Latest News
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MORNING BID - Fingers crossed for a successful resolution
Rae Wee gives us a look at what the future holds for European and global markets. Markets on Tuesday were 'riding' a hope of a resolution by Washington and Tehran despite the U.S. blockade against Iran's ports. Sources said that despite the failure of the peace talks between Iranian officials and U.S. representatives over the weekend there was still dialogue and a U.S. Official stated that there was forward movement in trying to?get to an agreement. U.S. president Donald Trump said Monday that Iran wanted to reach a deal. However, he wouldn't agree to an agreement allowing Tehran to possess a nuclear device. This was enough to spur a recovery in global stocks. Shares in Asia rose alongside U.S., European and futures while oil prices fell back below $100 per barrel. The global economy has not yet recovered. As long as the Strait of Hormuz remains closed, businesses and consumers will continue to feel the inflationary pressure from rising energy prices. Singapore's central bank tightened monetary policy settings on Tuesday, citing inflation risks arising from the Middle East conflict. China's exports slowed sharply in March and undershot forecasts as buyers who were chasing an AI-fueled future met the harsh reality of war. Earnings?season in the?U.S. The earnings season is underway, and it will be a test to see how companies are dealing with the aftermath of the war. JPMorgan Chase's, Wells Fargo's and Citigroup's results are expected later today, after Goldman Sachs reported a quarterly profit that exceeded expectations on Monday, driven by strength in dealmaking, and equity trading. The following are key developments that may influence the markets on Tuesday. - JPMorgan Chase earnings, Wells Fargo's, Citigroup's, Johnson & Johnson's U.S. PPI March Fed's Barr Collins Barkin Paulson Goolsbee all speak
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Sika's quarterly sales drop on strong Swiss franc, weak China market
Sika, a Swiss chemical group that manufactures products for construction in China, reported a decline?in sales?for its first quarter on Tuesday. The drop was attributed to a?stronger Swiss Franc and weakness?in the construction industry. The sales for the quarter fell by 7%, to 2,49 billion Swiss Francs ($3,18 billion). The company reiterated the forecast it made in February. It projected a 1% to 4% increase in annual sales in local currency and an EBITDA margin between 19.5% and 20% by 2026. The 'company' said that a?long-term slump in China’s construction sector continued weighing on the results even as Europe showed signs of improvement after?the winter. Sika reported that construction activity in the Americas was affected by the winter storms as well as the economic uncertainty in the United States. The Swiss chemicals company reported that construction activity in the Middle East has slowed down after the onset of?the Iran-conflict despite double-digit growth earlier this year. Thomas Hasler, CEO of Hasler Group, said: "We anticipate that global market conditions will remain muted in 2026. We are taking preemptive action." In March, Sika said that the conflict in the Middle East could cause economic turmoil and affect its annual results.
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Gold prices rise as oil prices fall, easing inflation fears
Gold prices rebounded from a one-week low on 'Tuesday, as oil prices dropped on the hope of more U.S. Iran peace talks and eased inflation fears. As of 0237 GMT spot gold rose 0.6% to $4,768.19 an ounce after falling to its lowest level since the 7th of April in the previous session. U.S. Gold Futures for June Delivery rose 0.5% to $ 4,790.70. As signs of a possible U.S. Iran dialogue to end the war eased fears about the?supply risk stemming from U.S. Blockade of Strait of Hormuz, oil prices dropped below $100 per barrel. By increasing transportation and production costs, higher crude prices contribute to inflation. Gold's appeal is typically boosted by inflation as a hedge. However, high interest rates can reduce its demand. Ilya Spirak, Tastylive's head of global macro, said that the markets appear to believe there is still time for an agreement between?the United States? and Iran. Reports said that negotiations between Washington, Tehran and the U.S. vice president JD Vance were still in progress. In an interview, JD Vance stated that the U.S. expects Iran to make progress towards opening the Strait of Hormuz. The U.S. military has begun a blockade against Iran's ports, according to President Donald Trump. Meanwhile, Tehran has threatened to retaliate by attacking the ports of its Gulf neighbours after talks on ending the conflict in Islamabad failed over the weekend. Additionally, ?the U.S. dollar hovered near its lowest level in more than a month, ?making the greenback-denominated ?gold more affordable for holders of other currencies. Near-term, the U.S.-Iran headlines could be the main driving force due to a thin macro-calendar. This'sets the scene for choppy prices for now,' Spivak said. He added that gold might face resistance at $4,850. The chance that the U.S. will cut its interest rate by 25 basis points this year has risen from 12% to 29%, up from 12% in last week. Prior to the war, it was expected that there would be two rate cuts this year. Other metals saw a 0.9% rise in spot silver to $76.27 an ounce. Platinum rose by 0.1% to 2,071.75, while palladium gained 0.2% to $1,576.23. (Reporting from Noel John, Bengaluru. Editing by Rashmi aich and Subhranshu Sahu.
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Iron ore prices fall on the back of rising shipments and lower new bank lending data
The price of iron ore futures dropped on Tuesday, as the Australian supply recovered from Cyclone Narelle's disruptions. Weak lending data and no signs fiscal easing were also weighing on sentiment. As of 0257 GMT, the?most-traded iron ore contract for September on China's Dalian Commodity Exchange?traded at?0.46% less than its previous price of 755.5 yuan (US$110.80) per metric ton. Singapore Exchange benchmark iron ore for May was $103.2 per ton, 1.39% less. Customs data released on Tuesday showed that China's iron ore imports in March increased 11.5% compared to the previous year. Data from the General Administration of Customs shows that the world's largest iron ore consumer imported 104.74 metric tons of this key ingredient for steelmaking last month. Data from Mysteel shows that global iron ore shipment increased by 844,000 tons between April 6-12, compared with the previous week. The biggest producers, Australia and Brazil, saw shipments increase by 2.335 million tonnes. The Cyclone Narelle-related disruptions in iron ore supply have been largely resolved, as Australian shipments are recovering. This has pushed down the price of iron ore. The central bank of China is not in a hurry to loosen policy as new lending to banks in China was less than expected. A poll shows that China's economy is likely to have regained momentum in the first three months of the year?on the back of solid exports. However, growth will slow over the remainder 2026, as the Iran Crisis threatens to choke off?corporate profits, and sap overseas demand. The 'European Union' reached a preliminary agreement on Monday that will nearly halve the imports of steel and impose a 50% tariff on any excess shipments in order to protect its steel industry. The main steel importers into the EU last year were Turkey, South Korea (Indonesia), China, India, Ukraine and Taiwan. The DCE also showed a mixed picture of other steelmaking ingredients, with coal?up 0.19% and coke?down?0.09%. The benchmark steel prices on the Shanghai Futures Exchange are mixed. Steel benchmarks on the Shanghai Futures Exchange were mixed.
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Copper prices rise to a one-month high amid rising costs and hopes for Middle East peace
The copper price rose to its highest level in over a month, on 'Tuesday. Investors were worried about energy-driven rising costs. Meanwhile, the U.S. Dollar softened as hopes for a deescalation of conflict?in?the Middle East grew. The most-traded contract for copper on the 'Shanghai Futures Exchange' rose by 1.84% at 0220 GMT to 100,980 Yuan ($14.807.75) per ton, after reaching 101,450 Yuan earlier in the day, which was its highest price since March 11. The contract last reached 100,000 yuan a month earlier. Benchmark three-month Copper on the London Metal Exchange?was up by 0.36% to $13,101 a ton, after reaching its highest level since March 10, at $13,162 a ton. Analysts said that the Middle East conflict has caused energy costs to rise, which in turn have supported prices of 'the red metal, used for construction, manufacturing and power sectors. Codelco, the world's largest copper producer, has seen its costs rise by 10 cents per kilogram. Antofagasta, a miner in Chile, also expressed?concerns about rising fuel and input costs. The tightness of the sulphuric supply, which was exacerbated by the reports that China would stop exporting sulphuric acids from May, has sparked concerns about a possible hit to copper and nickel, both of which depend on the acid. Yangshan Copper Premium, a firm Chinese demand, also supported copper prices. The price of Shanghai nickel increased by 2.39%, while the London price reached its highest level since March?2 at $17,840 a tonne after a major supplier Indonesia revised the formula used to determine mineral reference prices. Shanghai nickel rose by 2.39% while London prices reached their highest level since March '2 at $17.840 per tonne after major supplier Indonesia changed the formula for determining mineral reference price. A softer dollar in the hope of easing tensions between the US and Iran also provided support for base metals. 11?sources who are familiar with the negotiations say that dialogue is still going on, despite the fact that Iranian and U.S. officials have ended their highest level?talks for decades without a successful outcome. SHFE - Aluminium added 0.75%; lead was flat; tin increased 2.39% and zinc advanced by 0.36%. Aluminium, lead, tin, and zinc all saw gains on the LME.
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Michelle Steel, former US lawmaker, is nominated by Trump as US ambassador to South Korea
U.S. President Donald Trump nominated Michelle Steel, a former 'California Congresswoman, to become 'the U.S. Ambassador to Seoul. This post has been vacant for the entire second term of his presidency, despite South Korea being a key ally. The White House announced Monday that the nomination, which requires congressional approval, will be made. According to media reports, the South Korean 'presidential office' said that it expected Steel to strengthen bilateral ties between the two countries and promote friendship, if appointed. Kevin Kim, a senior official in the State Department, has served as acting ambassador for South Korea since October last year, just before Trump's visit. Philip Goldberg was the last ambassador to Seoul who had been approved by the Senate. He was appointed by Joe Biden, former president. Steel, a Korean-American conservative Republican, narrowly lost her reelection bid to her Orange County Congress seat in 2024 to Democrat, Derek Tran, a Vietnamese American, after serving two 'full terms. The news reports said that the race between the two Asian-Americans candidates had become ugly, with both accusing the other of using red-baiting tactics. Reporting by David Brunnstrom, Kyu-seok Shim and Ed Davies; editing by Lincoln Feast & Ed Davies.
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Flyers win shootout against Canes, earning first playoff spot in six years
Tyson Foerster's lone goal in the shootout, which included an extra round, gave the Philadelphia Flyers the 3-2 win over the Carolina Hurricanes. This was the penultimate match of both teams' regular season. The Flyers' first postseason appearance since 2020 was secured by securing?the two-point win. Trevor Zegras and Matvei Mikkov scored regulation goals for Philadelphia (42-25-12, 96 points). They have won five out of six games. Dan Vladar saved 24 shots, including all four Carolina shootout attempts. Bradly 'Nadeau scored the other goal, and Nikolaj Ehlers also had a goal. The Hurricanes (52-22-7 with 111 points) clinched first place in the Eastern Conference despite their loss. Brandon Bussi made 18 saves. Jackson Blake of Carolina hit the goal post when he cut across the slot at about 1:15 in the five-minute extra period. Philadelphia tied the game at 2-2 with two goals in the second period. Michkov scored the Flyers' first goal at 7:57 of the second period after receiving a cross-ice passing from Denver Barkey. Zegras scored a power-play goal at 9:29 in the middle of the period to tie it. He received a pass just below the right circle and had time to move a few steps to his left before he fired a shot past Bussi. Porter Martone's point streak now stands at five games. He has seven points (three goals and seven assist) on his record. Nadeau's goal came 8:41 after the start of the game. He converted Ehlers’ pass from behind net with a?one-timer shot from the'slot. Ehlers' power-play goal made it 2-0 with 4:30 remaining in the first period. Vladar was beaten by his shot, which came from the right side of the circle. Christian Dvorak was sent off for 'holding' after Ehlers scored his 25th goal. Philadelphia's win eliminated Washington and Columbus from playoffs. On Tuesday, these?two teams will play a meaningless match in Columbus. In preparation for the upcoming playoffs, the Hurricanes rested Sebastian Aho and Seth Jarvis as well as captain Jordan Staal and Andrei Svechnikov, and Jaccob Slavin, Shayne Gostisbehere, and Jaccob Slavin, both defensemen. Field Level Media
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South Korea's Lee warns Middle East Conflict will keep oil prices high and orders quick aid distribution
South Korean President Lee Jae Myung said that the rising tensions in the Strait of Hormuz make it difficult to be optimistic regarding the aftermath of the Iran War. He warned that high oil prices, and supply chain strains are likely to continue for a long time. Lee said at a cabinet gathering on Tuesday that the government should accept a prolonged disruption in global raw materials and energy markets and strengthen its emergency response system. Lee stated that "for the moment, problems in global energy and raw material supply chains as well as high oil prices will continue." I ask that we prioritize the national strategic projects of developing alternative supply chains, industrial restructuring on a medium to long term basis, and the transition to a "post-plastic" economy. Lee also called on?ministries? to move quickly in order to?deploy the supplementary budget that was passed as a response to war. Ministers discussed ways to limit the economic impact of the conflict. These included support for crude imports as well as controls on hoarding petrochemical feedstocks, medical supplies and other essentials. They also provided financial assistance to affected companies. Kim Jung-kwan, Industry Minister of South Korea, said that disruptions in shipping through the Strait of Hormuz still affect supplies. Even if the passage returns to normalcy it may take 20 days for Middle Eastern goods to reach South Korea. A document presented during the cabinet meeting stated that the government will prioritise support for the passage of seven oil tankers bound for South Korea but stuck in the Gulf. Foreign Minister Cho Hyun said at the meeting that officials from the ministry have been sent to the Congo, Algeria and Libya to secure energy supplies. Kang Hoon Sik, the chief of staff to the president, has also been travelling to countries like Kazakhstan since last week. Lee added: "I urge all parties to this war to make courageous moves toward the peace that the world so desperately desires, based upon the principles of universal human rights protection and lessons from history."
Report: Europe is dangerously unprepared to deal with wildfires that are getting worse
A report says that Europe is 'dangerously unprepared' to deal with the growing wildfire crisis. It must upgrade its fleets and increase investment.
The report, commissioned by Avincis in Portugal, which rents out firefighting helicopters and planes, said that the climate change, declining rural populations, and increased burnable vegetation were all contributing factors to the increase of risk in southern Europe.
The report by the consulting firm Lead by Thought revealed that wildfires, which usually rage between early June and mid-September, were erupting earlier and later into the year.
"FIRE SEASONS WILL BE LONGER"
The paper, which will be presented on Wednesday at the Aerial Firefighting Conference in Rome, also noted that blazes are spreading to the north.
It said that 1,100 hectares of forest were burned in Sweden during the past year. This is a rise of 120% over the average for recent years. Finland and Denmark both recorded higher figures than their long-term averages.
Last month, independent EU advisors expressed concern about the?readiness of the bloc to deal with a growing threat.
On Wednesday, the European?Commission is expected to propose a new strategy aimed at reducing fire risks and preventing them before they start.
In 2025, fires in the European Union destroyed 1,03 million hectares (hectares) of forest, the highest number since records began.
According to the report the damage in Spain was the most extensive, with 393,079 hectares of land burned. Portugal, Romania followed, then Italy, Greece, and France.
There is no doubt that fire seasons are becoming longer. John Boag said that the window of opportunity for aircraft to be transported from one hemisphere into another is shrinking, causing a decline in the global aerial firefighting fleet.
The EU committed 600 million Euros ($694.56 Million) to purchase 12 DHC-515 firefighting amphibious?aircraft in six countries between 2027 and 3030.
The report quotes Brian Chafe as CEO of De Havilland Canada. He said that red tape delays are preventing the production of the aircraft from being scaled up.
He said, "We are?trying to begin a second line of production but the government bureaucracies have been very slow." "That doesn't just apply to our aircraft but also any?asset that is used for firefighting."
There was also, according to the report, a?shortage of skilled workers.
It added that a foreign pilot seeking employment in the EU now has to take more than 12 exams in order to obtain a license from the EU Aviation Safety Agency, as opposed only two or three in the United States and Australia.
(source: Reuters)