Latest News
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Gulf markets outperform earnings
Investors shifted their focus to?corporate profits, while also weighing U.S. - Iran tensions. Officials from both sides said on Monday that Iran and the U.S. will resume nuclear talks in Turkey on Friday. Trump warned that if the sides failed to reach a deal, bad things could happen with U.S. warships advancing toward?Iran. Saudi Arabia's benchmark stock index rose 0.2% thanks to a 1.9% increase in ACWA Power, and a 0.6% rise in Saudi Arabian Mining Company. According to estimates by the government, the economy of Saudi Arabia grew 4.9% on an annual basis in its fourth quarter. This was boosted by a strong increase in non-oil-related activities, and increased oil production. The oil sector grew 10.4% in the third quarter as production increased in the second half of the year. Salik Company, the toll operator, rose 1.4%. Dubai's main stock index increased by 0.4%. ADNOC Distribution, which has seen a 1% increase in its fourth-quarter profit, boosted the index by 0.8%. The Qatari Index fell 0.1% and the Qatar Islamic Bank lost 0.6%. Reporting by Ateeq Sharif in Bengaluru, editing by Ali Williams
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New York Times Business News - February 3, 2019
These are the most popular stories from the business pages of the New York Times. The New York Times has not verified the accuracy of these stories. SpaceX, Elon Musk's rocket and satellite company, announced on Monday that it acquired xAI. This is a sweeping move for Musk to consolidate his empire, as he faces questions about its A.I. ambitions. Waymo, owned by Alphabet (parent company of Google), the self-driving cab company, announced on Monday that they had raised $16 Billion to fund their plans for global expansion. U.S. president Donald Trump announced on Monday that he would be launching a $12 billion initiative to boost domestic stocks of strategic minerals. The United States is looking to reduce its dependence?on China in order for it not to be reliant on the country's key components used in technology such as computers, phones, and cars. U.S. president Donald Trump announced on Monday that the United States and India had reached a?trade agreement that would reduce certain tariffs that the United States placed on Indian imports. (Compiled by Bengaluru Newsroom)
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As more steel mills undergo repairs, the decline in iron ore continues.
Iron ore futures fell on Tuesday as sluggish demand for steel ahead of the Chinese Lunar New Year, which is later in this month, weighed. The most-traded contract for May iron ore on China's Dalian Commodity Exchange traded 1.14% higher at 777.5 Yuan ($112.06) per metric ton. As of 0705 GMT, the benchmark March iron ore traded on Singapore Exchange was down 0.84% at $102 per ton. Prices fell on Monday, mainly due to a commodities slump, led by gold. According to Mysteel, the volume of iron ore traded in major Chinese ports fell as well on Monday. Steel mills are announcing maintenance plans in advance of the Chinese Lunar New Year holidays, which begin on February 16. According to a note by Mysteel, they will resume production late February or early March. This will temper the demand for feedstock, as hot metal production drops. The global iron ore shipment increased between January 26 and February 1. This was due to an increase of 1.267 millions tons in shipments from Australia and Brazil, two mining giants. Steelhome, a consultancy, released data on January 30, showing that iron ore stocks at major Chinese ports increased by 1.16% in a week. Steel production restrictions, combined with?environmental regulations, and a weak domestic market, are expected to put pressure on prices in the coming months, according to a report published by BMI, an affiliate of Fitch Solutions. The report stated that a resilient global economy would continue to support Chinese exports of steel, keeping prices at a minimum. Coking coal and coke, two other steelmaking ingredients, both fell by 0.17%. The benchmarks for steel on the Shanghai Futures Exchange have generally fallen. Rebar fell by 0.51%. Hot-rolled coils dropped 0.34%. Wire rod fell by 1.77%. While stainless steel rose 0.09%, rebar fell 0.51%.
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Greenpeace criticizes Eni for its role as Milano Cortina's sponsor
Greenpeace, an environmental advocacy group, has called for Winter Olympics organizers to end their partnership with Italian oil giant Eni. The group's fossil fuel operations are a threat to efforts to protect sports that depend on snow as the climate heats up. Eni, a state-controlled company, is one of the major sponsors for these Games. Environmental groups claim that Eni's operations contribute to global warming by accelerating the loss in?natural snow coverage and glacier mass of the Alps, and other winter sports areas. Greenpeace stated that the Winter Olympics "needs snow, not fossil-fuels" in a video which showed an avalanche?of black oil engulfing skiers and Games' five-ring symbols. Eni stated in a press release that it "shared an important concern about climate change", and would continue to invest in the energy transformation as part of its goal of reaching 'net-zero emission by 2050. Greenpeace, along with?ReCommon (another environmental group), have filed a case against Eni regarding climate change. The case is still ongoing. RISE IN TEMPERATURE OVER THE ALPS The SLF specialist research group has found that temperatures are rising in the Alps at a rate twice as fast as the global average. This has already led to the closure of many Italian ski resorts. Organisers have been forced to rely on artificial'snow'. The campaigners claim that cold weather is essential for events to "survive" and that such companies should not be featured at these events. Polluters should not be able to get on the podium during the Games. Greenpeace says it's time the International Olympic Committee (IOC), to drop oil and gas sponsors. Greenpeace believes the IOC must follow the precedent of 1988 when tobacco advertising was banned at the Winter Olympics and completely phase out fossil fuel sponsorships. The IOC responded via email that the Games were being planned in Italy with a focus on reducing their footprint, and helping host regions adapt to climate change. It added that the Games "engage a variety of partners from different sectors, such as those who invest in technologies and solution relevant to global energy transformation." (Reporting Giselda Vasgnoni; additional reporting by Karolos Grohmann, Milan Editing Keith Weir).
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From a 'perfect fit" to farewell, how a price-guarantee helped Pinault seal his Puma departure
Francois-Henri Pinault might not have gotten as much as he wanted last week when he sold the controlling stake of his family in Puma, to China's Anta, for $1.8 billion. According to two sources familiar with the matter, there was a "anti-embarrassment clause" in the agreement that sealed the deal. Artemis, Pinault's family company, initially reacted with a cold reception to Anta's cash offer of 35 euros per share for the 29% stake. However, one source said that the Hong Kong listed company agreed to pay more if an even higher offer was made. Hong Kong Stock Exchange filings reveal that Anta agreed with Artemis to pay an additional amount calculated according to a formula if anyone made a bid to purchase more Puma or take the iconic German company private within 15 months after the deal closed. The sources declined to identify themselves because it was a private matter. However, they said that Artemis did not have to wait for a better price. They would still be able to share in any short-term gains if there is a later higher offer. The clause helped Anta seal the deal with one of the largest sportswear companies in the world, ending the "perfect fit" that Pinault once claimed between Puma, his PPR firm, and later Kering. Artemis and Anta have declined to comment on the?requests for comment. After a COLD Initial Reception, Price Clause Narrows Gap After Anta made an initial offer, the talks between the advisers of the two parties began last autumn. Investors have been more critical of Artemis after it amassed high debts across its portfolio in an effort to diversify away from luxury. Pinault is working to reduce this debt, according to the sources, because some analysts are concerned that it will hinder a difficult recovery at Gucci, Kering’s flagship brand. Puma was also under pressure from its competitors, after recent launches of sneakers, such as the Speedcat, had failed to generate momentum. According to LSEG, Puma's shares spent most of 2025 trading at 22 euros per share – less than half their value two years earlier. Selling cheaply was not an alternative. Artemis once wanted more than 40 euro per share. Anta's 35 euro per share offer was initially considered too low. However, differences began to diminish after the Chinese company agreed that they would discuss the price-guarantee clause. A DEAL was finalized in Paris last month They said that three strategic factors ultimately drove Artemis to sell. First, the company preferred to control assets over holding minority positions. It also wanted to "reallocate" capital into higher-value sectors. It also no longer saw themselves as the best shareholder to support Puma in its?next phase of development under new CEO Arthur Hoeld. Pinault previously stated that the Puma stake is not strategic. The company stated in a press release last week that "this disposal is consistent with Artemis' ongoing strategy to focus on its controlled assets and?to redeploy resources into new value-creating industries". The second person stated that Pinault and Anta chairman Ding Shizhong who met previously after Anta's initial approach to them, completed the deal in Paris early January. Anta announced last week it does not intend to make a bid for Puma.
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MORNING BID EUROPE-Trump cuts India deal, Australia hikes
Tom Westbrook gives us a look at what the future holds for European and global markets. The trade took on a more stable tone during the 'Asia session' on Tuesday. Metals prices stabilized and stocks recovered from the gold-and silver-led crash on Monday. Rebounds were sharp in Tokyo and Seoul, and Indian shares cheered the deal announced by U.S. president Donald Trump on Truth Social. The agreement would lower tariffs on Indian products in exchange for India ceasing to purchase Russian oil. There were no solid details about the timing, and there was little information on the deal. However, it was enough to boost the rupee more than 1%. Australia's currency also traded?higher by more than 1% after the central banks joined Japan in raising interest rates. Markets were largely expecting the 25-basis-point increase, which comes as inflation is?running over target? and?the labour market is tight? Investors are increasing their bets for a second hike in May. This is currently priced at 75%. Investors can gauge Europe's credit demand by looking at the ECB lending survey. Alphabet and Amazon earnings will be released later this week, which anchor the U.S. Calendar. Silver and gold prices were also struggling to gain traction after market speculation about a possible tax hike on gaming. The mining shares in Australia were also higher, and Trump's announcement of plans to build a strategic stockpile for critical minerals, backed up by $10 billion from the United States, was also helpful. Export-Import Bank. Elon Musk said on Monday that SpaceX has acquired his artificial-intelligence startup xAI in ?a record-setting deal that unifies Musk's AI and space ambitions. The following are key developments that may influence the markets on Tuesday. - ECB bank lending survey - Fed Bowman speaks Earnings in the U.S.: PayPal, Pfizer and Marathon, and after the market close AMD, Amcor, and Mondelez
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Official: India has agreed to purchase petroleum, defense goods and aircraft from the US
A government official revealed to? ?on Tuesday. Donald Trump, the U.S. president, announced on Monday a deal with India that reduces U.S. tariffs from 50% to 18% on Indian goods in exchange for India ceasing its Russian oil purchases and lowering trading barriers. Trump said India had agreed to "BUY AMERICAN" at a higher level. He said India would be able to?buy $500 Billion worth of U.S. coal, technology, agricultural, and other products. Unnamed official of the Indian government said that India had agreed to "buy U.S. products" to reduce the trade gap between the U.S. The U.S. has a trade deficit with India. The Indian?trade ministry didn't immediately respond to an email seeking a comment. Commerce Ministry data shows that India's exports from the U.S. to India increased 15.88% on an annual basis to $85.5 billion between January and November, while imports were $46.08 billion. The commitment to buy U.S. goods covers sectors like pharmaceuticals, telecoms, defence, oil and aircraft. The official said that it would be over a period of time. The official did not give any details, but said that "we have offered market access to some agricultural products as well." Officials said that the agreement is only the first part of a larger deal, which will be negotiated in the coming months. As part of Washington’s immediate demand, India has reduced tariffs on automobiles. Investor sentiment was lifted on Tuesday by the announcement. In early trading, India's benchmark index of stocks, the Nifty 50 rose nearly 3%, and the rupee gained over 1%, reaching 90.40 to the dollar. (Reporting and editing by SonaliPaul; Shivangi Acharya)
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The Australian dollar is lifted by a rate hike, a rise in gold prices and a rebounding stock market
The mood was lifted by the resurgence of gold and Asian stocks on Tuesday, as the trade tone cooled down after the wild swings seen in the metals market. A?deal reducing U.S. Tariffs against India also helped. Meanwhile, the Australian Dollar rose 'after an interest rate increase. The central bank of Australia joined Japan in tightening policy. It said that above-target inflation, coupled with a tight labour markets, justified the unanimous decision to raise the cash rate by 25 basis points. The markets had anticipated this move but are now trying to price in the follow-up for May, which was enough to push up the Aussie by about 1% and to over 70 U.S. Cents. The rupee and Indian stocks cheered the announcement made by U.S. president Donald Trump, that tariffs would be reduced from 50% to 18% on Indian goods in exchange for New Delhi ceasing its Russian oil purchases and lowering trading barriers. Details are scarce. Japan's Nikkei gained 4% on Tuesday to recover Monday's losses, while South Korea's KOSPI climbed 5%. S&P futures rose?0.1% as traders awaited a busy week of earnings. Steven Leung of UOB Kay Hian, Hong Kong's director of institutional sales, said that investors had taken stock and sat back after the collapses in silver and gold bets. He said, "It'll take them a long time to rebuild a bear or bull position...so that is why they stay away from the markets." Stocks such as Tencent, Alibaba and other internet giants fell by over 3% on speculation that Chinese telcos would be taxed more. Metals Stabilize In Asia, gold was up 3% to $4,820 per ounce. This is a rebound of about 9% compared to Monday's lows. Silver rose 5% to $83.34 per ounce. Since Trump nominated Kevin Warsh as the new Federal Reserve chairman, metal prices have been in a tailspin. Warsh is seen as shrinking the Fed balance sheet and pushing up bond rates, which are negative for precious metals because they pay no income. The price drop on Friday and Monday was not a result of fundamentals. It was a "wipeout" for leveraged positions. This caused tremors in the global stock and commodity markets, as traders sold assets to cover their losses. After market earnings from Super Micro Computer and AMD, two companies that make server equipment, are expected to be reported. TAKAICHI TRADE After last week's dramatic drop in the dollar, currency markets found a new level. The euro purchased $1.1809 during the Asia session. This was down from highs of over $1.20 in late January. The yen is currently trading at 155.41 dollars and has lost about half of the gains made against the dollar following talk of a possible joint U.S./Japan intervention in order to "boost" the yen. The polls indicate that Prime Minister Sanae Takaichi’s Liberal Democratic Party is on track to win a landslide at the weekend’s elections -- which would put pressure on bonds, and the yen. It would also give a mandate for her fiscal-loosening agenda. Satsuki Katayama, the Japanese Finance Minister, downplayed Takaichi's weekend remarks that highlighted benefits of a low yen in contrast to efforts by authorities to support it.
After a hard correction, copper gains foothold as supply problems persist
After a two-session plunge, copper gained ground on Tuesday as concerns about supply and prospects for demand boosted the price.
The most active?copper contracts on the Shanghai Futures Exchange rose 2.60% to?close trading daytime at 104.500 yuan (15,066.54) per metric tonne.
As of 0715 GMT, the benchmark three-month Copper on the London Metals Exchange surged by 4.08%, to $13,417 per ton. Both exchanges saw copper prices fall sharply since Friday after a fervent rally. Shanghai copper fell as much 13.65% from its record high of 114,160yuan to 98.580yuan. The London benchmark lost up to 14.54% since its $14,527.50 peak. The price of silver and gold also rebounded on Tuesday, traders reported.
While mine disruptions, regional dislocations, and U.S. Tariff threats have kept supply concerns alive, the strong demand prospects for red metal due to its central role in AI data centres and electrification remain in place.
IGN analysts wrote in a note that "while volatility may continue in the short term, copper's narrative remains intact and the dip will ultimately attract renewed purchasing once macro-conditions settle." Copper prices are expected to fall, which will boost demand despite the Lunar New Year break in China's top consumer market that begins on February 15. This usually slows down market activity.
The Yangshan premium copper
Tin is the worst performing base metal among other SHFE products. The most traded contract fell by 6.70%, closing at 383,340 Yuan per ton.
Aluminium fell by 0.96%. Zinc dropped by 0.79%. Lead shed 0.98%. Nickel lost 1.25%.
On the LME, other metals like aluminium, zinc, lead, nickel, and tin all saw gains.
(source: Reuters)