Asia / Pacific

Bahrain's economy expanded 1.3% in the 2nd quarter from a year earlier, the Ministry of Finance reported, pointing out initial data from the Info &&. eGovernment Authority. The Gulf state's non-oil gdp (GDP) grew. 2.8% in the period, contributing over 85% to general GDP, though. it was weighed by a decline of 6.7% in oil sector GDP from the. previous year period. This was mostly credited to lower production in Bahrain's. Abu Sa'afa field. Bahrain's GDP grew 3.3% year-on-year in Q1. The government projects GDP development of 3% in 2024, driven. primarily by non-oil sectors, as it accelerates efforts to....

Oil prices edged lower in early Asian trading hours on Tuesday as traders reserved revenues after prices rallied to their highest in over a month on Monday amidst worries that the Middle East might be on the verge of a regionwide war. Fighting in the Middle East intensified after Iran-backed Hezbollah fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, a. year after the Hamas attack on Israel that stimulated the Israel's. continuous war in Gaza. Brent unrefined futures fell 23 cents, or 0.3%, to $80.70 per. barrel by 0029 GMT. U.S....

Precidian Investments released hedged ADRs on Monday that U.S. investors can utilize to purchase foreignlisted stocks while restricting the impact of fluctuating currencies. Precidian, an exchange-traded fund developer, said it will list the hedged American Depositary Receipts on Cboe's U.S. equities exchange. Financiers buying shares of business overseas, consisting of ADRs, are exposed to varying currency exchange rate in between the dollar and the foreign currency. But by coupling the ADRs with a. currency overlay into one security, financiers can alleviate. currency direct exposure, said Cboe. The Canadian Imperial Bank of Commerce will be the. counterparty supplying the currency hedge....

A fire broke out at an oil depot in the city of Feodosia on the Crimean coast of the Black Sea, Russianappointed authorities in the Crimean Peninsula that Moscow annexed from Ukraine in 2014 said on Monday. There were no casualties, Oleg Kryuchkov, a consultant to the Russian-installed head of Crimea, composed on the Telegram messaging app, pointing out the head of the Feodosia administration. There was no detail offered on what had triggered the fire. The Baza Telegram news channel, which has sources amongst Russia's. security services, reported that a number of fuel tanks were on fire. in Feodosia...

A take a look at the day ahead in Asian markets. Trading in Asia begins on Monday with the worldwide macro and market landscape all of a sudden appearing really various from how it searched Friday, thanks to a set of U.S. work figures that not even the most bullish of forecasters expected. The September non-farm payrolls report on Friday was unequivocally strong on all fronts, and throws into doubt the projected path for U.S. rate of interest that financiers - and possibly the Fed too - had started to settle on. The instant shift in U.S. rate futures markets...

Iran's oil minister arrived at Kharg Island, home to the country's primary export terminal, and held talks with a marine leader on Sunday, the oil ministry's. news website Shana reported, amidst concern Israel might assault. energy centers. An Israeli military representative said on Saturday that Israel. would retaliate in action to last week's missile attack by. Tehran when the time is best. U.S. news site Axios cited Israeli authorities as stating. Iran's oil centers might be struck, while U.S. President Joe. Biden stated on Friday that he did not believe Israel had yet. concluded how to respond. Iran is a...

K azakhstan began voting in a referendum on Sunday on whether to construct its very first nuclear reactor, an idea promoted by President KassymJomart Tokayev's federal government as the Central Asian country seeks to phase out contaminating coal plants. The strategy has actually dealt with public criticism on issue over any associated threats, the Soviet nuclear testing legacy, and worries that Russia will be involved in the task. I have actually pertained to the conclusion that the decision to build the nuclear reactor, and to build it with (Russian state nuclear firm) Rosatom, has already been made in (Tokayev's. workplace)...

Kazakhstan votes in a. referendum on Sunday on whether to develop its very first nuclear power. plant, an idea promoted by President KassymJomart Tokayev's. government as the Central Asian country looks for to phase out. contaminating coal plants. The plan, however, has dealt with public criticism due to the fact that of its. threats, the Soviet nuclear testing legacy, and fears that. Russia will be associated with the task. I have come to the conclusion that the decision to build. the nuclear power plant, and to develop it with (Russian state. nuclear firm) Rosatom, has actually already been made in...

The European Commission obtained the necessary support in a vote to enforce tasks of up to 45% on imported electrical lorries made in China, as part of the EU's. highestprofile probe into supposed Chinese aids that has. provoked dangers of retaliation from Beijing. It has actually also launched examinations into whether Chinese. tidy tech producers are discarding subsidised items on EU markets. and whether Chinese-owned companies unjustly take advantage of. subsidies while running inside the European Union. The EU executive states its aim is to prevent unfair. competitors and market distortion. Here's what you need to understand about the investigations:...

With a rifle by his side, Supreme Leader Ayatollah Ali Khamenei appeared in public on Friday for the very first time since Iran's most current rocket attack on Israel, describing the strike as genuine punishment for what he called Israeli crimes. Providing his very first Friday prayers preaching in almost 5 years, Khamenei said resistance versus Israel in the region would not pull back even with the killing of its leaders. Every so often his hand grasped the barrel of a rifle that stood to his left. Khamenei periodically speaks in public with a rifle at his side, a practice...

Prices of October Urals crude oil have risen back above $65 a barrel at Russian Baltic and Black Sea ports, or $5 higher than the cost cap set by Western countries, Reuters calculations showed on Friday, as the conflict in the Middle East pushed up oil costs. Oil rates surged on Thursday as concerns installed that a. broadening local conflict in the Middle East could interfere with. international unrefined flows. Brent crude futures were up again on. Friday, by 55 cents, or 0.7%, at $78.17 a barrel, since 0831. GMT. Greater Urals prices will improve Russia's oil earnings. A widening...

Japan's 7 & & i Holdings is considering selling a stake in its grocery store system ahead of a prepared listing of the business, two sources stated, as the 7Eleven owner aims to speed up an overhaul after rejecting a takeover from Alimentation CoucheTard. Neither the timeline of the potential sale nor the size of the stake were instantly clear. 7 & & i was considering selling to an investor such as a fund, said the sources, both of whom knew the matter, however decreased to be recognized since the information has not been revealed. The system consists of the...

Chinese lithium producers are flooding the global market with the critical metal and causing a. predatory cost drop as they look for to remove completing. projects, a senior U.S. official said on a see to Portugal. that has sufficient lithium reserves. Jose Fernandez, under secretary for economic development, energy. and the environment at the U.S. Department of State, told a. rundown late on Monday that China was producing far more. lithium than the world requires today, without a doubt. That is a deliberate action by the People's Republic of. China to what we are attempting to do with the Inflation...

Costs of iron ore futures rode a roller rollercoaster on Tuesday, as some investors relax long positions to secure revenues, with some analysts saying top customer China missed out on expectations for revealing more powerful stimulus measures at a presser. The most-traded January iron ore contract on China's Dalian Product Exchange (DCE) ended daytime trade 2.37%. lower at 783.5 yuan ($ 111.15) a metric load. It touched the greatest given that July 8 at 844.5 yuan a load. previously in the session, driven by hopes of more stimulus. The benchmark November iron ore on the Singapore. Exchange slid 4.97% to...

Shanghai nickel prices jumped nearly 6% on Tuesday to a threemonth high as trading resumed after a. weeklong holiday, with supply disruptions underpinning the. market. The most-traded November nickel contract on the Shanghai. Futures Exchange (SHFE) was up 3.4% at 135,470 yuan. ($ 19,304.32) a metric load, after striking its greatest considering that July. 9 at 138,800 yuan earlier in the session. Three-month nickel on the London Metal Exchange (LME). fell 1.2% to $17,830 per load by 0145 GMT. Brazilian miner Vale momentarily interrupted operations at. its Onca Puma nickel plant in Para state after heavy winds. damaged an electricity...

Rio Tinto is in talks with lithium producer Arcadium for a buyout that would make the AngloAustralian mining business a significant player in the global lithium market. Reuters was first to report the talks on Friday. The business confirmed conversations on Monday. Arcadium was formed only in January by the merger of Australiabased Allkem and U.S.based Livent which brought together lithium mines, processing facilities and deposits across four continents. Those companies were themselves the developments of past offers that patched together some of the world's most treasured lithium properties. Here is a timeline of significant occasions causing Arcadium's. creation. 1944:...

Hedge fund Elliott Associates on Monday lost an appeal against the termination of its suit versus the London Metal Exchange over billions of dollars of cancelled nickel trades. The LME suspended trading and annulled $12 billion in nickel sell March 2022 when prices shot to records above $100,000. a metric ton in a few hours of chaotic trade. Elliott took legal action against the LME at London's High Court and its case was. dismissed in November 2023. Elliott's quote to reverse that. decision was rejected by the Court of Appeal on Monday. Judge Stephen Males ruled that the severe price...

Copper costs were pressured by a more powerful dollar on Monday, but hopes for improving demand in leading consumer China supplied assistance ahead of a briefing on the nation's policies to promote financial growth. Standard copper on the London Metal Exchange was down 0.2% at $9,921 a metric heap by 0948 GMT. A more powerful U.S. currency makes dollar-priced metals more costly for holders of other currencies, which could control demand. However, industrial metals overall have been increased by China's statement last month of its greatest economic stimulus considering that the COVID-19 pandemic. Five officials from China's National Advancement and...

Australian shares ended higher on Monday as gains in heavyweight banking stocks exceeded a decrease in top miner Rio Tinto's shares after it confirmed it remained in speak with purchase Arcadium Lithium. The S&P/ ASX 200 benchmark index closed 0.7% higher at 8,205.4 points. The standard fell 0.8% recently. Monetary stocks rose 1.5%, with the Big 4 banks advancing between 1.2% and 2.1%. Global funds are buying banks and miners to keep the market higher, stated Mathan Somasundaram, CEO of DeepData Analytics. Banks are far more liquid and have a larger weightage compared to other sectors, and for that reason,...

China's reserve bank held back on buying gold for its reserves for a 5th straight month in September, official information revealed on Monday, mainly due to a. rise in costs for the yellow metal. China's gold holdings stood at 72.8 million troy ounces at. completion of last month. The value of the gold reserves, nevertheless,. increased to $191.47 billion from $182.98 billion at the end of. August. Gold rates have risen around 28% up until now this year -. heading for the biggest yearly gain in 14 years - underpinned by. the start of U.S. Federal Reserve rates of interest...

Burkina Faso prepares to withdraw mining authorizations from some foreign companies and will look for to produce more of its own gold, junta leader Ibrahim Traore said on Saturday, without specifying which permits might be cancelled. We understand how to mine our gold and I do not understand why we're going to let multinationals come and mine it, Traore said in a radio address to mark 2 years because he took power in a. coup. In reality, we are going to withdraw mining licenses, he said. He did not specify which permits or offer additional information. Gold is the primary...

The waves of Japanese travelers that have actually come down on Dodger Stadium since Shohei Ohtani signed up with the club this season might offer a boost to the Japanese sensation as he embarks on his first MLB postseason this weekend. Ohtani-mania was on complete screen hours before a recent video game at the picturesque ballpark in Los Angeles, with fans freshly off their flights from Japan loading appreciation on their nation's hero. He's a genius baseball player, said Kyoko Shiratani. We are so pleased with him. Outfitted in a pristine white Ohtani jersey, Reiko Shimada indicated another quality that...

Rio Tinto has been holding speak with buy lithium miner Arcadium, three sources with direct knowledge of the settlements said, an offer that would make Rio the thirdlargest manufacturer of the electric lorry battery metal. Arcadium shares surged 36% in extended trading on Friday. Talks have actually been continuous and continued in London today throughout the LME Week conference, among the sources stated. An deal is expected to come in the near future, according to the second source. Talks are continuous and may not necessarily result in an offer, the sources stated. Philadelphia-based Arcadium might be valued between $4. billion...

Gold prices slipped on Friday after a. strongerthanexpected U.S. jobs report enhanced the dollar and. triggered experts to downsize expectations of an aggressive rate. cut from the Federal Reserve next month. Spot gold was down 0.6% to $2,640.61 per ounce by. 9:03 a.m. EDT (1303 GMT), after scaling a record high of. $ 2,685.42 last week. U.S. gold futures lost 0.7% to. $ 2,660.90. U.S. job growth sped up in September and the. joblessness rate slipped to 4.1%, additional reducing pressure on. the Fed to provide another 50-basis-point rate cut at its Nov. 6-7 policy conference. Gold stumbles as a...