break of four sessions, advanced by 1.2%. This was led by an increase of 1.7% in Al Rajhi Bank as well as a rise of...

Aleksandar Vucic, Serbia's populist president and a friend of Moscow, visited Odesa in Ukraine on Wednesday for a regional conference. It was the first visit to the country by the leader during his 12-year tenure. Vucic’s office released a statement saying that he will travel to Ukraine to attend the Ukraine-Southeastern Europe Summit at the Black Sea Port of Odesa. This week, Odesa was the target of a Russian drone attack and missiles. The summit was expected to bring together senior politicians from 12 nations in Southeastern Europe. Gazprom, Gazprom NEFt and Gazprom are the majority owners of the only...

Proxima Fusion is a Munich-based company that specializes in nuclear fusion technologies. It announced on Wednesday that it had raised 130 million Euros ($148.8 Million) to move it closer to its goal to develop a novel power station. Why does it matter? Around the world, dozens are exploring nuclear-fusion technology, which is a newer form of energy generation that harnesses the same intense process that powers our sun. There is fierce competition between private and public companies, governments of European countries, United States, and China and technology options such as Plasma confinement used by Proxima or lasers. The new conservative...

An official from a major industry association said that China's coal exports could fall by as much as 100 million metric tonnes in 2025. This could put global benchmark prices, which are already at multi-year-lows, under even more pressure. The world's biggest consumer, producer and importer of fossil fuels increased imports to a new record of 542.7 millions metric tons by 2024 as lower international prices prompted buyers to substitute imported coal for domestic supply. Xuegang Li (Vice President of China Coal Transportation and Distribution Association) told Coaltrans China on Wednesday that imports could drop by between 50 and 100...

The World Bank lowered its forecast of global growth for 2025 on Tuesday by 0.4 percentage points to 2.3%. It said that increased tariffs and uncertainty were a "significant" headwind for almost all economies. The bank's twice-yearly Global Economic Prospects Report shows that it has lowered its predictions for almost 70% of the world's economies, including the United States and China, Europe, and six emerging markets regions. This is a significant drop from its projections six months earlier, before Donald Trump became president. Trump has upended the global trade system with a series on-again-off-again tariff increases that have raised the...

Saudi Arabia's economy grew more than anticipated in the first quarter 2025, according government data estimates. Lower oil prices had a less significant impact on the economy than originally forecast. The Saudi General Authority for Statistics released a flash estimate of 2.7% in May. This was a significant improvement over the initial estimates. Monica Malik is the chief economist of Abu Dhabi Commercial Bank. She said that "the upward revision" was due to both a smaller contraction in the oil sector each year and a stronger growth in private sector. Initial estimates showed a contraction of 1.4%. The non-oil sector...

Two people familiar with the situation said that fashion retailer Shein, along with partner Reliance Retail, plan to expand their Indian suppliers and begin overseas sales of India made Shein branded clothing within six to twelve months. The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. They said the goal is to increase Indian suppliers from 150 to 1,000 within a single year. Shein issued a statement in which it said that its trademark was licensed for...

China, the largest coal importer in the world, reduced its imports by 18% on an annual basis, according to customs data released Friday. Low-cost domestic coal eroded overseas purchases, while renewables slowed down coal-fired electricity generation. According to the General Administration of Customs, imports were 36.04 millions metric tons for the month, down from 43.82million tons in May 2024. This was the third consecutive month that China's imports of coal fell year-over-year. They had increased previously every month from November 2022. January and February were excluded because they are affected by Lunar New Year holidays. The data shows that coal...

The U.N. nuclear watchdog was asked by Russia on Friday to mediate in the dispute between Moscow and Washington over the fate of U.S. fuel that is stored at an Ukrainian power station controlled by Russian forces. Russia wants to restart Zaporizhzhia, a nuclear power plant that was idled for many years. It is located near the front line of the Ukraine war and produced a fifth or more of Ukraine's electrical output. Fuel is just one of many issues that are preventing the restart. Rafael Grossi of the International Atomic Energy Agency said this week that it is currently...

Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources...

Iron ore futures were in a range on Thursday as investors awaited further details about the trade talks between China and the U.S., even though U.S. president Donald Trump made a positive statement. The September contract for iron ore on China's Dalian Commodity Exchange closed the morning trading 0.07% lower, at 705 Yuan ($98.16). As of 0400 GMT, the benchmark July iron ore traded on Singapore Exchange fell 0.53% to $84.6 per ton. Trump said on Wednesday that he was extremely happy with the trade deal which restored a fragile truce to the U.S. - China trade war. Beijing hasn't...

London copper prices rose a little on Thursday. Analysts expect continued volatility due to the uncertainty surrounding trade tariffs, as well as fundamentals of the market. The London Metal Exchange's three-month contract for copper gained 0.2%, reaching $9,663.5 a metric ton at 0100 GMT. Meanwhile, the Shanghai Futures Exchange's most traded copper contract fell 0.7%, to 78660 yuan (10,935.94). The U.S. Dollar fell after data showed that inflation in the largest economy in the world rose less than anticipated in May. This suggests that the Federal Reserve may resume cutting rates sooner than later. The metal price is usually supported...

Gold prices rose Thursday on the back of rising tensions in Middle East, a weaker Dollar, and better-than-expected U.S. Inflation data. As of 0202 GMT, spot gold was up 0.6% to $3,372.46 per ounce. U.S. Gold Futures rose 1.5% to $3393. The U.S. Dollar Index fell to near a two-month low making greenback priced bullion more appealing to overseas buyers. Kelvin Wong is a senior analyst at OANDA. He said that the weakness of the dollar index was a powerful catalyst. Gold faced resistance at $3.346, but the breakout bullish triggered technical selling. The rising geopolitical risk aided the safe-haven...

The U.S. and China trade deal has been "done", U.S. president Donald Trump announced on Wednesday. Hours earlier, Washington and Beijing had agreed on a framework for resuming a fragile truce in trade and removing Chinese export restrictions of rare earth minerals and critical industrial components. Trump used his social media platform on Monday to share some of the details that emerged from the marathon two-day talks that took place in London. According to U.S. Secretary of Commerce Howard Lutnick's words, the talks had "put meat on the bones" for an agreement that was reached in Geneva last month to...

U.S. officials and Chinese officials announced that they had reached an agreement on a framework for re-establishing their trade truce and removing China's restrictions on exports of rare earths. However, there was little indication that the long-standing trade disputes would be resolved. Li Chenggang, Vice Minister of Commerce in China, said that the two teams agreed to implement their Geneva consensus. They would then take the framework agreed upon back to their respective leaders. An official at the White House said that the agreement allows the U.S. a tariff of 55% on imported Chinese products. The tariff includes a baseline...

Beijing's export restrictions have exposed the West's dependence on Chinese supplies of esoteric materials and permanent magnets. It's not like we've never been in this situation before. China did the exact same thing in 2010. Western automakers chose to ignore historical precedents and double down on a techniqe that is almost completely beholden Beijing's export whims. Many of them have now entered a panic mode and several have already been forced to stop production lines. This shows the huge economic impact that niche metals like dysprosium (used in neodymium iron boron (NdFeB), magnets) can make. China's willingness weaponise its dominant...

London copper prices eased Wednesday as investors awaited more details following the latest signs that progress had been made in U.S. China trade talks. U.S. officials and Chinese officials have agreed on a framework for re-establishing their trade truce and resolving China's export limitations on rare earth minerals, magnets and other materials. This was announced by U.S. Secretary of Commerce Howard Lutnick on Tuesday after two days of intensive negotiations in London. The London Metal Exchange's three-month contract for copper fell by 0.1% at $9,743.5 as of 0728 GMT. Meanwhile, the Shanghai Futures Exchange's most traded copper contract gained 0.2%,...

Prices of iron ore futures rose on Wednesday as progress was made in trade negotiations between the two world's largest economies. However, uncertainty about a final deal and a softening in steel demand limited further gains. After two days of intense negotiations in London, officials from the United States, the largest iron ore buyer in the world, and China, which is the second-largest consumer, have agreed on a framework that will put their trade truce on track. This has helped to boost prices by boosting the market sentiment. China buys over two thirds of the global seaborne supply. As of...

London copper prices were virtually flat on Wednesday as investors awaited more details following the latest signs that progress had been made in U.S. China trade talks. U.S. officials and Chinese officials have agreed on a framework for re-establishing their trade truce and resolving China's export limitations on rare earth minerals, magnets and other materials. This was announced by U.S. Secretary of Commerce Howard Lutnick on Tuesday after two days of intensive negotiations in London. The London Metal Exchange's three-month contract for copper fell just $2 per ton, to $9,754.5, by 0105 GMT. Meanwhile, the Shanghai Futures Exchange's most traded...

The copper price fell on Tuesday, as investors avoided the market because of uncertainty over the U.S.-China talks and the impact the trade war will have on economic growth and metals demands. By 1000 GMT, the benchmark three-month copper price on London Metal Exchange had fallen 0.3% to $9,767 a metric ton, after having recovered 20% from its April lows, when it was at its lowest level since November 2023. "There is a lot complacency in the market right now." The volatility of the markets seems to be decreasing, even though there has been no breakthrough in trade negotiations with...

The gold price edged up on Tuesday as investors awaited clarity in the U.S. China trade talks. They also awaited key U.S. Inflation data that is due this week, which could give insight into future Federal Reserve interest rate decisions. As of 0818 GMT spot gold prices were up 0.2%, at $3333.89 per ounce. Earlier in the session, they had fallen to a low price of $3301.54. U.S. Gold Futures remained at $3,354.70. Gold found some support amid dip-buying, but the rise lacked bullish confidence. Jigar Trivedi is a senior commodity analyst with Reliance Securities. He said that fiscal concerns...

Indonesia, a major nickel ore producer, has revoked the permits of four mining companies in Raja Ampat, its easternmost region, Papua. This follows a public uproar over their environmental impact. Last week, protests against mining in Raja Ampat - a beautiful UNESCO Global Geopark famed for its marine biodiversity - dominated Indonesian social networks. Users shared a graphic showing the blue waters of the area with the hashtag #SaveRajaAmpat. Bahlil lahadalia, Indonesia’s energy minister, stated that President Prabowo decided to revoke permits for the four nickel-producing companies in the region starting Tuesday to protect the environment. He said that we...