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HIGHLIGHTS-Tennis-French Open day two
Highlights from the second day of the French Open (times GMT). 1052 PAOLINI THRU TO SECOND?ROUND Jasmine Paolini, a former finalist from Italy and 13th seed, beat Dayana Yastremska?7-5 6-3?to set up an Argentinean Solana Sierra in the second round. She had previously knocked out Emma Raducanu. Play Under Way 0909 The weather was hot and sunny at Roland Garros. In Paris, temperatures were around 25 degrees Celsius. Iga Swiatek will be the third seeded player to open the proceedings on Court Philippe Chatrier against Emerson Jones, an Australian wildcard. READ MORE Monfils celebrates Roland Garros final as Gaston tries to spoil the send-off Djokovic and Zverev are off to a winning start at the French Open but Fritz is out Mpetshi Perricard, a record-holder Djokovic, passes a test in Paris Basavareddy shocks the French Open with a win over Fritz After a missile attack near his parents' home, Kostyuk remains focused in Paris Frenchman withdraws from Roland Garros because of hip pain As tensions in Paris rise, players accuse Grand Slams?of ignoring concerns List of French Open singles men's champions List of French Open women singles champions FRENCH ?OPEN ORDER OF PLAY ON MONDAY (prefix number denotes seeding): COURT PHILIPPE CHATRIER (play starts at?1000 GMT). Emerson Jones (Australia) v 3-Iga Swiatek (Poland) Veronika Erjavec (Slovenia) v 2-Elena Rybakina (Kazakhstan) 32-Ugo Humbert (France) v Adrian Mannarino (France) Hugo Gaston vs Gael Monfils COURT SUZANNE LEENGLEN (play starts at 0900 - GMT) 22-Arthur Rinderknech (France) v Jurij Rodionov (Austria) 7-Elina Svitolina (Ukraine) v Anna Bondar (Hungary) Tessah Rajaonah (France) v 6-Amanda Anisimova (U.S.) Daniel Merida (Spain) v ?5-Ben Shelton (U.S.) COURT SIMONNE MATHIE (play starts at?09:00 GMT) 13-Jasmine Paolini (Italy) v ?Dayana Yastremska (Ukraine) Stan Wawrinka (Switzerland) v Jesper De Jong (Netherlands) 15-Casper Ruud (Norway) v Roman Safiullin (Russia) Anastasia Zakharova, (Russia), vs 10-Karolina Mostova (Czech Republic). (Reporting and editing by Christian Radnedge in Bengaluru)
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What must be agreed in order to end the Iran War?
LONDON/DUBAI - On Monday, the spokesperson for Iran's Foreign Ministry said that many conclusions had been reached regarding a "potential 14-point Memorandum of Understanding", but that this did not mean an agreement to end the "Middle East War" was imminent. Esmaeil Baghaei, the spokesperson for the Iranian government, explained that the framework focuses on a ceasefire and a U.S. navy blockade, in exchange for Tehran taking measures to ensure safe transit in the Strait of Hormuz. What stage are the discussions? Both sides are at odds over difficult issues, including Iran's nuke ambitions, Israel’s war with Hezbollah in Lebanon and Tehran's demand for lifting sanctions and releasing frozen assets. Both sides claim they have made progress in negotiating a memorandum that would end the war, and give negotiators a 60-day window to reach an agreement. Hossein Nooshabadi, a senior Iranian diplomat, told ISNA on Monday that a possible framework agreement?included a halt to the war in all areas, including Lebanon, and the release of Iranian assets. It also included the lifting of U.S. Naval Blockade, opening the Strait of Hormuz and the withdrawal of U.S. Forces from Iran's vicinity. Nooshabadi stated that the draft agreement for Iran contained no commitments regarding its nuclear program. An anonymous senior official from Donald Trump's administration said that Iran has agreed in principle to open the Strait of Hormuz in exchange for the U.S. lifting their naval blockade and to dispose of Tehran’s highly enriched Uranium. Baghaei said that the initial potential deal did not include any specifics about the management and control of Hormuz. Nooshabadi stated that the management of the strait is an Iranian-Omani matter under discussion with Oman. HOW COULD A DEAL MOVE FORWARD? The memorandum will be sent for final approval to the supreme leader of the country if the Supreme National Security Council of Iran approves it. According to the senior U.S. government official, the U.S. believed that Supreme Leader Ayatollah Khamenei endorsed the general template of the agreement. Baghaei, Nooshabadi, and others said that if the first phase of agreement went well, then the nuclear issue would be reviewed and discussed during the 60 day period. U.S. Secretary Marco Rubio talked about entering a "very serious, meaningful, and time-limited nuclear negotiation" during the 60 days. Negotiations between teams of experts took many years to reach the last nuclear deal, which was signed in 2015 but subsequently revoked by Donald Trump. What are the main issues? HORMUZ & GULF BLOCKADE – Tehran sees its control over Hormuz as its main leverage, while Washington views the blockade on Iranian ports to be its primary lever. The United States believes that Iran is attempting to build a nuclear weapon. Iran has always denied that, claiming its atomic program is only for peaceful purposes. Focus is on the enrichment of uranium which can be used to make fuel for nuclear power, but also material?for a weapon. A deal could include a long-term moratorium on the enrichment of uranium and exports or dilutions of the stockpile. BALLISTIC MISSILES – A major U.S. request before the war was for Iran to limit the range of their ballistic missiles, so they couldn't reach Israel. Iran has never discussed its ballistic missiles. It has said that its conventional weapons are not on the table, and it has a large arsenal. SANCTIONS & FROZEN ASSETS: Iran's economy was hurt by sanctions over the years and this contributed to the unrest across the country in January. Tehran desperately needs the sanctions lifted, and for the tens billions in frozen Iranian oil revenue to be released from foreign banks. The country also wants compensation for the damage caused by war. (Reporting and writing by Parisa Hafezi, Angus McDowall, Michael Georgy, Editing by Aiden Lewis)
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Analysts say that China could be a net exporter of refined zinc in 2026.
Analysts said that China would export more refined zinc in 2026 than it imports, for the first time since four years. This is due to a growing supply of the metal and a weak domestic demand. China, which produced about half of the world's Zinc last year, is also a major zinc importer. The metal is mainly used for galvanising steel. Alice Fox, commodities analyst at Macquarie Group says that net refined zinc imports will be 209,767 tonnes this year compared to 428,890 tones in 2024. According to Fox, at home, new capacity is expected to be added this year, while the property sector is still struggling to meet demand. In the meantime, in 'the rest of the world', production has been suspended or reduced at smelters?in Peru and Kazakhstan due to accidents, and a tightening of supply of zinc concentrat. The U.S. and Israeli war against Iran has also led to a rise in energy costs, which have increased production costs. Olga Hepting is the principal zinc analyst for CRU Group. She said that China was very close to achieving self-sufficiency by the end of 2025. "It is likely to remain in surplus in 2026 while the rest of the world will be in deficit, leading to possible exports in the third or fourth quarter." Prices outside China are also increasing faster than the benchmark. As of Friday, the most traded zinc?contract at the Shanghai Futures Exchange had risen 3% in the past year. The global benchmark on the London Metal Exchange has risen 11%. According to calculations based on Chinese import data, despite the fact that?China remained a net consumer in the four-month period?towards April, net imports dropped 62% compared to a year ago. Analysts predict that 'the switch to exports will occur in the second half of this year. Hepting did note that if the Iran War drags on, the global demand hit from higher energy costs could affect China's export market.
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After the disruption of Hormuz, India looks to Latin American and African oil
Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It received Iranian oil, however, after a seven-year pause, following a temporary waiver by Washington in order to stabilize global oil prices. Nayara Energy closed its 400,000 barrels per day refinery for maintenance in New Delhi, causing a 29.4% drop in imports. Kpler's preliminary data showed that India will receive about 1.9m bpd from Russia in May and around 41,000 bpd from Iraq. The data revealed that India imported 4,57 million barrels per day of oil in April. This was the same as March but 15.5% less than a year ago. The data revealed that imports of oil from Saudi Arabia remained at 619,500 barrels per day (bpd) while those from the United Arab Emirates increased to 669.700 bpd. Kuwait, Iraq and Bahrain are dependent on the Strait of Hormuz for their shipments. Data showed that the Organization of Petroleum Exporting Countries (OPEC), which includes the UAE as a member, increased its share of India's imports to 45.2% in April, from around 30% in March. The UAE left OPEC in May, releasing it from oil production quotas. The UAE's higher imports helped to arrest the decline in Middle East's share for?Indian imports. Meanwhile, the share of Russian oil fell from almost 50% to around 35%. Russia was India's largest oil supplier. The UAE and Saudi Arabia were the next two. Brazil was India's fourth-largest oil supplier. Venezuela was ranked fifth. Kpler data shows that Venezuela is on track to become the 4th largest supplier in May.
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Indian Finance Minister calls for focus on the '3Fs - fuel, fertilizer, and forex
Nirmala Sitharaman, Indian Finance Minister, urged India to concentrate on fuels and fertilisers and to save foreign exchange amid the Gulf Crisis. Modi called for Indians this month to save fuel, avoid buying gold, and take other austerity measures to manage the energy crisis and economic headwinds. Sitharaman stated that it was important for the Prime Minister to call on all countries to conserve their foreign currency as much as possible. She added that this should be considered when focusing on the 3Fs (fuel, fertilizer and foreign exchange). India is suffering from the effects of high crude oil prices and disruptions in supply after the U.S./Israeli war against Iran closed the Strait of Hormuz. Sitharaman said, "High prices of crude, fertilisers, and gold create some external challenges" while speaking at an event held in Mumbai. India, which is the world's third-largest oil importer and user, increased petrol and diesel prices again on Monday. This was the fourth price increase since May. Sitharaman stated that India's revenue is expected to suffer a?hit of 1 trillion rupees (US$1 billion) in FY27 as a result of reducing excise duty on fuel. Reporting by Khushi malhotra. Writing by Tanvi mehta. Editing by YPrajesh.
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Chinese coking coal prices jump as a deadly mine accident tightens the supply outlook
Prices of Chinese 'coking coal' soared to their highest level in nearly two weeks on Monday, after a series of strict safety checks were conducted at coal mines as a result of a fatal mine accident that occurred near a key production hub. This led to expectations of a tightening of supply. The gas explosion that occurred at the Liushenyu Coal Mine in northern Shanxi province late Friday night has claimed the lives of 82 people. This is the deadliest mining accident to have happened in China since 2009. Local officials announced at a Sunday 'news conference' that the mine belongs to Shanxi Tongzhou Coal Coking Group. All?four mines of this group have been shut down and executives arrested. The People's Daily, a state-run newspaper, published an editorial about the accident on Sunday's front page. It called for more attention to safety and production. The price of the most traded coking coal contract at the Dalian Commodity Exchange jumped?by 7.97%, to $126.77 per metric tonne, its highest since May 12. The DCE coke contract, the most active one, soared 7.99% to reach 1,879 Yuan per ton. This is its highest level since May 6. According to a survey conducted by Mysteel, several other coal mining operations in Shanxi had halted their production for three or five days due to?safety inspections'. This would have reduced the raw coking coal supplies by 288,000 tonnes per day. Analysts at Wuchan Zhongda Futures stated that "Coking coal supplies are set to contract, while demand remains resilient. This will support prices in the near term." Mysteel data shows that iron?ore price gains have been pared as weekly shipments from Australia and Brazil increased by 22% in the past week. The DCE contract that was the most active closed the daytime trade at?793 Yuan per ton, while the benchmark June Iron Ore at the Singapore Exchange had risen 0.49% to $106.7 per ton by 0809 GMT. The Shanghai Futures Exchange's steel benchmarks gained ground mostly due to higher raw material costs. Rebar gained 1.48 %, hot-rolled coil rose 1.39 %, wire rod grew 2.36%, while stainless steel remained unchanged. ($1 = 6.7811 Chinese Yuan) (Reporting and editing by Subhranshu Sahu, Janane Venkatraman and Lewis Jackson)
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Myanmar military intensifies fight for rare Earth area and border routes
Myanmar's military launched a renewed offensive into several border areas, including an area with rare earth deposits, and other important trade routes. This comes a month after the new administration officially took control of this?war-torn nation. Ye Win Oo is the new military chief who took over in March, after his longtime predecessor left to become president. He has been aggressively reclaiming strategic border strongholds that ethnic armies have taken control of in recent years. Recent military offensives focused on Kachin State - a region rich with heavy rare earth elements bordering China - as well as Chin State near the Indian border, and a major trade corridor in Karen State next to Thailand. Global New Light of Myanmar reported that Ye Win Oo, at a meeting held last week, told soldiers the military had secured Falam Town in Chin State as well as an arterial route connecting Mandalay to Myitkyina, in Kachin State. The military's strategy is to gain control of the main communication and trade routes in Myanmar, said Myanmar analyst Sai Kyi Zin Soe. We can clearly see the military's desperate attempts to recapture border towns. A phone call to an official in the Myanmar presidential office revealed that he declined to comment. Media access to Myanmar is still restricted, so it was impossible to independently verify details about the military offensives or their initial successes in certain parts. The offensives come after former junta chief-turned-president Min Aung Hlaing last month asked rebel ?groups opposed to the military to enter into peace talks within 100 days - a proposal that many ethnic armies immediately rejected. The conflict in Myanmar began when, in?2021, the military staged an attempted coup to overthrow a democratically-elected civilian government headed by Nobel laureate Aung San Suu Kyi. The military was forced out of many regions by multiple ethnic armies, rebel groups and other forces. BORDER GATEWAYS The Kachin Independence Army, who took control of the area in October 2024, has prepared their defences. Naw Bu, the spokesperson for the Kachin Independence Army, which took control of this area in October 2024 said that the armed group had prepared their defences. This is especially true around the Chipwi township and Pangwa areas. He said, "We will welcome the opposition groups with our guns." The military launched a simultaneous offensive on the western frontier in Chin State bordering India. This could disrupt an important cross-border logistic route supporting opposition groups inside Myanmar. Salai Van, the spokesperson for the Chin National Front, stated that resistance fighters had made strategic retreats out of the towns of Tonzong and Falam in the state as the military used heavy aerial bombings on the territory to recover. The Myanmar military used jet fuel smuggled from Iran to power a massive bombing campaign that targeted more than 1,000 civilian targets in 15 months. Fuel shortages caused by the conflict in Iran have not yet slowed the war machine down, even though the energy crisis has been devastating to the farmers and civilians of Myanmar. The military also launched an offensive near Thailand to take control of the Myawaddy-Kawkareik Highway, a major trade route that has been a source of conflict since 2024 when the ethnic 'Karen National Union army' pushed into Myawaddy. Min Aung Hlaing specifically mentioned the KNU as part of his effort to bring opposition groups together by July 31. The military has violated agreements and pledges repeatedly, and continues to do so. It is obvious that trust is absent. "Whatever they try, it will fail."
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Will they or will they not?
Ankur Banerjee gives us a look at what the future holds for European and global markets. Investors wore their 'risk-on' hats on Monday as the prospect of an 'end to the Iran war, and opening the Strait of Hormuz was ever closer. Stocks in Tokyo and Taipei reached record highs and oil prices and U.S. dollars fell. There are also doubts, particularly after U.S. president Donald Trump downplayed hopes of an imminent breakthrough. He noted that he had instructed his representatives to not rush into any deal with Iran, even though pressure is increasing to find a resolution. Liquidity will be low as traders focus on the headlines. Investors are jittery over the will-they-won’t-they saga, but?in the end, it is a question of when and not if a settlement is reached to end this nearly three-month conflict. Shipping data revealed that two liquefied gas tankers were exiting the Strait of?Hormuz. Meanwhile, a supertanker carrying Iraqi crude bound for China had left the Gulf after being stranded in the Gulf for almost?three months. The reality is, a resolution will not 'push oil prices?back to the levels before the war. And the energy supply chain may take some time to recover. So inflation concerns are going nowhere, and neither are calls for rates that are higher, longer. The U.S. Federal Reserve is expected to increase interest rates by 25 basis points in January 2027. This would be a "stark reversal" from the two rate reductions that were anticipated this year, before the war started. Market developments on Monday that may have a significant impact U.S.-Iran talks
Japan's Takaichi announces an extra budget of $19 billion, and reassures bond issuers
Prime Minister Sanae Takaichi announced on Monday that Japan would build up an additional $19 billion in reserves to help subsidise the cost of fuel and to ease living costs. She also promised to not borrow any more money overall to calm bond market fears.
The supplementary budget was first announced earlier this month. It is a reversal of Takaichi’s previous remarks denying the need for additional spending. However, it comes at a time when a spike in the energy price following the Iran War - as well as rising import costs due to the weakening yen -- threaten her high level of support with the electorate.
The government has decided to spend?roughly the half of its contingency reserve of 1 trillion yen to fund subsides aimed at reducing utility bills. This increased the need to replenish the reserves due to the threat of a prolonged Middle East Crisis.
GASOLINE SUBSTANCES ARE ALREADY Eating Into Reserves
Japan also extends separate subsidies to maintain gasoline prices, a costly measure that quickly uses up its contingency reserve as oil prices continue to rise.
Takaichi said that the additional spending would be financed by bonds with deficit financing, but she added that the measure "could be implemented without affecting the market for government bonds."
She said that the total amount of bonds issuance would remain the same as the original plan. This is because stronger tax revenues, nontax income, and anticipated underspending will likely eliminate the need to issue around 3 trillion yen deficit bonds, which were scheduled for issuance until June.
Takaichi, a reporter at the time, said that the government would reduce the debt to GDP ratio while closely monitoring the daily market development and economic indicators. This will ensure fiscal sustainability as well as maintain market confidence.
BOND YIELDS RISK RISK RISK RISK RISK RISK RISK RISK RISK RISK RISKS TO FISCAL FOREVIEW
The yield on the benchmark 10-year Japanese Government Bond (JGB) reached its highest level since October 1996 last week after a report that the government will likely issue new debt to fund the extra budget.
Analysts say that while holding the planned bond issuance at the same level signals that the Takaichi Administration is taking market concerns about Japan’s fiscal situation into consideration, the risks to the fiscal forecast extend beyond the supplementary Budget.
The?government may consider cutting the consumption tax on foods, which could result in a reduction of tax revenue by as much as five trillion yen. Meanwhile, rising JGB yields are expected to increase debt servicing costs.
The 122.3 trillion yen budget for general-account fiscal 2026 saw a 10.8% increase in debt-servicing expenses for interest payments and the redemption of debts, based upon an assumed 3.0% interest rate. This is the highest level for 29 years.
If the long-term rate of interest continues to rise above this level, it will force the government into additional borrowing and increase its debt.
(source: Reuters)