United States

ASM International, a computer chip equipment manufacturer, forecast on Tuesday?stronger revenue guidance for the second quarter?than expected by markets?after?a first-quarter result that exceeded expectations. LSEG data estimated that second-quarter revenues would be around 883.9 millions euros, but Europe's second largest maker of chipmaking tool forecasts 980 million euro ($1.15 billion) instead. The first-quarter revenue was 862.5 millions euros, versus the analysts' expectations of 828.5 millions euros. The forecast was published after the European market closed. Analysts felt it was strong enough to distract from the decision to cease publishing the eagerly anticipated new order figures because they are too volatile....

The following are some key quotes from traders and analysts at the FT Global Commodities Summit. MARCO DUNAND MERCURIA CEO You'd expect that China would try to secure more oil from other sources, given its dependence on the Strait of Hormuz. In the last two or three weeks, they have been selling crude oil aggressively. "China increased its oil inventories over the last few months, to 1.2 billion barrels. They have allowed refiners to use these commercial stocks." They may have been optimistic about their ability to reopen Hormuz, and they didn't feel the need to purchase crude oil now...

Sources familiar with the situation say that Vice President JD Vance remains in the United States and has not yet left for Pakistan. The prospects of a second round with Iran are still unclear. Donald 'Trump said that he would be sending a delegation of 'U.S. A delegation will be sent to Pakistan to continue the talks before a ceasefire expires in upcoming days. A senior Iranian official said on Monday that Iran was 'considering' attending the peace negotiations, but there had not been a decision made. Second source said that the U.S. delegation has not yet left, but is...

When asked about the waiver of U.S. sanctions on some Russia oil exports on Monday, the Kremlin said that Russia is a responsible player on global markets for energy and it's hard to ignore its export volumes. Donald Trump's administration renewed on Friday a waiver that allows countries to purchase sanctioned Russian crude oil at sea for about a week, despite lawmakers accusing the government of being too lenient with Moscow while?its war against Ukraine continues. Russia is the world’s?third largest oil producer and?the second biggest crude exporter. "Russia is a very responsible and important player on the global energy...

Chris Wright, the U.S. Energy secretary, said that he believes gas prices are at their peak but predicts they may remain above $3 a gallon for next year. The U.S. and Israeli war against Iran, and the?Iranian attacks on neighboring countries have caused gas prices to rise, creating political pressure for Donald Trump in advance of the midterm elections where his Republican Party is expected to defend a slim majority in the Senate, and the House of Representatives. Gas prices below $3 per gallon could happen this year. It might not be until next year. He told CNN's "State of...

Chris Bowen, Australia's Energy Minister, said that the country would ease up on its standards for fuel quality until September. This is because of a deterioration in fuel supplies due to the war with Iran. Bowen made a televised statement: "I have decided to extend the period for higher sulphur in petrol in Australia." The relaxation announced in March increases the amount of allowed sulphur in fuel from the usual 10 parts to 50 parts. As the war, now in its eighth week, disrupted supply chain, Australia has seen localised shortages. Bowen?said that the production of diesel, jet-fuel and petrol...

Moody's, a credit rating agency, re-evaluated Iraq's outlook on Friday from "stable" to "negative", citing the risks to the country's "credit profile" due to 'the ongoing Middle East conflict' impacting security and energy flow. Moody's stated that "Iraq's heavy dependence on the oil industry implies that disruptions to exports through Strait of Hormuz, which account for around 90% of Iraq's oil exports, will materially reduce dollar inflows as well as fiscal revenues." Iraqi energy officials stated last month that the main southern oilfields of the OPEC'members have seen their output fall by 80% as a result of the U.S. -...

The U.S. The?U.S. Department of Energy announced on Friday that it had lent 26.03 million barrels of oil from the Strategic Petroleum Reserve (SPR) to nine oil firms. This is the third allocation under?the Trump Administration's efforts to curb fuel costs, which?have risen since the U.S. and Israeli war on Iran. In March, the 'Trump Administration' agreed to release 172 millions barrels of crude oil from the Strategic Petroleum Reserve in coordination with the International Energy Agency to draw down 400,000,000 barrels to try to control fuel costs that spiked because of the war. Energy companies are required to pay...

Kristalina?Georgieva, IMF's Managing Director, said that the IMF will provide Venezuela with financial support as part of its re-engagement program with South American oil exporter. Georgieva said at a Washington press conference that the IMF was ready to put together a team of staff to work with Venezuelan officials, but that the country faces "a very difficult road" in order to restore financial and macroeconomic stability. The IMF announced on Thursday that it was re-engaging with Venezuela after not having had any dealings since March 2019, and no economic assessments since 2004. Georgieva stated that "after a seven-year pause, our...

Fuel prices are soaring across the country due to 'the war against Iran.' Analysts warn that California has not yet felt the full impact of supply disruptions caused by the closing of the Strait of Hormuz. According to the American Automobile Association, California motorists paid an average of $5.86 per gallon on Thursday, the highest price in the U.S. This is far higher than the national average of $4.09 per gallon. Analysts say that because California relies heavily on Asian refined products, the supply crunch will worsen. This means California is among the first states in the U.S. who are...

The European Union must have a European energy union before it can implement other reforms to remain competitive with the United States. Kyriakos pierrakakis, chairman of the eurozone's finance ministers group, said on Thursday that the European Union must create an energy union in order to remain competitive against the United States. Pierrakakis, speaking at the International Monetary Fund (IMF) in Washington said that the EU needed to create a true energy union to allow energy to easily flow across borders and lower electricity prices on the 450 million-person single market. European energy prices are between two and three times...

Israel and Lebanon will implement a 10-day truce beginning at 5 pm EST (2100 GMT) Thursday in order to facilitate negotiations towards a permanent "security and peace" agreement. The U.S. State Department said that the ceasefire could be extended mutually. Israel's campaign against Lebanon is a major obstacle in achieving a peace agreement sought by U.S. president Donald Trump in order to end his war with Iran, which he began?with Israel late February. This has disrupted global energy trade and risen oil prices, risking further economic fallout. According to the U.S. State Department, once the ceasefire agreement is signed, the...

Four sources familiar with the matter said that HSBC is hiring JPMorgan executive James Willis as its global precious metals sales director. Mark Augustynak, formerly of ICBC Standard Bank, was recruited by HSBC this month to lead its global metals trading division. HSBC is a market'maker' and a clearer on the London Over-the-Counter Market, where participants do not trade via an exchange but directly with one another. Each day, London clears 20 million troy-ounces of gold worth $96 billion at current prices. The appointments are part of a wider reshuffle in the trading and sales departments at major bullion bankers...

Mexico's president Claudia Sheinbaum said on Monday that Mexico is interested in reaching an agreement, before completing the review the U.S. Mexico-Canada Trade Pact, concerning the exchange of automobiles, steel and aluminum. Sheinbaum addressed a press conference in the morning as U.S. trade representative Jamieson Greer visited Mexico for talks. Sheinbaum stated that "we care about steel, aluminum and automobiles." "We hope a preliminary agreement can be reached." Mexico exports mostly vehicles and auto parts as well as machines and mechanical equipment to the United States. The USMCA Review talks this year are 'critical' for Mexico. It has been spared...

According to a presentation on the deal, Brazilian rare earth miner Serra Verde will receive price floors for four of the rare earths as part of a 15-year contract with the U.S. government and private investors. Some critics have suggested that price floors, designed to equalize the playing field between China and other dominant producers of rare earths, could distort the markets. China produces 90% of the world's rare earths. The U.S. and Europe are also racing to develop their own domestic rare earths industries, which are vital for applications in electronics, defence, and energy transition. As part of an...

The U.S. is hosting further discussions in the coming weeks for the Group 20 major economies about the impact of war in the Middle East on food and fertiliser, as they 'continue to push for coordinated actions. The U.S. will make this pledge in a statement by the chair of the G20. It will be made during a meeting between G20 finance minsters and central bankers held on April 16 at the Spring Meetings of the International Monetary Fund (IMF) and World Bank. Before its official release on Monday, a copy of the statement was released instead of a communiqué...

The gold price fell Monday due to the stronger dollar. Dollar and inflation fears after another closure of the?Strait of Hormuz drove oil prices higher. As of 1103 GMT spot gold was down 0.8% to $4,790.59 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.811. Oil's rise after the weekend chaos surrounding the Strait of Hormuz ensures that inflation risks are palpable and offsets gold's appeal as a safe haven asset. Han Tan, Bybit's chief market analyst, said that the dollar has been the safest...

USA Rare Earth announced on Monday that it would acquire Brazilian 'rare earths' miner Serra Verde, for $2.8 billion, in cash and shares. This is another step in the company's broader strategy to create a unified operation encompassing mining, processing, and magnet -making. A statement stated that the U.S. firm will pay $300 in cash for the transaction and 126.9 in newly-issued shares. The deal is expected to be completed in the third quarter 2026. Serra Verde said it also entered into a 15 year agreement on Monday to supply 100% its production in the initial phase of the mine...

Gold prices dropped on Monday due to the stronger U.S. dollar and renewed inflation concerns?after a second closure of the Strait?of?Hormuz?pushed oil prices higher. As of 0930 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.60. Oil's rise after the weekend chaos surrounding the Strait?Hormuz ensures that inflation risks remain tangible, offsetting the allure of gold as a safe haven asset. Han Tan, chief analyst at Bybit, said that the precious metal has taken a backseat in...

As the dollar strengthened, gold prices fell, and oil prices rose, as news spread that 'the Strait of Hormuz was closed again. This sparked inflation fears. As of 0730 GMT spot gold was down 0.7% to $4,792.89 an ounce after reaching its lowest level since April 13 earlier in session. U.S. Gold Futures for June Delivery fell by 1.4% to $4.812.20. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. - Iran war ceasefire, which markets celebrated last Monday, appeared to have broken down. "This has brought back...

The 'dollar strengthened on Monday, and gold prices fell. Meanwhile, news that the 'Strait of Hormuz was closed again drove oil prices up. Inflation fears were revived by the news that the Strait of Hormuz would be closed once more. As of 0155 GMT spot gold was down 0.4% to $4,809.71 an ounce after reaching its lowest level since the April 13 session earlier in this session. U.S. Gold Futures for June Delivery fell 1% to $ 4,829.40. Ilya 'Spivak is the head of global macro at Tastylive. He said that gold prices were lower today after the U.S. -...

Aluminum prices dropped on Friday, after Iran's foreign minister announced that all commercial vessels could pass through the Strait of Hormuz for a period of time remaining in the ceasefire. Benchmark 'three-month' aluminium at the?London Metal Exchange was down by 2.6% to $3,549 per metric ton as of 1601 GMT. The reopening of Strait of Hormuz where navigation was largely suspended after U.S. and Israeli attacks against Iran began on 28 February improves prospects for exports of aluminium from the Gulf -region which account for approximately 9% of the global supply. The Strait is used by producers in the area...

Investors hailed Iran's decision on opening the Strait of?Hormuz, which boosted the S&P?500, the Nasdaq, and the Dow. Abbas Araqchi, Iran's Foreign Minister, said in a posting on X that the Strait of Hormuz would be "completely opened" to all commercial vessels for the remaining 10 days of the truce agreed in Lebanon between Israel and Iran-backed Hezbollah. The U.S. president Donald Trump had said that Washington would soon be able to secure a peace deal with Iran. Oil prices fell over 11% as markets became more confident that the end of the "war" was near. This eased inflation fears....

The U.S. Treasury Department imposed sanctions Thursday on a number of individuals and companies operating?in Nicaragua’s gold sector. This included two sons?of?the co-presidents?of the country. The Treasury Department announced in a press release that Santiago Hernan Bermudez Tapia is also sanctioned. He is Nicaragua's vice-minister of energy and mining. The Treasury Department also announced sanctions against a number of companies that they said were complicit in helping Nicaragua's government to generate money through gold and maintain its political control. Treasury Secretary Scott Bessent stated that the Nicaraguan Government, led by?Rosario Murillo, her husband Daniel Ortega and their family, sought to...