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Sources say that Al-Qaeda-affiliated militants killed more than 100 Malian troops in an attack this month.
Two?sources reported that jihadists have killed over 100 soldiers this month in central Mali, whereas the army claimed to have evacuated troops and attacked enemy positions as part of a retaliatory campaign lasting for more than a full week. The attack on Dioura, and the one at the airport of Sevare in September were the latest attacks by the al-Qaeda-linked Jama'at Nusrat al-Islam wal Muslimin against Mali's'military leaders' who seized control in coups of 2020 and 2021. JNIM and the Tuareg-led FLA joined forces in April to launch a series of attacks across the country that resulted in the death of Mali's Defence Minister as well as the destruction of the airport. This attack highlighted the lack progress made by the pro-government forces against the rebels. Sources in the security sector claim that 130 soldiers were killed in the attack on September 10 in 'Dioura, with over 100 being taken hostage. According to a diplomatic source, around 120 soldiers were killed. In a statement released on Saturday, the Malian Army said that "some of our brothers in arms unfortunately died on the battlefield of honour while significant losses were suffered by the attackers." JNIM claimed last week that 150 soldiers were killed in the attack on September 10. Airport SHELLING JNIM claimed that in a separate incident on Sunday, it had "struck air defense systems" at the airport of Sevare which houses military planes and drones. It claimed that it had killed 33 progovernment forces in Sevare, and also in Konna in central Mali. The Russian paramilitary Africa Corps is supporting the Malian army in both places. The Malian military spokesperson did not respond when contacted for comments. One local resident reported that there were six consecutive nights of shelling at Sevare Airport. A resident who visited the hospital at Sevare reported that there were 40 Malian soldiers and Russian combatants in the hospital. The resident, who asked not to be identified for fear of reprisals, added that Russian troops had disappeared from the town of?Sevare by Monday. According to two Konna locals, JNIM fighters riding motorbikes encircled a military camp located in Konna (about 55 km away from Sevare).
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German Cabinet to approve fuel price reduction on Monday
A spokesperson for the German Finance Ministry said that on Monday, the German government will approve and implement its planned discount in gasoline prices. The draft bill for the corresponding legislation was finalised at the weekend, and both chambers of parliament should pass it this week. The government was under pressure to move quickly ahead of Sunday's elections in Berlin and Mecklenburg/Western Pomerania in northeastern Germany, where the conservative party of Chancellor?Friedrich Merz suffered its worst regional electoral defeat since postwar Germany. On Friday, the government announced that it would cut taxes on gasoline and diesel by EUR0.17 per litre ($0.20), days after Merz had promised relief to consumers and businesses affected by the soaring prices of fuel. During a regular press conference, a spokesperson for the finance ministry said that they hoped to recover this money by imposing a tax on energy companies' excess profits. The European Union's finance ministers met on Friday to discuss whether a windfall tax should be imposed on all energy companies that benefit from the'surge in gas and oil prices? following the closing of the Strait of Hormuz. Further discussions are expected in October. The German Finance Minister Lars Klingbeil, of the junior coalition partners Social Democrats, has called repeatedly for a windfall-tax. Meanwhile, Economy Minister Katherina Reihe and Merz from CDU reject the idea. This dispute shows the growing divides between coalition partners, which threatens to undermine reforms aimed at revitalizing Germany's economic growth. Second Round of Relief The fuel rebate will cost the federal and state governments approximately EUR 2,5 billion. As escalating attacks in the Middle East threaten to disrupt more supply routes, oil futures are back over $100 per barrel. This is about 50% higher than they were before the Iran War. The derivatives market suggests traders don't expect prices to drop in the near future. The Middle East conflict is not showing signs of ending, so the German government was forced to introduce further relief measures to help consumers and businesses, in an effort to curb "public discontent" and the rise of far-right parties. In April, Germany approved a tax-free bonus of up to EUR1,000 and a fuel reduction for May and Juni as part of an overall package to offset the impact of rising petrol prices. Fuel price relief for consumers and businesses cost EUR1.6billion and during the two months that it was in place, inflation decreased. In July, however, energy inflation increased to 8.3%, up from 3.4% the previous month, as the rebate offered by the government expired.
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Bonds benefit from lower oil prices and stock gains on AI optimism
Global stocks rose Monday as booming AI demand lifted technology shares. Oil fell on reports that more oil was leaving the Gulf than originally thought, despite ongoing conflict. Bonds, which?last weekend suffered a sixth consecutive weekly selloff due to rising interest rates and an unabatedly high oil cost, have rallied. European debt has led the gains. The MSCI All-World Index rose by 0.4% while European shares increased by 1.2%. Futures on Nasdaq climbed 1.1%, as chipmakers' shares rallied. Intel was up 5.2%, AMD and Super Micro Computer were up 2.4%, and respectively, AMD and Super Micro Computer. South Korean data revealed that exports in the first 20 of this month reached a new record, thanks to a surge in demand for chips. S&P Futures rose 0.7%. The oil price has dipped back to $100 per barrel from its highs of last week over $109, which rattled investors. "Perhaps things were a bit apocalyptic in the last week and are now easing up. Oil prices are still going higher, but the direction is not changing. "This is only a minor adjustment," IG Chief Market Strategist Chris?Beauchamp stated. He added, "It's just a dance in which one narrative is dominant for the moment." This week, US President Donald Trump is attending the United Nations 'General Assembly,' ahead of a Thursday meeting with Xi Jinping, the Chinese President. OIL RETREATS FOR NOW Prices of oil futures fell despite the fact that Iran and the United States were exchanging new threats, and even after the Houthis had attacked Saudi Arabia's Capital. Brent dropped 2.6% to $100.20 a barrel. Kpler, an analytics firm, reported that Saudi Arabian exports have recovered to just under 4 million barrels a day (bpd), after falling to 2.4 millions bpd last August. This is the lowest level since at least 2013. Saudi producers are also reported to be aiming to restart some flow through the main east-to west pipeline of the country after it was damaged by attacks last week. However, details were lacking and analysts harbored doubts. Vivek Dhar is the head of commodities for CBA. He said that they now estimate oil markets will have between 5 and 10 weeks until global oil and refined products inventories are depleted. This compares to estimates which were closer to 15 or 20 weeks a few weeks ago. In a similar vein, it is expected that central banks will raise interest rates in the majority of major economies this year. Futures betting on the Federal Reserve's hawkish comments last week has a 56% probability that it will raise rates again in October. A move by year's end is considered a certainty. The bond market has been hard hit by this, as the yield on the Group of Seven largest economies' average 10-year bonds is at its highest level since 2008. French debt was hit by concerns about inflation and long-term financial stability, which sent its risk premium up to the highest level since the 2012 Euro zone debt crisis. The conservative coalition of Chancellor Friedrich Merz suffered its worst electoral results in Germany since 1949. The drop in oil was the main driver for bonds, with German 10-year rates down 5 basis points to?3,472%, and French 10-year rates 10 bps lower to 4.469%. The dollar rose 0.2% to 157.2 yen in foreign exchange. Investors were wary that the Bank of Japan might take advantage of the lack of liquidity during the three-day Silver Week holidays to buy the currency. Nikkei reported that the yen rose on Friday, after Japanese authorities checked the rate of the currency market.
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India's August infrastructure output rose 4.8% year-on-year
According to government data released on Monday, India's infrastructure output increased 4.8% in August. The third release of data under the new series uses the year 2022-23 for the base and includes iron ore in the core sector basket. The data showed that infrastructure output grew?a revised 5 percent in July compared to a year ago. KEY NUMBERS * The cement output increased 12.5% from the 12.7% that was reported in July. * Steel production increased by 3.4% in August, up from a revised 1.9% increase in July. * The electricity generation increased by 11.6% in August, compared to a revised increase of 8.4% in July. * The production of iron ore rose by 5.5% in August compared to a 29.5% increase in July. * The output of refinery products rose by 2.6% in August, compared to a revised rise of 3% a month before. * The coal production dropped by 3.8% in August compared to a 7.6% increase the previous month. * Crude Oil Production fell 3.6% in August, compared to a drop of 5.3% during July. * Fertilizer output declined 12.4% in august, following an 8% drop in July. * The natural gas production fell 4.9% in August compared to a revised drop of 3% in July. * The growth in infrastructure output for the period April-August has increased from 2.4% to 4.3%.
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QatarEnergy: Hormuz Crisis may delay LNG Expansion Projects
QatarEnergy anticipates that the first train of the North Field East (NFE), liquefied gas expansion project will start production during the first half of the year 2027. Additional trains, however, will depend on Strait of Hormuz crises. The disruptions caused by the 'effective closure' of the strait after the US and Israel began their war against Iran could delay a part of the largest LNG expansion project in the world at a moment when Qatar is attempting to replace the volumes lost following attacks on its Ras Laffan Export Hub. Saad Al-Kaabi (CEO of QatarEnergy and Minister of State for Energy Affairs) said that equipment required for the expansion could not reach the country due to the disruption of the Strait of Hormuz. RAS LAFFAN REPAIRING ONGOING He said that a few LNG trains under the NFE expansion will begin production by 2027, and that the North Field South expansion (NFS) is expected to start in 2028. Qatar is still dealing with the damage caused by the attacks on Ras Laffan which destroyed 17% of its LNG capacity. Kaabi stated that the attacks caused damage to two LNG trains where repairs may take up to three years and one gas-to liquids (GTL), which will be repaired in the first quarter 2027. Kaabi added that QatarEnergy?is producing very small amounts of LNG. Kaabi responded that QatarEnergy was expanding its trading business, and in a short time would become "the world's largest LNG trader by far". Kaabi said that the second and third trains of the Golden Pass LNG Project in Texas, a joint-venture between QatarEnergy & Exxon Mobil is expected to be fully operational by 2027. Golden Pass began production on its first train in march, and shipped its first LNG cargo to customers in April. The project will produce 18 million metric tons of LNG per year when fully operational. Kaabi dismissed "suggestions" that exports via the Strait of Hormuz could be replaced by pipelines running through neighbouring countries. Qatar has rejected access to neighbouring countries' territories despite thanking them for their offer.
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EU requires data centres to report energy and water efficiency
As concerns about?their resource consumption grow, the European Commission on Monday proposed rules requiring data centres in Europe to reveal how efficiently they use water and energy. The EU wants to triple its data centre capacity in the next seven year to support the rapid growth of artificial intelligence. It also wants to reduce reliance on US Big Tech. If the energy and water consumption of these 'huge' facilities is not controlled, it could strain Europe's grids and deplete water resources, as well as increase CO2 emissions. The Commission proposed a scheme for rating facilities to increase transparency and encourage?companies? to build more efficient data centres in terms of energy consumption and water usage. The scheme does not require data centres or other facilities to disclose the total power they use. However, it would require operators of facilities that have a maximum capacity of 500 kW (or more) to use a labeling system designed by the EU to indicate their energy efficiency and water efficiency. Data centres will also be required to provide information about the relationship between water consumption and water stress levels in the local area, as well as whether they can offer services to local energy systems, for example by reusing their "waste heat". The EU is currently developing a set of minimum standards for data centres' energy and water efficiency. The EU reported in a June report that data centres account for around 2.5% of EU electric consumption. This share will increase as the EU data center capacity is expected to double by 2030 to 28 gigawatts, compared to 12 GW in 2013. The EU and its legislators have two months in which to object or the rules will come into effect.
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MORNING BID AMERICAS-Summiteering
Following a week of tightening by central banks, the markets are now turning to diplomacy or top-level summits as world leaders gather in New York for the United Nations General Assembly this week. The top bilateral summit is the meeting between US president Donald Trump and Chinese President Xi Jinping on Thursday in Washington. Treasury Secretary Scott Bessent met with China's Vice-Premier He?Lifeng? on Sunday in order to set up an agenda for trade relations, AI and geopolitics. The weekend headlines were dominated by the raging conflicts in the Middle East, Eastern Europe and Russia. Both Saudi Arabia's Riyadh, and Russia's Moscow, came under attack, both from Houthi-backed forces and Ukrainian forces. On Monday, oil prices fell on the back of hopes that Saudi Arabia will restore some flow through its East-West pipe and amid reports that fuel and oil shipments have increased in September. The observable data were less optimistic. Some hoped that Chinese pressure against Iran could have an impact on regional attacks. Stock markets were up in the thin trading of Monday, despite Brent crude remaining above $100 per barrel. Japan has not had much time to react to the Bank of Japan's interest rate hike on Friday, since Tokyo markets have been closed this week. After a rate check was reported, the yen gained some ground on Friday. It had weakened against dollar after the increase. The currency was stable on Monday amid concerns about possible further government intervention during market closures. Rate markets are trying to gauge 'what's next'? after the Federal Reserve raised rates last week. Rate markets have fully priced in one more rate hike by the end of the year, with a move next month being about 50-50. Neal Kashkari, the Minneapolis Fed chief, said on Sunday that concerns about inflation were not limited to oil prices. He also noted that services price inflation was equally concerning. Economists believe the Fed is trying to reset in order to accommodate a faster-growing future economy that could prevent it from hitting its inflation goal. In the last two weeks, yields on 2-year Treasury bonds have increased by as much as 36 basis point. Even though it left policy unchanged last Friday, the Bank of England will also likely raise rates before year's end. The European markets are also focusing on the poor results of Germany's CDU in two state elections held over the weekend, despite the fact that German Chancellor Friedrich Merz has vowed to continue and that first thing Monday morning, the euro remained stable. Chart of the Day Investors are now demanding a higher premium for holding French debt. For the first time since 2012, France must pay a 104 basis-points premium on its bonds. Investors are worried about the long-term financial stability of developed economies. They're also concerned that France is struggling to reduce its budget deficit in advance of an upcoming presidential election that could make this task even more difficult. The government wants to reduce the deficit from 5.4% to 5% of output by cutting EUR54 billion in spending. In the next few months, the opposition parties will likely challenge the government. Watch today's events Austan Goolsbee, Chicago Fed's Austan Goolsbee, speaks * Christine Lagarde, President of the European Central Bank and Tiff Macklem, Governor of the Bank of Canada also speak * Japanese financial markets closed for holidays; returning Thursday Want to receive Morning Bid every morning in your email? Subscribe to the newsletter by clicking here. You can find ROI's website and follow us on LinkedIn or X. The opinions expressed are solely those of the authors. These opinions do not represent the views of News. News is committed to the Trust Principles and to integrity, independence, freedom from bias, and impartiality.
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Copper prices rise as Chinese demand expectations drive speculative activity
Prices of copper?rose on Monday for the fifth straight session, moving closer to records as expectations of a seasonal pickup in demand?in China?the world's largest consumer?kept speculative buyers going. The benchmark three-month copper price on the London Metal Exchange rose 0.9% to $14,654 per metric tonne by 0957 GMT after reaching $14,710.5. This was its highest level since 10 September, when it reached a high of $14,875. Ole Hansen is the head of commodity strategy for Saxo Bank. He said that renewed speculative interest has driven?copper up after funds reduced their net long positions on Comex copper futures during a 'week ending September 15th. The White House still hasn't decided how to refine?copper tariffs. The premium between US copper 'futures' and LME prices has widened, but it is still insufficient to encourage physical shipments to COMEX Copper?stocks. The copper stocks of the exchange monitored 1 million-ton inventories are stored in. Copper prices rose as traders awaited the meeting this week between US President Donald Trump, and Chinese leader Xi Jinping. Yangshan copper Last week, the price of a ton of copper in China reached $124, its highest level in almost four years. However, it fell to $119 on Monday. Copper stocks available in LME registered warehouses After 9,600 tonnes of new cancellations in Asia, the daily LME data shows that total shipments fell to 133 725 tons. The premium of the LME Cash Copper Contract over the benchmark has increased. A discount of $86 per ton on September 14 brings the price down to $26. Aluminium and zinc, both LME metals fell by 0.1%, respectively, to $3,286 apiece. Lead increased 0.3% from $1,929.5 to $1,927, after reaching its three-month peak of $1,929.5. Tin gained 0.3% at $53,610, and nickel rose 0.5% at $16,270.
Demand from China increases as Fed raises interest rates to clear uncertainty
The copper price edged up on Monday as the US Federal Reserve's?rate?hike last week dispelled months of uncertainty about?rates. Meanwhile, optimism remained over the?strong China market.
Benchmark 'three-month' copper on the London Metal Exchange rose 0.38% to $14,577 per metric ton at 0700 GMT.
The price of copper had risen to $14,644.5 per ton earlier, its highest level since September 10 when it reached a high of $14,875. The most traded copper contract at the?Shanghai Futures Exchange increased 0.59%, to 110,180 Yuan ($16.455.83) per ton.
Analysts from Chinese broker Everbright Futures stated in a Monday note that the Fed's hike had removed "the largest near-term uncertainty" in the copper markets, but extreme mine-side shortages and ultra-low Chinese domestic inventories remained a floor.
Copper, a commodity that is dependent on growth to grow, can be negatively affected by higher?interest rates.
Prices are supported by the demand from China, the world's largest consumer. Yangshan copper
Everbright Futures analysts say that the expectation of inventory replenishment in advance of National Day next week also supported prices.
Even after Iran and the US exchanged threats on Sunday, oil prices fell to their lowest level in more than a week.
Donald Trump, the US President, said that he was open to meeting Masoud Peshkian who is expected in New York this coming week. Copper prices have been affected by the war because it has threatened to slow down global economic growth.
Aluminium lost 0.49% on the LME, while zinc gained?0.27%. Lead added 0.18%. Nickel?added 0.45% and tin gained?0.19%.
Aluminium lost 0.68% among SHFE metals. Zinc gained 0.51%. Lead gained 0.71%. Nickel dipped by 0.11%. Tin gained 0.9%.
(source: Reuters)