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Asia stocks rise on tech wave, but oil prices continue to fall
On Wednesday, Asian shares aimed for a sixth consecutive session of gains as the consumer appetite for AI apps continued boosting tech stocks. Meanwhile, oil prices dropped further due to'reports about increased supply from the Middle East. Saudi Arabia has reportedly resumed exports through the Red Sea port Yanbu and may already have done so, according to sources. US President Donald Trump claimed that talks with Iran had progressed in New York, but threatened to "annihilate the country" if no deal was reached. The markets are agog at reports that he could hold talks with Trump. Brent futures fell 0.9% to $98.37 per barrel, while US crude fell 1.3% to $89.32 per barrel. Xi Jinping, the Chinese president, arrives in Washington at the end of the day amid speculation that a trade truce will be extended between the two nations and that there may be some cooperation on AI. The renewed buzz about AI has helped South Korean shares?gain 0.5%. Samsung is up more than 2%. Taiwanese stocks have firmed by 0.7%, nearing all-time highs. MSCI's broadest Asia-Pacific share index outside Japan rose 0.3%. It has now been rising for six days in a row. Chinese blue?chips fell 0.5%. The Japanese market was closed due to a holiday. However, Nikkei Futures traded at 66.735, nearly 1,700 points higher than the Nikkei Cash close on Friday. "We expect strong reopenings in Japan tomorrow with another'move lower' in crude and calm conditions for rates and Treasuries. The Nasdaq Cash and Futures markets will also print all-time highs," Chris Weston said, the head of research at broker Pepperstone. "Memory stock has taken the 'leadership baton. Backed by another strong session, semis have recorded their sixth consecutive day gains." CONSUMERS FALL FOR AGENTS OF AI Data hardware has seen a boost from the strong consumer adoption of Meta's Muse Agent, which topped US app charts for downloads in the last two weeks. Analysts now want to know how CC, a product similar from Google Labs, will perform with consumers. SoftBank's debt deal of $10 billion and above has also attracted interest of more than $20 billion, according to reports. This would be one of the biggest?junk bonds deals ever. S&P 500 and Nasdaq Futures on Wall Street were both slightly firmer. In Europe, EUROSTOXX Futures, DAX Futures and FTSE Futures all rose by almost 0.4%. Oil prices dropped, which helped Treasury futures to rise and keep 10-year yields under the?5 % pain barrier. Investors priced in the possibility of further tightening by the Federal Reserve, and the yields on two-year bonds reached their highest level since mid-2024. Both Tom Barkin, President of the Richmond Fed and Susan Collins, president of the Boston Fed, expressed support on Tuesday for the recent increase in interest rates due to concerns over inflation. The futures market indicates that 54% of the time, the Fed will raise interest rates again in October. By year-end, 33 basis points tightening is priced into the markets. The prospect of higher interest rates has helped the dollar to reach multi-week highs against the Euro, Sterling and Canadian Dollar, improving its technical backdrop. The euro is stuck at $1.1430, near its two-month low. Analysts pointed out that a Trump call to 'ban U.S. Diesel exports' could be bad news for European inflation, since the region relies heavily on U.S. fuel shipments. Europe is already facing a natural gas shortage that could drive energy prices up into the winter. Dollar was slightly firmer against the yen, at 157.60. Speculators were wary about drawing Japanese intervention if it went beyond 160.00. Gold fell 0.3% on the commodity market to $4,341 per ounce, and copper has risen 18% this year.
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Andy Home: Indonesia's nickel production limits are not convincing the market.
Indonesia has learned that gaining a dominant position on the nickel market is easy. It is much more difficult to use its influence on supply to control the prices. Southeast Asia now accounts for more than 60% of the global production of a metal that is used both by stainless steel manufacturers and battery makers of electric vehicles (EVs). Indonesia's dramatic rise to become a?nickel power? is due to a 2020 ban on exports, which forced operators into building domestic processing capacity. The country has become a'model for other developing nations, especially those in resource-rich Africa. It's also worth noting how difficult it can be to match demand with supply when you are the largest producer in the world. TAMING THE TIGER Jakarta has cut mining quotas this year, tightened environmental controls and lowered ore prices to curb its nickel industry. The London Metal Exchange nickel prices reached a high of $20,000 per tonne in May after a commitment to reduce mining quotas to between 250 million and 260 million tons from the 379 million metric tonnage last year. As the market has lost confidence in Jakarta's ability to tame this nickel tiger, the price has dropped back to $16,500. The dilemma for policymakers has been how to reduce nickel output without affecting their nickel processors. Some of them have only just begun ramping up their production this year. The mid-year review has led to higher allocations for specific operators. French mining group Eramet has restarted operations at Weda Bay after having been forced to suspend its work in May due to exceeding its 2026 quota. It is hard to determine the full extent of this upward trend, since neither?Jakarta or its nickel operators reveal details. It's also clear that some operators have adapted to lower mining rates in the country by importing, primarily from Philippines. According to the World Bureau of Metal Statistics, which gathers data from government sources, Indonesia increased imports of Philippine ore from 15.3 to 11.4 million tonnes last year. Arrivals were also up?67% from January to July. Solomon Islands is also a regular source of smaller imports. According to the Indonesian Nickel Miners Association, if all of Indonesia's nickel-processing plants operated at full capacity, 315 million tonnes of ore would be needed each year. It is still a very difficult task to balance the captive demand and mining rates. Expectations that are tempered At the beginning of this year, the nickel market was hopeful that Jakarta would be able to do enough to stop another year of global surplus supply. In April, the International Nickel Study Group dramatically revised its estimate of expected market balance for 2026 to reflect lower production in Indonesia. The forecast for this year was a modest deficit of 32,000 tons, compared to a 261,000-ton expected surplus at the previous meeting in October 2025. The global stock of refined nickel has been steadily increasing. The combined inventory of the LME and Shanghai Futures Exchange, on and off warrant, is currently 478,000 tonnes, which can supply the global market with enough product for seven weeks. The surplus could be greater than the visible stock. China is stockpiling metal in order to take advantage of the low prices. In the first seven month of 2018, the country imported 170,000 tons (up 28 percent year-on year) of refined nickel, the highest rate since 2016. China's refined nickel output has grown at an accelerated rate, thanks to Indonesian raw material flows. This suggests that some of the imports may be for strategic purposes rather than commercial ones. WAITING FOR DEMAND Jakarta can take heart from the fact that it would have had a much larger surplus this year if it hadn't done anything to limit its production growth. The price of coal is now above $16,000 per tonne, not below as it was in 2025. Even some Indonesian producers are still struggling to break even. More demand is what Indonesia and the nickel markets really need. There are signs of hope. According to Worldstainless, stainless steel production increased by 5% annually in the first half 2026. EV sales are increasing everywhere except the US market. There's still a lot nickel in the exchange storage that can be used to meet any surges in demand. This means Indonesia has a long way to go to control production and price. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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MORNING Bid EUROPE-A$ is a minor player as AI steals show
Wayne?Cole gives us a look at what the markets will be like in Europe and around the world today. It's been a day when the Australian dollar has reached parity with its Canadian cousin, for the first time in eight years. Wall Street futures barely moved and European stock-futures are modestly up. Asian stocks began strong, but have since weakened. This suggests investors are running out of steam following five consecutive sessions of gains. It's still buzzing about Meta's Muse, which shows that consumers are tempted to?take up AI agents in mass. Google's CC Agent is the focus of attention now to?see if it can match this breakout success. Investors have reportedly shown more than $20 billion interest in Softbank's debt deal worth $10 billion. This would be one of the biggest junk bond deals ever and a barometer for lender confidence in AI. The 10-year futures are up 6 ticks today, which is a sign of increased 'competition' for government debt. Brent is still below $100 per barrel, in part because Saudi Arabia has restored flows to its East-West pipeline at a surprising pace. Tehran claims it has engaged with the United States via a Qatari intermediary in New York, to?present their conditions for opening up the Strait of Hormuz. But most of them have already been rejected. Trump claimed at the United Nations that the talks had made progress. He's been saying the same thing for months, and then he sourred the mood with a threat to annihilate Iran. The markets are buzzing with reports that Trump could hold talks with Iranian President Masoud Pezeshkian. Xi Jinping, the Chinese president, arrives in Washington later that day amid speculations of a possible trade truce being extended between the two nations and possibly a collaboration on AI. The following are key developments that could influence the markets on Wednesday. - Flash?PMIs from Europe, UK, and US for September - Speakers include Fed Governor Michael Barr, ECB Supervisory Board member Pedro Machado, ECB Board member Piero Cipollone, ECB chief economist Philip Lane, ECB Vice President Boris Vujcic
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Copper and industrial metals are falling as the dollar strengthens
Copper fell on Wednesday as a result of the rise in the US dollar. By 0300 GMT, the benchmark three-month copper contract on the London Metal Exchange was down 0.66% to $14,651 per metric tonne. The Shanghai Futures Exchange's most traded copper contract fell 0.23% to 110,960 Yuan ($16.550.57) per ton. Overnight, the US dollar climbed in choppy trade as volatile oil prices and geopolitical uncertainties buffeted traders. The price of the dollar increases, and this can make commodities like copper more expensive to buyers who use other currencies. This dampened the continued interest in buying red metals from China. The Yangshan Premium The price of copper, a measure of China's demand for imported copper, fell to $117 per ton on Tuesday but was still 62.5% more expensive than it was at the beginning of the month. The Chinese demand was boosted by the purchase of metals ahead of smelter closures due to public holidays. The next holidays in China are from September 25-27 and October 1-7. The US has been importing a lot of copper in recent months, which helped to support the price. However, the demand for the metal slowed down after reports that US officials are worried that tariffs could increase the cost of manufacturing. Analysts from the Chinese broker Jinrui Futures said in a report that "US weekly imports are down." SHFE nickel, meanwhile, was up 1.16 percent. Prices on the LME rose late Tuesday - after Indonesian nickel hub PT Indonesia Morowali Industrial Park said a water shortage had forced some smelters into reducing nickel pig iron. Aluminium?lost 0.63 %, Zinc?lost 0.68 %, Lead?lost? 0.52% and Nickel?lost? 0.43%. Tin?lost? 0.38%. Aluminium, zinc, lead and tin all rose 0.11% among the SHFE metals.
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Research shows that countries are still far behind in meeting UN biodiversity targets
Research published on Wednesday shows that governments are likely to fall far short of achieving a UN?target of protecting and conserving biodiversity in at least 30% of the land and oceans of the planet by 2030. Nearly 200 countries have signed up to the "30-by-30" goal as part of the Kunming Montreal Global Biodiversity Framework, which was agreed on in late 2022. They pledged to mobilize at least $100 billion per year to reverse decades worth of biodiversity loss. According to research conducted by several environmental groups, including the US-based Campaign for Nature, despite the fact that another 1.3m sq km of land, and 6m sq km marine areas, have been formally protected since the agreement came into force, the total coverage still stands at only?20%, and 10%, respectively. The findings are consistent with the official progress report that will be presented to the UN Convention for Biological Diversity conference in Yerevan (Armenia) next month. The draft document released in July warns that the agreement's 23 goals will not be achieved by 2030 unless the collective implementation is accelerated. Astrid Schomaker said, "Progress has been made, but unevenly, and not at the speed and scale needed to achieve the Framework’s 23 targets by 2020," at a UNCBD briefing this month. According to the Campaign for Nature report, 26% of terrestrial areas and inland waters would be protected by 2030 if existing government pledges were met. However, only 13% marine ecosystems will be protected. It said that the 'annual funding shortfall' is between $75 and $150 billion. Marine protection spending, however, only amounts to $1.8 billion, which is well below what was deemed necessary of $16 billion. It said that even if "30x30" was achieved, there were still more efforts needed to protect ecosystems. Of the 10% of ocean currently covered by protection plans only 3.5% is considered "effectively protected". "There is a huge gap between protection on paper and in reality." "A line on a chart does not mean that the water is protected," said Pauli Merman, senior director of oceans for WWF International.
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Lee and Trump, South Korea's Lee and Trump, welcome progress on US strategic investment projects
Seoul's Presidential Office said that US President Donald Trump and South Korean President Lee Jae Myung?welcomed a "significant progress" on strategic investment projects?during their 30-minute meeting at the UN General Assembly. The meeting took place after the South Korean Industry Ministry briefed legislators on Tuesday?on the implementation plans under countries' $350billion investment package. This included?a Texas-gas-fired project that was identified as a possible first investment as well as?potential investments in nuclear energy as well as an Alaska LNG project. Wi Sung Lac, National Security Advisor, told a press briefing that "the two leaders welcomed the significant progress?made?in discussions about strategic investment projects between the two nations." According to Wi, Lee and Trump agreed, based on the joint declaration issued following their November summit, to continue discussions and deepen their cooperation on nuclear fuel reprocessing and nuclear-powered subs, shipbuilding, and the transfer of wartime operational control from the US back to South Korea. Wi reported that Trump had reaffirmed his willingness for dialogue with North Korea. The two leaders agreed to stay in close contact in pursuit of peace. Wi reported that Lee expressed his hope for the success of Thursday's US-China Summit.
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Asia stocks rise on tech wave, but oil remains subdued
Asian shares were on track for a sixth consecutive session of gains?on Wednesday, as consumer demand for AI applications continued to boost tech stocks. Meanwhile, oil prices fell due to?reports about increased supply from the Middle East. Saudi Arabia has reportedly resumed exports through the Red Sea port Yanbu. US President Donald Trump claimed that talks with Iran had progressed in New York, but threatened to "annihilate the country" if no deal was reached. The markets are agog at reports that he could hold talks with Trump. Brent futures fell by 0.1% to $99.18 per barrel, while US crude dropped 0.4% to $90.14 per barrel. Xi Jinping, the Chinese president, arrives in Washington in the afternoon amid speculation that a trade truce will be extended between the two nations and that there may be collaboration on AI. South Korean stocks gained 1.2% thanks to renewed buzz about?AI. Samsung and SK Hynix each rose over 2%. Taiwan's stock market rose 0.9% to reach near-all-time highs. MSCI's broadest Asia-Pacific share index outside Japan added 0.7%. It has now been rising for six consecutive days. Blue chips in China were little altered. The Japanese market was closed for the holiday. However, Nikkei Futures traded at 66 745, almost 2,000 above where Nikkei Cash closed on Friday. Chris Weston is the head of research for broker Pepperstone. He said, "We expect an aggressive reopening tomorrow in Japan, with another lower move in crude and calm conditions in Treasuries and rates. The Nasdaq Cash and Futures markets will also be at all-time highs." Semi's have had a strong day, recording their sixth straight day of gains. Memory stocks are now the leaders. AI AGENTS WIN CONSUMERS OVER Data hardware has seen a boost from the strong consumer adoption of Meta's Muse Agent, which has topped US App Download Charts in the last two weeks. Analysts now want to know how CC, a product similar from Google Labs, will perform with consumers. S&P 500 and Nasdaq futures were both unchanged on Wall Street. In Europe, EUROSTOXX50 futures, DAX Futures, and FTSE Futures all gained 0.3%. The drop in oil has helped Treasury futures to move higher, keeping 10-year bond yields below the pain threshold of 5.0%. Investors priced in the possibility of further tightening by the Federal Reserve, and the yields on two-year bonds hit their highest level since mid-2024. On Tuesday, both Tom?Barkin, president of the Richmond Fed and Susan?Collins, president of the Boston Fed, expressed support for the recent increase in interest rates due to inflation concerns. The futures market indicates that 54% of the time, the Fed will raise rates again in October. By year-end, 33 basis points of tightening are priced in. The dollar's technical background improved as the prospect of higher interest rates helped it to reach multi-week highs against the euro, pound sterling, and Canadian dollar. The euro was stuck at $1.1440, near its two-month low. Analysts pointed out that a Trump call to ban U.S. exports of diesel could be 'bad news' for European inflation, since the region relies?heavily? on U.S. fuel shipments. Europe is already facing a "shortage" of natural gas, which could drive energy prices up into the winter. Dollar was slightly firmer against the yen, at 157.60. Speculators were wary about drawing Japanese intervention if it went beyond 160.00. Gold fell 0.3% on the commodity market to $4,341 per ounce, and copper has risen 18% this year.
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Document shows that the US will fund mineral and energy projects in Argentina worth $7 billion.
According to a document obtained by, the US Export-Import 'Bank will fund critical minerals?and _energy projects worth up to $7 bn in Argentina. This is part of a drive to strengthen economic cooperation between Washington DC and Buenos Aires. A person familiar with the issue said that the funding was part of a package which will be announced on Wednesday at the United Nations General Assembly in New York. The US is seeking greater access to Western Hemisphere minerals and energy. Washington and Buenos Aires' ties have been strengthened by a closer alignment in economic policy under Argentine president Javier Milei. Relationship has been strengthened by US support for Milei’s market-oriented Reforms, and by the preferential trade and Investment agreement announced in February that included cooperation regarding critical minerals. The bilateral agreement has not yet been ratified by Argentina's Congress. Argentina's Presidency did not immediately respond to a request for comment. Argentina is home to large reserves of lithium, shale gas and other commodities. The US funds allow South American companies to get loans in order to purchase equipment made by American manufacturers. The "lithium triangular" is formed by Argentina, Chile, and Bolivia, which together contain the largest amounts of this white metal, used in electronic devices, electric vehicles, and other technologies. Rio Tinto is one of the major commodity companies that already operates in Argentina. It extracts lithium to be used in batteries. BHP is developing a copper project. And Chevron has a shale gas and oil project. Milei's Government, which is preparing for a presidential elections in 2027, has promoted a large investment incentive program known as RIGI as a cornerstone to?attract foreign capital into strategic industries such as energy, mining, and infrastructure. Last month, Eni?and YPF, the state-run Argentinean company, submitted a joint RIGI application for their $51 Billion liquefied gas project. Luis Lucero is Argentina's mining -minister. He told a reporter earlier this year that his country could export 580,000 metric tonne of lithium and 1,641,000 metric tonnes of copper per annum by 2036. This would be fivefold higher than the levels of 2025.
Animals discovered living underground near deep-sea hydrothermal vents
A deepdiving robotic that sculpted into the rocky Pacific seabed at an area where 2 of the enormous plates making up Earth's external shell meet has uncovered a previously unknown world of animal life prospering underground near hydrothermal vents.
Giant tubeworms - the world's heftiest worms - and other marine invertebrates such as snails and bristle worms were discovered utilizing the from another location operated underwater car SuBastian. They were living inside cavities within the Earth's crust at an ocean-floor website where the Pacific is 1.56 miles (2,515 meters). deep. All the types were formerly understood to have lived near. such vents, but never underground.
We discovered vent animal life in the cavities of the. ocean's crust. We now know that the special hydrothermal vent. environment extends into the ocean's crust, said marine biologist. Sabine Gollner of the Royal Netherlands Institute for Sea. Research study, among the leaders of the study released this week in. the journal Nature Communications.
To our knowledge, it is the very first time that animal life has. been discovered in the ocean crust, Gollner included.
The expedition was carried out at the East Pacific Increase, a. volcanically active ridge on the flooring of the southeastern. Pacific, running approximately parallel to South America's west. coast. Earth's rigid external part is divided into enormous plates. that move slowly with time in a procedure called plate. tectonics. The East Pacific Rise lies where 2 such. plates are gradually spreading apart.
This area includes lots of hydrothermal vents, cracks in the. seafloor located where seawater and lava below the Earth's. crust come together. Magma refers to molten rock that is. underground, while lava describes molten rock that reaches the. surface, including the seafloor. New seafloor forms in places. where magma is forced up towards the surface area at a mid-ocean. ridge and cools to form volcanic rock.
The hydrothermal vents spew into the cold sea the. super-heated and chemical-rich water that nourishes. microbes.
The warm venting fluids are abundant in energy - for example,. sulfide - that can be used by microorganisms, which form the basis of. the food-chain, Gollner said.
Life flourishes around the vents - consisting of huge tubeworms. reaching lengths of 10 feet (3 meters), mussels, crabs, shrimp,. fish and other organisms perfectly adjusted to this extreme. environment. The giant tubeworms do not consume as other animals do. Instead, bacteria residing in their body in a sack-like organ. turn sulfur from the water into energy for the animal.
The researchers deployed SuBastian from the Schmidt Ocean. Institute research study vessel Falkortoo to the vent website deep below. The robot was equipped with arms that wielded a sculpt that the. scientists utilized to go into the crust and discover warm and. fluid-filled cavities where the tubeworms, bristle worms and. snails were spotted.
We used a sculpt to break the rock. We dug about 20 cm (8. inches). The lava plates were about 10 cm (4 inches) thick. The. cavities below the lava plates were about 10 cm in height,. Gollner said.
Larvae from these animals may attack these subseafloor. habitats, the scientists stated, in an example of connection. in between the seafloor and underground environments.
It altered our view on connectedness in the ocean, Gollner. said of discovering the subsurface lair.
(source: Reuters)