Asia / Pacific

South Korean President Lee Jae Myung said that the rising tensions in the Strait of Hormuz make it difficult to be optimistic regarding the aftermath of the Iran War. He warned that high oil prices, and supply chain strains are likely to continue for a long time. Lee said at a cabinet gathering on Tuesday that the government should accept a prolonged disruption in global raw materials and energy markets and strengthen its emergency response system. Lee stated that "for the moment, problems in global energy and raw material supply chains as well as high oil prices will continue." I...

Wall Street's major indexes closed sharply higher Monday, as investors hoped for a de-escalation of the Middle East and focused on the first quarter earnings season. Below, I'll go into greater detail about today's market?moves. Here are some articles that I recommend if you have the time to read. They will help you understand what has happened. Before you continue reading, please sign up for Jamie McGeever’s upcoming LSEG Webinar on April 23 where I will be discussing safe havens during uncertain times with Mike Dolan from ROI. Today's Key Market Moves: STOCKS: European shares close lower due to the...

The British government announced that British Finance Minister Rachel Reeves would tell her international counterparts traveling to Washington this week about the "securonomics", or approach, she uses in dealing with an uncertain world. Reeves will, while in the United States to attend an International Monetary Fund summit, once again promote Britain as "a rare safe haven for Investors" that provides stability amid rising energy prices. After weekend talks to end the war failed, Tehran has threatened to attack the ports of its Gulf neighbours. Britain's dependence on imported gas and stubbornly high inflation has led to a sharper selloff of...

The International Monetary Fund, World Bank and International Energy Agency urged on Monday that countries should not hoard energy supplies or impose export controls which could worsen 'the biggest shock to the global market ever. After a meeting between IMF and World Bank officials, IEA 'chief?Fatih Birol' told reporters that several countries held onto stock and imposed export restrictions. He appealed to countries to allow energy stocks to flow into the markets. He did not mention the countries. Kristalina Georgieva (Managing Director of the IMF) said "Do not harm" when she met with countries in Asia, Sub-Saharan Africa, and South...

Nigeria's finance minister announced on Monday that the country will be seeking stronger international financial support during this week's IMF/World Bank Spring Meetings as a result of the Iran War, which has increased fuel prices at home and complicated reforms. Wale Edun, Africa's leading oil producer, said that the surge in crude prices has benefited him by boosting his foreign exchange earnings. This statement was made ahead of this week's Washington meetings. He added, "But the shock occurs at a critical transition point that intensifies inflationary pressures while raising household living costs." Since the beginning of the conflict, petrol prices...

After a review by the Australian corporate regulator, Viva Energy has revised its testing of the value of its retail fuel and convenience sites for impairment. This will result in an additional A$25m ($17.55m) in impairment charges on 2025 accounts. The Australian Securities and Investments Commission questioned the fuel retailer’s previous approach to?grouping certain sites into a larger Shell Card cash-generating units, arguing that?individual outlets? should be assessed individually so their recoverable value could?be determined. The regulator said that Viva had adopted the revised method in its financial statements for its year-end?December 2025 and increased the total impairment charges on...

U.S. president Donald 'Trump' said on Saturday that a large number of completely emptied?oil tanks?were headed to the United States for refueling with oil and natural gas. "The best and sweetest oil and gas in the World are being loaded into the United States by a large number of oil tankers that are completely empty. Trump stated in a Truth Social posting that "we have more oil and better quality than the next two largest oil economies combined." The post was made as senior U.S. officials and Iranian officials met on Saturday in Islamabad, Pakistan with Pakistani mediators as Tehran...

Italy has placed new restrictions on Sinochem in an effort to stop a slap on Pirelli's governance, according to people familiar with the matter. Pirelli's largest shareholders Sinochem, a Chinese state-owned company, with 34% of the shares, and Camfin (the investment vehicle of Marco Tronchetti Provera as Executive Vice President), with 26% of the shares, have been involved in a long-running dispute. Tensions grew ahead of the new U.S. regulations that would restrict the use of "Chinese" technologies in the automobile sector. Both Pirelli & Camfin called for "curbs" on Sinochem's ownership, stating that this would complicate Pirelli expansion plans...

Analysts predict that the sharp drop in?global production due to the Iran War will cause the oil market to experience a deficit this year. This is a dramatic change from previous forecasts, which predicted a comfortable supply. The conflict that began on February 28th with U.S.-Israeli strikes against Iran has effectively stopped oil flows through the Strait of Hormuz. This passageway accounts for about one fifth of global consumption. Attacks on energy infrastructure and production shutdowns have also severely reduced output. Eight analysts polled predict that oil demand will exceed supply by an average of 750,000 barrels a day this...

Brazilian pulp giant Suzano announced on Friday that toilet paper, tissue and diaper prices will increase globally as companies try to cover higher transportation and 'chemical' costs if the U.S. and Israeli war against Iran continues. Suzano is the largest producer of pulp in the world, with a market capitalization of more than $60 billion. This pulp is used to manufacture Kimberly-Clark Cottonelle toilet papers, Kleenex tissues and sanitary products, as well as diapers, cardboard packaging, and other everyday items. The Iran War has caused a spike in oil prices, which have increased Suzano’s costs for shipping, trucking and rail....

Holders of bonds issued by Ukraine's Naftogaz, the state energy giant, have hired lawyers to prepare for what appears to be a second debt restructuring since Russia's invasion in 2022. Source familiar with the matter confirmed that the funds hired Cleary Gottlieb Steen & Hamilton - the same firm which represented VR Capital and bondholders when Naftogaz wrote off its debt in?2023. In the face of ongoing Russian attacks, the Ukrainian state energy company, which has recently hired Rothschild to be its debt advisor, is struggling with how to pay a repayment of nearly 700 million euros ($821million) due in...

Donald Trump, the U.S. president, proclaimed in February that this year's refunds were "substantially higher than ever before" thanks to individual tax breaks approved by 2025. He told taxpayers they should think of him as soon as their funds reached their bank accounts. "Don't use all this money at once!" He wrote this on the Truth Social platform. The gasoline pump is eating up the tax refunds from last year's Republican tax-cut legislation. This includes tax breaks for tips, Social Security retirement, overtime pay and car loan interest. Oil prices remained close to $100 per barrel on Friday, despite a...

Sources told?Tuesday that China, as the world's biggest consumer of iron ore, had lifted its bans on purchasing?the key ingredient for steelmaking from mining giant BHP Group. This ended a months-long dispute. Two sources familiar with the situation who requested anonymity because the subject is sensitive, reported that on Tuesday, the state iron ore 'buyer' China Mineral Resources Group (CMRG), notified domestic steel mills that they could buy BHP seaborne cargoes. CMRG didn't immediately respond to a comment request. BHP declined comment. By 0547 GMT, the benchmark May?iron ores on the Singapore Exchange had lost 1.48% and stood at $103.1....

Three sources said that a sulphur scarcity, caused by the Iran War, forced nickel processors in Indonesia to reduce their output?by 10% or more since last month. The cutbacks?have?hit plants using sulphuric acids to process nickel ore, a feedstock for electric vehicle batteries, into mixed hydroxide precipate (MHP), one of the most clear signs yet that U.S. and Israeli war against Iran is affecting mining supply chains. However, output remains relatively high. Sources said that affected plants include those owned by Chinese companies such as Huayou Cobalt and Lygend Resources, as well Tsingshan Group. Requests for comment were not immediately...

Sika, a Swiss chemical group that manufactures products for construction in China, reported a decline?in sales?for its first quarter on Tuesday. The drop was attributed to a?stronger Swiss Franc and weakness?in the construction industry. The sales for the quarter fell by 7%, to 2,49 billion Swiss Francs ($3,18 billion). The company reiterated the forecast it made in February. It projected a 1% to 4% increase in annual sales in local currency and an EBITDA margin between 19.5% and 20% by 2026. The 'company' said that a?long-term slump in China’s construction sector continued weighing on the results even as Europe showed...

Benchmark Mineral Intelligence revealed on Tuesday that high petrol prices in Europe drove car buyers to EVs, leading to the first global EV growth month this year. Fuel prices have been capped by governments around the world to protect motorists from rising costs. The war in Iran that erupted Feb. 28 disrupted an important shipping route which carried about 20% of the global oil supply. BMI reported that registrations of new battery-electric cars and plug-in hybrids rose by 3% on an annual basis globally, to more than 1.7 million vehicles. In Europe, the number of EVs sold reached a record...

China's Securities Journal, a state-run media outlet, reported on Monday that Zimbabwe had granted two Chinese mining firms export quotas to export lithium concentrates. This comes two months after Africa's top lithium producer, Africa, suspended the exports of this key battery material. According to the report, the quotas have been granted to Chengxin Lithium, and Sinomine Resource who operate lithium mining projects within Zimbabwe. Zimbabwean authorities halted the exports of raw minerals, including lithium, in February citing "alleged malpractices" and "leakages". In early February, Zimbabwean authorities told producers that they would introduce "quotas" for exporting lithium concentrates, and they'd require...

A Paris court found Holcim Lafarge guilty on Monday of charges that its Syrian subsidiary had financed terrorism, and violated European sanctions in order to keep a plant operating in northern Syria during the civil war. Eight former Lafarge employees, including executives, were found guilty of funding terrorism. The judges determined that Lafarge paid a total of 5.59 million Euros ($6.53million) between 2013 and September 2014 to jihadists groups, including the Islamic State (IS), and the al Qaeda affiliated Nusra Front. Both were designated terrorists by EU. Isabelle Prevost Desprez, the presiding Judge, stated that payments made by?Lafarge strengthened jihadist...

Gold fell to a new low of?nearly one week? on Monday as a stronger dollar and a surge in oil prices above $100 following the U.S. move to blockade Iranian port fuelled inflation fears, prompting traders back off their expectations of Federal Reserve rate reductions this year. As of 0735 GMT spot gold was down 0.4% to $4,730.75 an ounce. It had hit its lowest level since April 7 earlier that day, at $4643. U.S. Gold Futures for June Delivery fell 0.7% to $ 4,753.30. The dollar gained 0.3% after the?U.S. The Navy prepared to blockade the Strait of Hormuz,...

Iron ore futures recovered?on Monday after a six-session decline to a?one-month low. The market was supported by surging oil prices and higher feedstock demands. The September contract for?iron ore on the?China's Dalian Commodity Exchange (DCE), rose by 1.26%, to 763.5 Yuan ($111.75), per metric ton. As of 0710 GMT, the benchmark May iron ore traded on Singapore Exchange was up 1.08% at $104.6 per ton. SteelHome data shows that iron ore inventories at major Chinese ports decreased by 0.16% in a week, according to the latest figures. According to Mysteel, continued portside destocking along with rising hot metal output keep...

Gold?prices fell to a low of a week on Monday due to a?stronger?dollar. Meanwhile, a rise in oil prices after the failed U.S. Iran peace talks fueled inflation fears and dampened expectations that Federal Reserve rates would be cut this year. As of 0445 GMT spot gold fell 0.7% to $4,716.70 an ounce. This is its lowest level since the 7th of April. U.S. Gold futures for June delivery dropped 1% to $4 738.90. Oil prices rose above $100 per barrel as the dollar gained 0.4%. The U.S. Navy was preparing a blockade of Strait of Hormuz to restrict Iranian...

Iron ore futures edged higher on Monday, after a six-session decline to a one month low. By 0258 GMT, the most-traded September iron ore contract on China's Dalian Commmodity Exchange (DCE) had risen?0.4% to $757 yuan ($110.79). The benchmark iron ore for May on the Singapore Exchange rose 0.12% to $103.6 per ton. Steelhome data shows that iron ore inventories at major Chinese ports decreased by 0.16% in a week, according to the latest figures. According to Mysteel, the price of hot metals is'supported' by continued portside destocking. Mysteel data showed that iron ore imports at 47 Chinese ports fell...

Gold prices dropped to a one-week-low on Monday, despite a stronger dollar. A surge in oil prices following the failure of U.S. Iran peace talks fueled inflation fears and dampened expectations that Federal Reserve rates would be cut this year. As of 0222 GMT spot gold was down 0.6% to $4,718.98 an ounce after reaching its lowest level since the 7th of April earlier in session. U.S. Gold Futures for June delivery dropped 1% to $4742. Oil prices rose above $100 per barrel as the U.S. Navy prepared to blockade the Strait of Hormuz, which could limit Iranian oil shipments...

Gold prices rose on Friday - and headed for a week's gain - as the U.S. Dollar weakened. Gold spot rose 0.4%, to $4.780.22 an ounce at 11:11 am. ET (1511 GMT). This week, it has gained more than 2%. U.S. Gold Futures dropped 0.3% to $4.805.40. Gold buyers are carefully reclaiming the narrative this week, with higher lows each day. The tentative ceasefire is helping. Tai Wong, an independent metals trader, said that a significant battle is expected ahead of $5,000. A break above this level could re-ignite a bull run. The ceasefire, which has been in place for...