Latest News
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Orlen offers $278 million to purchase all shares of Grupa Azolty Polyolefins
Orlen, a Polish oil refiner, has offered to purchase all the shares in Grupa Azoty Polyolefins. GAP is a petrochemical division of Grupa Azoty - a state-controlled chemical company. Orlen owns 17.3% GAP and said that its offer valued at $1.02 billion (about $278.20m) includes financing for GAP to continue restructuring debts and claims, as well as purchasing shares from other shareholders. Orlen and Azoty have been discussing the future of polymers, which Azoty's core business is losing money in, since 2024. The country's largest oil refiner announced earlier this year that it would not purchase more shares of Azoty’s polymer project. The companies did sign a memorandum on understanding for the sale of GAP's logistical assets. Orlen announced on Wednesday that its offer was valid until the end of this year and contingent upon the completion of GAP's restructuring process and the final settlement of contract for the construction of the polypropylene factory. Hyundai Engineering Co. and Korea Overseas Infrastructure & Urban Development Corporation are the contractors for the project which has been delayed.
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Wall Street Journal, October 15,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Stellantis plans to invest $13 billion in order to produce more Jeeps, Dodge SUVs, and pickups in the U.S. The global automaker calls this the biggest investment it has ever made. Grindr confirmed Tuesday that it had received a note from Ray Zage, and James Lu. The letter expressed an interest in exploring whether the dating app could be taken private. - MGM Resorts International is no longer looking to turn its slot- and electronic-game-focused Empire City Casino in Yonkers, N.Y., into a full-fledged casino with live games such as poker and blackjack. The U.S. Military is making its biggest push yet in modern nuclear power. A program will place small reactors at Army bases throughout the country, where power grids are strained and can't meet rising energy demand. Oracle's dual new chief executives defended their company's massive investment in new data centers. They said that it would offer businesses computing power and a bundle of services to make artificial intelligence more useful. Donald Trump, the U.S. president, said that U.S. assistance for Argentina depends on whether or not the ruling party of Javier Milei wins this month's midterm elections. (Compiled by Bengaluru Newsroom)
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Dollar eases, shares rebound as Fed cuts bets and reclaims spotlight
The global stock market recovered its losses on Wednesday thanks to dovish remarks from Federal Reserve chair Jerome Powell, and positive bank earnings in Wall Street. However, simmering U.S. - China trade tensions kept risk appetite at bay. Powell said that the possibility of further rate reductions was still open on Tuesday, and that the long-term effort of the central banks to reduce the size of their holdings could be nearing its end. Some viewed his comments as dovish. They lifted the markets and reaffirmed expectations for more easing in this year. By December, roughly 48 basis point worth of cuts will be priced into the market. Tom Kenny is a senior international economist with ANZ. He said that the Fed could announce its intention to end quantitative tightening at the upcoming FOMC meeting in October. We expect the Fed will cut 25bps at the FOMC meetings in October and December. The market was also supported by solid earnings from U.S. banks and an upward revision to the International Monetary Fund’s global growth forecast for 2025. Earlier in the week, the market had been slammed on signs of renewed tension in U.S. China trade relations. The Nikkei rose 1.5%, after a 2.6% drop in the previous session. Nasdaq Futures gained 0.31%, while S&P500 futures increased by 0.26%. Even so, the sentiment was fragile. On Tuesday, U.S. president Donald Trump said that Washington would consider terminating certain trade ties with China. This included in relation to cooking oils. Both the U.S.A. and China have begun charging extra port fees to ocean shipping companies that transport everything from holiday toys, to crude oil. The markets have been thrown into turmoil in recent sessions due to a rapid escalation of the U.S. China trade war. Trump announced an additional 100% duty on Chinese goods as a retaliation against Beijing's dramatic expansion of export controls on rare Earths. It does indicate that a lasting ceasefire is unlikely to be achieved easily. It's also a good reminder that the market needs to be aware that they are shooting these arrows, and then walking them back," said Tony Sycamore. U.S. trade representative Jamieson Greer said separately on Tuesday that the timing of additional tariffs of 100% on China's exports to America depends on whether they kick in November 1, or earlier, but acknowledged that Beijing might find it difficult to find a way out. Hong Kong's Hang Seng Index rose 1.2% on the back of the regional rally, while China's CSI300 Blue-chip Index bucked trend and fell a mere 0.03%. The data released on Wednesday shows that deflationary pressures persist in China. Both consumer and producer prices fell in September. This supports the need for additional policy measures, as trade tensions and a prolonged slump in the property market weighs on confidence. POLITICAL UNCERTAINTY The political landscape in Japan is riven with uncertainty as the country's parliament's scheduling committee has failed to reach an agreement on the holding of a vote on the next premier on October 21, according to Kyodo News Agency. Sebastien Lecornu, the French Prime Minister, promised to delay a historic pension reform until 2027, a measure that would provide some relief for investors. EUROSTOXX50 futures gained 0.95% in Asia. FTSE and DAX were both up about 0.3%. Juan Perez is the director of trading for Monex USA. He said: "I believe that anything that can bring relief to the squabbles within the French Parliament is an absolute victory." The euro last traded at $1.1611 despite being largely insulated from France's political turmoil. The Fed's cut bets weighed on the currency market as the dollar fell 0.4% to 151.23 yen and 0.16 % to 0.8000 Swiss Franc. The sterling rose by 0.22%, to $1.3349. Spot gold, meanwhile, continued its record-breaking run, and last rose 0.9% to $4,178.49 per ounce. This was helped by the geopolitical, economic, and expectations of a U.S. interest rate cut. Brent crude futures fell 0.37%, to $62.16 per barrel, and U.S. crude fell 0.31%, to $58.52 a barrel.
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Gold reaches record highs on Fed rate-cut betting, US-China Trade woes
Gold reached a new high on Wednesday just below the $4,200 per ounce mark, boosted by expectations for further U.S. interest rate cuts. Meanwhile, renewed U.S. China trade concerns also increased demand for safe havens. As of 0448 GMT the spot gold price was up 0.9% to $4,178.15 an ounce after reaching a session high of 4,186.68. U.S. Gold Futures for December Delivery gained 0.8%, to $4197.50. The U.S. president Donald Trump announced on Tuesday that his administration would produce a list of "Democrat programs" on Friday, which will be closed due to the federal government shutdown. Matt Simpson, senior analyst at StoneX, said that the U.S. shutdown and Jerome Powell's dovish remarks have been two of the most recent reasons why gold prices are on an upward trend. Federal Reserve Chair Jerome Powell stated that the U.S. labor market was subdued. However, the economy may be "on a slightly firmer trajectory than anticipated." Powell said that interest rate decisions will be taken "meeting by meeting", balancing the labour market's weakness against persistent inflation above target. Investors have priced in the near certainty of a Fed rate cut of 25 basis points in October and December. Bullion is more likely to perform well when interest rates are low and there is political and economic uncertainty. Gold has gained 59% in the past year, mainly due to geopolitical and financial uncertainties, central bank purchases, dedollarisation trends, and strong exchange-traded funds. Simpson added that "this rally has become a momentum trading, where traders pile into the market to chase away prices." Trump stated that Washington is considering cutting off some trade relations with China, such as in the cooking oil sector. On Tuesday, both countries started imposing port fees tit for tat. The International Monetary Fund increased its global growth forecast for 2025, citing better than expected tariff and financial conditions. However, it warned that renewed U.S. China trade tensions may curb growth. Silver rose by 1.4% to $52.17 after hitting a record of $53.60 Tuesday. This was due to the gold rally and tightening supplies on the spot market. Palladium rose by 0.2%, to $1,528.68, while platinum gained 0.7%, to $1648.80. (Reporting and editing by Sherry Phillips, Subhranshu Sahu, and Ishaan Aroor in Bengaluru).
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The MORNING BID brings Europe-Fed to the forefront for now
Rae Wee gives us a look at what the European and global markets will be like tomorrow. Investors are choosing to ignore the simmering U.S. China trade tensions for now and instead take comfort from Federal Reserve Chairman Jerome Powell’s remarks that hint at future rate cuts. The global stock market was once again optimistic on Wednesday. European futures pointed to a sharply increased opening, following a volatile session yesterday due largely to the trade whiplash. Powell may be to blame for the market's reprieve. His comments on Tuesday reaffirmed expectations of more easing in the coming year and a possible end to the Fed’s balance sheet reduction. The dollar fell and gold extended its record run, with futures indicating that rate cuts of approximately 48 basis points will be implemented by December. The recent bouts of volatility in the market are a reminder that investor sentiment is still fragile. In their ongoing trade spat, China and the U.S. continue to fire volleys. The latest is Trump's threat to cut off some trade relations with Beijing in relation to cooking oils. Investors assume that the two sides are going to continue to push each other, but not to fight. U.S. trade representative Jamieson Greer said on Tuesday that it was up to China whether or not the increased tariffs would kick in by November 1, but admitted it could be difficult for Beijing find a way out. Politics is also an important issue around the globe. Local media reported that the Japanese parliamentary schedule committee couldn't agree on holding the vote to choose the next premier on October 21. This prolongs the uncertainty surrounding Sanae Takaichi, who is seeking to become Japan's first woman prime minister. In France, the focus will be on the next steps for the government after French Prime Minister Sebastien lecornu announced that he would suspend a historic pension reform until the election in 2027. Earnings from Morgan Stanley and Bank of America are due in the afternoon on Wall Street. After their peers announced a set of solid results on Tuesday, expectations are high. The top U.S. banks predicted that business would continue to grow as equity markets surged in the last quarter, and the economy and consumers spending held steady despite the sweeping tariffs. The following are key developments that may influence the markets on Wednesday. French political developments Bank of America and Morgan Stanley Earnings Fed's Miran Bostic and Schmid talk Release of Fed's Beige Book
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Oil prices drop as the market focuses on excess supply and US-China trade tensions
The oil prices continued to fall on Wednesday as investors considered the International Energy Agency warnings of a surplus supply in 2026, and the U.S./China trade tensions which could reduce demand. Brent crude futures dropped 21 cents or 0.3% to $62.18 a bar by 0425 GMT. U.S. West Texas Intermediate Futures dropped 16 cents or 0.3% to $58.54 a bar. The previous trading session saw both contracts close at lows of five months. The International Energy Agency (IEA) said that the global oil market may face a surplus of up to 4 million barrels a day next year, a larger glut than its earlier predictions, as OPEC+ and its rivals increase production and demand remains sluggish. The market is focused on the excess supply amid mixed signals of demand. Emril Jamil is a senior oil analysts at LSEG. He said that ebbing geopolitical risk and escalating tensions in trade are adding to the pressure on prices. In the last week, the trade dispute between China and the United States, two of the largest oil consumers in the world, has re-emerged. Both countries have imposed additional port fees for ships transporting cargo between them. This will increase trading costs, disrupt freight flow and likely lower economic output. The focus will be on the recent escalation of trade tensions between China and the US, and the risks that this poses to the global economic system," said Tony Sycamore. Tensions have increased between the two world's largest economies after China announced last week a major expansion in rare earth export controls. U.S. president Donald Trump has threatened to increase tariffs on Chinese products to 100%, and tighten export restrictions of software from November 1. Yang An, an analyst at Haitong Futures, said that the current oil price is largely determined by the level of global oversupply as reflected in the changes in inventories. The weekly inventory report will give traders a good idea of the demand in the United States. A preliminary poll indicated that U.S. crude stockpiles were likely to have increased last week while gasoline and distillate stocks are likely to have decreased. Six analysts surveyed by estimated that on average crude inventories increased by around 200,000 barrels during the week ending October 10. The American Petroleum Institute's weekly industry report is due at 4:30 pm EDT (2030 GMT), and the U.S. Energy Information Administration will release its data at 10:30 am EDT (1430 GMT), on Thursday. The delay is due to Monday's Columbus Day/Indigenous Peoples' Day. Sam Li reported from Beijing, and Jeslyn Leh in Singapore. Sonali Paul and Christian Schmollinger edited the report.
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Gold reaches record highs on Fed rate-cut betting, US-China Trade woes
Gold reached a new high on Wednesday just below the $4,200 per ounce mark, boosted by expectations for further U.S. interest rate cuts. Meanwhile, renewed U.S. China trade concerns also increased demand for safe havens. As of 0252 GMT the spot gold price was up 0.8% to $4,173.56 an ounce after reaching a session high of 4,186.68. U.S. Gold Futures for December Delivery gained 0.7%, to $4192.90. The U.S. president Donald Trump announced on Tuesday that his administration would produce a list of "Democrat programs" on Friday, which will be closed due to the federal government shutdown. Matt Simpson, senior analyst at StoneX, said that the U.S. shutdown and Jerome Powell's dovish remarks have been two of the most recent reasons why gold prices are on an upward trend. Federal Reserve Chair Jerome Powell stated that the U.S. labor market was subdued. However, the economy may be "on a slightly firmer trajectory than anticipated." Powell said that interest rate decisions will be taken "meeting by meeting", balancing the labour market's weakness and persistent inflation above the target. Investors have priced in the near certainty of a Fed rate cut of 25 basis points in October and December. Bullion is more likely to perform well when interest rates are low and there is political and economic uncertainty. Gold has risen 59% in value year-to date, mainly due to geopolitical and financial uncertainties, central bank purchases, the de-dollarisation of currencies and strong exchange-traded funds. Simpson added that "this rally has become a momentum trading, where traders pile into the market to chase away prices." Trump stated that Washington would consider cutting off some trade relations with China, such as in the area of cooking oil. On Tuesday, both countries started imposing port fees tit for tat. The International Monetary Fund increased its global growth forecast for 2025, citing better than expected tariff and financial conditions. However, it warned that renewed U.S. China trade tensions may curb growth. Silver increased 0.3% to $51.60 after hitting a record of $53.60 Tuesday. This was due to the gold rally and tightening of supply on the spot market. Palladium and platinum both rose by 0.2%, to $1,528.50. (Reporting and editing by Sherry Phillips, Subhranshu Sahu and Ishaan Aroo in Bengaluru).
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Shanghai copper declines amid escalating US-China trade standoff
Shanghai copper fell on Tuesday, as tensions escalated between the two largest economies in the world, China and the United States, threatening to increase demand for the metal. As of 0315 GMT, the most active copper contract traded on Shanghai Futures Exchange fell 0.91%, trading at $8,933.60 per metric ton. Donald Trump, the U.S. president, threatened to cut off some trade relations with China on Tuesday in relation to cooking oils as a form of retaliation for China not "purposely" buying U.S. soy beans. Trump's threat was the latest escalation of trade tensions ahead of a high-stakes summit between Trump and his Chinese equivalent Xi Jinping in South Korea later this month. China imposed an export control on rare earths, to which the U.S. reacted with a threat of a 100% tariff, impacting the copper, used in construction and power, that is important for the macro-economy. Both sides sent conciliation signals. Beijing has stressed that the export control on rare earths does not represent a complete export ban. However, it is still open to talks. Scott Bessent of the U.S. Treasury Department said that talks between leaders in South Korea were still proceeding according to schedule. Shanghai coppe prices have dropped after the red metal reached a 16-month high on SHFE in early October, when mine disruptions such as the Grasberg closure triggered concerns about supply. Investors are profiting from the rally triggered when Grasberg was suspended for the time being, but risks are high as China and the U.S. trade barbs over export controls and tariffs," said a Shanghai copper trader, who requested anonymity because they were not authorized to speak to media. Benchmark three-month Copper, on the other hand rose 0.47%, to $10,628 per ton. London's future rose amid renewed U.S. interest rate cuts hopes, as Jerome Powell, the U.S. Federal Reserve chairperson spoke on Tuesday and signaled that economic conditions were unchanged from a few weeks ago when policymakers cut rates. They also projected two further reductions this year. Nickel and lead were little changed. Zinc also declined by 0.86%. The LME's other metals saw a gain of 0.27% in aluminium, 0.26% in nickel, 0.24% in lead, and 0.8% for tin. Zinc, however, posted a loss of 0.37%. Reporting by Dylan Duan, Lewis Jackson. $1 = 7.1261 Chinese Yuan Renminbi
Tight supply, solar need drive antimony costs to record high
Prices of antimony, a strategic metal used in flameretardants, batteries and munitions, are increasing to record highs as solar sector need outstrips supply, triggering a. broad deficit with little indication of alleviating, smelters and analysts. say.
The rise in costs, which market individuals expect to. persist, highlights the West's vulnerability in depending on top. manufacturer China for essential minerals and could likewise force end-users. to find alternatives for some applications.
Antimony ingot in China climbed to a record 127,500 yuan. ($ 17,588.88) per metric load on May 29, up 56% in 2024, data from. the Shanghai Metals Exchange revealed. European costs have likewise. reached a record $21,000 a ton, up 75% this year, Fastmarkets. data revealed.
Internationally, decreasing ore grades and depleting mines are. squeezing antimony supply, Chinese investment bank CICC said in. a report.
The rise has been almost totally supply driven. It is not. clear when the supply restrictions will enhance, said CRU. analyst Chetan Soni, pointing out different supply disruptions in. Myanmar, Oman, Tajikistan and Vietnam.
China, among the world's top antimony manufacturers and users. for more than a century, accounted for 48% of worldwide antimony. mine production last year, U.S. Geological Study data showed,. although its reserves fell to 640,000 loads, down from 950,000. loads in 2012.
Antimony materials from Russia, the world's fifth-largest. manufacturer, have been interrupted by Western sanctions over Moscow's. intrusion of Ukraine, producers, traders and analysts said. Russia accounted for 24% of China's antimony supply last year,. but Chinese customs information programs there were no shipments in March. and April.
A sales supervisor at Chinese smelter who decreased to be. recognized stated that producers of finished atimony who do not. have their own ore materials and need to acquire from in other places are. running at just 25% capacity.
The issue exists is not adequate ore, said a sales. manager at a 2nd Chinese smelter.
Increasing demand for arms and ammo due to wars and. geopolitical stress is likely to see tightening up control and. stockpiling of antimony ore, analysts at China Securities said. in a note.
Christopher Ecclestone, primary and mining strategist at. Hallgarten & & Co, stated private western military purchasing is. also driving antimony need. The supply crisis is not going. away and the military have bottomless pockets, he said.
China Merchants Securities projections antimony need from. the photovoltaic sector, where the metal is utilized to improve the. performance of solar batteries, will increase to 68,000 tons in 2026. from 16,000 lots in 2021, with the sector's share in total. consumption rising to 39% from 11%. It anticipates the supply gap. will broaden to 21,000 lots by 2026 from 8,000 heaps last year.
It's basically challenging to see a quick increase in supply,. however the market at the moment most likely needs in excess of 10,000. tons of material to cut the deficits, stated Nils Backeberg, an. analyst at consultancy Project Blue, who said he does not anticipate. prices to be preserved at $20,000 per ton over the longer term,. but expects long-lasting levels in the $12,000-$ 14,000 range.
At the current rates, we will see effects to the need. market, he said. There will be substitutions, there will be. options being used, but there will be some time in getting. those options.
Rising antimony prices have pushed the share prices of. Chinese manufacturers including Hunan Gold, Tibet Huayu. Mining and Guangxi Huaxi Non-Ferrous up. between 66% and 95% in 2024.
More supply takes years to reach fruition, though. federal governments are making efforts to find brand-new sources.
In April, Perpetua Resources Corp got a letter. of interest from the U.S. Export-Import Bank for a loan up to. $ 1.8 billion to develop an antimony and gold mine in Idaho, part. of Washington's efforts to offset China's crucial minerals. supremacy.
Perpetua's Stibnite mine would be the only U.S. antimony. source and according to the company might meet 35% of U.S. demand in its first 6 years. The Department of Defense has. committed nearly $60 million to fund its allowing procedure,. which has lasted eight years, to boost U.S. production for. bullets and other weapons.
(source: Reuters)