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Markets eye the shaky US/Iran agreement as shares reach new heights
On Wednesday, Asian shares reached record highs and oil prices were still elevated as the markets awaited signs that a fragile truce between Iran and the United States would be extended. The dollar was up?from?the previous session, after Iran claimed that the U.S. violated a truce. New Zealand's currency rose after its central bank maintained its policy rate but indicated that future increases will have to be made sooner. After the U.S. stock market reopened after a long holiday, Japanese and South Korean stocks reached new highs on AI optimism. The mood remains fragile, though, as the talks to end the conflict that has rocked the energy markets for three months continue. Central bankers will also be watching to see how the crisis affects the outlook for interest rates and inflation. Kyle Rodda is a senior financial analyst at Capital.com. He wrote that the markets were waiting for "something tangible" in regards to a possible deal between Iran and the U.S. A lot of good news is already priced in. This leaves room for disappointment when something more comprehensive is not announced. MSCI's broadest Asia-Pacific index outside Japan has advanced for the fifth consecutive session, gaining 1.9% and reaching a new high. Japan's Nikkei index jumped by 1% and briefly traded above 66,000 for the first. South Korea's KOSPI rose 4.3% after the unionised employees of Samsung?Electronics voted in favor of a tentative wage deal that averted a strike which threatened to shake global chip supplies. Early European trades saw the Euro Stoxx 50 futures rise by 0.18%. German DAX futures also rose by 0.1%. FTSE futures fell 0.1%. The S&P 500 eminis, which are U.S. stocks futures, rose 0.09%. The dollar index (which measures the greenback versus a basket currencies) rose 0.01% in currency markets to 99.11, after a previous session of 0.15% gains. The euro gained 0.07%, to $1.1636. And the yen remained unchanged at 159.28 per US dollar. Iran's Foreign Ministry?said U.S. attacks in southern Hormozgan Province represented a "gross breach" of a truce. The U.S. claimed that its attacks were defensive. U.S. Secretary Marco Rubio stated that a deal to end the conflict with Tehran could "take only a few days." Iran's Tasnim News Agency reported that Tehran is seeking the release $24 billion of frozen funds overseas. U.S. crude fell 1.24%, to $92.73 per barrel. Brent fell to $98.70, down 0.88% for the day after nearly 4% of a surge the previous session. In a split board decision, the Reserve Bank of New Zealand kept interest rates at 2.25%. The decision emphasized that rates should be increased sooner. The kiwi gained 0.58% against the greenback, to reach $0.587. Data from Australia showed that core inflation increased in April, but not as much as expected. The Aussie fell 0.1% to $0.716. Kazuo Ueda, the Governor of the Bank of Japan, warned that a temporary energy crisis can persist if it is reflected in wages and pricing behaviour. Isabel Schnabel, a member of the European Central Bank's board, advocated for a rate increase in June despite achieving a U.S. Iran peace deal. Spot gold dropped 0.07%, to $4,502.72 per ounce. Copper rose 0.52%, to $13,695.00 per metric ton. Bitcoin fell by 0.40%, to $75,711.92 and ether dropped by 0.26%, to $2,070.46.
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Chinese coking coal prices fall as supply concerns are outweighed by demand concerns
China's coal prices dropped on Wednesday, as concerns about steel demand trumped supply jitters caused by a fatal mine accident that occurred in the northern Shanxi Province. The accident had sparked a rally for two straight sessions. As heavy rains have hit southern regions, steel demand is showing signs of easing. Data from the state-backed Steel Association showed on Tuesday that China's daily crude output is expected to drop by 0.9%?from its first ten-day levels. As of 0315 GMT, the most traded coking coal contract at Dalian Commodity Exchange dropped?1.63% and was now worth $186.81 per metric ton. The DCE coke contract that was most active dropped 1.95%, to 1,861 Yuan per ton. The prices of the two feedstocks for steelmaking soared earlier this week, as fears about supply grew after a series of safety inspections conducted at coal mines across a larger region following a deadly gas explosion that occurred late Friday night at the Liushenyu mine in Shanxi. Analysts at Everbright Futures wrote in a report that'steel margins were squeezed due to higher feedstock costs and sluggish downstream steel demand,' putting pressure on the prices of ingredients. The price of iron ore was mixed. The most active DCE contract fell 0.38% to 781 yuan a ton, while the benchmark June iron ore at the Singapore Exchange rose 0.12% to $105.15 per ton. The steel benchmarks on the Shanghai Futures Exchange were mostly lower. Rebar fell?0.69%. Hot-rolled coil dropped 0.53%. Wire rod decreased 0.8%. Stainless steel increased 1.32%. ($1 = 6.7824 Chinese Yuan) (Reporting and editing by Mrigank Dahniwala; Amy Lv, Lewis Jackson)
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Indian shares are likely to start off muted, with the focus on US-Iran negotiations
Shares of Coal India are expected to be the focus on Wednesday as New Delhi plans to sell a stake in this'state-owned' miner. Iran claimed on Tuesday that the U.S. violated a truce by attacking targets near the disputed Strait of Hormuz. This could complicate efforts to end the three-month war. Israel's air strikes on Lebanon Tuesday, one of the most intense days of bombing for weeks, were more than 120, according to?Lebanese sources of security. Iran wants an end to Israeli attacks on Lebanon as part of any deal. The GIFT Nifty Futures were 23,890.5 at 7:59 am IST. This means that the benchmark?Nifty50 would open around Tuesday's closing point of 23,913.7. The rupee is expected to weaken against the dollar. Brent crude hovered at $99 per barrel while Asian shares surged. Japan's Nikkei hit a new record high due to AI optimism. Provisional data shows that foreign investors sold Indian shares valued at 24.08 billion rupees (251.67 millions dollars) on Tuesday. Foreign investors have sold $24.2 billion worth of shares so far this year. This is more than the record-breaking annual sale in 2025. Coal India is the focus of attention on Wednesday as the government sells up to a 2.5% stake in the company. The offer will be made at 412 rupees per share - a 10% discount from its previous closing price. STOCKS TO WATCH ** Oil and Natural Gas Corp. reports modest growth of revenue and profit in the fourth quarter. Jefferies reports that higher operational costs and dry well write offs contributed to the quarter's softness. * Siemens reports a?lower profit in the March quarter. ** Indian Railway Catering and Tourism Corp reported lower quarterly profits amid an increase in catering service expenses.
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Russia's Putin presents four Amur Tigers to Kazakhstan before visit
In an article published a week before his visit to Kazakhstan, Vladimir Putin said that Russia had given the Central Asian country four Amur tigers. Two of these cubs were also handed over to help the country restore the number of the animals. Kazakhstan is rich in minerals and energy, and shares a border and ally with Russia. Putin announced on Tuesday that the four animals caught in Russia's Khabarovsk region, located in the far east, were flown to Kazakhstan and will be released soon into the wild. Putin is not a stranger to using animals as a diplomatic tool. Russia sent 30 grey thoroughbreds to North Korea in 2022. The nations had re-established ties after the invasion of Ukraine that year. North Korean leader Kim Jong Un has a passion for horses. Kazakhstan, which aims to restore the tiger populations in Central Asia, views the Amur tiger as an ancestor of the now extinct Caspian Tiger. The Russian gesture increases the number of animals that were previously sent to Kazakhstan by the Netherlands. The Kremlin said that during Putin's visit, he will supervise the?signing a deal to build a nuclear plant in Kazakhstan. Kazakhstan currently has no nuclear power plants. He will also discuss the efforts?to increase the transit of Russian crude oil through Kazakhstan. (Reporting and editing by Clarence Fernandez in Tokyo)
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Oil prices rise as investors focus on Iran talks and central bank actions
The central bankers have raised inflation concerns Japan's Nikkei reaches record after Wall Street gains due to AI optimism New Zealand Dollar falls ahead of expected central bank rate hike By Rocky Swift Asian stocks rose on Wednesday, while oil prices remained high as markets waited for signs that the shaky truce between the United States of America and Iran would be extended. Brent crude traded at a price of?nearly $100?per barrel and the dollar held onto gains made in the previous session, after Iran claimed that the U.S. violated the ceasefire. New Zealand's currency remained lower in anticipation of an expected hold from the central bank. Japan's Nikkei index jumped to record levels, after Wall Street reached all-time highs due to AI optimism when the U.S. returned from a holiday. The mood remains vulnerable, though, as the talks continue in order to bring an end to the conflict that has ravaged the energy markets for three months. Central?banker's comments will also be closely monitored to see how this crisis impacts on inflation and interest rates. Kyle Rodda is a senior financial analyst at Capital.com. He wrote in a note that the markets were awaiting a tangible deal between Iran and the U.S. "A lot is already priced in. This leaves room for disappointment when something comprehensive isn't revealed." The Nikkei soared 1.8%, while MSCI's broadest Asia-Pacific index outside Japan rose 1.2%. The dollar index (which measures the greenback versus a basket currencies) was unchanged at 99.09, after a 0.15% increase in the previous session. The euro rose 0.09% to $1.1638 while the yen gained 0.05%, reaching 159.19 dollars per yen. The Iranian foreign ministry has said that the U.S. airstrikes in Iran's southern Hormozgan Province were a "gross breach" of a ceasefire. The United States. The U.S. U.S. Secretary Marco Rubio stated that a deal to end the conflict with Tehran could "take a couple of days." Meanwhile, Iran's Tasnim News Agency reported that Tehran is seeking the release $24 billion in funds that have been frozen overseas. U.S. crude dropped 0.89% to $93.05 per barrel and Brent fell 0.52% to $99.06 a barrel. This was after a surge of nearly 4% in the previous session. It is expected that the Reserve Bank of New Zealand will maintain its key rate at 2.25 percent. The release of April's consumer price data is the main event in Australia on Wednesday. Kazuo Ueda, the Bank of Japan's Governor, said that supply shocks are?looming big" at a meeting of Central Bankers in Tokyo. Isabel Schnabel, a member of the European Central Bank's board, argued for a rate increase in June despite achieving a U.S. Iran peace deal. Spot gold increased 0.36%, to $4,522.14 per ounce. Copper rose 0.46%, to $13,686.50 per metric ton. Bitcoin fell 0.18%, to $75,883.90. Ether was barely changed, at $2,075.39.
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BOJ's Ueda warns that temporary energy shocks could become persistent
Kazuo Ueda, the Governor of the Bank of Japan, said on Wednesday that central banks shouldn't merely rely on oil prices because a temporary energy spike can persist if it affects wages, expectations and pricing behavior. Ueda compared the various energy shocks Japan has experienced over the years. He said that the same increase in oil prices can have different effects on wages and expectations, on demand, on currency rates, and on other factors depending on how they are initially impacted. He said that if inflation expectations are high, and wages are increasing, there is a risk of a second-round effect. However, he added, a cost shock may not increase expectations for inflation if they are low, and wages stagnant. Ueda said, "The boundary between temporary and persisting inflation is not mechanical." Ueda spoke at a BOJ and the Institute for Monetary and Economic Studies, a think tank that the BOJ has created. As a result of the Middle East conflict, rising oil prices have increased inflationary pressures in Japan's economy. This has led BOJ officials and markets to expect an interest rate hike as early as next month. "A temporary shock may become persistent?if it alters wages, expectations and price-setting behavior. Ueda added that a large shock could remain temporary if these channels are not activated. (Reporting and editing by Christian Schmollinger, Shri Navaratnam, and Leika Kihara)
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SQM Chile posts a surge in profit for the quarter as the lithium market tightens
SQM, a lithium producer in Chile, reported on Tuesday an?improvement of its first-quarter revenue and profit. This was due to higher prices and increased sales volumes due to the robust demand for electric car?batteries as well as energy storage. The 'world's 2nd largest lithium producer, LSEG, said?net profit more than doubled from $365 million to $365 in the January-March quarter but fell short of an estimated $426 million by analysts polled. The adjusted EBITDA grew by more than two-fold to $837 millions, exceeding the LSEG estimate. SQM's revenue from its biggest unit, the lithium and derivatives division, has risen to $1.19billion, thanks to a rise in prices and an increase of 25% in sales volumes. CEO Ricardo Ramos stated that the company sold 69,000 metric tonnes of lithium carbonate (LCE) equivalent during the quarter, as it was able to meet the high demand from customers. SQM reported that its "average realized lithium price" rose 95% from the previous year to approximately $17.8 per kg. This reflects a tight turnaround in the market after a decline from record highs reached in 2022. The price of battery metal was under pressure due to the fact that supply growth exceeded demand. This hurt margins for global manufacturers including SQM, and its U.S. rival Albemarle. The rapid growth of battery energy storage systems and the continued adoption of electric vehicles has helped to support demand. SQM, reflecting this improvement, said that it now expects its total sales volumes of lithium to grow by about 15% in 2026. This is up from an earlier?forecast? of 10%. It also estimated the global demand for lithium could be over 1.9 million tons of LCE. SQM also highlighted its progress in partnership with Chilean State Miner?Codelco through their Nova Andino Litio project, which aims at expanding lithium production on the Atacama Salt Flats. Ramos stated that the partners are finalizing documents to begin environmental permits for the Salar Futuro project within the next few months. SQM is one of two companies in Chile that produce lithium. It also produces specialty plant nutrients, industrial chemicals, and iodine. (Reporting and editing by Daina Beth Solon and Clarence Fernandez; Kylie Madry is the reporter.
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Sources: SoftBank has hired banks to handle the US IPOs for SB Energy and AI robotics spinoff Roze.
SoftBank Group is working with?banks? to prepare its initial public offerings (IPOs) for its energy and technology developer SB Energy, and its autonomous robotics spin-off Roze. This comes as Masayoshi son ramps up his Japanese group's push for artificial intelligence infrastructure, amid strong investor interest in companies that support AI buildout. SoftBank has hired JPMorgan Chase, Goldman Sachs Morgan Stanley Citi, Mizuho and Mizuho to handle SB Energy's IPO. The IPO could happen as soon as September, according to the sources. SB Energy may aim for a market valuation of over $50 billion, according to the sources. Sources say that SoftBank is also partnering with Goldman Sachs JPMorgan Mizuho Morgan Stanley and Mizuho for its IPO of Roze, an autonomous robotics firm. Roze will be focusing on the construction of data centers and using robotics in order to increase the efficiency of AI infrastructure. The year 2026 will be a big one for IPOs. A wave of mega AI listings, including SpaceX and Anthropic, is expected to test the appetite of investors for large 'new issues. In April, The Financial Times reported that SoftBank had been exploring the possibility of a $100 billion AI- and robotics spinoff. It was to be made public under the name Roze. BROADENING AI INVESTMENT EXCITEMENT Investors are pouring money into AI-related companies, extending their enthusiasm beyond software and chipmakers to include businesses that provide the infrastructure required to support AI’s rapid growth. The IPO plans show how artificial intelligence is expanding beyond the traditional data centers to include businesses such as picks-and shovels that provide support for the ecosystem. These range from energy generation and?supply, to machines that help build and operate next-generation facilities. Goldman Sachs JPMorgan, and Mizuho have declined to comment. SoftBank, Morgan Stanley, and Citi declined to comment. SB Energy, SoftBank's energy and infrastructure developer, is a key partner in the?buildout of artificial intelligence (AI) infrastructure. SB Energy focuses on matching power generation with data centres to address AI’s increasing energy needs. The company has partnered with OpenAI and SoftBank to develop the $500 billion Stargate Initiative and announced last week that it will confidentially file a 'draft registration statement' for an IPO. SB Energy was selected to build and run a 1.2 gigawatt data center campus in Texas, to support OpenAI’s computing needs. The facility will be powered by integrated solar and batteries. OpenAI also invested $500 million in SB Energy, as part of a $1 billion joint investment with SoftBank. Roze, a planned SoftBank spinoff, aims to deploy autonomous robots to accelerate the construction of large AI infrastructure including data centers. This will help address labor and construction bottlenecks, as demand for AI capacities surges. Analysts have predicted that it could be one of the biggest AI listings if the IPO proceeds. (Reporting and editing by Matthew Lewis in New York, with Echo Wang reporting from New York)
Former Braves slugger Bob Horner dead at 68
Bob Horner died on Tuesday, aged 68. He was a former first-round pick, who made it straight to the "big leagues" and hit four homeruns in a single game.
Kansas native?Horner, was drafted by the Atlanta Braves as the first player overall in the 1878 Amateur Draft. He made his debut on the big leagues a week after that against the Pittsburgh Pirates at age 20. Horner hit a home run that day against?future Hall-of-Famer Bert Blyleven.
Horner was the National League's Rookie of the year in 1989, when he hit.266 with 23 homers and?63 RBIs. He beat out future Hall-of-Famer shortstop Ozzie.
Horner hit four home runs on July 6, 1986 at Atlanta Fulton-County Stadium, during the Braves 11-8 loss against the Montreal Expos. Horner is one of 21 players who have achieved this feat, and the only Brave other than Joe Adcock. Adcock hit four home runs against the Brooklyn Dodgers in 1954 while playing for the Milwaukee Braves.
Horner was plagued with injuries for most of his professional career. He played at third base the majority of his time and still managed to hit 218 homeruns and slug an impressive.499. He was an All-Star for the Braves in 1982, when he had 32 home runs and 97 RBIs.
Horner played for nine seasons with the Braves (from 1978-86), and then one with the St. Louis Cardinals in 1988, after playing with the Yakult Swallows from the Japan Central League. He hit?31 homers and batted.327 over 93 games.
Horner's death comes just weeks after that of Bobby Cox, Horner’s first manager and Ted Turner, former owner.
Field Level Media
(source: Reuters)