East Asia

According to the ministry, Wang Yi, the Chinese Foreign Minister, told Gideon Saar, his Israeli counterpart, that China opposes the military strikes by Israel and the U.S. on Iran, and demanded an "immediate cessation" of hostilities. "Force is not a solution to problems. It often causes new ones, and has serious long-term effects." It quoted Wang in a phone call as saying that the real value of military power is not in combat but in preventing conflict. The U.S. and Israeli air 'war against Iran' has caused explosions in?Tehran, Beirut and around the globe. Wang said that China is committed...

The majority of Gulf stock exchanges ended lower on Tuesday. Qatar's benchmark index continued to decline as the country suspended liquefied gas production in response to an escalating air war in the area, while Egypt?lost for a third consecutive day. Israel expanded its campaign by launching 'new' strikes on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones towards Israel, several Gulf States and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the vast...

The majority of Gulf'stock markets fell Tuesday. Qatar's benchmark continued to fall after the country stopped liquefied natural gas production amid a escalating air war in the area, and Egypt also?fell? for a third consecutive day. Israel expanded its campaign by launching new strikes against Iran and Hezbollah. Meanwhile, Iran launched missiles and drones towards Israel, several Gulf States and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar...

The majority of Gulf stock markets fell on Tuesday. The benchmark Qatar index continued to decline after the country stopped?liquefied gas production amid an escalating air conflict in the region. Israel has 'extended' its campaign by launching new attacks on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones at Israel, several Gulf States, and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar's benchmark stock index fell 0.9%,...

Qatar led the way in early trading on Tuesday, following its halting of liquefied gas production. Middle East tensions were rising and regional energy shutdowns were weighing on risk sentiment. Inflation fears also increased. Israel has intensified its campaign by launching new attacks on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones at Israel, several Gulf States and a British air base in Cyprus. This raises concerns about a possible prolonged conflict. Qatar's benchmark stock index fell 1.2%. This was due to a 2.2% decline in the Qatar National Bank. The largest lender in the Gulf by assets. In...

Fuel stations in Sri Lanka were crowded on Monday, as fears of oil shortages grew due to the conflict in Iran. The island nation is still recovering from its deep financial crisis. A nation of 22 million people is struggling to recover from a crisis caused by a record dollar shortfall in 2022. The IMF has provided a $2.9 billion credit programme. Sri Lanka was at the height of their problems when they faced a massive shortage of fuel for several months. This led to huge protests, and eventually the ousting of the former president Gotabaya Rajapaksa. As U.S.-Israeli?strikes against...

Analysts say that a prolonged Middle East conflict could lead to low growth in Japan and high inflation, if oil prices remain high and hit the import-dependent economy. This would complicate the efforts of the central bank to raise interest rates. The oil prices rose 7% on Monday, reaching their highest level in months as Iran and Israel intensified attacks in the Middle East. This disrupted shipments out of the region's main producing area. It was a major blow to Japan which imports 90% of its crude from the Middle East. Sanae Takaichi, the Prime Minister of Japan, told reporters...

MOSCOW, February 26. The Russian rouble fell against the U.S. Dollar on Thursday but rebounded against China’s yuan after a swoon the day before when the government announced changes in the current budget because of?falling energy revenues. Finance Minister 'Anton' Siluanov announced on Wednesday that more money would be diverted into the fiscal reserves fund to avoid its depletion. This move implies that the state will reduce the sales of foreign currencies, which has supported the rouble. The?rouble has weakened sharply in the second half on Wednesday. This movement was primarily driven by statements regarding plans to lower cutoff prices...

According to trade sources, and LSEG data, the prices of liquefied petrol gas and?naphtha jumped on Thursday in Asia after Saudi Aramco halted the exports from a major terminal. This disrupted supplies to the area, and India is likely to be the worst hit. On Wednesday, Saudi?Aramco announced that it had halted LPG deliveries this week at its eastern terminal in Juaymah. This terminal is one of the largest exporters of butane and propane. It suffered structural damage to its delivery system on February 23, which was a result of a component being damaged. Fuel from the terminal near Aramco’s...

The race for artificial intelligence dominance by Big Tech may soon hit a bump in the road as U.S. power grids struggle with keeping up with hyperscalers who spend big. Microsoft, Amazon and Alphabet, among other technology giants in the US, announced in recent months that they plan to spend $600 billion in AI by 2026. Some investors are already concerned about the profitability of this strategy due to the investment wave. The ambitious U.S. AI plans will be hindered by severe power-infrastructure bottlenecks including turbine shortages and slow grid expansion. The processing and cooling of data centers that are...

Oil prices were below a seven-month high as traders weighed the uncertainty surrounding U.S. Trade Policy and the prospects for U.S. Iran nuclear talks in light of heightened Middle East tensions. Brent crude futures fell 9 cents or 0.1 percent to $71.40 per barrel at?0120 GMT. This follows a volatile session on Monday, when it reached its highest level since the 31st of July, $72.50, while alternating between gains and losses exceeding 1%. U.S. crude oil futures fell 11 cents or 0.2% to $66.20 per barrel. This is after the previous session saw a rise to $67.28 - the highest...

The U.S. Commerce Department will announce a preliminary decision Monday on whether to impose antisubsidy duty on solar 'cells and panels' imported from India, Laos, and Indonesia. This announcement is one of two that the agency will make in the next few weeks regarding a trade dispute brought by a small group in the U.S. solar industry. Commerce will 'likely make final decisions later this year. The decision on Monday will examine whether the companies in these three countries have received unfair government subsidies, which make American products less competitive. Commerce will make a decision on a separate issue next...

Aluminum prices rose Tuesday, as traders were 'alert' to the supply risks in the Middle East due to the U.S.-Israeli air war on Iran that spilled over into neighboring countries. Benchmark Aluminium on the London Metal Exchange rose 2.1% to $3,260 per metric tonne in open-outcry official trading, after reaching a month-high of $3,315. Middle East exports aluminium via the Strait of Hormuz, which accounts for 8 percent of global capacity. Iran threatened to attack any ship that tried to cross the Strait on Monday. Aluminium producers have halted premium offers for Japanese buyers in the second quarter. Norsk Hydro...

The estimate of mineral resources at the?mine that Rare Earths Norway is developing, Europe's biggest rare earth project has increased by?81% from the last evalution two years ago, the privately owned firm announced on Tuesday. The Fen project, which is being developed by the company, would help Europe to reduce its dependence on China as the dominant producer of rare earths. According to a WSP statement, the project has?a total rare earth oxide of 15.9 million metric tonnes in indicated and inferred resource,' It added that the 'new estimate' reflects additional exploration drilling which took place in 2018 and compares...

Two people who are familiar with the discussions say that Japan and India are in talks to explore rare earth deposits together in Rajasthan's arid state. Tokyo is looking to reduce its reliance on China as a source of magnet manufacturing supplies. India's Mines minister G. Kishan Reddy announced last month that three hard rock deposits of rare earth oxides containing 1,29 million metric tonnes had been identified in Rajasthan state and Gujarat in western India. Sources directly involved in decision-making said that Tokyo expressed interest in the Rajasthan deposits, and planned to send experts there. The sources declined to...

Since the emergence of a?U.S. President Donald Trump has repeatedly threatened to annex Greenland, according to a senior Greenlandic government official. Naaja H. Nathielsen, Greenland’s Minister for Business and Mineral Resources, stated that the UK, Canada, and European Union countries have shown the most interest. She said, "On the investor's side, we saw an increase in interest in investing." She said that although Trump expressed an interest in purchasing?Greenland many years ago, it has been "hectic" over the last two months. The Arctic island is a strategically located, mineral-rich autonomous?territory. Trump has 'intensified his rhetoric about gaining control of Greenland...

Aluminum?prices jumped to their highest level?in over a month?on Monday, after U.S.-Israeli strikes in Iran fueled concerns about a prolonged conflict in the Middle East. Iran is a major producer. Benchmark aluminium prices on the London Metal Exchange were up 3.1% to $3,236 per metric ton by 1050 GMT, after reaching $3,254 at its highest level since January 29. Investors closely monitor developments in the Strait o'Hormuz. This important trade route for commodities was disrupted when Iran attacked U.S. bases in the region. Neil Welsh, Britannia Global Markets said: "Base metals have risen this morning on the back of concerns...

Iron ore prices recovered from earlier losses and traded higher on Monday as investors focused their attention on potentially?higher shipping rates after the Iran conflict, along with falling shipments?from major suppliers. The most traded iron ore contract on China's Dalian Commodity Exchange closed the daytime trading 0.87% higher, at 754.5 Yuan ($109.64). As of 0731 GMT, the benchmark April iron ore traded on Singapore Exchange was up 0.85% at $99.2 per ton. In a recent note, Zhengxin Futures analysts stated that the rising oil prices due to the U.S. - Iran conflict?increased freight costs and therefore supported iron ore prices....

Iron ore prices fell on Monday. They were impacted by production curbs at China's top steel hub Tangshan as well as a slow recovery of the?steel market after the holiday season and high portside stocks. As of 11:30 GMT, the most traded?iron?ore contract at China's Dalian Commodity Exchange fell by 0.13% to $747 yuan (US$108.81) per metric ton. As of 135 GMT, the benchmark April iron ore price on the Singapore Exchange was down 0.16% at $98.2 per ton. Local authorities announced on Saturday that the northern city of Tangshan in China, a key hub for?steel manufacturing, had activated level...

Prices of copper hit a 4-week high on Friday and are on course for a 7th consecutive monthly gain. Demand optimism has outweighed worries about stocks piling up in warehouses registered at major exchanges. The benchmark three-month copper price on the 'London Metal Exchange' rose by 1.3% in open-outcry official trading to $13,482 per metric ton after reaching $13,527, its highest level since January 30. After a wave speculative purchases, the metal used for power and construction reached a record high on January 29, reaching $14,527.50. One metals trader stated that base metals were also supported by the?investment need for...

Hong Kong's?Census and Statistics Department?data on Friday showed that China's net gold imports through Hong Kong rose by 68.7% compared to December. Data showed that the world's top gold consumer imported 20.585 net metric tons of gold in January. This is up from 12.205 tonnes in December. China is the largest gold buyer in the world. Its purchases can have a significant impact on global gold markets. Hong Kong's data might not be a complete picture of Chinese gold purchases, as it is also imported through Shanghai and Beijing. China's total gold imports via Hong Kong increased by 30.4% to...

Iron ore futures recouped their losses on Friday. A tight physical market and high port margins for seaborne ore supported prices. However, upcoming steel production cuts, as well as a tepid demand for feedstocks, curbed the upside. The most traded May iron ore contract on China's Dalian Commodity Exchange (DCE), which ended the daytime trading 0.27% higher, was 750.5 yuan per metric ton ($109.47). The contract has fallen by 0.8% in the last week and by 5.67% for this month. As of 0705 GMT, the benchmark April iron ore traded on the Singapore Exchange was $98.45 per ton. The contract...

Recently, the financial markets reached two milestones. Gold reached $5,000 per ounce on January 26 for the first time and 11 days later, Dow Jones Industrial Average broke 50,000. Bullion reached its mark first - which wasn't expected to happen. Imagine that a December 2020 prediction market offered a bet on the historic breakthrough which would occur first. The Dow Jones was 61% of the way to its big round number at that time, while gold was only 37%. If you extrapolated data trends between 1985 and 2020, then you would have predicted that the Dow would reach 50,000 in...

As prices rebounded, India's gold?discounts widened the most in 10 months. Meanwhile, China's demand increased as its safe-haven appeal was reflected in the rising premiums of the bullion after the markets returned from Lunar New Year. Indian bullion dealers offer a discount This week, you can save up to $65 on official domestic gold prices - including 6% import duties and 3% sales taxes. Last week, the discount was up to $18. Retail buyers are not ready to purchase at these prices. "For many of them, current prices are just too high to afford," said Ashok JAIN,?proprietor at Mumbai-based wholesaler...