Asia / Pacific

The stock markets of the United Arab Emirates ended lower on Friday. Dubai was impacted by weakness in financial and utility shares, after U.S. President Donald Trump renewed his threats against Iran. Donald Trump stated on Thursday that he hoped not to have to use the "armada", warning Tehran to stop killing protesters and restarting its nuclear program. Dubai's main stock market fell 0.2% in the session after reaching a near 20-year high. Dubai Islamic Bank, a lender affiliated with the?Islamic bank Dubai Islamic Authority, slid 0.2%. Tecom Group, a business park operator, gained 0.6% when it acquired 125 million...

Indian Oil Corp, the top refiner in the country, has purchased 7 million barrels from Petrobras and other suppliers for loading in March to replace Russian oil. Indian refiners have re-calibrated their strategies in order to move away from Russia as the top supplier and increase imports from the Middle East. This could help New Delhi to clinch a deal with the United States for lower tariffs. Sources said that the refiner purchased 2 million barrels Upper Zakum and 1 million barrels Murban from Shell. IOC also purchased 1 million barrels of each Angola Hungo and Clove grade from Exxon....

The U.S. took over Venezuela's oil imports and redirected crude barrels which were used to pay off debts owed to China. What is the debt owed by Venezuela to China and why was it paid after Venezuela defaulted? HOW MUCH DO VENEZUELA OWES CHINA? The data on Venezuela's debt are sketchy, especially since 2017, when U.S. sanctioned triggered a default. AidData, a?research laboratory at the U.S. University William & Mary that tracks lending, estimated official sector Chinese lenders extended loan commitments of $106 billion to Venezuela from 2000 to 2018. Separately they calculated that $44 billion was outstanding in 2017....

The "Sell America' trade is back in the news, and even though it may quieten down after reports of U.S. president Donald Trump's possible Greenland deal it's safe to assume that it won't?go away. We've done this before. Last year, the term "de-dollarization", which was coined by Trump's tariffs-based trade war, became a buzzword. Investors were worried that they would reduce their exposure to U.S.-based assets. This?didn’t happen. U.S. Treasury official figures show that foreigners purchased a net of $1.27 trillion in U.S. Securities during the first eleven months of last year. This was primarily due to a flood of...

The oil price dropped by about 2% on Thursday, reaching a new low. This was after U.S. president Donald?Trump backed down on his threats against Greenland and Iran and on positive developments that could help end Russia's war in Ukraine. Brent futures dropped $1.18 or 1.8% to settle at $64.06 per barrel. U.S. West Texas Intermediate crude (WTI), however, fell $1.26 or 2.1% to settle at $59.36, which is a new one-week low. Trump claimed that he had secured permanent U.S. access in Greenland through a deal with NATO. The head of the alliance said allies must increase their commitment...

A U.S. official stated on Thursday that the Trump administration allows China to purchase Venezuelan crude oil, but not at the "unfair and undercutting" prices which Caracas had sold it at before the U.S. ousted President Nicolas Maduro. The official, who spoke on condition of anonymity, said that while the oil would be sold globally, the U.S. government has insisted that the majority is sold to them. The U.S. claims it will continue to control Venezuela's oil sales after seizing Maduro in January. The official stated that "thanks to President Donald Trump's successful and decisive law enforcement operation, Venezuelans will...

Trafigura, a trading house, has sold its first shipment of Venezuelan crude oil, as part of an agreement between Caracas, Venezuela, and Washington for the supply of 50 million barrels of oil. The Spanish refiner Repsol is expected to receive a shipment of this quantity. Two sources stated that the cargo should be delivered to Repsol by mid-February. Trafigura and Repsol have declined to comment. The agreement would be one of the first to sell Venezuelan oil in Europe since the United States captured Venezuela's leader at the beginning of this month, and struck an agreement with Caracas for the...

Trafigura, a trading house, sold a 'cargo' of Venezuelan oil, to a Spanish refiner. Vitol, a rival, was preparing to export Venezuelan fuel as shipments from the OPEC nation accelerated, according to oil industry sources. U.S. officials reported that Vitol, Trafigura and other companies obtained their first U.S. licensing to load and export Venezuelan crude oil earlier this month. Initial sales reached $500 million or approximately 11 million barrels last week, they said. U.S. officials said that other companies, such as U.S. giant Chevron, were waiting for Washington's exemptions from U.S. sanctions against Venezuela before expanding exports. According to industry...

Four sources with knowledge of the matter have confirmed that India's Reliance industries Ltd, the operator of the largest refinery in the world, will'receive' sanctions-compliant Russian crude oil between February and March, after a one month pause. Reliance received its last shipment of Russian crude in December, after it secured a U.S. concession allowing it to extend the deadline for ending business with Rosneft (a Russian oil company sanctioned by the U.S. government) beyond November 21. Sources said that Reliance, like other Indian refiners will purchase Russian oil from non sanctioned sellers. They did not elaborate on how many cargoes...

Saudi Arabia's National Infrastructure Fund and Humain - the artificial intelligence company of the Kingdom - announced on Wednesday that they had reached a financing deal of up to $1.2 billion. The agreement is intended to'support the expansion' of AI and digital technology in the country. According to a press release, the agreement sets out non-binding terms of financing for the development up to 250 Megawatts of AI data centre capacity to support Humain’s customers. It was announced in Davos, Switzerland. As part of an 'overall effort' to diversify economic activity and income sources away from hydrocarbons, the world's largest...

Indian refiners have redrawn their crude import strategies in order to move away from top supplier Russia, and increase imports from the Middle East. This could?help New Delhi to clinch a deal with the United States for lower tariffs. India became the largest buyer of discounted Russian crude oil after the outbreak of the Ukraine war in 2022. However, the trade was met with a backlash by Western nations who targeted Russia's energy industry with sanctions. Middle East producers are keeping global markets well-supplied with the help of higher production quotas set by the Organization of the Petroleum Exporting Countries....

The latest trade war and foreign policy salvos from Donald Trump are upsetting the global markets. But the question is if these ructions escalate or disappear, like they did in the past 12 months. It is more likely that the latter scenario, but it is clear that investors struggle to accurately price the fundamental shifts of the geopolitical plates. The changes that have already occurred in 2026 will be truly astounding. The Trump administration removed Venezuela's leader, and it appears that he is now the de facto ruler of the Latin American nation. The threat of an American response is...

JSW Steel, India's largest steel producer, reported on Friday a higher-than-expected increase in its third-quarter profits. Higher sales volumes helped offset the impact from lower steel prices. According to LSEG, the consolidated net?profit almost tripled from last year's 16.22 billion rupees to 21.39 trillion rupees (or $232.7 million) for the quarter ending December 31. This was higher than analysts' estimates of 16.22 billion rupees. Analysts at Jefferies predicted that Indian steelmakers would deliver a stronger volume growth between October and December, thanks to capacity ramp-ups. The ramp-up of the JVML Vijayanagar project is driving a 6% increase in the Mumbai...

In a joint statement issued on Friday, Italy and Germany committed to ensure safe'supply chains' for raw materials that are vital to their economies. Rome is urging partners to join forces to combat China’s increasing influence on price. The document seen by was part of an Intergovernmental Summit The two countries will be meeting in the Italian capital, with the Chancellor Friedrich Merz and Prime Minister Giorgia Meroni. Antonio Tajani, Foreign Minister of Italy and Germany, said: "We cannot?accept China as the sole authority to determine the price of raw material." "Italy, Germany and other countries should share a similar...

A report by a? antitrust investigation shows that four major Indian steelmakers – Tata Steel, JSW Steel, state-run SAIL and RINL – disclosed their pricing plans and coordinated production reductions to reduce supply. Exclusively reported on January 6, an investigation by India's Competition Commission found that?28? firms colluded to fix steel prices. They could be fined a lot. The report on the investigation into four major companies, which hasn't been made public, shows that the commission reviewed dozens of WhatsApp conversations from groups called "Friends of Steel", “Tycoons” and "Steel Live Market", that were confiscated during raids in the 2022...

Copper prices rose on Friday, after Capstone Copper announced that a workers’ strike forced a production?halt at the Mantoverde Mine in Chile. The most traded copper contract on the Shanghai Futures Exchange closed daytime trade up 0.64% at 101,340 yuan ($14.553.65) per metric ton but ended the week lower by 0.52%. As of 0700 GMT, the benchmark three-month Copper on the London Metal Exchange had gained 1.30% and was expected to finish the week with a gain of 0.93%. The strike was triggered after Capstone and the largest union of mine workers failed to reach an agreement on collective bargaining....

Copper prices rose on Friday as supply concerns grew after Capstone Copper, a miner in Chile and a local trade union reported that a strike had forced the company to halt production at its Mantoverde Mine. As of 0330 GMT, the most traded copper on the Shanghai Futures Exchange had risen?0.32%, to 101,020 Yuan ($14,507.49), a metric tonne, but was expected to end the week with a loss of 1.15%. The benchmark copper for three months on the London Metal Exchange rose 1.01%, to $12.884.50 per ton. The strike was triggered after Capstone and the largest union at the mine...

Gold prices rose on Thursday, as geopolitical tensions boosted demand for a "safe haven" asset, the U.S. Dollar weakened and anticipation of Federal Reserve rate cuts this year aided. As of 11:32 am, spot gold rose 0.8%, to $4,874.94 an ounce. ET (16:32 GMT) after falling by nearly 1% in the earlier session. On Wednesday, the metal reached a new record high of $4,887.82. U.S. Gold Futures for February Delivery increased by 0.8% to $4.877.20 an ounce. The U.S. Dollar fell?0.4% versus rival currencies, making greenback priced bullion more appealing to overseas buyers. Peter Grant, senior metals analyst at Zaner...

Global Commodities Holdings Ltd. (GCH), a UK-based company, launched the trading of premiums on physical nickel Thursday. The initial "nickel" product that was introduced last year did not gain much traction. GCH began trading nickel products at fixed prices last year, giving the Shanghai Futures Exchange (SFE) and London Metal Exchange an additional?venue. After a nickel shortage in 2022, the LME lost many of its users' confidence. However, LME nickel volume has recently recovered. GCH reported that fixed-priced Nickel trading was not popular, as participants were unable to hedge their price risks due to the lack of tools. The new...

Gold reached $4,800 per ounce for the very first time Wednesday due to geopolitical tensions including U.S. president Donald Trump's bid for control of Greenland. By 11:30 am, spot gold had risen 1.6% to $4,838.91 an ounce. ET (1630 GMT), having risen as high as $4,887.82 in earlier sessions. U.S. Gold Futures for February Delivery climbed 1.7%, to $4.844.20 an ounce. Bob Haberkorn, senior market strategist at RJO Futures, said: "There is a fear that people will miss out on this opportunity. I believe given the geopolitical climate in the world right now it's an ideal storm for higher gold...

Gold reached $4,800 per ounce on Wednesday for the first time as geopolitical tensions, including U.S. president Donald 'Trump's bid to control Greenland, drove demand for safe havens. By 9:30 am, spot gold had risen 2.1% to $4,865 an ounce. ET (1430 GMT), the price of gold had risen to $4,887.82 in earlier sessions. U.S. Gold Futures for February Delivery climbed almost 2% to $4.856.3 per ounce. Bob Haberkorn, senior market strategist at RJO Futures, said that there is a 'fear' of missing out. Given the geopolitical climate in 'the world' it's an ideal storm for higher prices of gold...

Polish prosecutors announced on Wednesday that European investigators had uncovered a synthetic drugs international network operated from Poland. They have seized over 9.3 tonnes of narcotics as well as arrested more than 100 suspects. Operation 'Synthetic Drugs in More Than 20 Illegal Laboratories' targeted a criminal gang accused of importing chemical pre-cursors from China and India, and manufacturing them in over 20 illegal laboratories for distribution throughout the European Union. The prosecutors said that the 'group' operated a complex supply chain. They imported large quantities of chemicals legally, which were then repackaged to be sent illegally to drug labs in...

Shanghai Copper finished off its lows on Tuesday as investors shrugged off the sluggish market and the Shanghai Futures Exchange (SHFE)'s move to increase margin requirements for certain contracts. After a drop of more than 1%, the most traded copper contract on the?SHFE?closed trading daytime up 0.04% to 101,280 Yuan ($14,544.41) per metric ton. As of 0740 GMT, the benchmark three-month price for copper at the London Metal Exchange increased by 1.10%. It now stands at $12,894.50 per ton. Red metal prices remained near record highs despite the sluggish demand for spot metals. The?SHFE also increased daily price limits and...

The Shanghai Futures Exchange increased margin requirements on certain copper contracts, which led to a drop in the price of copper in China. As of 0330 GMT, the most-traded metric ton?copper contract traded on SHFE fell 0.65%, down to 100,580 Yuan ($14440.15). However, the benchmark three-month?copper? on the London Metal Exchange gained 0.65%, to $12,836.50 per ton. SHFE announced on Tuesday it will increase the margin ratios for certain metals, including copper, silver, gold, and aluminum futures contracts, and expand daily price limits from January 22, 2019. This?move was widely seen as a way to stabilize the market, since copper...