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Oil prices rise after US intercepts Venezuelan oil tanker at weekend
The oil prices rose in the early hours of Monday morning after the U.S. intercepted an?oil-tanker from Venezuela over the weekend. Brent crude futures rose by 44 cents (or 0.73%) to $60.91 per barrel at 0141 GMT. West Texas Intermediate (WTI), crude oil, rose by 40 cents or 0.71% to $56.92. Officials told Sunday that the U.S. Coast Guard was also pursuing a tanker near Venezuela in international waters. If successful, this would be the second operation of the weekend, and the third within less than two weeks, if it is successful. Tony Sycamore, IG analyst, said that the rebound in oil prices was sparked by geopolitical events, starting with U.S. president Donald Trump's announcement about a "total" and complete?blockade of sanctioned Venezuelan tankers, and developments in Venezuela. This was followed by reports on a Ukrainian drone attack on a Russian shadow fleet vessel on the Mediterranean Sea. Sycamore said that "the market has lost hope" in the U.S.-brokered Russia/Ukraine talks reaching a lasting deal any time soon. The balance of risk is very close to moving back to the upside for crude oil. This is due to the fact that these developments help to offset the ongoing concerns about oversupply. Brent and WTI fell by about 1% in the last week, after both crude benchmarks had fallen about 4% during the week ending December 8. Steve?Witkoff, the U.S. Special Envoy for Ukraine, said that Sunday's talks between U.S. officials and European officials in Florida to end Russia's conflict in Ukraine focused on aligning positions. He said that the meetings, as well as separate discussions with Russian negotiators, were productive. The top foreign policy adviser to Russian President Vladimir Putin said that Sunday, the changes made by Europe and Ukraine to U.S. plans to end the war in Ukraine do not improve the prospects for peace. (Reporting and editing by Lewis Jackson and Sam Li)
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Asia shares extend Tech rally, yen is under pressure
The Asian stock markets rose Monday, tracking tech-driven gains in Wall Street. Meanwhile, the yen sank to all-time lows versus the euro and Swiss Franc due to higher interest rates domestically not deterring speculative buyers. The week was shortened by holidays for most of the world, but the path that was least resistant was to go higher in anticipation of delayed data which is expected to show that the U.S. economic growth continued strongly in the third-quarter. Median forecasts point to an annualised growth rate of 3.2%. This is due, in part, to a sharp drop in imports following a surge earlier in the year before the introduction of tariffs. Analysts at BofA cautioned that their measure of "investor sentiment" had moved to extreme bullish territory, at 8.5. This is often the prelude to an eventual reversal. In a note, they noted that "readings above 8.0 often preceded pullbacks. Global equities declined?a median 2,7% over the next two months with a 63% success rate." Fund Manager Survey: "Most bullish sentiment for 3-1/2 years driven by expectations of tariff and tax reductions." S&P futures rose?0.2% and Nasdaq Futures gained 0.3%. Japan's Nikkei rose 1.5% on Friday, continuing the bounce that began last Friday. A steep drop in the yen is expected to boost corporate export earnings for Japanese companies. The Bank of Japan increased rates to the highest level in 30 years, which was 0.75%. This put heavy pressure on government bonds. The minutes of the BOJ's meeting are due Wednesday. On Christmas Day, the head of Japan's central bank will speak to a Japanese Business Lobby. On Interception Watch The yen reached a new record low against the euro, at 184.90 and the Swiss franc, at 198.08. Dollar was up at 157.67. Investors were cautious about testing the November high of 157.90, in case it triggered an intervention by?Tokyo. Japan's currency chief has expressed concern over one-way movements and warned against excessive declines. If the dollar breaks 158.00, it will target the 2025 high of 158.88 and then the 2016 high of 161.96. The dollar was stable on a basket currency at 98.725, after gaining 0.3% on Friday. South Korea's stock market jumped by 1.8% due to optimism about AI-related earnings. Analysts at TD Securities reported that equity markets saw their largest weekly inflows ever at $98 billion, with U.S. equity fund leading the way. Chinese equity funds experienced their third-largest weekly inflow since 2025. Emerging markets also saw their biggest inflows in recent months. The fourth consecutive week saw a slowdown in the flow of?to bonds. The yield on Japanese 10-year bonds rose by another 2.5 basis points, reaching the highest level since 1999. Meanwhile, U.S. 10 year yields increased to?4,157%. Silver, the star commodity in commodities again, reached a new record of $67.48 an ounce. This brings gains for the entire year to nearly 134%. Gold rose 0.6% to $4,362 per ounce on the same day. Oil prices rose after the U.S. intercepted and pursued another Venezuelan oil tanker on the weekend. This would be the third operation of this kind in less than two week. Brent crude oil rose 0.7%, to $60.88 per barrel. U.S. crude oil also increased 0.7%, to $56.89 a barrel. (Editing by Stephen Coates).
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China's rare earth magnet exports reached their second highest level ever in November
China's rare-earth exports reached the second highest level ever in November, the first month following the U.S. and China agreement to streamline the exports?of?the elements. Customs data published on Saturday shows that exports reached 6,150 metric tonnes in November. This is up 12% over October, and the highest level since January's record 6,357 tons. China restricted exports of specialised magnets that are used in cars, phones, and weapons in April, during the trade conflict started by U.S. President Donald Trump. This brought parts of the global supply chains to a standstill. Trump?said that he and Xi Jinping, the Chinese leader at a recent summit in South Korea, had agreed to maintain rare earths exports in a deal where he lowered tariffs on Chinese products. China's exports have recovered steadily after a slew of diplomatic agreements culminating in the Trump - Xi summit. This included a special classification meant?to accelerate shipments. China's rare earth magnet exports to America totaled 582 metric tonnes in November. This is down 11% compared to the previous month, but still within the range of the average since July. Exports to Japan, which is embroiled in diplomatic disputes with Beijing, increased by 35%, reaching 305 metric tonnes, the highest amount this year. The exports of rare-earth magnetic materials fell by 2% in the first 11 month of this year to 51.440 tons. Reporting by William Mallard; Editing by William Mallard
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ERG signs long-term supply agreement with Mitsubishi
The Eurasian Resources Group, a mining group, announced on Saturday that it had signed a long-term agreement to supply gallium for Mitsubishi Corporation?RtM Japan Ltd., a subsidiary company of Japanese trading house Mitsubishi?Corp. Kazakhstan, which currently produces no gallium, will become the second largest producer in the world after China when ERG begins production in the third-quarter of 2026. Gallium is a critical mineral for the United States and European Union. It is used to manufacture semiconductors and radar systems for aerospace and defence. In a recent statement, Shukhrat?Ibragimov (CEO and board chairman of ERG) said that gallium was a crucial element. By developing domestic operations, we can?transform strategic resources into competitive products and strengthen Kazakhstan’s position in the market for high technology materials." China announced last month that it had lifted a ban on the export of gallium and antimony to the United States after a meeting between Donald Trump and Xi Jinping. However, the metals are still subject to broader controls, which require shippers to obtain licenses from Beijing. Luxembourg-headquartered ERG will ?be producing 15 metric tons of gallium per year from the bauxite ?ore it processes to produce alumina in Kazakhstan. These two products are part the aluminium production chain. ERG has not disclosed the amount of gallium that it plans to supply Mitsubishi. In June, it said that the product was going to OECD countries. According to the U.S. Geological Survey, global gallium production reached 760 tonnes last year. China produced the majority of this gallium, with only very small amounts coming from Japan and Korea. (Reporting and editing by Rosalba o'Brien; Polina Devlin)
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MiniMed, Medtronic's diabetes division, files for a US IPO
MiniMed Group, part of Medtronic, filed an initial public offering (IPO) in the United States Friday as the medical device manufacturer moves forward with the spin-off?of its diabetes business. As the capital markets slow down for the holidays, corporate issuers prepare for a possible roadshow launch at the beginning of 2026 when the IPO marketplace kicks back into action. On Friday, the New York IPO paperwork was also filed by ARKO Petroleum, a fuel distributor and Aktis Oncology, a drug developer. MiniMed of Northridge, California, founded by Alfred Mann in 1983, has a range of products from glucose monitors to insulin delivery devices. In 2001, Medtronic acquired MiniMed for $3.3 billion. In recent years, the diabetes unit struggled with quality management and cybersecurity concerns related to certain devices but has now returned to growth. Medtronic announced in May that it would spin off its Diabetes unit via an IPO?of less than 20 percent, followed by a split-off. MiniMed reported net losses of $21million on?sales? of $1.48billion in the six-month period ended October 24 compared to a loss of $23million on sales?of $1.30billion a year ago. Goldman Sachs is the leading underwriter for IPO. BofA Securities?, Citigroup?, and Morgan Stanley? are also involved. MiniMed has selected more than 10 underwriters to help with the offering. The company will be listed on Nasdaq, under the symbol MMED. The company intends to use the proceeds of the offering for debt repayment to Medtronic, among other things. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli and Shailesh Kuber)
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US sanctions Maduro's family and associates
As Washington intensifies its pressure against?the Venezuelan President, the United States imposed sanctions Friday on family members and associates. Treasury Secretary Scott Bessent said in a statement that the U.S. Treasury Department had imposed sanctions against seven individuals it believed were linked to Maduro, his wife and other officials. Bessent issued a statement saying, "We won't allow Venezuela to flood our nation with deadly drugs." "Maduro, and his criminal accomplices, threaten the peace and stability of our hemisphere." The Trump Administration will keep targeting the "networks" that support his illegitimate regime." The Venezuelan Information Ministry did not respond immediately to a request for comment. Maduro, his government and the United States have all denied any links with crime. The U.S. is seeking a regime change to gain control of Venezuela's vast reserves of oil. The move comes at a time when U.S. president Donald Trump has increased pressure on Maduro. He is campaigning to remove him and executing an extensive military buildup in southern Caribbean. The Trump?administration carried out strikes on suspected drug vessels, seized a sanctioned tanker off the?coasts of Venezuela and declared a?blockade' of all sanctioned tankers entering or?leaving Venezuela. Trump has said repeatedly that he will soon launch a land attack in Venezuela. Friday's actions?sanctioned the relatives of Carlos Erik Malpica Flores. The?nephew Maduro's spouse who, according to the U.S., was involved in a?corruption plot at the state oil company. Washington sanctioned him last week. On Friday, sanctions were imposed on Maduro, his mother, who also happens to be the sister of Maduro’s wife, as well as his father, sister and wife.
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Rubio is not worried about an escalation of tensions with Russia regarding Venezuela
U.S. Secretary Marco Rubio told reporters on Friday that the United States was not worried about an escalation in Venezuela with Russia, while?President Donald?Trump?s administration is building up military forces throughout the Caribbean. The Trump administration sent thousands of soldiers to the Caribbean, along with an air carrier, warships, and fighter jets. Rubio said to reporters that he was not worried about an escalation between Venezuela and Russia. Rubio said, "We have always expected Russia to give rhetorical support for the Maduro government... but it is not a factor when we look at this whole thing." Foreign Ministry of Russia On Thursday, Moscow expressed its hope that Trump's government would not commit a?fatal mistake? over Venezuela. It also said that it was worried about U.S. actions that threatened international shipping. Venezuela and Russia are close allies, but a Trump strategy document said that the United States would reassert their dominance in the Western Hemisphere. It also argued the U.S. needed to revive the 19th Century. Monroe Doctrine Washington declared the Western Hemisphere as its zone of influence. The Trump administration also conducted strikes against suspected drug vessels in the region. It seized an oil tanker sanctioned off the coasts of Venezuela and declared it a "blockade" All sanctioned oil tanks entering and departing Venezuela. Trump has repeatedly said that he will'soon' launch a land attack in Venezuela. Democrats have claimed that Trump's administration has only provided limited information on the operations in the region. Rubio stated, "Nothing that has occurred requires us to notify Congress, get congressional approval or even cross the threshold of war," Rubio. Reporting by Simon Lewis and Daphne Psaledakis. Idrees A. Ali (Writing, Editing by Deepa B. Babington).
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Sources: Antofagasta and China smelter have agreed to zero copper charges in 2026.
Two sources familiar with the matter confirmed on Friday that Antofagasta, a Chilean miner, has agreed to pay 0 cents and 0 dollars per pound for treatment?and?refining?charges (TC/RCs). After protracted negotiations, the deal was reached. It compares with charges of $21.25 per ton?and 2.125cents per lb?for 2025, agreed in December last year. The agreement matches?a mid-year contract between Antofagasta?and some Chinese smelters?at zero levels. Miners pay smelters?TC/RCs for the copper concentrate they turn into refined metal. A severe shortage of mine supplies?in the past few months sent spot processing fees to negative territory, meaning that smelters had to pay more money for the privilege of processing materials. One source said that talks between Antofagasta, the world's largest copper consumer, and smelters from China have been "tough" and "challenging" this year. Because the negotiations took place in private, the sources refused to identify themselves or to name the smelter who agreed to the deal. Three sources familiar with this matter earlier said that Jiangxi Copper - one of China's largest copper smelters - was due to meet with Antofagasta Friday evening. Last month, the two sides failed to agree on the sidelines of Asia Copper Week in Shanghai when a representative from the China Nonferrous Metals Industry Association objected to "free and negative treatment of copper concentrate." Antofagasta didn't immediately respond to our request for comment. Reporting by Tom Daly and Pratima Dasai; editing by Kevin Liffey, Louise Heavens and Amy Lv
Uphill roadway for Europe's climate plan after EU election
A more rightwardleaning European Parliament will make it more difficult to pass enthusiastic EU environment policies, but most of Europe's current worldleading green policies are likely to sit tight, legislators, authorities and experts stated. Provisional results in the European Parliament election on Sunday night revealed centrist parties holding a majority, however gains for rightwing and farright celebrations sceptical of the EU's. Green Deal bundle of environmental policies, and heavy losses. for Green celebrations.
I don't believe that we'll be rolling back on (environment). policies. However I do think that it will be more complex to get. brand-new policies off the ground, Bas Eickhout, head of the European. Parliament's Greens lawmaker group, informed .
EU climate steps over the next five years will depend upon. the inbound European Commission, which is responsible for. proposing EU laws. But the newly-elected European Parliament. will get a say on every new green policy.
Sunday's election result signals tougher maths to authorize. new EU environment procedures.
All brand-new policies will be more difficult to pass. But backsliding is. extremely not likely, Krzysztof Bolesta, Poland's secretary of state. for environment, told .
It is possible that new ambition will be delayed, primarily. for populistic factors, concurred Julian Popov, who until April. was EU member Bulgaria's environment minister.
That might have effects for an approaching 2040 EU. climate target, needed to guide the EU towards its 2050 net zero. emissions target. The EU Commission has actually suggested the 2040 objective. need to be an ambitious 90% emissions cut, but it requires approval. from both EU nations and the Parliament.
The upcoming European Commission and Parliament will also. face hard choices on whether to present brand-new policies to. push markets towards that 2040 target. That consists of farming, a sector whose emissions have barely. fallen considering that 2005. But after months of demonstrations across Europe by. mad farmers, there is little political hunger to target the. sector with new guidelines, especially if the cost of abiding by. them would drive up food prices for residents already dealing. with the biggest dive in living costs in a generation.
NO BIG U-TURN
While new climate measures might face a tougher ride, a. full-scale turnaround of the lots of EU environment policies passed. in the last 5 years would be lawfully challenging. Those policies - that include renewable energy targets and a. reinforced carbon prices routine on power and market - are. repaired into EU law and already being rolled-out across the bloc's. 27 member states. Many are currently working. EU emissions are down by almost a. third from 1990 levels, and Europe is setting up wind and solar. energy capability at record speed.
Still, the election campaign saw mounting calls from the. right to ditch some Green Offer policies - with a prime target. the EU's 2035 ban on brand-new petrol and diesel vehicles. That policy has. a 2026 evaluation stipulation, on which the Parliament will get a say.
It was an ideological recklessness, which absolutely must be. corrected, Italian Prime Minister Georgia Meloni told online. magazine Open recently. 3 EU diplomats singled out the 2035 cars and truck policy as one that. European Commission President Ursula von der Leyen will face. significant pressure to compromise, consisting of from some lawmakers in. her centre-right European Individuals's Party who desire it ditched. Von der Leyen needs support from a bulk of lawmakers in the. new European Parliament to win a 2nd term.
However broad environment policy rollbacks are not likely, authorities and. analysts said. That's partly because the EU's existing climate. steps add up to deliver its 2030 climate target - to cut net. greenhouse gas emissions 55% from 1990 levels - which nationwide. governments and legislators both approved into EU law.
There might well be changes in private pieces of. legislation, but what will be necessary to enjoy is how this. builds up, stated Mats Engström, senior fellow at the European. Council on Foreign Relations think-tank.
DON'T CALL IT A 'GREEN' DEAL. Contrary to the last EU election in 2019, when millions of young. environment protesters took to Europe's streets, this year's. campaign saw climate modification took over by concerns consisting of. immigration, economic concerns and having a hard time European industries. Fulfilling the EU's 2030 environment target will need financial investments of. 1 trillion euros annually, a jump of around 356 billion each year. compared with 2010-2020, according to the European Financial investment. Bank.
Buying regional industries was a project promise throughout. the political spectrum, as competition hones with the U.S. and China to produce green tech like low-carbon steel and. electrical cars and trucks. Some analysts said this focus would see the EU pass more funds. and policies to support climate-friendly jobs - but with the. focus on helping industry, instead of being green and. clean.
If it's about scaling up manufacturing of green. technologies here in Europe, then that may be performed in the name. of 'commercial competitiveness' and not for the climate, said. Linda Kalcher, Executive Director at think-tank Strategic. Viewpoints.
It may be that we see the rhetoric shifting, but the. action on the ground being the very same, Kalcher stated.
(source: Reuters)