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Trustpilot, a UK-based consumer protection company, fined £4.6m by Italian regulators for misleading consumers
The Italian competition regulator imposed a fine on Monday of 4 million euro ($4.6 million) against online review platform Trustpilot, and its subsidiaries for failing to verify reviews' authenticity and misleading consumers regarding the services they offer. Italian Competition Authority said that the 'platform's collection of reviews allowed businesses to choose which consumers would receive review invitations, thereby reducing the representationalness of published ratings. This was true even when the reviews were labeled as "verified". Trustpilot issued a statement saying that it "strongly disagrees with the conclusions reached in this finding of?the AGCM" (regulator). We will appeal it vigorously." The fine comes after Grizzly Research, a short seller, accused Trustpilot months ago of creating fake profiles which gave negative reviews then urging companies to pay subscriptions. The Italian consumer watchdog also found that Trustpilot used "dark patterns", or techniques of interface design, to hide key information about its platform's functionality and the businesses who paid for it. The company said it did not expect that the fine would have any impact on its finances or operations. As of 1416 GMT, its shares, which had fallen as much as 2.7% in early trading, were trading up by 4.2%.
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EU trade negotiations with Australia enter the "last mile"
An EU Commission spokesperson said that the European Union was in the "last miles" of negotiations for a trade deal with Australia. The EU is attempting to diversify its trade, reduce its dependence on China, and mitigate the impact of U.S. Tariffs. Since President Donald Trump launched his global tariff offensive in 2017 and China cut back on exports of vital minerals, the European Commission has been accelerating talks to achieve free trade agreements. In the last six months, it has already signed trade agreements with Indonesia and India. The European Commission's President Ursula von der Leyen will be visiting Australia along with European Trade Commissioner Maros Sefcovic to discuss the possibility of a possible agreement?with Australian Premier Anthony Albanese. "She will be meeting Prime Minister Albanese late on Monday night, early on Tuesday morning Canberra time. The goal is to 'tie down the final details,'" a spokesperson for the Commission in Brussels stated. "But... as Commissioner Sefcovic says, the last mile is the most difficult," A DEAL TO BOOST AUSTRALIA EXPORTS BY A THIRD IN 10 YEARS The EU executive has said that EU exports to Australia should increase by a third ten years after the proposed agreement. Australia is its 20th biggest trading partner. In 2025, the EU will export goods to Australia worth 42.86 billion euros and services worth 28 billion euros. The EU expects that the agreement will result in tariff reductions. It has stated that it could save 1 billion Euros in duty paid on its exports. The European Union wants to offer benefits for European wine, spirits, and machinery. This includes vehicles. Australia currently charges 33% duty on imported cars. The talks between the two sides ended in 2023 when the issue of market entry for Australian farm products into the European Union was raised. The EU is likely to impose quotas on sensitive products such as beef, lamb, mutton, rice, and sugar. EU officials estimate that the annual quota for beef, which has been a source of farmer protests in relation to?the EU’s deal with South American group?Mercosur?, will be around 30,000 tons. This agreement will also improve EU access to key raw materials such as lithium, manganese and aluminium mined in Australia.
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Nornickel, a Russian company, sees a new palladium market from China's fiberglass sector
Nornickel, world's largest palladium producer, says demand for the metal could reach 0.8 million ounces annually in the future from China's fiberglass industry, helping to offset a?expected drop in demand from the?auto sector. Nornickel of Russia, which produces about 40% of the global palladium, will set up a Palladium Centre in 2023. The center's goal is to find new uses for this metal, beyond autocatalysts which consume more than 80%. Dmitry Izotov of the Palladium Center said that China purchased 20,000 ounces?of palladium to test its use for the glass industry. After successful '300-day' industrial trials, the Chinese are now shifting to a?palladium based solution. Large-scale testing is set to begin in April 2026. He added that the total global demand for glass could be as high as 2 million ounces. Nornickel invests $100 million into a program to generate 1.7 million troy-ounces in new palladium demand annually by 2030. Izotov stated that "we needed to launch an extensive market development program to support palladium for new industrial applications because platinum is already a fairly diverse metal, whereas palladium has always been?overwhelmingly linked to autocatalysts." The company sees a?near term demand?in electrochemistry for 0.2-0.3million ounces palladium that could be used as anodes for water treatment, among other things. Nornickel, a company that?produces about 2.7 million ounces palladium per year, expects a broadly balanced market in 2026, and in the medium-term, with slowed growth of?electric cars and an increasing share of hybrids. The spot price of platinum has risen?127% by 2025. However, palladium is still trading higher, despite both metals falling 13-14% this year, to $1,780 an ounce and $1,370. (Reporting and editing by Susan Fenton; Anastasia Lyrchikova)
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McGeever: Why $100 oil won't ruin the American consumer
Oil is expensive, especially for Americans, who spend a lot of money and are involved in a lot of energy-intensive economic activity. The average U.S. customer is better prepared than ever to cope with oil priced at $100 per barrel, despite the fears. The U.S. household is the wealthiest it has ever been, in nominal terms. In relative terms, they've never been any better. The unemployment rate is historically low.?And, perhaps more importantly, energy and gas account for an historically small portion of?consumption. It may be that U.S. equities outperformed those of their global peers after the joint U.S. and Israeli strikes on Iran in February triggered war in Middle East, the closing of the Strait of Hormuz, and one of worst energy supply shocks for decades. Since then, the S&P 500 has lost 5% and Nasdaq has lost 5%. This is a big hit. More than $3 trillion has been wiped off the value U.S. stock. The pain is likely to be much worse for households and businesses in Europe, Asia, and emerging markets where benchmark indexes are down by 8-10%. 2% OF GAS AND ENERGY SPENDING According to a?aggregate level, U.S. householders appear fully capable of enduring oil prices at the current levels. According to Bureau of Economic Analysis figures, gasoline and energy goods accounted for only 2% of all consumer spending during the fourth quarter of last year. This is the lowest percentage in 80 years. In 2008, oil reached a record high of just under $150. For comparison, in 2022, when U.S. crude topped out at $130, almost 3% was spent on energy goods. The peak was around 6% between 1980 and 1981. It is true that the current level of 2% may rise in the future if oil prices remain high for an extended period. Even then, the majority of Americans should be able handle it. Federal Reserve data from last week revealed that household balance sheets are at their strongest level ever. The fourth quarter of last year saw a rise in household net worth to 794%, which is the highest since early 2022. Since the 1950s, the U.S. net worth of households has been higher only three times, and all during the pandemic-distorted period 2021-22. Inequality of Energy The energy price increase is not a problem for Americans. According to the American Automobile Association, the national average gas price is now almost $4 per gallon. This represents a 35% increase in one month. Energy Information Administration estimates the average price at $3.72. This is up 27% from the start of the war, the highest level in the past two and a quarter years. Remember, however, that the price of gas was above $4 for 6 months following Russia's invasion of Ukraine in February 2022. It then hit $5 by June. It's still important to remember the "energy inequality" that America faces. The lower-income households spend a greater percentage of their income on gasoline and energy. Fed study from last year revealed that 1 in 5 U.S. homes are "energy burdened." This means the average ratio between energy expenditure and disposable income is 25%. These households tend to be in the lower two quintiles. It would be a political suicide for the Trump administration to attempt to spin rising energy prices in any way other than as bad news. This is especially true of a president who's approval rating is so low that the Democrats could win both chambers of Congress in November due to midterm elections. There may also be more pain ahead. The cost of oil could increase across the entire economy. This includes transportation, manufacturing and chemicals, plastics, fertilizer. Trump has been scrambling for a drop in oil prices. He said earlier on Monday that military strikes against Iranian energy infrastructure and power plants would be put on hold. This is a fluid situation and Americans' resilience may quickly wane, particularly if oil prices continue to rise. For now, however, it seems that fears of $100 oil breaking the backs of U.S. consumers are overblown. You like this column? 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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Russell: The price of crude oil makes Trump TACO less likely to trade:
Crude oil futures are still pricing in a resolution of the Middle East conflict that will result in the full opening of the Strait of Hormuz. In 'pricing' for this outcome, the market actually makes it more likely that the narrow waterway which serves as a conduit to as much as 20 % of the world’s oil supply remains closed. The market still expects U.S. president Donald Trump to deliver TACO - the acronym for Trump always chickens out. By keeping the price of 'paper crude oil' at levels that allow for a relatively rapid return to normal flow from the Persian Gulf it gives Trump the room he needs to continue the conflict in the mistaken belief that the global market isn’t at crisis point yet. It's a Catch-22. The paradoxical, no-win situation popularised in 1961 by Joseph Heller's novel with the same title. Brent crude futures, the global benchmark for oil prices, were trading at around $111.81 per barrel during early Asian trade Monday. They had risen by 54% from the $72.48 close on February 27, a day before Israel and the U.S. launched an air campaign against Iran. Brent reached a high of $139.13 per barrel when Russia invaded Ukraine on February 20, 2022. The Russian attack on Ukraine is different from the conflict currently raging in the Middle East because the Russian action did not result in significant losses of crude oil and refined products. China and India took up the slack when European countries stopped purchasing Russian crude and products. The disruption was limited to the rerouting of flow and pricing. The situation today is quite different. Most of the 20,000,000 barrels of crude oil and refined products that normally transit the Strait of Hormuz have been lost. Even with the increased flow of crude oil and refined products from the United Arab Emirate of Fujairah on the Gulf of Oman and Saudi Arabia's Yanbu Port in the Red Sea, the world's?market will still lose at least 12,000,000 barrels of product per day. The International Energy Agency's moves to release their stockpiles, and the waiver of U.S. sanctions against Russian oil and Iranian crude in water are only temporary solutions that don't do much to solve the problem. HORMUZ is the only game The Strait of Hormuz is the single most important factor. And the longer the Strait remains closed to the majority of vessel traffic, the more strain it will put on global supply. Singapore jet fuel prices are already showing the strain in Asia. The price of a barrel reached a record high on March 19 at $225.62, having more than doubled from the previous close on February 27, when it was $93.45. The highest price of jet fuel was $173.69 per barrel during the price spike after Moscow's invasion of Ukraine. This shows that physical traders did not perceive the same risk as the current war with Iran. The market must ask itself how high crude oil futures will have to go before Trump is forced to deliver on the TACO deal, instead of the current mixed message word salad. Trump has switched in recent weeks from saying that the conflict would be over soon, to threatening to obliterate Iran's energy infrastructure if the Strait of Hormuz was not reopened. This move and the likely Iranian attacks on energy infrastructure in the Gulf do not sound like the necessary de-escalation to control crude oil futures. It seems that the de-escalation of tensions and a reopening of the Strait are getting further apart with every passing day. The history shows that long-running, intractable conflict is usually resolved only when one side achieves a decisive victory in a war. This is unlikely to happen in the current war. Or when the peace interests of the majority of parties begin to align. Trump wants to end the conflict quickly to increase the chances that his Republican Party will win the mid-term elections in November. But his ego also needs a victory even if only his domestic political base believes it. Israel wants to eliminate Iran permanently as a threat and does not seem to care if a "severe recession" is the result of continuing the war. Iran's authoritarian regime, which has achieved its first goal of survival, might believe that prolonging the conflict will give it more leverage to negotiate favorable terms for any settlement. Russia is probably laughing to the bank, and wants the war on indefinitely. China believes it will be insulated by its large crude oil stockpile. However, the longer the conflict continues, the more likely that the fallout on China's highly dependent economy. Virtually all major Asian, African, and European nations want a "rapid" end to the conflict, as they fear the economic implications of a prolonged lack of crude oil supply from the Gulf. Fuel-importing countries are particularly at risk. Lack of alignment increases the likelihood of war continuing or even getting worse. The global economy is likely to be affected by a loss of at least 10% of its crude oil and refined product supply. The problem this time is supply, not demand. The global economic impact of adjusting demand by 10 million bpd is not evenly distributed. Regions like Asia and Africa will likely suffer more. Even in wealthy countries, governments often lack the fiscal power to combat an increase in energy prices and their accompanying economic downturn. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of a columnist who writes for.
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Stocks rally after Trump delays Iran military strike
The?world?markets quickly reversed their course on Monday, after U.S. president Donald Trump announced that he had ordered the military to "postpone any attacks against Iranian power plants and energy infrastructure", easing fears over a?deeper oil shock. The markets reacted quickly and clearly: Brent crude oil futures dropped sharply, and the dollar was devalued against major currencies. Stock markets rose and government borrowing rates fell. It was exactly what the markets needed to hear in order to re-price worst-case scenarios. Fiona Cincotta is a senior market analyst at City Index. She said that the Strait of Hormuz could reopen. It's already being priced into the market. If we receive more positive comments, especially from Iran, that confirm the idea that "progress is being made," then this recovery will continue. The Iranian media contradicts Trump's comments Trump claimed that the postponement was a result of productive discussions with Iran. Iran's Tasnim News Agency, citing a senior Iranian official, stated that the Strait of Hormuz will not return to its pre-war condition and that energy markets will remain unresolved. It also added that there were no ongoing negotiations with the U.S. Evelyne Gomez Liechti, Mizuho's multi-asset strategist noted that headlines in Iranian media contradicting Trump's remarks tempered market movements. For now, however, the markets are largely optimistic. Brent crude prices last fell 7%, to around $103 per barrel. This was a reduction of losses from their previous 15% drop to $96. They reached $119 last Friday. Investors' expectations of central bank rate increases in Europe grew after Trump's remarks. Government bond yields dropped dramatically. U.S. Stock Futures are 1.4% higher, which indicates a strong Wall Street opening. European stocks last rose 0.7%. INVESTORS EXPECT AN IMPROVEMENT IN TRIM RATES The 2-year yield in Britain, which has been the hardest hit by the bond selloffs since the beginning of the conflict fell 6 basis points yesterday, after rising 13 basis points earlier. The 10-year yield fell from its highest level since 2008. Investors have lowered their expectations of a?Bank of England interest rate hike, with two hikes fully priced in by the end of the year compared to more than three hikes earlier on Monday. They also reduced their expectations of a?European Central Bank interest rate hike. The 10-year Treasury yield was the lowest, at 4.37%, and the yields across the curve were down by 2-3 bps. The dollar had been trading higher than most other currencies before the headline event. The euro rose 0.1% to $1.158 from a previous low of $1.1485. It's a clear jaw-boning when compared to the recent meltdown. "We're seeing some knee-jerk reactions to these positive?news," Elias Haddad said, global head of markets strategy at Brown Brothers Harriman. There's definitely room for a little unwinding in the fear-trade. If this is a genuine de-escalation, or a mere pause in the escalation process before the next leg, a more sustained rally will be possible in risk assets. (Reporting and editing by Amanda Cooper and Elisa Martinuzzi; Additional reporting by Lucy Raitano, Purvi Agarwal and Alex Richardson;
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Middle East shock gives Dangote Refinery a leverage as cheap imports are drying up
Nigeria's Dangote Petroleum Refinery increased gasoline exports to Africa as disruptions in energy supply due to the Iran Conflict squeezed traditional fuel routes and curtailed the cheap imports which dominated West African markets. According to data from the tanker-tracking company Kpler, Nigerian exports of clean petroleum - including gasoline, diesel and kerosene - are up from 100,000 barrels per day on average in February to 214,000 barrels?per day in March. The number of shipments to other African countries has risen to 90,000 bpd. Previously it was only 38,000 bpd. Sources familiar with the deal said that the 650,000 barrels per day Dangote refinery sold?12 loads of premium motor spirits, totaling 456,000 metric tonnes, to international traders on a "free-on-board" basis. The shipments were delivered to Cote?d'Ivoire (Côte d'Ivoire), Cameroon (Cameroon), Tanzania, Ghana, and Togo. This sale marks the first time that 'Dangote has exported?gasoline after reaching full capacity in February. OPPORTUNITIES AVAILABLE TO REFINERS WHEN SUPPLY CHAIN LENGTHS ARE SHORTER As the Middle East conflict escalates, global crude prices are rising. This has increased feedstock costs for refiners around the world. Shipping disruptions, as well as a lower availability of fuel from Europe and Gulf, have also cut the flow of low-cost products into West Africa. This has opened up opportunities for suppliers who have shorter supply chains. Aliko Dangote, the owner of Dangote, has been arguing with Nigerian regulators about continued petrol imports that he claims undermine his refinery. Last month, Nigeria stopped imports. Since then, domestic fuel prices have risen by more than 50% due to the turmoil in energy markets caused by the Iran conflict. Fuel availability and pricing are highly sensitive to global market fluctuations. The country uses between 50-60 million litres per day, which is about one-fifth the total African demand. West Africa relies heavily on fuel imports from Europe and the Middle East. These cargoes are often of lower quality and leave the region vulnerable to supply delays and logistical problems. The Middle East Crisis is forcing more local fuel dealers to buy from the Dangote Refinery as the refinery tries to stop all imports. (Reporting and editing by Jan Harvey; Isaac Anyaogu)
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Putin calls for "balanced decisions" on the use of Russia's oil revenues
The Russian President Vladimir Putin on Monday told the government to take "balanced" decisions on how to use newly increased'state revenue' from?energy exports in light of a surge in global prices. He also stressed that the economy and the public accounts must be protected from external risks. He asked Russia's energy companies to use their additional revenues to pay back the massive debts they owe to banks. Prior to this month's dramatic rise in energy and?oil prices, due to the conflict in the Middle East, Russia had been experiencing falling budget revenues due to a greater discount on its oil because of Western sanctions and a strong rouble. The government has prepared a package that includes measures to reduce non-essential expenditures and prevent the fiscal reserves from being depleted. The U.S. and Israel's attacks on?Iran have changed the fortunes of Russia, forcing it to decide what to do with its additional revenues. "I repeat, in order to ensure long-term stability of the main financial document for the country, it's important to make balanced decisions regarding cyclical revenues," Putin said at a meeting. He said that in order to have an effective macroeconomic policy it was important to take into account all the factors, and to be able to respond proactively to external risks. These are currently manifesting themselves strongly on global markets and within international economic relations.
Indian shares drop as oil-driven selling grips Asian markets
Indian equities fell at the market opening on 'Monday. This mirrored a risk-off movement 'across Asia, as an escalating conflict in the Middle East kept oil prices high and heightened concerns about growth and earnings prospects.
As of 9:15 am, the Nifty 50 fell 1.26% and was now at 22,824.35, whereas the BSE Sensex?lost only 1.07% on 73732.58. IST.
All 16 major sectors declined. Small-caps and mid-caps both fell by 1%.
The rapid rise in risk aversion is reflected by the selloff. As 'tensions' in the Middle East intensified, Asian markets dropped 3.1%, undermining any hope of a de-escalation near-term in the U.S./Israeli conflict against Iran.
Brent crude's price hovering around $113 per barrel is a particular challenge for India. It is one of the largest oil-importing countries in the world. High?oil costs fuel inflation, increase external imbalances, weaken the rupee and cause foreign capital to flow out.
HDFC Bank - India's largest lender and the stock with the most weight on the benchmarks - fell 2.2%, after falling 7.4% in two sessions, following the resignation of Atanu Chakraborty, the part-time chairman, over differences relating to "values" and "ethics."
(source: Reuters)