Asia / Pacific

On Friday, U.S. president Donald 'Trump' said that the U.S. entered into an oil agreement with Venezuela. Trump said on Truth Social that Secretary of State Marco Rubio and Secretary of war Pete Hegseth had secured the majority U.S. ownership of more than 65 BILLION BARRELS of proven oil reserves in Venezuela. This was done at no cost to American taxpayers. Trump claimed that the agreement would double American oil reserves. The U.S. has been promoting American investments in the deteriorated Venezuelan energy industry since January when it?captured? and removed? former President Nicolas Maduro. The Trump administration is under pressure...

According to two sources in the industry, Russia's gasoline production fell to 70% of its domestic consumption by the end August. This was after a series drone attacks forced major refineries into suspension of operations. Ukraine has intensified its attacks on Russia's infrastructure to reduce Moscow's revenue. This has created a fuel shortage that has forced Russia import petroleum products, and maintain sales restrictions throughout the country. After a short respite in July when local authorities began to?ease or lift restrictions on fuel sale, shortages returned in Russian regions by August. According to sources, gasoline production dropped at the end...

India's'markets regulator' approved Mukesh Ambani's Jio Platforms $3.8 billion initial 'public'?offering Friday, paving the way for what could be India's largest listing. Reliance Jio, the largest mobile operator in terms of subscribers by country after China Mobile, had 524.4 millions subscribers at the end of March. In recent weeks, several IPOs attracted a large number of retail and wealthy investors. In less than two weeks since July 1, more than two dozen IPOs were launched or announced, nearly matching the 28 IPOs in the first half 2026. Jio Platforms intends to 'use the majority of the IPO proceeds in order...

Donald Trump announced on Thursday that the United States does not want to talk with Iran, as Washington is focused on punishing Tehran financially. He also said that Washington would penalize countries who do business with Iran. "We don't want to speak with them." Trump told reporters that he was not interested in meeting or doing anything. Karoline leavitt, White House Press secretary earlier in the day said that the U.S. Economic Campaign would continue until Iran decided to negotiate meaningfully. Leavitt said on "Fox & Friends," "Now 'we have Operation Economic Outcast" to destroy their economic system. "No negotiations?are...

Shipping data shows that Turkey increased its diesel imports from the United States and India to record levels in August. This was due to a Russian ban of diesel exports, and to wider disruptions caused by Iran's war. According to Kpler, the commodities data firm, Turkey has imported Indian diesel at a rate of more than 120.000 barrels per day, while its imports from the U.S. have reached 90,000 barrels per daily. Kpler data dating back to 2017 shows that these volumes are the highest monthly totals ever recorded. After Ukrainian strikes on refineries disrupted the domestic supply, Russia has...

The Russian rouble fell sharply against the U.S. Dollar on Thursday. It lost more than 2%. China's currency, the yuan, also hit multi-month lows as a result of fading tax-related support amid rising imports and lower oil prices. Analysts have predicted that August will be the weakest rouble month of the year so far, due to the Ukrainian attacks on energy infrastructure, which are driving up the imports for fuel and equipment for refinery repair, increasing the domestic demand for foreign currency. The rouble was supported earlier in the week by exporters who sold?foreign currency revenue before Friday's monthly taxes....

Bharat Oil Corp, India will receive its first Iraqi cargo of this fiscal year within the next few weeks. It is also 'willing' to take more oil on board from Gulf suppliers on a "free-on-board" basis if ships are readily available. "Fortunately, we?got?the vessel. "One vessel owner was willing to move the product to Fujairah to do the STS transfer (ship-to ship)," Vetsa Ramakrishna said at a press conference following the annual shareholders meeting. Iraq is one of the most affected countries by the Iran War and the closing of the Strait of Hormuz. This waterway, which supplies about a...

The 'Amur Gas Chemical Complex', located in Russia's Far East, announced on Thursday that the death toll from a fire which broke out earlier this week was now 15. The plant announced on Wednesday that six Chinese citizens were among the seven victims of the fire. In a Thursday?Telegram, it said that 14 of the 15 victims were foreigners without revealing their nationalities. The report said that 39 people are still?in hospital, nine of whom were airlifted to Moscow. The complex is a joint venture between Sinopec and Sibur, a Chinese oil and gas firm. It claims to be one...

Gulf stock markets were up in the early trade on Thursday. This was boosted by the hope that diplomatic efforts between Iran and the United States could resume after the two sides had exchanged recriminations earlier this week. Qatar's "prime minister" is scheduled to visit Tehran Thursday to try to revive diplomatic relations after Washington announced that it would increase economic pressure against Iran by targeting its trading partner with sanctions. A senior Iranian source revealed on Wednesday that Iran and Oman were finalising the details of an agreement?on control of Strait of Hormuz. Iran's Revolutionary Guards claimed that the...

The Kremlin reported on Wednesday that U.S. CIA Director John Ratcliffe met with Russian intelligence officials but did not meet Vladimir Putin during a trip to Moscow, which U.S. president Donald Trump referred to as "semi routine." Dmitry Peskov, Kremlin spokesperson, told reporters that Putin was briefed about the outcome of the visit on Tuesday. The visit came at a time when the war in Ukraine is dragging on and efforts to achieve a lasting peace with the United States and Iran are stalled. Peskov refused to reveal what was discussed or provide further details. "All I can say is...

A spokesperson for the U.S. Secret Service said that they were aware of a video broadcast by Iranian state TV discussing a possible plot to assassinate U.S. President Donald Trump's son. The U.S. Secret Service has been made aware of this video, and it investigates any information that could be interpreted as a threat to our protected individuals. We do not discuss 'protective intelligence' due to concerns about operational security. Secret Service spokesperson Nate Herring explained this in an email. A?three minute video broadcast by Iranian State?TV discussed a possible?plot for assassinating Barron Trump, 20. The video claimed that he...

The renewed trade spat between U.S. president Donald Trump and Canadian prime minister Mark Carney occurs at a "delicate time" for both North American nations - and global economy. Mistakes made by the G7 neighbors could have a wide range of economic implications. After bilateral talks broke down on Friday, the?Trump Administration imposed 50% tariffs Saturday on a range of Canadian goods. These tariffs may seem modest at first glance, as they only apply to 5.5% of Canada’s exports to America - goods worth around $20 billion. Oxford Economics says that, if all else is equal, the U.S. tariff rate...

Data released on Friday showed that India's industrial output growth in July slowed down to 6.7% year-on-year, as mining activity declined. Manufacturing and electricity outputs also saw a decline. Economists surveyed by expected that industrial production growth would slow in July to 6% from an 8.8% revised month earlier. In?May the government had switched to using producer prices instead of wholesale prices when calculating factory output. KEY NUMBERS * The manufacturing output increased by 7.3% on an annual basis in July, compared to a growth rate of 9.5% that was revised in June. * The generation of electricity increased 8.7%...

Market participants were waiting for the remarks of Federal Reserve chair Kevin Warsh at the Jackson Hole Symposium, hoping to gain insight into the central banks future interest rate policy. By 0652 GMT, spot gold had not changed much from $4,603,91 per ounce. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. gold futures fell 0.1% to $4 657.10. Matt Simpson, senior analyst at StoneX, stated that the case for Warsh leaning hawkish was greater than for him to not do so. This could lead to gold...

The price of gold fell on Friday, as investors waited for the remarks made by Federal Reserve chair Kevin Warsh at a Jackson Hole symposium. Gold spot fell 0.5%, to $4,580.19 an ounce at 0438 GMT. The price of gold reached a three-month-high of $4,696.18 after the U.S. Treasury announced support measures for bonds with long-term maturities. U.S. Gold Futures fell 0.7% to $4.632.40. Matt Simpson, senior analyst at StoneX, stated that the case for Warsh leaning hawkish was greater than "the case against him". This could lead to a further decline in gold from its cycle highs, Matt Simpson...

According to the website of the Singapore Supreme Court, Japan's Mizuho Bank Ltd filed a case against the Singapore Iron Ore Trader Radiant World's 'operating entity'. A court listing revealed that Mizuho Bank is the banking division of Mizuho Financial Group and they are seeking an injunction to stop Radiant World Corporation from doing business. Could not find any other public legal action taken by a Radiant World creditor. Radiant World accounts have been frozen by some banks and trading houses have cut ties with the company over concerns that it had submitted invalid invoices to raise funding. Singapore Police...

Zinc prices fell Thursday, as rising inventories eased concerns over supply shortages outside China. This ended a six session rally during which speculative purchases pushed the metal up to its highest level in four years. By 1002 GMT, the benchmark three-month Zinc on London Metal Exchange had fallen 1% to $3,855 per metric tonne. On Wednesday, the contract reached $3,949.5 - its highest level since June 2022. The daily LME data revealed that zinc stocks reached a three-week high after 1,100 tonnes of new inflows into the LME registered warehouses in Singapore and Hong Kong. Analysts anticipate more inventory to...

Argentina and Chile want to unlock 'billions' of dollars worth of mining investment by advancing regulatory and legal frameworks which would allow 'companies to pool infrastructure and resources in the Andes Mountains. The Mining Integration and Complementation Treaty will be discussed by officials from both countries on Thursday. This 1997 agreement was revived in July following decades of slow progress. They are looking to move forward a new generation copper projects. Both the conservative Chilean president Jose Antonio Kast (who took office in March) and the libertarian Argentinean President Javier Milei are attempting to increase private investment. Chile's Mining minister...

Zinc prices dropped - and were about to end a six day winning streak on Thursday. A firm dollar weighed down the support of a 'thin supply outside China', while also pulling other industrial metals down. The benchmark three-month price of zinc at the London Metal Exchange fell by 0.96%, to $3.855.5 per metric ton as of 0700 GMT. The most traded zinc contract at the Shanghai Futures Exchange was down by 0.44% to 26,140 yuan (US$3,889.71) per ton. As the market prepares for U.S. Federal Reserve Chair Kevin Warsh's awaited speech in Jackson Hole, the U.S. Dollar Index has?gained...

The gold?prices eased Wednesday as they were on track to end a three-session winning streak. However, the focus now shifts to the U.S. Inflation data that will be released later in the afternoon for any indications on the Federal Reserve’s interest rate policy. Spot gold dropped 0.8% by 1114 GMT to $4,618.03 an ounce, after prices rose to their highest level since May 14, on Tuesday, following the U.S. Treasury Department?s recent bond buyback announcement. U.S. Gold Futures fell 0.4% to $4673.90. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. He said that gold prices were subdued...

On Wednesday, zinc?prices reached their highest level in over four years on a combination of speculative and supply concerns. The benchmark three-month price of zinc at the?London Metal Exchange rose 0.4% to $3,907 per metric tonne by 0945 GMT. This was its highest since June 2022. Zinc, which is mainly used for galvanising steel, has suffered from regional disparity. Stocks are eroding at warehouses registered with LME, while they pile up in China. Local shortages of zinc have pushed the cash LME zinc premium over the three-month Futures. To $132 per ton. This is up from $0 in early July,...

Norilsk Nickel, the largest palladium producer in the world, announced on Wednesday that its board recommended a dividend for the first half 2026 of 1.85 Rubles ($0.0219) per share. In a press release, Chief Financial officer Sergey Malyshev stated that the company has sufficient cash flow and a comfortable debt level to make the payment, adding that this would help maintain its attractiveness. Nornickel shares were still down 1.7% at 10:41 local time (741 GMT) on the Moscow Exchange. The miner last paid an interim dividend to its shareholders in 2023. It offered 9.15 roubles per share. It reported in...

The copper price rose to its highest level in six months on Wednesday, boosted by supply concerns over dwindling LME inventories and a positive economic outlook. By 0300 GMT, the benchmark three-month price of copper at?the London Metal Exchange had risen by 0.49% to $14,419.5 per metric tonne. The price of a ton reached $14,437 earlier in the day, its highest level since January 29. The Shanghai Futures Exchange's most traded copper contract rose by 1.11%, to 109 360 yuan (16,272.36) per ton. Non-traditional copper players, such as hedge funds and speculative traders trading on volatile LME inventory figures, have...

Lynas rare earths, based in Australia, reported a'sharp rise' in its annual profit on Wednesday. This was aided by a record-high average price for a?rare-earths oxychloride and a strong demand. However, it missed the'market expectations, which sent its shares down in early trading. The largest rare-earths manufacturer outside China, said that the price increases were due to firm pricing and agreements on floor prices with Japanese and U.S. clients. This helped reduce volatility. Its average selling price rose 59% to $80.7 per kilogram, helped by ?improved pricing of neodymium-praseodymium, a key rare-earth magnet material, and a higher ?share of heavy...