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Portugal Trade Deficit Narrows in July as Exports Outpace Imports
Portugal’s trade deficit narrowed to €3.05 billion in July 2026, from €3.45 billion a year earlier. Exports increased 6.5% to €7.40 billion, driven by a 46.6% surge in fuels and lubricants, amid higher energy prices and renewed escalation in the US-Iran war. Exports also rose for industrial supplies (8.1%) and machinery and other capital goods (12.5%), while transport equipment fell 9.3%, mainly due to lower passenger-car sales. Exports to Spain rose 11%, while shipments to the UK and Netherlands fell 10.3% and 12.1%, respectively. Imports increased just 0.6% to €10.45 billion, led by a 42.7% rise in fuels and lubricants and a 10.2% increase in machinery and other capital goods. Imports of industrial supplies declined 14.2%, mainly due to chemicals. Imports rose from France (25.6%), Spain (4.3%), and Nigeria (584.8%), but plunged from Ireland (81.2%). For the first seven months of 2026, however, Portugal’s trade deficit widened to €21.35 billion, from €18.87 billion a year earlier.
Allianz Stock Price Hits 4-week Low
Allianz shares decreased to 434.70 EUR, the lowest since August 2026. Over the past 4 weeks, Allianz lost 0.48%, and in the last 12 months, it increased 23.86%.
Latvia Trade Deficit Narrows in July
Latvia’s trade deficit narrowed to EUR 453.7 million in July 2026 from EUR 532.1 million in the same month a year earlier. Exports jumped 14.9% year-on-year to EUR 1,778.0 million, lifted by higher shipments of machinery and mechanical appliances (+27.2%), electrical machinery and equipment (+24.7%), and vehicles other than railway or tramway rolling stock, and parts and accessories thereof (+18.4%). By destination, exports rose to EU countries (15.6%), CIS countries (5.7%), and other countries (16.4%). Meanwhile, imports rose 7.3% to EUR 2,231.7 million, driven largely by increased purchases of fuels, mineral oils, and products of their distillation (+55.5%), pharmaceutical products (+23.9%), and plastics and articles thereof (+15.8%). Imports recorded gains from EU countries (6.3%) and other countries (15.1%), while purchases from CIS countries declined by 27.7%. In the January–July period, the country’s cumulative trade deficit totaled EUR 2,422 million.
UniCredit Stock Price Hits 5-week Low
UniCredit shares decreased to 82.23 EUR, the lowest since July 2026. Over the past 4 weeks, UniCredit lost 2.69%, and in the last 12 months, it increased 24.8%.
Tin Holds Quarterly Advance
Tin futures in the UK were above $54,800 per tonne, holding most of their increase since the start of the third quarter on the outlook of strong demand. Tin consumption remained underpinned on orders of electrification and AI infrastructure development due to the metal's broad utility in datacenters and battery storage facilities. Soaring order growth for Nvidia, per their latest results, and memory producers Samsung and SK Hynix, supported the outlook for continued development of AI infrastructure. The metal's soldering capabilities, which are useful in precision soldering in AI infrastructure, prompted industry players to signal that tin demand in AI servers should triple by 2030. Meanwhile, supply from major producer Indonesia remained low as Jakarta pulled back on the issuance of export licenses. On top of that, Jakarta further tightened mining permits and seized 500 tonnes of metal from mines without licences.
France 10Y Bond Yield Hits Near 18-year High
France 10 Year Government Bond Yield increased to 4.28%, the highest since November 2008. Over the past 4 weeks, France 10Y Bond Yield gained 29.36 basis points, and in the last 12 months, it increased 81.13 basis points.
Cyprus Trade Deficit Widens to 3-Month High
Cyprus’ trade deficit widened sharply to EUR 942.6 million in July 2026 from EUR 743.8 million in the same month of the previous year, according to preliminary estimates. This marked the largest deficit since April, as imports jumped 22.8% year-on-year to EUR 1,609.4 million, lifted by higher purchases from both EU countries (5.6% at EUR 787.6 million) and non-EU countries (45.4% at EUR 821.6 million). Imports included the transfer of economic ownership of vessels valued at EUR 136.1 million, up from EUR 23.4 million a year earlier. Meanwhile, exports grew by 17.6% to EUR 666.8 million, driven largely by increased shipments in non-EU countries (36.9% at EUR 539.0 million), while exports to EU countries fell by 26.3% to EUR 127.8 million. Vessel and aircraft transfers were valued at EUR 35.3 million, down from EUR 68.5 million. For the January–July period, the trade shortfall expanded to EUR 5,620.1 million from EUR 4,798.9 million in the same period last year.
Mongolia Trade Surplus Hits Record High
Mongolia’s trade surplus widened to USD 978.3 million in August 2026, from USD 408.51 million in the same month a year earlier. Exports climbed 55.8% year-on-year to USD 2,194.2 million, while imports rose at a softer pace of 21.6% to USD 1,215.8 million. Over January-August, exports jumped 57.2% to USD 14,400.1 million, driven by higher shipments of mineral products (61.1%), particularly bituminous coal (57.9%) and copper ores and concentrates (82.6%). Among key trading partners, China remained the main export destination, accounting for 92.7% of total exports, followed by Switzerland (4.7%). Meanwhile, imports increased 11.9% to USD 8,373.6 million, supported by higher purchases of mineral products (35.7%), particularly oil products (35.3%), while machinery, equipment, and electrical appliances (8.8%) also posted an increase. China accounted for the largest share of imports (41.0%), followed by Russia (27.5%) and Japan (9.1%).
Greece Annual Inflation Accelerates in August
The annual inflation rate in Greece rose to 3.8% in August 2026, up from 3.4% in the prior month. The acceleration was mainly due to higher price growth for housing and utilities, rising to 9.7% from 8.8%, and transport, which rose further to 7.7% from 7.4%. Additional upward pressure was due to higher inflation for food (0.9% vs 0.4%), restaurants and hotels (6% vs 5.8%), health (1.3% vs 1.1%) and clothing and footwear (5.3% vs 3.3%). Meanwhile, inflation stood at 2.8% for educational services and at 3.4% for insurance and financial services, while deflation moderated slightly for information and communication (-2.6% vs -2.7%). In contrast, price growth slowed for furnishings (0.3% vs 0.4%), recreation, sports and culture (1.2% vs 1.3%). On a monthly basis, consumer prices rose 0.4%, rebounding from a 1.4% drop in July.
Zinc Tops $4,000 Amid Supply Concerns
Zinc prices surpassed $4,000 per tonne for the first time since 2022, as the market faced significant supply pressures. Production disruptions at several mines, including in China, have raised concerns over concentrate availability, while heightened tensions in the Middle East have restricted Iranian ore shipments. Major zinc mines, including Antamina in Peru and Red Dog in Alaska, have seen output decline as they work through lower-grade sections of their ore bodies, while several producers have also reported weaker production. At the same time, LME warehouse inventories remain low relative to historical levels, while physical zinc availability remains particularly tight outside China. The tightness is also evident in sharply lower smelter treatment charges, signaling a shortage of zinc concentrate for processing. However, rising zinc exports from China could provide some relief to supply conditions in other major markets.
Sterling Gains as Markets Price Further BoE Rate Hikes
Sterling edged up to $1.354 as renewed inflation concerns reinforced expectations for further Bank of England rate hikes. Brent crude briefly touched $100 a barrel, while UK natural gas prices climbed to their highest level since late 2022 as escalating tensions in the Middle East heightened concerns over energy supplies. Markets are fully pricing in a 25-basis-point BoE rate increase by December, followed by two further hikes in 2027. For the September 17 meeting, however, policymakers are widely expected to leave interest rates unchanged. Speaking to lawmakers in Parliament on Tuesday, BoE Governor Andrew Bailey pushed back against the view that another rate increase is simply a matter of time, stressing that future decisions would depend on evolving economic and geopolitical developments. Meanwhile, MPC member Megan Greene, who voted for a rate hike in July, warned that a prolonged oil-price shock could lead to more persistent inflation expectations.
UK Gilt Yields Near 19-Year Highs as Inflation Risks Rise
The UK 10-year gilt yield stood at 5.2%, remaining close to 19-year highs as investors increasingly priced in the prospect of further Bank of England rate hikes amid renewed inflation concerns. Brent crude briefly touched $100 a barrel, while UK natural gas prices climbed to their highest level since late 2022 as escalating tensions in the Middle East heightened concerns over energy supplies. Markets are fully pricing in a 25 bp BoE rate increase by December, followed by two further hikes in 2027. For the September 17 meeting, however, policymakers are widely expected to leave interest rates unchanged. Speaking to lawmakers in Parliament on Tuesday, BoE Governor Andrew Bailey sought to push back against the notion that another rate increase is simply a matter of time, stressing that the decision would depend on evolving economic and geopolitical developments. Meanwhile, MPC member Megan Greene warned that a prolonged oil-price shock could lead to more persistent inflation expectations.
Taiwan Imports Jump in August
Imports to Taiwan soared 44.3% year-on-year to USD 60.1 billion in August 2026, accelerating from a 37.4% gain in the previous month. Imports remained strong for parts of electronic products (62.6%), information, communication and audio-video products (108.6%), mineral products (38.4%), machinery (12.3%), and chemicals (16.8%). Mainland China and Hong Kong remained the largest source of imports, accounting for 21.1% of the total, with imports soaring 60.2%. Imports also increased from ASEAN countries (77.6%), South Korea (47.7%), Japan (24.4%), the US (35.9%), Europe (14.3%), and the Middle East (7.6%). For the first eight months of the year, total imports reached USD 437.4 billion, 40.4% higher than in the corresponding period of the previous year.
Taiwan Exports Hit Record Peak
Exports from Taiwan surged 41% year-on-year to a record high of USD 82.4 billion in August 2026, accelerating from a 32.9% gain in the previous month, mainly supported by the AI-driven boom as demand for technology products remained robust. Growth was mainly driven by strong demand for information, communication and audio-video products (41.8%), parts of electronic products (58%), base metals and articles of base metal (22.4%), machinery (15.2%), and mineral products (70.2%). The US remained the largest export destination, accounting for 28.7% of total exports, with shipments rising 20.7%. Exports also grew to Mainland China and Hong Kong (39.3%), ASEAN countries (42.2%), Europe (34.8%), South Korea (44.6%), and Japan (32%). For the first eight months of the year, total exports reached USD 574.3 billion, 44.2% higher than in the corresponding period of the previous year.
Russia Government Budget Widens in January-August
The Russian federal government recorded a budget deficit of RUB 5.8 trillion in January-August 2026, or 2.5% of the GDP, much larger than RUB 3.9 trillion in the same period a year ago, according to preliminary estimates. Federal expenditures climbed by 14.7% year-on-year to RUB 31.724 trillion, while revenues rose by 9.2% to RUB 25.929 trillion.
Crypto Updates: XRP Increases by 1.68%
Top crypto gainers are XRP (1.68%), Bitcoin (1.55%) and Ether (1.38%).
Aluminum Holds at 4-Week High
Aluminum futures in the UK were at $3,330 per tonne, their highest level in four weeks, supported by persistent supply tightness and shrinking inventories. The ongoing US-Iran conflict has crimped aluminum flows from the Middle East, with GCC output falling 44% year-on-year in July. LME inventories remained near a 36-year low, while SHFE inventories fell 3% from the previous week, underscoring tight conditions in the physical market. Meanwhile, the Alunorte plant in Brazil, the world’s largest alumina refinery outside China, temporarily cut production to 50% of capacity in August, although output was subsequently restored to full capacity following a temporary terminal access agreement with its gas supplier. Some of these supply pressures could also be partly eased by planned capacity restarts and expansion projects among several producers, as well as rising exports from China, the world’s largest producer.
Taiwan Trade Surplus at 10-Month High
Taiwan’s trade surplus widened to USD 22.3 billion in August 2026 from USD 16.8 billion a year earlier, marking the largest surplus since October 2025. Exports surged 41% year-on-year to a record USD 82.4 billion, driven by stronger shipments of information, communication and audio-video products (41.8%) and parts of electronic products (58%), and base metals and articles of base metal (22.4%). The US remained the largest export market, accounting for 28.7% of total shipments, with exports rising 20.7%. Meanwhile, imports jumped 44.3% to USD 60.1 billion, fueled by higher purchases of parts of electronic products (62.6%), information, communication and audio-video products (108.6%), and mineral products (38.4%). Mainland China and Hong Kong remained the largest source of imports, accounting for 21.1% of the total, with imports soaring 60.2%. For the first eight months of the year, the trade surplus reached USD 136.9 billion, with exports surging 44.2% and imports climbing 40.4%.
Agricultural Commodities Updates: Cotton Gains by 1.21%
Top commodity gainers are Cotton (1.21%) and Rice (0.65%). Biggest loser is Rapeseed (-0.71%).
Metals Commodities Updates: Silver Rises by 1.59%
Top commodity gainers are Silver (1.59%), Gold (1.18%) and Platinum (0.65%). Biggest losers are Lithium Carbonate (-0.68%), Iron Ore CNY (-0.67%) and Copper (-0.60%).
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