Latest News
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HF Sinclair's CFO Atanas Atanasov has taken a voluntary leave of absence in the wake of a disclosure review
HF Sinclair revealed in a filing that Atanas Atanasov has taken a 'voluntary leave from duty.' This comes just a week following a similar request by top boss Tim Go. In premarket trading, shares of the company dropped 4%. The company announced last week that it had begun an internal review of their disclosure processes. The company said on Friday that the review started on January 26 after Atanasov expressed concerns about certain actions taken by Go creating an "unfavorable" "tone at top" with respect to the 2025 disclosure process. At a later stage of the review the board expressed concerns about certain actions that Atanasov had taken, and he then requested a leave of absence. HF 'Sinclair announced that it had finished the review, and concluded that the executive actions did not create a "tone at the top" unfavorable to the 2025 disclosure process. It added that the company's disclosure control and procedures are still effective. Vivek Garg was named interim CFO by the company. Franklin Myers is currently serving as the interim CEO. HF 'Sinclair stated that it expected to?negotiate a separation agreement with Go and Atanasov. (Reporting from Vallari Srivastava, Bengaluru. Editing by Vijay Kishore.)
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Copper reaches four-week peak, on course for seventh consecutive monthly increase
Prices of copper hit a 4-week high on Friday and are on course for a 7th consecutive monthly gain. Demand optimism has outweighed worries about stocks piling up in warehouses registered at major exchanges. The benchmark three-month copper price on the 'London Metal Exchange' rose by 1.3% in open-outcry official trading to $13,482 per metric ton after reaching $13,527, its highest level since January 30. After a wave speculative purchases, the metal used for power and construction reached a record high on January 29, reaching $14,527.50. One metals trader stated that base metals were also supported by the?investment need for hard assets' since October. After the Lunar New Year holiday, the first data released showed that the copper stock in Shanghai Futures Exchange warehouses reached a ten-year high. This was because end-users reduced their buying and the high prices deterred some downstream demand. ShFE copper stocks Totaled 391,529 tons on Friday. This is up 44% compared to a week ago. Zinc Aluminium Stocks were up by 45% and 20% respectively. UBS analysts stated that even though Chinese copper demand is down since September, global trends towards renewable energy, and the emerging demand for data centres, are expected to provide a secular support for copper. UBS expects spot copper to reach $15,000 per ton in 13 months. The global copper demand is expected to rise 2.8% by 2026, and the market deficit will increase to 520,000 tonnes this year, up from 203,000 ton in 2025. Tin, among other LME metals, rose 4.9% to $57,125 per ton, in official 'activity. Tin prices are up by 42% on account of supply concerns. Aluminium?rose by 0.2% to $3163 per ton. Discount for LME cash aluminium contract against benchmark Analysts at Marex wrote in a recent note that the discount has been reduced over the last two weeks due to concerns about a possible disruption of supply via the Strait of Hormuz. The discount last stood at $15 per ton on Friday. It was down from $36 on February 17. Zinc fell 0.9% to $3,348 per ton, while lead slipped 0.5% to 1,975 dollars and nickel rose 1.1% to 17,880 dollars. (Reporting and editing by David Goodman.)
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China's net gold imports through Hong Kong in January rose by almost 69% compared to December
Hong Kong's?Census and Statistics Department?data on Friday showed that China's net gold imports through Hong Kong rose by 68.7% compared to December. Data showed that the world's top gold consumer imported 20.585 net metric tons of gold in January. This is up from 12.205 tonnes in December. China is the largest gold buyer in the world. Its purchases can have a significant impact on global gold markets. Hong Kong's data might not be a complete picture of Chinese gold purchases, as it is also imported through Shanghai and Beijing. China's total gold imports via Hong Kong increased by 30.4% to 36.544 tonnes in January from 28.014 tons in December. UBS commodity analyst Giovanni Staunovo said that the Chinese New Year would likely support physical gold demand, as gold was arriving in China before the end of the Lunar Year. Physical gold in China is trading at a premium of $12 to $13 per ounce over the global benchmark spot prices This week, bullion's appeal as a safe-haven was evident after the markets returned from Lunar New Year. The People's Bank of China (PBOC), which released data this month, showed that China's central banks extended their gold-buying spree for a 15th consecutive month. In 2025, gold soared by more than 64%. It has gained around 20% so far this year. On January 29, the?metal reached a new record price of $5,594.82 per ounce. The rally was fueled by geopolitical tensions around the world, the Federal Reserve's interest rate-easing cycle in the United States, central bank purchases and increased flows into exchange-traded bullion funds.
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After the Ukrainian attack, tens of thousands in Belgorod are without electricity
The regional governor reported that?about 50,000 people in the Russian city Belgorod were without electricity on Friday morning after Ukrainian missiles had struck the city overnight. Governor?Vyacheslav?Gladkov stated that about half of the affected people should be connected by Friday's end following the latest attack in a long series of attacks which have led to repeated blackouts. Belgorod is located about 40 km from the Ukrainian border. In the four years that Russia invaded its neighbor, it has been the target of many Ukrainian missile and drone strikes. Gladkov posted on Telegram that "serious damage" had occurred to the energy infrastructure. As a result of this, the supply of water, electricity and heating has been disrupted. Officials from Ukraine did not immediately comment. Residents of Kyiv, and other Ukrainian cities, have often lost heat and electricity during the coldest winter weeks because of Russian attacks against Ukraine's power grid. UKRAINIAN STRIKES CROSS THE BORDER Belgorod, along with the neighbouring Kursk Region, which was seized in an attack by Ukraine?in August of 2024, and held for many months, has been the target of Ukrainian cross border strikes since the beginning of the war. The war is a daily reality in Russia. But, according to opinion polls, many people are ignoring the news of the battlefield and trying to go about their normal lives. Local media and officials claim that since the beginning of the war in Belgorod, there have been 485 deaths, 35 of which occurred this year. There have been more frequent bangs in the night, and the glass on the window frames rattles a lot. "We've been shelled heavily for the entire month of February," said an elderly woman in Belgorod. She added that she was told not to expect hot water until the summer. The Belgorod resident who asked to remain anonymous, a 40-year-old Belgorod woman, also said that she went to the theatre in Belgorod this month to see a play which was interrupted three times due to missile alerts. She said that the audience was told to "keep their coats" on due to the lack of heating. She said, "We sometimes can't sleep because we hide when shells strike neighbouring houses." People will generally seek cover anywhere they can. "Everyone is looking for a place to hide away from windows." (Reporting and writing by Mark Trevelyan, London, edited by Timothy Heritage.
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Analysts raise oil outlook due to geopolitical risk, but oversupply worries limit upside
Analysts are raising their oil price predictions for the year despite fears that oversupply would continue to weigh on the market. In February, a survey of?of?34 economists conducted by?of?34 analysts and economists predicted that Brent crude will average $63.85 a barrel in 2026. This is up from the January forecast of $62.02. The average price of U.S. crude oil is expected to be $60.38 per barrel, up from the estimate for January at $58.72. These benchmarks have been averaging $70.48 per barrel and $65.01 per barrel respectively. Norbert Rucker is the head of Economics & Next Generation Research at Julius Baer. "That said, Iran tensions are temporary, and when the attention span is exhausted, the focus needs to return to the supply glut and the lasting pressure on prices." Analysts predicted that Brent and WTI would average $74.63 in 2025 and $70.66 respectively, with prices averaging $68.19 and $64.73 over the course of the year. GEOPOLITICAL RISK PREMIUM OF $4-$10/bbl Analysts said that fears of a possible conflict between the U.S., and Iran, could impact oil supplies has inflated oil prices by a "risk premium" of $4/bbl up to $10/bbl. In his State of the?Union address this week, U.S. president Donald Trump briefly outlined his case for a potential?attack. Analysts believe that the expectation of a surplus market will be the primary price driver for the latter part of the year. Analysts estimate that the market surplus will range from 0.8 to 3.5 millions barrels per day, and it will depend in part on China’s stockpiling. "A slowdown of China's strategic stockpiling will further increase the oversupply. China has added recently around 1 million barrels per day to their reserves, effectively removing a part of the excess from the market," Cyrus De La Rubia said, chief economist at Hamburg Commercial Bank. OPEC+ POLICY RETAINS FOCUS Three sources with knowledge of OPEC+'s thinking said that OPEC+ 'will likely increase oil production by 137,000 barrels a day in April. The group is preparing for the peak summer demand and this increase will end a three-month hiatus in production. This Sunday, eight OPEC+ producers will meet. Zain Vawda is an analyst with MarketPulse, by OANDA. He said that if the geopolitical premium remains in place, it may encourage (OPEC) producers to increase their output. Most analysts predict that U.S. crude oil production will either? plateau or slightly decrease in 2026. Most analysts expect oil demand to grow between 0.5 million and 1.1million barrels per day. Surabhi Menon is a research analyst with the Economist Intelligence Unit. She said that "high prices, an economy slowdown due trade uncertainty and EV adoption will add downward pressure on this growth."
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Acerinox CEO: Trade uncertainty will diminish, and tariff benefits
Acerinox, a Spanish steelmaker, expects the trade uncertainty to 'fade' and that U.S. steel tariffs will continue to be beneficial to its business. This was stated by Bernardo Velázquez on Friday. According to a J.P. Morgan report from January, the?stainless-steel and high performance alloy producer earns around 90% of its profits in the U.S. Velazquez stated, "We're talking about situations in which we compete against countries who don't follow the rules of our game". Velazquez 'admitted tariffs are a double-edged blade, as they shield their clients from competition in the U.S., but the uncertainty created by President Donald Trumps 'wide array of tariffs has made them defer a number of purchases and investments. The?U.S. The Supreme Court's ruling that most of Trump’s tariffs were illegal and Trump's subsequent announcements of blanket tariffs of up to 15% or 10% have thrown businesses into further uncertainty. STABILITY WILL PREVAIL Velazquez, however, said that the situation was correct in the short term but that it will stabilize and have no effect on consumption in the long run. Velazquez stated, "Despite all the 'fuss' about tariffs in the United States, nobody, and I mean no one has ever questioned Section 232." Since Trump's first administration, Section 232 tariffs were in place. They were then?doubled during his second. Joe Biden was president between Trump's two terms. He?kept the tariffs in place?but signed partial reprieves for?European Union Metals in 2021. Acerinox announced a net loss for the fourth quarter on Friday. However, it expects to see a slow recovery by 2026.
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European forward curve contracts decline in early trading
German power contracts for the year ahead fell on Friday as a result of a'retraction' in the gas markets after Thursdays late gains. By 0952 GMT, the German baseload contract for the year ahead was down by 0.1% to 79.95 euros ($94.32). Analysts at Engie EnergyScan said that Thursday's 'late gains' in the German contract for year-ahead were due to a retracement of European gas prices caused by tensions between the U.S. and Iran. They added that prices on the French side continued to fall due to high temperatures and low spot power prices. The French equivalent contract was not traded with a range of bids and asks between 50.40 euros and 50.90 euro. The contract was closed at 50.70 euro on Thursday. The benchmark carbon contract on the European market rose by 0.7%, to 71.47 Euros per metric ton. The trading of the German and French baseload day-ahead contracts for Monday has not yet begun. On Monday, wind?power was expected to drop sharply in the entire region. According to LSEG analyst Naser Hahemi, the baseload price in Germany for Monday will be 85.80 Euros/MWh. LSEG data showed that German wind generation will fall by 14.7 gigawatts on Monday to?12.7 GW while French output will drop by 2.9 GW and 7.1 GW. The French nuclear capacity fell by six percentage points, to 84% of total?capacity. Three reactors are expected to be taken offline. EDF, the reactor operator, said that it was expected to be back online Monday after the Flamanville 3 reactor went offline for maintenance on Friday. The test runs were performed with different loads. LSEG data indicated that power demand in Germany is expected to drop by 230 megawatts on Monday to 57.7 GW while French demand will remain flat at 51.9 GW.
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Palmettos rises but drops monthly
Malaysian palm oils futures rose on Friday on the strength of Dalian edible oils, but they posted their largest monthly decline in ten months due to sluggish?exports and a stronger currency. After a 1% decline on Thursday, the benchmark?palm-oil contract for May delivery at Bursa Derivatives Exchange gained 35 ringgit or 0.87% to 4,040 Ringgit ($1,039.09). The contract dropped 4.47% in the month of February, which is its biggest monthly drop since April 2025. Anilkumar?Bagani, head of commodity research at Mumbai-based Sunvin?Group, said that "Bursa Malaysia crude Palm Oil futures opened gap higher following a rally in Chicago Soy Oil futures overnight." Dalian's soyoil contract, which is the most active in the market, was unchanged after having gained as much as 0.17 % earlier in session. Palm?oil had also gained 0.11%. Prices of soyoil on the Chicago Board of Trade were up 0.03% following a 1.8% increase overnight. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. According to AmSpec Agri Malaysia, an independent inspection company, exports of palm oil products from Malaysia for the period February 1 to 25, fell by 16.1% compared to a month ago. Intertek Testing Services put the decline at 12,1%. The Malaysian Ringgit, contract currency for trade, eased 0.15% versus the U.S. Dollar, but remained at its highest level since April 2018. The ringgit strengthened by 1.3% in February, the seventh consecutive month. A stronger ringgit makes ?palm oil more expensive for foreign currency holders. First Resources, a palm oil company in Indonesia, said that it paid the Indonesian government $5.6 million "in relation to the land areas"?that were handed over?to the government. Technical analyst Wang Tao stated that palm oil could?break through a resistance level of 4,058 Ringgit per ton and bounce in a range between 4,076-4095 Ringgit. ($1 = 3.8880 ringgit)
INSTANT VIEW: India's GDP growth drops to 7.8% in the third quarter amid data overhaul
The Indian economy grew by 7.8% from October to December compared with the same period one year ago, following an 8.4% increase in the previous quarter.
On Friday, it released a revised series national output data.
National Statistics Office stated that the government expects South Asia's economy to grow by 7.6% for the entire fiscal year ending March. The National Statistics Office had previously forecast a 7.4% growth under the old data series.
COMMENTARY:
MADHAVI ARORA CHIEF ECONOMIST, EMKAY GLOBAL FINANCIAL MUMBAI : "The revised series of GDP, which features improved sectoral representation and reduced 'deflator related?distortions', as well as a more comprehensive capture economic activity, led to a recalibration.
Second Advance Estimate for FY26 now projects a real GDP growth of 7.6%. This is up from 7.4% in the First Advance Estimate. The FY25 figure was revised up to 7.1% from the previous base of 6.5%.
RADHIKA RAO SENIOR ECONOMIST DBS BANK SINGAPORE: At first glance, it appears that the growth numbers have a slightly stronger momentum than before. The methodological changes are expected to reflect updated production structures, broader coverage of segments and new ratios.
The service sector is showing a significant improvement, along with double-digit growth for manufacturing. Indirect tax rationalisation, festive demand and a more prosperous rural farm sector also helped the October-December quarter. The rebased figures are close to our FY26 forecast of 7.7% YoY.
SUJAN HAJRA, CHIEF ECONOMIST & EXECUTIVE DIRECTOR OF ANAND RATHI GROUP IN MUMBAI, said: "India's -GDP data for the Q3 of FY26, and the Second Advanced Estimates for FY26, both came in at above 7.5%. This was marginally better than our expectations. The headline GVA and GDP trajectories are not significantly different under the new series. This suggests that the growth narrative is continuing, rather than being distorted by a statistical error.
The nominal growth of GDP for the year is still below?9%. This means that, while the real activity is strong, the 'nominal background -- which is crucial for revenue growth and profit growth -- remains relatively stable.
The market is clearly affected by these better-than expected numbers. For equities, the improved growth impulse strengthens the outlook for corporate earnings, especially for cyclical and domestic-demand-oriented sectors. The debt market benefits from a stronger real growth, even if nominal growth is moderate. This helps to improve the outlook for government finances because it supports tax collection and reduces fiscal slippage risk.
ALEXANDRA HERMANN LEAD ECONOMIST at OXFORD ECONOMICS in the United Kingdom: "The GDP data exceeds both our expectations and those of the consensus, but methodological changes make it difficult to compare like-for-like. The new series is better able to capture faster-growing segments in the economy, which suggests that measured growth will be higher.
Further rate cuts are unlikely, as food price volatility is expected to have a lesser impact on headline inflation. Also, the revised methodological series for both inflation and national accounts will show a stronger measured growth. Our view is that the firm demand driving up "core inflation" increases the risk of a rate increase before 2026.
VIKRANT CHATURVEDI is the Associate Director - Research, Brickwork Ratings, Mumbai:
The robust manufacturing and service activity in India's Q3 GDP growth underscores the country's enduring?resilience.
Fiscally, the nominal GDP growth rate of 8.9% for Q3 is a better denominator to calculate fiscal deficits and debt ratios. This statistical improvement provides greater fiscal room, but the sustainability of India's debt trajectory depends on revenue growth and disciplined spending management.
"Looking ahead, India must harness robust GDP growth to anchor fiscal consolidation, thus reinforcing its macroeconomic stability and credibility in global capital markets."
MADAN SABNAVIS CHIEF ECONOMIST BANK OF BARODA MUMBAI
The GDP growth rate for FY26 is 7.6% which is in line with our forecast of 7.5%-7.6%.
The new series differs from the previous one, in that gross fixed capital formation is higher (31.7% GDP), while consumption is lower (56.7%).
We expect a growth rate of 7-7.5 percent in FY27. We don't expect fiscal numbers to significantly change based on nominal GDP growth. "The wedge between nominal and real GDP growth rates is now just 1% and will increase to 3% by FY27."
(source: Reuters)