Latest News
-
US appeals Court invalidates Biden-era efficiency rules for stoves and ovens
The federal appeals court on Tuesday overturned a Biden administration era rule setting efficiency standards for electric and gas stoves and ovens. It said the agency had improperly bypassed procedures to solicit public comments. The 5th U.S. Circuit Court of Appeals in New Orleans ruled 3-0 for seven Republican-led states -- Louisiana, Mississippi, Montana Nebraska Tennessee Texas and Utah. The New Orleans Circuit Court of Appeals ruled for seven Republican-led States -- Louisiana, Mississippi and Tennessee -- who challenged the Department of Energy’s “direct final rule” on?consumer grade stoves and appliances. The August 2024 rule aimed to limit the amount of energy that consumers used in their kitchen appliances and ban an older technology called linear power supplies. Circuit Judge Andrew Oldham stated that the Energy Department shouldn't have rushed the rule knowing that many states would oppose a similar standard in 2023. He dismissed the rule, saying it was part of an effort by former president Joe Biden's Administration to make appliances "more costly?and less valuable." Preserving 'Consumer Choice' Direct final rules are usually reserved for non-controversial issues. Although the Energy Department defended their rulemaking during the appellation, it is unclear whether they would still defend it. The Republican President Donald Trump has long criticised energy conservation regulations. Energy Secretary Chris Wright promised last month to permanently limit efficiency mandates on home appliances which "raise costs" and "disrupt consumer choice." A spokesperson for the Energy Department said that following Tuesday's ruling, the Trump administration was "committed to making sure that consumers are able to choose home appliances that best suit their lifestyles and budgets." CONTROVERSY EVADING Oldham, who was appointed by Trump, stated that the Energy Department rely on support from a number of?industry organizations, "environmental activist" groups in California, Massachusetts, and New York. The judge stated that "it is not possible to say with a straight faced" that these Democratic-led States fairly represented the whole country. He said that the department did not consider whether increasing the complexity of appliances in order to increase efficiency would decrease reliability or increase costs. Oldham wrote that the gas stove measures of the previous administration were some of its most controversial proposals in terms energy. The idea that all of this controversy could be elided by using the DFR - a mechanism designed for consensus rulemaking - is untenable. Oldham's ruling was backed by Judges Catharina Ho and James Ho. Haynes was appointed by Republican President George W. Bush and Ho by Trump. Jonathan Stempel reported from New York, and Sanjeev Miklali and Mark Porter edited the story.
-
Stocks fall as oil prices continue to rise amid doubts over a possible US-Iran agreement
On Tuesday, oil prices rose and global shares declined as traders evaluated talks about reopening of the Strait of Hormuz. The uncertainty over global inflation also weighs. Gold prices have'retreated' from their two-month high ahead of Wednesday's consumer price data. The Strait of Hormuz is expected to remain closed as long as the U.S. doesn't change its behavior or accept Iran's demands for an end to the war. This was the statement made by the newly appointed secretary of Iran’s Supreme National Security Council on Tuesday. Ron Albahary is chief investment officer of LNW. He said that the markets are weighing the prospect of some sort of detente. However, they're mistaken in believing that this resolution will be the end of the story. The MSCI index of global stocks fell 0.28%, reversing earlier gains. The U.S.-Iran back and forth has been the focus of attention amid increasing?tensions which sent oil prices soaring 5% on Sunday. U.S. president Donald Trump responded with his own conditions to Iranian demands for a deal, calling on Iran to compensate those who died in?wars and attacks, protests and demonstrations. This could complicate efforts to reopen this crucial waterway. Brent crude futures rose 1.29% per barrel to $88.90. U.S. crude oil rose by 1.22% to $83.17. Tony Sycamore is a market analyst for IG. He said, "This will be a war now of attrition." "You can probably see the (oil market) sitting in the $75-$95 range as we wait to see which party blinks first." Wall Street saw the Dow Jones Industrial Average fall 0.22%, to 53,858.27. The?S&P 500 fell 0.38%, to 7,723.79, and the Nasdaq composite was down 0.79%, at 26,395.56. Investors balanced the geopolitical risk in?the Middle East against earnings optimism, and the pan-European STOXX 600 remained flat at 660.51. INFLATION DATA The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations for September’s Federal Reserve meeting. Money markets indicate that there is a 50% chance of an increase. Jonas Goltermann is the chief markets economist of Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, renewed concerns about stagflation." The yield on the benchmark U.S. 10 year notes dropped 1.17 basis points, to 4.686%. Focus on TECH STOCKS The S&P 500, Dow and Dow Jones hovered around their all-time records?hit in the last week. Meanwhile, the Nasdaq, which is still over 2% off its record, but above its July lows, when the tech heavy index fell almost 10% since its peak, has risen well beyond its current level. Nvidia announced overnight that it has teamed up six major financial institutions, including BlackRock and Goldman Sachs, to create a funding measure worth more than 500 billion dollars for AI infrastructure. The company did not provide much detail about the financial terms or investment commitments, nor how $500 billion could fit in with existing funding arrangements. Sycamore said, "A small piece of me wondered if this was how I felt when subprime loans first became mainstream products -- the innovation which helped to trigger the GFC." She was referring to the global financial crisis. Intel raised $20 billion in its first share offering since it listed in 1971. Intel shares have been down by 0.2% in the last few days. The yen has been in the spotlight again. The yen was down by 0.02% last time against the dollar. It is still off the high of last week of 155.20. This follows several suspected rounds, including an 'joint' move from Japan and the United States. The holiday season in Japan led to a thinner trading volume than normal. This is often seen as an 'instigator for intervention', since smaller trades have a larger impact on prices than under normal conditions. The dollar index (which measures the greenback versus a basket including the yen, the euro and other currencies) rose by 0.09%, to 99.86. Meanwhile, the euro fell 0.05%, to $1.1536. Spot gold dropped 0.57%, to $4363.54 per ounce. (Additional reporting in Singapore by Rae Wee and Avinash P, and Purvi Agarwal, in Bengaluru, and editing by Clarence Fernandez and Kate Mayberry; Toby Chopra and Nick Zieminski in Rod Nickel's office)
-
Gold edges lower as markets await key US inflation data
Gold fell on Tuesday but remained near the two-month high reached earlier.?Market participants are awaiting important U.S. inflation data that may influence expectations about Federal Reserve policy. Gold spot was down 0.3% to $4,376.31 an ounce by 1:50 pm EDT (1750 GMT), having hit its highest level in June at $4434.84 in earlier sessions in an effort to break above the current 100-day moving average of $4,387.92. U.S. Gold Futures rose by about 0.5%, to $4,441,10. The market is looking forward to this week's data on inflation to confirm that the inflation rate has been tamed, said Peter Grant. He added that a moderated annualized CPI would?continue support gold. After Friday's disappointing U.S. July jobs report, markets lowered their bets on the Fed raising rates in September. This led to a 2.4% gain for gold. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week?which eroded expectation for a rate increase in September." According to the CME FedWatch Tool, traders still price in a 50% chance for a hike in September, and an?79% possibility in December. Cleveland Federal Reserve Bank President Beth Hammack said that she believes the time is right to start raising rates slowly to avoid needing to make sharper increases later. Gold that does not yield tends to be less attractive in an environment with higher interest rates. Donald Trump, the U.S. president, responded to Tehran's demands for a peace deal with his own. He demanded that Iran pay compensation for those who died in wars, terrorist attacks, and protests. Oil prices remained near their one-week high. Silver spot fell 1.4%, to $64.8 an ounce. Platinum lost 0.7%, to $1740.37. Palladium dropped 1.3%, to $1365.60. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter, Aurora Ellis and Mark Potter edited the report.
-
Thyssenkrupp nucera reduces fiscal 2026 forecast after abandoning SOEC production plans
Thyssenkrupp nucera announced?on Tuesday that it had abandoned a?plan to establish its own?mass-production capacity for solid oxide electrolysis?cell (SOEC) stacks. It took a?one-off EBIT loss of approximately EUR30 million during the fourth quarter. The German electrolysis equipment manufacturer said that the charge was primarily due to an impairment of their pilot plant and capitalized?development?costs. SOEC technology is used to create green hydrogen by high-temperature electrolysis. Thyssenkrupp?now anticipates a loss in earnings before interest and tax (EBIT) of EUR105 to EUR75 million ($86.52 millions) for fiscal 2026. This is compared to its previous guidance of an EBIT loss between EUR80 to EUR30million. The group sales forecast is EUR450 to EUR500 for fiscal 2026, up from EUR450 to EUR550 previously. Group order intake?is also expected to be EUR550 to EUR670 millions. Green hydrogen sales forecasts were also lowered from EUR120 million to EUR170 million. The outlook for its Chlor-Alkali division remained unchanged. As part of its broader cost-saving measures, 'Thyssenkrupp nucera' froze hiring for a period of time in high-cost countries. This was after the company had experienced a second-quarter loss that was widened by higher costs of hydrogen projects and termination of an U.S. Pilot Project.
-
REFILE-Barrick says Newmont deal clears path for North American IPO - Aug. 10
Barrick Mining announced a rise in its?second quarter?profit, boosted by higher bullion price, and reached a $1.95billion deal with Newmont for the settlement of disputes regarding Nevada Gold Mines. Newmont has consented to Barrick’s planned initial public offer of its North American Gold assets, according to the companies. This will pave the way for an IPO Barrick hopes to complete before the end of the year. Barrick is searching for a new chief executive officer to run its business outside North America. CEO Mark 'Hill, set to lead the company's North American unit, has said that he prefers an internal candidate. According to LSEG data, the Canadian gold miner exceeded analysts'?profit estimates of 82 cents. It earned $1.22billion, or 73c per share for the three-month period ended June 30? compared to $811m, or 47c per share a year ago. At 1:00 pm, Barrick shares had fallen 8% at the Toronto Stock Exchange. ET (1800 GMT). Gold miners are under pressure from higher fuel prices as the U.S./Israeli conflict against Iran disrupts oil supplies and keeps energy costs high. Barrick says fuel costs, lower grades and higher royalties have contributed to a 11% increase in gold total-in-sustaining costs. The realized price of gold in the second quarter rose by 34% compared to a year ago, reaching $4,417 an ounce. Gold output, however, remained flat at 796,000 pounds. Barrick said that the higher gold prices were due to lower grade gold processed at its Carlin, Cortez and North Mara gold mines, both in Nevada, and in Tanzania. Fuel costs and royalties increased as a result of the stronger gold price realized, and also a decrease in the quality of the gold. The cost of gold sales for the company rose by?20% to $1.993 per ounce in the second quarter. Gold's total sustaining cost (a key industry indicator of the cost of gold production, including capital expenditures to sustain the gold mine) rose by 11% to reach $1,866 an ounce. NEWMONT -DEAL CLEARS IPO PATH Barrick holds 61.5% of the Nevada Gold Mines joint enterprise and Newmont has 38.5%. Barrick needs Newmont's permission to proceed with its North American spin-off because Newmont holds the right of first refusal in the event Barrick attempts to sell its stake. Barrick and Newmont also had disagreements over Nevada Gold Mines. Barrick's Fourmile project will be transferred to Nevada Gold Mines Joint Venture, and Newmont's Mike and Fiberline projects will be transferred, and Newmont will pay Barrick $1.95bn in cash within 30days. Barrick stated that the agreement would?create an almost 100-million ounce gold complex in Nevada. Barrick's IPO in North America will include Barrick's interests and operatorship in Nevada Gold Mines, Pueblo Viejo and other North American exploration projects, as well as Newmont assets.
-
Markets expect key US inflation data
Gold edged up on Tuesday, after reaching a?peak? of more than two months earlier. Market participants are awaiting important U.S. Inflation figures that may influence expectations about the Federal Reserve’s policy. Gold spot was up 0.2% to $4,396.87 an ounce by 11:05 am EDT (1505 GMT) after reaching its highest level in the session since June 5, at $4434.84. U.S. Gold Futures rose 0.8% to $4456.10. The market will be looking at this week's data to confirm that inflation is under control, said Peter Grant, senior metals analyst and vice president of Zaner Metals. He added that a moderated annualized CPI would continue to support gold. After Friday's?weak U.S. July jobs data, markets lowered their bets on the Fed raising rates next month. This led to a 2.4% gain in gold. Grant stated that "gold is still reasonably well bid as of this point, in light of the disappointing jobs data last week which has eroded expectations regarding a rate hike in September." According to the CME FedWatch Tool, traders still price in about a 50 percent chance of a hike in September, and 79% in December. Beth Hammack, the president of the Cleveland Federal Reserve Bank, said that she believed it was the right time to start raising rates slowly to avoid needing to make sharper increases in the future. Gold that does not yield tends to be less attractive in an environment with higher interest rates. Donald Trump, the U.S. president, responded to Tehran's demands for a?peace?deal with his own. He demanded that Iran?pay compensation to those who died in wars, attacks and protests. Oil prices remained near their one-week high. Other metals include spot silver, which fell 1%, to $65.1 an ounce. Platinum eased by 0.1%, to $1.750.50. Palladium dropped 0.7%, to $1.372.75. (Reporting by Sukanya Mitra in Bengaluru. Mark Potter (Editing)
-
Stocks rise as oil prices continue to rise in anticipation of a possible US-Iran agreement
The oil prices rose and global stocks were up on Tuesday as traders focused on the negotiations between the United States and Iran on a peace agreement and the reopening of Strait of Hormuz. Gains were tempered by uncertainty over the?global inflation forecast. In an interview with Bloomberg News, Pakistan's defence minister stated that the U.S. is close to a "sort of arrangement" between Iran and Pakistan. The MSCI index of world stocks rose 0.10% to 1,154.40. The escalating tensions between the two countries have been a focus of attention. Oil prices jumped 5% Monday as a result. Donald Trump, the U.S. president, responded to Iranian demands for a deal by imposing his own. He demanded that Iran pay compensation to those who died in wars, protests and attacks, which could complicate efforts to reopen this vital waterway. Brent crude futures are up 5% over the past two days, and the benchmark global price is currently at $87.92. U.S. crude oil gained?0.16% at $82.26. Tony Sycamore is a market analyst for IG. "You can probably see the (oil market) sitting in the $75-$95 range while we wait to see who blinks the first." Wall Street saw the Dow Jones Industrial Average rise 0.03%, to 53,990.87, and the S&P 500 gain 0.09%, to 7,760.26. The Nasdaq Composite fell 0.03%, to 26,597.85. INFLATION DATA The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations?for September's Federal Reserve Meeting, where money markets indicate a 50% chance of an increase. Jonas Goltermann is the chief market economist at Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, new worries about stagflation." The yield on the benchmark 10-year U.S. notes dropped 1.38 basis points from 4.698% to 4.684%. The 30-year bond yields fell by 1.02 basis points, to 5.2328%. However, they remained close to the 19-year highs reached in July. The yield on benchmark German Bunds of 10 years fell by 2.52 basis points, to 3.152%. Focus on TECH STOCKS Overnight, 'Nvidia' announced that it had teamed with six major financial institutions, including BlackRock and Apollo, to create a series of funding measures totaling more than $500 billion, for AI infrastructure. The plan did not provide much detail in terms of financial terms, commitments to invest or how $500 billion could fit into existing financing deals. "A small piece of me wondered if this was how it felt when sub-prime loans first became mainstream products - the innovation which ultimately helped trigger the GFC," Sycamore said. Intel, meanwhile, raised $20 billion in a share offering, its first since 1971, when the chipmaker listed. Intel shares fell 0.5% in the last trading session. The yen has been in the spotlight again. The yen was last up 0.4% against the US dollar but it remained below the highs of last week of 155.20. This is after several suspected rounds, including a move by Japan and United States. The holiday season in Japan led to a thinner trading volume than usual. This is often seen as an opportunity for intervention as small trades have a greater impact on price than normal. The dollar index (which measures the greenback versus a basket including the yen, the euro and others) rose by 0.04%, to 99.81. Meanwhile, the euro fell 0.01%, to $1.1541. Gold, which is up 8% this month so far, rose 0.12% on the day to $4,393.69 per ounce. (Rae Wee contributed additional reporting from Singapore; Clarence Fernandez edited the story with Toby Chopra, Kate Mayberry and Nick Zieminski.)
-
Argentina's YPF increases investment forecast to $6.2 billion by 2026
YPF, the Argentinean oil company, is planning to invest up to $6.2-billion in 2026. This is higher than its previous estimate of $5.8-billion, said CEO Horacio Martin on Tuesday during a presentation for investors. The executive said that YPF now projects EBITDA (earnings before interest, tax, depreciation, and amortization) of $8 billion for this year. This is a significant jump from the 'previous estimate' of $6 billion. He said that the increase in EBITDA was due to a rise in oil prices. YPF is the leader in the Vaca Muerta Formation, which has the second largest unconventional shale-gas reserve and the fourth-largest shale-oil reserve. YPF reported a net 'profit' of $1.21billion in the second quarter 2026, compared to $58m a year ago. The company cited higher shale shale production, record shale processing levels, and a rise in international prices. The country depends on the formation's growth to 'boost' the country's foreign currency reserves, which are needed to'stabilize its economy, reduce inflation and pay back heavy debts to IMF.
Oil prices continue climb on US-Iran deal doubts; stocks retreat
Tuesday, oil prices reached a new high and Wall Street closed lower as traders became more pessimistic over a possible deal to restore stability in the Middle East and open the Strait of Hormuz.
The uncertainty?over global inflation expectations also weighed.
The gold price?retreated after a peak of two months ahead of the consumer price data that is due on Wednesday.
The Strait of Hormuz is closed until the U.S. changes its behavior and accepts Iran's demands to end the conflict, said the newly appointed Secretary of Iran's Supreme National Security Council on Tuesday.
Ron Albahary is chief investment officer of LNW. He said that the markets are grappling with the prospect of some sort of detente. However, they're mistaken in believing that any kind of resolution will be the end of the story.
The MSCI index of global stocks fell 0.23%, reversing earlier gains.
The escalating tensions between the U.S., and Iran have been at the forefront of attention. Oil prices soared 5% on Monday as a result.
Donald Trump, the U.S. president, responded on Monday to Iranian demands for a deal by stating his own. He demanded that Iran pay compensation for those who died in wars and attacks, as well as protests. This could complicate efforts to reopen this vital waterway.
Brent futures finished $1.19 higher, or 1.4% at $88.91 per barrel. U.S. crude oil ended up $1.07 or 1.3% at $83.20.
Tony Sycamore is a market analyst for IG. "You can probably see the (oil market) sitting in the $75-$95 range as we wait to see which party blinks first."
Wall Street saw the Dow Jones Industrial Average fall 0.34% to 53791.85, S&P 500 drop 0.32% at 7,728.20, and Nasdaq Composite decline 0.60% at 26,445.45.
Investors weighed the geopolitical risk in the Middle East against earnings optimism, keeping STOXX 600 near its all-time highs.
Emerging markets stocks dropped 0.28% to 1,665.44. The broadest MSCI index of Asia-Pacific stocks outside Japan closed unchanged at 1,627.53.
INFLATION DATA
The U.S. consumer price report for July will not include the latest rise in energy prices, but it can still be used to set expectations for the Federal Reserve meeting in September, where money markets indicate a 50-50 possibility of an increase.
Jonas Goltermann is the chief markets economist of Capital Economics. He said: "We believe that risks are skewed in favor of a hot print. This would likely drive a recovery in rate expectations, and potentially, renewed concerns about stagflation."
The yield on the benchmark U.S. 10 year?notes dropped 0.35 basis points to 4.695 percent.
Focus on TECH STOCKS
The Nasdaq closed about 2% lower than the record-breaking close of early June. Amazon and Alphabet both fell, weighing down the tech-heavy S&P 500 and the Nasdaq.
Nvidia announced overnight that it has teamed up six major financial institutions, including BlackRock and Apollo, to create funding measures for AI infrastructure worth more than 500 billion dollars.
The company did not reveal any other details, including financial terms or investment commitments, nor how the $500 billion planned could fit in with existing funding arrangements.
"A small piece of me wondered if this was how I felt when subprime loans first became mainstream products -- the innovation which helped to trigger the GFC,"?Sycamore said, referring the global financial crises.
Intel has raised $20 billion in a share offering, its first since 1971 when the chipmaker listed.
CURRENCY GYRATIONS
The yen is back in the spotlight among currencies. The yen was last up 0.01% versus the dollar. It is still off the high of last week of 155.20. This follows several suspected rounds, including a move by Japan and the United States.
The holiday season in Japan led to a thinner trading volume than usual. This is often viewed as a catalyst for an intervention as small trades can have a larger impact on the price than normal.
The dollar index (which measures the greenback versus a basket currencies including the yen, the euro and others) rose by 0.05%, to 99.82. Meanwhile, the euro fell 0.01%, to $1.1541.
Gold futures in the United States rose 0.5% to $4,441.10, but spot gold dropped 0.45%. (Additional reporting by Rae Wee and Avinash P in Singapore, and Purvi Agarwal and Nick Zieminski in Bengaluru. Editing by Clarence Fernandez and Kate Mayberry; Toby Chopra and Rod Nickel).
(source: Reuters)