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Foreign Minister says China is ready to work with Russia to reduce tensions in the Middle East
In a Sunday phone call, Foreign Minister Wang Yi informed his Russian counterpart Sergei Lavrov that China was 'willing to continue cooperating with Russia at the U.N. Security Council' and to make efforts to "cool down" the Middle East situation. Wang stated that the best way to resolve navigational issues in the Strait of Hormuz was to achieve a cessation of fire as soon as possible. He added that China has always favored a political resolution of hot-spot?issues by dialogue and negotiation. The call was made ahead of next week's U.N. Security Council voting on a Bahraini Resolution to protect commercial shipping around and in the Strait of Hormuz. According to a ministry statement, Wang said that as permanent UNSC members, China and Russia should "adopt a balanced and objective approach" and work to gain greater support and understanding from the international community. In a statement from the Russian Foreign Ministry, it was stated that the ministers had discussed how to "achieve a rapid cessation of hostilities" and "launch a diplomatic-political dialogue." It said that "satisfaction" was expressed by the coincidence of Russia and China's 'approaches' on many global issues, including the'situation' around Iran, relating to the unprovoked attack by the U.S. China has repeatedly called on a ceasefire in the Gulf and Middle East region, calling for an end to fighting that has lasted for more than a month, and has largely closed the Strait of Hormuz - a vital shipping artery for gas and oil. Reporting by Shi Bu, Ryan Woo and Mark Porter; Editing Hugh Lawson.
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Phillies Taijuan Walk shoots for Rockies road sweep
The Philadelphia Phillies began their first road trip this season with two impressive victories over the Colorado Rockies. The Phillies will try to complete the sweep on Sunday when they finish the three-game series. Philadelphia, who won 2-1 on Saturday night, will match up Taijuan Walker (0-0, 11.57 ERA), against Colorado's Tomoyuki Sugano (00-0, 1.93 ERA), in a matchup of right-handers. Walker had a tough start for the Phillies in his first game of the year, giving up seven hits on ten in four and a half innings on Monday against Washington. He can improve against the Rockies. Walker is 5-1 in 10 career starts against Colorado with a 2.36 ERA. In 2025, he went 2-0 and had a 2.45 ERA over two appearances against the Rockies. Walker can build on the Phillies' first two starts this weekend. Aaron Nola, Jesus Luzardo and their combined teams struck out 20 batters in each of their respective appearances. Nola was able to benefit from a strong run support during a 10-1 victory on Friday, but Philadelphia only scored two runs Saturday night. The Phillies offense has struggled, except for the 10 runs they scored on Friday. Bryce Harper stated that seasons can sometimes be like this. Some guys have great first months, but then have a horrible rest of the season. They can have a bad month, but then win MVP. You play the entire season because you want to. You shouldn't place too much emphasis on the first few games. You play your own game. It's important to remember that the season is long and it's worth playing all of it. Philadelphia will face a pitcher that it has not faced before. Sugano made a good debut for Colorado on Monday, when the Rockies thrashed Toronto 14-5. Sugano allowed only one run on just two hits, but a high pitch count kept him from going beyond 4 2/3 innings. Colorado signed Sugano (?36) to shore up its rotation, which struggled in 2025. The Rockies' pitching has improved this year, but, like the Phillies, their offense has been a struggle. Colorado has scored 5 runs in its last 4 games. The Rockies scored 15 goals in their Friday home opener and another 13 on Saturday night. This has played a role in the Rockies' 1-4 start in games with one run. After the 2-1 defeat, Warren Schaeffer stated that the "big thing" with Saturday's strikeout was we missed too many pitch in the zone and early in the count. "You can't chase late and miss pitches early, it's a bad combination." Despite the strikeout problems, there have been some positives. Ezequiel Torvar, a rookie, has a.294 average after he went 1-for-4 on Saturday. Troy Johnston is batting.333 and has one of Colorado's first eight home runs. Field Level Media
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Kuwait Petroleum Corp. reports damage to units following Iran drone attacks
On?Sunday?, Iranian drone attacks hit multiple targets in Kuwait. State?energy company Kuwait Petroleum Corporation reported fires and "severe damage" to some units. KPC stated in a press release that teams are working to contain fires at National Petroleum Company and Petrochemical Industries Company affiliates. KPC said earlier that a drone had attacked the complex housing the KPC headquarters and oil ministry in Shuwaikh. Kuwaiti state media, citing Kuwait's finance ministry, reported that an Iranian drone had allegedly 'hit an office complex of government ministries, inflicting significant material damage, but no injuries. Kuwait's Ministry of Electricity and Water said that two power-generating units were taken out after Iranian drones attacked two desalination and power plants. The damage was significant. In all incidents, no injuries have been reported. The U.S. and Israeli 'war on Iran' is now in its sixth weeks, with Tehran attacking Israel and Gulf Arab states that host U.S. military bases. Iran's Revolutionary Guards have claimed responsibility for the attacks on Kuwaiti petrochemical facilities, as well as those in Bahrain and the United Arab Emirates.
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PMI data shows that Saudi Arabia's non oil business activity shrank in March amid conflict.
A 'business survey' revealed that Saudi Arabian non-oil sector activity fell in March for the first time since August 20. The war in the Middle East had slowed down supply chains. S&P Global's?seasonally-adjusted Riyad Bank Saudi Arabia Purchasing managers' Index (PMI) fell to 48.8 from 56.1 in Feb. The readings below 50 indicate contraction. Naif Al Ghaith is the chief economist at Riyad Bank. He said that the drop into contraction was largely due to short-term uncertainties linked with the geopolitical tensions of the region. "The soft reading was mainly?driven by a pause in the new orders, as clients adopted more caution." Export orders experienced a notable drop, and some firms reported a temporary slowdown of cross-border activities. This led to a moderated output, Al-Ghaith explained. For the first time, both output and new orders have declined since August 2020, when the COVID-19 epidemic brought economies to a grinding halt. New orders dropped to 45.2 in March, down from 61.8 in February. Export demand was weakening sharply. New export orders posted their steepest drop?in nearly six years. Exports were 'completely stopped' by some firms, while others experienced greater logistical problems. The conflict has slowed the flow of water through the Strait of Hormuz, but the supply strains have increased. This situation may continue as long as the Strait of Hormuz remains effectively blocked. Business expectations for the coming 12 months remain 'positive' despite a 'weakening of their lowest level since June 2020. Some firms are still confident about government spending, the development of infrastructure and the improvement in demand on the long term. (Reporting and Editing by Hugh Lawson).
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South Korea asks Gulf Nations for a steady supply of energy and safety of Korean vessels
The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait. The statement stated that the envoys referred to South Korea as a nation of "top priority". They also pledged to work closely with Seoul in order to maintain a stable supply. Like many Asian economies, South Korea relies heavily upon energy imports. This includes through the Strait of Hormuz. The Strait of Hormuz was the conduit for 20% of 'world oil' before Israel and the U.S. launched their war on the 28th of February. Since then, Iran has effectively closed the waterway. This has pushed up energy prices and raised fears of a global recession. Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait and Oman are the six GCC member states. Reporting by Cynthia Kim, Editing by William Mallard
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Egypt increases electricity prices for households and businesses that use more energy amid energy crisis
The electricity ministry announced on Saturday that Egypt will raise electricity prices for residential and commercial consumers who use more electricity. This increase is due to a global energy crisis caused by the Gulf War. The government has taken a number of measures to reduce energy consumption and curb fiscal pressures as rising import costs put pressure on the finances of the most populous Arab country. The ministry stated that the increase would only affect households with higher consumption and commercial users. This was done to ensure the supply of electricity across residential, industrial and commercial sectors. The report said that electricity rates for residential bands up to 2,000 kilowatt hours per month would remain the same, but tariffs for higher residential brackets will increase by an average 16%. It added that commercial electricity prices in all brackets will increase on average by about 20%. In March, Prime Minister Mostafa. Madbouly stated that Egypt's energy import bills had more than doubled in the last few years since the start of the conflict involving the United States and Israel. This forced the government to increase fuel prices, raise fares for public transportation, and slow down some state projects, to relieve pressure on the public finances. Egypt implemented measures to rationalise its energy consumption in March, including a move towards earlier closing times for commercial venues. This was due to the rise of global oil prices during the conflict. Inflation has been in double digits since September 2023, when it peaked at 38%. The country is already struggling with heavy debts. Reporting by Momen Atallah and Enas Alashray
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Slovak PM: EU should lift sanctions on Russian oil, gas and other energy sources to improve energy security
Robert Fico, the Slovakian Prime Minister, said that the European Union must end sanctions on Russian oil and gas imports and take steps to restore Druzhba pipeline flows, as well as end the conflict in Ukraine, in order to tackle the energy crisis stemming from the war with Iran. Fico stated in a press release after a phone call with Hungarian Premier Viktor Orban, that the EU should re-establish dialogue with Russia to ensure member states get gas and oil from all sources including Russia. Hungary and Slovakia are the only two EU countries that maintain relations with Moscow. Oil prices have risen?since U.S.-Israeli strikes against Iran began on February 28, causing a disruption to oil supplies in the Gulf and causing what the International Energy Agency calls the largest oil supply interruption in history. Central European nations have taken steps to reduce the impact of high fuel prices on consumers and businesses. By the end of 2025, only a fraction of EU oil imports came from Russia. This was after a steep decline in imports following Moscow's invasion of Ukraine. By January 27, Kyiv reported that a Russian drone attack had hit Ukrainian pipeline equipment, disrupting Russian oil?shipments. Budapest and Bratislava accuse Ukraine of intentionally delaying repairs in order to resume oil flow through the Druzhba pipe. This has triggered a political dispute which?has seen Hungary blocking an EU loan for Kyiv. Ukraine claims it is repairing it as fast as possible. Fico stated that it is not enough to address the energy crisis at the national or only local level. Five other European Union countries are also calling for a windfall profit tax on energy companies in response to rising fuel prices. This was revealed by a letter sent to the EU Commission on Saturday. The energy chief of the bloc said on Tuesday that it was considering reinstating energy crisis measures from 2022. This included proposals to reduce grid tariffs and electricity taxes.
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Taiwan has received assurances from a'major country' about LNG supplies
Taiwan's economy minister announced on Saturday that the energy minister of a "major country" producing liquefied gas had given Taiwan assurances about supply. He was speaking in relation to the?impact of the Iran War on Middle East energy imports. Taiwan, which is a major producer of semiconductors, relied on Qatar to supply around a third its LNG prior to the conflict. It has now said that it has secured alternative supplies from countries such as Australia and the United States for the months ahead. Kung Ming Hsin, Taiwan's Economy Minister, told reporters in Taipei that Taiwan enjoys good relations with its?crude gas and natural oil suppliers. Therefore, adjusting the origin of shipments or purchasing additional spot -cargoes will not be a problem. Kung stated that the energy minister from a "major energy producing country" had contacted him about two weeks prior. The person "explained that they would fully support our natural gas needs. He added that if we had any requests, we could let them know. Kung added: "Another nation even stated that certain countries had released strategic petroleum reserves and could help coordinate the matter if Taiwan needed assistance." He said, "This shows Taiwan has earned considerable international goodwill through the long-term confidence it has built." He refused to identify the countries involved. Angela Lin, spokesperson of state-owned refiner CPC said that at the same?newsconference, crude oil inventories are being maintained at levels prior to conflict and that overall petrochemical supply has remained stable. CPC Chairman Fang Jeng Zen said that a new agreement with the U.S. would see 1.2 millions metric tons of LNG delivered?annually. He added that Taiwan does not intend to import crude oil or LNG from Russia. (Reporting and editing by Ben Blanchard, Roger Tung and Joe Bavier).
Stocks rise on Fed optimism, but sterling and gilts are slammed by budget surprises
The growing bets on a rate cut in the U.S. lifted stocks for a 4th straight day, and Europe's stock markets experienced an incredible few hours when Britain's fiscal regulator accidentally published new forecasts that were crucial ahead of a brutal UK budget.
The UK budget was released by Finance Minister Rachel Reeves and contained yet another round of tax increases.
Early release
The Office for Budget Responsibility’s Economic and Fiscal Outlook has already triggered a response.
The sterling and gilt yields both rose as OBR figures showed a better than expected picture of the UK's fiscal room, but then fell as Reeves gave her speech.
"The problem with this budget is that it has backloaded the majority of fiscal tightening, and what's important has near-term fiscal loosening." Evelyne GomezLiechti, Mizuho's strategist, said that the market has had a mixed reaction.
Reeves' speech was over when UK stocks had gained 0.4%, while European equity markets were up by 0.6%. MSCI's global stocks index rose 0.4%, with Wall Street also poised to start higher.
The UK's budget was the focus of traders, reflecting the tightrope act that the government under pressure and Finance Minister Reeves were performing.
Reeves, who promised that the tax increases would be one-off and were worth $52.7 billion, has now reportedly ordered another 20-30 billion pounds in tax increases.
All of this pushed sterling to $1.32. Meanwhile, 10-year gilt yields -- the main proxy for UK borrowing costs -- ticked upwards to 4.46% after dropping to 4.48% on the previous day. This is their lowest level in nearly two weeks. The yen reversed an initial rise against the U.S. Dollar triggered by sources who said the Bank of Japan is preparing to raise rates as early as next month.
This would be a shift in the central bank's stance to a more hawkish one and follows a meeting between new prime minister Sanae Takaichi, and BOJ governor Kazuo Ueda last week.
The Yomiuri reported that the high approval ratings of Takaichi are also encouraging Japanese opposition parties, who have been preparing for snap elections.
The kiwi currency surged by as much as 1.2% after the Reserve Bank of New Zealand reduced interest rates 25 basis point to 2.25% but removed its dovish advice, signaling an end to the central banks' easing cycle.
The Australian dollar also jumped by 0.5% after an inflation report that was hotter than expected reinforced the bets made there that rate cuts were over for now.
Expectations regarding the rate of exchange
The oil prices also remain volatile. Brent oil prices remained at a low of five weeks after Ukrainian President Volodymyr Zelenskiy signaled on Tuesday that he was willing to move forward with a U.S. backed peace plan.
This could open the door to a relaxation in sanctions against Russian oil companies. Brent traded at $62.50 during London trading. U.S. president Donald Trump said that a deal is near on Tuesday, but investors are aware of the long road ahead.
Wall Street futures pointed to a fourth consecutive day of gains, amid a broader increase in market sentiment. Tuesday's disappointing U.S. retail and consumer confidence numbers had firmed expectations for lowered Fed rates and helped offset some ongoing tech- and AI-related jitters.
Retailers are gearing up for a busy holiday season that begins with Thanksgiving on Thursday. Black Friday, Cyber Monday and the weekend after it will be a critical period.
Investors will also receive a report on September durable goods, which is delayed, at 8:30 am ET. ET. Beige Book, the Fed's snapshot on economic conditions is due at 2 pm. ET.
Fed funds futures are now pricing an implied 80.7% chance of a 25 basis-point cut during the Fed's meeting on December 10, compared to equal odds a week earlier, according to CME Group's FedWatch.
The yield on the benchmark 10-year Treasury note hovered around 4,019%. It was little changed from the U.S. closing of 4.002%. After it briefly fell below the 4% threshold this month, for the first.
The Nikkei led the overnight gains in Asia, gaining another 2%. However, the Japanese government bonds' short-term rates rose to their highest level since the 2008 global financial crisis as the selloff of these bonds resumed.
Hong Kong and China’s stocks had lagged behind the wider stock rally after Alibaba's shares fell over 1% following its underwhelming Q4 Guidance.
Bitcoin, which has fallen 30% in the last few months, was just below $87,000. Spot gold rose 0.8% to $4,163.58 an ounce.
(source: Reuters)