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Ukraine: First civilians killed in Russian attack on Kyiv
Two people were killed in an overnight Russian air strike on Kyiv and the surrounding region, Ukraine's authorities announced on Monday. This appears to be the first death reported in Russian attacks on the Ukrainian capital in this year. The State Emergency Service of Ukraine said that the strike ignited a medical facility located in Obolonskyi District?in the northern sector of Kyiv, where a inpatient ward operated. The service said that after the fire was put out, a dead body was discovered inside. The service reported that 25 people had been evacuated and a?woman also suffered injuries. It released a?photo of emergency responders carrying an?unconscious body on a stretcher, past an ambulance outside of a building with snow on the floor. Mykola Kashnyk, the governor of the region, said on Telegram that Russia had also struck towns and villages in the Kyiv area, destroying homes and critical infrastructure and killing one civilian?in the Fastiv District, southwest of the capital. Kalashnyk? added that only a few areas of the region remained without electricity. Russia has not yet responded. Both sides deny that they targeted civilians during their attacks. Russia says it has attacked Kyiv, and other Ukrainian cities, with drones and missiles over the past four years, claiming to be 'hitting military targets.' Ukraine claims that civilians, and civil infrastructure, are frequently targeted. Reporting by Gleb Garanich and Lidia Kelly, both in Kyiv; editing by Tom Hogue and Stephen Coates.
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Trump warns India of increased tariffs over Russian oil purchases
Donald Trump told reporters on Air Force One that the United States may raise tariffs against India if New Delhi does not comply with Washington's request to curb its purchases of Russian crude oil. "Modi is a good guy." Trump said that he knew I wasn't happy and wanted to make me happier. Trump replied to a question about India's Russian oil purchase by saying, "They trade and we can increase tariffs very quickly." The Indian commerce ministry didn't immediately respond to an inquiry for comment. Last year, the U.S. doubled its import tariffs on Indian goods from 25% to 50% as punishment for India's heavy purchases of Russian oil. India's exports to America grew in November despite the high tariffs. Indian officials, encouraged by 'improved data on trade,' have maintained a firm position against U.S. demands for trade, signaling limited flexibility in areas like agricultural imports. Data shows India has decreased its oil purchases from Russia. People familiar with the situation said last week that India wants refiners to provide weekly reports?of Russian oil purchases and U.S. oil imports. They also added that they expect Russian crude imports will drop below 1 million barrels each day as New Delhi tries to reach a deal with Washington. Modi and Trump have spoken at least three times on the phone since Trump imposed tariffs. However, the conversations are still inconclusive. Last month, India's Commerce Minister Rajesh Agrawal and U.S. Deputy Trade Representative Rick Switzer met in Delhi to discuss economic and trade ties.
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PMI data shows that Saudi Arabia's private non-oil sector growth slowed in December.
Saudi Arabia's private non-oil business sector was still growing in December, even though the pace of growth slowed to its lowest level in four months and new orders continued to slacken, according to a Monday survey. The Riyad Bank Saudi Arabia Purchasing Managers' Index fell from 58.5 to 57.4 (seasonally adjusted) in December, indicating a second consecutive month of a slowdown in growth. Despite the slowdown in growth, the headline PMI was still slightly higher than its long-term average of 56.9. The PMI readings that are above 50.0 show growth, while those that are below indicate contraction. The output levels of non-oil companies rose dramatically, mainly due to increased new business, on-going projects and increased investment spending. The rate of growth, however, was the lowest since August. The subindex of new orders fell to 61.8 from 64.6 in November, but the rate of growth was the lowest in four months. The firms cited improved economic conditions and successful campaigns as the key drivers, but expressed concern over market saturation. Naif Al Ghaith is the chief economist at Riyad Bank. He said that the export demand has increased marginally for five consecutive months, but this latest increase was the smallest in the sequence. This suggests the external demand remains positive but uneven. He added that "overall, the demand conditions indicate resilience rather than acceleration" as firms navigate through a'more competitive environment. The employment growth rate remained high, with companies expanding their workforces. Inflationary pressures increased, as input prices rose sharply because of higher purchase costs. This led to an increase in output prices. The business confidence for the coming year was low, dampened by worries about rising competition and only moderate expectations of future growth.
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Gold prices surge as demand for safe-havens increases due to the US arrest of Venezuela's president
Gold prices rose Monday. Other precious metals also surged after the United States captured Venezuelan president Nicolas Maduro on 'the weekend,' escalating global tensions and boosting safe-haven demands. Gold spot rose 1.9% at 0312 GMT to $4,411.14 an ounce. This is a new weekly high. U.S. Gold Futures for February Delivery gained 2.1%, to $4419.90. Tim Waterer is the chief market analyst at KCM Trade. He said that Venezuela's events have reignited demand for safe-haven assets, including gold and silver, as investors seek to protect themselves against geopolitical risk. In an operation that caused civilian deaths, the U.S. captured Maduro?Saturday. Vice President Delcy Rodriguez is now acting as interim leader and has said that Maduro will remain president. Geopolitical tensions combined with central bank purchases, interest rate reductions and inflows to exchange-traded fund?contributed towards bullion's gains of 64% last year. This was its largest annual gain since 1979. It reached a record high of $4,549.71 in December 2025. Anna Paulson, President of the Federal Reserve Bank of Philadelphia, said on Saturday it could take some time before there are further rate cuts by central banks after a campaign of active easing in 2013. Investors still expect the U.S. Federal Reserve to cut rates at least twice this year. Waterer said that investors will be looking at the non-farm payroll figures due on Friday to get more clues about potential Fed rate reductions. In a low interest rate environment, and in times of geopolitical uncertainty or economic instability, non-yielding investments tend to perform well. Silver spot increased 4.4%, to $75.82 an ounce after reaching an all-time peak of $83.62 per?ounce on December 29. Silver surged 147% in the last year, outpacing gold. It was its best year ever. Silver's price has risen to new highs due to its classification as a vital mineral in the United States last year, as well as tight supply because of a growing industrial and investment demand. After reaching an all-time record of $2,478.50 on Monday, spot platinum rose 2.2% to $2,190.55. In early Asia, it rose 5% to an all-time high. Palladium rose 1.8% to $1,667.45 an ounce. Ishaan arora reported; Sherry Jacob Phillips and Ronojoy Mazumdar edited.
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Demand for iron ore is high and supplies are tight, resulting in a rise of iron ore prices at the start of the New Year.
Iron ore futures rose on Monday as the New Year began on a positive note. This was aided by?strong Chinese demand and ongoing supply restrictions. After the Chinese New Year holidays, the Shanghai Futures Exchange and the Dalian Commodity Exchange resumed trading after the New Year. As of 0243 GMT, the most-traded contract for May iron ore on?the DCE was trading 0.76% higher. It was 795.5 Yuan ($113.94). The benchmark iron ore contract for February?on Singapore Exchange increased 0.29% to $100.65 a ton. Steelmakers are restocking iron ore ahead of the Lunar New Year holiday in February. Tight domestic supplies also support prices. According to a Shanghai Metals Market note, China's iron ore supply is still constrained. Several mines have limited production due to environmental measures. Mysteel, a consultancy, reported that the stocks of five major carbon steel products held by Chinese steelmills dropped 1.1% on a week-to-week basis to 3.81 million tonnes between December 26 and 31. Coking coal and coke, which are used to make steel, also fell in price. The steel benchmarks were mixed on the?SHFE. Hot-rolled coils fell 0.49%, while rebar dropped 0.38%. Wire rod grew by 4.93%, while stainless steel rose 0.65%.
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Market analysts react to Trump’s Venezuela gamble
The global investors face a new surge in geopolitical risks after the U.S. captured Venezuelan President Nicolas Maduro. However, initial market reactions have been relatively calm with oil volatile and safe haven flows lifting gold. On Monday, stocks rose on the back of tech and defence sectors. The dollar also advanced. Here are some comments from market analysts. VISHNU VARATHAN HEAD OF MACRO RESEARCH ASIA EXJAPAN MIZUHO SINGAPORE "We're reminded that?geopolitical risk is much greater than a number cast on imported goods. "The sanctions against Venezuela and its exceptional dependence on oil exports... means that the Venezuelan regime change impact through trade channels and investment channels is quite naturally limited and ringfenced. This is why there hasn't been a big selloff. The question and case in mind are: Is the stability of LatAm at risk? The effects could be far greater. "Trump has clearly warned Colombia and Mexico, but he also mentioned Cuba. Part of the population is happy that Maduro has left. I think it is less clear that the U.S. would be viewed negatively if Venezuela was not involved, especially without the significant benefits from the oil "endowments", even if other minerals were used. KYLE RODDA, SENIOR MARKET ANALYST, CAPITAL.COM, MELBOURNE The short-term implications are relatively limited and confined to the energy sector. The market is definitely responding?in precious-metals, and this is the government's increasing their exposure to alternatives that are not dollar-based (and non fiat). Other than that, I believe the markets are more interested in what lies ahead. TAI HUI, CHIEF MARKET STRATEGIST FOR ASIA-PACIFIC, J.P. MORGAN ASSET MANAGEMENT, HONG KONG The lack of response is due to two factors. Venezuela's oil output in relation to the global production is very small (around 1%) It's not likely to be able increase production or add to the global supply anytime soon due to years of underinvestment. "It is still unclear what will become of the new regime, as President Trump has announced that the U.S. will be 'running Venezuela' in the short-term. The energy market would have the most impact on global markets. There will be geopolitical repercussions, but I don't think the financial markets can accurately price such risks." VASU MENON - MANAGING DIRECTOR FOR INVESTMENT STRATEGY, OCBC SINGAPORE While President Trump pledged U.S. support for the industry to revitalise the oil production in Venezuela, restoring operations would require "significant time" and substantial capital investment. Oil prices could rise modestly in the short-term due to supply disruptions and ongoing political turmoil. "However the impact may be limited given that Venezuela is currently not a major producer of oil. OPEC's production decisions could?also stabilize prices. The Trump administration's appetite for regime change remains to be seen. Strategic calculations are being made against a backdrop of an upcoming midterm election year. The outcome is unpredictable. This uncertainty may keep oil prices high. The geopolitical situation may be more volatile, which could boost haven assets such as precious metals. Overall, the markets are less susceptible to geopolitical risk today. They have survived an eventful year in 2025. As last year showed, there could be a skittish response to short-term shocks, but the effect might be temporary. Rae Wee, Gregor Stuart Hunter and Shri Navaratnam in Singapore reported the story; Ankur Banerjee compiled it; Shri Navaratnam edited it.
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Trump uses intimidation to get Venezuelan leaders in line
The Trump administration, after removing Nicolas Maduro as Venezuela's president from power in 2017, is betting that it can intimidate Venezuelan leader Nicolas Maduro's inner circle to follow the US. Sources familiar with the situation claim that Trump administration officials have threatened to take further military action, which could result in a similar fate for them. Donald Trump, the U.S. president, said that the United States might consider a second'military operation' in Venezuela if Venezuelan interim government did not cooperate. Trump told reporters on board 'Air Force One', which was traveling from Florida back to Washington, that he would consider a second military operation in Venezuela if the interim government did not cooperate. He said that if they didn't behave we would do a second attack. When asked if that meant U.S. soldiers would be deployed to the ground for peacekeeping, Trump replied it would depend upon the actions of Interim President Delcy Rodriguez's government. Trump's advisors believe that they can also work behind the scenes to help Rodriguez. Despite her public defiance she is seen as a technologist who could be willing to work with the U.S. to facilitate a political change and to address key oil issues. Trump wants Rodriguez to allow the U.S. to have "total" access to Venezuela's oil infrastructure and to roads and bridges in disrepair. Trump warned reporters that if she and the interim administration do not cooperate they may face a harsh response. He said that Maduro "had given up instantly" and that Trump would be able to use military force against her. The uncertainty?about Trump's administration's use?of military force raises questions about his abilities to bend the post Maduro Venezuelan Government to his will. According to a source, the sweeteners that Maduro could offer his aides are offers of amnesty and safe exile. These were the types of offers Maduro refused in his last days before being captured by U.S. Special Forces on Saturday. He is currently being held in a New York jail awaiting his Monday court date on drug charges. The Venezuelan Defense Minister Vladimir Padrino, and Interior Minister Diosdado Cabello, both powerful members of Maduro’s inner circle, who have each received multi-million dollar U.S. bountys on their heads, remain spoilers for any agreement with the U.S. due to their control over the country’s military and intelligence apparatus. Trump's efforts could be undermined if Democrats are able to convince enough Republicans that they should restrict funding for "further Venezuelan military operations". The U.S. President's promise on Saturday to "run?"?post Maduro Venezuela seems to be a desire to exert control - or, at least, heavy influence – over the OPEC country without deploying U.S. forces that would not have much support in their home country. Officials in the United States believe that they can still get Venezuelan cooperation by maintaining a massive buildup of military forces off its coast, and by threatening further airstrikes, targeting Maduro's loyalists, and as a final resort, sending a contingent U.S. soldiers. The source said, "This sword is hanging over Trump's head." According to a source with knowledge of the situation, Venezuela's leaders may feel particularly vulnerable due to the damage caused by U.S. strikes on Venezuela's air defence systems. Rubio stressed on Sunday news shows that another major way to exert pressure is by maintaining a "quarantine", which would prevent Venezuelan oil from being shipped out, the main source of income for the government. VENEZUELAN OPERATORS DEFY Top Venezuelan officials who called the capture Maduro's and his wife Cilia Flores as a kidnapping, and accused the U.S. trying to steal Venezuela's vast oil reserve, insistent that they remain united. Rodriguez, who is also Venezuela's oil minister, has been appointed interim leader by Venezuela's highest court. She has stated that Maduro will remain president. Rodriguez, who has a strong connection with the private sector, and possesses a deep understanding of oil, which is the main source of income for the country, has been considered to be the most pragmatic of Maduro's inner group. However, she has publicly contradicted Trump's claims that she was willing to work with America. Rubio, ignoring Rodriguez' defiant words, told CBS: "We are going to assess them on the basis of their actions, not just what they publicly say." Trump did not mention restoring democracy in Venezuela during his press conference held on Saturday. He also disappointed the opposition by dismissing the idea of working together with Maria Corina Machado - widely regarded as Maduro’s most credible rival and winner of the Nobel Peace Prize - and focusing more on the 'prospects' for exploitation Venezuela's oil resources. Trump's advisers seem to believe that co-opting Venezuelan's current leaders is the best way to stabilise the country, create a pathway for U.S. investment in oil and move towards some sort of political transition away the Maduro regime. Since the U.S. invaded Panama in 1977 to remove military leader Manuel Noriega on allegations that he ran a drug-running organization, it hasn't intervened so directly in Latin America. The United States also made similar accusations against Maduro. They accused him of running a 'narco-state' and rigging 2024 elections, which he denied. Trump did not provide a clear picture of how the U.S. will fulfill its vow to oversee Venezuela. Critics condemned this as neocolonialism, and it would alienate some supporters who are opposed to foreign intervention. Two U.S. officials say that the Western Hemisphere Office of the U.S. State Department was taken by surprise by Trump’s remarks. No preparations had been made to send staff to Caracas. Matt Spetalnick, Humeyra Pauk and Valerie Volcovici, Washington. Additional reporting by Jonathan Landay, Diane Craft, and Sergio Non.
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Investors assess Venezuela implications as they watch oil prices and stocks rise.
Investors weighed the implications of U.S. military intervention in Venezuela as they prepared for the week's worth of economic data releases that will be released in the first trading week of 2019. S&P 500 futures rose 0.1%, while MSCI's broadest Asia-Pacific index outside Japan gained 1.2%. Investors are assessing what the impact of the dramatic events of the past weekend, in which the U.S. captured Venezuelan President Nicolas Maduro. On Saturday, President Donald Trump announced that he would temporarily take Venezuela under American control. Neil Shearing is the group chief economist at Capital Economics. He said that the removal of Venezuelan President Nicolas Maduro from office by the U.S. will not have any significant economic effects on the global economy in the near future. "But its geopolitical and political ramifications are likely to reverberate," said Neil Shearing, group chief?economist at Capital Economics. Brent crude futures rose 0.2% to $60.87 as oil markets assessed?the impact?of the U.S. intervening in Venezuela and a Sunday vote by OPEC+ to maintain oil production at the same level. "A bearish story on oil prices is highly unlikely." Venezuela will need capital and engineering help to reach its'maximum production, which wasn't that impressive at the start," said Marko papic, chief strategy at BCA Research, Los Angeles. Papic said, "We do not consider ourselves to be sellers of oil at this time and in fact we think that there could be upside risks." The Nikkei225, a regional stock market, climbed 2.8% and is now near the record high set two months ago. The Japanese stock market continued to rise as the data revealed that manufacturing activity in December stabilised, ending a 5-month-long decline. Seoul's Kospi?and Taiwan?each climbed more than 2 % to reach new record highs. The Chinese markets were muted. The Hang Seng Index rose 0.1%. Chinese oil companies weighed down the index, which is a measure of Hong Kong-listed energy shares. Australian shares rose 0.1%. Vasu Menon is the managing director of OCBC's investment strategy in Singapore. He said: "Strategic calculations are taking place against the backdrop a midterm election year and developments are unpredictable." This uncertainty could support oil prices. "A more volatile geopolitical climate may boost haven assets such as precious metals." The U.S. dollar index, which measures greenback strength against a basket six currencies, rose 0.1% to 98.55 at the end of last day, continuing recent gains for a fifth straight day. The yield of the 10-year Treasury Bond in the United States was up 0.2 basis point at 4.187%. Gold rose 1%, trading at $4371.29. Bitcoin rose 0.2% to $91,452.90 while ether remained flat at $3.141.29. (Reporting and editing by Gregor Stuart Hunter, Muralikumar Anathharaman, and Shri Navaratnam).
Dalian iron ore reaches five-month low after China announces plans to regulate exports of steel
The price of Dalian Iron Ore dropped on Monday, reaching its lowest level in over five months. This was due to China's plan to introduce a license system to regulate steel exports from 2026.
Iron ore, the most traded contract at China's Dalian Commodity Exchange closed daytime trading 0.92% lower than its previous price of 753 yuan (106.85 dollars) per metric ton. The price of iron ore fell to its lowest level in the last 10 days at 748 yuan during this session.
By 1012 GMT, the benchmark January iron ore traded on the Singapore Exchange had fallen 0.47% to $100.50 a ton. The contract hit an intraday minimum of $100.4, which is close to Friday's low level of $100.25, the weakest since July 17.
China's Ministry of Commerce announced on Friday that it would add certain steel products to the list of cargoes "under export license" as of January 1, 2026. This is because robust shipments are fueling a protectionist backlash around the world.
China's soaring steel exports helped offset the slump in domestic demand for steel caused by the prolonged downturn on the property market, thereby supporting the prices of this key ingredient.
China's crude output of steel in November dropped 3% from October. This is the sixth consecutive month that China has seen a decline. The margins are thinner and domestic demand is dwindling.
Analysts at Xinhu Futures stated in a 'note' that the downside potential for?iron-ore prices is limited as mills will start restocking their feedstocks in order to?sustain operation over the Chinese Lunar New Year holidays in February.
The Chinese Lunar New Year in 2026 falls between February 15 and 23.
Following a Friday?slump, coking coal and other steelmaking components rose by 3.16 % and 0.3% respectively.
The Shanghai Futures Exchange saw a decline in most steel benchmarks. Hot-rolled coils lost 0.15%. Wire rods dropped 1.31%. Stainless steel declined 0.68%. Rebar gained 0.13%. ($1 = 7.0471 Chinese Yuan Renminbi). (Reporting and editing by Amy Lv, Lewis Jackson)
(source: Reuters)