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Sources: U.S. Treasury rejects Xtellus' bid for Lukoil Assets
Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine. Over a dozen companies bid on the assets of?Lukoil, valued at approximately $22 billion. Assets include upstream oil and gas projects, refining, and more than 2,00 filling stations in Europe, Central Asia and the Middle East. Sources said that Xtellus offered to arrange a swap between Lukoil securities owned by U.S. shareholders and the Russian?company’s global assets in exchange for a cashless transaction. Sources said that Lukoil preferred the Xtellus offer, but execution was difficult. Xtellus advises bid partners Todd Boehly, an American billionaire, and Allied Investment Partners of Emirati investors. U.S. investment fund owners have large amounts of Lukoil stock that was frozen and written off?after Russia’s invasion of Ukraine in 2022, resulting in a loss of?billions? of dollars. The plan was to sell the assets and then pay investors. The U.S. last week extended the deadline to negotiate with Lukoil until January 17. Reporting by Jarrett Renshaw and David Gauthier Villars, Writing by Dmitry Zhdannikov, Editing by Tomasz and David Goodman
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Gold gains are reduced as peace talks with Ukraine progress. US jobs data is also being watched.
Spot gold pared gains made earlier on Monday, despite progress in crucial talks between U.S. officials &?Ukrainian President Volodymyr?Zelenskiy to end the war. Traders awaited important U.S. employment data. Spot gold was steady at $4,295.20 per ounce as of 12:16 pm. ET (17:16 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures dropped 0.1% to $4325.60 per ounce. Jim Wyckoff, senior analyst at Kitco Metals, says that the progress in Russia-Ukraine talks appears to be dampening demand for safe-haven gold. He also added that the gold market is under pressure due to profit-taking, and a week-long liquidation of some traders who have bought?futures in the past. Steve Witkoff, the U.S. Special Envoy to Ukraine, said that "a lot of progress has been made in Ukraine discussions," while an official from the U.S. told reporters that both sides are moving closer to reducing differences between Russia and Ukraine. The Federal Reserve will release its non-farm payrolls and retail data on Tuesday. This report should provide traders with more information on the Federal Reserve’s policy direction. According to CME FedWatch Tool, the markets are pricing in 78% of a rate reduction in January 2026. Gold is traditionally seen as a safe haven asset. It tends to do well in times of geopolitical or economic uncertainty. Silver spot rose 2.2%, to $63.39 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. Silver is the most popular precious metal. Bob Haberkorn, senior market strategist at RJO Futures, said that by year's end we will be trading above $65 and could even see $70 early in quarter one of?next years. The spot price of?platinum rose 2.6% to reach $1,789.80. This is the highest since September 2011. Palladium also reached a new high with a?5% increase to $1.569.68 an ounce. Nornickel of Russia, the largest palladium producer in the world, stated that the market for palladium could be deficient by 0.2 million ounces, including investment demand.
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Italy's Competition Authority drops investigation into Eni Plenitude
The Italian Competition Authority (AGCM), in its weekly bulletin, announced that it had closed the investigation into alleged unfair commercial practices involving Eni's Plenitude unit. Eni's retail and renewable business was investigated in the investigation launched in March. The authority stated that between May and September 2024, customers complained about their contracts for electricity and gas being renewed without any prior notice and with new terms and conditions. The Italian competition watchdog also enforces consumer rights. The AGCM bulletin stated that Eni would intensify its efforts to alert customers to changes in terms and conditions and compensate those who have suffered a loss. The regulator stated that approximately 90,000-110,000 Eni customers would be eligible for compensation at a cost of?2-6?million euro ($2.35-7.05million). The agency concluded that "the commitments proposed by Eni?Plenitude (...) will be suitable to remedy the potential illegality (of the commercial practice in March)". Reporting by Alvise Armell, Editing by Gavin Jones. $1 = 0.8511 euro
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Health ministry reports that Israeli forces killed a Palestinian teenager in West Bank.
According to the Palestinian Health Ministry, an Israeli soldier shot and killed a 16-year old Palestinian on Monday during a raid in Tuqu', marking the latest in a spate of violence in Israel-occupied West Bank. According to a report from the Palestinian state news agency WAFA, the boy was shot when?Israeli militay forces gathered late Monday in the town centre and started firing "indiscriminately". According to the report, the military fired a live bullet into the chest of the Ammar Yaser Sabah. The report said that he was taken to hospital, but sadly he did not survive. The Israeli military did not respond immediately to a comment request. Since the beginning of the Gaza war, in October 2023, violence has increased in the West Bank. Israeli settler attacks against Palestinians are on the rise, and the military is tightening restrictions on movement. According to the United Nations, more than a thousand Palestinians were killed in the West Bank from October 7, 2023 until November 14, 2025. In the West Bank, 59 Israelis were killed over the same time period. According to official Palestinian statistics, 53 Palestinian minors were killed by Israeli forces this year in the West Bank. The West Bank is home for 2.7 million Palestinians, who enjoy limited autonomy under Israeli military occupation. There are hundreds of thousands of Israelis who have settled in the West Bank. Many world powers consider Israel's settlements, on land it gained in a war of 1967, illegal. Numerous U.N. Security Council Resolutions have also called for Israel to cease all settlement activities. Israel denies that the settlements are illegal, citing historical and biblical connections with the land. Israeli forces have cleared refugee camps and forced thousands of Palestinians to leave their homes. They are also maintaining a presence in some West Bank cities that they've had for decades. Human Rights Watch accused Israel of war crimes in November, and crimes against mankind for what it called forced expulsions from the West Bank. Israel denies that it has committed such crimes. Reporting by Ali Sawafta, Pesha Magd and Aidan Lewis; writing by Pesha Magd. Editing by Aidan Lewis.
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Official: White House to continue 'historic' deals with mining sector
A senior official revealed on Monday that the Trump administration is planning to make more "historical deals" with U.S. mines in order to increase?production and supply of minerals critical for national defense, high-tech, and other sectors. The administration acquired equity stakes earlier this year in MP Materials Lithium Americas, and Trilogy Metals. These transactions were made as part of President Donald Trump’s efforts to increase domestic production and use of minerals for the national defense. Jarrod Agen is executive director of White House National Energy Dominance Council. He said that the U.S. should be able to control its own destiny, especially when it comes to the supply chain and critical minerals. "We have set a good pace, but it is only the first year." Korea Zinc announced on Monday that it would build the first U.S. mineral refinery in many years with Washington's financial assistance. Agen said at a conference on critical'minerals' hosted by the Center of Strategic and International Studies (CSIS) in Washington D.C., "You will see historic deals in the area of critical minerals throughout this administration, as well as historic partnerships with private sector companies, which will lead to a real revitalization in mining in the United States." The remarks were broadcast on the web. Agen, a former employee of?defense contractor Lockheed Martin who has held various roles, stated that Trump wants to "jumpstart' mining projects in Alaska as well as in Arizona where Rio Tinto BHP plan to build the largest copper mine in the world.
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Gold prices rise on expectations of rate cuts and a weaker dollar ahead of US employment data
Spot gold hovered near a seven-week high on Monday, buoyed by a weaker dollar and expectations of U.S. rate cuts before the release of important jobs data. Silver held below its record high set on Friday. By 10:21 am, spot gold had risen 0.4% to $4.321.25 per ounce. ET (1521 GMT), following a rise of more than 1% in the earlier session. U.S. Gold Futures increased?0.6% at $4,352.90 per ounce. Dollars are nearing a two-month-low, which makes greenback-priced gold?more appealing for overseas buyers. Tomorrow, the U.S. Non-Farm Payrolls Report and Retail Data will be released. Traders will examine these data to get a better idea of Federal Reserve policy. Bob Haberkorn, senior market strategist at RJO Futures, said that traders are attempting to get ahead of the Fed. They expect the data to be better than expected and the Fed will be more likely to continue to cut rates. In a low-interest rate environment, gold, which is a nonyielding investment, thrives. Last week, the Fed delivered its third and final quarter-percentage-point rate cut of the year, while signaling a pause on further easing until more data emerges. According to CME FedWatch Tool, the markets are pricing in two rate cuts next year with a 73% probability of a move by January 2026. Spot silver increased 2.6% to $63.64 after hitting a record high of $64.65 last Friday. It is still within striking distance of the historic $65/oz mark. The metal has grown 120% in the past year. Silver is the most popular precious metal. Haberkorn said that by the end of this year, silver will be trading at $65 or more. He added that he could even see $70 as early as quarter one of next year. Spot platinum rose 2.8% to $1.793.69 and reached its highest level since Sept.?2011. Palladium also hit a new two-month high with a 5.2% increase to $1.564.25 an ounce. Nornickel, world's biggest palladium producer said in a review of the metals market that the palladium industry could experience a deficit this year, including investment demand.
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India's proposed landmark nuclear law would end the state monopoly on nuclear power and allow private sector operators
India took steps on Monday to end decades-long state control of nuclear power by introducing a bill into parliament that would allow for private companies to 'build and operate' plants. The government is aiming to make atomic energy central to its push to promote clean energy. If the government selects foreign companies to form a joint venture, they can apply for a license. Since 1969, when India's first reactor was put online, the sector has been closely guarded. This is due to Cold War politics and restrictions on fuel technology after its 1974 test. The state-run Nuclear Power Corporation of India Ltd (NPCIL), which owns and operates India’s current nuclear power plants, reported last year that India was looking to invite domestic private companies such as Tata Power Adani Power and Reliance Industries?to invest around $26 billion?into the sector. The new bill must be approved by both the lower and upper houses of the parliament in order to become law. It would allow anyone "expressly allowed by the central government to apply for a license to enter the nuclear industry". This is a significant change from the past, when only state-owned companies were able to operate reactors. In the next 20 years, the world's third largest emitter of greenhouse gases plans to increase nuclear power to 100 gigawatts. This is more than 12 times its current capacity of 8.2 GW. The Sustainable Harnessing and Advancement of Nuclear Power for Transforming India Bill, 2025, eliminates a rule that allowed operators to sue their suppliers for defective equipment, something foreign suppliers have been against for years. General Electric Co., Westinghouse Electric Co. and France's EDF are all foreign suppliers. The bill retains compensation caps at the previous levels, doubles operator liability for large reactors up to 30 billion rupees (US$330.75m), and proposes an accident fund in line with international norms. According to the bill, private firms will be allowed import and process Uranium. The government will continue to control strategic activities like uranium mines, nuclear fuel enrichment, and fuel reprocessing. All operators must have licenses. $1 = 90.7020 Indian Rupees (Reporting and editing by Susan Fenton; Sarita Chaganti, Singh)
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Minister: JSW in Poland needs more than $830 million just to stay afloat.
The state assets minister said on Monday that the Polish coking coal company JSW needed 3 billion zlotys (US$834 million) in liquidity to continue operating next year. JSW, Europe's largest coking coal producer, is impacted by falling prices and rising wages. It has developed a restructuring strategy. Jakub Skopek, an analyst at Erste, estimates that the plan will save millions of zlotys in wages. The state-controlled firm?has already reduced investments?and used almost all of its Rainy Day Fund, which has shrunk in size from 5 billion zlotys by the end of 2022 down to 100 million zlotys around October. JSW posted a net loss of 796.3 millions zlotys in the third quarter. This is a significant increase from 315.3 million zlotys a year ago. The restructuring plan for JSW has been completed. Wojciech Balczun, a reporter at the company, said that they are in intensive negotiations to secure financing on the international market. "Market responsiveness?is high. We are also negotiating with the Restructuring Fund for a loan. JSW requires almost 3 billion zlotys in order to maintain its liquidity over the next 12 months."
Stocks gain from Fed cuts; dollar stable
Investors piled into technology stocks on Tuesday, despite concerns that the sector was overheating.
Investors believe that the AI-fueled tech boom will continue.
MSCI's All-World Index rose for a 3rd day, lifting it off the two-month-lows of last week. Shares in Europe increased by 0.2%, and U.S. Stock Index Futures were either unchanged or slightly higher, after Monday's rally.
RATE CUTTING BETS - RISING RATE
The yield on 10-year Treasury Notes dropped nearly one basis point to 4.03%. Two-year yields, which are usually in line with traders’ expectations of lower Fed Fund rates, were stable at 3.49% in Europe after dropping 2.5 basis in the previous session.
After Fed Governor Christopher Waller stated on Monday that data available indicated that the U.S. employment market was still weak enough to warrant a further quarter-point reduction, the prospect of an interest rate cut in the United States is increasing. His comments followed those made by New York Fed president John Williams who said late Friday night that a rate cut could be possible in December.
According to CME's FedWatch Tool the markets are now pricing in an 81% chance that a quarter point cut will be made next month. This is up from 42.4% one week ago. The U.S. Central Bank meets on December 9-10.
Investors will have the opportunity to review delayed data about retail sales, wholesale prices, consumer confidence and home prices on Tuesday. However, these numbers may not be significant in determining what the Fed does next month.
Dollar's impact has been limited by the recent shift in expectations regarding interest rates. The dollar has gained this month against all major currencies except for the offshore Chinese Yuan, which is up around 0.5%.
This suggests to me that the FX markets remain in a mindset to trade on growth differentials above anything else. With the U.S. Economy outperforming its peers and likely to continue to do so until 2026, it bodes well moving forward," Pepperstone Senior Research Strategist Michael Brown said.
Tensions over Japan
The dollar is gaining against the Japanese yen. It's at its lowest level in 10 months, and officials in Tokyo are worried about intervening to help it.
The dollar fell 0.3% in the last hour of trading at 156.43 after gaining 1.6% during November. The euro rose 0.1% to $1.1528.
The ongoing dispute between Tokyo and Beijing is adding to the tensions around Japanese markets. This was over comments made by Japan's prime minister Sanae Takaichi in November, stating that a Chinese invasion of Taiwan would trigger a Japanese response.
Takaichi spoke with Donald Trump on Tuesday after his Monday call with Chinese President Xi Jinping. She claimed that Trump had explained U.S. China relations to her.
Trump announced on Monday that he will travel to Beijing in early April. This was interpreted as another sign of the improvement in diplomatic and political ties between China and the United States following their truce with respect to trade.
The U.S. bond and stock markets will close on Thanksgiving Day, Thursday. They will reopen on Friday for a half-day.
ALPHABET HEADS FOR $4 TRILLION
Alphabet's shares rose another 4% during premarket trading following a report by The Information that Facebook parent Meta was in talks with the company about using its AI chips in data centres starting in 2027, and renting chips for next year.
Brent crude futures dropped 0.4% to $63.14 per barrel on concerns that global supplies could increase significantly relative to demand in the next year. Gold fell 0.1%, to $4,135 per ounce. However, it was still on track for a gain of nearly 3% in November. (Reporting and editing by Scott Murdoch, Amanda Cooper and Frances Kerry.
(source: Reuters)