East Asia

The day ahead for European and global markets on Thursday Donald Trump has been the subject of many headlines over the last 24 hours. He promised to stop defense contractors from paying dividends and buying back shares until weapons production increased. He supported a bipartisan bill that targeted countries doing business in Russia. The United States was also removed from dozens of U.N. and international organizations. His vice president said that the U.S. would exert "incredible" pressure on Venezuela by controlling its oil sales. Trump's plans for Greenland are also worth mentioning. But the markets don't seem to give a...

The?Italian?government and Pirelli, the?tiremaker, are looking at new ways to stop Sinochem from investing in the?company based in Milan. This is due to pressure coming from?the United States. The Financial Times reported Tuesday that the United States was exerting pressure on Pirelli. Camfina, Pirelli's Italian-American investor, had complained earlier that Sinochem was preventing the tyremaker from expanding in the U.S. as Washington tightens restrictions on Chinese technology for the automotive industry. According to LSEG 'data, Sinochem is Pirelli’s?largest shareholder with a stake in the company of approximately 34.1%. Rome is considering a new intervention, as Washington's upcoming ban on Chinese-backed...

China must stabilize grain and edible oils production, improve 'grain varieties' and enhance quality. This was the message of state-run news agency Xinhua on Tuesday following a meeting of the annual Central Rural Work Conference held from December 29-30. The group that sets China's agricultural priority has pledged to "enhance capacity for diversified supply" and promote high-quality development through?zoned- and categorised-planning". China relies heavily on imports to feed the population. Tensions with U.S.A., its'major trading partner in agriculture, have led it to invest more in seed technology and machinery. A Xinhua report on the meeting stated that "we must not...

Pirelli, a tiremaker, said that on Thursday the majority of holders of the 500 million euro bond due to expire this month have chosen to convert the bond into new shares in the company. This has diluted the stakes owned by existing investors. Pirelli announced that bond holders had chosen to convert their bonds into shares at a price of 5.8493 euros per share, which was announced in June. Pirelli said that to meet the conversion, it would issue around 84.88 millions new shares, which will dilution its shareholder's?holdings. Sinochem, the largest shareholder in Pirelli, is expected to reduce its...

Holders of Pirelli's 500 million euro (582 million dollar)?bond? will decide on Monday if they want to convert the bond into shares. This could dilute the stakes that the existing investors hold in the group, who are fighting over the Italian tiremaker's governance. Sinochem, the Chinese state-owned company, and Marco Tronchetti Provera, an Italian businessman, both owning Camfin, have been at odds with each other in recent years. Camfin has complained that Sinochem's share is preventing the group from expanding into America. The tiremaker issued a five-year, no-coupon convertible bond at the end 2020. The bond is due to expire...

South Korean battery manufacturer SK On announced on Thursday that it has ended its joint venture agreement with Ford Motors for their joint batteries factories in the U.S., as part of a major business revamp to focus on areas such as energy storage systems. This split is a new beginning for one of the largest U.S. battery partnerships. It comes at a time when EV demand has slowed and there are fewer?U.S. South Korean battery manufacturers are pushed to change their U.S. strategy and expand into energy storage systems. SK On is a subsidiary company of SK Innovation that supplies...

Petromarket 'consultancy' said that Russia could increase its liquefied gas supply to China next year by 40%, to?1.125 millions metric tons, as Moscow pivots towards the East. In response to Western sanctions regarding its invasion of Ukraine in 2022, Russia has redirected oil flows from Europe towards China and India. The European Union's sanctions against Russia's LPG?took effect December 20, 2024. Russia now aims to increase its natural gas and LPG exports?to China. LPG (or propane and butane) is used primarily as fuel in?cars and heating systems, and for the production of other petrochemicals. Russia also supplies LPG to:?Turkey and...

Two people familiar with the project said that a Chinese refinery operator, whose main business suffered when Washington sanctioned it in May over its purchase of Iranian oil, is pushing ahead with a $3.6billion petrochemicals extension project. Construction at the Xinhai Chemical Site in Cangzhou, north China, shows how independent refiners in the country, Iran's biggest oil customers, maintain their business despite being on the growing Western blacklists aimed to curtail oil revenues for governments such as Tehran and Moscow. State media reported that Hebei Xinhai Holdings Group, the parent company, announced a plan in early last year to convert...

The major Gulf stock markets rose early on Thursday as they followed gains in Asian stocks, and expectations of a Federal Reserve rate cut next week grew. Investors are focused on Federal Reserve officials' statements this week, as there is a lack of data about the U.S. economic situation following the end to the government shutdown. CME FedWatch Tool shows that traders are now attributing an 85% chance of a rate reduction next month, up from 30% just a week earlier. The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. As new and highly effective treatments for obesity have hit the market in the past two years, this category has become one of the most profitable segments in healthcare. The world's top-selling drug is now Lilly's Tirzepatide. It's...

Eli Lilly's market value surpassed $1 trillion on Friday. It is the first pharmaceutical company to join the exclusive club of tech giants, and it highlights its growth as a weight loss powerhouse. The explosive growth in the weight loss drug market has been a major factor behind the more than 35% increase in the stock price of the company this year. Obesity treatments, once considered a niche, are now among the most lucrative segments of healthcare. Demand is steadily increasing. Novo Nordisk was the first to market, but Lilly’s drugs Mounjaro & Zepbound have grown in popularity & helped...

The U.S. Treasury announced on Monday that U.S. sanction against Russian oil giants Rosneft, and Lukoil have already reduced Russian oil revenues. They are also likely to reduce Russian oil sales in the future. In a press release, the Treasury's Office of Foreign Assets Control stated that their analysis of the first market impact of sanctions announced on the 22nd of October showed they were "having their intended effect of dampening Russian revenue by lowering Russian oil prices and therefore the ability of the country to fund its war against Ukraine." The Treasury's action was one of the strongest U.S....

Pan Pacific Copper (PPC), Japan’s largest supplier, has offered to sell the metal to domestic customers for a record price of $330 per metric ton by 2026. This was revealed on Friday by a source within the company. It reflects fundamentals of demand and supply. The physical delivery rate is three times higher than the benchmark LME price of $88, and is paid over and above LME benchmark prices. The rate also includes costs such as taxes and transport. The source said that this year's rise is due to a steep fall in treatment and refining fees (TC/RCs), which are...

AustralianSuper, BlueScope Steel's largest shareholder, said that a $9 billion takeover bid from SGH & Steel Dynamics in the U.S. undervalued the company and it supported its decision to reject this offer. After announcing its increase from 12.5% on Thursday, the pension fund now holds 13.52% in BlueScope. BlueScope, which rejected the SGH Steel Dynamics offer of?A$30 a share on Wednesday, said that it was "significantly undervalued" and accused the acquirers for trying to purchase BlueScope 'on the cheap. AustralianSuper's spokesperson stated that "we?support the BlueScope Board's decision to?reject?the offer" and to'remain focused' on executing the strategy of the company...

BlueScope Steel’s largest investor, AustralianSuper said on Friday that it supported the Australian company's decision to reject a $9 billion offer from U.S.-based Steel Dynamics and?SGH?. After announcing its increase in stake on Thursday, the pension fund now holds 13.52 % of BlueScope. BlueScope rejected the $A30 offer from?SGH & Steel Dynamics on Wednesday, saying that it was "very significantly undervalued". The company also accused the acquirers of trying to buy BlueScope 'on the cheap. AustralianSuper's spokesperson stated that "we support the BlueScope Board's decision to reject the offer and remain focused on executing the company's strategy, without distraction." The...

China's Industry?Ministry said Thursday that it has urged a battery manufacturer to optimise the industry capacity and?mitigate overcapacity risks. According to the readout from a meeting posted on Wechat on Wednesday, the ministry stressed the need for market regulation and enhanced supervision in the electric vehicle and battery storage sectors. China Daily, citing sources, reported that 16 companies, including top battery manufacturers, were present. According to the report, energy storage system integrators Beijing HyperStrong Technology and Zhuzhou CRRC Times Electric, as well as Trina Solar – a leading solar manufacturer – were also present. The state planner, the?industry minister and...

Iron ore futures fell on Thursday, after a four session rally. Investors booked profits due to fears of a possible government intervention in China, the top consumer. Prices were nearing the psychologically important level of $100 per metric tonne. The May contract for iron ore on China's Dalian Commodity Exchange ended the daytime trading session down by 0.37% to 813 yuan (116.42 dollars) per ton, after reaching 831.5 earlier in the morning, the highest price since July 22, 2025. The benchmark February Iron Ore on the Singapore Exchange fell by 1.05% at 0715 GMT to $107.9?a ton after reaching its...

The FIM Cisl trade union said that the production of Stellantis vehicles in Italy fell 20% annually in 2025, to 379.706 cars. This is a new concern for the future health of the Italian auto industry. The government of Prime Minister Giorgia Melons said that in 2023, it wanted Stellantis' Italian auto production to reach 1 million units a year. However, the automaker has continued to shrink. FIM Cisl's?Ferdinando Uliano, who presented the union report, said that in 2025 the production of passenger vehicles, excluding light commercial vehicle, will fall by 24.5% on an annual basis to 213,706 cars, the...

Nickel remained near multi-month highs as expectations of tighter supplies from Indonesia, the top nickel producer, kept it steady at record levels. The Shanghai Futures Exchange's most traded?copper contracts closed the daytime trade?0.11%?higher, at 103410 yuan (14,800.13 dollars) per metric ton. This is still below a previous record of 105500 yuan. As of 0700 GMT the benchmark three-month price of copper at the London Metal Exchange was down 0.87%, to $13,122.50 per ton. This is after it reached an all-time record high of $13,387.50 a ton on Tuesday. Citi raised its copper price forecast for the near term to $14,000...

BlueScope Steel's investors are hoping for a A$13.2 Billion ($8.92 Billion) buyout offer from SGH and U.S. based Steel Dynamics to gain their support to sell Australia’s largest steelmaker. BlueScope closed Wednesday with a 1.12% increase in its shares at A$29.87. This is a fractional amount below the A$30 offer that was made public on Monday. The BlueScope board has yet to deliver an official recommendation on the all-cash bid, which was the fourth approach from Steel Dynamics put to the Melbourne-headquartered firm since late 2024. SGH, owned by Australian billionaire Kerry Stokes would purchase BlueScope, and then sell the...

Iron ore futures rose on Wednesday, reaching their highest level in a number of months. This was boosted by the hope that demand would improve?in China's top consumer following Beijing's promise to ease monetary policy. The May contract for iron ore on China's Dalian Commodity Exchange closed morning trade at 823.5 Yuan ($117.90), its highest level since July 23. As of 0322 GMT, the benchmark for February iron ore at the 'Singapore Exchange' was $108.25 per ton. It had previously reached its highest level since February 24, at $108.6. China's central banks said on Tuesday it will cut interest rates...

The price of copper soared on Tuesday, as concerns about supply fueled a rally in the early part of the year. Nickel also reached a 15-month high above $18,000 per metric ton due to?Indonesia’s mine production curbs. In official open-outcry trading on the?London Metal Exchange, benchmark three-month copper was up 1.8% to $13,225 per ton. It had earlier jumped by as much as a whopping 3.1% to $13,387.50. Red metal prices have already increased by 6.6% since 2026. On Monday, they crossed $13,000, after a 42.2% increase last year. Ewa Mannthey, ING analyst, said that "Copper's?"move above $13,000" is driven...

Prices of copper soared to record levels on Monday, as fears about supply?intensified after a strike in a Chilean mining facility and forecasts of deficits?as well as low stocks at London Metal Exchange-approved warehouses. The benchmark copper price on the London Metal Exchange rose 2.7% to $12,811 per metric tonne at 1138 GMT, from an earlier peak of $12,905.5. The metal used for power and construction reached a record price of $12,960 per ton. The theme of shortages was reinforced by traders after a strike took place at Capstone Copper’s Mantoverde gold and copper mine in northern Chile. Mantoverde is...

China's Iron Ore Futures rose in the first trading session of the New Year on Monday. Strong?demand and supply constraints supported the rise. The May contract for iron ore on the Dalian Commodity Exchange gained 7.5 Yuan or 0.95% to 797 Yuan ($114.16). After the New Year's?holiday, Chinese markets resumed their trading. The benchmark iron ore contract for February on the Singapore Exchange rose 0.29% at $105.65 per ton by 0704 GMT. Steelmakers are restocking iron ore ahead of the Lunar New Year holiday, which is in February. Tight domestic supplies also support prices. According to a report from the?Shanghai...