Asia / Pacific

Several China solar stocks rose sharply on Friday, continuing an upward trend that began on Wednesday, on the news that Beijing is looking to slow down aggressive price cuts that have driven prices of certain components by almost 30% over the past year, according to one estimate. Price wars have been sparked by overcapacity and price reductions made to clear stocks among Chinese manufacturers. Analysts are concerned that further price cuts could lead to deflation, and hinder efforts to stabilize the $19 trillion economy. The shares of JA Solar, the leading solar manufacturer, rose by nearly 10%. They had gained...

Seven & i Holdings, a Japanese company, announced on Thursday that its operating profit rose by 9.7% during the quarter from March to May, exceeding analysts' expectations, thanks to an improved performance of its overseas convenience store business. 7-Eleven is being pressured to improve its financial situation in response to a takeover offer of $47 billion from Alimentation Couche-Tard, based in Canada. Six analysts polled at LSEG estimated 58 billion yen as the profit for the first quarter. The Japanese retail giant announced previously a share purchase, that it is selling non-core assets and intends to list its North American...

Trump's budget drastically reduces the planned expenditure on SPR Stocks of emergency supplies at 56% capacity Trump has pledged to fill the storage "right to top" Ron Bousso LONDON, 10 July - The signature budget bill of U.S. president Donald Trump slashed the funding for replenishing U.S. oil reserves in an emergency, breaking his earlier promise to "fill them right to the top". This sudden change of heart raises questions about whether the U.S. needs its Strategic Petroleum Reserve. When full, the American SPR can hold 714,000,000 barrels of oil, which is equivalent to 35 days' worth of U.S. consumption....

Trafigura, a global commodity trader, said that its UK-based Greenergy biofuel producer will consult with employees about closing the biodiesel factory in Immingham. A spokesperson said that the consultation process will affect 60 jobs. This would be the latest blow to Britain's fuel sector, just a week after Lindsey's oil refinery owner Prax declared insolvency and put 420 jobs on the line. Greenergy closed down the plant at the end May and placed it in strategic review, citing the "unsupportive market conditions" despite having "implemented significant cost-reduction measures". The plant was negatively affected by the company Trafigura acquired last year....

Emirates Global Aluminium announced on Wednesday that Guinean authorities had terminated a contract with its subsidiary Guinea Alumina Corporation after a dispute lasting a year over the construction of alumina refinery. Guinea's military regime GAC has suspended its bauxite West Africa's militarized states are increasingly focusing on exports and mining as part of their increasing aggressive They are also pushing to get more out of their natural resources. The junta that took power in 2021 is the second largest producer of bauxite ore, which is used to make aluminum. The miners demanded to be paid Present plans to build refineries...

Suhail al Mazrouei, United Arab Emirates Energy Minister, said that oil markets were absorbing OPEC+ increases in production without building up inventories. This means they were thirsty for even more oil. OPEC+ has cut production to support the oil market for many years. It reversed its course in order to gain market share, and after U.S. president Donald Trump asked the group to pump more oil to keep gasoline prices low. OPEC+ started to reverse its 2.17 million barrels a day cut in April, with a 138,000 bpd increase. In May, June and Juli each month saw increases of 411,000...

The U.N. Human Rights Council adopted a motion Tuesday on climate change, human rights and the Marshall Islands retracted a divisive amendement that asked states to commit to a phased-out fossil fuels. The motion calling for countries to "contribute to global efforts" to combat climate change was passed by consensus. This follows the 2021 council recognition of access to a healthy and clean environment as a right. The original language had revealed divisions amongst the 47 members, after the Marshall Islands, which is one of the most vulnerable countries to rising sea levels and has made an amendment to it...

The U.N. Human Rights Council will vote on Tuesday whether to adopt a pledge that all fossil fuels must be phased out to combat climate change. Diplomats have warned Gulf states and other countries may not honor their previous commitments. The council recognized the right to a healthy and clean environment in 2021. It has revealed divisions between the 47 members, after the Marshall Islands - one of the countries most vulnerable to rising ocean levels with an average elevation of only 2 meters - made an amendment to motion to mention the exit of fossil fuels. The vote is...

Four industry sources with knowledge of the matter have said that India intends to import about 10% of its domestic cooking gas from the U.S. starting in 2026. This is part of an effort to increase energy purchases and narrow the trade gap between Washington and India. Middle Eastern LPG producers are the world's largest importers and consumers of liquefied gas. In 2024, more than 90% (or 20.5 million tons) of their imports will come from this region. LPG, a mixture of butane and propane used as a cooking fuel, is imported mainly by state retailers Indian Oil Corp. Bharat...

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

The Thai Finance Minister announced on Monday that Thailand had submitted a new proposal to the United States. It offered to reduce tariffs to zero for many U.S. imported products in an effort to avoid steep tariff increases on its own goods. Washington has threatened to levy a 36% tax on Thai imports, if no agreement is reached before July 9th when the 90-day period that caps tariffs at 10% for most countries expires. Last year, the United States was Thailand's largest export market, accounting for 18.3%, or $54,96 billion, in total. Washington claims that its trade deficit with Thailand...

Smuggling was rampant in China when China, during a diplomatic spat in 2010, restricted rare earth exports from China to Japan. When China imposed new restrictions on April of this year, it caused shortages in the auto industry within two months, leading to some to stop production. Beijing, through quotas and consolidation, has transformed a sector that was once unruly, accounting for 90% of the rare earth processing capacity into a powerful diplomatic tool. Here's a brief summary of the ways in which the number one producer of rare earths has tightened the grip on the industry. CONSOLIDATION China started...

The shares of Australian rare-earths miners including Lynas, Iluka Resources and MP Materials, which is based in the United States, surged on Friday following a multi-billion dollar deal between MP Materials and the U.S. Government to increase production of rare-earth magnets. Lynas Rare Earths - the largest rare earths producer in the world outside China - surged up to 20%, reaching its highest level since mid August 2022. It was on track for its best day ever since April 2020. Iluka's intraday gains were the highest ever, with a 27% increase. As of 0558 GMT, the stocks were the biggest...

The demand for physical gold was sluggish across the major Asian markets this week as volatility in prices weighed on sentiment. Premiums in China remained firm, while discounts in India were narrowing. Dealers in the top consumer China have charged premiums between $10 and $25 per ounce above the global benchmark spot rate, compared to premiums between $4.2-$33 from last week. On Wednesday, spot gold dropped to its lowest levels in more than a week, dropping below the $3300 mark. It then recovered to trade at $3335 by 0520 GMT Friday. In recent days, U.S. president Donald Trump has expanded...

Iron ore futures continued to rise on Friday and are headed for their third consecutive weekly gain. This is due to renewed hope that China's crackdown against a price war, will pave way for new reforms aimed at curbing steel overcapacity. As of 0303 GMT, the most traded September iron ore contract at China's Dalian Commodity Exchange was trading 2.07% higher. It was 766 yuan (US$106.82) per metric ton. As of 0253 GMT, the benchmark August iron ore traded on Singapore Exchange was $0.85 higher per ton. Both benchmarks are up 4% this week. Jiang Mengtian is a principal analyst...

Gold prices rose Friday, after U.S. president Donald Trump announced new tariffs against Canadian imports as well as broader threats of tariffs to other trading partners. However, gains were limited by the stronger dollar in light of mounting signs that global trade is experiencing turmoil. As of 0245 GMT, spot gold increased 0.3% to $3333.67 an ounce. U.S. Gold Futures rose 0.6% to $3345.10. Trump announced on Thursday that the U.S. will impose a tariff of 35% on imports coming from Canada, and plans to impose blanket duty rates of 15% or 20 % on all other trading partners. The...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw copper prices range-bound on Friday. After an initial shock from the U.S. announcement that a 50% tariff on imports would be effective on August 1, the market was waiting for more details. As of 0101 GMT, the LME's three-month copper was down by 0.18%, at $9,683.5 a metric ton. The contract is down 1.73% this week and could be heading for a second consecutive weekly decline. The Shanghai Futures Exchange's most traded copper contract edged up 0.18% to 78.530 yuan (10,943.12) but is still on course to finish the...

Global copper traders offer cargoes to Chinese customers as they try to unload metal that is no longer able reach the U.S. by President Donald Trump's deadline for a 50% tariff on copper. Trump announced late Wednesday that he will impose a new tariff on August 1, to encourage domestic production, from semiconductors to ammo. He did not specify which copper products will be affected or whether any exceptions will be considered. China is the largest copper consumer in the world. The number of overseas sellers' offers has increased since late June, and now is at its highest level for...

MP Materials has signed a multi-billion dollar deal with the Department of Defense to build a rare earth magnet factory. The U.S. is looking to reduce its dependence on foreign sources for this critical input. Shares of the company have risen by 41% during premarket trading. The DoD is buying $400 million of preferred stock, and also receiving a warrant from the company, which will make it the largest shareholder. China's restrictions in April, which impose a virtual monopoly in the refining and processing of rare earths, caused a drop in exports of rare earth magnets by 75% last month....

The price of U.S. Copper rose on Thursday, after U.S. president Donald Trump announced a 50% tariff that would begin on August 1. However, the prices remained below their previous record high due to an oversupply of metal in the country as well as uncertainty about details. Trump announced on Tuesday that new tariffs would be imposed on copper. He announced Wednesday the date and confirmed it. The COMEX copper contract that was most active at 0945 GMT rose 2.1% to $5.60 per lb, down from the record high of $5.90 reached on Tuesday. Ole Hansen is the head of...

Canada's top diplomat has said that it is working to reach a free-trade agreement with Southeast Asian countries as part of its push to expand to new markets. This comes in response to the high tariffs levied by the United States on Canada, its largest trading partner and neighbour. Anita Anand, Canada's Foreign Minister, said that Canada plans to maintain a multilateral trading relationship with the Association of Southeast Asian Nations. She added that Canada believes Indo-Pacific will drive the global economy in the coming years. Anand said in an interview that the work was being done quickly to finalise...

The Shanghai Futures Exchange saw copper prices fall more than in London, as analysts say that China is likely to bear the brunt from the United States' decision imposing a 50% tariff on imported copper. By 0708 GMT, the most traded copper contract on the SHFE had fallen for the fifth consecutive day, down 0.39% to 78,600 Yuan ($10,952.87 per metric tonne). On Thursday, it touched 78.190 yuan ($10,952.87), the lowest level since June 23. On the other hand, copper for three months on the LME recovered on Thursday, after five consecutive days of losses. It was up 0.36% to...

Iron ore futures rose for the third consecutive session on Thursday. They reached multi-month highs as optimism grew over a new reform wave to curb steel production and additional stimulus measures by China, the world's largest consumer. The daytime trading price of the most traded September iron ore contract at China's Dalian Commodity Exchange was 3.67% higher, closing at 763.5 Yuan ($106.39), a three-month record. As of 0724 GMT, the benchmark August iron ore traded on the Singapore Exchange rose 3.41% to $99,35 per ton. This is the highest price since May 22. The main reason for the rise in...

Rae Wee gives us a look at what the European and global markets will be like tomorrow. The price movement of stocks in recent days has shown that investors have become less interested in Donald Trump's tariffs. Asia shares rose on Thursday, riding the wave of Nvidia's quick rise to $4 trillion in valuation. Futures indicated similar gains for Europe in the afternoon. On Wednesday, the U.S. president launched his tariff attack into overdrive. He announced a new tariff of 50% on U.S. imports of copper and a duty 50% on Brazilian goods. Both duties will begin on August 1....