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Austrian parties ask for last-minute extension to the fuel price "brake"
After initial reports of failure, last-minute discussions between Austria's three ruling parties continued on Thursday. The government must set the amount of the two elements. Austrian media reported that the parties were discussing a lower level but one potential sticking point was that the smallest of three, liberal and fiscally conservative Neos, had been?seeking a guarantee that this mechanism would not be extended beyond May. Austrian media reported that parties were discussing a lowered level. However, one sticking point could be that the smallest party, the liberal fiscally conservative Neos had asked for a guarantee the mechanism wouldn't be extended past May. Some media reported initially?on Friday that the talks failed, but later said they were 'continuing but on a razor edge. Politicians may be more concerned about the political consequences of not reaching an agreement than they are with the financial costs. The cost of living has been ranked as the top concern by voters in polls. Statistik Austria's national statistics office released a?flash estimate on Thursday that put the inflation rate at 3.3% for April, up from 2.3% in January.
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Argentina will increase fuel taxes by May
According to a Thursday decree published in Argentina's official gazette, the government will increase fuel taxes by a portion starting May 1. Further increases will be delayed until June. The aim of this measure is to reduce the impact on prices and inflation caused by the increase in global oil prices due to the conflict in the Middle East. In May, gasoline will be taxed by 10.398 Pesos for a liquid fuel tax and by 0.6377 Pesos due to an environmental tax. The tax on diesel is also going up by 9.269 Pesos due to the liquid fuel taxes, with a rate a 5.019 Pesos in the "Patagonian" regions and a 1.056 Pesos tax for carbon dioxide. In March, the monthly inflation rate in Argentina rose to 3.4%. This was a result of a rise in crude oil price on a global scale. The global oil price reached a four-year peak on Thursday. It was above $126 per barrel amid fears the conflict between Iran and the United States could escalate and cause a long-term disruption of crude oil supplies throughout the Middle East. (Reporting and editing by Sarah Morland; Walter Bianchi)
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Israeli strikes kill four Palestinians, say medics, amid new ceasefire effort
Health officials reported that Israeli strikes had killed four Palestinians on Thursday in the Gaza Strip. Hamas leaders were meeting mediators in Cairo to discuss ways to'reinvigorate' a fragile six-month-old truce brokered by the U.S. Medical personnel?said that an Israeli strike near the Salahudeen Road in central Gaza Strip killed at least three persons, while another struck near a hospital near Deir Al-Balah in further south. The Israeli military has not yet commented on the reports. Israel and Hamas blame each other for violations of the truce. Local medics claim that at least 800 Palestinians were killed since the ceasefire came into effect. Israel claims that militant attacks killed 'four' of its soldiers during the same time period. Hamas told reporters on Thursday that a Hamas delegation had arrived in Cairo just two days before for talks with mediators about the Gaza plan of U.S. president Donald Trump. Sources familiar with the talks stated that?efforts made to force Israel and Hamas to implement a second stage have not been successful. Israel will 'further pull back in the second phase, according to 'the plan. A transitional authority will take control of Gaza in this phase and a multinational force is deployed. Hamas should be disarmed as part of the plan. Gaza's health authorities report that more than 72,500 Palestinians were killed in the Gaza war since it began on October 22, 2023. According to Israeli statistics, Hamas' attacks on Israel in October 2023 - the events that precipitated Gaza war – killed 1,200 Palestinians. (Reporting and editing by Andrew Heavens; Nidal al Mughrabi)
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US growth accelerates in the first quarter
The U.S. economy grew in the first quarter, thanks to a resurgence in government spending following a crippling shutdown. However, the increase is only temporary because the war against Iran will likely drive up gasoline prices while squeezing household budgets. The Bureau of Economic Analysis of the Commerce Department's Bureau of Economic Analysis reported that gross domestic product grew?at an annualized rate of 2.0% last quarter. The economy grew at a pace of 0.5% in the quarter October-December, as federal spending contracted by 1.16 percentage points. This was the largest drop since the first quarter 1994. The economists polled had predicted GDP growth to increase at a rate of 2.3% annually. Estimates varied from a contraction of 0.2% to a growth rate of 3.9%. The growth was largely due to a partial reverse in government expenditures. The boom in artificial intelligence and the construction of data centers to support the technology continue to drive business equipment spending. But growth in consumer expenditure, which is the engine of the economy's growth, has slowed even more. Even before the U.S. - Israel war with Iran, it was already losing momentum. Americans are frustrated by the cost of living and disapprove of President Donald Trump's economic management. This is a risk to the Republican Party as it heads into the November congressional midterm elections. Financial markets expect that the Federal Reserve may hold interest rates constant, perhaps until 2027, if the labor market does not deteriorate. The U.S. Central Bank left its overnight benchmark interest rate at 3.50%-3.75 percent on Wednesday, citing 'increasing concerns about inflation. In the first quarter, employment growth averaged 68,000 new jobs per month compared to 20,000 monthly gains during the same time last year. Some economists blamed Trump's immigration and trade policies for the labor market slowdown compared to that of 2023. The weak labor market has dampened wage growth. Tariffs increased the price of certain goods, even though inflation was relatively moderate. Economists say consumers are relying on their savings to maintain spending. They also claim that this cannot continue indefinitely. In 'February, the saving rate was 4%. Economists warn that higher inflation may offset some of the anticipated stimulus from tax reductions. The boost from tax refunds is expected to fade quickly, leading to weaker spending in this year. The war in the Middle East is expected to have a negative impact on the economy from the second quarter. Reporting by Lucia Mutikani, Editing by Paul Simao & Chizu Nomiyama
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Tax demand has impacted shipments, causing Indian gold imports to fall to a near 30-year-low.
Industry and government sources claim that India's gold imports in April are likely to drop to a low of 15 metric tonnes, a level not seen for 30 years, as banks were allegedly hit with an unexpected tax demand. Surendra Mehta is the secretary of the India Bullion and Jewellers Association. He said that since Indian customs started requiring a 3% integrated good and service?tax? on the metal, the banks have stopped importing it. When India introduced the IGST in 2017, gold-importing banks weren't required to pay the 3% levy. Tax demands are now being made on banks following a delay reported earlier in the month. The order authorizing bullion imports for banks was delayed. "Banks have not cleared any gold through?customs in the last month." "A small amount was cleared via the India International Bullion Exchange" (IIBX), said a government representative who refused to be named because they weren't authorised to speak to the media. India's tax authorities have not responded to a comment request?about the IGST that banks are now requesting on gold imports. India, which is the second largest gold consumer in the world, imported 35 tons in April 2025, and an average of?about 60 tonnes a month during the fiscal year 2025-26 to March. Sources said that the 15-ton April figure is the lowest in around 30 years, except for 2020, when the COVID-19 epidemic forced Indian jewellers to close. This could have an impact on the global gold price. Bank bullion dealers estimate that India spent $1.3 billion on imports of gold in April. This is well below the $6 billion monthly average in the previous fiscal year. And this, despite Indians' celebration of Akshaya Tiritiya on April 19, the second biggest gold-buying festival after Dhanteras. A Mumbai-based dealer of gold bullion at a private banking institution said that the supply banks had brought in gold in anticipation of Akshaya Tiritiya demand, but now it was in vaults. He added that 8 tons of 'gold were parked in vaults. The dealer said that banks will only clear shipments after customs officials have allowed them without requiring?GST. Sources said that India's GST on gold and the earlier delay to authorise banks to import gold could be intended to slow down gold?imports in order to narrow the country's?trade deficit and support its rupee. In April, refiners were hit by the denial or delay of new import licences. Harshad Ajmera is a refiner in the eastern city, Kolkata. Chanda Venkatesh is the managing director of CapsGold in Hyderabad, a bullion dealer based on the south. (Reporting and editing by Mayank Bhadwaj, Alexander Smith and Rajendra Jadhav)
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Nickel has its best month since 2 years, as copper climbs in China
The copper price rose on Thursday, and was poised to 'crack a five-day decline after positive factory data from China. Nickel prices were 'heading towards their biggest monthly jump in two years due to tighter supply coming out of Indonesia. In official open outcry, the benchmark three-month copper price on London Metal Exchange rose 0.6% to $13,085 per metric tonne. Metal used in construction, manufacturing and power was expected to rise by 6% in April. This would be the best month in?2026, based on the hope that the Middle East conflict will be contained. A private survey revealed that China's manufacturing sector expanded in April at the fastest rate since the end 2020, thanks to booming?new orders. Copper stocks on the Shanghai Futures Exchange also rose. Continue to be drawn down as 192,025 tonnes fell 4.6% from last week. The SHFE will be closed on Friday for the Labour Day holiday. It won't reopen again until May 6th. The CRU analyst Craig Lang stated on a webinar that the demand for refined copper in China will grow by 2,8% this year due to ongoing grid investments and tighter scrap supply. Lang stated that fund investments have been driving the recent high copper price. Global exchange stocks are at their highest level since early 2000s. Lang said that he believes copper prices will fall to $11,000 by the end of the year, and then recover?over a medium-term. ING stated in a report that additional price support comes from supply-side 'risks' to raw materials sulphur. Nickel was 1% higher at $19 465 per ton, and is on track to gain 13.9% in this month, its largest monthly increase since April 2024, due to tighter mine production limits in Indonesia. Smelters there are also feeling the squeeze of sulphur. Sucden Financial stated that "levels approaching $20,000/t?increase the probability of additional supply?being approved?or reactivated?" Lead edged up 0.3% to $1,943.50, while tin rose 1.9% to $48,700. Aluminium fell 0.2% to $3480. (Reporting and editing by Harikrishnan Nair, Sonia Cheema and Harikrishnan Nair; Additional reporting by Amy Lv, Lewis Jackson and Amy Lv)
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Mastercard profits beat estimates despite steady transaction volume
Mastercard's first-quarter profits surpassed Wall Street expectations on Thursday as resilient consumer spending supported its sustained transaction volume. The spending has mostly?held steady despite the economic uncertainty caused by the?Iran war and U.S. Tariffs. Consumer confidence has also waned due to a slowing labor market. The majority of spending comes from wealthy households, who are continuing to spend on discretionary items. Lower-income families cut back on non-essentials. Experts have been highlighting this bifurcation, as the "K-shaped economy" continues to drive consumer trends and cushion industries like travel and entertainment. Wall Street executives and other experts say that while the trends are largely stable, increased gasoline prices due to the war may start to 'pull spending away from different categories. Mastercard reported an 7% increase in gross dollar volume, which is the value of all transactions that are processed through its platform. Net revenue increased by 16% in the first quarter to $8.4 Billion. Peer American Express, which is known for having affluent customers, exceeded expectations in the first quarter last week. Visa also beat the quarterly profit estimates, aided by resilient consumer spending. Payment processors are the first to know about consumer spending, thanks to their large market share and ability to facilitate transactions across their networks. Most of the "big U.S." lenders reported an increase in consumer loan balances earlier this month. This indicates that borrowing is continuing despite macroeconomic pressures which typically cause caution. Cross-border volume is a measure of spending on prepaid cards outside the country in which they were issued. It has risen 13% despite the Middle East airspace closures that disrupted major flight routes and forced thousands to cancel flights. According to data compiled and analyzed by LSEG, Mastercard's adjusted profits per share were $4.6. This was above the average analyst estimate of $4.4.
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Investors assess Iran tensions as gold climbs from a one-month low; dollar eases.
Gold prices jumped Thursday as the dollar eased, and oil prices fell. Some analysts also cited an increase in demand for safe-haven assets due to growing fears that the U.S. - Iran war could escalate. As of 1158 GMT spot gold rose 1.9%, to $4,629.83 an ounce, after dropping to its lowest level since March 31, in the previous session. Bullion has fallen by about 0.9% this month. U.S. Gold Futures for June Delivery rose by 1.8% to $4642.90. Dollar fell sharply against yen after Bank of Japan officials gave firm signals about possible intervention to help the Japanese currency. The dollar's weakness makes the greenback price of bullion more affordable to holders of other currencies. Gold is recovering because of the uncertainty that exists in the Middle East. The strength of this recovery at the moment also suggests that the price has found a temporary bottom, according to independent analyst Ross Norman. According to a report by Axios, Donald Trump will receive a briefing Thursday about plans for a number of military strikes against Iran. Brent prices reached four-year highs due to fears of an escalation before turning negative. Since the beginning of the conflict, gold has fallen by about 12%. The metal, although viewed as a safe haven in times of uncertainty, has been impacted by rising energy costs and fears of inflation. Some analysts believe that the demand for safe havens could increase. "Gold has behaved a bit more like we would expect. It should rise in times of geopolitical dangers, and that risk is the?speculation the U.S. may be preparing for the next?escalation," says Nitesh Sha, commodity strategist at WisdomTree. The U.S. Federal Reserve chair Jerome Powell ended his eight-year tenure on Wednesday by?holding interest rates. The markets are now awaiting the?Personal Consumer Expenditures for March data, which is due at 1230 GMT. Silver spot rose by 2.9%, to $73.57 an ounce. Platinum gained 4.1%, to $1,955.70. Palladium increased 2.2%, to $1,490.36. All three metals are on course for a second consecutive monthly decline. (Reporting from Pablo Sinha, Bengaluru. Editing by Shailesh Kuber and Mrigank Dahniwala.)
Valero Energy exceeds profit expectations on the strength of refining performance
?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.
Valero announced that it is advancing its FCC Unit Optimization Project at the St. Charles Refinery, which?will allow the refinery increase its yield of high-value products.
The project will cost approximately $230 million, and operations are expected to begin in the third quarter.
Refining reported earnings of $1.8billion, up from a loss $530m a year ago.
The?refining profit per barrel was $14.90, up from $9.78 in the same quarter last year, and the average volume of barrels throughput rose by?3.6%, to 2.9 millions barrels per day.
Valero reported a $139 million operating income from renewable diesel, compared to a $141 million loss last year.
Operating?income at the ethanol segment increased to $90 millions from $20 million one year ago.
Phillips 66, a rival company, posted a surprising first quarter profit Wednesday. This was due to higher refining and capacity utilization margins.
According to data compiled and analyzed by LSEG, Valero, based in San Antonio, Texas, reported an adjusted profit per share of $4.22 for the three-month period ended March 31. This compares with analyst expectations of $3.16.
(source: Reuters)