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Florida Vice mayor killed, wife jailed for suspect
Officials said that the vice mayor of Coral Springs in Florida was shot dead on Wednesday and her husband, who is the only suspect, was arrested. Police referred to this as a domestic violence case. Nancy Metayer Bowen was the first Black and Haitian American woman in Coral Springs. Coral Springs is a town with 134,000 people, located about 45 miles north of Miami. According to the website of the city, she was elected in 2020 to the 'commission, re-elected again in 2024 and appointed vice mayor by her fellow commissioners. The 'Sun Sentinel' reported that Democratic presidential nominee Kamala?Harris named her as a?director of Caribbean votes in Florida for?her campaign, according to a?2024 report. The police responded to an emergency call and found Metayer's dead body at her home. They arrested her husband later. Officials said that he was booked in the Broward County Jail, Fort Lauderdale. Stephen Bowen was listed at 40 as the 'chief operating officer of Men of St. Luke. This is a religious, fraternal, nonprofit organization registered in Broward County. Bowen's defense lawyer has not been listed in court records, and authorities haven't said if he retained an attorney. Joshua Simmons, a fellow commissioner, remembered Metayer Bowen as "a battle buddy" and said he tried to shield her against the harshness of politics. "She was a person with a great heart." "She truly cared about people, even when they said some of the worst things about her," Simmons said at a press event.
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After Trump's speech on Iran, stocks fall and the dollar increases
The 'dollar strengthened and oil prices rose after U.S. president Donald Trump stated that Washington's "core tactical objectives" in the Iran war are?nearing their completion. However, he stopped short of stating a specific date for the end of the conflict. After a bruising March, when soaring oil costs sent risk assets into a tailspin, the prospect of an end to the U.S. and Israeli war against Iran in its month-long phase has lifted global shares. Trump said in his primetime speech that the U.S. will strike Iran "extremely" hard over the next 2 to 3 weeks, and bring the country back into the "Stone Ages." U.S. stocks futures fell 0.67%, while European futures dropped 0.10%. The MSCI broadest index for Asia-Pacific stocks outside Japan fell by 0.75%. In volatile trading, Japan's Nikkei reversed its course and traded down by 0.79%. Investors and analysts were focused on the Strait of Hormuz reopening and how it would ease the supply bottleneck that had hit Asian economies hard. Iran has repeatedly fired on Gulf countries - some of which are home to U.S. military bases - and is using Strait of 'Hormuz as leverage. The Strait carries a fifth (of global oil) and liquefied gas. Worries about a'slowing of growth' and higher energy prices sapping the mood in March. After the speech, the U.S. Dollar rose against the majority of currencies. The euro fell 0.25%, to $1.156. Brent front-month contract for June increased by over 3%, to $104.75 a barrel. (Reporting and editing by Stephen Coates in Singapore, Ankur Banerjee)
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Oil prices fall on hope of US withdrawal from Iran war
Oil prices dropped more than $1 early on Thursday, as the markets awaited President Donald Trump's address to the nation that could signal the U.S. withdrawal from the war in Iran. Brent crude futures dropped $1.16 or 1.15% to $100 per barrel at 1204 GMT. U.S. West Texas Intermediate Crude futures fell $1.41 or 1.41% to $98.71 a barrel. Both benchmarks were lower in the previous session. Trump announced on Wednesday that he would be speaking at 9 pm, hours before the scheduled time. The U.S. is expected to end its war on Iran "fairly quickly" at 00:00 GMT (00:00 EDT) on Thursday. In a recent note, IG analyst Tony Sycamore said that "the overnight sell-off gained pace due to mounting hopes" that the Iran conflict was?finally winding down. The?market has been widely anticipating a decidedly dovish ton." Sycamore stated that a U.S. withdrawal does not guarantee reopening of Strait of Hormuz. Oil prices are likely to remain high if the U.S. does not reach a formal ceasefire agreement that would guarantee free passage, leaving its regional allies' energy assets and the U.S. vulnerable to Iranian attacks. As the conflict in the region intensifies, the threats to maritime traffic are increasing. The latest incident occurred on Wednesday when an oil tanker, leased by QatarEnergy, was struck by an Iranian cruise missile while in Qatari waters. On Wednesday, the head of International Energy Agency warned that supply disruptions would begin to impact Europe's economic growth in April. The continent was previously shielded from the effects of war by cargoes that were contracted before it began. (Reporting and editing by Colleen Waye)
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Australia's KGL resources signs $300 million streaming agreement with Wheaton Precious Metals
KGL Resources, an Australian miner, announced on Thursday that it had entered into a $300-million precious metals streaming agreement with a unit of Canada’s Wheaton Precious Materials for a?part of the gold and silver produced at?its Jervois Copper project. KGL shares rose 61.9%, to A$0.340. This was their best day since the middle of 2014. Stocks also reached their highest levels since May 22, 2020. KGL announced that Wheaton Precious Metals will fund up to $275m in advance, with an option of $25m for cost overruns. The upfront funding includes two $16 million installments that are available before construction starts, but subject to certain conditions, including regulatory approvals. The remaining $243 millions will be paid in four equal payments tied to the construction milestones. Wheaton will pay a portion of the spot price for silver and gold that is produced by the project. The streaming arrangement begins with 75% payable silver and gold, then drops to lower percentages when certain delivery thresholds are reached. KGL stated that the agreement included protections against delays in construction, including additional metal deliveries, should timelines slip. It also includes?security of project assets and corporate assets. KGL stated that the funding marked a significant step in developing the 'Jervois Project' and positioning the company to become an Australian copper producer. Wheaton has signed its first precious metals streaming contract in Australia. This follows its February announcement of a streaming deal covering?BHP?s share in Peru's Antamina?mine. Wheaton, one of the largest precious metals streaming companies in the world, is focused on gold and Silver. (Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
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Trump claims that the US has enough jet fuel to supply Europe
Analysts point out that President Donald?Trump's advice to countries who are struggling to obtain jet fuel because of Iran's blocking of the Strait of?Hormuz is flawed: the U.S. cannot cover the global shortage. Trump said in a Truth Social posting on Tuesday, "We have plenty." U.S. data proves that this is not true. Kpler, which tracks vessels, shows that about half a milllion barrels of jet fuel are exported from the Strait of Hormuz every day, mostly to Europe, but also to Asia, Africa and other parts of the world. The Energy Information Administration (the Department of Energy’s statistical arm) shows that total U.S. exports of jet fuel averaged 219,000 barrels per day last year. Matt?Smith, Kpler analyst, said: "It's very, very unlikely the U.S. will be able to replace Strait of Hormuz supplies." REALITY CHECK EIA data shows that the United States is the largest consumer of jetfuel in the world, and the majority of jet fuel produced by the country is consumed at home. EIA reported that refiners and fuel blends produced 1,97 million bpd jet fuel last week. This was slightly more than the demand of 1,79 million bpd. Smith stated that "even if the U.S. has plenty of jet fuel, there are also plenty of airlines." The majority of U.S. jet-fuel production is located in the Gulf Coast region, while major demand centers on the?East Coast and West Coast of the United States have relied upon imports for their fuel needs. As a result, the West Coast will need to import more fuel from the Gulf Coast of the United States as its usual suppliers in Asia have been hit the hardest by the closure of the Strait of Hormuz. Asian refiners had to reduce production and stop exports. California was left searching for alternative suppliers. US CONSUMERS WILL PAY MORE IF EXPORTS GO UP. The U.S. exports more fuels to the global market, including jet fuel. This is because it is the only major fuel producer that is not directly affected by the war. Tom Kloza is the chief energy adviser at Gulf Oil. He said that jet fuel prices in the United States have risen since the Iran War began. However, they are still lower than the other markets directly affected by the Strait of Hormuz Blockade. This encourages higher exports. Kloza stated that at least four or five cargoes of diesel and jet fuel were loaded into the New York Harbor area for delivery to Europe. This is a reversal of the usual flow?that has these products coming from Europe up the U.S. East Coast. GasBuddy's data shows that wholesale jet fuel costs are between $4 and $5 per gallon for most of the United States. GasBuddy's Patrick De Haan said that the average cost of jet-fuel in the U.S. Gulf Coast ranges between $2.50 to $3 per gallon. De Haan stated that the higher export demand would?ultimately lead to more price increases for U.S. customers, posing a significant challenge for Trump's administration. The more demand for U.S. Jet Fuel, the higher prices. De Haan explained that the more cookies there are in the cookie jar the less cookies you get.
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Stocks and currencies are on tenterhooks before Trump's address on Iran War
The dollar weakened and oil fell on Thursday, as investors held their collective breath in anticipation of Donald Trump's speech that could signal the end of war in the Middle East?and increase risk appetite. After a brutal month in March, when oil prices spiked and sent risk assets into a tailspin, the prospect of an end to the?month-long 'U.S.-Israel?war against Iran? has lifted global shares. The dollar is now off its recent highs. MSCI's broadest Asia-Pacific index outside Japan, which measures all shares in the region, was slightly higher at opening after recording its largest one-day gain since November 2022. Japan's Nikkei is poised to have a good start. Trump said on Wednesday that the United States would be "out" of Iran "pretty quickly", and that they could return "for spot hits" if necessary. This was ahead of his planned primetime address at 1100 GMT?on?Thursday. Trump and his top officials offered several timelines to end the war. He said that the U.S. military campaign against Iran could be ended within two to three week. Analysts and investors are analyzing the speech to determine when and how the Strait of Hormuz - a major route for fuel shipping - will reopen, and ease the supply bottleneck that has affected Asian economies. Tony Sycamore is a market analyst for IG. He said: "A U.S. withdrawal within the next couple of weeks would remove a massive layer tension." However, this does not guarantee that energy will flow smoothly through the Strait of Hormuz. The Iranian response is crucial, especially if Tehran continues to use its geographic position to impose tolls and selective inspections of passing tankers or strikes on the energy infrastructures of its neighbouring nations. Iran is using the Strait o'Hormuz as leverage. It carries about a fifth of all oil and natural gas in the world. Worries about a slowing economy and higher energy prices also dampened sentiment in March. Investors have flocked to the U.S. Dollar during the turmoil, but the prospect for a ceasefire this week has caused the greenback to weaken. In early trading the euro bought $1.1591, holding on to recent gains. The 'Japanese yen' was trading at 158.68 against the U.S. Dollar, a few cents away from 160. This is a crucial level for traders who fear that Tokyo could intervene. Brent front-month contract for June dropped 2.7% to $101.16 per barrel, rebounding from a session low price of $98.35. (Reporting and editing by Stephen Coates in Singapore, Ankur Banerjee)
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Are central banks selling Treasuries to the public? McGeever
Are central banks selling treasuries in light of the controversial U.S. war in the Middle East? It's likely yes, but complicated. The New York Federal Reserve has just lowered the foreign-owned Treasuries in its custody to the lowest level in 16 years, below $3 trillion. This indicates that foreign central banks are selling at an increasing?rapid rate. The decline in Fed 'custody'?holdings has been eye-catching, as I noted last week. Deutsche Bank strategists estimated that the fall of $75 billion in the four-week period ending March 19, indicated a net selling of $60 billion by central banks. This would be some of the most aggressive sales ever. The official U.S. Treasury International Capital figures - which are the gold standard data for foreign holdings in U.S. Treasuries – show that central bank sales abroad were minimal last year, but that net purchases were the highest in 13 years in January. What is it then? Selling or shifting? Fed custody data can be a good?proxy' for foreign central bank and their Treasuries. But it is not perfect. The vast majority of the custody holdings are foreign central bank totals. However, they also include quasi-official entities like sovereign wealth funds and multilateral organizations. Fed custody changes don't always reflect the amount or even whether central banks are purchasing or selling. Custody holdings, for example, plummeted by $238 billion in the past year, suggesting that central banks were selling U.S. debt at a breakneck pace. Official TIC data revealed that the net sales by foreign central banks of Treasury notes and bonds last year amounted to only $34 billion. This is less than 1% of the $3.5 trillion in their vault. How can we square that? Changes in exchange rates and bond prices can explain changes in custody data. Some of the "selling", however, can be explained by central banks moving their holdings from U.S. jurisdictions to other parts of their investment network or non-U.S. jurisdictions. Brad Setser, of the Council on Foreign Relations, has long argued that the recent decline of China's holdings in Treasuries is partially explained by the fact Beijing has been funneling large quantities of foreign assets into its state-owned banks. China's actual holdings are likely to be much higher than what the official figures suggest. Footprints shrinking at nominal highs The official TIC data will be released in May, and we'll know if central banks sold in March. The decline in custody holdings and the weak foreign demand for recent Treasury auctions as well as the falling bond prices suggest that they did. It's still worth remembering that, according to the latest official TIC data published in mid-March, foreign central banks purchased a net of $50.6 billion in Treasuries during January. It was a rare instance where the?official' demand was greater than private sector demand. This was also the second-largest monthly purchase by central banks in 13 years. The private sector is a 'big buyer of U.S. Bonds in recent years, with investors investing nearly $1 trillion over the calendar years of 2024 and 2025. This easily offsets the $61 billion net selling by central banks. Foreign ownership of Treasuries is at an all-time high. In the last 12 months, foreign investors owned $9.23 trillion in U.S. Government debt. This included $7.78 trillion in bonds and notes and $1.45 trillion in bills. All of these are record highs. As a percentage of all Treasuries, however, foreign ownership continues to decline. Morgan Stanley analysts say that in the fourth quarter last year it dropped to 32% - the lowest level since 1997. However, this'share' had been flatlining at around 33-34% ever since the pandemic. The central banks will likely sell Treasuries at a margin, not in large quantities. It's not yet. 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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Australia offers businesses 693 million dollars in low-cost loans to ease fuel price pressure
The Australian government will offer up to A$1 billion ($693 millions) in interest-free loan to "critical" businesses such as transport operators and fertiliser manufacturers, according to Prime Minister Anthony Albanese. Australia imports over 80% of the fuel it uses, and this has led to concerns about availability. The fear of shortages has sparked panic buying in certain regions, despite assurances from the government that "the market is adequately supplied." "No government can promise to eliminate all the pressures?that this crisis will impose. We can act as a buffer to the worst. In a speech at the National Press Club,?Albanese will say that we are a'shock absorber in a world of global shocks. These loans are available to help businesses that need immediate financial assistance. Albanese warned, in a rare address to the nation on Wednesday?that the effects of the war in the Middle East will last for many months and affect both families?and businesses. In his speech, he'll say that the move to provide loans highlights his centre-left Labor Government's focus on ease cost-of living pressures. This priority will 'formulate' next month's Federal Budget. "It's our?government’s most important budget yet - and will be our most ambitious. It has to be. "The scale of the challenge we face - and the breadth of opportunity before us - requires that ambition and urgency." ($1 = 1.4438 Australian dollars)
US unrefined dominates Dated Brent criteria as shale exports boom
U.S. crude has actually dominated global benchmark oil rates in the year considering that expanding shale exports signed up with the mix of European crude used to compute how much a barrel of the world's most traded commodity expenses.
The shale transformation of the previous 15 years has actually made the U.S. the world's leading oil producer and also changed the country from a leading importer to a significant exporter after Washington ended a. 40-year restriction on foreign shipments.
Last May, rate reporting service S&P Global's Platts added. U.S. WTI Midland crude from the Texas shale fields to the worldwide. Dated Brent benchmark, reflecting U.S. oil's increase in value. in international markets.
Previously, the benchmark had only included North Sea crude,. whose supply has declined while U.S. unrefined exports to Europe. rose as refiners looked for alternatives to Russian imports, which. the European Union banned in action to Moscow's intrusion of. Ukraine.
Platts uses the least expensive amongst WTI Midland and 5 grades. of North Sea oil to set the standard, a price gauge for roughly. 80% of the world's crude, according to the Intercontinental. Exchange. Brent is viewed as a bellwether for the health of the. oil market.
Considering that its inclusion, WTI Midland has set the price of Dated. Brent over half the time. WTI Midland is comparable in quality. to the North Sea crude utilized in Dated Brent.
INCREASED LIQUIDITY, LESS VOLATILITY
Volumes of WTI Midland crude headed throughout the Atlantic have. climbed up considering that its inclusion in the Dated Brent index.
WTI Midland exports hit a record at 2.94 million bpd in. December, according to data from ship tracker Kpler, up by. around 550,000 bpd on the year. About 1.71 million bpd, or more. than half of the December volumes, were headed to Europe, noted. Matt Smith, lead oil analyst at Kpler.
Surging U.S. crude exports have more than compensated for. decreasing North Sea output. The supply of the 5 grades of. North Sea crude that can be delivered into Dated Brent was up to. about 537,000 bpd in June from about 607,000 bpd a year previously,. according to filling programs.
North Sea unrefined output has been falling for decades as. manufacturers have actually currently pumped most recoverable oil from the. fields.
That had actually left Dated Brent - and the related Brent futures. market - susceptible to fairly small North Sea supply. problems.
The marketplace has truly accepted Midland as a deliverable. into the Dated Brent contract, stated Dave Ernsberger, worldwide. head of pricing and market insight at S&P Global Platts. Liquidity in the area market has actually doubled with more companies. included.
Higher liquidity has actually assisted relieve the volatility of the. standard, making the marketplace more stable despite dispute in the. Middle East, attacks on shipping in the Red Sea and continuing. interruption to oil trade brought on by sanctions on Moscow.
Volatility as measured by the day-to-day portion change in. Dated Brent rates fell to 0.05% in the one year considering that WTI. Midland's inclusion last May. In the previous 4 years, it was. a range of -0.4% to 0.6%.
Because WTI Midland's inclusion a growing number of companies. have actually participated in Dated Brent trading, stated S&P Global. Platts' Ernsberger.
A record 35 freights traded in the Platts Market on Close in. April 2024, more than 4 times the number that traded the same. month a year back.
Among those who have actually traded Dated Brent considering that the modification are. Saudi Aramco, leading Indian refiner Reliance, U.S. shale manufacturer. Occidental Petroleum and U.S. refiner Phillips 66, according to. S&P Global and market individuals.
People who formerly had no interest in Brent now see. chance for their service, said Adi Imsirovic, a trading. veteran who has actually published books and papers on Brent and runs. consultancy Surrey Clean Energy.
The trading arm of Australian investment bank Macquarie. Group has become a leading supplier of WTI Midland to Asia after its. addition in the contract, Imsirovic said.
Aramco decreased to comment, while Dependence, Occidental,. Phillips 66 and Macquarie did not respond.
HEDGING
U.S. producers can offer WTI Midland many months forward into. the Brent market, securing future incomes and eliminating. some pricing danger, stated Ilia Bouchouev, handling partner at. Pentathlon Investments and former president of Koch Global. Partners, a multinational corporation with direct exposure to refining. and worldwide products trading.
Trade in the associated contracts utilized to hedge output and the. cost of shipping has also risen, analysts stated.
This has actually assisted increase activity in U.S. unrefined futures. markets. Integrated WTI Houston and WTI Midland average daily. volumes of futures lots traded as differentials to WTI futures. soared to 19,188 in May, nearly triple the 7,068 in May 2023.
The total global trading pie is getting bigger,. Bouchouev stated, as traders check out new spread and arbitrage. chances.
Financiers with exposure to Brent agreements are now likewise. exposed to U.S. crude rates.
We are certainly seeing that shown in hedging activity. across the WTI complex, said Peter Keavey, worldwide head of energy. at the CME.
Traders are using forward freight agreements (FFAs) to hedge. the price threat for the cost of shipping the oil across the. Atlantic.
(source: Reuters)