Switzerland

OPEC is unlikely to loosen up voluntary production cuts in the short term, executives of global product trading giants Vitol, Trafigura and Gunvor said at the Energy Intelligence Online Forum in London on Tuesday. OPEC+ is going over an additional hold-up to a prepared oil output hike that was due to start in January, 2 sources from the group stated on Tuesday. Trafigura's global head of oil Ben Luckock presumes OPEC will once again postpone its production boost, though most likely not that far into the future, as OPEC is unlikely to be pleased with present prices. I think that...

A take a look at the day ahead in U.S. and worldwide markets from Mike Dolan Darkening skies over Europe's economy, trade and politics sent out the euro plunging to its most affordable in two years - simply 3%. from dollar parity - as post-election U.S. crypto optimism sees. Bitcoin flirt with $100,000 for the very first time. Round figures often imitate magnets for financial markets. But what resembles a best storm over the euro zone -. and its greatest economy Germany in specific - has seen the. sharpest regular monthly move in the world's essential Transatlantic. exchange rate in...

A look at the day ahead in U.S. and global markets from Dhara Ranasinghe Nearly a week on from the U.S. election and investors are wasting no time at all betting on who they believe will be the most significant winners (and losers of course) of a new Donald Trump administration. Say no more than the word bitcoin. The cryptocurrency, described by some as digital gold has surged more than 25%. given that Trump's win and stood on the verge of $90,000 on Tuesday . Its year-to-date gain stands at more than 100%. At the heart of the current rise...

A take a look at the day ahead in U.S. and global markets from Mike Dolan The dollar continues to feed upon a mix of post-election tariff and tax cut speculation, China's battle with deflation and Germany's simmering political crisis - with the euro pipes its lowest levels in practically five months. Even with bond markets efficiently shut on Monday for the Veteran's Day holiday, the dollar built on last week's. election-related rise - spurred by Friday's reports, later. denied by other sources, that protectionist Robert Lighthizer. had actually already been asked to be President-elect Donald Trump's new. trade chief....

A look at the day ahead in U.S. and global markets from Mike Dolan With next week's U.S. election now controling thinking, the last 2 megacap revenues reports of the week appear to have relaxed the stock exchange rather and a possibly loud October payrolls report is up next. Amazon and Apple got various market receptions to their updates over night - the remaining 2 of five Splendid Seven firms reporting today. Amazon stock jumped 6% on forecast-beating profit and sales, with the company suggesting healthy lead to the vacation quarter thanks to its faster shipping times and a move...

A take a look at the day ahead in U.S. and worldwide markets from Mike Dolan World markets had a hard time to find a footing on Wednesday after Europe's ASML sideswiped the international chip sector late yesterday with a surprisingly weak orders outlook and investors hoped the flub was a one-off as third-quarter revenues updates stream in. There was better news for bond markets - with yields decreasing on a mix of falling oil prices and considerable European disinflation that highlights expectations of another European Reserve bank rate of interest cut on Thursday. And that picture was replicated in...

A take a look at the day ahead in U.S. and global markets from Mike Dolan With U.S. Treasury markets closed on Monday, Wall Street stocks are set to cruise on higher into the unfolding business earnings season - but may initially need to take early instructions from China's weekend stimulus update. The Colombus Day holiday closes Federal offices and the bond market but the New York Stock Exchange and Nasdaq stay open and stock futures are higher first thing, structure on the S&P 500's latest charge to new record highs. Financials blazed a trail on Friday as the early...

Banking supervisors should guarantee that private entities of worldwide banks have sufficient liquidity instead of just keeping track of dangers at grouplevel, the Bank for International Settlements, said on Friday in research on last year's banking turmoil. In a report to G20 finance ministers and reserve bank governors, the BIS, the umbrella body for reserve banks worldwide, stated that existing monitoring tools were broadly fit for purpose and that liquidity policies alone can not avoid all bank runs in age of digital banking and easy access to information. The emergency takeover of Credit Suisse by UBS has actually required a....

A look at the day ahead in U.S. and international markets from Mike Dolan Wall Street has weathered an edgy start to the final quarter fairly well today, with the September employment report now an obvious last difficulty on Friday and firmer oil rates an irritant even as a three-day U.S. ports strike ends. As has held true for weeks, markets are searching for the balance in between signs of relentless growth however at a rate soft adequate to sustain disinflation and Federal Reserve interest rate cut hopes. Labor market soundings up until now this week certainly support the previous,...

A take a look at the day ahead in U.S. and global markets from Mike Dolan U.S. stocks surf new records as the last full week of the quarter ends, with China's furious monetary easing accelerating the rebound there and Wall Street considering the release of the Fed's favored inflation gauge. After a barrage of rate of interest cuts, property props and stock market supports today, China's reserve bank cut its one-week reverse repo rate by another 20 basis points on Friday - trying to make clear what it most likely views as a worrying financial downturn that might see...

A take a look at the day ahead in U.S. and international markets from Mike Dolan After a roaring Thursday that saw Wall Street stocks lap up deep Federal Reserve alleviating into a still-healthy economy, there's a modest step back today and an eye on other main banks choosing to stand pat in the meantime. Entering various directions to each other policy-wise, reserve banks in Japan and China select to hold the line on their rates of interest on Friday - the latter slightly surprisingly given the alarming deceleration of its economy. The People's Bank of China suddenly left lending...

A look at the day ahead in U.S. and international markets from Mike Dolan After an extraordinary 30-month monetary squeeze developed to zap a post-pandemic inflation spike, the Federal Reserve is finally set to cut rate of interest this week - and it's now just a matter of just how much. With another set of weak commercial and retail readings from China on Saturday and the FBI on Sunday pursuing a 2nd stopped working assassination effort on Republican governmental candidate Donald Trump, the news background to this long-awaited Fed alleviating week is agitated to say the least. However financiers are...

Swiss cement maker Holcim will leave its Nigerian organization through the sale of its nearly 84% stake in Lafarge Africa to China's Huaxin Cement in a $1 billion offer, it stated on Sunday. The deal lines up with Holcim's technique to enhance its portfolio and focus on high-growth regions, including the coming spin-off of its North American company, which remains on track for a U.S. listing in the very first half of 2025. The transaction is expected to close in 2025, subject to regulative approval, Holcim's declaration said, without elaborating on the factor for this specific sale. In November last...

Europe's STOXX 600 opened on a soft note on the final day of an unstable week, with financiers assessing France's political uncertainty and awaiting euro zone inflation data to see if a larger European Reserve bank rate cut is on the cards for December. The pan-European main stock index was flat at 0815 GMT, bracing for its 5th weekly decline in six. The index was still on track for a modest month-to-month gain in three, even though the possibility of Europe being a U.S. tariff target and France's political problems have actually dampened investor belief towards the bloc, to name...

Europe's main stock index closed flat after an unstable session on Wednesday as investors remained on edge over geopolitical tensions between Ukraine and Russia which continued to cast a shadow over the markets. The pan-European STOXX 600 held its ground at 500.53 points. It declined for a fourth straight session - logging its longest losing streak in over 2 months. It touched a three-month short on Tuesday in the middle of an investor rush to safe-haven assets. Ukraine fired a volley of British Storm Shadow cruise rockets into Russia on Wednesday, a day after it fired U.S. ATACMS rockets upon...

Volkswagen selected former Rivian executive Kjell Gruner as head of its American company on Tuesday, as the automaker deals with a. choppy electrical shift and continuous negotiations with the. United Car Workers union in the region. Gruner, previously EV startup Rivian's primary commercial. officer and head of service development, is successful Pablo Di Si, who. has remained in the function because 2022. Automakers in the U.S. and worldwide are. getting ready for regulative uncertainty under President-elect. Donald Trump, who has guaranteed to pull back rewards on EV. production and acquiring. The president-elect's transition group is preparing to eliminate. the $7,500...

A diamondstudded necklace thought to be associated with a scandal that led to the eventual failure of the last queen of France, Marie Antoinette, is being sold in Geneva next week. The Georgian-era piece containing 300 carats of diamonds being offered by a Asian private collector in Geneva on Nov. 13 is valued at around 2 million Swiss francs ($ 2.29 million),. Sotheby's stated, although it may fetch a lot more. The piece was at the centre of a scandal in the 1780s known. as the 'Diamond Pendant Affair' in which a hard-up noblewoman. named Jeanne de la Motte pretended...

UBS stated on Thursday that significantly tighter supplies of copper in the coming six to 12 months might cause a deficit of more than 200,000 loads in 2025, as demand grows for the metal key to energy transition. Copper costs on the London Metal Exchange (LME) are forecast to typical $10,500 and $11,000 per metric lot in 2025 and 2026, respectively, UBS said. LME three-month copper struck an intra-day high at $ 9,578 a ton, though it was on track for a regular monthly fall. We are still positive about copper costs in the coming 2 years ... although rates...

Holcim reported better than expected operating profit throughout its third quarter, the construction products maker said on Friday, despite a. recession in sales. The company, which is planning to spin off its North. American service next year, published recurring operating profit. of 1.67 billion Swiss francs ($ 1.93 billion) for the 3. months to the end of September. The figure was somewhat ahead of expert forecasts for 1.65. billion francs in a company supplied agreement. The revenue was assisted by the business increasing its revenue. margin to 23.5% from 21.8% a year previously, as Holcim offered more. of its more...

storyp1> PARIS, Oct 17 (Reuters) Cement maker Holcim's Lafarge will deal with trial in a French court on charges that its Syrian subsidiary financed terrorism and breached European sanctions in order to keep a plant operating, France's antiterrorism district attorney and a lead complainant said. Lafarge, which became part of Swiss-listed Holcim in 2015, has actually been the topic of an investigation into its operations in Syria given that 2016, one of the most comprehensive business criminal proceedings in current French legal history. Investigative judges in Paris gave the order Lafarge face trial on Wednesday. In a declaration to Reuters...

Products trading business Trafigura has extended the notice period for traders leaving the company to a minimum of 6 months or approximately one year, three sources with knowledge of the matter said, after current worker departures. It is not known precisely when changes were made to extend the notice period, but the sources said they use to new and existing workers and depend on seniority levels. A longer notice duration might dissuade traders from using to operate at Trafigura, among the sources said. Trafigura declined to comment. Energy traders consisting of Mercuria, Gunvor and Vitol are going back to trading...

Petrochemical producers in Europe and Asia are in survival mode as years of capability accumulation in leading market China and high energy costs in Europe have depressed margins for three successive years, forcing firms to combine. Here's a take a look at consolidation moves by major producers sumitacross the globe. EXXON MOBIL ExxonMobil Chemical France revealed in April it would shut down the steam cracker and close chemical production at Gravenchon this year, adding that the website has lost more than 500 million euros because 2018 and remains uncompetitive. FORMOSA PETROCHEMICAL The Taiwanese petrochemical giant has actually been operating only...

Glencore has developed 25,000 metric lots of unsold zinc due to the fact that of the growth and rampup of its Zhairem operation, part of its Kazzinc company in Kazakhstan, the business stated on Wednesday throughout a briefing call. We've had an accumulation in some stock, particularly in Kazakhstan in our zinc organization, so we've produced about 25,000 tonnes more than we offered ... Stocks will remain around the 25,000 level, said Glencore's primary monetary officer, Steven Kalmin. ( Zhairem) remains in quite a remote location and it's quite a. range from the processing centers, he said. A few of...

Glencore will not spin off its coal organization after securing backing from the majority of its financiers who see profitable profits from the fossil fuel after the products giant's. recent acquisition of Teck Resources' coking coal. possessions, it stated on Wednesday. Lack of financial investment in brand-new coal possessions and a realisation that. the fuel will stay part of the global energy mix for many years to. come is most likely to underpin tight supplies and high costs which. investors anticipate will continue to enhance Glencore's revenues. The London-listed miner had actually been canvassing investors on. whether to keep the...