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Power prices are affected by higher wind and warmer temperatures
Early trading on Tuesday saw European power contracts fall, due to an increase in expected wind generation and a "milder" weather forecast. The German baseload day-ahead power contract, as of 0916 GMT was 115.75 euros ($135.68)/MWh, down 26.7% compared to Monday's??close, LSEG data revealed. The French equivalent contract was 93.5 euros/MWh down 15.4% from day to day. LSEG analyst Riccardo Paraviero said that the power markets in this region were under pressure due to an anticipated fall in residual loads, especially in Germany where higher wind output is expected to offset increased demand. LSEG data shows that German wind power production is expected to increase by 5.4 GW on Tuesday, and French wind power is expected to increase by 6.9 GW to 14.2 GW. LSEG data shows that power consumption in Germany will increase by 1.6 GW, to?65.4 GW, on Wednesday. In France, demand is expected to drop by 1.7 GW, to 61.6 GW, as temperatures in the country rise by around 2 degrees Celsius. The French nuclear power capacity remained at 85%. After a sharp drop on Monday, the German year-ahead basis load edged down by 0.1% to 85.55 Euro/MWh. This was due to lower gas and carbon prices as well as concerns about tariffs. Gas prices are on the rise, and this is due to storage issues and tensions between?the U.S.A. and Europe. The French equivalent has not yet started trading, despite closing Monday at 50.6 Euros/MWh. The benchmark contract on the European carbon markets fell by 1.3%, to 87 Euros per metric ton. Analysts at Mind 'Energy said that the contract recorded "a major fall in price Monday" after a week of?sharp gains, when the contract reached its high level for more than two year. The European Power Exchange announced on Monday that the power trading volume on EPEX Spot markets has reached a record high of 917.5 Terawatt Hours in 2025. This is higher than the previous high, which was 868.2TWh in 2024.
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As safety rush fuels the demand, gold prices soar to a record high of $4,700/oz
Gold surged above $4,700 per ounce for the first time on Tuesday. Silver hovered below a new record high as global tensions caused yet another rush into safety. Spot gold rose 1.3%, to $4,727.99 an ounce at 0910 GMT. It had previously reached a new high of $4731.34, and silver increased 0.7%, to $95.34 per ounce. U.S. Gold Futures for February Delivery climbed by 3%, to $4.734.10 an ounce. U.S. president?Donald Trump has threatened to increase tariffs on eight European nations from February 1, until the U.S. is allowed to purchase Greenland. This has fueled fears of a new trade war. "Growth fears driven by threats of increased tariffs?and Trump's desire to lower U.S. Interest Rates are the drivers?pushing?gold to a?record high," UBS analyst Giovanni Staunovo said. In just 20 days this year, gold has increased by 9.5%. It's up over 70% in the year since Trump began his second term. Geopolitical tensions and expectations of monetary policy ease played a major role in the recent record rally. The unprecedented rise has also been attributed to strong?central-bank buying and ETF flows. Lower interest rates reduce the risk of non-yielding assets. Investors also await a Supreme Court decision that could determine if the president has the right to dismiss Federal Reserve Governor Lisa Cook at his whim. Staunovo stated that "we still see more upside for yellow metal and are targeting a price target of $5,000/oz." Silver will rise 147% in 2025. This is due to its classification as a critical mineral for the United States and a structural deficit on the market amid a growing demand. Metal has risen 33.7% this year. Spot platinum increased 0.5% to $2.387.15/oz. Palladium rose 0.2% to $1844.81.
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UK's Development Finance Agency anchors $1 Billion blended finance fund for Emerging Markets
JOHANNESBURG - British International Investment, a UK-based development finance institution, announced on Tuesday that it would contribute $40?million to a $1 billion blended finance 'fund' managed by Allianz Global Investors. The fund is intended to?boost climate investments in emerging market. In a joint statement, BII and 'Allianz' said that the Allianz Credit Emerging Markets Fund (ACE) has received $690 million so far in commitments. The fund was launched in London on Monday. Private investors will contribute up to $850 millions, with $150 million coming from development finance institutions like BII and multilateral lending. If ACE reaches its $1 billion goal, it will be one of the largest 'blended financing vehicles' ever created. Blended finance, which combines public and private capital to tackle development challenges, has attracted renewed interest as governments and development lenders attempt to close the multi-trillion-dollar gap ?in global climate financing. The OECD and World Bank, however, have raised concerns over its complexity and dependence upon concessional public funds. The fund will 'target investments across emerging countries, allocating approximately?40% to Africa, which is significantly higher than typical levels for similar funds. The remaining funds will be shared by other regions, including agriculture, financial services, renewable energy and clean transportation. Reporting by Karin Strohecker, Colleen Goko and Kirsten Donovan.
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Rescue workers clearing Karachi's inferno ruins; 63 missing persons are believed to be dead
On Tuesday, firefighter were clearing the charred ruins of a Karachi shopping mall as they searched for 63 people who are still missing following a fire which lasted nearly two days. The fire?killed? 21 people. The police have stated that they believe the majority of missing people are dead. Rescue workers are searching for bodies among the debris. The largest fire to hit the city in more than a decade began late Saturday night and spread quickly through Gul Plaza, an expansive shopping complex famous for its 1,200 stores owned by families that sold wedding dresses, toys, crockery, and other items. Firefighters battled the flames inside the mall all night long and into the early hours of Sunday morning before finally bringing it under control. However, small fires continue to erupt in the rubble. Kosar Bano said that six members of her family went to the mall for wedding shopping. Last time she heard, they told her they would be home in 15 minutes. The only thing that gives us hope is to see how many hands, fingers, and legs we can find. She said, "That's all." Rescue workers were searching for missing persons as they reduced the once-impressive structure to a piles of ash, debris and ashes. Rizwan Ahmed, from the Rescue 1122 team, said that on Tuesday 21 people had died in the blaze and another 63 remained missing nearly three days after it began. INVESTIGATION IS PROMISED Human remains were collected in sacks by relief workers and sent to DNA testing. Syed Asad Raza, a senior police official, said that 15 DNA samples were collected on Monday night in order to identify the bodies. The scene was also filled with anger as people blamed a delayed rescue and booed the mayor for arriving at the site almost 24 hours after it began. The government said that it would investigate the cause and response to the fire. The police also stated that the mall had 16 exits, but only three were unlocked when the fire started around the time of closing. Gul Plaza management didn't immediately respond to an inquiry for comment. This is the worst fire in Karachi since 2012 when an industrial site was destroyed by flames, killing over 260 people. In 2020, a court ruled that arson was responsible for the tragedy. (Reporting and writing by Mohammed Waseem, Saad Sayeed, Editing by Raju Gopikrishnan).
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In the freezing cold, Russian strikes have cut off heating in thousands of buildings throughout Kyiv
Officials in Ukraine said that Russia launched a drone-and-missile attack on Ukraine on Tuesday morning, knocking out the power and heating to thousands of apartment blocks in Kyiv during freezing temperatures. Vitali Klitschko, the mayor of Kyiv, said that Russian attacks had cut off heating to 5,635 residential apartment buildings. He said that one person was injured, debris damaged an school building and the water supply on the left side of the city, which has a population of more than 3,000,000 people, had been disrupted. Officials from the region said that two petrol stations were damaged and one person killed during attacks in the greater Kyiv area. The temperatures are well below zero Celsius, and this is the second major attack in the capital of Ukraine on energy infrastructure. In a message on X, Foreign Minister Andrii sybiha stated that "Thousands of homes are without heat in Kyiv - at -15degC outdoors - following Russia's massive strike overnight." "The barbaric strike by (Russian President Vladimir Putin) this morning should serve as a warning to the world leaders gathered in Davos that support for Ukraine is urgent." Sybiha has reiterated its call for Ukraine's allies to provide urgently additional energy assistance and air defence interceptors. The war with Russia is approaching its fourth anniversary. Despite the pressure from U.S. president Donald Trump, both Kyiv as well as Moscow have not yielded tangible results. Kyiv was already suffering from severe power outages and heating problems following previous strikes in the city?earlier this month. Dozens of repair crews worked round the clock for over a week, to restore supplies to the residents. Klitschko stated that 80% of the buildings hit in the most recent attack had been previously struck. Yaroslav Zelezniak of the Holos Party said in a?Telegram message that the Parliament's Support Office would be working remotely today because the building was without water and heat. Tuesday, there were no scheduled parliamentary sessions. Sybiha reported that Russian strikes also caused damage to energy and critical infrastructure in Vinnytsia and Dnipro regions as well as Odesa and Zaporizhzhia. Officials reported that two people were injured in the Dnipropetrovsk area of eastern Ukraine. Anna Pruchnicka reported from Gdansk, and Olena Hartmash was in Kyiv. Daniel Flynn edited the story.
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After an accident at a Chinese steel mill, iron ore prices fall due to concerns about demand
Iron ore futures declined for a 4th session on Tuesday as concerns about?demand? for the steelmaking component were sparked by an accident at a Chinese factory. The May contract for iron ore most traded on China's Dalian Commodity Exchange ended the day trading 1% lower, at 789.5 Yuan ($113.43). As of 0705 GMT, the benchmark February iron ore traded on Singapore Exchange was down 0.39% at $104.2 per ton. Inner Mongolia Baotou Steel Union's subsidiary, which owns the steel plate factory, reported earlier in the day that an explosion occurred at its factory on Sunday, killing six people and leaving 84 others injured. Investors were alarmed by the news of the accident, as they feared a drop in the production of 'hot metals' and that government safety inspections of steel mills would be conducted soon, which could impact the demand for feedstocks. The Shanghai Metals Market stated in a report that it is possible the accident will affect two blast-furnaces, which produce an average of 16,000 mt per day. BHP Group said that it had accepted lower prices on some iron ore in its annual contract negotiations with China. BHP, world's biggest listed?miner?, announced on Tuesday a 9% increase in its iron ore production relative to the first quarter. China Mineral Resources Group, a state-owned buyer of iron ore, has been ordering steel mills and traders to stop buying multiple grades BHP 'iron ore since September. It is seeking better terms for domestic manufacturers. Coking coal and coke, which are used to make steel, also fell, by 4.5% and 3.54 % respectively. The benchmarks for steel on the Shanghai Futures Exchange are mixed. Rebar fell by 1.18%; hot-rolled coils dropped by 0.97%; and wire rod weakened by 0.95%. Stainless steel, meanwhile, rose by 0.46%. $1 = 6.9605 Yuan (Reporting and editing by Rashmi aich, Janane Venkatraman).
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Malawi increases fuel prices for the second time in four months
Malawi's energy regulator raised the price of diesel and petrol?for a second time in four month?on Tuesday, to avoid?fuel shortages and preserve scarce foreign currency. In a recent statement, the 'Malawi Energy Regulatory Authority' said that petrol prices were increased by nearly 42%, to $4,965 kwacha, or $2.90 per litre. Diesel prices rose by?about 41 percent, to $4,945 kwacha, per litre. Peter?Mutharika is trying to change the economic fortunes of this donor-dependent country in southern Africa. As part of its turnaround efforts, his government is trying to negotiate with the International Monetary Fund a new assistance programme, restructure debt and boost international reserves. Fuel shortages were a major cause of frustration for the public under Lazarus Chakwera. Fuel prices were not adjusted upwards under Chakwera’s government. This meant that insufficient fuel was imported and that levy payments to maintain rural roads and electrify them had not been made. It said that artificial?fuel prices provided arbitrage opportunities to smugglers and depleted the country's forex resources.
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Australian stocks fall sharpest since mid-December due to financials and miners
On Tuesday, Australian shares recorded their worst session for over a week as rate hike fears shook heavyweight financials. Meanwhile, miners dropped after BHP warned that long-running negotiations with China's largest iron ore buyer are putting pressure on prices. The S&P/ASX 200 index closed at 8,815.90, a 0.7% decline. This is the steepest drop in a single day since December 15, 2025. Financials dropped by 1.1%. The four largest banks declined between 0.9% and 1.8%. According to Philip Pepe?, senior equities analysts at Shaw and Partners, the sector is losing momentum as investors are rotating out. He said that lower reinsurance premiums are pulling down?domestic rates and that rising expectations of rate hikes have undone the gains made by banks when markets priced in?cuts. The Reserve Bank will be focusing on the December quarter?inflation data and the domestic labour force data due Thursday. According to LSEG, the RBA will meet on Wednesday, February 3. The market is now expecting a 30% probability of a rate increase. BHP Group fell 2%, resulting in a new one-week low. The mining index declined by 1.1%. Rio Tinto and Fortescue both fell by 2% and 0.6% respectively, before their respective quarterly production reports due on Wednesday and Thursday. Gold miners' gains, however, provided some relief as investors piled into the metal of safety after President Donald Trump threatened tariffs against several European countries at the weekend. Gold miners climbed 0.4%, a new high. Ausgold and Aurum Resources topped the charts with gains of 6.3% and 5.6%. The utility index rose 1.6% and technology stocks climbed?0.9%, the sharpest intraday gain in a whole month. The New Zealand benchmark index?S&P/NZX50 ended 0.05% down at a three-week low point of 13,573.93. The market is now awaiting the local quarterly inflation report, which will be released on Thursday. The markets are indicating that there is little chance of an increase in the cash rate to 2.25% on February 18. (Reporting and editing by Sonia Cheema in Bengaluru, Anjali Singh from Bengaluru)
Hawaii's "bone collector" caterpillar wears body parts of dead prey
Scientists have discovered an unusual carnivorous species of caterpillar that lives in a macabre manner. They have named it "the bone collector" and found that the area is remote, lushly covered with trees on Oahu Island.
Researchers said that the caterpillar scavenges trapped and helpless insects such as beetles and flies. The clever caterpillar hides its body in a silk case that it makes and decorates with non-edible parts of the insects it has collected. This is how it avoids the spiders, who would love to eat it.
This caterpillar will eventually metamorphose into a moth, which is brown and white in color. The larval form of the moth is the caterpillar, which has a worm-like segmented body.
According to Daniel Rubinoff of the University of Hawaii at Manoa, professor of entomology and the lead author of this study, published in Science journal this week, the caterpillar is the only one known to benefit from spiders and live with them.
Its gruesome behavior seems well-suited to a crime novel. It is a great example of how our planet's organisms are creative in their ways to survive and flourish.
Rubinoff explained that spiders need to be hidden in a tapestry made of insect parts in order to survive in their lair.
Rubinoff stated, "I believe it is a real hero." "It lives in the lion's roar, hiding with a spider to get food and shelter. The caterpillar attacks prey who can't escape, but it is also very slow and bumbling. It trails a large case (of silk) behind it.
Spiders spin webs in hollows of trees and rocks, where they catch caterpillars that eat insects.
Rubinoff explained, "It's likely that it's getting leftovers from the spider after they have fed."
Even worse, they cannibalize other caterpillars from the same species.
The "Bone Collector", a nickname for a serial killer, was used in Jeffery Deaver’s 1997 novel The Bone Collector and the 1999 film with the same title.
How did this caterpillar get its infamous nickname?
"I believe the term is in the air and fits with what these caterpillars do." Rubinoff explained that the term is a little tongue-in-cheek because arthropods do not have actual bones.
Arthropods is the collective name for invertebrates, which includes insects, spiders and crustaceans.
Researchers said that the "bone-collector" lives in a small patch of forest covering only 5.8 square miles (15 sq km) within the Waianae Mountain Range. Rubinoff stated that this caterpillar lives a precarious life. In two decades of fieldwork, only 62 individuals were observed.
"Invasive species pose the greatest threat today." Hawaii's native species are disappearing even in protected areas due to invasive plants taking over habitats. They turn them into bio deserts, which look like forest but are not accessible to native species," Rubinoff stated.
The caterpillar is part of a group called Hyposmocoma, which includes hundreds of species native to Hawaii and evolved about 12 million ago. Researchers believe that the "bone-collector" is a descendant of a lineage dating back more than five million years.
Most caterpillars feed on plants. Globally, predatory caterpillars make up less than 0.13 % of the nearly 200,000 species of moths and butterflies. The "bone collector", which is unique to the animal world, is the only known creature that can find food in the manner it does.
Rubinoff stated that the more we understand the world, the better we will do.
(source: Reuters)