Latest News
-
China renewable stocks slide after state planner scales back subsidies
After the market opened on Monday, Chinese renewable energy stocks dropped as much as 3,7% following an announcement made by the National Development and Reform Commission about the reduction of subsidies for renewable energy producers. As of 0248 GMT shares of Chinese solar producer Tongwei fell 3.78%, while Longi Green Energy - the world's biggest solar manufacturer - dropped 2.03%. Jinko Solar, JA Solar and MingYang were all down 2% or more. Shanghai Composite Index rose 0.32%. In a Sunday notice, NDRC said that any new projects completed by June of this year will be subject to payments for electricity based upon "market-based bids", but did not provide details about the pricing formula they would introduce. China's own record for new solar installations was broken in 2024, with installed capacity increasing by 45% over the previous year. In a note, Citi's director of Asian utilities research and clean energy Pierre Lau stated that the policy is in line with the market expectations as well as the general trend of tariffs falling for renewables. Lau stated that the average tariffs for wind and solar power from some independent producers could drop by more than 10% this year. This policy follows last year's lifting of the guarantee that grid operators would purchase nearly all the electricity generated by renewable producers for a set rate. (Reporting and editing by Jacqueline Wong, Michael Perry, and Colleen howe)
-
Australia claims its steel and aluminium exports generate American jobs
The Australian trade minister has said that its aluminium and steel exports to the U.S. are crucial to shared defense interests and create "good-paying American jobs". Canberra is pressing Washington to grant an exemption from President Trump's proposed tariffs. Trump announced on Sunday that he would impose new tariffs of 25% on all imports of steel and aluminum into the U.S. on top of metals duties already in place. This is another major step up in his trade policy overhaul. Don Farrell, the Australian Trade Minister, said that Australia was a U.S. ally of great importance in the Indo-Pacific region and would be advocating "free and fair" trade in its meetings with the Trump Administration. This included access to the U.S. steel and aluminum market. In a press release, he stated that "Australian aluminium and steel create thousands of well-paying American jobs and are crucial for our shared defense interests." Farrell has yet to meet his U.S. equivalent who is not confirmed in that role. However, Australian officials have made representations about aluminium and steel for several months in order to obtain a similar exemption of tariffs as it was granted during the former Trump presidency in 2018. On Friday, Defence Minister Richard Marles and his U.S. counterpart Pete Hegseth met in Washington. Australia made its first $500-million payment to boost the production of the U.S. sub industry as part of the AUKUS project. This will see Australia purchase several U.S. nucleo-powered submarines while also building submarines. The Australian government announced last year that the U.S. largest shipbuilder purchased Australian-made processed steel as AUKUS partners Australia and Britain seek to integrate their defence supply chains. BlueScope Steel, a company listed in Australia, saw its shares rise by nearly 2% as investors expected the tariffs to benefit their U.S. operations. It employs around 4,500 people in the United States and operates the North Star Mill, located in Ohio. (Reporting and editing by Lincoln Feast, Edwina Gibbs, and Kirstyn Needham)
-
Iron ore falls as Trump's tariff threats spur risk-off sentiment
Iron ore futures declined on Monday, as the latest tariff threats from U.S. president Donald Trump triggered a broad risk-off mood. However, signs of recovering China demand limited losses. As of 0247 GMT, the most traded May iron ore contract at China's Dalian Commodity Exchange slipped 0.24% to $818 yuan (US$111.94) per metric ton. As of 0237 GMT, the benchmark March iron ore traded on Singapore Exchange was down 0.32% at $106 per ton. Trump announced on Sunday that he would impose new 25% tariffs on steel and aluminum imported into the U.S. on top of metals duties already in place. This is a major step up of Trump's trade policy overhaul. The price declines were halted by signs that the demand for the main steelmaking ingredient had increased. The average daily hot metal production among the steelmakers surveyed increased by 1.3% compared to the previous assessment before China's Lunar New Year break, to 2,28 million tons on 5 February. From January 28 to February 5, the Chinese Lunar New Year holiday closed all markets. Iron ore demand is usually gauged by the hot metal production. Coking coal and coke, which are used to make steel, also fell on the DCE. They dropped by 0.74% each and 2.25 percent. The benchmarks for steel on the Shanghai Futures Exchange are weaker. Rebar fell by 1.25%; hot-rolled coils dropped by 0.98%; wire rod was down 1%, and stainless steel declined 0.75%. ($1 = 7,3075 Chinese Yuan) (Reporting and editing by Amy Lv, Lewis Jackson)
-
Gold is near its highest level as Trump's threats to raise tariffs boost demand for safe havens
Gold prices rose on Monday and remained near the record high set in the previous session as investors sought to protect themselves from a possible global trade war after U.S. president Donald Trump's decision imposing new tariffs. As of 0005 GMT, spot gold was up by 0.3%, at $2,868.66 an ounce. It had hit a record-high of $2,886.62 per ounce on Friday. U.S. Gold Futures increased 0.2% to $2894.00. Trump announced over the weekend that on Monday he would announce new 25% tariffs for all steel and aluminium imports to the U.S. This would be on top of the existing metals duties, in another major escalation his trade policy overhaul. Trump said that he also plans to announce reciprocal duties on many countries as early as Monday or Tuesday next week. Kelvin Wong is OANDA’s senior analyst for Asia Pacific. He said that global trade tensions are still very much in play, and gold prices could reach $2,900 or $2,910 levels in the near future. "I do not see any high likelihood of a correction at this point, unless we see a strong U.S. Dollar pushing up." Gold is a good investment in times of economic and financial uncertainty, but rising interest rates make it less attractive. Federal Reserve officials stated on Friday that there is no urgency to cut interest rates, citing the uncertainty over Trump's policies and how they will impact economic growth. They also noted the still-high inflation and the unclear effects of Trump's policies. Trump stated that he believes the U.S. is making progress in the talks to end the conflict between Russia and Ukraine. However, he declined to give details of any communications with Russian President Vladimir Putin. Platinum fell 0.3%, to $973.60. Spot silver remained at $31.82 an ounce. Palladium rose 0.4% to $968.29.
-
BlueScope Steel, Australia's steel exporter, gains from potential US tariffs against steel imports
BlueScope Steel shares rose to their highest level in over two months on Monday. This was due to the expectation that its U.S. steel business would benefit from possible tariffs on steel imports. Stocks rose up to 4% at 0234 GMT, reaching their highest level since 2 December 2024. They were among the top gainers in the benchmark S&P/ASX 200 Index which fell 0.4%. Donald Trump, the U.S. president, announced that he will impose new tariffs of 25% on all imports of steel and aluminum into the United States, on top existing metals duties. This is a major step in his trade policy overhaul. According to data from the American Iron and Steel Institute and government, the largest sources of U.S. imports of steel are Canada, Brazil and Mexico. South Korea and Vietnam follow. Jefferies analysts believe that the protectionist measures taken by the U.S. Steel industry will provide a positive impact on domestic steel prices, specifically hot-rolled coils. This is also good news for BlueScope. The company said that they expected the tariffs would reduce BlueScope Australia's business by approximately A$80,000,000 ($50.12,000,000) in the fiscal year 2026, but it should be a positive overall for the firm given its large U.S.-exposure. BlueScope generated the most revenue in North America during fiscal year 2024. The region accounted for 43.9% its total sales. BlueScope's North Star steel plant is located in Ohio. ($1 = 1.5962 Australian dollars)
-
Japan's Nikkei flat as market weighs Trump tariff concerns
Investors weighed the risks of tariffs and the losses in all three U.S. indexes that occurred last week, which dragged down investor sentiment. As of 0149 GMT the Nikkei was unchanged at 38,792.60 while the Topix dropped 0.2%. As news spread that U.S. president Donald Trump would announce new 25% tariffs for all U.S. imports of steel and aluminum on Monday, Japanese Steel makers dropped around 1%. Nippon Steel fell 1.6%. The latest threats of tariffs come after Japanese Premier Shigeru Shiba met Trump at his first White House Summit on Friday. Hiroshi Namikoka, T&D Asset Management's chief strategist, says that while the details of the steel tariffs are still unclear, the meeting between Ishiba & Trump went well. When I look at the overall picture, Japan is quite in a good place. Trump has not announced any tariffs that specifically target Japan. He did, however, press Ishiba on closing Japan's annual surplus in trade with Washington. Trump expressed his optimism about this. Ishiba said that Japanese companies can invest in liquefied gas, AI, autos, and steel. Fast Retailing, TDK Corp, and Tokyo Electron are among the heavyweights that have gained. (Reporting and editing by Tom Hogue, Rashmi aich, and Brigid Riley)
-
Markets react to Trump’s tariffs on imports of steel and aluminum
Donald Trump, the president of the United States, announced on Sunday that he would impose new tariffs of 25% on all imports of steel and aluminum into the U.S. on top existing metals duties. He said that he would announce reciprocal tariffs either on Tuesday or Wednesday. On Monday, shares of steelmakers in Asia fell mainly except for those that have operations in the United States. The dollar grew and U.S. Treasury rates ticked up. What market participants say: DAMIAN ROONEY, INSTITUTIONAL SALE DIRECTOR, ARCONAUT, PERTH "Trump's tariffs are causing an enormous amount of uncertainty and that is something no one wants! The market is trying to digest Trump's economy and his policies. CHARU CHANANA IS THE CHIEF INVESTMENT STRATEGIST AT SAXO IN SINGAPORE These threats seem legitimate, and Trump has the power to implement them on national security grounds. After the 2018 tariffs, China is not a major steel supplier to the U.S. and therefore the old playbook cannot be used. The impact on countries such as Canada, Mexico and the EU will be greater than that of other countries. The immediate concern may not be inflation as there could also be other effects, such as a slowdown in demand. The greater concern is uncertainty and a shift to a more protective world. TONY SYCAMORE MARKET ANALYST IG SYDNEY "It was a different reaction. The week began much like the last - headlines about tariffs were made, but the response was different. U.S. stock futures were trading higher and even the ASX 200 had a slight bounce off its lows. The Aussie dollar continues to struggle, but I feel that after last week's whipsaw ride, it will be harder to just shoot and then ask questions. DANIEL HYNES SENIOR COMMODITY STRATEGIST ANZ SYDNEY "I think U.S. producers will be forced to pay higher prices due to these 25% tariffs." The country is heavily reliant on imports, relying on aluminium at 40-45% and steel at 12-15%. I suspect that regional pricing will be the first to react. U.S. Prices are likely to be much higher as traders are anxious to secure metals before tariffs are implemented. Reporting by Asia Markets Team; Editing done by Lincoln Feast.
-
Australia claims its steel and aluminium exports generate American jobs
The Australian trade minister has said that its aluminium and steel exports to the U.S. are crucial to the shared interests in defence and create "good-paying American jobs". Canberra is pressing Washington to grant an exemption from President Trump's proposed tariffs. Trump announced on Sunday that he would impose new tariffs of 25% on all imports of steel and aluminum into the U.S. on top of metals duties already in place. This is another major step up in his trade policy overhaul. Don Farrell, the Australian Trade Minister, said that Australia was a U.S. security ally and was advocating "free and fair" trade in its meetings with the Trump Administration. This included access to the U.S. steel and aluminum market. In a press release, he stated that "Australian aluminium and steel create thousands of well-paying American jobs and are crucial for our shared defense interests." Farrell has yet to meet his U.S. equivalent who is not confirmed in that role. However, Australian officials have made representations about aluminium and steel for several months in order to obtain a similar exemption of tariffs as it was granted during the former Trump presidency in 2018. On Friday, Defence Minister Richard Marles and his U.S. counterpart Pete Hegseth met in Washington. Australia made its first $500-million payment to boost the production of the U.S. sub industry as part of the AUKUS project. This will see Australia purchase several U.S. nuclear-powered submarines. (Reporting and editing by Kirstyn Needham.
RFK Jr says he dumped a dead bear in New york city's Central Park a decade ago
Independent U.S. governmental prospect Robert F. Kennedy Jr stated in a video published online on Sunday that he discarded a dead bear in New york city City's Central Park a decade ago and staged it to appear like a. bike had hit it.
Kennedy recommended in the video, which was posted on social. media platform X, that he is attempting to get ahead of a. not-yet-published story from the New Yorker.
Anticipating seeing how you spin this one,. @NewYorker ... Kennedy posted on his X account with a video of. himself at a cooking area table talking to comic Roseanne Barr.
Kennedy stated in the video that he was driving to the Hudson. Valley in New York state when a lady in a van in front of him. strike a young bear and eliminated it. He put the bear's body into the. back of his vehicle since he was going to skin the bear and shop. its meat at his home, he stated.
However after a late dinner in New York City at the Peter Luger. Steak House, he needed to go directly to the airport and did not. wish to leave the bear in his car.
I had an old bike in my car that someone asked me to get. rid of. I stated, 'Let's go put the bear in Central Park and we'll. make it appear like he got struck by a bike,' he said and then. chuckled, saying it would be entertaining for whoever discovered it.
The Kennedy project did not immediately comment further on. the incident.
In October 2014, the body of a black bear cub was discovered in. the bushes of Central Park and police launched a criminal. investigation into the death.
Foul play was suspected in the event, Reuters reported at the. time, and state wildlife authorities later on concluded it was likely. struck and killed by a lorry.
Kennedy stated in the video that the New Yorker had asked him. about the occurrence and was intending on doing a huge short article. about him.
The New Yorker did not immediately react to an emailed. ask for remark.
In a recent Reuters/Ipsos survey, Kennedy was preferred by 8% of. citizens. He has yet to receive the ballot in many states. ahead of the Nov. 5 election.
(source: Reuters)