North America

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

Shell, the oil major, has made a final investment decision for a 'waterflooding project' at its Kaikias Field in the U.S. Gulf of Mexico. The project aims to increase oil recovery and prolong the life of Ursa Platform. The project will add an additional 60 million barrels of oil to the recoverable resources. Shell, the top deep-water operator in the U.S. Gulf, is making a new investment to maintain liquids production of?nearly 1.4 million barrels per day?until the year 2030. The first injection is scheduled for 2028, and will extend Ursa’s production cycle by several years. Waterflooding is a secondary...

Wall Street was also set to start lower on Tuesday as traders were cautious ahead of important?U.S. jobs data. Investors were eagerly awaiting the October and November U.S. The October and November?U.S. employment reports are due in the later session after the data collection was delayed during the U.S. shutdown. After the Fed's comments when it reduced rates last week were interpreted as being less hawkish that anticipated, this could affect expectations for the U.S. Federal Reserve monetary policy in the coming year. This would strengthen expectations for further rate cuts by 2026. The stock markets dropped during Asian trading....

Asian stocks fell on Tuesday while the dollar drifted to two-month lows. Investors adopted a cautious stance ahead of the release of several U.S. economic data including the jobs report that could 'help gauge the direction of Federal Reserve policy for next year. Risk assets were under pressure due to the defensive mood, including bitcoin. Bitcoin, which?hit an all-time low of two weeks in the previous session, was down by 0.3%, at $86,017.67. Nasdaq Futures dropped 0.8%, and European Futures declined 0.5%. Hang Seng's technology index fell 2.7%. The MSCI broadest Asia-Pacific share index outside Japan fell by 1.45%, its...

Ankur Banerjee gives us a look at what the future holds for European and global markets Investors are avoiding risky bets ahead of a slew of economic data coming from around the world and the central?bank meeting in what looks to be an eventful last full week of the calendar year. The European session's focus will be on the UK wage data, which comes just days before a vote on interest rate cuts on Thursday. Bank of England Governor Andrew Bailey may change his mind and tilt the balance in favor of a reduction. The manufacturing data for Europe in...

The oil prices dropped on Tuesday as the prospects of a Russia-Ukraine deal seemed to be improving, raising expectations of an easing of sanctions. Brent crude futures slid?35 cents or 0.6% to $60.21 a barge by 0350 GMT. U.S. West Texas Intermediate crude traded at $56.52 a barge, down 30 cents or 0.5%. "Crude Oil fell as the market weighed signs of optimism about a peace agreement being reached between 'Russia and Ukraine,'" ANZ analysts stated in a recent note. This raised fears that the recent U.S. sanction?on Russian Oil Companies would eventually be lifted, adding more to an already...

The oil prices dropped in the early trade on Tuesday. This was a continuation of previous sessions'?losses as prospects of a Russia-Ukraine deal seemed to?strengthen, raising expectations for a possible?easing sanctions. Brent?crude futures dropped 24 cents or 0.40% to $60.32 a bar by 0101 GMT. U.S. West Texas Intermediate Crude was trading at $56.60 a bar, down 22 cents or 0.39%. U.S. officials said that the U.S. offered NATO-style security guarantees to Ukraine during talks with its president in Berlin. This unprecedented move sparked hope in some European capitals, that the?talks are drawing closer to negotiations to end the conflict....

Three people familiar with the matter said that the U.S. Treasury 'has rejected the offer of a group led U.S. -based Xtellus Partners to purchase the foreign assets owned by Russian oil.company Lukoil. Xtellus was competing with U.S. oil giants Exxon Mobil, Chevron and Abu Dhabi Group International Holding Company. Hungary's MOL, and U.S. Private Equity firm Carlyle are also still in the race. The U.S. Treasury declined comment. Lukoil was willing to sell its assets after the U.S. sanctioned it in October, along with the Kremlin controlled rival Rosneft to try to?push Russia towards a peaceful deal with Ukraine....

European shares rose on Monday, as Wall Street futures indicated a recovery after last week's selling. However, investor caution capped gains ahead of a busy week that will include important central bank decisions and economic reports. The benchmark STOXX Index of 600 large companies in Europe gained 0.6%. S&P 500 futures rose 0.4% after U.S. shares had fallen on Friday due to concerns over a bubble in?Artificial Intelligence stocks and lingering inflation. Asia shares have been less buoyant due to renewed concerns in China's real estate market. MSCI's broadest Asia-Pacific share index outside Japan fell 1.2%. This was led by...

Investors reined-in risk-taking as they began a week that would be peppered with important central bank decisions and data release. MSCI's broadest Asia-Pacific index outside Japan fell 1%. This was largely due to a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year. Chris Weston said, "We are now in the last week of trading before many close their books for 2025 and call it an end of year," said Chris Weston. He is head of research at Pepperstone Group based in Melbourne. "Some may have already...

Asian stocks fell in early trading Monday, as investors reined-in risk-taking ahead of a week that will be dotted with data releases and central bank decisions. MSCI's broadest Asia-Pacific share index outside Japan fell?0.6%. This was led by a fall of up to 2.7% on South Korean shares. South Korea is one of the best-performing markets in the world this year. Chris Weston said, "We are in the final trading week for 2025. Many will close their books at this point and call it an end to the year." Chris Weston is head of research at Pepperstone Group Ltd. "Some...

The major stock indexes fell sharply on Friday. Investors were cautious about artificial intelligence bets and the dollar, as well as U.S. Treasury Yields, edged up after recent losses. Oracle, a cloud computing company, warned earlier this week of massive spending and poor forecasts. Broadcom, a chipmaker, warned late on Thursday about margins. Technology fell the most of all major S&P sectors, 2.5%. Broadcom shares fell 10.9% while Oracle dropped 4.6%, and AI leader Nvidia declined 2.1%. Investors are optimistic about future U.S. rate cuts after the U.S. Federal Reserve reduced interest rates by 25 basis point on Wednesday. The...

Three industry sources have confirmed that gold mining companies in the Ivory Coast are now paying an 8% royalty backdated to January after months of disputing its legality. The world's largest cocoa producer has replaced the previously linked 3%-6% contract rate with a flat 8%?rate. The miners refused to pay at first, claiming that it was illegal because their contracts protected them from fiscal changes. They then entered into negotiations with the government in order to get the new royalties scrapped. The three people who are familiar with the issue, but declined to be identified because they weren't authorised to...

Holcim announced on Tuesday that it had paid $550 million to acquire a majority stake in Cementos Pacasmayo in Peru, in order to expand the Swiss cement manufacturer's presence in South America. Holcim will take a 50.01 % stake in Cementos Pacasmayo in the deal, which values the Peruvian firm at $1.5 billion, including debt or $1.1 billion in equity value. According to the Peruvian law on takeovers, Holcim is required to offer more shares of the 'company and will likely increase its stake in the company, Holcim said. Cementos Pacasmayo expects sales of $630 millions for 2025, with a...

Fortuna Mining's West Africa Operations Chief said that the company is looking for mid-tier gold assets and accelerating new projects as it works to achieve its 500,000 ounces annual production target, after selling mines located in Burkina Faso, Mexico, and?Burkina?Faso. Canadian miner sells Yaramoko mines in Burkina Faso, and San Jose operations in Mexico, cutting short-term, high-cost assets but also reducing production. It has made new deals including a joint-venture with DeSoto to explore in Guinea, and a larger stake in Awale Resources a West Africa focused?gold-explorer with operations on the Ivory Coast. This is in line with a global...

Copper fell more than 3% Friday after reaching a record-high earlier in the session. Fears of the AI bubble burst prompted a sell-off across a wide range of riskier assets. Benchmark three-month Copper?on the London Metal Exchange? fell by as much as 3.5%, to $11,451.50. It was trading at $11,537.50, down 2.8% as of 1700 GMT. Metal used in construction, manufacturing and power generation earlier hit a record of $11,952, just a few cents away from the psychologically important $12,000 mark. After two weeks of gains, copper is expected to end the week at a 0.7% loss after fading optimism...

The price of silver hit a new record on Friday, as gold prices rose more than 1% and hovered at a 7-week high. This was spurred by a weaker dollar and the Federal Reserve's interest rate reduction this week. By 1028 am, spot gold had risen 0.6% to $4.308,43 an ounce. ET (1528 GMT), and was on course for a weekly gain of 2.7% after previously rising by 1%. U.S. Gold Futures increased 1.5% to $4.376.60. Silver spot rose by 0.8%, to $63,03 per ounce. This is after it reached a new record high of $64.64/oz. The metal has gained...

Gold prices rose by?1% on Friday to a seven week high, helped by a weak dollar, expectations of interest rate reductions and a safe haven demand due to geopolitical turmoil. Silver also hit a new record high. Spot gold climbed 1% by 1248 GMT to $4,327.31 an ounce, its highest since October 21. It was also set for a weekly gain of 3.1%. U.S. Gold Futures rose 1.2% to $4363.20. Dollar hovered at a 2-month low and was on course for a third consecutive weekly decline, making gold more affordable for foreign buyers. Zain Vawda is an analyst at MarketPulse,...

Gold prices rose by?1% on Friday to a seven week high, helped by a weak dollar, expectations of interest rate reductions and safe haven demand due to geopolitical turmoil. Silver also hit a new record high. Gold spot rose by 1.2% at 1136 GMT to $4,332.25 an ounce, its highest since October 21. It was also set for a weekly gain of 3.2%. U.S. Gold Futures rose 1.3% to $4 368.60. Dollar hovered at a 2-month low and was on course for a third consecutive weekly decline, making gold more affordable for foreign buyers. Zain Vawda is an analyst at...

Gold prices rose to a seven week high on Friday. This was boosted by a weak dollar, expectations of interest rate reductions, and a safe haven demand due to geopolitical turmoil. Gold spot rose 0.7% at 0945 GMT to $4,311.73 an ounce, its highest since October 21. This marks a 2.7% gain for the week. U.S. Gold Futures rose 0.7% to $4343.50. Dollar hovered at a two-month high and was on course for a third consecutive weekly drop. This made bullion more accessible to overseas buyers. Zain Vawda is an analyst at MarketPulse by OANDA. He said that "the sharp...

The copper price reached a new record on Friday, and was on track for a third weekly gain. This was boosted by the promise of a fiscal boost from top consumer China next year. The Federal Reserve's lower interest rates and expansion of the balance sheet. The Shanghai Futures Exchange's most traded copper contract closed the daytime trading session higher by 1.95%, at 94.080 yuan per metric tonne ($13,335.03). The contract reached a new record of 94,570 Yuan, exceeding the previous one set on Monday. Benchmark three-month copper on the London Metal Exchange rose 0.13% to $11,887 per ton as...

The gold price held at a 7-week high?Friday. This was due to the expectation of further interest rate reductions next year after the U.S. Federal Reserve rejected hawkish bets. Silver prices were just below their record high from Thursday. Gold spot rose by 0.1% at $4,286.35 an ounce as of 0708 GMT. It was still on course for a weekly gain of 2.1% after reaching its highest level since October 21 last Thursday. U.S. gold futures rose 0.1% to $4317.50. Dollar was set to drop for the third consecutive week, making gold cheaper for foreign buyers. Soni Kumari, an ANZ...

Shanghai copper prices reached a new record on Friday, and are on course for a third straight 'weekly' gain. This is due to the promise by China of a fiscal boost next year as well as the U.S. Federal Reserve reducing interest rates and expanding its balance sheet. By 0204 GMT, the most traded copper contract at the Shanghai Futures Exchange had risen 1.34%, to 93570 yuan (US$13,261.43) a metric ton. It reached an all-time high of 94.080 yuan earlier in the day. This was a record that had been set on Monday. Benchmark three-month Copper on the London Metal...

Two sources with knowledge of the matter said that Zhuzhou Smelter Group - one of China's biggest zinc smelters - broke a contract to supply Teck Resources’?Red Dog Mine in Alaska due to high tariffs caused by Washington and Beijing's trade war. Teck, a Vancouver-based company, supplies zinc concentrates from Red Dog, the world's biggest zinc mine, to clients around the globe, including Asia. At the height of their trade war, two of the world's largest economies have imposed tariffs in triple digits on each other's imported goods. After multiple rounds of talks, and a'meeting' between U.S. president Donald Trump...