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Profits at Spanish oil company Moeve rise 7% due to strong refining margins
Moeve, the Spanish energy company, reported on Thursday a 7% rise in its first-quarter earnings. The company cited strong performance across its core businesses and soaring profits in its energy division due to the Iran War which caused a spike in oil and fuel prices globally. The?company that was formerly Cepsa, one of Spain's biggest refiners, booked a net profit of 147 million euros ($173million) in the third quarter. This compares to 138 million euro a year earlier. In a press release, CEO MaartenWetselaar stated that "Moeve delivered a solid quarter of results shaped by heightened geopolitical uncertainties?and volatile oil prices." The core profit of Moeve’s energy business increased by 40% on an annual basis due to the strong refining margins. This was a result from the turbulent market conditions caused by the Middle East conflict. Moeve said a potential 'binding agreement' with Portuguese energy company Galp was expected by mid-2026. This deal could create a refinery that is one of the largest in Europe. In January, the two companies announced that they had signed an agreement which was not binding.
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The rupee is gaining strength as oil prices fall and the NDF dollar sales increase.
The Indian rupee rose sharply?on Thursday, thanks to a drop in crude oil prices. Stop-losses were also placed on short rupee bets and dollar sales?in the nondeliverable?forward?market, which helped the currency. Brent crude fell below $100 a barrel on Monday, down almost 3%, and reversed course after reaching a high of $102.5 for the day. Sources and officials reported that the United States is moving closer to an interim agreement with Iran in order to end their war. The fall in oil prices lifted Asian currencies, including the rupee. It strengthened as much as 0.5%, before closing the session at 94.25. This was a sharp improvement over its intraday low of 94.9025. India, which is the third largest oil importer in the world, has been given much-needed relief by the drop in crude prices. The surge in oil prices since the beginning of the Middle East conflict had prompted economists to predict a weaker rupiah, and revise their inflation expectations higher or lower. The dollar-rupee premiums, which are the cost of hedging foreign currency exposure, have fallen. The implied yield for one year has dropped to a new low of just 2.97%, after a three-week decline. A trader from a foreign bank stated that there was a lot of selling interest on the NDF, which indicates that short rupee bets have been unwound. Second trader of a private lender? said that a large Indian bank with a U.K. headquarters and a large Indian bank had been seen selling dollars in great quantities on the local spot markets. The 25-delta risk reverser for the?dollar/rupee option market, which measures options sentiment, showed a reduced appetite for?rupee bets. Analysts at MUFG wrote in a report that "the improvement in global investor sentiment and the drop in energy prices are providing a tailwind to emerging?market currencies' performance." The note stated that "latest developments add to investor confidence" that the US is making progress in finding a diplomatic solution with Iran. The dollar index fell 0.2%, while Asian currencies rose between 0.2% and 0.6%. The improved risk sentiment has benefited global equities, with MSCI’s Asia Pacific Stock Index gaining over 2%.
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Iraq's marshes re-fill with water after years of drought
Rising water levels have begun to restore the historic wetlands of Iraq after years of drought. This has brought buffalo herders, and fishermen, back to these areas that were abandoned. Water buffalo are now grazing on restored marshland in the Chibayish marshes of southern Iraq. Patches of green pastures have also re-emerged. Haidar Qassem is a farmer who raises water buffaloes in the central marsh. Qassem added that many of his people had migrated due to the drought, and that this year water was returning, the livestock numbers were improving, and some families have returned. After a heavy winter rainfall, the water levels in reservoirs were boosted. This allowed the Iraqi Ministry of Water Resources to release more water into the marshes. Residents still hope for more water releases. Jassim Al-Assadi, an Iraqi marshland specialist, said that the Ishan hallab area, which is part of Iraq’s marshes and was designated a UNESCO World Heritage Site in 2016, had completely dried up between 2021-2025, forcing the herders to leave it. The wetter weather conditions in recent months have helped restore Ishan-Hallab, revitalizing pastureland, and allowing residents to return to the area. Al-Assadi stated that the amount of submerged marshland has increased to between 32 and 36 percent, as opposed to no more than 8 percent over the last five years. Iraqi officials in charge of water resources confirmed this view. The increased water levels also supported a gradual recovery of biodiversity, such as fish stocks, plant growth, and the reeds that residents used to build their "traditional homes". Since thousands of years, the marshes are inhabited by the Marsh Arabs whose livelihoods and traditional practices are closely linked to the water. Mazin Wadai is a water resource official who said that larger inflows, better?water management, and stronger seasonal rains had increased reserves in dams. They also increased flows in both the Tigris?and?Euphrates allowing for more water to reach the marshes. Water Resources Ministry said Iraq's strategic reserve has increased by approximately 6 billion cubic meters this year. This gives authorities more flexibility in managing?supplies throughout the summer months. Saddam Hussein drained the marshes in Iraq, which once covered more than 3,600 sq km (9,500 sq mi), in the 1990s. He accused the Marsh Arabs during the 1980-1988 Iran war of treachery, and wanted to eliminate insurgents. Since Saddam Hussein's ouster in 2003, the government has reflooded parts of the marshlands, allowing around 250,000 Marsh Arabs to gradually return. Recent improvements have changed the lives of residents such as Raheem Abd Zahra who is a buffalo herder. He said, "The land used to be dry but it is now alive again." Mohammed Aty reported from Basra, Ahmed Rasheed wrote and contributed additional reporting to the story; William Maclean edited it.
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Russia will auction its seized stakes in gold producer UGC on May 8.
The Russian property agency Rosimushchestvo announced 'on Thursday that it will 'launch an auction for the sale of a 67.2% stake in gold producer Uzhuralzoloto, which the state confiscated last. The agency stated that the stake was worth 140.44 billion Russian roubles, or $1.88 billion. The agency will accept applications up until May 15 with results due by May 18. It was announced that the total value of assets and the starting bid price would be 162.02 billion rubles, with a 2% bidding increment and a 20% deposit required by auction participants. A Russian court ruled in July 2025 that the stake owned by Konstantin Strukov, a tycoon, should be transferred to 'the state. This move was part a larger 'wave of asset nationalisations that involved Russian companies as well as foreign firms leaving the market. The Moscow law firm NSP estimated last year that the authorities had confiscated private assets worth $50 billion since the start of the conflict in Ukraine.
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Fitch warns that the growth of Europe's energy-relief measures could have an impact on public finances.
Fitch Ratings said that the blanket measures taken by European governments to protect 'households and business from high energy prices' could have an impact on their public finances if they grow, according to a senior analyst. Since the Iran War, European governments have taken a smaller number of measures to support their citizens than they did when Russia invaded Ukraine 2022. They have concentrated on universally applicable measures such as fuel tax reductions, but economists cautioned them to focus on targeted measures. Federico Barriga Salazar, the head of Western Europe sovereign rating at the rating agency, said in a webinar that the measures taken so far are "tiny", with Spain's 0.3% of production compared to France and Britain's less than 0.01%, a reflection of tighter budgets. He added that some countries may be able to provide more support in the future due to the risks associated with the energy outlook. "Unfortunately, until now, most (the) measures have not been targeted. "The only country that has really implemented targeted measures is Greece," said Barriga-Salazar. If the scope of these actions is increased, this could have "important, medium-term, effects on public finances." (Reporting and editing by Amanda Cooper; Yoruk Bahceli)
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Oil falls amid peace optimism as oil trades at record highs
Oil prices sank as stocks rose Thursday amid optimism about a U.S. Iran peace deal. However, the fate of the Strait of Hormuz remained unclear. MSCI's "All-Country World Index" rose by 0.23%, approaching a record high. Europe's STOXX was little changed after a?2.2% jump on Wednesday. MSCI's broadest Asia-Pacific index outside Japan also rose to an all-time record high. After a long holiday weekend, trading on the Nikkei 225 index resumed. Samy Chaar, chief economist at Lombard Odier, said that while the Middle East situation is uncertain, "the market momentum is moving in a positive direction", and they have taken notice. He said, "The oil price has dropped from its peak, and this is good news for the equity market valuation. It also makes the currencies move." Chaar said that a strong earnings season, coupled with a relatively robust macroeconomic climate, contributed to the positive mood on the market. TRUMP PRONOTES A SWIFT END OF WAR Donald Trump, the U.S. president, predicted that the war between the U.S. and Iran would end quickly as Tehran pondered a U.S. proposal for peace that sources said would end the conflict formally while leaving unresolved the U.S. key demands that Iran suspends its nuclear program and reopens the Strait of Hormuz. Brent crude dropped 1.5% to $99,82 per barrel after falling nearly 8% on Wednesday. Brent oil is still 40% higher than it was in late February, when the conflict started, and 10-year Treasury yields are up -- a reminder that energy prices continue to strain the global economy. The 10-year Treasury yields fell by the last 2 basis points on this day to 4.334%. Nick Twidale said that the market is grappling with execution risk. "Both in terms of whether or not a deal has been finalised, and how quickly disrupted flow would normalise, even if they have." In March, the global market was shook by a spike in oil prices. However, a fragile ceasefire has led to a rally that is fueled by strong earnings reports from tech companies. S&P COMPANIES Set for Robust Profit Growth The S&P 500 is on course to achieve its highest profit growth in over four years. Meanwhile, Samsung, SK Hynix, and TSMC's dazzling results have reaffirmed the positive tone in Asia. A survey of economists indicates that investors are eagerly awaiting the U.S. Non-farm Payrolls Report on Friday. The report is expected to show that jobs increased by 62,000 in April after recovering 178,000 in March. The euro has risen in the?currency market and was last seen at $1.1765. The pound was trading at $1.3620 up 0.2%, as UK local election results became more prominent. The dollar index (which measures the U.S. money against six other currencies) was slightly lower at 97.892. After recent spikes, market speculation suggested that Tokyo was intervening to support this long-battered currency. The yen did not change much at 156.25 to the dollar after hitting a 10-week-high of 155 last Wednesday. OCBC analysts stated that intervention would not be able to change the trend without "stronger support," such as from the BOJ, or relief in oil prices and U.S. yields. They maintained a target for the year-end of 155. Atsushi M. Mimura, Japan's currency diplomat, said that the country has no restrictions on how frequently it can intervene in foreign exchange markets and is in constant contact with U.S. authorities. Scott Bessent, the U.S. Treasury secretary, is scheduled to visit Tokyo in the coming week. Analysts expect him to discuss yen movements with his Japanese counterpart Satsuki Katayama. Reporting by Sophie Kiderlin and Ankur Banerjee from London and Singapore, and editing by Neil Fullick and Bernadettebaum
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Gold Fields warns of rising costs as Iran's war increases input prices
South Africa's?Gold?Fields?expects that its costs will increase, as the Iran War has pushed up prices for inputs like fuel and explosives. The forecast impact, assuming $100 oil per barrel on a portfolio basis, is between 40 and $50 per ounce, it said. Gold Fields has not changed its cost guidance for this year. However, it says that measures such as fuel-efficient and high-capacity transport systems? at its mines should contain costs. Diesel, the company's biggest cost, has increased by as much as 70%. Freight costs rose by 40%, and the price of liquefied gas, used to power Gold Fields' remote mining operations in Western Australia at sites like Agnew Mine, jumped 30%. Costs of cyanide and explosives are also rising The cost of explosives, as well as cyanide (a chemical made from natural gas or petrochemical feedstocks) used for gold processing has also increased by 10%. The price of international crude futures LCOc1 reached a high of around $126 by the end April after the U.S. launched airstrikes against Iran on February 28. This triggered a wider conflict, resulting in an unprecedented disruption of energy supplies. The price of oil fell below $100 per barrel on Thursday as U.S. president Donald Trump?talked about the prospects for peace. However, it remains much higher than at the beginning of the year. Gold prices have fluctuated and are now around $4,744 per ounce. They reached a high of $5,595 at the end January. The miner produced about 633,000 ounces during the first quarter 2026. This is 15% more than the same period in 2015. Gold Fields anticipates producing between 2.4 and 2.6 millions ounces in 2026. Nelson Banya reported; Barbara Lewis edited.
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The rupee is gaining strength on the back of oil price decline and NDF dollar sales
Stop-losses on short rupee bets and dollar sales in the non-deliverable future market also helped the rupee, traders reported. Brent crude dropped to a low price of $97.4 per barrel before paring its losses and trading at $100.26 last, down by 1%. This is a reversal of course from the peak of $102.5. The rupee strengthened by 0.5%, to 94.0950 dollars, as a result of the decline in oil prices. India, which is the third largest oil importer in the world, and the rupee will benefit from a drop in crude prices. Oil prices have risen dramatically since the Middle East conflict began, prompting economists to lower their?rupee predictions, increase inflation expectations and reduce growth forecasts. The cost of hedging currency exposure with dollar-rupee forward premiums has fallen. The implied yield for one year ahead fell to a new three-week low, at 2.97%. A trader from a foreign bank stated that there is a lot of selling interest on the NDF, which means that short rupee bets are unwinding. The fall in crude oil prices has 'cooled down a persistently negative bias towards the Indian currency. The 25-delta dollar-rupee risk reversal for one month, which is a measure of the options market's sentiment, showed a reduced appetite for rupee-bearish wagers. Since the beginning of the week, optimism about a U.S.Iran deal has risen. This includes a?reopening of the Strait of Hormuz. Analysts at ING said that the dollar would continue to fall if an agreement is reached. The dollar index fell 0.1%, while Asian currencies rose between 0.2% to 0.5%. The improved risk'mood' has helped global equities, as MSCI Asia Pacific stocks gained more than 2%. U.S. equity?futures also pointed to a stronger opening on Wall Street.
The Swedish central bank is holding rates and waiting for clarity on the war impact
Sweden's central bank kept its key interest rate at 1.75%, as expected, on Thursday. It said that the Middle East war had a slight impact on the inflation risk but it would wait to see what happens before making any changes. Since September of last year, when interest rates were cut by a quarter percent point, the Riksbank is in a wait-and see mode. The economic environment has changed even though the policy stance is the same. In April, after exceeding the 2% inflation target in the previous year, the underlying rate of inflation reached its lowest level in 30 years at 0.0%. A temporary reduction in the VAT on food was a part of it, but also a stronger crown as well as modest wage agreements played a role. Sweden is an exception in Europe because of its low inflation.
The Riksbank said that the present benign conditions did not require it to rush into rate increases despite fears the Middle East would push prices up in the future.
The central bank stated in a statement that it was possible to wait until a better picture is known of the effects of war and supply shocks. In a recent poll, all analysts agreed that the policy rate would not change this time. In the median poll, analysts predicted a rate increase at the beginning of 2027. However, markets expect a tightening of policy by the end of the year. There is a lot of uncertainty, including how long the war will continue and what impact it will have on inflation and growth. The central bank stated that if the war was deemed to have a large impact on the global economy, and to lead to a persistent and broad increase in inflation, then the Riksbank will need to raise the policy rate. The Riksbank said that the?range is broad for possible future outcomes and it is closely monitoring them.
(source: Reuters)