Latest News
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US agency investigating transactions that could have involved Iran, according to Adani flagship
Adani Enterprises announced on Tuesday that an American agency is conducting civil?investigations into the company's transaction that could have involved Iran or other parties that are subject to U.S. sanction. The flagship company of the billionaire Gautam Adani-led group said that it received a request from the U.S. Treasury’s Office of Foreign Assets Control on February 4. This was after voluntary discussions about a Wall Street Journal article from June 2025 which alleged Adani linked firms imported Iranian liquid petroleum gas into India via shipping routes?that were possibly designed to avoid U.S. sanction. WSJ also reported in its report that Gautam Adani had been trying to convince the U.S. administration of President Donald Trump to drop bribery allegations against him in a different case. Adani Enterprises strongly denied, at the time the report was published, "any deliberate involvement" in sanction evasion or trading involving liquefied gas of Iranian origin. The firm announced on Tuesday that it had "proactively" and "voluntarily" begun discussions with OFAC about allegations made in the media. It also stated that the U.S. government agency has indicated that they are conducting a civil inquiry into certain transactions that were processed by U.S.-based financial institutions, which may have directly or indirectly involved Iran or other parties that are subject to U.S. sanction. Adani Enterprises stated that the OFAC communication did not include findings of non-compliance or violations and it does not anticipate any financial impact. The company stated that it stopped all imports of liquefied petrol gas on June 2, last year. LPG was responsible for 1.46 percent of the company's revenue in fiscal 2025. By 12:15 pm IST, shares of the company had recovered from their lows, falling more than 3%. Adani has been the subject of intense scrutiny since Hindenburg Research, a U.S. short seller, accused it in early 2023 of stock manipulation, accounting irregularities and other allegations, which the conglomerate denies. Since then, the group has faced increased regulatory, legal, and market pressures, with U.S. prosecutors investigating separate allegations of foreign bribery.
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Stocks rise as Nikkei sets record, dollar drops
In Asian trade, global stocks rose on Tuesday. The rally was led by the benchmark Tokyo stock after Prime Minister Sanae Takaichi's resounding election win over the weekend. The broadest MSCI index of Asia-Pacific stocks outside Japan rose?0.6%? while the Nikkei225 surged 2.3%?, reaching a new peak for a third day in a row. The yen strengthened for a third consecutive day. The MSCI All-Country World Index rose 0.2% to a new record. After a two day rally, U.S. equity emini futures have cooled, with S&P500 e-mini down 0.1%. This partially reversed gains made on Wall Street over night. The S&P 500 gained 0.5% on Monday and the Nasdaq Composite added 0.9%, as?technology shares found their feet following last week’s AI-sparked selling off. Robeco’s global head for fundamental equity, Kees Verbaas said: "Overall, the economy is doing well, but we do see some cracks." He added: "The large companies' investment programmes are increasing, not decreasing. This is usually good for the economy." "The AI supply chain can only be made possible by emerging markets." Kevin Hassett, White House economic adviser, said that the Trump administration’s immigration policies could slow labour growth while new AI tools boost productivity. The U.S. Dollar was down by 0.4% against the yen at last, 155.315 yen. The U.S. Dollar Index, which measures greenback strength against a basket six currencies, fell by 0.1% and was near its lowest level of the month, at 96.86. On Monday, the index recorded its largest one-day decline in two weeks. This was after a Bloomberg News article that stated Chinese regulators had advised financial institutions to reduce their holdings of U.S. Treasury Bonds due to concerns over concentration risks and market volatility. Treasury Secretary Scott Bessett stated on Monday that senior U.S. Treasury officials visited China last Thursday "to strengthen channels" of communication between Washington and Beijing. The dollar last fell 0.1% against the offshore yuan at 6,9092 yuan. Analysts from Alpine Macro stated in a research report that "elevating the role of the renminbi on the global stage is a policy priority." Beijing's primary goal is to reduce the dollar's vulnerability, not to challenge its dominance. Last week, the yield on U.S. Treasury bonds 10-years was flat at 4,184%. The market pricing indicates that the Federal Reserve is likely to remain on hold until June. Fed funds futures indicate a 17.7% implied probability of a rate cut of 25 basis points at the next two-day U.S. Central Bank meeting ending March 18 compared to an 18.4% implied probability on Friday. The Indonesian market remained calm throughout the trading session in Jakarta, gaining 1%. It was largely unaffected by FTSE Russell’s decision to delay a scheduled review of its index. Last month, the larger competitor MSCI warned that Indonesia could be downgraded to frontier status due to data transparency concerns. Brent crude oil was flat last week at $69.06 Silver fell 1.9% to $81.75 an ounce. Gold dropped 0.6% at $5,033.752. Bitcoin dropped 1.7% to $69,192.52 while ether fell 3.7% to $2,042.73. (Reporting and editing by Gregor Stuart Hunter, Stella Qiu and Shri Navaratnam)
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Sources: India is in negotiations with Brazil, Canada France and the Netherlands about critical mineral deals
Sources said that India has been in discussions with Brazil, Canada France and the Netherlands to explore, extract and process critical minerals. Sources who declined to identify themselves because the discussions were confidential said that the focus would be on rare earths and lithium, but also that India would seek to access mineral processing technologies. Mining experts say that India's heavy reliance on its arch-rival China, who dominates the global supply of minerals and has advanced technology in mining and processing, highlights the need to reach out to other countries to reduce emissions as it accelerates?its energy transformation. Mining can take many years to go from discovery to production. Exploration alone takes five to seven year and ends up with no viable mine. One source said that India wants to copy the elements of a "critical minerals" agreement signed in January with Germany. The agreement covers exploration, recycling and processing, as well the acquisition and development mineral?assets both in India and Germany and in tertiary countries. The source stated that "there are requests and we are in contact with France, Netherlands and Brazil. We are also actively considering the agreement with Canada." Sources said that the Ministry of Mines leads the effort. Mark Carney, Canada's prime minister, is expected to visit India early in March and sign agreements on uranium and energy. He will also likely sign deals with India regarding minerals, artificial intelligence, and uranium. When asked for comment, Canada’s Natural Resources Department pointed to a statement from January that said?both parties had agreed to formalise their cooperation on critical mineral in the coming week. The Brazilian embassy in New Delhi and the Indian Ministry of Mines as well as the Foreign ministry have not responded to requests for comments. The Netherlands embassy did not respond to a request for comment, while the French embassy declined. India is scouring the globe for critical minerals. It has signed agreements with Argentina, Australia and Japan and is in discussions with Peru and Chile about broader bilateral deals that include critical minerals. India's growing international engagement coincides with the G7 finance ministers and other major economies meeting in Washington last month to discuss how to reduce China's dependence on rare Earths. India has identified lithium as a "critical" mineral for its energy transformation and rising demands from the industry and infrastructure sectors.
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CCTV reports seven deaths in gold mine accident east China
State-run CCTV reported that seven people died in a gold mining accident?in China's east Shandong Province, and that authorities were investigating. Shares of mine owner Zhaojin Mining Industry fell 6% on Wednesday. CTV reported that the accident happened on Saturday, when a cage fell into a mine shaft. The report said that the emergency management and public security departments investigated the cause of the accident and whether it was possible to cover it up. According to the Qichacha Company Registry, Zhaojin Mining Industry is the owner of this mine. As of 0525 GMT, shares of the company had fallen by 6.01%. Zhaojin's main telephone line was answered by a person who said that the matter "was under investigation" and refused to answer any further questions. On Monday, China's emergency management ministry held a conference on preventing accidents during the Lunar New Year holiday. The ministry announced that it would inspect mines, chemicals companies and other hazardous operations. On Saturday, eight people were killed in an explosion that occurred at a biotech firm in northern China.
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MORNING BID EUROPE - Trump administration prepares to gut climate law
Gregor Stuart Hunter gives us a look at what the future holds for European and global markets. Global stocks are at new peaks, aided by the seemingly indefatigable technology?sector. Meanwhile, new measures by the U.S. Government to shake up the climate policy could mark a pain point for ESG Investors. Environmental Protection Agency announced on Monday that the Trump administration is "set" to reverse the so-called Endangerment Finding this week. The Obama administration's scientific determination that the health of humans is endangered by greenhouse gas emissions, which serves as a legal basis for federal greenhouse gas regulations. This will pave the path for what EPA administrator Lee Zeldin said to The Wall -Street Journal, "the largest deregulation act in the history" of the United States. The dollar has continued to fall ahead of the release several important U.S. reports this week. These include retail sales on Tuesday, delayed payrolls on Wednesday and inflation data on the Friday. The dollar index, which measures greenback strength against a basket six currencies, was near its lowest point for the month. Kevin Hassett, White House economic adviser, said on Monday that job growth could be lower over the next few months due to Trump's immigration policy slowing labour growth while AI increases productivity. FedWatch, a tool of the CME Group, shows that Fed funds futures indicate the market continues to expect the Federal Reserve to keep interest rates at current levels until June. Stephen Miran, the Fed Governor on Monday, said that Trump's trade tariff policy has been more benign than most had anticipated. He reiterated his call for interest rates to be lowered. He defended central banks' independence, but said that it wasn't absolute. In the meantime, global stocks have reached record highs. MSCI's All-Country World Index rose 0.2%, setting a new record. The Nikkei 225 soared 2.5% for the third day in a row to reach a new peak following the election win of Japanese Prime Minister Sanae Takayichi at the weekend. The yen?also?strengthened a second time, with the last 0.4% stronger against the U.S. Dollar. Early European trade saw pan-regional futures and German DAX Futures?flat, while FTSE Futures rose by 0.1%. The following are the key developments that may influence Tuesday's markets: Earnings of the company AstraZeneca, BP, Barclays, Philips, Kering, Banca Monte dei Paschi di Siena, Telecom Italia, Ferrari Economic Events France's unemployment rate for Q4 U.S. retail sales for December Debt auctions: Germany: 5-year government debt UK: 5-year government debt
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Malaysia's Khazanah Nasional Fund reports higher profit and 5.2% investment returns in 2025
Malaysian sovereign fund Khazanah Nasional reported Tuesday higher operating profits. Its investment portfolio is expected to return 5.2% by 2025 despite uncertainties caused by U.S. Tariffs and geopolitical risk. Khazanah is a major shareholder of some of Malaysia’s largest companies. These include CIMB Group (the country's second-largest bank), Tenaga Nasional, the power utility, and Malaysia Aviation Group – the nation’s national airline. According to its website, it invests in energy, healthcare information technology, and real estate. Khazanah, which is owned by the Finance Ministry, has reported an operating profit of 5.6 billion Ringgit ($1.43billion) in 2018, up from 5.1billion ringgit (in 2024), Managing Director Amirul Feisal Wan Zahid informed reporters on Tuesday. He said that its net assets increased to 105 billion Ringgits from 103.6 billion Ringgits a year ago, and the annual dividend it pays to the government will double to 2 billion Ringgits in 2025. Amirul?Feisal stated that he expects Malaysia to continue its resilient growth path, supported by both private and foreign investment. According to estimates released last month by the government, the country's economy will grow 4.9% by?2025. This is higher than official projections. Amirul Feisal stated that "for 2026...?we are going to accelerate execution?as well as plan our Malaysian investment strategy and our global investment strategies," adding that Khazanah will look to diversify risk across asset classes as well as geographically. Amirul Feisal, Khazanah's CEO, said in January that the company plans to invest more money into improving Malaysia's electrical system and local semiconductor companies as artificial intelligence is driving the next investment cycle. The fund was also tasked to develop downstream activities within the rare earths industry through international collaboration. Malaysia has an estimated 16,1 million tons rare earth deposits and is eager to develop the local industry. However, it lacks the technology and knowledge to mine and process these minerals, which are critical to the production of?defence gear, electric vehicles, and other goods. Last year, it was reported that China and Malaysia had been in discussions for Khazanah's partnership with a Chinese firm to develop rare earths refinery. Khazanah said on Tuesday that it was?cautious' about the issue, and that creating a rare-earth ecosystem would be a lengthy process. "In Malaysia, many of the rare earth deposits or?deposits have yet to be validated. Amirul Feisal explained that there are environmental requirements for extraction. There's a great deal of policymaking... and a ton of validation work before we can do anything else.
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Asia stocks rise as Nikkei sets record, dollar drops
Asian stocks advanced for a second consecutive day on early Tuesday trading, led by a rally in Tokyo’s benchmark after Prime Minister Sanae Takayichi's decisive victory in the Japanese election over the weekend. The broadest MSCI index of?Asia-Pacific stocks outside Japan rose 0.7%. Meanwhile, the Nikkei225 gained 2.8% for a third day in a row, reaching a new high. The yen strengthened for a third day. After a two day rally, U.S. equity e-minis have cooled, with S&P500 e-minis down by 0.1%. This partially reverses overnight gains on Wall Street. S&P 500 and Nasdaq Composite rose 0.5% on Monday as technology stocks recovered from last week's AI-driven selloff. Kees Verbaas is Robeco's global director of fundamental equity. He added that "the investment programmes of large companies are increasing, not decreasing... which is typically good for economic activity." "A large part of the AI supply chain is only possible because of emerging markets." Kevin Hassett, White House economist and adviser to the president, said that the Trump administration’s immigration policies could slow down labour growth in the months ahead while new AI tools boost productivity. The dollar was last down 0.4% against the yen at 155.265 yen. The dollar last fell 0.4% to 155.265 yen. The U.S. Dollar Index, which measures greenback strength against a basket six currencies, fell 0.2% and was near its lowest level of the month, at 96.799. On Monday, the index recorded its largest one-day decline in two weeks. This was after a Bloomberg News article that stated Chinese regulators had advised financial institutions to reduce their holdings of U.S. Treasury Bonds due to concerns over concentration risks and market volatility. Treasury Secretary Scott Bessent stated on Monday that senior U.S. Treasury officials visited China last Thursday "to strengthen channels" of communication between Washington and Beijing. The dollar last fell 0.1% against the offshore yuan at 6,9058 yuan. In a research note, Alpine Macro analysts wrote that "Elevating renminbi’s global role" is moving to the top of the policy agenda. Beijing's primary goal is to reduce the vulnerability of the dollar, not to challenge its dominance. Last week, the yield on U.S. Treasury bonds 10-years was flat at 4,184%. The Federal Reserve is expected to remain on hold through June, according to market pricing. Fed funds futures are pricing an implied 17.7% chance of a 25 basis-point rate reduction at the U.S. Central Bank's next two day?meeting, on March 18. This compares to an 18.4% probability on Friday. Indonesian markets were calm at the beginning of trading in Jakarta. They rose 1% and remained largely unaffected by FTSE Russell’s decision to delay a scheduled review. Last month, the larger competitor MSCI warned that Indonesia could be downgraded to frontier status due to data transparency concerns. Brent crude fell 0.3% to $68.81 in the commodities market. Silver fell 2% to $81.74 an ounce. Gold dropped 0.7% to $5,030.02 an ounce. Bitcoin fell 1.5% to $69,337.26, and ether dropped 2.9% to 2,060.76. Reporting by Gregor Stuart Hunter, Stella Qiu and Shri Navaratnam Editing by Sam Holmes and Sam Holmes
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Low prices and falling shipments encourage iron ore buyers to buy, thus ending a six-day decline.
The price of iron ore rose on Tuesday, after six sessions of declines, as low prices encouraged steelmills to purchase feedstock. A drop in weekly shipments was also supportive. As of 0256 GMT, the most-traded contract for May iron ore on China's Dalian Commodity Exchange was trading 0.2% higher. It was 763 yuan (US$110.42) per metric ton. The benchmark March ore traded on the Singapore Exchange is now trading at $100.2 per ton. This price is above the psychological $100 threshold. According to a report by the?consultancy Mysteel, the total amount of iron ore that arrived?at 47 Chinese port decreased week-on-week between February 2-8. The low Dalian iron ore price and weak market fundamentals have encouraged steel mills to buy feedstock. Shanghai Metals Market stated in a report that despite 'the recent increase in port discharge rates, and the decline in arrivals, there is still a high level of port inventories. The Shanghai Metals Market said that there is no inflection point yet for destocking, and the high inventory levels would continue to suppress prices. ANZ Research stated that the iron ore industry is likely to experience headwinds in the coming year due to the lack of government support to combat the structural decline. Coking coal and coke, which are used to make steel, also struggled. They fell by 0.92%? and 0.86% respectively. According to the Shanghai Metals Market, market sentiment for coking coal remains subdued because of weak demand for steel products and high inventories. The Shanghai Futures Exchange saw a softening of steel benchmarks. Rebar fell 0.42%; hot-rolled steel dropped 0.56%; stainless steel declined 0.57%. Wire rod rose 0.26%.
Coking coal withdraws from profit-taking activities
The prices of coking coal futures declined in China on Monday as investors liquidated their long positions in order to take advantage of the dramatic rise in the price.
Coking coal, the most traded commodity on China's Dalian Commodity Exchange(DCE), closed daytime trading 11% lower. It hit a limit of 1,100.5 Yuan ($153.47 per metric ton). The price of coking coal reached the daily limit in five consecutive trading sessions. Last week, it gained 33%.
The Dalian exchange announced a drop in price, ending a seven-day rally fueled by expectations of a reduction in supply after the National Energy Administration had ordered inspections at major coal production hubs for the purpose of checking excess production.
After the Dalian Exchange imposed restrictions on holding positions, some investors liquidated their long positions in order to avoid risks, resulting in an abrupt price drop, said Zhou Tao. An analyst with broker Galaxy Futures.
Coke has also fallen 7.98%.
Markets bet Beijing was finally serious in addressing overcapacity, and prices of commodities such as coking coal, coke, and other raw materials have soared in the last month.
Iron ore, a key ingredient in steelmaking, also weakened on Monday as investors waited for clear signals from the upcoming Politburo high-level meeting that is expected to take place by the end of July and the new trade talks between two of the world's largest economies.
As of 0723 GMT, the most traded September iron ore contract was 1.75% less than the previous day's closing price at 786 yuan per ton. The benchmark September iron on the Singapore Exchange fell 2.31%, to $100.9 per ton.
The Shanghai Futures Exchange's steel benchmarks have fallen due to lower raw material costs.
Rebar fell 2.05%, while hot-rolled coils dropped 2.3%. Wire rods also declined 2.92%, and stainless steel fell 0.73%. $1 = 7.1707 Chinese Yuan (Reporting and editing by Janane Soreng and Eileen Soreng; Amy Lv, Lewis Jackson)
(source: Reuters)