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Gold falls from two-week high as oil gains; Fed meeting is in focus
Gold prices fell on Thursday, after a two-week peak hit on Wednesday, due to an escalating Middle East war. Traders were waiting for the Federal Reserve's policy meeting next Monday, which could provide clues about the timing of interest rate increases. Gold spot fell 0.6% at 0713 GMT to $4,103.39 an ounce, after reaching its highest level since July 7, $4,165.87, on Wednesday. U.S. Gold Futures for August Delivery?fell by 1.1% to $4106.40. Oil continues to rise, adding to inflation pressures and expectations of Fed rate hikes. This has a positive effect on gold, as the dollar is weakening, said Jigar Trivedi. Oil prices reached their highest level in over?six-weeks, as the United States launched a new round on strikes against Iran and Yemen Houthis targeted oil tankers at the Red Sea. Dollars fell by 0.1% making greenback bullion cheaper for holders of other currencies. Interest rate sensitive two-year U.S. Treasury Yields have risen to a 17 month high, as rising oil prices fuelled concerns that new energy disruptions may reignite inflation. This could increase the chances of Fed rate increases. Futures markets are widely positioned for at least one hike before year's end. According to the CME FedWatch tool, traders are pricing in 77% of an increase in rates in September. High interest rates tends to reduce the appeal of non-yielding gold. The European Central Bank will almost certainly keep rates the same on Thursday, but it is keeping the "door wide open" for a possible hike in September. Silver spot fell 1.3%, to 58.90 dollars per ounce. Platinum dropped 1%, to 1,628.63, and palladium was down 1.2%, to $1274.96. (Reporting from Pablo Sinha and Swati verma in Bengaluru, Editing by Mrigank dhaniwala and Rashmi aich and Subhranshu sahu.)
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Copper prices rise as supply pressures increase, but demand is still low
Copper prices rose on Thursday as a result of falling inventories and ongoing concerns about supply. Benchmark 'three-month' copper at the?London Metal Exchange rose?0.08%?to $13,819 per metric ton as of 0700 GMT. The Shanghai Futures Exchange's most traded copper contract was down by 0.21% to 105,890 Yuan ($15.642.91) per ton. Both exchanges saw their prices reach multi-week highs after Tuesday and Wednesday, when supply fears combined with good demand drove them to these levels. Analysts with Chinese broker Galaxy Futures stated that the combination of?rising copper prices and high-premiums have curtailed downstream buying. Available copper inventories in ?LME-registered Shanghai monitored warehouses The physical supply has been under pressure in recent months as the price of goods has fallen. The Yangshan copper premium has risen. On Wednesday, the metric for China's import demand reached a record high of $115 per ton. The price of copper has also been supported by the strong shipments to the United States ahead of any potential U.S. tax on refined copper. Traders are still waiting for details. The LME cash to three-month copper premium On?Wednesday the price of a ton was $4.7, indicating a pressure on supply in the near term. Geopolitical events continue to influence risk sentiment and demand expectations. Oil prices have risen to their highest level in six weeks after Yemen's Iran aligned Houthis claimed they had attacked two oil tankers as part a Saudi Arabian blockade. The rise in energy prices has rekindled inflation fears and put pressure on industrial commodities, as it increases the likelihood of rate hikes. This typically slows economic growth. Aluminium gained 0.28% on the LME, while zinc rose?0.63%. Lead increased 0.5% and nickel gained 0.62%. Tin added 0.16%. On the SHFE, aluminium rose 0.71%. Zinc gained 1.57%. Lead advanced 1.08%. Nickel jumped 1.59%. $1 = 6.7692 Chinese Yuan Renminbi (Reporting and editing by Sonia Cheema).
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Israelis are concerned that a Saudi nuclear deal may spark a Mideast arms race
Israel is worried about the'start of an arms race in the Middle East' after a deal between the United States & Saudi Arabia was announced on Wednesday. The agreement allows the kingdom to build nuclear power plants using American technology and enrich uranium. The?agreement announced on Wednesday, which needs Congressional approval to be implemented, is intended to allow Saudi Arabia to develop a civil nuclear programme. The Prime Minister Benjamin Netanyahu, his Defence and Foreign ministers, have not yet commented on this deal. Critics say that it compromises Israel's long-term interests. "The nuclear deal that's coming together between Israel and Saudi Arabia over Israel's head is a serious failure in strategy that threatens our security," stated former prime minister Naftali Bennet, who is running to unseat Netanyahu at an election on October 27. "Nuclear enrichment in Saudi Arabia could lead to an'regional nuclear race' and a dangerous lack of control." Avigdor Lieberman, former defence minister of Saudi Arabia, said "the civilian nuclear program in Saudi Arabia will result in nuclear weapons. It will also lead to an arms race in the Middle East." He said that Israel, widely regarded as having the only nuclear arsenal in the region, should oppose the agreement and lobby Congress for its cancellation. The civil nuclear deal with Saudi Arabia was in the works during President Donald Trump's administration as well as that of former president?Joe Biden. A deal has not been reached yet, in part due to the warnings of?nonproliferation organizations who claim that this could give Saudi Arabia a way to develop a nuke weapon. Israelis also hoped that any deal would be part of the long-sought agreement for normalisation between Israel and Saudi Arabia, as envisaged in the Biden Plan. Benny Gantz said that no official in the security field would agree that adding civilian nuclear capability to Saudi Arabia, without also integrating it into a regional alliance that promotes moderate values, is a good thing for Israel. (Writing and editing by Steven Scheer)
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Repsol's Q2 profits more than tripled on the strength of refining
Repsol, a Spanish energy company, announced on Thursday that its adjusted net?profit for the second quarter of this year was more than three times higher than it was in the same period a year ago. This increase is attributed to higher oil prices and stronger refining margins. The adjusted?net? income rose to EUR1.84bn ($2.1bn) between April and June, compared with the EUR598mn posted in the 2nd quarter of 2025. This beat the analysts' consensus estimate of EUR1.64bn. The net income was EUR1.27 billion, up from EUR237 millions a year ago. Earnings before interest, tax,?depreciation, and amortisation, or adjusted earnings, also tripled, to EUR3.52 billion, up from EUR1.15 million. The main Spanish refiner and oil producer announced that it will increase the second share buyback programme for 2026 to EUR500m, on top of the EUR350m already completed. The company expects to announce its third share buyback in October, as part of its plan to distribute between 30% and 40% of operating cash flows to shareholders. Operating cash flow increased to EUR1.94billion from EUR1.56billion, and free cash flow increased to EUR1.04billion from EUR431m. Net debt decreased to EUR3.67billion at the end June, from EUR4.8billion at the end March. This reduced leverage from 14.3% to 11.3%. CEO Josu Imaz said in a statement that the company's strong cash flow and balance sheet enabled it to continue investing while increasing shareholder returns. Refining, Repsol Peru and chemicals, as well as trading, were the main drivers of this improvement. The adjusted net income rose to EUR1.24billion from EUR103mil a year earlier. Exploration and Production Adjusted Net Income rose from EUR312 million to EUR371 millions, thanks to higher crude prices, increased volumes, and stronger results from equity-accounted firms. Repsol's Spanish refinery margin indicator increased to $14 per barrel from $5.9 per barrel a year earlier. Brent crude was at $103.8 a barrel on average in the third quarter, up from $67.1. The total production was essentially flat, at 558,000 barrels equivalent per day compared to 557,000 the previous year.
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TotalEnergies' second quarter profit soars on higher oil prices and strong refining margins
* Best quarter for nearly three years * Trading segment (which includes refining)?up 362% on an annual basis due to rising prices * Share Buybacks Maintain?at $1.5 Billion for Q3 By ?America Hernandez PARIS, 23 July - TotalEnergies, the French oil major, reported on Thursday a 67% increase in its second-quarter earnings, its best in almost three years. The company attributed this to higher oil prices, and high profit margins in fuel refining due to war in Iran. According to a poll of analysts by LSEG, adjusted net?income for the second quarter was $6 billion. This is in line with what analysts expected. This compares to $3.6 billion for the second quarter in 2025 and $5.4 billion for the first quarter in 2026. The U.S. and Israeli war against Iran, which resulted in Iran 'effectively closing the Strait of Hormuz', disrupted world supplies and pushed 'crude oil and -gas -prices to multiyear highs. This was a windfall to major energy companies. Brent crude oil prices in the global benchmark ranged between $97 and $97.50 per barrel from April to June, up by 45% compared to $67 a barrel one year ago. TotalEnergies has announced that it will continue to buy back shares for $1.5 billion in the third quarter. This is the same amount they paid for the second. Exploration and Production earnings have reached $3.2 billion. This is a 64% increase from the same time period last year and 25% more than the first quarter of 2026. Refining income and chemicals grew 362%, to $1.8 billion. This was due to the margins of refining fuels and the fact that Total continued to make profits on the rising prices of oil and fuels caused by the paralysed Strait of Hormuz. The liquefied gas division earned $807 million. This is a 22% decrease that Total attributed to the weak LNG demand in Europe in its trading statement last week.
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Anglo flags loss in diamond and coal units for first half; reduces copper cost outlook
Anglo American's copper production was largely?flat in the first-half of this year and its copper price guidance for 2026 has been lowered. However, it said that?its diamonds?and steelmaking?coal businesses will post negative earnings underlying in the first quarter. The London-listed company maintained its guidance for full-year production of copper between 700,000 and 760,000 metric tons. The miner produced 343,600 tonnes of copper during the first half, compared to 342,200 tons one year ago. Anglo stated that its proposed merger with Teck Resources is still on track. The final regulatory hurdle will be the approval of China. The miner would become 'the fifth largest?copper manufacturer in the world, as it reshapes their portfolio by selling its nickel and steelmaking coal businesses and separating diamond unit De Beers. In order to complete the acquisition of De Beers, 'Anglo' has chosen a preferred consortium headed by former De Beers CEO Gareth Penny. Botswana owns 15% of the business and is considering exercising its right of refusal to buy it directly or through a third-party, according to a government official. Anglo stated that despite an 88% increase in diamond production?in the 2nd?quarter, weak demand and lower prices continue to weigh on the markets. (Reporting and editing by Louise Heavens, Clara Denina)
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Authorities report two dead and five injured in Ukrainian attacks against Crimea and southern Russia
Authorities said on Thursday that two people, including a three-year-old boy, were 'killed in separate overnight Ukrainian attacks against a city in southern Russia and the peninsula of Crimea under Russian control. Crimean Governor Sergei Aksyonov stated that a person was killed on the peninsula, and four others were injured. Two of those injuries were children. Alexander Gusev, regional governor, said that falling drone debris caused a fire to start at the home of a 3-year-old boy in Voronezh. Voronezh is located about 500 km (310 miles), south of Moscow. The child died as a result of the fire. The attack also caused minor injuries to a 19-year old?man. It also damaged the roof of an online marketplace warehouse and other buildings. The governor of Ulyanovsk, a region east of Moscow, said that Ukrainian drones attacked an energy plant which caught fire. The Russian Defense Ministry said that its air defence units shot down 223 Ukrainian drones over night.
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Police in Wisconsin kill a man; video online sparks protests
On Wednesday, police officers in Madison Wisconsin fatally shot the man they were trying to arrest during a street corner scuffle. The incident was captured by passersby and became viral on the Internet, sparking protests throughout the city. The police said that the officer who fired his weapon had been injured by the knife the'man' produced during the struggle. Video footage of the incident, which was circulated online and in news outlets, suggested that the man who had been shot was of color. All four of the officers involved appeared to be of white race. A group of African-Americans who advocate for their community said that the man killed in Wisconsin's capital was Black. "Madison Police killed another black man. All eyes must be on Madison Police. Urban Triage posted a social media message saying that they keep us safe. Madison Police Chief John Patterson, speaking to reporters at a press conference, described the man as only a 30-year-old male and refused to identify his race or that of any of the officers, three men and one female. Patterson explained that the incident began when police responded to an anonymous call regarding a suspect who was suspected of "checking vehicles parked" in the Marquette area of Madison, Wisconsin's capital. The man fled when police tried to contact him. The police chief stated that officers caught up to him 30 minutes later. A scuffle broke out after the man either fell off his bicycle or was lifted off by the officers. INDEPENDENT INVESTIGATING ORDERED Patterson said that the Wisconsin Department of Justice criminal division would conduct an "independent investigation" and all four officers were to be placed on leave. The police chief stated that he reviewed two video clips taken by passers-by, which were widely circulated online. However, he said there was more footage not widely known, and asked the public to refrain from jumping to conclusions. Patterson replied that he couldn't decide whether the shooting was an apparent case excessive use of force. He said that the video has gone viral because it shows "one perspective" on the incident. "It is not an overview of all of what was visible at different angles." The video online shows four uniformed police officers grappling the man while shouting "Let go!" and "He's got knife!" In one clip an officer can be heard shouting "Taser", as the police grab at the man. The man is then thrown to the ground and an officer pulls out his gun, fires three shots, and stomps on his legs. The officer appears to then re-holster his weapon and kneel to the man who has stopped moving. Patterson said it also appeared to him that three shots were fired, all by one officer who he called a "veteran". He claimed that the officer who shot his weapon had done so after the man "pulled or produced" a "large fixed-bladed knife" just moments earlier, while police were attempting to subdue him as he was resisting arrest. According to the police chief, a second officer sustained an injury that was not specified during the confrontation. Patterson stated that between the knife's appearance and the gunfire another officer tried to immobilize him with a "Taser" stun gun. However, the device was ineffective for reasons unknown. He said it was unclear how much time had passed between the knife appearing and the shots being fired. The video clip does not show the beginning of the fight, but an object on the ground that could have been a knife can be seen at the start. Images from the news showed a large crowd of protesters marching through the state capitol in protest following the shooting. Steve Gorman, Los Angeles, and Kanishka Singh in Washington contributed additional reporting. Michael Perry edited the piece.
Japanese stocks beat Europe and U.S. before essential inflation data
Japanese shares touched a 34year peak on Tuesday, while European stocks and S&P. 500 futures fell as investors awaited a U.S. inflation report. that could shape Federal Reserve policy.
Treasuries and the dollar were little changed before the. inflation numbers. Bitcoin stayed at around $50,000. after crossing the threshold for the first time in over two. years thanks to inflows into exchange-traded funds backed by the. cryptocurrency.
Japan's Nikkei reached 38,010 on Tuesday, not far. from the record high of 38,957 the benchmark touched in 1989. It. has actually acquired more than 13% so far this year after rising 28% in. 2023.
U.S. yields have moved up year to date, stated Max. Kettner, chief multi-asset strategist at HSBC. In the absence. of any sort of meaningful tightening from the Bank of Japan that. truly harms the Japanese yen, (which) assists the. export-sensitive Japanese equity market.
European stocks slipped as investors turned mindful before. the U.S. data, with the continent-wide Stoxx 600 index. down 0.51% after rising 0.54% on Monday.
Germany's DAX stock index was 0.57% lower. It rose. to just shy of a record high on Monday on the back of improving. investor belief driven by hopes of rates of interest cuts.
Futures for the U.S. S&P 500 fell 0.41%, while. Nasdaq futures were down 0.69%. The S&P 500 notched. another intraday record high above 5,000 on Monday, increased by. rate-cut bets and a handful of technology stocks.
Markets have actually had a nice run, so (they) are taking a little. little cash off the table ahead of what might be important. data, stated Samuel Zief, head of global FX strategy at JPMorgan. Private Bank.
Britain's FTSE 100 slipped 0.29% while the pound. reached its highest because August against the euro. after information revealed wage development was more powerful than anticipated in the. last 3 months of 2023.
January U.S. inflation information could jolt markets at 1330 GMT. ( 8.30 a.m. ET). Economic experts surveyed expect the customer. rate index (CPI) to rise 2.9% year-on-year, down from 3.4% in. the previous month.
A higher-than-expected number might nudge yields greater. and more reinforce the dollar, said Charu Chanana, head of. currency strategy at Saxo.
Market rates reveals financiers think there's presently a 70%. possibility of a rate of interest cut by May, and there appears room. to press that further to June with markets staying sensitive to. hawkish surprises for now, Chanana said.
Financiers have lowered their bets on rate cuts from the. most significant central banks in recent weeks as U.S. information has can be found in. more powerful than anticipated. They now see roughly 110 basis points of. cuts by the end of the year, below around 145 basis points. at the start of February.
The yield on 10-year Treasury notes was. the same at 4.166%. The dollar index, which determines the. U.S. currency against six competitors, was little altered at 104.13,. while the euro was roughly flat at $1.0774.
The Japanese yen, which is sensitive to U.S. rates, was last at 149.4 per dollar, not far from the closely. enjoyed 150 level that experts said would likely activate. even more comments from Japanese authorities in an attempt to. support the currency.
Japan's currency has actually fallen around 6% versus the dollar. this year as investors have actually pressed back their expectations for. when the BOJ will end its ultra-loose financial policy.
In products, Brent crude oil futures were at. $ 82.56, up 0.68% on the day.
(source: Reuters)