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Coal India's Central Mine Planning unit valued at $1.3 Billion in a muted debut
Central Mine Planning & Design Institute (CMPDI), a unit of the state-run Coal India made a tepid?debut? on Monday. The company was weighed down by broader market weakness linked to the'month-long Middle East Conflict 'and concerns about the company’s reliance on its parent. The National Stock Exchange of India listed shares of Central Mine Planning (which provides consultancy and support for coal and mineral exploration) at 160 rupees, below the 172 rupees that they were originally issued at. At 10:21 am IST the shares were 165.5 rupees, which valued the company at 117.67 million rupees. India's Nifty 50 index was down by 1.2%. Central Mine Planning's $199 million IPO comes as investors pull money?out from risk assets around the world, due to the U.S./Israel war against Iran driving crude oil prices up and raising inflation and growth concerns. We had a neutral opinion on the IPO, given that the?company is highly dependent on Coal - India for its revenue. Anita Gandhi of Arihant Capital Markets, who is the head of institutional business, said that the weak listing could also be attributed the volatile markets where the Middle East conflict dominates the conversation. Central Mine Planning receives about 90% of its revenues from Coal India, which is the largest coal miner in the world. The Middle East War has weighed heavily on the already weak IPO Market in India. Only four?of 14 companies listed at a higher price than their initial issue price this year. Institutional investors dominated the Central Mine Planning IPO last week, while retail investors and non-institutional buyers, as well as Coal 'India's shareholders, bid for less that half of shares set aside for them. This is in contrast with the successful listing earlier this year of Bharat Coking Coal - another subsidiary?of Coal India. Central?Mine?Planning reported a profit of 4.25 billion rupees during the nine-month period ending December 2025. This is an increase of approximately 9% over the previous period. $1 = 93.9445 Indian rupees (Reporting and editing by Vivek M; Sherry Jacob Phillips, Mrigank Dhaniwala and Sumana Nandy)
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Gold prices steady as dollar softens and offsets Fed rate-cut expectations
Gold prices remained'steady' on Monday, despite a volatile session. A softer dollar met a surge in energy prices which fueled inflation fears and further dampened expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0431 GMT, spot gold was down 0.1% at $4,488.46 an ounce after swinging between a fall of more than 1% and a marginal increase earlier. U.S. Gold Futures for April Delivery lost?0.1% at $4,518.30. Dollar-denominated goods became more affordable to holders of other currencies as the U.S. currency eased. Gold's price movement?last weekend (when it ended a three-week loss streak) indicated a reaction to an oversold situation and a potential reversal in recent declines. This must be confirmed this week by the price action. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that given the rapid pace of headlines, it is easy to "expect" volatility. Brent crude rose above $115 per barrel following the weekend attacks by the?Yemeni Houthis on Israel, which widened the war and added to inflation problems. The contract has risen 60% in March so far, which is a record monthly increase. Donald Trump, the U.S. president, said that Iran and the U.S. have met "directly and indirect" and that Iran’s new leaders are "very reasonable", while more U.S. soldiers arrived in?the region. The traders see little likelihood of a rate cut in the United States this year as higher energy costs threaten to "feed into broader price inflation" and limit monetary easing. This compares to 'expectations of two rate -cuts prior to the start of the conflict. Gold's appeal is boosted by inflation, but high interest rates reduce its demand. The U.S. Dollar, which is up more than 2% in the last two months since the U.S. and Israeli war against Iran began on February 28, has been a major factor. The biggest macro-picture that explains this underperformance is a huge shift in expectations about interest rates. Frappell said that the USD has caught on to this. Spot silver increased 0.5%, to $69.91 an ounce. Palladium and platinum spot prices rose by 2.9% each to $1.416.60. (Reporting and editing by Sumana Nandy, Harikrishnan Nair and Noel John from Bengaluru)
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It's a sad day for Europe as the price of oil rises.
Wayne Cole gives us a look at what the future holds for European and global markets. Brent crude oil has been trading at $115 since the beginning of the year. It's up 59% this month, making it the largest ever. It's even bigger than when Iraq invaded Kuwait in 1990. It's not a good headline. Pakistan is trying to host a peace conference, but the U.S. or Iran are reluctant to RSVP. The attacks have spread southwards as Yemen's Houthis attacked Israel. This was a worrying event, as the Houthis may try to limit shipping through Bab el-Mandeb on the Red Sea. The Bab el-Mandeb is another major chokepoint in the Middle East oil trade along with the Strait of Hormuz. In regards to the Strait President Trump said in the Financial Times, Iran agreed as a concession?to allow another 20 "big boat" presumably tankers through. This would seem to be an implicit recognition that Iran controls the Strait. Trump has also stated that he would like to "take oil from Iran" and could use U.S. Forces to seize Kharg Island, the main Iranian oil export terminal, in the Persian Gulf. He said that the talks were going well, both directly and indirectly, and they could reach a settlement soon or not. Meanwhile, U.S. troops continue to build up in the region. According to various reports, there are more than 50,000 soldiers, including special forces, present. This suggests that the conflict may continue for some time, and that the risk is to escalate, which would cause more damage to the supply chain, and prolong the time it takes to get back to normal, if the Strait ever reopens. Brent futures have risen above $100 until July and December has risen to $85 per barrel. This is bad news for the inflation rate and it will be evident in the March German preliminary CPI, due later on Monday, as well as EU CPI Tuesday. Markets indicate that there is a 58% probability of an April rate hike. The hawks are already clamoring for a rate increase at the ECB. Futures markets have given up on the Fed easing in this year. Fed Chair Powell could have something to say about it at a Harvard conference later today. Kevin Warsh, Powell's proposed replacement, will be thinking about it as well. The Senate Banking Committee plans to hold an hearing on Warsh nomination by the end of the week. Markets could be affected by the following key developments on Monday German preliminary CPI for the month of March EU Economic Confidence for March - Dallas Fed March survey Federal Reserve Board Chairman Jerome Powell takes part in a moderated conversation. Fed Bank of New York president John Williams in conversation - The G7 Finance and Energy Ministers as well as Central Bankers will virtually meet
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France or Benelux. ECB/VILLEROY : According to the Italian newspaper La Stampa, France's central bank chief Francoisvilleroy de Galhau, the?European Central Bank aims to stop any inflation caused by energy. However, it is still too early to talk about dates for interest rate increases. France/Israel: According to a German Foreign Office statement, the foreign ministers from Germany, France, Italy, and Britain have urged Israeli lawmakers to drop a bill that would allow the death penalty to be imposed in Israel. HAL TRUST HAL Trust, a Dutch investment company, reported a net profit of 1.597 billion euro for the full year 2025 and proposed a dividend of 3,50 euros per share. JENSEN-GROUP: The Belgian industrial laundries equipment manufacturer Jensen-Group has announced a restructuring. TOTALENERGIES SEC: French energy company TotalEnergies has signed a Nuclear Production Allocation (CAPN) contract with EDF, for a period of 12 years starting on January 1, 2028. Pan-European market data: European Equities speed ?guide................... FTSE Eurotop ?300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop ?300 sectors..................... Top 25 European pct gainers....................... Top ?25 European pct losers........................ Main stock markets: Dow Jones ............... Wall Street Report ..... Nikkei 225............. ?Tokyo report............ FTSE 100 ............... London - Report ........... Xetra DAX............. Frankfurt ?items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report..... (Gdansk Newsroom)
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Gold prices rise on the back of a weaker dollar but Fed rate cuts dimmed hopes limit gold's rise
Gold prices rose on Monday, as the dollar softened. However, gains were limited by an increase in energy costs that fueled inflation fears and dimmed expectations of interest rate reductions from the U.S. Federal Reserve this year. As of 0330 GMT, spot gold increased 0.3% to $4505.86 an ounce. U.S. Gold Futures for April Delivery gained?0.3% at $4,535.80. Dollar-denominated goods became more affordable to holders of currencies other than the U.S. Nicholas Frappell is the global head of institutional market at ABC Refinery. He said that gold's price action was a response to oversold behavior and could be a reversal in recent?declines. Price action in the coming week will confirm this. Given the rapid news flow, it is easy to expect volatility. Brent crude oil prices rose above $115 per barrel after the Yemeni Houthis launched an attack on Israel at the weekend. This widened the war and exacerbated inflation problems. The contract has risen 60% in March so far, which is a record. The traders see little chance for a rate cut in the United States this year as higher energy costs threaten to feed into broader inflation, and limit scope of monetary easing. This compares to expectations of two rate cuts prior to the start of the conflict. Gold's demand is affected by rising interest rates, not inflation. The U.S. Dollar, which is up more than 2% in the last two months since the U.S. and Israeli?war against Iran began on 28 February, has been a major factor. The huge shift in interest rate expectations is what's behind this underperformance. The USD has picked up on this," said?Nicholas Frappell. Global head of institutional market at ABC Refinery. Spot silver increased 0.8% to $68,67 per ounce. Spot palladium increased 3.2% and platinum rose 2.5%. (Reporting and editing by Sumana Nandy, Harikrishnan Nair and Noel John from Bengaluru)
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India eases the rules to allow some state-owned firms to purchase critical equipment from China
After easing restrictions, India allowed some state-owned firms, including Bharat Heavy Electricals and Steel Authority, to purchase critical equipment in China. Last month, it was reported that India would ease restrictions on purchasing Chinese equipment after a deadly border clash in 2020. This would allow state-run coal and power companies to import limited quantities of Chinese equipment as shortages and project delays increased. Since then, India has also relaxed investment restrictions on China. The government order stated that Bharat Heavy Electricals, India's largest power equipment manufacturer, can now purchase 21 types of critical equipment from China under the new rules. The Steel Authority of India has also been granted a similar authority to source critical components and coal-gasification equipment by other state-run companies, according to a government official. New Delhi tightened rules on Chinese investments and procurement after the deadly clashes between Indian and Chinese soldiers along the Himalayan border in 2020. However, a global realignment prompted by U.S. trade tariffs has led India to consider a 'calibrated reset' with China to maintain supply chains and attract investment. In August last year, Indian Prime minister Narendra Modi met with Chinese President Xi Jinping and discussed 'improving ties'. After this, the two countries resumed direct flight routes, and New Delhi eased the visa requirements for Chinese business professionals. This government order, which was issued in this month and seen by, exempts Chinese bidders from registering with a government panel to obtain security clearances. New Delhi eased restrictions on Chinese investment in certain sectors earlier this month to ease capital pressures, marking an important reset of economic relations. (Reporting and writing by Sarita Changanti and Nikunj Ahri; editing by Jan Harvey, Susan Fenton and Shivangi Acharya)
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Trump says Iran's current leaders are'very reasonable', as Pakistan prepares for talks
President Donald Trump claimed that the U.S. has been meeting with Iran "directly and indirect" and that the new Iranian leaders were "very reasonable". This was as more U.S. troops arrived in the area and Tehran warned they would not accept humiliation. Trump's comments on Sunday come after Pakistan, acting as an intermediary between Tehran, Iran and Washington, announced that it would be hosting "meaningful discussions" in the next few days to end the Iran?war, which has lasted for a month. Trump said to reporters Sunday night as he traveled on Air Force One from New York City to Washington. Trump claimed that he believed the U.S. already achieved regime change in Iran after the strikes killed the country’s supreme ruler and other top officials. He said, however, twice that the replacements of these officials seemed "reasonable". Ayatollah Ayatollah Khamenei was killed in an initial Israeli attack on 28 February. He was replaced by Mojtaba, his son. The war in the Middle East has killed thousands of people, caused the largest disruption to energy supply and hit the global economy. Ishaq Dar, Pakistan's Foreign Minister, said that talks between regional ministers on Sunday focused on ways to end the war quickly and possible U.S. Iran talks in Islamabad. He said, "Pakistan is honored to host and facilitate meaningful discussions between the two parties in the coming days for a comprehensive settlement of the conflict." It wasn't clear if the U.S. or Iran had agreed to participate. Mohammad Baqer Qalibaf was the speaker of Iran's parliament. He accused the U.S. earlier of sending messages regarding possible negotiations, while simultaneously planning an invasion. He said that Tehran would be ready to act if U.S. troops were deployed. In a national message, he stated that "we will never accept humiliation" as long as the Americans want Iran to surrender. The US Department of Defense has sent thousands of troops into the Middle East to give Trump the option of launching an offensive on the ground. Israel's official stated that it had no plans to reduce its attacks on Iran in anticipation of any possible talks between Washington or Tehran. Israel would continue to strike what they called military targets. ISRAELI STRIKES Israel's military claimed that it launched 140 air strikes against central and western Iran including Tehran in the 24 hours leading up to Sunday evening. These included missile launchers and storage sites, among others. Iranian state media reported that strikes had been carried out on the airport of Mehrabad and a petrochemical facility in Tabriz, a city located to the north. The chemical plant, located in southern Israel, near the city Beersheba, was struck by a missile fragment or missile as Israel battled multiple Iranian salvos. Officials warned the public not to enter the area due to "hazardous material". The blockade of Iran's Strait of Hormuz by the Islamic Republic, which is responsible for 20% of all oil and gas exports, has caused oil prices to rise and economic pain around the globe. As investors sank into a prolonged Gulf conflict, oil prices are already heading to a record-breaking monthly increase. This will lead to a surge in inflation and a risk of recession for much of the world. Japan's Nikkei Index was down 4.7%. Brent crude oil is on track to set a new record for monthly gains. Brent crude futures rose $3.09 or 2.74% to $115.66 per barrel at 2353 GMT, after closing 4.2% higher?Friday. More US Troops arrive The New York Times, citing military officials, reported that several hundred special operations personnel had arrived in the area. The U.S. Military has announced that thousands of U.S. Marines arrived on Friday aboard an assault ship amphibious, the first of a two-contingent contingent. Multiple news outlets have reported that the Pentagon is considering options for military forces that may include ground troops, but that Trump hasn't approved any of these plans. In a Financial Times interview published on Sunday, Trump stated that he wished to "take oil in Iran", and that he could seize Kharg Island's export hub. To take control of Kharg, ground troops would be needed. Seizing the island would allow the United States to disrupt Iran's energy trade and put enormous pressure on Tehran. A majority of Americans oppose the war and an escalation of military force, which could lead to a prolonged crisis, would probably further damage Trump's approval rating, already low, ahead of the November midterm elections in Congress. Houthis from Yemen, who are Iran-aligned, joined the conflict Saturday. They launched their first attacks against Israel, and raised the possibility that they could target the Bab el-Mandeb Strait and block it. Israeli authorities announced on Sunday that two drones were intercepted from Yemen. (Reporting and writing by bureaux, Brad Heath and Michael Perry, and Sergio Non and Stephen Coates).
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Gold drops as Houthi attacks lift oil and Fed rate-cut expectations dim
Gold prices fell on Monday as a rise in energy costs fueled inflation fears and dampened expectations of interest rate reductions by the U.S. Federal Reserve this year. As of 0238 GMT, spot gold was down 0.6% at $4466.99 an ounce. U.S. Gold Futures for April Delivery fell 0.6% to $4496.30. Gold is down more than 15 percent this month. This is the steepest decline in a single month since October 2008 as the U.S. Dollar strengthened. Since the U.S. and Israeli war on Iran began February 28, the currency has gained over 2%. The 'bigger macro picture' behind the underperformance of gold is the massive shift in interest rate expectations... The USD has picked that up, and gold's outlook is also rate-dependent. This has been a factor in gold's underperformance, as it was expected that the policy rate would be lower with a new Federal Reserve Chair, which has worked against gold, said Nicholas Frappell. The traders now believe that there is little chance for the U.S. to cut its interest rate this year. Higher energy prices are likely to increase inflation and reduce scope for monetary ease. This is in contrast to expectations of two rate cuts prior to the start of the conflict. Gold's popularity as a "hedge" is usually boosted by inflation, but high interest rates are reducing its appeal. Brent crude oil rose above $115 per barrel over the weekend after Yemeni Houthis attacked Israel, widening the war and increasing inflation. The contract rose 60% in March, which was a record monthly increase. In an interview published by the Financial Times on Sunday, U.S. president Donald Trump stated that he wanted to "take the Iranian oil" and could seize Kharg Island's export hub. Gold's price movement last week indicated a reaction to an oversold situation and a potential reversal in recent declines. This must be confirmed this week by the price action. It's easy to anticipate volatility, given the rapid?flow headline news," Frappell said. Spot silver dropped 1.3% to $68.67 an ounce. Palladium and platinum spot prices rose by 1% each to $1391 while platinum gained 0.3%. (Reporting and editing by Sumana Nandy, Harikrishnan Nair; Noel John from Bengaluru)
Brent crude set to record a record month
Investors piled into a long-running Gulf conflict, which has already seen oil prices rise to a record level. This will lead to a surge in inflation and a risk of recession for much of the world.
Pakistan said it was preparing "meaningful discussions" to end the conflict over Iran within the next few days. This is despite the fact that Tehran has accused Washington of preparing a land attack as the U.S. Military builds up its forces in the area.
Financial Times, late Sunday, quoted Donald Trump as saying that the U.S. might seize Kharg Island, where Iran exports most of its oil from the Persian Gulf. But also, a ceasefire may come soon.
Yemen's Houthis, who are also Iran-aligned, launched their first attack on Israel since the beginning of the conflict.
"Iran has little incentive to give up its control of the Strait of Hormuz and the ability to disrupt the global energy and food market, as well as the capability to maintain missile and drone capabilities, which is why the U.S. escalates," said Madison Cartwright?, senior geo-economics analysts at Commonwealth Bank of Australia.
We expect the conflict to last at least until June. The risk is that it could extend into a longer war.
Prices for plastic, aluminium, fertilizer, oil, gas and plastic have all risen due to the clampdown in the Strait, as well as fuel for planes, ships and other transportation. All prices for food, pharmaceuticals, and petrochemicals are set to increase.
This is bad news for Asia as much of that region depends on Middle East energy. Japan's Nikkei lost another 3.4%, taking the total losses in March to almost 13%.
South Korea's stock market fell 3.0% Monday, while Chinese blue-chips lost 0.2%. MSCI's broadest Asia-Pacific share index outside Japan fell?1.3%.
S&P 500 and Nasdaq Futures have pared some of their losses, making it a little easier. EUROSTOXX Futures and DAX Futures both dropped 0.7% in Europe while FTSE Futures? dropped 0.4%.
Brent crude rose by 2.0% to $114.90 per barrel. This brings its gains for the month up to 59%, and surpasses the surge that followed Iraq's attack on Kuwait in 1990. U.S. crude rose 1.8% to $101,39, a 51% increase in a month.
Bruce Kasman warned that the longer the Strait remains shut, the more the buffer supply will be reduced, which could lead to dramatic increases in crude oil, gas, and other commodities.
The scenario of the Strait remaining closed for another month is consistent with rising oil prices towards $150/bbl, and constraints on energy consumption by industrial consumers.
As payrolls loom, the FED is in focus.
Investors have revised up their expectations for interest rates almost everywhere due to the inflationary threat. The Federal Reserve is expected to tighten interest rates by 12 basis points this year. This compares with 50 basis point cuts just a month earlier.
John Williams, the influential chief of the New York Fed and Fed chair, will also be speaking at an event on Monday.
This week, data on U.S. manufacturing, retail sales and payrolls will give an update on the state of the economy. After February's shocking 92,000-job drop, jobs are expected to rise by 55,000 in the month of March. Unemployment remains at 4.4%.
The European Union is expected to release figures on Tuesday showing that annual inflation jumped to 2.7% from 1.9% in March, but core prices are expected to be stable.
Energy shocks, coupled with increased borrowing costs, and a need to increase defence spending have slammed sovereign bond markets.
Ten-year U.S. Treasury yields have increased by 44 basis points this month, to 4.407%. Two-year yields also rose 50 basis points.
The U.S. Dollar is the most liquid currency in the world. The?U.S. The?U.S.
The dollar dropped 0.3% to 159.74 Japanese yen, despite warnings from the Japanese authorities. The dollar has dropped 0.3% to 159.74 yen after warnings of possible intervention from the Japanese authorities.
The euro was at $1.1513. This is not too far from the March low of $1.1409.
Gold was flat on commodity markets at $4,493 per ounce, despite the fact that it has received little support from investors as a safe-haven or a hedge against inflation. (Reporting and editing by Edmund Klamann; Muralikumar Aantharaman, Thomas Derpinghaus and Wayne Cole)
(source: Reuters)