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Carney thanks former Canadian Environment Minister ahead of expected resignation
Mark Carney, Canadian Prime Minister, thanked Steven 'Guilbeault for his service as a cabinet minister on Wednesday. He was preparing to resign from the Liberal caucus that same day due to his dissatisfaction over government climate policies. The Globe and Mail?and Toronto Star first reported Guilbeault’s resignation. This will reduce Carney’s Liberals' already thin majority in Parliament by one seat. Carney thanked Guilbeault, stating that they had worked together as the prime minister's special representative to the United Nations for climate change. Carney stated that it was up to him to decide his future. "I wish him the best and I'm certain that we will have an opportunity in some shape or form to continue working together on issues of mutual interest." Guilbeault, the then identity and cultural minister, left Carney's Cabinet in November over his opposition to an agreement Ottawa had made with Alberta, a province that produces oil, to rollback?certain climate regulations to spur investment in energy production. Guilbeault was previously the environment minister for former Prime Minister Justin Trudeau. Carney's Government secured a Majority in April after his Liberal Party won 174 seats out of 343 in the House of Commons. Carney said that a majority could help him to deal more effectively with the U.S. president Donald Trump's trade war, as well as allowing him to avoid another election in years and make it easier to pass laws. Liberals require 172 seats to achieve a bare majority. Laura Stephenson, professor of political sciences at the University of Western Ontario said Guilbeault’s resignation was a sign that some Liberals'might not have been on board' with Carney’s policies prioritizing 'the economy'. She added that several other Liberal legislators have indicated they may also resign, potentially leaving Carney with a minority government. "It's ?tricky to balance concerns from the ?West that deal with energy while ?also supporting those who like the party's more leftist-environmental bent," she said. "Carney has a clear vision but it's not clear whether his party will always unite behind him."
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Gold drops to a two-month low due to inflation driven by war fueling rate hike bets
Gold prices fell to a 2-month low on Tuesday, "pressured" by expectations of tighter monetary policies to combat rising inflation and the fact that there is no end to the Iran war. As of 10:30 am EDT (1430 GMT), spot gold was down by 1.4% to $4,444.64 an ounce. It had fallen earlier in the day to its lowest price since March 27. U.S. Gold futures for June delivery dropped 1.2% to $4445.20. The Middle East continues to have the biggest impact. "There was a lingering optimism, but that optimism is fading as the conflict continues," said Peter Grant. He added that inflation fears are being heightened by the ongoing conflict. Since the beginning of the U.S. and Israeli?war against Iran, the price of gold has been on the rise. Brent crude prices have risen dramatically since the Strait of Hormuz was closed, which has led to inflation worries and rate hike expectations. Iranian state TV reported Wednesday that Tehran would restore shipping in the Strait to its pre-war level within a month as part of a framework agreement with the U.S. This deal also included the withdrawal of U.S. troops from Iran's proximity. After this report, gold prices briefly recovered some of their losses. The market is still predicting energy-driven inflation, which will lead the U.S. Federal Reserve will increase its overnight benchmark interest rate by 25 basis point by the end this year. Gold is not a good inflation hedge in high-rate environments. Neel Kazhkari, Minneapolis Fed President, said that the U.S. central bank must concentrate on containing inflationary risk which appears to be increasing. However it is "far too early" to predict when they could change their current policy rate. Investors await U.S. Investors await the Personal Consumption Spending data due Thursday for clues on the direction of monetary policy. Silver spot fell by 2.8%, to $74.82 an ounce. Bank of America said in a Tuesday note that a gold rally could push'silver back above $100/oz. However, we do not expect silver to outpace 'on a sustainable basis because of a softer fundamental demand. Palladium rose 0.4% to $1,384.86 and platinum fell 2%.
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Gold drops to a two-month low due to inflation driven by war fueling rate hike bets
Gold prices dropped to a 'nearly two-month low' on Wednesday. This was due to expectations that monetary policy would be tightened to combat rising inflation. The war in Iran is still far from over. As of 9 am EDT (1300 GMT), spot gold was down by 1.6% to $4,433.85 an ounce. It had fallen earlier in the day to its lowest price since March 30. U.S. Gold Futures for June Delivery fell 1.6% to $4431.60. The Middle East continues to have the biggest influence. Peter Grant, senior metals analyst at Zaner Metals and vice president, said that there was some optimism but that it is fading as the conflict continues. He added that inflation fears are increasing due to this ongoing conflict. Since the U.S. - Israel war against Iran began in late February, the price of gold has been on the rise. Brent crude oil has increased by 31% since the Strait of Hormuz was effectively closed, which is a crucial passage for one fifth of the world's oil. This has caused inflation to rise and central banks around world to raise interest rates. Iran's State TV reported that the country had obtained an unofficial draft of a preliminary framework for a Memorandum of Understanding with the U.S. Under the agreement, Tehran would restore the commercial shipping through Strait of Hormuz back to its pre-war level within one month, while the U.S. will withdraw military forces from the area and lift the naval blockade. After this report, gold prices briefly recovered some of their losses. The'market' still expects energy-driven price inflation to cause the U.S. Federal Reserve, by the end this year, to raise its benchmark "overnight" interest rate by 25 basis points. Gold is not yielding, despite being a hedge against inflation. Neel Kashkari, the Minneapolis Fed's?President, said that while it is "far too early" to say when the central bank will change its policy rate, it must be focused on containing inflationary risks. Investors are focusing on U.S. data due later this week, such as the U.S. Investors are looking at the Personal Consumption Expenditures price index for April to get clues about the direction of monetary policy. Silver spot fell by 3.2%, to $74.46 an ounce. Platinum dropped 2.1%, to $1,916.60. Palladium rose 0.6%, to $1,387.54. (Reporting by Anjana Anil in Bengaluru; Editing by Paul Simao)
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Copper reaches highest level since May
On Wednesday, copper prices reached their highest level since mid-May, as lower oil prices eased inflation worries for the metal that is vital to growth. Aluminium prices remained 'near 4-year highs' amid concerns about reduced supply in the gulf region. The price of three-month copper at the London Metal Exchange dropped 0.2% in open-outcry official trading to $13,597 per metric ton after reaching $13,746, which was its highest level since May 15. Aluminium fell 0.3% to $3.663, after reaching its four-year peak of $3.707.50, on Tuesday. The Iran War has hampered deliveries in the Middle East. September alumina contracts in China have reached a month-high due to concerns about Guinea's feedstock. Base metals in China, the world's largest metals consumer, were supported by data that showed industrial profits grew at their fastest rate since November 2023. A stronger yuan currency also made dollar-priced goods more appealing to Chinese buyers. Ole Hansen is the head of commodity strategy for Saxo Bank. He said: "With the current global equity rally led by AI and semiconductor stocks the prospects of a strong and sustained demand, especially copper and aluminum, remain firmly intact." The current price action appears to be more of a pause in an established trend. Hansen stated that the technical support for copper and aluminum is around $13,400 each and $3,600 respectively. The short-term resistance level for aluminium is $3,700 where attempts to "break higher" have so far been met with profit-taking. Copper stocks in LME registered warehouses are depleted COMEX copper stock levels continue to rise, with an additional 2,500 tons cancelled in Taiwan. Further inflows were seen. The LME's on-warrant stocks of copper are now at 271,575 tonnes, the lowest since mid-March. LME stocks of aluminium are also available Data?showed that the number of tonnes fell to 259,625 after Malaysian authorities?cancelled 4,275 tons. Nickel fell 0.1% from $18,950 to $18,950 after hitting $19,170 - the highest price since May 14. (Reporting and editing by Eileen Soreng, Janane Venkatraman, and Polina Devlin)
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Newcleo, a nuclear firm, will list on Nasdaq with a valuation of $2.4 billion.
The?nuclear energy?company Newcleo entered into an agreement with NewHold Investment Corp III to?list?on the Nasdaq stock exchange through a merger. Newcleo develops advanced modular lead-cooled reactors, and nuclear fuel from reprocessed material. It will collaborate with its partner Oklo Inc. to launch a program by the U.S. Department of Energy is looking at using the nation's Cold War plutonium as fuel for nuclear reactors. The company stated that "Oklo will lead the utilisation of excess plutonium while Newcleo brings relevant fuel-cycle expertise." Nuclear energy is considered a promising option in the United States to meet the increasing demand for power from data centres and artificial intelligent. Newcleo announced that the merger with NewHold will be valued at $2.4 billion. The transaction is expected to close in the second half of 2026. Since its founding in 2021, the company has raised about $780m from private investors including the Agnelli Family's Exor Seeds Venture Capital Fund.
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Turkey restricts Russian Urals imports due to rising prices and Asian demand
Turkey will cut its imports of Urals crude from Baltic and Black Sea port this month to the lowest level for almost a year and a half, according to LSEG, Kpler, and trading'sources. Turkey is the third largest importer in the world of seaborne Russian crude after India and China. It mostly buys Urals, and occasionally other grades. Kpler data indicates that Turkey's Urals exports will average 161,000 barrels per day in this month. This is down from an average of 189,000 barrels per day in January-April, and 302,000 barrels per day in May 2025. This is despite the fact that global oil prices have risen due to a reduction in crude supply from Gulf countries. "Turkey has become accustomed to Russian crude being sold at a substantial discount. A trader at a major Western firm said that they were not "prepared" to pay such high prices for the grade. According to two other sources, the decline in Urals shipments into Turkey in April or May was due to a stronger demand for Urals in Asia and particularly India. One trader stated that there was "not much on the market". LSEG data show that seaborne Urals imports to Turkey will?fall to their lowest level since at least January 20,25. This decline is partially offset by increased Turkish imports of CPC Blend, which comes from either Russia or Kazakhstan depending on cargo. After the Iran War, the premium on Urals delivered ex-ship in Indian ports jumped to as high as $8 per barrel compared to Brent before dropping to $2 to $4. This is still a significant increase over levels seen before the conflict. In the first half, Russia's western ports increased their?crude loadings by about 9%. They were averaging 2.2 million bpd in April. Reporting by. Mark Potter (Editing by Mark Potter).
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HIGHLIGHTS-Tennis-French Open day four
Highlights from the French Open's fourth day on Wednesday (times GMT). 1040 BENCIC THRU?THIRD RUND Belinda Bencic, the 11th seed from Switzerland, was the first woman to reach 'the third round' after she defeated American Caty McNally 6-4 6-0. Play Under Way 0909 The temperatures at Roland Garros were hot, and are expected to reach 32 degrees Celsius in Paris. Iga Swiatek will face Sara Bejlek on Court Philippe Chatrier, a Czech player who is ranked third. Novak Djokovic, a 24-time Grand Slam winner, will play Valentin Royer in the afternoon. READ MORE Svitolina plays down title talk, Zverev aims for a strong performance against Machac at the French Open Sabalenka and Osaka bring style to Paris, but Medvedev is undone Sinner breezes through to the second round of French Open Pegula fails to make it past the first round of French Open Osaka embraces role of entertainer following another grand walk-on Boisson's injury-ravaged performance at Roland Garros disappoints the French women Kouame, a teenager, becomes the youngest male Grand Slam winner in 17 years. Medvedev shocked by wildcard Walton at French Open first round FRENCH OPEN ORDER OF ?PLAY ON WEDNESDAY (prefix number denotes seeding): COURT PHILIPPE CHARTIER (play starts at?1000 GMT). Sara Bejlek (Czech ?Republic) v 3-Iga Swiatek (Poland) 7-Elina Svitolina (Ukraine) v Kaitlin Quevedo (Spain) Valentin Royer (France) v 3-Novak Djokovic (Serbia) Tomas Machac, (Czech Republic), vs.?2-Alexander Zverev, (Germany). COURT SUZANNE LEENGLEN (play starts at 0900 GMT). 8-Alex ?De Minaur (Australia) v Alexander Blockx (Belgium) Yuliia Starodubtseva (Ukraine) v 2-Elena Rybakina (Kazakhstan) 13-Jasmine Paolini (Italy) v Solana Sierra (Argentina) 15-Casper Ruud v?Hamad Mejdovic (Serbia). COURT SIMONNE MATHIE (play starts at?09:00 GMT) Caty McNally, U.S. vs.?11-Belinda Bencic, Switzerland Camilo Ugo Carabelli (Argentina) v 11-Andrey Rublev 32-Ugo Humbert (France) v Quentin Halys (France) 8-Mirra andreeva v Marina Bassols Ribera, Spain (Reporting from Suramya Kaushik in Bengaluru and Rohith Nirra in Bengaluru. Editing by Christian Radnedge).
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China's PDD misses quarterly revenue estimates on softer demand
PDD Holdings, the Chinese ecommerce giant, missed Wednesday's market expectations?for its quarterly revenue, as persistent economic weakness slowed demand for?the company’s domestic discount marketplace, Pinduoduo. In premarket trading in the United States, shares of the company that operates Temu, an international e-commerce platform, dropped more than 5%. Chinese retailers are struggling to attract customers as the prolonged property crisis and worries about wage growth and jobs have reduced consumer spending power. This has impacted demand for companies like PDD. PDD faces stiff competition from JD.com, Alibaba and other rivals who are offering steep discounts and promotions to attract customers. Temu has emerged as a popular platform for consumers to purchase everything from homeware to shoes at affordable prices. This is capturing the demand of lower-income households worldwide. Temu's model of delivering cheap goods directly to customers from China, while generating strong growth in some markets, is facing increasing regulatory scrutiny. According to LSEG data, PDD reported total revenue of 106.23 bn yuan (15.67 bn) for the first quarter ended in March. This compares with an average analyst estimate of 109.33 bn yuan. The net income attributable to ordinary shareholders was 12.5 billion yuan. This is down 15% from the previous year due to higher?research and development?expenses, as well as increased order fulfillment and payment-processing fees.
Syrian accused of Austrian knife attack declares he will kill again
Austrian media reported that a Kurdish-Syrian refugee, 24, who was on trial for a deadly knife attack on Wednesday in Villach, Austria told the court that he would kill another person if he had the chance.
The defendant was arrested after killing a boy aged 14 and injuring five others with a jackknife at Villach in southern Austria in February of last year. He admits to carrying out the attack, and swearing allegiance with Islamic State.
Media at the trial reported that the prosecution said the court in Klagenfurt that he had undergone "lightning-radicalisation" on TikTok and even surprised his brother.
The defendant, who was questioned by the presiding Judge through an interpreter, whether he would repeat the crime if given the chance, nodded. Media including the national broadcaster ORF, and news agency APA, reported this.
If convicted, he could face life imprisonment. He is charged with murder, attempted killing and terrorism related offences.
On the first day of his trial where he was placed behind a screen, he said very little. The court prohibited reporters from bringing in electronic equipment to the courtroom.
This was the'second deadly jihadist attack in Austria, after a gunman shot and killed?four people? and injured 22 more in Vienna in November of 2020. Villach's trial is due to last until Thursday and coincides with the trial of a 21 year old accused of planning a terrorist attack against a Taylor Swift concert held in Vienna, 2024, which was foiled at the eleventh hour.
Beran A., the defendant in this?trial has pleaded guilty to some charges related to this planned attack, but not others relating to a separate alleged conspiracy. On Thursday, a ruling is expected in this case. Francois Murphy is the reporter; Gus Trompiz is the editor.
(source: Reuters)