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James Wood and the Nationals aim for a 3-game sweep at Cleveland
James Wood has been on fire and the Washington Nationals have had their best start to a season since 2021. The Cleveland Guardians have felt the pain first-hand at their ballpark. Washington can complete a?three-game road sweep on Wednesday, when Nationals righty Miles Mikolas (0-3, 6.17 ERA), faces Guardians' righty Gavin Williams (7-3 3.25). Wood has pounded Cleveland pitching for their first two interleague games, going 7-for-9, with two homers, three RBIs and four runs. Wood, 23, will return to the top of the lineup in the afternoon's finale. Blake Butera, Washington's manager, said: "His ability to work walks and lay off pitches is incredible." "He's a lot of fun to watch." Wood is the leading major leaguer with 49 runs. He also leads the National League in on-base percentage (.413) and walks (46). He has been batting.369 in his last 17 games and is 24-for-65. The Nationals are two games above.500, matching their previous season's high. Washington has not?been over the break-even point this late into a calendar year since July 1, 2020, when the team was 40-39 and lost 58 of the final 83 games before finishing last in the NL East. Butera stated that "winning baseball games is fun." The Nationals rotation has also been impressive in recent times, with a 1.00 ERA - over the last six games - and 39 strikeouts compared to seven walks. Mikolas pitched five scoreless innings in his last outing on May 22, against the Atlanta Braves. In his three career appearances, he has a 1.01 ERA and a 1-1 record against Cleveland. The Guardians are comfortably leading the American League Central. However, their starting pitching has been a mess. Tanner Bibee, Joe Cantillo, and others have combined to throw just five innings over the last two days. They were hammered for six home runs and 11 total runs. Cantillo's two-inning outing on Tuesday was the shortest of his career. He lost?6-3. In the second inning, he gave up two runs to KeibertRuiz. He also allowed Wood to hit a home run for two runs. Bibee set a franchise record on Monday by dishing out five home runs in a 10-2 win. "I didn’t do my work and that can’t happen," said a?Cantillo whose 18 walks in May were the most allowed by a major leaguer. "Especially after Monday, I didn't allow us to win the match." Williams was brilliant in his two previous?starts. He struck out 18 batters without walking and allowed only two runs to be scored over 14 innings. This will be his first game against the Nationals. In 20 interleague appearances, he is 7-7 and has a 3.98 ERA. Williams, also known as "Big Rig", loves the sun and has the sixth best career ERA of all active starters in the daylight (minimum '30 starts). Williams' 2.83 is only behind?Jacob deGrom (2.02), Drew Rasmussen (2.14), Paul Skenes (2.55) Garrett Crochet (2.73), and Tarik Skubal (2.82). Stephen Vogt, the Guardians' manager, said: "It has been two hard losses but we are back to it on Wednesday." Washington's lineup makes you work. You can't get the other team to chase if you don't pound on their zone. Field Level Media
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Chinese coking coal prices fall as supply concerns are outweighed by demand concerns
China's coking coal prices fell Wednesday, as concerns about steel demand outweighed supply worries triggered by the?deadly mining accident that occurred in a northern Shanxi Province. This had been a catalyst for a two-session rally. As heavy rains in some southern regions disrupted logistics and temporarily lowered steel consumption, the demand for steel has shown signs of easing. Data from the state-backed Steel Association showed that China's daily crude output is expected to drop 0.9% from its?first 10 days level. This suggests a fall in the intake of feedstock. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading?down 1.16 % at $187.65 per metric ton. The DCE coke contract with the highest volume fell 1.08%, to 1,877.5 Yuan per ton. In a recent note, Ge Xin of?consultancy Lange Steel stated that "the steel market will embrace a seasonally low demand in June." Steel exports were also hit by escalating trade barriers globally, the carbon tax and increased competition from competitors. Prices for the two feedstocks used in steelmaking rose this week, as supply concerns grew after a series of strict safety inspections carried out at coal mines following the Friday gas explosion that claimed 82 lives. Analysts at Everbright Futures said that steel margins were squeezed due to?higher prices for feedstock and sluggish downstream demand, which put pressure on the prices of ingredients. The price of iron ore was mixed. The?most-active DCE contract fell 0.32%, to?781.5 Yuan per ton. Meanwhile, the benchmark June ore at the Singapore Exchange rose 0.17%, to $105.2 per ton as of 0828 GMT. The steel benchmarks at the Shanghai Futures Exchange were mostly lower. Rebar fell 0.73%, while hot-rolled coil dropped 0.5%. Wire rod also declined 1.09%, and stainless steel gained 0.81%. $1 = 6.7839 Chinese Yuan (Reporting and editing by Mrigank Dahniwala; Amy Lv, Lewis Jackson)
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London copper reaches near a two-week peak, while aluminium is steady near a four-year high
London copper prices reached a two-week high on Wednesday as lower oil prices eased concerns about inflation and slowed economic growth. Aluminium prices also remained near their highest levels in more than four years due to supply concerns. The price of three-month copper at the London Metal Exchange was up 0.3% to $13,660.50 per metric tonne by 0701 GMT after reaching its highest level since May 15, earlier in the day. The Shanghai Futures Exchange's most traded copper contract was down 0.4% to 104,680 Yuan ($15.424.74) per tonne. Brent crude oil fell this week and was trading at its lowest level in over a month. This eased some concerns about inflation and global slowdown. It also supported demand for copper which is widely considered to be a bellwether of the health and strength of the global economic system. Copper's popularity is also boosted by the expectation of an AI boom, which will require large quantities of copper to power data centres. Ilya Spirak, global macro head at Tastylive, said: "The main tension in the markets is whether the AI buildout narrative will continue to diverge from the inflation fears triggered?by?the U.S. Iran war and its dramatic effects." Iran claimed on Tuesday that the U.S. violated a truce by attacking targets near the contested Strait of Hormuz. This could complicate efforts to end the war. The price of three-month aluminium at the London Metal Exchange increased by 0.1%, to $3.677 per metric ton. In the previous session, prices?rose to a high not seen since March 24, 2022. The price of alumina, the main feedstock for aluminium, has been rising. Also there is a tightening market because of a reduced supply by Gulf producers. In the morning session, the September alumina contracts on the Shanghai Futures Exchange rose over 1% to their highest level since April 28. The LME Aluminium Cash Contract premium has also remained high despite the reduced aluminium production from Gulf producers. As of Tuesday, the price per ton was $73 Nickel fell by 0.2%, tin dropped by 0.6%, and zinc held steady on the LME. Nickel reached its highest level since May 14 during the session. Lead was hovering near a 4-month high. Aluminium, among other SHFE metals rose by 0.3%, while zinc fell 1.1%. Lead increased 0.1%. Nickel gained 0.8%, and tin declined 0.8%.
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Oil prices drop as traders wait for US-Iran progress
The price of oil?reduced on Wednesday from recent highs, erasing some of Tuesday's 4% gain as traders sought clarity over?negotiations? between Iran and the U.S. following renewed hostilities that set back efforts for reopening the Strait of Hormuz. Brent crude futures dropped $1.52 or 1.53% to $98.06 per barrel at 0633 GMT, while U.S. West Texas Intermediate crude (WTI), lost $1.90 or?2.02% to $91.99 per barrel. The price of oil soared after the U.S. The military launched new strikes against Iran, sapping hopes that the United States and Iran could?agree? to end the war. Iran claimed on Tuesday that the United States violated a truce by striking targets in the Strait of Hormuz. The U.S., however, said the strikes were defensive. Israel intensified its bombing of Lebanon on Tuesday, further straining the peace efforts. Both sides said that after a?ceasefire on April in the three-month conflict, they had made progress with talks to reopen the Strait. The Strait is a vital conduit for global oil and gas flow. The negotiations are now threatened by a resurgence of hostilities. The news that some LNG tanks have 'passed the strait recently' has boosted expectations that the waterway may reopen in the near future, adding to the global supply. (Reporting and editing by Sam Holmes and Elaine Hardcastle.)
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Drone incursions cause chaos and fear along NATO's Baltic border with Finland
The presence of military drones in the airspaces of Finland, Estonia Latvia and Lithuania is raising concerns that the conflict in Ukraine could spill over into NATO's northern border with Russia. Some of Ukraine's drones missed their targets, causing security warnings in neighbouring countries. In the case?Latvia it led to a collapse of government. Here is a timeline of recent drone incidents that have involved Finland and the Baltic States: Two Ukrainian military drones that strayed into Russia enter Estonia and Latvia on March 25. One drone crashes into a chimney near the Russian border at Estonia's Auvere Power Station, while another crashes in Latvia. Lithuania reported earlier that a Ukrainian drone crashed into a lake. 29-30 March - Finland reports an alleged territorial violation in its southeast by unmanned aerial vehicle and deploys F/A-18 jet fighters. One flying 'object' is identified as a Ukrainian AN-196 Drone. According to Petteri Oorpo, the Finnish Prime Minister, strong Russian electronic jamming may explain why drones are drifting in Finnish airspace. The 31st of March - Estonia and Latvia detect foreign drone activities near their border with Russia. Meanwhile, the Finnish border guard discovers a drone in its territory. Estonia later discovers drone debris ?in Tartu County. Estonian armed forces claim that drones found in the country were likely to be from Ukraine, and intended for Russia. May 7 - Latvia & Lithuania call on NATO to increase air defences following two suspected stray drones that crash in Latvia after crossing from Russia. One explosion?at a storage facility for oil in the Latvian region of Rezekne damages four empty oil tankers. Andris Spruds, Latvia's Defence Minister, resigns on May 10, after Evika Silina said that anti-drone system deployment was not fast enough. Ukraine claims the drones are Ukrainian, but were diverted to Russia by electronic warfare. Silina resigns from her position as Latvian prime minister on May 14, triggering the collapse after Spruds’ Progressives party withdrew its support. The authorities in Finland have warned 1.8 million people to stay inside because they suspect drone activity. They also suspended air traffic at Helsinki's capital airport and scrambled fighter jets. Alexander Stubb, President of Finland, says that Finland is not directly under military threat. May 17-18: Explosives were found in the vicinity of the wreckage of a suspected Ukrainian?drone which crashed near the border with Latvia and Belarus. Officials in Lithuania claim that the drone wasn't detected when it entered their country. May 19: A Romanian NATO fighter plane shoots down an suspected Ukrainian drone after it entered Estonian airspace via Russia. Ukraine apologizes to Estonia and other Baltic Allies, saying that Russia?redirected a drone through electronic warfare' and denies using Latvian and Estonian territory for strikes against Russia. May?20: Lithuania issues an air danger warning, tells the people of Vilnius to seek shelter and suspends all traffic at its airport due to a drone flying in their airspace. Lithuanian legislators seek shelter 'underground' at the parliament while train traffic has been suspended and schools and kindergartens have been told to send children to shelters. The government says that the origin of the drone has not been verified. The Latvian armed forces have announced that NATO fighter jets will be attempting to combat this threat. People in areas bordering Russia or Belarus are advised to take cover. (Reporting and Editing by Terje Solsvik, Timothy Heritage and Jesus Calero)
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Mike Dolan: US bonds are about to bite stocks.
Investors attribute the rise in U.S. stock and bond yields in recent weeks to the Iran War, inflation, and AI arms race. Some models suggest that higher borrowing costs are now reaching a point where they begin to drag down equities. The inputs and methods used to calculate equity risk premia (ERP), the excess return promised by investing in equities compared with "risk-free" government bond investments, differ greatly. Yet,?Societe Generale’s proprietary version (which the bank updated this week) reckons that nominal?U.S. Treasury yields of 4.5% represent a pivotal point in the relative value between asset classes. The SG team found that the correlation between bond yields and equity prices is not static. This link historically turns negative once bond yields surpass 4.5%. The 10-year Treasury yields briefly broke through this level last week, before hovering just below it on Tuesday. They wrote: "This means that any increase in bond rates is generally negative for equity markets once U.S. Treasury returns are above 4.5 percent." They added that the ability of U.S. stocks to absorb higher yields on bonds is now limited. The next steps in the?Iran conflict and the disrupted Strait of Hormuz could be a tipping point for the broader financial markets by midyear. Since the beginning of the war on February 28, the yield for the 10-year bond has increased by more than fifty basis points. The initial oil shock caused the stock market to judder, but since then it has recovered almost 20%. This is due to a ceasefire in April and an upgrade of AI-related profit forecasts during the U.S. earning season. Bond yields are spiking this month as U.S. inflation is a hot topic and Federal Reserve officials become more hawkish. Oil analysts do not believe that an immediate end to war will solve all supply issues this year. Central banks are at risk of being forced to tighten their monetary policies by entrenched inflation. At current levels of long-term bond rates, we could be at a turning point for stocks. SocGen estimates that the U.S. Equity Risk Premium has fallen to around 3.5%, close to the 3% level where it believes equities are starting to struggle in comparison to more attractive bonds returns. MODELS AND FRAMEWORKS The ERP is a measure of the rate at which the U.S. Federal Reserve has raised interest rates since the 2008 banking crash and COVID-19 pandemic. It was also above 7% before the Fed began its rate-hike program in 2022. For a better understanding of how SG comes up with its figures, consider that the U.S. equity cost has remained over 7.8% for this year. This expected return is equal to the discount rate where the present value for all future dividends equals current index levels. The SG dividend discount model has four stages. The first three years of earnings are taken from consensus forecasts, the next three from the 10-year earnings growth average; and finally a nine-year linear decline until it reaches what is defined as "perpetual earnings growth" equal to the nominal GDP growth average over the past 10 years. Even without additional bond yield gains, any sudden drop in these inputs - from a surprise in growth or earnings, for example - would place the ERP in danger. This is just one model. Other models are already alarming. JPMorgan's proxy for the ERP, which it sees as the gap between the equity discount rate of the S&P 500 and the real ?10-year Treasury yield, has fallen to ?just 2.2% - a level it says is a new low for the post-financial-crisis period since 2007. This is 90 basis points lower than JPM's historical long-term average. The JPM strategist Nikolaos Pantigirtzoglou wrote: "While the bond yields are still some distance above their 2000 trough level, there is less room for a future rise in bond rates to become a problem both from an asset allocation and long-term perspective." There are obvious differences between the models. JPM uses two-stage discount models and real Treasury yields adjusted for rolling inflation expectations. Both signals are clear: the AI-driven equity boom will be harder to achieve at current yield levels. Over the last three years, the AI theme has swept aside a multitude of market concerns. The AI rally will have to work harder if the Iran conflict is not resolved quickly and a simmering inflation and interest rate problem is not addressed. The opinions expressed are those of Mike Dolan 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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New peaks in shares as markets look at shaky US/Iran truce. Kiwi jumps
On Wednesday, Asian shares reached record highs and oil prices remained elevated as the markets awaited signs that a fragile truce between Iran and the United States would be extended. After Iran claimed that the U.S. violated the ceasefire, the dollar maintained gains from its previous session. The?dollar of New Zealand rose after its central bank maintained its policy rate but indicated that future increases will have to be made sooner. After the U.S. stock market reopened after a long holiday, Japanese and South Korean stocks reached new highs thanks to AI optimism. The mood remains fragile, though, as the talks to end the three-month conflict that has rocked the energy markets continue. Central banker comments are also being closely monitored to see how it affects the outlook for interest rates and inflation. Kyle Rodda is a senior financial analyst at Capital.com. He wrote that the markets were waiting for "something tangible" in regards to a possible deal between Iran and the U.S. A lot of good news is already priced in. This leaves room for disappointment when nothing comprehensive is announced. The broadest MSCI index of Asia-Pacific stocks outside Japan rose for the fifth consecutive session, rising by 1.6% and reaching a new high. Japan's Nikkei index rose 0.5% and briefly traded above 66,000 for the first. South Korea's KOSPI rose 3.41% after Samsung Electronics unionised workers approved a tentative wage agreement averting an impending strike that threatened global chip supplies. Early trade saw the pan-region Euro Stoxx futures up 0.23%. German DAX futures also rose 0.24%. FTSE Futures fell 0.18%. The S&P 500 eminis futures for the U.S. edged up 0.06%. The dollar index on the currency markets, which measures greenbacks against a basket currencies, was unchanged at 99.07, after a gain of 0.15% in the previous session. The euro increased by 0.12% to $1.1642, and the yen remained at 159.25. Iran's Foreign Ministry said U.S. airstrikes in southern Hormozgan Province represented a "gross breach" of a truce. The U.S. claimed that its attacks were defensive. U.S. Secretary Marco Rubio said that a deal to end the conflict with Tehran could "take a couple of days." Iran's Tasnim News Agency reported that Tehran wanted the release of $24 Billion in frozen funds overseas. U.S. crude fell by 1.97%, to $92.04 per barrel. Brent, on the other hand, fell to $98.07 a barrel. This is a drop of 1.52%, after an almost 4% rise in the previous session. Reserve Bank of New Zealand kept interest rates at 2.25%, in a decision taken by a split board that emphasized the need to increase rates sooner. The kiwi rose 0.7% against the greenback, to $0.5878. Data from Australia showed that core inflation increased in April, but consumer prices rose less than expected. The Australian dollar fell 0.1% to $0.7161. Kazuo Ueda, the Bank of Japan governor, warned that a temporary shock in energy prices and wages could become permanent if they were to continue. Isabel Schnabel, a member of the European Central Bank's board of directors, advocated a rate increase in June despite if an agreement between the U.S. and Iran is reached. The yield on the benchmark 10-year U.S. notes dropped 1.8 basis points, to 4.473%. This is the lowest it has been since May 14, a third-day decline. The markets were anticipating Thursday's release of the Personal Consumption Expenditures (PCE) Index, which is the measure that the Federal Reserve uses to set its 2% inflation target. This week, with the PCE due, and geopolitical tensions around the Strait of Hormuz still simmering, could be pivotal for rate expectations, dollar, oil and gold, said Lukman tunuga, head of FXTM's market research. Spot gold increased 0.1% to $4.510.82 per ounce. Copper rose 0.55%, to $13,699.00 per metric ton. Bitcoin fell by 0.40%, to $75,711.92, while ether dropped by 0.26%, to $2,070.46.
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Sources say that China has allowed fresh urea to be exported amid the fertiliser crisis caused by the Iran war.
Sources with direct knowledge said that China had issued export quotas of urea 'fertiliser. This could ease the soaring prices of?one of the most widely used crop nutrients in the world after the'supply disruptions' linked to the Iran War. China, one of the largest exporters of fertilisers, banned the export of several categories of fertilisers in March in order to protect its domestic farmers from the price spikes caused by the closure of Strait of Hormuz. Urea exports can be managed through a quota-based system. The?issuing of quotas signals that authorities are confident enough in the domestic supply to release some for export. A Chinese urea manufacturer confirmed that it received export quotas, but refused to give further details. A Chinese importer told an Indian importer that the Chinese government issued a notification "permitting" urea exports. However, no specifics were provided. India is likely to welcome new export quotas, as its domestic urea prices are well below the international level. India imported over 40% of its DAP and urea from the Middle East in 2013. Bloomberg News reported that India had asked China in March to allow the sale of certain urea cargoes, as the U.S. and Israeli war against Iran threatened gas supplies and fertilizer production. In the current situation, we will prefer Chinese supplies as they are more predictable. A senior official of an Indian fertilizer producing company said this. They don't have to cross the Strait of Hormuz, and so are more likely to arrive on time. According to several fertilizer industry sources and social media accounts, around 1.5 million tons of urea would be allocated. However, we could not independently verify this total. According to StoneX, an independent consultancy, China exported 4.9 million metric tonnes of urea in 2025. This is below the historical range of between 5 million and 5.5 million tons that usually account for around 10% global urea imports.
Cambodians are now more motivated than ever to tap into $300 billion of energy resources, due to the global fuel crisis
Cambodia's energy minister stated on Wednesday that the oil shock caused by the conflict in Iran has prompted Cambodia to resolve its maritime dispute with Thailand and unlock underwater energy resources worth $300 Billion. The grip of Iran on the Strait of?Hormuz - the conduit for a fifth of global oil supplies - has made the conflict in the region the worst ever global energy crisis.
In an interview, the Minister of Mines and Energy Keorottanak said that Cambodia relies on renewable energy, including hydropower and solar power, to help it weather this current crisis. However, its hopes for industrialisation are based on fossil fuel assets.
He said that before the crisis, all nations might have taken energy security for granted. "But, the ongoing crisis, and especially the pressure coming from the Strait of Hormuz has brought the energy security of every nation to sharper focus." "But the?ongoing crisis, especially the pressure from Strait of Hormuz has only brought energy security to any nation into sharper focus."
Both countries claim an area of around 27,000 sq km (10,400 sq miles) in Gulf of Thailand which is estimated to contain around 11 trillion cubic foot of natural gas and large quantities of oil.
TotalEnergies and other international oil and gas companies are interested in potentially beginning offshore exploration activities, if neighbours can settle their differences over "a patch of ocean" in the Gulf of Thailand. He said that harnessing oil and natural gas resources could be a win for both Thailand and Cambodia.
UN CONCILIATION NEXT STEP The Thai government unilaterally terminated this month a 25 year-old agreement that was to be used for joint offshore exploration. Despite protests by Cambodia, it argued the framework had not made any progress.
Keo Rottanak stated that the move by Thailand has forced Cambodia to use a mandatory conciliation process in accordance with the United Nations Convention on the Law of the Sea to come to an agreement on the maritime border.
He said that Cambodian officials plan to contact the Thai government to discuss this mechanism.
Thailand's Foreign Ministry did not respond immediately to any questions.
A panel of conciliators helps countries to settle their disputes. Timor-Leste used this procedure in 2016 when it agreed on permanent maritime borders with Australia.
LONG ROAD Ahead
He said that a quick resolution of the border dispute was vital, given the time needed for exploration and the development.
He said that if you wait another decade, your chances of getting financing for oil and gas exploration and exploitation are unlikely to be good. "And large companies are aware of this."
TotalEnergies didn't immediately respond to our request for a comment. After years of delays, Cambodia produced its first crude oil in late 2020, as part of a joint venture between the Cambodian government and KrisEnergy. The Singapore-listed company announced its liquidation only months later. This cast a shadow on a sector the Cambodian Government is keen to revive.
Keo Rottanak, speaking of Cambodia and Thailand, said that it would take time for the parties to increase their financial resources and technological capabilities. (Reporting and editing by Gus Trompiz/Keith Weir; reporting by DevjyotGhoshal)
(source: Reuters)