Europe

Interfax reported that Kazakhstan's Ministry of Justice suspended enforcement proceedings against the North Caspian Operating Company, which operates the Kashagan Oil Field. NCOC is a joint-venture between Shell, TotalEnergies,?ExxonMobil, and China's CNPC. It runs Kazakhstan's 'offshore Kashagan' field. It did not respond immediately to a request for comment. NCOC is embroiled in a long-running?legal dispute with the Kazakh Government, who accuses NCOC of?environmental violation related to sulphur storing, and ordered NCOC pay a large penalty. NCOC and its contractors have rejected the fine, as well as the allegations that led to it. The case is now being heard by international...

The calm on global markets was broken Monday and Tuesday as U.S. stocks returned from Labor Day holidays. A fresh surge in the Japanese yen brought it to its highest levels since February. This move was more of a repositioning before what appears to be a 'near certainty' Bank of Japan rate hike next week. The case for a BOJ interest rate increase was strengthened on Tuesday following an upgrade of Japan's second quarter GDP estimates, and the largest annual rise in real wages since five years. Recently, there have been rumors that the BOJ may consider a rate increase...

The yen surged Tuesday while Asian markets struggled to find direction due to a mix of regional economic data, and new 'Iranian' threats in the Persian Gulf. The Nikkei 225 index fluctuated between gains, losses and a slight gain of 0.2%. Meanwhile, the yen rose as high as 0.6% at 153.51, reaching its highest level since February 18. The KOSPI, MSCI's broadest Asia-Pacific share index outside Japan, was up 1.2%. S&P 500 futures fell 0.1% on Monday after the U.S. holiday. Westpac analysts stated that while U.S. Labor Day was a quieter week in terms of trading volume, the weekend...

The oil prices continued to rise 'on Tuesday, as the risk of a prolonged conflict in the Middle East increased after Iran threatened retaliation against any new U.S. attack on its assets. This increased concerns over supply disruption. Brent crude futures rose 34 cents or 0.35% to $97.34 per barrel at 0000 GMT. U.S. West Texas Intermediate Crude was $92.63 a barrel at 0000 GMT, up $1.15 or 1.26%. Brent crude oil prices rose in the previous session to their highest level since the 24th of July, as traders continued to add a premium to the price of the product...

Wayne Cole gives us a look at what the future holds for European and global markets. The week has started with a mixed bag. While European and Wall Street futures barely moved, Asian shares were led higher by tech. Semiconductor stocks helped the Nikkei rise by 2%, and?South Korea?s Kospi rose around 3% to 6,900. Goldman Sachs has predicted a 75% increase in the Kospi, but this is a call that's been made for years. The fact that the U.S. has a holiday on Monday might make it easier to buy tech shares without fear of Wall Street crashing everything....

China's crude oil imports by sea increased in August compared to July, but were still nearly 40% below levels prior to the Iran conflict. According to Kpler, China's largest oil importer saw seaborne arrivals increase from 6.93 million barrels a day in July to?7.14 million bpd in August. August's imports fell by 4.27 % below the average of 11,41 million bpd during the three months preceding the U.S.-Israeli attack on Iran, which took place on February 28. China is absorbing the majority of the Middle East's lower crude oil volumes, as its exports are falling due to the restricted flow...

OPEC+ said that it would not change its oil production policy for 'October' at a meeting held on Sunday. The group must first agree to new quotas in order to decide the next steps. The Iran War continues to disrupt oil exports via the Strait of Hormuz. This limits OPEC+’s influence on prices and market shares. In August, OPEC+ agreed ?its production boost for September, completing a phased rollback of a 1.65 million-barrel-per-day supply cut first agreed in ?2023. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, despite the production increases agreed, are still far...

During a Sunday meeting, two sources familiar with the discussions said that OPEC+ will not change its 'oil production policy' for October, because the group must first agree on new quotas. The meeting is taking place 'as the Iran War continues to disrupt oil imports through the Strait of Hormuz - limiting OPEC+’s influence on prices and market shares. The group's decisions on supply have had limited influence on the market, unlike in the past. In ?August, OPEC+ agreed its production boost for September, ?completing a phased rollback ?of a 1.65 million-barrel-per-day supply cut first agreed in 2023. The Organization...

Treasury yields and the dollar rose, while stocks fell ?on Friday after stronger-than-expected U.S. job growth data boosted bets on a September interest rate hike by the Federal ?Reserve. The three major U.S. stock indexes all ended the day lower, in a widespread selloff before a 'three-day holiday weekend. Global stock index also declined. The nonfarm payrolls increased by 162,000 positions last month, following a 21,000-job increase that was upwardly revised in July. The economists polled predicted an increase of 56,000. This was after the previously reported decline of 23,000 jobs in July. The unemployment rate remained unchanged. The yield...

The world's shares tipped higher on Friday ahead of U.S. employment data, while the bond market received some much-needed relief after a Federal Reserve official reduced expectations for rate hikes and drove down the dollar. The dollar's decline had run its course, as the normal pre-payrolls patterns?played themselves out. But it left the Japanese yen poised for a weekly increase of nearly 2,5% -- its highest since late July when Japan and the United States?joined forces. The yen has seen its best weekly rise since late July, when Japan and the?U.S. conducted a rare joint effort to stop a downward...

Stella Qiu gives us a look at what the future holds for European and global markets. Christopher Waller, the U.S. Federal Reserve governor, urged overnight markets to "give deflation a shot" while?global bonds yields flew. The markets have now reverted to pricing this month's interest rates decision as a coin flip, deciding whether the Fed will?stay?pat or raises rates for the first three years. You can consider the job done. Then he suggested that the non-farm payrolls for August, which is due in the afternoon, was not the data you were looking for. The August CPI report due next week...

The price of oil rose on Friday, and is on track to be the highest weekly gain since mid July. Rising tensions and renewed U.S. - Iran hostilities have heightened concerns about Middle - East supply risks. Brent 'crude futures increased 15?cents or 0.2% to $95.67 a barge at 0100 GMT. U.S. West Texas Intermediate Crude Futures were up by 26 cents or 0.3% at $91.56. Brent was up 7.1% on a weekly basis and WTI 9.8%, the biggest gains since the week ending July 20. The U.S. attack this week, which killed and wounded dozens of people, including Iranians...

A document seen by revealed that some?key developers of critical minerals projects selected by the EU had called for urgent financing. It said?liquidity restrictions may put others in danger and?limit its ability to reduce its dependency on China. After Beijing placed export controls on critical minerals for energy transition, electronic and defence, the?European?Union selected 47 projects in Europe last March and 13 others outside the bloc by June 2025. In an "Urgent Action Call", 23 of 60 projects stated that "the goal must be to unlock urgently projects, especially those working towards a final investment decision who face acute liquidity...

The dollar was weaker on Monday and the prospects of shortages outside the U.S. boosted the price of copper. The traders said that the U.S. holiday meant volumes would be muted and that they were focusing on copper and zinc. The benchmark copper price on the London Metal Exchange was 0.2% higher, at $14.443 per metric ton. It reached $14,467 earlier in trade, its highest level since January's all-time high of $14,527.50. Since President Donald Trump proposed import tariffs last February, traders and producers have shipped large amounts of copper to the U.S. Comex copper stock levels are at a...

Volkswagen announced on Monday a preliminary agreement that will see one of its German plants switch over to defense production. This is a major step in the automaker’s effort to restructure factories struggling to compete against lower-cost Chinese competitors. The deal could be a blueprint for other Volkswagen plants facing an uncertain future, as Europe's biggest carmaker embarks upon its largest ever restructuring in order to revive margins while combating chronic overcapacity on its stagnant European markets. Volkswagen, under the initial terms of this deal, will sell its Osnabrueck factory to Israel's Aurelius Capital, and Volkswagen's own state of Lower...

Volkswagen shares reached a?11-week peak after the supervisory board of Europe's biggest automaker late Thursday struck?an ambitious turn around agreement that focused on sweeping cuts in jobs and avoided a conflict between major stakeholders. The agreement on the largest restructuring in the group’s 89-year-old history includes another 50,000 job reductions, bringing the agreed total to 100,000. It also leaves the future of four German plants open. Volkswagen is also under pressure, along with most of its European counterparts, from the 'painful tariffs' in the United States and the falling sales in China, a former cash cow, as well as aggressive...

African Rainbow Minerals posted a %19% increase in its annual profit on Friday, as higher platinum group metals prices helped offset lower incomes from its coal and iron ore divisions. The South African mining company's earnings for the year ended 30 June were 3.201 billion rand, compared to 2.695 billion. ARM announced that it would pay a final share dividend of 7 Rand, compared to 6 Rand per share in the previous year. After metal prices increased by more than 50%, the company's PGM operation returned to a?profit. The headline earnings were 1.345 billion Rands, compared with last year's loss...

Udokan Copper, a Russian mining company, announced on Wednesday that it had started production of copper cathode at its plant located in Russia's Far East almost three years after a fire delayed the start. Vladimir Putin, the President of Russia, joined in on the ceremony via video link. Udokan is the largest copper project in Russia. It is currently subject to U.S. sanctions. It started producing copper concentrates in September?2023. The operator planned to open a hydrometallurgical facility in the second quarter of 2024, which would produce 135,000 tons per year of copper in either the form of cathodes using...

A record low smelter treatment term, a year of underperformance by mines and a scramble to get metal at the London Metal Exchange. If you think this is the description of the copper markets, then think again. Zinc is under pressure now, even though copper may face a structural shortage in the future. LME zinc for three months hit a four-year-high of $3,990 per ton on Monday. LME stocks have remained low throughout the year. The registered inventory is 100,525?tons but nearly a third are in the form?cancelled warrants? awaiting physical loading-out. The time-spreads will be emphasized in a similar...

The Serious Fraud Office of Britain has settled with a Kazakh mining company ENRC that accused the agency and law firm Dechert for causing them huge losses during an important criminal investigation. The settlement announced on Wednesday by ENRC and Dechert appears to bring to an end the more than 10 year legal saga that began when the SFO began investigating allegations of bribery committed by ENRC between 2009-2012 to secure mining contracts for the Democratic Republic of Congo, which the company denies. The London High Court previously ruled that the SFO wouldn't have opened an investigation into the alleged...

Four sources said that the top?global aluminum producers offered Japanese buyers a premium of $310-$325 per metric tonne for primary metal shipments in October and December, down by 18%-22% on the current quarter. Japan is the largest importer of light metals, and the premiums it agrees to each quarter for primary metal shipments over the London Metal Exchange cash price are the benchmarks in the region. Japanese buyers had agreed to pay a premium of $395 per ton for the period July-September The increase was between 12% and 13% compared to the previous quarter. A source from a Japanese trading...

BHP's commercial officer Rag Udd will step down by the end of January in order to pursue a career outside the company. This was revealed in a memo sent out on Tuesday. The miner is now left with a difficult role -- negotiating iron-ore deals with China. Some analysts and investors had considered Udd as a candidate for the "top job" at BHP. Brandon Craig, who started in July, was given the position. According to the memo, Udd will have been working at BHP in Singapore for 30 years by the time he leaves. Udd?was responsible for BHP's negotiation with...

Sibanye-Stillwater announced on Tuesday that its Australian copper project has been?approved'. This comes after the company reported a rise in profit for the first half of this year due to higher prices for gold and platinum group (PGM). Johannesburg-based miner, Johannesburg-based miner, said that the Mt Lyell Copper-Gold Project execution will commence in the first six months of 2027 with the first production expected to begin in early 2029. Mt.?Lyell is Sibanye's first experience in copper mining. It is estimated that the annual output of copper will be?26,000 tons by 2032. Sibanye said that the total cost of this project...

Two U.S. officials said on Monday that the U.S. company North American Blue Energy Partners would take over oilfields controlled by several Chinese firms and a Russian firm. They said that the 'takeover' will be part of an oil production agreement President Donald Trump has announced with Venezuela. According to officials, the projects were part of 14 new contracts awarded to U.S.-backed North American Blue Energy Partners. NABEP, owned by U.S. oil magnate Harry Sargeant, is now controlled and managed by Venezuelan Alejandro Betancourt. Last week, Trump said that the U.S. has secured access to 64 billion barrels (or a...