Latest News
-
EU delays 'low carbon' hydrogen regulations, riles nuclear industries
The European Union's draft plans, which would delay until 2028 the classification of hydrogen produced by nuclear power as "low-carbon" fuel, could cripple the market for this nascent source of energy. The European Commission has been drafting EU standards to determine which types of hydrogen fuels will be labeled as "low-carbon". This certification is intended to build a market for this nascent source of green energy. According to a draft of these rules seen by the, by July 2028, the Commission will assess a classification for hydrogen produced using nuclear power - which means that a producer of hydrogen has signed an agreement to purchase electricity from a nuclear facility. The draft also stated that Brussels will begin consultations on nuclear rules in June 2026. Emmanuel Brutin Director general of industry group Nuclear Europe said that this timeline would hinder the development of hydrogen fuel derived from nuclear sources compared to other types. In a press release, he stated that "this unjustified delay of three years gives an unfair advantage to hydrogen produced by renewables." In 2023, the EU adopted rules confirming that hydrogen produced using renewable energy can be counted towards Europe's green targets. The EU is at odds with itself over nuclear energy's role in Europe’s energy transition. Political clashes have caused a halt to negotiations over a number of EU policies over the past few years. France, Poland, and Sweden are among the countries that support nuclear energy. They say Brussels needs to do more in order to recognize it. Other countries, such as Germany and Denmark have been against incorporating nuclear power into green policies. They said that this could distract from the massive expansion of wind and sun needed to achieve climate goals. Nuclear energy does not emit CO2, but it's not renewable like solar or wind. Nuclear reactors can produce base-load electricity regardless of the weather, such as sunshine or wind. The majority of hydrogen used by European industry today is produced from fossil fuels. The EU wants to replace it with hydrogen that is produced from emissions-free energy. On Thursday, experts from EU member states will discuss the EU draft proposal. A spokesperson for the European Commission declined to comment on this draft. The spokesperson stated that "we are committed to finding an equitable solution that works in all of our member states, and clarifies the rules governing the different hydrogen pathways." (Reporting and editing by Tomasz Janovowski)
-
Wall Street is mixed after US inflation data
The dollar dropped and the major U.S. indexes were mixed Tuesday, after data showed that U.S. consumer prices rose less than expected in March. This was when President Donald Trump announced a series of tariffs which have caused havoc to global markets. On Monday, the U.S. announced that it would suspend its trade war with China for 90 days. It will also reduce reciprocal duties as well as other measures. They will continue to negotiate a permanent agreement. Tuesday's inflation numbers helped fuel this move. The agreement has reignited investors appetite for stocks and commodities, and cryptocurrencies. The MSCI index of global stocks rose by 0.61%. The Bureau of Labor Statistics reported that its Consumer Price Index (CPI), which measures consumer prices, rose by 0.2% in April. This brings the annual rise down to 2.3% and away from 2.4%. Economists surveyed by predicted a rise of 0.3% per month and 2.4% annually. Bill Adams, Chief Economicist at Comerica Bank, Dallas, stated in a letter that the report was "good". In 2025, inflation should be manageable by most consumers and business. Wall Street saw the Dow Jones Industrial Average fall 0.31%, down to 42,276.83. The S&P 500 climbed 0.71% to 5,885.47, and the Nasdaq Composite rose 1.38% to 18,966.06. The dollar continued to lose ground against a basket currency and was down by 0.29% at the last minute, while the euro rose up to 0.4% in a single day reaching a high of $1.113. Peter Cardillo is the chief market economist of Spartan Capital, a New York-based firm. The European stock market was virtually unchanged, with the pan European STOXX 600 index rising 0.05% and Europe's FTSEurofirst 300 broad index increasing 0.03%. Emerging Market Stocks fell by 0.61% to 1,154.75. The broadest MSCI index of Asia-Pacific stocks outside Japan fell by 0.51% to 603.95 while Japan's Nikkei gained 1.43% to 38,183.26. After the Geneva talks, the U.S. announced it will reduce tariffs on Chinese imports from 145% to 30%, and China announced it would lower duties on U.S. imported goods from 125% to 10%. Traders have reduced their expectations of Federal Reserve rate reductions due to the shift in U.S. China trade relations. They believe that policymakers will be more able to lower rates as inflation risks decrease. The traders are now pricing in 56 basis point cuts for this year. This is down from April's forecasts of over 100 basis points, when the fears of Trump's Tariffs were at their highest. Cardillo stated that "the Fed is on the right track and until there are any real changes in terms of ending the trade war by June, a rate cut in June remains in doubt." Economists and fund managers have stated that the 90-day break is welcomed, but it hasn't changed the larger picture. Christopher Hodge said that the tariffs would still be higher after all was said and done and this will have a negative impact on U.S. economic growth. The ratings agency Fitch estimates that the U.S. tariff rate has dropped to 13.1% from 22.8% before the agreement, but is still above the 2.3% at the end 2024. The benchmark 10-year U.S. Treasury yield increased 2.2 basis point to 4.479%. Meanwhile, the 2-year note yield fell 0.8 basis point to 3.994%. Spot gold rose by 0.31%, to $3243.73 per ounce, and U.S. Gold Futures gained 0.29%, to $3229.40. Brent crude futures increased to $65.93 a barrel, an increase of 1.49% for the day. U.S. crude rose 1.74% to $63.00.
-
Security sources confirm that 5 soldiers were killed in an attack on two Nigerian bases by militants
Security sources and a district officer said that suspected insurgents attacked two army bases early Tuesday morning in northeastern Borno State, killing five Nigerian soldiers. This attack came less than 24 hours following another deadly attack against troops in the area. Nigeria has been fighting an Islamist insurgency in Borno for more than 15 years. This year, Boko Haram, and its offshoot Islamic State West Africa Province, have intensified their attacks in the militants' heartland. Two soldiers of the 24 Task Force Brigade, in Borno’s Dikwa District, said that militants had flown two surveillance drones near the base before they attacked it around 1 am (0000 GMT), on Tuesday. At least five soldiers were killed in the attack on Marte district that took place Monday. The Nigerian Defence Headquarters (which coordinates anti-insurgency operations) did not reply to a comment request. The Nigerian Air Force provided support in pursuing them. "We killed many of them," said a soldier who was involved in the fight by phone. Two security sources and an official from the district said that around the same time militants mounted on trucks with machine guns attacked army's 3rd Battalion in the Rann region of Kala Balge District, 65 km (45miles) away from Dikwa. Security sources said that insurgents set fire to a mine-resistant car, a gun-truck, and a Russian T-72 tank, but they quickly fled when fighter jets from the air force arrived. The Kala Balge district official confirmed that at least five soldiers died and four others were wounded by gunshots. Babagana Zulum, the governor of Borno State, said that he is "more determined than ever" to support our military, our security agencies and our volunteer forces to fight terrorism and the insurgency. Zulum warned last month that the jihadists who controlled much of the northeast a decade before being pushed by the military were once again making gains in Borno. MacDonald Dzirutwe, Mark Heinrich and MacDonald Dzirutwe contributed to this report.
-
Novelis anticipates that the EU will impose an export tax on scrap aluminium this year
The European aluminium industry is expecting the European Union to introduce export tariffs for aluminium scrap in order to protect the recycling sector from the outflow of Europeans, Emilio Braghi said, President of Novelis Europe on Tuesday. After the U.S. introduced a 25% tariff on aluminum imports earlier this year, but excluded scrap aluminium from the tariff, the outflow of scrap aluminium from the EU increased. Scrap was exported to the U.S. in order to be recycled. The recycling industry's margins were affected by the rise in the price of aluminum scrap due to the outflows from Europe to the U.S. Novelis, the largest aluminium recycler in the world and a leading producer of flat-rolled products, has been in contact with the European Commission to discuss measures that will reduce the flow of scrap. They have received positive feedback, Braghi stated. He said on the sidelines at the CRU World Aluminium Summit held in London, "They understand the problem and want to find a solution." He added, "I hope that we will see some initiative coming from the European Commission in order to limit the scrap leakage before the end this year." In March, people familiar with the issue said that the EU Commission was considering export duties up to 25 percent on scrap metal. Novelis hopes to see an agreement between the EU, the U.S. and China on tariffs after the U.S. China deal that halted the high tariffs this week. This is really necessary, it's obvious. Braghi stated that it would be best to reach a good deal on both sides of the globe. The U.S. 25% tariff on aluminum prompted a drop in the European Aluminium Premium and an increase in the Midwest Premium in the U.S. Physical Market, leading to a large gap between Midwest and European premiums. Braghi stated that this was not sustainable in the long run. (Reporting and editing by Susan Fenton; Polina Devitt)
-
Gold prices rise on bargain-hunting and softer US inflation data
The gold price rose on Tuesday, as bargain hunters sought to make up for a steep loss the day before. Inflation data from the U.S. that were lower than expected also helped. Gold spot rose by 0.2%, to $3,241.16 per ounce, as of 13:38 GMT (938 ET), after dropping as low as $3207.30 an ounce on Monday. U.S. Gold Futures rose 0.6% to $3,245.50. Bart Melek said that the news of a possible deal between the U.S.A. and China caused a large correction in the gold price on Monday. "However, tariffs on China are still 30% which is quite negative for economic growth." On Monday, the U.S. announced that it would suspend its tariffs on imports from China for 90 days. After the talks held in Geneva at the weekend, both the U.S. and China announced that they would pause their tariffs for 90 days. Bullion prices had broken multiple records in 2025 due to fears of an economic slowdown after President Donald Trump's tariffs, central bank purchases, geopolitical tensions, and increased flows into gold-backed ETFs. The Bureau of Labor Statistics of the Labor Department announced on Tuesday that consumer prices in other parts of the United States increased by 0.2% last year. The CPI was expected to rise by 0.3%, according to economists polled. Jim Wyckoff wrote in a report: "The report is slightly favorable for precious metals because it doesn't contain a problem inflation report which would cause the Federal Reserve to pause before cutting interest rates." The financial markets expect that the central bank will resume its policy of easing in September. The appeal of non-yielding gold is increased by lower interest rates. Silver spot rose 0.1%, to $32.62, platinum increased 1.4%, to $989.95 an ounce and palladium rose 0.2% to $947.24. (Reporting by Sarah Qureshi and Anjana Anil in Bengaluru; Editing by Sahal Muhammed)
-
South Africa calls on a balanced and affordable energy transition
Officials in South Africa stepped up their calls on Tuesday for a more balanced approach to the energy transition, arguing that environmental protection and economic development must work together rather than be in opposition. Gwede Mntashe, Minister of Mineral and Energy Resources at the Africa CEO Forum held in Abidjan, said: "We must allow integration between the two." "We can't kill the economy in order to save ecology." Mantashe emphasized what he called an imbalance in global climate responsibility, noting that Africa contributed the least greenhouse gases globally but faces disproportionate pressures to decarbonize. "We have a tax on carbon, but the U.S.A., China, and Russia do not." Mantashe called it a "tax on us" because we trade with the EU. South Africa, the G20 president until November, has focused on "Solidarity, Equality, Sustainability" and advocated for financing solutions to support growth, inclusion, alongside climate goals. Kgosientsho RAMOKGOPA, Minister in the Presidency of South Africa, stressed during a separate meeting that Africa's transition to a clean energy must first address its basic needs. According to the International Energy Agency, about 600 million Africans lack reliable access to electricity. "We transition, you don't transition in darkness," Ramokgopa said. When the lights come on, the industries and manufacturing start up, and we get people out of poverty and into work, then the discussion becomes real for Africa and not just a debate among the elite. The Africa CEO Forum is a two-day event that ends on Tuesday. It brought together business leaders, investors, and finance ministers to discuss development priorities and investment strategies across the continent. Maxwell Adombila and Colleen Goko report; Hugh Lawson edits.
-
Dollar drops, US inflation increases futures, and risk appetite is heightened
Dollar fell, and U.S. Stock Futures rose on February 2, after data showed U.S. Consumer Inflation picked up less in April than expected. This was when President Donald Trump announced a series of tariffs which have caused havoc to global markets and supply chains. On Monday, the U.S. announced that it would suspend its trade war with China for 90 days. It will also reduce reciprocal duties while negotiating a permanent agreement. The agreement has reignited the appetite of investors for stocks, commodities and cryptocurrencies. Tuesday's inflation numbers have also helped fuel this move. The Bureau of Labor Statistics reported that its Consumer Price Index (CPI), which measures consumer prices, rose by 0.2% from March to April. This brings the annual rise from 2.4% to 2.3%. Economists polled had predicted a rise of 0.3% per month and 2.4% per year. The dollar continued to lose ground against a basket currency, while the euro rose 0.4% in a single day and reached a high of $1.113. Futures for the S&P 500, Nasdaq, and Dow Jones rose between 0.2-0.3%, suggesting that Wall Street will start the week with a modestly better start. The S&P gained 3.3% after the U.S./China news. Peter Cardillo is the chief market economist for Spartan Capital, a New York-based firm. The report indicates that Fed officials should be cautious, and the stance they've taken for the moment is likely the best course of action. After the Geneva talks, the U.S. announced it will reduce tariffs on Chinese imports from 145% to 30%. China also said that it would lower duties on U.S. imported goods from 125% to 10%. The change in U.S. China trade relations has caused traders to reduce expectations of Federal Reserve rate reductions, believing that policymakers will have more flexibility to lower rates as inflation risks decrease. The traders are now pricing in 56 basis point cuts for this year. This is down from April's forecasts of over 100 basis points, when the fears of Trump's Tariffs were at their highest. Cardillo stated that "the Fed is on the right track and until there are any real changes in the trade war by June, a rate cut in June remains in doubt." Economists and fund managers have stated that the 90-day break is welcomed, but it hasn't changed the larger picture. Christopher Hodge said that the tariffs would still be higher after all was said and done and this will have a negative impact on U.S. economic growth. The ratings agency Fitch estimates that the U.S. tariff rate has dropped to 13.1% from 22.8% before the agreement, but is still above the 2.3% at the end 2024. After the inflation figures, U.S. Treasury rates dipped below their one-month highs of Monday. The benchmark 10-year rate was down 1.4 basis point on the day, closing at 4.443%. Oil rose by 0.9% to $65.48 per barrel, continuing Monday's rally of 1.2% to a 2-week high over $66 a barrel. Gold increased 0.4% to $3.246 per ounce after falling 2% on Sunday.
-
Germany's Merz says EU will tighten sanctions against Russia if there is no progress in Ukraine this week
German Chancellor Friedrich Merz announced on Tuesday that the European Union was ready to impose stronger sanctions on Russia, if there is no progress in ending the conflict in Ukraine this week. He added that a new set of sanctions had been prepared. Merz and his Greek counterpart spoke at a press conference. "We're waiting for the agreement of (Russian president Vladimir) Putin, and we both agree that there will be no real progress made this week. We want to work with you at European level in order to tighten sanctions significantly," Merz stated. He said that he would be looking into other areas such as the financial and energy markets. Merz stated that EU leaders agreed with Ukrainian president Volodymyr Zelenskiy to allow him to take part in discussions with Russia this week in Istanbul, on condition that Russian attacks and bombardments on civilians must cease. Merz said that he was impressed by Zelenskiy’s willingness to compromise in order to achieve a ceasefire. Merz said, "I don't think more concessions and compromises is reasonable." The Greek Prime Minister Kyriakos Misotakis stated that the EU should be the center of any settlement for peace. Reporting by Rachel More, Madeline Chambers, and Lefteris Papadimas from Athens. Editing by Matthias Williams
France reduces its soft wheat area estimates and predicts a drop in maize planting
The French farm ministry lowered Tuesday its estimate for the soft wheat area that will be sown in 2025. However, it expects to see a strong rebound after a rain-damaged planting last year.
The Ministry's Crop Report estimated that the area of soft wheat was 4.60 million ha, down from 4.63 millions hectares in April estimates but still 9.1% higher than last year's harvested areas.
Last year, France, the largest grain producer in the European Union, harvested the smallest wheat crop it has ever produced since the 1980s after torrential rainfall and lower-than-normal sunlight disrupted and damaged plant development.
FranceAgriMer's crop ratings suggest that the wheat plants are better than last year. This reinforces expectations of a strong production rebound this summer.
The Ministry's first estimate for this year's corn (maize) area put the total area including the maize sown as seeds at 1,48 million hectares. This is down 7.6% compared to 2024.
It is widely believed that the maize area will shrink due to the increased wheat sowing in autumn.
The ministry increased its estimate of France's sugarbeet harvest area to 393,000 ha, up from 391,000 ha last month, but still 4.6% less than last year.
In the case of sunflower seed, it was estimated that in 2025, there would be 674,000 ha, a decrease of 10.7% from 2024, and a third consecutive annual decline.
The Ministry of Agriculture's estimate for rapeseed (France's main oilseed) was slightly increased to 1.3m hectares, up from 1.29m last month. However, this was still 2.3% lower than last year.
(source: Reuters)