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US appeals court voids $16.1 billion judgment against Argentina over YPF seizure
The U.S. Court of Appeals on Friday ruled against Argentina's $16.1 billion judgment for seizing the?state-owned oil firm YPF in 2012. This is a major victory for Argentine president Javier Milei as he tries stabilize Argentinean economy. The 2nd U.S. Circuit Court of Appeals in Manhattan issued the decision. Circuit Court of Appeals of Manhattan. Argentina was seeking to reverse the $16.1 billion award made in September 2023 to former YPF investors Petersen Energia Inversora, and Eton Park Capital Management by a lower-court judge for alleged losses related to YPF’s nationalization. During the oral arguments of October 29, the three judge?appeals panel questioned the reason why the case is in the United States when the underlying activity took place?in Argentina, and involved alleged Argentine laws. Burford Capital is a UK company that finances the litigation. Burford Capital will collect 'a large portion of any award which survives legal challenges. When the appeal was heard, the award had grown from $18 billion to include interest. Following the decision of the appeals court, shares of Burford dropped by more than 15 percent in U.S. stock trading. The appeal was about Argentina's 'decision' to expropriate 51% YPF shares from Spain Repsol without making a bid to Petersen or Eton Park, YPFs second and third largest investors. YPF was a private company since 1993. Cristina Fernandez de Kirchner was Argentina's President in 2012. She said that YPF needed to be renationalized as it did not produce enough natural gas and oil to meet the local demand. ARGENTINA SAID A LARGE AWARD COULD Cripple the economy In September 2023 U.S. district judge Loretta Preska of Manhattan found Argentina in breach of its obligations towards Petersen?and Eton Park and ordered it to pay them $14,39 billion and $1,71 billion respectively. These sums included $8.43 billion in?damages plus $7.67 million of prejudgment interests at an 8% interest rate. Argentina maintains that a large award could cripple the economy. It has struggled with high inflation and debt for years. According to the country, this $16.1 billion payment represents 45% of Argentina's budget for 2024. Petersen and Eton Park's lawyer defended the decision to pursue the case in United States, stating that Argentina's economic struggles as well as its "penchant for nationalism" could mean investors are not treated 'fairly' by the country's court system. Argentina also appealed Preska's order of June 2025 that it hand over the YPF share to partially satisfy the $16.1 Billion judgment. The 2nd Circuit has rescinded that order. Reporting by Jonathan Stempel, New York; editing by Rod Nickel
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Dombrovskis: Iran war may cause stagflation in the EU
Valdis Dombrovskis, European Economic Commissar, said that the European Union is in danger of stagflation due to the rise in energy prices caused by the Iran War. "The outlook is clouded by deep uncertainty, but it is clear that we're?at?risk of a shock of stagflation, which is a situation in which a slower rate of growth is combined with higher inflation," Dombrovskis said at a press briefing after a meeting between EU finance ministers about the surge in energy prices. This is true even if disruptions to energy supply were to be?relatively short-lived. Our analysis shows that in such a scenario the EU's growth in 2026 may be 0.4 percentage points less than we predicted in our autumn forecast and inflation could rise up to 1 percentage point. In November last year, the Commission predicted that economic growth in Europe would be 1.4% in 2026, and 1.5% by 2027. The euro zone economy is expected to grow 1.2% in 2026, and 1.4% in 2027. The Commission predicted that euro zone inflation would be around 2% by 2026. If disruptions are more significant and last longer, negative effects on growth will be greater. Dombrovskis stated that growth could be 0.6 percentage points less in 2026 and 2027. MEASURES FOR ENERGY CRISIS MUST BE TEMPORARY Kyriakos?Pierrakakis, chairman of euro zone finance ministers, stated that based on the experience with the energy crisis caused in 2022 by the full-scale Russian invasion of Ukraine, any measures taken to cushion the impact from more expensive energy should be temporary. "Measures should be taken that are targeted, fair, and effective. Prioritising the most vulnerable businesses and households is important. He said that they must be quickly implemented, but only temporary. This will help to address the crisis, without creating bigger problems in the future. He said that the crisis highlighted the need to invest in clean energy infrastructure and Europe’s energy independence. Dombrovskis stated that any policy response by the government would impact budgets. He also pointed out that most EU countries have very little 'room for manoeuvre due to previous'shocks' and the urgent requirement for additional defense spending. He said that a G7 meeting of finance and energy ministers on Monday would include more discussion on the coordination of a response. (Reporting and editing by Bart Meijer, Alex Richardson).
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High diesel prices hit European fishing as half of Dutch fleet is idle
According to representatives of the industry, at least a half of the Dutch fishing fleet stayed in port during this week due to rising diesel prices. The Netherlands is under the most pressure because it has a large number of beam-trawlers, about 7% of all the beam trawlers that are in the European Union. The ships are designed to catch high-value flatfish in the North Sea, such as soles, turbot, and brill. However, they consume a lot of fuel. VisNed, an industry group, said that 80% to 90 percent of these trawlers "didn't sail out" this week. Durk van Tuinen is a spokesperson for Dutch Fishers Union. He said that weekly fuel bills, which were 12,000-13,000 euros ($13800-$15,000), before the war began on February 28, are now heading towards 30,000 euros. This is roughly equivalent to the total value of fish an vessel could bring at this time in the year, leaving no money left to pay crew. He said, "Now that the fuel bill equals the revenue, it doesn't work." Daniel Voces is the managing director of Europeche. This representative body represents EU fishermen. Belgium and Britain use beam trawlers as well, and the fleets that target groundfish like cod and haddock in Europe are near or at losses-making levels based on current prices. Voces reported that top fishing nations Spain and France have all taken modest measures to support their fishermen, but fuel prices are up by 70%. Some ships refuse to go to sea because of the high costs. He said that 'the industry met with the EU Fisheries chief, Costas kadis this week to request the European Commission again to relax state aid regulations for the 'industry, as it did in the energy crisis following Russia's invasion of Ukraine in 2022. Van Tuinen said that the immediate effect on consumers would be a tighter supply, and higher prices. Van Tuinen noted that the price of sole at auction had jumped from 12 euros to 18 euros this week. He said that restaurants may serve smaller portions in order to maintain their margins. However, many other customers will stop purchasing. He predicted that "Fish would disappear from the menu."
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Trump extends the deadline for attacking Iranian energy
Prices of copper and aluminium fell on Friday as U.S. president Donald Trump extended the deadline for striking Iran’s energy plants. Markets appeared skeptical?about the prospects?of an agreement?between the two sides. In official open-outcry trade, the benchmark three-month price of copper at the London Metal Exchange fell by 0.3% to $12,115 per metric tonne. Since the U.S. and Israeli war against Iran began on 28 February, copper, which is widely used for power and construction has fallen by 9%, threatening economic growth and causing inflation. Macquarie analysts stated in a research report that "prices lack fundamental support, and are expected remain volatile. They will be dominated by macro news and investor flow." Prices will recover quickly if the war with Iran ends, but there's a risk of a price drop due to the 1 million tons of visible stocks that have been built since 2025, and the ongoing surpluses forecast. Data showing China's industrial profit grew 15.2% during the first two months in 2026 has helped to boost sentiment for copper and other metals that are growth-dependent. The Shanghai Futures Exchange reported that copper inventories in warehouses were down 12.6% to 359 135?tons this week, while the Yangshan premium on copper was up by 12%. The price of copper in China, which is a measure of the appetite of the Chinese for imported copper, ended the week at 68 dollars per ton, after reaching a high of 69 dollars during the past week. LME aluminium fell 0.9% to $3,240 per tonne in official activity. It had previously reached $3,299, its highest level since March 20. Concerns about the near-term availability caused by exports from the?Gulf producers, which account for 9% global supply, drove the premium on cash LME aluminum contract against the three-month forward. To $59 per ton?its highest level since 2007. (Reporting by Polina Devitt Additional reporting by Dylan Duan Editing and David Gooding) (Reporting and editing by David Goodman Additional reporting by Dylan Duan)
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Namibia protects consumers from rising fuel prices
The energy minister announced on Friday that Namibia will temporarily lower fuel levies 50% for at least three months, until the end of June. This is to protect consumers from higher prices as the U.S./Israeli war with?Iran continues. Namibia, a southern African nation that is entirely dependent on imported refined petroleum products, has taken this decision to respond to the Middle East Crisis that has stifled around 20% of world oil and LNG exports via the Strait of Hormuz. At a media briefing, Namibian energy minister Modestus Amtse said that the measure was necessary due to the volatility in petroleum prices, caused by the geopolitical tensions raging in the Middle East. He stated that the government will use its National Energy Fund from April 1 until the end of the month of June to stabilize fuel prices. The under-recovery for April is approximately 500 million Namibian Dollars ($29 million). He said that the government would cover any under-recovery of N$2.50 for petrol, and N$4.00 for diesel. He said that the goal was to smooth out price volatility and ensure stability of domestic fuel prices. Namibia, an oil and gas hotspot in the world, hopes to produce oil by 2030. It consumes around 100 million litres per month of petrol and diesel. Amutse stressed that the country's fuel stock is sufficient to meet national demand for a period of one to two months. He urged citizens to refrain from illegally hoarding fuel or panic buying.
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Dombrovskis: Iran war may cause stagflation in the EU
Valdis Dombrovskis, European Economic Commissar, said that the European Union is at risk of stagflation due to the increase in energy prices caused by 'the U.S. - Israeli 'war on iran. "The outlook is clouded with profound uncertainty. But it's clear that we run the risk of a shock, which is a situation in which a?slower?growth coincides?with a?higher inflation," Dombrovskis said at a?news conference?after a meeting?of EU finance ministers. This is true even if disruptions to energy supply are?relatively brief. Our analysis shows that in such a scenario the EU's growth in 2026 may be around 0.4 points lower than our autumn forecast and inflation could be as high as one percentage point. If disruptions are more substantial and last longer, then the consequences for growth will be greater. He said that growth could be 0.6 percentage points lower in 2026 and 2027. He said that it is now obvious that 'the scale, severity and impact of the war have 'increased' since EU Finance Ministers last met just over two weeks ago.
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Russia will auction off its seized stakes in UGC gold producer next month
Rosimushchestvo, the federal agency for property management, said that a seized?stake? in Russian gold producer Uzhuralzoloto? (UGC?) could be sold at auction next month. The agency stated that the preparations for auction were in progress. The state owns 67.2% in the company, which at current market prices is worth $1.3billion. A Russian court ruled in July 2025 that Konstantin Strukov's?majority share?, which he had previously owned, should be transferred to?the state. This was part of an 'wider pattern' of 'nationalisations, of assets owned by Russian companies or fledgling Western firms. The Moscow law firm NSP estimated last year that the authorities confiscated private assets valued at $50 billion since the beginning of the conflict in Ukraine. Last October, the central bank stated that the state violated the rights of minority shareholders by failing to make a 'buyout offer' as required by law following the seizure. After the sale, the new owner is expected to make a 'buyout offer. The auction was originally scheduled to happen 'last year, but it was delayed as gold prices rose and the state wanted a higher stake price.
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INDIA BONDS - India 10-year yield registers largest weekly increase since RBI's surprise rise in May 2022
The Indian government bond market plunged Friday, ending a week-long loss, as New Delhi’s fuel excise tax?cut clouded fiscal outlook and intensified oil-driven anxieties. This also drove the yield on the 10-year note to its largest weekly increase in almost four years. The benchmark 6.48% bond yield for 2035 ended the session at 6.9419%. This is the highest 10-year bond yield since July 25, 2024. It closed at 6.8750% the previous day. Bond yields are inversely related to bond prices. The yield increased by 20 basis points for the week. This is the largest move since the week ending?May 6,2022 when the central banks began its aggressive rate-hiking cycle with an unexpected?rate hike in between scheduled policy meeting. New Delhi has reduced its special excise duties on petrol and diesel as the Middle East conflict continues to choke supplies, causing fuel prices to remain volatile. An official from the government said that the move will cost the government $739.33 million per fortnight. Analysts estimate the fiscal impact to be between 1.5 trillion and 1.75 trillion rupees in fiscal year 2027. The Brent crude oil price is hovering around $110 a barrel after briefly falling below $100 earlier this week. The rising oil price is bad for India. It's the third largest crude importer in the world. It could cause inflation to rise and increase India's deficit on its current account. If oil continues to rise, the crude basket assumed in RBI's October policy of $70 per barrel would undergo a major revision. Alok Sharma, the head of treasury for?ICBC in Mumbai, said that higher crude oil prices will eventually affect inflation baskets. States sold nearly one trillion rupees worth of debt during the past week due to waning investor demand. India's overnight swap rates (OIS) saw a large reversal in recent received positions. The key swap rates rose to multi-year heights. The?two-year OIS closed at 6.2750%, while the one-year OIS ended at 6.04%. The liquid five-year swap rate ended at 6.6350%. The one-year swap rate has risen by 56 basis points this month. Meanwhile, the two-year OIS rate and the five-year OIS rate have risen by 69 and 65 basis points respectively. $1 = 94.6800 Indian Rupees (Reporting and editing by Rashmi Dhutia, Sonia Cheema, Ronojojo Mazumdar).
Stocks continue to fall as Trump's extension of the Trump-Pence fails to calm markets
The global stock markets fell again on Friday after U.S. president Donald Trump's decision to extend the deadline for Iran to "reopen" the Strait of Hormuz did not calm down oil prices or government bond yields.
Trump's decision to postpone the deadline came after Wall Street closed its biggest one-day drop since the beginning of the war on Thursday.
Iran did not directly indicate that it is ready to negotiate, but the Islamic Revolutionary Guard Corps said it will try to disrupt shipping and push up oil prices.
The pan-European STOXX 600 Index?fell 1%, after falling 1.1% on Friday. Germany's DAX was down 1.2%.
Overnight, MSCI's Asian share index excluding Japan dropped 0.8%.
MARKETS DRAG DOWN OFF TRUMP DELAY
The futures for S&P 500 in the U.S. gave up gains earlier and were last down by 0.5% after falling 1.7% the previous session.
The Nasdaq Composite Index, which is dominated by the tech sector, fell 2.4% on Friday. This index has now fallen nearly 11% since its record high close in October.
The 'Wall Street Journal' report that Trump was considering sending more troops heightened concerns about the war escalating to a ground-based conflict. There is also no certainty as to when the Strait of Hormuz, through which 20% of the world’s energy flows, will be opened to shipping.
On Thursday, an Iranian official called the U.S. plan to end this conflict "unfair and one-sided".
Matt Britzman is a senior equity analyst at Hargreaves Lansdown. He said that words alone were not enough to change the mood.
The need for tangible evidence of progress.
Brent crude oil, a global benchmark, increased?2.5%, to $110.70 per barrel.
SURGE IN GLOBAL BOND YIELDS
Investors 'grappled' with the possibility of an?inflationary jolt that could force central bankers to increase interest rates. As prices drop, yields also rise.
The 10-year U.S. Treasury Yield, which sets the tone for borrowing rates around the globe, has risen more than 4 basis point to 4,468%. This is its highest level since July.
Money markets see roughly 60% of the U.S. Federal Reserve raising rates this year. This is a dramatic change from late February, when traders bet on?two rate cuts in 2026.
Germany's 10-year Bond Yield rose to its highest level since 2011, at 3.13%.
The U.S. Dollar Index, which measures the currency's performance against six other currencies, gained 0.2%, marking a fourth consecutive session of gains.
(source: Reuters)