Gold Prices Plunge on US-China Trade Deal Progress; Shell-BP Merger Talks Heat Up
Key Takeaways
- Gold prices fell 1.4% due to US-China trade talk progress on May 11, 2025.
- Shell and BP consider merger to rival US oil leaders, reported May 11, 2025.
- Saudi Aramco's profit declined 4.6% due to lower crude prices on May 11, 2025.
- US halts Mexican cattle imports due to screwworm on 2025-05-11.
Top Stories
Gold prices fell amid US-China trade talk progress.
On 2025-05-11, gold prices dropped by up to 1.4% in early Asian trading following progress in US-China trade negotiations and reduced geopolitical tensions, reversing a previous 2.6% weekly increase. The US and China reported 'substantial progress' after two days of trade talks in Switzerland aimed at de-escalating a trade war.
Shell and BP merger considered to rival US oil leaders.
On May 11, 2025, reports indicated that Shell Plc and BP Plc are considering a merger, potentially forming a major European oil company to compete with leading US firms.
Saudi Aramco's profit declined 4.6% due to lower prices.
On May 11, 2025, Saudi Aramco announced a 4.6% decrease in first-quarter profit due to lower crude prices, impacting the company's finances. Net income decreased to 97.5 billion riyals ($26 billion), and operating profit fell by 5.3%, though it exceeded Bloomberg's analyst estimates; free cash flow was insufficient to cover the dividend, despite a reduced total payout.
US halts Mexican cattle imports due to screwworm.
On 2025-05-11, the United States suspended imports of Mexican cattle, horses, and bison because of a screwworm pest.