Western Europe

The dollar was higher against the Japanese yen as traders awaited the delayed release on Friday of U.S. consumer price inflation data and considered the new U.S. sanctions imposed on Russian oil companies that boosted oil prices. The U.S. Dollar Index, which measures the greenback in relation to a basket, was almost flat last week at 98.925. The main focus of the week is on the release of inflation data despite the U.S. government shutdown. This will help the U.S. Social Security Administration calculate its annual cost-of living adjustment for 2026. The Federal Reserve will closely monitor the numbers, even...

The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%....

The Kazakhstani defence ministry announced on Thursday it would tighten control over the airspace of the nation after a drone with "unknown origins" exploded near the border of Russia in the west of the country. In a Telegram statement, the ministry stated that the explosion took place in a remote region around 180km (111miles) west of Orenburg which was attacked by Ukrainian drones the previous week. The Ministry did not reveal the origin of the drone, but stated: "Consultations with foreign partners are also underway who may own these devices." The fallout from an intensifying campaign of Ukrainian drone attacks...

The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. After the U.S. placed sanctions on Rosneft, and Lukoil, two major Russian oil companies over the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indexes. The MSCI All-World Index, however, has slipped into the negative zone, and is on its way to its third consecutive day...

Angola’s first major copper mining project, Tetelo will begin production on October 29. This is part of Angola’s effort to diversify its economy into minerals that are clean and renewable. Shining Star Icarus is the owner of this $250 million mine, which is a partnership between China’s Shining Star International Group with Angola’s Sociedade Mineireira de Cobre de Angola. It is expected to produce 25, 000 metric tons per year of copper concentrate in its first two years. "I'm honored to announce the Tetelo Mine, which will be inaugurated in a few short days," Mines minister Diamantino azevedo said at...

London Metal Exchange's zinc contract is on a wild ride this week, with time-spreads reaching record levels in the face of depleted stock. Since several months the zinc market has been sleeping-walking to this storm, believing that the falling LME inventories were not a true representation of a growing market surplus. Metal has been leaking out of LME's warehouses. There are only 35,300 tons left, which is barely enough for a day's global consumption. The arrivals have been very low despite the increasing premium for cash deliveries. It's a painful squeeze for the bears who misjudged zinc's changing dynamics. SINGAPORE...

The Maeil Business Newspaper reported on Thursday that Brian Kemp, governor of Georgia in the U.S., will meet with South Korean leaders of business this week. This includes executives from Hyundai and LG Energy Solution. Kemp's trip comes after U.S. Immigration authorities raided in September the construction site of an under-construction battery plant in Georgia owned jointly by Hyundai Motor, LGES and LGE. After a week-long negotiation between South Korea, the United States and South Korea, hundreds of South Koreans were arrested on suspicion of working without visas. The local public relations agency that handled Kemp's visit refused to comment....

BHP Group's CEO stated at the annual general meeting that it will be forced to make "difficult" decisions for its metallurgical business in Australia, if no regulatory changes are made to help it. BHP announced last month that it would cut 750 positions and suspend operations at a Queensland coal mine, which it shares with an affiliate of Mitsubishi. It blamed low prices and high royalties from the state government for its poor returns. Mike Henry, CEO of the miner’s annual general meeting, said: "Without change there will be without a doubt more difficult decisions." The incoming chair Ross McEwan,...

On Wednesday, the United States imposed sanctions on Russia's largest oil companies and accused Russia of not being committed to ending the conflict in Ukraine. This was as Moscow carried out a large-scale nuclear weapons training exercise. New sanctions were announced one day after the collapse of plans for a meeting between U.S. president Donald Trump and Russian president Vladimir Putin. Trump told reporters that he cancelled the summit because "it just didn't feel right." The U.S. Treasury Department stated that Russia's largest oil companies Rosneft, and Lukoil were targeted to hinder Moscow's ability fund its war machine. This was...

The Solicitor General's Office announced on Wednesday that Brazil had won a partial win in an international dispute over the Tupi oilfield, against a Petrobras-Shell-Petrogal consortium. This allowed the country to retain tax payments of 22.2 billion Reais ($4.11billion) and keep the money. Arbitration court of the International Chamber of Commerce is mediating the dispute between Brazil's oil regulator ANP and the International Chamber of Commerce over the tax regulations that govern the size of the field. The court's decision is a slight defeat for Brazil. It also determined that compensation can be paid in other forms than cash payments...

The top brass of the Russian army said that it will use reserve soldiers to protect civilian infrastructure, such as oil refineries, after an increase in drone attacks from Ukraine deep into Russia during recent months. In the midst of a conflict with the West regarding Russia's involvement in Ukraine, Vladimir Putin ordered that the regular army be increased to 1.5 active personnel, making it the world's second largest army after China's. Putin said at least 700,000. Russian legislators say that there are another 2,000,000 men in the active reserves - those men who signed a contract as reservists but...

Four sources said on Tuesday that Oliver Bowen, Glencore's global director of naphtha trade, was set to leave the company for Vitol. He is the latest high-ranking trader to leave the London listed commodities trading and mining firm since recent months. One source said that Bowen would start working at Vitol in November and supervise the European naphtha business of the world's biggest commodities trader. Sources requested anonymity in order to discuss confidential information. Bowen was not available for comment. Vitol, Glencore and Glencore refused to comment. Bowen's departure comes at a time when Glencore is undertaking a wider reorganization...

Norsk Hydro, a Norwegian aluminium manufacturer, reported a 18.6% drop in its third-quarter core profits on Friday. The fall was attributed to lower alumina and Norwegian crown prices, partially offset by increased production volume. The adjusted earnings before taxes, depreciation, and amortization fell from 7.4 billion crowns to 6.0 billion crowns between July-September of last year. According to a consensus compiled by the company, analysts had on average expected it to report an operating profit of 6,36 billion crowns. Return of U.S. Tariffs Aluminium prices have risen to record levels, causing American consumers to pay more and changing global supply...

This week, a delegation of Singaporean firms is visiting South Africa to explore partnership opportunities in manufacturing, logistics and consumer goods. Trade between the two countries has almost doubled in the last four years. Enterprise Singapore, Singapore's agency for trade and enterprise, stated that this mission was part of the Scale-Up Programme and aimed to link participating firms with South African counterparts, and potential partners, in a variety of sectors including agriprocessing and industrial supplies. "South Africa is already a close partner of Singapore, and there are many Singaporean firms operating in South Africa," Rahul Ghosh said on Thursday. He...

Antofagasta, a Chilean copper miner, reported a modest rise of 1% in the third quarter of production. It also said that it expected annual output to be at the lower range of its forecast of 660,000-700,000. Antofagasta has produced 161,800 tonnes of copper during the third quarter. This brings the year-to date production to 476 600 tons, which is a 2,8% increase over the same period in 2020. The company has four copper mines located in Chile. It is increasing production to meet the growing demand of the construction, power and green energy sectors. Due to the depreciation in the...

The United Nations chief said that tariffs were a major problem for the global trade system, and the developing countries were the worst affected. The rules-based system of trading is in danger of being derailed, U.N. Secretary General Antonio Guterres warned delegates on Wednesday at the U.N. Trade and Development Conference in Geneva. He cited concerns over trade wars and increasing trade barriers. The tariffs imposed by Donald Trump since his inauguration in January shocked the financial markets, and created a ripple of uncertainty throughout the global economy. Trump increased tariffs on imports of dozens countries starting August 7. This...

Gold is gaining in popularity at London's Hatton Garden. Diamonds were once the main attraction, but gold has now taken over. Customers are flocking to the famous jewellery district in search of bullion coins and bars, expanding the pool of investors for tangible assets. "There is a mix between buying and selling, but the buying is stronger." Despite high prices, people continue to buy. "Many believe that prices will rise even further," said Mashhood a member of staff at a local store. On Monday, spot gold reached a new record of $4381 an ounce. Retail interest in gold remains high,...

Two people familiar with this matter have confirmed that Germany's Thyssenkrupp is going to start giving India's Jindal Steel International greater access to the financial details of their Thyssenkrupp Steel Europa (TKSE), business, starting next week. Last month, Jindal Steel submitted an indicative offer for TKSE. TKSE is Europe's second largest steelmaker, after ArcelorMittal. Thyssenkrupp CEO Miguel Lopez said on Monday that the talks were intense. People said that the deepening due diligence coincides the visit by a Jindal Steel delegation to TKSE headquarters in Duisburg in advance of the crunch negotiations planned for later this year. Thyssenkrupp declined to...

SSAB, a Swedish steelmaker, reported a higher-than-expected rise in its operating profit for the third quarter on Wednesday. This was despite a cautious atmosphere on the European steel markets and the limited impact of U.S. steel tariffs. Operating earnings increased to 1.87 billion Swedish Crowns ($198.61m) from 1.25 billion crowns in the period July-September, compared with 1.25 billion crowns one year ago. A consensus poll by SSAB revealed that analysts were expecting an average of 1.75 billion Swedish crowns. SSAB's US sales are largely based on local production, limiting the impact of President Donald Trump's new import duties. CEO Johnny...

The International Finance Corporation and Appian Capital Advisor, a private equity firm, have announced a $1 billion fund for critical mineral projects in Africa and Latin America. The fund will be anchored by a $100 million initial commitment from IFC (a member of World Bank Group), and focus on Nickel, Copper, Cobalt, and Rare Earths. These are all vital for energy transition and digital technology. IFC has launched its first joint fund with a mining investor. This is a reflection of the growing interest among development finance institutions in attracting private capital to mining projects. Appian CEO Michael Scherb said...

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

Sandvik, a Swedish company, reported on Monday a lower-than-expected decline in its core profit for the third quarter. However orders increased due to strong demand for mining equipment. In a statement, CEO Stefan Widing stated that Sandvik successfully mitigated tariffs by implementing surcharges in the third quarter. This strategy was repeated from the previous three month. He added that currency headwinds had a negative impact on the company's earnings margin. The company's shares, which are often viewed as an indicator of industrial demand due to the wide customer base it has and its short lead time for orders, rose 3.3%...

European shares rose on Monday as concerns about the stability of U.S. banks eased. Meanwhile, fresh comments by U.S. president Donald Trump helped to calm down trade tensions and encouraged investors to move towards riskier assets. As of 0915 GMT, the STOXX 600 index for Europe was up 0.6% to 569.37. The benchmark index closed Friday nearly 1% lower. European banks gained 0.8% on Sunday, placing them among the top gainers of the STOXX 600. This was after U.S. bank stocks recovered in the previous session, following the quarterly results from regional lending institutions that helped ease concerns over credit...