Western Europe

The Kremlin stated?on? Tuesday that it had not heard any statements from India regarding the halting of purchases of Russian oil? after U.S. president Donald Trump claimed New Delhi had agreed in a trade agreement with Washington to cease such purchases. U.S. president Donald Trump announced on Monday a trade deal with India, which reduces U.S. tariffs from 50% to 18% on 'Indian goods in exchange for India ceasing its purchases of Russian oil and lowering trade barriers. Dmitry Peskov, the Kremlin's spokesman, said that Russia is?carefully analyzing Trump's remarks about relations with India. Peskov responded: "We haven't heard anything...

Tom Westbrook gives us a look at what the future holds for European and global markets. The trade took on a more stable tone during the 'Asia session' on Tuesday. Metals prices stabilized and stocks recovered from the gold-and silver-led crash on Monday. Rebounds were sharp in Tokyo and Seoul, and Indian shares cheered the deal announced by U.S. president Donald Trump on Truth Social. The agreement would lower tariffs on Indian products in exchange for India ceasing to purchase Russian oil. There were no solid details about the timing, and there was little information on the deal. However, it...

The mood was lifted by the resurgence of gold and Asian stocks on Tuesday, as the trade tone cooled down after the wild swings seen in the metals market. A?deal reducing U.S. Tariffs against India also helped. Meanwhile, the Australian Dollar rose 'after an interest rate increase. The central bank of Australia joined Japan in tightening policy. It said that above-target inflation, coupled with a tight labour markets, justified the unanimous decision to raise the cash rate by 25 basis points. The markets had anticipated this move but are now trying to price in the follow-up for May, which was...

Two sources familiar with the operational data say that oil production at Kazakhstan's Tengiz giant field has increased in recent days. It reached nearly 20% of its capacity on Sunday, following a complete outage in January. Tengiz, the oil refinery that accounts for almost 40% of Kazakhstan's production, was closed on 18 January after an electrical fire. This cut down on the nation's overall oil supply, at a time where exports had already been constrained due to disruptions along its main pipeline route. Sources said that oil output at Tengiz increased to 23,000 metric tonnes (183,000 barrels), up from 14,900...

Global shares dropped on Monday as investors rushed to sell precious metals to offset any losses. This was just before a week filled with corporate earnings and central bank meetings, along with major economic data. Silver is on track to suffer its worst two-day loss since the 1980s. It fell another 7%, adding to Friday's 30 percent drop. Dealers say that pressure on several?silver?futures funds from China contributed to the crash late last week. The CME raised margins for a variety of futures contracts including silver and gold on Monday. The oil prices fell by more than 4% after President...

The dollar grew on Friday after U.S. president Donald Trump nominated former Federal Reserve Governor Kevin Warsh to be?the new chair of the Central Bank. Meanwhile, a reading for inflation was higher than expected. Warsh is a 'frequent critic of the Fed, and is seen as a supporter of lower interest rates. However, he would not go as far as some of his other possible nominees in terms of aggressive easing. If his nomination is approved by a Senate that is closely divided, Warsh will replace Jerome Powell when the term of Jerome Powell ends in May. "Given the history...

Gold and the dollar fell on Friday as global stocks rose, but the dollar rose. Nominated Kevin Warsh is his choice for the next Federal Reserve Chair. Warsh is a former Fed Governor and is seen as a supporter of lower interest rates. He is also considered one?of the?less radical choices from amongst all those who were suggested. The MSCI World Index was last 0.16% up as European shares rose, despite a drop in Asia-Pacific stocks. The pan-European STOXX 600 index was last 0.72% up, retaining gains made after Trump's announcement. It was on course to end January with a...

By Anna Szymanski 30th January - What Mike Dolan, the ROI team and I are looking forward to reading, watching and listening to this weekend. From the Editor Hello Morning Bid readers! The U.S. maintains that it has a "strong dollar policy" but few are able to agree exactly what this means. The dollar fell to its lowest level since early-2022 on Tuesday. This move was initially sparked by Friday's expectations of a joint U.S. and Japanese?intervention in order to prop up yen. After President Donald Trump said that the dollar would "find its levels" in response to the currency's...

He said that the top Democrat of a U.S. House investigation committee had questioned global trading companies Vitol and Trafigura regarding any correspondence?with Trump's administration prior to the U.S. arrest?of a?Venezuela leader. This was done in order to find out who benefited from this action. Robert Garcia, a Representative from California, asked Vitol CEO Russell Hardy & Trafigura CEO Richard Holtum to provide all communication between their companies & any members of Trump's administration since January 2025. The U.S. captured Venezuelan President Nicolas Maduro in the first few days of this month. Trump's administration said that it would manage Venezuela's...

The dollar recovered its footing after it had fallen sharply on Tuesday, when U.S. president Donald Trump appeared to "shrug off" its recent weakness. Meanwhile, positive earnings kept the world stock market near record highs ahead of a Federal Reserve interest rate decision. The?U.S. The?U.S. European stock markets declined, but U.S. futures indicated a positive opening for Wall Street. Japan's blue chip Nikkei also gained. The MSCI World Stock Index was hovering at record highs. "Last Week, when it seemed like there was a flight away from the U.S., you saw equities fall, Treasuries take a hit, and the Dollar...

After a steep sell-off on Wednesday, the dollar found its feet. U.S. president Donald Trump seemed to shrug its recent weakness. Meanwhile, upbeat earnings kept global stocks near record levels?before? a Federal Reserve rate announcement. The U.S. dollar dipped from four-year lows, but sentiment was fragile after the biggest selloff since Trump’s tariffs blitz shook markets in April. European stock markets declined, but U.S. futures indicated a positive opening for Wall Street. Japan's blue chip Nikkei also gained. The MSCI World Stock Index was hovering at record highs. "Last weekend, when it seemed that there was a flight away from...

The oil prices rose on Wednesday, as supply concerns remained after a winter storm that disrupted U.S. crude exports and production. Middle?East tensions also contributed to the increase. Brent crude futures increased 11 cents or 0.2% to $67.68 per barrel at 0725 GMT. U.S. West Texas Intermediate crude rose 19 cents or 0.3% to $62.58 per barrel. Both benchmarks rose by about 3% Tuesday. Analysts and traders estimated that the storm had caused the U.S. to lose up to 2,000,000 barrels of oil per day, or 15% of the nation's output, over the weekend. Ship tracking service Vortexa reported that...

Francois-Henri Pinault might not have gotten as much as he wanted last week when he sold the controlling stake of his family in Puma, to China's Anta, for $1.8 billion. According to two sources familiar with the matter, there was a "anti-embarrassment clause" in the agreement that sealed the deal. Artemis, Pinault's family company, initially reacted with a cold reception to Anta's cash offer of 35 euros per share for the 29% stake. However, one source said that the Hong Kong listed company agreed to pay more if an even higher offer was made. Hong Kong Stock Exchange filings reveal...

T&E, an advocacy group for clean transport, said that electric vehicles could make up as much as 85% of all new car sales by 2035. This is based on the EU's plans to lift its 'effective ban' on new combustion engine models. However, this % share may drop to as little as 50%. In December, under pressure from automakers, the European Commission proposed that CO2 emissions be reduced by 90% in 2035 compared to 2021, rather than zero, for all new cars and vans. T&E criticised the EU for its biggest retreat from green policies in years. The proposals would...

A Trump administration official who is familiar with the plan revealed that President Donald Trump will launch a?strategic critical minerals stockpile? with $12 billion of seed money from the U.S. Export-Import Bank. The investment is a 'last ditch effort by Washington to counter what they perceive as Chinese price manipulation for minerals such as lithium, nickel, and rare earths, which are vital to items like electric vehicles, high-tech weapons, and many other products. Bloomberg News reported that the project, Project Vault will combine private financing with a $10 Billion loan from the EXIM Bank in order to stockpile minerals for...

Greenland's Prime Minister Jens Frederik Nielsen warned Monday that despite the fact that Donald Trump, U.S. president has disclaimed military force, Washington is still attempting to gain control of the Arctic island. Trump increased his calls for U.S. sovereignty over Greenland in the beginning of the year. He cited national security concerns relating to Russia and China. Some European NATO allies defended Denmark's sovereignty over Greenland, and said Trump’s pressure threatened the NATO alliance. Since then, the U.S. President has backed away from threats of violence and claimed that he secured U.S. total access to Greenland through a NATO deal....

Eramet fell on the Paris Stock Exchange on Monday after the sudden firing of its CEO, just months into his term, caught investors off guard and raised concerns about governance at the nickel-manganese-lithium miner owned in part by the French state. Eramet announced on Sunday that it had fired Paulo Castellari because of disagreements over "operating methods". It temporarily reappointed Christel Bories as Chairwoman, a role she had handed to Castellari in May last year. Analysts were stunned by the decision, and credited Castellari for his early efforts in restructuring the group. The group had?faced declining profits and rising debt...

The copper price fell on Friday due to a stronger dollar, and investors locking in profits after the previous session’s record high. Benchmark three-month Copper on the London Metal Exchange fell?3.3%?to $13,161 per metric ton at 1706 GMT, but held above its moving average of 21 days which provides support for $13,011. The copper price is up by 6% in this month. It has reached a new record high of $14,527.50 as speculators continued their buying spree on Thursday. This drove the LME index of six base-metals contracts to a new'record high. In a recent note, Stonex analyst Natalie Scott...

The German Chancellor Friedrich Merz announced on Friday that his priority for this year would be to boost the economy. Data showed that unemployment had risen above the 3-million mark, a 12-year-high. Merz promised to revive Europe’s largest economy after two years of mild contraction by a dramatic increase in infrastructure spending and defence expenditure. Merz's initiatives are not translating into improved conditions as quickly as expected, despite the fact that the economy is showing more resilience. Merz, a social media user on X, wrote: "The increase in the number unemployed to over three million is alarming." The economic recovery...

Mozambique President Daniel Chapo inaugurated a 200,000-metric-ton-per-year graphite-processing plant on Friday at a Chinese mine, as the country boosts its output of the battery mineral. The United States Geological Survey estimates that the annual global production of graphite is 1.6 millions metric tons. Mozambique, meanwhile, is one of world's leading producers of this mineral. It is an?excellent conductor of electricity and heat, and is used to make?batteries and mobile phones for electric cars. China is the largest graphite producer and miner in the world. Chapo said Mozambique was making the most of its resources, including a liquefied gas project worth...

Gold prices fell by over 8% on Friday to 'break below $5,000 mark as the dollar strengthened due to the upcoming appointment of the new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1982 following multiple record highs. As profit-taking took hold, other precious metals have also fallen sharply. Gold spot was down 5% to $5,124.37 per ounce at 1132 GMT. It had fallen earlier in the day to $4,957.54. U.S. gold futures for delivery in February fell by 3.9% to $5118.40. Gold reached a record high of $5,594.82 Thursday, and...

Gold prices fell by over 7% on Friday, breaking?below $5,000. The dollar was strengthening on the news of the imminent appointment of a new U.S. Federal Reserve chair. However, the safe-haven material remained on track for its largest monthly gain since 1999. As profit-taking took hold, other precious metals have also fallen sharply. By 0947 GMT, spot gold had fallen 7.5% to $4.992.05 per ounce. U.S. Gold Futures for February Delivery fell 6.4% to $ 4,985. Gold reached a record high of $5,594.82 in the US on Thursday. It is on course to gain more than 15% this month. This...

The firms announced on Thursday that the Aluminium Corporation of China (Chinalco), and Rio Tinto had agreed to purchase a controlling interest in Companhia Brasileira de Aluminio, for a total amount of 4.69 billion Reis ($903.61 millions). The companies said that together they will purchase 68.6% or 446.6 millions shares of Brazilian aluminium manufacturer CBA at a price of 10.50 reais per share. They added that the Brazilian conglomerate Grupo Votrorantim will purchase the controlling stake. Both will launch a tender for the remaining CBA shares, a move that is required by Brazilian regulations and could lead to the removal...

ArcelorMittal is a multinational steelmaker that was the former owner Acciaierie d'Italia, an Italian steel company. On Thursday, it announced that it filed a 1.8 billion euro claim ($2.2 billion) against the Italian Government over losses?linked with its investment in ADI's factories. This filing is a 'tit-fortat' move after Italy's state appointed administrators of ADI (formerly known as ILVA) sought around 8 billion euros in damages from ArcelorMittal alleging it mismanaged ADI’s steelworks. Early in 2024, the government assumed control of ADI after ArcelorMittal. ADI has struggled to maintain its production due to high energy costs and low demand. In...