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Stocks hit by rising inflation, geopolitical uncertainty and oil prices
Investors were on edge Monday as rising?oil costs, the conflict in the Middle East, and political unrest in Europe kept them on edge. Stocks drifted lower ahead of important U.S. data on inflation later this week. Tehran announced that it would declare a restricted area outside the Strait of Hormuz within days after U.S. forces struck three Iranian tankers, and Iran's Islamic Revolutionary Guard Corps fired ballistic missiles on two U.S. Navy vessels. Brent crude futures have risen 1.3%, to $97.5 per barrel, the highest in seven weeks. Oil prices rose almost 8% in the last week, and are now 35% higher than they were at the end of February before war began. Diesel prices, which power transport, shipping and farming, as well as manufacturing, reached record highs in the last week. They are now around 90% higher than before the war. Investors should pay close attention to this week's U.S. Consumer Price Index because central banks will likely raise interest rates as?food prices and fuel prices are rising across the globe. On Thursday, the European Central Bank is expected raise rates to 2.5%. Futures traders expect another rate hike in December to 2.75%. Markets are also pricing in 75% of the possibility that Bank of Japan will raise rates by a quarter-point at its September 18 meeting, with 60% of another increase occurring before December. Bruce Kasman, global head economist at JPMorgan, said that the patience of central banks during the energy crisis has helped asset prices and credit cycles. "However central banks are now moving." RATE INCREASES? The Federal Reserve's last-week's payroll report, which exceeded expectations with a 162,000 increase in August, left the markets pricing in a 58% probability of an increase when they meet on September 16. And 70% for a movement in October. The euro gained 0.14%, to $1.1629. Analysts said that the euro has been drifting lower since August's three-month highs and with increasing political tension on many fronts it may struggle to gain much upward momentum. The Alternative for Germany (AfD), a far right party in Germany, won the state elections in Saxony Anhalt on Sunday. This is the first time in history that a far right party has been able to win power at the state level. The AfD, while still far from having a majority or gaining power at the national level, has stated that one of their policies is to abandon the euro. Kathleen Brooks, XTB's research director, said: "This development is harmful for the long-term stability of our single currency." Recent polls in France show that far-right leader, Marine?Le pen, who has previously supported abandoning the Euro, is likely to win the first round at next year's Presidential elections. The next few years may see a wave of political change in Europe, and a shift towards the right for the two biggest economies. It may not be an issue for FX traders now, but tomorrow it will be. This could explain why the euro is among the weakest currencies in comparison to its peers by 2026, Brooks stated. The euro fell 1.1% this year, the worst performing major currency in relation to the dollar. This was compared to a modest 0.7% increase in the Japanese yen which had been partly boosted through official intervention and a 0.4% gain in the pound. Dollar?retreated? against yen, dropping 1.2% to 154.32 as a 'burst of purchasing propelled the Japanese to a 7-month high. Last week, the yen posted its best weekly performance in over a month, with rising expectations that the BOJ will hike rates and the threat of further official buying triggering a short-squeeze. While European stocks were struggling to reach positive territory, Wall Street was a little quieter due to a U.S. Holiday. S&P futures fell by 0.2%, and Nasdaq Futures rose 0.2%.
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US imports more Congo Copper as Consumer Acceptance Grows
U.S. consumers are increasingly buying copper from the Democratic Republic of Congo. This is helping to drive record-breaking?imports of the African producer as industrial consumers take advantage of discounts on?COMEX approved brands. According to U.S. Trade data, copper cathode deliveries by the second largest copper producing nation in the world reached a record 53.290 metric tons during July. Congo now has a share of 23.9% of all imports. This is the highest ever. These numbers illustrate the increase in demand for Congo's copper by the United States. The country imported less than 32, 000 tons of?copper in 2024. Congo has more copper to sell now due to?increased production. This increase is all the more remarkable when you consider that there are no copper brands available from the Congo on the U.S. COMEX exchange. COMEX lists only two African copper brands, both from Zambia. More than one-third (35%) of COMEX approved brands come from Chile and Peru. Albert Mackenzie is a copper analyst with Benchmark Mineral Intelligence. He said that this could indicate the Congo metal was going directly to the U.S. market. "And if that's the case, it'll be much cheaper than COMEX-deliverable brand," he said. Mackenzie reported that the premium for COMEX copper compared to the LME price fluctuated between $400 and $600 during the summer. It may have been cheaper to buy non-CME-registered material at the LME price. Two sources in the industry who deal with Congo copper confirm that it is priced based on a LME basis. The first source stated that his metal is usually sold at a discount of between $550 and $800 per ton in order to cover the freight costs. Second source: The standard of Congo Copper has significantly improved in recent years. This has led to greater acceptance by U.S. consumers. China's copper imports from Congo have fallen by 4.3% over the first seven months of 2026 as large amounts of copper have been shipped to the United States. Congo's share of the market has however increased by a?five-point percentage point to 44.7%. China imported 95,778 tonnes of Congovian products in July, a 39.4% market share, which is the lowest since last October, but Congo remains the largest supplier.
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Institute: Italy has its hottest summer in more than 75 years
The Institute for BioEconomy of the National Research Council (CNR-IBE), a part of the National Research Council, announced on Monday that this summer was Italy's hottest since 1950. According to the public authority, August was the hottest month in the year with a temperature average of 25.6 C. This is 5.2 C higher than the average 1951-1980 and 3.5 C higher than the norm 1991-2020. These figures are based upon readings taken from a height of two metres. Researchers at CNR-IBE Lorenzo Arcidiaco stated that "the average of 25.6 degrees Celsius recorded in August 2026 surpasses the previous records which were 24.6 C in August 2024 and 24?C in August 2017." Arcidiaco stated that the data indicated 2026 as being the hottest year in Italy since 1950 when the data was collected. Both July and August were the hottest on record. CNR is Italy’s largest public research institution. Europe, which is the fastest-warming continent in the world, has experienced sweltering hot summers. Wildfires and drought are also a major problem. Britain experienced its hottest summer in recorded history. Most of the affected areas in Italy are located along?the Apennines and the northwestern lowlands, where drought and high temperatures have affected farming. Separate analyses of weather data showed that major cities like Rome, Florence, and Turin all experienced repeated heatwaves during June, July, and August.
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Nigeria's Dangote Oil Refinery signss IPO documents ahead of landmark share sale
On Monday, Nigeria's Dangote Oil Refinery signed offering documents with its 'advisers' and other parties involved in the initial public offering. This is a major milestone on the way to Africa's largest-ever share sale. According to a presentation made at a ceremony held in Lagos, Nigeria's commercial capital, the offering will last from September 14 until October 13. If fully subscribed, the company could raise up to $2.15 trillion ($1.63 billion). The presentation stated that in the event of a high demand for shares, Dangote's refinery and petrochemicals plant could issue up to 30 percent more than the base offer, subject to approval by the regulatory authorities. Investors will be able to gauge the level of interest in one of Africa's largest industrial projects. The 700,000-barrel-per-day refinery, built at a cost of about $20 billion on the outskirts of Lagos, has reshaped Nigeria's fuel market ?and benefited from supply disruptions linked to the Iran war, exporting jet fuel across Africa and into Europe. The plant is part of Africa's richest man,?Aliko?Dangote, whose sprawling empire includes sugar, cement, and other businesses. The IPO aims to raise money for a 'planned doubling of refinery capacity to 1.4m barrels per day. The company?has already secured a $400-million?underwriting commitment. Dangote said at the signing ceremony that he hopes the refinery will become the largest single-train refinery in the world by 2028.
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The Netherlands opens Europe's largest Carbon Capture Facility
The largest carbon-capture facility in Europe, developed by Yara International of Norway, opened?in The Netherlands on Monday. The CCS facility in 'Sluiskil in southern Dutch province of Zeeland will reduce emissions at Europe's biggest fertiliser production site and transport captured CO2 to Norway, Yara stated. Yara Sluiskil is set to capture and liquefy?CO2 up to 800,000.0 metric tons per year by 2026. Northern Lights, a transport and storage operator in Norway, will store and transport the carbon 2.6 km (1.65 miles) below the Norwegian continental shelf. Yara hopes to remove 12 million tonnes of CO2 from the site over 15 years. Norwegian Prime Minister Jonas Gahr Stoere stated that the Sluiskil Project offers a solution which is both scientifically and commercially viable. Our climate challenge is in the industry, because there we have labor, capital and technology. Energy is everywhere. Stoere stated that the Netherlands should be a leader in the energy nations. The European Union is planning to use carbon capture technology in order to achieve its 2050 "net-zero emission" target, especially for industrial processes like chemical manufacturing where there are no low-carbon alternatives available. Despite the fact that this technology has been a stumbling block in Europe for many years, it is still gaining traction. Critics say CCS allows companies to continue producing oil and gas, while promising to capture future emissions.
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France's EDF is in talks to purchase So Energy in order to increase its British customers
A source familiar with the matter confirmed a Sunday media report that a French electric utility,?EDF, is in negotiations to 'acquire' electricity supplier So Energy. This company is majority-owned by an Irish company, ESB. EDF is expanding its footprint in Britain where it already supplies electricity to around 5,000,000 customers. Sky News reported that the purchase would bring EDF a further?300,000 customers,? A spokesperson for So Energy stated that the company is evaluating a number of options, but could not comment on the subject further as it is a commercially sensitive matter. EDF is trying to keep up with Octopus, British Gas, and E.ON in a competitive British Market. German utility E.ON is also aiming to expand its presence in the region and announced plans to purchase rival Ovo Energy for an undisclosed amount. The source who refused to be named because they were not authorised to speak publicly, did NOT provide an estimate for So Energy.
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Copper prices set to reach record highs, but focus is on limited supplies outside US
The dollar was weaker on Monday and the prospects of shortages outside the U.S. boosted the price of copper. The traders said that the U.S. holiday meant volumes would be muted and that they were focusing on copper and zinc. The benchmark copper price on the London Metal Exchange was 0.2% higher, at $14.443 per metric ton. It reached $14,467 earlier in trade, its highest level since January's all-time high of $14,527.50. Since President Donald Trump proposed import tariffs last February, traders and producers have shipped large amounts of copper to the U.S. Comex copper stock levels are at a record high of 766,795 metric tons or 695.624 short tons. Albert Mackenzie is an analyst at Benchmark Mineral Intelligence. He said: "It's difficult to predict what will happen with tariffs, but the longer the uncertainty persists the higher the prices will be as materials?flow into the U.S." Some copper has returned to the LME due to higher?premiums? or?backwardations? for contracts that are close by compared with longer-dated futures. The LME is expected to lose more than 121,000 tonnes of copper over the next couple weeks due to cancelled warrants and metal that has been earmarked for deliveries at 51%. . In mid-August, the premium for cash on a three-month forward was above $430 per ton. This is the highest level since 2021. It closed at around $74 last Friday. The Shanghai Futures Exchange monitors warehouses in China. They have 63,000 tons of stocks, which is 85% less than the middle of March. This is the lowest level since January 2024. Copper prices are also falling on SHFE, indicating that the top consumer China is worried about supply. Zinc prices were up?0.7%, to $3,973 per ton. This was mainly due tighter supplies. At the beginning of September, it had reached $3,990 per ton, its highest level since May 2022. Base metals prices were supported by a?softer U.S. dollar, which made dollar-priced'metals cheaper for holders other currencies. Lead rose 0.6% at $1,913.5. Tin gained 0.7% at $55,250. Nickel fell 0.6% at $16,750.
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Radiant World sued in Singapore by a fund linked to Jefferies
The website of Singapore's Supreme Court showed that LAM Trade Finance Group II - in which U.S. bank Jefferies holds a minor stake - applied for a freezing order against Radiant World and its founder on Monday. The filing is just one of many challenges that the iron ore traders are facing. Some banks have frozen their accounts, and other trading houses have severed their ties with them over concerns that invoices sent to its banks might not be valid. Radiant World denies any wrongdoing. Last week it was reported that the Jefferies fund had obtained a freezing order from a UK court over the trader. On Wednesday, a hearing will be held in the Singapore case at the?Supreme Court of the city-state. There were no further details available on the filing. The filing revealed that the case in Singapore also names Sapphire Minmetals, the iron ore trading firm, and its Chairman Rakesh Setti, along with entities of Radiant World, Pinkesh Nahar and his company. Radiant World and Sapphire Minmetals did not respond immediately to our requests for comment. Gary Nagle is the CEO of Glencore. He said that last month, the company considered Radiant World, Sapphire Minmetals, and other companies to be part of the same group. Sethi, however, has denied this. Bloomberg News reported that Incomlend, a trade-finance company, is also suing Radiant World in Singapore and Nahar? in Japan, while Mizuho Bank took legal steps to remove the management of Radiant?World Singapore. Radiant World is being investigated by the 'Singapore Police force,' which said last month that it received reports about the company and was looking into them.
Who is Trump's target?
After taking office, U.S. president Donald Trump continues to criticize and take action against corporate executives, institutions and corporations.
His actions, from innovative export deals to freezing university grants, have upended the status-quo between government, law and academia.
Trump has publicly attacked a number of influential individuals and entities.
HILTON WORLDWIDE HOLDINGS
Hilton has removed a Minneapolis-area hotel from its system after a Department of Homeland Security posted on X that the hotel operator had "impeded" law enforcement by refusing to accept bookings for Immigration and Customs Enforcement (ICE) agents.
"We will remove this hotel immediately from our system." Hilton has always been an open and welcoming place, the company stated on X.
After allegations of fraud against Somali immigrants, the Trump administration increased the number of police officers in Minnesota.
NETFLIX
Netflix has acquired Warner Bros Discovery’s film studios, streaming service and Warner Bros Discovery’s streaming arm for $72 billion. This gives Netflix control over one of Hollywood’s most iconic assets.
After a lengthy bidding war, Netflix's offer of nearly $28 per share beat out Paramount Skydance, which made several unsolicited offers to purchase Warner Bros.?Discovery and its cable television assets.
Donald Trump, the U.S. president, said that he would decide whether or not the proposed merger should go ahead. He cited concerns about the combined entity's market share. "That will be up to some economists... It is still a large market share. It's a big market share.
GUNVOR CEO? TO STEP DOWN
Gunvor, a global commodity trading company, announced that its CEO Torbjorn Tornqvist would step down and sell all of his shares in a management-led buyout. This comes after the U.S. labeled the firm as the "Kremlin’s puppet" because of its previous Russian connections.
Earlier this month, the firm announced that Americas director Gary Pedersen will take on the top role. Pedersen was hired just last year by the company.
In November, the U.S. Treasury sank Gunvor's largest ever deal for the acquisition of international assets owned by Russian oil giant Lukoil sanctioned by the U.S.
Pedersen’s promotion coincides Gunvor’s efforts to improve its relations with the U.S. The firm has been in active discussions to invest in U.S. assets producing oil and gas in recent weeks.
GOLDMAN SACHS
Goldman's Economic Research arm published a report in August which stated that U.S. consumer had absorbed 22 percent of tariff costs up to June. If the latest levies continue the same pattern, their share may rise to 67 percent.
Trump stated shortly after that "David Solomon, and Goldman Sachs, refuse to give credit when credit is due." In a post made on Truth Social.
Trump claimed that "mostly, companies and governments, some of which are foreign, pick up the tab". Solomon's former hobby of DJing was also a target for Trump.
Trump asked Intel CEO Lip-Bu Tang to resign in early August because of China ties. In April, it was reported that Tan had invested $200 million into hundreds of Chinese chip and advanced manufacturing firms, including some linked to the Chinese military.
"The CEO at INTEL is very CONFLICTED, and must resign immediately. Trump stated in a Truth Social post that there is no solution to the problem.
Tan replied to Trump by saying that he shared his commitment to the advancement of U.S. economic and national security, and that the Intel Board was "fully supportive" of the transformation work our company is doing.
After a meeting with Tan, Trump praised him and the U.S. Government decided to buy a stake in this chipmaker.
MICROSOFT
Trump said in September that the tech company should fire its global Affairs president Lisa Monaco.
Trump stated on Truth Social that "she is a threat to the National Security of the United States, especially in light of the large contracts Microsoft has with the United States Government." "I believe that Microsoft should terminate Lisa Monaco's employment immediately."
Trump stated that Monaco's position at Microsoft would give her access to sensitive information. "This kind of access cannot stand," said Trump.
Monaco, who joined Microsoft in July, worked as a security adviser in the former administration of former President Barack Obama and was the?deputy Attorney General in Joe Biden's Administration.
Elon Musk, the billionaire CEO of Tesla's electric car company, spent hundreds of million dollars to support Trump's reelection. Investors who bid up Tesla's stock anticipated that this move would benefit Musk's empire.
Musk and Trump, however, had a falling out in June, after Musk criticised Trump's tax-cutting and spending bill, claiming that it would increase the federal debt.
Musk responded to Trump's comments on Truth Social by threatening to cut off federal contracts and subsidies to Musk's businesses. Trump also said that the billionaire had "gone CRAZY", after the bill was amended to remove the mandate for electric vehicles.
JAGUAR LAND RIDER
Trump criticised Jaguar's rebranding campaign in August. He called the campaign "woke", "stupid" and linked it to the departure of its CEO.
Trump's remarks came at a time when Tata Motors announced that CEO Adrian Mardell would be retiring after more than 30 years with the company.
Jaguar unveiled last year a new visual identity and logo as part of its brand refresh to reposition itself as an electrical automaker. This move drew harsh online criticism and backlash from brand loyalists.
Trump has repeatedly threatened tariffs against Apple and its CEO, Tim Cook, over the sale of iPhones in the United States outside their country.
After a meeting with Cook in Doha, the capital of Qatar in May, Trump remembered that he confronted him about Apple's plans to manufacture the majority of iPhones sold in America in factories in India by 2026.
In a post on social media, Trump said he had told Cook "long time ago" "I expect that their iPhones will be sold in America, and not in India or anywhere else."
Early in August, Trump announced that Apple would invest another $100 billion dollars in the U.S. This will bring its total commitment domestically to $600 billion within the next four-year period. Cook gave Trump an American souvenir made with 24-karat-gold base.
AMAZON.COM
Trump complained to Jeff Bezos, former CEO of Amazon.com in April about a report that stated the company would display the prices to show the impact tariffs have on the ecommerce retailer Amazon.com.
Amazon, however, said that it only briefly considered charging import fees for certain goods following Trump's announcement of tariffs in April, but abandoned the plan after the White House accused Amazon of a hostile political act.
Trump told reporters later that Bezos "very quickly" solved the problem and was "very nice".
BANK OF AMERICA & JPMORGAN CHASE
In August, Trump claimed that JPMorgan CEO Jamie Dimon and BofA CEO Brian Moynihan discriminated against him. He had earlier said that they didn't provide banking services for conservatives.
In a video speech at the World Economic Forum, Trump stated, "What you are doing is wrong." In a question and answer session with CEOs and corporate leaders assembled on stage, Trump did not provide any evidence of wrongdoing.
Dimon, the CEO of JPMorgan Chase was also mentioned. "You, Jamie and everyone, I hope you are going to open your bank up to conservatives." Both lenders have repeatedly denied allegations of "debanking."
WALMART
Trump stated in May that Walmart,?China and American consumers should "eat tariffs" to avoid burdening them. This was after Doug McMillon had said that the retailer couldn't absorb all tariffs-related costs due to narrow retail margins.
Walmart should STOP blaming tariffs for the price increases across the chain. Walmart made BILLIONS of DOLLARS in the last year. This was far more than anticipated, Trump wrote on social media.
Trump didn't call McMillon out personally but he did publicly criticize Walmart for attributing the price increases in May to tariffs that his administration imposed.
CRACKER BAREL
A retail chain was blindsided by an unexpected reaction when it changed its logo to remove the image of a man in overalls known as "Uncle Herschel", leaning on a barrel.
Cracker Barrel announced in late August that it would stick with its decades old logo and scrap plans for a brand new one after social media backlash. This included criticism from U.S. president Donald Trump.
"Congratulations Cracker Barrel on changing your original logo. "All of your fans are very appreciative," Trump said after the company reversed its decision on Truth Social.
COMCAST
Trump criticised Comcast's cable news network MSNBC over its coverage of his government. Trump told reporters that MSNBC was changing its name to MS NOW because the network's owners were ashamed.
Trump called Comcast "weak, ineffective and headed by Brian Roberts" last week.
SMITHSONIAN INSTITUTION
In anticipation of the U.S. 250th Anniversary, the White House announced that it would lead an internal review for some Smithsonian Museums and Exhibitions. Declaration of Independence.
In an executive directive issued in March, Trump stated that the institution was under the influence of "racist, divisive ideology" over the past few years.
HARVARD UNIVERSITY
Trump has targeted the oldest and richest American university. He has cancelled about $2.5 billion in federal grants, and is mounting efforts to stop research funding for Harvard. This is part of a larger campaign to change U.S. Universities, which Trump claims are gripped with antisemitic, "radical-left" ideologies.
We are going to remove Harvard's tax exemption status. "It's what they deserved!" In May, Trump posted a message on his social media platform.
Trump announced on September 30, that his administration is close to a deal, which would include a payment of $500 million by Harvard University. This comes after months spent negotiating over school policies.
COLUMBIA UNIVERSITY
The Trump administration announced in March that it would cancel $400 million of federal funding for Columbia University because of how the university handled protests last year.
This is just the beginning of many arrests to come. "We know that there are many more students at Columbia University and other Universities in the Country who have engaged pro-terrorists, antisemitic and anti-American activities, and the Trump Administration won't tolerate it," Trump wrote in a post on social media.
These comments were made after the arrest Mahmoud Khalil, a Palestinian graduate who was a major participant in the protests.
In July, the University announced that it would pay the U.S. Government?over 200 million dollars in settlement with Trump's Administration.
LAW FIRMS
Trump issued an executive order in March that restricted access to federal facilities and suspended security clearances of its employees due to their ties with Hillary Clinton and DEI policy.
Trump said that it was an "absolute honor" to sign the order. Trump had also issued a similar order in March against the New York law firm Paul, Weiss, Rifkind, Wharton & Garrison, which he subsequently retracted after reaching a settlement.
In February, the law firm Covington & Burling was confronted with Trump's Presidential Memorandum, which suspended all security clearances of Peter Koski, and Covington employees, who had assisted former Special Counsel Jack Smith in prosecuting Trump.
Covington has said that it will continue to represent Jack Smith in spite of these measures.
Trump said, "We will continue to hold those who are responsible for weaponizing government and who supported this accountable."
THE NEW YORK TIMES PENGUIN RANDOM HOUSE
Trump has filed a $15 billion lawsuit for defamation against the New York Times, and Penguin Random House as part of his legal assault on media giants he claims have treated him unfairly.
THE WALL STREET JOURNAL
Trump filed a lawsuit against the Wall Street Journal, its owners and Rupert Murdoch for at least $10 Billion in July over the newspaper's claim that his name appeared on a 2003 greeting to Jeffrey Epstein which included a sexually explicit drawing and references to secrets that they shared. (Reporting by Deborah Sophia, Juveria Tabassum, Niket Nishant, Shivansh Tiwary, Savyata Mishra, Kritika Lamba, Arsheeya Bajwa, Zaheer Kachwala, Puyaan Singh, Pooja Menon, Dharna Bafna and Anshuman Tripathy in Bengaluru; Editing by Anil D'Silva, Sriraj Kalluvila and Arun Koyyur)
(source: Reuters)