Category: 3. Business

  • The financial sector is sending some spooky technical signals about the stock market

    The financial sector is sending some spooky technical signals about the stock market

    By Tomi Kilgore

    It’s hard to look at charts of the SPDR financial sector ETF and not see them as bearish – broken trendlines, a death cross and a relative-strength plunge

    Broken trendlines and a looming “death cross” pattern bode badly for the financial sector, and therefore the rest of the stock market.

    A number of charts suggest the financial sector is suffering through a bearish technical breakdown, and that could send a chilling signal for the rest of the stock market.

    The State Street Financial Select Sector ETF’s XLF chart has been flashing yellow-light signals for the past several weeks. Even though the ETF bounced a bit on Friday to snap a six-day losing streak – the longest in two years – a technical blinking red light will likely still flash on Monday, in the form of an ominous “death cross” pattern.

    The current selloff hasn’t reached the bear-market threshold like it did when inflation started spiking in early 2022, and still hasn’t fallen as deep as the “liberation day” tariffs correction suffered last April. But how much the sector has underperformed relative to the broader stock market, amid growing concerns over stability of the private-credit market and surging crude oil prices (CL.1), suggests the sector’s weakness continues to broaden, and the worst appears yet to come.

    It’s uncertain how much exposure banks have to the private-credit problems, or how widespread those problems are, but Mike O’Rourke, chief market strategist at JonesTrading, said there are now “legitimate stresses” in the financial sector.

    “Since banking is a confidence business and contagion risk always exists, the space is an ‘avoid’ until the correction is larger, bodies wash up, or the dust starts to clear,” O’Rourke wrote in a note to clients. “Of those three paths, we believe the larger correction is the most likely in the near term.”

    The XLF rose 0.1% on Friday, after shedding 5.2% over the previous six sessions to close Thursday at a 10-month low. It has dropped 13.3% since closing at a record $56.40 on Jan. 6.

    What does a down-trending financial sector mean for the broader stock market?

    Of the S&P 500 index’s SPX 11 sectors, financials are the second most-heavily weighted at 12.5% as of the last rebalancing at the end of February, behind information technology at 32.4%.

    Over the past three years, the correlation coefficient between the XLF and the S&P 500 is 0.97, in which a correlation of 1.00 means they move exactly in unison. But to start 2026, that correlation has dipped to 0.74, according to a MarketWatch analysis of FactSet data. The XLF has fallen 10.7% this year through Friday to be the worst-performing S&P 500 sector, while the S&P 500 has lost 3.1%.

    CappThesis technical analyst Frank Cappelleri said his view is that the financial sector has already “rolled over.” And given how much influence it has on the market, “seeing this sector completely roll over would be difficult for the broader market to absorb,” Cappelleri wrote in a recent note.

    Yellow lights flash

    The first yellow light to flash was in early February, when the XLF broke below a short-term uptrend line that had defined the rally off the “liberation day” lows of April 2025.

    The next warning sign flashed after the previous technical support at the November 2025 low, as well as at rising longer-term trendline that started off the October 2023 low – they were both at around the same level – definitively gave way after the Iran conflict started.

    There’s also the matter of the three tops marked in the chart above by the red lines. The key is the third top, as the XLF had seemed to find support at the first trendline, but failed to resume the rally to a new high before support gave way. That lower high, coupled with the fresh low hit last week, extends the pattern of lower peaks and lower troughs that many chart watchers say defines a downtrend.

    With the break below previous support, Cappelleri said he believes the next downside target for the XLF is $45.50.

    Keep in mind that a 20% decline from the Jan. 6 record close of $56.40 would put the XLF at $45.12. Many on Wall Street believe a decline of 20% or more from a significant bull-market peak is what defines a bear market.

    ‘Death cross’ is coming

    The point in which many chart watchers believe a “roll over” or breakdown technically graduates to a longer-term downtrend is when the 50-day moving average, a widely followed short-term trend tracker, crosses below the 200-day moving, which is viewed as a divider between long-term uptrends and downtrend.

    Based on the current trajectories of those moving averages for the XLF, the crossover will occur on Monday.

    The last time the 50-DMA was below the 200-DMA was Nov. 30, 2023, as the XLF was breaking above a nearly two-year long downtrend triggered first in 2022 by rapid Federal Reserve rate increases to fight off a historic surge in inflation, then in 2023 by worries of a banking crisis after a number of regional bank failures.

    Death crosses are more acknowledgments that the trend has extended long enough and/or fallen far enough to be taken seriously, and aren’t necessarily meant to be good market-timing signals. But the last time a death cross occurred after the 50-DMA had been above the 200-DMA for more than a year was April 14, 2022. It fell another 18% before bottoming six months later.

    BTIG technical strategist Jonathan Krinsky noted that the outlook can look even worse as the 200-DMA turns lower. For the XLF, the 200-DMA has been has been declining since March 5; the last time it has had sustained declines longer than that was during the second half of 2023.

    Relatively speaking

    One way to get a clear view of how a charted instrument is performing versus another is through a relative strength chart.

    It’s no secret that financials have been having a rough time this year. But the underperformance has gone on a lot longer than that, and reached depths not seen since COVID.

    Financials are often viewed as a guide to business and economic cycles, as they perform best when liquidity is plentiful and businesses feel good enough to borrow money to grow. State Street Investment Management said in a recent business cycle analysis, that during economic expansion, “financials’ outperformance is quite consistent, as they beat the market in 11 out of 13 expansion phases.”

    That would also mean the opposite is true. The last time the XLF was at current levels on a relative strength chart with the S&P 500 was in late 2020, as the current economic expansion was just getting started after the COVID-induced recession had ended.

    Basically, there’s reason to worry that a recession may not be far off.

    Jessica Rabe, co-founder of DataTrek Research, said the financials’ weakness is reflecting not only concerns about exposure to private credit, but also worries that rising oil prices could slow the U.S. economy. Historically, a doubling in oil prices within a year often leads to a recession, she told MarketWatch.

    “That hasn’t happened yet, but we’re getting closer,” Rabe said.

    -Tomi Kilgore

    This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

    (END) Dow Jones Newswires

    03-15-26 1554ET

    Copyright (c) 2026 Dow Jones & Company, Inc.

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  • FRACTION-Lung Trial Explores The Promise And Limits Of Adaptive Immunotherapy Platform Trials In Advanced NSCLC

    FRACTION-Lung Trial Explores The Promise And Limits Of Adaptive Immunotherapy Platform Trials In Advanced NSCLC

    Immunotherapy transformed the treatment landscape of advanced non-small-cell lung cancer (NSCLC), but it also created a new challenge for clinical research: how can investigators test multiple promising combinations quickly enough to keep pace with a rapidly changing standard of care? The phase II FRACTION-Lung trial was built to answer exactly that question.

    Reported by He and colleagues in ESMO Open, FRACTION-Lung trial evaluated nivolumab alone and in combination with dasatinib, ipilimumab, relatlimab, or linrodostat across multiple patient subsets with advanced NSCLC, using an adaptive platform design intended to identify signals of activity efficiently and allow ineffective strategies to be deprioritized early (He et al., 2026). Although the study ultimately showed limited efficacy and was discontinued early, it remains clinically important. Not because it established a new treatment standard, but because it offers a valuable window into how immunotherapy platform trials function in real time, where they succeed, and where they run into the realities of fast-moving thoracic oncology.

    For readers, FRACTION-Lung trial is interesting on two levels. The first is therapeutic: how did the different nivolumab-based combinations perform in immunotherapy-naive and previously treated patients? The second is strategic: what does this study teach us about platform trial methodology in lung cancer?

    Read About Non-Small Cell Lung Cancer on OncoDaily

    Why FRACTION-Lung Mattered At The Time It Was Designed

    When FRACTION-Lung trial was launched in 2016, immunotherapy was already beginning to reshape metastatic NSCLC, but the field had not yet stabilized. Anti-PD-1 and anti-PD-L1 therapy had entered practice, but many major combination standards had not yet fully matured. This created a fertile moment for signal-seeking studies exploring ways to deepen or extend immune responses.

    The FRACTION program was designed as a rolling, adaptive, phase II platform study across tumor types. In the lung cohort, patients were assigned to different treatment tracks based on prior exposure to immunotherapy, PD-L1 status, and prior lines of therapy. The goal was not to provide a definitive head-to-head comparison between regimens, but to rapidly screen multiple nivolumab-based combinations and determine which, if any, deserved further development (He et al., 2026).

    This was an ambitious and rational concept. Traditional drug development is often too slow for immuno-oncology, especially when multiple mechanisms are competing for attention at once. A platform design can, in theory, add new arms, close ineffective ones, and redistribute patients more efficiently than running multiple separate studies. FRACTION-Lung trial also included a particularly patient-centered feature: those who progressed on one arm could be re-randomized into another arm within the same trial if they remained eligible.

    That feature deserves recognition. In advanced lung cancer, where patients often move rapidly through lines of therapy, a design that allows continued participation without requiring entry into an entirely new study is both practical and humane.

    The Biological Logic Behind The Regimens

    The combinations selected for FRACTION-Lung trial reflect the scientific thinking of the time.

    Nivolumab plus ipilimumab was based on the now familiar idea of dual immune checkpoint blockade, targeting PD-1 and CTLA-4 to enhance T-cell priming and effector activity. Long before this became an established option in NSCLC, the combination had already shown meaningful benefit in melanoma, making it one of the most biologically credible strategies to test in lung cancer (He et al., 2026).

    Nivolumab plus relatlimab targeted PD-1 and LAG-3, another inhibitory pathway involved in T-cell exhaustion. This was a forward-looking choice. At the time, LAG-3 was an emerging target, and the rationale for combining it with PD-1 inhibition was strong, even if clinical validation in thoracic oncology was still immature.

    Nivolumab plus linrodostat explored inhibition of IDO1, a pathway that had generated major enthusiasm as a means of reversing tumor-associated immune suppression. In retrospect, this arm also reflects a broader lesson in immuno-oncology: even mechanistically elegant ideas can fail to translate into meaningful clinical benefit.

    Nivolumab plus dasatinib may appear less intuitive on first glance, but it was supported by preclinical evidence suggesting immunomodulatory effects and possible reshaping of the tumor microenvironment. Dasatinib’s role as a multi-kinase inhibitor made it an intriguing partner for PD-1 blockade, especially in a signal-seeking setting where unconventional immune combinations were worth testing.

    Seen together, these arms illustrate a key strength of platform trials: they allow multiple biological hypotheses to be tested under one operational umbrella.

    Study Population And Trial Structure

    FRACTION-Lung trial enrolled 295 treated patients with advanced NSCLC and Eastern Cooperative Oncology Group performance status 0 or 1. The study included both patients without prior immunotherapy and those previously exposed to immunotherapy. Some patients were re-randomized after progression, reinforcing the adaptive nature of the design (He et al., 2026).

    Patients without prior immunotherapy were enrolled into tracks defined partly by PD-L1 status and prior chemotherapy exposure, while those with prior immunotherapy entered later tracks examining combinations in a more resistant disease setting. Baseline characteristics were broadly similar across arms, with most patients having metastatic disease at study entry, adenocarcinoma histology, and prior platinum-based chemotherapy.

    One point that stands out is how heavily pretreated many patients were, particularly in the prior-immunotherapy cohorts. This matters clinically. It is difficult to rescue robust efficacy in highly selected resistant populations, particularly with relatively small sample sizes and in a disease as biologically heterogeneous as advanced NSCLC.FRACTION-Lung Trial

    Efficacy Signals Were Modest Across Most Arms

    The central clinical finding of FRACTION-Lung trial is straightforward: efficacy was limited.

    Among patients without prior immunotherapy, objective response rates ranged from 0% in several arms to 25% in very small cohorts treated with nivolumab plus ipilimumab or nivolumab plus dasatinib. In the more informative larger groups, nivolumab plus ipilimumab produced a 20.0% ORR in track 4, while nivolumab monotherapy showed a 17.5% ORR in PD-L1-positive track 1 and no responses in PD-L1-negative track 2 (He et al., 2026).

    Among patients with prior immunotherapy, activity was even more modest. ORRs ranged from 2.3% with nivolumab plus linrodostat to 5.6% with nivolumab plus ipilimumab. Median duration of response could not be meaningfully estimated because responses were too few.

    These results immediately place FRACTION-Lung trial in context. This was not a study that identified a breakthrough salvage strategy. It was a study that showed how difficult it is to generate robust efficacy in advanced NSCLC once resistance has emerged, and how many theoretically attractive combinations fail to deliver clinically meaningful response rates.

    The progression-free survival data tell a similar story. In immunotherapy-naive patients, 24-week PFS rates ranged from 30.2% with nivolumab monotherapy to 45.5% with nivolumab plus ipilimumab in a very small track 2 subgroup and 39.1% in the larger track 4 nivolumab-plus-ipilimumab cohort. In previously treated patients, 24-week PFS rates were only 19.1% with nivolumab plus dasatinib and 11.1% with nivolumab plus linrodostat (He et al., 2026).

    These numbers are not practice-changing. But they are informative. They suggest that among the tested strategies, nivolumab plus ipilimumab had the most consistent signal in immunotherapy-naive disease, while the other combinations offered little evidence of meaningful rescue benefit after prior checkpoint therapy.

    FRACTION-Lung Trial

    Nivolumab Plus Ipilimumab Emerged As The Most Credible Combination

    If one regimen in FRACTION-Lung trial looks most clinically relevant in hindsight, it is nivolumab plus ipilimumab.

    That is not only because it produced some of the better efficacy signals in the trial, but also because the broader field eventually validated this combination in registrational studies. By the time FRACTION-Lung trial was progressing, CheckMate 227 had already helped establish nivolumab plus ipilimumab as an important option in metastatic NSCLC, and this evolving external evidence contributed to the eventual discontinuation of the study (He et al., 2026).

    This is one of the most interesting aspects of FRACTION-Lung trial. The trial was not terminated because of a major safety disaster. It was overtaken by progress. In a rapidly moving therapeutic environment, platform trials must compete not only with biological uncertainty but with the speed of external clinical development. A combination can go from experimental to standard-of-care before a phase II signal-seeking platform has fully matured.

    That is both a challenge and a compliment to the field. It means thoracic oncology is advancing quickly. But it also means adaptive platforms need to be even more agile if they are to remain relevant.

    Why The Other Combinations Fell Short

    The limited performance of the non-ipilimumab combinations is also clinically revealing.

    The relatlimab arms were too small to support strong conclusions, which is frustrating because the biology remains interesting. LAG-3 is now a validated target in other tumors, but FRACTION-Lung trial  could not adequately determine whether nivolumab plus relatlimab had meaningful activity in advanced NSCLC. This is not proof of failure as much as proof of underpowered exploration.

    The linrodostat results were disappointing, particularly in patients with prior immunotherapy, where ORR was only 2.3%. This aligns with a broader historical pattern: the IDO1 pathway generated substantial enthusiasm, but clinical development in solid tumors has been repeatedly undermined by weak efficacy signals despite elegant biology.

    The dasatinib combination produced scattered signals but no convincing pattern of durable benefit. The pleural effusion signal and the overall modest efficacy make it difficult to argue for further prioritization in NSCLC based on these data alone.

    In that sense, FRACTION-Lung trial performed exactly the job a platform trial is supposed to do. It separated regimens with limited future promise from those more worthy of continued attention.

    Safety Was Manageable But Not Trivial

    Safety findings were generally consistent with the known profiles of checkpoint inhibitors and their combinations. No major unexpected safety signals emerged, but toxicities were not negligible.

    Among immunotherapy-naive patients, any-grade treatment-related adverse events occurred in roughly 78% to 80% across arms. Grade 3 or 4 treatment-related events occurred in about 20% to 26%, and treatment discontinuation due to toxicity ranged from 10.2% to 17.9% (He et al., 2026). In previously treated patients, toxicity rates were somewhat lower overall, but still meaningful.

    The most common treatment-related events included fatigue, nausea, diarrhea, and decreased appetite. Pleural effusion was seen only in the dasatinib-containing arms, which is notable because it reinforces the specific toxicity footprint that kinase inhibitor combinations can bring into immunotherapy regimens.

    Immune-mediated adverse events were also in line with expectations, including rash, diarrhea or colitis, hepatitis, hypothyroidism, and pneumonitis. Four deaths were attributed to study drug toxicity, including pneumonitis and respiratory failure, underscoring that even exploratory immunotherapy trials require close safety vigilance (He et al., 2026).

    For practicing oncologists, the takeaway is familiar but important: the threshold for accepting toxicity in a combination regimen must always be matched by a credible efficacy signal. In FRACTION-Lung trial, that tradeoff was not favorable for most of the tested regimens.

    FRACTION-Lung Trial

    Biomarker Work Was Interesting But Limited By Scale

    The biomarker component of FRACTION-Lung trial was exploratory, and the study’s small numbers prevented definitive conclusions. Still, the translational work offers some useful observations.

    Tumor samples showed variability in CD8, Ki-67/CD8, and LAG-3 expression, especially among patients previously treated with immunotherapy. Peripheral blood flow cytometry suggested lower frequencies of peripheral PD-1-positive effector memory cells in previously treated patients, while some broader T-cell subset distributions were similar between cohorts (He et al., 2026).

    The inflammatory four-gene signature did not show a clear difference between immunotherapy-naive and previously treated groups. This is not necessarily surprising. In NSCLC, resistance biology is unlikely to be captured by a single compact inflammatory signature, especially in small heterogeneous cohorts treated across multiple different arms.

    Still, the translational effort was worth including. One of the key purposes of platform trials is not only to detect clinical signals but to generate hypotheses about which patients may benefit from which strategies. FRACTION-Lung could not fully deliver on that goal, but it pointed in the right direction.

    The Most Important Result May Be Methodological

    Paradoxically, the greatest value of FRACTION-Lung trial  may not be the efficacy data at all. It may be the methodological lesson.

    This study showed that adaptive platform designs are feasible in advanced NSCLC. They can enroll biologically distinct subgroups, test multiple regimens under one umbrella, permit re-randomization, and produce clinically interpretable screening data. That is a real success.

    At the same time, FRACTION-Lung trial also exposed the vulnerabilities of this model. Small sample sizes within individual arms limit interpretability. Changing standards of care can rapidly make tracks obsolete. Early termination can leave promising hypotheses unresolved. And in a disease as dynamic as advanced NSCLC, the pace of external approvals may outstrip the pace of internal platform learning.

    These are not arguments against platform trials. They are arguments for building smarter ones. Future lung cancer platforms will need more integrated biomarker selection, faster adaptation rules, stronger statistical planning for evolving benchmarks, and perhaps tighter alignment with registrational development pathways.

    FRACTION-Lung Trial

    Final Perspective

    FRACTION-Lung trial did not identify a new standard-of-care regimen for advanced NSCLC. Most of the tested nivolumab-based combinations showed limited efficacy, especially after prior immunotherapy, and the study was ultimately overtaken by a rapidly evolving treatment landscape. But that does not make it a failed trial.

    It was a useful trial. It demonstrated that adaptive platform studies can operate in thoracic oncology. It provided an early testing ground for several immunotherapy combinations. It reinforced the difficulty of overcoming checkpoint resistance with empiric add-on strategies. And it highlighted nivolumab plus ipilimumab as the only regimen among those tested with a signal that ultimately aligned with broader phase III validation (He et al., 2026).

    Clinically, it reminds us that not every rational immunotherapy combination will translate into meaningful benefit. Strategically, it shows that the future of lung cancer research depends not only on better drugs, but also on better ways to test them.

    Full article available on ESMO Open

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  • Oil spike may trim global GDP by 0.3%, push inflation higher: Goldman

    Oil spike may trim global GDP by 0.3%, push inflation higher: Goldman

    Investing.com — A surge in oil prices tied to the Iran conflict could shave about 0.3% off global economic growth while pushing inflation higher over the next year, according to analysts at Goldman Sachs.

    The bank estimates that rising energy prices will increase global headline inflation by roughly 0.5 to 0.6 percentage points, with a smaller boost to core inflation of about 0.1 to 0.2 percentage points. The outlook reflects updated oil and gas forecasts following supply disruptions linked to the conflict and the closure of the Strait of Hormuz.

    Goldman said the economic shock from the conflict appears concentrated primarily in energy markets rather than across broader supply chains, reducing the risk of the kind of widespread disruptions seen during the pandemic.

    Energy prices have climbed sharply as tanker traffic through the Strait of Hormuz, a key route for global oil shipments, has been disrupted during the war. The jump in oil and gas prices is expected to weigh on economic activity while increasing pressure on consumer prices worldwide.

    Despite the energy shock, Goldman noted that most major economies have limited trade exposure to non-energy goods from the Middle East. Non-energy exports from Gulf countries account for roughly 1% of global trade, meaning broader supply chain disruptions are likely to remain limited.

    The bank also said the current situation differs from the 2021–2022 inflation surge, when multiple supply chains were disrupted simultaneously. In the current conflict, the inflationary impact is expected to remain largely confined to energy-related sectors.

    However, Goldman warned that risks could grow if the conflict intensifies or if the Strait of Hormuz remains closed for an extended period. A prolonged disruption to energy supplies could push oil prices higher and amplify the drag on global growth while keeping inflation elevated.

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  • Oil company shares soar to all-time highs as Middle East war turbocharges price per barrel | Oil and gas companies

    Oil company shares soar to all-time highs as Middle East war turbocharges price per barrel | Oil and gas companies

    Shares in big oil companies have soared to all-time highs since the war in Iran began and sparked historic price rises on global oil and gas markets.

    The combined market value of the six stock market-listed western “super majors” has soared by more than $130bn in the two weeks since the first US-Israeli attacks on Iran.

    The energy supply shock caused by the conflict has resulted in record stock market valuations for London-listed Shell, Europe’s largest oil company, as well as US oil companies ExxonMobil and Chevron.

    The market shock is expected to deliver multibillion-dollar windfalls for the industry, even as sites in the Middle East are hit by the conflict.

    US oil companies can expect a $63.4bn boost, according to consultancy Rystad Energy. Separately, analysts at Goldman Sachs have predicted a combined £5bn windfall for BP and Shell.

    Shell was valued at an all-time high of £190bn on the London Stock Exchange on Friday, up by about 12% since 27 February.

    The sharp rise in prices has been enough to offset the impact of a production shutdown at Qatar’s main liquified natural gas facility, which forced Shell to declare force majeure on deliveries from the site to its customers.

    Shares in Exxon and Chevron climbed by more than 5% and 7%, respectively, in the fortnight since the Iran war began. Exxon’s market value climbed to $630bn while Chevron’s valuation climbed to almost $390bn.

    British oil company BP, French oil company TotalEnergies and ENI, which is partly owned by the Italian government, also recorded substantial share price rises over the last fortnight but have so far remained below their previous all-time highs.

    BP’s shares climbed by more than 12% since the end of February to reach a market valuation of £82bn, while Total has recorded gains of about 10% to €176bn (£151bn). ENI has climbed by about 13% to €67bn

    One of the biggest financial beneficiaries of the global energy market surge is Norway’s state-owned oil company, Equinor, which lists a third of shares. It is Europe’s largest gas supplier and has no production assets in the Middle East. Its Oslo-listed shares have climbed by more than 20% in a fortnight, although the market value of $90bn remains slightly lower than the all-time highs reached during the gas crisis after Russia invaded Ukraine.

    The international oil benchmark price climbed to highs of $117 a barrel early in the week and was just above $103 a barrel at the end of UK trading on Friday.

    Global green group 350.org called on governments to introduce windfall taxes on the world’s biggest oil companies because “working people shouldn’t be paying the price while oil majors treat the war in the Middle East like a winning lottery ticket”.

    Clémence Dubois, the group’s global campaigns manager, said: “The right response is a strong windfall tax, which should be redirected to support households and accelerate the transition to clean energy that reduces our dependence on the very fuels driving climate disruption and global instability.”

    Dubois warned governments against opting for fuel duty cuts. She said: “Cutting fossil fuel taxes during a crisis is not a relief for families, it’s a subsidy for companies that are already enjoying windfall profits.”

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  • Bahrain starts output cuts at world’s top aluminum smelter

    Bahrain starts output cuts at world’s top aluminum smelter

    Aluminium Bahrain BSC started a phased production shutdown at the world’s largest single-site smelter of the metal, deepening the disruptions that have rocked the industry and sent prices soaring amid the war in the Middle East.

    The company, known as Alba, said it has initiated a shutdown of three production lines, which together represent 19% of its total output capacity of 1.6 million tons a year. The suspension will allow it to preserve its inventory of raw materials and keep other parts of the plant operating as maritime transit through the Strait of Hormuz is affected, it said.

    Alba’s cutback is the latest event in the turmoil that has hit the global aluminum industry, with manufacturers facing a spike in prices and traders expecting widespread supply blockages. Prices on the London Metal Exchange have jumped to the highest level since 2022.

    Along with other aluminum smelters in the Middle East, state-owned Alba has been facing disruptions to outbound shipments of metal and incoming supplies of alumina feedstock due to shipping standstill at Hormuz. Alba suspended sales to customers earlier this month, while Qatar was forced to halt some aluminum production due to a shortage of natural gas.

    Bloomberg reported on Friday that India’s Hindalco Industries Ltd. had notified customers it was suspending sales of extruded aluminum products because of disruptions to gas supplies. Hindalco said on Sunday its extrusion operations were still continuing but that force majeure declarations by some of its gas suppliers could have an impact on sales from that part of the business.

    Aluminum is the most ubiquitous industrial metal after steel, but in recent years the market has been periodically rocked by supply shocks. It’s exposed fragilities in the complex network of bauxite mines, alumina refineries and aluminum smelters that supply to manufacturers around the world — often in highly specialized forms that can’t readily be replaced.

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  • OpenClaw breathes new life into this Chinese tech stock ahead of earnings

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  • Pakistan poised to launch 5G services before Eid-ul-Fitr – Daily Times

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  • Asia is already making big changes as oil prices spike

    Asia is already making big changes as oil prices spike

    HONG KONG — The fallout from the U.S.-Israeli war with Iran and the effective closure of the Strait of Hormuz is being felt sharply in Asia, with authorities from New Delhi to Manila implementing emergency measures to shield consumers from mounting shortages and surging oil prices.

    On Friday, people in Nepal lined up at gas-filling stations, carrying their empty, red cooking-gas cylinders as the country’s main oil company said it would only fill them halfway with LPG, or liquefied petroleum gas, as it tries to make stocks last longer.

    Neighboring India, which is the world’s second-largest importer of LPG after China, is grappling with panic-buying among its own citizens amid wild swings in the price of international Brent crude oil, which as of early Friday was above $100 a barrel.

    The unease highlights just how much a region dependent on oil from Gulf nations is affected by the Iran war, which the International Energy Agency says has created the “largest supply disruption in the history of the global oil market.”

    Unlike the U.S. or Europe, which have more diverse sources of oil, Asia relies heavily on imports that pass through the Strait of Hormuz, a key shipping route along southern Iran that carries about a fifth of the world’s oil.

    “The ability to refine different oils from different places is complicated and not easily shifted in Asia,” Robert Savage, the head of markets strategy and insight at Bank of New York Mellon, told NBC News on Thursday.

    Vehicles in line at a gas station in Mae Sot, Thailand, on March 4.SOPA Images / LightRocket via Getty Images

    Among the countries most affected are Singapore, Thailand, South Korea, Pakistan and Japan, according to a research note Thursday from Eurasia Group, a New York-based geopolitical risk analysis firm.

    The escalating conflict in the Middle East has set off an energy frenzy across the continent, forcing governments to ration fuel and scramble for alternative supplies.

    In India, which has invoked emergency powers directing refineries to maximize LPG production, oil companies say they are focused on ensuring the stability of domestic supplies, including to essential services such as hospitals.

    Though authorities have said the measures are precautionary and that India has plenty of oil, panic-buying threatens to strain domestic resources. “We request everyone not to believe such rumors or crowd fuel stations unnecessarily,” Mumbai-based Bharat Petroleum said on X Saturday.

    Even as India struggles to reassure its own population, it is getting additional pressure from its South Asian neighbors.

    Bangladesh, Sri Lanka and the Maldives have all requested supplies from New Delhi, Indian foreign ministry spokesperson Randhir Jaiswal said Thursday.

    Muslim-majority Bangladesh also closed universities and brought forward the Eid al-Fitr holidays to save electricity and fuel. Worried consumers have flocked to gas stations to fill up their vehicles.

    In Southeast Asia, the Philippines has initiated a four-day workweek for government employees, while Vietnam has urged its citizens to work from home and limit vehicle usage.

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