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Albertsons reduces annual forecasts and ramps up investment; shares tumble
Albertsons lowered its annual core sales forecasts and profits on Thursday. It said it would increase investments in its digital business and prices to better compete for cash-strapped consumers. This sent its shares down by 18% just before the bell. The higher gas and food costs have led to a shift in spending habits among U.S. consumers, who are now more selective and prefer private label and discount grocery stores such as Aldi and Walmart. This has hurt sales for companies like Albertsons. Albertsons CEO Susan Morris stated that "core grocery faced increased pressure due to softer industry unit trend and a "more cautious consumer". The company's previous target was flat or up to 1%. It now expects a decline of between 0.5% and 1.5% in annual identical sales. LSEG data shows that 'identical sales' declined by 0.8% during the first quarter compared to estimates of a 0.46% decline. Evercore ISI analyst, Michael?Montani, said: "The overall read is that industry trends remain challenging for Kroger Farmers Market and Sprouts Farmers Market." Kroger shares fell about 3% during premarket trading. Albertsons announced that Sharon McCollam will retire as its chief financial officer later this year. Steven Shemesh, analyst at RBC Capital Markets, said: "McCollam has a very good reputation in the investment community. We expect that this news will be seen as a negative - especially with current business challenges." As the average national gas price is hovering over $4.00 per gallon, and uncertainty surrounding the war in Iran continues to loom large, consumer expectations are likely to be moderated. Albertsons, which caters to a core group of middle- and lower-income customers, has already reduced prices on hundreds?of items, improved its ecommerce channel in order to compete with convenience, and redoubled its efforts on private label brands. Morris stated that "we are choosing to accelerate our investments in our customer value proposition, and the customer experience before expected productivity benefits because we believe this will improve our growth path." The company will restructure their operating model into four regional units, from eleven?divisions. They also plan to accelerate efforts to centralize merchandising functions such as price, promotions and supplier relations to improve store performance. Albertsons' adjusted earnings per share for fiscal 2026 are expected to range from $1.75 to $1.85, compared to its previous target of $2.22 - $2.32.
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Gold drops 1% after oil rally, as Fed rates are in focus
The price of gold fell?on Friday, as an intensifying conflict in the Middle East drove up oil and fueled investor fears that inflationary pressures might push the U.S. Federal Reserve into raising interest rates this year. Spot gold fell 1.2% at 1215 GMT to $4,079.50 an ounce, after reaching its highest level in over a month on Wednesday, $4,165.87 per ounce. U.S. Gold Futures for August Delivery fell 1.7% to $4.082.80. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. Tzabouras said that the geopolitical escalation and higher oil prices, as well as the outlook for higher rates, leave gold vulnerable to further declines towards $3,900 over the next few days. Even if policymakers keep?rates the same (at the Fed meeting next week), as expected, the conflict continues to fuel inflation risk, which supports expectations for monetary tightening. According to the CME FedWatch Tool, traders are now pricing in an 80% chance that a Fed rate hike will occur in September. This is up from 68% Wednesday. Houthis, who are Iran-aligned, said that they had struck two Saudi oil tanks as part of an Iranian naval blockade against Saudi Arabia. This could create a second choke point on the global oil supply. The U.S. military has completed its 12th night of attacks against Iran, prompting further retaliation. Prices of oil rose for the fifth consecutive day. The increased oil prices caused by the Gulf supply disruptions are affecting gold prices, as they have raised expectations for higher interest rates in the future. This tends to reduce the appeal of gold that doesn't yield. The European Central Bank will almost certainly keep its interest rates unchanged on Thursday, but it will leave the door open for a rate increase in September. (Reporting by Sukanya Mitra and Swati Verma in Bengaluru; Editing by Harikrishnan Nair) (Reporting by Sukanya Mitra and Swati Verma in Bengaluru; Editing by Harikrishnan Nair)
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USA Rare Earths seals deal with French processor Carester
USA Rare Earth has finalised on Thursday a deal to purchase a minority stake in France's Carester. The funds will be used for the expansion of a?processing plant that is due to open this year. The move is part of an effort by the U.S., Europe, and other countries to produce their own rare-earths and magnets to reduce dependence on China. China controls 90% of the global output of these minerals, vital for the energy transition and electronics, as well as defence. Barbara Humpton, CEO of USA Rare Earth, said that the integration of Carester's capability into their global platform would allow them to offer more advanced processing options in their integrated value chain. USA Rare Earth and French private equity firm InfraVia have signed agreements conclusive to buy 13.6% of Carester privately held, but did not specify how much they paid. In April, the company announced that it had paid EUR40 million ($45.57) for a stake of Carester. And in June it said it was planning to make additional investments worth up to EUR175 millions in France. Carester will build a magnet recycling facility and a heavy rare-earth separation plant in Lacq, France. The facility is scheduled to be operational in late 2026. Analysts say that heavy rare earths is needed for magnets. However, they may be hard to find due to expected shortages. The deal between USA Rare Earth and Carester allows USA Rare Earth to purchase oxide output from the French facility, while Carester gets a?access to materials from the Serra Verde Mine?in Brazil that the U.S. firm agreed to buy in April for $2.8 billion. USA Rare Earth has agreed to a $1.6billion debt-and equity?funding package in January with the U.S. In January, the U.S. government announced that a magnet production plant would be opened in Stillwater in Oklahoma. ($1 = 0.88777 euros) (Reporting and editing by Susan Fenton; Eric Onstad)
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Czech Army helicopter with five soldiers aboard crashes, leaving one dead
The army and rescue services reported that a Czech military 'helicopter' with five soldiers aboard crashed on Thursday in the east of the country, killing one person. The army reported that the crash occurred at an army base located in Namest nad Oslavou 180km (112miles) southeast of Prague. The army said that a Venom helicopter had crashed at Namest nad Oslavou's 22nd?Helicopter?Air Force Base. Five soldiers were on board. The integrated emergency response system is at the scene." The Jihlava rescue service spokesperson?Petr Jaacek confirmed that one person was killed by the accident. It occurred directly at the base. He said that three other people were taken to hospital. One with a light injury and two with a medium severity, he added. Janacek was unable to confirm the identities of anyone on board and said that rescue operations are still ongoing. CTK News Agency quoted regional police spokesperson?Dana Cirtkova as saying that the police were notified of the crash at 1211 local (1011 GMT) time. The UH-1Y Venom, a multipurpose?helicopter manufactured by Bell Textron - is powered by 'two T700GE-401C engines from General Electric. (Reporting and writing by Alan Charlish; Editing by Alexandra Hudson, Susan Fenton, and Alexandra Hudson)
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Trump conditions US-Saudi nuke deal on joining Abraham Accords
Donald Trump, President of the United States, said on Thursday that a deal between the U.S. Saudi Arabia's participation in the Abraham Accords is a condition for a deal with?Saudi Arabia. The material will not be enriched. The U.S. reached an agreement with Saudi Arabia on civil nuclear energy, which allows the kingdom to enrich uranium using U.S. technology and build nuclear reactors. The technology is available without the need for UN inspections, which Washington had previously demanded of Iran. The Civil Nuclear Deal (There won't be any enrichment !)...) The deal will only be approved for non-military uses, such as those that Iran, UAE, and others already have. But it is'subject' to Saudi Arabia joining Abraham Accords, which are highly respected and successful. Trump said that the United States was not opposed to Civil Nuclear Facilities (non-enriched). Saudi Arabia has long held the position that it 'would not sign Abraham Accords unless an agreement was reached on a roadmap for Palestinian statehood.
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As Europe continues to heat up, wildfires in France force thousands of people to flee.
Scientists warn that climate change is worsening Europe's water shortages. A fast-moving fire has forced over 10,000 people to evacuate their homes and camping sites near the French Atlantic coast. Three heatwaves this summer in Europe have intensified the drought, reduced water availability and dried out the vegetation, which has led to wildfires that have scorched more land than ever before. The heatwave has been blamed for thousands deaths. Officials said that more than 10,000 people had been evacuated in southwest France overnight as a wildfire rapidly spread through 2,000 acres of land to the west of Bordeaux. The prefecture reported that 500 firefighters were battling the fire, and added that so far, no one has been injured. Wildfires are raging near Arcachon Bay, a popular tourist destination. Many of the people evacuated were camping guests. The fire spread faster than expected overnight, said Philippe de Gonneville the mayor of Lege-Cap Ferret. Authorities in Spain are still working on putting out fires that have been raging for days. Meanwhile, in Italy, an Italian firefighter, aged 59, died after becoming ill fighting a wildfire in Sicily near San Cataldo. The Cap Ferret Peninsula, which is often compared to the wealthy Hamptons of the United States, has some of France's most expensive properties. Here, wealthy Parisians and Bordelais sip white wines and eat oysters. Gonneville stated that authorities evacuated 5200 people over night. He said that access to the peninsula was closed and contingency plans had been put in place for evacuating it by road or sea, if needed. The fire started near Saumos, about 15 km from Lege Cap Ferret. It has now spread to Lege and forced the evacuation of many campgrounds and areas close to the forest. On Thursday, wildfires were a major problem in Spain. Authorities continued to fight several large fires despite high temperatures and bad weather conditions. Firefighters, emergency personnel, and military units were deployed across central Spain to monitor multiple fires. These included blazes in Guadalajara and Toledo as well as Ciudad Real, Albacete, and Ciudad Real. Over 100,000 hectares of land have been burned in Spain so far this season. Scientists say that heat-related deaths are the only plausible explanation for the excess deaths in Europe and Britain during the two heatwaves which broke records in May and June. Belgium announced on Thursday that the 27th of June, during the heatwave in the month prior, was the second-deadliest day for the country since the dawn of the 21st Century. Europe is suffering from a rapidly changing climate. Temperatures are rising twice as fast than the global average. The Climate 'Monitor', an interactive tool that tracks weather patterns, shows the average high in Western Europe will be 26.5degCelsius Thursday. This is +2.9deg higher than the normal 'high temperature for July 23 between 1961-1990. This summer, many European countries have been experiencing drought conditions. France is worried that it will have the smallest maize harvest in 50 years. Romania has limited farmers' access water for irrigation, while The Netherlands declared water shortages. London has banned the use of hosepipes and seven Greek Islands have declared an emergency to conserve water. Scientists said that a new report released on Thursday indicated climate change is changing the way droughts develop in Europe. According to the analysis by climate scientists from the World Weather Attribution Group, extreme heat is accelerating soil water evaporation. The challenges also encourage people to 'think outside the box. Communities in Spain's Galicia region, located in the northwestern part of the country, have introduced 'native' livestock in order to restore ecosystems and reduce fires. This is an area which was at the epicenter of the worst fire year in Spain in 2025. Cachena, locally known as a goat-cow, is a particular breed of cattle that has been used to munch through the undergrowth and create a fire hazard. Reporting by Stephane Mahae, Zhifan Lie, Dominique Vidalon Gabriel Stargardter Ingrid Melander Charlotte van Campenhout, Kate Abnett, in Brussels Emma Pinedo Victoria Waldersee Miguel Vidal and Alvise Armenlini in Italy, Michele Kambas, Toby Chopra, and Toby Chopra, Toby Chopra, Toby Chopra, Toby Chopra, Toby Chopra, Toby Chopra, Toby Chopra.
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Russell: India's rising refined product exports help ease Asia fuel crisis
Can India do the same for Asia's refined fuels market as China did with crude oil? China drastically cut its crude oil imports in June to a 10-year-low in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to source cargoes due the the effective closing of the 'Strait of Hormuz. India is taking a different approach, purchasing 'Russian crude' and increasing exports of refined goods to offset the lower shipments coming from Middle East refineries and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels a day (bpd). The second highest level recorded by Kpler since 2017 is almost twice the 866,000 bpd in May. This was the lowest for nearly four years. It came as a result of the Middle East losing crude oil after Iran closed the Strait of Hormuz to respond?to U.S. and Israeli attacks launched on February 28, 2018. India's crude oil imports fell to a 21-month-low of 4,55 million bpd during April. This impacted the ability of India's export-oriented refineries run at full capacity. India, however, switched to buying Russian crude oil after the Trump Administration lifted sanctions. This allowed importers to buy Russian cargoes openly. India's imports of Russian goods were 2.73m bpd during June, and Kpler?is estimating that July arrivals will reach 2.57m bpd. These are the two best months ever, surpassing the 2.16m bpd recorded in May 2023. India's decision, similar to China's cut in crude oil imports, to increase exports of refined products and buy Russian oil is not driven by altruism to support the stressed Asian markets -- it is driven by price. India's refiners take advantage of the high?premium? that fuels such as diesel and gasoline command over crude oil. PRODUCT PREMIUMS Benchmark Brent crude futures are up after the collapse of the ceasefire agreement between the U.S. Gasoil, a building block of diesel, reached a regional benchmark price in Singapore of $156.72 per barrel on Wednesday. This is up by 43% compared to the low post-ceasefire on June 26 and 71% above the $91.42 on February 27. Singapore gasoline On Wednesday, oil ended at $119.70 per barrel. This is a 27% increase from the low price of $94.00 that was reached after the deal on July 9. It's also a 51% premium to the $79.30 level of February 27. Other countries with export capacities are also increasing their output. Kpler data shows that Oman will export 783.200 bpd of light and middle distillates this July. This is a record and a significant increase from the previous record of 712.600 bpd set in June. Taiwan is expected to export 306,000 barrels per day (bpd) of light and medium distillates in July. This will be the highest since December, and almost three times more than the 124,000 bpd exported in April. Kpler estimates that the arrivals in July were 5.80 million barrels per day. The figure for July is 18% lower than the average of 7,05 million bpd during the three months prior to the conflict. The tightness of the'refined product' markets in Asia is reflected by the fact that even though refiners may have enough crude to meet demand, they lack the export capacity needed to make up for the 'losses' from the conflict between Ukraine and Russia and the Middle East. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
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Gold drops 1% after oil rally, as Fed rates are in focus
The price of gold fell?on Friday, as an intensifying conflict in the Middle East drove up oil and fueled investor fears that inflationary pressures might push the U.S. Federal Reserve into raising interest rates this year. Spot gold fell 1% by 1045 GMT to $4,087.90 an ounce, after reaching its highest level in July at $4,165.87 per ounce, on Wednesday. U.S. Gold Futures for August Delivery fell 1.5% to $4091.20. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. Tzabouras said that the geopolitical escalation and higher oil prices, as well as the outlook for higher rates, leave gold vulnerable to further declines towards $3,900 over the next few days. Even if policymakers keep?rates the same (at the Fed meeting next week), as expected, the conflict continues to fuel inflation risk, which supports expectations for monetary tightening. According to the CME FedWatch Tool, traders are now pricing in a 78% probability of a Fed rate hike in September. This is up from 68% Wednesday. Houthis, who are Iran-aligned, said that they had struck two Saudi oil tanks as part of an Iranian naval blockade against Saudi Arabia. This could create a second chokepoint in global oil supply. The U.S. military has completed its 12th night of attacks against Iran, prompting further retaliation. Prices of oil rose for the fifth consecutive day. The increased oil prices caused by the Gulf supply disruptions are weighing down on gold prices, as they have raised expectations for higher interest rates in the future. This tends to reduce the appeal of gold that doesn't yield. The European Central Bank will almost certainly keep its interest rates unchanged on Thursday, but it will leave the door open for a rate increase in September. Silver spot fell by 1.8%, to 58.6591 dollars per ounce. Platinum dropped 1.4%, to $1.622.33, while palladium declined 1.6%, to $1.270.04. (Reporting by Sukanya Mitra and Swati Verma in Bengaluru; Editing by Harikrishnan Nair)
Copper prices fall as oil prices rise, affecting economic outlook
Oil prices have risen to their highest level in more than seven weeks, causing a spike in copper. Benchmark three-month Copper on the London Metal Exchange fell 0.6% to $13,725.50 per metric ton, after rising as high as 0.5% in the previous session due concerns about dwindling stocks. Oil prices rose for the fifth day, rising as high as 5% at $98.75 per barrel. Yemen's Iran aligned Houthis claimed that they had attacked two oil tanks as part of Saudi Arabia's blockade.
Copper is considered to be a bellwether for the global economy. Higher energy prices are affecting the outlook and increasing the likelihood of interest rate increases.
Copper prices were supported by thin inventories, but with LME?stocks available, copper?prices were not as high.
Pierre-Alix Favillier is the head of base metal options at Sucden Financial. He said in a webinar that "it's pretty obvious for us that there is no appetite to bet on the downside of copper."
"If you take a look at the AI story and the investment appetite, it's only going to get higher."
The Yangshan copper premium is a top-tier metals consumer in China.
Copper shipments to the United States have been strong, which has helped support prices ahead of a possible tariff on imported refined copper. The proposed tariff is still a mystery to traders.
Other than that, aluminium dropped?0.3% at $3,183 per ton. Zinc rose 0.6%?to $3.614, while nickel climbed 1%?to $17,405, a new monthly high. Tin increased by 0.6%?to $54,020, and lead rose by 0.2%?to $1,899.50. (Reporting and Additional Reporting by Solomon Cefai, Editing by David Goodman).
(source: Reuters)