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Stocks mixed; yields rise before US jobs report, defense shares gain
The major?stock indices were mixed on Thursday, and Treasury yields increased ahead of the key?U.S. Jobs report was mixed, but defense shares rose amid President Donald Trump's plans for a $1.5 trillion budget. The aerospace and defense index reached a record high. European defense shares also hit a new all-time high. Investors also watched developments in Venezuela, which led to a rise in oil prices. The U.S. forces captured Venezuelan president Nicolas Maduro over the weekend. Tuesday, the White House announced that Trump had also discussed options to acquire Greenland. "The defense budget is growing, if not increasing." Joe Saluzzi is a partner and cofounder of Themis Trading. "You're getting more pressure from administration to do certain things, but investors don't appear to care at this point," he said. The number of Americans who applied for unemployment benefits increased moderately in the last week. This suggests that layoffs will be relatively low by the year 2025. However, the demand for labor is still sluggish. The Federal Reserve is expected to cut rates at least twice this year, despite the fact that a divided Federal Reserve indicated in December that there would only be one rate cut in 2026. At its meeting in this month, the Fed is expected keep rates unchanged. The U.S. Employment report for December, which is due on Friday, will be crucial. The Dow Jones Industrial Average rose by 270.03 or 0.55% to 49,266.11, while the S&P 500 gained 0.53 or 0.01% to 6,921.46. Meanwhile, the Nasdaq Composite dropped 104.26 or 0.44% to 23,480.02. The MSCI index of stocks around the world fell by 2.22 points or 0.22% to 1,029.26. The pan-European STOXX 600 fell by 0.19%. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) rose by 0.18%, reaching 98.90. The dollar-euro exchange rate was on the verge of its eighth consecutive drop. The yield on benchmark U.S. 10 year notes increased 4.5 basis points from late Wednesday to 4,183%. Venezuela's defaulted bonds finally cooled down after their near 40% surge following the weekend's event fuelled investor hope for a massively complicated debt restructuring. U.S. crude rose by 1.8%, to $57.00 per barrel. Brent increased to $61.13 a barrel. This is a 1.95% increase on the day. Gold prices were almost flat. After?two consecutive days of declines in oil prices, they settled at a high of two weeks. Brent futures gained $2.03 or 3.4% to settle at $61.99 a barrel. U.S. West Texas Intermediate crude (WTI), however, rose $1.77 or 3.2% to settle at $57.76.
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Bessent: The largest oil companies in Venezuela are likely to slow down their pace of expansion
Scott Bessent, U.S. Treasury secretary, said that the largest oil companies will likely move more slowly in making investments in Venezuela. Independent oil companies or "wildcatters" are more likely to move quickly. Bessent, who made his most comprehensive remarks since U.S. troops removed Venezuelan President Nicolas Maduro, refuted the notion that oil companies are reluctant to invest. He said that his phone was ringing from small firms wanting to "get to Venezuela today." He said to the Economic Club of Minnesota that smaller firms were different than majors such as Chevron, and other multinational corporations, which faced more bureaucracy. "When you write your own check, it is possible... for some boards, it's an important strategic shift." Chevron, despite its size, was still "at or near the top of the pack" despite its years in Venezuela. He claimed to have been in frequent contact with Chevron CEO Mike Wirth over the last year regarding sanctions related to Venezuela. Bessent said, in a speech to the Economic Club of Minnesota that Treasury's role was to remove sanctions from various entities in Venezuela while imposing new ones on others. Bessent added that Treasury would oversee the disbursement back into Venezuela under the directives of President Donald Trump, Secretary of State Marco Rubio. He said that the funds would help feed Venezuelans, pay the police and maintain the Venezuelan economy. He added, "We are the bankers and we do not direct the funds." Bessent stated that the goal of the mission was to "stabilize" the situation in order to avoid chaos. "For the moment, we would like to stabilize the existing structure, and then move on, but it's not up to me to decide." Treasury will play a role in ensuring that the funds are directed to the right place, he explained. He said that the goal was to prevent the destruction of the entire bureaucracy, as it happened in Iraq. This resulted thousands and thousands losing their jobs. Bessent: "We are trying to avoid this." Reporting by David Lawder, Andrea Shalal and Chris Reese; editing by Chizu Nomiyama and Chris Reese
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Chevron is competing with rivals to sell Venezuelan oil, according to sources
Sources in the industry said that U.S. oil giant Chevron, global trading house Vitol, and other oil traders and producers are vying for deals to export Venezuelan crude as part of their discussions with U.S. officials about licenses to do business with Venezuela. Sources in the industry said that the companies were lobbying hard to get a piece of future oil exports by the South American producer following the capture of Nicolas Maduro by the U.S. Sources told us on Wednesday that Chevron is the only foreign company currently authorized to export Venezuelan crude oil to the U.S. The U.S. imposed restrictions on the company last year. Chevron now wants Washington's permission to extend its license to operate in Venezuela. Sources said that as part of its request, Chevron is proposing an increase in crude exports through?its joint-ventures to be sold to third parties and to also trade at least a small portion of PDVSA, the state-run oil company's output. Chevron and PDVSA had signed a large deal in late 2022 that allowed them to expand their business in Venezuela. This enabled Chevron to collect billions of dollars in debt. License restrictions, however, have reduced its Venezuelan crude exports to 100,000 bpd by December. Sources requested anonymity to discuss confidential information. Chevron and PDVSA didn't immediately respond to requests for comments. PDVSA said on Wednesday that the negotiations for the oil supply agreement with the U.S. are progressing. The White House did not immediately respond to our request for comment. Sources told?that Swiss commodities traders Vitol and Trafigura will be at the White House on Friday to discuss marketing Venezuelan oil. Sources told?Earlier on Thursday that Vitol had received a preliminary special license from the U.S. government to begin negotiations for 18 months regarding Venezuelan oil. Vitol received a special preliminary license from the U.S. Government to begin negotiations for 18-months to import and export Venezuelan oil. Shariq Khan reported from New York, Marianna Pararaga reported from Houston and Jarrett Renshaw contributed additional reporting.
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Sources say that Harry Sargeant, a Trump supporter and oil baron, advises the US on Venezuela.
According to four sources with knowledge of the situation, Harry Sargeant III, a billionaire energy entrepreneur who is also a Republican donor and a member of his team, advises the Trump administration about how to engineer the return to Venezuela of American oil companies. Sargeant's involvement, a man with long-standing connections to Venezuela's petroleum industry, shows how the Trump administration relies on U.S. executives to guide it in the energy sector of the country following the dramatic U.S. operation last week that led to the arrest of Nicolas Maduro. As U.S. forces continue to seize?oil tanks?linked to Venezuela, Secretary of State Marco Rubio announced on Wednesday that the U.S. will refine and sell as much as 50 million barrels Venezuelan crude. He said: "We will handle the money in a manner that will benefit Venezuelans, and we will be able to control its disbursement." Sargeant has done business in Venezuela since the 1980s. His business interests are small compared to those of the U.S. oil giant Chevron. Sargeant has businesses that buy and sell asphalt made from heavy crude oil in Venezuela. He also invested in several oil fields in Venezuela. He has also had a long-standing relationship with Venezuelan senior officials, such as Maduro and Delcy Rodriquez, the interim president. Sargeant is well-connected to Donald Trump, the U.S. president. He often plays golf with him at Mar-a-Lago. One source familiar with the situation said that Sargeant met with senior Trump officials, including Department of Energy secretary Chris Wright, in Miami in recent days. Sources say that he has advised officials on the terms of contracts and the need to invest in Venezuela's oil infrastructure. He also discussed the need for investment with officials. Sargeant said in an interview that members of his staff, including his son Harry IV and Ali Rahman the executive, had been in talks with U.S. officials, but he did not say he was formally advising them. He said that he, like other oil executives urged the administration to work with Rodriguez instead of opposition leader Maria Machado. He said, "I believe Delcy, when the right time comes, will be willing to take the country into democracy and see free and fair elections." The White House has not commented on Sargeant's role. However, a senior official in the administration said that Trump "is exerting maximum leverage" with Venezuelan elements to ensure they work with the United States. This includes stopping illegal migration, stopping the drug flow, revitalizing the oil infrastructure and doing the right thing for the Venezuelans. The U.S. Department of Energy did not respond to an inquiry about Sargeant. Delcy Rodrigo and a spokesperson for the Venezuelan Government did not respond to an inquiry for comment. OIL MAN WORKING in TURBULENT COUNTRIES Sargeant was the former finance chair of the Florida Republican Party. According to records of campaign finance, his family and corporate entities have donated millions to Republicans over the past few years. Sargeant’s wife Deborah gave $285,000 between 2019 and 2020 to the Trump Victory Fund. Sargeant worked in the oil industry in some of the world's most turbulent political countries. Sargeant was contracted by the Pentagon to provide fuel to U.S. soldiers during the Iraq War. The Congressional Oversight Committee accused him in 2009 of overcharging the Pentagon for oil during the Iraq War. Sargeant denied these allegations, and in 2018, a Defense Department probe found "no fraud vulnerability" and determined that his company would be paid $40 million for the work it had done under government contracts in Iraq. GlobalOil Terminals was one of his companies that exported asphalt from Venezuela up until last spring, when the The U.S. Treasury Department has revoked the license of its company The move was part a campaign of pressure against Maduro, led by U.S. president Donald Trump whose first administration had imposed sanctions on Venezuelan crude oil. Energy magnate Carlos Slim is among several oil executives who are helping senior officials plan a list of projects that will revive Venezuela's oil industry and gas after decades of mismanagement and sanctions. This includes increasing oil supply to the United States. Two sources stated that foreign investment in infrastructure and other markets, as well as increasing oil supplies to the U.S. One of the sources stated that "there are very few people in the U.S. Government who have the expertise needed to manage this sector," referring to Venezuela. The person in question, as well as others quoted in this article, asked to remain anonymous when discussing internal administration decisions. Sargeant, a senior energy executive who has been in contact with Trump's administration for several days now, is influential in part because of his relationship. Sargeant said that he has "never talked to the President about Venezuelan oil" but could not independently verify this. RELATIONS WITH MADURO AND RODRIGUEZ Sargeant’s companies have worked with the Maduro Government and the PDVSA, the state-run oil corporation for many years. A company that is partially owned by Sargeant has sought to?outsource a Deal with the Government In 2017, it was reported exclusively that three oil fields would be rehabilitated. In 2024, after the lifting of certain U.S. sanctions Deal with PDVSA The equivalent of 570,000 barrels asphalt will be used in projects in the U.S. The Republican donor was also involved in outreach by the Trump administration to Venezuelan leaders. He helped to broker a special meeting in February 2025. Maduro and U.S. ambassador Richard Grenell Sargeant said that the two men discussed deporting migrants to Venezuela, releasing American prisoners, and extending a license for Chevron in the United States. The U.S. announced that Chevron would have its license extended. Chevron didn't immediately respond to an inquiry for comment regarding their licenses and Sargeant’s role. Sargeant, along with other oil executives who are close to the U.S. administration, have told the U.S. Government that Rodriguez is a more likely candidate to be the interim president. She could control the oil sector better and guarantee American oil companies access to the country than the opposition leader Maria Machado. Two sources claim that in their conversations with Rodriguez, U.S. government officials, including Secretary Marco Rubio, discussed the need for favorable contracts to allow American companies to return to Venezuela. They feared the legal and financial risks of investing there. It was not possible to determine if Rodriguez had committed to the request, or what exact terms she would offer American oil companies. One person who was familiar with the talks said that the administration is confident that Rodriguez will deliver. Sargeant stated that his team members in Venezuela had been in contact with Rodriguez ever since Maduro was captured. However, he had only exchanged a single text message to wish her luck in her new position. Erin Banco reported from New York; Sarah Kinosian from Mexico City; and Matt Spetalnick, Washington. Marianna Pararaga contributed additional reporting from Houston. Don Durfee, Michael Learmonth and Don Durfee edited the story.
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EU Antitrust Approves Merger Between Anglo American and Teck
According to an EU filing, the proposed merger between London-listed miner Anglo American and Canada's Teck Resources is headed for antitrust clearance in Europe after EU regulators indicated that there were no competition concerns. The EU's competition enforcer has reviewed the deal, which is?the second largest ever in the mining industry,? under a streamlined procedure, after the companies requested approval on Tuesday. This means that the EU watchdog is not concerned about a merger causing'significant competition problems.' It will only conduct a routine inspection. Commission's decision on deal to create the fifth largest copper company in the world will be made by February 10. Canada has already approved the deal. The Commission also assesses the 'deal' under its Foreign Subsidies Regulation, which aims to?restrict competition by?non EU companies that are subsidised by governments outside the EU. The decision must be made by February 3rd. Anglo American announced its proposed merger with Teck in September last year. (Reporting and editing by Matthew Lewis in Brussels, Foo Yunchee)
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UN chief Guterres regrets US withdrawal from certain UN entities
His spokesperson stated that the United Nations Secretary General Antonio Guterres regretted a U.S. withdrawal from dozens of U.N. bodies, and stressed that U.S. funding was mandatory for "a large number" of these organizations. U.S.?President Donald Trump announced on Wednesday that United States will withdraw from dozens international and U.N. organizations, including one that promotes gender equity and women's empowerment and another that is a U.N. entity, as they "operate against U.S. National Interests." Stephane Dujarric said that a "large number" (of the 31 U.N. organizations on the U.S. List) are funded from the regular U.N. Budget. He added that the U.N. had not received any notification in writing from the Trump administration. He said the U.S. listed treaty organizations it intends to withdraw from. This would require "official letters". Dujarric stated that "all United Nations entities" will continue to implement?their mandates, as determined by member states. "The United Nations is responsible for those who depend upon us." According to the assessments decided by the General Assembly, the United States pays the maximum of 22% to the U.N. budget. These payments are compulsory. Dujarric stated that the U.S. did not make any payments to the regular budget in 2013. Washington currently owes around $1.5 billion. Dujarric stated that "assessed contributions to the United Nations' regular budget and the peacekeeping budget?as approved?by the General Assembly?are a legal obligation?under the U.N. Charter for all member countries, including the United States". The regular budget, which is $3.45billion for 2026, includes work in political, humanitarian, economic, social, and communications affairs. Most contributions to the U.N. Most U.N. agencies, funds and programmes - like the World Food Programme or UNICEF for children - are voluntary. Trump said that the U.N. has "great potential", but it does not fulfill this. He wants to cut U.S. funding. Guterres, in March, launched UN80, a task force for reform that aims to reduce costs and increase efficiency.
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Trump and Congress act to lift the ban on mining in northern Minnesota imposed by Biden
According to documents and officials reviewed by, the Trump administration and U.S. Congress will launch a plan to reverse former president Joe Biden's ban on mining in northern Minnesota. This plan is intended to prevent future administrations taking similar measures. The Twin Metals project in Antofagasta, which is one of North America's biggest untapped reserves of these critical minerals, has been developing for the last year. The plan's details have never been revealed before. Trump has refocused on domestic mining projects in the United States, even though his administration continues to push for mineral access. Greenland Ukraine And elsewhere Minnesota's plan will almost certainly escalate tensions over where to obtain minerals vital for an electrified economy, and national security. Copper, nickel, and cobalt is used in the manufacture of electric vehicles, AI-data centers, windmills, weapons, and a variety of other devices. Omission of a record in the Congress Biden, in 2023, blocked mining for 20 years on 225 504 acres of the Superior National Forest, citing concerns about the environment and the belief that the economy would be better served by?recreational activities than mining. The ban on mining was not filed in the Congressional Record which tracks legislative actions and is an official 'notice to Congress', but rather the Federal Register which tracks executive branch actions. A 1976 law called the Federal Lands Policy and Management Act requires a president to inform Congress about public land orders that cover more than 5,000 acres. Trump's Interior Department has filed the notice with the Congressional Record in anticipation that Congress will reject it. Interior Department notified the U.S. House of Representatives earlier this week. The U.S. Senate's Vice President JDVance received the notice, which is currently being reviewed by the U.S. Senate Parliamentarian. The plan would be approved or rejected by Congress with a simple majoritiy within 60 days if it is approved by the parliamentarian. This vote is not subject to a 'filibuster. Minnesota Representative Pete Stauber (a Republican from northern Minnesota) plans to introduce legislation by Friday that will reject the mining prohibition. If Congress and Trump approve, which is expected in the Republican-controlled body, a future president could not replicate Biden's ban because of a provision in the 1996 Congressional Review Act. Mining Leases could be reissued Staffers in Congress said that the complex legislative plan was a result of congressional efforts to include this measure into Trump's "One Big Beautiful Bill" which was signed into law by Trump last July. We have industries in the United States that require these essential minerals. Stauber, also the chair of the U.S. House Subcommittee on Energy and Mineral Resources in Washington, said that we must not rely on supply from foreign enemies like China. The White House did not respond to a request for comment. The Trump administration will be free to reissue mining permits for Antofagasta in Chile, which has tried for decades to develop the mine on federally controlled land. The mine will still have to go through an environmental review and get permits. Stauber told him that the Trump administration has informed him they are working to reissue the leases. He did not provide any additional information. Antofagasta’s Twin Metals unit expects to regain the leases?in a short time frame but has not commented on the efforts to reverse the mining ban before legislation is introduced. Since 1996, the leases have been a political hot potato. Former President Barack Obama cancelled them before Trump reinstated in his first term. Biden then cancelled them again. The site has not been mined. TENSIONS - MINING AND OUTDOOR RECREATIONAL ACTIVITIES If built, the underground Twin Metals Mine would be a major source of nickel, cobalt, and copper in the United States. The only nickel mine in the United States is scheduled to close at the end of this decade. More than 150,000 outdoor enthusiasts visit the region each year. Many of them have long been concerned that a mine disaster would pollute rivers, and spread quickly through the Boundary Waters Canoe Area Wilderness' 1.1 million acres and onto the Great Lakes. Antofagasta is known for its commitment to protecting the environment. (Reporting and editing by Ernest Scheyder, Veronica Brown, Ni Williams)
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GLOBAL-MARKETS-Stocks edge down, yields rise ahead of US jobs report; defense shares gain
Treasury yields rose and major stock indexes remained mostly flat on Thursday, ahead of the key U.S. employment report due Friday. Meanwhile, shares in defense companies soared amid U.S. president Donald Trump's plans to spend $1.5 trillion on the military. The aerospace and defense index reached a record high. European defense shares have also reached a new peak. Investors also watched developments in Venezuela, which led to a rise in oil prices. The U.S. military captured Venezuelan president Nicolas Maduro over the weekend. The White House announced on Tuesday that Trump is also considering options to acquire Greenland. The number of Americans who filed new claims for unemployment benefits increased moderately in the last week. This suggests that layoffs will be relatively low by the year 2025. However, the demand for labor is still sluggish. The Federal Reserve is expected to cut rates at least twice this year. However, a divided Federal Reserve indicated in December that there would only be one rate cut in 2026. At its meeting in this month, the Fed is expected keep rates steady. The U.S. Employment report for December, which is due on Friday, will be crucial. Guy LeBas is the chief fixed income strategist for Janney Montgomery Scott, a Philadelphia-based firm. The Dow Jones Industrial Average fell 171.04 or 0.35% to?49167.35. The S&P 500 dropped 6.83 or 0.09% to 6,914.96. And the Nasdaq Composite declined 168.65 or 0.71% to 23,420.08. The MSCI index of global stocks fell by 2.86 points or 0.28% to 1,028.62. The STOXX 600 Index fell by 0.21%. The dollar index (which measures the greenback against a basket including the yen, the euro and other currencies) rose by 0.08%, to 98.81. The euro has been flirting with its eighth consecutive drop against the dollar. The yield on the benchmark U.S. 10 year notes increased 4.1 basis points from 4.138% at late Wednesday. Venezuela's defaulted bonds finally cooled down after their near 40% increase following the weekend's event fuelled investor hopes for a massively complicated debt restructuring. U.S. crude climbed 1.8% to $57.00 per barrel. Brent crude rose to $61.13 a barrel, up by 1.95% for the day. Gold prices were almost flat.
Energy ministry reports that Russian strikes have knocked out power in southeast Ukraine
The?energy ministry reported that Russian strikes on Wednesday evening knocked out almost all power supplies in two regions in southeastern Ukraine.
In a Telegram statement, the Ministry said that "as a consequence of the attack, the Dnipropetrovsk region and the Zaporizhzhia region are almost completely powerless." "Critical infrastructure operates on reserve power."
In recent months, Russian attacks on Ukraine's energy system have increased.
Yulia Shvyrydenko, Ukraine's prime minister, said that impending snowfalls as well as temperatures dropping overnight to minus 20° Celsius (minus four degrees Fahrenheit), would likely cause power and heating problems.
Svyrydenko, a Telegram user, wrote: "Ukraine’s energy system is constantly under attack by the enemy. Energy workers work in very difficult conditions just to provide light and heat for people."
She said that "deteriorating weather conditions place additional strain on critical infrastructure."
Public?broadcaster Suspilne reported that power cuts had affected the city of Dnipro where the metro stopped running and other parts in the region.
The Dnipropetrovsk Regional Council's head told the broadcaster that he was unsure when the power would be restored.
Oleksandr Vikul, the head of the military administration in Kryvyi Rih (the home town of President Volodymyr Zelenskiy in the region), warned residents that they should prepare for long power cuts and use generators as much as possible. Ukrainian Railways said that trains and signalling systems in both regions were switched to reserve systems, and that?stations are being operated using generators.
The Zaporizhzhia regional governor Ivan Fedorov stated that the power cuts had caused air raid sirens to be unaudible. He stated that mobile phone?networks are working under emergency conditions, and urged residents to stay away from the networks.
Fedorov stated that the hospitals in Zaporizhzhia are functioning normally, and that water will be restored quickly in the affected areas. (Reporting and editing by Jamie Freed; Ron Popeski)
(source: Reuters)