Latest News
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Germany's Merz claims that some US legislators have 'no clue' about the scale of Russia's nuclear rearmament
The German Chancellor Friedrich Merz stated on Friday that some U.S. legislators do not understand Russia's rearmament program. This was a day following his meeting with U.S. president Donald Trump at the White House. Merz said at a Berlin business conference: "I spoke with senators from Capitol Hill, and I told them that they should look into the rearmament Russia has been doing." He said that the senators "clearly have no idea" what was happening in South Africa at this moment. Russia has moved defence factories to Round-the-clock Production Since the beginning of its full scale invasion of Ukraine in Febuary 2022, Russia has signed weapons deals with North Korea. This prompted European officials to warn Moscow could be soon in a position where it can attack NATO territory. Russia denies such an intention, and claims to be conducting a "special operation" (military action) in Ukraine for its own protection against what they portray as a hostile, aggressive West. Merz, the conservative leader who came to power in May, was the latest European leader visiting Trump to try to convince him that Ukraine must be defended against Russia's invasion, and NATO should continue to support Europe's security. Merz stated that he was reassured by Trump's words during their public meeting in the Oval Office. He cited the "resounding" no to the question of whether the United States planned to withdraw from NATO. Since the beginning of Russia's full scale invasion of Ukraine in the continent's most bloody conflict since World War Two, European countries have increased their defence spending. Merz has supported Trump's call for NATO to commit to an objective of more than double defence spending in the future to 5%. Trump welcomed this commitment on Thursday, and told Merz U.S. troops would remain in Germany. Merz stated on Friday that "whether we like it or no, we will be dependent on the United States...for a very long time." (Reporting and writing by Friederike Rinke and Andreas Rinke; Editing by Gareth Jones).
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Tesla shares gain ground in premarket, as stocks watch for US employment data
The global stock markets were subdued Friday as investors prepared for the release of key U.S. employment data. Tesla shares recovered some ground during pre-market trading following a public spat between President Donald Trump, and billionaire Elon Musk. The markets are wary after a string of weak economic data, including a weak payrolls report in the United States. This would increase concerns about stagflation while increasing pressure on Federal Reserve policy. Investors also pondered whether a telephone call between Trump on Thursday and Chinese leader Xi Jinping, and the prospect of future talks, would ease the deep tensions in trade between the two world's largest economies. Jason da Silva is the global investment strategy director of Arbuthnot-Latham. He said that any breakthrough would likely be the most important thing for markets. Tesla shares jumped 5% during pre-market trading, and its Frankfurt stock gained 4%. This was after Politico reported that White House aides had scheduled a phone call between Musk and Trump. Tesla shares fell 14% overnight, wiping out $150 billion of market value. Trump had threatened to stop government contracts for Musk's businesses as their once-close relationship deteriorated into an open and bitter disagreement. European stocks were largely flat following similar trading in Asia. Nasdaq and S&P futures gained 0.4% each. The euro was trading near its six-week-highs against the dollar after the European Central Bank, as expected, cut interest rates on Thursday, but hinted that it would pause the year-long cycle of easing. The euro fell 0.2% to $1.1424 on Friday, slightly weighed down by weak German export figures, but was still on track for a weekly gain of 0.7%. The money markets are now pricing in a roughly 16% chance of a cut for July, compared to almost 30% before ECB president Christine Lagarde's press conference on Friday. Martins Kazaks, a policymaker at the ECB, said that it was time to stop cutting rates every time they met and instead hold their powder dry in light of an uncertain economy outlook. The dollar rose 0.3% against its major counterparts and was just a little bit above its six-week low. Payrolls report expectations have been dampened by weaker-than-expected U.S. Labour Market data. This includes a 47% jump in layoffs recorded by Challenger, and a major surprise on the downside in ADP’s private payrolls. Forecasts predict a gain of 130,000 new jobs in May with a 4.2% unemployment rate. A sudden weakness in the U.S. economy could trigger the next rate cut and cause a massive rally in Treasuries. Futures prices indicate that there is little chance of a rate reduction until September. This is approximately 76% priced in. On the commodities market, oil prices last week were broadly flat. They were on track to gain weekly gains due to supply concerns. U.S. Crude Futures last stood at $63.36 per barrel. Gold prices rose 0.3%, to $3363 per ounce.
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De Beers attracts interest from Qatari funds and billionaire Agarwal
Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources familiar with the matter have confirmed that Indian companies such as KGK and Kapu Gems which dominate India's domestic cutting and polishing industry and are De Beers’s largest customers, also expressed interest. KGK Group and Kapu Gems have not responded to any requests for comments. Anglo American has hired financial advisers Morgan Stanley and Goldman Sachs to assist with the sale, demerger, and possible listing of De Beers. The book value for De Beers is $4.9 billion after $3.5 billion worth of impairments in the past two years.
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Silver reaches 13-year-high; gold poised to gain weekly
The price of gold rose on Friday and it was expected to rise for the week after U.S. interest rate cuts were anticipated by the Federal Reserve. Silver also hit a record high. As of 0854 GMT, spot gold was up by 0.4% to $3,367.45 per ounce. Bullion is up 2.4% this week. U.S. Gold Futures rose 0.5% to $3.390.70. Alexander Zumpfe is a precious metals dealer at Heraeus Metals Germany. He said that the disappointing data on jobless claims, which indicates a possible labor market weakness has had a greater impact on gold than President Trump's phone call with President Xi. U.S. president Donald Trump and Chinese President Xi Jinping made a rare phone call on Thursday amid tensions over trade and a dispute about critical minerals. The Labor Department reported Thursday that the number of Americans who filed new claims for unemployment benefits reached a seven-month record high. The markets are now awaiting the release of the non-farm payroll report in the U.S., which is due at 1230 GMT. This follows a number of data releases that indicated a softening labor market this week. The economists polled predicted that nonfarm payrolls would increase by 130,000 jobs by May, and the unemployment rate will remain at 4.2%. Zumpfe said that a softening US labour market would increase pressure on Fed to ease its monetary policy. This is especially true if payrolls are disappointing. In a low rate environment, gold, which is traditionally viewed as a safe haven during times of political and economic unrest, thrives. Silver spot rose 0.2%, to $36.23 an ounce. It had previously reached a record high of more than 13 years. Platinum rose by 2.7% to reach $1,163.95, the highest since March 2022. Palladium rose 1.4% to $1,019.62. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that gold has been struggling to rise in value over the short-term, which has led investors towards undervalued platinum and silver. (Reporting by Anushree Mukherjee in Bengaluru, Additonal)
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Tesla shares gain ground in premarket, as stocks watch for US employment data
The global stock markets were subdued Friday as investors prepared for the release of key U.S. employment data. Tesla shares recovered some ground during pre-market trading following a public spat between President Donald Trump, and billionaire Elon Musk. The markets are wary after a string of weak economic data, including a deterioration in the U.S. payrolls figure. This would increase concerns about stagflation while increasing pressure on Federal Reserve policy. Investors also pondered whether a telephone call between U.S. president Donald Trump and Chinese leader Xi Jinping, made on Thursday, and the prospect of future talks could help ease the deep tensions in trade between the two world's largest economies. Jason da Silva is the global investment strategy director of Arbuthnot-Latham. He said that any breakthrough would likely be the most important thing for markets. Tesla shares jumped nearly 5% during pre-market trading, and its Frankfurt listed stock gained 4% following a Politico report that White House aides had scheduled a phone call between Elon Musk CEO and Trump. Tesla shares fell 14% overnight, wiping out $150 billion of market value. Trump had threatened to stop government contracts for Musk's businesses as their once-close relationship turned into an open bitter disagreement. European stocks opened flat, following a similar muted Asian trading. Nasdaq and S&P futures both rose by 0.4%. The euro was trading near its six-week-highs against the dollar after the European Central Bank, as expected, cut interest rates on Thursday, but hinted that it would pause the year-long cycle of easing. The euro fell 0.1% to $1.14245 on Friday, slightly weighed down by weak German export figures, but was still on track for a weekly gain of 0.7%. The money markets are now pricing in a 19% chance that a cut will occur in July, compared to almost 30% before Christine Lagarde's press conference. Martins Kazaks, a policymaker at the ECB, said that it was time to stop cutting rates every meeting and keep its powder dry in light of an uncertain economy. The dollar rose 0.2% against major peers, just a little above its six-week low. Payrolls report expectations have been dampened by weaker-than-expected U.S. Labour Market data. This includes a 47% jump in layoffs recorded by Challenger, and a major surprise on the downside in ADP’s private payrolls. Forecasts predict a gain of 130,000 new jobs in May with the unemployment rate remaining at 4.2%. A sudden weakness in the U.S. economy could trigger a rate cut and cause a massive rally in Treasuries. Futures prices indicate that there is little chance of a rate reduction until September. This is approximately 76% priced in. On the commodities market, oil prices are slightly lower than last week but they will likely rise this coming week due to supply concerns. U.S. Crude Futures fell 0.5% to $63.05 per barrel. Gold prices rose 0.3% to $3363 per ounce.
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London copper to gain weekly on the back of easing trade tensions and supply concerns
London copper rose on Friday, and is on course to finish the week higher. This was boosted by expectations of a easing of U.S. China trade tensions as well as concerns over supply disruptions. As of 0706 GMT, the three-month contract for copper on LME rose 0.1% to $9.746 per metric tonne. The price is up 2.7% this week and will be the biggest weekly gain since April. The market reached its highest level since March 31, at $9,809.50. The Shanghai Futures Exchange's most traded copper contract gained 1%, to 78.930 yuan per ton ($10.996), and is up 0.5% for the week. Donald Trump, the U.S. president and Xi Jinping, the Chinese leader held a rare call between them on Thursday. They left the key issues for further discussions, but they invited each other to their respective countries. According to ANZ, "Market sentiment has been boosted by easing of trade tensions. Trump and Xi have agreed to further trade talks after Trump claimed that they had resolved disputes over rare earth exports in a phone call." LME copper stock fell to 138,000 tonnes, the lowest level in almost a year. They are down nearly half this year. . Teck Resources, a copper miner, reported this week production setbacks in two Chilean operations. The Kakula copper project in the Democratic Republic of Congo, ANZ stated, was also affected by seismic activity resulting in flooding of the underground part of the project. LME aluminium fell 0.5%, to $2,466.5 per ton, and LME lead rose 0.6%, to $1,990. SHFE Tin remained the best performer Friday, with a 1.8% increase to 263,600 Yuan. Two analysts in China said that the gains in tin are due to market speculation about disruptions of tin concentrats shipments from Myanmar via Thailand to China. Other SHFE metals saw a 0.1% increase in aluminium to 20,070 Yuan per ton. Lead gained 0.4% at 16,780 Yuan and nickel increased 0.4% to 122,220 Yuan. The copper inventories of SHFE registered warehouses increased by 1.5% in the last week. $1 = 7.1842 Chinese Yuan (Reporting and editing by Janane Vekatraman, Edwinn Gibbs and Janane Venkatraman)
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Governor of Engels says that a drone attack caused a fire at an industrial site in Russia.
The regional governor reported that drones caused a fire at an industrial facility in the southern Russian city of Engels. A video posted on social media, and confirmed by, showed a fierce fire emitting massive clouds of black smoke. The Governor Roman Busargin didn't specify which industrial site was the target. In January, the state of emergency in Engels was declared after a Ukrainian drone struck an oil depot serving a nearby Russian base for nuclear bomber aircraft, causing an fire that took several days to extinguish. Busargin confirmed that a high-rise building was also struck, but no one was injured. The Ukrainian general staff stated that it had struck Russian airfields and fuel reservoirs in the Saratov region, as well as in the Ryazan region, during an attack overnight on Friday. Saratov includes Engels. Since the middle of March the United States negotiated a one-month pause on attacks against energy facilities. A drone strike on March 14 caused an oil refinery in Russia, Black Sea Tuapse, to catch fire. The fire was extinguished after three days.
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European shares hold steady ahead of US key jobs data
Investors stayed away from major bets on Friday ahead of the crucial U.S. employment data. Trade tensions also added to the uncertainty. As of 0809 GMT the pan-European STOXX 600 remained at 551.95 and was on course for a second weekly gain if momentum continues. The day will begin with a monthly reading of U.S. Non-Farm Payrolls. This will help investors gauge how President Donald Trump’s trade policies have affected the labor market, and how the Federal Reserve may navigate the uncertain trade environment. Commerzbank analysts stated that "a print above the consensus could reinforce Fed's cautious position and serve as a bullish impetus" Double up Tariffs on imports of steel and aluminum, imposed earlier this week by the United States, heightened trade tensions. Investors remained hopeful about signs of a possible easing of U.S. - China tariff tensions after Trump's phone call On Thursday, President Xi Jinping of China met with the United States. On Thursday, German Chancellor Friedrich Merz also said that Germany and America aim to strengthen Trade ties without providing any details Investors have lowered their expectations of further interest rate cuts due to President Christine Lagarde’s indications that the central banks is nearing the end its easing cycle. Investors will focus on whether the public spat between Trump and Tesla's top boss Elon Mohs could have wider implications for markets. Fiona Cincotta is the senior analyst at City Index. She said that the comments made by Musk yesterday regarding Trump tariffs and the U.S. going into recession in the second part of this year, combined with the weak data released this week, has caused investors to stay away for the moment. On the market, healthcare and energy share dominated and offset declines in industrial products and services and miners. Adidas and Puma, two sportswear retailers, fell 0.6% and 1,4% respectively after U.S. competitor Lululemon Athletica reduced its profit forecast for the year. Dassault Systemes shares fell by 1.5% after it extended its target period for medium-term earnings forecasts per share by an additional year. Renk fell about 5% and was among the worst performers in the STOXX 600 after Exane BNP Paribas lowered the stock from "neutral" to "underperform". Data is a big deal. German exports The U.S. demand for goods has decreased after months of high purchases made in anticipation of U.S. Tariffs. In May, British house prices The drop was larger than expected.
Houthis say they can reassess Red Sea attacks if Israeli 'hostility' stops
Yemen's Houthis said on Tuesday they could only reconsider their rocket and drone attacks on international shipping in the Red Sea as soon as Israel ends its hostility in the Gaza Strip.
Asked if they would stop the attacks if a ceasefire deal is reached, Houthi representative Mohammed Abdulsalam informed the scenario would be reassessed if the siege of Gaza ended and humanitarian aid was complimentary to go into.
There will be no halt to any operations that help Palestinian individuals other than when the Israeli aggression on Gaza and the siege stop, he stated, ahead of new reports of another thought attack.
A Marshall Islands-flagged, Greek-owned bulk provider on Tuesday reported that a rocket struck the water 3 nautical miles from the ship, which lay 63 nautical miles northwest of Hodeidah, Yemen, British maritime security firm Ambrey stated in an advisory note.
The United Kingdom Maritime Trade Operations (UKMTO). likewise sent an alert on the event, including that the team and. vessel were reported safe and continuing to next port of call.
There was a Panama-flagged, UAE-owned chemical/products. tanker around 2 nautical miles away at the time the. missile was spotted, Ambrey stated.
In what appears to be a related occasion, the Houthi's. Al-Masira television stated late on Tuesday that the U.S and UK. together introduced two airstrikes over Hodeidah, Yemen's oldest. port city.
Delivering risks have intensified due to duplicated Houthi strikes. in the Red Sea and Bab al-Mandab Strait considering that November in what. they refer to as acts of uniformity with Palestinians versus. Israel in the Gaza war.
Leading worldwide container line Maersk on Tuesday. recommended customers to prepare for disruptions in the Red Sea to. last into the 2nd half of the year and to develop longer. transit times into their supply chain preparation.
Seafarers stay in the firing line and have signed. arrangements to receive double pay when entering the high-risk. zones and have the right to refuse to sail on ships passing. through the Red Sea.
Galaxy Maritime Ltd, the UK-registered owner of automobile provider. Galaxy Leader which was hijacked by the Houthis on Nov. 19 with. its 25 crew members, said on Tuesday that the mariners from. Bulgaria, Ukraine, Mexico, Romania and the Philippines had. absolutely nothing whatsoever to do with the conflict in the Middle East.
Families of those being apprehended are now contacting the. international community to do something about it to protect the immediate. release of the team, Galaxy Maritime said in an update.
Arsenio Dominguez, secretary-general of the U.N.'s. International Maritime Organization (IMO), at a meeting called. for cumulative action to strengthen the security of those at sea. and for the release of the Galaxy Leader.
The Houthis, who control Yemen's most populated areas, have. sent shipping officials and insurance companies formal notification of what they. described a ban on vessels linked to Israel, the U.S. and Britain. from sailing in surrounding seas.
Yemen's formally acknowledged federal government said in a letter. distributed on Feb. 15 to IMO member countries that it had. alerted of the risk of the Houthi militia adding that the. group had continued to arbitrarily plant sea mines, while likewise. utilizing drone boats and rockets.
The fate of the abandoned freight vessel Rubymar was uncertain. after it was struck by a Houthi rocket on Feb. 18 in the southern. Red Sea and was dripping fuel. The vessel stayed immersed. If. it goes down, it would be the very first sinking linked to the. continuous Houthi campaign.
The ship's chartering broker told on Monday that it. was aiming to bring a work ship to close a hole caused by the. Houthi missile. There was no additional update on Tuesday.
(source: Reuters)