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South Korea's KOSPI recoups its losses with SK Hynix led tech rally
South Korea's benchmark index continued its recovery for a second session on Thursday as investors returned to the market after a historic tech crash earlier in the week. As of 04:18 GMT, the benchmark KOSPI was up 466.67 or 5.51% at 8,937.69. The?rise has now reached 9% in two sessions. The?drop of nearly 10% on Tuesday was the biggest since March. The movements underscore a 'volatile tug-of war between rising interest rates anxiety and opportunistic buying of Korean tech shares at dips. SK Hynix, a?peer company, gained 12.17%, tagging a rally among U.S. chips stocks following Micron's earnings report and outlook. Hyundai Motors and its sister company Kia Corp both saw their shares fall by 0.59%, while rising by 1.15%. Steelmaker POSCO Holdings shed 2.26%, ?while drugmaker Samsung BioLogics rose 0.94%. Out of the 915 shares traded, 402 advanced and 475 declined. The 'KOSPI', the world's top-performing equity index is up 112.09% this year, thanks to the phenomenal demand for semiconductors at Samsung Electronics & SK Hynix. The dollar was quoted at 1,542,2?per won on the settlement platform onshore. This is 0.23% lower than its previous closing of?1,542.7. In non-deliverable futures trading, its one-month forward contract was quoted at 1,555.9. Harikrishnan Nair, Harikrishnan Kim and Cynthia Kim report.
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Shanghai Aluminium hits 2026 Low on Lower Middle East Risk Premium
Aluminum prices fell on Thursday as the Middle East war-risk premium faded, as the fragile peace in?region continued to hold. The Shanghai Futures Exchange's most traded aluminium contract fell 2.75% to?22.825 yuan (3,354.55) per ton after?falling?to an earlier 2026 record low price of 22.665 yuan per ton. The benchmark three-month aluminum on the London Metal Exchange was up 0.13% to $3,126.5 per metric ton at 0339 GMT. This marks an 8% decline since the beginning of the week. As ships passed through the Strait of Hormuz, prices for the light metal fell this week. A fragile peace seemed to hold. The aluminium market had a sharply increased risk premium due to disruptions in freight and higher energy prices from the Middle East conflict. Brent crude oil fell by 1.82%. Middle East supply is increasing quickly, and Iran is expected to boost its sales after a temporary reprieve of U.S. sanctions. Aluminium's production cost is also expected to decrease due to lower energy costs. For its high energy intensity, the metal is often called "congealed electric". Base metals were impacted by global economic headwinds. The U.S. Federal Reserve is expected to increase interest rates in this year due to persistent inflationary pressures. Investors are now waiting for the U.S. Personal Consumption Spending data?will provide further clues about monetary policy. As they dampen economic activity, higher interest rates hurt industrial minerals that are dependent on growth. This week, the outlook for growth was also clouded by the underperformance of technology stocks. Copper has been able to benefit from the projections that demand will increase due to AI infrastructure, grid investments and electric vehicles. Benchmark LME 3-month copper rose 0.35% while the most traded SHFE?contract fell by 1.82%. Zinc fell 0.09% on the LME, while lead rose?0.29%. Nickel gained 0.64%, and tin grew 1.65%. The SHFE saw a drop of 1.64% in zinc, 0.72% in lead, 0.92% for nickel and 1.76% for tin. ($1 = 6.8042 Chinese Yuan Renminbi) Reporting by Solomon Cefai, Editing by Ronojoy Mazumdar
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Oil extends decline on rising Middle East supply
The oil prices continued to fall on Thursday, dipping near the levels seen just before the Iran War. This was due to a 'rising'?supply expectation from the Middle East that outweighed the demand concerns. Brent crude futures, for delivery in August, fell by $1.22 or 1.65% to $72.52 a barrel as of 0337 GMT. U.S. West Texas Intermediate dropped $1.02 or 1.45% to $69.32 a barrel. Both contracts have reached their lowest levels since February 27, Brent for August was cheaper than September at $73.59, indicating ample supply in the short term. In a recent note, IG analyst Tony Sycamore stated that "the speed of this drop has?caught many off guard" as the markets have priced in a faster return of Middle Eastern crude barrels than what most people had expected just a 'fortnight ago." Brent fell more than $3 Wednesday, as concerns about supply eased. WTI also settled down nearly $3. U.S. Energy Sec. Chris Wright said on Wednesday at a forum that the flow of oil through the Strait of Hormuz was close to the level before the start of the Iran War. He added that 20 million barrels of oil had left the strait within the past 24 hours. Wright said that a return to "complete normalcy" would take several weeks due to the need to demine the Strait of Hormuz. The price of crude oil around the globe has been driven down by a combination of rising Middle Eastern supply and Iran's plans to increase sales after a temporary reprieve in U.S. sanction. The U.S. and Israel war against Iran that began on February 28 has been ended by an initial agreement last week. This allowed the traffic to resume through the Strait. The agreement established a 60-day period of negotiations in order to address more complex issues, such as Iran's nuclear program. Wright stated that oil would flow through the Strait even if it did not hold and that Iran "would not be able" to close it. Oman opened Wednesday temporary routes for tanker departures 'from the Strait?of?Hormuz. The International Maritime Organization (IMO) and Omani authorities coordinated movements. Qatar's Prime Minister visited Oman to discuss the beginning of negotiations with Iran, Iraq and Gulf States over future management of the Strait. Macquarie analysts predicted oil prices to return quickly to pre-war levels, as supply chains adapt and the Strait of Hormuz is reopened. Brent and WTI are expected to average $62 and $67 per barrel respectively in the third quarter. This is down from $94 and $87.50 per barrel for the second quarter. Energy Information Administration reported that U.S. crude oil stocks fell to their lowest level since 1984 on Wednesday. This was due to strong refinery demand and the government's release of emergency reserves. The markets, however, seemed unfazed as traders concentrated on the Strait of Hormuz. Reporting by Colleen Waye in Beijing, and Siyi Liu from Singapore; editing by Jacqueline Wong
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Bankers claim that Vedanta Resources returns to the dollar bond market in order to purchase high-cost notes.
Two merchant bankers confirmed on Thursday that Vedanta's wholly owned subsidiary is returning to the dollar bond market in nine months with a three tranche issuance. The issuance will primarily be used to fund Vedanta's buyback of high yielding notes. The bankers said that Vedanta Resource Finance II will raise money through bonds with a coupon of 7.25, 7.6250%, and 8.0%. The company didn't respond to an email asking for comment. They asked to remain anonymous because they aren't authorised to talk to the media. The bonds will be guaranteed by the parent company as well as its subsidiaries Twin Star Holdings and Vedanta Holdings Maritius II. The notes will be rated according to the issuer. The proceeds will primarily be used for refinancing higher yielding debts worth over $2 billion. The company plans to buy back $550'millions of 9.475% 2030 bonds, $500'millions of 11.25% paper in 2031, $500?millions of 9.125% 2032 bonds, and $550 -millions of 9.85% notes. The unit raised $500 million in October by?selling seven year dollar bonds with a coupon of 9.1250%. This is one of the documents that it plans to repurchase.
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China's coking coal production rises due to strict safety inspections
Chinese coking prices rose on Thursday, as the recovery of production slowed down in the province of Shanxi. This was in response to a fatal mining accident that occurred in late May and the ongoing strict safety inspections in this coal-rich area. As of 0333 GMT, the most traded coking coal contract at Dalian Commodity Exchange increased by 0.12% to 1,251 Yuan ($183.72 per metric tons). The DCE coke contract that was most active gained 0.33%, to 1,953.5 Yuan per ton. According to a report by Mysteel, the pace of recovery of the production in Shanxi is slowing down, even though the number of coal mines in certain areas that have halted production has increased. After the fatal?mine accident, which prompted broad and strict safety inspections throughout?China's leading coal production hub?, supply concerns grew. Prices fell as local coal mining reports indicated that production had gradually returned, easing fears of a shortage. Investors weighed the prospects of weakening economic fundamentals against firm demand in the short term. Rising supply coincides with faltering consumer demand. The DCE contract, the most traded iron ore, was up by 0.13% to 744 yuan per ton. As of 0323 GMT, the benchmark 'July' iron ore price on the Singapore Exchange had remained largely unchanged at $98.3 per tonne. The benchmarks for steel on the Shanghai Futures Exchange are mixed. The benchmarks for steel on the Shanghai Futures Exchange were mixed. Analysts at Lange Steel said that the daily crude steel production in June will be around 2.7 million tons, as compared to 2.72 million tonnes in May, according to official data.
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest?iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also brought similar class actions against Rio Tinto in 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo sweeping changes in 2022 after describing what they deemed to be horrendous behaviour towards women. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they don't feel secure at Fortescue mines. She said that women told her they couldn't do their laundry because they were afraid their underwear would be stolen. They also claimed they couldn't go to gym because they felt men touching them inappropriately, or following them to their rooms. Fortescue's spokesperson said that sexual harassment and illegal discrimination have no place at the company, which is "committed to providing a safe and respectful workplace for all its employees and contractors." She refused to comment on any allegations or claims. LAW FIRM SAYS REPORTED WOMEN WERE DEMOTED AND DISMISSED JGA Saddler's statement included 45 testimonials of women who worked at Fortescue and described incidents they experienced. One woman wrote: "I found a man in my bedroom one night when I came home." Fortescue announced that it would invest $300 million in improving living quarters?at the sites, with an emphasis on safety. This includes deadlocks and swipe-card systems for access, CCTV, and better lighting. Hamrey stated that women who reported incidents at Fortescue were demoted, dismissed or blacklisted. Australia is the top producer of iron and many of its far-flung mining operations are serviced by FIFO employees. Women now make up 22% of mining workers, compared to 18% in the early 2000s. Fortescue's latest safety report shows that the company reported 22 cases of sexual harassment in 2025 to Western Australia’s mines safety regulator, a 27% decrease from a year ago. It was the only company to have reported a decline. According to Rio Tinto's annual report, the care?hub of Rio Tinto, which assists employees who report a range?of disrespectful and harmful workplace behaviors including harassment, recorded?702 incidents last year, an increase of 24% over the previous year. BHP reported 429 sexual harassment incidents in fiscal 2025. This represents a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Fortescue is the latest Australian miner to be sued for sexual harassment
Fortescue, Australia's largest iron ore mining company, was hit with a class-action lawsuit on Thursday, alleging widespread sexual harassment at its remote mine sites. The lawsuit was filed by the law firm JGA Saddler. They also filed'similar' class action suits against Rio Tinto and BHP at the end of 2024. These cases are still making their way through courts. The Western Australian government has recommended that the mining industry undergo major changes in 2022. This is after describing what they deemed to be horrifying behavior against women. They also found sexual harassment and abuse were rampant. In a recent statement, JGA Saddler litigator Paris Hamrey stated that women have repeatedly told her they do not feel safe at Fortescue's mine sites. She said: "Women tell us that they are unable to do their laundry because they are robbed of their underwear in the public laundries. They can't even go to the gym, because men touch them inappropriately and follow them back into their rooms." Hamrey stated that when women do report incidents they are demoted, dismissed or silenced from the industry. 45 women who worked at Fortescue described incidents that they experienced in the statement. One woman wrote: "I found a man in my bedroom one night when I came home." FIFO workers service many of Australia's remote mines. Women now make up 22% of mining workers, compared to 18% at the beginning of this decade. Fortescue's latest safety report shows that the company reported 22 cases of sexual misconduct to Western Australia's mines safety regulator during the 2025 financial period, a decrease of 27% compared to a year ago. It was the only company out of the three to have reported a decline. According to the annual report, Rio Tinto’s care hub, that supports employees who have reported a range of disrespectful or damaging workplace behaviours, including harassment, recorded 702 incidents in the past year, a 24% increase from the previous year. BHP reported 429 sexual harassment incidents in 2025. This is a 3% rise, according to the company's annual report. 100 people were found responsible and either fired or resigned. (Reporting by Melanie Burton; Editing by Edwina Gibbs)
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Asian stocks soar as Micron earnings soothe AI fears
Asian stocks surged on Thursday, after Micron and Qualcomm reported strong earnings. This helped to ease some of the concerns about the AI rally which has driven global stock prices to new highs. Micron announced that its customers have committed $22 billion to its memory chips. Qualcomm expects $15 billion of sales in its data center business by 2029. MSCI's broadest Asia-Pacific share index outside Japan rose 1.3% in early trading. Japan's Nikkei gained over 2%, while South Korea's KOSPI gained 5.5%. Futures on the S&P 500 index rose by 0.5%, while Nasdaq futures increased by?1.8%. Tony Sycamore is a market analyst at IG. He noted that the data indicated a cooling of positioning which could affect tech's momentum. Recent volatile sessions have been attributed to investor concern that valuations of?AI companies are stretched after years of gains. Analysts remain skeptical of a sustained rally for 'AI' stocks, as valuation concerns persist. Nick Twidale is the chief market strategist of ATFX Global in Sydney. He expects the stock to move higher on the strength of Micron's earnings. "But I am not sure how long this euphoria is going to last in the rest of the industry." He said that valuation concerns would continue to affect sentiment. TANKERS LEAVE THE STRAIT OF HORMUZ The oil prices continued to fall as stranded tanks left the Strait of Hormuz after an initial agreement was reached to end the U.S. Israel war against Iran, easing concerns about supply. Brent crude futures fell 0.5% to $73.34 per barrel, bringing them closer to the levels of 'pre-war. U.S. West Texas Intermediate dropped 0.38% to $70.07 a barrel. Investors are pricing at least one interest rate hike this year. The PCE report on Thursday is expected to show that core prices increased?0.3% during May, which would put the annual rate of inflation at 3.4%. Forecasts for headline inflation are 0.5% in May and 4.1% over the past year. The?dollar has risen as a result of rising expectations that a rate increase will occur. This has pushed the Japanese yen to its lowest level in over 40 years, and Tokyo is on the verge of further?intervention. Last week, the yen traded at 161.73 to the dollar. This is not far off from its two-year low. If the yen falls below 161,96, it will be at its lowest level since 1985. The dollar index, which measures U.S. currency against a basket of currencies, reached 101.6 in the last session after hitting 101.80 the previous day, its highest level since May 12, 2025. Gold has been impacted by the strengthening dollar, and it fell below $4,000 per ounce for first time since 2026. Gold spot last sold for $3,990 an ounce. This is near the lowest price since November. (Reporting and editing by Kate Mayberry in Singapore, Ankur Banerjee is based in Singapore)
Cubans are frightened by the US's plans to indict Raul Cuba
The U.S. plan to indict Cuba's former 'leader Raul Castro for the downing humanitarian planes 20 years ago increased tensions in the island Friday. This comes as the country is struggling with its worst crisis in decades due to severe fuel shortages. Indicting the '94-year old'revolutionary icon' would be a major step in the Trump administrations pressure campaign on Cuba. The Trump administration has been describing the communist government of Cuba as corrupt and incompetent, while pushing for change.
Cuba has not yet commented directly on the threat to indict, but Bruno Rodriguez, Cuba's Foreign Minister, expressed his defiance Friday. Rodriguez told a meeting of BRICS Foreign Ministers that Cuba is continuing to develop its socialist system despite the embargo and sanctions imposed by the United States.
Cubans interviewed in Havana said that an indictment could only go backwards on negotiations with the U.S. and further deepen the diplomatic crisis between both nations. Sonia Torres 59, Havana schoolteacher, said that a prosecution against Raul Castro who oversaw the military for decades and served as president between 2008-2018 was an insult to Cuban pride in a time of crisis.
She said, "Cubans should always move forward." "If they want to prosecute Raul, then we will defend Cuba using sticks and stones if necessary." Tensions between neighboring countries go back to Fidel Cuba's communist revolution of 1959. Castro formed an alliance with the Soviet Union and then seized U.S. citizen-owned businesses and properties. This stoked decades of tensions between both?nations. Since January, the Trump administration has been laying siege to Cuba, enforcing de facto fuel blocks, issuing military threats and increasing sanctions which have forced foreign companies - such as Canadian miner Sherritt International to flee.
Peter Kornbluh said that an indictment of Castro would be a "watershed moment" in negotiations. He said it would represent the "diplomatic endpoint". Kornbluh stated that this was an ultimatum. It's now or never. The indictment has provided a legal fig leaf for military operations that aim to capture or assassinate Raul Castro. The United States used criminal charges against foreign politicians to justify military action in the past. Trump also threatened that Cuba would be "next" after his administration captured Venezuelan leader Nicolas Maduro by his government in January.
His government called it a "law-enforcement operation" in order to bring Maduro to New York and face criminal charges. Although he has no formal government position, the younger Castro is still seen as the most influential?leader of Cuba and a symbol of its revolution.
Brothers to the Rescue
The U.S. Department of Justice said that a potential Castro indictment relates back to the 1996 shooting down of two planes operated?by the humanitarian group Brothers to the Rescue.
Cuba defended its attack at the time as a legitimate defence of its airspace. But the U.S. later supported the U.S. view, concluding that the shooting down took place in international waters.
Fidel Castro claimed that Cuba's military acted on "standing instructions" to shoot down planes entering Cuban airspace. He claimed that his brother Raul, the then-defense?minister of Cuba, had not given a specific command to shoot down the planes.
Havana resident Eliecer Diaz, 45 said that then as now Cuba had to defend its self against U.S. aggression. Eliecer Diaz (45), a Havana resident, said: "That is an invasion... You have to defend yourselves." "If they're now considering prosecuting (Raul Cuba), I think this is wrong."
(source: Reuters)