Europe Opens Mixed as Metals Surge, Ether Jumps and Brent Holds Firm on Supply Fears
Executive summary: European markets opened mixed, with the FTSE 100 and CAC 40 edging higher while the DAX and Euro Stoxx 50 slipped. The strongest moves were in commodities and crypto, where platinum, palladium and Ether posted sharp gains, while Brent crude stayed elevated and gold held above $4,000. FX also leaned toward a softer dollar, with EUR/USD and GBP/USD both firmer. The pattern points to a market balancing inflation-sensitive commodity strength against uneven equity sentiment and lingering geopolitical risk. [Continue Reading]
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Tokyo and Asia-Pacific close mixed as Nikkei slides, Hong Kong rallies and Korea’s Kospi suffers a sharp sell-off
Executive summary: Asia-Pacific trading ended sharply mixed, with Japan and South Korea under heavy pressure while Hong Kong, Australia and several commodities posted gains. The Nikkei 225 fell -2.5% to 66,835.54 and the Kospi dropped -6.5% to 6,818.25, while the Hang Seng rose +4.0% to 24,993.99. WTI crude climbed +1.8%, gold added +0.8%, and the yen and yuan both firmed modestly against the dollar. [Continue Reading]
Tokyo Opens Higher as Oil Jumps, Hang Seng Leads Asia-Pacific Gains, Yen Edges Firmer
Executive summary: Asia-Pacific markets opened with a mixed but broadly constructive tone, led by a stronger Hang Seng and modest gains in Tokyo and Sydney. The biggest cross-asset move was in WTI crude, which surged more than 12%, while gold and silver slipped and the yen firmed slightly against the dollar. The move set up a session where energy, inflation expectations, and risk appetite are likely to dominate trading. [Continue Reading]
India-UK trade deal and social security pact come into force
India and the United Kingdom have brought into force their Comprehensive Economic and Trade Agreement, alongside a separate social security arrangement, in a move both sides say will deepen economic ties. The agreements took effect on Wednesday and are expected to change tariff treatment on a large share of goods traded between the two countries. Prime Minister Narendra Modi described the step as a significant moment in the bilateral partnership.Under the trade pact, 99% of Indian goods entering the UK and 90% of UK goods entering India will either be duty-free or face reduced tariffs. The parallel Agreement on Social... [Continue Reading]
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US strikes Greater Tunb as commercial ships are redirected near Strait of Hormuz
US Central Command said it struck Iran's Greater Tunb island in daylight on Wednesday, in the latest escalation around the Strait of Hormuz. The island lies close to one of the world's most sensitive shipping lanes, and the strike was described as part of a wider effort to enforce a renewed naval blockade. The same material says American forces also redirected two commercial ships that were attempting to breach the blockade.According to the supplied rows, the blockade was reimposed at the direction of President Donald Trump, and the reported ship movements took place within 17 hours of that decision. CENTCOM... [Continue Reading]
Businesses claw back tariff refunds after Trump tariffs ruled unlawful
Businesses around the world are receiving refunds of tariffs paid to the United States after Donald Trump's so-called liberation day tariffs were ruled unlawful. The refunds are being issued after the April 2025 measures triggered a sharp rise in import costs for companies selling into the US market. One Australian brand, Nashie, says it has already received a six-figure refund that included interest.Oxford Economics estimates that about US$80 billion in tariffs has been refunded since May, with interest paid at rates of up to 7%. The firm says the same amount is expected to be refunded again over the next... [Continue Reading]
World leaders arrive in Doha for mourning of Qatar's former emir
World leaders continued to arrive in Doha on Wednesday as Qatar observed the third day of national mourning for Sheikh Hamad bin Khalifa Al Thani. The former emir, who ruled from 1995 to 2013, died on Sunday at the age of 74. The visits have turned the capital into a focal point for diplomatic condolences, with senior figures from Europe, the Middle East and Africa paying respects to Emir Sheikh Tamim bin Hamad Al Thani.Among those expected in Doha is Iran's Foreign Minister Abbas Araghchi, whose visit comes as tensions between Tehran and Washington remain high after renewed military exchanges... [Continue Reading]
Day News Recap: US Iran conflict escalates as oil jumps and global flashpoints multiply
The biggest story was the sharp escalation in the US Iran confrontation, with Washington resuming daylight air strikes, restoring a naval blockade on Iranian ports and warning that power plants and bridges could be hit next if Tehran does not back down. The renewed pressure has raised fears of a wider conflict around the Strait of Hormuz and pushed oil prices higher again. 🔗 🔗 🔗 🔗 🔗Tensions also spread beyond Iran itself. Iranian state media said a drone struck a military base used by the United States in Kuwait, and Kuwait separately confirmed attacks and damage, while the death... [Continue Reading]
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Russian strikes kill six in Sumy and Odesa as attacks on southern Ukraine continue
Russian guided aerial bombs, missiles and drones struck the Ukrainian cities of Sumy and Odesa, killing six people and wounding others, according to regional officials. In Sumy, close to the Russian border, six guided aerial bombs hit medical and civilian facilities, leaving three dead and 17 injured. In Odesa, three more people were killed when missiles and drones hit industrial infrastructure, setting a warehouse on fire and damaging several lorries.Regional governor Oleh Hryhorov said firefighters extinguished burning vehicles outside a medical centre in Sumy while rescue teams evacuated survivors. He also said one of the victims was so badly injured... [Continue Reading]
Iraqi prime minister meets Trump in Washington as US warns over armed groups
Iraqi Prime Minister Ali al-Zaidi has met US President Donald Trump at the White House in talks that focused on deepening economic ties, raising Iraq's oil output and broadening cooperation between the two governments. The meeting came as Washington and Tehran remain locked in renewed escalation, putting Iraq in a difficult position between two relationships it says it cannot afford to damage. Trump described al-Zaidi in warm terms during the visit, while both sides signalled interest in expanding economic engagement.Later in the day, US Defence Secretary Pete Hegseth warned Iraq to disarm Iran-aligned armed groups operating in the country. The... [Continue Reading]
Sudan war economy fuelling self-perpetuating conflict, UN human rights office says
The United Nations human rights office has said Sudan's war economy is helping sustain a conflict that has become self-perpetuating. The assessment frames the fighting as being driven not only by battlefield gains, but also by economic incentives that have emerged during the war. It comes as Sudan's conflict, which began in April 2023, continues to reshape the country's political and economic landscape.According to the supplied material, the report is a current assessment of the conflict's drivers and argues that wartime economic activity is reinforcing the violence. The conflict has pitted the regular army against the paramilitary Rapid Support Forces,... [Continue Reading]
Breakfast News Recap: US Iran tensions deepen as oil rises and Gaza, Ukraine and Asia face fresh shocks
Oil prices rose for a second session as the United States restored a naval blockade on Iranian ports, sharpening pressure on shipping routes and energy markets just as Donald Trump threatened to widen strikes on Iran to include power plants and bridges if Tehran does not back down. 🔗 🔗 🔗The confrontation also spread beyond the Gulf, with Trump dropping a planned 20% cargo fee on traffic through the Strait of Hormuz and saying Gulf states would instead make investment and trade commitments, while the Strait remained the central fault line in the fast deteriorating stand off. 🔗 🔗Iran said... [Continue Reading]
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Europe Opens Mixed as Brent Jumps, DAX Leads Gains and Gold Softens
Executive summary: European markets opened with a split tone, as the DAX outperformed, the FTSE 100 and CAC 40 edged higher, and the Euro Stoxx 50 hovered just below flat. The biggest cross-asset move was in energy, where Brent crude surged more than 13%, while gold and silver slipped. FX was comparatively calm, with the euro and sterling slightly firmer against the dollar. [Continue Reading]
Tokyo and Asia-Pacific Close Higher as Oil Jumps, Gold Slips and Risk Appetite Holds
Executive summary: Tokyo and broader Asia-Pacific equities finished higher, led by a strong Nikkei 225 advance and gains in Hong Kong, Australia and South Korea. The session was shaped by a sharp jump in WTI crude, a weaker gold price, firmer Ether and a softer yen and yuan versus the dollar. The move set up a mixed cross-asset picture, with energy and some industrial metals outperforming while precious metals were split. [Continue Reading]
US opens safeguard review of lamb imports, including Australian supply
The United States International Trade Commission has opened a global safeguard investigation into lamb imports, a move that could affect shipments from Australia, the largest supplier to the US market. The review is examining whether imported lamb meat is threatening the domestic industry and whether additional tariffs should be imposed. The investigation was formally requested on 13 July by Ambassador Jamieson Greer.The case follows an October 2025 petition from the American Sheep Industry Association, which argued that imported lamb was being sold at lower prices, displacing local production and reducing profitability for US farmers. According to the supplied material, most... [Continue Reading]
Indian seafarer confirmed dead after attack on GFS Galaxy off Oman coast
The Indian crew member who had been reported missing after an attack on the commercial vessel GFS Galaxy off the coast of Oman has now been confirmed dead. The confirmation came from the seafarer's family, according to the supplied report, after earlier accounts said one Indian national remained unaccounted for. The vessel had 11 Indian nationals on board when it came under attack, and 10 were rescued.India's Ministry of External Affairs said at the time that it condemned the attack on the vessel and that its embassy in Oman was closely monitoring the situation. It said it was coordinating with... [Continue Reading]
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US Senate revises Russia sanctions bill to soften tariffs on India and China
US senators have introduced a revised Russia sanctions bill that would ease proposed tariff measures aimed at major buyers of Russian oil and gas, while keeping broader pressure on Moscow. The legislation was first tabled in April 2025 and has now been updated as lawmakers seek to move it forward with bipartisan backing. It comes as the United States continues to weigh how to punish Russia over its energy revenues without sharply widening the economic impact on other countries.Under the revised proposal, the maximum tariff on the five largest buyers of Russian oil and natural gas would be cut to... [Continue Reading]
China Q2 growth slows sharply and misses target as domestic demand weakens
China's economy grew by 4.3% in the second quarter of the year, official figures showed, marking a sharp slowdown from the 5% expansion recorded in the first quarter. The result fell below Beijing's annual growth target and came as weak domestic demand and the impact of the Iran war on oil prices weighed on activity. The data covers the period from the start of April to the end of June and is the first full quarter since the war began on 28 February.The figures were released alongside other indicators suggesting a mixed picture for the world's second-largest economy. Exports rose... [Continue Reading]
Massachusetts Man Convicted in Boston in Iran Sanctions Export Case
A Massachusetts man was convicted in federal court in Boston after a 14-day jury trial in a case involving alleged violations of U.S. sanctions against Iran. The conviction was returned yesterday, according to the source. The charges were tied to a scheme to illegally export sophisticated electronic components from the United States to Iran. The source does not identify the defendant by name, describe the components in detail, or state how the alleged export network operated. No sentence, forfeiture, or additional enforcement action is mentioned in the text. The report only confirms that the jury trial concluded with a conviction... [Continue Reading]
US-Russian Soyuz mission launches to ISS from Baikonur
A joint US-Russian space mission has launched from Kazakhstan and is now in orbit on its way to the International Space Station. The Soyuz MS-29 spacecraft lifted off from the Russia-operated Baikonur Cosmodrome on Tuesday morning, carrying Russian astronauts Pyotr Dubrov and Anna Kikina and NASA astronaut Anil Menon. The crew is scheduled to dock at the ISS later, where they are expected to stay for eight months.NASA Administrator Jared Isaacman attended the launch, making what was described as a rare visit to Baikonur and the first by a NASA chief in eight years. Before liftoff, he met Dmitry Bakanov,... [Continue Reading]
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Day News Recap: Trump drops Hormuz cargo fee as Iran tensions rise and oil hits four week high
US President Donald Trump reversed a planned 20 percent fee on cargo moving through the Strait of Hormuz, saying Gulf states would instead make investment and trade, after earlier threatening a strike on Iran's deeply buried Pickaxe Mountain nuclear site and later saying the US military had reopened Hormuz for all but Iran. 🔗 🔗 🔗Oil prices climbed to a four week high as renewed US Iran hostilities deepened fears over energy supplies through the waterway, while gold fell about 3 percent after the naval blockade announcement. The United Arab Emirates is also planning a new east coast deepwater port... [Continue Reading]
UAE plans east coast port to bypass Strait of Hormuz amid regional shipping disruption
The United Arab Emirates is planning a new deepwater port on its east coast that would allow cargo to bypass the Strait of Hormuz, according to the supplied material. The project is intended to reduce reliance on one of the world's most strategically vulnerable shipping routes after months of conflict between Iran and the United States. Dubai-based DP World is expected to develop the port in Fujairah, alongside a new terminal at the existing harbour in the same emirate.The supplied rows say the new facility would let cargo enter the UAE through the Gulf of Oman and then move overland... [Continue Reading]
China's monthly car exports top 1 million as trade surplus pressure builds
China's monthly car exports topped 1 million for the first time in June, according to official customs data released on Tuesday. The figures showed that overall overseas shipments from the world's second-largest economy rose 27% year on year. The data also kept China on track to match or exceed last year's record trade surplus of $1tn.The export performance was driven by strong demand for Chinese brands, including BYD and Jaecoo, as well as higher shipments of chips linked to global demand for artificial intelligence. Customs data showed exports of integrated circuits reached 32bn. The same release indicated that exports to... [Continue Reading]
EU races to agree new Russia sanctions before oil-price deadline
European Union ambassadors were holding last-ditch talks in Brussels on Tuesday in an effort to finalise a new sanctions package on Russia before a deadline that could force a higher cap on Russian oil prices. The proposed measures are intended to keep pressure on Moscow's energy revenues, which remain a central source of funding for the war in Ukraine. Officials said the talks were taking place after several member-state objections delayed agreement on the bloc's 21st sanctions package since Russia's full-scale invasion in 2022.If no deal is reached by Wednesday, the EU could be required to raise the oil price... [Continue Reading]
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Europe opens mixed as oil spikes, gold retreats and Paris outperforms on a risk-on start
Executive summary: European markets opened with a split tone, as the FTSE 100 and DAX slipped while the CAC 40 and Euro Stoxx 50 advanced. The biggest cross-asset move was Brent crude’s sharp jump to $85.39, while gold and silver eased, suggesting investors were rotating toward energy exposure and away from some traditional havens. Currency moves were modest, with the euro slightly softer against the dollar and sterling fractionally firmer. [Continue Reading]
Japan says it must counter foreign espionage more rigorously after Russia report
Japan has said it recognises a growing need to counter foreign intelligence activity after a report alleged that Russia had used the country as a hub for espionage and procurement of dual-use technology. Chief government spokesperson Minoru Kihara said Tokyo must address the issue with "even greater rigour" as concerns grow over threats to national security. The comments came after an investigation said Russia had taken advantage of Japan's technology sector and what it described as weak espionage laws.Kihara said the government sees a rising need to respond to foreign intelligence activity, including the acquisition of critical information. He declined... [Continue Reading]
Aliyev says peace remains possible at global media forum in Shusha
Azerbaijan's President Ilham Aliyev told a global media forum in Shusha on Monday that peace remains achievable, even as he pointed to instability in regions around his country. Speaking at the Shusha Global Media Forum, he said: "We believe peace is possible." His remarks came as he addressed an audience of international media professionals gathered in the city. Aliyev linked the discussion to wider regional developments, saying that conflict elsewhere had increased the importance of transport and connectivity routes through Azerbaijan.He said the situation in the Middle East had made one corridor "more attractive," and argued that the country's role... [Continue Reading]
Russian spy network in Japan tied to technology smuggling for war effort
Russian intelligence officers have turned Japan into an important base for buying or stealing battlefield technology and moving it into Russia, according to officials cited in the supplied material. The operation is linked to the GRU's 20th Directorate, a secretive military intelligence unit whose role has not been publicly disclosed. Officials say the network has taken advantage of Japan's weak espionage laws and its large high-tech industrial base.The report says the shift accelerated after Western governments expelled hundreds of Russian spies following the full-scale invasion of Ukraine in February 2022. Since then, dozens of those officers are said to have... [Continue Reading]
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Qatar announces death of former emir Sheikh Hamad bin Khalifa Al Thani at 74
Qatar's Amiri Diwan has announced the death of Sheikh Hamad bin Khalifa Al Thani, the former emir who ruled the country from 1995 to 2013. He died this morning at the age of 74, according to the statement. Sheikh Hamad was widely seen as a central figure in shaping modern Qatar.The emir's office said it mourned "the great loss to the nation" and described him as the Father Emir. It said he passed away on Sunday morning, without giving further details on the circumstances of his death. Sheikh Hamad stepped aside in 2013 and handed power to his son, Sheikh... [Continue Reading]
US-Iran escalation threatens oil supply recovery, IEA warns as Hormuz disruption persists
The International Energy Agency has warned that renewed fighting between the United States and Iran could derail a fragile recovery in global oil markets. The warning comes as a lull in hostilities and backroom diplomacy had appeared to create space for a possible revival of the ceasefire. The agency said the latest escalation risks prolonging disruption to shipping through the Strait of Hormuz, a key route for global energy trade.According to the supplied material, the conflict had already cut as much as 14 million barrels per day of crude oil flows when the waterway was effectively closed. The IEA said... [Continue Reading]
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Turkey's NATO summit revolver gifts trigger customs and security checks as leaders take delivery
Security and customs officials are continuing to deal with the fallout from Turkey's unusual summit gifts to NATO leaders, after boxes containing engraved revolvers and live ammunition were handed out in Ankara. The gifts were presented after the two-day gathering hosted by President Recep Tayyip Erdogan, and several delegations were left working out how to clear and store them safely. The episode has drawn attention because the items included functioning weapons rather than symbolic souvenirs.According to the supplied report, each box contained a vintage-style revolver, six live rounds and a cleaning kit, with the recipient's name engraved on the gun.... [Continue Reading]
China expands anti-sanctions toolkit, raising risks for foreign firms
China has expanded its ability to respond to foreign sanctions and export controls with a series of new and draft measures that could affect multinational companies operating across Chinese, US and European rules. Since March, Beijing has passed two regulations that broaden its powers to retaliate against foreign entities it says threaten supply-chain security or apply sanctions with improper extraterritorial reach. A third draft law would go further by allowing prosecutors to bring cases against foreign organisations and individuals whose actions are said to harm China's national interests or social public interest.The latest measures were described as part of a... [Continue Reading]
India and Australia sign defence, maritime and trade pacts amid wider strategic push
India and Australia have signed a package of agreements covering defence, maritime security, energy, education, science and critical minerals, marking a broader deepening of ties between the two countries. The deals were announced during talks in Melbourne between Indian Prime Minister Narendra Modi and Australian Prime Minister Anthony Albanese. They come alongside steps to operationalise the 2014 civil nuclear agreement, which is intended to secure a stable corridor for uranium supplies to India for peaceful purposes.Modi said the two countries would work together to strengthen peace, stability, freedom of navigation and a rules-based order across the Indo-Pacific. Albanese said the... [Continue Reading]
Explosions reported in Iran near Bushehr and Konarak as US military denies involvement
Iranian media reported loud explosions in several locations in southern Iran late on Thursday, including areas around Bushehr, Choghadak and the coastal city of Konarak. The reports came amid continuing exchanges between Iran, the United States and Israel, with officials in Washington denying any recent US strikes. Local officials in Bushehr said one blast in the city was caused by air defence systems, while another strike hit a military headquarters on the outskirts of the city.According to the supplied report, the United States Central Command said the US military had not carried out any strikes in Iran in the past... [Continue Reading]
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Greenland Energy dispute over drilling permissions deepens amid Trump-linked pressure
A dispute has emerged in Greenland over whether a Texas-based oil company has permission to begin exploration work and move drilling equipment into the territory. Greenland Energy says it has exploration permits and plans to bring in drilling kit, but the government in Nuuk says there are no active permissions for exploration or for preparations linked to such activity. The disagreement centres on a proposed oil project in eastern Greenland and has drawn in figures linked to Donald Trump.The company's public face, Robert Price, told residents of Ittoqqortoormiit on 10 June that the project would drill for oil in the... [Continue Reading]
The Great Uncoupling: Abu Dhabi’s Sovereign Gambit
The UAE’s decision to cut ties with OPEC is far more than a mere adjustment of energy policy, for it functions as a political telegram written in barrels and sent directly to the heart of the global order. For nearly six decades, Abu Dhabi operated within the rigid architecture of producer discipline, where it accepted the rituals of quotas, the formality of communiqués, and the heavy burden of collective restraint. It played the long game of oil diplomacy with a patient hand, balancing its own massive national ambitions against the gravity of cartel discipline and the delicate logic of Gulf... [Continue Reading]
The Mirage of the Umbrella: The Shifting Sands of the U.S.-Israel-GCC Alliance
As I sat in a recent debate at the historic Carlton Club in London, listening to Faisal Abbas, the Editor-in-Chief of Arab News, I felt a tangible shift in the room, not because a new fact had been revealed, but because an old illusion had finally lost its last breath. The old-world order has not merely changed, it has evaporated, leaving the Gulf to realize it is no longer watching a distant fire from the safety of marble towers and air-conditioned ministries, but is instead standing directly inside the smoke. The GCC today is caught in a lethal crossfire between... [Continue Reading]
The Proving Ground, When “Decent” Reporting Meets High-Tech Warfare
For two decades I have watched wars unfold not only on battlefields, but on screens. Today’s incident over Kuwait, involving the downing of a U.S. F-15 Strike Eagle, is not just another headline in the Iran conflict. It may be a signal that something larger is unfolding behind the noise. Iranian state outlets rapidly circulated imagery of an ejected pilot. Washington responded cautiously. But beneath the spectacle lies a deeper question, whose technology was truly being tested? The Gulf as a live-fire laboratory For years, China has refined export-ready variants of its air defense systems, particularly the HQ-9 family and... [Continue Reading]
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Shadows of Fire: The Long Arc of Iran–United States Tensions
A Region on Edge: The Latest Escalation In recent months, tensions between Iran and the United States have intensified once again, fueled by disputes over regional security, nuclear development, maritime incidents in the Persian Gulf, and the broader strategic balance in the Middle East. Officials in Washington have expressed renewed concern over Iran’s uranium enrichment levels, while leaders in Tehran have accused the United States of economic warfare through sanctions and diplomatic isolation. The fragile equilibrium that followed earlier rounds of indirect negotiations appears increasingly strained, with both sides engaging in sharp rhetoric at the United Nations, reinforcing military postures... [Continue Reading]
There Is Good in Every Bad
Power, Greed, Oil, and the Theater of Modern Geopolitics The Business Model of Power Donald Trump does not govern like a traditional politician. He governs like a negotiator who believes every geopolitical crisis is leverage, every war threat is a bargaining chip, and every market panic is an opportunity. When markets tremble, someone profits. The question is, who? Global markets react instantly to political tension. Gold rises when conflict looms. Oil spikes when instability threatens production. Stock markets collapse on fear, then rebound on reassurance. Volatility is not chaos, it is opportunity. Historically, gold has surged during major geopolitical crises,... [Continue Reading]





