Asia / Pacific

Next week, investors will be focusing on three major issues: the war in Iran and the interest rate path. Five of the "Magnificent Seven" U.S. technology giants are reporting their earnings. Four of the top central banks in the world meet to discuss how long they will be able to'realistically' look past the rise in energy prices caused by the blockage of the Strait of Hormuz. Marc Jones, Dhara Ranasinghe and Lewis Krauskopf in New York will give you all the information about this week's financial markets. Rae Wee is in Singapore. 1/CORRIDOR POWER The next week will be dominated...

A 'Indian court extended Friday the pre-trial detention of an aviation regulator and a 'Reliance Industries executive?until May 6, in connection with a bribery probe relating to drone import approvals. India's top criminal agency announced on Sunday that it had arrested Mudavath devula, deputy director general of Directorate General of Civil Aviation and Bharat mathur, senior vice president of Reliance, for accepting a $16,000 bribe in order to clear drone import requests by Asteria aerospace, an?unit of billionaire Mukesh ambani-led Reliance. The agency didn't disclose the source of the imports. Two men dressed in formal shirts appeared briefly at a...

The German lower house of Parliament approved on Friday a relief bonus of up to 1000 euros ($1,169.30). This was part of a package to'soften the impact of the high gas prices caused by the Iran War. The AfD, the Left Party and the Greens abstained. Companies can pay an 'unique bonus' to their employees under the plan until June 30th 2027. Payments?will be deductible by employers and tax-free for workers. The bonus is voluntary, which creates uncertainty about how many companies are going to participate in the weak economy. Coalition estimates that the measure will result in a loss...

India's federal crime fighting agency launched a bribery probe into the drone technology company Asteria Aerospace. It is a lesser-known subsidiary of Mukesh Ambani's Reliance Industries. The Central Bureau of Investigation (CBI) arrested officials of India's aviation watchdog and Reliance Industries this week on allegations of bribery to?secure? approvals for certain drones imports. Reliance previously stated that it had not authorized or been aware of such transactions. However, the lawyer representing the official from the Aviation Watchdog has opposed his custody. DRONES BUSINESS Since Prime Minister NarendraModi's government liberalised drone policy in?2021, India's drone sector has seen a steady growth....

Analysts said that Mukesh Ambani's Reliance Industries, led by billionaire Mukesh, is expected to report a decrease in its March-quarter profit on Friday as the Middle East War-driven spike?in crude oil prices weighed down on their mainstay business of oil-to chemicals. According to an average estimate from six brokerages, the consolidated net income of the 'company' is expected to drop 3.7% in comparison to last year during a 'fourth quarter. Meanwhile, revenue is projected to rise 8.1%. Reliance Industries faces pressure because Brent crude has risen more than 40% in the last few months due to the U.S./Israeli conflict with...

Baker Hughes, a provider of oilfield services, beat Wall Street estimates for the first quarter profit as strong demand from its industrial and energy technology units offset drilling 'weaknesses' caused by disruptions in Middle East. The IET unit saw a surge in orders due to the increased demand for electricity from data centers and investments in gas infrastructure, liquefied Natural Gas (LNG), and grid equipment. The first-quarter IET order total rose to $4.89 billion, up from $3.18billion a year ago. The disruptions in the Middle East have weighed on oilfield services. Oilfield Services and Equipment (OFSE), a division of the...

Dow Inc ?on Thursday reported a smaller-than-expected first-quarter ?loss, as cost cuts helped offset weaker prices ?and volumes, while ?disruptions from the ?Middle East ?conflict weighed on operations, including its Sadara joint venture in Saudi Arabia. The company stopped recording losses in the first quarter when its liabilities reached the level of existing obligations. Sadara ?Chemical, a joint venture between Dow and Saudi Aramco, recently ?shut down productiontemporarily at its petrochemicals complex in Jubail, citing ongoing supply chain disruptions ?from the Iran war. Dow has also been ?reevaluating its ownership ?of non-product-producing assets across its global portfolio, including power and...

The majority of Gulf stock markets fell on early Thursday trading in response to the stalled talks between Iran and the 'States. Both sides are still imposing restrictions on trade through the Strait of Hormuz. Iran seized two vessels in the Strait of Hormuz on Wednesday. This increased its control over this key shipping route, just one day after Donald Trump announced that he would suspend all attacks indefinitely. There was no indication, however, that peace talks were to resume. Mohammad Baqer Qalibaf, the top negotiator said that a complete ceasefire could only be achieved if there was an end...

Three people familiar with the matter said that Exxon Mobil, a U.S. energy giant, is "considering" selling its 'gas stations' in Hong Kong. The deal is expected to be worth a few hundred millions dollars. The company has hired a financial advisor and had discussions with a few bidders. Exxon didn't immediately respond to our request for comment. Bloomberg reported the first on the sale of the assets. According to people familiar with this matter, Exxon could seek a value between $500 million and $600 million. Oil and gas producer Esso offers a wide range of products?and services in Hong...

A term sheet showed that a unit of Sinopec had sold 8.5 millions Hong -Kong listed shares of CATL on Wednesday for $770 million. The company was able to cash in on the soaring stock performance of the Chinese electric vehicle -battery manufacturer. The term sheet examined by revealed that Sinopec (Hong Kong), in an accelerated stockbuild, sold shares at HK$708 (US$90.41), a discount of approximately 3.8% from the closing price on Tuesday for Contemporary Amperex Technology Co Ltd (CATL). According to the term sheet, Sinopec also agreed to a 90 day lock-up period on its remaining CATL stake. According...

The British government announced that military planners from over 30 countries will meet in London for two days starting on Wednesday. They will discuss a mission to reopen the Strait of Hormuz, and develop detailed plans. Last week, more than a dozen nations said they would join an international mission led by Britain and France to protect shipping along the Strait of Hormuz, if conditions permitted. This commitment was made after 50 countries from Europe and Asia, as well as the Middle East, joined a videoconference to send a message to Washington following Donald Trump's statement that he didn't need...

ASM International, a computer chip equipment manufacturer, forecast on Tuesday?stronger revenue guidance for the second quarter?than expected by markets?after?a first-quarter result that exceeded expectations. LSEG data estimated that second-quarter revenues would be around 883.9 millions euros, but Europe's second largest maker of chipmaking tool forecasts 980 million euro ($1.15 billion) instead. The first-quarter revenue was 862.5 millions euros, versus the analysts' expectations of 828.5 millions euros. The forecast was published after the European market closed. Analysts felt it was strong enough to distract from the decision to cease publishing the eagerly anticipated new order figures because they are too volatile....

According to court documents and legal filings by the company, an Indian court has halted the 'antitrust investigation' into the state-run Steel Authority of India after the company questioned the Indian watchdog over alleged 'procedural errors. Exclusively reported in January, the Competition Commission of India conducted an investigation into the antitrust scandal involving India's Steel Sector. The investigation found that 28 companies colluded to fix steel prices. This included Tata Steel, JSW Steel, and state-run SAIL & RINL. Online Madras High Court records show that the judge at an April 21 hearing halted the investigation of?SAIL. ? is reporting for...

Gold was largely?stable' on Friday but?was heading for a weekly drop as high oil prices fueled fears of inflation, and interest rates that would continue to rise in the face of stalled U.S. - Iran peace talks. As of 0230 GMT, spot gold was down by 0.1%, at $4,686.29 an ounce. After a four-week streak of gains, the metal has fallen 3% this week. U.S. Gold Futures for June Delivery fell by 0.5% to $4702. Brent crude prices are up over 17% this week, hovering above $100 a barrel. The Strait of Hormuz remains largely closed in spite of an...

Australian shares fell on Friday, and are on course for their worst week in more than a month due to uncertainty over a lasting peace agreement in the Middle East. However, insurer Suncorp has bucked the trend after securing a reinsurance policy. By 0034 GMT, the S&P/ASX 200 Index had dropped 0.2%. If losses continue, the benchmark is set to drop nearly 2%, making it its worst week since last March 16. After a meeting of high-level officials at the White House, Israel and Lebanon?extended a ceasefire for a period of three weeks. However, markets are still uncertain whether a...

The copper price fell from a?multi-week peak on Thursday due to the stalled U.S. Iran peace talks, the continued closure?of Strait of Hormuz as well as a stronger dollar. Benchmark three-month Copper on the London Metal Exchange fell 1.4% to $13,247 per metric ton during 'official open-outcry' trading after reaching its highest since February 27, at $13,481.50. No signs of a return to peace talks between Iran and the U.S. have emerged, while Iran has tightened the grip it holds on the Strait of Hormuz. This has sent oil prices over $100 per barrel. Standard Chartered's head of base-metals research,...

The mines ministry announced on Thursday that Zambia's Luanshya Copper Mine will resume production in August, after more than a decade of idleness. CNMC purchased Luanshya and now holds 80% of the company. Zambia's mining arm ZCCM IH owns 20 percent of the mine. Production had to be halted after severe flooding destroyed infrastructure. According to the Mines Ministry, as of 'March 27, approximately 87.9 millions cubic metres of water have been pumped out of the mine. This has allowed for the development of infrastructure and construction. The ministry announced in a statement that "Luanshya Mine... will resume production at...

BHP Group has agreed to use a Chinese iron ore price index for one of its flagship products as part a deal with?China that ends a long-running dispute. Three sources familiar with the matter confirmed this. BHP, world's third largest iron ore supplier announced on Wednesday it had completed negotiations on a contract with China Mineral Resources Group. This ended the dispute resulting from the bans on BHP supplying the essential ingredient for steel production. The agreement was not disclosed by BHP or CMRG, the Chinese state iron ore purchaser. According to an investor, BHP executives informed them that the...

A union official has revealed that the U.S.-based Virtus 'Minerals' and its Indian partner Lloyds Metals & Energy plan to restart full production in Congolese cobalt and copper miner Chemaf by January 2027, following a Washington-backed acquisition. Virtus purchased the mines of Chemaf in March for $30m and agreed to take on Chemaf’s $900m debt. The Chemaf acquisition is the first deal on the ground under the U.S. - Democratic Republic of Congo partnership aimed at redirecting critical mineral supplies away from China and towards Western markets. Arum Awat is a Virtus executive who sent a memo to the staff...

China's exports to Chile of sulphuric acids sank to zero in March according to Chinese 'customs' data. The world's largest 'copper-producing nation' is now facing a shortage of the chemical that's used to refine around half of it. China plans to ban exports of sulphuric acids from May, to avoid a shortage in its domestic market. This includes the fertilisers industry. The shipment of acid to Chile has already stopped. It was the biggest market for China's acid exports in 2025, and it accounted for almost one-third. Comparatively, China exported 31,870 tons of acid to Chile between February 2026, and...

The price of copper rose on Wednesday, as President Donald Trump extended a ceasefire agreement with Iran. However, lingering uncertainty over the Middle East conflict limited gains. In official open-outcry trade, the benchmark?three-month?copper price on London Metal Exchange rose 0.3% to $13,270 per metric tonne. This month, the renewed premium in Comex copper over the LME benchmark has been a key feature of the copper markets for 2025. It encourages shipments to the United States. More copper is expected to flow into the United States. While the premium price persists until the end of July, a decision will be expected...

According to the International Nickel Study Group, the global nickel market will be in deficit this year by 32,000 tons from 283,000 tons last year. This is due to stricter mining regulations in Indonesia. The Lisbon-based industry group had predicted a surplus in 2026 of 261,000 tonnes, after a surge in production from Indonesia. INSG said its forecast was subject to uncertainty due to Indonesia's production levels and the changing impact of the Middle East Conflict. Indonesia has approved a nickel ore mining (RKAB), which is significantly lower than the level of 2025. The quota can be revised upwards, and...

Prices of iron ores rose on Wednesday as steelmakers in China rushed to replenish their stocks before the holiday season. This was despite concerns about a possible increase in'supply' following a resolution of a contract dispute that lasted for months between BHP Group, and China. BHP, world's third largest iron ore supplier said that it had completed iron ore contract negotiations with China Mineral Resources Group, the state buyer of iron ore. Last week, it was reported that CMRG lifted a ban on BHP's procurement of the key ingredient for steelmaking after its top?executives had visited China. Iron ore, the...

According to Mercuria's top metals analyst, the global aluminium market has experienced a "black-swan" event as disruptions caused by the Middle East war have triggered a supply shock. This will?lead? to major shortages in this year. Around 7 million metric tonnes of aluminium is smelted in the region each year, which represents about 9% of global production this year. Aluminium is used in the construction, transport and packaging industries. Nick Snowdon of Mercuria's metals & mining research said that the scale of supply shock in the aluminium industry is "probably the biggest single supply shock a metals market in post-2000...