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Gold drops as focus is on central bank meetings
Gold prices fell Monday due to the lack of diplomatic progress in ending the 'U.S. - Israel war against Iran. This also led to inflation and oil price concerns. Meanwhile, attention was focused on this week's key central bank meetings for an update on the economic impact of the war. At 1:50 pm EDT (1750 GMT), spot gold was down by 0.6%. U.S. Gold futures for delivery in June settled 1% lower at $4,693.70. The market continues to doubt that an agreement to?open the Strait of Hormuz will be reached soon. Bart Melek is the global head of commodity strategies at TD Securities. Pakistani mediators said that efforts to resolve differences between Washington and Tehran had not stopped after U.S. president Donald 'Trump cancelled a trip by his envoys, and told Iran it should call if it wanted a deal. Brent oil reached a three-week peak as the Strait of Hormuz, which normally is a route used by about one-fifth of all seaborne oil-and-gas traffic in the world, remained mostly closed. Melek said that with inflation at double the target, it will be difficult for the U.S. Central Bank to reduce rates in the coming months. This is bad for gold. The rise in energy prices is a major factor contributing to the inflationary fears. Gold is considered a hedge against inflation, but high interest rates make it less attractive. This week, U.S. Federal Reserve representatives will meet in Washington for what could be Jerome Powell’s last meeting as Fed chairman. The central bank will release their policy statement on Wednesday at 2 pm EDT (1800 GMT). Investors will also be watching the upcoming meetings of major central banks this week for hints on rate paths and the impact of the war on the global economy. Silver spot fell 0.5%, to $75.26 an ounce. Platinum fell 1.1%, to $1,989.13. Palladium fell 1.3%, to $1,476.58. (Reporting and editing by Mark Potter, Kevin Liffey, and Sahal Muhammad in Bengaluru)
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US Supreme Court splits over Bayer's Roundup lawsuits
The Supreme Court of the?U.S. The Supreme Court appeared divided on Monday in its decision to dismiss thousands of lawsuits against Bayer AG, which accused the company of failing to warn users of the cancer-causing active ingredient of Roundup. The German drugmaking company and crop science company appealed a Missouri state court jury verdict awarding $1.25million to a man named John Durnell, who claimed he had been diagnosed with non-Hodgkin's?lymphoma following a?years exposure to Roundup glyphosate. Paul Clement, representing Bayer, told them that the federal law that governs pesticides prevents failure-to warn claims such as Durnell's, which are brought under state laws, from being heard in court. The German company that makes drugs and crops has stated that the U.S. Environmental Protection Agency repeatedly determined that glyphosate is not cancerous and has approved their product labels without warning. "A Missouri Jury imposed a warning about cancer that the EPA did not require." Clement stated that the additional requirement was preempted. 'CRIPPLING LIABILITY' Clement warned that the United States should not have a patchwork standard. "Congress wanted uniformity in the safety warnings that appear on a pesticide label. Clement stated that ignoring Congress's clear directive would lead to crippling liability, and undermine the interests for farmers who rely on pesticides registered by the federal government for their livelihood. According to the company, more than 100,000 plaintiffs filed cases in U.S. federal and state courts alleging that Roundup causes cancer. The company has stated that a Supreme Court decision in its favor would largely end the Roundup litigation. FIFRA is a federal law that governs the sale of pesticides, including their labeling. States are prohibited from imposing different or additional requirements. The law prohibits the sale and labeling of pesticides with "misbranded labels" that do not provide adequate warnings to protect human health and the environment. Clement was questioned by Conservative Justice Neil Gorsuch about why state court lawsuits were in conflict with federal regulations. How would it be in conflict with FIFRA if state tort suits could do the same? Gorsuch asked. The administration of Republican President Donald Trump sided with Bayer. Sarah Harris, an attorney for the Justice Department arguing on behalf of the administration, was asked by conservative Chief Justice John Roberts if states had any legal recourse in case new information about harm came to light, while federal regulators weighed whether or not to issue new guidance. "During that long process, can the states do anything in response to any information that indicates that there may be a risk not listed on the label?" Roberts asked. Harris emphasized the dangers of a departure from a standard national. Harris stated that if 50 states were to label their products differently - Iowa saying that this product may cause cancer, California saying that it is certain to cause cancer and some other state saying that this product does not cause cancer at all - this would undermine the uniformity in labeling. Roberts replied, "I understand that." Roberts responded, "I appreciate that." Bayer purchased Roundup in 2018 as part of the $63 billion acquisition of Monsanto, an agrochemicals company. Bayer removed?glyphosate (the herbicide) from the consumer version of Roundup after a 'torrent of litigation' prompted the company to remove it. A PROPOSED SOLVENT Bayer, facing billions in potential liability and tens thousands of lawsuits that were pending or planned for the future, announced in February its proposed $7.25billion settlement. According to the company, the settlement will not apply to claims arising from appeals that are pending or outside of the deal. It said that the settlement would not affect claims arising from pending appeals or outside of the deal. Durnell's attorneys said that despite Roundup's registration by the EPA, the label could still be challenged for being misbranded. Durnell's lawyers also claimed that the claims of Durnell are not preempted by Missouri state law, which requires products to adequately warn consumers about dangers. Durnell, diagnosed with non-Hodgkin's lymphoma (a cancer that begins in white blood cells), was attributed to the disease by his 1996 exposure to Roundup. According to court documents, Durnell was the "spray man" for a St. Louis neighborhood association, spraying Roundup in local parks and killing weeds without wearing protective gear. In 2023 a jury found in Durnell's favor, and in 2025 an appeals court of the state upheld this verdict. By the end of June, a Supreme Court decision is expected.
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David Attenborough's centenary celebrations begin with a closer look at "Life on Earth"
Next week, the celebrations of the 100th anniversary of British?naturalist David Attenborough begin with a special that digs deeper into his landmark 1979 TV series "Life on Earth". This program, with its famous "face-to face encounters" with mountain gorillas from?Rwanda, set the pattern for natural history documentaries in the years that followed. It also helped him establish himself as one of the most authoritative voices in conservation. The new series, "Making Life on Earth - Attenborough's Greatest Adventure", explores the stories behind the show and features more footage including a baby gorilla crawling on the presenter as well as a lioness on the hunt. Attenborough, reading from his 'diary' during filming recalls that he and crew were held by the Rwandan Army and 'threatened' in Saddam Hussein’s Iraq. The team talks about the challenges of arranging shoots abroad, when letters take a few weeks to arrive and about worrying about getting precious films rolls back to Britain. Also, there are more details about their "hunt" for a fish in the Indian Ocean that is often referred to as a "living dinosaur". After a fisherman accidentally caught the?coelacanth and released it, he notified the crew. Attenborough jokes that it was "the first time the coelacanth was ever filmed live, but just barely." Mike Gunton, the creative director of BBC's Natural History Unit, who later worked with Attenborough, said that the series was a game changer. Gunton said, "All we have really done is remake Life on Earth." Attenborough was a London native born in 1926. In 1952, Attenborough began his BBC career. Two years later, he received his first big break when he presented "Zoo?Quest" after the original presenter fell ill during their first shoot. He then moved into BBC management. In his late forties, he returned to nature programming and pitched "Life on Earth", a new series that would tell the story of evolutionary change. He wrote the scripts of all 13 hours before the filming began. Victoria Bobin said, "He has without doubt defined natural history?and the way we view the world." BBC premieres "Making life on Earth: Attenborough’s greatest adventure" on Sunday. A concert will be held in London, and there will be events at museums all over Britain to commemorate the birthday of the naturalist. (Reporting and editing by Andrew Heavens; Sarah Young, Francesca Halliwell)
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Gold drops as focus is on central bank meetings
Gold prices fell on Monday as a result of a lack diplomatic progress?to stop the Iran War?which kept?oil and inflation fears high. Meanwhile, attention was focused on this week's key central bank meetings for an update on the economic impact of the U.S./Israeli war against Iran. At 11:36 am EDT (1536 GMT), spot gold was down by 0.7% to $4,677.37 an ounce. U.S. Gold Futures for?June Delivery fell 1% to $4692.50. The market continues to doubt that an agreement that would open the Straits of Hormuz will be reached soon. Bart Melek is the global head of commodity strategies at TD Securities. Pakistani mediators said that efforts to 'bridge differences between Washington, D.C. and Tehran, haven't ceased, after U.S. president Donald Trump called off a visit by his envoys, and said Iran could call him when it wanted a deal. Brent oil reached a three-week peak as the Strait of Hormuz, which normally is a route used by about a fifth of all oil and gas transported via sea, remained mostly closed. Melek said that with inflation at double the target, it would be difficult for the U.S. Central Bank to reduce rates in the coming months. This is bad for gold. The fear of inflation is heightened by higher energy prices. Gold is seen as an inflation hedge. However, the high interest rates make it less attractive. The U.S. Federal Reserve will meet in Washington for a meeting that could be Jerome Powell’s last as Fed Chair. The central bank's policy statement will be released at 2 p.m. ET (1800 GMT) Wednesday. Investors will also be watching the upcoming meetings of the major central banks this week to get clues about the future rate path and the impact of the war on the global economy. Silver spot fell by 0.7%, to $75.15 an ounce. Platinum fell 1.1%, to $1,989.70. Palladium fell 1.6%, to $1,472.78. (Reporting and editing by Mark Potter, Kevin Liffey, and Ishaan Aroo in Bengaluru)
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GRAINS-Chicago corn, wheat and soy all rise as crude oil gains and weather concerns increase.
Analysts said that Chicago wheat futures reached 10-month highs, while corn and soybeans rose as crude oil prices rose. U.S. - Iran 'peace talks' stalled, causing Gulf shipping to be blocked. The Chicago Board of Trade's most-active wheat reached its highest price since June 2025 at 10:00 a.m. (14:00 GMT) by adding 4-1/2 cents. Soybeans rose 8-3/4 cents, to $11.72-1/2 a bushel. Corn was up 3-1/4 to $4.58-1/4 a bushel. Crude oil prices rose by almost 3% on Monday. Futures of corn and soybeans are often influenced by changes in crude oil price, since both feedstocks for biofuels. Storms in the Midwest of the United States could delay seeding, but early U.S. corn and soybean planting is progressing well. The 'price support' for corn in the U.S. has been a little weakened by the 'wet weather in the U.S., combined with the turmoil in the Middle East which has slowed down the flow of fertilizer. The U.S.-Israeli war against Iran has caused a second spike in fertilizer costs in the last four years. Middle East is the world's leading producer of fertilizer, and the Strait of Hormuz is the main route for global trade in fertilizer. The conflict has brought this to a standstill. The robust demand for corn exports is also a factor that has boosted the price of corn, as another South Korean corn purchase was reported on Monday. Rainy weather is also being monitored by traders in the U.S. Plains Wheat Belt, which could ease drought-stressed crops. However, some areas have already suffered yield losses and rain is expected to miss other areas. Jim Gerlach of A/C Trading said that there is a sense that a single rain event won't be enough to end the drought. Traders anticipate a meeting in mid-May between U.S. president Donald Trump?and Chinese president Xi Jinping, hoping that China will agree to a?additional purchase of U.S. soya beans and other agricultural products.
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Oil prices rise on the back of stalled peace negotiations while Wall Street stocks fall
Oil futures rose Monday as energy supplies were tight and U.S.-Iran talks had stalled. Wall Street equity indices also declined, as investors remained cautious ahead of a busy week that will include megacap earnings reports, economic data, and central bank decisions. A ceasefire has halted the fighting sparked by the U.S. and Israeli strikes on Iran two month ago. However, shipping through Strait of Hormuz is still very limited. This has pushed Brent futures up to their highest level in almost three weeks. After U.S. president Donald Trump cancelled a weekend visit by his envoys, the outlook for Middle East negotiations remained uncertain. He said Iran should call when it wants a deal. Sources from Pakistan, the mediator country, said that efforts were still being made to bridge gaps between Iran and the U.S. According to Phil Blancato of Osaic Wealth, New York, while investors worried about the war they also waited for economic data and quarterly earnings reports. This week, the data will include the first-quarter U.S. The Federal Reserve prefers to measure inflation by the Personal Consumption Expenditures Prices Index (March) and economic growth. We're at a holding-on point. Blancato said that he did not believe the market would grind much higher. The market is holding on to gains and waiting for further information that will support the direction we have taken this year. Microsoft, Alphabet and Meta Platforms will all be reporting quarterly results on the same day, but Apple's results are scheduled for a week later. Wall Street at 11:04 am. ET (1504 GMT),?Dow Jones Industrial Average dropped 152.37, or 0.31 %, to 49.079.18. The S&P 500 declined 12.12, or 0.17 %, to 7,153.03, and the Nasdaq Composite was down 88.59, or 0.35 %, to 24,748.79. The MSCI index of global stocks rose 0.66 points or 0.06% to 1,072.86. Meanwhile, the pan-European STOXX 600 fell by 0.38%. INTEREST RATE AND TECH EARNINGS The U.S. Dollar slipped Monday, as investors were nervous about the Middle East. Also, a number of central bank meetings are scheduled for this week. The dollar index which measures the greenback versus a basket including the yen and the euro fell by 0.26%, while the euro rose 0.11% to $1.1733. The dollar fell 0.08% against the Japanese yen to 159.24. The U.S. Federal Reserve is expected to hold policy this week. The Fed meeting that?runs from Tuesday to Wednesday will probably be the last one with Jerome Powell in charge. The Bank of Japan will meet first, and is expected to maintain its short-term rate at 0.75% on Tuesday. Both the European Central Bank (ECB) and the Bank of England should keep their policies unchanged. On the bond market U.S. Treasuries were sold off in anticipation of a wave of new issuance at the front of the curve, which is expected to test the demand for government debt of the country once again. The yield on the benchmark 10-year U.S. notes increased 2.3 basis point to 4.334% from 4.31% on Friday. Meanwhile, the 30-year bond rate rose 2.5 basis points at 4.9409%. The yield on the 2-year bond, which is typically in line with expectations of interest rates for the Federal Reserve, increased 2.8 basis points, to 3.804%. Energy prices rose by 3.29% to $108.75 a barrel. U.S. crude oil rose by?2.85%. Gold prices fell as inflation fears were stoked by high oil prices. Spot gold dropped 0.88% to $4667.24 per ounce. U.S. Gold Futures dropped 0.61% to $4693.40 per ounce. Reporting by Sinead carew in New York; Sophie Kiderlin and Tom Westbrook, in London; Additional reporting from Dhara Ranasinghe, in London; Editing and production by Gareth Jones and Alex Richardson.
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Al-Qaeda group claims Mali army has left a northern town due to the spread of insurgency
Al Qaeda’s West -Africa affiliate announced on Monday a withdrawal of the Mali army from the northern town of Tessit as insurgents continue their offensive, which began with attacks across the country and near the capital. The announcement comes two days after JNIM, a rebel group affiliated with the JNIM, and other groups claimed responsibility for attacks that included the killing of the defence minister and the destruction of the main army base near Bamako in the south. Requests for comment from a Mali government spokesperson and an army spokesperson were not immediately answered. The news of new rebel gains will raise concerns about the stability?of?the landlocked Sahel nation that has fought islamist insurgents more than a ten-year war and survived three coups since 2012 RUSSIAN PARAMILITARIES LEAVE TOWN ?FURTHER NORTH JNIM, Jama'at Nusrat Al-Islam Wal-Muslimin, said in a statement on Monday that it would allow Malian forces to withdraw and hand over their weapons. After fierce fighting at the weekend, the paramilitary Africa Corps group, controlled by the Russian Defence Ministry, announced earlier on Monday that its forces were withdrawn from Kidal, located around 375km north of Tessit. Since taking power in 2020, the Mali military government led by Assimi Gouta has sought to strengthen defence cooperation with Russia, while shunning Western partners. Goita is not seen in public since Saturday's attacks. ARMY SAYS?FORCES RESPONSIBILITY AROUND KIDAL Mali's chief of the army, General Oumar diarra, said on Sunday night to the state broadcaster that the military has tactically repositioned its forces in Kidal, and that ongoing operations are taking place in the region. Kidal was a former'stronghold' of the Azawad Liberation Front (FLA), a Tuareg-dominated group that worked with JNIM in order to carry out the attacks on Saturday, which analysts and diplomatics described as being the largest coordinated insurgent attack in?Mali for years. Bamako did not provide an "overall death count" for the violence. A government spokesperson expressed his condolences to "all civilians and military who died" in a statement broadcast on state TV on Sunday, without giving a specific number. (Reporting and editing by Andrew Heavens; Bamako Newsroom, Jessica Donati, Robbie Corey Boulet. Additional reporting by Jessica Donati.
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Critical Metals buys European Lithium at a price of $835 Million
U.S.-based Critical Metals signed a letter of intent to buy all shares of European Lithium for a?about $835million deal. This move would secure the company's full ownership of Greenland’s Tanbreez Rare Earth Project. After the announcement made on Monday, shares of Critical Metals, who currently hold a 92.5% stake in one of world's largest rare earth deposits, rose more than 6%. European Lithium, a mining and development company, owns the 7.5% remaining interest in the project. Tanbreez is a project that has been hailed as an alternative source of heavy rare earths. These are used in electric cars, medical equipment and oil refinement, wind turbines, defense, and other applications. Critical?Metals stated that the ownership of Tanbreez as a whole would simplify the decision-making process and the financing strategy, while the project moves towards a final development decision. Reports from late last year indicated that the Trump Administration had discussed acquiring a stake in Critical Metals. This would give Washington a direct involvement in the Tanbreez Project. Critical Metals spun out of European Lithium in 2024 by combining the?flagship Wolfsberg Project in Austria with an acquisition corporation for special purposes, called?Sizzle. According to the latest deal that is expected to be finalized in the second half?of?this?year, European Lithium holders would receive 0.035 shares of Critical Metals per each held. Both companies share senior management. Dietrich Wanke is the President of Critical Metals European Operations. (Reporting and editing by Shilpa Majumdar in Bengaluru)
World Bank predicts Nigerian economic growth in 2026, but Iran war raises inflation
The World Bank stated that Nigeria's economy will grow despite the Iran war in the first half of 2026.
Fiseha Haile, World Bank Nigeria's lead economist during a presentation held in Abuja said that business activity is still in expansion mode. The conflict between the U.S./Israel/Iran has so far raised prices while leaving the output mostly intact.
The impact on growth is relatively limited, as the overall business activity has increased in the last few months. Haile stated that the shock was still felt by higher inflation.
Bola Tinubu is now in his third year as president. He has implemented the most ambitious economic reforms in Nigeria in decades. This includes ending expensive fuel and energy subsidies, devaluing currency, and changing tax systems to stabilize an economy that was battered by inflation, currency weakness, and external shocks.
Haile stated that the inflation rate has dropped sharply from 33% to 15.5% in February 2024. However, it remains high in comparison with other countries in the region and is under renewed pressure ever since Middle East conflict began.
Fuel prices rose by more than half during the Iran War, affecting transport, food, and production costs. He said Nigeria should lift restrictions on fuel imports in order to ease inflation.
RISK TO INCOME
Haile stated that "inflation remains high and is under increasing pressure. This poses risks for incomes and poverty reduction."
Nigeria's external buffers are improving as the foreign exchange reserves increase and volatility decreases. However, tighter global financing conditions continue to threaten inflows and borrowing costs.
Haile stated that Nigeria's fiscal gap widened to 3.1% GDP by 2025 but remains lower than it was in the years before the reform. He also added that the debt ratio fell for the very first time in the last decade due to improved fiscal performance and gains in exchange rate valuation.
The World Bank has forecasted an economic growth rate of 4.2% by 2026. It urged governments to conserve windfalls from rising oil prices, to keep monetary policies tight, and to avoid blanket subsidies to curb inflation.
The World Bank stated that Nigeria should accelerate reforms beyond macro stabilisation to achieve inclusive, long-term growth. Early childhood development is a top priority.
Nigeria has some of the worst outcomes in the world, with 110 children dying before they reach age five. Approximately 40% are stunted and more than 50% fail to reach developmental milestones prior to school.
The recent investments in health and nutrition are encouraging. However, the challenge is to deliver "a coherent and continuous child-centred package", from pregnancy until age five. This includes health, nutrition and water sanitation as well as foundational learning.
(source: Reuters)