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Oil prices continue to fall as stocks drop on the hopes of a US-Iran peace agreement
U.S. stocks and European shares fell on Thursday, while oil prices dropped again amid optimism about a U.S. Iran peace deal. However, the fate of the Strait of 'Hormuz' remained unclear. Wall Street's major stock indices have retreated from their previous multiple records, despite strong earnings by chipmakers. The S&P 500 dropped 0.3%. The Nasdaq Composite remained unchanged, and the Dow Jones Industrial Average fell 0.5%. Sources and officials reported on Thursday that the United States and Iran were moving toward a temporary, limited agreement to end their war. The draft framework would put an end to the fighting, but leave unresolved the most controversial issues. The STOXX Europe 600 index fell by 1.1% after a 2.2% jump on Wednesday. MSCI's broadest Asia-Pacific share index outside Japan also hit a new all-time record. Last up 1.6%. The Nikkei 225 index of Japan crossed 62,000 points for the first-time as trading resumed following a long holiday weekend. Samy Chaar, chief economist at Lombard Odier, said that while the Middle East situation is uncertain, "the market momentum is moving in a positive direction", and they have taken notice. He said: "The oil price is down from its peak, which relieves pressure on bond yields and yield curves. This is good news for the equity market and causes currencies to move a little bit." Chaar said that a strong earnings season and a macroeconomic climate with a moderate level of robustness contributed to the positive mood in the market. MSCI's All-Country World Index remained stable, but was still near record highs. OIL UNDER $97 A Barrel Brent crude fell about 1%, to $100.39 per barrel after falling nearly 8% Wednesday. Brent oil is still 40% higher than it was in late February, when the conflict started, despite the recent decline. Meanwhile, 10-year Treasury yields are surging, a sign of the pressure that energy prices continue to place on the global economic system. The 10-year Treasury yields fell by 1.8 basis point to 4.378% on the day. Nick Twidale said that the market is grappling with execution risk. "Both in terms of whether or not a deal has been finalised, and how quickly disrupted flow would normalize, even if they have." In March, the global market was shook by a spike in oil prices. However, a fragile truce and the prospect of a settlement have fueled a rally that is based on risk. This rally has been fueled since April by strong tech earnings reports. S&P COMPANIES set for ROBUST PROFIT GROWTH S&P 500 companies on track to achieve their highest profit growth in?more than four years. Meanwhile, Samsung, SK Hynix, and TSMC's dazzling results have reinforced the positive tone in Asia. Manish Kabra wrote in a Thursday client note that "U.S. earnings confirmed a broad profit boom. Record EPS (earnings-per-share) beats, record-high margins, and sharply improved '26 growth expectation." A survey of economists indicates that investors are waiting for the U.S. Non-farm Payrolls Report on Friday. The report is expected to show a 62,000 increase in jobs in April after a 178,000 rise in March. The euro was last trading at $1.1759 on the currency markets. The dollar index, which compares the U.S. money to six other currencies, fell a little at 97.98. The yen remains a hot topic after recent spikes prompted speculation on the market that Tokyo intervened in order to support this battered currency. The yen remained unchanged at 156.58 to the dollar after hitting a 10-week-high of 155.
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Sources: Insurgents killed dozens of civilians in central Mali attacks
Three?sources said that Al Qaeda-linked militants attacked two villages central Mali 'on Wednesday night. They killed around 50 people including members of the pro-government self defence forces and civilians. These are the 'deadliest' attacks known since late April, when the al-Qaeda-linked 'group Jama'at Nusrat al-Islam wal-Muslimin' (JNIM), teamed up the Tuareg-dominated Azawad Liberation Front to launch a coordinated attack across the West African nation. Since then, there have been sporadic clashes. Three sources confirmed that the attackers struck two locations in Mopti, including an aid worker, diplomat, and security source. Residents of Bankass near the localities targeted confirmed the attacks on Wednesday night, but were unable to provide the death toll nor the identities of the perpetrators. The person stated that "unidentified armed men" burst into the village, opened fire, and ransacked it. Uncertainty surrounded the number of civilians killed. Hunters and local self-defence teams, which are often "allied" with the Mali army, protect many villages in this region from militant attacks. A spokesperson from the army of Mali did not respond immediately to a question about?the attacks. MALI ARMY SAYS "THREAT IS PRESENT" The attacks of April 25 demonstrated how different groups, with 'different goals' could attack the 'heart of West Africa’s military government. Djibrilla Maiga, the commander of the Malian army, said during a Bamako press conference on Wednesday that insurgents are trying to regroup after the strikes which killed the Mali defence minister and forced Russian troops aligned with Mali leaders out of the strategic northern city Kidal. Maiga stated that "the threat is still there", but added that military personnel were disrupting the manoeuvres. Last week, JNIM announced that it would try to impose a?blockade on Bamako's capital by setting up checkpoints along the roads leading there. Maiga stated that the insurgents are concentrating on the roads to Kayes, Kita and central Mali. However, other roads, including Segou in central Mali were still passable. Kita is approximately?180 kilometers from Bamako while Kayes is about 580 kilometers away. Maiga, without giving details, said that the military is repositioning units in the north of Mali where FLA fighters have seized Kidal, a town, and Tessalit strategic base. Maiga reported that in addition to killing the Defence Minister Sadio Camara by driving an explosive-laden car into his home, the insurgents also targeted the house of Assimi Gouta, the leader of the 'government which came to power after coups in 2020 and 2021. He said that security forces "contained and defused the vehicle". Goita, who appeared on Mali's state television on the 28th of April, said that the situation is under control. Maiga reported that Malian forces had "neutralised", several hundred "terrorists", since the attacks of April 25, Maiga stated. Reporting by Mali Newsroom, Jessica Donati and Portia Corey Crowe. Writing by Portia Corey Crowe. Editing by Robbie Corey Boulet and Alison Williams.
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European stocks pull back after Mideast peace prospects are assessed
European shares fell on 'Thursday, after a steep rise?in the prior session. Investors analyzed?progress toward a U.S. Iran peace deal which pushed crude oil prices sharply down. STOXX 600, the pan-European index of stocks, ended up 1.1% lower than it was on Wednesday after gaining more than 2%. The majority of regional bourses in France, Germany, and Britain also declined. European energy stocks fell 2.5% when crude oil dropped below $100 per barrel. Shell fell 2.9%, despite exceeding first-quarter profits estimates and increasing its dividend by 5%. Sources and officials reported that oil prices were under pressure when?the U.S. & Iran moved towards a temporary deal to stop their war. Tehran is evaluating a proposal to stop the war but leave unresolved the most controversial issues. Since the start of the conflict, European stocks have lagged behind their global peers. The high energy prices resulting from the disruption in supply following the closing of the Strait?of?Hormuz has fueled inflation fears and hampered growth prospects. Tom Nelson, the head of Franklin Templeton Investment Solutions' market strategy, said that there are no signs yet that a lasting peace agreement will be imminent. The path to resolution, if it does materialize, is not likely to be linear. Markets are forward-looking but, in this case, they could be looking through an uncertainty level that is still materially unresolved. Campari's earnings dropped 14.5% as the first-quarter revenue fell short of expectations. Peers Diageo, Pernod Ricard and the 'beverages index' each fell by more than 2%. Defence stocks fell 2.7%. Rheinmetall was down 6.9%. The German group had reported its first-quarter results, and announced that it had made a bid to purchase German Naval Yards Kiel. Siemens Healthineers shares fell 4.7% after the medical technology firm cut its full-year forecast, citing structural change in the Chinese market as well as higher inflation expectations. Henkel, the maker of Persil, rose 3.3% following a first-quarter?sales forecast. The European Central Bank stated in a recent report that, on the macro level, financial integration in the euro zone has progressed steadily in the past few years, but equity markets are still fragmented. Reporting by Twesha Dikhshit and Avinash. Editing by Harikrishnan Nair and Sonia Cheema. Mark Potter.
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Colorado firebombing suspect pleads to all charges in state court
The man accused of hurling gasoline bombs at a pro Israel rally in Boulder, Colorado last year, killing one person and injuring a dozen others, pleaded guilty to all the charges in state court on Thursday. Mohamed Soliman (46), an Egyptian, the fire-bombing suspect entered a plea on dozens of felonies, including first degree murder under two different definitions of the crime, which each carry a life sentence in prison, without parole. Soliman was to be sentenced after a short recess. He spoke through an Arabic translator, answering "guilty", to each charge read by the Boulder County District Court Judge. Soliman was charged with a total 184 counts stemming from the attack on June 1, 2025. These included multiple charges of murder and attempted murder as well as assault, criminal use of explosives, and incendiary and explosive devices. Soliman, according to court documents from both the prosecution and defense, threw two Molotov Cocktails at a crowd of people participating in a "peaceful" rally organized in downtown Boulder to bring attention to the plight Israeli hostages taken by Hamas militants?from Gaza?on October 7, 2023. Soliman, according to prosecutors, also used a'makeshift blowtorch' made from a commercial weed-sprayer during his attack. He yelled 'Free Palestine!'as the gasoline bombs that he hurled at the crowd burst into flames. Authorities identified 29 victims. Some were burnt or injured while fleeing, or 'close enough to be considered as 'targets of attempted homicide. Karen Diamond, aged 82, succumbed to her injuries in the following month. Reporting by Steve Gorman, Los Angeles. Editing by Chizu nomiyama and David Gregorio.
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Gold gains continue as US-Iran hopes for peace ease inflation concerns
Gold rose for the third session in a row on Thursday. This was aided by a growing?optimism about a?peace?agreement between the United States. The emergence of a peace?agreement between the?U.S. and Iran has helped to ease concerns about inflation, as well as the possibility of higher interest rates for extending time. As of 11.50 am EDT (1550 GMT), spot gold had risen 1%, to $4,733.59 an ounce. This was after the metal reached a peak for two weeks earlier in session. U.S. Gold Futures increased 1.1% to $4.744.00. Bob Haberkorn is a senior market strategist with RJO Futures. He said that if the ceasefire held, he could see gold reaching $5,000/oz. The market is focusing on the Middle East situation and the direction that the U.S. Federal Reserve will be taking. Sources and officials have said that the United States and Iran were moving toward a temporary truce to end?their conflict.? Tehran is reviewing a plan which would stop the war but leave unresolved the most controversial issues. The oil prices continued to fall on the hope that an agreement could lead to a gradual opening of the Strait of Hormuz. Inflation is often a result of rising energy costs. In this scenario, policymakers might be less likely to reduce interest rates in order to contain the price pressures. Gold, despite its role as a hedge against inflation, becomes less appealing in a high-rate environment since it has no yield. In a recent note, TD Securities stated that there is a path for gold to rise above $5,200/oz once the oil-driven 'inflation' and conflict pressures subside. It added that "a later pivot towards the Fed's mandate of maximum employment, lower yields, and a softening U.S. Dollar,?plus renewed central-bank and investor demand,?could reignite the bull trend." The markets await the U.S. monthly employment report this Friday to determine how the Fed plans to move forward with its monetary policy in 2019. Data showed that China's central bank piled up gold in April for the 18th consecutive month. Silver spot rose 4.5%, to $80.82, its highest level since April 17. Palladium dropped 1.5%, to $1,514,08, while platinum fell 0.6%, at $2,047.79. Ashitha Shivprasad, Bengaluru (reporting) and Barbara Lewis (editing).
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The WTO has agreed that 19 countries, including the US, will not impose any duties on electronic commerce
A document revealed that the U.S. and more than a dozen countries, including Japan, South Korea Singapore, and Australia, launched their own pact on Thursday to 'not impose duty' on e-commerce, after Brazil failed to reach an agreement to resolve the deadlock. Brazil opposed an extension to a global agreement at World Trade Organization discussions. The WTO's role in setting global trade regulations suffered another blow when it failed to renew a long-standing moratorium on duties for streaming and downloading across borders at a WTO high-level meeting in Yaounde (Cameroon) in March. The moratorium was agreed in 1998, and has been renewed every year since. It bars the?duties for cross-border electronic transmissions, such as streaming music or films, and?downloading of software. WTO members with large economies, including the U.S. and the European Union as well as Canada and Japan, argue that it predictability global digital trade, and wants it to be permanent. The pact was announced on Thursday by 19 countries including the U.S.A, Japan, South Korea?, Australia, Norway, and Argentina. They agreed to not impose any duties on electronic transmissions for an unknown period. The final text confirms that it will come into force on 8 May, while expressing disappointment over the failure of the multilateral moratorium. The document, dated May 7, stated that "this group of members remains 'committed to doing what we can to give businesses and consumers an?amount of predictability and certainty" in the absence of a?multilateral E-Commerce moratorium. The document invited the other parties to sign on. Reporting by Olivia Le Poidevin, Editing by Alex Richardson
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US sanctions Iraq's deputy Oil Minister and militias for Iran support
Treasury Department: The United States sanctioned?Iraq’s deputy 'oil minister? and militias on Thursday for their support of Iran. The Treasury Department accused Iraqi deputy minister Ali Maarij Al-Bahadly, of abusing his "position to facilitate the diversion" of oil for sale to the Iranian regime and their proxy militias in Iraq. The deputy oil minister and the Iraqi oil ministry did not respond to requests for comment. Hayan Abdel Ghani, Iraq's Oil Minister in March, said that Iranian oil tankers stopped by U.S. Forces in the Gulf used forged Iraqi papers. ?Tehran denied using such documents. The United States and Iran are moving toward a temporary ceasefire agreement, while Tehran is reviewing a proposal to stop the fighting but leave unresolved the most controversial issues. It also said that the U.S. Treasury sanctioned three senior?leaders? of Iran-aligned militas Kata'ib Sayyid Al-Shuhada, and Asa'ib Ahl Al-Haq. Treasury Secretary Scott Bessent stated in a press release that "Treasury won't stand by while Iran's military exploits Iraqi crude oil to?fund terrorist activities against the United States or?our partners." The U.S. assets of those?targeted are frozen and Americans are generally prohibited from dealing with them. The sanctions freeze the assets of those who are?targeted, and Americans are generally prohibited from dealing with them.
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US Energy Secretary: Iran reduces oil production by 400,000 barrels per day
U.S. Energy Secretary Chris Wright stated on 'Thursday' that Iran has reduced its oil production by about 400,000 barrels per day and will likely reduce it further as the storage units fill up. It looks like they have already reduced their production by maybe 400,000 barrels per day. Wright told Fox News that?they'll continue to ramp down production as their storage fills up and they are unable to export oil. Shipping data and analysts say that a U.S. navy blockade against Iranian ports has slowed down Tehran's oil production, leaving a growing stockpile on tankers, as Iranian storage facilities are running out of room. Only a few carriers with Iranian crude left the Gulf of Oman from April 13 to 25, according to oil analytics company Vortexa. This is down by over 80% compared to a 'comparable time period in March when Iran exported 23.44?million barrels. Wright stated that the Iranians would be motivated to complete the goal everyone knows they're aiming for, namely, to stop the Iranian nuclear program, and to restore the flow of traffic through the Straits of Hormuz. The day will come. "The question is whether Iran will cooperate or not." Reporting by Doina chiacu
Argentina Mining Chamber urges an extension of investment incentives
The head of Argentina's mining chamber said Thursday that the flagship investment incentive program for large projects, which currently has a 2027 deadline, should be extended. He argued the program was key to unlocking billions in planned investments.
Roberto Cacciola said that the Incentive Regime for Large Investments, or RIGI, has helped to attract capital into the mining sector. The RIGI offers tax, currency, and legal stability advantages for projects valued at more than $200,000,000.
Cacciola suggested that the scheme be expanded to include smaller projects which are important in creating jobs and supporting local supply chains.
Cacciola told the audience at the Expo San Juan Mining Conference that it would be a mistake not to expand the project.
Argentine president Javier Milei announced on X Thursday that he will send to Congress a "Super RIGI law" to promote investments in new sectors. He did not provide any further details.
Cacciola stated that Argentina's mining industry is expected to attract about $2 billion of investment this year. This will be led by BHP's $800 millions push into the Vicuna Copper Development with partner Lundin Mining. Many of these investments were?encouraged by RIGI.
However, the government has stated that this program is only temporary. Luis Lucero, the mining secretary, recently said that authorities do not plan to extend the deadline for applications. The current deadline is July 2027.
Thirteen more projects are being reviewed. Lucero stated that the total submitted and approved projects amounts to more than 50 billion dollars.
ELECTORAL RISK
Analysts say that companies will likely accelerate their applications in anticipation of Argentina's presidential election in 2027.
Marcelo J. Garcia, of Horizon Engage consultancy, said.
Cacciola stated that multinational mining companies are already concerned about the continuity of policy. Cacciola said that the parent companies are "naturally" concerned about it.
Argentina's economic reforms under Milei have stabilized key indicators, boosted export-oriented industries such as mining and also affected consumption, domestic demand, and real wages. This has impacted the government's reputation.
Garcia stated that the interest of investors in Argentina's mining industry remains high.
He said, "They are aware that the road will not be straight." They could adjust to a change in conditions, if the overall course of promoting mine development is not changed.
(source: Reuters)