Latest News
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Governor says fire destroys Wildberries warehouse that was hit by drone in Russia's Tambov Region
Officials reported early on Wednesday that a drone attack caused a massive blaze to destroy a warehouse operated by Russian ecommerce giant Wildberries. Ukraine is pursuing its campaign against Moscow's economy through online retailers. Evgeniy Pryshov, the governor of Russia's Tambov Region, wrote that two people were injured in an overnight strike. He said that the logistics centre had been "completely destroyed" by fire. He said earlier that the fire was spreading to 100,000 square metres (1,1 million square feet), which is equivalent to 14 soccer fields. Ukraine has targeted Wildberries'?facilities?since mid-July, and has broadened their strategy to include the retailer's biggest rival, Ozon. Satellite images show that at least 1.9m square metres of warehouse area have been severely damaged by fire in more than 20 Wildberries and Ozon stores. After four-and-a half years of war with Ukraine, the Russian economy is close to stagnation. Local authorities reported on Telegram that a woman was killed by a drone in the Belgorod region near Ukraine. Since the full-scale Russian invasion of February 2022, both Ukraine and Russia have denied targeting civilians.
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Gold drops 1% after in-line U.S. inflation data
Gold prices extended losses on Wednesday after U.S. Inflation?data came in largely line with?expectations, increasing bets that the Federal Reserve will raise interest rates next month. Investors also awaited comments from Chairman Kevin Warsh. Gold prices fell by 1% at 1310 GMT (9.10 am EDT) after they had reached their highest level since May 14, on Tuesday. U.S. Gold Futures fell 0.6% to $4667.10. Dollar rose by 0.2% making greenback bullion prices more expensive for holders of other currencies. Peter Grant, vice president and senior metals analyst at Zaner Metals, said that the gold price movement up until today's data had been a profit-taking move.?PCE came in in line with expectations so we are consolidating in yesterday's range," he added. The Personal Consumption Spending?Price index, which is used by the Fed to set its target price, rose 3.7% over the past 12 months, according to the Bureau of Economic Analysis of the Commerce Department. Economists polled had predicted a reading 3.6%. According to CME FedWatch Tool, traders now expect a 40% increase in interest rates next month compared to a 36% rise before the data. They also price in a 60% likelihood that the Fed won't change its rate. In an environment of high interest rates, gold that does not yield often loses appeal. "I believe the gold uptrend is starting to re-establish itself." Grant added that gold could reach new all-time heights in the second quarter 2027. Iran and Oman reached an agreement over their share of revenues from the Strait of Hormuz, but the waterway won't be opened if the U.S. doesn't accept their conditions. (Reporting by Pablo Sinha in Bengaluru; Editing by Jonathan Ananda) (Reporting and editing by Jonathan Ananda in Bengaluru)
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Merz, a German company, aims to inspire confidence through its growth target
Friedrich Merz, Chancellor of Germany, vowed on Wednesday to revive the German Economy - and deliver growth of at 1% or more next year. This will be achieved through business-friendly reforms as well as a planned increase in government spending. Merz, who is also Finance Minister Lars Klingbeil's centre-left SPD junior partner, are trying to project unity. They have also denied suggestions that the government was divided and hindering efforts to turn around a downward trend in opinion polls. Merz, the leader of the conservative CDU, said that he was encouraged by his assessment that the government has the opportunity to achieve GDP growth in the next year. After the summer holiday, he spoke at a press conference after an off-site Cabinet meeting held at the Neuhardenberg Estate, located about 70 km (44 miles east) of Berlin. In April, the economy ministry cut its growth forecast for 2026 to 0.5% citing increased energy costs related to the war in Iran. Merz's coalition is under pressure after a cabinet restructuring 'angered members of Merz's own party' and raised concerns about the effectiveness of the government as it tries to fight off a far-right challenge at state elections next month. Recent economic data and surveys of business indicate an improvement in the outlook, according to Merz and Klingbeil. After years of weak growth, Europe's biggest economy expanded stronger than originally estimated in the second quarter. Business morale also rose in August to its highest level for a year. Merz said he also asked federal?ministers for proposals on how to deal with the trade imbalances between China and the European Union. Reporting by Andreas Rinke. Ludwig Burger, Kirsti Knolle and Ludwig Burger wrote the article. Mark Potter (editing)
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Revolutionary Guards: Iran and Oman have reached an agreement on the Strait of Hormuz
Iran and Oman reached an agreement over their share of the Strait of Hormuz, and its revenues. However, the waterway won't reopen if the U.S. doesn't accept their conditions. Iran and Oman held intermittent talks about the control of traffic through the Strait. The strait handled one-fifth the global oil and LNG shipments prior to the start of the war in February. Tehran and Washington both imposed separate blockades to try to gain control of the channel. This has led global energy prices up. The Strait of Hormuz is owned by Iran and Oman... After a month of negotiations, we reached a result that was acceptable to both parties," said Hossein Mohebbi, spokesman for the Islamic Revolutionary Guard Corps. Mohebbi said, "Agreements have been reached in these negotiations regarding the share each country has in the waters of Strait as well as the share Iran and Oman receives in its revenue." The IRGC claimed that the United States was trying to 'obstruct negotiations between Iran and Oman', which had delayed the agreement. If the United States ceases to obstruct and returns the agreement, then we can open up the Strait of Hormuz in the framework of what was agreed upon. The Strait of Hormuz won't be opened if the United States doesn't accept our conditions," Mohebbi stated. A THREAT ON SHIPPING Although the U.S.-Iran hostilities have been largely reduced in recent weeks diplomatic efforts to reach a peace agreement have stagnated and continued attacks on ships make passage through the Strait of Hormuz dangerous. Iran published a list of 45 ships on Sunday in an apparent attempt to "stop ship-to -ship transfers" used by Gulf producers to avoid the Iranian blockade. Sources said that some companies intend to stop using vessels listed on the blacklist. The United States threatened this week to penalize countries who continue to do business with Iran. However, it said that penalties would not be imposed immediately. The sanctions didn't include Chinese financial institutions suspected of facilitating Iranian oil exports that have been cut by the U.S. ban. Iran denounced U.S. efforts to isolate its economy, calling it "gross criminality", and expressed confidence that other countries would not follow suit. The oil price fell for the third day, falling more than $2 per barrel, to a 2-week low. This was after signs of renewed attempts to find a mediated solution to the conflict that began February 28 when U.S., Israeli and other strikes were launched against Iran. (Additional reporting from bureaux, Writing by Aidan Lewis and Gareth Jones, Editing by Sanjeev MIglani and Conor Humphries.)
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The gold rally takes a break ahead of US inflation figures
The gold?prices eased Wednesday as they were on track to end a three-session winning streak. However, the focus now shifts to the U.S. Inflation data that will be released later in the afternoon for any indications on the Federal Reserve’s interest rate policy. Spot gold dropped 0.8% by 1114 GMT to $4,618.03 an ounce, after prices rose to their highest level since May 14, on Tuesday, following the U.S. Treasury Department?s recent bond buyback announcement. U.S. Gold Futures fell 0.4% to $4673.90. Nikos Tzabouras is a senior market analyst at Jefferies owned Tradu.com. He said that gold prices were subdued because the rally looked technically stretched. Markets also adopted a cautious approach ahead of important events. The U.S. The U.S. The soft producer and consumer inflation numbers published this month have reduced the likelihood of an interest rate increase in September. According to the CME FedWatch tool, traders are pricing in a 64% probability that the Fed will keep rates the same next month. Due to its lack of yield, gold is often less appealing in an environment with high interest rates. If Warsh is tight-lipped about policy, we can expect a renewed easing of the dollar, and the interest in gold to increase on the basis that there's uncertainty. However, if he is firm with his intentions, gold could be under pressure, said Rhona O’Connell, the head of StoneX's market analysis. Iran has said that it has restarted geopolitical talks with Oman in order to manage the Strait of Hormuz, as it is under increased economic pressure by the United States. Donald Trump is a key player in the conflict. Data released on Tuesday showed that China's net imports of gold via Hong Kong rose by about 11% in July compared to a month ago, thanks in part to an increase in investment demand. (Reporting by Sukanya Mitra in Bengaluru; Editing by Rashmi Aich, Louise Heavens and Ronojojo Mazumdar) (Reporting and editing by Rashmi aich, Louise Heavens, Ronojoy Mazumdar; Sukanya mitra in Bengaluru)
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Palm extends its losses and falls by nearly 2% due to a price rally and a sluggish demand for exports
Malaysian palm futures dropped nearly 2% on Wednesday. This was the second session of losses after a recent rally harmed its competitiveness with rival'soyoil', and sluggish imports fuelled fears over increasing inventories. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down by 93 ringgit or 1.88% at 4,853 Ringgit ($1,206.31). The contract dropped by 1.43% during the previous session. Palm's recent price rise has eroded some demand, as the soybean oil prices in Indian ports are cheaper than palm oil. Meanwhile, refining margins continue to be razor thin. He said that if demand did not pick up, palm inventories were likely to rise. This would be more true as the months of peak production in September and October approached. Palm oil gained 6.54% in five sessions straight through August 21 and closed over 5,000 ringgits for the first since December 2024. Cargo surveyors estimate that Malaysian palm oil exports for August 1-25 were down between 11.4% to 20% from the previous month. Dalian's soyoil contract, which is the most active contract in Dalian, rose by 0.19% while palm oil contract fell by 0.62%. Chicago Board of Trade soyoil prices were down by 1.68%. As they compete to gain a piece of the global vegetable oil market, palm oil monitors price changes. Oil prices dropped more than $2 per barrel, reaching a new two-week low. Talks between Iran and Oman revived hope that the Strait of Hormuz would reopen to ease shipping restrictions in the Middle East. Weaker crude futures make palm less appealing as a biodiesel source. The ringgit - the palm's currency of trade - strengthened by 0.54% against dollars, making it more expensive for buyers with foreign currencies.
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Zinc continues to rise, and hovers at a four-year high due to regional tightness
On Wednesday, zinc?prices reached their highest level in over four years on a combination of speculative and supply concerns. The benchmark three-month price of zinc at the?London Metal Exchange rose 0.4% to $3,907 per metric tonne by 0945 GMT. This was its highest since June 2022. Zinc, which is mainly used for galvanising steel, has suffered from regional disparity. Stocks are eroding at warehouses registered with LME, while they pile up in China. Local shortages of zinc have pushed the cash LME zinc premium over the three-month Futures. To $132 per ton. This is up from $0 in early July, and the highest price since December last year. Some are unsure how long the zinc price increase will last. In a note, broker Sucden Financial stated that "we believe zinc's upward movement is vulnerable to a position unwind when momentum stops." The three-month LME Copper, which is also being affected by declining inventories and concerns about supply, remained unchanged at $14.355 per ton. It had previously reached its highest level in six months, at $14.437. The Shanghai Futures Exchange's most traded copper contract rose 0.6%, to?108.750 yuan (16,182.55) per ton. As markets waited for the U.S. Inflation data, due at 1230 GMT, Dr Copper, a metal that is often used as a barometer to gauge economic health was kept in check. As non-traditional participants such as hedge funds and speculative traders trade on data showing "falling warehouse stock", the uncertainty is offset by a 'price support' from waning LME inventory. David Wilson, BNP Paribas' head of metals strategy, said: "There are many non-traditional sources for trading copper and a large amount of money moves quickly on data releases." Other metals also fell, with aluminium down 0.1% to $3,236 per ton. Nickel dropped 0.3% to $15,990, and tin fell 0.2%, to $55,750. ($1 = 6.7220 Chinese yuan Renminbi)
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The gold rally takes a break ahead of US inflation figures
Gold prices eased Wednesday as they were on track to end a three-session winning streak. The focus now shifts to the U.S. inflation figures due later today to get hints on Federal Reserve's interest rate outlook. Spot gold dropped 0.9% at $4,616.62 an ounce as of 0927 GMT after the recent announcement by the U.S. Treasury Department to buy back bonds. Prices had risen to their highest level since May 14, Tuesday, following this announcement. U.S. Gold Futures fell 0.5% to $4672.10. Nikos Tzabouras is a senior market analyst for Jefferies owned Tradu.com. He said, "Gold prices have been subdued as the rally appears technically stretched and markets are adopting a cautious approach ahead of important events that could shape its trajectory." The U.S. The July Personal Consumption Expenditures Inflation Report is due Friday at 1230 - GMT, along with Fed Chairman Kevin Warsh’s remarks from the Jackson Hole Symposium. The soft producer and consumer inflation numbers published in this month have reduced the likelihood of an interest rate increase in September. According to the CME FedWatch tool, traders are pricing in a 64% probability that the Fed will keep rates the same next month. In a high interest rate environment, gold's non-yielding nature can make it less appealing. If?Warsh is tight-lipped, we can expect a renewed easing of the dollar, and a further interest in gold, on the basis?uncertainty. However, if he's resolutely firm about his intentions, gold could?come into pressure," said Rhona o'Connell. Iran announced that it has resumed discussions with its neighbor,?Oman, to manage the Strait of Hormuz due to increased?economic pressure by U.S. president Donald Trump. Data released on Tuesday showed that China's net imports of gold via Hong Kong rose 11% in July compared to a month earlier. This was largely due to an increase in investment demand. Silver spot fell 0.3% per ounce to $68.46, platinum dropped by 0.3% to 1,852.06, while palladium rose 0.7% to $1335.09. (Reporting and editing by Rashmi aich and Louise Heavens in Bengaluru)
Kremlin: US spy chief met Russian counterparts on Moscow visit
The Kremlin reported on Wednesday that U.S. CIA Director John Ratcliffe met with Russian intelligence officials but did not meet Vladimir Putin during a trip to Moscow, which U.S. president Donald Trump referred to as "semi routine."
Dmitry Peskov, Kremlin spokesperson, told reporters that Putin was briefed about the outcome of the visit on Tuesday. The visit came at a time when the war in Ukraine is dragging on and efforts to achieve a lasting peace with the United States and Iran are stalled.
Peskov refused to reveal what was discussed or provide further details.
"All I can say is that security services have made?contacts. I can confirm that there has been no meeting with the Russian president. Peskov said that President Putin was kept up to date on all developments immediately.
In a radio interview with Trump on Wednesday, he didn't say why Ratcliffe travelled to Moscow, but he said that it might prove useful.
"Now, something could come out of it." Trump said on the Glenn Beck Program that he was working hard to end the war in Ukraine.
When asked if the CIA chief had gone to Moscow to discuss possible Russian actions to test the NATO alliance, or to discuss Iran sanctions with Trump, he replied: "None." He's there. You?know, it's semi-routine.
The last time a U.S. CIA Director visited the Russian capital was when Ratcliffe’s predecessor William Burns met with Putin on November 20, 2021. This was three months after the start of the Ukraine war.
Peskov responded that the contacts between the intelligence agencies of the U.S. and Russia were positive.
"These contacts often persist even during the most difficult times in bilateral relations. Our president has, surprisingly, spoken on this topic. It is too early to say how this will help our bilateral relations to emerge from the crisis they are currently in. Reporting by Dmitry Antonov; Writing by Alessandra Prente and Susan Heavey, Editing by Andrew Osborn, Timothy Heritage and Timothy Heritage
(source: Reuters)