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• Nikkei falls as BOJ becomes more hawkish. Asia shares to gain weekly gains

  On Friday, Asian shares rose on the back of hopes for further rate cuts in the global economy. Meanwhile, the Nikkei fell from its record highs as the Bank of Japan signaled a further winding down of its massive stimulus policy. The EUROSTOXX futures were little changed, indicating that European stocks would open flat. S&P 500 and Nasdaq Futures are both flat after Wall Street closed overnight at record highs. The BOJ maintained its Friday position. Short-term interest rates Two members voted to increase the rate. The company also decided to begin selling its large holdings in exchange-traded fund (ETF) or real estate investment trusts. The data showed that Japan's core rate of inflation was 2.7% for the year ending August. This is the lowest pace in nine month, but it still exceeded the central bank's target of 2%. Stock investors were caught off guard by the surprise vote dissents and asset sales. The Nikkei, after hitting a record in early trading, reversed its gains and was down last 0.3%. This brought the weekly gain of 0.9%. The dollar fell 0.3% to 147.51 Japanese yen. The yield on the 10-year Japanese Government Bond jumped by 4 basis points to 1.635%. This is just short of the previous high for this month of 1.64%. Charu Chanana is the chief investment strategist for Saxo. This is a structural headwind, but the impact will depend on the speed and the signaling of sales. Now, the focus is on BOJ Governor Kazuo ueda's scheduled news conference at 0630 GMT. In the first part of this week, central banks were in The United States Canada Norway Cut interest rates to fan hopes of further policy easing and brighten the outlook for the global economy. Bank of England held steady. South Korea's benchmark stock index fell 0.7%, but remained near its record high. The index was up by 1.3% this week, which brings the two-week total to more than 7%. MSCI's broadest Asia-Pacific share index outside Japan fell 0.2%, but was still on track for a 0.6% weekly gain. It is not far off its four-year highs. The expiration of stock options, stock index options and futures on stock indexes occurs simultaneously every Friday, which can lead to an increase in trading and market volatility. The blue chips of China rose 0.6% while the Hang Seng in Hong Kong fell 0.1%. This is ahead of a phone call that President Donald Trump will have with his Chinese counterpart Xi Jinping later today. Investors have a lot to consider before that call. A deal on TikTok could be close, China's Huawei has announced its chip plans and Beijing has ordered tech firms to not buy Nvidia AI chips. The benchmark S&P 500 index, Dow Jones and Nasdaq closed overnight at new records, helped by improved jobless claims and the news that Nvidia would invest $5 billion into the struggling U.S. semiconductor maker Intel. Intel shares soared 23% while Nvidia rose 3.5%. The dollar recovered on the foreign exchange market after the Fed made its first rate reduction in nine months. The dollar index held steady at 97.38 after plummeting to a multiyear low of 96.224. The pound remained at $1.3546 after slipping 0.6% overnight, as the BOE left rates at 4%. The 10-year Treasury yields increased by 2 basis points, to 4,126%, for the third consecutive session. Oil prices have fallen on commodity markets due to concerns about fuel demand in America. U.S. crude fell 0.3% to $63.38 per barrel, while Brent oil was down 0.2% at $77.32. The spot gold price rose by 0.4%, to $3.658 per ounce.

• Exxon Mobil opens new Singapore refinery unit to boost sour crude oil imports

  Exxon Mobil Corp. has begun production at its Singapore oil refining complex at new facilities to produce base stock from residue fuel. It said on Tuesday that this would increase the plant's intake high-sulfur crude. Exxon released a statement that said the technology uses a combination of processes to transform fuel oil and other crude products at the bottom of barrels into more valuable lubricant base stocks and distillates. Exxon said that the new facilities will increase its Group II base stock production capacity by 20 000 barrels per day. According to Kpler data, Crude imports from Exxon Singapore's refinery reached a record high of 541,000 barrels a day in August. This is the highest level since 2016. The region has been experiencing sulphur-rich crude oil demand. Data showed that the refinery had stopped importing low-sulphur U.S. oil since April and was now only buying high-sulphur crude. According to data, in August, United Arab Emirates ranked first with Murban crude and Upper Zakum oil while Qatar ranked second with al-Shaheen crude. According to data, the refinery imported Arab Light crude in August from Saudi Arabia for first time since November 20, 23. Oman and Iraq are also suppliers. Exxon's Jurong Island crude oil processing capacity is 592,00 barrels per day. Base stocks for industrial and commercial applications are used to make engine oils, gear oil, marine oils and greases.

• Australian critical mineral firms flock to US markets

  Despite Australia's efforts to develop its domestic industry, some of Australia's leading critical mineral producers are moving ahead with plans to build facilities in the United States. Last week, an Australian delegation of companies that produce critical minerals visited Washington and New York to meet with senior officials and investors. ASX-listed companies such as Australian Strategic Materials and Ionic Rare Earths are interested in expanding their operations in the U.S. They said that the size of the U.S. client base was a major draw, especially given the rapidly growing electric vehicle, defense, and advanced manufacturing industries as well as the cheap energy and subsidies the country is planning to implement. Annaliese Eames, Chief Legal Officer of ASM said that the company is looking to expand its operations beyond its rare earths plant in Korea. ASM, a $85 million company, conducts detailed due diligence in Oklahoma and South Carolina, which includes reviewing sites. ASM was attracted to the U.S. by more than just strong incentives and support from federal and state governments. She said that the commitment to growing the ecosystem was what attracted ASM to the U.S. The national security of some minerals companies that supply customers in the defence industry requires them to be located nearby. This is due to the complex process of converting raw materials into magnets, which are used for everything from missiles to wind power. Tim Harrison, the Managing Director of Ionic Rare Earths said that the company is currently in advanced talks with Tennessee to replicate magnet recycling technology developed in Belfast. There are other states which can offer very low-cost power... He said that they also had a lower cost of labour and both the federal and state government were willing to provide huge funding. Andrew Worland, CEO of International Graphite said that the company is looking into options for building in the U.S. or Europe to better align with the needs of its customers. China's April restrictions on rare-earths exports galvanized the U.S., which has since supercharged its rare-earths industry. Higher Western world prices have also emerged and are attracting investors. Access to U.S. financing is still expected to be very competitive. Lynas Rare Earths in Australia, the largest supplier outside China warned last month its heavy rare earths processing plant may not be built after the Trump Administration provided multi-billion dollar funding for its U.S. competitor. POLICY CHALLENGES This trend highlights the critical policy challenges that Australia faces in developing new markets for its fossil fuels. According to a PwC study from 2023, this opportunity would be worth A$170 Billion ($112 Billion) to Australia's economy by 2040. Amy Lomas, PwC Australia's chief economist, said: "Australia is struggling to establish the crucial minerals industry beyond primary mining." Major miners complain that Australia's high labour and power costs and its cumbersome approvals processes are slowing down growth and decreasing the country's competitiveness internationally. The closure of Australia's auto industry in 2010s has stunted the growth of advanced manufacturing, which is still a relatively small sector. Where do we sell materials to an Australian company that wants to build it in Australia? Where are the magnets, metals and alloys being produced? "Ionic's Harrison stated that it is not being manufactured in Australia due to our high cost base and lack of advanced manufacturing industries. Australia has passed a A$17billion production tax credit that will provide 10% off for key minerals processors starting in 2027. Lomas said that Australia is building partnerships for critical minerals with allies such as Japan, India, and Britain, which could increase its customer base. She said: "This will allow Australia to operate a lot more efficiently, especially for midstream and downstream processing."

• US lawmakers talk up big Boeing deal during China visit

  Adam Smith, an American Democratic Representative who spoke at a Tuesday press conference, said that a group of U.S. legislators on a rare trip to Beijing had raised the issue of a deal between top Chinese leaders, which would have China agree to purchase more Boeing jets. U.S. David Purdue, the ambassador to China, said that he believed the negotiations were in their final days or weeks. He added that the deal was "very important" to the President. Bloomberg reported that Boeing was in talks with China to sell up to 500 jets. This would be a major break-through for Boeing in the second largest aviation market where orders have been stalled due to U.S.-China tensions. It's been quite some time since Boeing planes were sold in China. Smith, the leader of the bipartisan delegation and the person who was asked about the deal, said, "We'd love to see that deal get done." It's a great company with a great product. I hope you can get back to selling planes in China." The House of Representatives delegation, which started Sunday, is the first to visit China since 2019. Relations between the United States and China deteriorated after the coronavirus outbreak. This follows a conversation on Friday between President Donald Trump, and his Chinese counterpart Xi Jinping. The two world's largest economies are looking to improve their relations beyond the current tariff truce. Boeing is the biggest U.S. aircraft exporter and has historically sold around one-quarter of its planes in China. However, it hasn't secured a large Chinese order since Trump took office. Purdue stated that he visited Boeing's Tianjin plant last week. Tianjin is located 150 km (95 mi) south of Beijing. On Sunday, the lawmakers met with China's second highest official Li Qiang, while on Monday they met with He Lifeng, China's economy tsar, and Dong Jun, China’s Defence Minister. They raised the issue of a need for greater military dialogue. Smith said at a press conference held by the U.S. Embassy in Beijing that "it's time for us to have a discussion about this when we reach the hundreds, or even close to 1,000 nuclear weapons" to ensure we all understand one another and avoid any conflict. Adam Smith is currently the top Democrat in the House Armed Services Committee. This committee oversees the U.S. Defense Department as well as the armed forces. Although Trump has been vocal about his tariff policies - singling out China for duties exceeding 100% earlier this year, before walking back the bulk of them - U.S. sanctions over semiconductor chips and Chinese activities in South China Sea as well as matters related to Taiwan and TikTok ownership also cloud the relation. A member of the delegation from the Democratic Party, Democratic Representative Ro Khanna, who represents Silicon Valley in his district, has also been vocal about tech and economic competition between China. (Reporting and writing by Laurie Chen, Joe Cash, Jamie Freed, and Lincoln Feast; editing by Jamie Freed.)

• Gold's record rally: Who's keeping it moving?

  On Monday, gold prices reached a record of $3,728 for a troy ounce, continuing a rally which has seen them double since late 2022. The demand is expected to be robust for a while due to various factors. The main drivers are central bank purchases, strong investment demand visible in the inflows of physical gold exchange traded funds and U.S. president Donald Trump's reversal of Western security policies, his trade wars and concerns over the independence of the U.S. Federal Reserve. Will central banks continue to buy more? Metals Focus estimates that central banks will buy 900 tonnes of gold this year, double the average annual purchase of 457 tonnes between 2016 and 2021. After Western sanctions frozen roughly half of Russia’s official foreign currency reserve in 2022, developing countries seek to diversify away from the dollar. According to World Gold Council, a trade body, the official numbers reported to IMF only reflect 34% of total central bank gold demand estimates for 2024. In 2022-2025 they will account for 23% of the total annual demand for gold, which is double the share in the 2010s. Will the drop in the jewelry sector continue? According to the WGC, demand for gold jewellery, which is the primary source of physical demand for the metal, dropped 14% in the second quarter 2025 to 341 tonnes, the lowest level since the pandemic-ravaged third quarter of 2010. High prices discouraged buyers. The WGC estimates that high prices were the main cause of the decline. Most of the market share came from China and India, whose combined market shares fell below 50% only for the third time in five years. Metals Focus estimates that the production of gold jewellery will fall 9% by 2024 to 2,011 tonnes and will experience a 16% decline this year. DO PEOPLE STILL PURCHASE SMALL GOLD COINS AND BARS? The retail investment market has seen a significant shift in consumer preferences for products, but overall purchases remain strong. According to the WGC's report, coin purchases fell 31% in 2024 while investment demand for gold bars increased 10%. Metals Focus anticipates a 2% increase in net physical investment this year, to 1,218 tonnes. The demand for metals remains strong in Asia amid expectations of positive prices. Can gold ETFs attract more inflows? According to the WGC, gold ETFs are now a major source of demand. They recorded inflows totaling 397 tons between January and June this year. This is their highest first-half inflow since 2020. The total gold ETF holdings at the end June reached 3,615,9 tons, the highest since August 2022. Five years ago, their record was 3,915 tonnes. Metals Focus anticipates net investment of 500 tons in ETPs by 2025, after seven tons inflows in the year 2024.

• Rate outlook and stock market performance are in focus. Stocks rise after Trump's visa crackdown

  The dollar and Asian stocks both steadied Monday as markets assessed the Federal Reserve's policy after last week's rate cut. Meanwhile, President Donald Trump's crackdown on immigration for worker visas held back sentiment. India's benchmark stock index fell after the Trump Administration announced on Friday that it would require companies to pay $100,000 to obtain new H-1B visas. This is a blow for the tech sector, which relies heavily on skilled workers in India and China. U.S. Stock Futures eased, with S&P Futures down by 0.1%. European Futures showed a subdued opening. The broadest MSCI index of Asia-Pacific stocks outside Japan rose by 0.1%. Tokyo's Nikkei index rose by 1.3%, while Taiwan stocks reached a new record high. India's $283-billion information technology sector will feel the pinch in the short term as the deteriorating relationship between India and the United States continues. Trump doubled tariffs last month on Indian imports to 50%, in part due to New Delhi's purchase of Russian oil. It's a threat to operating costs and margins. Kyle Rodda is a senior financial analyst with Capital.com. He said that it was possible to increase wages and labour costs. If they are unable to find enough workers within the U.S., tech companies could also face punitive actions. Investors in China digested the positive signals of U.S. China talks, after Trump claimed that he and Chinese president Xi Jinping had made progress on a TikTok deal. FED POLICY A OUTLOOK Investors are still keen to assess the U.S. policy direction after the Fed announced a future phase of gradual easing. The traders have priced in 44 basis point easing for the last two policy meetings. The week will be filled with a number of speeches from policymakers, and data on the Fed’s preferred inflation gauge is due Friday. This information will set the tone for rates in the near term. Tony Sycamore is a market analyst for IG. He believes that the PCE core price index will rise 0.2% monthly, keeping the annual rate at 2.9%. This is the same as it was in July and higher than the 2.6% lowest level reached in April. Sycamore stated that the U.S. Dollar short trade is crowded, even though a shallower cycle of rate cuts should theoretically weigh on the U.S. currency. The dollar index, he added, has been losing its downward momentum after a tumultuous start. The dollar index, a measure of the U.S. currency compared to six other currencies, rose 0.09% at 97.814. The index has fallen nearly 10% in this year, but most of the decline occurred during the first half of 2025. The Japanese yen is slightly weaker today at 148.20 U.S. dollars after strengthening on Friday, following the Bank of Japan’s hawkish vote where two members of its board voted against maintaining interest rates. While the central banks kept its short-term rates, board members Hajime Tamura and Naoki Tamura proposed, but failed, a rise in what markets saw as an indication of a future increase in borrowing costs. Vasu Menon is the managing director for investment strategy at OCBC. He said that Friday's announcement will be interpreted by the markets as an indication that Japan's central bank has begun to become more hawkish. He said that it could lead to "higher JGB yields, a stronger yen and expectations of future rate hikes." This may not be good news for Japanese stocks and bonds on the short-term. Brent crude futures were 0.7% higher than the previous day's closing price of $67.16 per barrel. U.S. West Texas Intermediate Futures rose by 0.77% to 63.16. The gold price rose 0.24%, to $3,692.79 an ounce. This is just a little short of the record set last week. (Editing by Shri Navaratnam, Editing by Jacqueline Wong).

• Asian stocks are hesitant following Trump's visa crackdown

  The dollar was stable on Monday, as traders considered the U.S. policy direction after the Federal Reserve cut rates last week. Meanwhile, President Donald Trump's crackdown on immigration and worker visas held back sentiment. After the Trump administration announced on Friday that it would charge companies $100,000 per year to obtain new H-1B visas, the focus will shift to Indian and tech stocks. This is a blow for the tech sector which relies heavily on skilled workers in India and China. S&P futures fell by 0.1% in the early morning trading. MSCI's broadest Asia-Pacific share index outside Japan rose 0.09%. Tokyo's Nikkei rose 1% after dropping on Friday. India's $283-billion information technology sector will feel the pinch in the short term as the deteriorating relationship between India and the United States continues. Trump doubled tariffs last month on Indian imports to 50%, in part due to New Delhi's purchase of Russian oil. It's a threat to operating costs and margins. Kyle Rodda is a senior financial analyst with Capital.com. He said that it was possible to increase wages and labour costs. If they are unable to find enough workers within the U.S., tech companies could also face punitive actions. Investors are still keen to assess the U.S. macroeconomic policy after the Fed reduced interest rates last weekend but suggested a future phase of gradual easing. The week will be filled with a number of speeches from policymakers, and data on the Fed’s preferred inflation gauge is due Friday. This information will set the tone for rates in the near term. Tony Sycamore is a market analyst for IG. He believes that the PCE core price index will rise 0.2% monthly, keeping the annual rate at 2.9%. This is the same as it was in July and higher than the 2.6% lowest level reached in April. The traders are pricing in a 44 basis point easing at the end of this year. The dollar is currently on an upward trend. The dollar index (which measures the U.S. money against six other currencies) was at 97.716. Chris Weston is head of research for Pepperstone. He said that "the USD's trajectory is less clear and the greenback's trading in the near term is a subject of greater debate." Treasury yields may drive USD flows, as a flood of Treasurys will be coming to the market and Fed speakers are scheduled. The Japanese yen is slightly weaker today at 148.20 U.S. dollars after strengthening on Friday, following the Bank of Japan’s hawkish vote where two members of its board voted against maintaining interest rates. The central bank maintained short-term rates at 0.5%. Board members Hajime Tamura and Naoki Tamura proposed, but failed, an increase to 0.75%. Markets interpreted this as a sign of a rise in borrowing costs in the near future. Vasu Menon is the managing director for investment strategy at OCBC. He said that Friday's announcement will be interpreted by markets as an indication that Japan's central bank has begun to become more hawkish. He said that it could lead to "expectations about future rate hikes, and the possibility of higher JGB yields as well as a stronger yen. This may not be good news for Japanese stocks and bonds on the short-term." Brent crude futures rose 0.3% to $66.89 per barrel in the commodities market. U.S. West Texas Intermediate Futures rose by 0.35% to 62.9. Gold prices rose 0.24%, to $3,692.79 an ounce. This is just a little bit short of the record high reached last week. (Editing by Shri Navaratnam).

• MORNING BID AMERICAS-Central bank bonanza

  What are you waiting for? ROI Editor-in-Charge Anna Szymanski The rest of the ROI team is excited to watch, listen and read over the weekend. Hello Morning Bid readers! U.S. stocks reached record highs Thursday, thanks to the Federal Reserve cutting interest rates for the first time since 2025. Also, the Federal Reserve announced that Nvidia would invest $5 billion into the struggling U.S. semiconductor company Intel. The Bank of Japan's decision to keep short-term rates at 0.5% was expected. However, two of its members voted in favor of a rise. This week, the focus of financial attention has largely been on central bankers, notably the U.S. Federal Reserve. Others argue that because it's so difficult to figure out where the neutral rate is, the Fed may unintentionally get into stimulative land with its 25 basis point cut. Some argue that the Fed may have created its own problems, given its poor record in controlling inflation. The lack of clarity in Chair Jerome Powell’s remarks about the U.S. inflation and labor outlooks was one of the most important things to take away from his remarks. Jamie McGeever, ROI Markets columnist, says that this confusion is exemplified by the inconsistencies of the Fed's economic predictions and its statements. McGeever also explains why Fed easing may be a mixed blessing to the rest of world. In the United Kingdom, Band of England kept rates unchanged on Thursday but announced that it would slow down the pace of quantitative tightening. Mike Dolan, Editor-at-Large at ROI, asks the BoE why it doesn't scrap direct gilt sales completely. China's crude surplus surged on the commodities market in August, as robust imports from abroad and domestic production were offset by an increase in refinery processes. The data about China's crude stocks remains opaque. This is one of the many blind spots on the oil market. Ron Bousso, ROI Energy's columnist, argues that it is harder to determine what the real supply-demand balance of the world's largest commodity market really is. Gavin Maguire, ROI Energy Transition columnist, discusses how Texas and California have a growing lead over the rest the nation in terms of clean energy. He also explains how wind speeds in the UK could have far-reaching implications for Europe's power and gas sectors in the months to come. And in the metals industry, ROI columnist Andy Home discusses why the aluminium markets, defined by historic excess, may face an imminent shortage. Check out what the ROI team recommends you read, watch, and listen to as we enter the weekend. Stay informed and prepared for the coming week. Please contact me at The race to reduce carbon emissions by using biofuels is on. But between U.S. green fuel jet fuel and illegal forest destruction in the Amazon rainforest, questions are being raised about the validity of sustainability certifications as well as the unintended effects of climate policy. * RON BOUSSO is the ROI Energy Columnist. A free report on decline rates in oil and gas fields. It's a very technical report in some areas, but it shows how much money is required to keep oil and natural gas production stable, let alone grow. * ANNA SZYMANSKI is the Editor-in Charge of ROI. China's automotive industry faces a crisis due to an oversupply, which threatens both automakers and dealerships. This situation could lead to a shakeout that has far-reaching consequences. The hosts return from their APPEC break to bring you the latest market insights gleaned from various discussions surrounding the events. The team looks at Russian oil production, and how it could affect market structure in the future. MIKE DOLAN is the Editor-at Large for ROI Financial Markets. This audio summary goes over the key issues that are facing the world's financial markets. It emphasizes the fact that because markets have recovered from the uncertainty of trade in the first part of the year the financial conditions, if anything loosen excessively. Sign up for the newsletter to receive Morning Bid every morning in your email. Subscribe to the Morning Bid newsletter Website You can find us on LinkedIn. The opinions expressed are solely those of their authors. These opinions do not represent the views of News. News is bound by the Trust Principles to maintain integrity, independence and freedom from bias. (By Anna Szymanski.)

• Asia shares set for weekly gains, Nikkei retreats after BOJ decision

  On Friday, Asian shares rose on the back of hopes for further rate cuts in the global economy. Meanwhile, the Nikkei fell from its record highs as the Bank of Japan signaled a further winding down of its massive stimulus policy. The BOJ has maintained Short-term interest rates Two members voted to increase the rate. The company also decided to begin selling its large holdings in exchange-traded fund (ETF) or real estate investment trusts. After the decision, the dollar fell 0.4% to 147.48yen. Japan's Nikkei, after hitting a record in the early trading, reversed its gains and was down last 0.4%. This brought Japan's weekly gain down to only 0.8%. Now, the focus is on BOJ Governor Kazuo ueda's scheduled news conference at 0630 GMT. The data showed that Japan's core rate of inflation was 2.7% for the year ending August. This is the lowest pace in nine month, but it still exceeded the central bank's target of 2%. In the first part of this week, central banks were in The United States Canada Norway Cut interest rates while the Bank of England held steady. James Rossiter is the head of global macro strategy for TD Securities. We expect many central banks to cut their risk appetites at their next meeting, despite the fact that there is still a lot of uncertainty. South Korea's benchmark stock index fell 0.6%, but remained near its record high. The index was up by 1.3% this week, which brings the two-week total to more than 7%. MSCI's broadest Asia-Pacific share index outside Japan fell 0.1%, but was still on track for a 0.7% weekly gain. It is not far off its four-year highs. On Friday, stock options, stock index options, and stock index futures expire all on the same date, resulting in increased trading and possible market volatility. Nasdaq and S&P futures both remained unchanged. Hong Kong's Hang Seng remained flat, ahead of a phone call between President Donald Trump (left) and Chinese counterpart Xi Jinping expected later that day. Investors have a lot to consider before that call. A deal on TikTok could be close, China's Huawei has announced its chip plans and Beijing has ordered tech firms to not buy Nvidia AI chips. The benchmark S&P 500 index, Dow Jones and Nasdaq closed overnight at new records, boosted by improved jobless claims and news that Nvidia would invest $5 billion into the struggling U.S. semiconductor maker Intel. Intel shares soared 23% while Nvidia rose 3.5%. The dollar recovered on the foreign exchange market after the Fed made its first cut in 9 months. The dollar index remained at 97.28 after plummeting to a multiyear low of 96.224. The pound remained at $1.3557 after slipping 0.6% overnight, as the BOE left rates at 4%. The Norges Bank lowered rates overnight and indicated that rates may continue to drop. The 10-year Treasury yields remained at 4,1102% on the bond market after gaining 3 basis points over night. The yield on the 10-year Japanese Government Bond jumped by 4 basis points to 1.635%. This is just shy of this month's record high of 1.64%. Oil prices on commodity markets were stable after falling in the previous session. U.S. crude oil was barely changed at $63.60 per barrel, while Brent crude was unchanged at $67.47. The spot gold price increased by 0.4% to $3,658 per ounce.

• US judge declares defaulted Venezuelan bonds valid

  On Thursday, a U.S. court upheld the validity and the 2020 bonds of Venezuelan oil company PDVSA. This led to the suspension of an auction of shares of the parent company of Venezuelan-owned U.S. refining firm Citgo. The bonds are secured by a majority stake in Citgo, which is ultimately owned by Caracas-headquartered PDVSA. The company defaulted in 2019 on the bonds, putting the refiner under threat of seizure from creditors. Since years, bondholders and companies expropriated by Venezuela have been fighting in U.S. courtrooms for the country's assets abroad, including Houston-based refiner Citgo Petroleum valued at $13 billion. Venezuela defaulted in the payment of those bonds and others issued by PDVSA and the country. After winning arbitration cases, several companies whose Venezuelan assets had been expropriated from them by the late president Hugo Chavez now seek to seize Venezuela's overseas assets. Citgo cut ties with PDVSA after Washington sanctioned it in 2019 to try and oust Venezuelan president Nicolas Maduro. The Venezuelan political opposition then took over the company's control. The opposition is trying to protect Citgo, and other assets, from creditors or companies that are seeking compensation for expropriated assets or defaulted debt. The opposition argued that 2020 bonds had not been issued in accordance with Venezuelan law. Katherine Polk Failla, U.S. district judge in Manhattan, ruled on Thursday that the bonds had indeed been issued properly. The bonds were declared valid by the judge in 2020. However, an appeals court ordered a further review. Failla's decision led to a brief suspension of a separate Delaware auction for shares in Citgo parent company, before U.S. district judge Leonard Stark. This was done to allow the court time to consider the implications of Failla’s ruling. Citgo, the 7th largest oil refiner in the United States, will likely be determined by the auction. 15 companies, including bondholders, are bidding for Citgo's assets. The auction includes a subsidiary from Gold Reserve, and Amber Energy, a division of Elliott Investment Management. Lawyers for Venezuela said in Stark's Stark courtroom earlier this week that they would appeal if the validity of 2020 bonds was confirmed. Sources close to preparations say that after Failla's decision, the boards overseeing Citgo met urgently with their lawyers in order to plan future action. The sale proceedings are now in their fourth week. The judge has yet to make key decisions regarding pending procedural questions or confirm the auction winner.

• Wall Street to resume record-breaking run after Fed rate reduction

  The dollar and Wall Street futures rose slightly on Thursday following the Federal Reserve’s first rate cut for the year. French markets were jittery, and the pound remained steady after UK interest rates remained unchanged. The Fed's quarter point cut and "steady-as she goes" message helped Europe's stock market climb almost 1%, and Wall Street was set for yet another round of records highs despite the somewhat hesitant response from traders on Wednesday. Asia also rallied over night. Chinese stocks reached a decade-high as local chipmakers rejoiced at reports that U.S. giant Nvidia was banned in China. South Korea, Taiwan, and Japan's Nikkei also ended higher than 1%. Donald Trump, the U.S. President and Xi Jinping, the Chinese president are both scheduled to speak Friday. There was also a sense of relief that the dollar held up well after hitting a three-and-a-half-year low earlier this week. This has caused those who export to the U.S. to grind their teeth. The Fed's "dot plot", which is closely monitored, had indicated that two additional rate reductions would be made over the remaining two meetings of this year but only one in 2026. Fed Chair Jerome Powell also moderated expectations by saying that the central bank didn't need to act quickly, though analysts admit this could change. Richard Cochinos, RBC Capital Markets, said: "We look beyond the volatility of one or two days to find underlying trends." In this case, we expect a weaker U.S. Dollar," Cochinos said. He pointed to the expectation of U.S. interest rates falling to 3% in 2013. The gains of the dollar were trimmed by traders in Europe. The euro was largely unchanged at $1.1825 and sterling was just above $1.36. As expected, the Bank of England maintained UK interest rates at 4%. The vote of 7-2 to reduce the annual rate at which the UK government bonds it bought during the financial crisis and COVID crises are sold to 70 billion pounds instead of 100 billion pounds was viewed with slightly more interest. The poll was mostly accurate, but the gilt markets are now nervous about UK government finances this year. A key budget is due in late November. James Rossiter, TD Securities, said that the bond reduction was not a surprise. He now expects another 25-bps rate cut right before the budget in November. FRENCH FOCUS Wall Street futures saw a 30% jump in Intel shares during premarket trading after news that Nvidia would invest $5 billion into the struggling company. The bond markets began to sputter, as the yield on benchmark Treasury notes of 10 years - which moves in the opposite direction to the price - was little changed at 4.08%. And the two-year rate remained unchanged at 3.53%. The benchmark yield for the Euro Zone, Germany's 10-year bond, was also stuck at 2.69%. However, attention was also focused on France's. Political tensions Its bond yields briefly rose above Italy's. Unions claim that hundreds of thousands protested against austerity in France on Thursday. They urged President Emmanuel Macron, and Sebastien Lecornu, his new prime minister, to acknowledge the anger they felt and cancel looming budget reductions. On the currency markets, the Chinese yuan ticked up after its central banks left the borrowing costs of its reverse repurchase agreement for seven days unchanged overnight. Meanwhile, the New Zealand dollar fell after data showed that the economy there shrank much more than was expected. Norwegian crown, which was flying high in the past few months, also softened after its central banks lowered rates by 25 basis points. However it still remained near a three-year-high against the dollar. After weaker than expected labour market data, the Australian dollar has also fallen from a near-year-high. Brent crude rose 0.4% to $68.25 a barrel, despite an initial dip on the commodity markets. Gold, the safe-haven asset, also rose 0.3% to $3670 an ounce.

• Dollar firms after Fed lowers rates and copper falls

  The copper price fell on Thursday, as traders took profits after the U.S. Federal Reserve cut rates. Meanwhile, the dollar strengthened after Fed Chairman Jerome Powell said that there would be no further aggressive easing. The benchmark three-month price of copper at the London Metal Exchange fell 0.4% to $9,960.50 a tonne as of 0940 GMT after hitting a low for a week on Wednesday, $9,925. Powell, in his press conference, reacted against the idea of larger cuts. Dollar index rose by 0.1%, to 96.98, on the back of Mr. Trump's remarks. However, it is still down 10.6% for this year. The dollar index is still down around 10.6% this year. Dan Smith, managing Director at Commodity Market Analytics said that the rate decision made on Wednesday was a key driver behind copper's drop. He also pointed out a technical charting pattern called a "triple-top". Smith stated that there has been a significant amount of resistance in the copper market around $10,160. Smith said that the price has turned three times at this point in recent months, which indicates the current momentum will be to the downside. The rest of the base-metals complex was mostly in the red. Aluminium fell as much as 0.6%, to $2,665.50 per ton. This is a new low for the week. It was also down 0.2% at 0940 GMT. The cash aluminum contract premium is added to the contract for three months On Thursday, the price of a ton had dropped to $4 from $16 on Tuesday. Lead was unchanged at $2,012 a ton. Nickel and tin also fell. (Reporting and editing by Rashmi, Harikrishnan Nair, Ed Osmond and Harikrishnan Nair; Additional reporting and editing by Amy Lv & Lewis Jackson)