Latest News
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Colombia resumes power exports to Ecuador and enables export contracts
Edwin Palma, the outgoing Energy Minister, said that Colombia would resume electricity exports to Ecuador on Wednesday. He added that the government had also enabled mechanisms for export contracts between companies of both countries. Palma, in a Tuesday post on X, said that the exports will cover more than 8% of Ecuador's demand for electricity and use about 78% total capacity of interconnection?links. Palma stated that the exports are being'restarted' to help secure the?Ecuadorian electricity system. He said that Colombia only authorized the flow after it was sure the measure wouldn't compromise the domestic energy security. This included protecting the water levels in the hydroelectric reservoirs as the country prepared for El Nino. * He said that the government has also put in place a 'conditionality for the power sector companies of the two countries to sign export contracts. This, he claimed, could help stabilize the price of the exports. Palma stated that Colombia had taken steps to allow electricity to flow across the border once again. He called on Ecuador to follow suit. Reporting by Luis Jaime Acosta, Editing by Jacqueline Wong
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Asia shares rise on tech mood shift, oil retreats
The Asian stock markets rose on Wednesday, as Wall Street reached record highs on the back of strong earnings and a renewed demand for technology. Meanwhile, hopes of progress in opening the Strait of Hormuz had a negative impact on oil prices and bond yields. South Korea's Nikkei added 3.4% to its wild swings, while Japan's Nikkei gained 3.0%. MSCI's broadest Asia-Pacific share index outside Japan rose by 1.5%. Some tech companies have benefited more than others. Even though AMD's results exceeded expectations, investors appeared to be taking profits. After the bell, shares of the chipmaker fell 9%. SpaceX, a satellite company and AI group, lost 7.5% on fears that capex expenditures were eating into its cash flow. All AI stocks have been concerned about the rising borrowing costs and the high cost of computing power. Chris Weston is the head of research for broker Pepperstone. He said that "SpaceX's ambitious investment program?means that additional capital will most likely be needed in the medium- to long-term." Investors will continue to be interested in how management finances that growth and at what cost. Nasdaq Futures fell 0.1% after the earnings results. S&P futures rose?0.2%, having reached all-time highs Tuesday. EUROSTOXX Futures rose by 0.3%. DAX Futures rose by 0.5%, and FTSE Futures increased 0.1%. OIL SLIDES BOOST BONDS Qatar's claim that mediators are making progress to end the U.S./Iran War, but without providing details, boosted sentiment. Brent crude slipped 0.4% to $79.02 per barrel, far from its peak of $102 in July. U.S. crude fell 0.5% to 75.35. The drop in oil prices has provided some relief from inflation concerns and helped boost bonds worldwide. 10-year Treasury yields are now at 4.6187% - down from the high of last week, which was 4.747%. The probability of an increase in Federal Reserve interest rates for September has also been sharply reduced from 67% to 57%. Jeff Schmid, President of the Fed Bank of Kansas City, spoke on Tuesday and called for tighter policies to help bring inflation to its 2% target. The currencies were mostly quiet. However, the New Zealand dollar fell 0.2% following data showing that unemployment reached a decade high of 5.6% during the second quarter. The euro was unchanged at $1.1532, a little below its recent six-week high of $1.1559. The dollar was slightly lower against the yen, at 157.53, with traders still threatening to intervene. U.S. Treasury secretary Scott Bessent stated that he is "sure" Bank of Japan Governor Kazuo Ueda would "do what is best" for Japan's economy. This was taken as an encouragement by markets to increase interest rates. Last week, Japan and the United States conducted a rare joint intervention to buy yens and promised to take additional action to stabilize the currency if necessary. The drop in yields has helped gold that does not pay interest to edge up by 0.1%, reaching $4,080 per ounce. (Reporting and editing by Edwina G. Gibbs; Reporting by Wayne Cole)
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Australian stock prices reach record levels on the back of signs of eased Iran tensions.
Australian shares opened Wednesday at a new record high, boosted by miners as optimism grew about an imminent end to the five-month long Iran war. S&P/ASX 200 index grew?as much?as 0.7%?to a new record high of 9,213.0.?At 1216 GMT it was up 0.6%, adding to Tuesday's gains of 1.4%. The local benchmark has joined the global equity rally following comments from Qatari and U.S. officials that raised hopes of a diplomatic solution to the Iran War. This led to a decline in oil prices for a third consecutive day and pushed global bond yields down. Josh Gilbert, eToro's lead analyst for the APAC & Middle East, also cited the growing confidence of Australian consumers in their ability to withstand the economic downturn as a factor behind the improvement. The market is now convinced that Australian consumers are doing better than expected, even though rates are?at 4.5%." He warned that the "real test" will arrive "next week", when Westpac kicks off the earnings season of the "big four banks". Financials were unchanged after a 1.9% rise to a four-month high the previous session. Copper prices rose 2% on Tuesday to give miners a fourth consecutive day of gains. The revenue of Rio Tinto and BHP, two heavyweights that rely on copper for a large part of their revenues, increased by 1.9% and 2.4% respectively. Bullion prices rose by 1.4%, resulting in a gold producers' increase of 1.4%. Healthcare stocks increased 1%, while information technology stocks rose 1.6%. Energy?stocks fell?1.8%, tracking the decline in oil prices. Woodside Energy and Santos were down 2.7% and 1,7% respectively. Endeavour Group reported that its preliminary annual earnings had fallen, and also flagged a $262m hit from its portfolio overhaul. This sent its shares down by as much as 5%. The benchmark New Zealand?S&P/NZX50 index increased 0.6% to 13,986.03?points. The country's unemployment rate reached a decade high in the second quarter of this year, according to data. This could be a sign that interest rates will not rise as much this year.
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Fires triggered by Russian attacks in Kyiv, the capital of Ukraine, kill one and cause Russian attacks
Early on Wednesday morning, 'waves of missiles from Russia' attacked Kyiv, the capital of Ukraine, killing one person, injuring 12, and severely damaging several districts in the 3 million-person city. According to the city's military administration, seven sites were attacked in an assault that began just after midnight. Kyiv was under air raid warnings for more than an hour. Vitali Klitschko wrote on Telegram that a?warehouse had been destroyed in the centre of the city and rescue teams had rescued two people from the rubble. He wrote that "there may be people still under the rubble." Search and rescue operations continue. He confirmed that an ambulance driver had been injured. Klitschko claimed that the attack caused fires to spread in storage and warehouse areas. However, initial reports of a burning apartment building on 20 floors were 'inaccurate. He said a large fire had broken out in the city's outer suburbs and that debris from a missile that fell had landed near a residential building. Emergency crews are tackling an ammonia spill, according to the city's?military?administration. Witnesses?said that explosions were heard in the entire city. ?Klitschko stated that air defence units were in action to repel the attack. In recent weeks, Russia has stepped up its attacks against Kyiv.
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Oil prices drop after positive company forecasts and record stock indexes
Oil prices continued their recent sharp declines, while major stock indexes reached record highs on Tuesday. Dow Jones, S&P 500 and pan-European STOXX 600 have all set records. After last week's joint intervention by Tokyo and Washington, the Japanese yen fell but retained most of its gains. Qatari and U.S. officials made comments that weighed on oil, raising hopes for a diplomatic solution to the Iran War that could improve the oil flow through the Strait of Hormuz. U.S. State Secretary Marco Rubio stated on Tuesday that there had been progress in the talks with Iran and Oman regarding moving more ships through strait. However, a final deal has yet to be reached. Treasury Secretary Scott Bessent said earlier that a deal could be reached with Iran on Tuesday or Wednesday to reopen strait. Brent crude futures dropped $4.41 or 5.3% to settle at $79.36 per barrel, the lowest price since July 13th. U.S. West Texas Intermediate Futures fell $4.57 or 5.7% to settle at $75.77 per barrel, a new three-week low. Shares of Caterpillar rose as the company raised its revenue growth forecast. It benefited from the buildout of AI Data Centers. Palantir Technologies also saw a surge in its shares as the company?raised their annual revenue forecast. Oliver Pursche is a senior vice president at Wealthspire Advisors, located in Westport, Connecticut. He said that investors are reacting "to stronger earnings and higher expectations." There's an overall sense of optimism and it's reflected. LSEG data shows that more than 80% S&P 500 companies beat analysts' expectations in the last quarter. Both the Dow Jones Industrial Average and S&P 500 reached new closing highs. The Dow Jones Industrial Average gained 907.47 points or 1.71% to 54,085.88. And the S&P 500 added 136.02 or 1.79% to 7,736.52. The Nasdaq Composite climbed 671.10 or 2.59% to 26,584.99. After the closing bell shares of SpaceX fell about 7%. The company announced its first quarter results as a publicly traded company. It highlighted a 92% increase in revenue, driven by strong growth at its Starlink?satellite internet and AI businesses. The MSCI index of global stocks rose by 14.68 points or 1.30 percent to 1,145.69. It was on track to close at an intraday high. The pan-European STOXX 600 Index rose by 0.73%, to 656.86. This is a "record close". The index was boosted by gains in tech stocks and corporate earnings reports. After an intervention-driven?RALLY, the Yen has eased. After coordinated interventions by U.S. authorities and Japanese authorities last week to support the yen, the yen fell 0.38% at 157.79 dollars per yen in afternoon trading. The Japanese currency is still stronger than the greenback, compared to levels from a week earlier. This prompted the official support of the U.S. and marked the U.S.'s first intervention on the Japanese foreign exchange markets in 15 years. The dollar index fell 0.13% to 99.88. As oil prices fell, traders re-priced their bets for a Federal Reserve rate hike in September. The incoming data may provide Kevin Warsh with enough cover to not hike rates. The yield on the 2-year note, which usually moves in line with Fed expectations of interest rates, fell 6.22 basis point to 4.194%, and reached 4,1897%, its lowest level since July 20, The yield on the benchmark U.S. 10 year notes fell by 5.72 basis points, to 4.627%. Reporting by Caroline Valetkevitch and Stefano Rebaudo in New York. Jamie Freed and Mark Potter edited by Deepa Babington, Aurora Ellis, Deepa Babington, and Aurora Ellis.
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Codelco Chile halts El Teniente expansion due to new seismic risks
Codelco, the state-run copper mining company in Chile, has suspended one of its expansion projects for its flagship El Teniente Mine a year after a fatal 'collapse. Recent studies have shown a greater seismic risk than originally thought. Six workers were killed in an accident that occurred on July 31, 2025. This forced Codelco, the world's largest underground copper mine at the time, to stop production across various sections. Codelco said it chose to put expansion work within the Andes Norte?section of the'mine on hold in order to ensure worker safety. Citing analyses conducted over the last six months, which 'point out seismic risks related to depth of deposit, that are different from those previously identified and monitored. Codelco stated in a press release that the available evidence supports the possibility of an emerging risk related to the deeper depth of the Andes Norte Project. The company added that they would continue studying the issue. Codelco said that the analyses had revealed the existence of a new seismic phenomenon, with different characteristics from those risks which have been managed and known historically. Andes Norte is located near the Andesita section and Teniente 7 section that was most affected by this collapse. The impact of the collapse was equivalent to a magnitude 4.2 earthquake. Codelco is facing criminal, regulatory and technical investigations. It's still investigating what caused the disaster. In order to increase production, mining companies are turning more and more to deep underground operations. El Teniente is a more than 100-year-old tunnel system that spans over 4,500 km (2,800 mi) of?tunnels in the Andes Mountains. About 75 kilometers (47miles) south of Chile's capital Santiago, it is located. Reporting by Daina Solomon in Mexico City, Fabian Cambero from Santiago and Inigo Alexander.
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Gold prices rise on lower oil prices, US jobs data and Fed rate outlook to be released
Gold prices rose 1% on Monday, supported by a?decrease in oil 'prices, which tempered inflation concerns?and lowered bets that the U.S. would raise interest rates. Gold spot was 0.8% higher at $4.086.36 an ounce at 2:20 pm EDT (1820 GMT) while U.S. gold futures were 1.5% higher at $4,515.60. Oil prices dropped more than 5%, to a three-week low. This was after remarks by Qatari officials and U.S. officials that raised hopes of a diplomatic solution to the 'Iran war' which could improve oil flow through the Strait of Hormuz. Bart Melek of TD Securities said that lower oil prices are probably a major factor in the rise of gold. He added that the decline has also contributed to the outlook for interest rates, with short-term 'rates' falling a bit. The Fed's expectation that it will maintain higher interest rates to combat inflation is reinforced by the high?energy price. This puts pressure on non-yielding gold. John Williams, Fed's New York president, said earlier on Monday that he was optimistic about the gradual easing of inflation pressures, but warned that if this did not happen, then the U.S. Central Bank would not hesitate to raise rates. The market is now pricing in a 57% probability of a rate increase at the central bank's September meeting, after a divided Fed left rates unchanged during its last policy meeting. The market is now waiting for a series U.S. job reports, including ADP's employment report on Tuesday and the nonfarm payrolls on Friday. Silver spot gained 2.8%, to $59.82 an ounce. Platinum rose 7.1%, to $1.742.63, while palladium increased 7.1%, to $1.354.27. Ross Norman, an independent analyst, said that the Platinum Group Metals were 'getting full effect from a probable de-escalation of tensions in Iran. As industrial metals, they are dependent on a possible recovery in conventional demand. Reporting by Sukanya Mitra in Bengaluru, and Polina Devitt in London. Editing by Shailesh Kumar and Joyjeet Das.
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The White House is set to extend Jones Act exemption as Trump searches for cheaper fuel
Sources say that the White House will extend a waiver to the century-old Jones Act within the next few days. This is one of its few tools, which it can use if necessary, in order to?try and lower gasoline prices, as President Donald Trump intensifies his attacks against Exxon Mobil, Chevron, and other oil companies for "making too much money." The Jones Act mandates that cargo between U.S. port must be transported on vessels built in the U.S. and owned by U.S. firms, with crews made up of American workers. This waiver is intended to reduce gas prices by increasing the shipping flexibility and decreasing transport bottlenecks. Oil industry representatives had anticipated an extension to be granted by the end July. Three people who were familiar with the discussions said that administration officials continued to meet with maritime industry representatives as well as?lawmakers to discuss potential changes. The goal was to reduce the scope of waiver, while still preserving the flexibility to move essential fuel supplies. The Jones Act rules will be suspended for the longest time in program history on August 16. According to U.S. Government data, the exemption was used more than 200 times in four-and-a-half months up until the end of July. Trump has run out of options to reduce gasoline prices, which are currently averaging $4 per gallon in the U.S. ahead of November's midterm elections. The administration is already pushing for measures such as increased oil supply and regulatory flexibility. Meanwhile, Trump escalated rhetorical pressure on Exxon & Chevron on Monday by saying that they should refund money to customers at the pump. Bob McNally, President of Rapidan Energy Group said that the best option for a U.S. President would be to pressure Saudi Arabia to increase its oil production. However, this option is not possible because the disruptions in the Strait of Hormuz due to the Iran conflict have limited exports. McNally stated that other potential measures such as a windfall profit tax, gasoline price control or legal action against oil firms are either politically unrealistic, economically risky, or unlikely to reduce prices in a meaningful way. McNally stated that the Jones Act waiver would increase the availability of fuel tankers but reduce the price by pennies a gallon. WAGE WAIVER CRITICS PURSUIT LIMITATIONS Critics of this extension are pressing for geographical limits and stricter scrutiny on every shipment. The White House Energy Dominance Council and White House Trade Advisor Peter Navarro were among those involved in the discussions about the waiver extension. Sources said that details and final decisions are still subject to change. House Speaker Mike Johnson, and House Majority leader Steve Scalise have called on the administration to limit this exemption. They warned that a broad use of waivers would weaken the US fleet and undermine national security goals set forth by the Jones Act. An official at the White House said that the administration continues to monitor the use of the waiver and is in constant discussion. The official stated that any further announcements will come directly from either the President or the administration. Maritime groups are escalating the campaign against extending Jones Act 'waiver. The American Maritime Partnership has resumed advertising on CNBC, Fox?News, and AMP as well as the American Waterways Operators have run digital ads. Jennifer Carpenter, President of AMP, argues that the waiver benefits foreign operators and energy firms more than consumers. Carpenter stated that the waiver had shifted domestic commerce from U.S. companies to foreign entities, including those linked to China and Russia. It also undermined the U.S. marine industrial base. (Reporting and editing by Nathan Crooks, Deepa Babington and Sheila Dang. Additional reporting by Jarrett Renshaw; and Arathy Sommesekhar.
Investors focus on Hormuz traffic as oil prices recover after a two-day drop
Investors waited to see whether the U.S. - Iran war was ending and if the Strait of Hormuz would be reopened.
Brent crude futures rose?26 cents or 0.33% to $79.62 per barrel at 0110 GMT. U.S. West Texas Intermediate Futures rose by 0.16% or 12 cents to $75.90 per barrel.
Qatar announced on Tuesday that mediators are making progress to end the conflict, which is driving down oil prices. However, Tehran has denied U.S. president Donald Trump's claim that talks have already begun. Brent closed below $80 per barrel on Tuesday for the first time since last July 13.
The main sticking point seems to be whether Iran 'will continue to insist that it has some control over the waterway and whether the U.S. is going to stand firm -and refuse this outcome," analysts at IG wrote in a report.
Brent ended?more that 5% lower than Monday after the comments by Qatar. This extended Monday's steep loss on hopes of an agreement being reached soon. Before the start of the war, 20% of world oil and LNG transited the Strait. Prices rose by 50% in March.
Trump and Qatar's Emir, Sheikh?Tamim Bin Hamad Al Thani, discussed Tuesday efforts to narrow the differences between Washington and Tehran as well as improve prospects for a long-lasting settlement in a phone call.
Trump stated on Monday that talks had begun with Tehran and Iran was facing a "last opportunity" to strike a deal. Iranian officials said that no negotiations were taking place with the U.S.
Market sources reported on Tuesday that U.S. crude, gasoline, and distillate inventories increased while falling last week. They cited data from the American Petroleum Institute.
On condition of anonymity, sources said that crude stocks increased by?about 2.7 million barrels during the week ending July 31.
The EIA (the statistical arm of the U.S. Department of Energy) will release official numbers at 10:30 am ET. ET (1430 GMT), on Wednesday. Helen Clark (reporting; editing by Muralikumar Aantharaman).
(source: Reuters)