Asia / Pacific

Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the...

?U.S. Defense Secretary Pete Hegseth said at a Pentagon press briefing that forces in the Middle East were 'postured' to re-start combat operations if Iran refused to agree to a peaceful deal. He said, "You Iran can choose a prosperous, golden future. We hope you will do this for the people of Iran." "But if Iran chooses badly, they will face a blockade, and bombs being dropped on their infrastructure, power, and energy." U.S. forces have imposed a blockade against all ships attempting to enter or exit Iran as part of a campaign to press Tehran into a deal. "We...

The Kremlin announced on Thursday that President Vladimir Putin had scolded the top Russian economic officials for a decline in the economy during the first two month of the year. Since 2023 the Russian war economy has been outperforming the G7 average, even though it slowed last year. Putin announced on Wednesday that Russia's economy contracted between January and February. Putin said the economic trajectory was below expectations at the beginning of a Kremlin meeting with Russia's top economic officials on Wednesday. He asked the officials to provide him with detailed options for how to rectify the situation. Dmitry Peskov,...

Last week, the U.S. almost became a net oil exporter for the first since World War Two. Shipments surged to near-record highs to meet the demand of Asian and European buyers scrambling in order to replace Middle East supply?cut off by the Iran War. The U.S.-Israeli war against?Iran has caused the biggest ever disruption in the global energy markets. Iranian threats have stopped a fifth of oil and gas from the world transiting through the Strait of Hormuz. Refiners who depend on these supplies in Asia and Europe have purchased alternative cargoes wherever possible, thereby boosting the demand for oil...

Thailand's growth will be slower this year due to the Iran conflict and there are "nearly no limits" in worst-case scenarios if the conflict continues. A senior central bank official said. The Assistant Governor Chayawadee Chaianant stated that the growth of the Southeast Asian nation was slowing. This is because the country's economy, which is highly exposed to global economic conditions due to its high dependence on imported energy imports, has a low rate of growth. The U.S./Israeli war against Iran has led to a decline in tourism and an increase in import costs. Chai-anant, on the sidelines at the...

Treasury Secretary Scott Bessent said to reporters that the United States would not be renewing waivers which allowed some Iranian and Russian oil to be purchased without facing U.S. sanctions. Reports on Tuesday stated that Washington will not renew the 30-day waiver for sanctions against 'Iranian Oil at Sea' that expires in this week and that a similar waiver would expire on sanctions against Russian oil over the weekend. We will not renew the general license for?Russian oil and we won't be renewing the?general?license for Iranian oil. This was oil which was in the water before March 11. All of...

The International Monetary Fund (IMF) expects that at least 12 countries will?seek out new loan programs? to deal with the surging 'energy prices? and supply chain disruptions caused by the Middle East?war?,? the head of global crisis lender, said on Wednesday. Kristalina Georgeeva, IMF's Managing Director, warned of further supply disruptions if the Strait of Hormuz is closed even if it ends quickly. She also urged nations to reduce fuel consumption. At a press briefing during the IMF/World Bank spring meetings, Georgieva reiterated her estimation that the disruptions caused by the war would trigger a new demand for financial support...

On Wednesday, Russian President Vladimir Putin scolded top officials after the economy shrank by 1.8% during the first two months of the year. He asked them to 'come up with new measures that will boost the economic growth. The tight monetary policies of the central bank and Western sanctions that target the oil revenues of the country are the main reasons for the slowdown in Russian growth. The International Monetary Fund has raised its estimate of Russia's GDP growth in 2026 from 0.8% to 1.1% after the Middle East crisis spiked oil prices in March. The government has forecast growth...

Donald Trump told Fox 'Business 'Network that he asked Chinese President Xi Jinping a question in a letter, asking him not to supply weapons to Iran. Xi replied that China did not supply tehran. In the Tuesday interview, Trump did not specify when the letters had been exchanged. He threatened to impose an immediate 50% tariff on countries that supplied Iran with arms last week. "I sent him a note asking him to not do that and he replied with a message saying that he is not doing it," Trump said on?FBN’s "Mornings with Maria". He said he didn't expect...

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Russian news agencies reported that Sergei Lavrov, the Foreign Minister of Russia, said on Wednesday in Beijing at a press conference that Russia was'ready to increase its energy supply to China before an expected visit by President Vladimir 'Putin. Vedomosti cited sources who said that it would be during the week of May 18th. President Xi Jinping and Lavrov met on 'Wednesday', assuring Moscow that China is a friend of Russia and saying that China and 'Russia' must work together, trust each other and protect each other's interest. Lavrov said at the press conference that Russia is ready to provide...

International Monetary Fund announced on Tuesday that the Middle East and North Africa will 'experience a sharply lower growth rate this year due to the oil exporting countries dealing with the 'fallout' of the Iran War. IMF's World Economic Outlook's forecast for the region's real growth in GDP was cut to just 1.1%, which is 2.8 percentage points below its original January projection. In 2027, growth is projected to return to 4,8%. IMF estimates assume that energy production and transportation will be normalised in the next few months. It noted that the assumption could need to be revised, if the...

Gold prices held steady on Thursday as the markets watched developments between the U.S. and Iran, including their impact on inflation and interest rate rates. As of 11:00 am, spot gold was unchanged at $4.789.09 an ounce. After hitting a month-high in the previous session, ET (1500 GMT) was little changed. U.S. Gold Futures dropped 0.3% to $4.810.90. If we see an easing in tensions between the U.S. and Iran or a war ending, it will increase the likelihood that the Federal Reserve rate could be cut down the road... This would support precious metals," said David Meger, director of...

Gold prices rose on Thursday, as the?hopes of a?peace deal between?the U.S.A. and Iran eased inflation concerns and improved prospects for low interest rates. As of 9:00 am, spot gold was up 0.6% at $4,816.14 an ounce. ET (1300 GMT) after reaching a month-high in the previous session. U.S. Gold Futures rose?0.3% at $4,838.10. David Meger is the director of metals trading for High Ridge Futures. He said that as war tensions continue de-escalate inflationary pressures are easing, which increases the chances of Federal Reserve rate cuts this year. This will also support demand for non-yielding steel. Sources said that...

Aluminum prices reached a four-year-high?on Friday as traders assessed?the extent of damage to the global supply caused by the U.S./Israeli war with Iran. Meanwhile, hopes for a possible peace agreement boosted other base metals. The benchmark three-month aluminum on the London Metal Exchange increased 0.4% to $3.636 per metric ton during official open-outcry trade after reaching $3.672, its highest since March 24, 2020. The record high was $4,073.5 on March 7, 2022 when the markets were dealing with 'the immediate aftermath of Russia's invasion in Ukraine. Global aluminium is experiencing a'supply shortage this year as a result of the Iran...

Gold prices rose on Thursday, as a growing 'optimism' about the end of 'conflicts? in the Middle East eased inflation concerns and improved prospects for lowering interest rates. Gold prices rose 0.6% at $4,819.66 an ounce as of 1207 GMT after reaching a month-high in the previous session. U.S. Gold Futures for June Delivery gained 0.4%, to $4841.70. This need for liquidity has largely run its course. Shah said that he expects the gold price to remain well supported, as long as there are concerns about central bank independence and devaluation risk. On Thursday, optimism grew that the Middle East...

Gold prices rose Thursday due to a weaker dollar and lower Treasury yields. Investors were 'optimistic' about a possible end to the Middle East conflict, which had stoked inflation fears. By 0723 GMT, spot gold had risen 0.7% to $4821.96 an ounce. U.S. Gold Futures for June Delivery gained 0.4%, to $4843.40. The U.S. dollar hovered around its lowest level in six weeks, making greenback-denominated ?commodities, including bullion, more affordable for holders of other currencies. The benchmark 10-year U.S. Treasury rate fell by 0.1%, as?hopes for a U.S. Iran peace deal reduced bets on higher U.S. rates over the long...

Gold prices rose Thursday as investors became more optimistic about the potential of an end to the Middle East conflict, which had stoked inflation fears. By 0455 GMT, spot gold had risen 0.9% to $4.830.82 an ounce. U.S. Gold Futures for June Delivery gained 0.6%, to $4.853.40. The U.S. dollar fell to its lowest level in six weeks, making ?greenback-denominated commodities, including bullion, more affordable for holders of other currencies. Benchmark 10-year U.S. Treasury rates eased by 0.1% as hopes of a U.S. Iran peace deal eased bets on higher U.S. rate for longer. The primary driver of gold is?the...

Official data released on Thursday showed that China's primary aluminum production rose 2.7% from the previous year, as fears of supply due to the Iran conflict boosted prices. According to the National Bureau of Statistics, aluminium?production increased?to 3,85 million metric tonnes in March. The data shows that in the first quarter of this year, China produced 11.41 million metric tonnes of primary aluminum, an increase of 3.1% compared to the previous period. Around 9% of the global supply of aluminium comes from the?Gulf Region. Aluminium prices rose after the 'Iran's move to disrupt traffic in the Strait of Hormuz, and...

Gold prices increased on 'Thursday', supported by a falling?dollar. Investors also weighed a?growing optimism over a possible U.S.Iran agreement to end the conflict that has pushed energy prices up and fueled fears of inflation. By 0301 GMT, spot gold had risen 0.7% to $4821.44 an ounce. U.S. Gold Futures for June Delivery gained 0.4%, to $4844.40. The U.S. dollar hovered ?near its lowest level in six weeks, making greenback-denominated commodities including bullion more affordable for ?holders of other currencies, while benchmark 10-year U.S. Treasury yields eased 0.1%. Kelvin Wong is a senior analyst at OANDA. He said that the primary...

The copper price rose on Thursday, trading 'close to six-week-highs'. This was largely due to the prospect of a U.S. peace agreement with Iran to end the war. As of 0137 GMT the most traded?copper contracts?on Shanghai Futures Exchange were up 0.11% to 102,390 Yuan ($15,014.96) a metric ton after reaching its highest level since March 3, at 103130 yuan on Wednesday. Benchmark three-month Copper on the London Metal Exchange increased 0.4% to $13,300.5 a ton. This is close to $13,392.5 - a six-week-high reached on Wednesday. The 'Trump Administration' expressed optimism about a possible deal to end the war...

Prices of copper rose to a six-week high on Wednesday as optimism grew over the possibility of another round of talks between Iran and the United States aimed at ending the war. The benchmark copper price on the 'London Metal Exchange reached $13,392.5 per metric ton, its highest level since March 2. In official rings, it traded at $13,227, down 0.4%. The lower copper prices were attributed to profit-taking by traders, triggered in part by the stronger dollar. When it increases, metals priced in dollars become more expensive for those who hold other currencies. Traders said that the overall sentiment...

Gold prices eased on Wednesday from their one-month-highs, as investors weighed the progress of the U.S. and Iran talks to end hostilities in Middle East, while oil prices held firm due to supply concerns resulting from the closure of the Strait of Hormuz. As of 1131 GMT spot gold was down by 0.7% to $4,806.77 an ounce after reaching its highest level since March 18 a few hours earlier. U.S. Gold Futures for June Delivery fell 0.4% to $ 4,829.70. It's possible that it is a spurious correlation, given the fact (that) both gold and equities react to changes in...

The copper price reached a six-week high on Wednesday, as optimism grew over the prospect of another round of talks between Iran and the United States to end the war. The benchmark?copper price on the London Metal Exchange reached $13,392.5 per metric ton. This is the highest level since March 2. At 0956 GMT, it was down by 0.2% at $13,254, due to profit-taking caused by the stronger dollar. The dollar's rise makes metals priced in dollars more expensive for those who hold other currencies. The traders reported that sentiment and volume?overall' in the industrial metals market was buoyant. U.S....