South Korea will extend fuel tax cuts until September 30 amid Middle East tensions and energy cost concerns. Reductions of 15 per cent on gasoline and 25 per cent on diesel and butane will remain in place.
The May edition of Big 5 Construct Saudi, the largest construction event in the kingdom, has been postponed to September. The January event held in the capital Riyadh had drawn more than 1,100 exhibitors from over 50 countries showcasing more than 20,000 products and solutions.
The US dollar and Treasury yields could come under pressure as sentiment shifted after indications that the conflict in the Middle East could move toward a quicker resolution than previously expected. The expectations of a decrease in tensions triggered a pullback in oil prices, said an industry expert.
Global air cargo spot rates have continued to surge going into the second half of October, reaching $3.8 per kg, as ongoing tensions in the Middle East continued to constrain regional capacity and elevated fuel costs added to pressure on the market ahead of the peak fourth-quarter shipping season, according to WorldACD Market Data.
