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State media reports that an Iranian minister has arrived in Russia to deliver a message by Khamenei.
Iranian state media reported that Iranian Foreign Minister Abbas Araqchi arrived in Moscow on Friday to deliver to Russian President Vladimir Putin a message sent by the Islamic Republic's supreme leader Ali Khamenei. U.S. president Donald Trump has repeatedly warned Iran of bombings and secondary tariffs, if Tehran fails to reach an agreement with Washington regarding its disputed nuclear programme. The United States have also moved additional warplanes in the region. Both sides characterized the U.S.-Iran talks held in Oman at the weekend as constructive and positive. Araqchi stated on Wednesday, ahead of the second round of negotiations that will take place this weekend in Rome, that Iran's right not to enrich uranium was non-negotiable. Araqchi posted a video on his Telegram account of him arriving at Moscow. Western powers claim that Iran refines uranium beyond the permissible level for a civil energy program and near to the level required for an atomic weapon. Iran has long denied seeking nuclear weapons. Russia has stated that any military attack against Iran would not be legal and inacceptable. On Tuesday, the Kremlin declined to respond to a question about whether Russia would be willing to take over Iran's enriched uranium stocks as part of an eventual nuclear agreement between Iran and United States. Reporting from Moscow and Dubai, Felix Light's writing; Guy Faulconbridge, Mark Trevelyan and Guy Faulconbridge are responsible for editing.
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Tariffs weigh on major Gulf markets, causing them to decline
Investors were concerned about the uncertainty surrounding U.S. trade policies and a possible economic slowdown. Traders await signs of progress in negotiations between the administration of U.S. president Donald Trump and its trading partners. This includes ongoing trade discussions with Japan. The biggest concern is the direction of any possible discussions with China. Saudi Arabia's benchmark Index fell 0.5%. This was due to a fall of 1.5% in ACWA Power Company, and a drop of 1.3% in Saudi Arabian Mining Company. Investors also absorbed comments made by Federal Reserve chair Jerome Powell who warned about the risks of slowing down growth and increasing prices due to tariffs. Dubai's main stock index fell 0.1% due to a drop of 1.6% in Emaar Properties, a blue-chip developer. Abu Dhabi's index also fell by 0.1%. Commercial Bank lost 2.6% after a sharp drop in the first-quarter profits. Qatar's benchmark dropped 0.5%. Oil prices rose on the prospect that supply would be tightened after Washington imposed new sanctions to curtail Iranian oil trade and some OPEC producers promised to cut more production to compensate for pumping over their agreed quotas.
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Gold prices fall from record highs as investors cash out
On Thursday, gold prices fell from their record high as investors took profits after a rally fueled by fears over President Donald Trump's latest tariff policies. As of 0827 GMT spot gold was down by 0.8%, at $3,318.19 per ounce. It had earlier reached a session high of $3 357.40. Bullion is up 2.5% this week. U.S. Gold Futures dropped 0.5% to $3330.50. The reversal from new all-time highs is likely due to some profit-taking on the highs. "A slightly stronger tone in an otherwise weak U.S. Dollar likely took the edge of gold," said Ross Norman an independent analyst. Price dips are being bought in, indicating underlying sentiment that is very positive. Dollar index rose from a near three-year low, making gold expensive for those who hold other currencies. Gold prices rose by 3.6% Wednesday as a result of Trump's decision to launch a probe on potential tariffs for all imports of critical minerals, along with reviews on pharmaceuticals and chips. Jerome Powell, the U.S. Federal Reserve chair, said that the Fed will wait for more data to be released before changing rates. He also warned that Trump's tariff policy could push inflation even further away from its goals. Gold is traditionally seen as a hedge to inflation. It also thrives in an environment of low interest rates. Carsten Menke is an analyst with Julius Baer. The demand for gold in India was muted this week due to a price surge that curbed purchases. Premiums in China, the top consumer of physical gold, remained stable. "Reduced participation by traditional gold purchasers might signal that the move is closer to the end than it is the beginning." Norman says it is hard to imagine a scenario in which gold could correct lower right now, unless it was technically overbought or overextended. Silver spot fell 1.2%, to $32.37 per ounce. Platinum dropped 0.6%, to $961.10 and palladium fell by 2.5%, to $948.01. (Reporting and editing by Emelia Sithole Matarise in Bengaluru)
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Qatar increases June term price of al-Shaheen crude oil, say sources
QatarEnergy increased the term price of al-Shaheen oil loading for June by $1.76 a barrel over Dubai's quotes, according to trade sources on Wednesday. The increase was the first in three months, and it came after a premium of $1.29 a barrel for cargoes loaded in May. Dubai and Oman, Middle East benchmarks for crude oil, also saw increases this month. This was due to increased buying interest after the drop in oil prices. They said that the producer sold two cargoes at a price premium between $1.68 and $1.75 per barrel over Dubai's quotes. One cargo was sold to ExxonMobil for a price premium of around $1.71 per barrel. The other cargo went to Trafigura, at about $1.70. The cargoes will be loaded on June 1, 14, 15, 26-27, and 28. Sources said that QatarEnergy sold crude oil from Qatar Land to Shell, and a cargo of Qatar Marine to Unipec. Companies rarely comment on commercial deals. Reporting by Siyi and Florence Tan from Singapore, editing by Kirby Donovan and Mrigank Dahniwala
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Overnight, Russia shoots down dozens of drones; Ukraine strikes Shuya a second time
The Russian Defence Ministry announced on Thursday that Russian air defence systems intercepted or destroyed 71 Ukrainian drones in six Russian regions over the course of one night. The majority of drones, 49, were brought down in the Kursk area, while others fell in Oryol and Ryazan regions, Bryansk and Vladimir, Tula, or Oryol. According to a Telegram statement, authorities in the Ivanovo Region of Russia, located east of Moscow said that Ukrainian drones attacked the town Shuya but no injuries or damages were caused. Shuya is under attack for the second time in a week. It is located around 1,150 kilometers (715 miles), from the Ukrainian border. The town is home to a Russian missile brigade, which Ukraine blames for the Sunday attack on Sumy that left at least 35 dead. Russian Telegram channels circulated videos which appeared to show a base being hit and at least one fire blazing on its premises. The footage could not be verified. The Russian-installed Zaporizhzhia Nuclear Plant management said that in the Russian-held region of Ukraine's Zaporizhzhia, a Ukrainian drone was downed at a distance of 300 metres (985 ft) from the plant. This is Europe's biggest nuclear plant. Reporting by Felix Light, Writing by Guy Faulconbridge, and Editing by Ros Russell.
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Diamondbacks sweep Marlins in series
Arizona Diamondbacks will try to complete a series sweep against the Miami Marlins after they hit seven home runs in the last two days. The final will feature a pitching matchup between Miami's Edward Cabrera (0-1, 3.18 ERA), and Arizona's Eduardo Rodriguez (2-2, 4.86 ERA). Cabrera missed the beginning of this season because he had a blister in his middle finger on his right. On Friday, he made his debut in 2025. He was given a no decision after a loss of 7-4 to the Nationals. Cabrera pitched 5 2/3 innings and allowed two runs, four hits, three walks, and five strikeouts. Cabrera has been battling injuries throughout his career. He is 0-1 in his two career starts and has a 6.75 ERA. In his previous four seasons, he never started more than 20 games. However, he has reached this milestone exactly in the last two years. Cabrera has a career record of 11-7 at home with a 3.90 ERA. Cabrera is only 6-15 on the road with a 4.70 ERA. He tends to be better at pitching in the second half (3.64 ERA), as opposed to the beginning (5.32 ERA). Cabrera, a hard-thrower, worked on improving his mentality and muscle mass this winter. Marlins' manager Clayton McCullough stated that Edward is a "special talent". When you combine his fastball, changeup, and spin on his breaking pitch it's like a good Edward Cabrera. Rodriguez, 32, is a Venezuelan native who made his debut in 2024 on August 7th due to a lat injury. He is usually a reliable pitcher who was 19-6 in 2019 for the Red Sox, finishing sixth in American League Cy Young Award Voting. In 2018, 2021, and 2023, he also won 13 matches. Rodriguez is only 3-6 in 2024, despite his 1-1 record with a 7.84 ERA over two career starts. Scouts say that his problem is high exit speeds. Eugenio, one of his teammates who is struggling offensively, will be a great help to him. Suarez, a pull-hitter with a high strikeout rate, is currently in a slump, which has caused his batting to fall to.159. In his last 13 games he is 5-for45 (.111), with no RBIs, and 18 strikes. He is a dangerous player when he hits the ball well. Last season, he had 30 homers with 101 RBIs. He averaged 98.5 runs over the last two years. Torey Loviplo, Arizona's manager, said that it was only a question of time until he figured out the formula. "He is in a bit of a slump, but I encourage him to hit good pitches instead of trying to chase results or base hits. Keep your routine and chase the good parts of the process. Prior to Wednesday's game, the Marlins traded Jonah Bride, a corner infielder, to the Twins in exchange for cash. Bride, who had no other options, batted only.100 (4 for 40) this year in Miami. The Marlins may activate infielder Connor Norby for Thursday's game, now that Bride is out. He was sidelined in the first weeks of the season due to an oblique injury. Norby, 24 could return to his position as Miami's third baseman. He had a.760 OPS in 36 games with the Marlins after being acquired by the Marlins through a trade from the Baltimore Orioles. Field Level Media
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Iron ore is in a tizzy as positive fundamentals offset lingering trade tensions
The iron ore futures price fluctuated on Thursday as the supply and demand dynamics were favourable in the near term, countering the intense trade tensions that clouded demand expectations. The September contract for iron ore on China's Dalian Commodity Exchange closed daytime trading 0.07% higher, at 707 Yuan ($96.79), per metric ton. The contract had reached 718 yuan earlier in the day, its highest level since April 8. As of 0700 GMT the benchmark May iron ore traded at the Singapore Exchange 0.24% lower, at $97.95 per ton. It had previously reached its highest level since April 10, at $99.25. Prices of key steelmaking ingredients are supported by the lower supply caused by bad weather in the last quarter and the strong demand for the near future. BHP Group reported a slightly lower output of iron ore in the third quarter due to cyclones. Rio Tinto, Vale and two other giants in the mining industry reported lower output and shipments for the first quarter. The data of the China Iron and Steel Association, a state-backed organization, showed that the daily crude steel production among the member steel mills in the first 10 days of April was about 2.2 million tonnes, which is 3.4% more than the previous ten-day period. China's crude output of steel in March increased by 4.6%, reaching a 10-month high at 92.84 millions metric tons. ANZ analysts noted that China's willingness to engage in trade negotiations also helped boost commodity sentiment. China unexpectedly appointed a new trade mediator on Wednesday, an important appointment that market participants interpreted positively as a possible positive signal for the escalating US tariff war. Coking coal and coke, which are used to make steel, also fell, by 2.26% and 1.69 %, respectively. The Shanghai Futures Exchange saw a decline in most steel benchmarks. Rebar fell 0.45%, while hot-rolled coils lost 0.75%. Stainless steel also declined 0.04%, and wire rod gained 0.27%. ($1 = 7.3046 Chinese Yuan) (Reporting and editing by Savio d'Souza and Mrigank dhaniwala; Amy Lv, Colleen Howe)
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Investors want to review Australia's listing regulations, saying that the James Hardie-AZEK transaction will hurt.
A group of investors called for the review of Australia's listings rules. They claimed it was "unreasonable", that companies could issue large amounts of shares without shareholder approval to fund acquisitions. Investors wrote to the Australian Stock Exchange on Wednesday, stating that James Hardie's proposed $8.75 billion purchase of AZEK would dilute the interests of existing AZEK shareholders and "irreversibly alter their rights" without a vote. Investors, including top pension funds AustralianSuper and UniSuper and institution investors Schroder Investment and Fidelity Australia, called on ASX to require shareholder approval for any share issuance over a certain threshold and for listing modifications. Some of the ASX investors are also shareholders in AZEK and James Hardie. The letter has been reviewed. They added that James Hardie's plan to move its primary listing from New York to Australia after the deal would reduce the ability of Australian shareholders to hold management accountable. AZEK shareholders can expect to receive $26.45 cash for every AZEK share, and 1.034 James Hardie stock. The deal is expected to close during the second half 2025. Investors said that a change in primary listing would permanently alter the rights of James Hardie's shareholders. There are differences between ASX and NYSE listing rules, which are harmful to James Hardie's shareholders. They said: "We believe that this transaction is a reason for ASX to re-evaluate the use of discretion in such circumstances and update ASX guidance as well as the ASX listing Rules." ASX, James Hardie, and AZEK have not responded to requests for comment. (Reporting and editing by Mrigank Dahniwala in Bengaluru. Adwitiya Shrivastava is based in Bengaluru.
WGC: Gold ETFs attracted the largest inflows in three years during Q1
The World Gold Council (WGC), which released data on Tuesday, showed that the physical gold-backed exchange-traded fund (ETF) experienced the highest quarterly inflows in three years between January and March 2025.
In the first quarter, investors seeking to protect themselves from economic and political volatility moved into gold ETFs that store bullion.
The global trade war sparked off by U.S. president Donald Trump intensified this month, after he announced tariffs on the majority of U.S. imported goods. This sparked fears of a global recession, sent jitters through global financial markets, and drew condemnation from world leaders.
In the first three months of 2018, gold ETFs received 226.5 metric tonnes worth $21.1 billion, which is the highest amount since 2022 when the global markets were still grappling with the immediate effects of Russia's invasion in Ukraine.
Their total holdings increased by 3%, to 3,445.3 tonnes by the end March. This is the highest since May 2023. The previous record was set in October 2020 with 3,915 tonnes.
WGC said that U.S. listed funds led inflows with 133.8 tonnes in the first quarter. Europe-listed fund attracted 54.8 tons.
After three years of high interest rate-driven outflows, the active start to 2019 follows a modest inflow of gold ETFs. (Reporting and editing by Sharon Singleton; Polina Devitt)
(source: Reuters)