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India's demand for oil has improved since tensions between the US and Iran.
The oil prices rose on Wednesday as a result of a heightened risk, despite the fact that U.S. Iran?talks remained tense. In addition, signs of easing surpluses, fueled by improved demand from India, also contributed to this increase. Brent crude oil futures rose 55 cents or 0.80% to $69.35 per barrel at 0356 GMT. U.S. West Texas Intermediate crude oil rose 57 cents or 0.89% to $64.53. LSEG analysts stated in a recent report that "oil maintains a bullish bid for tail risk as US-Iran negotiations continue, but remain fragile. This keeps the Strait of Hormuz premium at a high level amid continued?sanctions, tariff threats related to Iranian trade and a heightened U.S. military posture in the region." Iran's Foreign Ministry spokesperson stated on Tuesday that the nuclear talks between Iran and the U.S. had allowed Tehran to gauge Washington’s seriousness, as well as a consensus for 'continuing on the diplomatic path'. Diplomats from Iran, the U.S., and Oman held talks last week to try to revive diplomacy after Donald Trump positioned a flotilla of naval ships in the region. This raised fears about new military action. ANZ analysts wrote in a note that while oil prices initially?eased when Oman's Foreign Minister said discussions?tied?to the U.S. Iran talks with Iran's chief security official were productive. Hopes of a peaceful solution were then dashed by reports that the U.S. could send a second plane carrier to the Middle East if the talks fail. Trump announced on Tuesday that he is considering sending a 2nd aircraft carrier to the Middle East. This comes as Washington and Tehran are preparing to resume talks aimed at averting another conflict. Signs of an easing surplus also supported oil prices, as the markets were able to absorb some of the surplus barrels that had been seen in 2025's last quarter. "With oil prices likely to remain stable in the near term, as mainstream oil is returning to normal levels on water and India's demand for oil is increasing," said Vortexa analyst Xavier Tang. Indian refiners have avoided Russian oil purchases in order to help New Delhi sign a trade agreement with Washington. They are now increasing their purchases of oil from West Africa and the Middle East. The Energy Information Administration will release its weekly U.S. Oil Inventory data on Wednesday. The analysts polled estimated that on average crude inventories increased?by 800,000 barrels during the week ending February 6. Distillate and gasoline stocks are expected to have fallen by 1.3 million and 400,000 respectively. U.S. crude stocks rose by 13,4 million barrels during the week ending February 6, according to market sources citing American Petroleum Institute data on Tuesday.
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James Hardie jumps on an increase in annual earnings forecast, and a positive third quarter
James Hardie Industries, a fibre?cement manufacturer in Australia, raised its yearly earnings forecast after exceeding analyst?estimates during the third quarter. This sent its Sydney listed shares up 14%. Dublin-based company reported an increase of 10% in its inorganic sales in the Siding and Trim division. Solid gains were also observed in other segments, such as Deck, Rail and Accessories. This helped the company to post a net income adjusted for quarter of $142.2 millions, which was higher than Visible Alpha's estimate of $130.1 but lower than last year's 153.6 million. The company raised its forecast for annual adjusted operating profits to $1.23-$1.26 billion, up from the $1.20-$1.25 billion previously expected. Its midpoint is broadly in line the Visible Alpha consensus at $1.23-billion. James Hardie Australia listed shares surged up to?14%, reaching A$37.89. This is their highest level since August last year. It's also the best intraday rally in 2023. As of 0225 GMT, the stock was one of?the top gainers in the benchmark ASX 200 index. The index was up 1.5%. Brook Campbell-Crawford is Barrenjoey's head of industrial cyclical research. She said that the result was better than expected. AZEK Exteriors, a decking and exteriors company, contributed to the increase in net sales. The division's organic net sales fell by 2%, mainly due to lower volumes and a softer housing market. "For Siding and Trim the market remains challenging, in line with our previous expectations," said Ryan Lada CFO. He added that channel inventories are expected to remain at normal seasonal levels for the rest of fiscal 2026. Crawford said that the fourth-quarter guidance was "conservative" and "importantly", "the management expects organic growth for fiscal 2027, and will provide formal guidance by May." James Hardie purchased U.S.-based company AZEK for $8.75 billion in 2008 amid concerns that analysts overpaid for exposure to a housing market still impacted by high costs and affordability. James Hardie's value on the market was wiped out by billions of dollars last year due to a deal struck at a premium of 37%. The?stock fell more than 38% by 2025, with investors criticizing the fact that they were denied the opportunity to vote and dumped Anne Lloyd and two directors.
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Iron ore prices rise after China's central Bank pledges monetary assistance
Iron ore futures continued to rise on Wednesday, after the central bank of top consumer China pledged financial assistance to boost domestic consumption. This was exemplified in a?lower than expected consumption data. As of 0234 GMT, the most-traded May iron ore contract on?China's Dalian Commodity Exchange was up 0.26% to 765 yuan (US$110.63) per metric ton. The benchmark March ore traded on the Singapore Exchange at $100.35 per ton, up 0.17%. China's central banks said on Tuesday that it would increase financial support for domestic demand as overcapacity in the industrial sector and lacklustre consumption weighed down business confidence. Still, consumer inflation in the country cooled?in January, while producer prices deflation continued, reiterating market demands for more policy actions to address the'mismatch between demand and supply. The Consumer Price Index (CPI), which measures consumer prices, increased by 0.2% on an annual basis. This is below the 0.4% increase predicted in a recent poll. The producer price index (PPI), which measures the cost of goods produced, fell by 1.4% on an annual basis, continuing a trend of deflation that has lasted for years. This continues to affect the profits of industrial firms, and indicates the need for additional policy measures in order to increase the effective demand, and correct deep-seated imbalances within the economy. China depends on exports to absorb production capacity. However, a growing list anti-dumping and trade rules could derail export-driven growth through strong Chinese steel exports. According to a research report published by ANZ on February 11, export momentum will fade in 2026 as China tightens up production. Total volumes are expected to drop as much as 30 percent. Coking coal and coke, which are both steelmaking ingredients, have also weakened, falling by 0.22% and 0.5%, respectively. The Shanghai Futures Exchange has seen a rise in steel benchmarks. Rebar gained 0.26% in strength, hot-rolled steel coils firmed up 0.37%, and wire rod hardened by 1.42%. Stainless steel also gained 0.54%.
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President Prabowo asks Indonesia's top businessmen to create jobs during a meeting with them
According to a statement released on Wednesday, Indonesian President Prabowo met late Tuesday with 'five' of the country's leading businessmen, and asked them 'to work together' with the government 'to create jobs' in Southeast Asia's largest economy. The meeting came after a week-long turmoil on the Jakarta Stock Exchange, when index provider MSCI raised questions about transparency and ownership of shares. This led to a frantic sale that erased around $120 billion in market value. Five people were selected: Prajogo Pangastu, the founder of petrochemical comglomerate 'Barito Pacific Group', Anthoni Salim, of 'the Salim Group, a?of?the world’s largest instant noodles producers, Franky Wdjaja, of paper and agribusiness titan Sinar Mas; Garibaldi Thohir, of miner PT Alamtri Resources Indonesia; and Sugianto Ksuma, of property firm Agung Seday * The meeting took place at the Hambalang residence of Prabowo in Bogor. * Prabowo stressed the importance of the spirit "Indonesia Incorporated", which encourages close collaboration between all sectors to support?the economy. The statement stated that the businessmen supported a number of government programs, including free meals for students, the development and improvement of schools, as well as energy and food security.
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Bloomberg News reports that Trump will direct the Pentagon to purchase coal to revitalize industry.
?U.S. Bloomberg News, citing an official at the White House, reported that President Donald Trump will direct the Pentagon to use government funding and Pentagon contracts to sustain U.S. coal-fired power stations. The report could not be verified immediately. The White House didn't immediately respond to a request for comment made outside regular business hours, and the Pentagon deferred any?comments to the White House. Bloomberg reported that Trump will issue an executive order on Wednesday directing Defense Sec.?Pete Hegseth?to enter into?agreements for the military to purchase electricity from coal plants. The report said that Trump will also announce a plan from the Department of Energy, which includes $175 million to upgrade six coal-fired power plants located in Kentucky, North Carolina Ohio, Virginia, and West Virginia. The White House also stated that it would Hold an event On?Wednesday, promoting 'coal-powered sources of energy. The report said that coal executives, energy industry leaders, and miners will visit the White House when Trump makes his?announcements. Trump signed executive orders last year. Increase coal output (Reporting by Ananya Palyekar in Bengaluru; Editing by Christian Schmollinger and Thomas Derpinghaus) (Reporting from Ananya Palyekar in Bengaluru, Editing by Christian Schmollinger & Thomas Derpinghaus).
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Stocks pause in their tracks as signs of US consumer softening are seen
Bonds rose and stock markets slowed on Wednesday due to softer than expected U.S. retail figures. Meanwhile, the rally in the yen extended and could be signaling a change in investor sentiment since Japan's recent election. A holiday in Japan 'lightened' trade in Asia and Hong Kong and China markets opened at around level. The gold price rose above $5,000 per ounce, and Treasury futures also rose a bit. Cash market was closed. The benchmark 10-year U.S. Treasury rates fell by nearly six basis points over night and reached a low of 4.14%, a month-low. Data showed that core U.S. Retail Sales in December were down 0.1% and November and October data had been revised downward. Bond prices increase, and yields drop. The S&P 500 ended 0.3% lower as the recovery from heavy software share selling last week begins to lose momentum. Alphabet's shares fell by 1.8% as Google, the parent company, is raising debt to finance an AI infrastructure spending spree. S&P futures in Asia were 0.2% higher. Nikkei Futures also rose, despite the fact that the cash market is closed for the holiday. Earnings drove the Australian Market, which was up by 1% in Sydney around midday. Commonwealth Bank of Australia (CBA) shares rose 7% after the?top mortgagee in Australia posted record earnings and loan growth. It also held its market share, increased its dividend, and maintained market share. CSL shares, a biotech firm that makes the majority of its money by selling blood plasma treatments to treat rare illnesses, plunged 12%, reaching eight-year-lows, after the company announced a drop in the first-half profits and, late Tuesday, the departure of the CEO. ASX, Australia's troubled bourse operator that has been in trouble with regulators while it attempts to revamp its trading technology, announced late on Tuesday the departure of its chief executive officer. Shares were down by 5.5% on Thursday. JURY OUT ON THE YEN BUNCEBACK A resurgent dollar is being hurt by a rising yuan and a resurgent Japanese yen. The yen gained nearly 1% against the dollar on Tuesday. It has risen 2% in value since Japan's Liberal Democratic Party and Prime Minister Sanae Takaichi won a landslide victory at Sunday's election. Investors were worried about Takaichi's ability to pay for her stimulus plans, so they expected a weaker currency. Bond markets have remained steady since her win, and stocks have surged. Some investors are now rethinking their assumptions. Brent Donnelly is a currency trader, founder of analytics company?Spectra Markets, and he said: "To be long yen you must believe that the Nikkei correlation will break, and it will become an unhedged buy Japan' trade." "That's possible. "I just think that the jury is still out." Overnight, the yen rose dramatically on cross rates. The?euro remained steady at $1.1894, while the Kiwi and Aussie held above 60 and 70 cents respectively. China's currency, the yuan, was stable in early trading after it surged to its highest level in nearly three years on Tuesday. This was due to corporate demand for cash before?the Lunar new year break. China's consumer price index rose just 0.2% from January last year to the same month the previous year. This was below expectations of a 0.4% increase and highlights the weakening domestic demand. The Chinese government bonds futures market was supported. Brent crude oil futures remained steady at $68.80 per barrel as markets waited for the outcome of U.S. diplomacy with Iran. Bitcoin is struggling to break through the $70,000 barrier, and remained pinned at $69,000 on Tuesday. (Reporting and editing by Shri Navaratnam, Stephen Coates, and Tom Westbrook)
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Oil prices hold steady amid tensions between the US and Iran
The price of oil held steady on Tuesday, as the'market waited to see what direction it would take while U.S. - Iran talks?continued. Brent crude oil futures were up 23 cents or 0.3% at $69.03 per barrel as of 0100 GMT. U.S. West Texas Intermediate Crude rose by 23 cents or 0.4% to $64.19 Iran's spokesperson for the foreign ministry said that the nuclear talks between Iran and the U.S. had allowed Tehran to gauge Washington’s seriousness, as well as a sufficient level of?consensus' to continue diplomatic efforts. Diplomats from Iran, the U.S. and Oman held talks last week to try and revive diplomacy after the?U.S. Last week, diplomats from Iran and the U.S.?held talks in Oman to revive diplomacy after?U.S. ANZ analysts said that if the talks do not succeed, the U.S. could send a second carrier to the Middle East. This would dampen hopes for a peaceful solution. Trump announced on Tuesday that he would consider sending a second carrier to the Middle East as Washington and Tehran prepare to resume negotiations in an effort to avert a new war. The Energy Information Administration will release its weekly U.S. Oil Inventory data on Wednesday. The analysts polled by 'estimated that crude inventories increased by about 800,000 barrels during the week ending February 6. Distillate and gasoline stocks are expected to have fallen by approximately 1.3 million barrels and 400,000 barrels. U.S. crude inventory grew by 13,4 million barrels during the week ending February 6, according to market sources citing American Petroleum Institute data on Tuesday.
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Stocks pause in their tracks as signs of US consumer softening are seen
Bonds rose and stock markets rebounded on Wednesday, despite softer than expected U.S. retail figures. Meanwhile, the rally in yen extended itself - perhaps signaling a change in investor sentiment since Japan's elections. The morning trade in?Asia remained light due to a holiday in Japan, and investors were waiting for inflation data in China. Gold rose above $5,000 per ounce. The benchmark 10-year U.S. Treasury rates fell by nearly six basis points over night and reached a low of 4.14%, a month-low. Data showed that core U.S. Retail Sales in December were down 0.1% and November and October data had been revised downward. Bond prices increase, and yields drop. The S&P 500 ended 0.3% lower as the recovery from heavy software share selling last week begins to lose momentum. Alphabet's shares fell by 1.8% as the parent company of Google is raising debt in order to fund a spending spree on AI infrastructure. S&P futures in Asia were up 0.2%, Nikkei rose, despite the fact that the cash market had been closed for the holiday, and the Australian market, which was up by 1% in Sydney around midday, was driven by earnings. Shares of Commonwealth Bank?of Australia jumped by 7% after the top Australian mortgagee reported record earnings, loan increases, maintained market share, and raised its dividend. CSL shares, a biotech firm that makes most of its profits selling blood plasma treatments to treat rare diseases, plunged 12%, reaching their lowest levels in eight years, after the company announced a drop in its first-half profit, and late Tuesday, the departure of the CEO. ASX, Australia's troubled bourse operator that has been in trouble with regulators while it attempts to revamp its trading technology, announced late on Tuesday the departure of its chief executive officer. Shares were down by 5.5% on Thursday. JURY OUT ON THE YEN BUNCEBACK The dollar is on the defensive in the currency markets due to a resurgent Japanese yen, and the rising Chinese yuan. The yen gained 1% against the dollar on Tuesday. It has risen 2% in value since Japan's Liberal Democratic Party and Prime Minister Sanae Takaichi won a landslide victory on Sunday. Many investors were expecting a stronger currency because they worried about Takaichi's plans to pay for stimulus. Bond markets have been surprising steady since her win, and stocks have surged. Some investors are now rethinking their assumptions. Brent Donnelly is a currency trader, founder of analytics company Spectra Markets, and he said that to be long yen you must?believe the correlation with Nikkei would break, and it will become an unhedged buy Japan trade. "That's possible. "I just think that the jury is still out." Overnight, the yen rose dramatically on crosses. The euro remained steady at $1.1894, while the Kiwi and Aussie both held above 60 cents. China's currency, the yuan, was stable in offshore trade on Tuesday after reaching its highest level in nearly three years. This was due to corporate demand for cash before the Lunar New Year holiday. Brent crude oil futures remained steady at $68.80 per barrel as markets waited for the outcome of U.S. diplomacy with Iran. Bitcoin is struggling to break through the $70,000 barrier, and was stuck at $69,000 on Tuesday. (Reporting and Editing by Shri Navaratnam.)
Base metals benefit from a weaker dollar
The dollar fell on Thursday, and investors waited for news on the latest trade dispute between the United States (the largest metal consumer) and China.
By 0200 GMT, the most active copper contract at the Shanghai Futures Exchange had gained 1.5%, to 76.420 yuan (10,503.02 dollars) per metric ton. The London Metal Exchange's (LME) three-month contract for copper rose by 1%, to $9336.5 per ton.
The dollar index was hovering near its lowest level in a week. The dollar's weakness makes commodities priced in greenbacks cheaper for those who hold other currencies.
China imposed tariffs of tit-fortat on certain U.S. imports earlier this week. This heightened the tensions between the two world's largest economies. Meanwhile, President Donald Trump granted temporary exemptions from tariffs to Mexico, and Canada.
Amid the ongoing tariff war and the concerns over a slowing demand, the focus will be on China.
Investors seemed to be taking the increasing trade tensions with ease, as market activity was relatively low. "Most will be watching for signs of a recovery in demand after the holidays," said Daniel Hynes. Senior commodity strategist at ANZ Bank.
LME aluminium rose 0.4% to $2.626.5 per ton. Zinc was up 1.0% at $2.807; tin gained 0.8% to $31,050; lead climbed by 0.5% to $2,000 and nickel jumped 0.9% to $16,670.
SHFE aluminium rose 0.1%, to 20,285 Yuan per ton. Nickel climbed 2.1%, to 125 740 Yuan. Zinc rose 0.1%, to 23,425 Yuan. Lead gained 0.9%, to 17,155 Yan, and tin jumped 2.4%, to 259 160 Yan.
C4ADS, a Washington-based nonprofit global security organization, said that Chinese firms controlled about 75% Indonesia's capacity for nickel refining, raising concerns regarding supply chain control as well as environmental risks.
(source: Reuters)