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Trump is ready to launch a second phase of sanctions against Russia over the Ukraine conflict
Donald Trump, U.S. president, said Sunday that he was ready to move into a second phase in sanctioning Russia. This is the closest he's come to implying he might be about to ramp up sanctions against Moscow and its oil purchasers over the war with Ukraine. Trump has repeatedly warned Moscow of further sanctions, but he withheld them while pursuing peace talks. Trump did not commit to a decision, nor did he specify what the second phase would entail. When asked by a White House reporter if he was ready to move on to the "second phase" of sanctions, Trump replied, "Yeah. I am." He didn't elaborate. Trump is frustrated at his inability, after taking office in January, to quickly end the conflict in Ukraine. The White House didn't immediately respond to a Sunday email seeking comments about the steps Trump is considering. The exchange followed Trump's Wednesday comments defending his actions against Russia, which included imposing punitive duties on India's exports to the U.S. last month. India is the largest buyer of Russia’s energy exports. Western buyers, however, have reduced their purchases in response to war. Trump stated on Wednesday that "that cost Russia hundreds of billions" of dollars. "You call this no action?" "You call that no action?" Treasury Secretary Scott Bessent stated on Sunday that both the U.S. & the European Union can impose "secondary tariffs" on countries who buy Russian oil, pushing the Russian economy into a state of crisis and forcing Russian President Vladimir Putin at the negotiation table. China is the largest buyer of Russian energy.
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OPEC+ agrees to increase oil production from October in order to gain market share
OPEC+ agreed to increase oil production in October, as Saudi Arabia tries to regain its market share. However, the pace will be slower than previous months because of an expected weakening of demand worldwide. OPEC+ increased production in April, after years of cutting to support the oil markets. But the decision on Sunday to boost output further came as a shock amid a possible looming oil surplus during the winter months in the Northern Hemisphere. In a Sunday online meeting, eight members of OPEC+ decided to increase production by 137,000 barrels a day from October, according to OPEC+. This is a much smaller increase than the monthly increases that were about 555,000 bpd between September and August, and 411,000 bpd between July and June. Eight members of OPEC+ have begun unwinding a second tranche, which amounts to about 1,65 million bpd. This is more than a calendar year ahead of schedule. The group has already unwound its first tranche of 2,5 million bpd, which is equivalent to 2.4 percent of the global demand. The barrels are small but they send a powerful message, said Jorge Leon, an analyst at Rystad who is a former OPEC representative. The increase in barrels is not about volume but more about signalling – OPEC+ wants to gain market share, even if that means softer prices. Leon says that OPEC+ (made up of the Organization of the Petroleum Exporting Countries, Russia, and other allies) found it easy when the demand grew in the summer. But the real test comes in the fourth quarter, with the expected slowing of demand. OPEC+ stated that it had the option to increase, pause, or reverse increases at future meetings. The next meeting between the eight countries is scheduled for October 5. NEW CAPACITY Saudi Arabia's efforts to punish overproducing members like Kazakhstan and the United Arab Emirates for building new capacity have also contributed to the increase in OPEC output this year. In an effort to fulfill his promise made during the election to lower domestic gasoline prices, Donald Trump pressured the group earlier this year to increase production. As a result of the increased production, oil prices have fallen by around 15% this year. This has pushed oil company profits to their lowest level since the pandemic. The oil price has not fallen, but is still trading around $65 per barrel. This is due to the sanctions imposed by the West on Russia and Iran. This has encouraged OPEC+ producers to increase their output. OPEC+ has not met its pledged increases because the majority of members are operating at near-capacity. Analysts and data show that only Saudi Arabia and United Arab Emirates can add more barrels to the market. OPEC+ already had two levels of cuts in place before the Sunday agreement - the 1,65 million bpd reduction by the eight member countries, and a second 2 million bpd reduction by the entire group until 2026. (Additional reporting from Olesya Astakhova and Maha el Dhan; editing by Nick Zieminski, David Holmes and David Holmes).
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Stellantis CEO asks EU to support the car sector
In order to protect the automotive industry, the new CEO of Stellantis, a carmaker in Greece, has called on the European Union (EU) to be flexible when it comes to the transition to electric cars. "A strategic dialog is important, but it's now vital to act urgently." Antonio Filosa became CEO of Stellantis in June. On September 12, European Commission President Ursula von der Leyen will host executives from the automotive industry to discuss the future. The sector is under threat due to the Chinese competition with electric vehicles, and U.S. Tariffs. Filosa is the head of Fiat, Alfa Romeo and Peugeot brands. Chrysler, Jeep and Opel are also part of the group. Filosa has called on the European Commission (EC) to encourage the sale of hybrid cars to reduce the average age of the vehicles on the roads. In a joint interview, he told Italy's Il Sole 24 Ore as well as France's Les Echos that a European policy encouraging the replacement of older vehicles with new ones and a wider range of powertrains could have a greater effect on global CO2 emission than an annual new car market. Filosa stated that the Light Commercial Vehicles sector is facing an urgent situation and suggested that the CO2 emission period for this category should be increased to five years, from three. As he reviewed the brand portfolio, he also tried to dispel speculation that Stellantis might seek a buyer of Maserati. He said: "I would like to be clear that Maserati was not for sale. We need to know which products we should develop and what long-term strategies to adopt for our iconic brand."
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Daniel Craig reprises his role as Benoit Blanc, the detective in "Wake Up Dead Man: a Knives Out Mystery"
In "Wake Up Dead Man, A Knives Out Mystery", the third installment of the franchise, Daniel Craig's charismatic and sharply dressed Benoit Blanc is back to solve yet another murder case. It's dark, big and fun. The latest installment of the Whodunit genre from writer-director Rian Johnston takes place in a small town church in Upstate New York, with a more grounded tone. Johnson said on the red carpet before the Toronto International Film Festival premiere that they were trying to "do something different every time". "The first was a cozy mystery. The second was a broad, kind of vacation comedy mystery. "This one has a darker tone and is more gothic, but it's still fun," said he. Craig couldn't be more in agreement. "It is a departure. It's an entirely different movie. "But it's still Benoit blanc mystery", the former James Bond actor said. The ensemble cast includes Josh O'Connor (left), Glenn Close (right), Josh Brolin (center), Mila Kunis (right), Jeremy Renner and Kerry Washington. Also included are Andrew Scott, Cailee Spaeny, Daryl McCormack, Thomas Haden Church, and Andrew Scott. O'Connor was awash with praise for Johnson who he called his "idol". He said that Johnson was a "genius writer and director". The young British actor who played Prince Charles on the TV show "The Crown" received the most applause for his performance of a young priest following the premiere. Spaeny said that she was grateful to have the chance to play a cellist and enjoyed every moment on the set. The American actress, who learned the cello in preparation for her part, stars in her first comedy. She said, "It felt like we weren't being paid for this work." Craig also praised the cast for their "bubbly" nature. He said, "We have been extremely lucky in the entire series. We nailed it once again." The film will be released in limited theaters on November 26, before being streamed on Netflix starting December 12. (Reporting from Bhargav Asharya in Toronto, Editing by Caroline Stauffer & William Mallard
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China's central banks buys gold for the 10th consecutive month in August
China's central banks added gold to their reserves in August, continuing purchases for a 10th consecutive month, according to official data released on Sunday. Gold, traditionally viewed as a safe asset in times of uncertainty, is up 35% on the year. It reached a record-high last week amid strong demand for investments and purchases from central banks, including those in China. China's gold reserves increased to 74.02 millions fine troy-ounces by the end August from 73.96 at the end July. According to the data released by the Central Bank, they were valued at 253.84 billion dollars, an increase from $243.99 at the end the previous month. The People's Bank of China, which is the head of research for online marketplace BullionVault, said that while China's gold purchasing has slowed down in 2025, it has increased its bullion reserve at prices ever higher. Beijing's continued accumulation of gold is a signal that it has faith in the metal as a reserve for long-term. This also boosts the confidence of China's investors and private households in gold. The demand for gold was low in the world's biggest producer and consumer this week due to the high price. Dealers offered discounts above the global benchmark, to lure buyers. (Reporting from Amy Lv and Polina Devitt in London for the Beijing Newsroom. Editing by Clarence Fernandez.)
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After a four-day search, a Canadian soldier is found dead in Latvia
The Canadian military announced on Saturday that a member of the Canadian Armed Forces who was reported missing earlier this week in Latvia has been found deceased. The body of Warrant Officer George Hohl was discovered on Friday, after he disappeared on Tuesday, in the Baltic country where Canada has troops stationed as part a multinational brigade. Hohl worked as a Vehicle Technologist for the 408 Tactical Helicopter Squadron, based in Edmonton (Alberta). He was serving with the Aviation Battalion of NATO's Multinational Brigade - Latvia when he disappeared near the Adazi base. The Canadian Forces Military Police is assisting Latvian authorities to investigate the circumstances surrounding Hohl’s death. Officials have stated that "there are no indications this incident poses a greater threat to the safety and security of our deployed members." Jennie Carignan, Chief of Defence Staff and General Jennie Carignan, said that the loss was devastating to the entire Canadian Armed Forces. She added that Hohl will be remembered for his dedication. The warrant officer has served in multiple deployments, including disaster relief operations at home and tours with Operation REASSURANCE (Canada's contribution to NATO’s enhanced forward presence established after Russia's 2014 annexation Crimea). Operation REASSURANCE is a rotation of approximately 2,200 Canadians in the Baltic State. According to a statement from the Canadian military, an investigation is underway into Hohl’s death. (Reporting and editing by Nick Zieminski in Washington)
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Ukraine drones hit training centre at Zaporizhzhia nuclear plant, Russian management says
The Russian-installed management of the Russia-held nuclear plant in Ukraine announced on Saturday that Ukrainian drones had hit the roof at the Zaporizhzhia training centre. There was no damage to the building and there was no radiation increase. In a Telegram message, the administration stated that the strike took place about 300 meters (984 feet) away from a nuclear reactor. The statement stated that "This centre is unique - it houses the only full scale simulator of a nuclear reactor hall in the world, which is crucial for staff training." Although the station is Europe's largest nuclear power plant, with six reactors and no power, it still needs power to keep nuclear fuel cool. Administration officials said that the attack did not disrupt the operation of the plant. The administration stated that "operational safety limits have not been violated, and radiation levels are normal." Ukraine has not yet responded. We could not independently confirm the Russian report. In the early weeks of Russia’s invasion of Ukraine in February 2022, Russian forces captured the Zaporizhzhia nuclear plant. Both sides accuse the other of triggering a nuclear disaster by firing weapons or other actions. Reporting by Lidia Kelley in Melbourne
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Sources say that OPEC+ is likely to agree on a further increase in oil production on Sunday.
OPEC+ sources stated on Saturday that eight OPEC+ nations will likely increase oil production on Sunday, but they may add less oil in October than recent months due to the slowdown of global demand with the end driving season. OPEC+ reversed its April strategy of production cuts and has already increased quotas to about 2,4 million barrels a day (about 2.4% of the world's demand) to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices. These increases, however, have not had a significant impact on oil prices. They are currently trading at $66 per barrel, supported by Western sanctions against Russia and Iran. This encourages rivals like the United States to increase production. OPEC+ would start to unravel a second layer, averaging about 1.65 millions bpd. This would be more than a full year ahead of schedule. Two sources told me on Saturday that the focus of talks is to gradually unwind this entire cut, in monthly increments. On Sunday, 1230 GMT eight OPEC+ member countries will hold a virtual meeting. The focus of the discussion is likely to be October's output. An OPEC+ official said that the countries could increase their output by 135,000 bpd in October. Another said it might be closer to 200,000-350,000 bpd. The eight members increased production for September by 547,000 bpd at their last August meeting, giving a total of 2.5 million bpd increase for the entire year. This included an additional 300,000 bpd production allocation for the UAE. OPEC's headquarters and Saudi Arabian authorities did not respond to Wednesday's requests for comments. OPEC+ is the Organization of Petroleum Exporting Countries plus Russia, and other allies. Brent crude futures closed at $65.50 a bar on Friday, down by 2.2%. This was due to a disappointing U.S. employment report and the expectation of a production increase from OPEC+. It is still up since a low in 2025 of around $58 per barrel in April. Analysts have stated that sanctions and the fact that OPEC+ has not met its pledged amount have supported prices. OPEC+ has been reducing production to support the oil price for several years. The group has committed to a further 2 million bpd in cuts until 2026. (Reporting and editing by Alexandra Hudson, Olesya Almakhova, Alex Lawler Ahmad Ghaddar, Dmitry Zhdannikov)
As focus shifts from Asian currencies, stocks drift and the dollar stabilizes
Investors re-emphasised concerns over U.S. trade tariffs, and their impact on the economy.
These fears, combined with the pledges of key oil producers to increase supply, kept crude prices near their four-year-lows.
After the Taiwan dollar surged in recent sessions, the focus has shifted in Asia to currencies. This has stoked rumors that a regional revaluation was in the works to gain U.S. concessions on trade.
The rally has suggested that a major unwinding of the economy is underway. It also sheds light on a single economy, where years with large trade surpluses built up large dollar long positions for exporters and insurance companies. These positions are now being questioned and put on edge.
On Tuesday, the heat was turned up on Hong Kong. The de facto central banks bought $7.8 Billion to prevent the local currency strengthening and breaking the peg with the greenback.
Charu Chanana is the chief investment strategist of Saxo Singapore. She said that Asian FX was where it's at today.
If these currencies continue to strengthen sharply, this could cause fears of a "reverse Asian currency crises", with possible ripple effects on the bond market, amid fears that Asian Institutions reassess unhedged Treasury holdings.
China's Yuan has strengthened on the mainland to its highest rate since March 20, at 7.23 dollars.
In early trading on February 2, the Taiwan dollar reached 30 to the dollar, which was not far off from its near three-year peak of 29,59 that it had touched on Monday. It also grew by 8% in two days.
The MSCI broadest Asia-Pacific share index outside Japan fell by 0.2% with Japan on holiday. Taiwan stocks slipped 0.3%.
The blue-chip index opened slightly higher after the Chinese markets returned from their holiday. Hong Kong's Hang Seng fell 0.2%.
Investors have been focused on the possibility that trade tensions could be eased between the U.S.
Investors are left to try and make sense of headlines from the White House, but with little information.
Donald Trump, the U.S. president, said on Sunday Washington was meeting with many nations, including China. His main priority in dealing with China is to get a fair deal.
Trump also imposed a 100% tariff Monday on movies produced outside of the United States, but provided little clarity about how the levies will be implemented.
Saxo's Chanana says tariff headlines drive the market more than anything else. The tactical risk-reward ratio could still tilt to the upside if hard data continues to hold up and sentiment is buoyed by trade deal hopes.
Data released on Monday revealed that the U.S. service sector grew in April. Meanwhile, a measure of the prices businesses paid for goods and services soared to its highest level in over two years. This indicates a rise in inflation pressures caused by tariffs.
The Federal Reserve will announce its policy on Wednesday. It is expected that the central bank will keep interest rates unchanged, but the focus of attention will be how policymakers navigate a path characterized by tariffs.
The markets are looking for confirmation that the Fed will cut rates in response to any tariff-induced price shock, as it is already priced into the markets. This was stated by Kyle Rodda senior financial market analyst at Capital.com.
LSEG data revealed that traders are pricing 75 basis points in easing for this year, with the first move possible in July.
Oil prices, which had hit four-year lows the previous session due to OPEC+'s decision to increase output, were stable on Tuesday.
The gold price reached a new high in a week due to the demand for safe havens.
(source: Reuters)