Asia / Pacific

SpaceX jumped more than 20% on its Nasdaq debut, bringing its valuation up to $2 trillion. Investors piled in to the world's biggest IPO on Friday and?betted on Elon Musk’s sprawling empire spanning from rockets to ai. Stocks opened trading at $150 compared to the IPO price per share of $135. It was last trading at $164 and is the sixth-largest U.S. firm by market value. Bankers warned that the IPO market could be affected if SpaceX's shares close below the Thursday pricing level. Market participants are watching the company's debut as a rehearsal for the next generation of mega-listings....

SpaceX's stock market debut was on Friday. Investors backed Elon Musk's vision of an empire spanning from reusable rockets to orbital artificial intelligence at a valuation among the world's largest. Here's a?timeline for SpaceX to its blockbuster IPO. Elon Musk launches SpaceX in March 2002, using the money he earned from selling PayPal. March 2006: SpaceX launches its first rocket, Falcon 1, but it fails. Falcon 1 launched successfully in September 2008 and became the first liquid-fuel rocket developed by private industry to reach Earth orbit. SpaceX signs its first major contract in December 2008 with NASA for the transportation...

The U.S. is helping to export 7 million barrels of oil a day from the Persian Gulf. Energy Secretary Chris Wright, speaking at a Houston event on Friday, said that the U.S. military is helping to move oil out of the Persian Gulf. Wright stated that the oil flow in the Strait of Hormuz has been about half of what it was before the U.S. - Israel war began with Iran. Wright stated that "we have a recent military effort which began to remove cargoes" Wright, speaking at Bloomberg Energy's event, said that no?Iranian oil is leaving the Strait. He...

India has banned commercial consumers from purchasing gasoline and diesel from retail fuel stations, and placed limits on the daily purchase of diesel to prevent local shortages. This is due to disruptions in global supply chains caused by the Middle East war. According to a government directive issued late Thursday, retail fuel station dealers are required to sell no more than 200 litres per vehicle or customer a day. Customers cannot resell diesel. Diesel for commercial customers like trucking firms has been purchased at lower prices at state-run retail outlets than usual. This, in turn, has led to shortages of...

SpaceX's initial public offering in the United States raised $75 billion on Thursday as investors raced to get exposure to Elon Musk’s space?and satellite empire before its highly anticipated Nasdaq début. This is a time line of?SpaceX’s journey towards the blockbuster IPO Elon Musk started SpaceX in March 2002 with money from the sale of PayPal. SpaceX launched its first rocket in March 2006, the Falcon 1. It failed. Falcon 1 is launched successfully in September 2008. It's the first liquid-fuel rocket developed by a private company to reach Earth orbit. SpaceX signs its first major contract in December 2008...

Saudi Arabian crude oil sales to China will likely remain at record lows this month as the high 'prices' in the wake of the U.S. and Israeli war on Iran continue to impact demand. Market participants closely monitor the allocations as a measure of Chinese demand. They indicate that refiners are reluctant to import barrels at high prices after run cuts, and because they have exhausted their domestic stocks. Saudi Aramco will ship 12 million barrels to China customers for July loading. This is about 387.096 barrels a day. Sources'requested anonymity because they weren't authorized to speak with the media....

Hengli Petrochemical in China, which was sanctioned by the U.S. because it allegedly purchased Iranian oil, bought at least 2 million barrels of West African crude and is seeking more mainstream supply. Six people have said that Hengli is seeking to buy oil from sources not sanctioned by Washington. The company was penalised in April for buying Iranian oil and denied doing so. Hengli, a privately owned refinery that operates in Dalian (northeast China) and produces 400,000 barrels per day, inquired recently about purchasing cargoes from West Africa and non-Iranian Middle Eastern oil?for deliveries starting June, according to multiple sources....

Global trade doesn't cool in the shadow of tariffs, wars on trade, real wars, and energy shocks. It's heating. How durable is it when the price, and not volume, is what's stoking up the flames? Recent trade data, from the U.S., China and other major economies, shows that cross-border commerce has grown at a faster rate than economists expected. In many cases the price increases were the primary cause of increased activity and surprising export figures. This reflects the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

Global trade is not cooling in the shadow of tariffs and trade wars. It's heating. How durable is it when the price and not the volume is what's stoking up the flames? Recent trade data from the U.S., China and other major economies show that cross border commerce is growing at a faster rate than economists expected. In many cases the "increased activity" and the "surprisingly strong headline export numbers" were primarily driven by "higher prices". These reflect the spike in inflation caused by the Iran War, particularly on the oil and energy markets. This was especially true in the...

Kuwait Petroleum Corp. (KPC) is offering fuel on-demand for the first since the start of the Iran War, according to four sources who are familiar with the matter. Separately KPC is 'offering 4,000,000 barrels of?crude? via tender. A fifth source who has direct knowledge of the issue said that the oil is being offered to Asian buyers. Three sources confirmed that the state firm had offered at least 90,000 metric tons (670,500 bar) of 10ppm gasoil, and a 55,000-60,000 tonne (489,500-534,500 barrels) of naphtha via private negotiations for a June loading. It was not possible to determine immediately if any...

After a flat start, Indian?shares rose on Wednesday, led by Reliance Industries. This was after Meta Platforms announced its first AI-enabled?data centre partnering in India. As of 9:57 a.m. IST, the benchmark?Nifty 50 index rose 0.59% to 23,379.4 while the BSE Sensex increased 0.7% to 74436.6. Reliance rose 2.1% following a Meta announcement that the company would lease a datacenter the Mukesh Ambani?led?company, will build in India. 11 of the 16 largest sectors saw gains. The broader small and mid-caps were flat. The heavyweight financials and the private banks each gained 0.6%. As renewed Middle East hostilities, and expectations of...

Jio BlackRock Asset Management will launch its first exchange traded funds in India by August. The company hopes to emulate 'BlackRock’s' global success in passive investment in a market that is still developing. In the year following its launch, the joint venture between MukeshAmbani's Jio Financial Services (JFS) and the largest asset manager in world has managed to amass about 180 billion rupees in assets. This was achieved by establishing a solid base of cash, debt index and active equity funds. The plan is to begin with equity-focused ETFs. BlackRock manages approximately $5.1 trillion worth of ETF assets worldwide, which...

The expectation of U.S. tightening of monetary policy and the strength in the dollar has taken some wind out?of a "perfect storm" that was driving an upswing?in gold prices since 2023. Prices are now vulnerable?around $4,000/ounce, as interest rates unfold. Gold's reversal raised questions about the durability of its record-breaking rally, even though geopolitical risks, fiscal deficits, and central bank purchases continue to support bullion in the long-term. The spot gold price has dropped 25% after hitting a record of $5,595 back in January. This is because the Iran War sparked a rally in oil prices and increased bets for...

India's Chief Economic Adviser V. Anantha Nageswaran stated on Friday that the case for changes to capital gains tax on equities was weaker than bonds. This suggests that the government does not see a need to make further adjustments to its tax regime. India exempted institutional foreign investors from capital gains taxes on government securities last week. The move was made to attract more "capital" at a moment when foreign equity outflows are surging, oil prices are high, and the currency is under pressure. South Asia is the third largest oil consumer and importer in the world. It ships about...

According to a notice received by?on Saturday, Norsk Hydro declared a second case of force majeure for?aluminum sales from Qatar. This was after the Qatalum joint-venture?had unexpectedly terminated its marketing agreement with Norsk Hydro. Hydro, which holds a?50%?share in the Qatalum project, which produces 648,000 metric tonnes per year, along with Qatar Aluminum Manufacturing Co, also known as Qamco issued a force majeure order in early March, after the Middle East war interrupted the gas supply to the plant and Qatalum began a shutdown. The?force majeure clause - which exempts parties from any liability in the event of a failure...

Copper prices rose on Friday as hopes of a quick peace agreement between the U.S.A. and Iran eased concerns about a slowing economy and rising inflation. Benchmark 'three-month copper' on the London Metal Exchange gained 1.6%, to $13,704 per metric ton at 0925 GMT. This ended two days of losses which saw copper reach its lowest level in three weeks. The price of copper fell on Thursday, amid the worst violence between Iran and the U.S. since the two sides signed a ceasefire agreement in April. Prices reversed when U.S. president Donald Trump stated that a peace agreement could be...

Gold prices fell on Friday, and were "on track" to make a loss for the week. This was due to concerns about inflation and possible interest rate increases by the U.S. Federal Reserve. As of 0610 GMT the spot gold price was down by 0.8%, at $4,182.47 an ounce. This was a loss of 3.4% for the week. U.S. Gold Futures for August Delivery rose 2.2% to 4,203.60. Gold dropped to a six-month low before closing at $4,219.69 on Thursday, after U.S. president Donald Trump cancelled planned military strikes?on Iran, and announced an imminent peace agreement. Edward Meir is an...

The demand for gold in India increased slightly this week, as jewellery buyers were attracted by lower prices, despite caution. In China however, premiums eased. The price of gold in India fell to its lowest level since April 2, at 146.444 rupees for 10 grams, on Thursday. It is down 1.5% this week. Chanda Venkatesh said that the demand for gold increased after the recent price correction, especially jewellery buyers. Dealers quoted discounts Discounts of up to $35 per ounce, including 15% import duties and 3% sales taxes, compared to last week's discount of up to $87.5. Although jewellers are...

Gold prices fell on Friday, and were "on track" to make a loss for the week. This was due to concerns about inflation and possible interest rate increases by the U.S. Federal Reserve. As of 0442 GMT spot gold was down by 0.5%, at $4,193.58 an ounce. This was set to be a loss of 3.1% for the week. U.S. Gold Futures for August Delivery rose 2.5% to $ 4,215.30. Gold dropped to a more-than-six month low on Thursday, before closing at $4,219.69 as U.S. president Donald Trump canceled planned military strikes?on Iran, and signalled a forthcoming peace deal. Edward...

Copper prices rose on Friday, amid lower oil prices and optimism about a possible peace deal between the U.S.A. and Iran that would end the war. By 0300 GMT, the benchmark three-month contract for copper on?the London Metal Exchange had risen by 1.64% to $13,704 per metric tonne. The Shanghai Futures Exchange's most traded copper contract rose 1.5%, to 104960 yuan (15,516.30 USD) per ton. Donald Trump, the U.S. president, said Thursday that a "peace agreement" could be signed this weekend and reopen 'the Strait of Hormuz. Iran said, however, that no final decision has been made about a possible...

Gold prices fell on Friday, and were on track to lose a significant amount of money for the week. This was due to concerns about inflation and possible interest rate increases by the U.S. Federal Reserve. As of 0252 GMT the spot gold price was down 0.5%, at $4,191.17 an ounce. This was a loss of 3.2% for the week. U.S. Gold Futures for August Delivery rose 2.4% to $ 4,212.70. Gold fell to a six-month low before closing at $4,219.69 on Thursday, after U.S. president Donald?Trump cancelled planned military strikes against Iran and announced an imminent peace agreement. Edward...

The U.S. and Israel war against?Iran has not affected the price of iron ore, but this relative calm hides a shift in the dynamics of the steel raw material. China purchases about three quarters of the global seaborne iron ore and uses it to feed mills that produce just over half of the world's total steel. Iron ore for the United States is largely sourced by Australia and Brazil. Other producers such as South Africa and Guinea contribute a small amount. This trade bypasses the Strait of Hormuz. The narrow waterway that connects Iran to Oman has been closed off...

The copper price fell to its lowest level in three weeks as the U.S. and Iran continued their attacks. Funds liquidated positions on concerns about rising interest rates, weaker economic growth worldwide, and softer metals demands. The benchmark three-month copper price on the London Metal Exchange fell 0.8% to $13,407 per metric tonne by 0925 GMT. It had earlier reached $13,378, which was its lowest since May 20. On Thursday, the U.S. traded air strikes with Iran for a second day in a row, undermining an already fragile ceasefire. Copper's decline is driven more by macro-headwinds than fundamentals. "Escalating tensions...

Investors covered their short positions on Thursday and gold prices rose, rebounding from the?a six-month low. However, concerns about higher inflation rates in the U.S. and rising interest rates have limited gains. Gold spot rose 0.6%, to $4.097.01 an ounce at 836 GMT. It had fallen earlier in the session to its lowest level since November 21, U.S. Gold Futures for August Delivery were down 0.4% to $4,118. Ross Norman, an independent analyst, said that gold is "clearly" oversold right now. It remains to be determined whether or not this is a real recovery of the metal as such or...