Asia / Pacific

According to shipping data and industry sources, India's Haldia Petrochemicals has turned to Oman in order to compensate for a shortage of naphtha from Kuwait and Qatar due to the Middle East conflict. The loading ports of Oman are located outside the conflict zones and have not been affected by the war. According to the cargo tracking of?consultancy Energy Aspects, the medium-range tanker Rarity?loaded around 23,000 metric tonnes (201,000 barrels), of naphtha?late March and discharged it at Haldia on April 13. Navanit Narayan said, "We are actively sourcing multiple options for naphtha and continually?monitoring? the evolving situation" in response to...

Brenntag, a German chemical distributor, posted a better-than-expected quarterly profit on Wednesday. Price increases and cost reductions helped, but the company warned of higher crude costs due to Middle East conflict in the months ahead. The U.S. and Israeli war against Iran has affected the global fuel and feedstock markets and driven up prices in the energy-intensive chemicals industry. Thomas Reisten, CFO of the company, said on a conference call with analysts and reporters that the higher costs for fuel and transportation due to the tensions in the Middle East were being passed onto customers via surcharges and increased prices....

The rise in government borrowing costs over the long term is not slowing down, and there are more aggravators every day. If you have been enthralled by the gravity-defying markets of this year, then look no further for where stress is growing in world markets. The debt, oil, inflation and interest rate risks, combined with the domestic political and geopolitical uncertainties, as well as the waning demand from the private and public sectors for long-term bonds, have pushed borrowing costs in the Group of Seven (G7) advanced economies to their highest level in over 20 years. According to ICE Bank...

Indonesia's Financial Services Authority said that on Wednesday, there was no panic sale of shares following MSCI's removal of?six companies from its Indonesia Global Standard Index. They added that they would continue their efforts to reformate the stock market. After a review of the MSCI Indonesia Index, the index provider announced that Amman Mineral International and Chandra 'Asri'Pacific had been removed from it. Dian Swastatika Sentosa was also removed, as well as Barito Renewables Energy, Petrindo Jaya Kreasi, and Sumber Alfaria. On Wednesday, the Jakarta Composite Index fell by up to 1.92% and reached its lowest level in more than...

A UAE minister told a Damascus Investment Forum that trade between the United Arab Emirates (UAE) and Syria has more than doubled since '2025. It will continue to grow. This is a sign of rapidly warming relations between both countries. Thani Al Zeyoudi, UAE Minister of State in charge of?Foreign trade, told the first?Syrian Emirati Investment Forum the non-oil trading between the United Arab Emirates (UAE) and Syria will reach a record $1.45 billion by 2025. This is a 132% increase from the previous years. He said that the rise in bilateral trade is a positive sign. During the two-day...

A senior Pentagon official stated on Tuesday that the United States war in Iran has cost $29 billion so far, which is an increase of $4 million from an estimate given late last month. The Democrats have been able to gain a lot of ground in the public opinion polls, as they try to tie the war to cost of living issues. The Pentagon announced on April 29 that the war had already cost $25 billion. Jules Hurst who performs the duties of comptroller told lawmakers that the new costs included updated repair and replacing equipment?and operational expenses. Hurst stated...

According to traders, analysts, and shipping data, China increased U.S. Ethane imports in April, capitalising on the strong petrochemical margins, as other Middle East?feedstocks were disrupted by the Iran War. The U.S. and Israel war against Iran halted the majority of shipments of liquefied gas (LPG) from the Middle East via the Strait of Hormuz. This forced Chinese petrochemical manufacturers to look to the United States to get more supplies. This was despite the fact that trade tensions last year caused Beijing to temporarily impose a tariff of 125% on U.S. exports. Data from Sublime China Information and?Kpler showed that...

According to a'senior officer' in the Islamic Revolutionary Guard Corps Navy, Iran has expanded the definition of the Strait of Hormuz far beyond what it was before the Iran war. Fars, a news agency affiliated with the Iranian government, reported Tuesday that the strait was no longer viewed by the IRGC Navy as a small stretch of water around a few islands, but had been significantly enlarged and given a greater military significance. "In the past the Strait of Hormuz has been defined as a small area around islands like Hormuz or Hengam. But today, this view is changing," said...

The Kremlin announced on Tuesday that the Russian government has taken all necessary steps to ensure economic stability, despite Moscow being forced to reduce its forecasted growth for 2026. The Russian Economy Ministry has revised its forecasts for the growth of GDP in 2026, reducing it from 2.8% to 1.4% and 2027 from 2.8% to 0.4%. Alexander Novak, Deputy prime minister, said on Tuesday that the growth rate was expected to be 2.4% by 2029. Dmitry Peskov, the Kremlin's spokesman, told reporters that Vladimir Putin is closely involved in economic issues and that Russia can "talk confidently about macroeconomic stability"...

Prices of oil rose by nearly 1% on Tuesday as the talks to end U.S. - Israel's?war on Iran? appeared fragile. Tehran's response?to a Washington proposal highlighted stark differences which have kept supply concerns alive. Brent crude futures rose 86 cents or 0.8% to $105.07 per barrel. U.S. West Texas Intermediate was up 99 cents or 1% at $99.06 as of 0411 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump said on Monday that the ceasefire agreement with Iran is "on life support." He cited disagreements on several demands such as the cessation?of?hostilities across all fronts,...

The oil prices increased in the early Asian trading on Tuesday as negotiations to end the "war" between the United States of America and Iran appeared 'fragile.' Tehran’s response to the U.S. proposal highlighted stark differences which kept supply concerns alive. Brent crude futures rose 30 cents or 0.29% to $104.51 a barrel. U.S. West Texas Intermediate was up 31 cents or 0.32% to $98.38 at 00:02 GMT. Both benchmarks rose by nearly 2.8% Monday. U.S. president Donald Trump stated on Monday that the Iranian ceasefire was "on life support." He cited disagreements on several demands such as the cessation...

* The GDP growth forecast for 2020 has been reduced to 0.4%. Growth will reach 2.4% by 2029 * Oil price for budget calculations kept ?at $59 per barrel despite global price spikes * Deputy PM Novak stresses that cyclical correction is necessary, and says the slowdown follows robust growth. By Darya Korsunskaya In an interview with Vedomosti on May 12, Alexander Novak, deputy prime minister of Russia, said that despite the rise in oil prices worldwide due to the Middle East war, Russia's economic growth projections for 2026 and the next three years have been cut. Novak stated that...

Due to 'bullish technical indicators and the outperforming of prices in the U.S. The benchmark three-month 'copper' on the London Metal Exchange rose 0.8% to $14138 per metric ton, in open-outcry official trading, following a record-breaking close on Tuesday. The LME index of six base-metals contracts closed on a record on Tuesday, with copper moving closer to the intraday record of $14,527.50 that was set on January 29. Prices for the entire complex were also strong. Bets on the future growth of demand for copper are a good way to support the price. Recent strong factory data is also a...

Chinese companies in Indonesia are calling for more business-friendly policy, warning that tighter nickel ore quotas and higher taxes, as well as a new pricing formula, are driving costs up, and threatening investments in the world's largest nickel producer. China Chamber of Commerce in Indonesia, in a letter sent to President Prabowo, and copied to China's Embassy, said that Chinese firms were subjected to "excessively strict regulation and over-enforcement" and that authorities were allegedly corrupt and engaged in extortion. Five sources who were familiar with the issue confirmed the letter. They requested anonymity as they weren't authorised to speak in...

Nippon Steel is Japan's largest steelmaker. On?Wednesday, it said that its net profit for the fiscal year ending in March will?increase dramatically to a?220 billion ($1.4 billion). This is because the effects of one-off losses are fading from its results. Nippon Steel also reported a 95% decline in profits for the previous financial year, to 17.2 billion Japanese yen. In February, the company announced that it "expected" to lose 70 billion yen in the fiscal year ending in March. This was due to an explosion at a blast-furnace and to costs related to the U.S. Steel transaction. Nippon Steel said...

Australian shares fell on Wednesday as investors sold Commonwealth Bank and other lending institutions. The?top?bank's missed profit heightened fears that Canberra's proposed curbs to tax incentives for property-investors could slow down mortgage demand. The S&P/ASX 200 closed 0.5% lower, at 8,630.40. This brings its overall decline to 2.8% in the last four sessions. Australia's biggest mortgage lender Commonwealth Bank plunged 10.4%, posting its weakest ever session. The bank erased a market value of?A$29.93 billion ($21.66billion) after an earnings missed and new Middle East-related provisions bleakened the outlook for the banking industry. The financials index is down 4% at a five-month...

Gold prices were under pressure Tuesday, as the oil price rose due to falling hopes of an Iran peace agreement. This added to concerns about inflation and the prospect of higher interest rates globally. By 1757 GMT, spot gold had fallen 1.2% to $4678.49 an ounce. U.S. Gold Futures closed 0.9% lower, at $4686.70. "Higher oil costs raise the risk that U.S. central banks and others may have to increase interest rate to combat what would certainly emerge as stagflation. Gold is reacting to that," Bart Melek said, global head for commodity strategy at TD Securities. As?hopes of a peace...

Maxime Vandersmissen, Arctial's chief commercial officer, said on Tuesday that the smelter, owned by Rio Tinto, in Finland could help boost production in Europe and produce hot metal in the second half 2029. The project is still three years from production, but it is already in the spotlight, as the Iran War has made aluminium more scarce in Europe, which is heavily dependent on imports. Vandersmissen, speaking at the CRU World Aluminium Conference in London said that the project aims to produce 610,000 metric tonnes of aluminium per year. Vandersmissen stated that this would increase the European production level by...

Indian stocks plunged on Tuesday. They lost about $115 billion in market value from firms listed on the National Stock Exchange. The outlook for Asia's third largest economy was worsened by fading hopes of a U.S. Iran deal. After Prime Minister Narendra Modi called for a reduction in fuel use and fertilisers, and a restriction on travel abroad and imports as global energy prices surged, the 1.4 billion-person country was prepared to take tough measures. The rupee fell to a new record low, Asia's worst performing currency so far in 2026, as crude remained near $107 a barrel, and outflows...

A court in Australia on Tuesday ordered Fortescue, a miner, to pay A$150,000,000 ($108,000,000) as compensation to an Indigenous group for the cultural damage caused by mining iron ore on their land without their consent. The decision represents 'one of the biggest ever?payouts? in Australia's recent history, brought about by native title laws that recognise Indigenous rights and interest on certain parcels. Stephen Burley, a Federal Court of Australia judge, ruled that Fortescue had caused "significant harm" to the cultural inheritance of the Yindjibarndi People of Western Australia. He concluded that the miner should pay A$150,000,000 in compensation for cultural...

Gold prices fell on Tuesday as the markets weighed developments in the Middle East conflict and interest rate expectations before key U.S. Inflation data. Gold spot fell 0.6% to $4,705.99 an ounce at 0603 GMT after reaching a session high of three weeks earlier. U.S. Gold Futures for June Delivery fell 0.3% to $4.714.50. The hope for a peace agreement on?Iran has faded since U.S. president Donald Trump said that a ceasefire deal with Iran is "on life support".?Tehran rejected the U.S. proposal and refused to accept a list demands from the U.S. President Donald Trump called the proposal "garbage"....

The rupee and Indian shares both fell to a new record low Tuesday as crude oil prices rose. This was due to fragile negotiations over the end of the Iran 'war, which fueled concerns about global supply and economic fallout. As of 10:15 a.m. IST the Nifty 50?was down 0.69% to 23,652.4 while the BSE Sensex fell 0.82%, to 75,386.61. The benchmarks fell by 1.5% each on Monday. The mood was also affected after Prime Minister Narendra modi, over the weekend, urged fuel conservancy and restraint in gold purchases to help preserve foreign currency reserves. Jewellers, oil companies and travel...

The rupee hit a new record low on Tuesday as crude prices rose. Talks to end the Iran War appeared to be fragile. This fueled concerns about supply and potential economic impacts. The Nifty?50 dropped 0.44% as of?9 :20 a.m. IST to 23,712.2, while the BSE Sensex fell 0.56%?to?75,590.56. Ten of the sixteen major sectors suffered losses. The broader small and mid-caps fell 0.5% and 0.30%, respectively. Other Asian?markets dropped 0.5% as oil prices rose from about $100 a barrel to $105 after U.S. president Donald Trump said that the ceasefire agreement with Iran is "on life support". He had...

Data showed that the share of Russian-origin aluminum stocks in London Metal Exchange (LME) warehouses dropped to 72% in April, from 92% in march, as Indian aluminium was put back on warrant. Aluminium inventories available or on warrant at the LME After a steep drop in March, the number of metric tonnes rose 23% to 332,600 in April. Last month, almost 90,000 metric tons were put back on 0#MALSTXLOC> warrant, which eased the tightness caused by the Middle Eastern conflict. LME data revealed that the share of Indian aluminum in available stocks rose from 7% to 27% by April. The...