Asia / Pacific

The U.S. released some details on a new trade agreement with South Korea. The United States and South Korea released a joint factsheet on the recent summit between President Donald Trump of the U.S. and President Lee Jae Myung of South Korea. Washington and Seoul have agreed to lower the tariffs on U.S. autos and auto part imports from Korea to 15%. This is a reduction of 25%. Seoul said that the effective date for auto tariffs would be November 1, after the agreement was finalised, and when a bill relating to the $350 billion package of investment is presented...

After months of pressure, the far-right and centre-right joined forces in the European Parliament to support further reductions to the EU's corporate sustainability law. This comes after the U.S. government and Qatar and other companies have pressed for this. Last year, the European Union adopted its corporate sustainability due diligence (CSDDD). This directive requires that companies fix any human rights or environmental issues within their supply chains. Otherwise, they could face fines up to 5% global turnover. It has become a political hot potato, as countries such as the United States and Qatar have demanded that it be further weakened....

Oil prices fell on Thursday, continuing losses from the previous day, after a report indicating rising crude inventories at the U.S. heightened concerns that global supplies are more than enough to meet the current fuel demand. Brent crude futures dropped 9 cents or 0.1% to $62.62 per barrel at 0336 GMT after falling 3.8% the day before. U.S. West Texas Intermediate Crude fell 11 cents or 0.2% to $58.38 per barrel, continuing a 4.2% drop on Wednesday. According to market sources, who cited American Petroleum Institute data, U.S. crude stocks rose by 1.3m barrels during the week ending November 7,...

Three sources with knowledge of the situation said that the Russian energy giant Lukoil had requested an extension of the U.S. Treasury deadline, which prevents transactions with Russian companies after November 21. Last month, the U.S. Treasury Office of Foreign Assets Control announced new sanctions against Rosneft and Lukoil. This increased pressure on Russian president Vladimir Putin to end Moscow’s war in Ukraine. OFAC issued a license to all companies that allowed them until the 21st of November to finalize their deals with Lukoil. This included any purchases of international assets owned by the oil company headquartered in Moscow. Sources...

A report released by OPEC on Wednesday showed that the world oil supply will match demand in 2020, reflecting the production increase of OPEC+. This is a shift from earlier predictions of a 2026 supply deficit. OPEC+ - which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies - has increased its production targets by approximately 2.9 million barrels a day - or about 2.7% of the global supply – since April. The company plans to stop production increases in the first quarter 2026, amid predictions that there will be an oversupply. In a report released...

Several sources familiar with the situation said that Saudi Arabia will export to China at least 36,000,000 barrels of crude, a slight decrease from the previous month. As some Chinese refineries prepare for maintenance, and independent refiners wait for Beijing's 2026 import quotas, the expected drop in oil supply for the second consecutive month from the top oil exporter to world's biggest importer comes at a time when many refineries in China are preparing for maintenance. Sources said that one of the Chinese buyers has reduced their December volume because they have already lifted the majority of their full-year contract...

The Energy Minister Bogdan Bogdan Ivan stated on Tuesday that Romania must control the Romanian subsidiary of Russian Lukoil in order to protect jobs, enforce international sanctions, and ensure a stable national energy system. Lukoil operates 320 petrol stations across Romania, is the third-largest refinery in the country and has offshore exploration rights for a part of the Black Sea. Ivan didn't elaborate on which assets or how the state should take control. The U.S. imposed sanctions on Lukoil and Rosneft in connection with the war that has raged for more than three-and-a-half years in Ukraine. These sanctions will take...

The chairman of Bulgaria's state reserves agency announced on Tuesday that the country has only one month's worth of gasoline left, as it prepares for the impending U.S. sanction against Russia's Lukoil. Lukoil owns Bulgaria's biggest oil refinery, and the majority of its storage and pipeline infrastructure. Last month, the U.S., Britain, and France imposed sanctions against Lukoil, and Rosneft - Russia's largest oil companies - over Moscow's conflict in Ukraine. This threatened their operations, which still stretch across Europe. The U.S. sanction, scheduled to start on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter,...

The Gulf's major stock exchanges rose early on Tuesday. This was aided in part by the rising expectations of a Federal Reserve rate cut in December and signs that the U.S. shutdown may be nearing its end. The U.S. economy lost jobs last week. Retail and government sectors were the main culprits. A survey released on Friday showed that the U.S. consumer's sentiment had fallen to its lowest level in 3-1/2 years at the beginning of November, due to concerns about the effects the shutdown would have on the economy. The shutdown has delayed important economic metrics including the non-farm...

Early Asian trade on Monday saw oil prices drop, erasing gains made in the previous session. Oversupply worries outweighed optimism about a possible resolution to the U.S. Government Shutdown. Brent crude futures dropped 13 cents or 0.2% to $63.93 per barrel at 0100 GMT. U.S. West Texas Intermediate Crude was also at $60 per barrel, down 13 cents or 0.2%. Both benchmarks rose by around 40 cents during the last session. The longest government shut down in U.S. History could end this coming week. A compromise to restore federal funding passed the initial Senate hurdle on Sunday night, but it...

The United Arab Emirates' trade minister stated on Monday that the Gulf state could complete negotiations for a bi-lateral trade agreement with central African state, Tchad, by the end the year. The Comprehensive Economic Partnership Agreements (CEPA) are trade, investment, and cooperation agreements that form a crucial part of the UAE's long-term strategy to boost growth and reduce its dependency on fossil fuels. Thani Al Zeyoudi, speaking on the sidelines at the UAE-Chad Trade and Investment Forum in Abu Dhabi's capital, said: "We are building a strong bilateral relation between the UAE and Chad." Zeyoudi added that the negotiations have...

Premier Rosen Zhelyazkov announced on Monday that Bulgarian authorities were conducting inspections at the Russian oil giant Lukoil’s Burgas refinery and taking security measures to protect critical infrastructure. The government is preparing to take control of the site. Last week, Bulgaria made legal changes that allowed it to buy the refinery from the U.S. and sell it on to a new buyer to protect the plant against sanctions. Zhelyazkov stated on Monday that these measures include inspections, and the preparation of military police. They are preventive, and aim to preserve critical infrastructure including oil refinery, and other facilities. The Council...

On Friday, the U.N. Human Rights Council held a special session to discuss the situation in al-Fashir in Sudan. States will be considering a request for an investigation into the reported mass murders that occurred as the city of Darfur fell under paramilitary control. A draft resolution would include a fact-finding investigation to identify those responsible for alleged violations committed in al-Fashir by the Rapid Support Forces (RSF) and their allies. In his opening remarks to delegates, U.N. Human Rights Chief urged the international Community to Act. "There's been too much show and pretense, but too little action." "It must...

Gold prices pared gains earlier on Friday, as hawkish remarks from U.S. Federal Reserve representatives clouded the prospects for a rate cut in December. However, they remain set for a week-long gain supported by wider uncertainty. As of 0930 GMT spot gold remained steady at $4169.58 an ounce after reaching $4211.06 earlier during the session. Bullion has risen 4.3% this week. U.S. Gold Futures for December Delivery eased by 0.2% to $4.185.90 an ounce. The cautious mood on financial markets is helping to support gold prices. However, there are growing doubts that the Federal Reserve will cut rates in December...

Ethiopian Investment Holdings announced on Friday that it had signed a preliminary contract with Rusal for the establishment of a large-scale aluminum smelter in Ethiopia. This is the latest major investment in Ethiopia. Ethiopian Investment Holdings announced in a press release on its X Account that the proposed facility will have a production capacity of 500,000 metric tonnes per year. The first phase is estimated to cost $1 billion. The investment firm stated that the project covered by this memorandum will be completed in three to four year and will operate for up to fifty years. Ethiopian Investment Holdings stated...

The iron ore futures price range was narrow on Friday as investors digested mixed signals. Investors were looking at data that showed a surprising increase in demand, but also a still-weak property market in China, the top consumer. The day-trade price of the most traded January iron ore contract at China's Dalian Commodity Exchange was 0.26% higher, closing at 772.5 Yuan ($108.45). As of 0722 GMT, the benchmark December iron ore price on Singapore Exchange was down 0.33% at $102.45 per ton. The fact that the data was better than expected, with the average daily output of hot metal, which...

After a four-session run of gains, copper prices fell on Friday as investors awaited delayed U.S. economic data in order to gauge the health and performance of the largest economy. The most traded copper contract at Shanghai Futures Exchange ended the daytime trade down by 0.49% per metric ton. It finished the week up 1.50%. The benchmark three-month Copper on the London Metal Exchange fell 0.45% at $10,906.5 per ton, as of 0733 GMT. This represents a weekly gain of 1.53%. Data from the National Bureau of Statistics revealed that China's industrial production grew by 4.9% on an annual basis...

The gold price rose on Friday, and was on track to rise for the week. This was supported by a falling dollar. Investors were waiting for additional U.S. data in order to assess whether a rate cut is likely for December after comments made by Federal Reserve officials that were hawkish. As of 0638 GMT, spot gold was up 0.3%, at $4,183.31 an ounce. Bullion has risen 4.6% this week. U.S. Gold Futures for December Delivery eased by 0.2% to $4.185.90 an ounce. Gold became more appealing to other currency holders as the dollar index fell for a second consecutive...

After a four-session run of gains, copper prices fell on Friday as investors awaited delayed U.S. economic data in order to gauge the health and performance of the largest economy. By 0250 GMT, the most traded copper contract at Shanghai Futures Exchange had dropped by 0.30%, to 87.070 yuan (12,223.78) per metric ton. The benchmark copper for three months on the London Metal Exchange fell 0.45% to $10.906.5 per ton. Data from the National Bureau of Statistics revealed that China's industrial production grew by 4.9% on an annual basis in October, and retail sales grew 2.9%. Both were the lowest...

China's crude output of steel in October was down 2% compared to the previous month, and 12.1% compared to the year prior. This is due in part, weather restrictions in northern regions, declining margins, and falling exports. Data from the National Bureau of Statistics revealed on Friday that the world's largest producer of this product produced 72 million metric tonnes of crude steel in December, the lowest level recorded since December 2023. This was down from the 73.49 millions tons produced in September. Calculations based on data show that the average daily production in October was 2,32 million tons. This...

Gold prices rose on Friday, and were set for a rise of at least a week, thanks to a weaker US dollar. However, gains were held back by the hawkish remarks from officials of the U.S. Federal Reserve, who squelched hopes that interest rates would be cut in December. As of 0200 GMT, spot gold was up 0.4%, at $4,188.93 an ounce. Bullion has risen 4.8% this week. U.S. Gold Futures for December Delivery remained unchanged at $4,191.90 an ounce. Gold became more appealing to other currency holders as the dollar index fell for a second consecutive week. GoldSilver Central...

Australian shares dropped nearly 1.5% Friday, sinking in a sea red and reaching their lowest level since July, as miners, financials, and fading expectations for a domestic interest rate cut this summer weighed on benchmark. S&P/ASX 200 Index fell 1.5% at 2348 GMT to 8,623.30. The benchmark index fell 0.5% Thursday. The index fell by 1.7% this week, on course for a third consecutive weekly decline. This was due to the weakness of major banks after the earnings announcements from Commonwealth Bank and the Thursday jobs data. The Labor Report reinforced expectations that Reserve Bank of Australia would hold rates...

Ibram, a Brazilian mining lobby group, said on Thursday that the law firm Pogust Goodhead would have to refund 811,000 pounds (about $1 million) after it dropped a London lawsuit filed against Ibram over a dam disaster in 2015. This amount is due to Ibram for the costs incurred as part of a lawsuit filed by 25 Brazilian municipalities represented by PG regarding the collapse of a Samarco dam, a joint-venture between Vale, BHP and Vale, that killed 19 people and contaminated a major river. A London court will announce its decision regarding BHP's responsibility in this case on Friday....

Gold prices rose to a record high of more than three weeks on Thursday. This was due to expectations that the release of economic statistics following the reopening the U.S. Government could support the case for an interest rate reduction by the Federal Reserve next month. As of 11:03 am EST (1603 GMT), spot gold rose 0.2% to $4206.64 an ounce, its highest price since the 21st of October. U.S. Gold futures for delivery in December fell by 0.1%, to $4.211.50 an ounce. Jim Wyckoff is a senior analyst at Kitco Metals. He said that traders expect economic data to...