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Kremlin: Trump was right to say Zelenskiy is holding up a Ukrainian peace deal
The Kremlin announced on Thursday that Russia and Donald Trump agreed that Ukrainian President Volodymyr Zelenskiy was the one holding up any potential peace deal to end Ukraine's war. Trump's assessment of the situation in a?interview contrasted with that of European allies who have maintained that Moscow is not interested in ending the war and only wants to gain as much land as possible while trying to avoid further Western sanctions. Trump said, "I think Putin is ready to make a bargain," when he spoke to him in the Oval Office. "I don't think Ukraine is ready to do a deal," Trump said. When asked why U.S. led negotiations have not yet resolved Europe's biggest land conflict since World War Two, Trump replied: "Zelenskiy." Dmitry Peskov, the Kremlin's spokesperson, told reporters that he agreed with Trump when asked if he thought that was true: "I do agree. That is?in fact the case." Both President Putin and Russian officials remain open to talks. The Russian position is well-known. The Russian?position is well-known to American negotiators and President Trump. Russia controls a fifth (or more) of Ukraine. This includes the Crimean Peninsula which it annexed back in 2014. Moscow wants Kyiv's troops to leave parts of the Donetsk Region that it does not control, but claims as its own. Ukraine, which rejects the idea of giving Moscow territory, wants to stop the fighting along the front lines. The U.S. proposed a free-economic zone if Ukraine withdraws its troops. In recent weeks, U.S. negotiations focused on security assurances for a postwar Ukraine following a possible peace deal. However, some European officials have warned that Putin is unlikely to accept certain of the terms. After Russia accused Ukraine of attempting to undermine the talks last month, the talks have further been stalled. Attack on a residential property Kyiv has called the allegation that?Putin is a liar. Peskov stated that Moscow would invite Trump envoy Steve Witkoff, and Trump's son in law Jared Kushner for further talks about Ukraine after a date had been set. Dmitry Antonov reported; Lucy Papachristou wrote; Andrew Osborn edited.
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Gold safe-havens fall as geopolitical tensions ease
On Thursday, gold prices eased following a record-high in the previous session. This was due to a reduction of geopolitical risks and trade concerns after U.S. president Donald Trump said he might pause military actions against Iran. Washington also held off on imposing duties on vital minerals. As of 0931 GMT, spot gold was down by 0.4% to $4,602.99 an ounce. Bullion reached a record high of $4,642.72 per ounce on Wednesday. U.S. Gold Futures for February Delivery fell by 0.6% to $4.607,60. "(Gold and?silver), slid down after Trump signalled that he might hold off attacking Iran for the time being, and?after the U.S. did not impose tariffs on imports critical minerals. This eased a key worry which in recent months?had driven unusually high flows of metal to the U.S. before a possible announcement,"?said Ole Hansen. Trump announced on Wednesday that he has decided to forgo imposing tariffs at this time on rare earths and lithium, as well as other essential minerals. He instead instructed his administration in order to obtain supplies from international trading counterparts. Trump told reporters at the White House that he was informed by Iranian officials that protests are easing. He then adopted a wait and see attitude after threatening to intervene. Gold is a safe-haven asset that tends to do well in times of economic and geopolitical uncertainty as well as when interest rates are low. The markets?expect that the U.S. Federal Reserve will leave rates unchanged during its meeting on January 27-28, but they are pricing in at least two 25 basis-point rate reductions this year. Silver spot fell?3%, to $89.97 an ounce. It had earlier reached a session high of $93.57. Hansen said that a normalization would see silver fall by 1/3 in relation to gold and the ratio (gold-silver), rise to 70. After reaching a record high of $2,478.50 per ounce on December 29, spot platinum fell 1.8%, to $2340.54, while palladium dropped 1.2%, to $1,804.29 an ounce. (Reporting and editing by Emelia Sithole Matarise in Bengaluru)
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The UAE's ALTERRA, and Spanish lender BBVA are planning to launch a $1.2 billion climate fund
The two companies announced on Thursday that the United Arab Emirates climate fund ALTERRA plans to launch a $1.2 billion coinvestment vehicle to finance climate-aligned investments globally?across infrastructure?, private equity? and private credit. In a joint press release, BBVA announced that it had committed $250 million to the ALTERRA Opportunity Fund. They said that the?fund would invest in climate investments, including energy transition, industrial decarbonization and climate tech, with a focus on North America, Latin America and Europe, as well as "other growth markets." ALTERRA was established in 2023 with $30 billion by the UAE. It aims to mobilize $25 billion globally by 2030. The majority of its investments have been made through climate and transition funds managed by global investment firms BlackRock Brookfield and TPG. The two firms said that the initiative "accelerates ALTERRA’s ambition to mobilize a third-party capital and expand its global networks of institutional collaborators". The fund's domicile will be the Abu Dhabi financial centre ADGM once it is launched and approved. The fund will consolidate co-investments made by ALTERRA Acceleration into a dedicated structure, managed by the Emirati firm.
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Saudi Arabia to invest $500 Million in Yemen after UAE withdrawal
Saudi Arabia announced a series of development projects worth $500 million in southern?Yemen, including many areas that were long held by the United Arab Emirates (UAE) and their allied separatists. These areas were swept away in a Saudi-backed assault this month. This move is a sign of an increasing assertiveness by the Gulf Arab country in Yemen, in response to a dispute with the UAE. Last year, the separatist Southern Transitional Council advanced up to the Saudi border after sweeping through the south. Riyadh called the STC's?move an attack on its national security and demanded that the UAE withdraw. It also backed an offensive to remove the STC. According to a posting on his official X account, Saudi Defense Minister Khalid bin Salman held a meeting with the leader of 'the internationally recognized government' and several members of the Presidential Leadership 'Council' to affirm the Kingdom's'support'. The same post announced projects and aid in 10 provinces including construction of schools, hospitals and roads, and donation of fuel for increased power production. The construction of a new mosque on Socotra, named "The Custodian Of The Two Holy Mosques" - a reference to Saudi Arabia's official title - was also announced. Up until recently, the UAE had held this strategic island. The?post stated that "this support represents the Kingdom's desire to enhance security and stability and contribute to building a brighter future for Yemen and the people of its country." Saudi Arabia and UAE worked in a coalition to fight the Iran-backed Houthis during Yemen's civil conflict, which was one of the worst humanitarian crises on the planet. The two largest Gulf countries have sharp disagreements on a range of Middle East issues, from geopolitics and oil production to the STC's advance. (Reporting and editing by Emelia Sithole Matarise in Riyadh)
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China's hot metal production falls as iron ore declines
Iron ore futures fell on Thursday, as the hot metal output in China's top buyer fell amid a slow return to production following the New Year holiday. The most-traded May iron ore contract at China's Dalian Commodity Exchange closed daytime trading 1.03% lower, closing at 813 Yuan ($116.63). The contract reached its lowest level since January 9, at 812 Yuan, earlier in the day. As of 0709 GMT the benchmark?iron ore for February on the Singapore Exchange had fallen by 0.97% to $107 per ton, after reaching its lowest level since January 7, at $106.95. According to data released by the Shanghai Metals Market on Thursday, hot metal production fell by 0.26% or nearly 2,000,000 tons week-on-week as several steel mills took a long time to resume production. According to data released by the Shanghai Metals Market (SMM) on Thursday, many other mills performed planned annual maintenance. SMM reported that portside spot cargo trades were also slow as traders and mills remained cautious in accumulating cargoes past the essential Lunar New Year replenishment, and supply pressure from inventory accumulation limited ore price growth. The market was supported by data showing China's record-breaking monthly steel exports for December. In a recent note, ANZ Research stated that "Demand seems to be driven by strong international demand offset by weak domestic demand." Iron ore prices are also expected to be impacted by the record imports of iron ore in December, and an increase in shipments of ore to China. Coking coal and coke, two other steelmaking ingredients, also lost ground on the DCE. They fell by 0.11% and?1% respectively. The Shanghai Futures Exchange steel benchmarks were mixed. Rebar fell 0.13% while hot-rolled coil remained unchanged. Wire rod grew by 0.15%, while stainless steel strengthened 3.51%.
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Copper falls from a record high on the back of easing US tariff worries and a stronger dollar
The copper price fell on Thursday, from its'record highs'. This was due to a weaker dollar and the easing of concerns about a possible imposition of U.S. tariffs. The most-traded copper contract at the Shanghai Futures Exchange ended daytime trading 1.31% lower, at 102 810 yuan per metric ton ($14 748.67). The contract reached a record of 105,650 Yuan the previous day. Benchmark three-month Copper on the London Metal Exchange fell 0.68% by 0713 GMT to $13,098.5 a ton, after reaching an all-time-high of $13,407 Wednesday. U.S. president Donald Trump announced on Wednesday that he has decided to delay imposing tariffs against rare earths and lithium, as well as other critical minerals. Copper has been added as a critical mineral in the United States. The persistent flow of copper into the United States, despite higher local premiums in anticipation of possible tariffs, has led to a tightening of supply and subsequently a rise in prices. A stronger dollar also affected the demand for metals, which are used in power grids, construction, and manufacturing. Shanghai tin rose for the fifth consecutive session, hitting a record-high of 443,380 yuan. This was due to persistent "funds" buying despite signs that supply had increased. Indonesia Tin Exporters Association estimates that the country’s tin production quota will be set at?around 60,000 tons by 2026, as opposed to 53,000 tons for 2025. Concerns about the supply from Indonesia led to a spike in Shanghai nickel, which reached its highest level in over seven months, at 151.750 yuan. Local media reported that Indonesia, a major producer, may "approve" a nickel ore quota this year of 260 tons. This is lower than the estimated need of 340 to 350 million tonnes. Lead, zinc, and aluminium all saw increases of 0.78%. The LME also saw a decline in aluminium, as well as a rise in nickel, lead, tin, and zinc. $1 = 6.9708 Chinese Yuan (Reporting and editing by Amy Lv, Lewis Jackson)
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Indonesia announces a 0.1% increase in foreign direct investments in 2025
The Investment Ministry announced on Thursday that Indonesia's?foreign?direct investments last year totalled 900.9 trillion Rupiah (US$53.4 billion), up 0.1% over the previous year. The fourth quarter FDI was 256.3 trillion Rupiah. This is a 4.3% rise from the same time period last year, and the first growth in three-quarters. This compares to a'reduction of 8.9% during the previous three-month period. The data excludes investment in the oil and gas and financial sectors. Analysts believe that Southeast Asia's largest economy must attract more foreign investment if it is to increase growth from the current 5% to President Prabowo's target of 8 percent. After banning the export of nickel ores in 2020, and other minerals by 2023, the resource-rich nation has seen a surge in FDI. This is a measure designed to help its industries move up the global supply chain. The mining sector received $4.7 billion in FDI, while the base metals sector received $14.6 billion. Singapore, Hong Kong, and China were the largest sources of FDI by 2025.
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Gold demand falls as profit-taking and a softer geopolitical climate hit the safe-haven market
Gold fell on Thursday, as investors took profits after the "yellow metal" hit a record the previous session. A softer tone by U.S. president Donald Trump towards the Federal Reserve Chair and Iran also dampened the demand for safe havens. As of 0652 GMT, spot gold was down by 0.3% to $4,608.77 an ounce. Bullion reached a record $4,642.72 per ounce on Wednesday. U.S. Gold Futures for Delivery in February fell by 0.5% to $4613.0. Ilya Spivak is the head of global macro for Tastylive. He said: "Today we are seeing that gold is down after (Trump said) maybe we won't intervene in Iran, staving off the safe-haven demands, but the bigger story (of metal's rising) will not go away." Iran's leaders, trying to quell the worst domestic unrest in Iran since the 1979 revolution, threatened U.S. bases in the area in an effort to dissuade Trump's repeated military threats. Trump, at the White House, suggested that he would be adopting a "wait-and-see" attitude toward the crisis. The president stated on Wednesday that, despite the Justice Department's criminal investigation into Powell, he does not plan to fire him. However, it is "too soon" to know what he will do in the end. Later in the day the U.S. Weekly Jobless Claims for the First Week of January are released. This could give clues about the Fed's policy. The market expects two?interest rates cuts in 2019. Gold is traditionally favored by non-yielding investments such as low interest rates, geopolitical unrest and economic uncertainty. Spot silver fell 3.4% to $89.63 an ounce, after reaching a session high of $93.57. Spot platinum fell 2.6% to $2.321.65 an ounce, after reaching a record high of $2.478.50 per ounce on December 29. Palladium fell 1.3% per ounce to $1,804.10 and was hovering near a week-low. Ishaan arora, Bengaluru. Sherry Jacob Phillips and Harikrishnan Nair edited the story.
Oil drops over 3% following Trump's comments that ease Iran fears
The oil prices dropped?more than 3% on Friday after U.S. president Donald Trump announced that the killing of protesters in Iran's nationwide demonstrations had stopped. This tempered concerns about military action and supply disruptions against Iran.
Brent futures fell $2.19 or 3.3% to $64.33 per barrel at 0845 GMT. U.S. West Texas Intermediate Crude had fallen $2.07 or 3.34% to $59.95 per barrel.
Brent futures rose to $66.50 per barrel on Wednesday, before giving back most of the gains following Trump's comments that reduced expectations about a possible U.S. strike on Iran.
John Evans of PVM said that Trump's comments that he received assurances from Iran that the killing of protesters had ceased had changed the mood on oil markets. Evans added that Thursday's prices reflect a narrative of an upcoming near-term future with oversupply.
A U.S. official announced on Wednesday that the United States was withdrawing personnel from its military bases in Middle East. This came after a senior Iranian officials said Tehran told its neighbours that it would strike American bases if Washington struck.
The Energy Information Administration reported on Wednesday that the increase in crude and gasoline stocks in the United States was greater than what analysts had estimated.
Venezuela, on the other hand, has also begun to reverse oil production cuts that were made as a result of a?U.S. Three sources confirmed that crude exports had also resumed.
On the demand front, OPEC announced on Wednesday that it expected oil demand to increase at a similar rate in 2027 as it did this year. It also published data indicating a close balance between supply and?demand?in 2026. This is contrary to other forecasts that predicted a major glut.
China's crude imports increased by 17% in December compared to a year earlier, and total imports for 2025 rose by 4.4%. The daily volume of crude imports also reached all-time records in December 2025. Mohi Nairah in New Delhi, Yuka Obayashi and Christopher Cushing in Tokyo contributed to the report; Lisa Shumaker and Neil Fullick edited it.
(source: Reuters)