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Swiss inflation rises to highest rate since last year due to fuel price increases
Swiss inflation reached its highest level since a year in March, according to government data released 'on Thursday. The?country was able to absorb higher fuel costs due the conflict in the Middle East. The consumer price index rose 0.3% in March compared to March 2025. This is the highest rate since March 2025 but lower than the 0.5% expected by economists. The reading for March 2026 was a rise from the 0.1% increase in Swiss prices during February. This was primarily due to higher prices of petroleum products which were 5.3% cheaper than a year ago. The Federal Statistical Office (FSO), which compiles these data, also reported that the prices of air travel and package holidays increased. The Swiss National Bank refused to comment on these data. The SNB is unlikely to raise interest rates to combat price increases, as Swiss inflation is well below the expected rate of?2.5% in the Eurozone. The markets currently predict that the central bank will increase borrowing costs from the current 0% to 21% at its next June meeting. (Reporting and Editing by Friederike H. Heine).
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SSE, UK's largest power company, raises its earnings forecast due to a boost in renewable energy output
British utility SSE raised its earnings forecast for the year by announcing a 'lifting of 'the lower end if its range. As energy and fuel costs rise due to the conflict in the Middle East and global renewable power production and demand increases, the UK government is weighing measures to protect households from increased costs. SSE's renewable division will see output rise by 10%, to?14.5 Terawatt Hours, in fiscal year 2025/26. This is due to increased capacity in its?construction program, whereas its regulated network businesses are expected to deliver a capital investment increase of?60% year-on year. In November, the electricity provider announced a five-year investment program worth 33 billion pounds ($43.59billion) to increase its renewables portfolio. This plan highlighted the need to upgrade Britain's aging grid in light of the growing demand for power from the electric vehicle sector and the artificial intelligence sector. SSE expects to earn between 147 and 152p per share for the fiscal year ending March 31st, with capital investment of around 3.5billion pounds. The company previously predicted 'adjusted earning per share' to be between 144 and 152 pence. SSE continues to monitor the developments in 'the Middle East' but says it has not seen any immediate impact on its performance due to its resilient business mix.
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French and Benelux stocks: Factors to watch on April 2
Here are some company news and stories that could have an impact on markets in France and Benelux or individual stocks. RENAULT Jean-Dominique Senard, Chairman of the French automaker Renault Group, will not seek to continue his term in spring 2027. This was confirmed by a source familiar with the matter on Wednesday. AIRBUS SE Airbus, the aerospace manufacturer, has announced a new subsidiary that combines Skywise digital and Navblue into a single entity. KERING SA Kering, the owner of Gucci, announced on Wednesday that it had struck a deal with Qatar's Al-Mirqab Group in which they would?sell? an 80% stake in their property in Milan on Via Monte Napoleone for a price of?1.16bn euros ($1.34bn). BUREAU VERITAS: Bureau Veritas, a testing and certification company, has launched a AI assessment service for European enterprises, in partnership with Amazon Web Services, to assess compliance with AI Act. The offering will be available in the second quarter of this year in France, Britain and Spain, Italy, and the Netherlands, as well as in Nordic countries. ARGAN?SA Argan, a real estate company, reported rental income for the first quarter of 54.4 millions euros, an increase of 3%. It also confirmed that its target rental income in 2026 is at least 220million euros. PERNOD RICHARD SA Pernod Ricard, a wine and spirits company, has completed the sale Mumm Napa and announced the purchase of Kenwood. This is part of the ongoing streamlining of the wine operations of the company in California. ACCOR SA Hotel group Accor has signed a Memorandum of Understanding to sell its 30.56 % stake in Essendi for?upto?975 millions euros to a consortium consisting of Blackstone and Colony IM. The transaction is expected to take place in the third quarter. APERAM SA Aperam, a stainless steel manufacturer, strengthens its position as a supplier of alloys with the acquisition by Magnetec Group. Pan-European market data: European Equities ?speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top ?25 European pct gainers....................... Top 25 European ?pct losers........................ Main stock markets: Dow Jones ............... Wall Street report ..... Nikkei 225............. Tokyo report............ London report ........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... Survey of global bourse outlook ......... European Asset Allocation........................ News in a glance Top News ............. Equities.............. Main Oil Report ........... Main currency report..... ($1 = 0.8672 euros)
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China's aluminum exports are set to increase as the Iran war affects global supply
The Iranian war has tightened global supply, boosting margins and some forecasts of flat shipments have been revised higher. Before the war, the Gulf supplied roughly 9% of all global supplies. However, the Strait of Hormuz has closed most of this supply. Iran's recent attack on two of the largest aluminium smelters in the region has increased the risk of a shortage even if waterway is reopened. It's going to be difficult for damaged aluminium production lines to recover quickly, which will lead to some orders flowing to China. Kiki Xi is an analyst with Aize China and said that she was optimistic about the exports for this year. The war is responsible for a spike in the price of aluminium on the London Metal Exchange. The prices are up by 12% since the end of February, compared to a rise in Shanghai Futures Exchange of only 4%. The Japanese aluminium premium in the second quarter reached an 11-year-high, and the European aluminium duty-paid premium for delivery in April also hit a four-year-high. INTERESSES JUMP, FORECASTS CHANGED Analysts and traders said that inquiries from abroad have risen for China's aluminium exporters, the largest in the world. Profits are already on the rise. According to two Chinese traders who spoke under condition of anonymity, the export profit for aluminium sheets, which are used in everything from food cans and aerospace to aircraft, increased by?43% on a monthly basis to $590 per ton as recently as March 26. Fastmarkets projects a volume increase of 12%-18% for Chinese aluminum exports, compared to the previous outlook that was flat or slightly negative. Broker Wuchan Zhongda?Futures raised its forecast for aluminum exports from 5% to 10%. Aladdiny, the consultancy, now forecasts that exports of aluminium products fabricated will increase by 5%-10% between?2026 and its previous forecast of flat growth prior to World War II. DEMAND WEAKEN AT HOME The industry will benefit from higher prices abroad, as the domestic demand has been low, especially in the real estate sector. Beijing's removal of the export tax rebate by the end of 2024 also has hurt. Inventory in Shanghai is free to export due to a lack of domestic demand On March 27, it reached its highest level since April 2020, at 454,571 tonnes. LME and U.S. Comex aluminum stocks are comparable. Have sharply contracted.
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MORNING BID EUROPE-Prime-time disappointment
Ankur Banerjee gives a look at what the day will bring for the European and Global markets. In a 19-minute prime-time speech, U.S. president Donald 'Trump' squashed the hopes of investors that the Middle East 'war would be over soon. He said Washington would hit Iran extremely hard over the next two to three week. Investors quickly returned to their March actions: selling stocks, buying U.S. dollar and driving oil prices higher. Trump called on countries that depend on Gulf oil to take the lead and assume the burden of opening the waterway that Iran has choked on, which some market observers have described as the worst global energy crisis in history. After a brutal month in which soaring oil costs sent risk assets into a tailspin, the prospect of an ending to the war has lifted global shares and knocked down the dollar's recent highs. After the speech, traders quickly reversed their positions. They were bracing themselves for a prolonged shock in energy prices that could lead to stagflation. Brent crude futures have risen above $100 per barrel once again, while U.S. stocks futures and European futures both point to a sour opening with both falling more than 1%. In Asia, which has been hit the hardest by the oil crisis, as the majority of economies in this region heavily depend on energy from the Middle East. Almost all Asian bourses have fallen sharply. U.S. Treasuries also fell. Investors can de-risk a lot, as most Western markets will be closed tomorrow for Good Friday. They don't want to get caught by weekend volatility. The following are key developments that may influence the markets on Thursday. * U.S. jobless data Weekly EIA estimate of U.S. Natural Gas in Underground Storage
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Results of major smelters show no sign of China's plans to reduce copper production
The 'earnings outlooks' of major Chinese copper smelters show that they plan to 'raise or maintain production in 2026 despite the public commitment made by a state-linked industry association last year to cut production by more than 10%. Last year, the?China Smelter Purchase Team(CSPT), a team of 16 of China's top copper smelters agreed to reduce production in order to combat overcapacity and lower processing fees for copper concentrats. Three major?smelters who are all CSPT-members have not reduced their output guidance in the last few weeks. Jiangxi Copper, China's largest copper smelter has raised its production guidance for 2026 copper cathodes from 2,38 million to 2,39 million metric tons. Yunnan Copper also increased its guidance for 2026 to?1.71million tons, up from the 1.64million tons produced last year. Daye Nonferrous published their 2025 results on Wednesday. They showed a slight decline in 2026, to 713,000 tonnes, from the output of 716, 000 tons last year. Three smelters in the country produced 14.72 million tonnes of refined copper. Due to the tight supply of feedstock in 2025, treatment and refining fees (TC/RCs) that are paid by miners for processing copper concentrates to smelters collapsed, forcing smelters pay miners. This week, the CSPT 'didn't?set quarterly TC/RC guidelines for the fifth consecutive time. This figure has traditionally been used as a benchmark in China for the price of spot copper concentrate. Due to negative fees, Chinese smelters are now reliant on the profits of by-products. Sulphuric Acid is a good example. For example, sales of sulphuric acids accounted for 14,65% of the total gross profit at Jiangxi Copper in 2025, more than the combined gross profit from finished copper products, copper rods and wires, and copper rods and wires. Reporting by Lewis Jackson and Dylan Duan, Shanghai; editing by Sonali Paul
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Takeaways from Trump’s speech on Iran
In a Wednesday evening prime time address, President Donald Trump defended his handling the U.S. and Israeli war against Iran that has been ongoing for a month. He said the U.S. Military was close to completing its mission. Trump also reiterated his threats to bomb 'the Islamic Republic to the Stone Age. He gave his 19-minute address against the backdrop of rising global oil prices, and his low approval rating. What are some key points to remember? Looking for an exit, but not quite yet Trump, faced with a war-weary American public, and slipping poll numbers, claimed that the U.S. destroyed Iran's air force and navy, crippled their ballistic missile program, and would continue hitting them "extremely" in the next two to three weeks. He did not provide a timeline for the end of hostilities, despite saying that the U.S. Military was "on track" to achieve its objectives. He also suggested that the war might escalate if Iranian officials did not agree to U.S. conditions during negotiations. Strikes on Iran's oil and energy infrastructure could be possible. Trump's speech, in which he reiterated threats and sent mixed messages, may not do much to calm the financial markets or ease the fears of the American public who have shown little support for America's largest military operation since 2003's invasion of Iraq. The conflicting signals Trump has sent throughout the conflict only add to the confusion. One moment he calls for a diplomatic solution and the next, he threatens to rain more destruction on Iran as the U.S. military continues to build up in the region. The Strait of Hormuz Trump's remarks on Wednesday weren't clear on whether U.S. Military operations could end before Iran reopened Strait of Hormuz. This vital waterway is where it has a chokehold, causing the worst energy shock ever experienced in the world. He called on countries that depend on Gulf oil, and not the U.S. to "take the initiative" and shoulder the burden of reopening this waterway. Western allies have, however, resisted his call to join a war he and Israeli Premier Benjamin Netanyahu began without consulting them. Trump did not mention in his speech that he was considering withdrawing from NATO because of what he believes is its failure to provide support for the U.S. during the Iran conflict. Analysts say that Iran could gain significant influence over the Strait, which is the route for a quarter of all oil and gas exports in the world. Washington's Gulf Allies could also be resentful of a quick U.S. withdrawal, as they would have to deal with a hostile, wounded neighbor. MISSION COMPLETE? Trump praised the U.S. Military's success in the conflict, but there are still questions about whether or not he achieved his main goal at the beginning of the war - closing off Iran's pathway to a nuclear weapon. Iran has a'stockpile' of highly enriched uranium which could be converted to bomb-grade, but this is thought to have been buried by U.S. and Israeli bombings in June. Trump reversed his position on Wednesday, saying he didn't care about the material anymore because it was "so deep underground" and U.S. Satellites could monitor the area. Iran has never claimed to be seeking a nuclear weapon. He threatened new airstrikes if Iran tried to move the stockpile but did not mention sending special forces to seize the stockpile. U.S. officials said that this was an option under consideration. Any deployment of ground forces would anger the majority of Americans. Trump claims to have destroyed Iran's conventional weapons, but the country has shown that it can still use its missiles and drones against Israel and U.S. Gulf Allies as well as American military bases on their soil. Trump's calls for the removal of Iran's theocratic leaders have not been fulfilled. U.S. and Israeli air strikes have killed many top leaders including Supreme Leader Ayatollah Ayatollah Khamenei. However, they were replaced by more hard-line successors including Khamenei’s son. U.S. Intelligence has determined that the Iranian government is largely intact. DOMESTIC POLITICS Trump's first prime-time speech since the start of the war on February 28 was initially seen as an attempt to ease Americans' concerns over the interventionist tendencies of a President who ran for his second term based on a pledge to keep the U.S. away from "stupid", military interventions. Trump's advisers pressed him to demonstrate to the public that kitchen-table matters are a priority. But he only gave a nod and appeared to dismiss Americans' economic worries as temporary, and certain to disappear once the war was over. He said that many Americans were concerned about the recent increase in gasoline prices at home. This short-term rise is the direct result of deranged terrorist attacks by the Iranian regime against commercial oil tanks of neighboring countries, which have nothing to do with the conflict. Trump's MAGA has mostly stayed with him. However, his grip on the political base may weaken as long as economic impacts, such high gas prices and his Republican Party, scramble to maintain control of Congress in November's Midterm Elections. A /Ipsos survey completed on Monday revealed that Trump's approval rating overall has dropped to 36%. This is the lowest level since his return to White House. Trump did not provide a definitive timeline for the end of the war in his television appearance. The dollar strengthened, and oil prices rose. Market reaction is a reflection of Trump's dissonant message: he wants to reassure Americans the war will be over soon, but at the same time threatens Iran with new strikes and suggests he might leave without opening the Strait of Hormuz. FLAT PERFORMANCE? The Wednesday address gave Trump a rare opportunity to reconnect with his voters and gain primetime viewers. He entered the White House through double doors. He spoke for 19 minutes in a subdued voice in a dimly-lit room, and stuck to the same old talking points, rather than clarifying the reasons why he wanted to take the U.S. into war. The former reality star was not in his usual public role. He was probably in front of the largest audience since the State of the Union Address, which was held on February. (Reporting by Matt Spetalnick, Humeyra Pauk and Trevor Hunnicutt. Additional reporting by Trevor Hunnicutt. Editing by Don Durfee & Thomas Derpinghaus).
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Australia offers businesses 693 million dollars in low-cost loans to ease fuel price pressure
The Australian government will provide up to A$1billion ($693m) in interest-free loans to businesses that are critical to the economy, such as transport operators and fertiliser manufacturers, according to Prime Minister Anthony Albanese. The package of support comes at a time when the Iran War disrupts global energy supply, driving prices up and fueling concerns about availability for a country which imports over 80% its fuel. The fear of shortages in some areas has led to panic buying despite assurances from the government that there is enough fuel on the market. No government can guarantee to eliminate the stress this crisis will bring. We can be a buffer to the worst. Albanese, speaking to the National Press Club in Washington DC, said that we are a shock absorber in this time of global'shocks. Businesses that are considered critical to maintaining supply chains will receive cheap loans to help them deal with the financial pressure. Albanese stated that the decision to provide loans highlights his centre-left Labor Government's focus on ease cost-of-living, a prioritization that will shape the federal budget next month. It will be the most ambitious budget of our government to date. It must be. It is imperative. The government will also accelerate the rollout its A$5 billion Net Zero?fund in order to accelerate investments in clean energy supply chain and expand production such as?low-carbon fuels?such ethanol and biodiesel. Albanese warned that in a rare address to the nation on Wednesday, the economic fallout of the Middle East war would continue for months and impact both families?and business. He also cautioned that "the months ahead may not be easy". To reduce supply pressures and keep prices down, Labor has already released petrol and Diesel?from the domestic reserves and halved fuel taxes. They have also?temporarily relaxed standards for fuel. Australian states have agreed to waive the increase in goods and service tax on fuel purchases. This will provide additional relief for motorists. (1 Australian dollar = 1.4438 dollars) (Reporting and editing by Renju José in Sydney)
Soltec Under Negociations To Sign New Credit Center And Bank Warranty Line Before May 31
Soltec Power Holdings SA:
* STATED ON MONDAY HAS REVOLVING CREDIT CENTER WITH CURRENT LIMITATION OF 90 MILLION EUROS WHICH AT THE END 2023 WAS DRAWN DOWN ALMOST TOTALLY AND HAS BANK GUARANTEE LINE OF 110 MILLION EUROS PROVIDED BY DISTRIBUTE OF BANKS BECAUSE 2018
* SOLTEC AND SYNDICATE OF FINANCIAL INSTITUTIONS AGREED TO EXTEND SYNDICATED CENTER UNTIL MAY 31, WITHOUT MODIFYING REST OF ITS TERMS, WITH INTENTION OF OFFERING A REASONABLE TIME FOR PARTIES TO REACH COMPLETE AGREEMENT
* SOLTEC IS UNDER NEGOTIATIONS WITH BANKS TO SIGN A NEW CONTRACT BEFORE MAY 31, BY WHICH, IN ADDITION TO EXTENDING THEIR MATURITY, AMOUNTS OF BOTH FINANCING INSTRUMENTS ARE EXPECTED TO BE INCREASED
* COMPANY EXPECTS TO REACH SATISFACTORY AGREEMENT WITH SYNDICATE OF BANKS
* SUBSEQUENTLY, IN 2023 ANNUAL OUTCOMES, BOARD HAS APPLIED PRINCIPLE OF FUNCTIONING BUSINESS SINCE, IN VIEWPOINT OF ADMINISTRATORS, THERE ARE NO SUBSTANTIAL DOUBTS ABOUT CONTINUITY OF SOLTEC ACTIVITY FOR, A MINIMUM OF, NEXT 12 MONTHS
* THIS JUDGMENT PRESUMES THAT SUCH AGREEMENT WILL BE REACHED WITH SYNDICATE OF FINANCIAL INSTITUTIONS BEFORE MAY 31
* SETTLEMENTS REMAIN IN LINE WITH NATURAL AND APPROPRIATE COURSE OF ACTION FOR THIS TYPE OF TRANSACTION AND WILL IMPLY REFERENCE IN AUDIT REPORT BY COMPANY'S AUDITOR
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(source: Reuters)