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INDIA BONDS - Indian 10-year bond yields surge most in the past two weeks due to US-Iran tensions
The yield on India's 10-year benchmark government bond spiked Friday due to mounting concerns about a possible military confrontation between the U.S. India is a net importer of energy, and higher crude oil prices pose a major risk. The benchmark 2035 bond yield of 6.48% settled at 6.9214 percent on Friday, up more than 4 basis points, the biggest increase in two weeks. Bond yields are inversely related to prices. Donald Trump, the U.S. president, issued a fresh warning on Thursday, urging Iran's nuclear programme to reach a deal. He set a deadline of?10-15 days, prompting Tehran to threaten retaliation if U.S. bases were attacked. Benchmark Brent Crude futures reached nearly $72 per barrel on Friday. This was their highest since July 31. Alok Singh is the head of treasury for CSB Bank. He said that with?global tensions brewing, some positions were unwinding before the weekend. If there is no further escalation of tensions, crude oil prices could drop and yields could retrace. Traders said that aggressive paying of overnight index swaps because of the weakening?rupee, and the rising crude price also dampened the sentiment on the debt market. Separately New Delhi raised 330 billion rupees ($3.62billion) earlier in the day through the sale government bonds, at yields that were?2-3 basis point above market levels, deepening the selling and sending the 10-year rate to the 'day's highest of 6.73411%. The rate of India's OIS 5-year bond jumped the most in two weeks, a move influenced by tensions between the U.S. and Iran. The two-year OIS rate increased?about 3bps to 5.65%. The five-year OIS rates jumped about 5.5 bps, to 6.0950%.
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Sibanye CEO: Sibanye committed to battery metals even though lithium is impaired
Richard Stewart, CEO of Sibanye Stillwater, said that the company is committed to its 'battery metals' business. This comes after an impairment of another 2.46 billion rand (about $152.6 million) on its Keliber Lithium project in Finland. In recent years, the South African miner has acquired zinc, nickel, and lithium assets as part of a shift to metals that are used in renewable energy technologies. Sibanye recorded a total impairment of 7,8 billion rands at Keliber by 2025. The company cited a "dim outlook for long-term prices of lithium hydroxide". The asset is currently valued at around 9 billion rand by the company. The company cancelled its plans to invest in the Rhyolite Ridge Lithium project in the United States in February 2025. After the?metal price dropped. Stewart stated during a call to discuss results that "our long-term strategic goal as a business is to continue to provide metals to support the decarbonisation of our planet and energy transition". PRODUCTION PHASED Sibanye will phase-in production at Keliber starting with spodumene, and then consider producing battery-grade lithium hydroxide at a later date, depending on price. Stewart stated that the European Union's and U.S.'s initiatives to reduce their reliance on China as a source of battery metals provide an incentive for Keliber. He said, "We believe this will have an impact on the final pricing layout in time." Sibanye announced on Friday that its headline earnings for 2025 were 2.44 rand per share, compared to 0.64 rand in the previous year. This was boosted by higher prices of gold and platinum group materials. This helped the diversified miner announce its first dividend since 2023. The average South African PGM price rose by 28% and the rand price increased by 39%.
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TSX futures are rising as gold continues to gain.
Futures for Canada’s main stock index increased?on Friday as gold prices continued to rise amid rising concerns about a possible conflict between the United States and Iran. As of 5:16 a.m., March futures?on S&P/TSX -composite index rose 0.3%. ET. Toronto's benchmark stock index reached a new record on Thursday, despite Wall Street ending lower. This was due to gains in commodity stocks. The benchmark index is expected to rise for a third straight week. Donald Trump, the U.S. president, warned Iran Thursday that "really bad" things could happen if it fails to reach an "meaningful agreement" over its nuclear program in the next 15 days. Gold spot gained 0.6% despite the fact that it appeared to be heading for a weekly loss, as the U.S. Dollar rose to an almost one-month high. Silver prices rose 3%, and copper also increased. Oil prices fell as traders remained unfazed by Trump's comments, which increased concerns about a possible U.S. Iran conflict. Brent crude futures, and U.S. West Texas Intermediate Crude were both down by more than 0.5%. However, they are expected to make their first weekly gains in three weeks. Investors will also be looking at U.S. The Personal Consumption Expenditures Report, due later today, will provide further insight into the policy direction of the central?bank. Gold miners Lundin Gold, Eldorado?Gold and others beat expectations for fourth-quarter earnings in their after-market earnings reports on Thursday. CLICK 'ON CODES' TO GET CANADIAN MARKETS UPDATES TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and Editing by Krishna Chandra Eluri; Reporting by Utkarsh T. Hathi)
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Oil prices rise as US-Iran tensions increase global shares
Global shares rose on Friday, despite heightened tensions about a possible conflict between the United States &?Iran which has helped push oil prices to their highest levels in six months. The?pan European?STOXX 600 Index rose by 0.5%, and is on course for its fourth week of gains. The S&P 500 futures in the U.S. rose 0.4%. Investors will be battling a mix of geopolitical risks, economic signals, and political flashpoints as the session concludes a volatile global asset week. Mabrouk Chetouane is the head of global strategy at Natixis Investment Managers. He said: "Clearly equity investors have adapted to the noise in geopolitical environments." They are still focusing on economic fundamentals rather than geopolitical risk. When you examine metrics like valuations, earnings, and interest rate expectation, things seem to be stable. According to LSEG data, as of?Wednesday 163 STOXX 600 companies had released their quarterly results. Of these, 57.1% were above analysts' expectations. The data shows that 73% of the companies in the S&P 500 who reported their earnings last week exceeded revenue expectations. Nvidia will report its earnings next week, which will be the main focus of markets. Investors will also be analyzing global business activity surveys, U.S. fourth-quarter gross domestic product numbers, and the Federal Reserve’s preferred inflation indicator, the core personal expenditures price index. DOLLAR NOTCHES?WEEKLY GAINS The dollar was headed for the biggest weekly gain in four months in foreign exchange trading, thanks to a patchwork a slightly better U.S. economic data and Fed minutes that indicated policymakers were not in a hurry to lower rates. The dollar has gained about 1% over the past week compared to the euro. This brings the currency common up to $1.1767. Francesco Pesole, ING FX's strategist, said that the dollar's "safe-haven appeal" is generally reduced but fully restored when oil shocks are triggered by geopolitical tensions. The yen fell in Japan after data revealed that the country's core rate of inflation was 2% in the month of January, its lowest pace in the past two years. This could complicate the central bank's path to raise rates. The dollar has gained 1.8% in the last week to 155.4 yen. U.S. Treasuries are steady with 10-year yields of 4.07%. However, the Fed's minutes show a division over how quickly to reduce rates. This has pushed up two-year yields to 3.47%. The yields on Germany's benchmark 10-year Bunds (the euro zone benchmark) were set to decline by 2 basis points this week. OIL SURGES ON US MILITARY BUILDUP Benchmark Brent crude futures reached 6-1/2-month highs above $72 per barrel after U.S. president Donald Trump gave Iran a 10- to 15-day deadline to reach a nuclear deal or else "really bad" things would happen. The political rhetoric has escalated dramatically. Daniela Hathorn, senior market analyst at Capital.com, said that even a limited disruption of shipping lanes or credible threats could cause a supply shock. Kenji Abe said that the news, taken together, had investors avoiding risk. Brent Donnelly, President of Spectra Markets, said: "There doesn't seem to be any point in increasing risk before this weekend's unrest surrounding the Middle East." Today feels like a great day to avoid trouble." Reporting by Niket Nishant in London and Tom Westbrook, Singapore; editing by Kim Coghill and Shri Navaratnam.
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Anglo American suffers $3.7 billion loss due to De Beers write-down
Anglo American reported a $3.7billion loss on Friday, after another writedown of its diamonds business. The miner is pushing ahead with plans to shed its non-core assets as well as complete its merger with?Teck Resources. Anglo has wrapped up an uneven reporting season for London listed mining groups. This highlights the divergent fortunes of the industry as Antofagasta benefitted from rising copper prices, while other diversified peers suffered due to weaker markets in iron ore and diamonds. The company recorded a $2.3bn pre-tax impairment on its De Beers division, reducing carrying value from over $4bn to $2.3bn. Analysts' estimates of EBITDA or core earnings at $6.4 billion was in line. The company declared a $0.23 dividend per share or approximately $200 million. This was down from $0.64 per share or $800 millions a year ago. By 0919 GMT, the company's shares were up 1.7%. Anglo, who in July discontinued its?nickel-and steelmaking coal assets it seeks to sell, wants to focus on iron ore and copper assets. The company announced that it is moving forward on plans to sell De Beers. The company announced that it could partner with Mitsubishi Corp to develop its Woodsmith Fertiliser Project in northern England. It had previously placed the project on maintenance and care. "We ?believe this potential partnership would add optionality and time to pursue further syndication/partnerships," said Goldman Sachs analysts. DE BEERS - SPIN OFF Anglo has revised its value of De Beers following the unit's?third consecutive year of production decline. De Beers also lowered its production forecast for 2026 due to the weak demand and high inventory levels that continue to affect the diamond market. Anglo has already written off De Beers value by $3.5 billion in the last two years. Duncan Wanblad, CEO of Anglo Diamonds told reporters that there was a large supply of rough diamonds on the market. He said that the sale of De Beers was at an advanced level. He said: "We must... reach final binding bids, then choose the partner we wish to work with and negotiate with all parties involved including the Botswana government." Wanblad stated that multiple consortia have shown interest in De Beers. Anglo had put it up for sale to facilitate a wider restructuring. Botswana has announced that it will increase its shareholding. It is already a 15% shareholder, and sources 70% of its annual rough production. Angola is pursuing a stake of 20-30% in De Beers. This proposal is being discussed with other African producers of diamonds, according to a senior official at the Angola mining ministry. Wanblad is "optimistic", he said, that a contract will be signed in the upcoming year. TECK TIE UP Anglo, the only major miner that has secured a deal despite companies being under pressure to increase their copper portfolios announced in September a merger of $53 billion with Teck, which is a stock-only, no-premium transaction. Wanblad, who spoke on Friday, said that he expected the deal to be approved between September and March as China and South Korea's regulatory approvals are still pending. Anglo American and BHP Group, the world's biggest mining company, were both attempting to acquire Anglo. The combined entity will produce over 1.2 million tons of copper per year. The demand for copper, a metal used in the construction and power industries, will increase due to electric vehicles and artificial intelligent. Clara Denina is the reporter. Mark Potter, Jan Harvey and Clara Denina edited the report.
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Anglo American suffers $3.7 billion loss due to De Beers writedown
?Anglo American reported a $3.7billion loss?on Friday, after taking a?writedown?on its diamonds' business. The miner is pushing ahead with its plans to shed its non-core assets as well as complete its merger with Teck Resources. Anglo has wrapped up the mixed reporting season of London-listed mining companies, highlighting the divergent fortunes in this industry. Antofagasta, for example, benefited from rising copper prices, while other diversified groups struggled to cope with weaker markets for iron ore and diamonds. The company declared a $0.23 dividend per share or about $200 million. It booked a $2.3billion pre-tax impairment related to its De Beers division. This was down from $800 million or $0.64 per share a year ago. Analysts' estimates of core earnings (EBITDA) of $6.4 billion are in line. The share price of the company opened London 1.3% higher. Anglo is focusing on iron ore and copper assets after selling its nickel and steelmaking assets in July. The company?demerged their platinum business in May?and announced that it was moving forward with plans for selling De Beers. DE BEERS SPIDER-OFF Anglo reassessed De Beers' value after the unit reported a third consecutive year of production decline. De Beers also lowered its production forecast for 2026 as low demand and high inventories continue weighing on the diamond industry. Anglo has already reduced De Beers value by $3.5 billion in the last two years. Duncan Wanblad, CEO of Anglo Diamonds told reporters that there was a large supply of rough diamonds on the market. He said that the sale of 'De Beers' is well underway. "We have to... finalize?binding offers and then choose the partner we want to work with, and negotiate with all parties involved including the Botswana government," he said. Wanblad stated that multiple consortia have shown interest in De Beers. Anglo had put it up for sale to help with a "broader restructuring". Botswana has already stated that it plans to "increase" its stake. The country is a 15 percent shareholder, and the source of 70 percent of its annual rough-diamond?production. Angola wants to own 20-30% of De Beers. This proposal is being discussed with other African diamond producers. Wanblad is "optimistic", he said, that a contract will be signed in this year. Clara Denina reported. Mark Potter, Jan Harvey and Clara Denina edited the report.
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US ambassador says US is negotiating with India over Venezuelan oil sales
U.S. officials say that they are in "active negotiations" to sell Venezuelan crude oil to India, helping India diversify their sources of crude oil. Sergio Gor, the Envoy to India said Friday. The U.S. made diversification from Russian crude an important condition to reducing tariffs on Indian goods, the third largest oil consumer and importer in the world. Gor, a reporter on the sidelines of a New Delhi event where India joined the U.S. led Pax Silica initiative to build a silicon supply for high-tech devices, said: "The Department of Energy speaks with the Ministry of Energy in this country. We hope?to hear some news very soon." This month, U.S. president Donald?Trump agreed to reduce tariffs on Indian products to 18% as part of an interim trade agreement. He also removed the 25% punitive tax?after India agreed not to purchase Russian oil which, according to the U.S., helps finance?Russian invasion of Ukraine. He said India would buy more oil, possibly from Venezuela and the U.S. Gor stated that a final trade agreement with India would be signed "sooner rather than later", as "a few tweaking points" were required. He added that Prime Minister NarendraModi had invited Trump to India. India's Trade Minister, Piyush Ghoyal, stated on Friday that the interim trade agreement is expected to take effect in April, and that the U.S. will likely issue a formal notice this month to lower its tariff on Indian products to 18%. After Russia's invasion in 2022, the U.S. and its allies imposed sanctions against Russia's energy industry. India became the largest buyer of Russian crude oil, which it purchased at a rock-bottom price. This upset the Western nations. "On oil, there is an agreement... we have seen India diversify their oil. There is an agreement. It's not about India. Gor stated that the United States does not want anyone to buy Russian oil. Last month, it was reported that the U.S. had "pitch" to India the sale of Venezuelan crude oil in order to replace Russian oil imports. After capturing Venezuelan President Nicolas Maduro and negotiating a supply deal with interim president Delcy Rodriguez, the government granted trading houses 'Vitol' and 'Trafigura" licences to sell and market?millions barrels of Venezuelan crude oil. Reportedly, the state-owned Indian Oil Corp., Hindustan Petroleum, and Bharat Petroleum, as well as private sector refiners Reliance Industries, HPCL-Mittal Energy, and Reliance Industries have all ordered Venezuelan crude oil.
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Indonesia Stock Exchange to release $11 billion in shares amid global scrutiny
According to an IDX official and an analysis of publicly available data, nearly one third of the companies listed on the Indonesia Stock Exchange - including some of its largest listings - would be affected. This could lead to over $11 billion of new'share supply. Indonesia has announced a number of capital market reforms following a warning from index provider MSCI, in late January, that the country could be downgraded to a frontier status as early as may due to market opacity which may have allowed for 'price manipulation. The plan includes a key component of raising the minimum level of free float for listed companies from 7.5% to 15%. According to IDX's assessment of the end of 2025, 267 of the over 900 companies listed on IDX would need to issue new shares, sell some of their holdings or buy back equity in order to go private. IDX director I Gede Nyoman Yetna stated that if no company chose to delist they would be required to offer the public a total of 187 trillion Rupiah worth ($11.08 billion). Liza Camelia Suryanata is the head of research for Kiwoom Sekuritas Indonesia. She said that if the increase in free float was properly designed, it could be a turning point to improve the quality and attractiveness?of Indonesian capital markets. She said that short-term volatility could undermine the confidence in this reform, which is what it aims to do. Since the beginning of time, exchanges have struggled to find ways to promote trading in tightly held stocks. A series of corporate governance reforms in Japan, such as asking companies to maintain 35% free float minimum, have helped the market and brought it onto the radar of foreign investors. Analyzed publicly available data in order to determine which Indonesian firms would be most affected. The Top 5 Barito Renewables Energy is the largest company in IDX by market capitalisation. According to publicly available data, the company owned by Indonesian billionaire PrajogoPangestu will need to sell shares worth more than $1.8billion to reach the 15% threshold. Other names on the list include?Bank Permata whose majority shareholder, Bangkok Bank, could be required to offer new shares worth around $450m, and Hanjaya Mandala Sampoerna controlled by U.S. Tobacco giant Philip Morris International at $420m. Bank Syariah Indonesia, the state lender, will need to issue shares worth $350 million, while Lim Hariyanto, an Indonesian nickel tycoon, will need to raise $230 million through secondary offerings. The companies have not responded to the request for comments. Hasan Fawzi, interim chief capital markets supervisor for the Financial Services Authority in Indonesia (OJK), has said that companies may be given up to three years of transition time. However, exact details are still pending. The Big Challenge Analysts warn that the oversupply of products could have a significant impact on valuations. The increase in free float was "good for transparency, but can our market cope with it? Will investor demand increase as well? One stock trader who refused to be named because he was not authorized to speak with media lamented this. Gilman Pradana nugraha, executive Director of the Indonesian Issuers Association, stated that regulators must be aware that not all companies will be ready right away. He said that "adjusting the free float" is not only a technical issue, but also relates to our strategy of managing valuation and stock price stability. Gilman stated that a 'timeline too short could potentially trigger unhealthy sales pressure. CREATING DEMAND The warning from MSCI has already caused some international investors reduce their exposure to Indonesian stocks. Confidence in the bond and money market of Indonesia is also declining due to concerns about fiscal health and independence of the central bank. To absorb the additional share supply, the authorities plan to double the equity investment limit for insurance companies and pension funds from 10% to 20%. Indonesia's social insurance fund BPJS Ketenagakerjaan and the sovereign wealth fund Danantara could both provide support. Retail investors could also demand the product. Retail transactions accounted for half of the daily average trading volume of 18 trillion rupiah in 2025. Bernadus WIJAYA, the chief executive officer of brokerage Sucor Sekuritas said that if MSCI maintains Indonesia's status as an "emerging markets" in May, then there will be a demand from foreign investors who are returning to Indonesia. Beyond Free FLOat Some analysts, however, said that the quality of overall market reforms would be closely monitored, rather than just a higher level of free-float. This is especially true with Indonesia's stock-frying, or "gorenggorengsaham", which are used to boost prices. Analysts also warn that ownership of certain firms may remain concentrated even with a larger free float. $1 = 16,885,0000 rupiah (Reporting and editing by Gibran Peshimam, Kim Coghill and Gayatri Sulaiman)
DEME Gets Multi-Million Dollar Inter-Array Cabling Job at Dutch Offshore Wind Farm
Belgium-based offshore installation services company DEME has secured a contract, worth up to $320 million, to carry out the transport and installation works for the inter-array cables and secondary steel for the OranjeWind offshore wind farm in the Netherlands.
With an installed capacity of nearly 800 MW, the wind farm is being developed by a joint venture of RWE and TotalEnergies. DEME will transport and install a total of 114 km of inter-array cables, which will connect all 53 foundations to the offshore substation in the Dutch North Sea.
The extensive scope includes all the engineering, preparation and supporting activities, ensuring that DEME will deliver a complete solution to RWE and TotalEnergies.
Pre-sweeping will be conducted at the wind farm, situated 53 km from the Dutch coast, before cable installation in areas with significant sand waves to ensure the cable is buried at the required target depth.
At the offshore substation and crossings of existing assets, the cables will be stabilized with rock.
The secondary steel scope includes the transport and installation of boat landings, access platforms and internal platforms at the monopile foundations.
Scheduled to start in the second half of 2026, DEME will deploy offshore and cable installation vessels, a hopper dredger and fallpipe vessel, as well as additional supporting equipment.
“This latest contract award highlights DEME’s ability to provide a comprehensive range of solutions to the offshore wind industry. With our diverse offshore fleet and specialised equipment, we are well positioned to successfully deliver this project, while working closely with the RWE and TotalEnergies joint venture.
“Additionally, the project will benefit from DEME's extensive experience in cable installation, particularly given the dynamic seabed environment at the wind farm location. We are also excited to collaborate with RWE and TotalEnergies, two leaders at the forefront of advancing the energy transition through innovative solutions,” says Philip Scheers, General Manager Subsea Power Cables at DEME.
This is the fourth cable project DEME has been awarded in recent months. DEME won two contracts from Prysmian for the engineering and installation works for TenneT’s IJmuiden Ver Alpha and Nederwiek 1 offshore grid systems in the Netherlands.
As well as this, a consortium consisting of DEME and Hellenic Cables, won a major contract for the supply and installation of the high-voltage subsea cables for the Princess Elisabeth Island in the Belgian North Sea.