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Document shows that Kuwait Petroleum is offering full-range of naphtha for delivery.
Kuwait Petroleum Corp. has bid 55,000 metric tonnes of full-range naphthalene?on a spot-tender basis. The company stated that the offer was made on a delivery basis based on a ship. The company 'tender for Asian markets' stated in its offer that the "product must be intended to East of Suez, and cannot be resold, or delivered elsewhere, without the seller’s written consent. This consent shall not be unreasonable. KPC offered?naphtha free-onboard?before the U.S. war with Iran started. The first time since February, it resumed offering cargo in June. The company stated that the cargo would be delivered by a tanker LV Estia or a suitable substitute, as agreed with the buyer. Kuwait exported an average of 200,000 'barrels of naphtha per day' in the first two months of 2014, but that number plummeted down to zero by April, according to data from shiptracker Kpler. Exports have been a tiny?fraction of what they were before the war. Oil companies do not usually comment on tenders. (Reporting from Mohi Nrayan in New Delhi and Ahmad Ghaddar, London; editing by Louise Heavens & Susan Fenton).
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Outokumpu CFO: EU steel measures are not bringing in the gains expected.
Outokumpu's finance chief said on Thursday that the European Union trade measures have boosted demand in the region for steelmakers. However, higher costs for scrap metal, fuel and freight are eating into this improvement. The 'Finnish' stainless steel maker reported an adjusted core loss of EUR13million in the first quarter of 2026, but was able to recover this by reporting a profit of EUR17million for the second. This is a slight improvement over the EUR16million it earned a year ago. Marc-Simon Schaar, Chief Financial Officer, said that the EU's measures had boosted the demand for European products, which in turn, has impacted the demand for scrap, which is the primary raw material used by local producers. Subdued demand from end users has also reduced scrap production, limiting supply and pushing raw material prices higher than last year. Schaar stated that the inflation in freight costs, fuel and transportation costs also weighed on the equation. State aids to assist with EU emission-trading cost, valued at around EUR35 to EUR40 millions annually, have ended. The immediate impact of the EU's measures might also have been underestimated. The CFO stated that imports made up 17% of European steel consumption between April and May, up from 15% during the first quarter. They are likely to increase further in June, as the new safeguards will take effect on July 1. He added that after distributors restocked during the first quarter, they became extremely cautious due to the Middle East conflict, and a weakening business climate. Schaar added that the order book for September was still "a little open". Outokumpu says it expects a decline in third-quarter volumes of up to 10%. However, realised prices and the raw-material cost should be able to offset this and maintain adjusted core earnings at a stable level. (Reporting and writing by Jagoda darlak, editing by Milla Nissi-Prussak).
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As markets evaluate Fed stance and Middle East tensions, gold gains as the dollar softens
Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened by 0.2% making greenback priced bullion more affordable to buyers abroad. Kevin Warsh, the chief of the U.S. central bank, pledged to continue his unwavering commitment in bringing inflation down. After the decision, spot gold prices increased by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps (IRGC) targets in Iran in response to Tehran's firing of ballistic missiles on U.S. soldiers in Jordan, Wednesday. Brent crude prices rose by more than $1 per barrel on Thursday. Staunovo stated that "to see gold rise, we need to improve?in demand for investment and this requires market participants shifting expectations towards rate reductions." Due to its lack of yield, higher rates for longer tend to reduce the appeal of bullion. According to the CME FedWatch tool, traders are now 'pricing-in' a 63% probability of a Fed rate hike in September, down from 77% prior to Wednesday's Fed meeting. Investors ?now await June U.S. Data on Personal Consumption Expenditures is due at 1230 GMT. The World Gold Council reported that India also saw a rise in "unofficial" gold imports after the government raised import tariffs earlier this year. (Reporting by Sukanya Mitra in Bengaluru; Editing by Ronojoy Mazumdar) (Reporting by Sukanya Mitra in Bengaluru; Editing by Ronojoy Mazumdar)
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Valero, a US refiner, posts its highest quarterly profit ever since the Russian invasion of Ukraine and beats expectations
Valero Energy reported on 'Thursday its highest quarterly profit in the last 20 years and surpassed Wall Street expectations. Oil market disruptions across the Middle East boosted 'demand' for U.S. fuels exports, and pushed its refining margins sky-high. U.S. refining companies have been the most benefited by the Iran War as buyers from around the world have demanded their products amid the disruptions in shipping through the Strait of Hormuz. This has pushed the country's fuel exports to new records. Valero's second-quarter adjusted operating profits in the refining segment nearly tripled from a year ago to $4.4 billion, while refining profit per barrel of output almost doubled to $23.62. Valero increased its average daily throughput to 3.0 millions barrels (bpd) during the second quarter. This is up from 2.9 million bpd in the previous year. U.S. refiners are also reaping profits from renewable fuels. These fuels have been a drag on margins for many years, but now there is a surge in demand due to recent government mandates regarding biofuels and the higher diesel prices caused by the Middle East conflict. Valero’s operating income in the renewable-diesel segment jumped from $79 million to $717 millions, up from a loss of $79million last year. The company's quarterly net income was $3.7 billion, its highest quarterly profit since '2022, when Russia invaded Ukraine and disrupted the global energy supply chain. This led to a surge in commodity prices which boosted refinery profits. Valero has announced that it is moving forward with a $230m FCC Unit 'optimization project' at its St. Charles Refinery. The project, which will be completed by the third quarter, will enhance the refinery's capability to produce high-value products. According to data compiled and analyzed by LSEG, the San Antonio-based 'company' posted an adjusted profit per share of $12.54 for the three months ending June 30. This compares with analyst expectations of $10.12, according to LSEG.
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Heat-related deaths in the UK this year will surpass 2022 records, says Health Agency
Health authorities in Britain said that 2,877 people have died in Britain from heat-related causes this year. This is nearly twice the number of deaths recorded in the entire 2025 period and close to the 2022 record. Britain is experiencing a fourth heatwave of this year after a series unusually warm spells that pushed temperatures up to record highs for May and June in certain parts of the country. The dry weather that has lasted for so long has also fueled 'wildfires. UK Health Security Agency reported that 753 deaths are estimated to be associated with the heatwave in May and another 2,124 with the episode in June, which triggered the rare heat-health red alert. According to the agency's interim data, 2026 is likely to be the year with the most heat-related deaths, exceeding the 2,985 deaths recorded in 2022 when temperatures reached 40 degrees Celsius. In a statement, Ross Thompson, principal scientist in environmental public health at UKHSA and the author of the report, stated that "these figures demonstrate the significant danger very hot weather can pose to people's lives." Extreme heat also fueled major wildfires that killed firefighters in France, Spain, and Greece, and forced evacuations. They also disrupted travel and businesses. France's National Health Agency said on Wednesday there were 5,764 excess deaths between June 17th and July 2nd in the country. Germany's RKI said on Thursday an estimated 9,800 people have died this year from heat-related causes. The hot weather will become longer and more extreme The agency stated that older adults and those with underlying medical conditions are more susceptible to heat. Health Minister Yvette Cooper stated that the heat has also had a "serious impact" on?National Health Service. The service is historically under the most strain in the winter months. According to Climate Monitor, Europe is the fastest-warming of all continents. Thursday's temperatures showed that the region was farthest away from its historic norm. Thompson stated that it was important that vulnerable people be protected and that communities, individuals and systems were prepared for higher temperatures. He said that as the climate warms, hot weather will become more extreme, longer and more frequent.
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Hungary's Paks Nuclear Plant could close on Thursday or Friday: PM
MTI reported that Hungary's paks nuclear power plant may be shut down on Thursday or Friday due to low water levels in the Danube River. The plant uses the river for cooling. Due to low water levels, the?plant that operates four Russian-built nuclear reactors with a total capacity of 2 gigawatts has started reducing output since Monday. It is now running at less than half of its capacity. The Danube's water level has fallen to "record lows" this week. This has disrupted river cruises and cargo along Europe's most busy waterway. Magyar stated that Hungary's import capacity is between 3,600 and 3,800 megawatts. This could cover the?electricity requirements in the event of Paks shutting down. Magyar stated that a complete shutdown of Paks'?power plant could happen as soon as today. But it is more likely to be?tomorrow. Magyar stated on Wednesday that the government would create a contingency and compile a list containing a number of large electricity and water consumers, mostly industrial players, whose consumption might be temporarily limited in an emergency. (Reporting and editing by Anita Komuves)
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Indian miner Vedanta names Arun Misra as CEO, Q1 profit jumps
Vedanta, an Indian conglomerate that converts metals into oil, announced on Thursday the appointment of Arun Misra to its chief executive position for a term lasting one year starting August 1. The company also reported a 72% increase in their first-quarter profit. Misra, who currently leads Vedanta subsidiary Hindustan Zinc, will take on the new position. Vedanta’s net profit for the quarter ending June 30 rose to 54.73 milliards rupees ($572.4 millions), boosted by higher base metals prices. Prices of base metals grew in April-June due to supply disruptions, and a steady demand. Geopolitical tensions around the Middle East also heightened concerns over availability and logistics. Analysts at Emkay Global predicted that an increase in average zinc prices during the first quarter would drive Vedanta’s India zinc business and contribute to its bottom line. According to a report by Jefferies, spot zinc prices have risen?31% year-on-year. Copper prices are up 40% and silver prices have more than doubled. Mining companies benefit from higher commodity prices by increasing their margins and selling prices. Vedanta’s revenue grew 51%, to 234,56 billion rupees during the quarter ending June. The combined India lead and zinc segment revenue grew by nearly 50%. Copper segment revenue grew by 34%. The revenue of its India silver segment more than doubled. Vedanta’s net profit margins increased to 22% from 12% one year ago. Total expenses rose by 33%, or 175.58 billion rupees. This was due to a 37% increase in the cost of raw materials. Hindustan Zinc reported a profit that more than doubled last week due to strong metal prices. Vedanta Aluminum Metal, the pure play?aluminum company that was formed following Vedanta’s?demerger on Thursday, reported a profit increase of more than a?threefold, thanks to higher aluminium costs. Vedanta shares closed up 1.1% after the results. ($1 = 95.6175 Indian Rupees) (Reporting and editing by Ronojojo Mazumdar, Sonia Cheema).
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MORNING BID AMERICAS - Long bond gives fright
What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets On Wednesday, the Federal Reserve maintained its line, but three policymakers voted "for a hike", the largest dissent since 1970 against a new Fed chairman. It is easy to see why the markets were so uncertain. The Fed's decision to "hold" did not reassure the markets. 30-year borrowing rates have risen to their highest level in 19 years, and the yield curve has steepened, suggesting that traders are worried about the Fed tolerating above-target inflation for the long run. Below, I'll go into more detail. Check out my column about why the $1.8 quadrillion global balance sheet could be more fragile than it appears. Listen to the Morning Bid podcast where we talk about the Fed's family fight and Big Tech earnings. Subscribe to the Morning Bid daily podcast and hear our journalists discuss all of the latest news in markets and finance. Long Bonds Takes Fright Fed boss Kevin Warsh did not reveal much about the next move from the central banks, as he adhered to his position on forward guidance. However, he suggested that the bond markets are doing the Fed's work for them by tightening up aggressively. It may be "careful what one wishes for" as bond yields are rising because of doubts over the Fed's credibility, and concerns that the Fed has been mistakenly trying -for the second time within five years - to pass off high inflation as temporary. Oil prices jumped back up almost 8% yesterday, amid renewed strikes between the U.S.A. and Iran. The fuel squeeze also seems to be far from temporary. After the Fed's decision, Wall Street stocks closed in the red. Investors are now awaiting the earnings of Big Tech after the bell. Meta fell 7% in after-hours trading on concerns about the evaporation of its free cash flow due to its AI expansion. Qualcomm missed its own estimates. Microsoft's stock, which has been lagging this year, rose more than 8% yesterday after the company reported. Microsoft's cloud business exceeded forecasts and its revenue-generating AI offerings were praised. South Korea's KOSPI rose in early trading Thursday in Asia after Samsung Electronics announced a 250-fold increase in chip profits and stated that it expects the memory shortage to worsen into 2028. After a volatile session, the index ended down by 1%. A busy day is ahead. After Thursday's bell, we will get the results of Amazon and Apple, as well as the Bank of England's latest policy announcement, U.S. second-quarter GDP and June inflation, plus, U.S. June Inflation and Second-quarter GDP. Phew! Chart of the Day Cash burn is a major theme for this year's earnings season among the U.S. AI hyperscalers. Meta reported on Wednesday a 91% decline in its second-quarter cash flow, highlighting the financial strains of the social media company's expensive AI buildout despite growing doubts over the eventual payoff. Facebook's parent company, Instagram, reported a free cash flow of 784 million dollars in the second quarter, down from $8.55billion a year ago. This sent its shares down as much as 10 percent in overnight extended trading. Watch today's events * U.S. Q2 GDP estimate (8.30 am EDT), U.S. PCE for June (8.30 am EDT), weekly jobless claims (8.30am EDT). Apple, Amazon and other U.S. corporations: * Bank of England announcement of interest rates (7 am EDT) Want to receive the 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 author are their own. These opinions do not represent those of News. News is bound by the Trust Principles to maintain integrity, independence and freedom from bias. (By Mike Dolan).
US 30-year yield reaches 2007 high; stocks try to recover after earnings
On Thursday, the U.S. government’s?long term borrowing costs reached their highest level since 2007. Global shares also tried to recover after Microsoft’s?earnings reduced some AI concerns.
The yield on 30-year Treasury bonds hit a high of 5,244% in New York trading the day before, after the Federal Reserve held interest rates at the same level as the previous day, even though Chair Kevin Warsh gave mixed messages about monetary policy and inflation expectations.
The Fed's next moves were difficult to predict, and Warsh's decision not to provide any forward guidance made it even more difficult.
Investors are frightened by the steep drops in some of the largest winners of the AI boom. South Korea's KOSPI dropped 1.23% to end its third day of losses.
Sanjiv Tumkur is the head of equity analysis at Rathbones.
Microsoft's and Meta's earnings confirmed that investors are looking for signs of a return on the expensive?AI buildout.
Microsoft shares rose by 9.02% before the market opened after the tech giant said that it expected to continue generating cash until fiscal 2027. Meta shares fell 8.34% after earnings that showed the strain caused by its expensive AI bets.
Analysts at Jefferies wrote that Microsoft has "hit the jet stream" while Meta is still constructing the runway.
Futures on the Nasdaq 100, a tech-heavy index, rose by 1.28%. S&P 500 futures and Dow futures also gained, with gains of 0.59%, 0.36% and 0.59%, respectively.
The benchmark STOXX Europe 600 index rose by 0.58%. After two sessions of declines, the MSCI All Country World Price Index climbed 0.22%.
GREY SKIES Ahead
Investors are finding it difficult to assess the inflationary impact of higher oil prices, as renewed Middle East tensions have complicated this week's make-or-break market.
Brent crude prices dropped last month, which helped to keep inflation in June under control. However, oil prices have since risen above $90 per barrel.
Three?Fed Policymakers Dissented on Wednesday in Favor of a Rate Hike, Leading Some Analysts to Question if Warsh’s “good family fight” may become more challenging to navigate if inflation pressures persist.
RBC Economics strategists wrote: "As Fed enters the second half of the year, we expect it to be confronted with inflation as a persisting issue."
The central bank could use the rate hold to buy time until their next meeting in September. This would allow them to analyze two more inflation reports. According to CME FedWatch, the odds of an increase at this meeting have increased from 57.3% to 63.2%.
Questions remain about whether any rate hikes are useful. Brian Jacobsen, chief economist at Annex Wealth Management, said that it was foolish to raise rates when faced with a bout of supply-shock inflation.
Rate increases?usually cool demand-driven prices, but the inflation?threat is grounded in the prospect of limited oil supplies?if disruptions in the Strait of Hormuz continue.
The strait plays a vital role in the global oil flow. Further complicating matters, the Houthis-backed Iranians have also attacked the alternative route through Bab el-Mandeb Strait. Reporting by Niket Nishant in Bengalur and Ankur Banerjee, Rae Wee and Arun K. Koyyur in Singapore. Editing by Amanda Cooper and Mrigank Dhaniwala.
(source: Reuters)