Europe

OPEC+ 'plans to approve a quota for production increase of around 188,000?"barrels a day" on Sunday. After that, it will halt further increases in output, according to sources, until the voluntary cuts are completed. Saudi Arabia, Russia and Kuwait are the core members of OPEC+. They have been increasing their monthly production quotas since most of this year. These increases are largely a paper exercise, due to the disruptions caused by the wars in Ukraine and Iran. One OPEC+ 'delegate' and an OPEC+'source, both of whom said that the group would pause production increases after September as it faces difficult...

Chevron reported its highest quarterly profits in at least six year on Friday. The U.S. and Israel war against Iran has disrupted world energy markets, which is boosting profits of the largest oil companies. LSEG data shows that adjusted?earnings 'of $12 billion or $6.06 per a share beat the average analyst estimates of $5.56. Chevron's shares rose about 2% during premarket trading. The results were similar to those of European oil giants TotalEnergies, Shell and others who also reported record profits in the second quarter, boosted by higher oil costs. ExxonMobil's quarterly profit missed analyst expectations despite earning a record...

Fuchs, a German lubricants manufacturer, announced on Friday that the production of its jointly-owned facility in Yanbu (Saudi Arabia) had been suspended until further notification after a Saturday fire caused significant damage to the site. The cause of the fire is not known. It may have been caused by the Houthi?militants who attacked Saudi ports on Saturday. A spokesperson for Fuchs told us that the company relied solely on information supplied by its partner, and was unable to provide further details. The company confirmed that no employees were injured. Yanbu is Saudi Arabia's Red Sea oil port and has now...

Local media reported that First Deputy Premier Daniyar Amangeldiev had agreed to a monthly fuel supply of 100,000 metric tons with Russia. Reports stated that fuel would be purchased at the current market exchange rate. Kyrgyzstan relies on Russian imports for over?90% its gasoline and diesel, but the supply has been in question due to Ukrainian drone attacks?on Russian refining facilities and a subsequent shortage. Kyrgyz officials have taken a number of measures in recent weeks to stabilize the fuel market. These include a temporary price control, a ban on exports of petroleum products, and the removal of state regulation...

Austrian oil and gas company OMV reported a record?quarterly profit on Friday, surpassing estimates. Price?hikes?across-the-board more than offset sales impact from the Middle East conflict. Oil companies have benefited as a result of the increased volatility in energy markets, as the U.S./Israeli conflict against Iran has caused sharp fluctuations in crude oil and gas prices. OMV's operating profits jumped by 65% year-on-year, to EUR1.71bn ($1.97bn), exceeding analysts' expectations. The company has confirmed that it expects the Brent price to range between $85-$95 per barrel for the entire year, "subject to the resumption of shipping through the Strait of Hormuz". Brent...

Alimentation Couche-Tard, a Canadian retailer, announced on Friday that it plans to 'buy' Poland's Zabka at a cost of 'about $8.7billion. This will be its largest acquisition. It will also expand its presence in Central & Eastern Europe. Last year the company abandoned a bid worth $46billion for Japan's Seven & I. Couche-Tard announced that it has secured commitments from investors including CVC Capital and Partners Group, to tender their shares. This gives it the backing of investors who represent about 57% Zabka's capital. The company has launched a voluntary tender offer for 32 zlotys a share. This is a...

The'regional governor, Andrei Bocharov said that a drone attack caused a fire at an energy facility in Volgograd, causing five injuries. He did not give any details about the facility. A Lukoil oil refinery is located in the region. Bocharov said on Telegram that five people were seeking medical attention after the attacks. Regional governor Yuri Slyusar posted on a messaging app that a woman was injured in Gukovo after a drone strike. Ukraine recently intensified its attacks on Russian logistic hubs such as those of the top online retailer Wildberries. It also continues to strike energy facilities, which has...

Portugal's government announced on Thursday that it has approved a windfall tax of 33% on profits earned by oil and refinery companies in 2026 as a result of a surge in energy prices triggered by the Iran War. In a press release, the finance ministry stated that the windfall taxes would be applied to the portion of 2026 profits for companies that exceeded by 20% the average profit recorded in 2024 and 2025. The report said that while oil and refinery companies had made extraordinary profits, it was due to external market conditions. It said: "It's fair and necessary to...

Sinochem sold a 14% share in Pirelli to Czech billionaire Michal Strnad on Thursday. The Chinese state-owned group has significantly reduced its investment in the Italian tyremaker. Sinochem said it sold shares as part of its 34.1% overall shareholding in a block trade deal, reducing its stake to 20,1%. This made Pirelli the second largest shareholder. Strnad’s investment company Lumina Crown issued a statement saying it had acquired a 14% stake in Pirelli, making it the third largest shareholder. It said that the investment was a “long-term” one. Strnad, the largest shareholder in the Czechoslovak Group (CSG), is a defence...

This week, European refiners made bumper profits for producing fuels like gasoline and diesel. A wave of?attacks against oil refineries in Russia and the Middle East further tightened supplies and raised prices worldwide. Fuel prices are rising, which is affecting consumers and businesses around the world. Fuel prices continue to rise despite crude oil falling to $90 per barrel, well below the record $147 set in 2008. This is because attacks on refineries caused by wars in Iran and Ukraine has destroyed a number of major plants which make fuels from crude. The premium that European low-sulphur gasoline futures command...

The British accounting 'watchdog' said Thursday that it has opened an investigation into KPMG’s financial audit of British oilfield services and engineering company Wood Group's fiscal year ending December 2023. The Financial Reporting Council said that it will also probe two individuals, who it did not identify, for financial statements and communication in relation to Projects Business Unit of the firm from?2022-2024. The FRC stated that the decision to launch the 'investigations' was taken at a meeting last month of its Conduct Committee. It said that the 'investigations will be conducted by the executive counsel. However, it did not give...

The oil prices lost some of their gains on Thursday despite the escalating attacks across the Gulf. Investors' attention shifted to the supply flow through the major chokepoints within the region. Brent futures dropped 96 cents or 1.06% to $89.78 per barrel as of 0418 GMT. U.S. West Texas Intermediate (WTI), crude oil, fell 64 cents or 0.76% to $83.82 per barrel. Brent and WTI both rose by 6.56% during the previous session, one of the biggest spikes in the Iran War. This was after the pause of hostilities that occurred on Tuesday following a 5% drop. The prices of...

Holcim Group, a Swiss building materials company, announced on Sunday that it intends to sell its Philippines business to China’s Huaxin Building Materials. The deal could generate at least $807 million. Holcim is selling a 68% initial stake at $527 million. The remainder will be sold in the next 3 to 5 years for $290 million. Holcim stated that the total valuation would be $807 million. However, this figure could increase "based on incremental values created during?this time period". The money raised will be used for?large acquisitions as well as further investments in Holcim’s existing business. After spinning off their...

Gold fell 2% on the Friday, as the U.S. Dollar rebounded after a session in which it had fallen to a low of more than ONE MONTH. However, the metal is still on course for its first gain monthly in five months as the inflation data was weaker and expectations of future rate hikes by the U.S. were reduced. At 12:18 pm EDT (1618 GMT), spot gold fell 1.4% to $4,044.87 an ounce after dropping 2% earlier. U.S. Gold futures for August delivery fell 1.5% to $4043.80. Gold is up 1% this month, the biggest gain since February. Oil prices...

Norilsk Nickel, the world's biggest palladium producer reported on Friday that it's revenue and net profit in the first six months of this year had'sharply' increased thanks to higher metal prices, which allowed them to pay interim dividends. It said that the net profit for the first half of 2026 was $2 billion, up from $842 millions in the first half of 2025. Revenues had also grown by 28%, to $8.3billion. EBITDA (earnings before tax, depreciation, and amortization) grew by 50%, to $3.9 billion. The company said that rising prices for non-ferrous metals and precious?metals was the main reason behind...

Gold fell more than 1% on Friday as the U.S. dollar gained ground. The dollar recovered its footing but was still on course to post its best monthly gain since February, as investors reduced their rate hike bets following the Federal Reserve meeting last week. Spot gold fell 1.1%, to $4.055.41 an ounce at 1050 GMT. However, it was on track for a 0.5% weekly increase. Prices have also risen by about 1.7% this month. U.S. Gold Futures for August Delivery dropped by 1.2% to $4053.60. Independent analyst Ross Norman stated that "gold struggles to gain meaningful momentum and is...

According to data released by the Labour Office on Friday, the number of unemployed people in Germany rose slightly higher than expected in July. They are now close to 3 million in adjusted seasonal terms. Labour Office data showed that the number of unemployed people increased by 6,000 in seasonally adjusted terms to 2,99 million. Analysts polled had predicted a rise of 5,000. The seasonally-adjusted unemployment rate was 6.4% in November, up from the 6.3% recorded the month before. Daniel Terzenbach is a member of Regional Management Board at the Federal Employment Agency. He said that the weak trend in...

Investors weighed Middle East developments and their impact on U.S. interest rate outlook as they weighed the gold price on Friday. As of 0703 GMT spot gold dropped 0.7%, to $4,075.35 an ounce. However, it was on track for a 0.5% weekly increase. Prices rose by about 1.7% in the last month. U.S. Gold Futures for August delivery fell 0.6% to $4 074. "Gold has a slight negative bias today due to profit-taking, and a moderate bounce in the U.S. Dollar, after the metal's gains and the corresponding drop in the greenback yesterday," said Tim Waterer, chief analyst at KCM...

Holcim's?second-quarter sales and earnings were better than expected on Friday, as the building materials manufacturer upgraded its outlook for the full year. The Swiss company reported that it was seeing an increase in demand for its low-carbon cement products and recycled demolition and construction materials. All of these factors boost profits. Holcim also saw a rise in sales in Germany and Switzerland as well as in Spain, Eastern Europe and Mexico. Demand for housing and infrastructure in Mexico, Peru, and Central America was also strong. Holcim's sales grew 6.4% in the second quarter to $4.41 billion Swiss Francs ($5.46 billion),...

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

ArcelorMittal's finance chief stated on Thursday that U.S. tariffs?on imported steel?cost the steelmaker about $150 million each quarter because they affect?its?Canadian exports?. GenuinoChristino stated in an interview that "we continue to incur a target cost of approximately $600 million per year in Canada." Canada's response, in the form of tariffs, has not been sufficient to offset the impact on the Luxembourg-based company's operations there. He added, "What's also good is that we didn't lose market share. We continue to ship products to the U.S. Automotive Industry (as ArcelorMittal) is seen as the market leader with the best technology and best...

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

Outokumpu's shares fell 10% on Thursday after it reported a core profit for the second quarter that was below market expectations. The European stainless steel demand has remained largely unchanged, and increased costs have offset increases in volume and pricing. The adjusted earnings of the Finnish company before interest, tax, depreciation, and amortisation in the April-June quarter rose by 33%, but they were still below the EUR114 million consensus forecast provided by the company. Outokumpu's profitability in Europe, its largest business unit, was broadly stable, as positive effects from higher volumes and a higher selling price were offset by a...

Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates. As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70. The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion. Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that...