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The war in Iran will accelerate China's switch to electric trucks over diesel
Analysts and automakers predict that the rise in diesel prices triggered by the Iran War will accelerate the electrification of China’s heavy truck fleet in this year. This is expected to speed up a decrease in fuel demand in the world's biggest oil importer. Over the last two years, electric heavy trucks have grown from a niche to a market that will account for nearly a third (or more) of all new heavy trucks purchased in 2025. This is thanks to government subsidies and to expanding charging infrastructure. The growth of last year was accentuated in the fourth-quarter because buyers believed that the trade-in subsidies would soon end. According to CVWorld.cn, the data provider, new-energy heavy trucks, which are mostly electrical, started this year with a similar boom. Sales grew 45% on an annual basis to 44,000 units, accounting for over a quarter, compared to less than 20% of sales one year ago. CVWorld.cn also said that it expects sales of heavy electric vehicles to increase 30% in April, due to a stronger seasonal demand as well as?the increased oil prices. The war in China has pushed up fuel prices, and this will lead to a faster replacement of conventional trucks, said Min Ji. Senior analyst at S&P global mobility, Min Ji plans to revise her forecast for the sale of electric trucks later this month. Electric heavy trucks have a range of about 300 km (186 mi), and are mainly used for short trips between industrial sites or transport hubs. However, long-distance corridors continue to expand and manufacturers such as Sany now market trucks with a range of up 600 km. The rapid rollout of electric trucks and vehicles powered by liquefied gas and electric cars has?also reversed decades-long growth in the consumption of diesel and gasoline, in China. Most analysts predict that oil demand will peak in 2030. Some energy consultants now expect diesel consumption to decline faster than originally forecast. GL Consulting predicts that diesel consumption will fall by 4.3% in this year, compared to a forecast of 4.1% before the war. Rystad Energy forecasts that diesel demand will fall by 5% in this year. This is faster than the 4% decline they predicted before the war. It's equivalent to an additional decrease of around 40,000 barrels a day. MOVE OVERSEAS AND SAVE BIG The economics of buying an EV truck are more compelling because the retail diesel prices in China have risen by 27% since the Iran War began on February 28, the highest they've been in four years. In China, electric heavy trucks can cost up to 500,000 yuan (roughly $73,500), while diesel versions are more than 300,000. However, buyers will be able to save nearly half of that price with a trade-in program that has been extended from April until the end of the year. The EV trucks operate 'vastly less expensively. GL Consulting estimates that lifetime costs for an electric truck – including purchase price, fuel and operating expenses over 1,000,000 km – are half of a diesel-equivalent at current?fuel rates. In Europe, which is the second largest electric truck market in the world, but still far behind China, lower costs have also led to a boom in exports. According to the International Energy Agency, China will sell 160,000 electric trucks in 2024. In Europe, however, that number is less than 25,000. In March, it was reported that at least 12 Chinese manufacturers, including the top-selling Sany brand, planned to launch sales in Europe in this year, at prices as low as a third below what is currently being charged. Chen Dong, the Deputy General Manager of Sany, told reporters in April that Sany was already anticipating that the market for electric tractor trucks would increase by 50%, to 250,000 units. Chen stated that the odds of reaching this goal are on the rise, due to rising oil prices.
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Gold gains on third day of optimism about US-Iran peace agreement
Gold?prices rose on Thursday for a 'third consecutive day, supported by a softer dollar. Hopes of a U.S. Iran deal helped ease concerns about inflation and high interest rates. As of 0728 GMT spot gold was up 1% to $4,738.86 an ounce after rising about 3 percent on Wednesday, when it reached its highest level since April 27. U.S. Gold Futures for June Delivery rose by 1.2% to $4748.50. Donald Trump, the U.S. president, predicted that the war with Iran would end quickly as Tehran considered the U.S. peace offer that sources say will formally end conflict while leaving unresolved the key U.S. requirements that Iran suspends its nuclear program and reopens the Strait of Hormuz. Tim Waterer is the chief market analyst for KCM Trade. He said that gold prices are edging higher today due to a lower dollar and declining oil prices. The existing ceasefire, although tentative, continues and hopes grow of a durable, long-term deal between Washington and Tehran. Dollars hovered around a three-month low, which was hit during the previous session. This made bullion cheaper for holders of currencies other than dollars. This week, the benchmark 10-year U.S. Treasury has eased by 0.6%. The opportunity cost for holding gold is reduced. Oil prices dropped below $100 per barrel, as optimism about the possible end of?the Middle East war grew. The rise in oil prices has pushed gold prices down by more than 10% since the war began late February. Increased crude oil prices may increase inflation and interest rates. Gold is often viewed as a hedge against inflation, but high interest rates can weigh down on this non-yielding investment. Investors are now awaiting the monthly U.S. Employment Report?on Friday in order to determine if the U.S. economy is resilient enough to maintain the Federal Reserve's monetary policies on hold. Spot silver increased 2.6%, to $79.31 an ounce. Platinum was up 1%, at $2,081.68, while palladium rose 1.3%, to $1,556.7.
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Mets sweep weather-interrupted Colorado series
The weather changed the plans for Thursday's off-day between the New York Mets & Colorado Rockies. The teams' game on Tuesday was postponed by rain, and the snowstorm which dropped 5.8 inches of snow pushed the first pitch back several hours on the following day. The Mets will play a makeup game against the Rockies on Thursday afternoon. Christian Scott (0-0) will face Colorado's lefty Jose Quintana (1-2, 4.07). The Colorado lefty Jose Quintana will face a pitcher with a 4.26 ERA. The Mets have won two of their nine games on the road and are currently 4-1 after winning the first two. Scott will be starting against the Rockies again for the second time of his career. On July 13, 2024 he played in a no-decision game, where he gave up three runs and seven hits over 4 1/3 innings. In his two previous starts, he has failed to complete five innings. New York could complete its first sweep of the season Thursday afternoon. The Mets started the season with seven wins in their first eleven games. They then went on to lose 12 consecutive games and 17 out of 20. Last weekend, they played a series with the Los Angeles Angels before heading to Denver where they won despite wintry conditions. Mark Vientos has been a catalyst for the recent success of?New York. He was a slumper during the 12-game losing run, but has recovered to produce again. Vientos has six RBIs and two home runs in four games played so far this month. Carlos Mendoza, Mets manager, said: "We've been there." "We haven’t seen him in a long time, but when he's hot, man, that guy can carry a whole team." The Rockies have another player on the rise. Mickey Moniak was the Philadelphia?Phillies' No. Mickey Moniak, the No. He had a career high of 24 home runs hit in 2025, and he is on track to surpass that number this season. Moniak leads the Rockies with 11?homers and 21 RBIs. He has also had four multi-homer games this year. He had a single on Wednesday night, extending his hitting streak to 18, which is the longest in his career. TJ Rumfield, a teammate, said: "I see an entire baseball player." "I see a baseball player with a lot of brains. I see someone who knows exactly what he is doing in the box. He looks relaxed all the time. It's important for younger players to learn how calm and composed he is when he's in the box, as well as how he handles pitches. This is one of the best hitters the league has. I try to "pick up" on what he is doing. Quintana just finished his longest outing of the season. He threw six-innings of one-run baseball in a no decision against the Atlanta Braves. He has a 3.86 ERA and a 3-3 record in six starts against the Mets. Field Level Media
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Demand for iron ore continues to grow, resulting in a fourth consecutive day of rising prices.
Iron ore futures extended gains for the fourth day in a row?on Thursday. Demand was steady as hot metal production remained high, and the Singapore 'iron ore' contract declined on lower energy costs. The contract for September iron ore on China's Dalian Commodity Exchange was 0.62% higher, at 817 Yuan ($120.10) per metric ton. As of 0704 GMT the benchmark June iron ore traded on the Singapore Exchange fell 0.12% to $109.9 per ton, marking its seventh consecutive day of gains. According to data compiled and a report from the Shanghai 'Metals Market, hot metal production is expected to peak at the end of April, boosting demand for iron ore. However, rising?prices are dampening transaction volumes. The note stated that the market's?momentum has been strengthened by the?steady destocking of iron ore and the?lack of upward resistance to iron ore prices. Four sources have confirmed that workers on strike over a pay dispute halted the mining of two blocks in Guinea's massive Simandou iron-ore project, operated by a consortium headed by China's Baowu Resources. According to two union representatives and a consultant for the project, rail and port operations are still going on, but blasting, loading, hauling, and dumping has stopped. Simandou is home to the largest untapped iron-ore deposits in the world. After a?decades long delay, exports began?in November and are expected to reach a peak annual production of 120,000,000 metric tons. Coking coal and coke, which are used to make steel, also declined on the DCE, losing 0.5% each, and following a broader decline in the energy market. The Shanghai Futures Exchange's steel benchmarks were mixed. Hot-rolled coils and rebar both gained 0.85%, while wire rod barely changed. Stainless steel fell by 0.48%. $1 = 6.8029 Yuan (Reporting and editing by Ruth Chai)
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Solvay's first-quarter profits are in line with last year, but it passes on the costs of the Iran war to its customers
Solvay, a Belgian chemicals company, said it would pass on higher energy and transportation costs to its customers in response to the Iran War. Solvay says it will assess how the temporary closure of its Saudi Arabian-based joint venture peroxides would affect its business during the second quarter. It adds that the overall impact is limited. Vara Research had predicted a core profit of 220 millions euros, but the comments accompanying them showed that it fell to 219 million euros (257.37 dollars), a 12.4% decline. Solvay's Middle East sales are less than 5%, but since mid-March, production has been stopped at the 50-50 Saudi Hydrogen Peroxide Joint Venture with?Sadara Chemical Company. This joint venture is itself a joint project of Saudi Aramco, Dow and Dow. The company stated that "this?impact" on the second quarter will be?assessed, and will depend on when platform activity will resume. Solvay CEO Philippe Kehren, who spoke to reporters after presenting the results, said that the site will restart within a few months. Solvay shares dropped 8.8% after the news pushed the SBF 120 index to its lowest point. ($1 = 0.8509 euro) (Reporting and editing by Christoph Steitz, Louise Heavens, and Olivier Cherfan from Gdansk)
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Engie's first-quarter results are in line with expectations
The French utility Engie reported on Thursday that its first-quarter earnings had dropped after the?warmer temperatures?had lowered domestic gas sales and deliveries. The company's earnings before interest, tax and nuclear were $4 billion, down 8.4% compared to a year ago. This was in line with the analyst consensus estimate of 3.4 billion Euros compiled by LSEG. The company stated that the decline in 'earnings was partly attributable to their energy management business which supplies gas and power to both retail customers as well as business clients. Operating profit at this business was down 12.2% to?1.14billion euros. Data from the company showed that its renewable and flexible power division also saw a sharp decline in operating profits. The warmer weather contributed to this?16.1% drop to just a little under 1 billion euros. Engie confirmed this week a report that onshore wind development in the United States had slowed. However, it said that solar and battery development continued. Some permits are being revoked. "It's obvious that obtaining the required authorisations is in fact difficult," Engie Finance Chief Pierre-Francois Riolacci said to reporters. Even when permits are not required on federal land, we face difficulties getting approval from agencies. Riolacci said that the company continues to target the Middle East for its renewable energy development. He said that the conflict had not caused any disruptions to its gas customers.
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Gold gains on third day of optimism about US-Iran peace agreement
Gold prices rose on Thursday for a third straight session, supported by a weaker dollar. Hopes of an agreement between the U.S. and Iran eased fears over inflation. As of 0615 GMT spot gold was up by 0.4% to $4,707.52 an ounce. It had risen about 3% Wednesday, reaching its highest level since April 27. U.S. Gold Futures for June Delivery?rose by 0.5% to $4 716. Donald Trump, the U.S. president, predicted that the war between the U.S. and Iran would end quickly as Tehran considered an American peace proposal. According to sources this proposal would end the conflict formally while leaving key issues unresolved. The U.S. demands that Iran cease its nuclear program and reopen Strait of Hormuz. Tim Waterer is the chief market analyst for KCM Trade. He said that gold prices are rising today due to a "subdued" dollar and declining oil prices. The current ceasefire, though tentative, continues and there are growing hopes of a long-term, durable agreement between Washington, D.C., and Tehran. Gains are limited, but traders remain cautious about how fragile the pause is. Dollars hovered around a three-month low, which was hit during the previous session. This made bullion cheaper for holders of currencies other than dollars. Benchmark 10-year U.S. Treasury yields have fallen by 0.6% this week. This has lowered the opportunity costs of gold. Brent crude oil has fallen by about 6% this week, as optimism grows about the possible end of the Middle East war. The rise in oil prices has pushed gold prices down by more than 10%. Increased crude oil prices can stoke the inflation and increase interest rates. Gold is often seen as a hedge against inflation, but high interest rates can weigh down on this non-yielding investment. Investors are now awaiting the'monthly U.S. Employment Report on Friday to see if the U.S. Economy remains'resilient enough for the Federal Reserve to maintain its monetary policy. Spot silver increased 1%, to $78.09 an ounce. Platinum was down 0.1%, at $2,059.60. Palladium rose 0.6%, to $1,546.24.
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Mike Dolan: If the war in Iran ends, the ROI-Trapdoor will creak for dollars.
The U.S. Dollar has fallen to its pre-conflict levels due to renewed optimism about a possible ending to the Iran War. If it weren't for the U.S.-focussed artificial-intelligence boom, the greenback might be a clear casualty of ?any peace deal. The dollar exchange rate was one of few prices that rose on the onset of war, aside from the oil price itself. This happened primarily 'by default. Other major economies in Europe and Asia were considered more vulnerable to the energy crisis than America, which is oil-rich. At the margins, Gulf States and other countries seeking dollar liquid assets also played a role. The move was mostly a relative performance play. The gains were modest. In the first month of the war, the DXY Index against the currencies most traded rose by as much as 3 percent. It has now given it all back. The dollar's strength has been eroded by a tentative de-escalation, and a fragile ceasefire. The greenback's strength has been weakened by a hesitant de-escalation and a shaky ceasefire. The question of whether a trapdoor will open under the dollar if war ends and Strait?of Hormuz reopens has become a key issue for the global markets. In order to figure out what's going on, there are three main concerns. First, how quickly a normalization of oil prices would bring back Federal Reserve easing to the interest rate futures stripe while eliminating summer tightening biases in Europe and Asia. The relative rate shift is arguably cancelled out by the fact that the oil and war spikes have taken two Fed rate cuts from the horizon for this year. The twin threats of energy and rates have cast a dark shadow on European growth. However, the euro would be better off if they were removed together. It's a question as to how quickly inflation and expectations can be reduced to return central banks to their pre-war levels. Kevin Warsh, Donald Trump's nominee to the Fed Chair, may bring back U.S. ease-up talk as he takes over the hot seat. The U.S. stock exchange, economy, and labor market are not conducive to rate cuts. Warsh is likely to face stiff opposition from regional Fed bosses. The hawks in Europe have been winning the battle of the last few weeks, but the economies are still weaker and will be arguing against rate increases if the oil prices already start to fall. Sell Dollars in May? Second, the Beijing summit between Trump's and China's president Xi Jinping in this month - postponed due to the war – and whether or not it will revive pressure for a stronger?yuan and ease another friction point on a list of trade disputes that is already fraught. The dollar reached its lowest level in over three years against the offshore currency renminbi as the latest attempt to reach a peace agreement in Iran played out on Wednesday. The dollar has fallen over 2% this year against the yuan, compared to a DXY loss of only 0.2%. If Trump's presumption of a bias towards a weaker currency is to have any effect, it seems that the yuan channel will be the best vehicle. The third factor is often overlooked by the bears of the dollar: the Wall Street recovery, which has been fueled by the sharply improved U.S. profits forecasts, as well as the soaring AI investment spending. If capital flows are as important to the dollar's performance as interest rate gaps or trade, then switching back to U.S. stocks can be a powerful boost. The profit-growth predictions for S&P500 companies for 2026 are now as high as 23%, up from 15% at the start of the war. The Euro Zone Stoxx equivalents also rose, but only by three percentage points. This leaves 2026 profit growth estimates 10 points behind S&P 500. The forward price/earnings ratios of U.S. stock prices remain higher than those in Europe or historical averages. However, a new price surge and momentum can cover this as they have done for many years. A dollar trapdoor may well exist. It appears that the drop below it is shallower than first thought. The opinions expressed are those of Mike Dolan a columnist at. This column is great! Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
Australian shares continue to rise as risk appetite increases due to easing Middle East tensions
Australian'shares' logged their second consecutive session of gains,?boosted by mining and financial stocks as hopes for a?peace agreement off the Middle East helped stabilize markets worldwide and lift risk appetite.
The benchmark S&P/ASX 200 rose 1% to 8,878.10, continuing gains for the second consecutive session after gaining 1.3% on Wednesday.
The global markets were encouraged by the prospects of a Middle East Peace Deal after Trump stated that he expects the war in Iran to be over soon. This positive sentiment spread into Australian markets.
Cameron Curko (chief investment officer, Pitcher Partners) said that gold and copper-related miners are rising due to hopes for stronger global growth because of the easing sentiment.
The price of iron ore and copper has risen, causing miners to surge 3.6%.
BHP, Rio Tinto, and Fortescue all saw gains between 3.2% to 3.8%.
Shares of Northern Star Resources, Evolution Mining, and Northern Star Resources all rose by 4.7%.
Financials rose 0.4%, reaching a new two-week high. Westpac, Commonwealth?of Australia & ANZ all gained between 0.7% & 1%.
Shares of Megaport, a provider of IT consulting services, and Siteminder, a hotel commerce platform, both rose by 9.4% and 5,1%.
Energy stocks, which are bucking the trend, fell 2.9% on their second consecutive session of losses even though oil prices remained stable.
Woodside Energy shares and Santos's shares fell 4.2% and 3.3% respectively.
Tabcorp, a betting and gaming company in the United States, has fallen 23.5% since the Financial Crimes Watchdog of the United States launched an investigation into the firm over concerns about its ability to effectively manage money laundering and terrorism financing risks.
The benchmark S&P/NZX 50 closed in New Zealand 1% higher, at 13,270.61. This is its highest level since early April. (Reporting by Sruthi Narasimha Chari in Bengaluru; Editing by Janane Venkatraman)
(source: Reuters)