Europe

Whitehaven Coal, a miner in Australia, reported a larger-than-expected 29% drop in its annual profit, due to lower coal prices. This sent the company's shares down more than 4%, even though it announced a share-buyback program. The average achieved coal prices fell by 6%, to A$202 a metric ton in the year ending June 30. This is due to a combination of cyclical weakness as well as the stronger Australian dollar. The underlying net profit after taxes was?A$227 ($160.69) million, lower than A$319 (or A$247.56 million) a year ago and Visible Alpha's estimate. Revenue dropped 7% to A$5.4 Billion. The...

Russian President Vladimir Putin held talks in Moscow on ?Tuesday with Myanmar's junta chief-turned-president, Min Aung Hlaing, ?discussing a wide range of issues including prospective energy deals. Min Aung Hlaing's first visit to a non-neighboring country since becoming Myanmar president in April is Russia. This shows the deepening of ties between the two countries in response to the pressures from the West. After the meeting, Putin called Min Aung Hlaing a friend of Russia, and said that the two countries are cooperating in a variety of sectors including energy, defence, and even space exploration. Putin said that Russia and Myanmar...

Ukraine announced on Saturday that its long-range attacks had 'hit a Russian airfield and a rocket centre, which Kyiv claims supports a nascent Starlink satellite internet network in Russia. Volodymyr Zelenskiy, the president of Ukraine, said that Flamingo missiles had struck the rocket center, located about 900 kilometers (560 miles), from Ukraine's borders, as part Kyiv’s campaign to pressurize Moscow to end its four-year long war by targeting deep within Russia. "It's important to reduce Russia's military potential." In a blog post, he stated that peace is needed in Russia and it must be visible through damage to'specific facilities. He...

Reliance Industries announced a partnership with Britain's Rolls-Royce on Friday to develop and produce an engine for India’s fighter jet programme. The?country is aiming to build its most advanced stealth combat aircraft. The Advanced Medium Combat Aircraft prototype is expected to be ready in 2028. It will play an important role in India's air combat strategy. India approved last year a framework to build its most advanced stealth jet fighter and invited interest by defence firms weeks after a conflict with Pakistan, a nuclear-armed neighbor. The country has also approved the model of the Advanced Medium Combat Aircraft (AMCA), a...

Germany has delayed its interim report on the impact of the 'lignite-out' in its largest state. This is fueling market expectations that the government may decide to run some plants a little longer than originally planned. Here is a brief summary?of the issue: What has happened? Germany and its largest power producer RWE agreed in 2022 to phase out lignite-fired electricity production in North Rhine-Westphalia by March 2030, eight years earlier than the national coal phase-out goal. By 2026, it can determine if the plan is working or if the security of supply of RWE's coal plants is in danger....

On Friday morning, fighter jets participating in a NATO air defense mission reportedly'shot down' a drone which had entered the airspace of Latvia - a member state of NATO and European Union. A threat to airspace in the vicinity of Russia was also raised by the armed forces. Finland, a member of the EU and NATO that shares a border in part with Russia, has temporarily restricted aviation and maritime traffic to certain areas within the eastern Gulf. This is a precautionary move against drones. The armed forces of Latvia did not immediately disclose any details about the drone's origin...

The hacking group?Cl0p said on its website that it had recently targeted Philips and Shell. Philips claimed it had been 'targeted' by Cl0p, while Shell confirmed that it was aware of an "incident" which occurred recently. This confirms a report from Dutch media outlet BNR. Shell's spokesperson stated that "we are working closely with our security team and experts in the field to investigate this situation." Philips has identified and contained an attempted cybersecurity compromise on a specific enterprise data server, Philips stated in a press release. The incident did not affect 'customer environments. Cl0p is a ransomware known for...

Two people familiar with the matter said that Braskem is in advanced discussions for a possible 'out-of court restructuring. This could be filed this month. The company has over $10 billion of debt in Brazil, Europe and America. Sources said that the restructuring proposal may come before the August 24 deadline, when Braskem’s 60-day protection ends. Sources said that Braskem (which private equity firm, IG4 Capital, recently purchased from engineering group Novonor) has been experiencing a prolonged down cycle in the petrochemical industry. It is estimated to take three to five year to resolve Braskem's issues. Braskem has been weakened...

The oil prices remained steady?on Tuesday? at a level higher than a week ago?despite fading hopes of an agreement between the U.S.A. and Iran that would end their war and open the Strait of Hormuz after President Donald Trump demanded damages for the U.S. Brent crude futures remained flat at $87.81 per barrel at 0013 GMT. U.S. West Texas intermediate crude?futures stayed at $82.20 per barrel. Both benchmarks rose by more than 5% Monday, reaching their highest level since July 31. Trump's response to Iran’s conditions for a deal was to demand that Iran pay compensation for those killed in...

Authorities said that at least 13 people, including a child, were killed and 39 others injured by a Ukrainian drone strike on industrial and civil targets in Nizhnekamsk. This is the highest civilian death toll in Russia for months. According to Russian media, the attack also targeted a major oil refinery in the Tatarstan Region, located about 800 km (497 mi) east of Moscow. In a press release, Russian investigators announced that they had opened a criminal investigation into the attack they deemed a terrorist act. They said that Ukraine struck residential areas in which a child was killed. Radmir...

Oil prices rose Monday?on the uncertainty of a reopening the Strait?of Hormuz any time soon. Iran said a?deal with Oman?defining?new shipping?lanes? was in its final phases?but?insisted that the U.S. still must meet other conditions. Brent crude futures increased 91 cents (1.09%) to $84.46 a bar by 0056 GMT. U.S. West Texas Intermediate Crude futures also rose 61 cents (0.78%) to $78.79 a bar. Both benchmarks fell more than 7% in the last week, on the hope that Iran and Oman would soon reach a deal that would lead to the reopening of Strait of Hormuz. The Strait of Hormuz carried...

The U.S. Senate passed sweeping Russia sanctions legislation by a large majority on Friday. This long-delayed bill was backed by Senator Lindsey Graham, who died in 2013. It now sets the stage for the House of Representatives to consider the measure as early as next month. Graham, a 'South Carolina Republican', was one of Kyiv’s most vocal allies in Congress during its four-year war against Russia. The bill is intended to increase economic pressure upon Moscow for its invasion of Ukraine. The measure also includes the expanded sanctions against Iran that President Donald Trump sought as legislators moved to pass...

Executives and analysts say that Indian steel mills face increasing pressure on their margins due to higher "coking coal" prices as a result of the Iran War and supply disruptions in Australia and China. India, after China the largest crude steel producer in the world, imports 95% of its coal, at least half from Australia. Nearly 40% of the cost of steel production is accounted for by coking coal. Indian steelmakers are increasing their spending in order to meet the strong domestic demand, driven by infrastructure development and economic growth. This could lead to squeezed margins and a delay in...

Investors are awaiting the minutes of the U.S. The Federal Reserve's meeting in July will provide new clues about its outlook for monetary policy. Spot gold remained unchanged at $4,337.59 an ounce as of 0558 GMT, after dropping nearly 2% Tuesday due to higher Treasury rates, while U.S. Gold Futures fell 0.7% to $4391.20. U.S. yields have backed off their earlier highs after a global bond sale saw long-term borrowing rates in major economies reach the highest levels in decades. Kelvin Wong is a senior analyst at OANDA. He said that the reduced expectations of Federal Reserve interest rates increases...

Rusal, the Russian aluminium giant, reported a?first-half adjusted net loss?on a Wednesday. This was due to a?rise in?aluminium?prices?linked to increased global volatility. The largest aluminum producer in the world outside of China posted a net profit of adjusted $196 million during the six months ended June 30. This is a dramatic turnaround from a $194 million loss a year earlier. Revenue increased by 10.9%, to $8.34 Billion. "Aluminium Prices?surged up to four-years highs in just a few months and then 'rapidly returned to their initial point," said Chairman Bernard Zonneveld. In many markets, where Rusal was a reliable and responsible...

China is now a major swing?supplier for aluminium in a Western market reeling from the loss production in the Gulf due to the Iran War. The top aluminium producer in the world has increased exports of metals, alloys and semi-manufactured goods (semis) to help cushion the impact on the global supply chains. China views the timing as fortunate. The national production has reached record levels, despite a slowdown in domestic demand. While China's exports may have temporarily relieved the market, a long-term problem could be lurking. Mind the Tax Gap Tax code is the primary factor that determines the composition...

Gold prices fell on Tuesday due to?higher Treasury rates and oil prices?. Traders were also waiting for the minutes of the U.S. Federal Reserve policy meeting in July for clues about the future interest rate outlook. As of 0624 GMT spot gold fell 0.4%, to $4397.42 an ounce. U.S. futures for delivery in December dropped 0.5%, to $4452.90. The yields on the benchmark 10-year U.S. Treasury notes extended gains and raised the opportunity costs of holding non-yielding gold. Prices of oil?increased after Iran announced it would adopt a 'fully offensive' military posture following a breakdown in negotiations to end the...

Gold prices rose on Monday due to a weaker US dollar and the fading expectation of an increase in U.S. Federal Reserve rates. Investors also continued to monitor the geopolitical tensions within Middle East. By 11:56 am EDT (1555 GMT), spot gold had risen 1.2% to $4,426.52 an ounce. U.S. gold futures for delivery in December edged up 1.1% to $4,484.10. Bart Melek is the global head of commodity strategies at TD Securities. He said that gold prices appear to be pricing in a stagflationary climate, with softer unemployment and expectations that Fed will tolerate 'current inflation levels. The US...

Gold prices rose on Monday due to a weaker US dollar and the fading expectation of an increase in U.S. Federal Reserve rates. Investors also continued to watch geopolitical tensions across the Middle East. By 09:25 am EDT (1325 GMT), spot gold had risen 0.28%, to $4387.95 an ounce. ?U.S. Gold futures for delivery in December edged up 0.2% to $4,444.40. Bart Melek is global head of commodity strategies at TD Securities. He said that the gold market seems to be pricing in a stagflationary climate, with softer unemployment and expectations that Fed will 'tolerate current levels of inflation. The...

Gold prices rose on Monday, as a weaker dollar and diminishing expectations of an increase in U.S. Federal Reserve rates next month boosted bullion. Gold spot rose 0.5%, to $4.398.58 an ounce at 1032 GMT. Prices reached a two-month high in the last week. U.S. Gold Futures for December Delivery edged up 0.4% to $4,455.50. Gold is now cheaper for those who hold other currencies than the U.S. dollar index. "Softer 'inflation', employment and consumer data reduce the risk of another hike. This strengthens the case that the Fed may end up cutting rates," said Ole Hansen. He is the...

The law firm Slater and Gordon announced on Monday that it filed a class action against James Hardie Industries in an Australian court to seek compensation for losses suffered by investors due to the company’s earnings forecasts and market disclosures for fiscal 2026. The suit also claims that the conduct of the fiber cement maker artificially inflates its share price. It follows another action that was filed a few months ago, alleging that the company failed not to disclose adverse circumstances in its "North America" business. Slater and Gordon announced that it had begun court proceedings against investors who purchased...

Gold prices rose on Monday due to a weaker dollar and recent economic data which reduced expectations of a U.S. rate hike in the next month. Gold spot rose 0.4%, to $4.391.07 an ounce at 0248 GMT. Prices reached a two-month high in the last week. U.S. Gold Futures for December Delivery?edged up 0.3% to $4,448.10. The U.S. Dollar index fell by 0.1% making metals priced in greenbacks more affordable for other currency holders. Tim Waterer is the chief market analyst for?KCM Trade. He said that gold has taken off and run to start the week. Soft inflation numbers are...

Overnight, Russia launched a series of airstrikes in?Ukraine?, killing two at a steel mill. Kyiv, meanwhile, launched a drone attack against the Moscow region, which killed one person, and destroyed a warehouse that was used by Russia's largest e-commerce retailer. Romania, which borders Ukraine said that an F-18 fighter participating in a NATO air patrol mission shot down a drone during the recent attacks. The NATO spokesperson did not give any details about the origin of this drone that entered the country from Moldova. Russia attacked Ukraine's biggest grain export port near the Romanian frontier on the River Danube last...

Investors were awaiting key U.S. data on inflation that could change policy expectations. This led to a rise in gold prices?on Wednesday. By 0713 GMT, spot gold had gained 0.9%. U.S. Gold Futures for December Delivery rose by 0.5% to $4464.80. Bullion reached a 10-week-high on Tuesday, before hitting technical resistance around the 100-day moving?average of $4,387. It then closed lower for the second time this month. The primary driver of gold prices is the Fed's reduction in rate hikes, according to Kelvin Wong. He is a senior analyst at OANDA. "In terms of the technical position, we began to?see...