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Stocks rise on tech boost, but yields drop with oil prices
MSCI's global equity gauge rose on Monday as investors awaited the release of economic data and Nvidia's results. Bond yields fell?and oil price dropped following a U.S. warning to 'expand' sanctions against Iran. The yields on U.S. 30-year and 10-year bonds fell for a second consecutive day as traders weighed up the implications of U.S. Treasury Sec. Scott Bessent’s decision to increase Treasury buybacks last week. Bessent, in what was dubbed "economic D-Day," warned on Monday that countries should cut off their financial ties to Iran or else face secondary sanctions. Oil prices dropped to their lowest level in a week on Tuesday, as traders saw economic pressure as a greater threat to oil supplies than military escalation. Wall Street's heavyweight tech sector is poised to recover some of its losses from Monday, before the release of Nvidia's second-quarter results after the market closes on Wednesday. NVIDIA RESULTS PROVIDE FOCUS Tim Ghriskey said that technology is stronger after recent weakness. He noted that Nvidia's upcoming results were on the minds of investors. "Nvidia's price to earnings ratio has dropped. Buyers of?Nvidia are here, looking for a good earnings report. Nvidia helps to lift the rest of tech market." The strategist said that Treasury yields "moved in the opposite direction?they had been moving, which is positive for stock markets," but that this move was modest. At 11:19 am. At 1519 GMT (1519 ET), the Dow Jones Industrial Average rose by 61.73, or 0.12% to 53,479.37. The S&P 500 gained 12.47, or 0.16% to 7,665.33, and the Nasdaq Composite increased by 102.64, or 0.39% to 26,082.83. The MSCI index of global stocks rose by 3.08 points or 0.27% to 1,148.31. The pan-European STOXX 600 rose by 0.37%. MSCI's broadest Asia-Pacific share index outside Japan closed at 1,642.24, up 0.56%, while Japan's Nikkei gained?328.34 or 0.50% to 65,856.43. The yield on the benchmark 10-year U.S. notes dropped 5.55 basis points from late Monday to 4.649%. The 30-year bond rate fell by 5.04 basis points, to 5.1806%. The yield on the 2-year note, which is usually in line with expectations of interest rates from the Federal Reserve, dropped 3.64 basis points, to 4.2%. The U.S. dollar was about the same as other currencies as investors considered Washington's increased sanctions against Iran, and new efforts to ease pressures on longer-dated Treasury rates. The dollar index (which measures the dollar in relation to a basket of currencies, including the yen, the euro and others) fell by 0.01%, while the euro rose by 0.07%, reaching $1.167. The dollar gained 0.11% against the Japanese yen to reach 159.25. Bitcoin gained 0.40%, reaching $79237.31, after crossing the $80,000 mark for the first since mid-May. On the energy market, U.S. Crude fell by 3.05%, to $82.42 per barrel. Brent was down to $89.20 a barrel, a drop of 3.22% for the day. Gold prices fell slightly on?the day after reaching a three-month high in the previous session. The rally lost steam near a psychologically important resistance level, and before the release of the preferred inflation gauge by the U.S. Federal Reserve on Wednesday. Spot gold dropped 0.28% to $4.637.94 per ounce. U.S. Gold Futures fell by 0.23%, to $4630.00 per ounce. (Reporting from Sinead carew in New York; Marc Jones in London; Rae Wee, in Singapore. Editing by Andrew Heavens and Nick Zieminski.
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Gold prices continue to rise after a 3-month high ahead of US inflation data
Gold prices held steady on Tuesday, despite reaching a three-month high earlier in the session. The rally lost steam near a psychologically important resistance level ahead of this week's release of the preferred inflation gauge by the U.S. Federal Reserve. Gold spot was unchanged at $4.652.26 an ounce as of 1547 GMT (11.47 am EDT) after reaching its highest level since 14 May. U.S. gold futures increased 0.2% to $4 709.40. "I believe this is just a loss of momentum." Bart Melek said that you could 'probably attribute this drop to gold reaching a strong level of resistance at $4,700, or so. Bullion reached $4,696.18 per ounce on Monday as investors analyzed the recent U.S. Treasury Department decision to double its liquidity support and buyback operations of longer-dated bonds and notes, which drove the dollar down to an almost 3-month low. The markets are now focusing on Wednesday's U.S. The July Personal Consumption Expenditures report and Kevin Warsh’s remarks on Friday at the Jackson Hole Symposium will provide further insight into the central bank’s monetary policy outlook. The Fed is tracking PCE data to achieve its 2% inflation target. However, the soft figures for producer and consumer prices this month have reduced chances of an imminent rate increase in the U.S. According to the CME FedWatch Tool, traders are only pricing in a 38% chance of an interest rate increase in September. In an environment of high interest rates, gold loses its appeal as it doesn't yield any interest. Data released on Tuesday showed that China's net imports of gold via Hong Kong in July increased by about 11% compared to a month ago, mainly due to an increase in investment demand. Iran has pledged on the geopolitical side to fight back at the expanded U.S. sanctions aimed at isolating the Iranian economy. It expressed a?confidence in the major trading partners to?resist this pressure campaign, and said that Washington wanted to revive the talks. Silver spot fell by 0.2%, to $68.77 an ounce. Platinum dropped by 1.1%, to $1,855.32, while palladium fell 1.8%, to $1333. (Reporting and editing by Nick Zieminski, Shailesh Kumar and Pablo Sinha from Bengaluru)
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State health department reports two deaths from measles, in Pennsylvania
Health officials announced on Tuesday that two Pennsylvania residents had died from measles. This is the first death in the state in 35 years. 393 cases have been reported in 28 counties in 2026. According to the Pennsylvania Department of Health (Pennsylvania Department of Health), both people were unvaccinated residents of Lancaster County. The department did not release any additional information, citing concerns about privacy. Debra Bogen, Secretary of Health said: "Because the measles was largely eradicated in the Commonwealth for over three decades, the public is not familiar with the disease and does not fully understand its potential severity." The Centers for Disease Control and Prevention reported 2,777 confirmed cases of measles in the United States as of August 20, 2018. The '2026 figures' represent the most U.S. cases ever recorded in one year, since the resurgence between 1989 and 1990. This period saw more than 55,000 infections with 123 deaths. The Department of Health and Human Services in the United States did not respond immediately to a comment request.
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Andy Home: Chinese exports ease the pain of London zinc shorts
London's zinc market is still a hazardous place for bears. Metal that was expected to drop in price this year has risen. The London Metal Exchange's (LME) 3-month zinc reached a new four-year high of $3,858 a metric ton on Tuesday morning. The relentless rally has been accompanied by an abrupt contraction of the LME time spreads. This is particularly worrying for holders of zinc short positions. The premium for cash Metal?over a three-month delivery The price of a ton has dropped to $131, which is a significant drop from last October's record high of $323. The tightening market this year is due to the low?LME inventories that were the cause of the last year's shortage. Help is on the way for LME shorts. China has begun lifting exports and dispatching metal directly to LME Hong Kong warehouses. A Tale of Two Markets Zinc demand is not a booming industry. According to the International Lead and Zinc Study Group, global consumption grew modestly by 1.5% from January to may. The Group assessed a global surplus of 145,000 tons of refined metals in the first five month of the year, based on a 3.5% increase in output. However, the catch is that, just like last year, the majority of the growth in refined production came from China. Western smelters are facing extreme margin pressure as a result of the decline in treatment terms. The majority of surplus metal is therefore also found in China. Since the beginning of January, the stocks registered at the Shanghai Futures Exchange has more than doubled. LME stock, including those in off-warranty storage, is still?6,500 tonnes lower at 124.677 tons, despite recent daily deliveries to LME warehouses. HONG KONG FAST TRACK Since the beginning of last week, there have been daily warranting actions as the LME premiums for cash deliveries are increasing. The volumes have been modest, totalling?17,000 ton. However, they are enough to stabilize the on-warrant stock at around 95,000 tons. The number of off-warrant stock has increased from a low in July,?15.480 tons, to 29,627 tonnes. Hong Kong holds 5,000 tonnes of off-warrant stock and has delivered around two-thirds (?around) of the LME deliveries. Hong Kong was approved by the LME for good delivery only in July last year. But it is already acting as an arbitrage conduit. China has been historically a major importer of zinc refined. As recently as 2024, volumes reached as high as 445 000 tons. The country's smelter capacity is now so large that it is close to self-sufficiency. Imports dropped by one-third to 299,000 tonnes last year. China became a net exporter both in November and December. It delivered metal to LME storage facilities in Singapore and Taiwan in order to take advantage of the London market's cash crunch. Shanghai Metal Market (SMM), a local data provider, reports that the country became a net exporter in July with shipments of 9,200 tonnes and imports continuing to fall. This time, the pace of arrivals has clearly slowed down. So far. Turning Bullish Bulls bet that even China's Smelters will need to reduce operating rates due to the bombed out treatment charges. There are many zinc bulls in town. Over 110,000 tons have been accumulated by investment funds, the largest collective bet on higher prices since LME began publishing its position reports in 2018. The LME option market also shows a renewed interest in zinc. On the LME options market, there are nearly 1,500 open lots for December calls with a strike of $4,000 per tonne and another 757 lots at $4,500 per tonne. The bull story is that of limited mine supply. Global mine production increased by 4.8% in 2013 after three years of decline. ILZSG reports that the growth has slowed to only 1.1% between January and May this year. According to SMM, the competition for mined concentrats is so fierce that spot-treatment charges for Chinese imports have now reached a new record low of minus $117.50 a ton. China's smelters continue to?fight on. According to ILZSG, growth was "significant" for the first five months in 2026. LME bulls, and more importantly, LME short position holders, will need to know just?how important'. Andy Home is a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Gold's upward momentum pauses ahead of US inflation data
Gold fell?on Tuesday, after reaching a more than 3-month high earlier in the session. The rally lost momentum as it approached a psychologically important resistance level. This was also ahead of this week's release of the preferred inflation gauge by the U.S. Federal Reserve. By 1334 GMT (9.34 am EDT), spot gold had fallen 0.6% to $4,622.01 an ounce after reaching its highest level since the 14th of May. U.S. gold ?futures fell 0.4% at $4,678.10. "I believe this is a simple drop in momentum." Bart Melek is the global?head for commodity strategy at TD Securities. Bullion reached $4,696.18 per ounce on Monday as investors continued to analyze the recent U.S. Treasury Department decision to double its 'liquidity support buyback operation' for longer-dated bonds and notes, which drove the dollar down to a 3-month low. The markets are now focusing on Wednesday's U.S. The July Personal Consumption Expenditures report (PCE), and Fed Chair Kevin Warsh’s remarks at the Jackson Hole Symposium on Friday, will provide further insight into the central bank’s monetary policy outlook. Fed is tracking the PCE data for its 2% target inflation, but this month's soft consumer and producer inflation numbers have reduced chances of an imminent rate hike in the U.S. According to the CME FedWatch Tool, traders are only pricing in a 38% probability of an interest rate increase in September in the United States. In an environment of high interest rates, gold loses its appeal as it doesn't yield any interest. Data showed that China's net imports of gold via Hong Kong rose by 11% in July compared to a month earlier, mainly due to an increase in investment demand. Iran has pledged on the geopolitical side to fight against the?expanded U.S. Sanctions aimed at isolating its economy. It expressed confidence that the major?trading partner would resist this pressure campaign, and said that Washington was eager to revive the talks. Silver spot fell by 1.7%, to $67.76 an ounce. Platinum dropped 2%, to $1,837.94 and palladium fell 2.8%, to $1,319.50. (Reporting and editing by Nick Zieminski in Bengaluru)
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Sinomine wins additional Zimbabwe Lithium export quota
Sinomine Resource Group announced that it had secured an export quota of 'another 300,000 metric tonnes of 'lithium -concentrate' from Zimbabwe. Zimbabwe, Africa’s leading producer of lithium metal for batteries, introduced export quotas on April 1st after temporarily stopping concentrate shipments from February due to alleged leakages and malpractice. It has been pressing the mining companies to process more battery metal in-country, as it aims to maximize the economic benefits from extractive industries. The country will ban exports of lithium?concentrates in January 2027. Sinomine, the company that operates the Bikita Lithium Mine in Zimbabwe, stated in a half-year?report?seen on Tuesday?that it had been granted an additional export quota for July, after receiving the first, 200,000?tons in April. The Chinese company stated that the supply of Lithium Concentrate from Bikita had returned to normal following the February to April shutdowns. It was also sufficient to meet its raw material requirements for its smelting operation in China. CHINESE FIRMS DOMINATE ZIMBABWE'S LITHIUM SECTOR Sinomine operates at Bikita two plants with a combined production capacity of 600,000 tonnes of spodumene, the main feedstock used by many lithium plants. Also, petalite, another mineral concentrate containing lithium, is produced. Sinomine reported that a recent upgrade to Bikita's technology will increase the company's annual spodumene concentration production capacity from 400,000 tons to 600,000 tons. Sinomine is building at Bikita a plant that will produce a total of?100,000.00 tons per year. It is expected to be finished by mid-2027. Lithium sulphate can be refined to become a battery grade material, such as lithium hydroxide and lithium carbonate?used in the battery manufacturing process. Zhejiang Cobalt, a Chinese company, operates the sole lithium sulphate production plant in Zimbabwe, where it started Africa's very first lithium salt exports last April. Sichuan Yahua has also built a lithium-sulfate plant in its Kamativi mine, located in western Zimbabwe. Chinese firms dominate Zimbabwe's Lithium sector, after investing around $2 billion since 2021 in mining and processing facilities. This has helped the Asian giant to consolidate its grip on the global supply chain for battery metal. (Reporting and editing by Jan Harvey; Chris Takudzwa Muronzi, Nelson Banya)
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Bitcoin continues to grow despite US sanctions against Iran
Investors regained calm in the global bond and share markets on Tuesday, as they shrugged off U.S. sanctions plans against Iran. They began to prepare for Nvidia's earnings report due out Wednesday. U.S. Treasury secretary?Scott Bessent warned countries to cut financial ties with Iran on Monday or face secondary sanctions. However, the Treasury Department did not actually impose penalties. The news prompted a slight drop in oil prices as well as the benchmark government bond yields. This was also aided by the report that the U.S. Treasury may use its cash account to fund increased U.S. Debt Buybacks. Wall Street futures pointed to a higher start in New York soon, while European shares rose 0.4%. Investors took comfort from the U.S. Iran's announcement that was softer than expected. They also drove defence stocks higher on the assumption that the conflict would continue for some time. The dollar was also up against the euro, and the Japanese yen in the currency market. However, traders were more interested in the break-down of the correlation between bond yields and traditional U.S. Iran announcement. Michael Metcalfe of State Street Global Markets' global macro strategy said that the recent jump in yields as well as the?weakness of the dollar could indicate a return to a "negative bias". He said that the next couple of days will be very interesting, as the Federal Reserve is holding its annual Jackson Hole conference. Another area that has been affected by the so-called "dollar dilution" concerns is the global crypto market. Bitcoin reached $80,000 for the first since mid-May as an overnight 2% increase took its rise in the last 10 day past 30%. Gold fell 0.6%, to $4,624 an ounce. It is still at its highest level since May and has risen 15% in the last month. Germany's benchmark 10-year bond rate, which is used to determine euro zone borrowing rates, fell to 3.222%. It remains near its 15-year high reached last week of 3.275%. The French 30-year bond yields are at 4.862%, having reached an 18-year peak on Monday. NVIDIA LOOMS Large Investors were waiting with bated breath for Nvidia to announce its results on Wednesday. They know that the chipmaker, one of the firms at the heart of the AI boom, will have a hard time meeting high expectations. Analysts expect quarterly revenues to nearly double, to $92 billion. Full-year earnings are expected to range between $103 billion and $105 billion. According to Fabien YIP, a market researcher at?IG: "Judging by Nvidia's past performance, it wouldn't surprise me if they met the headline figures." I believe the people are interested in knowing if there are any concerns about the circular deals that are driving its growth, and if this growth percentage will be sustainable over the next few quarters. Wall Street futures indicate that the Nasdaq and S&P 500 will all be slightly higher after a slight pullback from mid-August, as market sentiment is shaky. Overnight, MSCI’s broadest index of Asia-Pacific stocks ended up 0.4%, while South Korea, Taiwan, and Japan’s Nikkei gained between 0.5% to 1%. China's CSI300 index of blue-chip stocks ended down 0.2%. Alibaba's $10.2bn share sale required a steep discount, which impacted the mood in China. Beijing also warned the U.S. Beijing said it would take "all necessary steps to protect its rights" and retaliate if Chinese firms were affected by the new sanctions imposed by the Trump administration on Iran. When asked about possible sanctions against Chinese banks, U.S. Treasury Sec. Bessent said: "We want make it clear today that no one can escape the reach of U.S. sanctions." sanctions." "Sanctions."
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McGeever: The world braces for the escalation of Trump's Canada Tariff Stand-off
The renewed trade spat between U.S. president Donald Trump and Canadian prime minister Mark Carney occurs at a "delicate time" for both North American nations - and global economy. Mistakes made by the G7 neighbors could have a wide range of economic implications. After bilateral talks broke down on Friday, the?Trump Administration imposed 50% tariffs Saturday on a range of Canadian goods. These tariffs may seem modest at first glance, as they only apply to 5.5% of Canada’s exports to America - goods worth around $20 billion. Oxford Economics says that, if all else is equal, the U.S. tariff rate on Canadian exports will rise from 5.1% to 6.9%. In the end, it's a small issue. The potential for an escalation of violence and damaging spillovers is high. Canada is America's largest single trading partner, surpassing China. Total trade between the countries reached $715 billion in 2013, according to the U.S. Census Bureau. Canada also bought more U.S. products and services last year than any other country. Both sides appear to have already dug in. Carney has promised dollar-fordollar retaliation and Trump announced on Monday that 50% tariffs will be imposed on Canadian vehicles, trucks, and automotive parts on January 1 if a deal cannot be reached. A prolonged spat could cause 'heavy damage to Canada's economy and even trigger a recession. The U.S. consumer and business community could also be affected by the spat, whether it is through higher prices, lost exports or increased inflation. The regional impact is the greater risk to the global economy. USMCA UNDER THREATEN Trump's battle with Canada may signal the end of America's largest trade agreement, the U.S.-Mexico-Canada Agreement. Mexico is America's biggest trading partner. The total value of goods traded between the two countries reached $872 billion in 2016. USMCA is the revised version 1994's North American Free Trade Agreement. Trump decided on July 1, not to renew the agreement, but it will be subject to annual reviews. Talks are still ongoing. The pact is likely to gradually wind down if the three countries cannot agree on new revisions. It will be replaced most likely by bilateral agreements. This would add more uncertainty and complexity in the future for transshipment and investment as well as product sourcing. Trump's comments on the USMCA renewal don't inspire much confidence. "I don't care. "I don't want to" is what I really mean. I'd prefer to be independent. Mexico and Canada are dependent on us. We don't require them. They are important to them. "It's not important to us," Trump said on Fox News, July 28. Trump has often backed down from his threats in the past 17 months, but the unraveling USMCA could threaten U.S. manufacturers, so he is unlikely to throw it out. The resurgence of tensions between the United States and Canada increases the probability that this will happen. It could lead to increased inflation, job losses, higher prices, longer supply chains and more investment uncertainty. Spillover Potential The spat between the U.S. and Canada could send a signal to other U.S. trading partners. Carney has come out fighting, and appears to be prepared to defend Canada’s strategic autonomy, even at the cost of increased trade friction. Meanwhile, Mexican President Claudia Sheinbaum chose the opposite path. She is willing to reduce friction with Trump, in exchange for greater access for Mexican businesses to the U.S. Other countries are watching to see if any of the approaches will work. Carney's success in rebuffing Trump's aggressive tactic could further reduce the president's already limited?tariff powers. In February, the Supreme Court struck down Trump's sweeping import tariffs. This forced the administration to use alternative legal justifications for imposing import duties. Trump's approval rating is at a record low ahead of the U.S. Midterm Elections in November, and there are no signs that the Iran War quagmire will be resolved. The president might want to make an impact on the world stage in order to show off America's global power. He may decide to call Carney's "bluff" and stick to his position, as Canada is more vulnerable. Sheinbaum may look more intelligent, but if the end result is a USMCA that has been severely weakened, everyone will lose. The latest flare-up occurs at a time when the global economy is struggling. The yields on long-dated debt are at a multi-decade-high in the developed world. Meanwhile, the U.S. - Iran war has reached its six-month mark. Energy supply routes remain choked and inflation remains uncomfortably elevated in many countries. It's not the right environment to put one of the largest and most important supply chains in danger. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
MORNING BID AMERICAS-Oil engulfed
By Mike Dolan
February 20th -
What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend.
Mike Dolan is Editor-at-Large for Markets & Finance
Hello Morning Bid readers!
The markets have had a strangely shortened holiday week. U.S., Canadian and Chinese exchanges were closed on Monday and the markets in South Korea and China were closed for much of the week to celebrate Lunar New Year.
The news flow didn't slow down much. The surge in crude oil was probably the biggest macro-move of the week. The price of oil had fallen as U.S. - Iran talks and the parallel negotiations about the Ukraine war began in Geneva on Tuesday. Since then, however, with no tangible outcome and increased military activity in the Gulf and maneuvering, crude prices have risen 6% and are now at their highest level since August. Energy traders are wary about a disruption of supply in the Gulf, even if prices don't yet reflect this. There is little chance that sanctions-imposed Russian crude will return to the world market anytime soon. OPEC+ is reportedly leaning toward an increase in April production, but it's more than just supply concerns that are driving prices. In January, the U.S. manufacturing sector recorded its largest monthly increase in 11 months. This is in line with growing evidence that global economic growth picked up as we entered 2026. This industry's growth is not an isolated event. It goes hand in hand with the strong employment report from the same month. The Philadelphia Federal Reserve Business Survey for February registered activity levels almost double forecasts, and trade data from December showed an increase in U.S. Imports. This could be a sign of the hundreds of millions of dollars that Big Tech companies are planning to invest in AI by 2026. While markets await Nvidia's quarterly results, which are expected next week, signs were that the world's largest company was still closing big deals, this time with Meta, one of the so called hyperscalers. Meta has already announced that it will almost double its AI capital expenditure this year. There are concerns about the circular nature of investments made by a small group of high-tech companies. Nvidia is close to investing $30 billion in OpenAI, one of Nvidia's largest customers. Investors are also becoming more wary of what they believe to be AI overspending. And, new AI breakthroughs in the last month have caused existential concerns for companies from wealth managers to software firms. The picture is also clouded by a growing global backlash against social media's negative effects on children. S&P 500 stock trackers, the 'Magnificent 7' and Nvidia shares are all in the red this year. The private credit sector is also expressing concern that AI-related damage to the software industry could affect some funds. Blue Owl Capital shares fell 6% Thursday after the company announced that it was selling $1.4billion in assets to credit funds. This will allow it to return capital and pay off debt while also permanently stopping redemptions from one fund. Shares of other private credit firms were also affected. In macro markets, concerns over economic overheating were sparked by the recent oil price spike. Treasury yields rose throughout the week. The minutes of the January Fed meeting revealed that most policymakers had no plans to resume easing. There was also a split in opinion about whether AI would be able to test the capacity limitations in the economy before a disinflationary boom could occur. The Fed is facing a leadership transition, and while the Fed's inflation concerns are less acute in Europe at the moment, the European Central Bank could also be. The Financial Times reported that President Christine Lagarde could step down before the end of her term in October 2027. Reports cited the rationale that Emmanuel Macron would have a chance to choose her successor before he leaves his office in May next year. The ECB initially reacted to the report, saying that no decision had yet been made. However, ECB sources stated that Lagarde assured her colleagues she was not leaving yet. She told the Wall Street Journal on Friday that her baseline' is to finish her term. Still, names for her successor have circulated again. Former Spanish central banker Pablo Hernadez de Cos, the head of Bank for International Settlements and former Spanish bank chief, seems to be in front. However former Dutch central banks Klaas Knot or even Bundesbank boss Joachim Nagel have been mentioned as potential candidates. Other speculation about Bank of England eased after UK headline inflation numbers and private sector wage increases were soft.
The fourth quarter GDP for the United States will be released on Friday, and some are watching for a possible Supreme Court decision regarding Donald Trump's emergency powers to impose tariffs. Trump's State of the Union address next week is likely to focus on his 'affordability drive' during the election year, and on Wednesday Nvidia will release its eagerly anticipated quarterly results. Energy markets will be closely watching the tensions around Iran this weekend, with Trump telling Tehran to reach a deal in 10 to 15 days about its nuclear program, or else "really bad" things will happen. Check out Open Interest for more news on commodities and markets. Find out which sectors will be the winners and losers when the U.S. reverses its climate policies. Also, learn how Big Tech and aluminium smelters are competing for power.
Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Please contact me at to let me know what you think.
This weekend we are reading...
RON BOUSSO is a ROI Energy Columnist. The Tony Blair Institute has published a report urging Britain to reset its energy policy. It argues that rapid targets for decarbonization could raise consumer prices. The report also recommends a greater use of domestic oil and natural gas along with net-zero goals.
MIKE DOLAN is a ROI Finance & Markets columnist. In the January update of its CBO, it revised down its estimate for net immigration in 2025 by 1.6 millions from a year earlier, to 410,000. It also reduced its estimate for 2026 by 1 million. CBO says that although the gap between the current projections and the previous ones will close by 2030, without immigration the population will begin to shrink. A new Brookings study shows that the population growth rate in the United States had already dropped to the lowest ever recorded by 2024-25.
GAVIN MAGUIRE is a columnist for the Global Energy Transition, a think-tank. A new paper by Ember argues that the current way of measuring "useful energy" in the world needs to be updated.
Listening to...
ANDY HOME: The ROI Metals columnist, Andy Home, is featured in this Power Current podcast hosted by Chris Berry, with Arnab Datt of Employ America, and Alex Turnbull of Critical Minerals Investor. This podcast offers an interesting discussion about securing supply chain and reducing dependence on China. It also discusses the role of stockpiling and price floors as well as tariffs.
We're always watching...
CLYDE RUSSELL is a columnist for the Asia Commodities & Energy Column of ROI. I was invited to join Gulf Intelligence’s Daily Energy Markets Podcast in order to discuss crude oil markets and the Iranian premium, and whether or not it's too much. Also, we discussed China's storage flow.
Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the authors are their own. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and freedom from bias. (By Mike Dolan).
(source: Reuters)