North America

Josu Imaz, the chief executive of Repsol, said that the company is not in a hurry to list the oil and gas production unit it has in the United States. This will temper expectations for a 'initial public offering' or reverse merger. Imaz said in late 2018 that its upstream unit is preparing for a liquidity event by 2026. This could be an IPO, or a reverse merge with a listed company?in the U.S. He said that while the unit is technically "ready to go to the American market", it would be better if the fundamentals of the upstream sector...

?Phillips 66 announced a surprising first-quarter profit a day earlier, after higher refining rates helped offset'severe losses due to volatile commodity prices. The U.S. Gulf Coast?Refiners? are enjoying their highest margins for years as the disruptions in Middle Eastern oil supplies due to the Iran War have increased demand for U.S. Fuel Exports. U.S. refiners have increased international sales through the U.S. Gulf Coast Hub, as they are less dependent on Middle Eastern crude. Quarterly U.S. refinery margins measured by the 3-2-1 Crack Spread In the first quarter of this year, grew by about 73%. Phillips 66 realized margin increased...

A UAE official said on Wednesday that the United Arab Emirates was reevaluating its role and contribution?across multilateral organizations but it is not considering further withdrawals 'at this time. The Emirati official who spoke on condition of anonymity said that the country was reviewing its membership in all multilateral organizations. After its unexpected decision to leave the Organization of Petroleum Exporting Countries (OPEC+) and OPEC+?effective May 1, Abu Dhabi's statement has fueled speculation that it could also exit other regional organizations, such as the Arab League or the Gulf Cooperation Council. The UAE's exit from OPEC, as one of its...

German semiconductor materials provider Siltronic reported lower-than expected quarterly sales on Tuesday, as the company continued to be affected by an?uncertain market environment. According to a LSEG poll, the average analyst's forecast was 317 million euro. The German company's EBITDA (earnings before interest, tax, depreciation, and amortization) was?65.1 million euros compared to 78.3 millions euros last year. This is below analysts' expectations of 67.4million euros. It is encouraging that the growth of AI-driven end market has continued to strengthen. But capacity constraints at our customers, particularly in the memory-chip sector, and persistently high inventories for 200 mm products are dampening...

Eni, Italy's energy producer, signed a deal with Venezuela's oil ministry and the state-run PDVSA on Tuesday to "relaunch" a heavy crude project within the Orinoco belt. PDVSA has been working with its key partners to sign preliminary agreements that confirm their interest in oil and gas projects or allow them to expand. This is as the government continues a broader?review on all contracts within the oil industry in order for the reform. In recent weeks, U.S. Chevron, British Shell, and Spain's Repsol have also signed similar agreements in order to confirm or expand their partnerships. The agreement with Eni...

Contemporary?Amperex Tech Co (CATL), the world's biggest EV battery manufacturer, launched a $5 billion share sale on Monday in Hong Kong. The company is looking to capitalize on its shares which are nearing record highs. According to a termsheet seen by, CATL will be?offering HK$628.20 - HK$651.80 for new H shares, a discount ranging from 3.5% - 7.0% on Monday's closing price HK$675.50. The fundraising is part of CATL's efforts to lock in capital as its share price continues to rise. It also faces an EV market in China that is fiercely competitive and where it has been difficult for...

Federal Reserve policymakers are expected to meet in Washington, D.C. this week for a meeting that may be Jerome Powell’s last as the head of the U.S. Central Bank. Energy prices remain high and the Iran War is at a standstill. This will likely prolong uncertainty regarding the outlook for economic and monetary policies. After a major obstacle was removed from the way, it now seems more likely that Powell's eight-year tenure at the Fed will end on May 15. Kevin Warsh's confirmation by the Senate as his successor was lifted on Friday. Powell is likely to oversee a vote...

The Republicans are revising their plan ahead of the November midterm elections. With gas prices in the U.S. up, Donald Trump's ratings on approval down, and Iran still a hot topic, they're recalibrating. The strategy? The strategy? Four people who attended the meeting said that a group of Trump's advisers, including White House chief staff Susie Wiles and political?chief James Blair, laid out a plan to help candidates promote Republicans' policies on?tax reductions? and inflation. Republicans are trying to keep Trump out of the spotlight, because they fear that his declining political fortunes will hurt competitive congressional races. Trump's party...

On Friday, German Chancellor Friedrich Merz said that the European Union could ease sanctions against Tehran as part a comprehensive deal that would end the war in Iran. However, other EU leaders struck a more cautious tone. In response to Iran's human rights violations, its nuclear activities, and its military support of Russia, the 27-nation EU imposed sanctions against Iran over the past few years. These included travel bans, asset freezes, and travel restrictions for senior officials. U.S. officials suggest that a comprehensive agreement?covering Iran’s nuclear and missile programs and the reopening of Strait of Hormuz, could bring about a...

U.S. defense secretary Pete Hegseth stated on?Friday, that the U.S. is extending its blockade to Iran. He added that Tehran had a chance of making a "good deal". Hegseth said to reporters that "our blockade is?growing, and it's going global." He said that no one could sail from the Strait of Hormuz anywhere else in the world without permission of the United States Navy. Three Pakistani sources said on Friday that peace talks between Iran, the United States, and other countries could resume in Pakistan soon, after the last round of negotiations, which was expected to take place earlier this...

Next week, investors will be focusing on three major issues: the war in Iran and the interest rate path. Five of the "Magnificent Seven" U.S. technology giants are reporting their earnings. Four of the top central banks in the world meet to discuss how long they will be able to'realistically' look past the rise in energy prices caused by the blockage of the Strait of Hormuz. Marc Jones, Dhara Ranasinghe and Lewis Krauskopf in New York will give you all the information about this week's financial markets. Rae Wee is in Singapore. 1/CORRIDOR POWER The next week will be dominated...

The German lower house of Parliament approved on Friday a relief bonus of up to 1000 euros ($1,169.30). This was part of a package to'soften the impact of the high gas prices caused by the Iran War. The AfD, the Left Party and the Greens abstained. Companies can pay an 'unique bonus' to their employees under the plan until June 30th 2027. Payments?will be deductible by employers and tax-free for workers. The bonus is voluntary, which creates uncertainty about how many companies are going to participate in the weak economy. Coalition estimates that the measure will result in a loss...

The U.S. president Donald Trump has until Friday to either end the Iran War or "make the case" to Congress to extend it. But the deadline is unlikely to change the course of the conflict, which has devolved into a "standoff" over shipping routes. It is highly unlikely that the war will be ended. Analysts and congressional aides expect Trump to inform Congress of his plans to extend the deadline by 30 days or ignore it altogether. His administration will argue that the current ceasefire agreement with Tehran marks the end of the conflict. War powers are deeply partisan. Like...

Residents of the Russian city of Tuapse were ordered to not drink the tap water on Thursday as the authorities dealt with the aftermath following the third Ukrainian drone strike on the oil refinery in the port. Since Tuesday, the area has been under a state-of-emergency after the attack caused a massive fire to break out at the oil refinery, which cut off production and released slicks into the Black Sea. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show how the escalating Ukrainian attacks on Russian energy installations can have a...

Residents of Tuapse, a Russian port city, were told not to drink the tap water on Thursday. Schools remained closed as officials dealt with the aftermath following the third Ukrainian drone strike against its oil refinery in the last month. Since Tuesday, the area has been under a state of?emergency? after an attack caused a massive fire to break out at the facility. This cut off production, and released slicks o oil into the water off the Black Sea Coast. The fire was out by Thursday morning. However, oil-stained beaches, polluted waterways and air in Tuapse show just how painful...

?U.S. Valero Energy, a refiner, surpassed Wall Street's expectations for the first quarter adjusted profit on Friday, thanks to its refining segment and margins, as well as throughput volume. The first quarter saw a sharp rise in diesel and jet fuel margins after U.S. and Israeli attacks on Iran disrupted Middle Eastern supplies, driving finished fuel prices higher than crude oil costs. This increased profit margins at refiners. By expanding sales overseas, U.S. refiners can benefit from global fuel shortages. Gulf Coast hub. The 3-2-1 crack spread is a measure of the quarterly U.S. refinery profit margins. In the first...

Bombardier, a Canadian business jet manufacturer, reported on Thursday a 5% increase in revenue for the first quarter. This was aided by a robust demand for maintenance and repair services as well as a new plane delivery compared to a year ago. The demand for parts and services to maintain its growing global jet fleet was strong, particularly in the U.S. This led to a 25% increase on the previous year. The Middle East conflict has caused jet fuel prices to rise, but private aviation is still largely resilient. CEO Eric Martel stated in a statement that the plane maker...

The U.S. economy accelerated in the 1st quarter, likely due to a rebound of government spending following a crippling shutdown. However, the improvement is expected to be short lived as the war against Iran will drive up gasoline prices and squeeze household budgets. The expected increase in gross national product for the last quarter would also'reflect robust growth of business investment in equipment. Fueled by an artificial intelligence spending boom, and the construction of data centers that underpin the technology. The 'Commerce Department's' advance estimate of the first-quarter Gross Domestic Product on Thursday will show that consumer spending has weakened...

Oil prices rose Thursday after a report that the U.S. was considering military action against Iran to break the deadlock of negotiations to end the conflict. This increased concerns about more supply disruptions for already curtailed Middle East Exports. Brent crude futures, for June, rose by $5.27 or 4.5% to $123.30 per barrel at 0347 GMT, after rising 6.1% the previous session. The June contract expires Thursday. It has been increasing for nine days. The more active contract, the July contract, was trading at $113.10 up $2.66 or 2.4% after rising 5.8% the previous session. U.S. West Texas Intermediate futures...

A senior Pentagon official said that the United States war against Iran had 'cost' $25 billion to date. This was the first estimate of the cost for the military. Democrats have been able to gain a strong lead in opinion polls in the six months before mid-term elections, when Trump's Republicans will likely face a tough battle to maintain their House majority. They are also attempting to link affordability with the unpopular Iran War. Jules Hurst who is the comptroller told the House Armed Services Committee members that the majority of this money was "for munitions". Hurst didn't specify what...

Visa, the world's biggest payment processor, reported an?increased second-quarter profit?on?Tuesday. The company benefited from a steady?increase in?payment volume despite macroeconomic uncertainty. The company has benefited from resilient spending by consumers, which has boosted transaction volumes, even though high interest rates, persistent inflation, and spillover effects from the Middle East war have weighed on the global economy. U.S. 'consumer spending rose more than expected in march as the U.S. - Israeli?war against Iran boosted gas prices?and receipts from?service stations while tax refunds bolstered spending elsewhere. Visa is a global digital payment network that is used every day by millions of people...

U.S. consumer sentiment unexpectedly increased in April, amid a rally of share prices after a ceasefire was declared in the war with Iran. Also, improved perceptions about the labor market helped to ease the financial concerns of households for the time being. Despite the confidence reaching a four-month-high, the survey by the Conference Board revealed that 'higher gasoline costs resulting from the U.S. - Israel conflict with Iran' remain a cause of?concern for consumers. The number of vacations planned over the next six-month period and the percentage of people who intend to drive their holiday destination was the lowest it...

The average U.S. gas price has risen to its highest level in almost four years. It is up more than 40% since the U.S. and Israel attacked Iran at the end February, according data from the American Automobile Association. AAA data shows that prices at the pumps were around $4.18 per gallon on February 2, up 11 cents in one month and $1.19 since late February. If crude oil prices rise further, gasoline prices may increase even more. Brent crude futures gained 16% last week and U.S. West Texas Intermediate gained 13%, as supply concerns grew. Prices of oil had...

General Motors announced on Tuesday that its core profit for the first quarter rose by 22%. The company also raised its earnings forecasts for the full year, boosted by a strong U.S. auto market and an anticipated tariff refund. The U.S.'s largest automaker, based on?sales, comfortably beat analysts profit estimates as it navigated a rapidly changing geopolitical backdrop and regulatory environment that is reshaping industry. U.S. tariffs and higher energy costs related to the Iran War are weighing down on results. However, margins are being lifted by President Trump's looser fuel economy and pollution rules. Despite higher gas prices, pickup-truck...