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Russian rouble strengthens vs dollar despite US oil sanctions
Analysts say that the Russian rouble could be supported in the short term by the United States' sanctions against Russia's largest oil companies. In his latest policy change on Moscow's conflict in Ukraine, U.S. president Donald Trump imposed sanctions against Rosneft (Russian oil company) and Lukoil (Indian oil company). This caused global crude prices to increase by over 4%. India also considered cutting Russian imports. The rouble had been trading flat against the Yuan at the Moscow Stock Exchange at 0950 GMT. Sofya Donnets, T-Investments, said that sanctions are a factor in foreign currency revenues. However, until November 21, a rapid inflow of currencies is possible as sanctioned firms bring in money. She added, "We expect some volatility in the short term." The U.S. gave Rosneft, Lukoil and their subsidiaries until November 21, to end operations. Analysts at VTB said that "Lukoil will be more inclined than Rosneft to repatriate their funds back to Russia. This includes not only the current revenue in foreign currencies but also previous accumulated resources." This could be a major support for the rouble in the future." The Russian stock exchange fell by 3.5%. Lukoil was among the top five losers with its shares dropping by more than 4%. Rosneft's shares dropped by 3%. Around half of Russia's oil production is produced by these two companies. Analysts say the measure may force Russia to discount its oil further on the world market to offset the risk secondary U.S. sanctions. However, this could be mitigated if global oil prices rise, which would support the rouble. (Reporting and editing by Ed Osmond, Gleb Bryanski)
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Greek divers remove ghost nets that destroy marine life
Divers have been working to remove abandoned fishing gear, or "ghost nets", from the coastline of Sapientza Island. These nets silently choke marine ecosystems. These nets are draped like curtains on the seabed and trap unknowing sea creatures. They slowly decompose into microplastics and poison the water and choke life. Divers worked quickly and efficiently to attach inflatable lift bags onto the heavy nets. Alexander Stavrakoulis said, as he scanned the horizon: "The ghost net creates a zone that is dead -- a zone where nothing lives." "Life is becoming outdated. It is important to remove these ghost nets as soon as you can. The legacy of farm-fishing threatens many of the sites in Sapientza. It is known for its pristine water and rich marine biodiversity. Aegean Rebreath, an environmental group, launched the cleanup in order to remove ghost nets at known hotspots. The nets are invisible to casual swimmers. They drift along with the currents and entangle everything they come into contact with. Plastics that are too small to be seen but toxic to eat can become microplastics as they degrade. Stavrakoulis said, "We can't just sit back and watch the sea life disappear." We have a duty to act. It's a great way to give back to the environment. George Sarellakos (46), founder of Aegean Rebreath, claimed that Greece's decades-old legal gaps had allowed abandoned fishing farms and discarded equipment to destroy marine habitats without being checked. He said: "Years have passed, but this phenomenon is still not addressed by any policy." What we need is an actual legal framework to prevent this from happening again. (Reporting and writing by TV, edited by Patricia Reaney; Ivana Sekularac).
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After a drone exploded over its territory, Kazakhstan announced that it would tighten control of the airspace.
The Kazakhstani defence ministry announced on Thursday it would tighten control over the airspace of the nation after a drone with "unknown origins" exploded near the border of Russia in the west of the country. In a Telegram statement, the ministry stated that the explosion took place in a remote region around 180km (111miles) west of Orenburg which was attacked by Ukrainian drones the previous week. The Ministry did not reveal the origin of the drone, but stated: "Consultations with foreign partners are also underway who may own these devices." The fallout from an intensifying campaign of Ukrainian drone attacks against Russian energy targets has hit Kazakhstan. The drone attack on Russia's Orenburg Gas Plant, which processes the gas from Kazakhstan's Karachaganak Field, severely reduced the plant's production capacity for several weeks. Kazakh officials announced price freezes for fuel and utilities earlier this month. The country's Energy Minister blamed the fallout from the Ukraine war on Wednesday. Astana has maintained warm relations with Moscow while also stressing that it supports the territorial integrity of Ukraine. Reporting by Mariya Gordeyeva; Writing by Felix Light, Editing by Guy Faulconbridge
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Mount Fuji in Japan sees snowfall 21 days later than normal
The top of Japan's Mount Fuji received snow on its summit for the first winter time ever, according to the Meteorological Agency. This is 21 days later than average, since records started in 1894. The snowfall this year was two weeks earlier than in 2024 when the snow fell on the 3,776 metre (12,388 ft) peak only on November 7 - the latest date since records began. The sacred mountain has been a symbol of Japan for centuries. Its snow-capped summit inspired many of Japan's greatest artworks, including Katsushika's "Great Wave Off of Kanagawa", which is now featured on the backside of the 1,000 yen note. Mamoru Mamatsumoto, of the Kofu Observatory office of the Meteorological Agency, told last year that the cause of the snowfall was unknown. In August, Japan's highest temperature ever was recorded in Isesaki, a city located northwest of Tokyo. It reached 41.8 degrees Celsius (107.8 Fahrenheit). According to the Kofu Observatory office of the Meteorological Agency, Fuji's first snowfall is the point in the summer when all or part the mountain is covered with snow or "white looking solid precipitation", as observed from below. (Reporting and editing by Kate Mayberry; Anton Bridge)
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World Diamond Council chief says that lab-grown gemstones are losing their sparkle
Feriel Zerouki, President of the World Diamond Council, said that lab-grown diamonds have lost their appeal because they are oversupplied and consumers are beginning to prefer natural stones. Natural diamond prices have been falling since mid-2022, after a peak earlier in the year. This is mainly because of the growing popularity of lab-grown gemstones among young jewellery buyers. Zerouki said in an interview on Wednesday at a mining convention in Luanda that a fall in lab-grown gem prices, due to increased production in China, India and other countries, had begun to undermine the confidence in synthetic gemstones. If you follow the latest trends, prices for lab-grown diamonds are falling. Zerouki stated that this is affecting consumer confidence in laboratory-growns. According to Edahn Golan, a diamond industry analyst, the wholesale price for one-carat or two-carat laboratory-grown stones has dropped by up to 96% in 2018. Experts warn that lab-grown diamonds' price could fall so low, that they will no longer be able to compete with diamonds in the bridal market. "I think that the bubble of lab-grown diamonds has burst. She added that there was a trend in the industry, even on a retail level, towards natural diamonds. Zerouki is Vice President for Trading and Industry of global diamond giant De Beers. He said that a recovery in the demand for natural stone would not occur by itself but will require initiatives like the Luanda Accord. This is an agreement between diamond-producing nations and companies to create a marketing fund for natural stones. According to the agreement, Angola and Botswana have agreed to dedicate 1% of the annual revenue from diamond sales to a promotion of natural diamonds.
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Source: Turkey will buy fighter jets from abroad until it has its own fighter planes ready.
A Turkish Defence Ministry official said that Turkey will buy necessary defence systems until its own fighter jet KAAN can be delivered. Reports on Wednesday said that Ankara has proposed ways to acquire advanced fighter jets to its European and American allies, amid discussions to purchase 40 Eurofighter Typhoons and U.S. F-16s or F-35s. This is happening as President Tayyip Erdoan makes a regional trip to Kuwait, Qatar, and Oman. According to a person with knowledge of the situation, under the deal that Britain is close to signing with Turkey on Typhoons the country would receive 12 aircraft, even if they were used, immediately from Qatar and Oman, in order for it meet its immediate requirements. When asked about the reports surrounding Erdogan's visit, the source stated that work on the Typhoon jets continues and the process is expected to be completed in a "suitable time." The source said at a briefing held in Ankara that until the domestic and national fighter plane KAAN is delivered, systems needed to fulfill the tasks assigned to Turkish Armed Forces will be purchased from other countries, primarily allies. (Reporting and editing by Jonathan Spicer; Tuvan Gumrukcu)
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Stocks surge on positive earnings; sanctions against Russia boost oil
The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. After the U.S. placed sanctions on Rosneft, and Lukoil, two major Russian oil companies over the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indexes. The MSCI All-World Index, however, has slipped into the negative zone, and is on its way to its third consecutive day of decline. Chinese stocks dropped as much as 1,1% after sources reported that the White House was considering a plan aimed at curbing a range of software-powered products exported to China as retaliation against Beijing's recent round of restrictions on rare earth exports. Investors are on the defensive as Trump's Asia trip (next Monday) is causing geopolitical tensions, according to Charu Chanana of Saxo Bank, Singapore. The talk about U.S. software import curbs to China is hitting tech sentiment where it hurts. And renewed sanctions against Russia are a reminder of geopolitical risk that's not going away. Positive Earnings Surprises As earnings season begins, global equity markets are beginning to ease off their record highs. Although there have been some disappointing results or outlooks for megacaps, the majority of companies have so far surpassed analysts' expectations. Futures for the S&P 500, Nasdaq and Dow Jones were up between 0.1-0.2%. Tesla shares fell around 4% on Thursday morning after the company missed profit expectations despite a record third quarter revenue. There was still plenty of tech to be excited about. Shares of IonQ Computing, Rigetti Computing, and D-Wave Quantum jumped more than 20% after a report in the Wall Street Journal stating that the U.S. Government is in negotiations with several quantum-computing firms to exchange stakes for federal funding. After U.S. president Donald Trump imposed sanctions on Ukraine for the first time during his second term, oil rose by 3% to $64.68 per barrel. On the same day, EU member states approved a 19th set of sanctions against Moscow which included a ban on Russian imports of liquefied gas. Kyle Rodda is a senior analyst at Capital.com, in Melbourne. "Most Asian countries are net energy consumers, which is just a way to slow down growth and drive inflation." Reliance Industries, India's largest importer of Russian oil, plans to drastically reduce its imports in response to EU and U.S. sanction. Other Indian refiners are also expected to make significant reductions. DO NOT UNDERESTIMATE THE MAGIC OF RATE CUTS Investors' firm belief that the Federal Reserve will soon be on a rate-cutting frenzy helps to ease some of the anxiety over geopolitical tensions and trade conflicts. The markets show that traders expect U.S. interest rates to fall from 4% at the moment to 3% in June. "Never underestimate a Fed which cuts rates, and also the magic word: ending QT", IG Chief Market Analyst Chris Beauchamp, referring the central bank's programme of quantitative tightening, in which it reduces its holdings of Government Bonds to tighten up credit conditions. The dollar index which compares the U.S. dollar to six other currencies, rose 0.1% last week. It has been steadily rising since August when it hit a three-and-a half year low. Investors are more confident that the Fed will protect the economy. Gold, on its way to its largest weekly decline since May, rose 0.4% per day, reaching $4,110 for an ounce. Overnight, the price briefly approached $4,000 as investors took profits in anticipation of U.S. Inflation data this week.
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Shanghai copper prices surge on expectations of a bullish five-year plan in China
Shanghai copper recorded its biggest intraday gain for two weeks on Friday, thanks to bullish expectations about China's 15th five-year plans. This helped the market shrug off concerns over renewed tensions between the United States, China, and other countries. The Shanghai Futures Exchange's most active copper contract closed the daytime session up by 1.27%, trading at 86070 yuan per metric tonne, the largest gain in one single session since the 9th of October, when it reached a record high. The benchmark copper for three months also increased, rising 0.26% and trading at $10,691 Yuan per ton. Market attention is focused on the ongoing Fourth Plenum of the ruling Communist Party, which will approve a proposal for the 15th five-year plan outlining the goals of economic and social growth. The meeting will conclude on Thursday. Analysts and observers expect that these goals will focus on consumption, industrial upgrading and technological advancements. According to National Bureau of Statistics data released on Wednesday, China's output of copper in September fell 2.7% from month to month, despite an increase of 10% year over year. The decline month-over-month was in line the market expectations. Traders expect further declines in October. Copper's gains shrugged off renewed trade tensions following reports Washington may bar exports of items made using U.S.-made software to China in response to China’s new rare Earth curbs. Sources say that the plan could not go ahead. Details are unclear. Lead closed 2.68 % higher at 17,615 Yuan per ton, atop the SHFE's base metals. Heavy metals surged up to 17,760 Yuan in the early part of this session. This was a new seven-month record since late March. According to the Chinese information service Shanghai Metals Market, the surge was caused by Hebei Province in Northern China restricting trucks with high emissions from entering factories and delaying lead delivery. Traders said that the move would reduce regional supplies of heavy metal. Nickel grew by 0.19% and tin by 0.10%. $1 = 7.1230 Chinese yuan renminbi $1 = 7.1230 Chinese Yuan Renminbi (Reporting and editing by Dylan Duan, Lewis Jackson)
Egypt says that resolving the Palestine issue is crucial for progress on India-Europe transit route
Egypt's Foreign Minister said that the Palestinian issue was crucial to progressing in the U.S.-funded transport project connecting India to Europe by sea and rail via the Middle East.
The India-Middle East Economic Corridor was announced in September 2023 on the sidelines of a meeting of leaders of the Group of 20 leading economies. It was seen as a U.S. rival to China's Belt and Road initiative on global infrastructure.
A month after the announcement of the decision, war broke out in response to the attack by the Palestinian Islamist Hamas on Israel on October 7, 2023.
"We must remember that connectivity is a very important part of a settlement for the Palestinian cause," Egypt’s Foreign Minister Badr Abdulatty told reporters on a recent visit to New Delhi.
He said he had discussed the IMEC with his Indian counterpart, and that Egypt is open to joining the project.
The corridor will extend from India to the United Arab Emirates, via Saudi Arabia and the Arabian Sea. It will then connect to Europe through Jordan and Israel. India and the UAE signed an agreement framework for the project in the last year.
Abdelatty, a reporter, said: "The IMEC project is important, but we must understand that what has happened in the past two years shows that escalation can hinder cooperation and connectivity."
He said that Egypt had suffered a loss in excess of $9 billion ever since the Iran-aligned Houthi began its attacks against ships in the Red Sea. The group claims it was acting in solidarity with Palestinians.
He said, "We're paying a high price." "Every day, we used to see at least 75 ships cross the Suez Canal in both directions. It's down to 25 ships maximum, or at least 60%.
Abdelatty arrived on Thursday in India for a bilateral visit of two days, where he met with Prime Minister Narendra modi. He will be meeting with executives from Indian companies as his country is pushing for more Indian investment.
"We have an industrial zone in this area for China (and) Russia. He said that we encourage the creation of an Indian Industrial Zone alongside the Suez Canal Economic Zone. (Reporting and editing by William Maclean in New Delhi. Reporting by Shivam Patel from New Delhi)
(source: Reuters)