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Gold prices rise as rate-cut bets are boosted by weak ADP employment data
Gold prices rose on Wednesday, as investors awaited the non-farm payrolls report for more market signals on monetary policies. As of 1246 GMT spot gold rose 0.3%, to $3,347.59 an ounce. U.S. futures gold also rose 0.3%, to $3,358.10. The ADP National Employment Report revealed that U.S. private payrolls fell unexpectedly in June, and the job gains for the previous month were less than originally thought. After the data was released, traders raised their expectations of Fed rate reductions this year to 67 basis point, up from an earlier expectation of 64. Tai Wong, a metals trader independent, said: "The grimace inducing -33,000 print on ADP private payrolls is the first time since early 2023 that there have been net job losses." The number of U.S. jobs openings in May was unexpectedly higher on Tuesday. However, a drop in hiring confirmed that the labour market has shifted down gear. Federal Reserve Chairman Jerome Powell reiterated on Tuesday that the Fed will be patient in reducing interest rates. He did not, however, rule out that the Fed would reduce rates at its meeting this month. The monthly non-farm payrolls reports due Thursday will provide more information on the state of the labor markets. Wong said that it is not impossible for a July reduction to be made if the payroll report tomorrow is bad. Gold, which is traditionally viewed as a hedge in times of uncertainty, thrives also when interest rates are low. The uncertainty surrounding U.S. Tariffs is also a concern for traders ahead of the deadline on July 9. Trump's tax and spending bill, which is expected to add $3.3 billion to the debt of the country, will be sent to the House of Representatives to receive final approval. Spot silver increased 0.7% per ounce to $36.33, platinum rose 1.9% to 1,375.91 and palladium grew 1.9% to 1 120.87. (Reporting by Anushree Mukherjee in Bengaluru; Editing by Chizu Nomiyama )
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IMF says Nigeria must re-calibrate its budget to lower oil prices
The International Monetary Fund (IMF) said that Nigeria must adapt its budget for 2025 to lower oil costs and increase cash transfers in order to protect the most vulnerable sections of its population. The IMF released the results of the routine "Article IV", assessment of Nigerian economic policies. It said that the economic growth was steady, but low per capita and the inflation remained high. The Fund forecast that Nigeria's economy will grow at a rate of 3.4% in this year, and 3.2% by 2026. Axel Schimmelpfennig is the mission chief of the Fund for Nigeria. He said: "The international economy environment in which Nigeria lives and operates is marked by very, very high uncertainty. In particular, the international oil price volatility affects Nigeria directly via the fiscal and external balances, as well as the inflation." He said that the complex outlook makes it even more important for policymakers to maintain buffers and be nimble to react to shocks and seize opportunities. The key challenge is now to combat high poverty and food security. In its budget for 2025, Africa's biggest oil exporter assumed that the price per barrel would be $75. Brent crude futures were last trading at just under $68 per barrel. (Reporting and editing by Dhara Raasinghe; Karin Strohecker)
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EU compensates exporting industries for Carbon Levy
The European Commission announced on Wednesday that European companies who export their products abroad will be compensated for the CO2 emission costs they incur in Europe. This is to prevent firms from moving to Europe to avoid the ambitious climate policies of the EU. The Commission announced the plans and proposed a new EU climate target for 2040, which would require heavy industries to invest much more in order to improve their production over the next decade. The Commission will propose by the end of this year a scheme to use the revenues generated from the European Union’s carbon border tax to help companies export goods to foreign countries where, unlike Europe, their competition does not pay CO2 costs. Wopke H. Hoekstra, EU Climate Commissioner, told reporters: "We are doing this for companies that risk losing out on exports." Hoekstra stated that the system is expected to provide 70 million euros ($82 millions) in compensation for next year. The EU anticipates that its carbon border tax will generate revenue of 2.1 billion euro by 2030. The EU is phasing in its carbon border tax next year, and aluminium and steel producers will lose their free carbon permits. The EU carbon market will have to charge more for permits, forcing European companies to pay more to compete on foreign markets. Commission: Compensations will be based on the reduction in CO2 allowances. The Commission has not yet finalized the design for the scheme. It will present it later this year along with measures that are intended to stop foreign companies from avoiding the EU border carbon tax. Hoekstra stated, "We want absolutely to ensure that this system will not be manipulated or abused by actors outside the European Union."
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NDTV Profit reports that India's Nykaa shareholder will sell a stake worth $150 Million.
Harindarpal Singh Banga, a Hong Kong-based investor, and his family plan to sell a stake in Nykaa worth $12.84 billion (US$149.93m) through a group deal, reported news portal NDTV profit on Wednesday. According to the report, people familiar with the situation said that the sale would likely take place at a discount of 4% from Nykaa's market price. Nykaa shares closed at 211.59 Rupees, a 2.2% increase. The company didn't immediately respond to an inquiry for comment. Exchange data revealed that Banga owned 4.97% of Nykaa as of March 2025. He invested in Nykaa prior to its public listing. In August of last year he sold 40.9 million shares in a large deal to reduce his stake. According to LSEG, the Indian market saw secondary market sales of $5.5 billion by large shareholders in listed companies last month. Reliance Industries sold a stake in Asian Paints for $1.5 billion and British American Tobacco sold a stake in ITC for $1.5 billion. ($1 = 85.6242 Indian Rupees) (Reporting and editing by Janane Vekatraman; Reporting by Manvi Pan)
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HIGHLIGHTS-Tennis-Wimbledon day three
Highlights from the third day of Wimbledon Tennis Championships on Wednesday. 1145 PLAY UNDER THE WAY Rain caused a delay of one and a half hours at the All England Club. READ MORE PREVIEW: British Wimbledon hopefuls Raducanu & Tarvet will face a tough task Sinner is ice cold as Gauff joins Pegula, Zverev and bonfire of seeds Wimbledon's AI judge receives mixed reviews from fans and players Djokovic passes Muller Test to Reach Wimbledon Second Round Gauff's out-of-sorts performance in the first round of Wimbledon is a disaster Zverev seeks therapy following shock Wimbledon first-round exit Kvitova says goodbye to the place where she was transformed from a "nobody" to a "someone". No Draper drama as British hope races past injured Baez in Wimbledon opener Zheng, the Olympic champion, is still trying to figure out how to play on grass courts Swiatek defeats Wimbledon debutant in round two Rain delays the 1045 START even further Rain will delay the start of play on all outdoor courts until 1115 GMT. Start 1000 Rain Delays Rain has delayed the start of Wimbledon's third day by 45 minutes, to 1045 GMT. After two days in which the conditions were very hot and sunny, the temperature will be around 19 degrees Celsius. WIMBLEDON ORDER OF PLAY ON WEDNESDAY (prefix number denotes seeding) The play begins at 1230 GMT. 1-Aryna Sabalenka (Belarus) v Marie Bouzkova (Czech Republic) Oliver Tarvet (Britain) v 2-Carlos Alcaraz (Spain) Emma Raducanu (Britain) v Marketa Vondrousova (Czech Republic) COURT NUMBER 1 (play starts at 1200 GMT). Cameron Norrie (Britain) v 12-Frances Tiafoe (France) Katie Boulter (Britain) v Solana Sierra (Argentina) 5-Taylor Fritz (U.S.) v Gabriel Diallo (Canada) COURT NO. TWO (play starts at 1000 GMT Olga Danilovic (Serbia) v 6-Madison Keys (U.S.) Nuno Borges v Billy Harris Naomi Osaka (Japan) v Katerina Siniakova (Czech Republic) Arthur Fery (Britain) v Luciano Darderi (Italy)
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Engie buys DNO's Norwegian gas production for four years
The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi. Sval's purchase quadrupled DNO’s North Sea production, which now stands at about 80,000 barrels equivalent of oil per day. About half of this is natural gas. Engie didn't immediately respond to our request for comment. DNO has not disclosed the exact volume of its four-year contract to Engie. However, DNO and Sval Energi produced 1,82 bcm from the Norwegian continental Shelf last year. DNO has entered a financing agreement with an unnamed U.S. Bank for up to 500 million dollars. This money will be used for Sval Energi’s debts as well as for general corporate purposes. In a press release, DNO Executive Chairman Bijan Mossavar Rahmani stated that "we have received strong interest from buyers to prepurchase the enlarged North Sea Production". (Reporting from Nerijus Adomiaitis and America Hernandez, Paris; editing by Barbara Lewis.)
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The yuan strengthens as tariff uncertainty is offset
The price of copper rose on Wednesday, as the weaker dollar and stronger yuan in China, a major metals consumer, offset concerns about trade tensions around the world. By 1025 GMT, the price of three-month copper at the London Metal Exchange had risen by 0.2% to $9,951 per metric tonne. On Tuesday, the metal used in construction and power, which is valued at $10,000, tested the psychological threshold for the first three months, as positive manufacturing data from China, the top consumer, improved sentiment. Analyst Carsten Menke of Julius Baer said that this spike was due to a persistent premium in U.S. Copper Futures amid expectations that Section 232 tariffs would be imposed on imports to the United States in the future, assuming the investigation will conclude imports threaten U.S. National Security. This has led to a spike in U.S. imports of copper this year. The metal is now scarcer outside the U.S. The LME copper contract with a shorter maturity is trading at a higher premium than those with a longer maturity. Goldman Sachs stated in a report that they expect China's demand for refined Copper to increase by 6% between 2025 and 2050. They also see upside risks for their August LME copper prediction of $10,050 due to the competition for copper from China and America. Julius Baer is worried about the future demand for copper due to the pre-buying by U.S. importers. The U.S. Dollar was near its lowest level since February 2022 as traders weighed the impact of President Donald Trump’s spending bill and the looming deadlines for trade tariffs. The yuan is nearing an eight-month-high against the dollar, amid hopes of a easing in U.S. China trade tensions. LME aluminium dropped 0.2% to $2.593.50 per ton. Zinc rose 0.4% at $2.725.50. Lead increased 0.4% at $2.046.50. Tin fell by 0.6%, to $33,430, and nickel rose by 0.1%, to $15,220. (Reporting and editing by David Evans; Polina Devitt)
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Allianz: Heatwaves could reduce GDP in Europe by 0.5 percentage points
A report by Allianz Research found that recent heatwaves in Europe could slow the economic growth of Europe by half a point by 2025. The report compared a day where temperatures exceeded 32 degrees Celsius with half a days worth of strikes. In Europe, the GDP loss ranges from 0.1 percent points in Germany to 1.4 percent points in Spain, where summer temperatures are approximately ten degrees warmer. Climate change increases the frequency and intensity for heatwaves, wildfires and droughts. This has far-reaching effects on the economy. Allianz Research reported that the global heatwaves have reduced GDP by 0.6 percentage points in this year. The Allianz Research report stated that China, Spain and Italy could all see GDP declines of almost one percentage point each due to current heatwaves. Meanwhile, the U.S. might face a drop of around 0.6 percentile points and France by up to a quarter of a percentage point. Heat stress is also a factor that reduces productivity. According to the International Labour Organization, heat stress worldwide will decrease total working hours by 2,2% by 2030. Allianz Research says that heat-related productivity losses can be reduced by taking structural measures in cities to adapt to the climate and adapting workplaces.
Gaza Aid Foundation chief resigns after further Israeli airstrikes killing dozens
A day before the foundation was to start operations in Gaza, the head of an American-backed foundation abruptly resigned on Sunday. An Israeli airstrike had killed dozens sheltering inside a school.
Jake Wood, the Gaza Humanitarian Foundation's executive director for the last two months, announced his resignation because the foundation could not adhere to "the humanitarian principles of impartiality, neutrality and independence".
His departure highlights the confusion around the foundation. It was boycotted both by the United Nations, and the aid groups that supplied aid to Gaza prior to Israel's total blockade of the enclave.
The groups claim that the new system undermines the principle of neutral oversight. Israel, which floated an identical plan earlier this summer, has said it will not distribute aid, but that it has endorsed the plan, and would provide it with security.
Under increasing international pressure, Israeli authorities last week allowed a trickle aid into the Palestinian Enclave. However, the few hundred trucks only carried a fraction of the food required by the 2 million people at risk of starvation after almost three months of blockade.
Gaza Humanitarian Foundation will begin delivering aid to Palestinians on Monday. It plans to reach one million Palestinians before the end of this week.
In a press release, it stated that "We intend to scale up (rapidly) to serve the entire population in the coming weeks."
The Switzerland-registered foundation has been heavily criticised by the United Nations, whose officials have said the private company's aid distribution plans are insufficient for reaching the more than two million Gazans.
According to officials, the new operation will be based on four distribution centres located in southern Gaza. These centres will screen families and determine whether they are affiliated with Hamas militants.
Many details about the operation are still unclear. It was also not clear if aid groups who refused to work with the foundation could still send trucks.
Hamas has condemned the new system. It said it would "replace peace with chaos, implement a policy of starvation for Palestinian civilians and use food during wartime".
Israel claims the system is designed to separate aid from Hamas. It accuses Hamas of stealing food and using it to control the population. Hamas rejects this charge, saying it protects aid convoys against gangs armed with weapons.
CONTINUED Airstrikes
Israel continues to strike the densely-populated Gaza Strip. According to local health officials, at least 45 people were killed on Monday.
An airstrike in Gaza City killed 30 Palestinians including women and kids who were displaced during the 20-month conflict and seeking refuge in a Gaza City School. Social media images shared by many showed what looked like badly burned bodies being removed from the rubble.
Israel's army confirmed that the school was targeted. The building was used by Hamas militants and Islamic Jihad to plan and organize attacks, according to the report.
The statement said that numerous measures were taken to reduce the risk of harming civillians.
The military failed to provide any evidence that the school had been used by militants. Eyal Zamir, the chief of staff at the Israeli army, said that Hamas lost many assets in recent weeks including its command-and-control infrastructure.
At least 15 more people were killed in a second strike on a home in Jabalia near Gaza City. The death toll for Monday now stands at 45.
The Israeli military claimed that it had struck a Hamas command centre in Gaza overnight Sunday, targeting an facility used to "plan terrorist attacks against Israeli citizens and IDF soldiers" and to "gather intelligence".
It claimed to have hit over 200 targets including weapon storage, anti-tank and sniper positions, and tunnels.
Israel intensified military operations in the enclave early in May. It said it was seeking to eliminate Hamas’ military and governing abilities and bring back any remaining hostages that were taken in Hamas’ cross-border attack on October 20, 2023.
In the coastal area and around Khan Younis, the population has been squeezed into a small zone.
Gaza has been devastated by the Israeli campaign that was launched after Hamas militants led by Islamists attacked Israeli communities in October 2023 and killed about 1,200 people. Nearly all Gazans have fled their homes.
According to the health authorities, more than 53,000 Palestinians have been killed in Gaza's offensive, including many civilians. Reporting by Nidal al Mughrabi, writing by Yomna Aehab; editing by Tom Hogue and Lincoln Feast; Mark Heinrich.
(source: Reuters)