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Swiss stocks: Factors to be on the lookout for Monday
The following are the major factors that could affect Swiss stocks on Monday. HOLCIM The parties to the case reported on Monday that a court in Switzerland had decided to admit a lawsuit against Holcim, the Swiss cement manufacturer, which alleged the company was doing too little to reduce carbon emissions. The CEO of Swiss pharmaceutical giant Roche said on Saturday that the price of new drugs in Switzerland will be affected by the deals between 'pharmaceutical companies' and Washington, which aim to lower the prices of medicines?in the United States. Statements of Company * Novartis announced on Friday that it and the U.S. Government had reached an agreement to lower drug prices in the U.S. Alcon announced on Friday that it had exercised its right to require Staar Surgical?to adjourn their special meeting?of shareholders, which will now be held on January 6. * Georg Fischer announced?on Friday that it will?propose Ton Buechner as a candidate to its board at the annual shareholders' meeting in 2026. ECONOMY Swiss November money supply due at 8am GMT SNB sight deposit due at 9am GMT (Reporting from Zurich and Gdansk Newsrooms)
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Asia shares continue to gain, but bonds and yen are no longer friends
Asian shares rose broadly on Monday, tracking Wall Street's tech-driven gains. Meanwhile, the yen fell to new lows against the Euro and Swiss Franc due to higher interest rates. Even though it was a holiday-shortened weekend for most of the world, momentum funds continued to flow to commodities, precious metals, and equities ahead of delayed data which is expected to show that the U.S. economic growth has been strong in the third quarter. Median estimates predict an annualised increase of 3.2%. This is due 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 confidence 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 precede pullbacks." Global equities declined a median 2.7% in the two months following, with a 63%?hit rate. Fund Manager Survey data shows the most positive sentiment in three-and-a half years. This is due to expectations of tariff and rate cuts, as well as a rise in the number of fund managers. S&P futures are up 0.3% and Nasdaq Futures are up 0.5%. Japan's Nikkei rose 1.9% on Friday, continuing the bounce that began last week. A steep drop in the yen is expected to boost Japanese export earnings. The Bank of Japan increased rates to a 30-year high of 0.75%, and warned that more would be coming. This impacted government debt. The yields on 10-year government bonds soared by 8 basis points, to levels not seen since the year 1999. 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. Investors were wary about testing the November high of 157.90, in case Tokyo intervened. Japanese officials have expressed their concern about one-way movements and warned against excessive decline. If the dollar breaks 158.00 above, it will target the 2025 high of 158.88 and then the 2024 top at 161.96. The dollar was stable on a basket currency at?98.725, after gaining 0.3% on Friday. South Korea's AI-related earnings optimism boosted the South Korean stock market by 1.7%, and MSCI's broadest Asia-Pacific index outside Japan gained 0.8%. The blue chips in China gained?0.8% while Singapore's main stock index rose 1%, reaching a new record high. The European equities market was quieter with the EUROSTOXX Futures, FTSE Futures, and DAX Futures all down 0.1%. Analysts at TD Securities reported that equity?markets experienced their highest weekly inflows ever at $98 billion, led by U.S. Equity funds. Chinese equity funds saw their third largest weekly inflow since 2025. Emerging markets also saw their biggest inflows in recent months. The flow of money into bonds slowed for the fourth week in a row. U.S. 10 year yields rose by 2 basis points to 4.169%. Silver, the star commodity in the commodities market, reached a new record of $69.44 an ounce. This brought the gains for the entire year to nearly 140%. Gold rose 1.3% to $4,394 per ounce on the same day. Oil prices increased 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 0.8%, to $60.96 per barrel. U.S. crude oil rose 0.8%, to $56.99 a barrel. (Reporting and editing by Stephen Coates; Reporting by Wayne Cole)
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The US has intercepted a tanker of oil off Venezuela
Oil prices increased on Monday, after the U.S. announced that it had intercepted a tanker of oil in international waters near the Venezuelan coast. This has caused new supply uncertainty. Brent crude futures rose by 46 cents or 0.8% to $60.93 a barrel at 0400 GMT, while U.S. West Texas Intermediate crude gained 46 cents or 0.8% to $56.98. The market is now recognizing that the Trump Administration is taking a tough stance on the Venezuelan oil industry, said June Goh. She is the senior oil analyst at Sparta Commodities. Goh said that the geopolitical news, along with the simmering tensions between Russia and Ukraine in the background, had supported oil prices in a market which was otherwise fundamentally very bearish. Officials said on Sunday that the U.S. Coast Guard is pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of its kind?overthe weekend, and the third one in less than two week if it was successful. The White House didn't immediately respond to our request for a comment. The geopolitical events that began with the?U.S. Tony Sycamore, IG analyst, said that President Donald Trump announced a "total, complete" blockade of sanctioned Venezuelan tankers, and the subsequent developments in Venezuela. He said: "The market has lost hope that the U.S. mediated Russia-Ukraine talks will result in a lasting peace agreement anytime soon." The balance of risk is close to shifting to the upside for crude oil, given the recent developments that have helped to offset the ongoing concerns about oversupply. Brent and WTI both fell by about 1% in the last week, after falling about 4% during the week ending December 8. Steve Witkoff, the U.S. Special Envoy for Ukraine, said that on Sunday the talks held between U.S. officials and European and Ukrainian officials in Florida over three days aimed at ending Russia’s war in Ukraine focused on aligning position. 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, however, said that the changes made by Europe and Ukraine to the U.S. proposals have not improved the prospects for peace. Reporting by Jeslyn Leh in Singapore and Sam Li and Lewis Jackson, Beijing; Editing and rewriting by Sonali and Neil Fullick
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Dalian Iron Ore's gains continue as steel mill profits recover and demand increases
Dalian iron ore prices increased for the fifth consecutive session on Monday as a recovery in profitability at steelmills boosted demand, and a shortage of Pilbara Blend Fines tightened supply. By 0249 GMT, the most-traded contract for?May?iron ore on China's Dalian Commodity Exchange gained 0.26%. It was now worth 779 yuan (US$110.65) per metric ton. The benchmark January Iron Ore at the Singapore Exchange fell by 0.38% to $104.3 per ton. Everbright Futures, a Chinese broker, reported that steel mill profitability had?recovered slowly, with some mills having resumed production. Galaxy Futures analysts said that the structural shortage of Pilbara Blend Fines is still unresolved and continues to support iron ore prices, as well as providing cost support for steel. China, which is the largest consumer and producer of steel in the world, has announced plans to implement a licensing system to regulate the export of the metal from 2026, due to the increased protectionist reaction worldwide. Galaxy expects exports to remain high until the license system is implemented. According to consultancy Mysteel, the increased iron ore price in recent years has accelerated investment in new mining capacities, pushing global iron ore markets into a decisive expansion phase. SteelHome data shows that total iron ore stocks across Chinese ports?grew 1.19% on a week-to-week basis to 145.5 million tonnes as of December 19. China's benchmark loan prime rate remained unchanged in December for the seventh month running, indicating that authorities are not in a hurry to introduce new monetary easing. Coking coal and coke, which are used to make steel, also lost ground. The benchmarks for steel on the Shanghai Futures Exchange rose. The price of rebar increased by 0.16%. Hot-rolled coils gained 0.18%. Wire rods climbed 0.53%. Stainless steels rose by 1.39%. ($1 = 7.0405 Chinese yuan) (Reporting by Lucas Liew; Editing by Subhranshu Sahu)
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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)
Swiss court admits Indonesian islanders climate claim against Holcim
Parties to the case announced on Monday that a court in Switzerland had decided to accept a legal complaint against Swiss cement manufacturer Holcim, which alleged the company was doing too little to reduce carbon emissions.
Four residents from the low-lying Indonesian Island of Pari, whose sea level has been rising due to warmer temperatures, filed a complaint with the cantonal court in Zug, Switzerland, on January 20, 2023.
Swiss Church Aid, a non-profit organization that is supporting the Pari 'case, announced the court had accepted the complaint. Holcim acknowledged in a press release that the court had accepted the case and said it intended to appeal.
The court did not respond to a request for comment immediately.
Swiss Church Aid claims that this is the first case in which a Swiss court has accepted a climate lawsuit brought against a large company.
Holcim stated that it is 'fully committed to reaching net zero in 2050, and follows a rigorous science-based approach to achieve this goal. The company says that it has reduced its direct CO2 emissions by over 50% since 2015.
Holcim is being sued by the?plaintiffs? for climate damage, flood protection and a reduction in CO2 emissions.
Global Cement and Concrete Association reports that cement production is responsible for about 7% CO2 emissions worldwide. (Reporting and editing by Denis Balibouse, Dave Graham)
(source: Reuters)