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In 10 years, Argentina's lithium and copper exports will reach $32.7 billion
Luis Lucero, Argentina's mining Minister, said that the country expects to export $20.6 billion of copper and $12.1 billion of lithium in 10 years. This is up from $6.0 in mining exports in last year. The expected surge in lithium exports and copper is an early indicator that President Javier Milei’s RIGI incentive scheme is unlocking capital for large-scale mining. If achieved, these export levels would be five times higher than the mining exports of 2025. This would provide a new major source of hard currency to an economy that has been historically restricted by foreign exchange shortages. In 10 years Argentina could produce?580,000 tonnes of LCE (Lithium Carbonate equivalent) and 1,641,000 tonnes of copper per year, Lucero stated in an interview at the'sidelines' of a mining conference in San Juan Province. Lucero estimated previously that Argentina's mine exports will more than double from $4 billion to $10 billion by 2027. Lucero stated that the total value of approved mining?projects and those submitted to the RIGI (Large Investment Incentive Regime) in the?country amounts to $50.692 Billion. Milei said that the scheme would start in 2024 and attract projects worth $70 billion within a year of its implementation. RIGI helped Argentina to attract investment from mining giants such as BHP and Rio Tinto, as the government aims for mining to be a major sector?in Argentina alongside energy and agricultural. Argentina is the fourth largest supplier of lithium in the world. Together with Chile and Bolivia it forms the "lithium triangular" which contains the largest reserves of this white metal, used for electronics, electric cars, and other key technologies. It also exports silver and gold, and there are major copper projects in development. These include Vicuna, by Australia's BHP, and?Canada’s Lundin Mining. Los Azules, by McEwen Copper a subsidiary of McEwen Mining. The majority of new copper projects are expected to begin operating around 2030. Lucero stated that the idea of a copper?triangle? with Chile and Peru was?starting to emerge. "Our greatest comparative advantage is that Argentina has just begun. We still have vast tracts of virgin land to explore, and geological potential that is underdeveloped. "We have a historical opportunity," Lucero stated. (Reporting and writing by Lucila SIGAL; editing by Nia WELLS)
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Spain's Endesa confirms its full-year guidance following a first quarter that exceeded expectations
Spanish utility 'Endesa' confirmed on Wednesday its?full year profit - guidance after posting a net profit of 24% higher than market expectations in the first quarter. Enel's company booked a net profit of 725 millions euros ($852million) in the third quarter. This compares to 583 million euro a year earlier and 620million euros that analysts polled by LSEG had expected. Endesa reported that demand for?residential and?services segments was strong. Industrial demand, however, has been affected primarily by geopolitical uncertainties. The utility has reaffirmed their guidance for the year 2026. The utility has predicted a 'net profit' of between 2.3 and 2.4 billion euro and an 'earnings prior to interest, taxes depreciation, and amortization (EBITDA),?between 5.8 and 6.1 billion euro. Endesa plans to invest 10.6 billion euros in the 'power networks' through 2028, as part of a three-year investment plan announced in February. The company said that boosting investments was crucial for reducing grid bottlenecks.
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The French government claims that fuel margins have returned to levels seen before the crisis
The French Finance Ministry announced on Wednesday that fuel retailers are now making the same gross margins they did before the Iran war, after a brief spike in prices. The data release comes after an announcement made in April, which was heavily criticized by the industry. It said that the French government would consider fixing the price at the pump so as to prevent fuel distributors from earning windfall profits because of the record high prices due to the closure of Strait of Hormuz. The statement from the Ministry read: "The government will continue to closely monitor the evolution in prices and margins with close dialogue with industry actors." The Finance Ministry did not reply to a question about whether they still plan to implement their decree capping the prices. The French prime minister said that 'nothing is off the table', including a superprofits tax, to help ease financial hardship for consumers. The government's public discussion of a possible decree to cap margins coincided with the peak in margins and their subsequent stabilisation to pre-war levels. This shows that the industry understood the message, said an official from the finance ministry who declined to give his name. Data shows that the profit margins on gasoil used in diesel engines jumped from $0.28 per liter ($1.25 per gallon), before the war, to almost $0.40 per litre ($1.51 a gallon) during the first week in March, before they slowed down. The margins on gasoline rose from 0.30 euro per litre (or $1.32 per gallon), pre-war, to 0.33 euro per litre or $1.48 per gallon in the same time period. The government also added that French motor fuel consumption dropped by 11% in April. It attributed this to a price-related reduction of demand as people drove less after fuel prices increased.
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Gold reaches a record high in less than a week on US-Iran Peace Deal Hopes
The 'U.S. Iran and the United States may be close to a deal that will bring an end to high interest rates and inflation. By 11:35 am EDT (1535 GMT), spot gold had risen 3% to $4693.97 an ounce, after reaching its highest level in the previous session since April 27. U.S. Gold Futures increased?3% to $4705.60. The U.S. Dollar Index fell by 0.5% making dollar-priced materials more affordable to other currency holders. The?optimism regarding a final agreement between the U.S.A. and Iran caused some relief in 'gold in the short term, as lower oil prices, moderated concerns about inflation, and shifted the biases in regards to Fed action later in the year, said Peter Grant. I wouldn't say that we are?completely in the clear. The market will continue to be influenced by Middle East headlines. IRAN REVIEWS US PROPOSAL Iran announced that it was reviewing a U.S. proposal after sources claimed Washington and Tehran had been working on a one-page memo to end the Gulf War, leaving difficult issues like Iran's nuke programme for later. Global oil prices fell after reports of a possible agreement. Brent crude futures fell to about $100 per barrel. Inflation concerns are heightened by higher oil prices, which could lead central banks to keep interest rates high in order to combat price pressures. Gold is a hedge against inflation but it suffers in an environment of high rates, since it pays no interest. Investors will be watching the'monthly U.S. Employment Report' on Friday to see if the U.S. Economy is resilient enough to maintain the Federal Reserve monetary policy or if a softening labor?market might revive the argument for rate cuts. According to the ADP National Employment report, U.S. payrolls were higher than expected in April. (Reporting by Ashitha Shivaprasad in Bengaluru; editing by Paul Simao and Barbara Lewis) (Reporting and editing by Paul Simao, Barbara Lewis, and Ashitha Shivaprasad from Bengaluru)
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NY Fed Report finds that gas prices are increasing and affecting lower income groups harder
Fuel costs are rising due to the Middle East conflict, and this is putting pressure on households with lower incomes. Those who have more money can navigate the situation better. In a report published on Wednesday, New York Fed analysts wrote that "Households experienced very different gasoline expenditures" following the start of the Middle East war. The conflict has 'roiled global supply chain and sent gasoline prices soaring. The report stated that in March, wealthy households were able increase their spending to keep up with higher gasoline prices, but maintain the same real consumption level. Meanwhile, low-income households saw their nominal spending rise, while their actual consumption of gasoline decreased. The blog post said that lower-income households could have responded by moving to cheaper options. "Potentially, they may have substituted public transport or carpooling where available," it stated. The blog post noted that the current experience is similar to the last energy shock four years ago, when Russia invaded Ukraine. However, now the gap between income levels and consumption trends has become "quantitatively greater." The New York Fed's report is part of a series done by the bank's analysts in recent days to examine diverging economic perspectives?between households with high and low incomes?in the U.S. The rising gasoline prices are putting pressure on American households, and pushing inflation to high levels.
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NRG Energy misses its quarterly profit forecast due to mild Texas weather and higher costs
NRG Energy, a Texas-based power producer, missed Wall Street's estimates for its first-quarter adjusted profits on Wednesday, due to a milder weather pattern in Texas, and increased costs. This sent the company's shares down 3.6% at opening. Interest expenses for the company in the third quarter increased to $285m from $163m a year earlier, impacted by costs associated with the completed acquisition of assets in power generation from investment firm LS Power. The deal was valued at?12 billion. NRG, based in Houston, Texas, saw its operating costs increase by 33.4% from $9.93 billion to $9.93 Billion. The company expects to begin commercial operations at its 415 megawatt T.H. The company expects its first project in Texas, the Wharton plant, to begin by May's end. NRG's existing fleet has up to two gigawatts worth of commercial conversion and uprate opportunities. This is up from the nearly one gigawatt that was previously disclosed. The additional gigawatts would be generated by traditional natural gas upgrades in addition to previously announced CT-to CCGT (combustion-turbine to combined-cycle-gas turbine) conversion. Robert Gaudette, an insider, succeeded Larry Coben last week as CEO of the company. NRG reported quarterly revenue of $10.26?billion, an increase from $8.59 billion a year earlier. The adjusted core profit for its Texas unit dropped 27.8%, to $216 millions. This was due to mild winter weather which led to a?decrease in retail?load? of nearly 30%. In the early part of this year, the power plants in the east U.S. suffered a surge of outages due to a lack of natural gas and cold temperatures. The company's East division saw its adjusted EBITDA fall 2%, to $464m, as a result of?higher electricity costs during Winter?Storm Fern. LSEG data shows that the adjusted profit per?share of $1.49 for the three-month period ended March 31, was below analysts' average estimates of $1.78. (Reporting and editing by Shreya Biwas in Bengaluru. Pooja Meon is based in Bengaluru.
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TSX gains over 1% as miners benefit from US-Iran Peace Deal Hopes
The main stock index of Canada edged up on Wednesday as mining stocks gained in value. Investors were encouraged by reports that the United States and Iran are close to an agreement over a one-page document ending their war. At 10:38 am. The S&P/TSX Composite Index of the Toronto Stock Exchange was up 1.3% to 34,005.40 at 10:38 a.m. ET. According to an Iranian Foreign Ministry spokesperson, quoted by Iran's ISNA News Agency, the country will soon communicate its response via Pakistan, the country that has been the main channel for messages between both sides since?hosting the only peace talks. Gold prices rose over 3% after the news, and heavy-weight mining stocks gained 6.2%, their biggest gain in a single day since April 2025. SSR Mining, American Gold and Silver?and IAMGOLD each gained 15.8%-17% and were amongst the top gainers in the index. The energy index fell by 4.3% to cap gains as oil prices plunged to two-week-lows amid expectations that the Middle East, a key region for producing oil, could restart its supply. Oil and gas companies' shares fell. Vermilion Energy dropped 10.4% following its first-quarter earnings, and Cenovus Energy declined 4.2%, despite a 83% increase in first-quarter profits, tagging along with a "slide" in oil prices. The TSX benefited from the rise in oil prices when the Middle East war began. Today, however, the effect is opposite, according to Allan Small. Senior investment advisor at Allan Small 'Financial Group, iA Private Wealth. The TSX may stay higher but gains could be capped due to oil?stocks." The benchmark index is nearly 2% lower than its March 2,?peak. Geopolitical uncertainties and volatility in the energy and materials sector since the outbreak of war have tempered gains. Eight out of eleven TSX sectors traded in the green. Loblaw's earnings fell by 2.5% as the retailer missed Wall Street expectations for the first-quarter revenue. Consumers tightened their spending due to the macroeconomic uncertainty. (Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Joyjeet Das)
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After the Iran peace agreement report, oil prices are down and stocks are up.
After a report that Iran and the United States were close to a deal on ending the Gulf War, oil prices fell and stocks rose. Meanwhile, momentum in AI-driven trading accelerated. Brent crude, a global benchmark, fell to just under $100 per barrel on Wednesday, its lowest level in two weeks. This is due to the importance of oil flowing through the Strait of Hormuz. Brent crude was last traded at $103,25, down by 6% for the day. Wall Street saw a profit-driven corporate engine in the United States continue to drive U.S. stock prices to new highs. The Dow Jones Industrial Average rose by 0.85%. The S&P 500 gained 0.7% and the Nasdaq Composite increased by 0.9%. The STOXX 600 index in Europe extended its gains and closed the day up 2.1%, after gaining 0.7% the previous day. MSCI's All-Country World Index rose 1.24%, setting a new record. Michael Brown, Senior Research Strategist at Pepperstone, said: "A fairly?punchy move in the wake of these stories. It's almost as if market sentiment has changed to a 'buy all' mode." He said that it was difficult to say whether or not a deal might be imminent. Market participants are not going to wait for confirmation of positive news, but they're essentially rushing ahead with a positive outcome. The U.S. Dollar, which was a safe-haven currency during the Iran War, fell 0.4% against major peers as investors hoped for a deal. In a sudden move, the yen surged by up to 1.8% against dollar. This sparked speculation about another round of interventions. As traders lowered their bets about a?central banks rate hike,' yields on government bond fell with the oil price. The yield on the 10-year U.S. Treasury fell by 5.4 basis points, to 4.36%. Despite the sharp rise in stocks, turmoil on energy and bond markets may weigh down global growth. Oil prices are 35% higher today than when the conflict started in late February. 10-year Treasury yields have also increased by around 40 basis points. AI RALLY BOOSTS GLOBAL STOCK The broadest Asia-Pacific index outside Japan rose 3.2%. Samsung Electronics surged by 14% and surpassed Berkshire Hathaway in market value. Rushil Khanna is the head of equity investments in Asia for Ostrum, an affiliate of Natixis Investment Managers. He said: "The earnings growth trajectory for sectors like semiconductors, tech, industrials and material in Asia surpasses anything I've seen in a very long time." Shares of chipmaker Advanced Micro Devices rose around 20% in the U.S. as the company predicted second-quarter revenues above Wall Street's expectations. This helped drive AI enthusiasm throughout markets. Reporting by Lawrence Delevingne, Harry Robertson, and Gregor Stuart Hunter, in Boston; editing by Thomas Derpinghaus and Kirby Donovan.
Exelon raises capex plan on data center demand, tops quarterly estimates
U.S. utility Exelon increased its capital expenditure plans and surpassed Wall Street expectations for the first-quarter adjusted profits on Wednesday, due to higher electricity prices, strong demand, and favorable weather.
U.S. utilities have increased their capital budgets in order to keep up with the increase in demand for power.
Exelon also increased its capital expenditures projected for the next four-year period to $41.7 billion from $41.3 billion.
Executives said that the company and Invenergy bid on two Illinois transmission projects, valued at $1.9 billion, in Tranche 2.1.1 of regional grid operator MISO.
The company added that?Exelon’s data-center pipe is supported by Federal Energy Regulatory Commission-approved transmission security contracts, with?approximately $1 billion of associated collateral.
The company expects its total regulated assets to grow 7.9%, and its value of transmission assets to increase by 16%.
Rate-case processes are used by regulated utilities to determine the amount of electricity, gas and other services that customers will be charged.
While net income at Exelon’s Commonwealth Edison (ComEd) unit, Illinois’ largest electric utility, rose slightly to $310 million,
The earnings at PECO, Pennsylvania's largest natural gas and electric utility, increased by 4.5% to $278 million.
Exelon's revenue for the quarter ending March 31 was $7.24 billion, exceeding analysts' estimates of $6.93billion.
LSEG data shows that the adjusted profit per share of Chicago-based 'company came in at 91 cents, compared to analysts' average estimates of 89 cents. Varun Sahay, Bengaluru. Diti pujara, editing.
(source: Reuters)