Asia / Pacific

Indian shares rose in morning trading on Thursday. A rebound in Reliance, and a rally in global stocks helped the market. Risk appetite had improved after the war in the Middle East, which had dragged down shares for the remainder of the week. As of 10:02 a.m. IST, the Nifty 50 index was up 0.61% to 24,631.3, and the BSE Sensex gained 0.54%, reaching 79,530.98. Over the last three sessions, both benchmarks dropped by about 4%. Avinash Gorakshakar is the director of research for Profitmart Securities. He said that while the markets may have staged a partial rebound after the...

People with knowledge of the discussions said that Chinese investors Guoxin Guotong Fund and CNIC Corporation are considering selling their 33.3% share in Spanish 'gas network operator Redexis' as the country prepares to introduce a new framework for remuneration. Three sources confirmed that the two investors had begun a process of hiring?advisers in order to evaluate the sale. Two sources say that a?deal could value Redexis between 2 billion and 2.5 billion?euros (2.3-$2.9billion). * In 2018, the two Chinese investors bought?33.3% Redexis. According to the website of Redexis, pension funds?Arbejdsmarkedets Tillaegspension?and Universities?Superannuation Scheme own each 33.3%. Sources say that pension...

Bloomberg News reported on Wednesday that the U.S. Government will exempt Rosneft's German unit from sanctions indefinitely. A person familiar with this matter was quoted as saying so. Could not verify immediately the report. The German economy ministry didn't immediately respond to an 'ask for comment'. Germany placed local units of Rosneft, a Russian oil company, under trusteeship by 2022 following Moscow's invasion of Ukraine. This broke Berlin's decades long energy relations with Russia. Assets include a'stake' in the PCK Schwedt refinery, which is a major supplier of fuel for the capital area. Bloomberg News reported that the U.S. Treasury’s...

Italy's Energy Minister?said Wednesday that the country could reactivate some coal-fired?power stations if conflict in?the Middle East leads to an energy shortage. Gilberto Pichetto Fratin, Minister of Energy and Environment in Italy, said that "there are coal-powered stations in Italy that I would not like to reactivate. But they're there in reserve for our country." Israeli and U.S. Forces?struck Iranian targets on Tuesday. This prompted Iranian strikes against energy infrastructure in other Gulf States considered U.S. Allies in a area that accounts for just under a third global oil production. Iran also targeted tankers in the Strait of Hormuz. Through...

Bloomberg News reported that many Chinese 'financial companies are reducing their exposure to Middle Eastern debt due to the escalating conflict in the Middle East. The report stated that a major bank had taken the unusual step of limiting the drawdown on a bi-lateral loan to one?of Abu Dhabi's financial entities. It did not name the bank. According to the report, another mid-sized lender wants to sell down portions of syndicated loan to Middle Eastern borrowers. This includes sovereign wealth fund ADQ’s $4?billion facility that was agreed upon last year. Bloomberg reported that the Hong Kong Monetary Authority has asked...

Dubai and Abu Dhabi stocks plunged on Wednesday after they reopened following a two-day suspension in response to Iran's unprecedented wave of missiles and drones?attacks against the Gulf nation. The closing of the market froze the trading of billions of dollars worth of listed assets, as investors awaited clarification on the'scale of damage caused by the weekend strikes which 'hit airports and ports in both emirates, along with residential areas. Dubai's main share index fell 4.7% on a broad basis, led by Emaar Properties, a blue-chip developer, who dropped 4.9%. Budget airliner Air Arabia also declined 5%. In Abu Dhabi...

Indian shares will open lower on Tuesday, as escalating U.S. - Israel?clashes? with Iran lifted crude oil to a high of 19 months,?disrupted Middle East shipments? and stoked fear of a long-term conflict?,?intensifying the risk aversion. Gift Nifty futures were trading at 24,442.5 points by 7:52 am IST. This indicates that the benchmark Nifty will open lower than Monday's closing price of 24,865.7. The domestic markets were closed for a holiday in the locality on Tuesday. Wall Street also closed lower over night on fears that a larger Mideast conflict could cause an energy shock, which would increase inflation and...

Investors are uncomfortable with the Middle East conflict and the flaring geopolitical risks around the world. How can they hedge these risks when the traditional equity-bond portfolio no longer works? Investors are under pressure to find a solution, and the answer may not be obvious. However, the recent volatility in the world markets following the U.S./Israeli attack on Iran at the weekend indicates that this pressure will only intensify. On Monday, implied volatility in U.S. Treasuries rose to its highest level since April as bonds fell across the curve. On Tuesday, implied volatility in the U.S. equity markets rose to...

QatarEnergy announced on Tuesday that it would halt production of aluminium due to the U.S. and Israeli attacks on Iran. Natural gas prices have soared since Monday, when the state-owned company halted production of liquefied gas following Iranian drone attacks against its Ras Laffan facility. QatarEnergy holds 51% of the shares in Qatar Aluminum Manufacturing Co, one of the shareholders in the 648,000-metric-ton per year Qatalum smelter alongside Norway's Norsk Hydro. QatarEnergy holds 51% in Qatar Aluminum ?Manufacturing Co, one of the shareholders in the 648,000-metric-ton-per-year Qatalum smelter alongside Norway's Norsk Hydro. IMPLICATIONS FOR ALUMINIUM PRODUCTION ?ARE UNCLEAR Hydro confirmed...

Shell's CEO for Brazil told reporters that the conflict between Israel and the United States with Iran presents "enormous opportunities" to attract investment to develop Brazil's oil assets. Cristiano Pinto Da Costa, who is a Brazilian politician, said that Brazil's geopolitical stabilty and its track record as a reliable oil-producer give it a definite 'advantage' over other countries, even though he acknowledged the country had limited capacity to increase production in the short term. Brazil will likely benefit "over the medium to long term", he said, touting the record investments made by the London listed oil major of $12.5 billion...

The majority of Gulf'stock markets fell Tuesday. Qatar's benchmark continued to fall after the country stopped liquefied natural gas production amid a escalating air war in the area, and Egypt also?fell? for a third consecutive day. Israel expanded its campaign by launching new strikes against Iran and Hezbollah. Meanwhile, Iran launched missiles and drones towards Israel, several Gulf States and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar...

The majority of Gulf stock markets fell on Tuesday. The benchmark Qatar index continued to decline after the country stopped?liquefied gas production amid an escalating air conflict in the region. Israel has 'extended' its campaign by launching new attacks on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones at Israel, several Gulf States, and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar's benchmark stock index fell 0.9%,...

Iron ore futures advanced on Thursday, as the world's largest consumer China announced an array of economic measures which fueled optimism about steel and iron ore demand. The?world's?second-largest economic powerhouse announced plans to increase domestic consumption, stimulate the housing market and curb steel overproduction that has been suppressing prices. The May contract for iron ore on China's Dalian Commodity Exchange was 1.27% higher, at 759 Yuan ($110.09), per metric ton. As of 0713 GMT, the benchmark April iron ore traded on Singapore Exchange was up 1.03% at $99.8 per ton. China's 15th five-year-plan set an economic growth goal of 4.5%-5%...

South Korea's benchmark KOSPI closed up?9.63% on Thursday after surging as high as 12.2%. This?erased most of its worst daily drop from a previous day,?buoyed?by hopes for progress in U.S. diplomacy with Iran. As of 0630 GMT the benchmark KOSPI closed up?490.36 or 9.63% at 5,583.90, recovering most of Wednesday's loss of 12.06%. Among the index's heavyweights Samsung Electronics gained 11.27% while SK Hynix rose 10.84%. Battery maker LG Energy Solution rose 6.91%. The rebound came after a New York Times article on Wednesday, which claimed that the Iranian Ministry of Intelligence was willing to engage in discussions with the...

Iron ore futures rose on Thursday after China, the world's largest consumer, announced a series of economic measures to boost steel and iron ore demand. These included promises?to increase domestic consumption,?"curb overproduction" and energize the housing market. As of 0234 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 1.93% higher. It was 764 yuan (US$110.95) per metric ton. The benchmark iron ore for April on the Singapore Exchange was $101.04 higher, or 1.34% more. Investors are watching the annual Chinese parliamentary meeting and the 15th five-year Plan to gauge the demand outlook for...

This week, investors have been rushing to buy dollars amid the turmoil in the Middle East. It is a reminder of the difficult transition from a dollar-centric worldview towards a multi-polar, fractured financial system. Investors are seeking relative safety in the most liquid asset of the world, the dollar. Equity indices, which were the best performers in the first half of the year, are now in a slump: South Korea's KOSPI has fallen by nearly 20% in just two days. The dollar has risen by as much as 2 percent in just two days and Treasury yields have also soared....

A document reviewed by? showed that the U.S. Military asked mining companies to boost supplies of 13 critical minerals, which are used in semiconductors, weapons, and other products. This request was made the day before the U.S., Israel and other countries launched their attacks on Iran. It is the latest in a series of recent requests by Washington for greater access to materials widely used in warfare. The Pentagon has asked the Defense Industrial Base Consortium, a grouping of companies, universities, and other suppliers to the military, for proposals by the 20th of March on projects that would mine, process,...

Aluminium Bahrain, one of the largest smelters in the world, informed customers that it had halted all shipments because of the "widening" Middle East conflict. This exacerbated supply concerns following a Qatari melter shutdown the day before. After the news, the London Metal Exchange saw an increase of up to 5.1% in aluminium prices to $3,418 per ton, the highest since April 2022. Analysts said that prices could rise even further, since about 8% world supply is made in the region. Goldman Sachs stated on Monday that prices could reach $3,600 per ton if the production in this region is...

SSR Mining, a Canadian company, announced on Wednesday that it had signed a binding agreement to sell its 80% stake in Turkey’s Copler Mine to Cengiz Holding A.S. in exchange for $1.5 billion. This boosted its stock by more than 12%. The gold miner also said that it was'reviewing its remaining platform in Turkey including a 20% interest in the Hod maden development project. The deal, which is expected to be completed in the third quarter of this year, will cover all SSR's mining licenses and assets located in eastern Anatolia. This includes Copler and nearby satellite deposits. Cengiz Holding...

Futures tracking Canada’s main stock index rose Wednesday as rising tensions in the Middle East drove up oil prices for a fourth consecutive day while demand for safe-haven gold boosted the price of the futures. As of 5:20 a.m., March futures for the?S&P/TSX 'composite index? were up 0.36%. ET. As the conflict enters its fifth day, it has shocked investors around the world. Goldman Sachs CEO David Solomon stated that it would take two weeks for the markets to digest the effects of the war in Iran. Oil prices rose?but a little slower than previous sessions, as traders considered the...

On Wednesday, copper prices recovered from two sessions of losses due to better than expected private factory data from China, the top metals consumer. The aluminium price rose to its highest level in more than a month, on the back of supply concerns resulting from the escalating conflict in the Middle East. This region is a major producer of this metal. The benchmark three-month copper price on the London Metal Exchange rose 1.5%, to $13,150 per metric ton at 1030 GMT. LME copper has fallen 3% in the last two sessions due to fears that the Mideast conflict will hinder...

Investors and traders were cautious on Wednesday as they awaited the annual parliamentary meeting of the world's second-largest country, which will begin March 5. The daytime trading of the most traded iron ore contract at China's Dalian Commodity Exchange closed up 0.4% to 752 yuan (US$108.73) per metric ton. As of 0700 GMT, the benchmark April iron ore traded on Singapore Exchange was down?0.26% to $98.75 per ton. Investors closely monitored?cues of China's macroeconomic and industrial policy trend in order to gauge?demand for steel and its components. Analysts expect Premier Li Qiang to announce, in his report, on the first...

Aluminum prices continued to rise on Wednesday, as supply concerns grew after Norsk Hydro of Norway announced a controlled shut-down?in their aluminium joint venture in Qatar in the face of a growing war in the Middle East. Around 8% of global aluminum capacity is accounted for by the region. As the conflict spreads into neighbouring countries and Iran threatens to target ships trying to transit the Strait, supply concerns are becoming more real. The Shanghai Futures Exchange's most active aluminium contract closed the daytime trade 2.31% higher, at 24,795 Yuan ($3,585.11) per metric ton. As of 0700 GMT, the benchmark?aluminum...

In an alarming week dominated by a?Middle East conflict, the gold market made a bizarre move. Investors did not rush to buy gold but instead rushed for dollars, selling anything that had a speculative edge before the attacks last weekend. After the attacks on Iran Saturday, the initial demand for precious metals waned rapidly. On Tuesday there was a dramatic reversal with silver and gold both dropping by as much as 10 percent. One of the main reasons for the gold price's decline was the return of the dollar’s "safety" bid, which had seen the greenback rise this week despite...