Asia / Pacific








Energy Markets

Fossil Fuels

Oil & Gas Refining

Seven & i shares rise 3% after Zabka convenience stores stake talks

Seven & i shares rose 3% on Friday in Tokyo after the Japanese retailer announced that it is in talks to buy a stake from Polish convenience store operator Zabka Group. Nikkei reports that the '7-Eleven owner may consider acquiring Zabka share held by funds. The investment is likely to be several hundred billion dollars (several billion yen). The deal would expand Seven & i’s reach beyond its strongholds of Japan and North America to Eastern Europe. This is part of the retailer’s efforts to grow under the leadership Stephen Dacus. Naoshi Matsumoto is an analyst with Yamawa Securities. He...

Fossil Fuels

Chevron signs MOUs for West Qurna 2 oilfield and Nassiriya oilfields in Iraq

According to a senior Chevron executive, Chevron plans to sign memorandums with the Iraqi Government on Friday to advance its interests in the West Qurna 2 oilfield and Nassiriya. The executive stated that the?company continues to talk with Iraq about producing technical studies and evaluating potential pipeline routes for transporting crude oil out of Iraq and bypassing the Strait of Hormuz. Ali al-Zaidi visited Chevron Houston's headquarters on Thursday, as part of his five-day visit to the U.S. that included a Tuesday meeting with President Donald Trump. Iraqi government seeks to secure U.S. partnership during this week's trip to the...

Oil & Gas

Sources say that Iran has told the Houthis they must close their Red Sea Gateway if US strikes power grid.

Three sources said that Iran had asked the Houthi movement in Yemen to be ready to shut down the Red Sea Oil Route if?the United States struck Iranian power infrastructure. This poses a powerful new threat to global oil supplies. Two senior Iranian sources, as well as a'regional source' familiar with the issue, said that the idea was discussed within the Islamic Republic leadership and the message had been'sent' to Iran's Houthi ally. Sources said that the Houthis were recently informed of Tehran's request. This was not previously reported. They didn't give any further details about how the message was...

Refined Products

Russian regions report death and injuries after another Ukrainian drone attack

As Kyiv continues its campaign against the 'Russian energy infrastructure, authorities in three Russian regions have reported deaths and injuries caused by Ukrainian drones and rocket strikes. Mikhail Yevrayev, the governor of 'Yaroslavl Region,' 250 km (155 miles) east from Moscow, where an oil refinery has been repeatedly attacked, said one man was killed and four others injured. He claimed that 19 drones had been?downed in the area, but did not specify which targets they were aimed at. Russian media reported that there were casualties in the Volga River region of Saratov after a drone attack on the city of...

Fossil Fuels

Kashagan Oil Operator says arbitration prevents Kazakhstan from enforcing fine

The operator of Kazakhstan's Kashagan Oilfield announced?on Thursday? that an international arbitral tribunal has issued a restraining order prohibiting Kazakhstan from enforcing an environmental fine. The Kazakh Justice Ministry announced on Tuesday that Kashagan's operator must pay a fine of $4.90 billion ($2.3 trillion tenge) by July 20, 2012. The country is involved in arbitration with oil companies that work on its oilfields. It accuses them of environmental violations and corrupt practices. The North Caspian Operating Company, Kashagan’s operator, stated in a statement: "The Arbitral Tribunal has issued a Restraining Order which prohibits the Republic to take any measures to...

Oil & Gas

The IEA warns that China's restrictions on rare earths threaten $6.5 trillion in Western industry

International Energy Agency warns that the full implementation of China’s rare earth export restriction could put $6.5 trillion in downstream production outside of the country at risk. China, the world's largest producer?of?rare Earths, increased export controls in?October of last year, to include additional materials, and introduced new licensing requirements. However, they agreed to postpone implementation for one year. Rare earths is a grouping of 17 metals that are used in small amounts but essential for products such as cars, aircrafts, electronics and weapons systems. The IEA's Global Critical Minerals outlook report stated that if the controls are fully implemented, an...

Natural Gas Utilities

Serbia promises aid to Ukraine, but ducks calls for more pressure on Russia

Aleksandar Vucic, the president of Ukraine, said that Serbia would send Ukraine more humanitarian assistance but had not signed a regional agreement calling for more pressure to be put on Russia and for continued security aid for Ukraine. Vucic had earlier met President Volodymyr Zelenskiy and taken part in the regional Southeastern Europe - Ukraine summit. It was the first time in more than a decade that a Serbian president visited the Ukrainian capital. Vucic had also participated in the regional Southeastern Europe-Ukraine summit last year. Belgrade has had a long history of close relations with Moscow. It has refused...

Oil & Gas Refining

Officials say that Sinopec has established four new business units as part of a major revamp.

Officials at the company said that 'Sinopec' is undertaking a major restructuring within its own organization, establishing new business units, and moving hundreds of staff in order to re-establish profits amid a slumping Chinese demand for oil, petrochemicals, and other products. Sinopec, a state-owned company, has lagged behind its peers PetroChina Ltd and CNOOC Ltd in recent years. These companies benefit from a greater focus on oil production. Sinopec's reorganisation, which began in early this year, is aimed at focusing more on the needs of customers and efficiency. Chairman Hou Qijun was a geologist, and former general director at Chinese...

Oil & Gas

Investors prepare bids for CXMT's $8.6 Billion IPO, aiming to jump in valuation

Chinese investors who are interested in CXMT’s $8.6billion IPO believe that the chipmaker’s value will increase ten-fold following its Shanghai debut, thanks to an AI-driven upcycle and Beijing’s ambition to become technologically independent. CXMT or ChangXin Memory Technologies will be Asia's largest share sale this year. It comes at a time when Beijing wants to be independent in the semiconductor industry amid a fierce tech rivalry between the U.S. Wu Zhou, a Shenzhen Deyuan Investment fund manager, has said he'll bid on new CXMT share, betting China's leading memory chipmaker can one day overtake global giants such as South Korea's...

Fossil Fuels

Sources say that China refineries are opting for less expensive crude oil in order to reduce their fuel oil consumption.

China's fuel -oil demand will take a long time to recover after imports reached a monthly record low as refiners opted for lower cost crude following the U.S. -Iran War. Prices are expected to be capped by the lackluster appetite of one of Asia's largest importers of high sulphur fuel oils (HSFO), even though this market has strengthened after Washington and Tehran intensified their attacks in the Middle East disrupting Gulf oil supplies that pass through the Strait of Hormuz. LSEG data show that the Asian refiners’ margin for 380 centistoke HSFO rose to a discount of less than $2...

Power Markets

Data breach exposes files relating to India's largest Nuclear Power Plant Kudankulam

World Leaks, a ransomware group, has released on the dark Web a large cache of files relating to India's largest nuclear plant. These include purported blueprints for parts of its facilities as well as supplier details. The information was labelled by World Leaks as being from Reliance Group. Kudankulam Nuclear Power Plant is located in the southern state of Tamil Nadu and is the largest among India's seven nuclear plants. It's also the center of Prime Minister Narendra Modi’s ambitious plans to increase the country's capacity for?atomic energy?. Reliance Group of Indian businessman Anil Ambani, one of the plants' contractors,...

Oil & Gas

What are the Houthis and their allies, Iran in Yemen?

Yemen's Houthi group fired missiles on Saudi Arabia, accusing it of bombing a Saudi airport that was under their control. This broke a four-year ceasefire in the conflict between Saudi Arabia and the Iran-aligned movement. This move marks the end of the de-escalation period and is a sign that Iran may now use its Houthi allies in order to shut down the Bab el-Mandeb entrance to the Red Sea. It would be the second 'global /shipping chokepoint disrupted since the Strait of Hormuz. WHO ARE HOUTHIS? Abdul Malik al-Houthi is the leader of Yemen’s Houthis. He is a highly secretive...

Crude Oil

Crude Oil

MORNING BID EUROPE - This AI will make money, right?

Stella Qiu gives us a look at what the future holds for European and global markets. The'monstrous' rally of Asian?chipmakers is now hitting a rough patch. The jitters can be seen in the extreme volatility of South Korea's KOSPI market, where 'wild swings' in chip giants like Samsung?Electronics or SK Hynix are a recurring occurrence. The index fell 6% on Friday, bringing it down to 27% below its peak in June and increasing the pain of some leveraged retail funds. This tumble is a confirmation of investors' concerns at a moment when everyone is concerned about the rising costs of...

Crude Oil

Bonds cheer lower inflation, while Asian shares fall on chipmaker drag

Asian shares dropped on Thursday, as chipmakers stumbled before results from bellwether TSMC. Bonds benefited 'from another benign reading of U.S. inflation which?lessened risk of an impending rate hike. As hostilities escalated in the Middle East, oil prices continued to rise. Washington has continued to strike Iran following the re-imposition of a naval blocade on its ports. Meanwhile, Tehran has warned of an "existential conflict" with America. Brent crude futures increased 0.6% to $85.45 per barrel, adding to the 12% gain this week. The quarterly earnings of Taiwan Semiconductor Manufacturing Co. (TSMC), world's leading manufacturer of advanced AI chip, are...

Crude Oil

ASML outperforms expectations; stocks gain as US inflation rate drops

The stock market rose on Wednesday, bonds were stable and oil was down as the U.S. dropped its plan to tax shipping through the Strait of Hormuz. South Korea's volatile KOSPI index jumped 6%, while Japan's Nikkei climbed 1%. However, volume was low and mood nervous due to the slowdown in AI stocks. ASML, Europe’s most valuable company, and the world’s largest supplier of chipmaking machinery, has beaten revenue expectations, and will likely set the tone for the European Open. The European futures declined by 0.2%, the FTSE futures dropped 0.3% and Nasdaq Futures rose 0.8%. The U.S. consumer price...

Mining

Mineral Resources

Mineral Resources

India will launch headline service output index in a few months, Statistics Secretary says

India's statistics secretary announced that the country will launch a headline "Index of Services Production" within months. This index will give investors for the first time a monthly measure of output in India's dominant service sector. The Ministry of Statistics and Programme Implementation published trial monthly indices on Tuesday for 19 sub-sectors of formal services, covering approximately 60% of that economy. However, it did not release a composite headline measurement. India does not have an official monthly measure of output in its dominant service sector. In an interview late Thursday, Statistics Secretary Saurabh Garg stated that "we?are hopeful" to be...

Mineral Resources

India's SBI Funds Management raises $31 billion at the country's fourth most-bid IPO

India's SBI Funds Management drew bids worth ?3 trillion Indian rupees ($31.14 billion), making the asset manager's $1.03 billion initial public ?offering (IPO) the country's fourth-most-subscribed issue. The $278.5 millions raised by anchor investors, such as BlackRock, sovereign wealth funds in Singapore, Abu Dhabi and Norway, is included in the IPO subscription numbers. India's primary stock market made a strong return with the IPO that closed on Thursday. This was after a subdued start to the year. India will see a flurry of public offerings during the second half of the year. Reliance Jio's mega listing and the National Stock...

Mineral Resources

Sources say that China will launch a second futures contract for lithium this year to gain more price power.

Sources say that China plans to launch its second Lithium futures contract by the end of the year. The move is part of a drive to increase hedging options for 'its vast electric vehicle battery supply chain' and to gain a greater global price control over battery metal. Two sources familiar with the matter said that the Guangzhou Futures Exchange was working on the launch a futures contract for lithium hydroxide, which would complement the existing lithium hedge tool and challenge rival bourses. One source said that the new futures on lithium could be launched in October. Another said they...

Mineral Resources

Gold prices fall as inflation worries are revived by tensions in the Middle East

Gold prices fell on Thursday, as tensions in the Middle East increased inflation fears and uncertainty about U.S. interest rate trends. Gold futures in the U.S. fell 0.4% to $4.037.20 per ounce at 0834 GMT. Spot gold dropped 0.7% to $4.032.19 an ounce. Gold is still influenced by geopolitics and inflation. The continued U.S. attacks against Iran, and the disruptions of the Strait of Hormuz are supporting oil prices and maintaining inflationary risks," says?Niko tzabouras a senior analyst at Jefferies owned Tradu.com. After reimposing its naval blockade, the U.S. launched a second wave of attacks against Iran's missile and coastal...

Mineral Resources

Nickel prices rise on fears over sulphur supplies via Hormuz

Nickel reached a three-week peak on Thursday as concerns over traffic disruptions?throughout the Strait of Hormuz sparked fears of sulphur shortages and threatened a key raw material for production. The benchmark three-month nickel on the London Metal Exchange rose 2.57%, to $17.235 per metric ton at 0700 GMT. The price had risen by up to 3.14% in the previous session. This was the largest increase since May, and the highest since June 23. The Shanghai Futures Exchange's most traded nickel contract was up 3.01% to 132,940 Yuan ($19641.85) per ton. "Sulphur?tightness?expectations are fermenting once again." This is mainly due to...

Mineral Resources

British Steel is nationalised by Britain to protect domestic steelmaking

In an attempt to protect the future of steel production, the UK government announced in a statement on Thursday that it had 'nationalised' British Steel, which was previously owned by Chinese investors. British Steel's public ownership is necessary for the UK to safeguard its national interests, according to the government. "British Steel" is a part of the fabric and strength of Britain. The decision today secures the future for steelmaking in Britain, protects "skilled" jobs and safeguards an important national capability," said Keir starmer, the outgoing prime minister. In April 2025, the 'government' took over the operational control of British...

Mineral Resources

Gold drops as Mideast conflict dampens inflation hopes

Gold prices fell?on Friday as a Middle?East conflict escalated, fueling fears that the U.S. Federal Reserve might raise interest rates in this year. This tempered recent optimism about easing inflation. By 0518 GMT, spot gold had fallen 0.8% to $4,029.29 an ounce. U.S. gold for August delivery fell 0.4% to $4034.40. The latest escalation of the?U.S.Iran conflict has not been reflected in June's inflation numbers, according to Jigar Trivedi. He is a senior research analyst with IndusInd Securities. After reimposing its naval blockade, the U.S. launched a series of two-wave attacks against Iran's missile and coastal defence sites. Iran responded...

Mineral Resources

China's Xi will outline AI diplomacy at a key Shanghai forum

Chinese President Xi Jinping will outline an ambitious vision of China's role as a global AI governance leader at a forum this Friday. Huawei is showcasing its most advanced AI computing cluster yet, in a move to create a domestic alternative to U.S. tech. Xi's first-time attendance at the World Artificial Intelligence Conference, or WAIC, underscores Beijing’s view that AI is both a key driver of global economic growth and a technology of strategic importance in the global competition. Huawei's Atlas 950 SuperPoD AI computing system, a large-scale AI computer system with a high performance will be unveiled at the...

Mineral Resources

Administrators say that Australia's sole manganese smelter will close.

Administrators announced on Thursday that Australia's sole manganese smelter in Tasmania, the Liberty Bell Bay Smelter will close immediately after a failed sale. The former British billionaire Sanjeev Gupta owned the smelter. It was placed under voluntary administration by March, after it had ceased operations in mid-last. In a'statement, EY stated that "in the absence of a commercially viable?transaction and the required funding to continue operations, the Administrators made the difficult decision to begin the orderly closure?of the?business with immediate effect." GFG did NOT immediately respond to a comment request. The smelter had been experiencing a period in which it...

Mineral Resources

BHP's quarterly iron ore price rises despite China's purchasing curbs

BHP Group reported record iron ore production and higher realised prices on Friday, despite the purchasing restrictions imposed by China Mineral Resources Group during tense contract talks earlier this summer. BHP's Western Australia iron ore operations produced 291.2 Mt of iron ore on a 100 percent basis, which is higher than the 290 Mt. In fiscal 2026, the average realized price for iron increased by 3% to $84.56 a wet ton. BHP didn't mention any price impacts from its annual negotiation with China's State Buyer, after reporting in April that?its biggest client had lifted its prohibition on certain products. China's...

Mineral Resources

Codelco believes that the lithium project at Chile's Maricunga Salt Flat is feasible within eight years

Codelco's chairman Bernardo Fontaine stated on Wednesday that the lithium project at?the Maricunga flat salt will become a reality in eight years. The state-owned copper company Codelco, along with its partner Rio Tinto, manages the Maricunga Lithium project. Fontaine stated that the agreement had not been signed because certain conditions were still to be met. Some of these conditions have already been met, while others are pending on an international level. The executive said that the joint venture agreement "awaits regulatory approval" from Chile and China, after receiving?antitrust approvals with no conditions from Brazil and South Korea, and Poland. The...

Mineral Resources

Rate outlook is clouded by inflation fears and gold falls as tensions in the Middle East fuel inflation concerns

Gold prices fell on Wednesday as escalating tensions continued to?stoke inflation concerns, reinforcing the expectation of higher U.S. rates. Spot gold dropped 0.6% at $4,030.50 an ounce as of 1130 GMT. Tuesday, prices had risen more than 2% after weak U.S. inflation figures. U.S. Gold Futures for August?delivery fell 0.8% to $4.036.20. The Islamic Revolutionary Guard Corps of Iran has threatened to shut all export?corridors that benefit Washington after Tehran closed the Strait of Hormuz, and the U.S. reimposed its?naval blocade of Iranian port. After closing Tuesday at an all-time high, oil prices have risen. UBS analyst Giovanni Staunovo stated...