Asia / Pacific

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

When the world was faced with a sudden surge in inflationary forces in 2021-22 due to a severe shock in supply and spikes in energy prices, all major central banks reacted?together. This is unlikely to happen again. Five years ago, supply disruptions caused by pandemics led to a united - but belated cycle of interest rate hikes among the world's largest central banks. This cycle accelerated in response to the skyrocketing prices of energy triggered by Russia’s invasion of Ukraine. By the time the European Central Bank raised rates in July 2022 (and the Bank of Japan did not), every...

Rosneft said that the company's net income for 2025 will be down 73%, to $293 billion ($3.60 billion), due to high interest, a high tax on profits, and other factors. Igor Sechin is the Rosneft CEO and a close ally of President Vladimir Putin. He said that the Russian oil industry was caught in an "ideal storm" last year, which included negative geopolitical conditions, tight domestic macroeconomic conditions, as well as high interest rates. The United States sanctioned Rosneft, Russia's second largest oil producer Lukoil in October last year. Sechin stated that the Middle East conflict has boosted oil prices...

The oil prices continued to rise on Monday. Brent is on track for a monthly record after the Yemeni Houthis launched their first attack on Israel, escalating the Iran War. Brent futures were up 66?cents (0.6%), or $113.23 per barrel, at 1031 ET (1431 GMT), after closing 4.2% higher Friday. U.S. West Texas Intermediate?futures rose $2.2 or 2.2% to $101.83 following a 5.5% gain in the previous session. Brent's price has risen by 58% in the last month. This is the highest monthly increase since 1988. Brent also outperformed gains during the Gulf War of 1990. U.S. Crude, on the...

Analysts do not expect a fuel shortage in Ukraine next month. After Russian missile strikes virtually destroyed Ukraine's refining capability, the country became almost completely dependent on fuel imported from Europe, particularly western, central, and southern Europe. Enkorr fuel consultancy in Kyiv said that the average daily diesel deliveries over a 'four-day period from 23 March 'to 26 March 'were 21,400 metric tonnes, up from 19,400 tons during the same time last week. The consultancy stated that if the current pace is maintained, imports in March could reach 565,000 tons. This would be 9% more than the 522,000 ton estimate...

President Donald Trump claimed that the U.S. has been meeting with Iran "directly and indirect" and that the new Iranian leaders were "very reasonable". This was as more U.S. troops arrived in the area and Tehran warned they would not accept humiliation. Trump's comments on Sunday come after Pakistan, acting as an intermediary between Tehran, Iran and Washington, announced that it would be hosting "meaningful discussions" in the next few days to end the Iran?war, which has lasted for a month. Trump said to reporters Sunday night as he traveled on Air Force One from New York City to Washington....

Investors' sentiment was affected by the sagging of most Gulf stock markets in early Sunday trading, as concerns about a wider conflict linked to Iran weighed heavily on their minds. This came after Yemen’s Houthis launched the?first? attacks on Israel since the conflict started and the U.S. sent additional forces into the Middle East. The Washington Post reported Saturday that U.S. officials had said that the Pentagon was preparing for a possible multi-week?operation on the ground in Iran. However, it remained unclear whether President Donald Trump would authorize the deployment. The Qatari Index fell by 1.1% as Qatar National Bank,...

The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum...

Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than...

The Indian government bond market plunged Friday, ending a week-long loss, as New Delhi’s fuel excise tax?cut clouded fiscal outlook and intensified oil-driven anxieties. This also drove the yield on the 10-year note to its largest weekly increase in almost four years. The benchmark 6.48% bond yield for 2035 ended the session at 6.9419%. This is the highest 10-year bond yield since July 25, 2024. It closed at 6.8750% the previous day. Bond yields are inversely related to bond prices. The yield increased by 20 basis points for the week. This is the largest move since the week ending?May 6,2022...

The rupee is in a tailspin as foreign?investors pull out at record rates from Indian bonds and equities. This is due to the Iran War-driven rise?in oil price, which has sparked a flurry of 'worries about a possible increase?in inflation. Since the beginning of the war on February 28, foreign investors have sold an estimated $12.14 billion in Indian shares, marking the largest monthly outflow ever recorded. The net bond sales of foreign portfolio investors under the Fully Accessible Route, or FAR, reached 152 billion rupees (1.6 billion dollars), the highest amount since the category was first introduced six years...

The 'State Department' reported that U.S. Secretary Marco?Rubio met with Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani on a Thursday. He reportedly expressed "gratitude" for the KRG allowing oil from Iraq to reach international markets, including Kurdistan in Iraq. The State Department issued a statement saying that "the secretary expressed his gratitude to Kurdistan Regional Government, for allowing oil from Iraq to reach the global markets, including the 'Iraq Kurdistan Region. The Iran War has risen oil prices and shook global markets. The State Department said Rubio had "offered his sincere condolences to families of those Peshmerga who were...

The Blue House of the Seoul Presidency reported that South Korean President Lee Jae Myung held talks with Indonesian leader Prabowo?in Seoul on Wednesday?. They agreed to "expand their cooperation in critical minerals, technology, and clean energy". According to the schedule of the president, the leaders met following an official welcome at the Blue House. They then held a summit and witnessed the signing of several memoranda before lunch. As part of his visit to South Korea, the?Indonesian President is expected to also attend a business conference in Seoul on Wednesday evening. As the two countries transform their relationship into...

Prices of iron ore futures rebounded Wednesday on the back of upbeat factory data, and expectations that China's top consumer could take a?stimulus measure to brighten demand prospects. As of 15:00 GMT, the most-traded contract of iron ore on China's Dalian Commodity Exchange climbed 0.62%, to 816 Yuan ($118.55), a metric tonne, after a 0.8% drop the previous day. By 0145 GMT, the benchmark May iron ore contract on Singapore Exchange was up 0.68% at $106.2 per ton. China's factory output grew at its fastest rate in a full year in March. This was a relief to an economy that...

The Australian rare-earths'miner' said on Wednesday that Australian Treasurer Jim Chalmers had barred Hong Kong based Ying Tak, from voting or transferring a combined 361.5 million?"shares" in Northern _Minerals. It said that the shares transferred from Black Stone Resources may have violated a national-interest order of 2024, which required five China-linked shareholders to divest combined 613.6 millions shares. The interim directions highlight Canberra's scrutiny over foreign ownership of?critical minerals as Western governments try to secure supply chains that are dominated by China for use in defence technologies and clean energy technologies. This move is in response to a 'June 2024...

The Nikkei reported on Wednesday that the French President Emmanuel Macron and Japanese Prime Minister Sanae Takaichi will create a roadmap to 'diversify supplies of rare Earths and other essential minerals. According to the report, a joint declaration expressing concern about export restrictions for critical minerals will be issued by both leaders. Could not verify immediately the information contained in the report. Nikkei reports that the Japanese and French governments are planning to launch a public-private partnership in southwest France by year's end to refine heavy rare earths, which can be used for electric vehicle motors as well as other...

Aluminum prices rose on Tuesday. They were near their four-year highs and poised to make the biggest monthly gain since?almost 2 years. This was due to fears that a supply shortage would continue after Iranian strikes over the weekend damaged some of the Gulf's key smelters. The benchmark 'three-month' aluminum on the London Metal Exchange increased 2.1% by 1600GMT to $3,471.50 per metric ton, after earlier reaching $3,536, which was its highest level since March 12. Metal prices are up 10.6% in March. The attacks on Iran damaged two aluminum plants in the Gulf region operated by Aluminium Bahrain, and...

Savannah Resources, a London-listed company, is speeding up work on its 'lithium project' in Portugal. The CEO,?Emanuel Proenca, said that the company was confident of being able to?become globally competitive, and reduce Europe’s dependence on Chinese supplies for the metal used to make?batteries. Resources at the Barroso deposit in northern Portugal, a lithium bearing mineral, were increased in September from 28 to 39 million tons. This was already Europe's biggest deposit. Proenca stated that 'potential extensions between 35 and 62 millions metric tonnes could push resources above 100 million metric tonnage, more than doubling the mine lifespan projected to more...

Sources with direct knowledge of the matter reportedly said on 'Tuesday that Tether had?let go? two senior precious metals trader?it hired only three months earlier from HSBC. El Salvador-headquartered Tether cut the roles as spot gold prices headed for their steepest monthly drop since the 2008 financial crisis, pressured by fading expectations of rate cuts and rising energy costs amid the war in ?Iran. Tether holds about 130 metric tonnes of physical gold backing their products by the end of 2025. CEO Paolo Ardoino told in January that they also planned to allocate 10-15% of their own investment portfolio to...

Analysts said that with the 'attacks' on two of the largest aluminium smelters across the Middle East, Iran targeted a'major supplier to the United States?of a metal strategic the United States does not produce nearly enough domestically. The disruption caused by the Iran War was most evident before the weekend. It was mainly due to the difficulties of shipping raw materials and aluminium through the Strait of Hormuz. This has been closed down by Tehran. Emirates Global Aluminium, however, reported that its Al Taweelah plant in Abu Dhabi (the United Arab Emirates), which produces approximately 1.5 million metric tons per...

The Iranian strikes against major Middle East aluminium producers, such as Aluminium Bahrain and Emirates Global have heightened global fears about acute shortages. Already, the U.S. and Israel's war against?Iran as well as the closure of Strait of Hormuz have restricted the?shipments of aluminium to the export markets of the?U.S. The U.S. and Europe. Aluminium Bahrain, which operates 'the world's largest single site smelter said that it was assessing damage caused by the Iranian strikes. Emirates Global Aluminium said that its Al Taweelah facility suffered "significant damage". MIDDLE EST PRODUCTION & EXPORTS Around seven million metric tonnes of aluminium are...

Gold prices rose by more than 1% on Monday, as bargain hunters sought to get a good deal. However, the metal was on track for its largest monthly decline in almost two decades due to rising oil costs caused by the Middle East war. Gold spot rose 0.8%, to $4,529.58 an ounce at 0913 GMT. It had gained more than 1% earlier. U.S. Gold Futures for April Delivery gained 0.8%, to $4,558.30. Ricardo Evangelista, an analyst at ActivTrades, said that after prices reached multi-month lows a week ago, traders took advantage of the opportunity to buy a dip and drove...

European shares rose in choppy trade on Monday, as energy stocks rose. Investors awaited the inflation data that would be released by Germany, the largest economy of the euro zone, which could shed light on the impact the Middle East War has had on the Eurozone. The pan-European STOXX 600 index was up 0.2% to 576.55 as of 0938 GMT after two consecutive days of losses. The European stock index is down 9% this month, and will likely have its biggest monthly drop since March 2020. Michael Hewson is a senior analyst at iForex and expects that European stocks will...

Gold rose on Monday due to a surge in energy prices, which fueled inflation fears and dimmed expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0755 GMT spot gold was up 0.8% at $4,526.67 an ounce, bouncing back from a loss of 1% earlier in the day. U.S. Gold Futures for April Delivery gained 0.7%, reaching $4,554. Gold's price action last week, when it ended a three-week losing run, suggested that oversold behavior was at play and that recent declines could be reversed. This must be confirmed this week by the price action. Nicholas...