Western Europe

A senior U.S. government official told reporters that both Iran and the U.S. could walk away from the memorandum they were set to sign on Friday. Future 'talks' will likely?focus? on the exact sequencing of the steps outlined in the preliminary agreement, the official said. The official, who spoke under the condition of anonymity read out the 14 point memorandum which is to be signed in Switzerland. The official said that upcoming meetings in Switzerland will be "critical" to ensuring the memorandum can develop into a comprehensive agreement. A senior U.S. government official stated that the meeting in Switzerland would...

Diezani Alison Madueke, the former 'Nigerian Oil Minister' was found not guilty on Wednesday by a London Jury of?six charges of bribery?after a rare?corruption?trial?of an high-profile?former energy official. Alison-Madueke was the minister of petroleum resources under Goodluck Jonathan between 2010 and 2015. She faced five charges of accepting bribes, and an additional charge of conspiring to commit?bribery. Both of these she denied. The prosecution alleged that Alison-Madueke 65 was granted "a luxurious life" in London by oil and gas industry leaders seeking lucrative contracts for?Nigeria which has been plagued with corruption and mismanagement. The former minister who was briefly president...

The French economy is set to grow modestly in '2026, as a spike in oil prices squeezes consumers. This will only be partially offset by a recovery in industrial production, according to the national statistics agency INSEE. INSEE's latest outlook forecast that the euro zone's 2nd-largest economy will grow?0.7% in this year following a 0.9% growth last year. The oil price spike caused by the Iran War would be a 0.2 to 0.3 point drag on the economy. INSEE stated that as companies pass higher costs on to consumers, the households will 'bear the brunt' of the energy crisis due...

Officials from Venezuela's PDVSA state oil company and Spanish energy group Repsol have signed a "crude and gas agreement" to boost production in the northwestern part of Venezuela. Hector Obregon, PDVSA president, said that at an event held at the Government Palace, the deal offers "exploration" opportunities on the eastern shores of Lake 'Maracaibo where the two companies already operate the Petroquiriquire Joint?Venture, which could add 20,000 barrels of light crude per day to the current average production of around 40,000?bpd. In comments broadcast by state television, he said that the additional crude would supply the Paraguana Refining Center, which...

Investors said that the turmoil on the world markets over the past week showed the economic outlook was now on a razor's edge. There were equal odds for an AI boom to boost growth, or oil shocks from the U.S. - Iran war to send stocks and bonds into a tailspin. The global equities market hit its highest point on June 3 and then experienced their worst day since October the next day. This week, they have been reversing direction constantly to match President Donald Trump's volatile remarks about Iran. Florian Ielpo, head of multi-asset and macro portfolio management at...

Investors said that the turmoil on the world markets over the past week showed the economic outlook was 'now on a razor edge. There are equal odds for an AI boom to lift growth, or for oil shocks resulting from the U.S. - Iran war to send stocks and bonds into a tailspin. Global equities reached an all-time high on June 3 and then suffered their worst day in October the next day. This week, they have spent a lot of time reversing direction constantly to match U.S. president Donald Trump's volatile remarks about Iran as well as rapidly changing...

Oil prices rose by more than $2 per barrel on Monday, after Israel launched new strikes against Lebanon on Sunday despite an agreement between the two nations. This shattered hopes of a ceasefire and the restart of crude flow through the Strait of Hormuz. As of 0013 GMT U.S. crude oil futures were up by $2.10 or 2.32% at $92.64 per barrel, while Brent crude rose by $2.33 or 2.5% to $95.42 per barrel. This erased a majority of Friday's losses, when prices fell on the hope of a deescalation of the U.S. - Iran conflict. The latest strikes seemed...

The oil prices were little changed Friday, after a sharp drop in the previous session. Brent crude futures dropped 21 cents or 0.22% to $95.24 per barrel at 0003 GMT, after falling 2.84% the previous session. U.S. West Texas Intermediate crude oil was $92.94 per barrel, down by 10 cents or 0.11% after a loss of 3.1% on Thursday. The two contracts are expected to record their first weekly gains in three weeks. WTI is up a whopping 6% after fighting flared in the Middle East, as U.S. - Iran war peace negotiations dragged on, while traffic in 'the Strait...

Federal Reserve quarterly "dot-plot" rate forecasts could soon lose the last projected rate reduction, the so called easing dot. The plot itself may disappear altogether. Markets would then have to determine if Kevin Warsh was really the inflation-hawk he claimed to be. It might still be a surprise to some investors if he's right. Before his first policy meeting, the new Fed chairman is busy setting up his stall. He consults his staff and gets ready for his first policy session. The guidance he receives on policy direction is not going to be easy. The three-month-long war in Iran and...

Investors flock to companies that are driving the AI boom, including gas engine manufacturer Innio. Innio, based in Munich, Germany, has a principal?shareholder - AI Alpine. The company is co-owned by Advent International, and Abu Dhabi Investment Authority. 90 million shares were sold at $27 per share, the highest price of the range indicated by the company. The listing comes against a favorable ?backdrop for AI infrastructure-linked firms, with investors flocking to companies powering the technology's buildout, from electrification ?to supply chain for data centers. Innio will be one of several companies, ranging from software to insurance, that list in...

Wild swings in stock prices could indicate a market that is in its final stages of a speculative frenzy. Wall Street's fear gauge is dozing. It may take some good news to get it moving again. The AI boom is accelerating and attracting more and more tech and chip names from around the world. Even companies with a market cap of more than $200 billion have seen a 20% to 30% one-day increase. Dell's stock soared by 32% after its disastrous results on Friday. Hewlett Packard Enterprise soared 28% Tuesday after its own earnings report. Marvell Technology gained 25 percent...

El Nino could cause cocoa prices to rise by several thousand pounds per metric tonne, according to the chief executive of Barry Callebaut, one of 'the world's leading cocoa processors. El Nino, an 'climatic pattern that can increase temperatures and increase risk of extreme weather conditions, could reduce the yields of crops, including cocoa. This would limit supply and push up prices. Hein Schumacher, CEO of Hein Schumacher, said in a press conference that the prices shouldn't jump as much as they did over the past couple of years. London cocoa futures are trading at PS2,944 per ton ($3,964), down...

The gold price?reversed its course and dropped more than 1%?on Wednesday, after the U.S. Federal Reserve kept its benchmark interest rates steady but warned of a rise in borrowing costs this year. This sent the dollar higher. By 2:40 pm EDT (1840 GMT), spot gold had fallen 0.7% to $4,299.89 an ounce. U.S. Gold Futures closed 0.6% higher at 4,381.40. Nine out of 19 policymakers at the U.S. Central Bank believe that they will have to increase the policy rate for this year. This is according to the projections made on Wednesday, after the Fed announced their decision to keep...

The G7 leaders agreed 'on Wednesday' to increase coordination -on the critical mineral supply?chains. They also outlined plans to coordinate stockpiling, and a new platform for cooperation with IEA. Western powers are racing against time to diversify the?sources? of metals that are critical for defence, technology and renewable energy?and to reduce their over-reliance upon Chinese products. China shocked?the global economic system last year, when it imposed export restrictions on permanent magnets. This exposed the world's dependence upon a single supplier. In a joint statement, the leaders stated that they were "committed to working toward harmonized and interoperable mechanisms". This would...

Investors awaited the U.S. Central Bank's first policy announcement under new Chairman Kevin Warsh as well as further details on the U.S. Iran peace agreement to provide further direction. By 8:20 am EDT (1220 GMT), spot gold had not changed much at $4,325.59 an ounce. U.S. Gold Futures fell 0.2% to $4,345.00. Federal Reserve rate?decisions, policy statements and updated policymaker forecasts will be announced at 2 pm EDT (1800 GMT). Warsh will give a presser half an hour later. He replaced former Fed Chief Jerome Powell in the last month. Kevin Warsh will be the focus of attention, not U.S....

Four sources familiar with the matter have confirmed that C hina's leading copper producers are looking to expand the membership of their smelter team in order to improve their negotiating position with the miners regarding?raw materials supply. A group of 16 large producers who traditionally set the 'floor price' for copper concentrate processing contracts, called The China Smelters Purchase Team invited several potential 'new members to its quarterly meeting in Yantai, Shandong Province on Wednesday. Chinese smelters have begun negotiating with Antofagasta, a Chilean miner, about?concentrate supply deals. Smelters charge treatment and refining fees (TC/RCs), which are paid by miners...

Thyssenkrupp announced on Tuesday that it plans to spin-off its Materials Trading division, which accounts for almost a third in the total sales of the German conglomerate. This announcement has been reported by and is part of the company's ongoing efforts to "turn itself into a holding company". The company has divested its hydrogen and marine divisions through individual stock listings in the past. Thyssenkrupp shareholders will vote on the issue of spinning off 49% in an extraordinary shareholder meeting scheduled for August 7. Jefferies analysts estimate that the segment has an enterprise value of EUR3.6 billion ($4.2 billion). Around...

Milan's court acquitted?eight defendants on Tuesday in the first of a dozen criminal cases into urban planning which slowed construction in Italy’s financial capital. The case concerned the construction of an 87 metre building, which was authorised based on a simple renovation permit. The approval was part a rapid-track process for building permits that the Milan municipality adopted in recent years, during a real estate bubble in the north city. Milan prosecutors sought convictions of all defendants with sentences up to?two years and four months in prison. The decision is a major win for developers and the Milan government. The...

Gold prices rose for the third straight session on Monday. They reached a high of?nearly one week after Iran and United States agreed that their war would be halted. This agreement eased expectations about higher interest rates. Gold spot rose 3%, to $4,344.77 an ounce at 08:42 am EDT (1242 GMT), reaching its highest level since the 9th of June. U.S. Gold Futures? climbed 3% to 4,366.80. The U.S. Dollar Index was down by 0.2% making metals priced in greenbacks more affordable to holders of other currencies. The deal, while still in its framework stage, was the most significant breakthrough....

On Monday, aluminium prices dropped to their lowest levels in?two and a half months as a U.S. - Iran framework agreement aimed at ending their war improved prospects of deliveries from Gulf -producers. However, shippers remained cautious about transiting through 'the strait of Hormuz. By 1120 GMT the benchmark three-month aluminum on the London Metal Exchange had fallen 3.2% to $3,422.50 per metric ton, after having reached $3,408, which was its lowest level since March 30. U.S. officials and Iranian officials announced that they had reached a preliminary agreement to end the war and reopen the Strait of Hormuz. The...

Energy Transition Minerals hopes to expand in Spain's Galicia Province as it waits for a resolution of the?legal challenges regarding its massive rare earths project on Greenland. Daniel Mamadou said in an interview with? In an interview, Daniel Mamadou told? Mamadou stated that "Galicia has an ambitious plan to revive its mining industry." He added that up to 52 mines will be put out to tender for development. "We think that the Penouta operation can be at the heart of an expansion of Galicia... We might be able to?benefit from economies of size and position." ETM has not provided any...

On Monday, gold prices reached a near-week-high as a tentative peace deal between the?U.S. Oil prices fell as a result of the Iran deal, which also eased concerns about a rate hike by the U.S. Federal Reserve. As of 0857 GMT spot gold was up 2.7% at $4,334.48 an ounce. This is its highest price since June 9. U.S. Gold Futures for August Delivery climbed 2.8%, to $4355.30. U.S. officials and Iranian officials announced that they had reached an agreement to end the war and reopen Strait of Hormuz. This preliminary pact sent oil prices down but left the fate...

Gold rose by more than 2% on Monday, after U.S. officials and Iranian officials announced that they had reached a preliminary agreement to end the war. This lowered oil prices and eased concerns about inflation and rising interest rates. By 0536 GMT the spot gold price had risen 2.5%, to $4,323.29 an ounce, its highest since June 9, and extended gains for a 3rd straight session. U.S. Gold Futures for August Delivery rose?2.5% at $4,343.80. U.S. officials and Iranian officials announced on Sunday that they had reached an agreement on a framework for ending their war, stopping the U.S.'s blockade...

Gold prices rose by more than 2% after U.S. officials and Iranian officials announced that they had reached a preliminary agreement to end the war. This lowered oil prices and eased concerns about inflation and rising interest rates. Gold spot rose 2.5%, to $4,322.87 an ounce, by 0312 GMT. This was its highest level since the 9th of June and extended gains for a 3rd straight session. U.S. Gold Futures for August?delivery increased 2.5% to $4344.80. U.S. officials and Iranian officials announced on Sunday that they had reached an agreement on a framework for ending?their conflict, stopping the U.S.-led blockade...