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FT reports that Italy and Pirelli are exploring new ways to stop Chinese involvement in tyremaker.
The?Italian?government and Pirelli, the?tiremaker, are looking at new ways to stop Sinochem from investing in the?company based in Milan. This is due to pressure coming from?the United States. The Financial Times reported Tuesday that the United States was exerting pressure on Pirelli. Camfina, Pirelli's Italian-American investor, had complained earlier that Sinochem was preventing the tyremaker from expanding in the U.S. as Washington tightens restrictions on Chinese technology for the automotive industry. According to LSEG 'data, Sinochem is Pirelli’s?largest shareholder with a stake in the company of approximately 34.1%. Rome is considering a new intervention, as Washington's upcoming ban on Chinese-backed software and hardware that interacts with U.S. vehicles comes into effect in March. The FT report could not be verified immediately. Pirelli refused to comment. Sinochem and Italian government officials did not respond to requests for comment. Sinochem and the Italian government did not respond to requests for comment. Reports indicate that U.S. officials have pressed Italy in recent months to reduce Sinochem's power, while Pirelli made several proposals to Sinochem, including a stake-sale, but Sinochem didn't immediately respond. According to a report in the FT, Sinochem?last week appointed BNP Paribas?as advisers?to investigate sale options. Last year, sources close to the matter said that Sinochem would consider bids for its Pirelli share if they came with a premium. (Reporting by Bipasha Dey in Bengaluru; Editing by Harikrishnan Nair)
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Gold reaches a new high in a week on Fed rate-cut betting and Venezuela turmoil
Gold prices rose?on Tuesday, reaching a new high. The Federal Reserve's dovish remarks?boosted bets for interest rate reductions and Venezuelan tensions increased demand for safe-haven assets. As of 0722 GMT spot gold was up 0.4% to $4,463.63 an ounce after climbing nearly 3% the previous session. Bullion reached a record-high of $4,549.71 in December and recorded its best annual performance since 1979 with a 64% jump last year. U.S. Gold Futures for February Delivery? rose 0.5% to $4473.90. "The comments by Fed officials certainly didn't harm but it doesn’t seem like the calculus has changed that much." "We have a busy week ahead with the release of Friday's jobs report," said Ilya Spivak. On Monday, Neel Kashkari, president of the Minneapolis Fed, said that inflation was "slowly" easing. However, there was the risk that the unemployment rate would "pop", increasing the likelihood of rate cuts. Investors expect two rate cuts at least this year. They will be looking for monetary policy clues in the Friday nonfarm payrolls report. On Monday, the former Venezuelan president Nicolas Maduro denied narcotics-related charges. The arrest of Maduro by Donald Trump rattled leaders around the world and caused officials in Caracas to scramble to regroup. Spivak stated that "the capture of Maduro demonstrated this rupture between the U.S., China and (the ongoing trend) de-globalisation." In a low interest rate environment, and in times of geopolitical uncertainty or economic instability, non-yielding investments tend to perform well. Silver spot?gained 2.8 percent to $78.64 an ounce after reaching an all-time high of $83.62 per ounce on December 29. Silver's annual gains in 2025 were 147% higher than gold. This was the best year ever for silver. After reaching an all-time record of $2,478.50 on Monday, spot platinum rose 2% to $2,315.69. It rose by more than 5% in the morning session, reaching a new high. Palladium was 2.2% higher, at $1.745.68 an ounce. Reporting by Ishaan arora, Editing by Sherry j. Phillips and Subhranshu Sahu
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Holcim acquires French precast concrete maker Alkern
Holcim announced on Tuesday that it has completed the purchase of French precast cement maker Alkern. This is the latest acquisition for the Swiss based building materials manufacturer. Alkern employs 1,000 workers and has over 50 production sites in France, Belgium and the Netherlands. Its net sales are expected to be around 250 million euros (about $293 million) by 2025. Holcim did not disclose the price of the acquisition. Holcim stated that the acquisition would increase earnings from the first year. Holcim aims to generate half its sales from building solutions in 2030. In the first nine months of 2025, this figure was 37%. Holcim is interested in expanding into this market because it provides an additional growth channel for its traditional cement business. It also allows more cross-selling and differentiating its products from its competitors. Alkern, a privately-held company, produces precast concrete products like pipes, curbs, and paving stones that are used in infrastructure projects, industries, and buildings. Dragan Maksimovic is Holcim’s regional head for Western Europe. He said that Alkern’s precast concrete offerings in France as well as its walling, flooring and water management system are complementary to Holcim’s portfolio.
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Gold reaches a new high in a week on Fed rate-cut betting and Venezuela turmoil
Gold prices rose again?on Tuesday, reaching a new high. The dovish remarks?of?Federal Reserve officials increased interest rate-cutting bets while Venezuelan tensions also boosted safe-haven demand. As of 0534 GMT spot gold was up 0.5% to $4,469.96 an ounce after a nearly 3% rise in the previous session. Bullion reached a record-high of $4,549.71 in December and recorded its best performance since 1979 with a 64% jump last year. U.S. Gold Futures for February Delivery rose by?0.7%, to $4481.30. The Fed's comments certainly did not hurt, but the calculation doesn't seem to have changed that much. "We have a busy week ahead with the release of Friday's jobs report," said Ilya Spivak, Tastylive's head of global macro. Neel Kahkari, Minneapolis Fed president, said on Monday that inflation was slowly easing but the risk was the unemployment rate could "pop", increasing the likelihood of rate cuts. Investors expect two rate cuts at least this year. They will be looking for monetary policy clues in the Friday nonfarm payrolls report. On Monday, the former Venezuelan president Nicolas Maduro denied narcotics-related charges. The capture of Maduro by Donald Trump rattled leaders around the world and caused officials in Caracas to scramble for regrouping. Spivak stated that "the capture of 'Maduro' illustrated this rupture between U.S.A. and China, and (the continuing trend of) deglobalisation more broadly." In a low interest rate environment, and in times of geopolitical uncertainty or economic instability, non-yielding investments tend to perform well. Silver spot?gained 3% to $79.18 an ounce after reaching an all-time peak of $83.62 on December 29. Silver's annual gains in 2025 were 147% higher than gold. This was the best year ever for silver. After reaching an all-time record of $2,478.50 on Monday, spot platinum rose 2.8% to $2,334.25/ounce. It rose by more than 5% in the morning session, reaching a new high. Palladium was 1.9% higher, at $1.739.25 an ounce. (Reporting and editing by Sherry Phillips, Subhranshu Sahu and Ishaan arora)
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MORNING BID - EUROPE - Stocks calm down, continue record run
Kevin Buckland gives us a look at what the future holds for European and global markets. The global stock market's march to higher peaks shows no sign of slowing down. Tokyo, Taipei, and Seoul were among the markets that soared to new peaks on Tuesday. This was after the Dow made the same move overnight on Wall Street. Once trading begins, the FTSE 600, DAX 100 and STOXX will likely extend their record-breaking runs. The political turmoil in Venezuela has not slowed the market. Investors have been grabbing oil and defense shares with a risk-free attitude. Crude oil traders are still unsure of what all this means. The $1 per barrel gains made on Monday are not sustained. The U.S. has a continuing oil embargo against Venezuela, and the country is running out of storage. Reports indicate that President Trump is scheduled to meet with U.S. oil executives in the coming week to discuss increasing Venezuelan crude production. However, analysts believe it will be many years before meaningful increases in capacity are achieved. The currencies have been looking elsewhere, with the possible exception of the oil-linked Canadian Dollar and Norwegian Krone. After today's consumer inflation data from around Europe, the focus will shift to a series of U.S. job?data culminating in Friday's non farm payrolls report. After weaker than expected manufacturing data and a warning by Fed official Neel Kazhkari, the U.S. Dollar made a round trip on Monday. It rose to a four week?high before falling again. All of this serves to show how sensitive the markets are to the outlook on U.S. monetary policies. The following are the key developments that may influence Tuesday's markets: German and French CPI (both Dec). German, French and Italian PMIs, British, US, British, US, December
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Venezuelan oil output weighs the market as it faces a glut of supply
The oil prices dropped on Tuesday as the market anticipated a large global supply in the face of a weak demand and weighed the possibility of a higher Venezuelan crude production following the capture of President Nicolas Maduro by the U.S. Brent crude futures dropped?0.2% or 14 cents to $61.62 a barge by 0450 GMT, while U.S. West Texas Intermediate Crude was at $58.13 a barge, down 0.3%, or 19 cents. Priyanka sachdeva, senior analyst at Phillip Nova, said that the response of oil prices to major geopolitical issues, like the U.S. action in Venezuela or the ongoing strikes against Russian energy infrastructure, was surprisingly muted. This suggests fundamental factors such as demand and supply remained the main concern. From a supply standpoint, the oil complex is still 'full of barrels. She said that according to the most recent data from the International Energy Agency (IEA), and U.S. Energy Information Administration, global crude oil supply continues to 'outpace consumption, pushing inventories up and maintaining downward pressure on prices. In December, market participants polled said that they expect oil prices to be under pressure by 2026 because of the growing supply and weakening demand. The capture of Venezuela's leader by the U.S. on Saturday could exacerbate price pressure, increasing the chances that the U.S. will lift its embargo against Venezuelan oil. This could lead to an increase in production. Maduro, who was charged with narcotics in New York on Monday, pleaded no contest. A person with knowledge of the matter said that Donald Trump's administration plans to meet U.S. Oil executives this week in order to discuss increasing Venezuelan oil production. Ed Meir, Marex analyst, said: "I believe that if Trump's playbook is even partially implemented, Venezuelan crude production will increase. Should it increase, more pressure will be placed on a market which has already been oversupplied." Venezuela, a founding member in the Organization of Petroleum Exporting Countries (OPEC), has the largest oil reserves on earth with 303 billion barrels. Venezuela's oil sector is in decline, largely due to U.S. and under-investment. Last year, its average production was 1.1 million barrels per day. Oil analysts predicted that Venezuelan production could rise to up to 500,000 barrels per day in the next two-year period, if political stability and U.S. investments are made. ANZ Research stated in a report that they believed that a more unstable political environment was the most likely scenario. They also said that a large injection of money would be needed to boost Venezuela's production beyond its current capacity. (Reporting from Anushree Chow and Emily Chow, both in Singapore; editing by Christopher Cushing & Kate Mayberry).
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Asian stocks continue record rally as oil and dollar drift
The Dow Jones Industrial Average reached a new high on Tuesday as oil companies and financials gained. The U.S. oil industry got a boost after the military raid that took place in the U.S. over the weekend, which captured Venezuelan president Nicolas Maduro. Crude oil fell back $1 per barrel after it rose overnight as traders assessed possible impacts on crude oil flows from Venezuela. Venezuela is home to the largest oil reserves in the world. The events have had a limited impact on the risk sentiment. Equities are driven by momentum, while currencies are based on macroeconomic data. The U.S. Dollar was on the defensive Friday ahead of the monthly jobs data. The dollar surged in the previous session to a four week high, only to lose all its gains at the close after a gauge for manufacturing activity fell to a fourteen-month low. Copper reached a new record, and precious metals were not far behind. The Topix Index, MSCI's broadest index of Asia-Pacific stocks, rose 1.6%, reaching a new record high. This was primarily due to the gains in Japanese stocks. Taiwan's Taiex rose 1%, and South Korea's KOSPI grew 0.7%. Both reached all-time records. Hong Kong's Hang Seng index rose by 1.8%, while mainland Chinese blue-chips jumped 1.2%. STOXX 600 futures in Europe were 0.2% higher on Monday after it closed at a record high. U.S. S&P futures rose 0.1% after a 0.6% increase in the cash index overnight. Chevron soared by more than 5%. U.S. President Donald Trump has said that he will put Venezuela under "temporary American Control" and could order another attack if Venezuela does not cooperate with U.S. attempts to open its oil industry and end drug trafficking. He also threatened to take military action in Colombia, Mexico and other countries. Trump will meet with executives of U.S. oil firms later this week to talk about boosting Venezuelan production. This was reported by a source familiar with the issue. In a client letter, Yusuke Matsuo wrote that Venezuela's "relatively smaller economy" has convinced investors the world's economy and financial markets will not be affected directly. However, increasing the country's production of oil "will take years to become a reality," Yusuke Matsuo said. Gold, which is considered a safe haven asset, will also perform well, according to our analysts. Brent crude futures fell 17 cents in the last session to $61.59 per barrel, while U.S. West Texas intermediate crude declined 21 cents to $58.11. After a 2.7% rise on Monday, gold rose by 0.4% to $4,466 an ounce. The gold price is less than $100 away from its previous record high of $4,548.92, which was reached last month. Silver and platinum both jumped 2.6%. Prices of copper in London and Shanghai reached record levels as concerns over supplies increased following a strike by a Chilean mining company. U.S. Comex Copper reached a record high on Monday. The dollar fell 0.1% against the euro to $1.1733 and 0.1% against sterling to $1.3558. It was unchanged at 156.47yen. The dollar index, which measures currency against a basket that includes these three rivals, as well as three other?major counterparts, fell 0.2% to 98.238. The dollar index had reached a high of 98.861 for the first day since December 10 The closely followed U.S. employment report due Friday will play a key role in determining the expectations regarding monetary policy. Neel Kahkari, the Minneapolis Fed president, warned in an interview with CNBC on Monday that the unemployment rate could "pop up" higher. LSEG futures calculations showed that traders expect two Federal Reserve rate cuts in 2018. (Reporting and editing by Christopher Cushing; Kevin Buckland)
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GRAINS-Wheat Futures Posts Modest Gain on US Plains Dryness and Global Supply Weighs
Chicago wheat futures edged up on Tuesday, as a combination of dry conditions in the U.S. Plains region and increasing tensions in Black Sea export regions supported prices that were under pressure due to global?supplies. By 0415 GMT, the most active?wheat contracts on CBOT (Wv1) had risen 0.05% to $5.12-3/4 per bushel. Corn (Cv1) rose 0.17% to $5.12-3/4 a Bushel and soybeans (Sv1) gained 0.28 % to $10.65. Wheat, soybeans, and corn all extended gains in the second session of trading following traders' return from their?year-end holiday and assessment of crop weather. Last Friday, soybeans, wheat and corn reached their lowest levels since late October. Corn also hit a 2-week low. Josh Lawrence, IKON Commodities' advisory consultant, said that "Pockets" of dryness were present in the U.S. The?ample supply from major exporting nations limited the gains." The Black Sea export corridor was also closely monitored by traders. Ukraine officials reported that on Monday, Russia attacked a U.S. agricultural company Bunge's enterprise in Dnipro and launched five missile attacks against Kharkiv. The strikes damaged energy infrastructure. UGA, the traders' union, reported on Monday that exports in Ukraine of key agricultural products fell from 3.58 to 3.28 millions metric tons between November and December, due mainly to lower shipments of soybeans and wheat. The weekly U.S. demand for exports was mixed. U.S. Department of Agriculture reported net?U.S. The U.S. Department of Agriculture said net?U.S. On January 12, the agency will release key crop data, including U.S. grain stocks and soybean stock as of December 1. Traders reported that commodity funds were net purchasers of CBOT grain and soy products Monday. Reporting by Ella Cao and Daphne Zhang; Editing and proofreading by Rashmia Aich and Harikrishnan Nair
Copper increases as China presents assistance for stock exchange
Copper costs increased on Friday, supported by new procedures to enhance liquidity in the Chinese stock market and expectations that more stimulus tools were coming from the top metals customer after it launched mixed economic information.
Three-month copper on the London Metal Exchange rose 0.7% to $9,583 per metric heap by 1020 GMT. The contract touched the lowest given that Sept. 23 on Thursday and is heading for the third successive week of decline.
China's economy grew at the slowest pace given that early 2023 in the 3rd quarter and its home sector continued to reveal sharp weakness, even though consumption and industrial output figures for September beat projections.
At the same time, China's central bank kicked off 2 funding schemes on Friday that will initially pump as much as 800 billion yuan ($ 112 billion) into the stock exchange and prompted swift adoption of monetary policies to support capital markets, enhancing investor sentiment.
People are a bit puzzled with what is choosing China's. economy due to the fact that there are specific parts of it which are doing. well such as the electronic sector and other parts which are. doing severely, stated Dan Smith, head of research study at Amalgamated. Metal Trading.
The property and the building markets are still weak,. including pressure on copper, utilized in power and building, he. stated.
So, China is basically releasing mini bazookas to stop. things from becoming worse, and it is rather challenging to trade. this, Smith stated.
Industrial metals will struggle to see a long-term move. greater up until the marketplace sees indications of a sustainable recovery and. economic growth in China, said Ewa Manthey, a commodities. expert at ING.
LME aluminium increased 0.8% to $2,572.50 a ton, tin. climbed 1.0% to $31,490, zinc edged up 0.4% to. $ 3,064, lead increased 0.2% to $2,072.50, while nickel. fell 0.4% to $16,925.
(source: Reuters)