Latest News
-
Newcleo, a nuclear firm, will list on Nasdaq with a valuation of $2.4 billion.
The?nuclear energy?company Newcleo entered into an agreement with NewHold Investment Corp III to?list?on the Nasdaq stock exchange through a merger. Newcleo develops advanced modular lead-cooled reactors, and nuclear fuel from reprocessed material. It will collaborate with its partner Oklo Inc. to launch a program by the U.S. Department of Energy is looking at using the nation's Cold War plutonium as fuel for nuclear reactors. The company stated that "Oklo will lead the utilisation of excess plutonium while Newcleo brings relevant fuel-cycle expertise." Nuclear energy is considered a promising option in the United States to meet the increasing demand for power from data centres and artificial intelligent. Newcleo announced that the merger with NewHold will be valued at $2.4 billion. The transaction is expected to close in the second half of 2026. Since its founding in 2021, the company has raised about $780m from private investors including the Agnelli Family's Exor Seeds Venture Capital Fund.
-
Turkey restricts Russian Urals imports due to rising prices and Asian demand
Turkey will cut its imports of Urals crude from Baltic and Black Sea port this month to the lowest level for almost a year and a half, according to LSEG, Kpler, and trading'sources. Turkey is the third largest importer in the world of seaborne Russian crude after India and China. It mostly buys Urals, and occasionally other grades. Kpler data indicates that Turkey's Urals exports will average 161,000 barrels per day in this month. This is down from an average of 189,000 barrels per day in January-April, and 302,000 barrels per day in May 2025. This is despite the fact that global oil prices have risen due to a reduction in crude supply from Gulf countries. "Turkey has become accustomed to Russian crude being sold at a substantial discount. A trader at a major Western firm said that they were not "prepared" to pay such high prices for the grade. According to two other sources, the decline in Urals shipments into Turkey in April or May was due to a stronger demand for Urals in Asia and particularly India. One trader stated that there was "not much on the market". LSEG data show that seaborne Urals imports to Turkey will?fall to their lowest level since at least January 20,25. This decline is partially offset by increased Turkish imports of CPC Blend, which comes from either Russia or Kazakhstan depending on cargo. After the Iran War, the premium on Urals delivered ex-ship in Indian ports jumped to as high as $8 per barrel compared to Brent before dropping to $2 to $4. This is still a significant increase over levels seen before the conflict. In the first half, Russia's western ports increased their?crude loadings by about 9%. They were averaging 2.2 million bpd in April. Reporting by. Mark Potter (Editing by Mark Potter).
-
HIGHLIGHTS-Tennis-French Open day four
Highlights from the French Open's fourth day on Wednesday (times GMT). 1040 BENCIC THRU?THIRD RUND Belinda Bencic, the 11th seed from Switzerland, was the first woman to reach 'the third round' after she defeated American Caty McNally 6-4 6-0. Play Under Way 0909 The temperatures at Roland Garros were hot, and are expected to reach 32 degrees Celsius in Paris. Iga Swiatek will face Sara Bejlek on Court Philippe Chatrier, a Czech player who is ranked third. Novak Djokovic, a 24-time Grand Slam winner, will play Valentin Royer in the afternoon. READ MORE Svitolina plays down title talk, Zverev aims for a strong performance against Machac at the French Open Sabalenka and Osaka bring style to Paris, but Medvedev is undone Sinner breezes through to the second round of French Open Pegula fails to make it past the first round of French Open Osaka embraces role of entertainer following another grand walk-on Boisson's injury-ravaged performance at Roland Garros disappoints the French women Kouame, a teenager, becomes the youngest male Grand Slam winner in 17 years. Medvedev shocked by wildcard Walton at French Open first round FRENCH OPEN ORDER OF ?PLAY ON WEDNESDAY (prefix number denotes seeding): COURT PHILIPPE CHARTIER (play starts at?1000 GMT). Sara Bejlek (Czech ?Republic) v 3-Iga Swiatek (Poland) 7-Elina Svitolina (Ukraine) v Kaitlin Quevedo (Spain) Valentin Royer (France) v 3-Novak Djokovic (Serbia) Tomas Machac, (Czech Republic), vs.?2-Alexander Zverev, (Germany). COURT SUZANNE LEENGLEN (play starts at 0900 GMT). 8-Alex ?De Minaur (Australia) v Alexander Blockx (Belgium) Yuliia Starodubtseva (Ukraine) v 2-Elena Rybakina (Kazakhstan) 13-Jasmine Paolini (Italy) v Solana Sierra (Argentina) 15-Casper Ruud v?Hamad Mejdovic (Serbia). COURT SIMONNE MATHIE (play starts at?09:00 GMT) Caty McNally, U.S. vs.?11-Belinda Bencic, Switzerland Camilo Ugo Carabelli (Argentina) v 11-Andrey Rublev 32-Ugo Humbert (France) v Quentin Halys (France) 8-Mirra andreeva v Marina Bassols Ribera, Spain (Reporting from Suramya Kaushik in Bengaluru and Rohith Nirra in Bengaluru. Editing by Christian Radnedge).
-
China's PDD misses quarterly revenue estimates on softer demand
PDD Holdings, the Chinese ecommerce giant, missed Wednesday's market expectations?for its quarterly revenue, as persistent economic weakness slowed demand for?the company’s domestic discount marketplace, Pinduoduo. In premarket trading in the United States, shares of the company that operates Temu, an international e-commerce platform, dropped more than 5%. Chinese retailers are struggling to attract customers as the prolonged property crisis and worries about wage growth and jobs have reduced consumer spending power. This has impacted demand for companies like PDD. PDD faces stiff competition from JD.com, Alibaba and other rivals who are offering steep discounts and promotions to attract customers. Temu has emerged as a popular platform for consumers to purchase everything from homeware to shoes at affordable prices. This is capturing the demand of lower-income households worldwide. Temu's model of delivering cheap goods directly to customers from China, while generating strong growth in some markets, is facing increasing regulatory scrutiny. According to LSEG data, PDD reported total revenue of 106.23 bn yuan (15.67 bn) for the first quarter ended in March. This compares with an average analyst estimate of 109.33 bn yuan. The net income attributable to ordinary shareholders was 12.5 billion yuan. This is down 15% from the previous year due to higher?research and development?expenses, as well as increased order fulfillment and payment-processing fees.
-
AMERICAS MORNING BID- Out of the blue chip
What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets The chips are blue. The scramble to buy AI stocks seems to have no limits. Micron Technology, a memory chip manufacturer, briefly joined the $1 trillion club in Wall Street on Wednesday. Memory chips are in high demand and there is a shortage. Both companies have seen their shares increase by about 10 times over the past year. Below, I'll go into more detail. Check out my most recent column about why rising bond rates could have a negative impact on stocks in the near future. Listen to the most recent episode of Morning Bid's daily podcast. Subscribe to the Morning Bid daily podcast and hear journalists discussing the latest news in finance and markets seven days a weeks. The race for chips continues unabated, as Micron's and SK Hynix shares both surged by 20 percent this week. SK Hynix has now reached the same milestone as fellow South Korean chip company Samsung. Samsung also hit $1 trillion earlier this month. The?shares of both companies rose again on Wednesday following a landmark agreement on bonuses for Samsung employees. This deal avoids a damaging strike and certain memory-chip workers are 'in line' for bonuses exceeding $400,000. Samsung will set aside an important portion of its chip division's profits to pay for the bonuses. South Korea's KOSPI Index soared by over 3% Wednesday, led primarily by SK Hynix and Samsung. On Wall Street, optimism about the stock market continued as the S&P 500 closed at record highs on Tuesday. Goldman Sachs, meanwhile, has raised its year-end estimate for the S&P 500 to 8,000 compared with 7,600. This is a 6% increase based on continued corporate earnings. U.S. stocks futures rose before the bell Wednesday while European shares rose after the opening. The Conference Board's index of U.S. Consumer Confidence eased less than expected this month, a stark contrast to the University of Michigan's survey last week. The Iran standoff was largely unchanged, but hopes of a diplomatic breakthrough continued, despite Tehran's description of recent U.S. attacks as a?gross violation?of the two sides' ceasefire. Early on Wednesday morning, oil prices dropped by about 3%. This reversed some of the 4% increase from Tuesday. Isabel Schnabel, a member of the European Central Bank's board, said that rates should be raised next month - even if a U.S./Iran peace plan was agreed. Schnabel said that "looking through" was not an option because of the magnitude of the energy crisis. Chart of the Day SK Hynix surpassed $1 trillion for the first-time on Wednesday. Micron Technology, a U.S. listed company, briefly surpassed that threshold on Tuesday. Samsung Electronics also reached this milestone on May 6th. Samsung's shares rose 3%, SK Hynix shares closed 9% higher and SK Hynix shares closed 9% higher. Samsung avoided a strike by avoiding a 9% increase in its stock price. Micron stock has risen more than 1,200% in price since April of last year. Watch today's events * U.S. 5-year note auction (1 p.m. EDT), 2-year floating rate note auction (11:30 a.m. EDT) * ?U.S. All three speakers: Governor Lisa Cook, Fed Vice-Chair Philip Jefferson and Dallas Fed President Lorie?Logan Want to receive "the Morning Bid" in your email every morning? Subscribe to the newsletter. 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 a commitment to independence, integrity, and neutrality.
-
German power prices rise as heatwave and lower wind supply demand increases
German power prices for the day ahead jumped by 29% on Wednesday as a heatwave across Europe increased cooling needs, and lower wind generation meant more expensive electricity sources such as coal-fired plants and gas-fired ones would be required to meet demand. This week has seen temperatures in Europe that are higher than normal, increasing the demand for air conditioners and cooling systems. Engie's EnergyScan cited exceptionally warm weather over the period as a?dominant factor. It noted that cooling degree days - a measure for demand for air conditioners - were at their highest levels in decades. The warm weather pattern is also expected to continue through the weekend. This will keep demand high, and the strong solar output will ease the pressure on the grid at midday. The data from LSEG showed that the German wind power production was 'forecast' to drop by 9.7 gigawatts per day, to 4.4 GW by Thursday. Residual load, which includes non-renewable power generation sources, is expected to rise by 8.2 GW up to 23.5 GW. Forecasters DWD and MeteoFrance have predicted temperatures in Germany to reach 30 degrees Celsius (86deg F) on Thursday. In France, they predict temperatures to rise above 30C at midday.
-
James Wood and the Nationals aim for a 3-game sweep at Cleveland
James Wood has been on fire and the Washington Nationals have had their best start to a season since 2021. The Cleveland Guardians have felt the pain first-hand at their ballpark. Washington can complete a?three-game road sweep on Wednesday, when Nationals righty Miles Mikolas (0-3, 6.17 ERA), faces Guardians' righty Gavin Williams (7-3 3.25). Wood has pounded Cleveland pitching for their first two interleague games, going 7-for-9, with two homers, three RBIs and four runs. Wood, 23, will return to the top of the lineup in the afternoon's finale. Blake Butera, Washington's manager, said: "His ability to work walks and lay off pitches is incredible." "He's a lot of fun to watch." Wood is the leading major leaguer with 49 runs. He also leads the National League in on-base percentage (.413) and walks (46). He has been batting.369 in his last 17 games and is 24-for-65. The Nationals are two games above.500, matching their previous season's high. Washington has not?been over the break-even point this late into a calendar year since July 1, 2020, when the team was 40-39 and lost 58 of the final 83 games before finishing last in the NL East. Butera stated that "winning baseball games is fun." The Nationals rotation has also been impressive in recent times, with a 1.00 ERA - over the last six games - and 39 strikeouts compared to seven walks. Mikolas pitched five scoreless innings in his last outing on May 22, against the Atlanta Braves. In his three career appearances, he has a 1.01 ERA and a 1-1 record against Cleveland. The Guardians are comfortably leading the American League Central. However, their starting pitching has been a mess. Tanner Bibee, Joe Cantillo, and others have combined to throw just five innings over the last two days. They were hammered for six home runs and 11 total runs. Cantillo's two-inning outing on Tuesday was the shortest of his career. He lost?6-3. In the second inning, he gave up two runs to KeibertRuiz. He also allowed Wood to hit a home run for two runs. Bibee set a franchise record on Monday by dishing out five home runs in a 10-2 win. "I didn’t do my work and that can’t happen," said a?Cantillo whose 18 walks in May were the most allowed by a major leaguer. "Especially after Monday, I didn't allow us to win the match." Williams was brilliant in his two previous?starts. He struck out 18 batters without walking and allowed only two runs to be scored over 14 innings. This will be his first game against the Nationals. In 20 interleague appearances, he is 7-7 and has a 3.98 ERA. Williams, also known as "Big Rig", loves the sun and has the sixth best career ERA of all active starters in the daylight (minimum '30 starts). Williams' 2.83 is only behind?Jacob deGrom (2.02), Drew Rasmussen (2.14), Paul Skenes (2.55) Garrett Crochet (2.73), and Tarik Skubal (2.82). Stephen Vogt, the Guardians' manager, said: "It has been two hard losses but we are back to it on Wednesday." Washington's lineup makes you work. You can't get the other team to chase if you don't pound on their zone. Field Level Media
-
Cambodians are now more motivated than ever to tap into $300 billion of energy resources, due to the global fuel crisis
Cambodia's energy minister stated on Wednesday that the oil shock caused by the conflict in Iran has prompted Cambodia to resolve its maritime dispute with Thailand and unlock underwater energy resources worth $300 Billion. The grip of Iran on the Strait of?Hormuz - the conduit for a fifth of global oil supplies - has made the conflict in the region the worst ever global energy crisis. In an interview, the Minister of Mines and Energy Keorottanak said that Cambodia relies on renewable energy, including hydropower and solar power, to help it weather this current crisis. However, its hopes for industrialisation are based on fossil fuel assets. He said that before the crisis, all nations might have taken energy security for granted. "But, the ongoing crisis, and especially the pressure coming from the Strait of Hormuz has brought the energy security of every nation to sharper focus." "But the?ongoing crisis, especially the pressure from Strait of Hormuz has only brought energy security to any nation into sharper focus." Both countries claim an area of around 27,000 sq km (10,400 sq miles) in Gulf of Thailand which is estimated to contain around 11 trillion cubic foot of natural gas and large quantities of oil. TotalEnergies and other international oil and gas companies are interested in potentially beginning offshore exploration activities, if neighbours can settle their differences over "a patch of ocean" in the Gulf of Thailand. He said that harnessing oil and natural gas resources could be a win for both Thailand and Cambodia. UN CONCILIATION NEXT STEP The Thai government unilaterally terminated this month a 25 year-old agreement that was to be used for joint offshore exploration. Despite protests by Cambodia, it argued the framework had not made any progress. Keo Rottanak stated that the move by Thailand has forced Cambodia to use a mandatory conciliation process in accordance with the United Nations Convention on the Law of the Sea to come to an agreement on the maritime border. He said that Cambodian officials plan to contact the Thai government to discuss this mechanism. Thailand's Foreign Ministry did not respond immediately to any questions. A panel of conciliators helps countries to settle their disputes. Timor-Leste used this procedure in 2016 when it agreed on permanent maritime borders with Australia. LONG ROAD Ahead He said that a quick resolution of the border dispute was vital, given the time needed for exploration and the development. He said that if you wait another decade, your chances of getting financing for oil and gas exploration and exploitation are unlikely to be good. "And large companies are aware of this." TotalEnergies didn't immediately respond to our request for a comment. After years of delays, Cambodia produced its first crude oil in late 2020, as part of a joint venture between the Cambodian government and KrisEnergy. The Singapore-listed company announced its liquidation only months later. This cast a shadow on a sector the Cambodian Government is keen to revive. Keo Rottanak, speaking of Cambodia and Thailand, said that it would take time for the parties to increase their financial resources and technological capabilities. (Reporting and editing by Gus Trompiz/Keith Weir; reporting by DevjyotGhoshal)
Copper reaches highest level since May
On Wednesday, copper prices reached their highest level since mid-May, as lower oil prices eased inflation worries for the metal that is vital to growth. Aluminium prices remained 'near 4-year highs' amid concerns about reduced supply in the gulf region.
The price of three-month copper at the London Metal Exchange dropped 0.2% in open-outcry official trading to $13,597 per metric ton after reaching $13,746, which was its highest level since May 15.
Aluminium fell 0.3% to $3.663, after reaching its four-year peak of $3.707.50, on Tuesday. The Iran War has hampered deliveries in the Middle East. September alumina contracts in China have reached a month-high due to concerns about Guinea's feedstock.
Base metals in China, the world's largest metals consumer, were supported by data that showed industrial profits grew at their fastest rate since November 2023. A stronger yuan currency also made dollar-priced goods more appealing to Chinese buyers.
Ole Hansen is the head of commodity strategy for Saxo Bank. He said: "With the current global equity rally led by AI and semiconductor stocks the prospects of a strong and sustained demand, especially copper and aluminum, remain firmly intact."
The current price action appears to be more of a pause in an established trend.
Hansen stated that the technical support for copper and aluminum is around $13,400 each and $3,600 respectively. The short-term resistance level for aluminium is $3,700 where attempts to "break higher" have so far been met with profit-taking.
Copper stocks in LME registered warehouses are depleted
LME stocks of aluminium are also available
Nickel fell 0.1% from $18,950 to $18,950 after hitting $19,170 - the highest price since May 14. (Reporting and editing by Eileen Soreng, Janane Venkatraman, and Polina Devlin)
(source: Reuters)