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Iron ore prices fall after a four-day rally, as investors take profits
Iron ore futures fell on Thursday, after a four session rally, as investors booked profit on fears of a potential government intervention in China, the world's largest consumer. Prices were nearing the psychologically important level of $110 per ton. The most-traded contract for May iron ore on China's Dalian Commodity Exchange ended morning trade at 816 Yuan ($116.80), after reaching 831.5 Yuan earlier in session, which was the highest since July 22nd 2025. The benchmark iron ore for February?on Singapore Exchange fell by 0.78% at 0349 GMT to $108.2 per ton after reaching its highest level since September 30, 2024, $109.4. After China's central bank announced that it would ease its monetary policy, the persistent price rise was fueled by "hopes" of improved demand. The'sharp increase in prices' has caused investors to be cautious. They fear that Beijing may intervene in the future and'rein in the prices, as it did in 2023/ Analysts say that some steel mills have also resisted purchasing cargoes due to higher prices. According to data from the consultancy Mysteel, the volume of iron ore traded at China's major ports on Wednesday dropped by 54.9% when compared with a day before. The overall sentiment towards metals was also dampened by the fact that base metals such as copper and nickel fell from their Wednesday highs. Coking coal and coke, which are used to make steel, continued their rally on the DCE. According to Steelhome and two analysts who are familiar with this matter but have requested anonymity because they're not authorized to speak to the media, several major Chinese coke manufacturers considered a 15%-35% production cut, citing severe loss?at a Wednesday meeting. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar gained 0.63%. Hot-rolled coils increased 0.51%. Wire rods lost 0.65%. Stainless steels dropped 0.29%. Reporting by Ruth Chai, Amy Lv and Sumana Nandy; editing by Sumana Niandy.
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Venezuela and oil prices are in focus after US inventory withdrawal
After two days of declining prices, oil prices increased on Thursday as the?U.S. Investors were encouraged to purchase futures as they watched Venezuela's developments. Brent crude futures rose 24 cents or 0.40% to $60.20 per barrel at 0343 GMT. U.S. West Texas Intermediate crude crude was up 22 cents or 0.39%. The benchmarks for both oil and gas fell by more than 1% on Wednesday, with the market expecting plenty of supply in 2019. Morgan Stanley analysts, for example, estimate that there will be a surplus as high as 3,000,000 barrels a day during the first half 2026. Mitsuru Muraishi is an analyst with Fujitomi Securities. He said that the declines in prices on Thursday prompted some traders to purchase futures. Pullback buying has pushed prices a little higher, but persistent concerns about oversupply are limiting upside momentum. The downward trend will likely continue while markets watch developments in Venezuela," he said. He forecast that WTI would likely fall below $54. Energy Information Administration reported that U.S. crude stockpiles fell by 3.8m barrels, to 419.1m barrels during the week ended January 2. This was in contrast with the analysts' expectation in a survey for a 447,000 barrel increase. As part of Donald Trump's aggressive campaign to control oil flows in America and force Venezuela to become an ally, the U.S. seizes two Venezuelan-linked oil tanks in the Atlantic Ocean, including one that was sailing under the Russian flag. Washington announced on Tuesday a deal to gain access to up $2 billion of Venezuelan crude. In a Tuesday social media post, Trump said that Venezuela would "turn over" between 30 million and fifty million barrels worth of "sanctioned" oil to the U.S. This would allow for the release of Venezuelan oil, which has been slowed down?due to a U.S. ban on tankers entering and leaving the country. ING analysts stated in a report that directing this oil to the U.S. could reduce the 'need for Venezuelan to cut production due to storage restrictions. Sources said that the deal could initially require a rerouting cargoes bound for 'China. Chinese independent refiners, which consume a large portion of Venezuelan oil imported by the country, could switch to Iranian oil in order to cover the shortfall. Trump and his advisors are planning to dominate Venezuela's oil industry for many years. The Wall Street Journal reported that Trump told his aides his initiative could lower oil prices as low as $50 per barrel. The report cited people who were familiar with the issue as saying that the U.S. was considering a plan to exert some control over Venezuela’s state-run PDVSA oil company, including purchasing and marketing the majority of its oil production.
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Vietnam seeks Russia agreement by January following Japan's withdrawal
The?government announced on Thursday that Vietnam's PM Pham Minh Chinh wanted talks with Russia about building a nuclear plant to be completed?this month. He also urged officials to seek out new?partners, after Japan pulled its support from a second project. Vietnam restarted its nuclear energy programme in 2017 after it was suspended in 2016. Hanoi has negotiated agreements with Russia and Japan for the construction of two power plants, each with a combined capacity between 4 and 6.4 gigawatts. The aim is to sign the agreements with Russia in September and the agreement with Japan by the end last year. According to an article posted on the website of the government news portal, Chinh informed officials that "progress had not been as anticipated, and many obstacles needed 'immediate attention. Such as the slow pace in negotiations on cooperation agreements which are heavily reliant on foreign 'partners. Naoki Ito, the ambassador of Japan to Vietnam in December, said that Japan had withdrawn from plans to build a nuclear power plant because of the ambitious goal set by the Vietnamese government to have it operational by 2035. The article stated that Chinh had instructed officials to finish talks with Russia by January and to find a partner to replace Japan in the second project. He also wanted to have the two nuclear power stations online "after 2030". The Russian embassy was not available to comment immediately. The country, which is home to major manufacturing operations of multinationals such as Samsung and Apple, has experienced many power outages due to the demand for electricity from its growing middle class and huge industrial sector. Power grids have also been affected by the increasing frequency of extreme weather events, like typhoons and droughts. The country is trying to increase its electricity production, mainly from renewables and natural gas. However, projects are being delayed and uncertain due to regulatory and price issues.
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Trump is considering taking control of Venezuela’s PDVSA and lowering oil prices to $50 a barrel, according to WSJ.
The Wall Street Journal reported that U.S. president Donald Trump, along with his advisers, are planning to dominate the "Venezuelan Oil Industry" for many years. Trump told his aides that he believed his efforts could lower oil prices as low as $50 per barrel. The report cited people who were familiar with the situation as saying that the U.S. was considering a plan in which they would exert?some control? over Venezuela's PDVSA state-run oil firm, including purchasing and marketing the majority of its oil production. Could not confirm immediately the report. The White House didn't immediately respond to the?'?zeit imediat??'? a?? or?'???'??'? The?White House did not immediately respond to?' The U.S. is looking to gain control over PDVSA by negotiating a deal that would allow it to purchase and distribute oil from the company, as well as through joint ventures in the past with major oil companies like Chevron. PDVSA announced earlier on Wednesday that it was progressing in its negotiations with the United States regarding oil sales. A board member confirmed this. The U.S. must buy cargoes for international prices. Washington announced a deal on Tuesday with Caracas for?access to up to $ 2 billion in Venezuelan crude. This is a sign the Venezuelan government has responded to Trump's demands that they be open to U.S. companies and risk military intervention. (Reporting and editing by Jacqueline Wong, Christian Schmollinger, and Gnaneshwarrajan in Bengaluru)
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Stocks tremble as investors consider geopolitical data and US data, while oil prices rise
Oil prices stabilized on Thursday, after their recent decline. Stocks were off to a rough start as investors assessed implications of deepening?geopolitical tensions and mixed U.S. labor market data. The top U.S. officials stated on Wednesday that the country "needs" to control Venezuela's oil revenue and sales indefinitely in order to stabilize the economy of the country, rebuild its oil industry and ensure the nation acts in America's best interests. As part of Donald Trump's aggressive campaign to control oil flows in America, the U.S. also seized on the same day two Venezuelan-linked oil tanks in the Atlantic Ocean, including one that was sailing under the Russian flag. The fall of Nicolas Maduro continues to dominate headlines, and the majority of market reaction has been in commodities. The price of oil has fallen this week due to the possibility of increased Venezuelan crude production. However, they have recovered on Thursday. U.S. crude rose 0.7% to $56.38 per barrel while Brent crude futures increased 0.68% to $60.37. Daniel Hynes is ANZ's senior commodities strategist. He said that the market's reaction to Trump's comments about Venezuelan oil control "looks a bit misplaced". The U.S.'s control over oil sales may mean that sanctions or restrictions will remain in place for the short-term, which is a?booster for oil prices. "I suspect that's why the prices are rising this morning." Stocks were mixed elsewhere in the Asian session after a strong start of the New Year that brought markets to new highs, despite global geopolitical divisions. The broadest MSCI index of Asia-Pacific stocks outside Japan fluctuated between gains and losses, while Japan's Nikkei dropped 0.74%. Nasdaq Futures declined 0.02% while S&P500 futures rose 0.05%. European futures were lower. Charu Chanana is the chief investment strategist for Saxo. Geopolitical headlines will drive the market. Investors are trimming their "Japan beta" because of China's dual use export ban and the potential risk associated with rare earths. Japan called China's recent ban on exports of dual-use items for its military as "absolutely inacceptable", amid the threat of further restrictions on rare earths, which are vital to both economies. U.S. No-Farm Payrolls are Up Next Investors also had their eyes on the U.S. Jobs report, due on Friday. This could provide additional clarity on the Federal Reserve rate outlook. Goldman Sachs analysts said that they expect a rise of 70,000 nonfarm payrolls above the consensus in December and that the unemployment rate will edge down to 4.5%. A slew?of data?releases over the weekend painted a mixed image of the U.S. labor market. It appears to be stuck in a state of "no fire, no hire"?. The November JOLTS Report indicates that the labor turnover is still low. In a recent?note, Wells Fargo economists said that the low churn has led to a fragile balance between labor demand & labor supply. We expect the job growth rate to be subdued, as firms are still cautious about adding new employees. The readings didn't change the market expectations for two more Fed reductions this year, and kept currency movements muted on Friday. The euro was little changed at $1.1673, while sterling bought $1.3454 last. The dollar index was steady at 98.77, but the yen slipped to 156.91. Spot gold fell 0.11% to $4,448.20 per ounce.
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Authorities warn of a 'catastrophic Friday' in Australia's southeast as bushfires rage.
On Thursday, uncontrolled bushfires ravaged Victoria's state forcing residents to evacuate. Authorities warned of a "catastrophic fire danger" rating for Friday. Two bushfires larger than 3,000 acres were burning near the towns Longwood and Walwa, as temperatures in some parts of the state are expected to reach 40 degrees Celsius. They have destroyed two structures, and they are expected to continue spreading on Friday due to the heat and wind. Authorities said that Friday's fire danger rating would be "catastrophic", which is the highest possible level. Both fires present a "real risk" of property and life loss. Jason Heffernan, Chief Officer of the Country Fire Authority in Victoria, told a media conference that tomorrow is "a very, very terrible bushfire day". Meteorologists say conditions are similar to those in 2019, when bushfires destroyed large swathes in?southeastern Australia and killed 33 people during what was known as the Black Summer. 450 schools across?Victoria will close their doors on Friday. On Thursday, there are total fire bans in many districts. MetService in New Zealand has also warned of record-breaking temperatures this weekend, as the Tasman Sea heatwave continues to move across the country. The government has issued heat alerts for the northern and eastern parts of New Zealand's South Island. Christine Chen reported from Sydney, Lucy Craymer contributed additional reporting in Auckland and Edwina Gibbs edited the article.
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Venezuela and US inventories draw up oil prices, which boosts the price of crude.
Oil prices rose slightly on Thursday after two days of declines. A larger-than expected drawdown in U.S. crude stocks provided an impetus for investors to purchase futures as they monitored developments in Venezuela. Brent crude futures rose 38 cents or 0.6% to $60.34 per barrel at 0104 GMT, while U.S. West Texas Intermediate Crude was up 37 cents or 0.7%, and $56.36 per barrel. Morgan Stanley analysts, for example, estimate that there will be a global surplus of up to 3 million barrels a day in the first half 2026. Mitsuru Muraishi is an analyst with Fujitomi Securities. Pullback buying has pushed prices slightly higher but persistent concerns about oversupply are limiting the upward momentum. The downward trend will likely continue while markets watch developments in Venezuela," he said. He forecast that WTI would?likely drop below $54. The Energy Information Administration reported that U.S. crude stock levels dropped by 3.8m barrels, to 419.1m barrels for the week ending January 2. This was in contrast with analyst expectations in a survey of a 447,000 barrel increase. Top U.S. officials stated on Wednesday that the U.S. must control Venezuela's oil revenue and sales indefinitely in order to stabilize its economy, rebuild it's oil sector, and ensure that it acts in America’s interest. Four sources familiar with the negotiations said that the U.S. Government and oil producer Chevron are in discussions to extend a "key license" to operate in Venezuela, so the company can increase its crude exports into its refineries as well as sell to other buyers. As part of President Donald Trump’s aggressive push to dictate the oil flows in Americas and force Venezuela's socialist regime to become an ally, the U.S. seized on Wednesday two Venezuela-linked tankers, including one that was sailing under the Russian flag. Washington announced on Tuesday a deal to get up to $2 billion in Venezuelan crude. Venezuela will "turn over" 30 to 50 million barrels worth of "sanctioned oil" to the U.S. according to a tweet by Trump on Tuesday. Sources said that the deal could initially require cargoes bound for China to be rerouted. The Chinese refineries that import most of Venezuela's oil could turn to Iranian crude to cover the shortfall. (Reporting and editing by Christian Schmollinger; Yuka Obayashi)
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Australia shares are up as healthcare and banking gains outweigh mining losses
Australian shares were up slightly on Thursday as gains in healthcare and banking stocks offset a fall in mining stocks. This comes a day after mixed data about inflation left the central banks' monetary policy uncertain. S&P/ASX 200 Index?edged?up?0.1% to 8,707.50 at 0012 GMT. The benchmark index rose by 0.2% on Tuesday. The Reserve Bank of Australia has set a target range of 2%-3% for core inflation. However, the data released on Wednesday shows that consumer prices increased 3.4% from a month earlier in November. This is slower than the alarmingly high rate of 3.8% seen in October. RBA already warned it would raise its cash rate in the event of inflation not cooling down sufficiently. Markets imply that there is a 31% chance for the RBA to increase its rate by a quarter-point at its February '3 meeting. The RBA will make its next policy decision based on the quarterly inflation figures, which are due in a few weeks. After three sessions of losses, the financial stocks on the bourse rose by 0.3%. The "Big Four' banks gained between 0.2% and 1.1 percent. The Nasdaq tech index rose 1.6% while the healthcare stocks rose 1.5%. Investors returned to artificial intelligence stocks as they re-invested in Nasdaq-heavy stocks. Consumer discretionary stocks gained 0.3%, despite a drop in oil prices overnight. While copper prices plunged sharply from their 'all-time peak, and nickel fell from its 19-month high, the miners dropped 0.3% despite having recorded record closing highs in three consecutive sessions. Rio Tinto Group and BHP Group both fell by 0.4%. Gold stocks fell by 0.8% after the bullion price dropped due to profit-taking, and a stronger US dollar. The benchmark S&P/NZX50 index in New Zealand fell by 0.2%, to 13,690.85 point. (Reporting by Shruti Agarwal in Bengaluru; Editing by Subhranshu Sahu)
Stocks firm as United States positive outlook takes in geopolitical shocks
International shares held steady on Monday, as financiers took geopolitical tumult in their stride, leaving oil and gold modestly higher, while the dollar edged up ahead of U.S. inflation data this week that could seal a. December rate cut.
The quick fall over the weekend of Syrian President Bashar. al-Assad's program makes complex an already filled circumstance in. the Middle East. Yet the oil rate, a crucial barometer of investor. sentiment towards the region, displayed little volatility,. increasing 1.3% to $72 a barrel by 0840 GMT.
In France, President Emmanuel Macron had yet to name a new. prime minister after Michel Barnier's minority federal government. collapsed recently over his austere spending plan, while Asian markets. were on edge as the fallout over recently's quick declaration. of martial law in South Korea deepened.
Friday's U.S. regular monthly employment information, which was strong. enough to soothe any concerns about the resilience of the. economy, but not so robust regarding rule out a rate cut from the. Federal Reserve next week, served as a shock absorber.
U.S. stock index futures increased 0.1%, suggesting. a move beyond recently's record highs for the S&P 500,. Nasdaq and Russell 2000, while in Europe, the. STOXX 600 got off to a stronger start, up 0.3%.
' TRUMP RALLY' CONTINUES
It's all to the U.S. actually and we've got the majors. ( indices) at, or on, record highs, Trade Country market. strategist David Morrison stated.
The fascinating thing is the 'Trump rally' has simply. continued, without any pullback and no chances for fresh longs. to come in. You have to pay up or you're missing out. That is. very much the feeling of this market at the moment, he said.
The next test is a U.S. consumer rate report due out. Wednesday where the core is seen holding at 3.3% for November,. which should be no impediment to a reducing.
November's payrolls report showed 227,000 tasks were developed. last month, compared to expectations for an increase of 200,000,. while October's hurricane-distorted number was modified up.
Markets now suggest an 85% opportunity of a quarter-point cut at. the Dec. 17-18 conference, up from 68% ahead of the jobs figures,. and have an additional three cuts priced in for next year.
The dollar index was flat at 106, as was the euro. at $1.0566. The European Central Bank is widely. anticipated to deliver a quarter-point cut on Thursday.
HEAVY WEEK FOR CENTRAL BANKS
South Korean stocks moved 2.8% even as authorities. promised all-out efforts to stabilise monetary markets amid. uncertainty over the fate of President Yoon Suk Yeol. Yoon. survived an impeachment vote in parliament on Saturday prompted. by his short-term effort to impose martial law last week.
The dollar acquired 0.7% on the won to trade at 1,434.51. , nearing recently's peak of 1,443.40.
Chinese determine on Monday showed customer prices fell a. surprisingly big 0.6% in November, pulling annual inflation. down to simply 0.2% and highlighting the requirement for more drastic. policy stimulus.
This week is chock-full of reserve bank conferences, aside from. the ECB. The Swiss National Bank could cut rates by as much as. half a point given slowing inflation, as is Canada's main. bank when it satisfies on Wednesday following an unexpected increase in. joblessness for November.
The Reserve Bank of Australia satisfies on Tuesday and is one of. the reserve banks expected to hold fire, while Brazil's central. bank is set to trek again to include inflation.
With geopolitical unpredictability high and conflicting signals. from difficult and soft information, monetary policy remains the only video game. in the area to support economic activity, specifically in the lack. of strong political management in Paris and Berlin, said. Barclays economic expert Christian Keller.
We continue to expect successive 25bp cuts up until June next. year, and then cuts in September and December to reach a. terminal rate of 1.5%.
Geopolitical uncertainty helped gold edge up 0.6% to $2,648. an ounce, but it deals with resistance at $2,666.
(source: Reuters)