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James Hardie is facing another class action lawsuit over earnings forecasts and disclosures
The law firm Slater and Gordon announced on Monday that it filed a class action against James Hardie Industries in an Australian court to seek compensation for losses suffered by investors due to the company’s earnings forecasts and market disclosures for fiscal 2026. The suit also claims that the conduct of the fiber cement maker artificially inflates its share price. It follows another action that was filed a few months ago, alleging that the company failed not to disclose adverse circumstances in its "North America" business. Slater and Gordon announced that it had begun court proceedings against investors who purchased James Hardie stock between May 21, 2025 when the company filed its guidance disclosure and August 19, 2025, the day before the company issued a downbeat forecast which sent the shares plummeting?35% in two days. James Hardie declined to comment on a request. Its Australian shares ended the day 0.2% lower. Esther Holloway is an equity analyst with Morningstar. She said that the class action shows Australian investors' discontent. They have been this way since the AZEK takeover, when they were not allowed to vote on the deal. This acquisition caused a stir among investors in Australia, and led to a reorganization of the board. Kirsten Morrison, Slater and Gordon's Class Actions Practice group leader, said: "When companies fail... to disclose material information that impacts investors in a material way... it undermines the confidence in our continuous disclosure regime and?the market as a whole."
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Two deaths after gas leak at Indo Amines plant in India
Indo Amines, a manufacturer of specialty?chemicals, said that on 'Monday, two people, including an employee, had died following a leakage at their manufacturing facility in Mahad in western Indian state Maharashtra. The company reported that another person who worked at a nearby industrial unit died while undergoing medical treatment. It said that the exact cause and circumstances of the leakage were unknown at this time, adding the operations have been temporarily suspended. Local media reported on the incident during the weekend. Indo Amines expects no material impact to?its operations during the assessment. On Monday, the?company's share price fell by as much as 4.6%. It now stands at?124.02 rupies. The stock's last trade was 3.9% lower. This puts it on track for its?largest daily % drop since June 29, (Reporting by Mridula Kumar in Bengaluru; Editing by Shilpi Majumdar)
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Copper prices soar to a six-month high due to a shortage
The week began with a strong start for copper, as it rose to its highest level in more than six months due to tight availability. This also helped the key spread increase beyond its largest?in five year. Benchmark three-month copper on the London Metal Exchange was up 1.5% to $14,372 per metric ton at 0700 GMT. In earlier trades, it reached $14,396 per ton, its highest level since January. The Shanghai Futures Exchange's most traded copper contract grew 1.74%, to 109 540 yuan (16,255.36 dollars) per ton. Copper prices have been boosted by material outflows into the U.S. in anticipation of potential tariffs on imported refined metals as well as broader supply concerns. Stocks in LME registered warehouses Prices have increased 6.2% in the last 3 months, despite the fact that prices have dropped by almost half. Inventory shortages have helped to push the LME cash-to-three month spread up to its highest level since 2021. The LME Cash-to-Three Month Spread The?widened?to a backwardation of $490.99 per ton as traders with bearish position scrambled for metal before the exchange's month-end contract settlement day on Tuesday. Craig Lang, Principal Analyst at CRU's commodity research firm said that "shorts" are forced to purchase nearby contracts in order to close or roll their positions due to the limited availability of metal. Consumer buying was reduced, which capped the rally in copper contracts. The Yangshan premium On Friday, the barometer of import demand in China, the world's largest consumer of red metal, dropped to $90 per tonne -- its lowest level in a whole month. Lang explained that the fall was primarily due to a deterioration in import economics as well as weaker near-term physical demand from Chinese buyers who are taking a 'hand-to-mouth' approach because of higher copper prices. Dollars that were cheaper supported industrial metals. Aluminium?added 0.28 %, zinc 0.32%, tin 0.37%, and lead 0.61% on the LME. The SHFE metals that gained the most were aluminium, which gained 0.38%. Zinc, which gained 0.7%; lead, 0.6%; nickel, 0.89%, and tin, 0.94%. $1 = 6.7387 Chinese Yuan Renminbi (Reporting and editing by Ronojoy Mazumdar).
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Dollar slips, shares rise as markets reduce Fed rate risk
Markets reduced bets on an imminent rate hike by the Federal Reserve after a series of soft U.S. data, which included an 'unexpected drop in the retail sales. According to CME Group's FedWatch, a hike in the next month has been priced at 30%. This is down from 50% a week ago. The STOXX benchmark, which measures 600 large European companies, rose by 0.21%. This followed earlier gains of MSCI's broadest Asia-Pacific index outside Japan (which rose 0.5%), while Japan's Nikkei rose by 0.3%. The Hang Seng index rose 1.6% and Chinese blue-chips gained 0.8% ahead of the release of China's July activity data. Investors may be expecting a surprise, given that the forecasts call for a slowdown in industrial production growth from 5.3% to 4.8%. However, exports soared last month on strong global AI demand. South Korea's stock markets were closed Monday due to a public holiday. The Korean won was relatively calm after U.S. president Donald Trump ordered the Pentagon to reduce the number of joint military exercises with the country. After last week's gains, oil prices are mixed. Iran called on the U.S. on Saturday to accept defeat while Trump encouraged Americans to accept higher gas prices as long as the conflict continues. The Lebanese Health Ministry reported that at least 11 people were killed by Israeli strikes on southern Lebanon Saturday. This is among the highest number of deaths since the agreement between the?country and?neighboring Israel, mediated by the U.S. Brent crude lost earlier gains and was down 0.05% at 0710 GMT, after a 6% rise last week. U.S. oil fell 0.7% to $81.91 per barrel, following a 5.4% increase last week. The U.S. will try to calm down the situation whenever oil reaches $100. This is the base case, according to Shane Oliver, Chief Economist at AMP. The risk is that there won't be a sustainable peace deal and the flow of oil out of the Middle East will remain down 10-15% from normal levels. We will also have to pay higher oil prices when reserves run low. FED RATE risk is diminishing. U.S. stocks are expected to open on Monday with a cautiously positive tone, as Nasdaq and S&P futures both rose 0.5%. Stocks have been boosted by the diminishing risk that the Federal Reserve would?raise rates next month. U.S. Retail sales declined for the first time in nine months and consumer sentiment deteriorated more than expected in July, contributing to low inflation. Investors will be examining the strength of U.S. consumer spending. Earnings this week are lower, but include?Home Depot and Target. This week, the main data point is the August S&P Purchasing Managers’ Indices (PMIs), which will help gauge whether or not the acceleration of U.S. economic activity at mid-year can be sustained. Bond yields in the United States fell after a mixed week last week. The yield on the two-year U.S. Treasury fell 2 basis points to 4.154% after falling 3 basis points to a seven-week-low of 4.0977% last week. After a 4 basis point increase last week, the yields on ten-year bonds fell 2 basis points to 4.680%. The dollar has been impacted by the soft data, and the euro hit a two-month peak of $1.1588. Australian and New Zealand dollar also reached 10-week highs at $0.7105 apiece and $0.5910 respectively. Gold prices rose 0.5%, to $4,397 per ounce, after a 0.8% increase last week. Reporting by Lawrence White, Stella Qiu and Stephen Coates. Editing by Jacqueline Wong, Gareth Jones and Stephen Coates.
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Gold prices rise on weaker dollar and reduced Fed rate hike bets
Gold prices rose?on Monday. This was largely due to a weaker dollar, and recent soft economic data which reduced expectations of a U.S. rate hike in the next month. Gold spot rose 0.6%, to $4400.15 an ounce at 0710 GMT. Prices reached a two-month high in the last week. U.S. Gold Futures for December Delivery edged up 0.4% to $4,456.50. The U.S. Dollar?index fell by 0.2% making metals priced in greenbacks more affordable to other currency holders. Tim Waterer, KCM Trade's chief market analyst, said that gold has risen to the top of the charts this week. "Soft inflation data have kept the U.S. Dollar under pressure, giving it extra room to move towards $4,400," he added. "A sustained movement above $4,500?would?likely require additional dollar weakness?or a more pronounced pullback in energy costs." The U.S. Federal Reserve has been expected to raise interest rates in the next month despite an unexpected drop in non-farm payrolls and data that shows only mild inflation in consumer prices. CME's FedWatch Tool shows that traders now price in a 29% probability of a rate hike for September, down from 47% one month ago. Investors are more likely to invest in non-yielding gold if interest rates drop. The markets are now awaiting the minutes of the Fed meeting for July, which is due on Wednesday. These will provide further insight into policymakers' monetary policies. A diplomatic source revealed that U.S. President Donald Trump’s envoys had met with Egyptian, Qatari and Turkish mediators on Sunday in Cairo, to discuss his Gaza peace plan, while Israel continued its airstrikes. Silver spot rose by 1.8%, to $65.82 an ounce. Palladium rose 1.7%, or $1,334.77, and platinum gained 0.7%, to $1759.69. (Reporting and editing by Rashmia Aich and Mrigank Dahniwala in Bengaluru, and Sukanya Mittra in Bengaluru)
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The latest rains in Belgium offer new hope for the fight against Belgium's largest wildfire
The rain began to fall on eastern Belgium Monday morning, providing crucial assistance to firefighters battling to contain Belgium’s 'biggest wildfire ever' which has threatened to reach a border with Germany. Belgian weather agency IRM predicts rain in the region between 5-9 millimetres and more on Tuesday. The High Fens in east Belgium, which has been burning since Friday is expected to drop to 19 to 20 degrees Celsius. The captain of the Belgian radio station RTBF, Olivier Guist, said that "this will change everything. In addition to the water associated rainfall there will be an increase in humidities." About 500 firefighters from the United States, Germany, and Luxembourg are working to contain a fire that has already consumed about 3,000 hectares (7.400 acres) of the sparsely populated hills covered with peat, moorland and woods. Heatwaves across Europe have intensified the drought, leaving vegetation tinder dry, causing severe wildfires to spread and making areas like High Fens vulnerable. The local authorities in Butgenbach, Waimes and other nearby towns ordered 600 people to evacuate on Saturday. They also told them not to return home yet. Local prosecutors have opened an investigation to determine the cause of this fire. Monschau, a German town near the Belgian border, asked its residents to leave on Sunday. They noted that smoke pollution would be likely but the fire wasn't expected to enter German territory. After Belgium asked for emergency reinforcements, the EU has deployed three helicopters and water bombing aircraft around Europe. Data from the European Forest Fire Information System revealed that the wildfire was the largest in the country on record. It is more than twice the size of the 2011 blaze, which burned 1,400 hectares. Bart Biesemans and Yves Herman report, Inti Landauro writes, Toby Chopra edits.
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Diversifying investments help emerging markets emerge from the 'valley tears'
The flow of money into emerging markets has not been affected by war, tariffs or AI fluctuations. Instead, reforms, local capital markets that are deeper and a diversification away from U.S. investments have reshaped the asset class. Investor demand has not been deterred by global shocks, which once caused sharp sell-offs in developing economies. Emerging market debt is at its highest level for more than a decade and governments are issuing record amounts of bond. The improvement of policy, the strengthening of foreign exchange reserves and the growth in domestic investor pool have all helped to cushion countries against shocks. David Hauner is the head of Bank of America's emerging markets fixed income strategies. He said that from 2015 to 2025, emerging markets were like a valley of tears: a strong dollar, U.S.exceptionalism, many crises, defaults and COVID. The current recovery is a result of the dire circumstances that preceded it. "There were so many outflows, a few month's worth of inflows will not compensate for that...it is still just scratching the surface on the under-investment which has occurred over the last decade." The war that began in February has closed the Strait of Hormuz, a key passageway, and increased global oil prices. This, in turn, has led to higher food prices and inflation. There are still concerns that the Federal Reserve could increase interest rates, strengthening the dollar to the detriment of emerging market currencies. U.S. Treasury Yields, the basis for pricing emerging market borrowing costs, are at multi-year highs. Investor interest hasn't been affected by the turmoil yet. Jetro Siekkinen is the head of emerging markets fixed income at LGT Capital Partners. He cited the debt-to GDP ratios as evidence. In contrast, emerging markets have spent years bolstering central bank independence and foreign currency reserves. Credit ratings have been upgraded for many, including Pakistan and Ghana. Siekkinen stated that "diversification (away) from U.S. Treasuries is driving the latest performance of emerging market and frontier as well." CASH IS COMING IN Foreign capital flows? back those views. Institute of International Finance data shows that foreign investors invested $214.4 billion in emerging market debt from January to July. This is up from $177.7 million during the same period of last year. In July, emerging market nations sold around $19 billion in bonds, which is twice the average monthly issuance over the last decade. This puts the year-to date issuance to a record of $187 billion. Despite turmoil, Capital Economics' aggregate EM currencies risk indicator is still near its multi-year lows. Some, like BlackRock Investment Institute have cooled on emerging market stock and hard currency debt. AI mini-boom-and-bust cycle has also increased volatility in the emerging markets equities, which are now dominated by South Korea and Taiwan's tech-heavy shares. IIF data showed that equities had been sold for $86 billion through July, which is nearly 10 times what they were at the same time in 2025. Investors warn emerging and frontier market are more vulnerable to El Nino and food inflation. Siekkinen stated that they are very selective and don't follow benchmarks. They cite debt concerns in certain countries and lower yields elsewhere as reasons for their non-adherence. UNDER ?EXPOSED, AND BUILDING LOCAL CAPITAL COVID taught emerging markets a hard lesson when the flight of investors contributed to defaults in debt from Sri Lanka to Ghana. The upheaval has accelerated efforts to increase the domestic capital pool, and reduce reliance on foreign investors. The majority of emerging economies, especially those with larger populations such as South Africa and Brazil, now finance themselves through the domestic debt market. According to research from JPMorgan & UBS, the total amount of local-currency debt outstanding by 2024 will be around $13 trillion, compared to $1.4 trillion in international hard-currency debt. Hauner stated that local currencies on markets such as Brazil, Colombia and Egypt are in a particularly strong position. Magdalena Polan of PGIM's EM?Macro research said that local investors help buffer developing nations against global risk. Polan stated that the pattern of shocks spreading into EM financial market is different today. Polan said that large local investors played a stabilizing role. This means that markets don't sell off quickly and there are few liquidity crunches. Polan and Hauner say that inflation risks from El Nino and rising fertiliser prices are the two biggest threats to investment. Some people say that there is still room for improvement. Lamine Bougueroua is a fund manager at Carmignac. She said, "We expect the outperformance of EM Local Debt to continue between now and year-end." Investors realize they have over-allocated to U.S. assets and are now allocating more to EM. With geopolitical uncertainties, it is important to diversify as much as possible. (Reporting and Editing by William Maclean, Karin Strohecker and Libby George)
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Gold prices rise on the weaker dollar and reduced Fed rate hike bets
Gold prices rose on Monday due to a weakened dollar and recent softer economic data, which reduced expectations of a U.S. rate hike in the next month. Gold spot rose 0.4% at $4,391.49 an ounce as of 0520 GMT. Last week, prices reached a record high. U.S. Gold Futures for December Delivery edged up 0.3% to $4,448.40. The U.S. dollar index fell by 0.2%, making metals priced in greenbacks more affordable to other currency holders. Tim Waterer is the chief market analyst for KCM Trade. He said, "Gold has taken the ball and run away with it this week. Soft inflation numbers are keeping the U.S. Dollar under pressure, and giving gold more headroom to move towards the $4400 level." "A sustained movement?above 4,500 would probably need additional dollar 'weakness or an even clearer drop in energy prices." The unexpected drop in nonfarm payrolls for the U.S. in July combined with data that showed only mild inflation in consumer prices has led to a reduction in expectations of a rate hike by the U.S. Federal Reserve next month. CME's FedWatch Tool shows that traders now price in a 30% chance for a rate hike in September, down from a 47% probability a month ago. Lower interest rates lower the opportunity cost of holding bullion that does not yield, increasing its appeal to investors. The markets are now awaiting the minutes of the Fed meeting for July, which is due on Wednesday. These will provide further insight into policymakers' monetary policies. A diplomatic source revealed that on a geopolitical level, U.S. president Donald Trump's envoys had met with Egyptian, Qatari, and Turkish mediators on Sunday in Cairo, to discuss advancing?his Gaza Peace Plan, while?Israel continued airstrikes?in the enclave. Silver spot rose 1.4% per ounce to $65.57. Palladium rose 1.4%, while platinum fell 0.1%, to $1,746.43. Platinum dropped by 0.1%, to $1,746.43. (Reporting and editing by Rashma Aich in Bengalur; Ashitha Shivaprasad and Sukanya Mittra from Bengalur)
Dollar slips on markets that reduce Fed rate risk
Asian shares edged higher on Monday, led largely by Chinese stocks, ahead of important economic data. Investors kept a watchful eye on oil prices, after a large gain last week, amid a deadlock in the Gulf conflict.
After a string of weak data, including a surprise drop in retail sales and a lackluster run of economic reports, markets have given up on betting that the Federal Reserve will soon raise interest rates. According to CME Group's FedWatch, a rate hike in the next month has been priced at 30%. This is down from 50% a week ago.
The broadest MSCI index of Asia-Pacific stocks outside Japan rose by 0.5% while Japan's Nikkei gained 0.3%.
The Hang Seng index rose 1.6% and Chinese blue-chips gained 0.8% ahead of the release of China's July activity data. Investors could be in for a surprise, as forecasts call for a slower industrial growth rate of 4.8% from 5.3%.
The South Korean stock exchanges were closed Monday due to a holiday. The Korean won was not affected by the directive from Donald Trump, U.S. president to the Pentagon to reduce the number of joint military exercises.
After last week's gains, oil prices are mixed. Iran called on the U.S. on Saturday to accept defeat while Trump encouraged Americans to accept higher gasoline prices as long as the conflict continues.
The Lebanese Health Ministry said that at least 11 people died in Israeli airstrikes in southern Lebanon, on Saturday. These strikes were some of the most deadly in recent weeks, since the country signed a peace agreement with Israel, mediated by the United States.
Brent crude rose 0.2%, to $88.67 per barrel, after gaining 6% the previous week. U.S. crude fell 0.2%, to $82.19, after gaining 5.4% the week before.
The U.S. will try to calm down the situation whenever oil prices rise above $100. This is the base case, according to Shane Oliver, Chief Economist at AMP.
The risk is that there won't be a sustainable peace deal and the flow of oil from the Middle East will remain down by 10%-15% compared to normal levels. We will also have to pay higher oil prices due the depletion of reserves.
FED RATE RISK DISAPPEARS
EUROSTOXX futures in Europe rose by?0.3%. S&P futures rose 0.1% after hitting a record high last week. Nasdaq Futures also gained 0.3%.
Stocks have been gaining momentum due to the decreasing risk that the Federal Reserve will increase interest rates next week. U.S. Retail sales declined for the first time in nine months and consumer sentiment deteriorated more than expected in July, contributing to low inflation.
Investors will be examining the strength of U.S. consumer spending. Earnings this week are lighter, but still include Home Depot and Target. This week, the main data point is the August S&P PMIs to determine whether the acceleration of U.S. businesses at mid-year can be sustained.
U.S. Treasury rates dropped on bond markets after a mixed week last week. The yield on the?two-year U.S. Treasury fell 2 basis points, to?4,154%. It had fallen 3 basis point last week to reach a seven-week low of 4.0977%.
After a 4 basis point increase last week, the yield on ten-year bonds fell 2 basis points this week to 4.680%.
The dollar has been impacted by the soft data, and the euro hit a two-month peak of $1.1588. Australian and New Zealand dollar also reached 10-week highs at $0.7105 apiece and $0.5910 respectively.
Gold prices rose 0.4% this week to $4,391 per ounce, after a 0.8% increase last week. (Editing by Stephen Coates & Jacqueline Wong).
(source: Reuters)