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India's electricity production reaches a two-year high due to intense heat
India's electricity production in April reached 167.61 billion?kilowatt?hours?, the highest level since May 2024?and will continue to rise?as intense heat leads to record highs in demand?, according to an analysis of government data?. El Nino forecasts are expected to lead to hotter, drier weather across Asia. Grid-India data revealed that peak power demand (a measure of maximum electricity requirements at any time) had already reached a record level on April 25. Peak power demand is expected to reach 270 GW during the hottest months in May and June. Grid-India data showed that India's annual power generation increased by 5.3% from April to April. RENEWABLE GENERACY INCREASES IT SHARE OF MIX Data showed that the share of renewable energy generation in India's electricity mix increased to 16.5%. This is the highest level since July 2025. The South Asian nation produced 27,58?billion? kWh of renewable energy in April, an increase of 22.3% over the previous year. Debabrata Ghosh said that a solar-heavy system can meet the absolute peak demand in the daytime. Ghosh said India needs more power storage infrastructure in order to meet peak demand when solar power cannot be produced "at the earliest". According to the India Meteorological Department (IMD), large parts of India experienced temperatures of up to 45 degrees Celsius in April. In March, the government stated that it was confident about meeting the peak of 270 GW. The data shows that coal-fired electricity generation grew 2.6% on an annual basis to 121.34 billion kWh (about 125.34 billion kWh) in April, which is the fastest growth since December. The coal share of the total power generation fell to 72.4% from 74.3% in April, as renewables expanded. The data revealed that hydropower production increased by 11.8%, to 11,46 billion?kWh. Gas-based electricity generation dropped 33% from April of last year due to high fuel prices and supply constraints related to the Middle East crisis. Gas-fired power usage increased during peak demand periods despite this. The gas-fired generation increased to 9.6 GW by the end of April, up from 2 GW at the beginning of the month. This highlights its role as a back-up power source. Sethuraman N.R., Nidhi V.R. and Babrara L. Lewis edited the report.
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Argentina's mining exports will increase by 49% in 2026.
According to Roberto 'Cacciola, a?president of Argentine Chamber of Mining Companies, the mining exports of Argentina are expected to increase by 49% in 2026 and reach $9 billion. Cacciola stated that the estimate is conservative and added that the value could be higher if the current prices continue. Argentina exported mining exports worth $6.056 billion in 2025. This was a 30% increase over the previous year. The Incentive Regime for Large Investments (RIGI) was launched by President Javier Milei. Through this, the country attracted investments from mining giants such as BHP and Rio Tinto. The chamber reported that 13 projects totaling $42 billion have been submitted to RIGI. Seven of these have already been approved for $7.9 'billion. Argentina has moved up from 12th to 7th place in the world's top exploration destinations. Environmentalists and scientists have warned that the reform would undermine protections of water resources and weaken environmental protections. Reporting by Lucila SIGAL; Editing by Aida PELAEZ-FERNANDEZ and Brendan O'Boyle
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Brookfield Nuclear Company forms joint venture to develop nuclear power
On Monday, The Nuclear Company and Brookfield Investments announced that they would form a joint-venture to 'develop nuclear projects using u.s. The Nuclear?Company and Brookfield announced on Monday that they will form a joint venture to?develop nuclear projects utilizing?U.S. They said that the new company would combine Brookfield’s expertise in asset management, energy infrastructure development and "nuclear?project delivery capabilities" with The Nuclear Company. This includes project'management, licensing support, and oversight of the engineering, procurement and?construction for Westinghouse AP1000 or AP300 reactors. Investors and governments are partnering to revive nuclear power as an 'emission-free, stable energy source in the face of rising electricity demands from data centres and electrification. Last year, the U.S. Government signed a partnership agreement with Westinghouse Electric Inc. of Canada that will build nuclear reactors worth at least $80 Billion. Brookfield and The Nuclear Company expect to?move towards definitive agreements within the next few months, subjected to regulatory approvals. As part of the agreement, Brookfield has appointed the new venture to be the project manager of the proposed restart of a partially constructed V.C. Summer Units 2 & 3 in South Carolina. (Reporting and editing by Maju Samuel in Bengaluru, Katha Kalia)
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Gold falls as Iran threatens to support the dollar, keeping inflation fears in mind
Prices of gold fell on Monday, after the?Iran claimed it had hit a 'U.S. Gold?prices fell on Monday after?Iran said it had struck a u.s. By 8:51 am, spot gold had fallen 0.9% to $4,572.40 an ounce. ET (1251 GMT). U.S. Gold futures dropped 1.3% to $4.583.70. Gold prices are down again, due to the Strait of Hormuz issues. "The latest 'news' clearly did not give the market confidence in the future and raised the specter inflation issues along with fairly hawkish interest rate signals," said TD Securities global head of commodity strategies Bart Melek. According to Axios, Iran claimed that it forced a U.S. ship to turn around?from entering Strait of Hormuz. However, a U.S. official has denied the report. After the news, both the U.S. Dollar and oil prices rose. The dollar price of metals increases when the U.S. dollar strengthens. The soaring prices of energy have heightened inflation fears and boosted bets on central banks keeping interest rates high for longer. Barclays has joined the growing list of 'brokerages who bet against any policy easing by the U.S. Federal Reserve in this year. The Fed's most divided decision since 1992, which was made last week, left rates unchanged. This was due to the growing concern about the rising energy prices that are affecting the economy. This week, key data includes the ADP Employment Report and the April Payrolls report. Gold is a hedge against inflation, geopolitical unrest and other risks. However, it loses its appeal when rates are high because the metal offers no return. "I see strong levels of support around $4,200 gold. I think that there will be broader issues in the future which could support gold prices. Melek stated that traders could be pushed to sell positions due to uncertainty and possible rate increases. Silver fell by 1.9% at $73.94, while platinum dropped 0.9% to $1971.05 and palladium lost 2.4% to $1488.28. (Reporting and editing by Shilpa Majumdar in Bengaluru, Ashitha Shivaprasad from Bengaluru)
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Dollar firms as gold falls amid Middle East inflation fears
Gold prices dropped?more that 1% on?Monday in thin trading, pressured by the rising tensions between Iran and the U.S., which increased inflation fears and decreased expectations of rate cuts. A firmer U.S. Dollar also weighed. As of 1140 GMT, spot gold fell 1.3% to $4,553.53 an ounce. U.S. Gold Futures for June Delivery fell 1.7% to $4,654.40. As markets in China and Japan are closed, volumes were low. After Iran's Fars reported that an American warship had been hit with missiles, it was forced to turn back from the Strait of Hormuz. U.S. Central Command, however, said that no U.S. Navy vessels had been hit. Han Tan, chief analyst at Bybit, said that "gold has been rocked by renewed concerns regarding the Middle East conflict. The U.S. Dollar again demonstrates its status as the preferred safe haven." Dollar-priced gold is now more expensive to other currency holders. Tan said that "gold is likely to be sensitive to an ever-changing geopolitical environment, which frames the global inflation forecast." OIL PRICES HAS ALMOST DOUBLED Brent has almost doubled its price since the beginning of the year. As manufacturers pass on costs to consumers, rising fuel prices can lead to inflation. Central banks are often forced to keep interest rates high to combat higher costs. Bullion does not bear interest, unlike Treasury yields. Due to this, gold has fallen by over 13% since World War I began due to the high?costs of holding it at a time of elevated interest rates. Last Wednesday, the Fed held interest rates at their current level. The oil price shock, according to some officials who disagreed with this policy statement, meant that the Fed could no longer be seen as favoring rate cuts and that a future rise in borrowing costs was possible. Silver spot fell by 3.1%, to $73.04 an ounce. Platinum dropped 2.5%, to $1.938.65. Palladium lost 3.5%, to $1.470.75. (Reporting and editing by Barbara Lewis, Bernadettebaum, and Anjana Anil from Bengaluru)
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MORNING BID AMERICAS-Strait talk
Anna Szymanski is the Editor-in Charge of Open Interest. Prices of oil jumped by 5% after Iran claimed it had stopped a U.S. ship from entering the Strait of Hormuz. The U.S., however, denied Iranian claims that it was hit by missiles. This came after President Donald Trump announced that the U.S. was going to begin helping ships stuck in the Strait of Hormuz. The yen briefly rose?against?the dollar, as traders waited for more buying by Japan's Ministry of Finance following a suspected intervention last Thursday. Below, I'll go into more detail. Listen to the Morning Bid podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. STRAIT TALK Prior to the reports of the U.S. Warship being turned away from the Strait of Hormuz, on Monday President Trump described a plan for releasing stranded ships in the strait on Sunday as a "humanitarian gesture". The mechanics of the plan were left vague by Trump, but U.S. Central Command provided a sense for its size, stating that it would include 15,000 military personnel, and more than 100 aircraft, both land- and sea-based. Brent traded at $112/bbl, and WTI was around $106/bbl. Iran warned earlier that foreign forces crossing the Strait would be attacked. Iranian state media reported on Sunday that Washington had sent a reply, via Pakistan to Tehran's 14 point proposal to end the conflict - a proposal that Trump stated he would likely reject. As a result of the lack of progress in a 'peace deal', with the main sticking point being timing of the nuclear talks, the Gulf is likely to remain in a state of stalemate. The yen jumped again abruptly?on monday, reaching 155.7 per dollar before reversing course. This fuels speculation about another round of Japanese purchases after last week's apparent interventions, where the authorities may have spent up to $35 billion in order to support the flagging currency. Asia's stocks were up on Monday. South Korea's KOSPI, a tech-heavy index, surged almost 5%. SK Hynix's shares rose more than 12% as a result of the rising AI capital expenditures by U.S. technology firms. Japan's markets will be closed for Golden Week until Wednesday. After the opening, European shares dipped slightly. Automakers were under pressure following President Trump's Friday announcement that he will raise auto tariffs again. This is another crucial week for macro-data and earnings. Friday, the U.S. Non-farm Payrolls Report will be released. Median forecasts predict a growth of 60,000 jobs, which is well below March's 178,000. Despite the Fed's recent hawkish stance, the report is unlikely going to bring back hopes of rate cuts in 2019. This week, tech giants AMD, Super Micro Computer, and Palantir are due to report their?earnings. Spirit Airlines, a budget airline in the United States, ceased operation over the weekend when it failed to get creditor support for an American government bailout plan. This airline collapse, following a double-digit increase in fuel prices during the Iran War, is one of the last options for low-income Americans to travel by air. It could be considered the first corporate victim of the Iran War. Oil tanker traffic in the Strait of Hormuz is down dramatically since the beginning of the war. Several ships have passed through the Strait of Hormuz in recent weeks and days, but average flows are still well below normal. Watch today's events * U.S. manufacturers' March new orders (10 am?EDT). John Williams, New York Fed's John Williams. Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed here are the author's. These opinions do not represent the views of News. News is committed to the Trust Principles and therefore, integrity, independence, freedom from bias, and impartiality.
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China uses anti-sanctions laws to counter US blacklisting refiners
China has, for the very first time, invoked a law that targets?companies? that comply with foreign sanction it rejects. This is a response to the U.S. listing of oil refineries who bought Iranian crude. The Ministry of Commerce issued an order on Saturday to companies to not comply with U.S. Sanctions against five refiners including the recently designated Hengli Petrochemical. Beijing cited a law which allows it to retaliate if entities enforce sanctions that Beijing deems illegal. Washington and other Western governments have sanctioned several Chinese firms that trade Iranian or Russian crude oil. This has drawn?repeated critics from Beijing. Hengli Petrochemical denies that it has traded with Iran. Independent refiners are the main buyers of Iran’s oil exports. TRUMP TO VISIT BENJING This move comes less than two weeks before U.S. president Donald Trump visits Beijing. It shows China's willingness, despite the trade truce between Washington and Beijing, to use its economic tools to exert pressure. China's law, which was introduced in 2021, and last revised in April, allows it to impose countermeasures against companies and individuals. These include trade and investment restrictions, as well as entry and exit limitations. Legal analysts claim that the law puts counterparties of sanctioned companies in a difficult situation, as they may be subject to Chinese law violations if?they comply with sanctions from abroad, or other penalties if not. The Canadian 'Trade Commission Service' warned companies in China operating last August about the potential for them to be caught between U.S. and European Union?rules, as well as Chinese?rules. China's People's Daily, the official newspaper of China, said that the decision "uses the strength of the rule-of-law to counteract the U.S.'s long arm jurisdiction." According to the law,?companies can apply for exemptions. A trader from a Hengli counterparty who declined to be identified said that firms with significant overseas business should be able make their case to Chinese regulators for exemptions. Lewis Jackson reports from Beijing. Tony Munroe, Mark Potter and Tony Munroe edited the article.
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UAE announces it will discuss currency swap lines with US
On 'Monday, the United Arab Emirates announced that it is in talks with the United States about a currency exchange line. "We are having this discussion and conversation with many.?It's a part of an elite group with whom the U.S. has this swap policy. "They only have it with five countries," Thani al Zeyoudi told a conference in Abu Dhabi. "To be part of this group means that the transactions...?trade, investment between both nations reach an level where that exchange is highly necessary...?so (it) is an elite issue, it's not about bailing-out," he said at the "Make It In The Emirates" conference. Currency swap lines allow central banks to exchange currencies without having to use foreign exchange markets. This reduces transaction costs and exchange rate risk for international trade. The U.S. Federal Reserve maintains permanent central bank currency exchange lines with five major central banks: the Bank of Canada (Bank of Japan), the European Central Bank (ECB), the Bank of England, and the Swiss National Bank. U.S. Treasury secretary Scott?Bessent stated last month that allies from the Gulf region, Asia and Europe had requested currency exchange?lines to deal with the?impact of the Middle East conflict. The conflict, which began with U.S.-Israeli strikes on Iran?on February 28th, has shut down the Strait of Hormuz. This is a crucial chokepoint where about 20% of oil and LNG shipments travel, and this has pushed up oil prices. Al Zeyoudi?did not provide any further details about?the discussion, the size or the timeline for an agreement regarding the currency swap line? with the United States. Reporting by Federico Maccioni, Writing by Eman Aboushassira, Editing by Andrew Cawthorne & Alexander Smith
German automakers caught in the crosshairs of Trump's latest tariff salvo
The shares of German automakers fell on Monday after President Donald Trump decided to increase U.S. tariffs on imported European vehicles to a 25% levy from the previously agreed 15% levy, dealing 'a 'fresh blow to an already battered industry.
As of 1046 GMT the pan-European auto and parts index had fallen 2.3%, while shares for Porsche, BMW Mercedes-Benz, and Volkswagen all fell between 2% and 3%.
Trump claimed on Friday that Brussels had failed to comply with an agreement reached between Washington DC and Brussels in 2017 that reduced U.S. tariffs on automobile imports by 15%. The implementation by the EU has been slow, and it is not expected to be complete before June.
Trump's tariff announcement that he said would force European firms to move production more quickly to the U.S. has now upset this deal, and drawn harsh criticism from European politicians.
GERMAN CARMAKERS: ANOTHER YEAR OF WARNINGS ABOUT PROFIT?
After the first round of U.S. tariffs, the head of ANFIA –?the lobby for Italy's auto parts makers that largely supplies German carmakers – said that the industry is now better prepared to deal with higher duties.
Roberto Vavassori stated, "It's another slap on the face after we have already suffered a barrage"
He said that the Trump administration may have felt the need to increase the tariffs due to the influx of refund requests it has received since the U.S. Supreme Court ruled against some of President Trump's tariffs back in February.
"That is the only rationale that I can think of." Vavassori stated that the administration's main goal is to keep you on your feet.
Matthias Schmidt, European Autos Market Analyst at Schmidt Automotive, says that additional duties will further weaken Germany's premium auto manufacturers.
He stated that he expected "2026 will be another year of warnings" and noted that Audi, Porsche and other companies are most vulnerable due to the lack of U.S. manufacturing facilities.
Bernstein Research estimates the additional 10 percent in tariffs will cost Germany's automakers around 2.6 billion euro ($3.05 billion). It added that manufacturers would likely "attempt" to offset some of the burden by raising prices.
Germany's export dependent automotive sector is already under pressure from a softening of demand in China and a slowing of global growth, as well as increased input costs.
Volkswagen Group, which includes Audi and Porsche, will suffer a 4 billion euro hit in 2025 due to U.S. Tariffs.
Volvo Cars in Sweden, whose shares fell by 0.2%, stated that it was still too early to make any comments on the potential implications of the new tariffs.
Rico Luman, a senior economist at ING Research noted that Trump 'has used tariff threats regularly as a negotiating tool, but he has not always followed them through and implemented them.
The EU legislative and adoption process can be lengthy. The threatened tariff could encourage the EU Parliament and Council, however, to accelerate formal adoption.
(source: Reuters)