2025-08-04 07:37
TOKYO, Aug 4 (Reuters) - Japanese trading house Sojitz established a joint venture with Japan Organization for Metals and Energy Security (JOGMEC) to study gallium production in Australia, Sojitz said on Monday. Gallium, a critical mineral, is used in semiconductors where demand continues to grow with the expansion of electric cars, mobile devices and other electronic items. Sign up here. The joint venture, Japan Australia Gallium Associates (JAGA), signed a joint development agreement with U.S. Alcoa (AA.N) , opens new tab to explore the feasibility of producing gallium at Alcoa's alumina refinery in Western Australia. The companies aim for final investment decision by the end of 2025, Sojitz said on Monday, and production in 2026 with gallium to be sold in Japan and in other countries. https://www.reuters.com/world/asia-pacific/japans-sojitz-jogmec-team-up-with-alcoa-gallium-study-australia-2025-08-04/
2025-08-04 07:35
Latest Trump tariffs unlikely to budge, top negotiator says Market expects a rate cut in September Citi raises gold forecast to $3,500/oz over next 3 months Aug 4 (Reuters) - Gold edged lower on Monday as investors booked profits after a sharp rise in the previous session after weaker-than-expected U.S. jobs data boosted hopes for a U.S. Federal Reserve interest rate cut in September. Spot gold lost 0.1% to $3,361.32 per ounce, as of 0655 GMT. Bullion rose more than 2% on Friday. However, U.S. gold futures gained 0.4% to $3,414.20. Sign up here. "Gold has made a conservative start to the week following Friday's price jump. A combination of profit-taking and dollar stabilisation has caused gold to ease marginally to kick-off the week," KCM Trade chief market analyst Tim Waterer said. Last week data showed that nonfarm jobs increased by 73,000 in July, after a downwardly revised gain of 14,000 in June. This revived hopes of a Fed rate cut in September, with markets now pricing in an 81% chance, per CME FedWatch tool , opens new tab. The tariffs imposed by U.S. President Donald Trump last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations, Trade Representative Jamieson Greer said on CBS show "Face the Nation", aired on Sunday. "But with Trump on the tariff warpath once again, and the soft U.S. jobs report increasing the odds that we could see a September FOMC rate cut, any pullbacks in the precious metal could be of a shallow nature," Waterer said. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. Citi raised its gold price forecast over next three months to $3,500 per ounce from $3,300, and the expected trading range to $3,300–$3,600 from $3,100–$3,500, on the belief that near-term U.S. growth and inflation outlook has deteriorated. Spot silver rose 0.6% to $37.24 per ounce, platinum gained 0.2% to $1,317.81 and palladium was up 0.2% to $1,210.00. https://www.reuters.com/world/china/gold-eases-profit-taking-after-rally-us-jobs-surprise-2025-08-04/
2025-08-04 07:24
July month-on-month inflation at 2.06% Central bank resumed easing cycle with 300 bp cut in July Simsek says disinflation in line with targets ISTANBUL, Aug 4 (Reuters) - Turkish annual consumer price inflation dipped more than expected to 33.52% in July , opens new tab, official data showed on Monday, sustaining a downward trend despite strong rises in housing and education sector prices. Month-on-month , opens new tab, inflation was 2.06%, the Turkish Statistical Institute said, below forecasts. In June, CPI inflation was 1.37% monthly and 35.05% annually. Sign up here. In a Reuters poll, the monthly inflation rate was expected to be 2.4% in July, with the annual rate seen at 34.05%. On July 24, the central bank cut its policy rate by 300 basis points and relaunched an easing cycle, while saying that leading indicators suggest a temporary rise in monthly inflation in July due to month-specific factors. A mid-year hike in fuel and tobacco prices as well as a rise in natural gas prices had been expected to drive monthly inflation. Transport prices rose 2.89% month-on-month and alcoholic drinks and tobacco prices rose 5.69%. Housing prices were up 5.78%. The domestic producer price index rose 1.73% month-on-month in July for an annual rise of 24.19%, the data showed. Inflation is seen dropping to 29.75% at the end of this year according to the poll median, higher than the central bank forecast of 24%. Finance Minister Mehmet Simsek said that the disinflation is in line with targets and that year-end inflation will be within the central bank's forecast range. "We will continue to resolutely implement our program to achieve lasting price stability, our primary priority," Simsek also said in a post on X. https://www.reuters.com/world/middle-east/turkey-inflation-falls-3352-july-below-forecast-2025-08-04/
2025-08-04 07:19
OSLO, Aug 4 (Reuters) - Norway's Equinor (EQNR.OL) , opens new tab restarted its Hammerfest LNG terminal on Sunday, Europe's largest natural gas export facility, after more than three months of maintenance, a company spokesperson said on Monday. The Hammerfest plant in Arctic Norway, also known as Melkoeya LNG, had been offline since April 22. Sign up here. The facility had initially been scheduled to return to operation on July 19, but this was later postponed. Melkoeya LNG has the capacity to deliver about 6.5 billion cubic metres of gas per year, enough to supply about 6.5 million European homes per day, and accounts for roughly 5% of all Norwegian gas exports. The plant at Melkoeya island receives gas from the Snoehvit field in the Barents Sea, some 143 km (89 miles) offshore. Its owners are Equinor, Petoro, TotalEnergies (TTEF.PA) , opens new tab , Vaar Energi (VAR.OL) , opens new tab and Harbour Energy (HBR.L) , opens new tab. https://www.reuters.com/business/energy/norways-hammerfest-lng-restarts-after-maintenance-2025-08-04/
2025-08-04 07:18
KUALA LUMPUR, Aug 4 (Reuters) - Malaysia will spend up to $150 billion in the next five years to buy equipment from U.S. multinationals for its semiconductor, aerospace and data centre sectors, part of a deal with Washington to cut tariffs, its trade minister said on Monday. The United States announced last week that it would impose a 19% tariff on Malaysia starting from August 8, lower than a 25% levy threatened last month. Sign up here. State energy firm Petroliam Nasional Berhad (IPO-PETO.KL) , opens new tab will buy liquefied natural gas worth $3.4 billion a year, while Malaysia will commit to $70 billion in cross-border investments in the United States over the next five years to address the trade imbalance between the two countries, minister Tengku Zafrul Aziz told parliament. The United States ran a goods trade deficit with Malaysia of $24.8 billion in 2024, government data showed. Tengku Zafrul said the two countries were finalising a joint statement covering the commitments made, following weeks of negotiations over the tariffs imposed by U.S. President Donald Trump's administration. "Despite expecting lower tariff rates, the ministry believes that these negotiations have succeeded in achieving a result that is reasonable with the offers made by Malaysia," Tengku Zafrul said. Other concessions by Malaysia include reducing or abolishing duties on 98.4% of U.S. imports, the easing of some non-tariff barriers, and the removal of a requirement for U.S. social media platforms and cloud service providers to contribute part of their Malaysian revenues to a state fund. Last week, Tengku Zafrul said Malaysia had secured tariff exemptions on its pharmaceutical products and semiconductors exported to the United States, and was seeking further cut-outs for commodities such as cocoa, rubber and palm oil. On Monday, however, he warned that semiconductor chips may still be subject to additional tariffs under U.S. laws based on national security reasons. "Therefore, we need to continue to be prepared for any possible additional tariffs imposed on the semiconductor industry," he said. https://www.reuters.com/business/energy/malaysia-agrees-boost-tech-lng-purchases-us-part-trade-deal-2025-08-04/
2025-08-04 06:55
OPEC+ to raise output by 547,000 bpd in September Healthy economy, low stocks support production hike, OPEC+ says India to keep buying Russian oil despite Trump threats, sources say Latest Trump tariffs unlikely to budge, top negotiator says SINGAPORE, Aug 4 (Reuters) - Oil prices fell on Monday after OPEC+ agreed to another large production hike in September, adding to supply, but worries about disruptions in Russian oil shipments to major importer India limited losses. Brent crude futures fell 18 cents, or 0.26%, to $69.49 a barrel by 0456 GMT while U.S. West Texas Intermediate crude was at $67.21 a barrel, down 12 cents, or 0.18%, after both contracts closed about $2 a barrel lower on Friday. Sign up here. The Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, the latest in a series of accelerated output hikes to regain market share. It cited a healthy economy and low stockpiles as reasons behind its decision. The move, in line with market expectations, marks a full and early reversal of OPEC+'s largest tranche of output cuts, plus a separate increase in output for the United Arab Emirates, amounting to about 2.5 million bpd, or about 2.4% of world demand. Analysts at Goldman Sachs expect that the actual increase in supply from the eight OPEC+ countries that have raised output since March will be 1.7 million bpd, because other members of the group have cut output after previously overproducing. "While OPEC+ policy remains flexible and the geopolitical outlook uncertain, we assume that OPEC+ keeps required production unchanged after September," they said in a note, adding that growth in non-OPEC output would likely leave little room for extra OPEC+ barrels. RBC Capital Markets analyst Helima Croft said: "The bet that the market could absorb the additional barrels seems to have paid off for the holders of spare capacity this summer, with prices not that far off from pre-tariff Liberation Day levels." Still, investors remain wary of further U.S. sanctions on Iran and Russia that could disrupt supplies. U.S. President Donald Trump has threatened to impose 100% secondary tariffs on Russian crude buyers as he seeks to pressure Moscow into halting its war in Ukraine. At least two vessels loaded with Russian oil bound for refiners in India have diverted to other destinations following new U.S. sanctions, trade sources said on Friday and LSEG trade flows showed. This puts about 1.7 million bpd of crude supply at risk if Indian refiners stop buying Russian oil, ING analysts led by Warren Patterson said in a note. This would potentially erase the expected surplus through the fourth quarter and 2026 and provide OPEC+ the opportunity to start unwinding the next tranche of supply cuts totalling 1.66 million bpd, they added. However, two Indian government sources told Reuters on Saturday the country will keep purchasing oil from Russia despite Trump's threats. Concerns about U.S. tariffs impacting global economic growth and fuel consumption are also hanging over the market, especially after U.S. economic data on jobs growth on Friday was below expectations. U.S. Trade Representative Jamieson Greer said on Sunday that the tariffs imposed last week on scores of countries are likely to stay in place rather than be cut as part of continuing negotiations. https://www.reuters.com/business/energy/oil-slips-opec-proceeds-with-september-output-hike-2025-08-03/
