Europe

On Wednesday, European wholesale electricity prices were mixed. France's position gained on warmer weather forecasts while Germany's dropped under pressure from increased renewable energy production. Riccardo Paraviero, LSEG analyst, stated that France would not only see a rise in demand due to another hot spell, but also a slight reduction of its nuclear capacity. He added that the German market would benefit from stable consumption and an increase in wind and solar energy supplies. By 8am GMT, the price of French baseload electricity for Thursday had risen by 49.2% to 91.0 euros (105.71 dollars) per megawatt-hour (MWh). The German contract,...

In a trading update published on Wednesday, TotalEnergies said that lower prices for oil, liquefied gas, and hydrocarbons will affect its second-quarter earnings. However, the company's production of hydrocarbons has increased slightly. Total said that the hydrocarbon production will increase by around 2.5% per year in the second quarter 2025. A 20% decline in Brent crude prices -- from $85 a barrel last year to $67.9 a barrel in the second half of 2025 -- will mean lower earnings for the upstream sector. Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum...

The U.S. Court of Appeals on Tuesday temporarily suspended an order by a judge that Argentina hand over its 51% share in the oil and gas company YPF as partial satisfaction for a $16.1-billion judgment. The 2nd U.S. The 2nd U.S. The appeals court stated that Argentina had until July 22nd to respond. The dispute arose from Argentina's 2012 acquisition of the YPF stake by Repsol, a Spanish company, without making a bid to Petersen or Eton Park. Both were minority shareholders. Burford Capital is representing these shareholders. Burford Capital has stated that it expects to receive between 35% and...

The shares of Grupa Azoty, a Polish chemicals company, fell by the most ever in a single day on Tuesday following the announcement that Orlen, the top oil refiner in Poland would not be buying more shares in the polymer production project. Orlen and Azoty have been discussing since 2024 options for GA Polyolefins (the chemical manufacturer's polymers division), in which Orlen already has a 17.3% stake. In a late-Monday statement, Andrzej Skolmowski, the chief executive of Grupa Azoty said that during negotiations Orlen had informed them that they were not interested in purchasing all or part shares in GA...

The major Gulf stock markets rose early on Tuesday, ahead of U.S. data on inflation due later that day. This indicates investors' positive outlook for talks between Washington and major trading partner countries. After threatening to impose 30% tariffs on imports from Mexico and the European Union from August 1, U.S. president Donald Trump indicated he would be open to discussion on tariffs. The Yomiuri reported that the Japanese Prime Minister Shigeru Shiba is planning to meet with U.S. Treasury Sec. Scott Bessent this Friday. Investors will also be watching for U.S. consumer prices for June due Tuesday. They are...

On Monday, Ukrainian President Volodymyr Zelenskiy asked Yulia Shvyrydenko to head a new cabinet. This set the stage for an upcoming political reshuffle in Ukraine's ongoing war with Russia. Zelenskiy suggested that Ukraine's Prime Minister, Denys Schmyhal, be appointed as Defence Minister, as he described him as having the qualifications to do such a job. The nominations require parliamentary approval. They came at a time when diplomatic efforts to end the four-year war have stagnated and Ukraine is trying to revitalize its cash-strapped economic system and build up an indigenous arms industry. Zelenskiy, writing on X, said: "We... discussed tangible...

A U.S. Judge on Monday temporarily halted the enforcement of her order requiring Argentina's 51% stake in the oil and gas company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District judge Loretta Preska, while criticizing Argentina's actions and extending the deadline for the completion of the turn-over by three days until July 17, has pushed back Monday's deadline. She stated that the delay was only to allow Argentina to file a complaint with the 2nd U.S. Circuit Court of Appeals of Manhattan. Argentina filed an Emergency appeal On July 10, the court heard a case....

A U.S. Judge on Monday temporarily halted the enforcement of an order requiring Argentina's 51% stake in oil company YPF as partial satisfaction of a $16.1 Billion court judgment. The U.S. District Court Judge Loretta Preska's decision in Manhattan provides temporary relief for the cash-strapped South American nation, which warned that its economy would be unstable if it was forced to give up YPF's stake. Preska had originally scheduled a turnover for Monday but extended the deadline until July 17 in order to give time to appeal. Argentine president Javier Milei is trying to boost foreign currency reserves, rein in...

Four EU sources told reporters that after a meeting on Sunday, EU envoys were on the verge to agree on an 18th package against Russia in response to its full-scale invasion into Ukraine. The sanctions would include a lower cap on Russian crude oil prices. Sources said that all elements of the package have been agreed upon, but one member state has still a technical reservation about the new cap. Sources - who spoke on condition of anonymity in order to discuss confidential discussions - stated that they expected to reach a complete agreement on Monday ahead of the foreign...

Saudi Arabia's Energy Ministry said Friday that the Kingdom had fully complied with its voluntary OPEC+ production target. It added that Saudi marketed crude supplies in June were 9.352 millions barrels per daily, in accordance with the agreed quota. This statement comes after a report by the International Energy Agency this month, which stated that Saudi Arabia had exceeded its oil production target for June by 4,300.000 barrels and reached 9,8 million barrels compared to the implied OPEC+ goal of 9.37 millions bpd. Saudi Arabia, the driving force behind this decision, decided that OPEC+ would stop using IEA statistics in...

The International Energy Agency reported on Friday that the revenue of Russia from crude oil and petroleum products sales in June fell by nearly 14% compared to a year ago, reaching $13.57 billion. The global oil price has fallen in this year due to the economic uncertainty, and the increased production of OPEC+ (the Organization of Petroleum Exporting Countries) and its allies, including Russia. The IEA reported that Russia's crude production remained stable last month at 9.2 millions barrels per daily and that crude loadings remained at 4.68million bpd. The IEA reported that its exports of oil and petroleum products...

Brazil's stock exchange fell on Thursday. However, the real recovered the next day, after U.S. president Donald Trump shocked the world by imposing 50% tariffs instead of the 10% originally indicated. Trump cited political disagreements as the reason for his shock decision. The currency volatility gauges reached their highest level since April's tariff announcements. After the real fell as much as 2,8% on Wednesday, in response to what Deutsche Bank called an escalation in tensions. The currency fell 2.3% on Wednesday, but rebounded on Thursday to be up 0.5% against the dollar. U.S. listed shares of Brazilian companies dropped, with...

Trevor Barnard, the CEO of Zimbabwe's Kuvimba Mining House, said that the company will move forward with its Darwendale Platinum Project as an open pit instead of the previously planned underground mine. This project is being accelerated as platinum prices are rising. The project, which was launched by the former president Robert Mugabe in September 2014 and Russia's Minister of Foreign Affairs Sergey Lavrov, initially consisted of an underground mine. It would have cost $450 million for the first phase. In 2022, the project was put in jeopardy when Kuvimba’s Russian joint-venture partner resigned and prices for platinum group metals,...

Donald Trump announced on Tuesday that he will meet with British Premier Keir starmer in Aberdeen, Scotland later this month, to finalize a U.S. - British trade agreement. An official at the White House said that Trump will visit his golf properties on Scotland's west coast in late August, recreating his 2016 trip to Scotland during his first presidential run. The official, who spoke on condition of anonymity, said that Trump planned to visit his Turnberry and Aberdeen properties during a trip scheduled to last between July 25-29. When asked by reporters about his trip, Trump replied that he was...

If trade talks with Washington do not succeed, the European Commission may impose tariffs on 72 billion euros worth of U.S. products - including Boeing aircraft, bourbon whisky and cars. The U.S. president Donald Trump has threatened to impose a tariff of 30% on imports coming from the EU as early as August 1. European officials have said that this level is inacceptable and would stop normal trade between the two largest markets. The list sent to EU members states, and seen by on February 2, predates Trump's weekend move to increase pressure on the 27 nation bloc, and instead...

The copper price was little changed Tuesday, as the mixed data from China's top metals consumer balanced out the pressure of rising inventories in warehouses that are approved by London Metal Exchange. On the LME, the price of copper benchmark fell by 0.1% at 0945 GMT to $9.613 per metric ton. Technically, the contract is sandwiched in between its 50-day average and its 100-day average at $9,659 a metric ton and $9,567 a metric ton, respectively. Copper used in construction and power is down by 2.6% in July. Exports to the United States have become less attractive after Washington announced...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) saw only small fluctuations in copper prices on Tuesday as China's economic growth exceeded forecasts. Meanwhile, traders were awaiting U.S. inflation figures and possible monetary policy changes. As of 0700 GMT the LME's three-month copper contract was up by 0.31% to $9,648.5 per ton. The most traded copper contract on SHFE, however, fell 0.26% to $78,090 ($10,884.84). China's GDP increased by 5.2% in April-June. This is slightly less than the 5.4% growth rate of the first quarter. The first-half GDP growth for 2025 will be 5.3%. According to China's National...

Alcoa Corp announced on Monday that it anticipates a loss of up to $110,000,000 due to the delay in the restarting of its San Ciprian Aluminium Smelter in Spain. The plant's production was halted in 2021 because of high electricity prices. The plant was in the process to be restarted, but this was delayed because Spain was hit with a nationwide blackout on the 28th of April. This disrupted the smelter as well as an adjacent refinery. The smelter is operated by Alcoa in a joint venture with Ignis Equity Holdings since March. Alcoa now expects a net loss between...

Boris Pistorius, German Defence Minister, will discuss with Pete Hegseth, U.S. Secretary for Defence of Defence in Washington the possibility that Germany could pay for American Patriot air defense systems for Ukraine. Donald Trump, the U.S. president, said on Sunday that the U.S. will send an unspecified number of Patriots into Ukraine and the European Union will pay for them. The Ukrainian president Volodymyr Zelenskiy asked for additional defensive capabilities including Patriot missiles and systems to counter daily Russian missile and drone attacks. Here are some important facts about the Patriot What is the Patriot System? The Patriot is a...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) were range bound on Monday, as investors assessed trade talks between the U.S. with its major trading partners and a tariff of 50% on copper imports. The LME's three-month copper price rose 0.14% by 0702 GMT to $9,674 a metric ton, while the SHFE's most traded copper contract fell 0.17%, to 78400 yuan (10,935.67). Donald Trump, the U.S. president, announced on Saturday that he will impose a tariff of 30% on imports from Mexico and the EU from August 1. He also issued similar warnings to other countries. They have...

The London Metal Exchange (LME) and Shanghai Futures Exchange (SFE) were volatile on Monday, as investors assessed trade talks between the U.S. with its major trading partners and a tariff of 50% on copper imports. The LME's three-month copper rose 0.07%, to $9,667.5 a metric ton, by 0104 GMT. Meanwhile, the SHFE's most traded copper contract fell 0.37%, to 78240 yuan (10,915.03). Donald Trump, the U.S. president, announced on Saturday that he will impose a tariff of 30% on imports from Mexico and the EU from August 1. He also issued similar warnings to other countries. They have less than...

Documents from the company showed that Berlin had reached a preliminary deal with Thyssenkrupp in order to gain influence over its defence division TKMS. This is ahead of a planned spinoff and separate listing for later this year. Amid a robust defence technology market, the German industrial group is planning to sell 49% of TKMS in the fall, pending approval by an extraordinary general assembly on August 8. Documents show that the German government was aiming to reach a security agreement with TKMS. TKMS manufactures frigates, subs, and underwater mine-sweeping technologies. A first term sheet in this regard was signed...

Gold prices rose 1% on Friday to a new one-week-high as investors sought safe-haven assets following the announcement by U.S. president Donald Trump of new tariffs. By 9:38 am EDT (1338 GMT), spot gold had risen 1% to $3355.89 an ounce, its highest price in over a week. U.S. Gold Futures rose 1.3% to $3369.00. Global stocks dropped after Trump intensified his tariff attack on Canada. He said the U.S. planned to impose tariffs of up to 35% on imports in January and that he would also impose tariffs blankets of 15% or 20 % on many other trading partners....

BMW's CEO stated on Friday that he is optimistic about the European Union and United States reaching a "manageable agreement" on auto import tariffs. This could include a mechanism for offsetting imports with exports. Oliver Zipse made his comments as Europe awaited a letter by the U.S. Administration under Donald Trump. The letter could outline the framework for a trade agreement and clarify the tariff levels on European automobile exports. Trump said that the EU may receive a tariff letter by Friday. Zipse, speaking to journalists on Friday at an event for his company in Munich, said: "I am optimistic...