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Genuine Parts is under pressure to reduce costs and supply chain due to Middle East conflict
Genuine Parts, a distributor of auto?parts in the Middle East, said that it expects to face near-term cost pressures due to the?concurrent conflict. However, after reporting a lower first-quarter result they reiterated their annual adjusted profit forecast. Genuine Parts CEO Will Stengel stated on a call after earnings that "the war impacts the flow of goods across the global distribution chain, adding inflationary costs to certain products and logistics, and adding additional uncertainty for customers." However, the company still expects to continue seeing a steady demand for maintenance from its industrial segment. Costs have increased across many industries due to rising labor costs, higher energy and raw material prices, and sustained pressures on?freight? and?logistics?. Genuine Parts has reported a lower profit for the first quarter. Net income dropped to $189 millions, or 1.37 cents per share. This was down from $194million, or 1.40 cents per share a year ago. LSEG data shows that quarterly revenue increased 6.8%, to $6.26 Billion, exceeding analysts'?average estimate, which was $6.17 Billion. The company reaffirmed its adjusted annual profit forecast of $7.50 to 8 per share. The morning trading of shares in the Atlanta-based company rose by?over 3 percent. Higher gasoline prices have also led some consumers to look at electric vehicles or fuel-efficient cars. Genuine Parts announced in February that it would split into two separate companies, separating its automotive and industrial businesses, after months of pressure by activist investor Elliott Investment Management.
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Gains in FOREX-US dollars on optimism about Iran and retail sales
On Tuesday, the U.S. Dollar?edged up on optimism about?the?U.S. The war with Iran will end in a ceasefire, and retail sales data from March showed a strong U.S. economic. The U.S. Military said Tuesday that it had seized in international waters a tanker associated with Iran, its latest apparent attempt to enforce a ban, as time was running out for a ceasefire and the possibility of further peace talks is still in doubt. Traders are confident that a deal will be struck with U.S. vice president JD Vance, who is expected to arrive in Islamabad tomorrow to discuss the end of the "war". Adam Button is the chief currency analyst for?investingLive. Dollar also temporarily bounced back after U.S. Retail Sales increased more than expected for March, as the war with Iran led to higher gasoline prices and a record increase in receipts from service stations. Meanwhile, tax refunds fueled spending in other areas. Button said that the data from the U.S. tells a consistent tale of a decent increase. The war has obscured this fact, and it should have been a U.S. Dollar tailwind. I find it difficult to believe we will return to two price cuts in the coming year. Fed Fund Futures traders currently only price in 36% of the odds that one 25-basis-point cut will occur this year. Traders will also be watching Kevin Warsh's testimony before the U.S. Senate for clues as to how he.would guide monetary policies if he were appointed Federal Reserve chair. According to prepared remarks that were released on Monday, Warsh, Donald Trump's nominee for the U.S. Central Bank, will say to lawmakers that he is "committed" to ensuring the conduct of monetary policies remains independent. Some traders and analysts believe that Warsh will be more dovish in his new role than his previous comments suggest. The dollar index, which measures greenbacks against a basket of currencies, including the yen, and euro, rose 0.1% to 98.17. Meanwhile, the euro fell 0.16% to $1.1768. The dollar gained 0.19% against the Japanese yen to 159.09.
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Rosatom talks to Turkish firms about stakes in Akkuyu Nuclear Plant
After the Iran War, Rosatom, the Russian state-owned nuclear corporation, has begun talks with Turkish companies about joint ownership of Turkey's first nuclear plant. The 4.8-gigawatt Akkuyu nuclear power plant in Turkey, which costs?more? than $20 billion, is funded by Russia. Rosatom, the sole owner of the project, can invite a partner to share up to 49%. Alexey Likhachev, Rosatom's chief executive officer, said: "We have begun substantive discussions with several Turkish companies about the parameters for participation in the capital." He added that there is a lot of interest from Turkish companies to participate in the capital share of this project. Rosatom has not been able to find a coinvestor for Akkuyu. A Turkish consortium which had agreed to participate in the project collapsed in 2018. No new candidates emerged. Likhachev stated that talks about Turkish investors buying a stake in Akkuyu had 'intensified due to the Iran War, which exposed the fragility the global energy balance. Likhachev stated that "the events in the Persian Gulf and the Strait of Hormuz force countries back to the necessity of having powerful, reliable electricity sources under their own ownership and on their territory." In 2010, Moscow and Ankara signed a deal to build a nuclear plant using four Russian VVER-1200 power reactors. However, the project was plagued by delays?and bureaucratic obstacles. Rosatom started construction in 2018. The original planned commissioning date of 2023 has been repeatedly pushed back to the end 2026. The project was under increased pressure after Moscow began a?military operation in Ukraine 2022. Although Rosatom wasn't targeted by Western sanctions but there are still risks regarding payments and other issues. Ankara says it is assisting in the efforts to unlock $2 billion of payments that have been'stuck' in a bank account with JPMorgan. Likhachev stated that all issues related to Akkuyu had been resolved. (Reporting and writing by Anastasia Lyrchikova and Anna Peverieri; editing by Guy Faulconbridge, Alexander Smith and Alexander Smith).
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Retail sales in the US are boosted by a record surge in gasoline receipts in March
Retail sales in the U.S. increased more than expected during March, as the war against Iran led to higher gasoline prices. This led to record receipts in service stations and tax refunds boosted spending in other areas. The report released by the Commerce Department Tuesday confirmed that economists expected economic growth to pick up in the first three months of the year - after 'nearly stagnating' in the last quarter of 2025. The U.S.-Israeli war against Iran casts a shadow on the economy. James McCann is a senior economist at Edward Jones. He said that the households are resilient and may rely on their tax refunds or broader savings in order to continue spending despite the recent price pressure. Census Bureau of the Commerce Department reported that retail sales rose 1.7% in March, which is the highest increase since March 2025. This follows a 0.7% rise in February that was upwardly reviewed. The economists surveyed by predicted retail sales, which are mainly goods and not adjusted for inflation, would increase 1.4% following a 0.6% gain in February. Estimates varied from a 2.0% increase to a 0.4% rise. In March, sales increased 4.0% compared to the same month last year. After the government shutdown last year, the Census Bureau is now releasing data on retail sales monthly. Next month, the retail sales report will be published on time. Data from the U.S. Energy Information Administration shows that retail gasoline prices rose 24.1% in march, a jump of more than 30 percent due to the Middle East conflict. Last week, the government announced that the Consumer Price Index rose 0.9% for the month of March. The main reason was gasoline. The Federal Reserve's interest rate policy was influenced by the strong retail sales and the data on inflation. The dollar rose against a basket of currencies, and U.S. Treasury yields largely increased. U.S. stock markets opened higher. Consumers feeling pain at the pump The government began tracking gasoline station sales in 1992. In February, service station receipts had only risen by 1.3%. Tax cuts and refunds could be affected if the pain at gas pumps is too great. Stanford Institute for Economic Policy Research economists estimated that the war-driven spikes in gasoline prices have increased Americans' annual average gas costs by $857. Internal Revenue Service statistics showed that the average tax refund through March 27, 2025 was $351 higher than it was in 2025. Treasury Department estimates that the average tax refund will be $1,000 more than in 2024. The tailwind of a record-breaking refund season is set to fade, and households will be forced to reduce their discretionary spending, as energy prices remain high, said Nancy VandenHouten, the lead U.S. economics at Oxford Economics. In April, consumer sentiment hit a new low. Tax refunds provide some cushion for now and allow consumers to continue spending. In March, auto dealership sales rose by 0.5%. This was likely due to incentives offered by manufacturers. Furniture store receipts increased by 2.2% while those at electronics and appliance stores rose 0.9%. Sales at stores selling building materials and garden equipment increased by 0.7%. Non-store retailers saw their sales increase by 1.0%. Also, receipts increased at general merchandise stores, health and personal care shops and food and beverage retailers. Consumers are cutting back on discretionary expenditure. The only service component of the report - sales at eating and drinking establishments - increased by 0.1% after rising 0.5% in Feb. Economists consider dining out to be a major indicator of household finances. The sales at sporting goods, book, hobby and musical instrument stores, as well as the receipts in clothing retailers, remained unchanged. Retail sales, excluding automobiles and gasoline, building materials, food services, and other items, increased by 0.7% in march, after a 0.6% increase in February, which was revised upwards. The core retail sales are the most closely related to the consumer spending component of gross domestic product. They were reported as having risen 0.5% in February. Before the report, economists thought that consumer spending growth had slowed from the fourth-quarter's annualized 1.9% rate. The Atlanta Federal Reserve’s GDPNow model tracks a growth rate of 1.3% for the quarter January-March. The fourth quarter saw an economic growth of 0.5%. Next week, the government will release an advance estimate of first-quarter GDP.
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Sources say that Mercuria sold aluminium below the Fastmarkets assessment in Europe
Three sources with knowledge of the matter said that Mercuria sold aluminum in Europe at a price below what was assessed by the price reporting agency Fastmarkets. This suggests the global benchmark may not always reflect the prices buyers are willing to pay. The price of European aluminium has risen following the Iran War, which disrupted Middle East supplies. Fastmarkets is used widely by both producers and consumers for large-volume trades of aluminium, which is used in construction, packaging, and transport. A source said that Mercuria had failed to get bids when it attempted to sell aluminium earlier this month at the Fastmarkets premium. The Swiss trader sold aluminium later at a discount between $10 and $15 per metric ton compared to the assessed price. FAST-MOVING?MARKET Buyers on the physical market pay the London Metal Exchange plus the European duty paid premium assessed by Fastmarkets. This premium reflects?transport, tax, and handling costs. Fastmarkets data indicates that the premium reached a four-year peak at $587.50 per metric ton early in April. This is up 56% from the end of February after U.S., Israeli and Iranian airstrikes against Iran and Tehran’s response. Mercuria declined comment. Fastmarkets stated that it was not uncommon for individual transactions to occur above or below the assessed level in fast-moving markets. "A single transaction, or a bilateral deal influenced by factors like?timing or volume, brand or logistics, counterparty relations or balance sheet considerations does not invalidate a benchmark constructed using multiple data points or perspectives." Sources in the industry said that market backwardation, or higher prices for nearer delivery dates than later ones, was encouraging traders and producers to sell aluminium as storage costs and financing costs were eroding margins. The LME cash contract spread and the three-month forward are closely monitored. The price of aluminium, which reached a 15-year high near $80 per ton in the first half of this month. The fear of severe shortages resulting from Middle Eastern supply disruptions has pushed up physical?premiums. About?7million tons of aluminum smelting is produced in the Middle East, which accounts for?roughly 10% of global supply. Trade Data Monitor reports that Europe imported 1.2 million tonnes of primary and alloyed aluminum from Egypt and the Middle East last year. This represents 20% of Europe's total imports. Reporting by Pratima Dasai. (Editing by Veronica Brown, Mark Potter and Mark Potter.
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UK accelerates clean-energy to protect from fossil fuel price shocks
The government announced that Britain would launch a 'package of measures' on Tuesday in order to increase the use of renewable energy and to reduce its reliance on fossil fuels, whose prices have risen due to the conflict with Iran. The government will also announce measures to address the link between the gas and electricity price, which is a feature of energy markets that has been blamed for Britain's high electricity prices. The British Labour government says it views the energy transition in a positive light, as it will help fuel economic growth. It is also under pressure to keep its election promise to reduce household energy costs. The era of fossil fuel security is over According to excerpts of his speech, released by his ministry, "As we face the second fossil-fuel shock in less than 5 years, the lesson is clear for our country: the era 'of fossil fuel security has passed, and the age of clean energy is upon us." As the regulator's "price cap" enters a new quarter of pricing from July to Septembre, domestic energy prices will swell. This is due to the surge in wholesale gas costs which are 30% higher now than they were before the Iran conflict started. The government plans to announce plans for boosting renewable energy generation, such as solar panels or wind turbines, on public land. It said that this could release up to 10 gigawatts (or enough electricity to power 5 million homes). The aim is to simplify the rules for renewable energy projects to connect to the grid, and explore ways that companies can build their own grid connections. The program will also make it easier to install solar panels, electric vehicle chargers and heat pumps in homes. DECOUPLING ELECTRICITY PRICES OFF GAS The government has said that Miliband and Finance Minister Rachel Reeves are planning to announce measures to "delink" electricity prices from gas prices. Every 30 minutes, the wholesale price is determined by the last energy source that was used to meet demand. Even if wind and solar?provide 99%, if gas-fired plant is needed to make up?the?last 1% then gas sets price for all buyers and sellers. The country's largest source of electricity is gas-fired power stations. Because they can respond quickly to the demand for electricity, the plants set the price the majority of the time.
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Texas Environmental Network plans to protest SpaceX analyst meeting
Environmental activists will protest outside SpaceX Starbase launch 'facilities' on Tuesday, ahead of the highly-anticipated IPO 'of Elon Musk’s company. They'll be pressuring public pension funds to reject the deal because they're worried about safety and pollution issues. The South Texas Environmental Justice Network has announced that its members will protest Tuesday outside the main entrance of SpaceX as it begins three days tours and meetings with Wall Street analysts. Bekah Hinojosa, co-founder of Network, has urged investors to boycott the IPO. She also lobbied against the purchase of shares by the New York City Comptroller Mark Levine for the pension plans in the city. Hinojosa said that her apartment in Brownsville, Texas was shaken by the company's rocket launches from Starbase in Boca Chica. Hinojosa also expressed concern that the fires caused by the rockets might ignite the landscape of South Texas. Hinojosa, in an interview on Monday, said: "It's not great to feel that we're being bombarded by Elon Musk." She also said that she had multiple conversations about SpaceX with Levine's Office. A representative of the comptroller's office declined to comment. SpaceX has not responded to comments immediately. Hinojosa’s concerns highlight a dilemma that potential investors face in what could be history’s largest IPO. Shareholders in Democrat-leaning states, and especially pension fund managers, are often proponents of conservation. They have also spent years trying to convince Musk that he needs more supervision at the helms of Tesla and his social media platform?X. Now, some of those same funds could back Musk's upcoming venture by 'buying into the IPO directly or if the company is included in indexes which guide their investment. SpaceX launched its Starship spacecraft from Starbase starting in 2019. It has also become the company's manufacturing center for the Super Heavy Booster rocket and Starship spacecraft. A 2023 explosion at the launch site caused a fire and a cloud of pulverized cement to be sent over a nearby?small village. Since then, the company upgraded its launch pad by installing a water cooling system. However, it was concerned about the permit. (Reporting and editing by Dawn Kopecki, David Gregorio and Ross Kerber)
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Steel Dynamics' quarterly profit increases on the back of higher steel prices and robust demand
Steel Dynamics' profit for the first quarter rose Monday. This was largely due to higher steel prices, which were a result of tighter supplies caused by mill?outages. Imports also fell to multi-year lows. In aftermarket trading, the?company shares rose by 1.2%. U.S. imports of steel remained at multiyear lows amid trade tariffs and domestic actions. Manufacturing onshoring, regionalized supply chains and continued to support the demand. The energy sector was the primary driver of steel demand in the first quarter, followed by non-residential building, automotive, and other industrial markets. The company reported a first-quarter revenue of $5.20 billion. This compares to $4.37 billion from a year ago. According to LSEG data, analysts on average?expected $5.10 billion in revenue for the quarter. Steelmaker also benefitted from lower scrap prices. Scrap is an important feedstock for their electric-arc furnace mills. Mark Millett, CEO of Mark Millett Corporation, said: "We are?confident that the market conditions will be in place to ensure domestic steel and aluminium consumption is strong until 2026 and for years following." Millett stated that two of its three cold mills planned by the company are already ramping up operations, and the third will be completed in the 'third quarter of 2026. The company, which is based in Fort Wayne, Indiana, reported a $2.78 profit per share, up from $1.44 per share a year ago. (Reporting by Megavarshini G. Somasundaram in Bengaluru; Editing by Vijay Kishore)
Gold falls on strong dollar ahead of tentative US Iran talks
Investors remain cautious, as they 'look to tentative U.S.Iran talks as well as a upcoming Senate confirmation hearing of Kevin Warsh as Federal Reserve Chairman nominee.
At 9:33 am EDT (1333 GMT), spot gold was down by 0.9% at $4,776.49. U.S. Gold Futures for June Delivery fell by 0.7% to $4795.40.
Dollars in other currencies are now paying more for greenback-priced gold.
The weekend's events and mixed rhetoric have made the markets hesitant. This may keep gold in a tight range for the time being and limit 'bulls' until there is certainty, said Zain Vawda. Analyst at MarketPulse.
He said that gold could trade in the range of $4,750 to $4,850. Any move above this would depend on Middle East announcements.
Donald Trump, the U.S. president, sent mixed messages in a?interview with CNBC about talks that are due to resume?in Islamabad. A senior Iranian official confirmed that Tehran is considering attending the talks, despite the fact that the Iranian Foreign Ministry condemned the U.S.'s attack on the Iranian commercial ship Touska at the weekend.
Prices fell as oil producers in the Gulf region were expected to increase their production. Trump, who had said that he was optimistic about a possible deal with Iran, did not wish to extend the ceasefire, which would expire in a few hours.
Oil prices have been rising since the U.S. Israel and the United States launched a war against Iran on 28 February. Gold is often viewed as an inflation hedge. However, when interest rates rise, the demand for this non-yielding investment drops.
The Senate Banking Committee will hold an hearing at 10:00 a.m. (14:00 GMT) to determine whether Warsh is the right person to lead the U.S. Central Bank.
Investors are afraid of higher rates but a 'team member' who is confirmed could boost the gold. Vawda said that the reaction may be muted because the situation is so different than it was before the war.
Silver fell by 1.6%, to $78.64 an ounce. Platinum lost 0.8%, to $2,073.05; palladium rose 1%, to $1,566.75. (Reporting and editing by Alexander Smith, Joe Bavier, and Ishaan arora in Bengaluru)
(source: Reuters)