Latest News
-
Admiral of US forces in Latin America resigns
Admiral George J. McDonnell, who was in charge of U.S. forces in Latin America for two years, retired on Friday. This comes amid increasing tensions between the U.S. and Venezuela. Three U.S. government officials and two sources familiar with the situation said that Defense Secretary Pete Hegseth had pushed?Admiral?Alvin Holsey out. Hegseth was said to have grown frustrated by Southern Command's efforts to expand U.S. military planning and operations in the region. A senior official confirmed that Hegseth's dismissal of Holsey was discussed roughly two weeks prior to the unexpected announcement of Holsey's departure. Holsey's resignation was announced by Holsey on October 16. He hasn't publicly explained why he retired early. He was positive in his remarks during his retirement ceremony, which took place on Friday morning. He called for the United States to stand by other democracies who share U.S. value. Holsey stated that "we must always be available for likeminded partners, nations who share the same values as us: democracy, rule by law, and human rights." Some officials have privately speculated that Holsey opposed the recent U.S. strike on suspected drug ships in the Caribbean. According to Politico, Holsey said that in a meeting held behind closed doors with senior lawmakers, his decision was not related to the operations under his command. Holsey handed over his command to Air Force Lieutenant-General Evan Pettus during a ceremony which praised his achievements in uniform. "You are an extraordinary person who has led with your heart and your head, and given it your all every day of service," General Dan Caine said, after his predecessor was fired. Pettus is the acting head of U.S. Southern Command. According to a source with knowledge of the situation, President Donald Trump will nominate Lieutenant-General Frank Donovan as Holsey’s successor. This nomination is subject to confirmation by the Senate. The source warned that the nomination was not finalized yet and could be changed. Holsey’s premature retirement is not uncommon, but it's rare. In 2008, Central Command Commander Admiral William Fallon retired after a year of overseeing U.S. Forces in the Middle East. He had made comments about Iran and other topics that annoyed the Bush administration. Holsey's departure is the latest of a string of senior officers who have left their posts since Hegseth assumed control over the Pentagon. C.Q., the chairman of the Joint Chiefs of Staff and others have left abruptly. Brown and Lisa Franchetti who was the top naval officer at the time. MONROE DOCUMENT REVIVAL? In the past few months, Trump's administration has made a significant shift in its foreign policy. This week, a strategy document called for the revival of the Monroe Doctrine from the 19th century that declared the Western Hemisphere as Washington's influence zone. The major U.S. buildup of military warships in Caribbean, including the deployment an aircraft carrier strikegroup, has highlighted that policy?shift. New U.S. deployments of training to a revived Jungle School in Panama have also underscored this policy?shift. Trump has intensified his pressure on Venezuelan president Nicolas Maduro. Washington accuses him of drug trafficking. He is a close ally to Russia and China. Maduro has denied the accusations and said that 'the U.S. buildup is aimed at toppling him and stealing Venezuela's oil. The U.S. Coast Guard seized an oil tanker from Venezuela on Wednesday, marking the first time that sanctions have been in place since 2019. Trump's military actions against suspected drug smugglers are under scrutiny after a decision on September 2 to launch a second attack on a suspected boat of drugs in the Caribbean. The Defense Department Law of War Manual prohibits attacking combatants who are incapacitated or unconscious, or those who have been shipwrecked as long as these individuals abstain from hostile acts and do not try to escape. The manual lists firing on shipwreck survivors among the "clearly unlawful" orders that should be rejected. The Trump administration has described the attacks as an attack on drug cartels. They have called them armed groups, and said that the drugs brought to the United States killed Americans. (Reporting from Phil Stewart in Miami, Additional reporting from Idrees Al in Washington, Editing by Ros Russel and Matthew Lewis.)
-
Silver drops from record high as investors make profits
As profit-taking took hold, silver prices dropped more than 3% after reaching an all-time peak earlier in the session. Gold also dipped from its seven-week high. Spot silver dropped about 3%, to $61.7 an ounce at 12:00 pm. After hitting a record-high of $64.64 an ounce earlier, ET (17:00 GMT) saw silver fall about 3% to $61.7 per ounce. After reaching its highest level since October 21, spot gold dropped 0.1% to $4280.69 an ounce. U.S. Gold Futures are flat at $4.312.90. The U.S. Dollar edged higher against other fiat currencies making metals priced in greenbacks less affordable to foreign buyers. Bart Melek is the global head of commodity strategy at TD Securities. He said that there's a lot of turbulence, an 'uptick' in the U.S. Dollar and a profit-taking element that puts pressure on prices. Silver prices have risen nearly 5% this week, and 112% for the year. This is due to tightening inventory, increased industrial demand, and inclusion on U.S. Critical Minerals List. In a recent note, CMZ stated that the price hike has become excessive and called for caution. The fundamental outlook for the silver market is positive in the long term due to the forecasted increase in industrial demand, CMZ said. The U.S. Federal Reserve announced this week its third and last quarter-point cut in this year. However, it signaled caution about further rate cuts until more data is available. Investors have priced in two rate reductions next year and are waiting for the non-farm payrolls data to be released next week. Gold that does not yield tends to perform well in an environment with low interest rates. Melek stated that "our?average annual gold forecast in 2026 is $4.213 per ounce." Sources say that the U.S., after seizing an oil tanker in this week, is now preparing to intercept other ships transporting Venezuelan crude, as Washington puts more pressure on President Nicolas Maduro. Platinum rose 1.9% to $1,728.15, its highest price since September 2011. Palladium dropped 0.2% to $1 481.93. Both metals were heading for a weekly increase.
-
Copper falls after reaching record levels as fears of a tech bubble resurface
Copper fell more than 3% Friday after reaching a record-high earlier in the session. Fears of the AI bubble burst prompted a sell-off across a wide range of riskier assets. Benchmark three-month Copper?on the London Metal Exchange? fell by as much as 3.5%, to $11,451.50. It was trading at $11,537.50, down 2.8% as of 1700 GMT. Metal used in construction, manufacturing and power generation earlier hit a record of $11,952, just a few cents away from the psychologically important $12,000 mark. After two weeks of gains, copper is expected to end the week at a 0.7% loss after fading optimism about Wednesday's U.S. Federal Reserve rate cut. Copper fell up to 4% on the U.S. Comex Exchange, falling from $5.21 per lb. The sudden drop on Friday was attributed by traders to the fear that the fall in tech stocks would spread to?metals. Long positions in copper were liquidated as a result of a volatile market. Ewa Mnthey, ING analyst, said: "We believe that in the near-term supply disruptions will keep prices at around $11,000/t." For the rally to continue, however, stronger demand, particularly from China, as the largest consumer, will be critical. Copper inventories The Shanghai Futures Exchange reported on Friday that the number of tons in the warehouses it monitors rose by 0.5% during the last?week, to 89 389 tonnes. Manthey also added that "the risk of demand destruction should not be overlooked." Chinese buyers are showing signs of price sensitivities. The entire LME Complex turned red. Aluminium fell 1.1% to $2,866.50 per ton, and zinc lost 2.3% to $3129.50, after hitting a 13-month peak on Thursday. LME data for?Friday revealed 1,800 tonnes of zinc inflows The 61,925 tonnage is the highest level since August. Nickel fell 0.2% to $14,585, lead dropped 1.1% to 1,966.50 and reached its lowest level since October 16. Tin dropped 0.6% to $40,505 after hitting its highest point since April 20,22 due to supply concerns. (Reporting and editing by Subhranshu, Mrigank, Mrigank, Lewis Jackson, and Jane Merriman; Additional reporting by Amy Lv and Lewis Jackson; Pratima Desai and Amy Lv; and Tom Daly)
-
India markets regulator drops case against Pranav Adani
India's market regulator said on Friday that it had dropped an alleged case of insider trading against Pranav Adani. He is the director of several Adani Group companies and the nephew of Gautam Adani. The Securities and Exchange Board of India has said that it is investigating whether Pranav Adani and his brother-in law shared information regarding Adani 'Green's acquisition of SoftBank-backed SB Energy Holdings in May 2021 with each other before the deal was announced. In May, SEBI claimed in a regulatory notice the sharing of sensitive price information violated regulations designed to prevent insider trading. Pranav Adani told an email response that he "has not violated any securities laws". Adani Group has not yet commented. SEBI's order on Friday dismissed the allegations, stating that the investigation could not prove that Pranav had shared unpublished price-sensitive information (UPSI), with his brother in-law Kunal Shah back in May 2021. SEBI stated that Kunal Shah's and his brother Nrupal Shah's trades in Adani Green in May 2021 were "consistent" with their normal trading patterns. SEBI's orders also referred to "multiple news articles" referring to an upcoming deal before a share purchase contract on May 19, concluding the information was not UPSI or?generally accessible. SEBI dismissed an alleged case of insider trading against Vinod Bahety who was CEO of Adani Cements and headed mergers & acquisitions at Adani Group in May 2021. Reporting by Jayshree Upadhyay and Hritam Mukerjee from Mumbai and Bengaluru, and editing by Shailesh Kuber, Kirsten D. Donovan and Alexander Smith
-
EIB to increase lending for EU defense projects in 2026
EIB president Nadia Calvino said that the European Investment Bank will increase lending for defense projects from 3.5 billion euros in 2025 to 4.5 billion euro ($5.28 billion) by next year. The number could be revised 'even higher' if more demand is seen, she added. Calvino, speaking on the sidelines a meeting of EU finance ministers in Brussels, said that the increase expected to 4.5 billion euro was based upon projects already in the pipeline. Calvino said: "We'll be focusing on military mobility, critical infrastructures and anti-drone system. "We will at least do 4.5 billion." This is the current pipeline of what we're working on. Next year, more orders may be placed. "We have an annual review process where we can adjust the amounts as necessary," said she. The bank will borrow the money from its total planned lending of 100 billion euros in 2026, which is the same as that of 2025. The bank will lend more than half of its total lending in 2026 to projects that fight climate change. The bank will also loan from its 70 billion euro, three-year scheme, to tech companies who want to grow in Europe, but lack capital. Calvino stated that the bank's program for innovative tech companies in Europe has already generated nine companies whose valuation has risen to over 1 billion euros. These firms are so rare that they're called unicorns by venture capitalists. Only six EU countries contributed additional money to the EIB’s?programme, called the European Tech Champions Initiative, to help innovative firms scale up their business in Europe. Calvino stated that many EU governments are interested in joining the scheme, since it has been successful. She said: "We are working on scaling this up. So in the first half of next year, early 2026, we intend to present the second phase of the European Tech Champions Initiative."
-
Iran raises fuel prices to heavy users in order to curb consumption
State media reported that Iran would raise its price for heavily subsidised gasoline on Saturday. The OPEC member is trying to curb 'rising fuel demands without provoking public anger. The proposal to increase Iran's fuel prices, which are among the lowest in the entire world, has been put off for a long time, reportedly due to fears that it could lead a similar protest wave that was seen in 2019. State television reported that the government would introduce a 'higher rate' of 50,000 Iranian Rials per litre (four U.S. Cents above the 'free market rate") at midnight on Saturday for consumers who use more than 160 litres per month. The existing 15,000 rials/litre gasoline rate is still available to other drivers. They can purchase up to 100 litres of fuel at 30,000 rials/litre. Local media reports that domestic fuel production is around 110 million litres a day, but the demand can reach up to 140 millions litres a day, due to factors like inefficient cars and smuggling into neighbouring countries. The government has warned that the subsidised fuel price in Iran is "not rational", and will impose a heavy burden on the state finances, encourage suboptimal use of fuels and force imports. The lower priced quotas will only apply to one vehicle per private driver. Most government-owned cars, new cars, and imported cars will be required to pay the higher?rate. Officials and analysts say that Iran's economy is at risk of a simultaneous hyperinflation as well as deep recession. This is because the clerical leaders are scrambling to maintain stability, with little room for manoeuvre, after the reintroduction of U.N. sanction.
-
Sources say that Barrick has returned 3 tons of gold seized by Mali to Mali.
By Portia CROWE According to two people who are familiar with the situation, a Malian judge ordered that Barrick Mining's Loulo Gounkoto Complex return possession of the 3 metric tonnes of gold it seized almost a year earlier. A military helicopter seized the gold in January, after a Malian court ordered its confiscation. According to both sources, the gold has been at the BMS Bank in Bamako (the capital of Mali). The miner was responsible for transporting gold from the bank vaults. After two years of negotiation, the two sides reached an agreement to settle their dispute over Barrick's operation in?the West African nation. Barrick suspended operations at its gold mine complex in January due to a disagreement over the new mining code implemented by the military government. A Malian court appointed provisional administrator took control of the operation in June. One of the sources and a third individual said that Barrick had agreed to a $430 million settlement. All three sources claim that the provisional administration will return Barrick?control over the mining complex next week. A spokesperson for Barrick declined to make any comments, and a spokesperson from the Mali mines ministry didn't immediately respond to an inquiry for comment. As part of the deal, four Barrick employees who had been imprisoned since November 2024 have been released. Barrick has also dropped its international arbitration against Mali. Reporting by Portia?Crowe; Additional reporting and editing by Divya?Rajagopal
-
Gold gains reach seven-week highs as silver scales new record high
The price of silver hit a new record on Friday, as gold prices rose more than 1% and hovered at a 7-week high. This was spurred by a weaker dollar and the Federal Reserve's interest rate reduction this week. By 1028 am, spot gold had risen 0.6% to $4.308,43 an ounce. ET (1528 GMT), and was on course for a weekly gain of 2.7% after previously rising by 1%. U.S. Gold Futures increased 1.5% to $4.376.60. Silver spot rose by 0.8%, to $63,03 per ounce. This is after it reached a new record high of $64.64/oz. The metal has gained nearly 6.9% in the past week. Jim Wyckoff is a senior analyst with Kitco Metals. He said that the strong price movement in silver has caused a similar move to happen in gold. He added that a weaker dollar and safe-haven demand due to geopolitical uncertainties are also bullish on precious metals. The U.S. Dollar?remains near its six-week-low, making gold priced in greenbacks more affordable to foreign buyers. The U.S. Federal Reserve announced this week its third and last quarter-point rate reduction this year. However, it signaled caution about further cuts until additional data is available. Investors have priced in two rate reductions next year and are waiting for the non-farm payrolls data to be released next week. This will provide further clues as to how the Fed intends to proceed. Gold that does not yield tends to perform well in an environment with low interest rates. Sources say that the U.S., after seizing an oil tanker this week, is now preparing to intercept other ships transporting Venezuelan crude, as Washington puts more pressure on Nicolas Maduro. Silver has gained 118% in value this year due to tighter inventories, sustained industrial demands and its inclusion on a U.S. Critical minerals list. "The price rise has become excessive and calls for caution. CMZ stated that the 'fundamental outlook of silver remains positive' in the long term due to the forecasted increase in industrial demand. Platinum reached its highest price since September 2011 with a 2.4% increase to $1,735.50. Palladium rose 0.5% to $1.491.25. Both metals were on track for a weekly increase.
MORNING BID EUROPE - Copper edges out silver to win gold
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets.
Shanghai copper futures have reached a new'record high' today, as more stimulus from China is expected.
Investors are looking to real assets as the U.S. Dollar falls to its lowest level in two months after the Fed's rate cut this week and the policy stance that pushed against the market’s hawkish view.
Dollar debasement had already lifted the price of silver.
The stock markets in Asia were up despite fears about the AI bubble. The MSCI Asia-Pacific ex-Japan Index rose 0.8% on the strength of Wall Street, while the Topix Index surged 1.5%, boosted by Sumitomo Metal Mining's 6.7% gain.
Oracle's 13% drop in value was a shock to the?tech industry after OpenAI, a cloud computing partner, forecasted lower revenue growth than expected.
Broadcom's better-than expected revenue gave investors some hope. The relief was short-lived, as the shares fell 5% after hours after Broadcom said that it expects a decline in "quarterly margins". Nasdaq Futures fell slightly while S&P500 e-mini Futures remained flat.
The oil prices have also stabilized, but their drivers were geopolitical and not demand-driven. Brent futures rose by 0.7% to $61.70, after renewed threats made by U.S. president?Trump to strike on drug routes on land between the U.S.
Early European trading saw pan-regional futures, German DAX and FTSE up by 0.4% each.
The following are key?developments which could have a significant impact on the markets this Friday:
Economic Data
Germany: CPI for November
U.K.: Estimated GDP, Goods Balance, and Industrial, Services and Manufacturing Production for October
France: CPI for Novembre
Debt auctions:
U.K. government debt for 1 month, 3 months and 6 months
(source: Reuters)