Europe

The company reported on Wednesday a higher-than-expected increase in profits for the first quarter, boosted by a record production and the fact that oil and gas prices rose in March because of the Middle East war. Equinor's poll of 23 analysts predicted $9.0 billion for the Norwegian energy group. This quarter, we?deliver exceptional performance in the field and record-high output... "We present strong financial results, combined with higher prices," said?CEO Anders Opedal in a press release. Equinor has maintained its decision to reduce share buybacks this year by 70%, despite the possibility of windfall profits resulting from Middle East supply...

Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in...

The Chambers of Commerce said that German exports will stagnate in this year. They lowered their previous forecasts for a slight increase as the companies in Europe's biggest economy are facing?supply-chain snarls, and uncertainty due to the Iran War. The German Chambers of Industry and Commerce had previously predicted a 1.0% rise in exports of both goods and services. Volker Treier is the head of DIHK's foreign trade. In a survey conducted by DIHK, 4500 German companies that operate abroad reported that high energy prices are a major business risk. This is more than twice the number of respondents in...

James Buchan has swallowed up his animosity towards Nigel Farage, a former Peterhead fisherman. The 38-year old's distrust for populist Reform UK leader, a Brexit campaigner, has been overshadowed by his concerns about the local economy. He said that the British government had destroyed the local economy through decades of disastrous policy. He plans to vote Reform this week for the first-time, believing that the party's promises to maximize oil and gas production in North Sea, as well as to restrict access to European fishing boats, are the best way to revive the fortunes of the town. Buchan said, "Some...

A survey on Tuesday showed that German companies operating abroad are more 'pessimistic' about their prospects. Nearly one-third of respondents expect economic conditions to worsen as the Iran War exposes vulnerabilities in global supply chains. In a survey conducted by the German Chambers of Industry and Commerce (DIHK) of 4,500 companies, 32% of respondents expected that the situation in their foreign locations would worsen?in 12 months. This is an 8-point increase from the last AHK World Business Outlook Survey conducted before U.S. and Israeli?airstrikes against Iran at the end February sparked a Middle Eastern war. According to the survey, the?disruption'...

Eni said on Monday that it would resume lifting Venezuelan crude in April as payment-in kind for gas produced?in Venezuela. The Italian energy group added?that?the move?would?allow?it to?recover?old receivables?from Caracas. Payments stem from an agreement between Venezuelan oil firm PDVSA, and Cardon IV - a joint venture owned equally by?Eni and Spain’s Repsol - that produces gas in the Perla field. The deal was signed in March. Eni stated that payments for gas are made in kind, and the first shipment from Venezuelan crude oil was lifted in April. Eni announced that the lifting of oil cargoes has resumed as U.S....

On 'Monday, the United Arab Emirates announced that it is in talks with the United States about a currency exchange line. "We are having this discussion and conversation with many.?It's a part of an elite group with whom the U.S. has this swap policy. "They only have it with five countries," Thani al Zeyoudi told a conference in Abu Dhabi. "To be part of this group means that the transactions...?trade, investment between both nations reach an level where that exchange is highly necessary...?so (it) is an elite issue, it's not about bailing-out," he said at the "Make It In The...

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

?Oil Prices eased on 'Monday, after U.S. president Donald Trump'said he would start an effort to release ships stranded at the Strait of Hormuz. However, the absence of a U.S. Iran peace deal kept the prices above $100. Brent crude futures dropped 64 cents or 0.59% to $107.53 per barrel at 2308 GMT, after falling $2.23 on Friday. U.S. West Texas Intermediate is now at $101,10 per barrel, down by 84 cents or 0.82% after a loss of $3.13 on Friday. Trump said in a Sunday post on the Truth Social website that "for the good of Iran and the...

Residents of the Russian city of Tuapse were ordered to not drink the tap water on Thursday as the authorities dealt with the aftermath following the third Ukrainian drone strike on the oil refinery in the port. Since Tuesday, the area has been under a state-of-emergency after the attack caused a massive fire to break out at the oil refinery, which cut off production and released slicks into the Black Sea. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show how the escalating Ukrainian attacks on Russian energy installations can have a...

Residents of Tuapse, a Russian port city, were told not to drink the tap water on Thursday. Schools remained closed as officials dealt with the aftermath following the third Ukrainian drone strike against its oil refinery in the last month. Since Tuesday, the area has been under a state of?emergency? after an attack caused a massive fire to break out at the facility. This cut off production, and released slicks o oil into the water off the Black Sea Coast. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show just how painful...

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

The gold price rose by 2% Wednesday due to a weaker dollar. Meanwhile, lower oil prices eased concerns about inflation and interest rates that would be higher for longer, in anticipation of an agreement between the U.S. and Iran. As of 0415 GMT, spot gold was up by 2% to $4,647.09 an ounce. U.S. Gold Futures for June Delivery rose 2% to $4 658. U.S. president Donald Trump said Tuesday that he will temporarily halt an operation to help escort vessels through the Strait of Hormuz. He cited progress towards a comprehensive deal with Iran. The gold price rose as...

Prices of copper rebounded on Wednesday after they hit a?three-week low, as investors benefited from lower prices. Meanwhile, U.S. prices rose on speculations about possible tariffs on the metal. Benchmark 'three-month copper at the London Metal Exchange increased 0.4% to $13,053 a metric ton, in open-outcry official trading after reaching its lowest level since March 13 at $12 780. Shanghai Futures Exchange was closed on Labour Day, which has a pronounced impact on trading. Since the Iran War, copper prices have been on the decline. The slowing of economic growth may affect demand for metals used in construction and electric...

Gold prices rose on Tuesday, but gains were modest as crude oil prices remained high and inflation fears remained alive. After a drop of more than 2% on Monday, spot gold increased 0.3% by 0417 GMT to $4,533.40 an ounce. U.S. gold futures for delivery in June rose 0.2% to $4,542.50. Ilya Spirak, the head of global macro at Tastylive, said that prices seem to have digested a little after the return of "war trade" across markets on Monday. Gains were however capped by the rise in Treasury "yields" and the dollar as an increase in crude oil stoked inflation...

The shares of German automakers fell on Monday after President Donald Trump decided to increase U.S. tariffs on imported European vehicles to a 25% levy from the previously agreed 15% levy, dealing 'a 'fresh blow to an already battered industry. As of 1046 GMT the pan-European auto and parts index had fallen 2.3%, while shares for Porsche, BMW Mercedes-Benz, and Volkswagen all fell between 2% and 3%. Trump claimed on Friday that Brussels had failed to comply with an agreement reached between Washington DC and Brussels in 2017 that reduced U.S. tariffs on automobile imports by 15%. The implementation by...

Thyssenkrupp announced on Saturday that it had 'paused' talks with India's Jindal Steel International about a potential'sale' of the 'German industrial group's' steel unit. This is a setback to CEO Miguel Lopez’s restructuring efforts. Reports in March indicated that discussions may be canceled due to disagreements over pension liabilities, investments, and energy costs. Four people who are familiar with the issue were cited. Jindal Steel International made a bid indicative?for Thyssenkrupp Steel Europe in the past year. This led to months of due diligence, and negotiations on a possible purchase of Europe's?second-largest steelmaker. Thyssenkrupp stated that "the?original assumptions, and prerequisites...

Aluminum?prices rose on Friday as a result of fears that supply would be limited due to the ongoing standoff between Iran and the U.S., which has impacted shipments from the Gulf, where there are large smelters. Iran warned on Thursday that it would respond to any new attacks by the United States with "long, painful strikes". In official open-outcry trade, benchmark three-month aluminum on the London Metal Exchange increased 1.4% to $3.522 per metric ton, ending five sessions of losses. Metal used for construction, transportation and packaging reached $3,672 per?ton, its highest level in four years on April 16. This...

Gold prices dropped more than 1% on Friday, and are expected to drop a similar amount each week as high oil prices continue to fuel inflation fears that could discourage central banks from reducing interest rates. At 1149 GMT spot gold was down by 1.1%, at $4,573.33 an ounce, and is on course for a loss of 2.8% per week. U.S. Gold Futures for June delivery dropped 1% to $4585.20. UBS analyst Giovanni Staunovo said that gold remains negatively correlated with oil in the short-term, because it impacts interest rate expectations. Iran warned on Thursday that it would respond to...

The copper price rose on Thursday, and was poised to 'crack a five-day decline after positive factory data from China. Nickel prices were 'heading towards their biggest monthly jump in two years due to tighter supply coming out of Indonesia. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.6% to $13,085 per metric tonne. Metal used in construction, manufacturing and power was expected to rise by 6% in April. This would be the best month in?2026, based on the hope that the Middle East conflict will be contained. A private survey revealed that China's...

Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency....

Molson Coors beat analyst's expectations for the first quarter sales and profit on Thursday, thanks to price increases and increased demand, particularly in Americas. The brewer's shares rose by 2% just before the bell despite a global macroeconomic climate that is uncertain and a rising inflation rate. Coors Light, Miller Lite and other beers have raised their prices in order to cushion the effect of rising raw materials costs, such as aluminum, and?to buffer against softer demand. The brewer is pushing premium products such as Blue Moon Belgian White, Peroni Nastro Azzurro and expanding into categories that are growing faster...

ArcelorMittal, the world's second-largest steelmaker, reported stronger-than-expected core earnings ?on Thursday, helped by ?higher steel prices and ?improved performance ?in its North America business. According to LSEG data, the Luxembourg-based firm posted core earnings in the first quarter of 1,68 billion dollars, exceeding analysts' estimates of $1.65billion. Aditya Mittal, CEO of Aditya Mittal Group, said in the earnings report that "the fundamentals of our business have improved in the last three months." He said that the performance in the first three months was resilient, despite "unsettled background" in the Middle East. EU STEELMAKERS SEEK RECOVERY Despite the fact that demand...

Gold was largely unchanged on Wednesday as investors awaited the comments of U.S. Federal Reserve Chair Jerome Powell to assess the economic impact of the Iran War as peace negotiations stall. As of 0611 GMT spot gold was down 0.1%, at $4,590.80 an ounce. It had fallen to its lowest level in April 2 the previous session. U.S. Gold futures for delivery in June?fell by 0.1% to $4604 Investors are expecting the Fed to maintain interest rates at the end its two-day meeting, later that day. War-driven energy shocks have reignited already-high inflation. "Much market resilience since last April's panic-driven...