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Oil prices rise after US intercepts Venezuelan oil tanker at weekend
The oil prices rose in the early hours of Monday morning after the U.S. intercepted an?oil-tanker from Venezuela over the weekend. Brent crude futures rose by 44 cents (or 0.73%) to $60.91 per barrel at 0141 GMT. West Texas Intermediate (WTI), crude oil, rose by 40 cents or 0.71% to $56.92. Officials told Sunday that the U.S. Coast Guard was also pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of the weekend, and the third within less than two weeks, if it is successful. Tony Sycamore, IG analyst, said that the rebound in oil prices was sparked by geopolitical events, starting with U.S. president Donald Trump's announcement about a "total" and complete?blockade of sanctioned Venezuelan tankers, and developments in Venezuela. This was followed by reports on a Ukrainian drone attack on a Russian shadow fleet vessel on the Mediterranean Sea. Sycamore said that "the market has lost hope" in the U.S.-brokered Russia/Ukraine talks reaching a lasting deal any time soon. The balance of risk is very close to moving back to the upside for crude oil. This is due to the fact that these developments help to offset the ongoing concerns about oversupply. Brent and WTI fell by about 1% in the last week, after both crude benchmarks had fallen about 4% during the week ending December 8. Steve?Witkoff, the U.S. Special Envoy for Ukraine, said that Sunday's talks between U.S. officials and European officials in Florida to end Russia's conflict in Ukraine focused on aligning positions. He said that the meetings, as well as separate discussions with Russian negotiators, were productive. The top foreign policy adviser to Russian President Vladimir Putin said that Sunday, the changes made by Europe and Ukraine to U.S. plans to end the war in Ukraine do not improve the prospects for peace. (Reporting and editing by Lewis Jackson and Sam Li)
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Asia shares extend Tech rally, yen is under pressure
The Asian stock markets rose Monday, tracking tech-driven gains in Wall Street. Meanwhile, the yen sank to all-time lows versus the euro and Swiss Franc due to higher interest rates domestically not deterring speculative buyers. The week was shortened by holidays for most of the world, but the path that was least resistant was to go higher in anticipation of delayed data which is expected to show that the U.S. economic growth continued strongly in the third-quarter. Median forecasts point to an annualised growth rate of 3.2%. This is due, in part, to a sharp drop in imports following a surge earlier in the year before the introduction of tariffs. Analysts at BofA cautioned that their measure of "investor sentiment" had moved to extreme bullish territory, at 8.5. This is often the prelude to an eventual reversal. In a note, they noted that "readings above 8.0 often preceded pullbacks. Global equities declined?a median 2,7% over the next two months with a 63% success rate." Fund Manager Survey: "Most bullish sentiment for 3-1/2 years driven by expectations of tariff and tax reductions." S&P futures rose?0.2% and Nasdaq Futures gained 0.3%. Japan's Nikkei rose 1.5% on Friday, continuing the bounce that began last Friday. A steep drop in the yen is expected to boost corporate export earnings for Japanese companies. The Bank of Japan increased rates to the highest level in 30 years, which was 0.75%. This put heavy pressure on government bonds. The minutes of the BOJ's meeting are due Wednesday. On Christmas Day, the head of Japan's central bank will speak to a Japanese Business Lobby. On Interception Watch The yen reached a new record low against the euro, at 184.90 and the Swiss franc, at 198.08. Dollar was up at 157.67. Investors were cautious about testing the November high of 157.90, in case it triggered an intervention by?Tokyo. Japan's currency chief has expressed concern over one-way movements and warned against excessive declines. If the dollar breaks 158.00, it will target the 2025 high of 158.88 and then the 2016 high of 161.96. The dollar was stable on a basket currency at 98.725, after gaining 0.3% on Friday. South Korea's stock market jumped by 1.8% due to optimism about AI-related earnings. Analysts at TD Securities reported that equity markets saw their largest weekly inflows ever at $98 billion, with U.S. equity fund leading the way. Chinese equity funds experienced their third-largest weekly inflow since 2025. Emerging markets also saw their biggest inflows in recent months. The fourth consecutive week saw a slowdown in the flow of?to bonds. The yield on Japanese 10-year bonds rose by another 2.5 basis points, reaching the highest level since 1999. Meanwhile, U.S. 10 year yields increased to?4,157%. Silver, the star commodity in commodities again, reached a new record of $67.48 an ounce. This brings gains for the entire year to nearly 134%. Gold rose 0.6% to $4,362 per ounce on the same day. Oil prices rose after the U.S. intercepted and pursued another Venezuelan oil tanker on the weekend. This would be the third operation of this kind in less than two week. Brent crude oil rose 0.7%, to $60.88 per barrel. U.S. crude oil also increased 0.7%, to $56.89 a barrel. (Editing by Stephen Coates).
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China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
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ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
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MiniMed, Medtronic's diabetes division, files for a US IPO
MiniMed Group, part of Medtronic, filed an initial public offering (IPO) in the United States Friday as the medical device manufacturer moves forward with the spin-off?of its diabetes business. As the capital markets slow down for the holidays, corporate issuers prepare for a possible roadshow launch at the beginning of 2026 when the IPO marketplace kicks back into action. On Friday, the New York IPO paperwork was also filed by ARKO Petroleum, a fuel distributor and Aktis Oncology, a drug developer. MiniMed of Northridge, California, founded by Alfred Mann in 1983, has a range of products from glucose monitors to insulin delivery devices. In 2001, Medtronic acquired MiniMed for $3.3 billion. In recent years, the diabetes unit struggled with quality management and cybersecurity concerns related to certain devices but has now returned to growth. Medtronic announced in May that it would spin off its Diabetes unit via an IPO?of less than 20 percent, followed by a split-off. MiniMed reported net losses of $21million on?sales? of $1.48billion in the six-month period ended October 24 compared to a loss of $23million on sales?of $1.30billion a year ago. Goldman Sachs is the leading underwriter for IPO. BofA Securities?, Citigroup?, and Morgan Stanley? are also involved. MiniMed has selected more than 10 underwriters to help with the offering. The company will be listed on Nasdaq, under the symbol MMED. The company intends to use the proceeds of the offering for debt repayment to Medtronic, among other things. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
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US sanctions Maduro's family and associates
As Washington intensifies its pressure against?the Venezuelan President, the United States imposed sanctions Friday on family members and associates. Treasury Secretary Scott Bessent said in a statement that the U.S. Treasury Department had imposed sanctions against seven individuals it believed were linked to Maduro, his wife and other officials. Bessent issued a statement saying, "We won't allow Venezuela to flood our nation with deadly drugs." "Maduro, and his criminal accomplices, threaten the peace and stability of our hemisphere." The Trump Administration will keep targeting the "networks" that support his illegitimate regime." The Venezuelan Information Ministry did not respond immediately to a request for comment. Maduro, his government and the United States have all denied any links with crime. The U.S. is seeking a regime change to gain control of Venezuela's vast reserves of oil. The move comes at a time when U.S. president Donald Trump has increased pressure on Maduro. He is campaigning to remove him and executing an extensive military buildup in southern Caribbean. The Trump?administration carried out strikes on suspected drug vessels, seized a sanctioned tanker off the?coasts of Venezuela and declared a?blockade' of all sanctioned tankers entering or?leaving Venezuela. Trump has said repeatedly that he will soon launch a land attack in Venezuela. Friday's actions?sanctioned the relatives of Carlos Erik Malpica Flores. The?nephew Maduro's spouse who, according to the U.S., was involved in a?corruption plot at the state oil company. Washington sanctioned him last week. On Friday, sanctions were imposed on Maduro, his mother, who also happens to be the sister of Maduro’s wife, as well as his father, sister and wife.
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Rubio is not worried about an escalation of tensions with Russia regarding Venezuela
U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia On Thursday, Moscow expressed its hope that Trump's government would not commit a?fatal mistake? over Venezuela. It also said that it was worried about U.S. actions that threatened international shipping. Venezuela and Russia are close allies, but a Trump strategy document said that the United States would reassert their dominance in the Western Hemisphere. It also argued the U.S. needed to revive the 19th Century. Monroe Doctrine Washington declared the Western Hemisphere as its zone of influence. The Trump administration also conducted strikes against suspected drug vessels in the region. It seized an oil tanker sanctioned off the coasts of Venezuela and declared it a "blockade" All sanctioned oil tanks entering and departing Venezuela. Trump has repeatedly said that he will'soon' launch a land attack in Venezuela. Democrats have claimed that Trump's administration has only provided limited information on the operations in the region. Rubio stated, "Nothing that has occurred requires us to notify Congress, get congressional approval or even cross the threshold of war," Rubio. Reporting by Simon Lewis and Daphne Psaledakis. Idrees A. Ali (Writing, Editing by Deepa B. Babington).
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Sources: Antofagasta and China smelter have agreed to zero copper charges in 2026.
Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more money for the privilege of processing materials. One source said that talks between Antofagasta, the world's largest copper consumer, and smelters from China have been "tough" and "challenging" this year. Because the negotiations took place in private, the sources refused to identify themselves or to name the smelter who agreed to the deal. Three sources familiar with this matter earlier said that Jiangxi Copper - one of China's largest copper smelters - was due to meet with Antofagasta Friday evening. Last month, the two sides failed to agree on the sidelines of Asia Copper Week in Shanghai when a representative from the China Nonferrous Metals Industry Association objected to "free and negative treatment of copper concentrate." Antofagasta didn't immediately respond to our request for comment. Reporting by Tom Daly and Pratima Dasai; editing by Kevin Liffey, Louise Heavens and Amy Lv
US House committee report discovers Wall Street colluded to curb emissions
The Republican bulk in a U.S. congressional committee published a report on Tuesday implicating Wall Street firms of conspiring with advocacy groups to force business to shrink their greenhouse gas emissions.
The committee's report, which was reported earlier by , is the very first because it introduced an examination in 2022 into whether business efforts to take on environment modification breach antitrust laws.
Numerous Republican-controlled states have been targeting Wall Street firms for participating in climate unions and marketing ecological, social and business governance ( ESG)- focused investment products, stressing that these initiatives will harm jobs in the fossil fuel industry.
This is despite the world stopping working to live up to an intergovernmental arrangement reached in Paris in 2015 to keep global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit). so it can avoid the most devastating effects of environment modification.
In the report, Republican legislators implicate President Joe. Biden's administration of stopping working to meaningfully investigate. the climate cartel's collusion, let alone bring enforcement. actions versus its apparent infractions of longstanding U.S. antitrust law.
A White House representative did not right away respond to a. request for remark. Congressman Jerrold Nadler, a Democrat who. rests on the judiciary committee of the House of Representatives. that produced the report, dismissed its findings in a file. seen .
There is no theory of antitrust law that avoids personal. investors from interacting to record the dangers associated. with environment modification, Nadler wrote in the beginning to a file. prepared by Democrats in reaction.
While anti-ESG legislation is not likely as long as Democrats. manage the White Home and the Senate, any suggestion the. committee develops might clarify what a brand-new. administration led by Republican politician Donald Trump could attempt to. execute if he dominates in November's U.S. election.
The objective of any investigation is to notify legal. reforms, a spokesperson for Judiciary Committee chair Jim. Jordan said.
No antitrust lawsuit has actually been brought versus any environment. coalition of companies. The spokesperson for Jordan declined to. comment on any interactions with U.S. antitrust regulators. regarding the report. The U.S. Department of Justice and the. Federal Trade Commission, which manage antitrust evaluations, did. not instantly react to requests for remark.
The committee's report said it offered interim findings and. that the examination is continuing. The Democrats argued in. their rebuttal that co-ordination on environment efforts advances. competition by developing a typical emissions disclosure framework. for asset supervisors to operate with less compliance costs, and. for their clients to better compare their performance.
The committee has issued subpoenas for documents and. talked to former regulators. The Republicans focused much of. the committee's report on Climate Action 100+, a grouping of. more than 700 financiers focused on getting companies to curb. emissions. They credited their investigation for numerous asset. managers ending their subscription this year for worry of an. antitrust crackdown.
The committee's report said Environment Action 100+ bullies. asset supervisors to join and presses them to utilize their. investor votes in support of climate propositions, looking for to. minimize fossil fuel extraction and raising energy rates for U.S. consumers.
A representative for Climate Action 100+ said its aims to. undertake investor stewardship on environment change were. misinterpreted in the political discourse, and that its financiers. were independent fiduciaries, responsible for their person. investment and ballot choices.
As the world's biggest investor-led engagement initiative,. Climate Action 100+ will be scrutinized ... But any examination. must be fair, precise, and based on realities, the representative. stated.
CALPERS, CERES
Likewise in the Republicans' cross-hairs were Climate Action. 100+ co-founders, the California Public Employees Retirement. System (CalPERS) and climate-focused investor group Ceres for. their key support of Environment Action 100+. It says activist. financier Arjuna Capital, a member, looks for to ruin nonrenewable fuel source. business.
The committee has actually called witnesses consisting of Ceres president. Mindy Lubber to appear at a public hearing on June 12.
Ceres stated in a statement that the hearing becomes part of a. bigger political campaign to prohibit investors from thinking about. climate-related monetary threat.
A CalPERS representative stated it was happy to participate in. initiatives like Climate Action 100+. This is not collusion; it. is cooperation, the representative stated.
Arjuna did not instantly react to an ask for remark.
The committee's report cited work plans, satisfying minutes and. other files the committee gotten, including an internal. email referring to an Environment Action 100+ strategy to replace board. members at oil and gas firm Exxon Mobil, which said this. effort would show (Climate Action 100+) has teeth.
The Republicans described the world's 3 biggest property. supervisors, BlackRock, Vanguard and State Street,. as members of an environment cartel.
Agents for BlackRock and State Street did not. right away offer remark. A Lead spokesperson stated the. company's mission is to help individual investors accomplish their. financial objectives and it remained committed to working together with. the committee's demands.
(source: Reuters)