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Spanish watchdog launches further investigations into energy companies over blackout
The Spanish antitrust and energy regulator CNMC 'has added more power 'companies to the list 'of firms 'being investigated in relation to last year's unprecedented Blackouts in Spain and Portugal.' It said on Friday. The CNMC launched formal investigations last week after?finding?evidence that certain power sector rules had been?breached for extended periods of time, potentially contributing to the crippling 'outage in April 2025. The investigation was then announced to include the?grid operators Red Electrica MC> and Naturgy MC> as well as Iberdrola MC> and Repsol. It has now opened sanctions proceedings against Engie Cartagena, TotalEnergies Clientes and?others. Engie and Total didn't immediately respond to a request for comment. Cani Fernandez, the head of CNMC, had said previously that 'the most serious violations could result in a fine up to 60 million Euros. It said that the sanction procedures have a maximum period of nine to 18 months, depending on the severity of the offense. (Reporting from Gdansk by Joao Mauricio, with additional reporting by America Hernandez and editing by Andrei Khalip.)
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US and European stocks are swayed as markets look for signs of Middle East progress
Wall Street stocks were mixed on Friday, and European shares were also lower. Investors were watching the fragile U.S.Iran truce as well as weighing up corporate earnings with the downbeat guidance due to war-related price shocks. The Nasdaq was boosted by the strong performance of Intel's tech shares. Meanwhile, the S&P 500 had a more modest green. The Dow was in negative territory. The S&P 500, Nasdaq, and blue-chip Dow were all set to post nominal gains for the week. However, the Dow's blue-chip index was expected to decline since last Friday. The S&P 500 and Nasdaq remained near their record highs. Jay Hatfield CEO of Infrastructure Capital Management, New York, said that earnings have been the dominant topic for the past two weeks. "And after that, we'll be focusing on the end of the war." Hatfield stated that "Yesterday, the market sold off due to war headlines but then rallied back." Hatfield said that today, the market is not up to date on the positive news that the Pakistani foreign minister was in the country. According to Pakistani sources, peace talks between the United States of America and Iran may resume soon in Pakistan. Iranian Foreign Minister Abbas Araqchi is due to arrive there on Friday evening. According to U.S. president Donald Trump, the Israel-Lebanon truce was also extended by three more weeks after a high-level White House meeting. Oil prices?were volatile, as supply concerns outweighed optimism about potential U.S. Iran peace talks. U.S. crude dropped 1.12% to $94.78 per barrel. Brent was down to $104.70 a barrel, a drop of 0.36% for the day. SOLID CORPORATE RECORDS MARKED BY DOUR GUIDANCE The first-quarter reporting season is in full swing, with 139 companies from the S&P 500 reporting. Eighty-one percent of those companies have exceeded earnings expectations. According to LSEG, analysts now expect S&P 500 earnings to grow 16.1% year-over-year, up from 14.4% projected at the beginning of the third quarter. On analyst conference calls, however, CEOs have been providing more and more negative guidance because of the escalating fuel prices resulting from war in Iran. Procter & Gamble, a consumer products company, warned in its earnings call on Friday that the war-related shock to energy prices will affect its profit by approximately $1 billion. Amazon, Alphabet and Meta Platforms are among the companies that will report earnings next week. Exxon Mobil, Chevron and other oil supermajors are scheduled to report on Friday. The Dow Jones Industrial Average dropped 151.44, or 0.31% to 49,157.80. The S&P 500 rose '22.81, or 0.32% to 7,131.21. And the Nasdaq Composite gained 197.27, or 0.81% to 24,635.41. Investors worried about a possible inflation shock due to disruptions in energy supplies caused by Middle East turmoil. The MSCI index of global stocks rose by 2.05 points or 0.19% to 1,069.36. The pan-European STOXX 600 fell by 0.49% while Europe's FTSEurofirst 300 index dropped 10.77 points or 0.44%. Emerging?markets stocks gained 12.17 points or 0.76% to 1,611.48. MSCI's broadest Asia-Pacific share index outside Japan closed up by 0.77% to 825.44. Japan's Nikkei gained 575.95 or 0.97% to 59,716.18. Investors were on edge as war uncertainty weighed down on the dollar. The dollar index (which measures the greenback in relation to a basket of currencies, including the yen, the euro and others) fell by?0.23%, while the euro rose by 0.26%, reaching $1.1713. The dollar fell 0.19% against the Japanese yen to 159.41. Bitcoin gained 0.09% in value to $78,994.26. Ethereum fell 0.47% to 2,315.37. The yield on the benchmark U.S. 10 year notes dropped 1.7 basis points from 4,323% at late Thursday to?4,306%. The 30-year bond rate?fell by 1 basis point from 4,918% to 4.9081% late Thursday. The yield on the 2-year note, which is usually in line with expectations of interest rates for the Federal Reserve fell by 4.3 basis points, to 3.783% from 3.825% at late Thursday. The Middle East turmoil continued to raise inflation concerns, which led to gold's advance. Spot gold increased by 0.81%, to $4.730.84 per ounce. U.S. Gold Futures increased 0.03% to $4.70670 an ounce.
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US and EU announce plan to coordinate trade policies for critical minerals
On 'Friday, the United States and European Union released an action plan aimed at coordinating trade policies and measures on critical minerals supply chains with a view of concluding a plurilateral binding agreement in future. The plan doesn't mention China specifically, but is part of an broader effort by the Trump administration?to work with Western allies to loosen China’s grip on critical materials for advanced manufacturing. China has used its chokehold over the 'processing of minerals' as geo-economic leverage. At times, it has curtailed exports, suppressed prices, and undermined other countries ability to diversify the sources of materials that are used to manufacture semiconductors, electronic vehicles, and advanced weapons. U.S. trade representative Jamieson Greer said that the U.S., and EU, shared a common commitment to "tackling the non-market policies and practices which?have distorted critical minerals supply chain." Washington and Brussels would 'examine how trade measures such as border-adjusted price floors could strengthen critical minerals industries in the United States and downstream sectors that are critical to industry competitiveness. Reporting by Andrea Shalal
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Ambani's Reliance misses quarterly profit estimates as costs bite
Mukesh Ambani's Reliance Industries posted a 12% drop in its fourth-quarter net profit, falling short of market expectations as rising input costs impacted the core businesses. Reliance's refinery business, which is a major profit generator, had a difficult quarter. Higher crude costs and higher freight rates resulting from the Iran War coincided with operational restrictions and export levies to boost domestic fuel supplies. Mukesh D. Ambani, Chairman and Managing Director, said that the war in West Asia had caused a 'unprecedented disruption in global supply chains. The core earnings of the company's refinery business, which accounts for nearly a third (33%) of its EBITDA in the fourth quarter, dropped 3.7% from the previous year. Reliance Jio Platforms' core earnings rose 17.9%. Jio Platforms is the second largest telecom company in terms of users and will be filing for approval to list its shares, according to a report published at the end of March. Ambani stated on Friday that the company was progressing steadily toward the listing. He did not provide any further details. The?costs of materials consumed for the quarter jumped 20% to 1,29 trillion rupees. According to LSEG, the company's consolidated 'net profit' fell to 169.71 'billion rupees (about $1.80 billion), falling short of analysts' average estimates of 201.16 'billion rupees.
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US consumer sentiment falls to near 4-year low in April
A?survey released on Friday showed that U.S. consumers' sentiment dropped to its lowest level in nearly four years during April, as inflation fears were stoked by the war with Iran. The Consumer Sentiment Index of the University of Michigan's Surveys of Consumers fell to 49.8 in April, its lowest reading since June 2022. This was an improvement over the 47.6 reading reported earlier in the month. The economists polled had predicted the index to be at 48. It was 53.3 in March. After the announcement of a two-week ceasefire and the lowering of?gas prices, sentiment has recovered a small portion of its losses from the beginning of the month, said Joanne Hsu, director of Surveys of Consumers. The?Iran?conflict seems to influence consumer views primarily by shocks in gasoline prices and possibly other prices. Military and diplomatic developments which do not ease supply constraints or reduce energy prices will likely not buoy consumers. The U.S. and Israel war against Iran has caused disruptions in shipping through the Strait of Hormuz. This has pushed up the prices of commodities such as oil, fertilizers, petrochemicals, and aluminum. Tehran closed the Strait effectively after the start of the war on February 28. This week, President Donald Trump extended the ceasefire indefinitely with Iran despite a 'U.S. The Navy Blockade of Iranian Ports remained?in effect. This month, the survey's measure for consumer expectations of inflation in the coming year dropped from 4.8% to 4.7%. In March, it was at 3.8%. Consumers expect inflation to rise from 3.2% in March to 3.5% by the end of next year. Lucia Mutikani reported; Chizu Nomiyama edited.
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Gold to lose weekly value as inflation worries linger over US-Iran uncertainty
Gold prices rose a little on Friday, but they were still on track for their first loss in five weeks as inflation worries remained high due to the Iran War impasse. Spot gold is up 0.3% to $4,704.63 an ounce as of 1313 GMT. It had fallen 2.5% this week and hit its lowest level since April 13. U.S. Gold Futures for June Delivery edged?0.1% Lower to $4,721.10. As in previous days, gold is linked to oil prices. Oil was up 2% and now down 1%. It seems to be connected to the potential for renewed talks between Iran?and?the U.S., said UBS analyst Giovanni Staunovo. "Gold fell (this week) due to a rise in oil prices, expectations of higher interest rates, dollar, and yields. All of these were correlated." Sources say that Iranian Foreign minister Abbas Araqchi will arrive in Islamabad Friday night, and there are likely to be peace talks between the U.S. Brent oil prices fell on Friday, with Brent at around $104 per barrel. However, the price is still heading for a gain of 16% for the week. The rise in crude oil prices could lead to higher interest rates. Gold is seen as a hedge against inflation, but higher interest rates reduce demand for the non-yielding material. The benchmark 10-year U.S. Treasury rate rose 1.6% in the past week, increasing the cost of gold. Meanwhile, the dollar is on track to make its first weekly increase in three weeks, making bullion more expensive for holders of foreign currencies. Israel and Lebanon have extended their ceasefire by three weeks following a meeting at the White House, which was mediated?by U.S. president Donald Trump. Trump said that he would wait until he found "the best deal" for ending conflict with Iran. Silver spot rose 0.3% per ounce to $75.65, while platinum fell 0.4% to 1,998.60, and palladium grew 1.6% to $1.491.98. (Reporting by Ishaan Arora in Bengaluru; Editing by Kirsten Donovan)
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Pentagon chief Hegseth says US blockade on Iran 'going global'
U.S. defense secretary Pete Hegseth stated on?Friday, that the U.S. is extending its blockade to Iran. He added that Tehran had a chance of making a "good deal". Hegseth said to reporters that "our blockade is?growing, and it's going global." He said that no one could sail from the Strait of Hormuz anywhere else in the world without permission of the United States Navy. Three Pakistani sources said on Friday that peace talks between Iran, the United States, and other countries could resume in Pakistan soon, after the last round of negotiations, which was expected to take place earlier this week, failed. Hegseth, standing next to U.S. top general?Dan Caine said that the U.S. is "not anxious" about a deal with Iran and repeated Trump's earlier comments of having "all the free time in the universe." "Iran is aware that it still has a window of opportunity to make a wise decision... at the negotiating table. He said that all they need to do is give up a nuclear weapon "in meaningful and verifiable" ways. Caine said the U.S. Central Command is continuing to maintain a tight blockade of all Iranian ports. He said that 34 ships were turned around by Friday morning. Caine said that the U.S. Military would continue to intercept Iranian vessels in both the Pacific Ocean and Indian Ocean. Caine stated that "we're enforcing a blockade against any ship, regardless of nationality, transiting into or out of an Iranian port or territory." He said: "We are closely tracking vessels that have an interest in Iran, and those who were moving away from Iran outside the blockade zone?when it was ordered. We're ready and poised to intercept these vessels." The U.S. Naval Blockade against Iran began April?13. Hegseth warned that Iran would violate the ceasefire if it attempted to place?mines along the Strait of Hormuz. Hegseth stated that "The Strait of Hormuz is being traversed in a way that is much more restricted than anyone would have liked to see. It is also more dangerous than what people would want to see. This is because Iran is doing irresponsible actions with small, fast vessels... with weapons attached,"
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Russia promises to assist Cuba in overcoming US 'blackmail' and threats
Russia stated on Friday that it stands in solidarity with Cuba, and will continue to provide humanitarian aid for the island-republic run by communists. It rejected what it called threats and blackmail from Washington. Donald Trump, the U.S. president, has stated that he hopes to "take Cuba", but Washington is also calling on Havana to allow greater political and economic freedoms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "against the background of the malicious and targeted escalation?against Cuba we reaffirm solidarity with the Cuban Government and the Cuban People." "We reject threats and blackmail in foreign policy. This also applies to Washington's aggressive demonstrations against Havana, with a?aim to grossly interfere?in Cuban internal affairs in order?to break Cuban statehood." Cuba has been a close ally to Moscow for many decades. From the Communist Revolution of 1959, which brought Fidel Cuba to power, until the collapse of the Soviet Union in 1991. Russia has more recently supported the island financially and with material goods. "Russia and Cuba share a long-standing relationship. Zakharova stated that "we have always stood by Cuba's side in its fight for independence and in its right to live according to its own rules, follow its own path, and defend its interests." "We will continue to provide humanitarian aid to Cuba during this difficult period of artificially fuelled confrontation." The Russian flagged Anatoly Kolodkin oil tanker delivered 700,000 barrels?Russian Urals crude to Cuba's Matanzas Bay in late March, breaking a U.S. blockade. The Trump administration claimed that it permitted the delivery due to "humanitarian reasons". Reporting by FilippLebedev and Maxim Rodionov; Writing by Anna Peverieri, Guy Faulconbridge and Mark Trevelyan. Editing by Mark Trevelyan.
India's green debt is sold at 'Greenium' for the first time in 3 years
India sold 30-year green bond?at a 6-basis point "greenium" compared to government securities of equivalent maturity,?the highest premium since January 2023 when the country began issuing these notes.
Investors are willing to accept a?greenium if it means they will accept a?lower? yield for bonds that finance environmentally-sustainable projects.
The Reserve Bank of India issued the 30-year green bonds at a coupon of 7.50%, compared to a yield of 7.5628% on the 30-year 2055 bond with a coupon of 7.24%.
With Friday's sale, India has raised $8.24 billion through these papers.
Investors showed a strong interest in green bonds at today's auction. "Infra-classification of this?bond makes a good bet for insurers," Shobit Gupta Chief Investment Officer at Generali Central Life Insurance.
He added that the green bond issue had been subscribed roughly 2.5 times. This resulted in a greenium of approximately 6 basis points compared to a comparable on-the run security.
Traders reported that demand was mainly from a state run insurer and major insurance firms. This is especially true after the government cut the supply of ultra-long bond for the first half year of the fiscal?year.
India reduced its borrowing via 30- to 50-year bond sales to 24,9% from 35.9% in April-September 2025 and 30.9% in October-March. According to the borrowing schedule, it plans to raise 150 billion rupees via a '30-year green bonds sale.
Market participants urge the government to continue issuing this bond in order to increase liquidity and to help preserve the greenium.
The majority of players prefer the ultra-long green bonds, because they might not be able?to have any greenium for five-year or 10-year durations, which are mainly driven by traders," said an official from the Treasury, who requested anonymity, since he was not authorized to speak to journalists.
(source: Reuters)