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MUFG names its first sustainability director for EMEA
The bank announced on Wednesday that MUFG, a Japanese bank, has appointed its first Chief Sustainability Officer for Europe, Middle East and Africa to help clients become more sustainable. Stephen Jennings is a veteran energy and renewables financier with 24 years of experience. He will now be the chief sustainability officer for EMEA in addition to his existing roles as head of EMEA energy structured finance and head of EMEA sustainable business division. The appointment comes just weeks after MUFG resigned from a UN Climate Alliance that helped banks develop policies to reduce their carbon footprint. In recent months, the Net Zero Banking Alliance saw a mass exodus and is now consulting Changes in the way we think about change To retain its members, the organization has made changes to its rules. Hideaki Takase, group chief strategy officer and sustainability officer, will continue to oversee MUFG’s climate policy. This includes a goal of being carbon neutral by the year 2050. Jennings is responsible for the development and implementation of MUFG EMEA’s sustainability strategy. He will also help finance clients’ energy transition strategies and provide advice to them. He will chair the bank's Sustainability Committee and coordinate with the MUFG group. The statement stated that Cathryn Kelly will be appointed deputy chief sustainability officer EMEA. She is currently the head of the credit strategy group at the bank. MUFG Group aims to provide 100 trillion yen in sustainable finance by 2030.
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Stocks tread carefully as Trump's tariff plans approach
Asian stocks sank on Wednesday as investors worried about escalating global trade tensions and awaited the details of U.S. president Donald Trump's proposed tariffs. In recent weeks, investors have been focused on a new round of reciprocal taxes that Trump is expected to announce at 2000 GMT on Wednesday. Trump has already imposed duties on autos, aluminium and steel, as well as increased duties on all Chinese goods. This has rattled the markets, with fears growing that a full-blown global trade war may trigger a sharp economic slowdown. European futures showed a subdued opening, with STOXX Futures down 0.27% while Germany's DAX Futures were 0.24% lower. After a turbulent session in the United States, Asian stocks were unable to find direction. Japan's Nikkei index was up by 0.25% at the end of the session after it had hit its lowest level since early September. South Korea's benchmark stock index fell 0.6%. Wall Street's benchmark S&P and Nasdaq both ended the session higher, after earlier losing ground. The Dow ended a little lower. Ben Bennett, Asia-Pacific Investment Strategist at Legal & General Investment Management said: "Nervousness has become the dominant emotion right now." Investors hope for clarity and the beginning of a deal-making phase. Tariffs are already impacting business sentiment and will likely lead to a drop in global economic activity over the next few months. Hong Kong's Hang Seng index was barely changed, but China's blue chip index rose 0.14%. Vasu Menon is the managing director for investment strategy at OCBC. He said: "Trump called April 2, 'Liberation Day,' but it's unlikely that investors will be truly liberated from tariff uncertainty." This possibility will likely continue to make investors nervous. SOFT DATA Investors are becoming increasingly concerned by signs such as rising prices, a slowing economy and cracks on the labour market. The data showed that U.S. manufacturing shrank in March, after two months of growth. A measure of inflation in the factory gates jumped to its highest level in almost three years due to rising concern over tariffs on imported products. The Labour Department reported on Tuesday that U.S. employment opportunities fell by 194,000 in February to 7.568 millions as tariff uncertainty dampened labour demand. The yield on the benchmark 10-year Treasury bill in the United States was 4.197% during Asian hours, having fallen to 4.133% Tuesday. This is its lowest level since February 4. Currency markets were quiet, with most pairs trading within tight ranges. The euro remained at $1.0792 while the sterling traded at $1.29175. The yen was slightly weaker, at 149.92 dollars per yen. George Boubouras is the head of research for K2 Asset Management. He says that investors should look past the noise to gauge the landscape of the second half 2025 "when the US will launch their next phase policies, which will include tax cuts and deregulation." But the focus will be on tariff details. This is especially true after a report in the media said that Trump's advisers were considering a plan to raise duties by around 20% on products from almost every country rather than target certain countries or specific products. "We are now in the midst of Trump's time to shine, with many already having deleveraged their positions to be as neutral or flat as possible on equity, USD (dollar), and Treasuries." Chris Weston is the head of research for Pepperstone. Gold, which is seen as a safe haven against economic and political turmoil, was well-priced at $3,116.96 an ounce. This price, while up by 0.2%, was still just below the record set in the previous session. Gold is up 19% this year. This follows a gain of 27% in 2024, which was the best performance it had in over a decade. As traders waited for tariff news, oil prices remained steady. Brent futures were barely changed at $74.45 per barrel while U.S. West Texas Intermediate Crude futures were $71.21 a barrel.
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London copper prices rise; caution before US reciprocal tariffs cap gains
The copper price in London increased on Wednesday. However, gains were limited as investors awaited the details of reciprocal duties from U.S. president Donald Trump. As of 0336 GMT, the benchmark three-month price for copper at the London Metal Exchange rose by 0.5%, to $9,736 a metric ton. Trump announced on Sunday that his reciprocal tariffs would apply to all countries. He will announce the tariffs at 20:00 GMT. A base metals trader stated that "we sense a risk off sentiment because of the looming uncertainty ahead of Trump’s reciprocal tariffs announcement later today." Caixin/S&P Global Manufacturing PMI, released on Tuesday, rose to 51.2 from 50.8 in Feburary, indicating growth in manufacturing in spite of potential threats from an escalating U.S. Trade War. Tin on the Shanghai Futures Exchange has outperformed the base metals markets, increasing 4.3% to 298660 yuan (40404.17 USD) because of fears about supply disruptions following an earthquake that occurred in tin rich Myanmar last Friday. In a recent note, Chaos Research stated that the earthquake had affected the market's expectations of the resumption tin-mining in the country. If the mining area collapsed it is likely that there will not be a return to Wa State in this year. Wa State in Myanmar had previously considered allowing mining in the tin rich region to resume. Myanmar is the third largest tin producer in the world and the dominant supplier of tin to China. Other metals include LME aluminium, which fell 0.2%, to $2.501 per ton. Lead rose 0.2%, to $1.996, Zinc added 0.1%, to $2.825, Tin gained 1.9%, to $38,205, and Nickel was flat, at $16,110 per ton. Lead fell 0.2% to 17.325 yuan and SHFE copper increased 0.3%. Nickel rose 0.7% at 129,530.
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Markets await new US tariffs
The oil prices were stable in a thinly traded session on Wednesday, after dropping in the previous trading session. This was due to concerns that new U.S. Tariffs, which are set to be announced at 2000 GMT on Thursday, could deepen a trade war globally and limit crude demand. Brent futures rose 1 cent to $74.50 per barrel at 0346 GMT, after falling 0.4% on the previous day. U.S. West Texas Intermediate Crude Futures gained 3 cents to reach $71.23 following a 0.4% drop. Prices reached their highest level in five weeks Monday. The White House confirmed Tuesday that President Donald Trump would impose new trade barriers on Wednesday. However, it did not provide any details on the size or scope of these trade barriers. Oil prices have been stable since March as the markets wait for clarity about Trump's plans to implement universal tariffs ahead of "Liberation Day". The low trading volumes on the oil market show that there are growing concerns over these tariffs despite positive demand signals coming from mainland China, said Phillip Nova's Senior Market Analyst Priyanka Sahdeva. At 0353 GMT on the LSEG platform, ICE data showed that Brent trading volumes for June were 8,550 lots, compared to 672,617 open interest lots for the same period. Trump has been promoting April 2 as "Liberation Day" for weeks. This would mean new duties which could shake up the global trading system. The White House will make an announcement at 4 pm. ET (2000 GMT). "The (tariff) announcement could impact prices either to the upside or the down, although the balance of risk lies to the downside, given that weaker-than-expected tariff measures are unlikely to drive a significant rally in Brent, while stronger-than-expected measures could trigger a substantial selloff," BMI analysts said in a note. Trump's threats to impose secondary duties on Russian oil and his Monday escalation of sanctions against Iran as part of the "maximum-pressure" campaign by his administration to reduce its exports offset any declines. Janiv Shah, vice president for commodity markets at Rystad Energy, said that if tariffs were successful in enabling a ceasefire between Russia and Ukraine, these punitive actions could be short lived. Tariffs would likely have a positive impact on crude oil, but a negative effect on products. "Oil prices are still low, and we're waiting for an official response from the major importers on the new tariffs." The U.S. fuel and oil inventories paint a mixed picture of supply and demand for the world's largest producer and consumer. According to sources citing the American Petroleum Institute, crude oil stocks in the United States increased by 6 million barrels during the week ending March 28. The sources reported that gasoline inventories fell by 1.6m barrels while distillate stocks dropped by 11,000 barrels. The Energy Information Administration is expected to release official crude oil inventories in the United States later today. Reporting by Laila K. Kearney and Trixie Yap, both in New York; editing by Christian Schmollinger & Muralikumar A. Anantharaman
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Denmark Prime Minister to Visit Greenland As Trump Applies Pressure
Denmark's Prime Minister will visit semiautonomous Greenland for talks on Wednesday with the territory’s incoming Government, after U.S. president Donald Trump repeatedly expressed his interest in controlling this Arctic island. Mette Frederiksen starts her three-day journey less than a month after the visit by U.S. vice president JD Vance to the territory was met with a cold reception by authorities in Denmark. Greenland’s incoming prime minister Jens-Frederik Nielson, who won the general elections last month and will form a government coalition, said that he welcomed Frederiksen’s visit, declaring on Monday, that Denmark remains “Greenland’s closest partner”. The relationship between Greenland, Denmark and the United Kingdom has been strained since recent revelations of colonial mistreatment of Greenlanders. Denmark has been prompted to work faster to improve relations with Greenland because of Trump's interest to control the island. This is part of an international competition to gain influence in the Arctic. Nielsen said late on Monday night that Greenland will strengthen its ties to Denmark until they can fulfill their ultimate desire of becoming a sovereign country. He said that Greenland wants to build a respectful relationship between the United States and Greenland. "Talking of annexation, and talking about Greenland acquisition without respecting sovereignty is not being respectful. Let's begin by showing respect to each other, and then build a strong partnership in all areas," he said. During his visit to a U.S. military base in northern Greenland on Friday, Vance accused Denmark of not doing a good job of keeping the island safe and suggested the United States would better protect the strategically-located territory. Vance's description about Denmark was "unfair" according to Frederiksen. He said that it was up to Greenland's people to decide on their future. Greenland is a country of 57,000 people, and a majority support independence from Denmark. However, many are concerned that Greenland may suffer if it seeks independence too soon, as they fear the U.S. could gain more influence over Greenland. (Reporting by Tom Little in Nuuk, Louise Breusch Rasmussen and Stine Jacobsen in Copenhagen, editing by William Maclean)
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India's NTPC is looking for global partners to help build 15 GW of nuclear reactors
NTPC is India's largest power producer and it has issued a tender to find global partners for the construction of large nuclear reactors. The capacity will be around 15 gigawatts combined. This is the first significant tender since India opened up this highly-protected industry. The tender stated that the state-run company which runs primarily coal-fired power plants is seeking partners to assist in setting up nuclear power plants based on pressurized-water reactor technology and to commit to a life-time supply of nuclear fuel. The partner must have the approval of the relevant authorities in their country and comply with Indian policy, including having a or obtaining a license for technology offered, NTPC stated in its tender published last Thursday. The Atomic Energy Act of India of 1962 prohibits private investment in nuclear power plants. Meanwhile, the Civil Liability for Nuclear Damage Act of 2010 imposes strict liability on foreign firms like GE and Westinghouse. In early February, India announced that it would amend its Nuclear Liability Law to encourage foreign and private investment. The state-run Nuclear Power Corp of India currently operates the nearly 8 GW of capacity in the country, and aims to increase that to 20 GW before 2032. India aims to reach at least 100 GW in nuclear power by 2047. NTPC plans to build 30 GW over the next 20 years at a cost $62 billion. This was reported in February. Sethuraman N.R., Savio D.Souza (reporting)
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Philippine 500MW OW Project Cleared for Pre-Development Activities
Nexif Ratch Energy has been granted Pre-Development Environmental Compliance Certificate (Pre-Dev ECC) for its 500MW San Miguel Bay offshore wind project in the Philippines.The certificate was granted by the Philippines’ Department of Environment and Natural Resources (DENR) in accordance with its administrative order and the Philippine Environmental Impact Statement System (PEISS).The Pre-Dev ECC approval paves the way for crucial pre-development activities, including offshore geotechnical and geophysical investigations, wind and metocean measurements, as well as environmental and social baseline and assessments.These activities are essential for understanding the project site’s characteristics, ensuring that development decisions are informed and sustainable.In December 2024, the San Miguel Bay Wind Project received the Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE), alongside being recognized as a Strategic Investment under the Green Lane Initiative of the Philippine Board of Investments (BOI).The issuance of the Pre-Dev ECC further reinforces the project’s strategic importance in advancing the Philippines’ renewable energy goals, supporting the country’s clean energy transition.“This achievement marks a significant step forward in our commitment to developing offshore wind projects in the Philippines in an environmentally responsible manner. It aligns with national priorities, and we are proud to contribute to the Philippines’ growing renewable energy sector,” said Cyril Dissescou, CEO of Nexif Ratch Energy.In addition to San Miguel Bay, Nexif Ratch Energy is also progressing toward securing the Pre-Dev ECC for the 475 MW Lucena Wind Power Project in Quezon Province, after the project being awarded CEPNS in January 2025.These ongoing development efforts position the company strongly for the upcoming Green Energy Auction 5 (GEA-5) by the DOE, slated for the third quarter of 2025.Nexif Ratch Energy is jointly owned by Nexif Energy (Singapore) with a 51% stake, and RATCH Group (Thailand) with a 49% stake.
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Gold prices rise on demand for safe-havens ahead of US tariffs
The gold price continued to rise on Wednesday after hitting a new record in the previous session. Investors sought comfort in the metal as they waited for the impact of U.S. tariffs. As of 0240 GMT, spot gold was up 0.7% to $3,131.25 per ounce. Bullion reached a record high of $3148.88 Tuesday. U.S. Gold Futures increased 0.4% to $3.159.90. The main reason behind these consecutive record highs is safe-haven purchasing, and the geopolitical uncertainties that underpin this show no signs of abating," said Philip Newman. Newman stated that a U.S. slowdown in economic growth, a potential increase in inflation and interest rate reductions could lead to gold reaching $3,300 within the next few months. The market is in suspense ahead of the U.S. Tariffs that will be implemented later today, a day President Donald Trump called "Liberation Day." Trump's tariff policy could cause inflation to rise, economic growth to slow and trade disputes escalate. In an environment of low interest rates, gold, which is a hedge against inflation and global instability, flourishes. The White House confirmed that new tariffs would be implemented, but did not provide details about the size and scope. Bullion's rise has been fueled by a number of factors, including strong demand from central banks, the expectation that interest rates will be lowered by the Federal Reserve and the geopolitical unrest in the Middle East, Europe and Asia, as well as increased flows into exchange-traded funds backed by gold. Aakash Doshi is the global head of Gold Strategy at State Street Global Advisors. He said that in a bull-case scenario, the market could reach $3,400/oz within 9 months. Fed officials are worried that employment may slip, but they can't do much about it because of the threat from tariff-driven inflation. The markets await the ADP employment report, due later today, and non-farm pay on Friday. Spot silver increased 0.2%, to $33.82 per ounce. Platinum gained 0.8%, to $987.66. Palladium rose 0.7%, to $990.45.
The Fed is optimistic about Asian markets, but the slide in Chinese stocks has dampened their performance.
Asia shares struggled on Thursday to continue the Wall Street rally, despite the fact that investors were encouraged by the prospect of two rate reductions by the Federal Reserve this year.
The Fed on Wednesday left rates unchanged in a widely expected decision, but maintained its projection for two quarter-percentage-point rate cuts by the year-end.
The policymakers revised up their inflation outlook for the year, and downgraded their economic growth forecasts. They cited risks from U.S. president Donald Trump's policies on tariffs.
Investors took solace in the "dot plot", which shows the Fed's expectations for policy rates, and Jerome Powell's remarks that the tariff-driven inflation is "transitory", and will largely be contained to this year. This sent stocks higher, while U.S. Treasury Yields and the Dollar fell.
Australian shares rose 1% and U.S. Futures extended their rally as the cash session ended with a high.
Nasdaq Futures rose 0.4%, while S&P 500 Futures gained 0.3%. EuroSTOXX futures also gained 0.1%.
Japan's markets were closed on holiday and trading was light. Nikkei futures rose 0.2%.
"Reassurance, yes, but the Fed's path to follow is a difficult one. The central bank will be at the mercy and whims of the market, the data that comes in, the surveys that are often erratic, and the incoming information," said Chris Weston.
Gold also reached a new record high of $3.055.96 per ounce, aided by the prospect of further Fed ease-ups this year.
Due to the Japan holiday trading of U.S. Treasury cash bonds was closed. Futures, however, ticked up, suggesting lower yields. Bond yields are inversely related to bond prices.
This in turn weakened the dollar. It fell by 0.27% to 148.25 yen, while the euro remained near its five-month high of $1.0908.
The sterling reached a high of $1.3015, a level not seen in four months. This was ahead of Thursday's Bank of England policy announcement where the Bank is expected to maintain rates at the same level.
We expect (Monetary Policy Committee members) to indicate their desire for further disinflation to justify keeping policy on hold in this month. Analysts at ANZ said that they will confirm the policy direction will remain towards further easing but the timing of the decision will depend on data.
CHINA DRAGS
The buoyant mood did not lead to a wider rally in Asia. MSCI's broadest Asia-Pacific share index outside Japan fluctuated between losses and gains, ending the last trade marginally 0.1% higher.
This was due to the sharp drop in Chinese stocks, as benchmark indexes on mainland China and Hong Kong fell dramatically just after opening.
Shanghai Composite Index closed 0.46% lower. Hong Kong's Hang Seng Index fell 1.5%.
Analysts said that there was no clear trigger for the move and attributed it as a result of some profit-taking following a rally in technology shares.
On Thursday, Beijing's benchmark lending rates remained unchanged for the fifth consecutive month, in line with market expectations.
On the domestic market, the yuan was little changed last time at 7,2307 dollars. The offshore counterpart was also stable at $7.2311 per dollar.
Data from Australia showed that employment fell unexpectedly in February, ending a period of strong gains. However, the unemployment rate remained low.
The Aussie dropped in response to weaker than expected employment data and traded at $0.6341, 0.27% lower.
Data released on Thursday also showed that New Zealand's fourth-quarter economy grew faster and stronger than expected, pulling the country out of recession. However, the improvement will not change the planned cash rate reductions by the central bank.
The New Zealand Dollar was down last by 0.34% to $0.5797.
Oil prices rose in commodities due to the escalation in tensions in Middle East.
Brent crude futures increased 0.5% to $71.13 a barrel, while U.S. West Texas Intermediate (WTI), gained 0.36% per barrel to $67.40.
(source: Reuters)