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MORNING Quote EUROPE-All about them payrolls
A take a look at the day ahead in European and global markets from Stella Qiu Whatever Friday's U.S. payrolls report says, it's going to move things. Such is the power that the August non-farm payrolls data holds over the marketplaces, after Federal Reserve Chair Jerome Powell bluntly mentioned policymakers did not wish to see any even more damaging in the labour market, laying the ground for impending rate cuts. Experts are looking for brand-new jobs to increase by 160,000 and for the joblessness rate to dip to 4.2%. However a recent run of softer partials recommends dangers are to the drawback, sustaining speculation of an outsized half-point rate cut on Sept. 18. As things stand now, futures are indicating a 40% opportunity of a. cut of 50 basis points, and a weak report would likely double. that probability while shoving bond yields dramatically lower. Similarly, an in-line or stronger-than-expected outcome would. likely snuff out the chance for 50bp, slamming bonds, although. 25bp does appear done and cleaned whatever the figure. For equities, there's the wrinkle of a possible economic crisis. A. weak report may make an outsized rate move more likely but. would likewise stoke economic downturn worries, and it's not clear which would. triumph in market sentiment. There is also a lot at stake for the Japanese yen. A weak report might push it through essential resistance at 141.66 per. dollar and to its greatest up until now this year, while strong numbers. would likely eliminate today's 2% rally. Oil is gazing down its worst week in more than a year,. after bullish news on U.S. inventories failed to influence gains. in a market that appears more fixated on economic concerns. Brent. crude might really utilize a strong payrolls report to avert. falling below $70 a barrel. Trade on Friday brought only little moves in Asian shares all. around, although Taiwan exceeded with an increase of 1%. Bonds. kept their gains in the week up until now and the dollar nursed. losses. Nasdaq futures slipped 0.5%, while Europe looks set for a. subdued open with EUROSTOXX 50 futures up 0.1% and FTSE. futures down 0.1%. While payrolls will control the markets' attention,. financiers may also search for hints on the U.S. rates outlook from. two popular Fed authorities, Governor Christopher Waller and New. York Fed President John Williams, who will be speaking later in. the day. In any case, it will likely be a day that seals the fate of. a possible 50 bp cut by the Fed. Key developments that might influence markets on Friday: -- Germany commercial output for July, Germany trade data -- Eurozone revised GDP data for Q2 -- U.S. non farm payrolls for August -- Fed Governor Christopher Waller, Fed New York. President John Williams speak
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Dalian iron ore extends losses; headed for biggest weekly fall in nearly two years
Dalian iron ore futures rates succumbed to the 6th straight session on Friday and were on track for their biggest weekly loss in practically two years, as soft Chinese financial information weighed on need prospects in the top customer's steel market. The most-traded January iron ore contract on China's Dalian Product Exchange (DCE) ended early morning trade 1.9%. lower at 671.5 yuan ($ 94.72) a metric lot. The contract has actually lost 11.24% this week, heading for its. largest weekly fall given that Oct. 28, 2022. The benchmark October iron ore on the Singapore. Exchange was 0.74% lower at $90.35 a lot, since 0335 GMT. Iron ore is amongst the most vulnerable commodities to China. slowdown threats as the property market makes up the bulk of. steel demand, which may continue deteriorating, ING experts. stated in a note. Rates of new homes in China rose at a slower rate in. August, as the crisis-hit property sector struggles to discover its. bottom. The purchasing supervisors' index for China's steel industry. declined for the third successive month in August, the authorities. index compiler CFLP Steel Logistics Expert Committee. ( CSLPC) said on Saturday. In August, domestic steel demand damaged further, steel. production decreased, steel mills' stocks mounted even more, and. basic materials prices remained low, the CSLPC stated. Iron ore's downturn comes as the China Iron & & Steel Association. encouraged mills versus the impulse to restart production and. increase output too quickly, regardless of estimating a particular degree of. recovery in steel demand through September and October, ANZ. analysts said. We expect iron ore costs to fall even more this year amidst. suppressed need and sufficient supply, the ING analysts said. Other steelmaking components on the DCE lost ground, with. coking coal and coke down 2.71% and 2.98%,. respectively. Steel criteria on the Shanghai Futures Exchange were. weaker. Hot-rolled coil shed nearly 2.8%, rebar. fell 2.67%, wire rod and stainless steel. both decreased about 0.5%.
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Pope Francis departs Indonesia for Papua New Guinea, stop two of 12-day trip
Pope Francis left Indonesia on Friday early morning for Papua New Guinea, where the 87yearold leader of the international Catholic Church will continue an enthusiastic 12day trip across Southeast Asia and Oceania. The Garuda Indonesia aircraft bring the pope and his entourage left Jakarta's airport for the flight to Port Moresby, the Papua New Guinean capital, where he will remain for the next 3 nights. While in PNG Francis will make an excursion to the northwestern town of Vanimo, before departing the nation on Monday. He is then arranged to visit East Timor and Singapore before returning to Rome on Sept. 13. In Indonesia, the world's most populous Muslim-majority nation, Francis advised political leaders to defend against religious extremism. The pope likewise checked out Istiqlal Mosque, Southeast Asia's. biggest, and signed a joint statement with the national grand. imam. The declaration required decisive action by Catholics. and Muslims to urge international leaders to challenge the dangers of. climate change. The warming world is expected to remain a focus for the. pope's go to in Papua New Guinea, where politicians have. blamed climate change for a wave of natural catastrophes,. including a landslide in March that eliminated at least 2,000. people. The pope has stressed the significance of ecological concerns. throughout his 11-year papacy. Francis will take part in a short ceremony on arrival in. Port Moresby late Friday afternoon, and then head to the Vatican. embassy for the evening. His very first public event in the country. will be an address to political leaders on Saturday morning. With Friday's flight, the pope will have travelled about. 16,000 km
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OEG Renewables’ New CTV Secures First Charter at German Offshore Wind Farm
OEG Renewables, a division of OEG Energy Group, has secured a five-year charter for its multi-purpose Crew Transfer Vessel (CTV) Furioso to support offshore wind farms in Germany.OEG Renewables has completed the construction and sea trials for the CTV Furioso, which will soon embark on a five-year charter, supporting operations and maintenance (O&M) activities on offshore wind farms in Germany.Furioso, which was designed and built in the UK, is the first Brevity Class CTV to enter the market. It was designed by naval architects Chartwell Marine and built and commissioned by OEG Renewables.Tailored to the specific needs of the offshore wind industry, it can accommodate up to 32 personnel in flexible configurations for enhanced comfort during extended offshore stays.OEG Renewables currently owns and operates a modern fleet of 15 multi-purpose CTV offshore vessels that operate in the UK, Europe and Taiwan supporting offshore wind construction and O&M activities.“We are delighted to be adding this highly versatile first of the new Brevity class vessel to the OEG Renewables fleet. Our modern fleet expands OEG Renewables capabilities, integrating with the group’s other service lines to provide an unrivaled suite of services and products to meet our clients’ objectives,” said Mike James, General Manager (Fleet) at OEG Renewables.
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Jack-Up Platform Enables All-Weather Nacelle Maintenance
KNUD E HANSEN has designed a “Jack-up on Jack-up” vessel concept for offshore wind farm maintenance.The four-legged jack-up vessel features a 15m wide working platform that can be jacked-up to the height of a nacelle to provide a safe platform for maintenance work on the blades eliminating the need for rope access.With a telescopic weather cover fitted on the platform, work on the blades can be done in practically all weather conditions, day or night, resulting in more working hours annually than with conventional maintenance vessels.A large, air-conditioned workshop is located at the aft end of the work platform, and when the weather cover is deployed, a virtual factory hall is created around the blade, allowing all types of work to be performed on the blade, minimizing the need to remove the blades and transport them to shore for repair.Additionally, there is the possibility of inserting an X-Y motion compensating system between the work platform and the platform carriers so the “factory hall” can remain geostationary.A “cherry picker” mounted on a hammer head at the platform’s opposite end provides the access to the nacelle.The main crane is fitted on the elevating structure, allowing for the use of a conventional pedestal-mounted crane with a boom that is approximately 30% shorter than that of a conventional wind turbine maintenance vessel, which should be able to reach the same height, providing a much better view of the blades and the nacelle from the crane driver’s cabin.Measuring 154m in length and 64.4 m in breadth, the vessel is designed for all kinds of maintenance work on wind turbines up to 20MW, including replacement and handling of nacelles weighing as much as 1,000t at a hub height of 175m, and managing blades up to 130m long. This can be done while it is jacked up in 80m water depth.Two crew access vessels are arranged in davits on the aft deck, and with a retractable boat landing that can reach the water when the vessel is jacked up, the vessel can work as a mother vessel for CTVs working in the area.
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Gold holds below 1-week high ahead of United States tasks data, heads for weekly gain
Gold held below a oneweek high on Friday and was on track for a weekly gain, as market individuals focussed on U.S. tasks data that might form the size of an expected rate cut this month. Spot gold was bit changed at $2,516.00 per ounce as of 0221 GMT, after striking a one-week high of $2,523.29 in the previous session. Bullion has actually climbed 0.5% for the week and 22% for the year up until now. U.S. gold futures edged 0.1% greater to $2,545.70. Bullion generally carries out better in a low-interest-rate environment and is considered as a safe property during durations of uncertainty. Bets for a 50-basis-point rate cut by the Federal Reserve on Sept. 18 have increased to 41% from 34% a week earlier, according to CME Group's FedWatch tool. The U.S. nonfarm payrolls (NFP) information due at 1230 GMT might provide additional clearness. Gold prices are most likely to edge greater if the upcoming NFP report shows signs of labour market weakness, though the marketplace could experience bouts of volatility, stated Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm. Rates appear poised to test new highs, potentially reaching the $2,680--$ 2,700 range this year, she said, adding that geo-political stress, weak point in the dollar, consistent central bank purchasing and uncertainty surrounding the U.S. elections had underpinned the outlook for gold. Data on Thursday revealed that U.S. personal companies worked with the least number of workers in 3-1/2 years in August, while the number of Americans submitting brand-new applications for unemployed benefits declined recently. In Other Places, Perth Mint's gold item sales edged higher last month, while silver sales slid more than 30% on a month-to-month basis. Among other metals, area silver fell 0.2% to $28.75. per ounce, while platinum acquired 0.4% to $928.23. Palladium fell 0.1% to $940.11 and was headed for a. weekly loss.
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Base metals drop as caution over demand outlook persists
A lot of nonferrous metals dropped on Friday, weighed down by caution surrounding the upcoming U.S. elections and potential financial policies that could affect demand for products. Three-month copper on the London Metal Exchange (LME). was down 0.1% at $9,081 per metric ton, since 0138 GMT,. and the most-traded October copper contract on the Shanghai. Futures Exchange (SHFE) increased 0.7% to 72,420 yuan. ($ 10,218.13) a lot. LME copper is poised for a second straight weekly fall, down. 1.5% so far, and SHFE copper is likewise on track for a weekly. decline. Experts at Citi projection prices of copper in the next 3. months at $9,500 a lot, aluminium at $2,500 and zinc at $2,800,. including that the danger of higher or new trade tariffs from a. possible Donald Trump presidency might deter a demand rebound. We reiterate our cautious outlook for the base metals. complex up until after the U.S. election when we anticipate more. clarity on U.S. and China policies and manufacturing belief. as Fed rate cuts development, the analysts stated in a note. It will take some time for investors to assess information that can. convince them to meaningfully reconstruct positions in metals as a. international development rebound proxy, they said. Still, continued tightness in the copper concentrate market. supplied some support to metal rates. The lack of mined. copper will continue into 2025, Chile's state-run copper. commission Cochilco stated in a study. LME nickel fell 0.4% to $16,010 a lot, zinc. declined 0.7% to $2,781, lead alleviated 0.4% to $1,988 and. tin decreased 0.6% to $30,595, while aluminium. was flat at $2,378.50. SHFE aluminium fell 0.5% to 19,250 yuan a heap,. nickel declined 1% to 123,750 yuan, zinc. dropped 2.4% to 22,615 yuan, lead lost 1.5% to 16,835. yuan, and tin was nearly flat at 248,920 yuan. For the top stories in metals and other news, click. or
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Japan's Seven & i declines Couche-Tard's $38.5 bln takeover deal
Japanese retail huge 7 && . i Holdings said on Friday it had actually rejected Canada's. Alimentation CoucheTard's $38.5 billion cash quote,. declining a deal that would be the largestever foreign buyout. of a Japanese business. 7-Eleven operator Seven & & i said the takeover proposition was. not in the very best interest of shareholders and was likely to face. significant antitrust obstacles in the U.S., where the integrated. company would be the corner store industry's greatest by a. substantial margin. Seven & & i, which stated last month it had actually received a deal. from Circle-K owner Couche-Tard without naming the rate,. revealed the quote was at $14.86 a share and said it was open to. seriously consider any proposals. However it would withstand any proposal that denies our. shareholders of the company's intrinsic value that fails to. particularly address very real regulatory issues, 7 & & i. stated in a letter dealt with to Couche-Tard. We do not think, for numerous critical factors, that the. proposal you have advanced provides a basis for us to engage. in substantive discussions regarding a potential deal,. said the letter sent from Stephen Dacus, the chair of the Seven. & & i unique committee of independent directors that was formed. to consider the offer. Couche-Tard did not immediately respond to an ask for. remark from Reuters. Its incoming CEO Alex Miller stated on a. post-earnings call on Thursday that Couche-Tard was confident in. its ability to finance and finish the offer. Seven & & i shares were trading about 0.3% greater at 2,157 yen. ($ 15.06) on Friday morning, above the worth of the $14.86 per. share proposal. The stock traded at 1,761 yen ($ 12.29) before. Couche-Tard's technique was announced on Aug. 19. Couche-Tard shares have fallen about 8% considering that its proposal. to 7 & & i was revealed. The Japanese business said if Couche-Tard was to increase the. worth of the deal extremely considerably it would still be. concerned over whether a takeover would have the ability to progress. Your proposal does not properly acknowledge the multiple. and substantial challenges such a deal would deal with from. U.S. competitors law enforcement agencies in the present. regulative environment and supplies no certainty to closing,. Dacus said in the letter. Travis Lundy, an independent analyst who publishes on. Smartkarma, stated there still appeared to be space for Couche-Tard. to enhance its proposition. It was an opening salvo, he said. Everyone understands it. wasn't their last and best offer and wasn't going to be fully. expanded. While 7 & & i is much bigger than Couche-Tard in regards to. sales, stores, and staff members, its shares have actually underperformed for. years, drawing grievances from financiers including ValueAct. Capital about the company's management and property structure. GLOBAL REACH Despite the rejection, Couche-Tard's quote is the most recent. example of the growing interest in Japanese companies by Western. investors, who have actually been drawn by the country's push for much better. governance. A 7 & & i takeover would eclipse the existing largest-ever. foreign buyout in Japan which was the $18 billion purchase in. 2018 of Toshiba's memory chip service by a consortium led by. private equity firm Bain. The deal, if agreed, would permit Couche-Tard, which has actually a. market value of about $52 billion, to boost its worldwide reach and. improve economies of scale. Yet it would likely attract regulatory examination in. the U.S., analysts said, where grocery chain Kroger's. proposed $25 billion merger with smaller sized competing Albertsons. announced in 2022 was halted recently due to an. antitrust lawsuit. 7-Eleven is the biggest U.S. corner store operator with. a 14.5% share of the marketplace in 2023 and Couche-Tard's brand names had. a 4.6% share, according to analytics and consulting company. GlobalData. Jefferies said in a note on Thursday that the combined. business might require divestitures of stores in the U.S., mainly. in the West, Midwest and Central areas.
Australia's Paladin Energy to purchase Canada's Fission Uranium for $833 mln
Australian miner Paladin Energy stated on Monday it had participated in a contract to buy Canada's Fission Uranium Corp for an implied equity worth of C$ 1.14 billion ($ 833.03 million).
The offer comes at a time when rates for uranium, used to fuel the majority of the world's nuclear reactors providing 16% of the international energy, has actually increased significantly in 2015 due to rising need and limited supply.
Under the offer, Fission shareholders will get 0.1076 shares of Paladin for every single Fission share held, the company stated, including the offer suggests a worth of C$ 1.30 per share for the Canadian miner, a 25.8% premium to its closing cost of C$ 1.03 on Friday.
Paladin has requested listing its stock on the Toronto Stock Exchange (TSX), where Fission investors will own 24%. Paladin shares, the company said.
Fission's board has suggested investors' vote in favour. of the deal, Paladin added.
This plan substantially de-risks the mine-building. funding at Patterson Lake South jobs (PLS), with the cash. flow generation at Langer Heinrich and a strong balance sheet. producing an opportunity to substantially fund the advancement of. PLS, Fission President and CEO Ross McElroy said.
(source: Reuters)