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Gold falls as oil rally fuels rate-hike betting ahead of Fed meeting
Gold prices fell on Monday as an increase in oil prices fueled inflation fears, raising expectations that the U.S. Federal Reserve will raise interest rates this week. After posting its third consecutive weekly drop on Friday, spot gold fell 0.6% to $4,321.26 an ounce at 0724 GMT. U.S. Gold Futures fell 1.1% to $4361.20. "Gold doesn't seem to be able to find conditions that suit it. "Gold isn't finding conditions to its liking," Tim Waterer, KCM Trade chief market analyst said. As a hedge against uncertainty, dips will still be sought by buyers while the geopolitics and rates policy are fluid. Data last week confirmed expectations that the Fed will raise interest rates. U.S. consumer price indexes accelerated in August while a key measure of underlying inflation showed its biggest increase in four month. According to CME FedWatch, traders are now pricing in an 87% probability of a rate increase at the central banks policy meeting this Tuesday and Wednesday. This is up from 67% before the last week's inflation data. BOJ will also likely raise rates this Friday. Persistent inflation and robust economic growth has raised the prospect of more rate hikes from major central banks, amid rising energy costs and little sign that Middle East tensions are easing. Gold is often viewed as a hedge against inflation, but higher interest rates can make it less appealing. Oil prices rose more than 2% on Monday, after new Houthi attacks on Saudi Arabia and 'Iranian' attacks on ships in Gulf added to supply concerns caused by the closure of Saudi oil pipeline. The Middle East diplomacy has been weakened after the postponement of a meeting between Iran, and other Gulf states. Silver spot fell 1.3%, to $63.63 an ounce. Platinum dropped 0.4%, to $1789.35. Palladium, too, was down 0.4%, to $1293.46.
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Executive says that the IPO of humanoid robotic maker Boston Dynamics is unlikely to happen before 2027.
Boston Dynamics, Hyundai's humanoid robotics unit, will not likely pursue an IPO next year. This is because the company has yet to scale up its Atlas robots and it remains unprofitable. Investors' enthusiasm for Hyundai Motor's robotics ambitions helped to send its shares to new highs in the first half of this year. When asked if an IPO could be possible in the next year, the executive replied that it would not be easy. He added that "we need to see the conditions and situations" without going into detail. He requested not to be identified publicly as the matter was confidential. Hyundai Motor Group did not disclose a timeline or a valuation target in relation to a possible Boston Dynamics listing. The group didn't immediately respond to an?request for comments. Boston Dynamics is not available to comment outside of business hours. Investors and analysts have been closely watching Boston Dynamics since the company unveiled the updated Atlas robot at the Consumer Electronics Show Las Vegas in January. The company has the option to pursue an IPO in the United States in order to finance its growth. Due to the increasing interest among investors, analysts have estimated the company's growth in sales and its potential valuations. Hyundai acquired a controlling interest in Boston Dynamics by 2021. In July, the company announced its plans to become a fully-owned subsidiary of SoftBank, acquiring their roughly 10% stake for an undisclosed price. Media reports at the time said that the transaction would have been worth approximately 500 billion won (371,51 million dollars). Investors have taken note of the South Korean group’s move into robotics. Hyundai Motor shares have more than doubled in value since January when it unveiled its Atlas robot. However, they've lost much of that gain due to a lack updates on the company's robotics strategy. Shares of Hyundai, the third largest auto group in the world, along with its affiliate Kia have risen by 25% this year. This is behind the 60% increase seen on the wider market. IPO IS YEARS AWAY Analysts believe that Boston Dynamics will not go public within the next few year because humanoid robotics have yet to be widely deployed in factories. Hyundai said that it plans to deploy humanoid robotics in its U.S. factory in Georgia by the year 2028. The robots will then be deployed across the company's manufacturing network. Analysts have called these targets ambitious. Kim Hyun Su, senior fund manager of IBK Asset Management in Seoul said: "It might take a lot more time before humanoid robotics replace humans at the assembly line." "It is not difficult to get robots to dance, but it is challenging to get them to carry heavy loads or to be involved in manufacturing." Tesla CEO Elon M Musk, whose firm is developing the Optimus robot humanoid, described the humanoid robotics as the "hardest product to scale manufacture" that the electric vehicle maker has ever made. Boston Dynamics's valuations are highly variable. Samsung Securities said that market estimates put its value between 50 trillion won (US$50 billion) and 100 trillion dollars (US$100 trillion) Kim Joon-sung of Meritz Securities said that a Boston Dynamics IPO is more likely to happen in 2030 or 2029 because Hyundai must first gather large quantities of operational data before selling robots to external customers. IBK Securities said in August that Boston Dynamics' value could reach 141 trillion won by 2030 when the company is expected to generate approximately 11 trillion won of revenue. According to a filing by Hyundai Glovis which owns about 11% of the company, Boston Dynamics has a loss of 528.4 trillion won in 2025. The filing stated that the total losses between 2021 and 2025 totaled nearly 1.7 trillion dollars. Hyundai Motor Group executive chair Euisun Chung, Kia, Hyundai Mobis, and Hyundai Motor Group, as well as Hyundai Motor Group, Kia, and Hyundai Motor Group, are also shareholders of Boston Dynamics.
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Accidents involving passenger boats and ferrys in Southeast Asia
Two fatal ferry accidents in Southeast Asia in the last week, in Indonesia and the Philippines, have brought maritime safety to the forefront. Ferries are an important part of transport in the region because Indonesia has over 17,000 islands and the Philippines more than 7,600. Below are some details about recent maritime accidents in Southeast Asia involving passenger ferries or tourist boats. INDONESIA September 2026 – Six people have died and 129 are still missing following the capsize of a passenger vessel with 243?people on board in the Java Sea. The Java Sea is the water between Indonesia’s four largest?islands, Java, Sumatra Sulawesi, and Borneo. The Java Sea is the scene of several major maritime and air accidents. These include the Tampomas II sinking in 1981 in which?approximately 600 people perished, according to some estimates. Another plane crash in 2007 killed more than 100 people. PHILIPPINES - September 2026 – At least 76 passengers died after a ferry carrying over 130 passengers caught fire while traveling from Manila to Coron, Palawan. INDONESIA. August 2026 – One person was killed and over 200 were rescued when a?ferry traveling from the tourist island Bali caught fire in the waters near the island Lombok on 12 August. INDONESIA, August '2026 - Five passengers and crew died after a ferry caught fire near Madura Island. VIETNAM - In July 2026, at least 15 Indian tourists were killed when a boat capsized near the southern island of Phu Quoc in Vietnam. PHILIPPINES - January 2026: At least 18 people were killed when a boat carrying over 300 people capsized on its way to the southern province 'Sulu. INDONESIA, 2025 – Three of Fernando Martin’s children and the Spanish soccer coach died when their boat capsized near a popular tourist destination in the Padar Island Strait.
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Foreex-Dollar firms and yen wobbles at 7-month high before Fed, BOJ decision
Investors pondered the possibility of rate hikes by the Federal Reserve and?Bank of Japan. Meanwhile, a rise in oil prices?amped down risk sentiment. As the fighting in the Middle East intensifies, global policymakers are faced with unpredictable pricing pressures. Oil prices have risen well above $100 a barrel. Rates have also been impacted by steep sales of long-end bonds. The European Central Bank increased rates last week, and warned against further increases. This was ahead of the Fed's policy announcement on Wednesday, and a widely anticipated rate hike by the BOJ this Friday. The Bank of England will likely remain unchanged on Thursday but the vote is likely to close. CME FedWatch showed that traders increased their bets on a Fed rate increase after Friday's data showed a rise in U.S. consumer prices in August. They priced in an 86 percent chance of gaining this week, and another later in the year. Kieran?Williams, Intouch Capital Markets' head of Asia FX, said that markets are heavily conditioned for a hawkish weekend. The bigger surprise risk in FX is not who raises rates, but rather who fails to confirm current pricing. DOLLAR FINDS FOOTING AHEAD of FED MEETING The euro fell 0.28% to $1.1565 while the last price of sterling was $1.3503. After two weeks of small declines, the U.S. Dollar Index, which measures greenback against six currencies, is now 0.23% higher. U.S. Treasury Yields remain near multi-year-highs. The 2-year yield, typically moving in line with Fed rate expectations is edging away from a recent high of 4.61% after increasing 26 basis points in the past week. The dollar has not been able to move significantly higher despite rising?yields, and changing rate expectations. Central banks in major countries are also expected raise rates. In a recent note, Commonwealth Bank of Australia strategists said that Fed Chair Kevin Warsh must match his tough rhetoric and policy actions or risk further damaging his credibility in controlling inflation. They said that "there is a slight chance of the USD easing if the FOMC raises, but Warsh plays the risk of a follow-up increase in the press conference." Brent crude futures also rose by 2%, to $106.7 a barrel. This was after the Houthi attacks?on Saudi Arabia?and Iranian attacks on vessels in the Gulf compounded the supply concerns that were already present following the closure of the Saudi oil pipeline. BOJ RECKONING: RISING YEN FACES BOJ RISE The Japanese yen fell 0.3% to 154.03 against the U.S. Dollar, but it was still not far off its seven-month high of 152.89 it reached last week. There are signs of a change in the market's sentiment towards the currency. Speculators have taken a net-long position on the yen for first time since Feb. Analysts at MUFG noted that "a 25 bps increase is almost already fully priced," noting that BOJ must signal that it plans to stick with the faster pace of hikes in order for the yen strengthen further. The yen has risen 4% in the last month, mainly due to expectations that the BOJ would?be quicker with rate increases and signs of possible repatriation by domestic investors. TD Securities expects that the BOJ will hike about once a quarter, compared to its semi-annual, gradual pace. It stated that not putting another increase on the table would risk a knee jerk dollar/yen rise back to 157-160. Ben?Bennett is the head of investment strategy at L&G Asset Management for Asia. He said that central banks around the world will be closely watching the Fed’s policy change. If it appears that the Fed will be raising rates, the BOJ could again feel pressured to respond with a hawkish message. Otherwise, we may see a renewed weakness in the yen.
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Gold falls as oil rally fuels rate hike bets before Fed meeting
Gold prices fell on Monday as an increase in oil prices raised inflation fears, which fueled expectations that the U.S. Federal Reserve would raise interest rates during its policy meeting later this week. By 0528 GMT, spot gold had fallen 0.5% to $4,327.09 an ounce after posting its third consecutive weekly drop on Friday. U.S. Gold Futures fell 0.9% to $4367.50. "Gold doesn't seem to be able to find conditions that suit it. "Gold isn't finding conditions to its liking," Tim Waterer, KCM Trade chief market analyst said. As a hedge against uncertainty, dips will still be sought by buyers while the geopolitics and rates policy are fluid. Data last week confirmed expectations that the Fed will increase interest rates. U.S. consumer price indexes accelerated in August while a key measure of underlying inflation showed its biggest rise in four months. According to CME FedWatch, traders are now pricing in an 87% probability of a rate increase at the central banks policy meeting this Tuesday and Wednesday. This is up from 67% before the last week's inflation data. BOJ will also likely raise rates this Friday. This is because persistent inflation and robust economic growth has raised the prospect of more rate hikes from major central banks. Gold is often seen as a hedge against inflation, but higher interest rates can make it less appealing. Oil prices rose more than 2% on Sunday after Houthi attacks on Saudi Arabia and Iranian attacks on Gulf ships compounded concerns over supply following the closure of an important Saudi oil pipeline. Middle East diplomacy appears to be in decline?after the postponement of a meeting between Iran &?other Gulf States. Silver spot fell 1%, to $63.80 an ounce. Platinum dropped 0.2%, to $1792.59 and palladium dropped 0.4%, to $1293.86.
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The oil markets have survived the Iran War sprint. Bousso: Now the marathon.
The expansion of the Mideast conflict to Yemen and the drone attacks on a Saudi oil pipeline are a reminder of an uncomfortable reality: the Iran War is not a temporary shock in energy supplies, but rather a long-term, unpredictable test of economic endurance. The markets are now adjusting to the new, more volatile phase in the conflict. Many of the safeguards which cushioned the initial shock nearly seven months ago have been removed. Donald Trump, the U.S. president, predicted last week that "the conflict" would only end after the midterm elections in November. The tone of the administration has changed significantly from its initial suggestion that the war would only last a few weeks. It is impossible to tell if this new forecast will prove correct, but recent events at two of the most important energy routes in the world suggest that it could be very optimistic. The Gate of Tears Houthis, who are allied with Iran in Yemen, have made rapid progress over the last week. They now hold the Bab el-Mandeb Strait near the southern entrance of the Red Sea. The group, which announced a blockade on the shipping route last July, has reaffirmed that all ships except those of Saudi Arabia are safe to transit. Saudi authorities reported that a series of attacks by drones launched from Iraq temporarily closed Saudi Arabia's East-West oil pipe, the kingdom's primary alternative to the Strait of Hormuz. Since the Strait of Hormuz was disrupted by the conflict in February, the?1,200 kilometre (745 mile) pipeline has become critical to the Kingdom. Saudi Arabia offset some of its losses from the Hormuz conflict by more than doubling the west coast exports through the pipeline in the first five month of the conflict. This is equivalent to approximately 4%-5% of global oil supplies. Kpler data shows that shipments in August fell to 2 million bpd, the lowest level since January. This was largely due to the Houthi blockade. According to the International Energy Agency, the output of what was once the largest oil exporter in the world fell to 6,000,000 bpd, the lowest in over three decades. Satellite images suggest that at least one pumping stations was damaged, but the extent of the damage and timeline for repairs are still unclear. Saudi Arabia is also likely to be able draw from stored crude in order to offset any disruptions to pipeline flow for several days. This escalation is occurring at a very dangerous time. Running Dry The disruption of Middle East oil exports - which made up around a fifth if global supplies before the war - has severely eroded world stocks. According to the IEA, inventories have dropped by 507,000,000 barrels or 2.8 million bpd since the war began. The fact that more crude oil has left Hormuz recently than in the beginning of the war is mainly due to more vessels using the route along Oman’s coast, under U.S. Navy surveillance. Kpler estimates that around 5 million barrels per day (bpd) of crude oil and refinery products have been shipped through the Strait since June. This is a quarter less than pre-war levels. However, the actual figure could be higher, as many ships turn off their navigational systems while transiting. Last week, Iranian attacks on more than a dozen oil tankers trying to transit the Gulf or cross Hormuz were a reminder of how dangerous transits can be. This status quo cannot continue. Middle East is the largest energy producing region in the entire world. It may be possible to reduce crude?exports for a couple of months, but not forever. According to IEA estimations, refineries like diesel, jet fuel, and gasoline have suffered far more than crude oil, with exports remaining 60% below their pre-war level. Diesel in particular has been severely affected, driving prices up to record highs. Saudi Arabian Red Sea exports could be further disrupted, putting additional pressure on global stocks. The latest flare-up may also lead to a reduction in the ship traffic through Hormuz. The fear of entering conflict zones is still a factor for tanker operators. Insurance and freight costs are at an all-time high, and naval escorts only partially mitigate the risk. Different tones How long can these market dynamics last? Iran's leadership sees the conflict as an existential threat and is therefore motivated to exert maximum economic pressure both on the U.S. economy and the global economy before any negotiations. Washington's increasing blockade on Iranian oil exports has severe consequences for the Islamic Republic, and the cost of continuing the conflict indefinitely is higher. Temporarily, the Houthi attacks and advances on Saudi infrastructure could temporarily "shift momentum" back towards Tehran. These competing pressures may eventually bring both parties to the table for negotiations. They could also encourage both sides to continue fighting, hoping that their bargaining positions will be strengthened by economic or military gains. Markets assumed that Trump would find a way out once the rising costs of gasoline and political costs became too much. This outcome was dependent on Tehran's willingness to cooperate. It has so far shown little willingness to cooperate. U.S. policymakers, traders and investors may have adapted to a conflict which appears manageable. If the war continues for several more months as Trump has suggested, there is a risk that the market will be left with fewer shock-absorbing devices. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
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Palm oil prices rise as crude prices soar
Malaysian palm futures jumped on Monday, supported by higher crude prices and rival soy prices in the Chicago market. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 62 Ringgit or 1.29% at 4,876 Ringgit ($1,198.03). A Kuala Lumpur-based trader stated that "Today's FCPO is holding firm due to the strong crude oil and the?anticipation for better demand in the future for bio-diesel use." Oil prices rose by more than 3% Monday after Houthi attacks on Saudi Arabia and Iranian attacks against ships in the Gulf compounded concerns about supply 'following the closing of a Saudi oil pipeline. Palm oil is a better option as a biodiesel feedstock because crude oil futures are stronger. Dalian's soyoil contract with the highest volume fell 0.46% while palm oil contracts dropped 0.87%. Prices of soyoil on the Chicago Board of Trade rose 0.7%. As palm oil competes to gain a share of global vegetable oils, it is closely tracking rival edible oils. The ringgit (palm's trade currency) fell 0.12% in value against the US dollar, making it cheaper for foreign buyers. Exports of Malaysian palm oil products fell between 11.7% to 17.5% in the month of September, according to cargo surveyors. Technical analyst Wang Tao stated that the price of palm oil could 'test support' at 4,788?ringgits per metric ton. This is due to a wave c.
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Indonesian rescuers fight turbulent seas to find 129 passengers after a passenger ship capsizes
Officials said that hundreds of Indonesian rescuers, including the coastguard and navy, raced to board a passenger vessel that capsized over the weekend in the Java Sea as they searched for 129 people who were still missing. Six deaths have been confirmed. Rescue agency reported that the Virgo transport 8 ship, which was carrying 243 passengers, went missing early Sunday morning due to bad weather. The rescue agency has since rescued 108 passengers from the ship. It was traveling from Surabaya, East Java to Banjarmasin, South Kalimantan. Mohammad Syafii said that Monday's search was hampered by choppy waters, high waves, and strong winds. Syafii?added that the agency had deployed 622 personnel and 17 ships as well as five helicopters, aircraft, and helicopters to search for missing passengers. He said that some of the ships had arrived, but it was hard for the rescuers on board the capsized ship to get in. He said that he would have also deployed a team of specialized personnel with skills in underwater rescue, but that the conditions at present did not permit it. He said that while he waited for the weather to improve, he was identifying personnel with special skills. The death toll, meanwhile, remained at 6. A video released by the rescue agency shows a large ship painted red and black capsized in rough blue water. The red underside of the ship is visible. Near the capsized vessel, two small boats each carrying people were seen floating on rough water. Another official from the rescue agency said that the location of the capsized vessel is approximately 80 nautical miles (nearly 15 kilometres) away from the Trisakti Port command centre in Banjarmasin. Arianto Adi, an official from the port, stated that the wind conditions made it difficult to dock the ship. THREE-METRE WAVE CRASHES? INTO SHIP Syafii stated that the weather conditions were very bad at the time of the incident, with waves up to three metres high crashing into the vessel. In good weather, it takes about five hours to get to the destination from Trisakti Port. However, in bad conditions this can take up to nine. Edy Prakoso (another agency official) said that the ship leaning heavily to one side was caused by strong waves hitting its starboard side. Transport Minister Dudy purwagandhi stated that the capsized boat could hold 500 passengers and was therefore not overloaded. There have been many accidents on Indonesia's ferries, which are used to travel between its 17,000 islands. Sea travel is cheaper and more accessible than flying. Two ferries with hundreds of passengers on board caught fire in separate incidents last month. Five people were killed when a boat caught fire near Madura Island, and one person was killed in an accident on a ferry leaving Bali.
Hy24, a hydrogen fund, has agreed to buy a stake in the Opal pipeline from Uniper.
Uniper, Germany, announced on Monday that it had agreed to sell a 20% stake in the 'gas pipeline Opal', one of Europe’s largest transmission corridors. This brings it closer to completing the asset sales demanded by Brussels, in exchange for approval of the utility's'state bailout' 2022.
The sale of the stake to Hy24, a joint venture of private equity fund Ardian with asset manager FiveT Hydrogen, is subject to regulatory approval and the non-execution by Gascade of Opal's coowner right of preemption.
No financial details have been disclosed.
Uniper has only two assets to sell by the end of 2026. These are its helium business and a majority stake in Unipro, a Russian division. However, Uniper has indicated that this latter sale may not be feasible.
(source: Reuters)