Europe

India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, a stake 18% in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the...

India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, an 18% share in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the...

The Asian stock market jumped Wednesday as Wall Street reached record highs on the back of robust earnings, and a renewed interest in tech. Meanwhile, oil prices and bond yields fell on hopes of progress regarding opening of the Strait of Hormuz. Japan's Nikkei rose 3.5% as more evidence of the huge sums spent on 'AI?capex was revealed, while South Korea maintained its wild swings and rose 4.3%. The broadest MSCI index of Asia-Pacific stocks outside Japan rose by 2.3% while blue chips in China gained 1.5%. The rally in tech came despite AMD's setback. AMD fell 8.8% following hours,...

After steep drops in the two previous trading sessions, oil prices continued to 'decline' on Wednesday as investors waited for signs that efforts to end the?Iran war and restore traffic through the blockaded Strait of Hormuz were making progress. Brent crude futures fell 92 cents or 1.2% to $78.44 per barrel at 0330 GMT. The price has fallen by more than 12% this week. U.S. West Texas Intermediate Futures fell $1.07 or 1.4% to $74.70 per barrel, and are down over 11% for the week. Qatar announced on Tuesday that mediators are making progress to end the conflict, which is...

The Asian stock market soared?on a Wednesday, as Wall Street reached record highs on the back of robust earnings and a renewed interest in tech. Meanwhile, hopes of progress regarding?opening of the Strait of Hormuz drove down oil prices and bonds yields. South Korea's Nikkei added 4.1% to its wild swings. MSCI's broadest Asia-Pacific share index outside Japan rose by 2.4% while Chinese blue chip stocks gained 0.7%. The rally in tech came despite AMD's setback. AMD fell 8.8% following hours, as its earnings exceeded Street expectations but fell short of the sky-high investor expectations. SpaceX, a satellite company and...

Gold prices rose 1% on Tuesday, supported by the decline in oil prices, which tempered inflation fears and lowered U.S. rate hike bets. Markets awaited more clues about the Federal Reserve’s policy direction. Spot gold increased 1% at $4,092.43 an ounce as of 12:50 pm EDT (1650 GMT), and U.S. gold futures rose 1.5% to $4149.50. The oil price fell to its lowest level in three weeks after remarks by officials from?Qatari, the United States and other countries raised hopes of a diplomatic solution to the Iran War that could improve the?oil flow through the Strait of Hormuz. Brent crude...

European stocks rose alongside U.S. Futures on Tuesday. However, a'rebound in the oil price underscored market scepticism about the U.S. - Iran war being resolved quickly by diplomacy. The yen has weakened, but still held onto most of its gains following last week's joint intervention by Washington and Tokyo to support the currency. Majed al Ansari, spokesperson for the Qatar Foreign Ministry, said that diplomatic efforts were being made to end the U.S. - Iran war. However an attack near Strait of Hormuz raised doubts about the conflict's conclusion. Brent futures increased 1.5% to $85.05 per barrel, after falling 7%...

Three sources with knowledge of the discussions said that Damascus had agreed to reduce its imports of Russian crude oil as part of ongoing talks with the United States about lifting the last major designation of sanctions on Syria. This would be a significant shift in the energy policy of 'Syria. It has become heavily dependent on Russian oil, despite its political pivot towards the West. Experts say that it would be a way for the U.S. exert new pressure on Russia’s economic influence in the country. According to a Syrian official with direct knowledge of these conversations, an American...

Asian markets were volatile on Tuesday as investors assessed whether the strong earnings of U.S. corporations would help AI-related stocks to rise in the region. Oil prices also rose after the attacks on shipping along the Strait of Hormuz. MSCI's broadest Asia-Pacific share index outside Japan fell 0.1% as volatile South Korean stocks fluctuated between gains and losses. The last gain was 1.2%. Japan's Nikkei225 slid 0.2% higher, while S&P500 e-minis futures were up 0.3%. Societe Generale's analysts stated in a report that "the AI trade has matured". Investors are increasingly focused on?the sustainability? of margins after 2026, they stated....

Asian markets opened with modest gains as investors followed a rally around the world. Oil prices remained near their lowest levels for weeks, as the U.S. - Iran conflict remained stalemated. MSCI's broadest index of Asia-Pacific stocks outside Japan was up 0.1%. South Korean shares rallied as much as 2.1 percent. Japan's Nikkei fell 0.3% while S&P500 e-minis futures grew 0.1%. The Dow Jones Industrial Average closed at a record high overnight after data showed that U.S. Manufacturing Activity increased to its highest level in over four years in July. Chris Weston is the head of research for Pepperstone Group,...

What is important in the U.S. and international markets today by Mike Dolan Editor-at-Large of Finance and Markets The yen strengthened further on Monday, as the U.S. government and Japanese government confirmed their first joint interventions since 2011 to "prop up" the ailing currency. The timing and the impact of this move will be closely examined. Below, I'll go into more detail about that. Listen to the latest episode of the Morning Bid podcast. We discuss the 'historic' intervention, U.S. earnings growth, and the latest news on Iran. Subscribe to the Morning Bid daily podcast and hear journalists discussing the...

On Monday, oil prices fell and stocks wobbled as hopes for peace in the Middle East increased. Meanwhile, the yen suddenly jumped after the U.S. confirmed a joint intervention by Japan and the U.S. to support the fragile currency. Brent crude futures fell more than 6%, to $82.41, after U.S. president Donald Trump announced that talks with Iran would take place on Monday. He had previously called off an imminent strike on Iran in order to reach a agreement to reopen Strait of Hormuz and resolve the impasse regarding Tehran's nuke capabilities. S&P futures increased by 0.4%, while Nasdaq's futures...

Gary Nagle, the CEO of Glencore, said that the company had?taken an provision relating to Radiant World. However, he added that Glencore's exposure towards the iron ore trading firm was not significant. We have some existing contracts that still need to be completed. Nagle said on a conference call that they are assessing how to deal with them in a legal manner. However, we have stopped doing any new business. Bloomberg reported that last week, fellow trading houses Vitol and Cargill had stopped doing business Radiant World because they were concerned about the validity of invoices sent to their banks....

Rio Tinto's executive stated on Wednesday that the supply pressure resulting from the depletion?of?iron ore mining operations built earlier in this century, such as those found in Australia, will?underpin iron ore prices and the market over the next decade. Rio expects that it will invest over $13 billion in new mines, plants and equipment in the Pilbara Region from 2025-2027. It estimates that 800 million tons of additional production is needed globally within the next decade. Just 300 millions tonnes have been committed. Matthew Holcz said at a luncheon event held by the Melbourne Mining Club that "it feels like...

Voestalpine, an Austrian steelmaker, reported on Wednesday that its core earnings for the first quarter were 'above expectations.' This was boosted by strong aerospace demand and resilient steel margins. The company reported quarterly earnings of EUR495 millions ($571million), up from EUR361 millions a year earlier and slightly higher than the EUR491 milliards expected by LSEG's polled analysts. It said that the earnings included a one-off positive effect of approximately EUR100 million relating to the sale of its subsidiary Boehler Profil, and reorganisations measures in the High Performance Metals Division. Steel division of the company increased quarterly EBITDA to?14.3%, up from...

Gold rose for a third session in a row on Wednesday. This was helped by the softer dollar and lower crude oil prices. Investors were waiting for U.S. employment data to get a sense of interest rate outlook. By 0455 GMT spot gold had risen 1.4% to $4,133.83 an ounce, which was a new two-week high. U.S. Gold Futures rose 1%, to $4191.90. Holders of other currencies will find greenback-priced gold more appealing. Oil continued to decline after two days of steep drops. Lower oil prices can reduce inflation fears that are often the cause of expectations for higher interest...

Rio Tinto's executive said on Wednesday that the supply pressure from depleting iron ore mining operations?built in the early part of this century, like those in Australia, will drive iron ore prices and the market over the next decade. Rio expects that it will invest over $13 billion in new mines, plants and equipment in the Pilbara Region between 2025 and 2027. It is estimated that 800 million tonnes of additional production must be added worldwide within the next decade just to maintain supply. Only 300 millions tonnes have been committed. Matthew Holcz said at a luncheon event held by...

Gold rose for a third consecutive session on Wednesday. This was helped by a softer dollar and lower crude oil prices. Investors were waiting for U.S. job data to get clues about the interest rate outlook. As of 0253 GMT, spot gold rose 1.3% to $4,127.04 an ounce. U.S. Gold Futures increased 0.8% to $4184.40. Holders of currencies other than the U.S. Dollar will find greenback-priced precious metals more appealing. After two steep drops, oil prices have stabilized. Lower oil prices can ease inflation fears that often fuel expectations of higher interest rate. Qatar claimed that mediators are making progress...

Lockheed Martin is in discussions to purchase two vital minerals from U.S. mining companies, according to two sources who are familiar with the talks. This comes as President Donald Trump "pressures" defense contractors to reduce their reliance on China. Sources said that the world's largest defense contractor, Lockheed Martin, is in talks with NioCorp Developments to supply scandium and?Teck Resources for germanium. Both minerals are used by military equipment, from aircraft components to sensors for infrared, according to these sources. The deals are a major step forward in the U.S. effort to build up domestic mineral supply chains. However, there...

The price of gold climbed a little on Tuesday, as investors weighed the mixed signals from potential 'U.S.Iran' talks and awaited this week's U.S. Labor Market Reports for clues about Federal Reserve interest rate trajectory. Spot gold increased 0.2% at $4,059.81 an ounce as of 0257 GMT. Investors are awaiting reports on the U.S. labor market. These include job opening data in the afternoon, the ADP Employment Report on Wednesday, and the nonfarm payrolls numbers on Friday. "Gold is in a consolidation phase." Ajay Kedia of Mumbai-based Kedia Commodities said that if we see a weakening in the U.S. Dollar,...

Gold prices fell on Monday, as concerns about inflation and the war in the Middle East remained. The markets will also be watching the U.S. Federal Reserve policy direction this week. Spot gold dropped 0.3% per ounce to $4,030.34 by 2:00 pm EDT (1800 GMT), and U.S. gold futures for delivery in August settled at $4,090.50, a 0.4% decline. Gold has been in a trading band for over a month, roughly between $4,000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in July when fresh data are expected to...

Gold prices fell a little on Monday, as concerns about inflation and the war in the Middle East remained. The markets are also watching the latest job reports to determine the Federal Reserve's next policy move. Spot gold dropped by 0.1% at $4,037.01 an ounce as of 12:37 pm EDT (1637 GMT) while U.S. gold futures for delivery in August fell by 0.3% to $4,000.05. "Gold is stuck in a range of trading for over a month, roughly between $4000 and $4200. The fact that the market may be anticipating a rise in inflation is a positive factor, particularly in...

Gold prices fell on Monday as concerns about inflation and the conflict in the Middle East remained. The markets will also be watching the U.S. Federal Reserve policy direction this week, which is based on a number of employment reports. Spot gold dropped by 0.3% per ounce to $4,029.84 at 10:12 am EDT (1412 GMT) while U.S. gold futures for delivery in August fell 0.5%?to $4.029.00. Gold has been stuck between a range of $4000-$4200 for over a month. Marex analyst Edward Meir stated that the market may be anticipating a rise in inflation in July, when new data is...

Thyssenkrupp said on Monday that it expects the planned'spinoff' of its tk -accelis division, which deals with materials trading, to take effect at the end October. This was according to comments for a upcoming shareholder meeting posted on the company website. Thyssenkrupp said it will register?the spinoff? in the relevant commercial registries by the end of August. Thyssenkrupp, aiming to become a holding firm, announced plans in June to spin off its division, which accounts for almost a third of group sales. At an extraordinary meeting, shareholders will vote on whether or not to spin-off 49% of division. In an...