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Gulf States tell UN that Iranian strikes are an 'existential danger'
On Wednesday, Gulf Arab'states' told the U.N.?Human?Rights?Council that Iran poses an existential danger to them. They also condemned Iranian attacks against their infrastructure which could be considered war crimes by the U.N. rights head. The U.S. and Israeli war against Iran, which has been ongoing for nearly a month now, has led to a large-scale Iranian response in the form of missile and drone strikes on civilian and energy infrastructure in Gulf states. These attacks have killed 'civilians' and pushed up oil prices. This aggressive approach undermines international law and sovereignty, said Kuwait's ambassador Naser Abdullah H. M. Alhayen to the Geneva-based council. Kuwait's Ambassador Naser Abdullah M. Alhayen said that this aggressive approach undermines international law and sovereignty. The other Gulf states have also condemned Iran's actions, which they claim are designed to spread terror. The 47 member countries will vote on the motion that condemns Iran's attacks, asks Iran to pay reparations and requests the U.N. chief of rights to monitor the situation. Iran has defended their actions by claiming that more than 1,500 people have been killed so far in U.S. and Israeli strikes. Ali Bahreini said, "We fight for all of you, against an enemy who, if restrained today, would be beyond containment by tomorrow." Iran has called for its own emergency meeting on Friday to discuss a deadly strike at a primary-school. Volker Turk, the top UN rights official, called on states to stop the Iran conflict. He described the situation as dangerous and unpredictable. He said, "This conflict has the power to ensnare nations across borders and around the world." Attacks on civilians or civilian infrastructures must stop. These attacks could be considered war crimes if they are planned. Reporting by Emma Farge. Editing by Miranda Murray and William Maclean.
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Mitsubishi Materials will end certain Onahama smelter activities by March 2027
Mitsubishi Materials announced on Wednesday that it would stop processing copper concentrate at its Onahama facility - and all related smelting operations - by the end of March 2027. Mitsubishi Materials stated that the outlook for business was becoming more uncertain due to an intensifying competition with overseas smelters, and a steep decline in treatment and refinement charges (TC/RCs). It is expected to book an impairment loss of 132 million yen (21 billion yen) in the fourth quarter of this year's financial year, which ends on the end of this month. This loss will be mainly due to the fixed assets of the smelter. Fees paid by miner to refine concentrate, known as TC/RCs (Transfer Charges/Refined Metals), are under pressure due to the rapid expansion of global smelting capacities, led by China. This has squeezed margins. Mitsubishi Materials, as part of its structural overhaul, decided to stop concentrate processing at the plant that has been operating since 1965. The Electrolytic Plant will continue to refine scrap copper anodes as well as anodes produced by the group. The 'platinum group' metals recycling plant, as well as the foundry that produces copper ingots will continue to operate. The smelting margins of Japanese copper smelters have been shrinking as TC/RCs are in a downward spiral. JX Advanced Metals, its partners and Mitsubishi Materials announced in November that they planned to integrate Mitsubishi Material's copper concentrats procurement, as well as copper product sales, into Pan Pacific Copper. ($1 =159.0300yen) (Reporting and editing by Christian Schmollinger, Alexander Smith).
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BBC reports that BlackRock CEO Fink has warned of a 'global economic recession' should oil reach $150.
BlackRock CEO Larry Fink stated that oil prices could rise to $150 per barrel and cause a global recession if Iran "remains" a threat even after the end of the war. Fink said on BBC's Big Boss Interview podcast published on Wednesday that "we could have years of oil above $100, closer to $150, which would have profound implications for the economy." When asked what would happen if oil stayed at $150 per barrel, he replied: "We'll have a global recession." Since the U.S. and Israeli war against?Iran started, oil prices have been volatile and sharply risen. Prices fell about 4% Wednesday following reports that the U.S. sent Iran a 15 point proposal to end 'the war,' raising hopes of a possible ceasefire. The Strait of Hormuz is the main route for?oil, gas, and crude oil shipments. It carries one-fifth of global gas and oil supplies.
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Minutes of the March decision show that Swedish rates will remain at 1.75%
The minutes from the most recent meeting of the Riksbank on monetary policy showed that the future is uncertain. Erik Thedeen, Governor of the Riksbank, said that it was difficult to assess?the effects? of war but warned of the dangers of stagflation (higher inflation and lower growth). Thedeen stated in the minutes that "given the length of time the crisis has been going on and the effects already being felt by the energy infrastructure, I am concerned about the long-term impact this may have on the supply of oil and natural gas in the world." On March 19, the Riksbank maintained its policy rate at 1.75 %. Central banks are trying to gauge the impact of U.S. Tariffs, the Ukraine War and AI adoption in countries that still haven't gotten over their pandemic hangovers. "In this case, it's important to not act too quickly and then have to?make a U-turn or?to fall behind and be late," Riksbank Vice Governor Per Jansson said. He added, "For the moment, everyone is in agreement that a wait-and see?approach would be the best approach."
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Valero is preparing to restart Port Arthur oil refinery in Texas after the blast, according to sources
Valero Energy Corporation is preparing to restart the 380,000 barrels-per-day (bpd),?Port Arthur oil refinery in Texas this week. The plant was shut down on Tuesday following a blaze and explosion the day before. Sources said that workers were blocking pipelines feeding the damaged 47,000 bpd Unit 243 Diesel Hydrotreater on early Wednesday morning. They added that the shutdown was necessary to put out the fire that started on Tuesday. In a regulatory filing, Valero stated that no injuries had been reported from the explosion, which was triggered by the release of process fluid on unit 243. The explosion could be felt up to 18 km away from the plant, which is located in east Texas near the Louisiana border. The 'outage' comes at a time when refining margins are high due to the closure of the Strait of Hormuz (by Iran) amid the conflict that has impacted the Middle East region. This has led to a significant reduction in supply of refined products. Sources said that once the feed lines for unit 243 are blocked, Valero would return natural gas to plant, and light the safety flare system and boilers in order to generate steam to drive utilities and heat production units. Once 14 other production units are back to operating temperatures, feedstock can be introduced and the process will begin of getting output to specifications. Refinery production will be brought to planned levels as close as possible to maximum capacity. In compliance with U.S. Environmental Rules, hydrotreaters remove sulfur during production using?hydrogen. (Reporting and editing by Christian Schmollinger, Bernadettebaum and Erwin Seba)
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Russian attacks knockout power to thousands of Ukraine's north
Two?energy?facilities in Ukraine's Chernihiv Region were damaged by Russian attacks, leaving?212,000 customers without?power. A?regional?electricity distribution company? said on Wednesday. Chernihivoblenergo reported that nearly 150,000 customers in the city and surrounding districts of Chernihiv were without electricity after a Russian airstrike damaged an energy plant in?the Chernihiv District. After the attack on the Nizhynskyi District energy facility, it was later revealed that another 62,000 consumers were left without electricity in three other districts of the?region. Ukraine's air force said that Russia launched 147 drones against the country overnight. Of these, 121 were neutralised or downed. Russia has targeted Ukrainian energy installations throughout the war. This has caused regular blackouts lasting hours across the entire country. Ukraine has also attacked Russia's energy infrastructure, including oil refineries and depots, as well as?transport terminals. Chernihiv suffered from power outages during the winter, as Russia launched its largest bombing campaign in the four-year conflict against Ukraine's electricity grid. A previous attack on the area left many areas without electricity on Saturday. The regional governor said on Telegram that close to 21,000 residents in the town of Slavutych (in the Kyiv region) were also temporarily without power after an attack early this morning. The governor said that backup power has been installed for critical infrastructure.
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Copper rebounds on softer dollar, Middle East de-escalation hopes
Prices of copper rose on Wednesday as a weaker dollar and renewed hope for a 'de-escalation' in the Middle East war helped to boost?demand? prospects. The Shanghai Futures Exchange's most traded copper contract ended daytime trading up 1.14%, at 95,590 Yuan ($13.864.67) per ton. As of 0722 GMT, the benchmark three-month copper price on London Metal Exchange rose 1.19% to $12,244.5 per tonne. Both copper prices in Shanghai and London 'lost ground' on Tuesday, as rising energy prices and a protracted Iran war heightened concerns about inflation and global economic growth. The market sentiment improved significantly on Wednesday after U.S. president Donald Trump stated that the U.S. is'making progress' in its efforts to negotiate an end of the war with Iran. This includes winning an important concession by Tehran, without providing details. Iran, however, has rejected Trump's remarks, saying that the U.S. is negotiating with themselves. The expectation of a deescalation in tensions between the U.S. "The expectation of a de-escalation between the?U.S. It highlights the market's vulnerability due to geopolitical shifts, but a lot of uncertainty remains regarding U.S. - Iran negotiations. The base metals complex also received a boost from a softer dollar, which made dollar-priced goods cheaper for buyers who used 'other currencies. SHFE aluminium gained 0.63%. Nickel gained 1.08%. Lead advanced 0.3%. Tin climbed 1.91%. Zinc?edged downwards by 0.28%. Nickel rose by 2.06% among other LME metals, while lead gained 0.5%. Tin grew by 0.64%. Zinc advanced 0.74%. Aluminium fell 0.41%.
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After talks with Iran, a Thai tanker successfully transits the Strait of Hormuz
A Thai oil tanker safely crossed the Strait of Hormuz after diplomatic coordination between Thailand and Iran. The vessel's owner and the Thai government confirmed this on Wednesday. After successful discussions between Thai Foreign Minister Sihasak Phuangketkeow, and Iran's Ambassador to Thailand, the tanker owned by Bangchak Corporation crossed the strategic waterway Monday. "I asked that if Thai vessels need to cross the strait they could assist in ensuring a safe passage?" Sihasak spoke to reporters late on Tuesday. They said they would handle it, and asked for the names of the vessels that would be passing through. The U.S. and Israeli war on Iran has cut off about one-fifth of all oil and liquefied gas that passes through the Strait of Hormuz. This has caused widespread disruption. Thailand's gas stations have seen long queues and soaring transportation costs since the conflict began in February, despite government assurances that the supplies are sufficient. The Thai tanker made a safe transit two weeks after a projectile struck the bulk carrier Mayuree Naree, flying the flag of Thailand. A fire broke out on board and the crew was forced to evacuate. According to the Thai Foreign Ministry, Iranian and Omani officials have arrived on board the vessel. However, Thailand still awaits information about the fate of three crew members who are missing. Sihasak stated that another Thai vessel owned by SCG Chemicals is also waiting for a?clearance' to transit the Strait. "FRIENDS HOLD A SPECIAL PLACE" Bangchak issued a press release stating that its vessel was currently returning to Thailand after being anchored in the Persian Gulf for 11 days. The?Iranian and Thailand's foreign ministry coordinated the operation, according to Bangchak. A source from the Thai Foreign Ministry and the company both said that no payment had been made. Iran told the United Nations Security Council (UNSC) and the International Maritime Organization (IMO) that non-hostile ships could transit the strait if coordinated with?Iranian officials, according to a report on Tuesday. The Thai embassy also coordinated with Omani authorities via its embassy in Bangkok to ensure the Bangchak's transit. Iran's embassy said in a posting on X that the passage of the Thai vessel reflected the strong ties between both countries. It said that "Friends are special." (Reporting and editing by PanuWongcha-um, ChayutSetboonsarng)
Stocks slip as inflation fears eclipse AI fever
Worldwide stocks slipped on Friday, heading for a weekly loss, after data signalling a rebound in U.S. inflation exceeded a boost to sentiment in the wake of strong profits from artificial intelligence huge Nvidia.
MSCI's worldwide share index, which hit intraday highs previously in the week, slipped 0.2% and was set for a 0.9% weekly loss. Europe's Stoxx 600 share index was 0.5% lower.
Nvidia, the $2.6 trillion chipmaker, has contributed about a third of overall U.S. stock market returns this year implying the run-up to its quarterly revenues on Wednesday kept traders on edge for days.
The AI giant's shares have gotten 12% this week, but stopped working to raise broader belief after surveys showed U.S. company activity was improving however companies were likewise reporting higher costs across a sweep of input classifications, from timber to salaries.
Wall Street's S&P 500 share index is 0.7% lower this week, although stock futures suggested it would tick higher on Friday.
Minutes from the Federal Reserve's last meeting released on Wednesday showed some policymakers might think about treking benchmark rate of interest beyond their current 23-year high of 5.25% -5.5% if inflation does not fall gradually towards an typical 2% target.
Traders expect simply 35 basis points (bps) of Fed rate cuts in 2024, versus 150 bps at the start of the year.
Premier Miton Investors primary investment officer Neil Birrell said stock markets may not rally much further if greater rate projections keep raising the earnings yields on government bonds and make stocks less attractive in contrast. Profits are strong but the bar for the sort of upside surprise required to push markets higher is increasing, he said.
A rise in (U.S.) Treasury yields back towards 5% is the sort of thing people get stressed over.
Stocks were shaken in October when the yield on the benchmark 10-year Treasury struck 5%. This key financial obligation yield, which climbs up as the price of the security falls in reaction to expectations of higher rates, touched 4.498% on Thursday and was last at 4.475%.
Ross Yarrow, handling director of U.S. equities at investment bank Baird, stated it was not the time to sell out of the tech stocks that dominate U.S. and world equity markets.
There are substantial dangers in not owning stocks that have end up being huge factors to the market, he said.
However inflation, and specifically inflation driven by oil, is also a huge threat.
ECB CUT IN JUNE
The European Reserve Bank (ECB) has actually all but devoted to a. rate cut in June however its policymakers have actually cautioned further reducing. may not be required since they anticipate inflation, which has. moderated significantly, to hover above their 2% target up until. 2025.
The yield on Germany's 10-year bund, last at. 2.57%, has increased by the most in a week since mid-April.
The dollar index, which determines the U.S. currency. versus a basket of 6 significant peers, was up 0.4% on the week to. 105.06, its largest one-week rise considering that mid-April. The. dollar has gotten 0.4% versus the euro and about 0.9% versus. Japan's flailing yen.
Sterling was muted on Friday at $1.269, having. touched a two-month high of $1.2761 on Wednesday after information. showed UK inflation did not slow as much as anticipated in April.
British Prime Minister Rishi Sunak announced on Wednesday a. basic election for July 4, with polls showing a huge lead for. his Labour Celebration rival Keir Starmer, who may end up being the country's. 6th leader in eight years following extreme political chaos.
British government bonds have underperformed significant peers. this week, with the 10-year gilt yield 12 bps higher. at 4.25% and the rates of interest delicate two-year yield. up 16 bps to 4.5%.
In other places, Brent petroleum was 0.5% lower at $80.98. Gold rose 0.5% to $2340 per ounce.
(source: Reuters)