Latest News
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China's Xiaomi unveils SUV series dubbed Sky Nomad
China's Xiaomi unveiled a new SUV series on Thursday called Sky?Nomad. This is a move to expand the company's reach into automobiles, as its smartphone market continues to slow. Lei Jun, the CEO of Xiaomi, announced on his Weibo account that the extended-range electric vehicle (EREV) will include "smart and versatile" SUVs. He also posted a poster teaser of one of these vehicles. EREVs, or plug-in hybrids, are vehicles that fall between petrol-electric hybrids (PEVs) and battery-only cars. They use a combustion motor as a generator to increase the battery's driving range. Xiaomi's announcement marks an expansion beyond battery powered sedans and cross-overs?into a popular category of models such as Li Auto. Xiaomi's EV division has grown to be a major revenue generator in the last two years with its SU7 sedan and YU7 cross-over. As growth in the smartphone and home appliances markets slowed, the consumer electronics firm looked for new revenue sources. The auto industry is still expensive for the tech company due to high investment costs and low profit margins. Xiaomi's SU7 and YU7 EV lines are positioned as a Chinese high-tech alternative to Tesla Model 3 and Model Y. Data from the auto information and trading site DCar showed that by the end of June Xiaomi had sold 258,232 YU7 crossovers since the launch of the model in June 2025, compared to the 470,207 Model Y vehicles in China over the same time period. Xiaomi has locked in orders for its existing models, but the domestic market is slowing down. It also hasn't exported any vehicles yet unlike other domestic competitors. The company is planning to launch cars in Europe next year. "They (car-owners) want their cars to be a?second home. Lei stated that for them, the car is more than just a vehicle. It's a moving home. (Reporting and editing by Christopher Cushing; Qiaoyi Li and Ju-min Park)
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Iron ore is in short supply as fears of a possible disruption to the supply counteracts a weakening demand
Iron ore prices were range bound on Thursday as investors weighed the potential supply risks arising from a strike threat by some BHP iron ore employees against a seasonally weakened demand in China, the world's largest consumer. As of 0304 GMT, the most-traded contract for?iron?ore on China's Dalian Commodity Exchange increased 0.27% from 745.5 Yuan ($109.66), a metric tonne. As of 0254 GMT, the benchmark August iron ore contract on Singapore Exchange fell 0.18% to $98.85 per ton. BHP's Port Hedland Iron?ore operation in Western Australia may see hundreds of workers walk off their jobs next week. This would be the largest industrial action in recent decades. Steelmakers and traders are among those who have expressed concern about a possible disruption of supply in the world's biggest bulk export port. Analysts also expected that the supply from major producers would decline as the rush to ship to meet quarterly guidance came to an end. Some mills began equipment maintenance due to a seasonal decline in steel demand. This led to a reduction in steel production and reduced feedstock demand. China's daily crude-steel output fell 3.6% in the last 10 days of June from the previous ten-day levels to?2,66 million tons. The price of coking coal, another steelmaking ingredient, rose by 0.39% and 0.45% respectively. This was due to the rising energy prices, which were a result of renewed supply concerns after the United States' recent strikes against Iran. The benchmarks for steel on the Shanghai Futures Exchange were mixed. Rebar edged up?0.1%. Hot-rolled coil edged down 0.12%. Wire rod dropped 0.24. Stainless steel fell 1.47%.
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Oil prices rise after US strikes on Iran
Oil prices rose on Thursday, after the U.S. launched new?strikes in Iran. This dented hopes of an end to the Iran war, and the full reopening of the Strait of Hormuz. The Strait of Hormuz is a chokepoint that supplies one-fifth of the world's oil supply before the war. Brent crude futures were up 78 cents or 1% at $78.8 per barrel as of 0054 GMT. U.S. West Texas Intermediate Crude Futures rose 74 cents or 1.01% to $74.26 per barrel by 0054 GMT. WTI and Brent crude prices rose by more than $1 in the post-settlement trading on Wednesday, after the U.S. began to launch new strikes against Iran. The benchmarks were at their highest level in more than two weeks before that after U.S. president Donald Trump threatened to launch new strikes against Iran as early as Wednesday night. The U.S. Military?said that it would launch?fresh attacks on Iran to keep the Strait of Hormuz, which is critical to the flow of traffic through the Strait of Hormuz, open for traffic. This comes after President Donald Trump announced an interim agreement ending the war as "over". Tony Sycamore, IG's analyst, said that the rush of oil through the strait is now over. Shipowners are expected to be more cautious, he added. The U.S. claimed that?its latest attacks were in response to the Tuesday's attack?on three??tankers? transiting through the strait. The U.S. attack rattled cities along Iran's south coast, and some areas were left without power. Iran claimed on Wednesday that it had attacked U.S. military sites in Bahrain, Kuwait and Yemen in response to previous U.S. attacks on infrastructure. Insurance industry sources reported on Wednesday that some war underwriters had 'advised' shipping companies to pause their voyages through the Strait of Hormuz and others were reviewing their policies after Iran's renewed vessel attack.
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US launches new strikes against Iran, causing oil to rise by more than $1 per barrel
After the U.S. military launched new strikes against Iran, oil prices rose by more than $1 a barrel on Wednesday. After Donald Trump's threat to strike Iran again on Wednesday night, both?crude benchmarks? had reached their highest levels in?more than two weeks. Trump said the interim agreement to end Iran's war was over, but ruled out a full-blown war. Brent crude futures closed Wednesday's session at $79.28 per barrel after closing the previous day at $78.02, up by more than 5%. U.S. West Texas Intermediate Crude futures traded at $74.76 per barrel, an increase from the session's settlement price of $73.52. The U.S. Central Command announced Wednesday that it would launch new strikes against?Iran to keep the Strait of Hormuz traffic-friendly. Ongoing 'U.S. A U.S. official said that the strikes against Iran are expected to be more powerful than those carried out on Tuesday. Iranian media reported explosions in Bandar Abbas Abu Musa Bushehr and other areas of the country. The latest strikes come after a flare up in tensions caused by Iranian attacks on ships in Strait of Hormuz. Following this, the U.S. has revoked the sanctions relief for Iranian Oil Sales that was?agreed to in the interim agreement between the two parties?last month. Iran announced on Wednesday that it had attacked U.S. military bases in Bahrain and Kuwait. This triggered a retaliatory strike by the U.S. The strait was the route of a fifth of all global oil before the Iran War. Tehran's control over the waterway is its primary leverage in the conflict that began with the U.S. Israeli airstrikes on Iran began on February 28. After the attacks on two oil tankers Tuesday, maritime authorities increased the threat level for vessels transiting through the Strait.
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US Nuclear Power Regulator proposes to narrow scope of environmental reviews
The U.S. nuclear power regulator on Wednesday proposed narrowing the scope of environmental?reviews required under federal law for licenses for new and renewed reactors. The?U.S. nuclear regulator proposed on Wednesday to narrow the scope of?environmental?reviews required by federal law for licenses to new and renewed reactors. The proposal is just one of many changes that the Nuclear Regulatory Commission has made to its rules. The U.S. President Donald Trump wants to quadruple the nuclear power capacity of the U.S. by 2050 in order to meet the power demand, which has risen due to data centers and electric vehicles. The NRC has also proposed a change to a rule that protects people from radiation coming from power plants, and security standards for reactors. Ho Nieh, chairman of the Nuclear Regulatory Commission (NRC), told reporters that the NRC "did much more for many, many, years than was required by law under the National Environmental 'Policy Act." This brings us right back to the NEPA requirements, nothing more and nothing less." Nieh stated that the NRC is proposing to limit areas in which it doesn't have authority over environmental effects, such as the construction of nuclear power plants. He said: "Dust and noise, air impact, non-radiological waters, or nonradiological effects are all examples of things that we will not be doing in the future." The proposal would also "eliminate routine requests for public comments on draft Environmental Impact Statements." The public will still be able to provide comments during other stages of the approval process. The proposal also expands categorical exemptions for certain actions. This includes some new reactor projects where the NRC determined that they do not normally result in significant environmental impact. Kimyata Savoy is the NRC’s chief environmental review and permitting officer. She told reporters the proposal would save the NRC about $135 millions in costs. Trump approved four executive orders last year on nuclear energy that sought to'shorten the approvals of new reactor licenses from a multiyear process to a 18-month one. The orders called for a revamp of the NRC, including examining staffing levels and instructing the Energy and Defense Departments that they should work together to construct pilot nuclear plants on federal land. (Reporting and editing by David Gregorio; Timothy Gardner)
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Wall Street falls as Iran tensions re-ignite, Oil reaches multi-week high
After U.S. President Donald Trump said that the interim peace agreement with?Iran?was "over", and the U.S. declared new military strikes, stocks were mostly lower. Oil prices rose nearly 5% as tensions in the Middle East re-emerged and fears mounted that global energy supply could be disrupted if vessels moving through the Strait of Hormuz were stopped. Brent futures LCOc1 climbed $3.86 or 5.2% to $78.02 per barrel, their highest price since June 19. U.S. West Texas Intermediate crude (WTI)?CLc1 climbed $3.08 or 4.4% to $73.52, its highest level since June 22. This week, data showed that crude oil stocks in the U.S. Strategic Petroleum Reserve?have reached their lowest levels since 1983. Markets are more susceptible to future supply shocks. The Dow Jones Industrial Average, which closed at 52,348.09, was the Wall Street market's?most dramatic selloff. It fell 1.09%. S&P 500 ended with a 0.28% drop to 7,482.59 while Nasdaq Composite managed a 0.2% gain to 25,870.65. The International Monetary Fund warned that the conflict would have a negative impact on global growth in 2015. The MSCI index of global stocks fell by 0.60% to 1,114.54. The market was largely unresponsive to the minutes of Chairman Kevin Warsh’s first rate setting meeting released by Federal Reserve, which revealed concern over rising inflation. Investors were more interested in Warsh's desire for a limited forward guidance. This suggests that investors will have less information about future Fed actions. In a recent note, Russ Brownback said that the Fed has decided to give less information in its post-meeting statements, with forward guidance being placed more in the rearview mirror. He said that while the minutes retain a familiar structure, the statements and the forward-looking language of the policy are noticeably more guarded. The yield on the benchmark 10-year U.S. Treasury note rose for a seventh consecutive day. It was last up 4,01 basis points to 4.569%, after hitting a month-high of 4.58%. Dollar index, which measures greenback against a basket including yen, euro and other currencies, dropped 0.22% on currency markets to?100.96. The yen was hovering around 162.4, which is not far off its 40-year low. Gold prices were also affected by renewed Middle East tensions, and inflation fears that followed. Spot gold dropped 0.52%, to $4.084.19 per ounce. U.S. gold?futures? fell 1.45%, to $4.085.00 per?ounce. Gold is often seen as a hedge to inflation but the metal's non-yielding nature makes it less appealing in an environment with high interest rates. (Reporting from Washington by Pete Schroeder; Additional reporting by Amanda Cooper and Tom Westbrook, in London; Editing by Kevin Buckland and Jan Harvey; Hugh Lawson, Edmund Klamann and Edmund Klamann).
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US Diesel Futures Post the Biggest Daily Gains in Four Years After Russia Bans Exports
U.S. Diesel futures are set to make their biggest daily gains in the last four years on Wednesday, after Russia announced an export ban. This has heightened supply concerns for a market that is still grappling with uncertainties about Middle Eastern oil flow. The benchmark ultra-low sulfur futures contract on the New York Mercantile Exchange closed up 11.6% to $154.71 a barrel, its highest level in more than a month. It also marked the largest daily gain for the contract since march 2022. The price spike in response to the 'Russian export ban', imposed in response to intensifying drone attacks by Ukraine on its refineries highlights the tightness of the global diesel markets. Diesel production has been limited by the attacks on Russian refineries and other plant closures, as well as years of supply cuts from the OPEC+ and disruptions resulting from the Iran War. Tom Kloza, Gulf Oil's chief energy advisor, said: "Diesel should be the product everyone is watching." It was emphasized even before the Russian banning, and now you have a very strong setup for the middle barrel. According to government data released on Wednesday, the United States' diesel and heating oil stocks fell by almost 5 million barrels in the last week, down to 103.6 million. This was due to a record-breaking seasonal export and a strong domestic demand. This is about 7% less than the average for the past five years. Energy Information Administration data released on Wednesday showed that U.S. distillate fuel exports were averaging 1.7 million barrels per day, the highest ever for the beginning of July. Domestic demand was 4.3 million barrels per day, which is 1.6% more than it was at the same time last year. Although the United States does not import any Russian diesel anymore, U.S. customers could still "feel" the pinch as nations who do rely upon Russian flows are likely to turn west for replacement barrels. The expected pull from other nations on a tighter market may translate into higher prices in the US. Consumers are now facing new inflation worries. Kloza said that wholesale diesel prices will rise by more than 40 cents a gallon as a result of the Russian export ban. The developments are likely to translate into better profits for U.S. refiners: "the diesel futures cracked spread, or the differential between the price the fuel and crude oil price, surged above $80 per barrel on Wednesday." This is the highest price since early April. Reporting by Shariq KHan and Scott DiSavino, New York; editing by Chizu NOMIYAWA
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Gold falls after Trump declares Iran deal 'over
Gold prices dropped on Wednesday, as oil prices'surged' and inflation fears grew after U.S. president Donald Trump said a 'interim agreement aimed at ending conflict with Iran is over. Gold prices fell 0.9% by 2:10 pm EDT (1810 GMT), after they had hit their lowest level since the beginning of July. U.S. Gold Futures for August Delivery settled 1.8% lower, at $4.082.40 an ounce. David Meger is director of metals trading for High Ridge Futures. Iran has reacted to a flurry of hostilities by claiming that it targeted U.S. military targets in?Bahrain? and Kuwait? after U.S. forces had attacked Iranian targets as a response to the attacks?on oil tankers in?the Strait of?Hormuz? Crude oil prices increased by more than 5%. Energy prices that are higher can cause inflation, and central banks may raise interest rates in order to control price pressures. Gold is often seen as a hedge to inflation but the metal's non-yielding nature makes it less appealing in an environment of high interest rates. Concern about high inflation grew?at last month's Federal Reserve meeting, amid fears that price increases are spreading and could require interest rate increases. Minutes of the 'June 16-17 meeting showed that a few participants saw the case for raising rates immediately. According to CME FedWatch Tool, traders are now pricing in a 69% probability of an increase in U.S. interest rates in September. This is up from 62% Tuesday. In a note dated Tuesday, Bank of America said that its 2026 gold forecasts have been reduced by 14%, to $4360, due to a more hawkish Fed. However, it added that $5,000 is still within reach when the tightening cycles ends. Spot silver dropped 2.9% to $58.25 an ounce. Platinum fell 3.6% to $1.580.92 and palladium declined 4.5% to 1,219.84.
Oil jumps on Gulf hostilities, Asian shares rise as chips rally
Asian shares rose on Thursday, as semiconductors saw a reprieve from heavy selling. However, gains were capped off by an?increase in oil prices due to a resumption in hostilities in Gulf which reignited inflation fears and hammered bonds. Oil prices rose for the third consecutive session after President Donald Trump announced that the interim agreement between Iran and the United States to end the war is "over". U.S. forces also conducted fresh attacks on Iran to open up the Strait of Hormuz for a second consecutive day. Trump, however, later stated that he didn't expect a full-blown war to return, which helped calm fears. Brent crude futures increased 0.8%, to $78.65 per barrel. They were up 9.1% this week to reach $80 per barrel for the very first time since June 22, 2016. This shook global bond markets, and increased bets on the Federal Reserve raising interest rates to combat inflation this year. Fed funds futures are now implying a policy tightening of 38 basis points this year. Wall Street fell initially on Trump's remarks, but recovered from session lows. The Nasdaq managed a 0.2% gain. Nvidia, the chip?giant, rallied by 3.6% following media reports that China will allow its top AI companies to purchase a limited number of Nvidia's H200 processors.
The broadest MSCI index of Asia-Pacific stocks outside Japan rose by 0.8%. Japan's Nikkei gained 2.3%, ending a three-day loss streak.
South Korea's KOSPI jumped by 3.8%. This was driven by a rise of 3.6% in Samsung, and a surge of 7.5% in SK Hynix. Investors bought into the recent sale-off in chips.
Wall Street futures in Asia were flat, but pan-regional stock futures in Europe rose 0.9%. Chris Weston is the head of research for Pepperstone. "At this point, the market appears to be skewed in favor of the view that (Iran's) conflict will de-escalate and negotiations around the Memorandum?of Understanding resume," he said.
"Traders understand that they must remain open-minded." The situation is fluid and it's difficult to predict the timing. The minutes released by the Fed show that policymakers are concerned about rising inflation. Some participants even said it was time to increase borrowing costs.
Asia has been hit by the global bond crisis. The yield on Japanese 10-year government bonds increased 1.5 basis points to 2.880%. This is the highest yield since September 1996. Meanwhile, Australia's 10-year bond yields rose 4 basis points to 4.924%.
After a 4 basis point increase overnight, the benchmark 10-year U.S. Treasury bond yields rose another 2 basis points on Thursday to 4.5852%. The yields have risen 10 basis points so far this year.
The currency markets were a bit'muted.' The dollar failed to hold onto its 'yield support, and ended the day down by 0.2% at 162.38 yen. The dollar was only 0.2% away from its 40-year high of 162.84 yen, as speculators remained wary of Japanese interventions.
The euro rose by 0.1%, to $1.1428. Sterling also gained 0.1%, to $1.3401, which is just below the three-week high of $1.341.
Gold's price remained flat at $4.079 per ounce. Reporting by Stella Qiu, Sydney; Editing and proofreading by Lincoln Feast.
(source: Reuters)