Asia / Pacific

Sources said that Saudi Arabia's crude oil exports to China are set to reach a record high in January, after it lowered its official selling prices for Asia. Saudi Aramco, the state oil company, will send about 49.5 millions barrels or 1.60 million barrels a day to China in January, according to a list of allotments to Chinese refiners. According to records, the allocation volume is up from the two previous months when it was?under 40 millions barrels. It's also the highest since last October. Sources said that PetroChina, Rongsheng Petrochemical, and Shenghong Petrochemical were among the companies who planned...

Ankur Banerjee gives us a look at what the future holds for European and global markets Investors are on edge about the U.S. financial policy outlook, ahead of the?expected Federal Reserve rate cut this week. A divided central 'bank and the prospect that a dovish Fed Chair will replace?Jerome Powell have investors worried. Welcome to the almost-Fed Day! The traders are almost certain that the Fed will cut rates by 25 basis points on Wednesday. Let's face it, most traders are focused on what Powell says and how many rate reductions the dot plot for 2026 will show. The markets...

The oil prices were stable on Tuesday, after falling 2% the previous session. Market participants remained focused on the upcoming decision by the U.S. Federal Reserve on interest rates and on peace talks that could end Russia's conflict in Ukraine. Brent crude futures were down?2 Cents, or 0.03 %, at $62.47 per barrel as of 0101 GMT. U.S. West Texas Intermediate Crude was trading at $58.84 - down 4 cents or 0.07%. The prices of both contracts dropped by over $1 after Iraq re-started production at Lukoil’s West Qurna 2 Oilfield, which is one of the largest in the world....

Oil prices were at a two-week high on Monday, as investors waited for a possible U.S. Federal Reserve rate cut to boost economic growth and increase energy demand. They also monitored geopolitical risks that threatened Russian and Venezuelan supplies. Brent crude futures were up 9 cents or 0.14% to $63.84 per barrel at 0321 GMT. U.S. West Texas Intermediate crude rose 8 cents or 0.13% to $60.16. Both contracts closed the Friday trading session at their highest level since November 18. LSEG data shows that the markets are pricing an 84% probability of a quarter point cut during the Fed...

Japan's Nikkei fell on Friday, wiping away this week's gains despite an otherwise positive Asian performance. Investors are waiting for the U.S. Inflation reading which could influence a deeply divided Federal Reserve. The European stock market was headed for a flat opening, as both EURO STOXX futures and FTSE Futures were little changed. Nasdaq Futures rose by 0.4%, and S&P500 Futures rose by 0.2%. In Asia, Nikkei fell by 1.3% as weaker than expected household spending data highlighted the inflation problem. Bets on a rate increase later in the month also grew. The week was expected to be mostly flat....

Kevin Buckland gives us a look at what the future holds for European and global markets. The market is focused on the bets that the Federal Reserve will cut rates next week, and the murkiness in the economic data used by Fed officials to make policy decisions. The Fed is focusing on the state of the labour markets, so the Fed will release the most important data - the monthly payroll figures - in mid-December instead of today. This is the result of a record-breaking government shutdown. But at least the Fed will get key data pertaining to the other...

A survey on Thursday found that OPEC oil production fell in November despite an OPEC+ deal to increase production in the month due to unavailability in some members. This brought the supply of the group even further below their target. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 28,40 million barrels of oil per day in October, a decrease of 30,000 barrels per days from the total for October. Nigeria and Iraq recorded the largest declines. OPEC+ - a grouping of OPEC, Russia and its allies - has slowed down the rate of monthly production...

Three sources say that Indian firms will sign a joint venture agreement with Uralchem, Russia's largest potash and ammonium-nitrate producer during the visit of President Vladimir Putin to New Delhi on Friday to build a urea factory in Russia. Sources said that the project, which aims to strengthen India's fertiliser security over the long term, will see India Potash Ltd and Rashtriya Chemicals and Fertilisers Ltd holding each a 22,5% stake in a joint venture. National Fertilizers Ltd. will own a 5% share, while Uralchem holds the remainder and will lead the project. India, Asia’s third largest economy, depends heavily...

The dollar dropped for the tenth consecutive day against a basket, extending its longest losing streak since over 50 years. After an auction, Japanese stocks rose sharply. Government Bonds Investors showed a strong interest in the stock, setting the tone for the entire equity market. STOXX 600 in Europe was up by 0.1%, and is still on track for a modest gain each week. U.S. Stock Futures were flat for the day. This suggests a steady trading start later in the session. Wall Street stocks rallied Wednesday, led by small cap companies. The Russell 2000 index rose 1.9% while the...

Japanese stocks led gains on Asian markets Thursday, as investors bid heavily for government bonds at an auction. Meanwhile, the U.S. Dollar recovered from its five-week low. The Nikkei rose by 2.2%, led largely by the industrial robot maker Fanuc Corp. MSCI's broadest Asia-Pacific index outside Japan traded flat due to declines in Korea, New Zealand and Australia. Early European trading saw pan-regional futures up 0.6%. German DAX Futures also rose 0.6%. FTSE Futures increased 0.31%. Tokyo's most recent debt sale attracted the highest demand in over six years. This helped calm investor nerves following a selloff which pushed yields...

Rae Wee gives us a look at what the European and global markets will be like tomorrow. In the last month, there have been several instances where a rally in the market was suddenly halted due to sudden risk aversion. Sometimes this happened without any obvious cause. Shortly afterward, an upswing followed. Wednesday was another example of this. After a Monday drubbing, global stocks rose and bitcoin reclaimed its $90,000. It was at its highest level in almost two weeks. The European markets were also poised for a steady opening, as investors waited for the remarks of European Central Bank...

A survey released on Wednesday showed that Saudi Arabia's private non-oil sector expanded at the fastest rate in ten months in November. This was driven by robust hiring and increased demand, but new orders grew slower than in previous months. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index fell to 58.5 from 60.2 in Oct., but remained above 50, indicating strong activity growth. The output subindex rose to 63.7, its highest level since January. New orders also continued to increase, although at a slower rate than the October peak. Domestic demand was particularly strong. In November, the subindex for...

The price of gold was flat on Tuesday, as investors had already priced in a Federal Reserve rate cut. They were also preparing for signs that the U.S. Central Bank may adopt a more moderate easing cycle than expected at its two-day meeting beginning later that day. As of 0444 GMT, spot gold was flat at $4,189.17 an ounce. U.S. Gold futures for December delivery were flat at $4.218.50 an ounce. Kelvin Wong, senior market analyst at OANDA, said that investors are repositioning themselves largely ahead of the Federal Reserve's policy-setting meeting. Powell had given a hawkish rate cut guidance...

Investors had already 'priced in' a Federal Reserve rate reduction, and were bracing themselves for signs that the U.S. Central Bank may adopt a more moderate easing cycle than expected at its two-day meeting beginning later in the afternoon. As of 0231 GMT, spot gold remained unchanged at $4,186.99 an ounce. U.S. gold futures for December delivery dropped 0.1% to $4215.80 an ounce. Kelvin Wong, senior market analyst at OANDA, said that investors are repositioning themselves largely ahead of the Federal Reserve's policy-setting meeting. Powell had given a hawkish rate cut guidance in his press conference earlier this month. Investors...

The price of copper eased on Tuesday from its record high as the Federal Reserve's rate decision this week and tight supply continue to dominate trading. As of 0255 GMT, the most traded?copper?contract on Shanghai Futures Exchange fell 0.58%, to 91900 yuan (12,998.77 dollars) per metric tonne. The benchmark copper for three months on the London Metal Exchange was also down, falling 0.54% to $12,572.50 per ton. Shanghai copper is up 25% so far this season, while the London benchmark is up more than 30%. Analysts at Sucden Financial expect copper prices to be "characterized by sharp rallies, followed by...

Iron ore prices continued to fall on Tuesday as the Simandou project, located in Guinea in west Africa,?shipped out its first ore. This increased prospects for more supply, at a time when China, the top consumer, is expected to see a decline in demand due?to falling steel production. The most traded iron ore contract at China's Dalian Commodity Exchange was down 1.51% as of 0229 GMT. Its lowest price since July 10, and headed for its fifth straight session of losses. As of 0219 GMT the benchmark January iron ore price on the Singapore Exchange fell for a third session...

Gold rose on Monday, as investors became more confident that U.S. Federal Reserve would cut interest rates during its two-day meeting this week. A weaker dollar also helped. Gold spot rose 0.3%, to $4208.40 an ounce at 09:11 am ET. ET (14:11 GMT)). U.S. Gold Futures for February Delivery fell 0.1 per ounce to $4,238. Dollar index slid lower, boosting the appeal of greenback-priced Gold for overseas buyers. Both gold and silver have a very strong technical posture in the near term. This is a good thing for speculators, as it encourages them to be on the long side of...

Gold prices increased on Monday due to growing expectations that the U.S. will cut interest rates, which pushed up the dollar ahead of this week's Federal Reserve policy meeting. By 1127 GMT, spot gold had risen 0.2% to $4206.36 an ounce. U.S. Gold Futures for February Delivery fell 0.2% to $4235.60 an ounce. Dollar-priced Gold is now more affordable to overseas buyers thanks to the dollar index, which has been trending lower since December 4. The gold price is rising due to a lower dollar, and the market expects that the Fed will cut rates this week. This was stated...

After a period when the global gold price surged in the fall, the spread between the physical gold prices in Turkey, and the global market level has shrunk sharply, traders reported. The spread between gold prices in Turkey denominated in TL and their global equivalents peaked at over 5%. The spread between the TL-denominated price of physical gold in Turkey and the TL equivalent of global prices peaked at more than 5%. Traders said that the wide spread had affected the lira during the fall as the surge in gold demand was met by imports. Retail flows in Turkey have...

Gold prices increased on Monday due to growing expectations that the U.S. will cut interest rates, which pushed up the dollar ahead of this week's Federal Reserve policy meeting. By 0851 GMT, spot gold had risen 0.3% to $4.209.43 an ounce. U.S. Gold Futures for December Delivery fell 0.1% to $ 4,239.40 an ounce. Dollar-priced Gold is now more affordable to overseas buyers thanks to the dollar index, which has been trending lower since December 4. The gold price is rising due to a lower dollar, and the market expects that the Fed will cut rates this week. This was...

The copper price opened the week strongly, reaching a new record on Monday. This was boosted by the expectation of a rate cut from the U.S. Federal Reserve, and the prospect of squeezing supply. The Shanghai Futures Exchange's most active copper contract closed the daytime trade 1.54% higher at 92,970 Yuan ($13152.91) a metric ton. Shanghai copper reached a record high of 93,300 Yuan in this session. The benchmark three-month Copper on the London Metal Exchange gained 0.79%, to $11,712 per ton at 0700 GMT. It had previously reached a high of $11,771. The markets are pricing in an interest...

Gold edged higher on Monday as traders became more confident that the U.S. Federal Reserve would cut interest rates at its meeting this week. As of 0530 GMT, spot gold increased 0.3% to $4207.99 an ounce. U.S. Gold Futures for December Delivery fell 0.1% to $4237.0 per ounce. Gold priced in greenbacks is now cheaper for foreign buyers. Tim Waterer, KCM Trade's Chief Market Analyst, said that the Fed is on track to reduce rates this week. The expectation of looser monetary policy has driven gold prices higher. The anticipated rate cut is keeping the dollar under control, and simultaneously...

China's exports of rare earth minerals jumped in November. This was the first month that President Xi Jinping, and U.S. president Donald Trump had agreed to accelerate shipment. The General Administration of Customs of China reported that exports jumped by 26.5% in November from October, to reach 5,493.9 tons. The customs office will release a breakdown of countries on December 20, but it is not known if increased shipments into the U.S. and Europe fueled that jump. Since April, the introduction of export controls on 17 minerals that are used in autos and consumer electronics as well as defence has...

China's imports of iron ore in November dropped for the second consecutive month by 0.7% compared to the previous month. The decline was due to a decrease in buying interest after several mills began equipment maintenance because profit margins were shrinking. Data from the General Administration of Customs revealed on Monday that China imported 110.54 millions metric tons of this key ingredient for steelmaking last month. It was less than 111.3 millions tons in October, but higher than 101.86 in the same month of last year. Last month, more steel mills performed maintenance on furnaces as iron ore prices remained...