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Gold drops to a new low after Middle East conflict fuels inflation fears
Gold prices dropped to a "more than one-week" low on Thursday. This was due to fears that the inflationary fallout of the Middle East conflict would keep interest rates high for longer. As of 3:05 pm EDT (1905 GMT), spot gold was down by 0.9% to $4,697.06 an ounce after reaching its lowest level since the 13th April. Bullion dropped more than 1% earlier in the morning to as low at $4,663.69 an ounce. U.S. Gold Futures for June Delivery?settled 0.6 % lower at $4,724. Tai Wong, an independent metals trader, said: "The U.S. playing Battleship with Iran is rekindling concerns that the ceasefire could be violated at any time, leading to a sharp rise in crude oil that's pulling down other assets, including gold." "Gold nearing $4,900 on Friday last week seems like a distant past as the metals rally faded." Iran showed off its tightened grip on the Strait of Hormuz by releasing a video of commandos storming an enormous cargo ship. This was after the failure of the peace talks which Washington had hoped to open up the world's busiest shipping route. Brent oil traded above $100 per barrel on Thursday, thanks to the Iran war. Inflation is likely to increase if energy prices continue to rise. Gold is often seen as a hedge against inflation, but higher interest rates can make it less attractive. According to a poll of economists, the U.S. Federal Reserve will probably wait at least six more months before reducing interest rates in this year. The dollar's rise has further weighed on gold. It is now more expensive to buy greenback-priced gold for holders of other currencies. Meanwhile, benchmark 10-year U.S. Treasury Yields have risen over a week high, increasing the cost of non-yielding metals. More Americans than expected filed claims for unemployment benefits in the last week. Spot silver dropped 2.7% to $75.55 an ounce. Platinum lost 3.2% at $2,008.22. Both had hit their lowest levels in more than a week earlier. Palladium fell 5% to $1,465.23. (Reporting and editing by Joe Bavier and Nia Williams in Bengaluru, and Ishaan Mukherjee from Bengaluru)
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Group says global refined copper market will swing into surplus in 2026
Due to slower growth in demand and increased secondary production the 'global refined market' is expected to shift to a surplus 96,000 metric tonnes?in 2026. This will reverse a previously forecast deficit?of?150,000?tons. The organization predicted a surplus in 2027 of 377,000 metric tonnes, but warned that geopolitical factors, such as the 'war in the Middle East' and changes in trade flow could impact market balances. The global refined copper consumption is expected to increase by only 1.6% by 2026 (down from an earlier estimate of 2.0%) and by just 2% by 2027. ICSG stated that the Chinese demand is expected to grow by 1.9% in 2026. Other regions are also expecting growth of 1.3%. The European Union, Japan and other regions will remain subdued while Asia continues to be a driving force for global growth. The global refined copper production will increase by 0.4% by 2026 due to a limited concentration?availability. This is offset by an increased secondary output. In 2027, the production of concentrates is expected to improve and new capacity added. The copper mine production is expected to 'grow by 1.6% % in 2026. This has been revised down from a previous estimate of 2.3%. This is due to slower growth rates in the Democratic Republic of Congo (DRC),?Chile and Indonesia as well as constraints in Grasberg and Kamoa after problems in 2025. The mine output is expected to increase by 2.3% by 2027. This will be supported?by a new capacity ramp up,?improved production?in Chile and Zambia and?higher operating rates?in Indonesia and the DRC. Anmol Choubey in Bengaluru and Anushree mukherjee, editing by Paul Simao.
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PPC Greece plans to raise 4 billion euros in capital by 2030.
The Public Power Corporation of Greece (PPC) announced on Thursday that it will?invest a total of 24 billion euros ($4.68 billion), as part of its plan to double the installed capacity. The Greek government will directly or indirectly participate in the offer to maintain its 33.4% share in PPC. PPC is the country's largest power utility. The company stated that the equity raise would fund approximately 15% of PPC's 24 Billion Euro investment plan until 2030, and also help to keep net debt within target leverage levels. PPC stated that the offering would be without pre-emption right, but existing shareholders will receive priority through an allocation system aimed at limiting dilution. The?transaction will launch and close in late May, pending shareholder approval on 14 May. Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE acted as 'joint global coordinators and bookrunners in relation only to the international offering. The utility plans to nearly double its installed capacity by 2030 to 24.3 gigawatts, primarily by investing in renewable energy, flexible production?and storage. Dividends will also be increased to 1.40 euro per share before the end of this decade.
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Gold reduces losses earlier on possible Lebanon-Israel cessefire extension
Gold prices fell on Thursday, as a result of news that a possible ceasefire between Israel and Lebanon could be extended. As of 11:52 am EDT (1552 GMT), spot gold was down by 0.3%, at $4,722.02 an ounce. It had fallen 1% earlier that day, to as low as $ 4,683.84 an ounce. U.S. Gold futures for delivery in June fell by 0.2% to $4738.50. "What provided a?bid were signs of a possible breakthrough in the Lebanon ceasefire this morning. "But that coincided with the release of economic data," said Daniel Ghali. Commodity strategist at TD Securities. On Thursday, the U.S. will host a second round of talks between Lebanese envoys and Israelis. Beirut is seeking a ceasefire extension, after Israel had killed five people, including a reporter, in airstrikes. Ghali stated that "certainly yields and data are playing a role but all asset values, including gold are moving in line with headlines." After reaching a record high of over a week earlier, the benchmark 10-year U.S. Treasury Yields have lost most of their gains. This has reduced the opportunity cost for holding non-yielding gold. Last week, more Americans than expected filed for unemployment benefits. Initial claims for unemployment benefit rose by 6,000, to seasonally adjusted 214,000 in the week ending April 18. This is up from 210,000. Brent traded above $100 per barrel on Thursday, as the peace talks between 'the U.S.A. and Iran' stalled. Trade restrictions through the Strait of Hormuz also continued. Gold is seen as a hedge against inflation and, as it's viewed as a non-yielding investment, this can lead to higher interest rates. Since the beginning of the U.S. and Israeli war against Iran on February 28, the price of gold has dropped by more than 11%. Spot silver dropped 2.3%, to $75.91 an ounce. Platinum fell 2.7%, to $2,018.10. Both had hit new lows in the previous week. Palladium fell 4.1% to $1,482.41, having touched a two-week low. (Reporting and editing by Joe Bavier, Nia Williams and Ishaan arora in Bengaluru)
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Carney says that Trump did not mention Canada paying an entry fee ahead of USMCA negotiations.
Mark Carney, the Prime Minister of Canada, said that Donald Trump had not discussed the idea of Canada paying an "entry fee" before a scheduled re-examination?of?the United States Mexico Canada trade agreement can begin. The three countries are expected to complete their work by the 1st of July, but tensions between the U.S. and Canada over tariffs imposed by Trump on 'key imports' from Canada last summer have complicated this schedule. The United States already has outlined the concessions that it expects 'Canada' to make, a move some commentators and domestic media say is similar to requiring an entry fee for the review. "I have no idea where this talk about an entry fee came from. Carney told reporters that the language was not from him, nor had he ever used it. "We are not here to take notes or follow instructions from the United States. We're prepared to enter into detailed negotiations." "We're ready to wait if it's necessary," he said, adding that he is still confident about progress. Officials from Canada say that there is little likelihood of the review being completed by the deadline on July 1. They also stress the need to 'address all the outstanding issues with the United States simultaneously, instead of piecemeal. Dominic LeBlanc said to the Globe and Mail that "we're not going to make a series?of concessions... to get to a table and then have a statement on a US website (and) receive a second list of things they're going want," on Tuesday. Reporting by David Ljunggren, Promit Mukherjee and Bill Berkrot
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Gold slams possible extension of the Lebanon-Israel ceasefire
After a U.S. Weekly Jobless Claims Data and a reversal of gains in Treasury yields, gold edged down?on Friday, erasing?the majority of the day's losses. As of 1312 GMT spot gold was down by 0.3% to $4,723.61 an ounce. It had fallen 1% earlier, reaching as low as $4683.84 an ounce. U.S. Gold Futures for June Delivery fell?0.2% at $4,741.50. "What drove bid were signs of a possible breakthrough in the Lebanon ceasefire this morning. "But that coincided with the release of economic data," said Daniel Ghali. Commodity strategist at TD Securities. On Thursday, the U.S. will host a second round of talks between Lebanese envoys and Israelis. Beirut is seeking an extension to the ceasefire after Israel's airstrikes killed at least five people, including a reporter. Ghali stated that "certainly yields and data play a role but all asset values, including gold are moving in line with headlines." After reaching a record high of over a week earlier, the benchmark 10-year U.S. Treasury Yields have lost most of their gains. This has reduced the opportunity cost for holding non-yielding gold. More Americans than expected filed for unemployment benefits last week. Initial claims for unemployment benefit rose by 6,000, to seasonally adjusted 214,000 in the week ending April 18, up from 210,000. Brent oil traded above $100 per barrel on Thursday, as the U.S.-Iran peace talks stalled. Trade restrictions through the Strait of Hormuz also continued. High energy prices are likely to increase inflation and, therefore, interest rates. Gold is considered an inflation hedge but higher interest rates reduce its appeal. Spot silver dropped 2.3% to 75.89 per ounce while platinum fell 2% to 2,032.77. Both had hit a more than one week low earlier. Palladium fell 2.2% to $1,511.17 after hitting a two-week low. (Reporting by Ishaan Arora in Bengaluru; Editing by Joe Bavier)
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Austria claims that OMV now complies with the rules regarding the reduction of petrol prices
Austrian oil company OMV brought itself into compliance with the new rules for lowering 'petrol prices, after initially not implementing 'them fully. National energy regulator E-Control announced on Thursday. The Economy Ministry, which oversees the energy policy, has asked E-Control for a review. Last week, OMV, a partially state-owned company, said it was in compliance with the rules despite reducing wholesale diesel prices by less than the required five euro cents per litre. The coalition government has enacted these rules in response to a surge in oil prices caused by the Iran War. The rules require that any increase in fuel taxes resulting from a rise in value added tax be returned to consumers through a lower fuel tax. They also cap retailer margins including OMV's. In a statement released by the regulator, Economy Minister Wolfgang Hattmannsdorfer said: "It's now crystal clear that the entire 5 cents of the margin reduction has to be passed on. E-Control made this absolutely?clear." "After intensive discussions with OMV, these 5 cents were passed on?continuously and fully in the last few days. "I am happy with this clarification, and our joint approach," he said. OMV stated that it had reached a "common agreement" with E-Control regarding the implementation of rules, and was now in compliance with them. OMV stated that "this newly established clarity?makes it possible for all participants in the market to implement applicable requirements consistently."
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IMK: Germany's recession risk increases as Iran war raises energy prices
A study from the IMK Institute, seen by?, shows that Germany's risk of slipping into a?recession is now much higher due to?the Iran war. The IMK institute released a study on Thursday that showed the risk of Germany slipping into?recession has increased sharply due to?the Iran war. The Institute for 'Macroeconomics' and Economic Research (IMK), which compiles the monthly business cycle indicators, showed a 33.5% chance of a?recession in the second quarter. This is up from 11.6% when the IMK started collecting the data at the beginning of March. For the first time since October, the indicator has shifted from "yellow green" - which indicates moderate growth - to "yellow red", reflecting increased?economic uncertainties. On Wednesday, Germany's Economy?Ministry cut its growth projections for 2026-2027 and increased its inflation forecasts. IMK stated that the worsening of the outlook was due to deteriorating financial markets and sentiment indicators. These include higher corporate credit risks premiums, increased volatility on the stock market, and changes in interest rates, which suggest investors expect a 'rate tightening' by the European Central Bank. IMK reported that the?business climate of German companies and their export expectations has also deteriorated partly due to the?hit the Iran war is having on the global?economy. Thomas Theobald, a researcher at the IMK, said that U.S. Israeli attacks against?Iran have increased the likelihood of production decreases, particularly in Germany's high-energy industries. (Reporting and writing by Klaus Lauer; Editing by Madeline Chambers).
US FTC settles case against anesthesia company
According to court documents filed Thursday, the U.S. Federal Trade Commission has settled a case it brought against a private-equity portfolio company that they claim was used to 'buy up anesthesiology practices and raise prices in Texas.
Why it's Important The FTC filed a lawsuit against U.S. Anesthesia Partners under the Biden Administration. This was a major antitrust move to combat private equity rollups or purchases of many small businesses, which allegedly reduce competition in an industry. Private equity firms will closely examine the terms of the settlement which has not yet been made public.
CONTEXT Under President Donald Trump, the FTC has prioritized healthcare. At the same time, it has stressed that it is prepared to settle on terms it deems 'adequate' to eliminate any problems. The FTC sued the private equity firm Welsh, Carson, Anderson & Stowe, who created USAP, but it settled after winning a bid against the claims.
BY THE NUMBERS According to the FTC, this rollup involved more than 12 anesthesiology clinics, 1,000 doctors and 750 nursing staff.
THE RESPONSE
The FTC stated that the settlement was?currently confidential 'to facilitate the USAP negotiations USAP must engage in.' However, the FTC also said that the deal "would restore a competitive market structure" and would be "consistent with longstanding FTC Settlement Best Practices." The FTC said that if USAP does not fully implement the settlement, it will resume its case.
USAP Chairman Scott Holliday stated in a press release that "it was vital to resolve this issue now in order for USAP to remain laser-focused in providing high-quality services." (Reporting from Jody Godoy, New York; editing by Rod Nickel and Paul Simao.)
(source: Reuters)