Latest News
-
Trump confirms calling Netanyahu insane in phone call
?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S. government official, that Trump told Netanyahu during a phone call on Monday, "You are fucking insane." If it wasn't for me, you'd be in jail. I'm saving you. Everybody hates you now. Everyone hates Israel for this. Trump said during the interview: "At one point, I said to Bibi, We have to stop this." We have to stop this. Iran says it won't agree to an agreement with the United States that would end the war Trump and Netanyahu started in late February unless the ceasefire extends to Lebanon. Israel invaded Lebanon in March to pursue the Iran-aligned Hezbollah, who fired across the border to support Tehran. The hostilities continue despite an agreement announced by the United States on Monday, which led Israel to stop attacking the Hezbollah controlled southern suburbs of Beirut and Iran-backed groups to cease cross-border attacks. Lebanese sources of security said that Israeli drones killed six people in southern Lebanon on Wednesday and also targeted a vehicle just south-east of Beirut. Israel claimed to have intercepted an enemy aircraft fired by Hezbollah. Trump was irritated when asked if Netanyahu?tricked him into attacking Iran. He said his critics were "the enemy". Trump has used expletives in the past to describe Israel, including saying publicly last year that Israel or Iran "don't even know what they are doing". Reporting by Doina chiacu Editing and Peter Graff by Andrew Heavens
-
Gold drops on stronger dollar and oil amid renewed Middle East hostilities
?Gold prices fell on Wednesday as a result of a stronger dollar, and rising oil prices. The conflict in the Middle East continued to dampen hopes for a quick resolution of the U.S. - Iran conflict. By 1128 GMT, spot gold had fallen 0.5% to $4463.74 an ounce. U.S. Gold Futures for August Delivery fell 0.6% to $4492.00. Gulf hostilities flared up again on Wednesday as an Iranian missile attacked Kuwait's airport, and the U.S. Military carried out strikes near the Strait of Hormuz. Diplomacy between Washington, Tehran and Tehran made little progress. Due to the renewed conflict in the Middle East, gold is under pressure and has been knocking against $4,450. Lukman Otunuga is a senior research analyst at FXTM. He said that fading hopes of a U.S. Iran peace deal will likely keep oil prices high. The dollar increased by?0.1%, and oil prices continued to rise for the third consecutive session. Oil prices rising increase inflation risk, which increases the likelihood of longer-term interest rate hikes. Gold is often viewed as an inflation hedge, but it loses its appeal when interest rates are high. According to CME Group’s FedWatch tool, the markets, who had?expected? two U.S. rate cuts in this year, before the Iran War, are now pricing in a 42 percent chance of a rate?hike? in December by 25 basis points. Beth Hammack, President of the Cleveland Federal Reserve, said on Tuesday that if inflation continues to rise at a high rate it may be necessary to increase interest rates. Investors are now awaiting the U.S. Nonfarm Payrolls Data for May due on Friday in order to gauge the U.S. Federal Reserve monetary policy direction. Otunuga said that a strong jobs report would likely add to the decline of gold, particularly if it led more traders to price in an interest rate increase by December. Silver fell by 1%, to $74.37 an ounce. Platinum dropped 0.4%, to $1,929.80. Palladium declined 1.3%, to $1,351.75. (Reporting and editing by Janane Vekatraman, Louis Heavens, and Noel John from Bengaluru)
-
Trump claims Iran has agreed not to have nuclear weapons
U.S. president Donald Trump stated that Iran had agreed to?not have a nuclear weapons?and he will probably meet Supreme Leader Mojtaba?Khamenei at a certain point if "things work?out". In an interview that aired on Wednesday, Trump said about Iran: "They have already?agreed to not have a nuclear weapons." When asked about Khamenei?s involvement in the talks with the U.S. on ending hostilities Trump replied, "He is absolutely involved." ... "I think they have great respect for him." Trump claimed that he heard the Iranian leader saying?not too well' but giving his approval to the negotiations. Trump said that he did not have the "privilege" of meeting Khamenei. "I would like to meet him." We will probably meet at some stage, depending on the outcome of everything," Trump said. The U.S. President said that he considered the Iran war a success, because the military of the country had been defeated. The conflict, which began on February 28 with U.S. and Israeli strikes, has upset the global energy markets. It has also proven unpopular among Americans in the months leading up to November's congressional elections. In the interview, Trump said that Iran was a "big success". "We'll have to wait and see." We are going to do, we are working on a deal and it will be fine. It's fine if it doesn't work out. "We'll do it in the opposite way." He didn't?specify? what this might mean, but he has in the past said that the U.S. will resume strikes. Reporting by Doina Ghosh and Kanjyik in Washington; Editing by Andrew Heavens, Gareth Jones and Andrew Heavens
-
Drone incursions cause chaos and fear along NATO's Baltic border with Finland
The presence of military drones in the airspaces of Finland, Estonia Latvia and Lithuania is raising concerns that the conflict in Ukraine could spill over into NATO's northern border with Russia. Some of Ukraine's drones missed their targets, causing security warnings to be issued in neighboring countries. In Latvia, this led to the collapse of the government. The following is a list of recent drone incidents that have involved Finland and the Baltic States: Two Ukrainian military drones that escaped from Russia enter Estonia and Latvia on March 25. One drone crashes into a chimney near the Russian border at Estonia's Auvere Power Station, while another crashes in Latvia. Lithuania reported earlier that a Ukrainian drone crashed into a lake. 29-30 March - Finland reports an alleged territorial violation in its southeast by unmanned aerial vehicle and deploys F/A-18 jet fighters. One object identified as a Ukrainian AN-196 swarm drone. According to Petteri Orpo, the Finnish Prime Minister, strong Russian electronic jamming may explain drones drifting in Finnish airspace. The 31st of March - Estonia, Latvia and Finland detect foreign drone activity close to their border with Russia. A drone is also found on the territory of Finland by its border guard. Estonia later discovers drone debris in Tartu County. Estonian armed forces claim that drones found in the country are believed to have originated from Ukraine and were intended for Russia. On May 7, Latvia and Lithuania ask NATO to increase air defences following the crash of two drones believed to have crossed from Russia. One of the drones 'explodes' at an oil storage site in the Latvian area of Rezekne causing damage to four empty oil tanks. Andris Spruds, Latvia's Defence Minister resigns on May 10, after Evika Silina says that anti-drone system deployment was not fast enough. Ukraine claims that the drones are Ukrainian, but were diverted to Russia by electronic warfare. Silina resigns from her position as Latvian prime minister on May 14, triggering the collapse in coalition government of Latvia after Spruds’ Progressives party withdrew its support. The authorities in Finland have warned 1.8 million people to stay inside because they suspect drone activity. They also suspended air traffic at Helsinki's capital airport and scrambled fighter jets. Alexander Stubb, President of Finland, says that Finland is not directly under military threat. May 17-18: Explosives were found near?the remains of a suspected Ukrainian drone that crashed near the border with Latvia and Belarus. Officials in Lithuania claim that the drone entered the country undetected. May 19: A Romanian NATO fighter plane shoots down an alleged Ukrainian drone after it entered Estonian airspace via Russia. Ukraine apologizes to Estonia and other Baltic Allies, saying that Russia redirected the drone via electronic warfare. It denies using Latvian and Estonian territory for strikes against Russia. Lithuania warns the people of Vilnius that they should take cover and stops traffic at its airport due to a drone in their airspace. Lithuanian legislators seek shelter underground in the parliament while train traffic has been suspended and schools and Kindergartens have been?told' to take their children to shelters. The government claims that the origin of the drone has not been verified. NATO fighter jets are attempting to combat this threat, and people living in areas bordering Russia or Belarus should seek shelter. June?3: Latvia and Estonia issue overnight warnings in areas bordering Russia asking residents to seek refuge if they suspect any suspected drone activity. According to Latvia, NATO fighter jets have scrambled in response. Estonian defence forces lifted the warnings in the morning, claiming that no drones had entered their airspace. Reporting by Jesus Calero, Jagoda Darland, Timothy Heritage and Peter Graff.
-
Commission: EU governments can use a certain amount of fiscal flexibility for green energy to offset defence costs
Valdis Dombrovskis, European Economic Commissar, said that the European Commission would allow EU governments to make use of some of the fiscal flexibility already given to them for increased?defence expenditures, in order to fund a shift from fossil fuels to greener energy. This is in response to the pressure coming from Italy which will be holding elections next year. They are pushing for a softer approach to the EU fiscal rules, so that they can support the voters who face rising energy costs due to the U.S. and Israeli war against Iran, which has stifled oil and gas via the Strait of Hormuz. In order to comply with EU fiscal regulations, EU governments must keep their budget deficits under 3% of GDP. The?Commission ruled in March 2025, that each EU country must spend an additional 1.5% of GDP every year for four years to defend itself. Italy, unlike Finland, the Baltic states or Poland which all share a shared history of Russian occupation, sees the Russian menace as distant and instead of focusing on defence equipment, it wants to ease the pain of higher energy prices for Italian voters. Rome has been pushing the Commission to give EU governments fiscal flexibility to cushion the impact of more expensive energy even though very few other EU nations agree. The Commission decided that as a compromise it would allow EU countries the option to spend 0.3% of their GDP out of the 1.5% extra allowed for defense. This money could be used to fund investments to help transition fossil fuels into green energy. Dombrovskis stated that 0.3% of the GDP would be allowed per year, in 2026, 2027, and 2028. However, no more than 0.6% GDP will be allowed over three years. This could include, for example: the purchase of electric cars, switching heating systems from oil to gas, the installation solar panels or batteries, etc. He made it?clear that the leeway cannot be used to subventionise fossil fuels, as the Italian decision to reduce the excise taxes on petrol. Dombrovskis stated that tax reductions of this kind are not eligible. Dombrovskis stated that countries who decide to use 'the extra fiscal space allowed by the Commission for green energy' can deduct actions implemented since February. He said that EU countries like Lithuania and Estonia who have already spent all of their fiscal space of 1,5% of GDP on defense investment can still request the additional 0.3% after an analysis of debt sustainability. (Reporting Jan Strupczewski).
-
Gunvor claims it is not the target of Swiss Prosecutor in bribery investigation
Gunvor, a global commodity trading company, confirmed on Tuesday that Swiss prosecutors had searched its office in Geneva. The company added that it was not the subject of the investigation. The Office of the Attorney General of Switzerland stated that the search was part of an?investigation into the bribery of officials abroad by unknown persons. The prosecutor stated that it could not provide any further information?on a ongoing investigation. Gunvor stated in its statement that it reported issues to the relevant authorities over a year earlier, and that?it is working with authorities. Gunvor had no knowledge about the Swiss investigation other than the fact that the company was not the target. Gunvor told the OAG that it had never reported any problems to them. Public Eye first reported the search of Gunvor’s?Geneva offices as part of an investigation, which according to the Swiss news outlet was a probe into Gunvor’s operations in 'Gabon. Gunvor said in its statement that it had conducted an internal investigation of its business in 'Gabon. It said that it had identified what it believed was fraudulent activity elsewhere totaling $2 million over a period of five years. Gunvor claimed this fraud was committed by an unnamed counterparty and maritime service provider, as well as an unnamed former employee. Reporting by Robert Harvey in LONDON and Shadia Nasralla; editing by David Goodman, Alexander Smith
-
MORNING BID AMERICAS - Quantum leap
What's important in U.S. and Global Markets Today By Mike Dolan, Editor at Large, Finance and Markets Oil prices and bond rates have increased as the?hostilities? in the Gulf resume. But you won't find any signs of worry in AI-obsessed?stock?markets. Wall Street's SOX index rose?more? than 5% Tuesday, while the broader?S&P?500 closed at another record high for the ninth consecutive day. Deutsche Bank says that a S&P 500 gain of 10 on Wednesday will be the longest streak since more than 30 year. Below, I'll go into more detail. Check out my column about the calm that can be found beneath wild stock swings and how it may deceive. Listen to the Morning Bid Daily podcast. Subscribe to hear? Journalists discuss the latest news in finance and markets seven days a weeks. QUANTUM LEAP On Wednesday, the U.S. intercepted Iranian missiles in the Gulf - and carried out its own strikes. This pushed Brent crude up more than 2% at around $98 a barrel. At least in Asia, equity markets appeared to pay little attention to the news, as tech-heavy indices followed Wall Street on Wednesday and reached new record highs based on AI. Wall Street futures slipped before the bell rang, but European shares fell in early trading. The yen was flirting again with the 160-per dollar level, as recent U.S. and Iranian exchanges boosted greenback. Japanese authorities spent $73 billion on yen buying intervention to help support the currency, after it had previously fallen below that level. The tech calendar on Wednesday will be dominated by the earnings from Broadcom. They are due to be released after the bell. The chip maker is now a behemoth of $2 trillion at the heart of the AI buildout. Exclusive details about SpaceX's blockbuster listing were revealed. The company plans to set its IPO at $135 a share in order to raise a record $75 billion. Microsoft also claimed to have made a breakthrough with its new AI-redesigned?quantum chips that will make commercially viable machines possible within three years. On Tuesday, the jobs data were dominated by an unanticipated surge in April job openings. This raises doubts about the notion of a softening labour market, and will keep Fed watchers on alert. ADP's payrolls for the private sector are expected to be released 'later', before Friday's employment report. Chart of the Day Since 2025, the shares of Broadcom and Marvell Technology chip designers have risen on the back of a growing demand from hyperscalers for custom AI processors to reduce their reliance on Nvidia processors. Broadcom is scheduled to report its second-quarter earnings Wednesday. Marvell shares rose 25% on Tuesday, reaching a new record high. This was after Nvidia's CEO Jensen Huang referred to Marvell as the "next trillion-dollar company". Watch today's events * U.S. ADP private payrolls for May (8:15 a.m. ET), ISM services PMI (ten a.m. ET) * ?Fed issues Beige Book * Fed's Michael Barr, and?Dallas Fed Lorie Logan speak Want to receive Morning Bid in your email every morning? Subscribe to the newsletter by clicking here. Follow us on LinkedIn, X and ROI. The opinions expressed by the author are their own. These opinions do not represent the views of News. News is committed to the Trust Principles and to integrity, independence, freedom from bias, and impartiality.
-
Germany opens window for dialogue between Europe and Russia
At a Wednesday briefing, a German government official said that a window of 'dialogue' is opening slowly between Russia and Europe on Ukraine. However, it will likely be months before any talks can begin. The official who requested anonymity said that it was important to create a dialogue format that Europeans would perceive as legitimate. The official also said that it was unclear who would lead these talks. However, there were strong indications that the E3 Group (Germany, France, and Britain) will continue to play a significant role in this regard. The Russian advance has slowed down this year. Ukrainian troops have intensified their 'long-range attacks in Russia and on St Petersburg, ahead of President Vladimir Putin’s annual economic forum, on Wednesday. The chief of staff to Ukrainian President Volodymyr Zelenskiy said that a deal ending the war before winter would be a "realistic outcome". According to the German official,'recent fighting suggests that it will take months rather than weeks to reach a stage where?talks could begin, and it is important to ensure they are conducted in full agreement with Ukraine. The official said that coordination - not competition - should be the guiding principle. Washington's mediated talks, which have been stalled due to its focus on Iran, are also at a standstill. The German and European governments rejected Putin's suggestion that the former German chancellor Gerhard Schroeder would represent them at future negotiations with Moscow. Reporting by Andreas Rinke; Writing by Miranda Murray; Editing by Madeline Chambers, Sharon Singleton and Madeline Chambers
As inflation fears fuel war, gold slips in bets with higher rates
The gold price fell on Wednesday as investors focused on the Middle East, and economic data.
By 8:40 am EDT (1240 GMT), spot gold had fallen 0.7% per ounce to $4,452.09. U.S. Gold Futures fell 0.9% to $4480.50.
Gulf hostilities flared up again after Iranian attacks on Kuwait damaged the airport and injured dozens, while?U.S. Military strikes were carried out near the Strait of Hormuz. Diplomacy, which was supposed to end the war but showed little progress, failed to stop the conflict.
David Meger is the director of metals at High Ridge Futures.
As the conflict intensifies it is expected that rising energy prices will increase inflation expectations. He added that this could lead to higher rates of interest, which would 'further strengthen the dollar' and add additional downward pressure on precious metals.
Bullion is seen as an asset that protects against inflation. However, it becomes less appealing as a non yielding asset when interest rates are high.
The U.S. Dollar Index rose for the third consecutive session, and oil prices also increased. The dollar price of metals increases when the U.S. currency is stronger.
In an opening note, Federal Reserve chairman Kevin Warsh promised to follow "the Fed's best traditions" as he begins his four-year tenure, while also promising to?address what could be done differently. Beth Hammack, the president of the Cleveland Federal Reserve, said that if inflation pressures are to continue to rise in the United States central bank may need a rate increase soon.
The U.S. Nonfarm Payrolls Data for May, due Friday, will also be closely watched to determine the Fed's monetary policies.
ADP's "national employment report" showed that private payrolls in the U.S. increased more than expected for May.
(Reporting by Ashitha Shivaprasad in Bengaluru, Editing by Louise Heavens) (Reporting and editing by Louise Heavens in Bengaluru. Ashitha shivaprasad is based in Bengaluru.
(source: Reuters)